July 10, 2001
As amended on October 4, 2001
FOR VALUE RECEIVED, the undersigned, Richard T. Schumacher, having an address at 349 Foundry St., South Easton,
MA 02375 (“Maker”), promises to pay to the order of Boston Biomedica, Inc., a Massachusetts corporation having an address
at 375 West Street, West Bridgewater, MA 02379 the sum of FOUR HUNDRED FIFTY THOUSAND ($450,000.00) DOLLARS
together with interest on the unpaid balance at the rate of seven (7.0%) percent per annum payable as to interest only on the
first day of each month, and with the entire balance of accrued interest, if any, and principal to be paid in full one (1) year from
the date hereof (the “Maturity Date”).
This Note may be prepaid in whole or in part at any time without premium or penalty.
As of the date of this Note, the Maker has drawn $250,000.00 of the face amount of this Note. In addition, the Maker has
drawn an additional $50,000 on August 30, 2001, $50,000 on September 27, 2001, and $100,000 on October 4, 2001 under this
note. At the option of the Maker, Maker may satisfy his obligation to make monthly payments of interest by instructing the
holder to draw and pay such monthly interest payments to the holder from the unadvanced face amount of this Note, provided
that the holder shall not have any obligation to advance or readvance any amount (i) in excess of the face amount of this Note,
or (ii) if there exists an the event of a default under this Note or any stock pledge or other security instrument given therefor or
in connection therewith.
At the option of the holder, the Maturity Date may be extended for one or more additional one year term(s).
The Maker also agrees to pay all costs and expenses incurred by the holder hereof, including all reasonable attorneys’ fees
for implementing this loan, or for the collection of this Note and the indebtedness evidenced hereby, or the enforcement of the
holder’s rights hereunde