Document:

EXHIBIT 10.16
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   SCHEDULE OF HOLDERS OF 6% CONVERTIBLE SUBORDINATED NOTES DUE 2000

                Principal        Base
   Date of      Amount           Conv.
    Note        of Note          Shs         Name
  --------     ----------     ----------     --------------------

    3/1/99       $500,000      1,515,152     Seaside Partners

    4/7/99       $100,000        303,030     Suzanne Musikantow

   4/19/99        $33,000        100,000     Univest Mgt. E.P.S.P.,
                                             c/o Frank Gerondi

   5/11/99        $75,000        227,273     Leonard R. Prange

   5125/99         $6,600         20,000     Kathleen B. Hanley

   5/31/99        $50,000        151,515     D. Craig Wright

    6/3/99       $100,000        303,030     Howard A. Hackett

    6/3/99        $30,000         90,909     Gregory A. Booth

    6/4/99        $25,000         75,758     Robert Cecchini

    6/4/99        $25,000         75,758     Andrew K. Strange
                 --------      ---------

                 $969,600      2,938,183
                 ========      =========EXHIBIT 10.17
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                  SENIOR CONVERTIBLE PROMISSORY NOTE

Date:                 December 10, 1999 (Evidenced by receipt of wired
funds to the account of Ampersand Medical Corporation)

Borrower:             Ampersand Medical Corporation

Lender:               Azimuth Corporation

Type:                 Senior Convertible Promissory Note, senior to all
currently outstanding debt.

Principle:            $50,000.00

Term:                 75 days from date.

Interest Rate:        12% per annum, payable on the due date of the note

Conversion:           At the option of the noteholder, the principle
amount of the note and any accrued interest due thereon may be converted
into shares of common stock of the Company at a conversion rate of $0.20
per share. Such conversion election may be made at any time during the 75-
day term of the note.

Penalty Provision:    If the Company fails to pay the note and accrued
interest in full on the due date, the Company shall be deemed to be in
default on the note. The Company shall have a thirty-day cure period to
remedy such default. Immediately following such default, the following
adjustments shall be made to the terms of the note: (1) the interest rate
on the unpaid principle amount of the note shall increase from 12% to 15%,
and (2) the noteholders option to convert the principle amount of the note
and any accrued interest due thereon into shares of common stock of the
Company shall be adjusted to reflect a conversion rate of $0.10 per share.
Al the conclusion of the 30-day cure period, the note and any accrued
interest thereon shall become immediately due and payable in full.

Other Conditions:     Ampersand will issue Azimuth Corporation a warrant
to purchase 50,000 shares of common stock at a strike price equal to $0.33
per share or 85% of the market price of Ampersand common stock as quoted on
the OTC Bulletin Board on December 10, 1999.

For Ampersand Medical Corporation

--------------------  ----------
Leonard R. Prange     Date
PresidentEXHIBIT 10.18
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                           RESTRICTED STOCK
                            AWARD AGREEMENT

1.   Award

           Subject to the terms and conditions of the Ampersand Medical
Corporation 1999 Equity Incentive Plan (the "Plan"), a copy of which has
been attached hereto, the Board of Directors of the company hereby grants
to David A. Fishman, M.D. a restricted stock award of 50,000 shares of
common stock

2.   Grant Date

           The grant date of the award is August 10,1999.

3.   Valuation

           The Board has determined that the fair market value of the
award is $0.4063 per share representing a total value of $20,315.00 for the
50,000 shares granted.

4.   Restrictions

           One-half (25,000 shares) of the award shall vest on August 16,
1999; the remaining one-half (25,000 shares) of the award shall vest on May
31, 2000. The Company shall retain the certificates representing the
unvested restricted shares and shall transfer to Dr. Fishman certificates
representing the respective number of shares, which immediately vest. The
Company shall transfer the certificates representing the unvested shares to
Dr. Fishman at the end of the vesting period.

5.   Transferability

           Except as provided in Article 8 of the Plan, the shares of
stock granted hereunder may not be sold, transferred, pledged, assigned or
otherwise alienated or hypothecated until the end of each applicable period
of restriction specified in Section 4 of this Award Agreement, or upon the
earlier occurrence or satisfaction of any other condition, as specified by
the Board in Section 7 of this Award Agreement Shares of restricted stock
shall become freely transferable, subject to registration requirements of
the Securities Act of 1933 (the "Act"), after the last day of the
applicable restriction period.

6.   Registration

           The restricted shares granted under this Award Agreement have
not been registered under the Act, as amended, or under the securities laws
of any state. The shares are subject to restrictions on transferability and
resale and may not be transferred or resold except as permitted under the
Act and applicable state securities laws pursuant to registration or
exemption therefrom. The Company will use its best efforts to file a
registration statement under the Act covering the granted shares as soon as
practicable, but in no case later then April 1, 2001.

<PAGE>

7.   Other Provisions

           In the event that the Company is sold or undergoes a change in
control, as defined in Section 5 of the Consulting Agreement (the
"Consulting Agreement") between Ampersand Medical Corporation and David A
Fishman, M.D. effective as of June 1, 1999, at any time prior to the end of
the vesting periods specified in Section 4, all remaining unvested
restricted stock shall become fully vested. The Company will immediately
transfer the certificates representing such shares to Dr. Fishman.

                              SIGNATURES

_____________________________ 9/1/99   _______________________ 10/12/99
Ampersand Medical Corporation Date     David A. Fishman, M.D.  Date
Leonard R. Prange
President                              By signing a copy of this
agreement, I acknowledge that I have read the Plan, and that I fully
understand all of my rights under the Plan, as well as all of the terms and
conditions, which may limit my eligibility to exercise this grant.EXHIBIT 10.19
-------------

                           RESTRICTED STOCK
                            AWARD AGREEMENT

1.   Award

           Subject to the terms and conditions of the Ampersand Medical
Corporation 1999 Equity Incentive Plan (the "Plan"), a copy of which has
been attached hereto, the Board of Directors of the company hereby grants
to Arthur L. Herbst, M.D. a restricted stock award of 50,000 shares of
common stock.

2.   Grant Date

           The grant date of the award is August 10, 1999.

3.   Valuation

           The Board has determined that the fair market value of the
award is $0.4063 per share representing a total value of $20,315.00 for the
50,000 shares granted.

4.   Restrictions

           One-third (16,666 shares) of the award shall vest on July 1,
2000; one-third (16,667 shares) of the award shall vest on July 1, 2001;
and the final one-third (16,666 shares) of the award shall vest on June 30,
2002. The Company shall retain the certificates representing the unvested
restricted shares and shall transfer to Dr. Herbst certificates
representing the respective number of shares in accordance with the
aforementioned vesting schedule.

5.   Transferability

           Except as provided in Article 8 of the Plan, the shares of
stock granted hereunder may not be sold, transferred, pledged, assigned or
otherwise alienated or hypothecated until the end of each applicable period
of restriction specified in Section 4 of this Award Agreement, or upon the
earlier occurrence or satisfaction of any other condition, as specified by
the Board in Section 7 of this Award Agreement Shares of restricted stock
shall become freely transferable, subject to registration requirements of
the Securities Act of 1933 (the "Act"), after the last day of the
applicable restriction period.

6.   Registration

           The restricted shares granted under this Award Agreement have
not been registered under the Act, as amended, or under the securities laws
of any state. The shares are subject to restrictions on transferability and
resale and may not be transferred or resold except as permitted under the
Act and applicable state securities laws pursuant to registration or
exemption therefrom. The Company will use its best efforts to file a
registration statement under the Act covering the granted shares as soon as
practicable, but in no case later then April 1, 2001.

<PAGE>

7.   Other Provisions

           In the event that the Company is sold or undergoes a change in
control, as defined in Section 5 of the Consulting Agreement (the
"Consulting Agreement") between Ampersand Medical Corporation and Arthur L.
Herbst, M.D. effective as of July 1, 1999, at any time prior to the end of
the vesting periods specified in Section 4, all remaining unvested
restricted stock shall become fully vested. The Company will immediately
transfer the certificates representing such shares to Dr. Herbst.

           If the Consulting Agreement is terminated by the Company
without cause, as defined in the Consulting Agreement, all remaining
unvested restricted shares shall become fully vested. The Company will
immediately transfer the certificates representing such shares to Dr.
Herbst.

                              SIGNATURES

_____________________________ 8/20/99  _______________________ 8/23/99
Ampersand Medical Corporation Date     Arthur L. Herbst, M.D.  Date
Leonard R. Prange
President                              By signing a copy of this
agreement, I acknowledge that I have read the Plan, and that I fully
understand all of my rights under the Plan, as well as all of the terms and
conditions, which may limit my eligibility to exercise this grant.

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