Document:

Exhibit 10.7

 

FIRST AMENDMENT

TO THE

MEDICALCV, INC.

NON-QUALIFIED STOCK OPTION AGREEMENT

WITH

[                  ]

 

Effective February 15,
2008, MedicalCV, Inc. and
                  
have agreed to amend the Non-Qualified Stock Option Agreement dated
                                      
as follows:

 

1.             The
definition of “change in control” in Section 8 shall be amended and
restated as follows:

 

“ “Change in Control”
shall mean:

 

(a)           the acquisition by any person or
group deemed a person under Sections 3(a)(9) and 13(d)(3) of the
Exchange Act (other than the Company and its subsidiaries as determined
immediately prior to that date) of beneficial ownership, directly or indirectly
(with beneficial ownership determined as provided in Rule 13d-3, or any
successor rule, under the Exchange Act), of a majority of the total combined
voting power of all classes of Stock of the Company having the right under
ordinary circumstances to vote at an election of the Board, provided that a
Change in Control shall not occur if a person acquires the majority described
above by virtue of any acquisition of Stock directly from the Company;

 

(b)           the date of approval by the
shareholders of the Company of an agreement providing for the merger or
consolidation of the Company with another corporation or other entity where (x) shareholders
of the Company immediately prior to such merger or consolidation would not
beneficially own following such merger or consolidation shares entitling such
shareholders to a majority of all votes (without consolidation of the rights of
any class of stock to elect directors by a separate class vote) to which all
shareholders of the surviving corporation would be entitled in the election of
directors, or (y) where the members of the Board, immediately prior to
such merger or consolidation, would not, immediately after such merger or
consolidation, constitute a majority of the board of directors of the surviving
corporation; or

 

(c)           the sale of all or substantially all
of the assets of the Company.”

 

	
  OPTIONEE

  	
   

  	
  MEDICALCV, INC.  

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  
	
   

  	
   

  	
  Its: 

  
	
  Date:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Date:Exhibit 10.1

 

PROMISSORY NOTE

 

	
  $100,000.00

  	
   

  	
  Norwood,
  Massachusetts

  
	
   

  	
   

  	
  February 21,
  2008

  

 

FOR VALUE
RECEIVED, Apogee Technology, Inc., a Delaware corporation (the “Borrower”‘),
hereby promises to pay to Herbert M. Stein (“Lender”), at such place as the holder
of this Note may from time to time designate in writing, the principal sum of:

 

One hundred thousand AND 00/100 DOLLARS ($100,000.00)

 

with interest on the
outstanding balance thereof from the date hereof at an annual rate which is
equal to eight percent (8%) per annum, (such interest to be paid monthly in
arrears).

 

The outstanding principal balance and any accrued and
unpaid interest thereon shall be due and payable on August 19, 2008.

 

Interest shall be calculated on the basis of a three hundred sixty
(360) day year, but interest shall accrue and be payable on the actual number
of days in each month. Interest after maturity shall be payable on demand at an
annual rate (the “Default Rate”) which shall be equal to four (4) percentage
points above the rate of interest payable during the term of this Note,
compounded monthly and otherwise payable in the manner hereinabove set forth.

 

This Note may be prepaid in whole or in part without
premium or penalty.

 

The Borrower agrees to pay all costs of suit and other expenses of
collection, including reasonable fees and expenses of attorneys, in the event
that this Note is placed in the hands of any attorney for collection or suit is
brought thereon.

 

The Borrower hereby waives presentment, protest and
demand, notice of protest, demand and dishonor and non-payment of this Note,
and to the extent permitted by law, waives and releases all rights of
redemption, valuation, appraisement, notice of election to mature or to declare
due the whole of the indebtedness evidenced hereby, and to the extent permitted
by law, errors, defects and imperfections in any proceedings instituted by the
holder under the terms of this Note, or providing for any stay of execution,
exemption from civil process, or extension of time for payment. Further,
Borrower agrees that its liability hereunder shall remain unimpaired,
notwithstanding any extension of the time of payment or other indulgence
granted by the holder, or the release of all or any part of such security for
the liability of any party which may assume the obligation to make payment of
the indebtedness evidenced hereby, or the performance and the obligations of
the Borrower hereof under this Note. In no event shall the holder, by any act
of omission or commission, be deemed to waive any of its rights or remedies
hereunder unless such waiver shall be in writing and signed by the holder, and
then only to the extent specifically set forth therein; and a waiver of anyone
event shall not be construed as continuing or as a bar to or waiver of such
right or remedy on a subsequent event. The Borrower further acknowledges that
this Note represents an independent obligation and shall not be subject to
setoff, reduction or deduction on account of any claims, liabilities,
obligations or debts of the holder to the Borrower.

 

 

If any provisions hereof or the application thereof to any person or
circumstances shall to any extent be invalid or unenforceable, the remainder
hereof, or the application of such provision to persons, or circumstances other
than those as to which it is held invalid or unenforceable, shall not be
affected thereby, and each provision hereof shall be valid and enforced to the
fullest extent permitted by law. If at any time during the term of this Note or
after maturity the effective interest rate hereunder is greater than the
maximum interest rate permitted by applicable law, the interest rate hereunder
shall automatically be such maximum interest rate permitted by applicable law.
This Note is unsecured.

 

As used herein,
the word “holder” shall mean Lender as payee of the Note, or any endorsee of
this Note in possession hereof, or the bearer hereof if this Note is at the
time payable to the bearer.

 

This Note, being
executed and delivered in Norwood, Massachusetts, is to be construed according
to and governed by the law of The Commonwealth of Massachusetts.

 

 

Borrower represents that this
note as well as the execution and delivery thereof has been authorized by all
necessary actions of the borrower.

 

EXECUTED as a sealed
instrument, as of the day and year first above written.

 

	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  APOGEE
  TECHNOLOGY, INC.

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  By:

  	
   /s/ Paul J. Murphy

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Paul
  J. Murphy

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Chief
  Financial Officer

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  and
  Vice President FinanceExhibit 10.2

 

PROMISSORY NOTE

 

	
  $100,000.00

  	
   

  	
  Norwood,
  Massachusetts

  
	
   

  	
   

  	
  February 21,
  2008

  

 

FOR VALUE
RECEIVED, Apogee Technology, Inc., a Delaware corporation (the “Borrower”‘),
hereby promises to pay to David Spiegel (“Lender”), at such place as the holder
of this Note may from time to time designate in writing, the principal sum of:

 

One hundred thousand AND 00/100 DOLLARS ($100,000.00)

 

with interest on the
outstanding balance thereof from the date hereof at an annual rate which is
equal to eight percent (8%) per annum, (such interest to be paid monthly in
arrears).

 

The outstanding principal balance and any accrued and
unpaid interest thereon shall be due and payable on August 19, 2008.

 

Interest shall be calculated on the basis of a three hundred sixty (360)
day year, but interest shall accrue and be payable on the actual number of days
in each month. Interest after maturity shall be payable on demand at an annual
rate (the “Default Rate”) which shall be equal to four (4) percentage
points above the rate of interest payable during the term of this Note,
compounded monthly and otherwise payable in the manner hereinabove set forth.

 

This Note may be prepaid in whole or in part without
premium or penalty.

 

The Borrower agrees to pay all costs of suit and other expenses of
collection, including reasonable fees and expenses of attorneys, in the event
that this Note is placed in the hands of any attorney for collection or suit is
brought thereon.

 

The Borrower hereby waives presentment, protest and
demand, notice of protest, demand and dishonor and non-payment of this Note,
and to the extent permitted by law, waives and releases all rights of
redemption, valuation, appraisement, notice of election to mature or to declare
due the whole of the indebtedness evidenced hereby, and to the extent permitted
by law, errors, defects and imperfections in any proceedings instituted by the
holder under the terms of this Note, or providing for any stay of execution,
exemption from civil process, or extension of time for payment. Further,
Borrower agrees that its liability hereunder shall remain unimpaired,
notwithstanding any extension of the time of payment or other indulgence
granted by the holder, or the release of all or any part of such security for
the liability of any party which may assume the obligation to make payment of
the indebtedness evidenced hereby, or the performance and the obligations of
the Borrower hereof under this Note. In no event shall the holder, by any act
of omission or commission, be deemed to waive any of its rights or remedies
hereunder unless such waiver shall be in writing and signed by the holder, and
then only to the extent specifically set forth therein; and a waiver of anyone
event shall not be construed as continuing or as a bar to or waiver of such
right or remedy on a subsequent event. The Borrower further acknowledges that
this Note represents an independent obligation and shall not be subject to
setoff, reduction or deduction on account of any claims, liabilities,
obligations or debts of the holder to the Borrower.

 

 

If any provisions hereof or the application thereof to any person or
circumstances shall to any extent be invalid or unenforceable, the remainder
hereof, or the application of such provision to persons, or circumstances other
than those as to which it is held invalid or unenforceable, shall not be
affected thereby, and each provision hereof shall be valid and enforced to the
fullest extent permitted by law. If at any time during the term of this Note or
after maturity the effective interest rate hereunder is greater than the
maximum interest rate permitted by applicable law, the interest rate hereunder
shall automatically be such maximum interest rate permitted by applicable law.
This Note is unsecured.

 

As used herein,
the word “holder” shall mean Lender as payee of the Note, or any endorsee of
this Note in possession hereof, or the bearer hereof if this Note is at the
time payable to the bearer.

 

This Note, being
executed and delivered in Norwood, Massachusetts, is to be construed according
to and governed by the law of The Commonwealth of Massachusetts.

 

 

Borrower represents that this
note as well as the execution and delivery thereof has been authorized by all
necessary actions of the borrower.

 

EXECUTED as a sealed
instrument, as of the day and year first above written.

 

	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  APOGEE
  TECHNOLOGY, INC.

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  By:

  	
   /s/ Herbert M. Stein

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Herbert
  M. Stein

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  President,
  Chief Executive Officer

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  and
  Chairman of the Board

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