Document:

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                                                                    EXHIBIT 10.2

                                     SECURED
                                 PROMISSORY NOTE

$150,000.00                                                         May 1, 2001
                                                              Chicago, Illinois

     1. FOR VALUE RECEIVED, AccuMed International, Inc. ("Maker"), whose
principal place of business is located at 920 North Franklin Street, Suite 402,
Chicago, Illinois 60610, hereby promises to pay to the order of Ampersand
Medical Corporation ("Payee"), whose principal place of business is located at
414 North Orleans, Suite 510, Chicago, Illinois 60610, the principal sum of ONE
HUNDRED FIFTY THOUSAND AND NO/100 DOLLARS ($150,000.00), at the place and in the
manner hereinafter provided, together with interest thereon at the rates
described below.

     2. Interest shall accrue on the balance of principal from time to time
unpaid under this Note prior to the Maturity Date (as hereinafter defined) at an
annual rate equal to Prime plus two and one-half percent (2 1/2%). For purposes
hereof, "Prime" shall mean the rate of interest from time to time announced by
LaSalle Bank, National Association ("Bank"), as its Prime Rate, which is not
necessarily the Bank's lowest or most favorable rate of interest at any given
time. Interest shall be computed on the basis of a year consisting of 360 days
and shall be based on the actual number of days during the period for which
interest is being charged.

     3. Principal and interest under this Note shall be due and payable on the
earlier to occur of the following: (i) termination of the contemplated merger
transaction as outlined in the Merger Agreement (as such term is defined in
paragraph 4 hereof); and (ii) May 31, 2001 or such later date as the parties to
the Merger Agreement may, from time to time, establish as the termination date
of the Merger Agreement by amendment thereto (such payment due date being
hereinafter referred to as the "Maturity Date"); provided, however, the Maturity
Date shall be automatically extended (without requiring a written amendment
hereto) to such later date, if any, as Maker and Payee agree by amendment of the
date specified in Section 4.4(a)(v) of the Merger Agreement (as such term is
hereinafter defined).

     4. This Note is executed and delivered in connection with that certain
Agreement and Plan of Merger, dated as of February 7, 2001 by and between Payee
and Maker (the "Merger Agreement"), pursuant to which the parties thereto have
agreed to enter into the merger described therein. This Note evidences an
Additional Loan (as such term is defined in the Merger Agreement) from Payee to
Maker referred to in paragraph 1.12 of the Merger Agreement.

     5. From and after the Maturity Date, or during any period in which an Event
of Default (as hereinafter defined) exists under this Note, Maker shall pay
interest on the balance of principal then remaining unpaid at an annual rate
(the "Default Rate") equal to Prime plus five percent (5%). The interest
accruing under this paragraph 5 shall be immediately due and payable

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by Maker to the holder of this Note on demand and shall be additional
indebtedness evidenced by this Note.

     6. Maker reserves the privilege, without penalty or premium therefor, to
prepay all or any part of the principal balance of this Note at any time and
from time to time upon two (2) business days prior written notice to Payee of
its intention to do so.

     7. All payments and prepayments on account of the indebtedness evidenced by
this Note shall be first applied to accrued and unpaid interest on the unpaid
principal balance of this Note, and second to all other sums then due Payee
hereunder.

     8. All payments of principal and interest hereunder shall be paid by check
or in coin or currency and shall be made at Payee's principal place of business,
as hereinabove set forth. Payment made by check shall be deemed paid on the date
Payee receives such check; provided, however, that if such check is subsequently
returned to Payee unpaid due to insufficient funds or otherwise, the payment
shall not be deemed to have been made and shall continue to bear interest until
collected. If payment hereunder becomes due and payable on a Saturday, Sunday or
legal holiday under the laws of the State of Illinois, the due date thereof
shall be extended to the next succeeding business day, and interest shall be
payable thereon at the then applicable interest rate during such extension.

     9. An Event of Default shall occur hereunder if: (1) any amount payable
hereunder is not paid when due; or (2) Maker shall otherwise fail to perform any
of the promises to be performed by Maker hereunder or under any security
agreement with Payee relating thereto; or (3) Maker or any person who is or
shall become primarily or secondarily liable for any payment hereunder, who is a
natural person, dies; or (4) Maker or any other party liable with respect to any
payment hereunder, or any guarantor or accommodation endorser or third party
pledgor, shall make any assignment for the benefit of creditors, or there shall
be commenced by or against Maker or any such party any bankruptcy, receivership,
insolvency, reorganization, dissolution or liquidation proceedings, or there
shall be the entry of any judgment, levy, attachment, garnishment or other
process, or the filing of any lien, against any of the Collateral (as such term
is defined in the Security Agreement referred to in paragraph 12 hereof); or (5)
in the opinion of Payee, acting in good faith, there is any deterioration or
impairment of any of the Collateral, or any actual decline or depreciation in
the value or market price thereof that causes the Collateral to become
unsatisfactory as to value, and the Payee has provided Maker with written notice
describing the basis of such opinion, and if Maker has failed, within five (5)
business days after receiving such notice to (x) provide documents effectively
refuting such opinion to Payee's satisfaction, or (y) provide additional
Collateral to eliminate the deficit or pay down the indebtedness in an amount
sufficient to erase such deficit; or (6) there is a determination by Payee that
a material adverse change has occurred in the financial condition of the Maker
from the condition set forth in the most recent financial statement of Maker
furnished to Payee, or from the financial condition of the Maker most recently
disclosed to Payee in any manner; or (7) Maker shall fail to do any commercially
reasonable act necessary to preserve or maintain the

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value and collectability of the Collateral; or (8) Maker shall fail, within five
(5) business days after receiving a written request by Payee, to permit
inspection by Payee (during normal business hours) of Maker's books and records
pertaining to the Collateral; or (9) any guarantor of this Note shall
discontinue or contest the validity of such guaranty; or (10) there shall occur
any material adverse event that causes a change in the financial condition of
Maker, or that would have a material adverse effect on the business of Maker.

     10. At the election of the holder hereof, whenever Maker shall be in
default as aforesaid (an "Event of Default"), and all applicable cure periods
have expired without a cure having been effected, then without demand or notice
of any kind, the entire unpaid principal amount hereof, and all interest accrued
thereon, shall become immediately due and payable. Failure of the holder to
exercise such election shall not constitute a waiver of the right to exercise
the same in the event of any subsequent Event of Default. No holder hereof
shall, by any act of omission or commission, be deemed to waive any of its
rights, remedies or powers hereunder or otherwise unless such waiver is in
writing and signed by the holder hereof, and then only to the extent
specifically set forth therein. The rights, remedies and powers of the holder
hereof, as provided in this Note, are cumulative and concurrent, and may be
pursued singly, successively or together against Maker and any security given at
any time to secure the repayment hereof, all at the sole discretion of the
holder hereof. If any suit or action is instituted or attorneys are employed to
collect this Note or any part thereof, Maker promises and agrees to pay all
costs of collection, including reasonable attorneys' fees and court costs.

     11. Maker hereby (i) waives presentment and demand for payment, notice of
nonpayment and of dishonor, protest of dishonor, and notice of protest; and (ii)
waives any and all lack of diligence and delays in the enforcement of the
payment hereof.

     12. This Note is secured by that certain Security Agreement, dated as of
the date hereof, pursuant to which Maker has pledged certain of its assets and
property, as described therein, as security for the payment hereof.

     13. This Note evidences a business loan that comes within the purview of
Section 205/4, paragraph (1)(c) of Chapter 815 of the Illinois Compiled
Statutes, as amended. Maker agrees that the obligation evidenced by this Note is
an exempted transaction under the Truth In Lending Act, 15 U.S.C., Section 1601,
et seq.

     14. Time is of the essence hereof.

     15. This Note is governed and controlled as to validity, enforcement,
interpretation, construction, effect and in all other respects by the statutes,
laws and decisions of the State of Illinois, without regard to conflicts of laws
principles. This Note may not be changed or amended orally but only by an
instrument in writing signed by the party against whom enforcement of the change
or amendment is sought.

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     16. This Note has been made and delivered at Chicago, Illinois and all
funds disbursed to or for the benefit of Maker will be disbursed in Chicago,
Illinois.

     17. The obligations and liabilities of Maker under this Note shall be
binding upon and enforceable against Maker and its successors and assigns. This
Note shall inure to the benefit of and may be enforced by Payee and its
successors and assigns.

     18. In the event one or more of the provisions contained in this Note shall
for any reason be held to be invalid, illegal or unenforceable in any respect by
a court of competent jurisdiction, such invalidity, illegality or
unenforceability shall not affect any other provision of this Note, and this
Note shall be construed as if such invalid, illegal or unenforceable provision
had never been contained herein. Payee shall not collect a rate of interest on
the principal balance under this Note in excess of the maximum contract rate of
interest permitted by applicable law. All interest found in excess of that rate
of interest allowed and collected by Payee shall be applied to the principal
balance in such manner as to prevent the payment and collection of interest in
excess of the rate permitted by applicable law.

     IN WITNESS WHEREOF, Maker has executed this Note as of the date first
hereinabove written.

                                   ACCUMED INTERNATIONAL, INC.

                                   By:  /s/ PAUL F. LAVALLEE
                                        ---------------------------------------
                                        Paul F. Lavallee, Chairman of the Board
                                        and Chief Executive Officer

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                                                                    EXHIBIT 10.3

                                AMENDMENT NO. 1
                                       TO
                          AGREEMENT AND PLAN OF MERGER
                                  BY AND AMONG
                          ACCUMED INTERNATIONAL, INC.,
                            ACCUMED ACQUISITION CORP.
                                       AND
                          AMPERSAND MEDICAL CORPORATION

        THIS AMENDMENT NO. 1 is made and entered into as of the 10th day of May,
2001, by and among AccuMed International, Inc., a Delaware corporation
("AccuMed"), AccuMed Acquisition Corp., a Delaware corporation ("Acquisition
Sub"), and Ampersand Medical Corporation ("Ampersand").

                                   WITNESSETH:

        WHEREAS, the parties hereto have heretofore entered into that certain
Agreement and Plan of Merger dated as of February 7, 2001 (the "Merger
Agreement"), pursuant to which AccuMed will be merged with and into Acquisition
Sub and thereby become a wholly-owned subsidiary of Ampersand; and

        WHEREAS, the parties hereto have determined that it would be in their
respective best interests to modify and amend certain terms and provisions of
the Merger Agreement, and the directors of each of the parties hereto have
unanimously approved such modifications and amendments and directed the
respective officers of the parties to give effect to such changes;

        NOW, THEREFORE, in consideration of the mutual promises and agreements
herein contained, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledge, the parties hereto hereby agree as
follows:

1.             Closing Date; Termination Date.

               (a) The last sentence of Section 1.11 of the Merger Agreement is
hereby amended to change the date set forth therein from "May 31, 2001" to "July
31, 2001."

               (b) The tenth and thirteenth lines of Section 4.4 (a)(iii), the
eighth, ninth, eighteenth and nineteenth lines of Section 4.4(a)(iv), the second
line of Section 4.4(a)(v), and the fourth line of Section 5.5, of the Merger
Agreement are each hereby amended to change the dates set forth therein from
"May 31, 2001" to "July 31, 2001."

               (c) In the event that the Registration Statement has not become
effective on or prior to June 17, 2001, then all references in the Merger
Agreement to "July 31, 2001" shall automatically, without further action by the
parties hereto, be amended to "September 30, 2001," such amendment to become
effective as of June 17, 2001.

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               2. Ampersand Loan Obligations. The first sentence of Section
1.12(b) of the Merger Agreement is hereby deleted in its entirety and replaced
by the following:

               "Ampersand and AccuMed also hereby agree that if by February 28,
        2001 the Merger and the transactions contemplated hereby have not been
        consummated, then Ampersand shall loan additional monies (the
        "Additional Loans") to AccuMed as and when needed by AccuMed for use in
        its ordinary and usual business operations on the same terms and
        conditions as the Full Loan, except that:

               (i) simultaneously with the making of each Additional Loan, the
        collateral securing the Full Loan under the Security Agreement shall be
        increased in accordance with the terms of the Security Agreement in
        order to secure such Additional Loan as well, and AccuMed shall issue
        and deliver to Ampersand a new promissory note, substantially in the
        form of the Replacement Note, evidencing such Additional Loan;

               (ii) such Additional Loans shall be made on the first day of each
        month through and including the month in which the Merger and the
        transactions contemplated hereby are consummated or the month in which
        this Agreement is terminated in accordance with the provisions hereof,
        whichever comes first;

               (iii) the Additional Loans to be made on March 1, 2001 and April
        1, 2001 shall be made automatically, without any request therefor being
        necessary, and each shall be in the amount of Two Hundred Twenty-Five
        Thousand Dollars ($225,000);

               (iv) the Additional Loan to be made on May 1, 2001 shall be made
        automatically, without any request therefor being necessary, and shall
        be in the amount of One Hundred Fifty Thousand Dollars ($150,000);

               (v) the Additional Loans to be made on June 1, 2001 and the first
        day of each month thereafter until the Merger closes or the Merger
        Agreement is terminated, shall be made automatically, without any
        request therefor being necessary, in the amount of One Hundred Thousand
        Dollars ($100,000); provided, however, that upon the written request of
        AccuMed, delivered to Ampersand in accordance with the provisions hereof
        no less than two (2) business days prior to the last day of the month
        immediately preceding the scheduled payment date of the Additional Loan,
        each such Additional Loan shall have added to it such amount as AccuMed
        shall request in the aforesaid notice, so long as: (1) the total amount
        of the Additional Loan made on the relevant date does not exceed Two
        Hundred Twenty-Five Thousand Dollars ($225,000), and (2) said notice
        sets forth the specific business uses to which such added amount shall
        be put, which uses shall be reasonably satisfactory to Ampersand in
        order to obligate Ampersand to loan such added amount to AccuMed
        hereunder; and

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               (vi) prior to the making of each Additional Loan, AccuMed and
        Ampersand shall identify on a schedule or schedules to be attached to
        the Security Agreement sufficient additional collateral to secure such
        Additional Loans in accordance with the terms and conditions of the
        Security Agreement."

        3. Defined Terms. All capitalized terms not defined herein shall have
the meanings ascribed to them in the Merger Agreement.

        4. Continuing Effect of Original Agreement; Effective Date of Changes.
Except for the modifications and amendments specifically set forth herein, the
Merger Agreement shall continue in full force and effect as originally written.
Subject to the provisions of Section 1(c) of this Amendment, the modifications
and amendments set forth herein shall become immediately effective as of the
date first hereinabove set forth.

        5. Governing Law. This Amendment shall be governed by and construed in
accordance with the laws of the State of Illinois, without taking into account
any provisions regarding choice of law.

        IN WITNESS WHEREOF, each party has hereto caused this Agreement to be
executed on its behalf by its duly authorized officer as of the date first
hereinabove set forth.

ACCUMED INTERNATIONAL, INC                   AMPERSAND MEDICAL CORPORATION

By:    /s/ PAUL F. LAVALLEE                  By:   /s/ PETER P. GOMBRICH
    -------------------------------              -------------------------------
        Paul F. Lavallee,                           Peter P. Gombrich,
        Chairman of the Board and                   Chairman of the Board and
        Chief Executive Officer                     Chief Executive Officer

                                             ACCUMED ACQUISITION CORP.

                                             By:   /s/ PETER P. GOMBRICH
                                                 -------------------------------
                                                    Peter P. Gombrich, President

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