Gelman Sciences Inc – ‘10-K’ for 7/31/96 – EX-10.26

As of:  Thursday, 10/17/96   ·   For:  7/31/96   ·   Accession #:  950124-96-4405   ·   File #:  1-07828

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Annual Report   —   Form 10-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                         44    248K 
 2: EX-3.(II)   Bylaws                                                15     56K 
 4: EX-10.18    Employment Agreement                                   3     14K 
 5: EX-10.20    Employment Agreement                                   2     11K 
 6: EX-10.21    Waiver and Release                                     1     10K 
 7: EX-10.22    Service Agreement                                      7     17K 
 8: EX-10.23    Letter Agreement                                       1      9K 
 9: EX-10.24    Letter Agreement                                       1     11K 
10: EX-10.25    Promissory Note                                        2     14K 
11: EX-10.26    Amendment to Promissory Note                           2     13K 
12: EX-10.27    Non-Employee Director Stock Plan                       4     19K 
13: EX-10.28    Executive Stock Plan                                   4     20K 
14: EX-10.29    Employment Agreement                                   7     25K 
15: EX-10.30    Stock Option Agreement                                 2     15K 
16: EX-10.31    Stock Option Agreement                                 2     15K 
 3: EX-10.8     Amendment to Consent Judgement                        13     33K 
17: EX-11       Computation of Earnings                                1     10K 
18: EX-21       Subsidiaries                                           1      8K 
19: EX-27       Financial Data Schedule                                1     11K 

EX-10.26   —   Amendment to Promissory Note

EX-10.26
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                                             EXHIBIT 10.26

AMENDMENT OF PROMISSORY NOTE

  This Amendment of Promissory Note is made as of August 1, 1996, by
Kelly Company Pty Ltd ("Kelly") and Gelman Sciences Pty Ltd ("Gelman").         

     WHEREAS, Kelly issued a Promissory Note to the order of Gelman in the
principal amount of A$1,044,209.75 on July 29, 1994 (the "Note");               

    WHEREAS, Gelman continues to retain the Note and has not assigned or
otherwise transferred all or any part of its interest therein as of the         
date hereof;                                                                    

       WHEREAS the principal amount of the Note outstanding as of this date is
A$844,172.18, and                                                               

    WHEREAS, Kelly desires to amend certain of the terms of the Note and
Gelman is willing to accept said amendment,                                     

NOW, THEREFORE, the Note is amended as follows:                 

1.      The third (3rd) and fourth (4th) and fifth (5th) paragraphs of the Note 
are deleted in the entirety and the following is substituted in lieu thereof:   

   "Interest on the said principal shall be calculated on the reducing
balance and shall be at the rate of Gelman Sciences Inc. average
     borrowing rate on its credit facilities plus one percent (1%) through
     July 15, 1996, and thereafter at the prime rate as listed in the Wall
     Street Journal on the first business day of each month. Commencing on
    August 15, 1994, and by the fifteenth (15th) day of each of the next
        twelve (12) months following immediately thereafter, interest only shall
be paid, in arrears, monthly.                                   

     "Commencing on September 15, 1995, and by the fifteenth (15th) day of
        each of the next ten (10) months following immediately thereafter, Maker
      shall pay a monthly installment against the original principal sum set
       forth above equal to the original principal sum set forth above divided
    by forty-eight (48) together with accrued interest calculated at the
     rate and basis as set out above, in arrears. Commencing on August 15,
       1996, and by the fifteenth day of each month following thereafter until
    August 15, 1999, Maker shall pay a monthly installment of A$8,793.46
       against the August 1, 1996, principal sum set forth above together with
      accrued interest calculated at the rate and basis as set out above, in
       arrears. On August 15, 1999, Maker shall pay an installment against the
       principal sum set forth above in the remaining amount due together with
      accrued interest calculated at the rate and basis as set out above, in
arrears."                                                       

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EX-10.26
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2.  Except as stated above, the Note is not otherwise amended and all other     
terms and provisions thereof remain in full force and effect.           

3.  The amendment of the Note set forth above shall be fully effective on and   
at all times after July 16, 1996, unless and until the Note is further  
 amended to the contrary. The effectiveness of the note is contingent upon
Anthony Paul Kelly agreeing to it and Gelman Sciences Pty Ltd signing in
the space provided below in acceptance of the amendment.                

                      MAKER:
                                     KELLY COMPANY PTY LTD
                               ACN 001 729 693

                                    By:  /s/ A. P. Kelly
                                                  ------------------------
                                     A. P. Kelly
                                  Director

Agreed:                                                                         

/s/ Anthony Paul Kelly                                                          
-------------------------                                                       
Anthony Paul Kelly                                                              

Accepted:                                                                       

GELMAN SCIENCES PTY LTD                                                         

By: /s/ Anthony Paul Kelly        and      By: /s/Charles Gelman                
----------------------                     -----------------------      
A.P. Kelly                                 Charles Gelman               
Managing Director                          A Director                   

2 

Dates Referenced Herein

				Referenced-On Page
This ‘10-K’ Filing		Date		First		Last			Other Filings
		8/15/99		1					None on these Dates
Filed on:		10/17/96
		8/15/96		1
		8/1/96		1
For Period End:		7/31/96
		7/16/96		2
		7/15/96		1
		9/15/95		1
		8/15/94		1
		7/29/94		1
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