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PROMISSORY NOTE_ JACOBS

This is an actual contract by Biopure.

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Sectors: Biotechnology / Pharmaceuticals
Governing Law: Massachusetts, View Massachusetts State Laws
Effective Date: July 31, 1995
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EXHIBIT 10.16

PROMISSORY NOTE



$262,120.10 July 31, 1995



FOR VALUE RECEIVED, the undersigned, Edward E. Jacobs, Jr., an individual residing at 20 Meriam Street, Lexington, MA 02173 (the "Obligor"), hereby absolutely and unconditionally promises to pay to the order of BIOPURE Corporation, a Delaware corporation ("BIOPURE"), at the office of BIOPURE located at 11 Hurley Street, Cambridge, MA 02141, on or before July 31, 2000, the principal sum of Two Hundred Sixty-two Thousand One Hundred Twenty Dollars and Ten Cents ($262,120.10), with interest thereon, or on such part thereof as shall from time to time remain unpaid, at the Prescribed Rate, compounded annually as of December 31 of each year.



The Obligor has the absolute right to prepay in whole or in part the principal of this Note and any accrued interest without penalty.



The "Prescribed Rate" shall be, for each full or partial calendar year during which interest shall accrue hereunder, the rate per annum equal to the rate of interest announced by Fleet Bank of Massachusetts, N.A. as its base rate (the "Base Rate") as in effect on January 1 of such calendar year. Notwithstanding the previous sentence, if Fleet Bank of Massachusetts N.A. shall announce, at any time during any such calendar year, a Base Rate that is more than 2% higher of lower than the Base Rate in effect on January 1 of such year, the Prescribed Rate shall be, for the remainder of such calendar year, the Base Rate as announced from time to time during the remai
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