To
the
Board of Directors:
The
April
16, 2007 8K filing, a copy of which I received today, invites me to report
any
errors or inaccuracies. It is inaccurate in certain respects, and may not
adequately inform potential investors and existing shareholders as to the terms
of my departure.
Item
1.01
incorrectly describes the terms of the settlement, and is apparently drawn
from
an earlier version of the document which I understand OXIS did not sign due
to
cash flow issues it was facing in December 2006. As a result of those issues,
the final terms provide, as you know, for a much more extended period of payment
of the severance amount and include provisions for acceleration in the case
of
default or attainment of certain funding goals. Second, the latest date for
exercise of the outstanding options granted to me by the Company is not
September, 2009, but rather the 5th
anniversary of the option grant date or February 15, 2010, whichever is
later.
Thank
you
for your attention
Steve
Guillen
April
17,
2007