Employee Loan. The Seller, as lender, has granted to a certain Seller’s Employee, as borrower, an interest-free loan with a principal amount of EUR 2,500.00 (in words: Euro two thousand five hundred) under a certain employment loan agreement dated 23 February 2017 (the “Employee Loan”). The Seller shall be entitled to transfer the Employee Loan to EMP prior to or on the Closing Date free of any costs, charges and expenses for the Seller. Such transfer shall be subject to the employee’s employment relationship being continued with or validly transferred to an EMP Group Company, respectively, in the course of the transactions contemplated by this Agreement. If and to the extent such Employee Loan cannot validly be transferred until Closing, the Parties shall treat each other as between the Parties (im Innenverhältnis) as if the Employee Loan had been validly transferred and the Parties shall further cooperate to effectuate such transfer free of any costs, charges and expenses for the Seller as soon as possible.
Employee Loan. The parties acknowledge that the Employee has previously loaned the Company the sum of $100,000.00 which, with interest, has accumulated to a total of $109,000.00 (the "Employee Loan"). The Company may not incur new indebtedness that is senior to the Employee loan without repaying the Employee Loan in full. The parties agree on the following repayment plan for the Employee loan
1. Accrued interest of $9,000.00 will be repaid at a rate of $3,000.00 per month during the months of October, November and December of 2012;
2. Continuing interest at a rate of $1,250 per month (15% per annum) will be paid monthly in arrears on the first day of each month beginning November 1, 2012.
3. If the Company receives cash in any month (regardless of source) in excess of $125,000 per month, the Company will make a principal reduction payment on the Employee Note in an amount equal to 25% of the cash received in that month in excess of $125,000.00 (the "Excess Cash").
4. The balance of the Employee Note which is left over after all Excess Cash reductions shall become fully due and payable on October 1, 2013. If the Employee Note is not paid in full prior to October 1, 2013, the Employee shall have the right to convert the outstanding principal amounts into shares of the Company's Common Stock at a conversion price per share equal to the lowest closing price of the Company's Common Stock in the 30 days prior to conversion multiplied by 0.6. Also, if the Employee Note is not paid in full prior to October 1, 2013, other terms and conditions may be renegotiated if both parties agree.
5. the Company has the right to pre-pay the loan at any time.
6. Should the Company enter into any new financing arrangement, the Employee will have the option of exchanging the remaining principal of the Employee Note for a similar instrument with the terms and conditions of that new financing.
Employee Loan. You agree that you owe Sangamo the outstanding balance of your loan with the Company, currently standing at $16,878. This amount will be deducted from the Initial Severance Payment, in satisfaction of your obligation under the loan.
Employee Loan. The Company shall provide a full recourse loan to McGlashan for the purchase of a principal residence in an amount not xx xxxxxd $4 Million (the "Loan"). The Loan will be funded upon, or just prior to, the close of escrow on the purchase of such principal residence so long as McGlashan has not voluntarily resigned or been terminated by the Comxxxx xxx cause as defined in Section 12.3
Employee Loan. In the event that the Employee relocates his primary residence, the Corporation agrees to extend a loan to the Employee in the amount of $800,000. Of this amount, $300,000 shall be advanced upon Employee's execution of a contract to purchase the residence, and the remaining $500,000 shall be advanced at the closing of such purchase. This loan shall be evidenced by a promissory note with a final maturity date (the "Maturity Date") of the earlier of (i) the date of the termination of the employment of the Employee, or (ii) June 30, 2002. The note shall not bear interest. Employee shall repay the loan by paying to the Corporation an amount equal to 10% of any amounts paid to the Employee as additional compensation under Section 4(b) hereof, with the entire amount of the remaining balance being due and payable on the Maturity Date. The note shall be secured by a second mortgage deed of trust on the residence, which deed of trust shall be subordinate to a first mortgage deed of trust securing a loan to the Employee, from a lender and in an amount determined by the Employee, the proceeds of which are also used to acquire the residence.
Employee Loan. The Employer shall loan the Employee the principal amount of $25,000, bearing interest at the most favorable commercial borrowing rate of the Employer from financial institutions and payable within one year from the date of the loan, evidenced by the promissory note of Employee payable to the order of the Employer providing for payment of attorneys' fees and other costs of collection and such other terms as the Employer shall reasonably require.
Employee Loan. Upon the execution of this Agreement by Employee, TCPI shall make a loan to Employee ("Employee Loan"), pursuant to a Negotiable Promissory Note in form and substance acceptable to the parties hereto, under the following terms and conditions:
3.4.1. Principal: $50,000.
Employee Loan. Your W-2s for 2004 and 2005 will continue to reflect Other Compensation for the interest expense and related tax gross up, calculated in accordance with past practice, as more fully disclosed in Xx. Xxxxxx’x memorandum to you dated December 19, 2003, a copy of which is attached. In accordance with Xx. Xxxxxx’x memorandum, the loan balance will be forgiven as of the termination of your employment on of March 31, 2005 and will be reflected as income on your W-2 for 2005.
Employee Loan. Prior to the Closing, the Selling Shareholder shall purchase or cause an affiliate to purchase from the Company the employee loan in an initial amount of FRF 200,000 referred to in List 7 (Tekelec Europe) for cash in an amount equal to the outstanding principal amount thereof.
Employee Loan. On or before three months from the date of this Agreement, and contemporaneous with the sale by the Company of the Restricted Stock, the Company shall loan the Employee the sum of $200,000 (the "Employee Loan"). The Employee Loan will not bear any interest. The Employee Loan shall be due upon the expiration of three years from the date of the making of the Employee Loan and shall be secured solely by the Restricted Stock and shall otherwise be non-recourse to the Employee. The Employee shall execute any documents requested by the Company in order for the Company to perfect a security interest in the Restricted Stock, including, but not limited to, granting the Company physical possession of the certificate evidencing the Restricted Stock and full power of attorney to dispose, transfer, sell or assign the Restricted Stock after the expiration of the Three Year Restriction Period. The Employee shall execute any documents requested by the Company in connection with the Employee Loan and the Company, acting in its sole discretion, shall be authorized to determine the date and manner to effect the sale of the Restricted Stock to repay the Employee Loan after the expiration of the Three Year Restriction Period.
