Relocation Loan. Contingent upon the Executive's execution of a Promissory note (substantially in the form attached hereto as Exhibit A), the Executive shall receive a $10,000 loan from the Company with a term of one (1) year (the "Loan"), which shall bear interest at the Applicable Federal Rate compounded annually. The principal amount of the Loan shall be disbursed to the Executive within one (1) week of the Executive's commencement of duties in the Company's Chicago, Illinois headquarters. The principal amount of the Loan and the interest thereon shall be payable in cash at the end of the 12-month term of the Loan (the "Loan Term"); provided, however, that if the Executive remains in the continual employment of the Company for the period of the Loan Term the principal balance of the Loan and the accrued interest thereon shall be forgiven by the Company, and such forgiven amount shall be treated as additional compensation to the Executive in the year of such forgiveness. Prior to the end of any calendar year in which the Company forgives the Loan, the Company shall make the Executive whole for the federal, state and local income tax consequences of such forgiveness. In the event the Executive's employment hereunder is terminated for "Cause" of the Executive voluntarily terminates his employment prior to the expiration of the Loan Term the Executive shall be obligated to repay the remaining principal balance of the Loan and interest thereon in accordance with the original terms of the Loan. In the event that the Executive's employment hereunder is terminated for any other reason by the Company without Cause, including a termination on account of death or Disability, or in the event the Executive's employment is terminated as a result of a Corporate Reorganization, as defined, below, the principal balance and any accrued interest shall be forgiven, and prior to the end of the calendar year in which such forgiveness occurs, the Company shall make the Executive whole for any tax consequences to the Executive with respect to such forgiveness.
Relocation Loan. Following the execution of this Agreement, the --------------- Company shall offer an unsecured loan to Ross in the principal amount not to exceed $20,000 bearing simple interest at 5.81% per annum, which amount may be taken all at once or in installments (the "Relocation Loan"). Repayment of the principal amount of the Relocation Loan and any interest payable thereon shall be forgiven, as follows:
(i) on a pro rata basis, during Xxxx'x employment with the Company, upon the close of business on the last business day of each month commencing with the first full month in which sums are advanced under this Agreement and ending January 31, 2000 and (ii) in its entirety under the circumstances set forth in Section 4.2 hereof. In the event that Xxxx'x employment under this Agreement is terminated by Ross without Good Reason (as defined herein) or for Cause as defined in Section 4.1(iii), Ross shall pay the total of unforgiven principal and interest due under the Relocation Loan within ninety (90) days of the occurrence of such event. The Relocation Loan shall be evidenced by a promissory note in form acceptable to Ross and the Company consistent with the terms of this Agreement.
Relocation Loan. As a condition of program participation, the TPG Program may offer or require each Educator to accept a relocation loan (“Relocation Loan”) payable to Educator at the beginning of the School Year, estimated at $1,000 - $3,500, the exact amount to be determined by the TPG program, to assist with such Educator’s relocation or similar expenses. The TPG Program will invoice the Relocation Loan amount to District for payment upon deductions from the respective educators. The District will arrange to recoup the Relocation Loan amount from each Educator through equal deductions from each Educator’s paycheck such that the loan is repaid within six months of receipt. The district will forward collected funds to TPG upon receiving one invoice per annum. In the event of the termination of this Agreement or the termination, resignation, or non-renewal of an Educator by any party, for any or no reason, the District agrees to collect any unpaid balance of the Relocation Loan through withholdings from such Educator’s final paycheck if enough funds are available in terminal pay. Educators authorize payroll deductions for loan repayment by signing the TPG Educator Agreement and Promissory Note, and Educators are required to additionally agree to execute any further authorization that may be requested by the District.
Relocation Loan. In connection with the transfer of Executive's principal place of employment to Las Vegas from California, the Company shall provide Executive with a five (5) year interest-free mortgage loan in the amount of up to $500,000 for purposes of Executive's acquisition of a new principal residence (the "Loan"). The Loan shall not be for more than the purchase price of the residence. The Loan shall be subject to, and governed by, the terms and conditions of a loan agreement and mortgage between the Executive and the Company. The Company shall retain a mortgage security interest in the residence during the term of the Loan. The Loan is intended to satisfy the Requirements of Proposed Treasury Regulation Section 1.7872-5T(c)(1) and the Executive and the Company agree to execute such documents as are necessary to comply therewith. The term of the Loan shall be shortened to two years in the event Executive is terminated for Cause.
Relocation Loan. The Company shall loan Executive an amount of money equal to, and on the same terms, as the current loan to Executive from Harveys with respect to Executive's relocation from New Jersey to Nevada.
Relocation Loan. In order to assist Employee in the relocation from Cold Spring Harbor, New York to the Baltimore, Maryland metropolitan area and the purchase of a home in the Baltimore, Maryland metropolitan area, the Company shall make a loan to Employee in the amount of $50,000 (the "Relocation Loan"), which loan shall bear interest at a rate equal to the lowest rate necessary to avoid the imputation of interest under the Internal Revenue Code, as amended. The principal amount of the Relocation Loan shall be forgiven at a rate of 25% on each of the first four (4) anniversary dates of the Commencement Date so long as Employee is employed by the Company on such date. The entire unpaid or unforgiven balance of the Relocation Loan, together with any accrued and unpaid interest, shall become due and payable upon the termination of Employee's employment before the fourth anniversary of the Commencement Date; provided, however, that in the event Employee's employment is terminated pursuant to Section 7(a) or 7(e) hereof, the final $12,500 principal installment of the Relocation Loan shall be forgiven.
Relocation Loan. The Company has previously loaned to Executive the principal amount of $37,500 relating to certain relocation expenses. The parties agree that the terms of the loan shall be changed as of the date of this Agreement such that the loan shall have a term ending October 15, 1999 and an interest rate of six percent (6%) per annum. Executive agrees to execute a Promissory Note in the form attached hereto as Exhibit A. Such principal indebtedness and all interest accrued to that date shall be forgiven ratably on each of October 15, 1997, October 15, 1998 and October 15, 1999 as long as Executive continues to provide services for the Company until the relevant date. If Executive's employment is terminated for Cause (as defined in Section 6.3 below), or as a result of death, disability, retirement or other voluntary resignation prior to
Relocation Loan. In connection with the transfer of Employee's principal place of employment to Santa Barbara, California, the Company shall provide Employee with a eight (8) year interest-free mortgage loan in the amount of $300,000 for purposes of Employee's acquisition of a new principal residence (the "Loan"), payable at the close of escrow. The Loan shall be forgiven over eight years with $25,000 per year for the first four years, $50,000 per years five, six, and seven, and $27,500 forgiven in the eighth year. The Loan shall be subject to, and governed by, the terms and conditions of a loan agreement and mortgage between the Employee and the Company attached hereto as Exhibit A (the "Loan Agreement"). The Company shall retain a mortgage security interest in the residence during the term of the Loan. The Loan is intended to satisfy the Requirements of Proposed Treasury Regulation Section 1.7872-5T(c)(1) and the Employee and the Company agree to execute such documents as are necessary to comply therewith. In the event of termination of employment for any reason, the Loan will be due and repayable within six (6) months of the effective date of termination. In the event Employee is terminated due to (I) an act of dishonesty made by Employee in connection with his responsibilities as an employee of the Company, (ii) Employee's conviction of, or plea of nolo contendere to, a felony, or (iii) Employee's gross misconduct, then the outstanding balance of the Loan shall be due and repayable to the Company within thirty (30) days of such termination. In the event Employee is terminated due to Employee's breach or failure to perform his employment duties as established by the CEO periodically and failure to cure such breach within thirty (30) days after receipt of written notice of breach from the Company, the outstanding balance of the Loan shall be due and repayable six (6) months from the termination date.
Relocation Loan. Under the terms of your Promissory Note dated January 31, 2000 (“Note”), you agree to repay the entire outstanding loan amount of $2 million immediately upon the earlier of:
(1) the sale of the property pledged in the Note to secure the Loan; (2) your breach of any provision of this Agreement; or (3) February 1, 2005 (as reflected in the Note). You also agree that in the event you exercise any stock options or sell any stock of the Company, you will immediately pay to the Company the proceeds (less the option exercise price and all applicable withholdings, using the highest marginal federal and state rates) to reduce the outstanding loan balance.
Relocation Loan. In connection with the purchase of a home in the San Diego area, the Company will provide to Executive a loan of up to two hundred and fifty thousand dollars ($250,000) representing the excess over the purchase price of a home in San Diego over five hundred thousand dollars ($500,000). Such loan will, at the option of the Company, be secured by a second mortgage deed on the home purchased by Executive. The principal balance of the loan will bear interest at a rate of one percent per annum (1.0% p.a.) and principal and interest will be payable upon the first to occur of (i) sale of the home, (ii) six (6) months following voluntary or involuntary termination of Executive's employment with the Company, (iii) the exercise, pledge or sale of all or part of the stock options granted by Company to Executive or (iv) December 31, 1999.
