Exhibit 10.10
PROMISSORY NOTE
---------------
FOR VALUE RECEIVED, ---------- (the "Promissor") hereby promises to pay to the
order of LANDSTAR SYSTEM, INC. (the "Lender") the sum of --------------------
Dollars ($xx,xxx.xx) ("the "Loan") on or before ---------- plus interest on
the unpaid principal balance hereof from ------------, at the annual rate of
seven percent (7%) as provided herein on demand. The principal shall be
repaid on the fifth anniversary of this note, ---------- or sooner as provided
herein. Interest shall be repayable annually on the anniversary date of the
note, except that interest shall be forgiven each year on the anniversary
date of this note if the Promissor is still employed by the Lender. In the
event Borrower is terminated as an employee of Landstar System, Inc.,
(Landstar System, Inc. or any affiliate of Landstar System, Inc.) for any
reason, the entire amount (principal and interest) then remaining due shall
be repaid in full within thirty (30) days of termination date.
The purpose of this Note is to fund payment by Promissor of federal
alternative minimum tax liability of Promissor and is repayable when the
alternative minimum tax credit carry forward is utilized by Promissor or upon
the expiration of five (5) years from the date of this Note, whichever
first occurs. Promissor is required and does hereby agree to annually
submit completed, as filed federal tax returns to Lender for purposes of
verification of AMT credit carry forward utilization until such time as the
herein Note is fully paid and satisfied.
The Lender and the Promissor further agree to waive demand, notice of
nonpayment and protest; and in case suit shall be brought for the collection
hereof, or the same has to be collected upon demand of an attorney, to pay
reasonable attorney's fees for making such collection. The Lender and the
Promissor shall remain liable for any deficiency with legal interest. The
Loan (i) may not be assigned by Promissor without the written consent of the
Lender, (ii) is binding upon the Borrower's successors and heirs, and (iii)
shall be governed by and construed in accordance with the laws of the State of
Florida.
The Lender may, on notice to the Promissor, convey its interest in the Loan
to any entity in which the Lender has an equity interest, in which case
reference herein to "Lender" shall be deemed to refer to such entity.
Dated: ----------------------------
------------------------
Typed Name:
Acknowledged and Agreed:
LANDSTAR SYSTEM, INC.
By:----------------------
Name:
Title:
32
