Exhibit 10.1 - Promissory Note dated December 31, 2002 by and between Xxxxx Xxxx
and Worldwide Manufacturing USA, Inc. in the amount of $150,000.
PROMISSORY NOTE
$150,000
Burlingame, California
Date: December 31, 2002
FOR VALUE RECEIVED, the undersigned Worldwide Manufacturing USA Inc. ("Maker")
promises to pay to Xxxxx Xxxx ("Holder"), the principal sum of One Hundred Fifty
Thousand Dollars ($150,000) for deferred compensation for years 2000, 2001 and
2002. This Promissory Note ("Note") shall accrue interest at the rate of ten
percent (10%) per year or Five Thousand Dollars ($5,000) for the first year, Ten
Thousand Dollars ($10,000) the second year, Fifteen Thousand Dollars ($15,000)
the third year, and Fifteen Thousand Dollars ($15,000) thereafter until the Note
is paid in full. The principal shall be payable as provided herein at 000 Xxxxx
Xxxx, 0xx Xxxxx, Xxxxxxxxxx, XX 00000, or such other place as the Holder hereof
may designate in writing. 1. The entire outstanding principal balance, if not
sooner paid, shall be due and payable in full on December 31, 2005. 2. Maker may
prepay this Note in whole or in part at any time or from time to time without
penalty or premium. 3. All payments, as of the date of receipt, shall first be
credited to the outstanding principal balance. IT IS AGREED, that if this Note
or any payment due hereunder is not paid when due or declared due hereunder, the
principal and accrued interest thereon shall draw interest at the default rate
of ten (10%) percent per annum, and that failure to make any payment of the
principal or interest when due shall cause the whole Note to become due at once.
The makers and endorsers hereof severally waive presentment for payment,
protest, notice of non-payment and of protest, and agree to any extension of
time of payment and partial payments before, at or after maturity, and if this
Note or interest thereon is not paid when due, or suit is brought, agree to pay
all costs and expenses incurred by Holder in collecting this Note, including a
reasonable amount for attorney's fees. The Maker hereby consents and agrees that
Colorado courts shall have personal jurisdiction over Maker in any suit brought
upon this note and that the proper venue of any such suit shall be in the County
Court for the County of San Mateo. This Note may not be assigned by Holder
without the prior written consent of the Maker. WORLDWIDE MANUFACTURING USA,
INC., Maker By: /S/ XXXXX XXXX Xxxxx Xxxx, President
