1
Exhibit 10.3
PROMISSORY NOTE & SECURITY AGREEMENT
$650,000 San Jose, California
December 19, 1996
FOR VALUE RECEIVED, XXXXXXX XXXXX ("Borrower"), intending to be legally
bound hereby, promises to pay to FLEXTRONICS INTERNATIONAL USA, INC. a
California corporation ("Payee") at such place as Payee may direct, the
principal sum of Six Hundred Fifty Thousand United States Dollars ($650,000) no
later than February 28, 1997.
Interest shall accrue from the date hereof on the unpaid principal
amount of this Note at a rate of 7.0% compounded monthly.
As security for the payment and performance of this promissory note,
Borrower hereby grants to Payee, a security interest in all shares of
Flextronics International Ltd. Stock owned by the Borrower.
If Borrower shall fail to pay the full principal amount of this Note
and accrued interest thereon on the Payment Date, Payee shall be entitled to
exercise its remedies under this NOTE or otherwise available to it at law or in
equity. The remedies of Payee shall be cumulative and concurrent, and may be
pursued singly, successively or together at the sole discretion of Payee, and
may be exercised as often as occasion therefor shall occur, and the failure to
exercise any such right or remedy shall in no event be construed as a waiver or
release thereof.
In any action brought by Payee to enforce payment hereunder or to
enforce or defend any provision hereof, Borrower agrees to reimburse Payee for
all costs incurred in connection therewith, including attorneys' fees and
disbursements.
This Note shall be governed by and construed in accordance with the
laws of the State of California.
IN WITNESS WHEREOF, Borrower intending to be legally bound hereby, has
caused this Note to be executed by a duly authorized officer and duly attested
as of the day and year first above written.
/s/ Xxxxxxx Xxxxx
---------------------------------
XXXXXXX XXXXX
For and behalf of
FLEXTRONICS INTERNATIONAL USA, INC.
/s/ Xxxxxxx Xxxxx
-----------------------------
Xxxxxxx Xxxxx
