Employee Loan Agreement
Download the Employee Loan Agreement automated template and 100+ legal and bisiness forms. Free Download
|
EMPLOYEE LOAN AGREEMENT This Employee Loan Agreement and Promissory Note (the “Agreement”) is made and effective this 4th day of April, 2019,
BETWEEN:
| Weatherman Time, Inc (the 'Company'), a corporation organized and existing under the laws of the state of Ohio with its head office located at: 20 North Broadway, Suite 1800, Cleveland, Ohio 44113-2241
|
AND:
| Hanna Westcott (the 'Employee'), an individual with her main address at: 777 South Figueroa Street, Suite 3307, Salt Lake City, Utah 43230
| WHEREAS, Employee has requested a loan from Company for personal reasons; NOW THEREFORE, in consideration of the mutual promises and covenants contained herein, Company and Employee agree as follows:
LOAN & PAYMENT 1. |
On the date first written above,
Company shall loan to Employee
the sum of $10,000.00 at
an annual interest
rate of six percent (6%) and
payable by withholding of $109.38)
per bi-weekly pay period commencing on 01 March 2007
and continuing until 01 September 2010,
with the balance if any due on such date.
|
PLEDGE
2. | As security for the repayment of such loan,
in addition to any and all other rights and
remedies Company may have hereunder or at law,
Employee hereby pledges ALL owned shares
of Company's common stock, par value $0.01 per share,
held by Employee and in addition ALL vested shares
subject to options granted to Employee under
any applicable Stock Option Agreement entered into
between Employee and Company.
|
SELLING OWNED STOCK/EXERCISING VESTED OPTIONS
3. | For the purpose of paying the loan hereunder in full, together with accrued interest, Employee agrees to sell any owned stock (if any) and/or exercise and sell any vested shares subject to options when the market price of Company's common stock reaches
$10.00 or more per share.
Employee shall thereafter apply the proceeds of the sale to satisfy the loan in full hereunder.
Employee shall only be required to exercise and sell a quantity of vested shares subject to options necessary to satisfy the indebtedness hereunder.
Employee shall be solely responsible for the payment of any and all federal and state taxes associated with the exercise and selling of any vested shares subject to options.
|
PROMISSORY NOTE
4. | For value received, Employee unconditionally promises to pay to Company, upon demand on 01 September 2010 or as soon as Employee is no longer an employee of Company, the principal sum of $10,000.00 with interest, less any and all payments then made, without set-off, deduction or counterclaim.
|
GOVERNING LAW
5. | This Agreement shall be construed and enforced in accordance with the laws of the State of Ohio.
|
WITNESS WHEROF, Company and Employee have executed this Agreement as of the date first set forth above.
COMPANY
|
| EMPLOYEE
|
Stephen Cochran President
|
| Hanna Westcott
|
* * *
Download the Employee Loan Agreement template and more than 100 other full-text documents. Free Download
|
|