Forgiveness of Note. As a condition to continued employment in 1998, Executive was required to purchase a substantial amount of the Company's common stock based on and exceeding Executive's annual salary. In connection therewith, Executive borrowed funds from the Company for such stock purchases and executed a promissory note in favor of the Company (the "Note"). A copy of the Note is annexed hereto as Exhibit "A". Pursuant to the February 23, 2001 Order of the Bankruptcy Court (the "Bankruptcy Order"), in the event that (i) Executive remains employed by the Company for one (1) year following the date of this Agreement or, (ii) Executive's employment is terminated because of (A) his death or Disability (pursuant to Section 6.2 of this Agreement), (B) his termination for cause (pursuant to Section 6.3 of this Agreement) (C) his resignation for Good Reason (pursuant to Section 6.4 of this Agreement), (D) his resignation following a Change in Control (pursuant to Section 6.5 of this Agreement) or (E) termination by the Company without Cause (pursuant to Section 6.6 of this Agreement), the Company will release Executive from his obligations under the Note and cancel any related indebtedness and will also reimburse Executive for any federal or state income taxes he owes as a result of such release and cancellation.
Forgiveness of Note. The Company loaned to Xx. Xxxx the amount of $100,000, pursuant to that certain promissory note (the "Note"). Unless Xx. Xxxx'x employment with the Company is terminated for Cause, as defined herein, or if Xx. Xxxx voluntarily terminates his employment, in each case prior to March 31, 2000, the Company agrees to forgive all outstanding amounts payable, including interest, on said Note and after said date, Xx. Xxxx'x obligations of repayment under the Note shall cease effective on March 31, 2000. Xx. Xxxx acknowledges that he is solely responsible for all tax consequences relating to the forgiveness of the Note.
Forgiveness of Note. The principal of this Note, together with all accrued interest thereon, will be forgiven by the Holder if and only if all and of the Safeguard Guarantees have been eliminated before or by the Maturity Date. As used herein, the "Safeguard Guarantees" means (i) the letters of credit issued on the account of Safeguard Scientifics (Delaware) Inc. in the aggregate amount of $4.5 Million, which letters of credit support certain obligations of the Borrower in connection with the reorganization of its security business and the sale of its furniture business in 1995, and (ii) any other letters of credit, guarantees or other similar obligations of the Holder subsequently entered into by the Holder for the benefit of the Borrower. The Safeguard Guarantees shall be eliminated only when Safeguard Scientifics (Delaware), Inc. receives written notice from the applicable issuer of each letter of credit that such letter of credit has been returned to it for cancellation and that therefore such letter of credit has been terminated by the issuer or receives notice from the applicable beneficiary of the guarantee or similar obligation that such guarantee or similar obligation has been terminated by the beneficiary thereof and/or is no longer in effect.
Forgiveness of Note. On the first day of each month for the three-year period following the Effective Date, the Company shall forgive one thirty-sixth (1/36th) of the original principal amount of the Note, together with all accrued and unpaid interest on such forgiven portion of the principal amount of the Note; provided, however, that the Company shall not be obligated to so forgive a portion of the Note or the interest thereon on any such first day of the month if prior to such day Executive's employment shall have been terminated by the Company for Cause pursuant to Subparagraph 7(c) or by Executive for any reason other than Good Reason pursuant to Subparagraph 7(e). If Executive's employment shall have been terminated for any reasons other than the ones described in the preceding sentence, then the remaining balance of the original principal amount of the Note, together with all accrued and unpaid interest on such portion of the principal amount of such Note, shall be forgiven as of the Date of Termination. The Company shall provide such documentation evidencing such forgiveness as Executive may reasonably request.
Forgiveness of Note. As a result of the CSI-SurVivaLink transaction described in paragraph D of the Recitals, above, there is an amount presently payable by CSI to Medtronic (hereinafter the "Note"). CSI estimates that this Note has a value of $1,132,369 as of the date of this Agreement. If the Note has a true value of $1,132,369 or less, then Medtronic hereby forgives and releases payment of all but $300,000 of the Note. However, if the Note has a true value in excess of $1,132,369 then this excess value shall be added to the $300,000 otherwise payable to Medtronic under this paragraph, and Medtronic hereby forgives and releases the remaining balance of the Note. CSI shall pay the amount owed to Medtronic, as just described, at the time it first comes due under the original terms of the Note. Except as provided in this paragraph, there will be no further adjustment of the $300,000 owed by CSI to Medtronic pursuant to this Agreement.
Forgiveness of Note. In the event: (a) the Payee cease to provide continuous services to S&W, or any affiliate thereof employing or retaining the Payee, in the capacity of an employee, consultant or other service provider following termination of the Employment Agreement of even date herewith by and between S&W and the Payee, as amended or restated from time to time (the “Engagement Agreement”) (i) for Cause, as such term is defined in Section 7.4 thereof, or (ii) voluntary termination by the Payee pursuant to Section 7 thereof, other than termination for Good Reason, as such term is defined below, and other than for death or Entitling Event (as such term is defined in Section 7.3 thereof), and (b) S&W fails to achieve the following milestones on or before the Milestone Date: (i) develop a minimum of two Smart TV applications, and (ii) API integration with a minimum of ten platforms, then all outstanding principal amounts due by Maker under this Note shall be cancelled and forgiven without any further action by either party.
Forgiveness of Note. In the event: (a) the Payee cease to provide continuous services to S&W, or any affiliate thereof employing or retaining the Payee, in the capacity of an employee, consultant or other service provider following termination of the Services Agreement of even date herewith by and between S&W and the Payee, as amended or restated from time to time (the “Engagement Agreement”) (i) for Cause, as such term is defined in Section 4.3.1 thereof, or (ii) voluntary termination by the Payee pursuant to Section 4 thereof, other than termination for Good Reason, as such term is defined below, and other than for death or Disability (as such term is defined in Section 4.3.1 thereof), and (b) S&W fails to achieve the following milestones on or before the Milestone Date: (i) develop a minimum of two Smart TV applications, and (ii) API integration with a minimum of ten platforms, then all outstanding principal amounts due by Maker under this Note shall be cancelled and forgiven without any further action by either party.
Forgiveness of Note. In the event: S&W fails to achieve the following milestones on or before the Milestone Date: (i) develop a minimum of two Smart TV applications, and (ii) API integration with a minimum of ten platforms, then all outstanding principal amounts due by Maker under this Note shall be cancelled and forgiven without any further action by either party.
Forgiveness of Note. Upon completion of one hundred and twenty (120) consecutive payments on the Primary Loan, my obligation to repay the principal balance under this Note may be forever forgiven and extinguished if:
Forgiveness of Note. On the first day of each month for the two-year period following the Effective Date, the Company shall forgive one twenty-fourth (1/24th) of the original principal amount of the Note, together with all accrued and unpaid interest on such forgiven portion of the principal amount of the Note; provided, however, that the Company shall not be obligated to so forgive a portion of the Note or the interest thereon on any such first day of the month if prior to such day Executive's employment shall have been terminated by the Company for Cause pursuant to Subparagraph 6(c) or by Executive for any reason other than Good Reason. If prior to the second anniversary of the Effective Date Executive's employment shall have been terminated by the Company for Cause pursuant to Subparagraph 6(c) or by Executive for any reason other than Good Reason, then all then outstanding principal and accrued and unpaid interest on the Note shall become due and payable on the thirtieth day following the Date of Termination. If prior to the second anniversary of the Effective Date Executive's employment shall have been terminated by the Company for any reason other than Cause or by Executive for Good Reason, then the remaining balance of the original principal amount of the Note, together with all accrued and unpaid interest on such portion of the principal amount of such Note, shall be forgiven as of the Date of Termination. The Company shall provide such documentation evidencing such forgiveness as Executive may reasonably request.
