Loan to Employee. Company shall lend Employee the money to purchase the Purchased Shares bearing interest, payable annually, at the applicable Federal Rate under section 1274(d) of the Internal Revenue Code, for the month and term for which the loan is made. Such loan will be evidenced by a note (the “Note”) substantially in the form of Addendum B attached to this Agreement and shall be due and payable on the date(s) specified in the Note. Employee assigns, transfers and pledges the Purchased Shares to the Company to secure repayment of the Note.
Loan to Employee. Pursuant to Section 3.4 of the Merger Agreement, Employer has agreed to make a Post-Closing Loan (as that term is defined in the Merger Agreement) to Employee.
Loan to Employee. In Thousand Baht Consolidated financial statements / Separate financial statements As at June 30, 2019 As at December 31, 2018 Beginning balance 69,452 - Increased 18,648 72,664 Decreased (6,248) (3,212) Ending balance 81,852 69,452 According to the Board of Directors Meeting No. 3/2018 dated March 24, 2018, it had resolution to approve a sum to the employees for loan as welfare and support employees to have accommodation at low cost by calculating interest at 2% per annum. The period of payment is not over 20 years.
Loan to Employee. The Company agrees to lend certain amounts to ---------------- Employee as provided below. The First Line of Credit (as defined below) will be evidenced by a full recourse promissory note in substantially the form attached hereto as Exhibit C-1. The Second Line of Credit (as defined below) will be evidenced by a secured full recourse promissory note in substantially the form attached hereto as Exhibit C-2.
Loan to Employee. The Company agrees to lend certain amounts to Employee ---------------- as provided below, which loan need not be secured by assets of Employee. Each loan will be evidenced by a full recourse promissory note in substantially the form attached hereto as Exhibit C. ---------
Loan to Employee. Upon request by the Employee at any time or times during the Original Term, the Company shall loan to Employee up to $720,000.00, three (3) times Employee's annual salary, such loan to be repayable, in full, on the third anniversary of the date of the loan ("Repayment Date"), with interest accruing on such loan at the rate of 6.0% per annum, with accrued and unpaid interest due and payable on each anniversary of the date of the loan and all then accrued and unpaid interest due and payable on the Repayment Date. Employee may repay the loan in whole or in part prior to the Repayment Date without penalty. Employee may tender shares of the common stock of the Company in payment of any outstanding principal or accrued interest. In the event the Employee's employment is terminated by the Company for "cause" (as defined in Section 3.1 hereof) or by the Employee otherwise than for "good reason" (as defined in Section 3.1 hereof), all amounts remaining outstanding on such loan shall be due and payable on the effective date of such termination. The Company shall be entitled to set-off any amounts due the Employee (including, without limitation, any amounts due pursuant to Section 3.2 hereof) against any remaining amounts due to the Company under such loan. The repayment of such loan shall be secured by a pledge by Employee of all Common Stock held by Employee as of the date of such loan (excluding the Option Shares as hereinafter defined). The Employee agrees to execute a promissory note and stock pledge agreement in such form as the Company may reasonably request to evidence such loan and pledge contemplated hereby. If this Agreement is extended beyond the Original Term, the Company shall allow Employee to continue to borrow upon the same terms as are set forth in this Section 4.8 upon request of Employee during the twelve months following the end of the Original Term provided that Employee is an employee of the Company at the time of such request; provided, however, that such loan (and its terms) is subject to the approval by such loan (and its terms) by the Company's Board of Directors.
Loan to Employee. Upon the execution of this Agreement by the parties, the Corporation shall loan to Employee the sum of Number_of_Acquired_Shares_Spelled ($AcquiredShares_). Said loan shall be evidenced by a Secured Promissory Note ("Note") in the form of Exhibit "A" attached hereto and made a part hereof. Employee acknowledges and agrees that except in the case of default, there will be no interest charged on the Note and that Employee may have reportable income as a consequence of the interest free loan, and Employee will be responsible for payment of any income taxes with respect thereto.
Loan to Employee. Upon the full execution and delivery of this Agreement, and subject to Employee's execution and delivery to Company of a promissory note in the form of Exhibit "A" attached hereto and incorporated herein by reference (the "Note"), Company shall lend to Employee, and Employee shall borrow from Company, the sum of $100,000.00 (the "Loan Amount"). Upon receipt of the Note, Company shall transfer the Loan Amount to such bank account of Employee as Employee shall designate in a notice to Company. Employee agrees to repay the Loan Amount by the date specified and as otherwise provided in the Note. Employee further agrees (and shall cause Lender to agree) that Company shall have the right (but not the obligation) to deduct and withhold by way of set off, any Additional Compensation (as defined below) owed by Company to Employee or Lender pursuant to this Agreement or the Producer's Agreement in an aggregate amount not to exceed the Loan Amount; provided, however, that except as set forth in this sentence, the Note and any payments pursuant to the terms thereof shall not be subject to any other offset, withholding, counterclaim or defense of any nature. As used herein, the term "
Loan to Employee. If so requested by Employee, the Company, shall use its best efforts to extend a loan to Employee in the aggregate amount of up to $100,000. Any such loan shall bear simple interest at the rate of 8% per year, and the principal and accrued interest on such loan shall be due and payable on the one year anniversary date of such loan; provided, however, that Employee shall be obligated to make payments of interest and principal on such loan prior its payments of interest and principal on such loan prior to its scheduled maturity equal to the amount of Profit (as hereinafter defined) realized by Employee from the sale of shares of the Company's common stock underlying options which have previously been granted (the "Current Options") or may in the future be granted by the Company to Employee (the "Future Options"); and, provided further, that the entire amount of outstanding principal and accrued interest on such loan shall be immediately due and payable in the event that the Employee's employment is terminated, and, any amounts then owing to Employee by the Company, including any severance payments, shall be withheld by the Company to the extent necessary to satisfy the remaining obligations of Employee under such loan. Any such loan shall be evidenced by a promissory note of Employee to the Company containing commercially reasonable terms, including without limitation, full recourse against Employee. For purposes hereof, Profit shall be equal the price at which the shares of Common Stock are sold by Employee minus the sum of (i) the exercise price of the underlying option and (ii) the taxes payable by Employee with respect to the exercise price of such option.
Loan to Employee. In Thousand Baht Consolidated financial statements Separate financial statements As at December 31, As at December 31, 2019 2018 2019 2018 Balance as at January 1, 69,452 - 69,452 - Increased 22,711 72,664 22,711 72,664 (Decreased) (10,908) (3,212) (10,908) (3,212) Balance as at December 31, 81,255 69,452 81,255 69,452 According to the Board of Directors Meeting No. 3/2018 dated March 24, 2018, it had resolution to approve a sum to the employees for loan as welfare and support employees to have accommodation at low cost by calculating interest at 2% per annum. The period of payment is not over 20 years.
