Loan to Executive Sample Clauses

Loan to Executive. Upon the execution hereof, Corporation shall make available to Executive a revolving line of credit of up to Seven Hundred Fifty Thousand Dollars ($750,000) pursuant to which Executive can borrow up to such amount from Corporation from time to time and at any time during the Term hereof (the "Line of Credit"). Any funds borrowed by Executive pursuant to the Line of Credit shall bear interest at the prime rate as quoted in The Wall Street Journal from time to time plus one-half of one percent (.5%) per annum, which interest shall be payable monthly. In the event any sums are outstanding pursuant to the Line of Credit upon the termination or expiration hereof, such sums shall be automatically converted to a ten (10) year loan which shall be fully amortized over one hundred twenty (120) consecutive monthly payments with the rate of interest fixed upon the actual date of expiration or termination. Executive agrees to execute any reasonable documents prepared by Corporation to evidence the transactions described in this Section 3.9.
Sample 1
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Loan to Executive. The Company agrees that, on or before April ----------------- 15, 2001 (or on such earlier date as shall be necessary to allow Executive to make any required income tax payment relating to the proceeds of the Offer (as defined in the Merger Agreement) used to purchase Common Stock pursuant to Section 6), it will loan the amount set forth in Exhibit D to Executive (the --------- "Loan"). The Loan will be evidenced by a promissory note having the terms set forth on Exhibit D. ---------
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Loan to Executive. Executive is the owner of his primary residence located at the address set forth in the introductory paragraph of this Agreement (the "Primary Residence"). Executive shall use his best efforts to sell the Primary Residence as promptly as practicable after June 30, 1997. During the period commencing on the date hereof and ending when the Primary Residence is sold, the Corporation shall make available to Executive a loan in an amount not to exceed $100,000 (the "Relocation Loan"), the proceeds of which shall be utilized by Executive to purchase a new primary residence in the Vancouver, Washington area (the "New Primary Residence"), to pay the downpayment thereon and to pay the costs of ownership of the New Primary Residence, e.g., mortgage, insurance and maintenance costs and taxes based upon ownership of the New Primary Residence (the "New Residence Costs"). The Relocation Loan shall be disbursed from time to time as requested in writing by Executive. The Relocation Loan shall be due and payable on the third anniversary of the date hereof, provided that it shall be prepaid to the extent of the proceeds of sale of the Primary Residence and of the proceeds of sale of Common Shares acquired upon exercise of any of the options referred to in Paragraph 5 hereof. The Relocation Loan shall bear interest at the rate of 6% per annum and shall be evidenced by a promissory note substantially in the form of Exhibit A hereto made by Executive to the Corporation.
Sample 1
Loan to Executive. Company hereby agrees to lend the sum of ----------------- Forty-Two Thousand Dollars ($42,000.00) to Executive (the "Loan"). The Loan shall be made to Executive within five (5) business days after Executive certifies in writing to the Board that he has completed his move to the Los Angeles area. Executive agrees to repay the Loan to Company in full, without interest, upon the termination of this Agreement prior to the expiration of the Employment Term. Notwithstanding the foregoing, Company agrees to forgive the sum of One Thousand Seven Hundred Fifty Dollars ($1,750.00) of the principal balance of the Loan for each full month of service provided by Executive to Company pursuant to this Agreement.
Sample 1
Loan to Executive. Upon the execution and delivery of this Agreement by the Executive, MetroBanCorp shall loan to him Thirty Five Thousand Dollars ($35,000.00) in accordance with the terms and conditions of the Term Note attached hereto as Exhibit "A". It is noted that such terms and conditions include the forgiveness of the full amount of the loan, including all accrued interest thereon, if the Executive remains actively employed by MetroBank in the capacity of Executive Vice President/Commercial Lending, or such other capacity as may be specified by MetroBank throughout the period ended on the third anniversary hereof. The forgiveness of the loan by MetroBanCorp shall be made on a pro rata basis in accordance with the following schedule so long as the Employee is actively employed on each of the following anniversaries of the Effective Date: Amount of Principal And Date Accrued Interest Forgiven ---- ------------------------- First Anniversary of the Effective Date 1/3 Second Anniversary of the Effective Date 1/3 Third Anniversary of the Effective Date 1/3 Provided, however, if the Executive's employment is terminated pursuant to Section 2(c) or on account of the Executive's death or total and permanent disability (as such term is defined in MetroBank's long term disability plan in effect on the Executive's Date of Termination) before the third anniversary of the Effective Date, neither the Executive nor his estate shall be liable for repayment of any portion of the loan. The repayment required by this Section 3(c) and the Term Note shall be made by the Executive, in a single lump sum, on or before his Date of Termination.
Sample 1
Loan to Executive. The Company hereby acknowledges that, during the calendar year 2000, the Executive purchased 443,774 of the Parent’s Ordinary Shares pursuant to the exercise of a portion of the Option (the “2000 Exercise”). The Company agrees to loan the Executive on or before April 15, 2001 (or any later date corresponding to a tax return filing extension obtained by the Executive) the sum of $150,000.00 which the Executive intends to use for payment of all or a portion of his Federal and State income taxes attributable to the 2000 Exercise (the “Loan”). The Loan shall be evidenced by a promissory note payable on the earlier of (a) the tenth anniversary of the date of the loan or (b) termination of the Executive’s employment with the Company for Cause. The Loan shall bear interest, payable annually, at the applicable federal rate as determined under Section 1274(d) of the Internal Revenue Code of 1986, as amended, and shall be nonrecourse to the Executive. However, the Loan shall be secured by a pledge of the Ordinary Shares received by the Executive as a result of the 2000 Exercise (the “Option Shares”). If the fair market value of the Option Shares is less than the amount due under the Loan, the Company may demand that the Executive pledge additional shares of Company stock as collateral for the Loan. Failure to provide such additional collateral shall constitute a default under the Loan. Amounts received upon any sale of the Option Shares shall be applied upon receipt in payment of any accrued interest and outstanding principal of the Loan. The Loan shall be prepayable in whole or in part without penalty.
Sample 1
Loan to Executive 
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Related to Loan to Executive

  • Benefits to Executive Subject to and conditional upon Executive executing this Agreement and not revoking his acceptance hereof within the timeframes specified below, Company agrees to provide Executive with the following benefits:

  • Executive Executive’s rights and obligations under this Agreement shall not be transferable by Executive by assignment or otherwise, without the prior written consent of the Company; provided, however, that if Executive shall die, all amounts then payable to Executive hereunder shall be paid in accordance with the terms of this Agreement to Executive’s devisee, legatee, or other designee, or if there be no such designee, to Executive’s estate.

  • The Executive This Agreement is personal to the Executive and, without the prior express written consent of the Company, shall not be assignable by the Executive, except that the Executive’s rights to receive any compensation or benefits under this Agreement may be transferred or disposed of pursuant to testamentary disposition, intestate succession or pursuant to a domestic relations order. This Agreement shall inure to the benefit of and be enforceable by the Executive’s heirs, beneficiaries and/or legal representatives.

  • Reasonable Accommodation for Applicants / Employees with Disabilities The contractor must be familiar with the requirements for and comply with the Americans with Disabilities Act and all rules and regulations established there under. Employers must provide reasonable accommodation in all employment activities unless to do so would cause an undue hardship.

  • Compensation of the Executive 3 4. Termination.........................................................................4 5. Confidential And Proprietary Information; Nonsolicitation...........................7 6.

  • Death of the Executive In the event of the Executive’s death before all payments or benefits the Executive is entitled to receive under this Agreement have been provided, the unpaid amounts will be provided to the Executive’s designated beneficiary, if living, or otherwise to the Executive’s personal representative in a single lump sum as soon as possible following the Executive’s death.

  • AGREEMENTS OF THE EXECUTIVE In consideration of the compensation and benefits to be paid or provided to the Executive by the Employer under this Agreement, the Executive covenants as follows:

  • Covenants of the Executive In consideration of the acknowledgments by the Executive, and in consideration of the compensation and benefits to be paid or provided to the Executive by the Employer, the Executive covenants that he will not, directly or indirectly:

  • By the Executive The Executive may terminate the Employment at any time with a three-month prior written notice to the Company or by payment of three months’ salary in lieu of notice. In addition, the Executive may resign prior to the expiration of the Agreement if such resignation or an alternative arrangement with respect to the Employment is approved by the Board.

  • Executive’s Release of the Company Executive understands that by agreeing to this Release, Executive is agreeing not to xxx, or otherwise file any claim against, the Company or any of its employees or other agents for any reason whatsoever based on anything that has occurred as of the date Executive signs this Release.

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