Stock Loan. (i) In order to help the Employee pay any required income taxes with respect to the stock granted to the Employee pursuant to the provisions of Section 4.1 hereof, Employer has provided to the Employee a loan (the "Loan"). The Loan provides for payment of interest only until June 30, 2005, requires yearly payments of simple interest at the same interest rate as Employer incurs to borrow funds from its institutional lenders, is collateralized only by the stock granted and the Employee otherwise is not personally obligated to repay the Loan; provided that upon the termination of this Agreement pursuant to the provisions of Section 2(i) or (ii), the Loan shall be fully paid off within three (3) months of the Termination Date; upon the termination of this Agreement pursuant to Section (iv), hereof, the Loan shall be fully paid off within one (1) year after the Termination Date and upon a Change of Control, the Loan shall be forgiven as hereinabove provided.
Stock Loan. The Company shall also make a full recourse, five- ---------- year loan to Executive in an amount equal to the aggregate price for 5,000 shares of Common Stock at Market Value on the Effective Date of this Agreement (the "Stock Loan"). The Stock Loan shall be made pursuant to a loan agreement between Company and Executive in the standard Company form (the "Loan and Stock Pledge Agreement" in the form of Exhibit A), under which the shares so acquired (and any securities resulting from ownership of such shares) shall be pledged by Executive to the Company as collateral for amounts payable under the Loan and Stock Pledge Agreement.
Stock Loan. For a period of five years or until the purchasers debt obligation is satisfied, the Company shall, upon commercially reasonable request by Purchaser (i) open and maintain a brokerage account at Wxxxxx-Xxxxx & Co., Inc. (the “Broker”) for Purchaser upon satisfaction of Broker’s customary account opening and maintenance procedures and requirements, (ii) disclose to Purchaser, on an ongoing basis, all information regarding Broker’s available securities lending inventory (the “Inventory”), including but not limited to the security identifiers and aggregate number of shares which Broker may at any time be able to rehypothecate or access through its fully paid lending program, and (iii) subject to margin requirements and in compliance with applicable regulation, lend to Purchaser 50% of the allocation of securities within its Inventory designated by Purchaser, for the purpose of settling short sales in Purchaser’s account at Broker, at a fee rate not to exceed 50% of the then-prevailing weighted average benchmark fee rate, as reported by a reputable third-party data provider such as DataLend or Astec Analytics, or as otherwise mutually agreed by Purchaser and Broker; provided, however, that for all non-Inventory securities borrowed from third parties, the full cost of the borrow will be charged to the Purchaser.
Stock Loan. The Company will provide a full-recourse loan to Executive to exercise the above stock options under an early exercise stock purchase as permitted above. The loan will be provided to Executive at the lowest interest rate allowable under Section 7872 of the Internal Revenue Code that would not result in any imputed income for a below-market interest rate and on the most favorable terms consistent with applicable securities laws and rules. The shares purchased with the above sock options will be pledged as collateral and held in escrow for the repayment of the loan and will be subject to repurchase of foreclosure by the Company consistent with Executive's vesting schedule or schedules if Executive terminates employment without satisfying the vesting requirements for the above stock options or has not repaid the above-described loan.
Stock Loan. Subject to Borrower's compliance with the terms and conditions of this Consolidating Loan Agreement, Lender has made and shall continue to make available to Borrowers loans, from the Closing Date through the Stock Loan Maturity Date, which loans, in accordance with the Stock Loan Note, may be advanced, repaid, and readvanced but which may not, when aggregated at any one time outstanding, exceed the lesser of (i)$50,000,000.00 or (ii) the Stock Loan Borrowing Base. The obligation to repay the Stock Loan shall be evidenced by the Stock Loan Note and shall have the repayment terms and interest rates as set forth in the Stock Loan Note. All amounts outstanding under the Stock Loan shall be due and payable on the Stock Loan Maturity Date, subject to extension by Lender pursuant to Section 2.1(e).
Stock Loan. (i) In order to help the Employee pay any required income taxes with respect to the stock granted to the Employee pursuant to the provisions of Section
Stock Loan. In connection with your acceptance of employment by the Company, you will be entitled to purchase from the Company 869,565 shares of Common Stock (the “Initial Acquired Stock”) at a purchase price of $2.30 per share (for an aggregate purchase price of approximately $2,000,000). The Company will lend to you (the “Bridge Loan”) up to $1.75 million (but not less than $250,000) which shall be applied against the total purchase price for the Initial Acquired Stock; the remaining portion of the purchase price not funded with the proceeds of the Bridge Loan will be payable by you in cash at the time of purchase. The Bridge Loan will mature and be repayable on December 31, 2003 and will otherwise be made on terms and conditions substantially the same as those for the Stock Loan (as described below). If you elect to purchase all (but not less than all) of the Initial Acquired Stock you are entitled to acquire in accordance with the foregoing paragraph, the Company will make or cause to be made available to you a loan (the “Stock Loan”) in the principal amount of $6,400,000 (the “Loan Amount”) solely for the purpose of purchasing up to an additional 2,782,607 shares of Common Stock (the “Additional Stock”) at the same purchase price (which, together with the other Common Stock acquired by you, is equivalent to approximately 4% of the total number of shares of Common Stock outstanding as at the date of this Agreement). The Stock Loan will be made to you on and subject to the following terms and conditions:
Stock Loan. The Company shall also make a full recourse, five-year loan to Executive in an amount equal to the aggregate price for 15,000 shares of Common Stock at Market Value on the Effective Date of this Agreement (the “Stock Loan”). The Stock Loan shall be made pursuant to a loan agreement between Company and Executive in the standard Company form (the “Loan and Stock Pledge Agreement” in the form of Exhibit A), under which the shares so acquired (and any securities resulting from ownership of such shares) shall be pledged by Executive to the Company as collateral for amounts payable under the Loan and Stock Pledge Agreement. Executive shall also receive from the Company a long term bonus arrangement in substantially the form of Exhibit B (the “Bonus Arrangement”) providing for a maximum bonus after five years in an amount equal to the principal amount of the loan described in the Loan and Stock Pledge Agreement.
Stock Loan. The Employer further agrees to lend Executive a total ---------- of $500,000, which loan proceeds are to be used exclusively for the purchase of Xxxxxx Healthcare stock. The specific terms and conditions of the loan will be set forth in a separate agreement executed by Employer and Executive at the time of the loan. The terms of the loan will include: (1) that the loan will be secured by the purchased stock; (2) that the loan must be repaid within thirty days of the earlier of the sale of the stock or Executive's termination of employment (regardless of the reason); (3) that it will be a nonrecourse loan; (4) that the interest on the loan will be at an annual rate of 6%.
Stock Loan. Employee entered into a Promissory Note, dated May 15, 1998 (the "Note"), payable to the Duck for $98,125.00. The proceeds of the note were used to purchase 10,000 shares of Duck Stock (the "Purchased Stock"). Employee tendered to UDC Acquisition Corp. the Purchased Stock on or before January 16, 2002 in connection with the Amended Tender Offer of UDC Acquisition Corp., Ernie Garcia, Greg Sullixxx xxx XXX Holxxxxx. Xxxx and Employee agree that Employee will pay to Duck on or before the date of this Agreement the tender offer proceeds, Duck shall apply the proceeds to the obligations of Employee under the Note, and Duck shall transfer and make the Note payable to the order of bearer and Employee may pick up the Note from the General Counsel for the Duck at any time on or after the Effective Date. No other documentation shall be required to evidence this transfer of the Note, the transfer shall be effective as of the Effective Date and upon transfer no other documentation shall be required to evidence the transfer of the Note to bearer.
