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, at any time after the IPO has been consummated, the Employer, upon thirty (30) days written notice from the Employee, shall provide to the Employee a loan (the "Loan") in an amount equal to such income taxes, to be interest only for a period of five (5) years, to require yearly payments of simple interest at the same interest rate as the Holding Company incurs to borrow funds from its institutional lenders, to be collateralized only by the stock granted and the Employee otherwise will not be 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 and upon the termination of this Agreement to Sections 2 (iii), (iv) or (v), hereof, the Loan shall be fully paid off within one (1) year after the Termination Date.
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. 1. On the settlement date, IBA will lend to you and you will borrow the Shares the subject of the Stock Loan ("Borrowed Stock") required to settle your obligations under the Covered Short Sale.
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. Executive shall be entitled to receive a loan from Employer, in the amount of $150,000, to be used by Executive to purchase Employer's Common Stock (at its then-current fair market value). Executive may borrow said funds at any time during the first thirty (30) days of the Employment Term. The loan shall be a fully-recourse loan, secured by the purchased stock, and shall bear interest at the rate of [6%]; interest payments shall be made by Executive twice per month, with all principal and any remaining interest due and payable in six years.
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 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. (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. 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. 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:
