Fill and Sign the Forgivable Loan Form

PROMISSORY NOTE (Forgivable Loan) For value received, the undersigned, ____________________________________ (Name of Employee) , hereinafter called Employee , hereby promises to pay to __________________________________________ (Name of Employer) , a corporation organized and existing under the laws of the state of _________________________, with its principal office located at ________________________________________________ ________________________________________________________________________ (street address, city, county, state, zip code) , referred to herein as Employer, or order, at ________________________________________________________________________ (address where payment is to be made) , or such other place as Employer may designate in writing from time to time, in lawful money of the United States of America, without demand, deduction, setoff or counterclaim, the principal sum of $______________ (Amount) . This Promissory Note shall bear no interest, except as provided in Paragraph 4 below. 1. Payments . All outstanding principal and accrued interest under this Promissory Note shall be due and payable on the Due Date (as defined below); provided, however, that so long as Employee remains employed by Employer on a regular and full-time basis, Employee ’ s obligation to pay principal and interest under this Promissory Note shall be forgiven as follows: (i) principal in the amount of $_______________ (Amount) shall be forgiven on __________________________________ (Date) ; (ii) principal in the amount of $______________ (Amount) shall be forgiven on _______________________________ (Date) ; and (iii) principal in the amount of $______________ (Amount) shall be forgiven on _______________________________ (Date) . 2. Due Date. The Due Date shall be the earlier of (i) the date of termination or cessation of the employment of Employee by Employer, involuntarily for cause, or (ii) __________________________________ (Date) . The loan will be forgiven in full if employment is terminated prior to the end of the _____ (number) -year term by Employer other than for cause or (iii) by Employer or Employee as a result of death or permanent disability of Employee. 3. Purpose of Loan . Borrower acknowledges and agrees that Employer is making this loan to Employee for the express purpose of facilitating Employee’s relocation to the area of Employer’s offices located at ________________________________________________ ________________________________________________________________________ (street address, city, county, state, zip code) . Employee represents and warrants to Employer that Employee will use all proceeds of this Promissory Note for purposes of relocating him and his family to _____________________________________________ (name of city and state) . 4. Default. In the event that Employee fails to timely pay any amount or perform any other obligation of Employee under this Promissory Note, Employer may, at its option, declare the entire principal sum under this Promissory Note immediately due and payable. In the event that Employer exercises this option, or the principal balance of this Promissory Note otherwise becomes due and payable, all principal then outstanding under this Promissory Note shall thereafter bear simple interest at the lesser of ten percent (10%) per annum or the maximum rate permitted by law. Failure to exercise this option shall not constitute a waiver of Employer’s right to exercise the same with respect to any prior or subsequent defaults. 5. Attorneys’ Fees. In the event any legal action or proceeding is required to enforce or interpret any provision of this Promissory Note, Employee shall pay to Employer upon demand all costs of collection and reasonable attorneys’ fees incurred by Employer in connection therewith. 6. Miscellaneous. The makers, signers, drawers, guarantors, sureties and endorsers hereof severally waive presentation for payment, demand, protest, diligence in collecting, notice of dishonor, notice of extension of time, and notice of protest or nonpayment. The provisions of this Promissory Note shall be governed by __________________________ (name of state) law IN WITNESS WHEREOF, Employee has executed this Promissory Note as of the ______day of __________________________, 20_______. ____________________________________ Name of Employee