{"id":38136,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/390-000-promissory-note-storage-technology-corp-and-michael.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"390-000-promissory-note-storage-technology-corp-and-michael","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/390-000-promissory-note-storage-technology-corp-and-michael.html","title":{"rendered":"$390,000 Promissory Note &#8211; Storage Technology Corp. and Michael McLay"},"content":{"rendered":"<pre>\nUS$390,000                                                          May 10, 2001\n\n                                 PROMISSORY NOTE\n                                 ---------------\n\nFor value received, Michael McLay (\"Executive\"), residing at 359 Primrose Place,\nBurlington Ontario L7N 1T7, Canada, promises to pay to the order of Storage\nTechnology Corporation (\"StorageTek\"), the principal sum of Three Hundred Ninety\nThousand United States Dollars (US$390,000.00), when due in accordance with the\nterms of this Promissory Note, in immediately available funds, at One StorageTek\nDrive, Louisville, Colorado 80028, USA, or at such other office within the\nUnited States as StorageTek may designate.\n\nThis Promissory Note shall be subject in all respects to the following terms and\nconditions:\n\n1. Term.  Unless earlier due in accordance with the terms hereof, all amounts\n   ----\nowing under this Promissory Note shall be due and payable in full on May 10,\n2004, the third anniversary of Executive's date of hire (May 10, 2001).\n\n2. Interest.  Interest shall accrue at the rate of 4.63% per annum on the\n   --------\noutstanding principal amount of this Promissory Note. The accrued interest shall\nbe due and payable annually, in full, on each anniversary date of the loan as\ndescribed in paragraph 1 above, commencing on May 10, 2002.\n\n3. Repayment.  If during the term of this Promissory Note, (a) the Executive's\n   ---------\nemployment with StorageTek is terminated by means of a voluntary resignation by\nthe Executive or by StorageTek for \"cause\", as said term is defined in the May\n10, 2001, letter agreement entered into by the parties hereto (the \"Letter\nAgreement\"), or (b) the Executive sells or transfers the property located at 359\nPrimrose Place, Burlington, Ontario L7N 1T7, Canada, the Executive agrees to\nrepay immediately upon the effective date of said termination, sale or transfer,\nthe entire principal amount and accrued interest due on this Promissory Note. If\nduring the term of this Promissory Note the Executive's employment with\nStorageTek is terminated by StorageTek other than for \"cause\", as said term is\ndefined in the Letter Agreement, Executive agrees to repay within ninety (90\ndays) of the effective date of said termination, the entire principal amount and\naccrued interest due on this Promissory Note.\n\n4. Prepayment.  Executive may prepay this Promissory Note, in whole or in part,\n   ----------\nfrom time-to-time, without penalty.\n\n5. Notices.  All notices and communications required or permitted under this\n   -------\nPromissory Note must be in writing and delivered by hand, fax, courier or first\nclass mail.\n\n6. Attorney's Fees.  If any action at law or in equity is necessary to enforce\n   ---------------\nor interpret the terms of this Promissory Note, the prevailing party shall be\nentitled to reasonable attorney's fees and costs, in addition to any other\nrelief to which such party may be entitled.\n\n                                       1\n\n\n7. Absolute Obligation.  No provision of this Promissory Note shall alter or\n   -------------------\nimpair the obligation of the Executive, which obligation is absolute and\nunconditional, to pay the amount of this Promissory Note at the time, place and\nin the manner herein described.\n\n8. Governing Law.  This Promissory Note shall be governed by and construed in\n   -------------\naccordance with the laws of the State of Colorado, USA, excluding its conflict\nof laws provisions. Any action against the undersigned concerning this\nPromissory Note and the indebtedness evidenced hereby may be brought in any\ncourt of competent jurisdiction. The Executive hereby acknowledges the\njurisdiction of any such courts and waives, to the fullest extent permitted by\nlaw, the defense of an inconvenient forum to the maintenance of such action.\n\n9. Secured Note.  This Promissory Note is secured by the property located at\n   ------------\n359 Primrose Place, Burlington, Ontario L7N 1T7, Canada, pursuant to a mortgage\ndated as of the date hereof.\n\nTHE EXECUTIVE UNDERSTANDS THAT THIS IS A FULL RECOURSE PROMISSORY NOTE AND THAT\nTHE HOLDER OF THIS PROMISSORY NOTE MAY, AT ITS OPTION, PROCEED AGAINST ASSETS OF\nTHE EXECUTIVE IN THE EVENT OF A DEFAULT. THE EXECUTIVE HEREBY WAIVES PRESENTMENT\nOR DEMAND FOR PAYMENT, DISHONOR OR OTHER FORMALITY. THIS PROMISSORY NOTE IS DUE\nAND PAYABLE WITHOUT SET-OFF OR DEDUCTION OF ANY KIND.\n\nThis Promissory Note constitutes the entire agreement with respect to this\nsubject matter, supercedes all previous discussions and agreements, and is\nsigned and delivered as of May 10, 2001.\n\n                                                   MICHAEL MCLAY\n\n\n\n                                                   -------------------------\n\nAgreed and Accepted\nStorage Technology Corporation\n\n\nBy\n  --------------------------\n\nTitle\n     -----------------------\n\n\n                                       2\n\n\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[8959],"corporate_contracts_industries":[9508],"corporate_contracts_types":[9539,9544],"class_list":["post-38136","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-storage-technology-corp","corporate_contracts_industries-technology__hardware","corporate_contracts_types-compensation","corporate_contracts_types-compensation__employment"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/38136","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate_contracts"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=38136"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=38136"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=38136"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=38136"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}