{"id":40285,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/promissory-note-akamai-technologies-inc-and-timothy-weller.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"promissory-note-akamai-technologies-inc-and-timothy-weller","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/promissory-note-akamai-technologies-inc-and-timothy-weller.html","title":{"rendered":"Promissory Note &#8211; Akamai Technologies Inc. and Timothy Weller"},"content":{"rendered":"<pre>                                PROMISSORY NOTE\n\n\n$2,619,750                                              December 31, 2001\n                                                        Cambridge, Massachusetts\n\n\n      FOR VALUE RECEIVED, Timothy Weller (the \"Maker\") promises to pay to Akamai\nTechnologies, Inc. (the \"Company\"), or order, at its offices or such other place\nas the holder of this Note may designate, the principal sum of Two Million Six\nHundred Nineteen Thousand Dollars ($2,619,750), together with interest on the\nunpaid balance of this Note from time to time outstanding at the rate of 3.97%\nper year, compounded annually, until paid in full. Principal and interest shall\nbe paid in full on July 23, 2009; provided, however, that if the Maker sells any\nshares of restricted common stock of the Company purchased by the Maker on July\n23, 1999 and held by him as of the date of this Note, he shall make a prepayment\non the Notes equal to the proceeds of such sale (net of taxes), such payment\napplied first to accrued and unpaid interest and then to principal until paid in\nfull. This Note amends, replaces and supersedes in its entirety that certain\nPromissory Note dated July 23, 1999, payable by Maker to the Company in the\naggregate principal amount of $2,619,750, and all obligations under such\nPromissory Note.\n\n      Interest on this Note shall be computed on the basis of a year of 365 days\nfor the actual number of days elapsed. All payments by the Maker under this Note\nshall be in immediately available funds.\n\n      This Note shall become immediately due and payable without notice (except\nas provided in paragraph (1) below) or demand upon the occurrence at any time of\nany of the following events of default (each, an \"Event of Default\"):\n\n      (1)   default in the payment or performance of this or any other liability\n            or obligation of the Maker under a written contract to the holder\n            that is not cured within thirty (30) days after written notice of\n            default thereof, including the payment when due of any principal,\n            premium or interest under this Note;\n\n      (2)   the insolvency of the Maker, or the appointment of a receiver or\n            custodian for the Maker or any part of his property if such\n            appointment is not terminated or dismissed within thirty (30) days;\n\n      (3)   the institution against the Maker or any endorser or guarantor of\n            this Note of any proceedings under the United States Bankruptcy Code\n            or any other federal or state bankruptcy, reorganization,\n            receivership, insolvency or other similar law affecting the rights\n            of creditors generally, which proceeding is not dismissed within\n            thirty (30) days of filing; or\n\n      (4)   the institution by the Maker or any endorser or guarantor of this\n            Note of any proceedings under the United States Bankruptcy Code or\n            any other federal or state bankruptcy, reorganization, receivership,\n            insolvency or other similar law affecting the rights of creditors\n            generally or the making by the Maker or any endorser or guarantor of\n            this Note of a composition or an assignment or trust mortgage for\n            the benefit of creditors.\n\n      Upon the occurrence of an Event of Default, the holder shall have then, or\nat any time thereafter, all of the rights and remedies afforded by the Uniform\nCommercial Code as from time to time in effect in the Commonwealth of\nMassachusetts or afforded by other applicable law.\n\n      In the event that the Maker ceases, for any reason, to be employed by\nAkamai Technologies, Inc., any subsidiary thereof or any successor thereto, the\nCompany or its successor shall have the right, by delivering written notice to\nthe Maker at any time within twenty-one (21) days of the date of termination of\nemployment (the \"Termination Notice Date\"), to declare the aggregate unpaid\nbalance of all principal and interest on this Note immediately due and payable;\nprovided, however, that Maker shall have thirty (30) days from the Termination\nNotice Date to make full payment of the due amount.\n\n      All payments by the Maker under this Note shall be made without set-off or\ncounterclaim and be free and clear and without any deduction or withholding for\nany taxes or fees of any nature whatever, unless the obligation to make such\ndeduction or withholding is imposed by law. The Maker shall pay and save the\nholder harmless from all liabilities with respect to or resulting from any delay\nor omission to make any such deduction or withholding required by law.\n\n      No reference in this Note to any guaranty or other document shall impair\nthe obligation of the Maker, which is absolute and unconditional, to pay all\namounts under this Note strictly in accordance with the terms of this Note.\n\n      The Maker agrees to pay on demand all costs of collection, including\nreasonable attorneys' fees, incurred by the holder in enforcing the obligations\nof the Maker under this Note.\n\n      No delay or omission on the part of the holder in exercising any right\nunder this Note shall operate as a waiver of such right or of any other right of\nsuch holder, nor shall any delay, omission or waiver on any one occasion be\ndeemed a bar to or waiver of the same or any other right on any future occasion.\nEach of the Maker and every endorser and guarantor of this Note regardless of\nthe time, order or place of signing hereby waives presentment, demand, protest\nand notices of every kind and assents to any extension or postponement of the\ntime of payment or any other indulgence, to any substitution, exchange or\nrelease of collateral, and to the addition or release of any other party or\nperson primarily or secondarily liable.\n\n      This Note may be prepaid in whole or in part at any time or from time to\ntime. Any such prepayment shall be without premium or penalty.\n\n      None of the terms or provisions of this Note may be excluded, modified or\namended except by a written instrument duly executed on behalf of the holder\nexpressly referring to this Note and setting forth the provision so excluded,\nmodified or amended.\n\n      All rights and obligations hereunder shall be governed by the laws of the\nCommonwealth of Massachusetts and this Note is executed as an instrument under\nseal.\n\n\n                                  [end of text]\n\n      EXECUTED as of the date first set forth above.\n\n\n\n\n                                                          \/s\/ Timothy Weller\n                                                      --------------------------\n                                                      Timothy Weller\n\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[6606],"corporate_contracts_industries":[],"corporate_contracts_types":[9539,9544],"class_list":["post-40285","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-akamai-technologies-inc","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\/40285","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=40285"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=40285"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=40285"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=40285"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}