{"id":40297,"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-purchasepro-com-inc-and-richard-l-clemmer.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"promissory-note-purchasepro-com-inc-and-richard-l-clemmer","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/promissory-note-purchasepro-com-inc-and-richard-l-clemmer.html","title":{"rendered":"Promissory Note &#8211; PurchasePro.com Inc. and Richard L. Clemmer"},"content":{"rendered":"<pre>                                 PROMISSORY NOTE\n\n$1,316,055.28                                                  Las Vegas, Nevada\n                                                               June 1, 2001\n\n     For value  received,  the  undersigned,  Richard L. Clemmer,  an individual\nresident of the State of  California  (\"Maker\"),  subject in all respects to the\nlimitations set forth in paragraph III.D. of that certain  Executive  Employment\nAgreement  between  Maker  and  Holder of even date  herewith  (the  \"Employment\nAgreement\"),  hereby  promises  to  pay  to  PurchasePro.com,   Inc.,  a  Nevada\ncorporation (\"Holder\") at 3291 North Buffalo Drive, Las Vegas, Nevada 89129, the\nprincipal  amount of One  Million  Three  Hundred  Sixteen  Thousand  Fifty-five\nDollars and 28\/100 ($1,316,055.28)  together with interest thereon from the date\nhereof.\n\n     This  Promissory Note shall be due and payable in a lump sum on the earlier\ndate of the following  (the \"Due Date\"):  (a) the third  anniversary of the date\nhereof or (b) the date 30 days  following  the date of  termination  of  Maker's\nservices as Chief Executive  Officer of the Holder by Maker or Holder other than\ndue to an  Involuntary  Termination,  as such term is defined in the  Employment\nAgreement.\n\n     This Promissory Note may be prepaid in whole or in part at any time without\npremium or penalty.\n\n     Maker's  failure to pay when due any payment of  principal  or interest due\nunder this Promissory  Note shall  constitute a default  (\"Default\")  hereunder.\nUpon the occurrence of any Default,  Holder may, at its option, take any or more\nof the following  actions:  (i) declare the entire unpaid principal  balance and\naccrued  interest,  if any, to be immediately due and payable;  (ii) set off any\namount  owed to  Maker  by  Holder,  including  without  limitation,  employment\ncompensation,  bonus,  severance or any similar  amount;  or (iii)  exercise any\nother rights or remedies available to it, whether at law or in equity.\n\n     All amounts due  hereunder  shall be payable in lawful  money of the United\nStates of America.\n\n     This  Promissory Note shall be governed by and construed and interpreted in\naccordance with the internal laws of the State of Nevada.\n\n                               \"MAKER\"\n\n\n\n                                __________________________________________ \n                                Richard L. Clemmer\n\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[8609],"corporate_contracts_industries":[],"corporate_contracts_types":[9539,9544],"class_list":["post-40297","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-purchaseprocom-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\/40297","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=40297"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=40297"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=40297"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=40297"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}