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Title: |
Loan Termination Agreement |
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Entities: |
Apropos Technology, Inc.; Kevin G. Kerns; Apropos Technology Inc. |
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Date: |
2003 |
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Size: |
Preview shows 2KB of 5KB total |
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Price: |
$34 |
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ID: |
#172587 |
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LOAN TERMINATION AGREEMENT
THIS LOAN TERMINATION AGREEMENT is made and entered into effective as of
December 27, 2002 between Kevin G. Kerns ("Kerns") and Apropos Technology, Inc.,
an Illinois corporation ("Apropos").
WHEREAS, Apropos provided loan financing to Kerns, as evidenced by his
Promissory Note to Apropos entered into on April 18, 2001 (the "Promissory
Note"), in the amount of $616,000 for the purposes of assisting Kerns in paying
the alternative minimum tax ("AMT") resulting from the exercise of his incentive
stock options;
WHEREAS, Kerns pledged 311,111 shares of his Apropos common stock (the
"Pledged Shares") as collateral for the repayment of the Promissory Note under
the terms of the Executive Stock Pledge, Security and Retention Agreement
between the parties dated April 18, 2001 (the "Pledge Agreement");
WHEREAS, the Pledged Shares no longer adequately secure repayment of the
Promissory Note;
WHEREAS, Apropos has applied the fair market value of the Pledged Shares at
Kerns' direction under Section 8 of the Pledge Agreement against Kerns'
repayment obligations under the Promissory Note as of December 27, 2002; and
WHEREAS, the Board of Directors has determined that it is in Apropos' best
interests to terminate the Promissory Note at this time.
In consideration of the promises contained herein and other good and
valuable consideration, the receipt and sufficiency of which are hereby
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