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Employee Loan Agreement 2

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Employee Loan Agreement 2
Employee Loan Agreement 2
Employee Loan Agreement
This Employee Loan Agreement and Promissory Note (the Agreement) is made and effective this 11th
day of July, 2009,
Between
[COMPANY NAME] (The 'Company'), a corporation organized and existing under the laws of the state of
[STATE] with its head office located at: [STREET], [CITY], [STATE] [ZIP CODE]
AND
[EMPLOYEE NAME] (The 'Employee'), an individual with its main address at: [STREET], [CITY],
[STATE] [ZIP CODE]
WHEREAS, Employee has requested a loan from Company for personal reasons;
NOW THEREFORE, in consideration of the mutual promises and covenants contained herein, Company
and Employee agree as follows:
Terms and Conditions
LOAN & PAYMENT
On the date first written above, Company shall loan to Employee the sum of ________________ at an
annual interest rate of ________ Percent (____%) and payable by withholding of $_______) per bi-
weekly pay period commencing on DD/MM/YYYY and continuing until DD/MM/YYY with the balance if
any due on such date.
PLEDGE
As security for the repayment of such loan, in addition to any and all other rights and remedies, Company
may have hereunder or at law, Employee hereby pledges ALL owned property [give little description of
property along with its name here], held by Employee.
SELLING OWNED STOCK/EXERCISING VESTED OPTIONS
For the purpose of paying the loan hereunder in full, together with accrued interest, Employee agrees to
sell any owned property/pledged property (if any) and/or exercise according to prevailing market price of
that property/asset. Employee shall thereafter apply the proceeds of the sale to satisfy the loan in full
hereunder. Employee shall only be required to exercise and sell a part of his property necessary to satisfy
the indebtedness hereunder. Employee shall be solely responsible for the payment of any and all federal
and state taxes associated with the exercise and selling of pledged property.
Employee Loan Agreement 2
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