Promissory Note between Hermes Onetouch, L.L.C. and Apollo Group, Inc. dated December 14, 2001

Summary

Hermes Onetouch, L.L.C. promises to repay Apollo Group, Inc. $11,888,484 plus 6% annual interest, with all amounts due by the earlier of December 14, 2021 or nine months after the death of John G. Sperling. Interest is added to the principal each year and paid at maturity. Early repayment is allowed without penalty. If not paid on time, Hermes Onetouch, L.L.C. must cover all collection costs, including legal fees. The agreement is governed by Arizona law.

EX-10.14 4 p66435ex10-14.txt EX-10.14 EXHIBIT 10.14 PROMISSORY NOTE $11,888,484.00 Phoenix, Arizona December 14, 2001 FOR VALUE RECEIVED, HERMES ONETOUCH, L.L.C. (the "Maker"), hereby promises to pay to the order of APOLLO GROUP, INC., AN ARIZONA CORPORATION, (the "Payee"), on the "Maturity Date" (as defined herein) at such place as Payee may designate in writing from time to time, in lawful money of the United States of America the principal sum of Eleven Million Eight Hundred Eighty-eight Thousand Four Hundred Eighty-four and No/100 Dollars ($11,888,484.00). Interest on the unpaid principal balance of this Note shall accrue at the rate of six percent (6%) per annum from the date hereof and shall be added to principal annually and paid at the Maturity Date of this Note. Notwithstanding the previous sentence, however, in the event of early payoff of this Note, accrued interest shall be added to the outstanding principal balance for that period of time between the most recent anniversary date and the early payoff date, as the case may be. The Maturity Date of this Note shall be the earlier of (i) the anniversary date of this Note in the year 2021, or (ii) nine (9) months after the death of John G. Sperling. Maker may prepay the whole or any part of this Note from time to time without premium or penalty. Maker hereby waives presentment, demand, and notice of any kind in connection with the enforcement or collection of this Note. If this Note is not paid when due, the Maker promises to pay all costs of enforcement and collection and preparation therefor, including but not limited to, reasonable attorneys' fees, whether or not any action or proceeding is brought to enforce the provisions hereof, including, without limitation, all such costs incurred in connection with any bankruptcy, receivership, or other court proceedings (whether at the trial or appellate level). This Note is governed by the laws of the State of Arizona. This Note shall be binding on the Maker and its successors and assigns. IN WITNESS WHEREOF, Maker has caused this Note to be executed as of the day and year first above written. Hermes Onetouch, L.L.C. ______________________________ By: John G. Sperling