Description of Relocation Loan Granted to Timothy C. Wentworth by the Company
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Summary
The Company provided Timothy C. Wentworth, Executive Vice President, with a $200,000 relocation loan at zero percent interest in January 1999. The loan is being forgiven at a rate of 25% per year over four years, with the remaining balance to be forgiven by December 31, 2002. There is no formal written agreement for this loan. As of January 2002, $50,000 remained outstanding, which will be forgiven at year-end.
EX-10.19 24 dex1019.txt DESCRIPTION OF THE RELOCATION LOAN Exhibit 10.19 ------------- The following is a description of the relocation loan granted to Timothy C. Wentworth, Executive Vice President, Client Strategy and Service. The loan is not the subject of a formal agreement between Mr. Wentworth and the Company. In January 1999, the Company granted Timothy C. Wentworth a relocation loan of $200,000 at a zero percent annual interest rate. The Company will forgive this loan at the rate of 25% per year over four years. The largest amount outstanding under the loan during 2001 was $100,000. As of January 2002, the loan had an outstanding balance of $50,000. The remaining principal balance will be forgiven on December 31, 2002.
