Agreement for Repayment of Loans by Stock Transfer between John R. Wolf and the Company

Contract Categories: Business Finance › Release Agreements
Summary

John R. Wolf, the former President and CEO, agreed to transfer 243,067 shares of the Company's common stock to the Company as full repayment for loans totaling $2,290,129, including all accrued interest. These loans were originally provided by the Company to Mr. Wolf to exercise stock options. With the exception of one loan, all were documented by promissory notes. This agreement settles Mr. Wolf's debt to the Company as of April 18, 2000.

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EX-10.50 24 a2041391zex-10_50.txt EX-10.50 DESCRIPTION OF ORAL AGREEMENT On or about April 18, 2000, Mr. John R. Wolf, our former President and Chief Executive Officer, agreed to transfer to the Company, and the Company agreed to accept, 243,067 shares of the Company's Common Stock as full payment of the principal and all accrued interest of loans made to Mr. Wolf by the Company. These loans include the following:
DATE OF LOAN AMOUNT OF LOAN February 28, 1991 $1,301,745 September 4, 1998 $ 839,375 July 21, 1999 $ 93,750 November 12, 1999 $ 55,259
These loans total $2,290,129. With the exception of the loan in the amount of $839,375, we received full recourse promissory notes from Mr. Wolf memorializing these loans. The loans were used by Mr. Wolf to exercise options to purchase our Common Stock.