Promissory Note between Dinesh V. Patel, Rajeshvari D. Patel, and Versicor Inc. dated April 24, 1996

Summary

Dinesh V. Patel and Rajeshvari D. Patel jointly promise to repay Versicor Inc. $100,000 with 5% interest. The full amount is due by April 24, 2001, or earlier if Dinesh V. Patel leaves Versicor or sells his home at 45109 Cougar Circle, Fremont, CA. The loan is secured by a deed of trust on this residence. If the Patels fail to pay, they are responsible for collection costs and higher interest on overdue amounts. The agreement is governed by Massachusetts law.

EX-10.18 21 ex-10_18.txt EXHIBIT 10.18 (Logo) VERSICOR Versicor Inc. 33 Locke Drive, Marlborough, MA 01752 Tel ###-###-#### Fax ###-###-#### PROMISSORY NOTE Marlborough, Massachusetts $100,000 April 24, 1996 1. FOR VALUE RECEIVED, the undersigned Dinesh V. Patel and Rajeshvari D. Patel (jointly and severally, "Patel") unconditionally promise to pay to the order of Versicor Inc. ("Versicor") at 33 Locke Drive, Marlborough, Massachusetts (or at such other address as the holder of this Note may designate by notice to Patel), the sum of One Hundred Thousand Dollars ($100,000) with interest from the date hereof at 5%. 2. This Note plus Interest shall be due and payable in full on April 24, 2001; upon termination of Dinesh V. Patel's employment with Versicor for any reason; or upon sale of Patel's residence at 45109 Cougar Circle, Fremont, CA 94539, whichever comes first. 3. This Note shall be secured by a deed of trust on Patel's residence at 45109 Cougar Circle, Fremont, CA 94539. 4. Patel agrees to pay all reasonable costs of collection this Note if payments are not paid when due. If legal action is necessary to enforce or collect this Note, such costs shall include, without limitation, reasonable attorney's fees. Interest shall accrue on all past due payments at the rate of 10% per annum or the highest rate permitted by law if lower. 5. This Note shall be governed by and construed in accordance with the internal laws of the commonwealth of Massachusetts. Patel consents to personal jurisdiction in any court in Worcester County, Massachusetts. /s/ Dinesh V. Patel /s/ Rajeshvari D. Patel - ------------------------------- ------------------------------- Dinesh V. Patel Rajeshvari D. Patel