EMPLOYEE EQUIPMENT LOAN PROMISSORY NOTE
Principal Amount: $5,000 FOR VALUE RECEIVED, [EMPLOYEE NAME] (“Employee'') hereby promises to pay to the order of [COMPANY NAME] (“Company”) upon demand the sum of the Principal Amount shown above if certain Company equipment (the “Equipment”) listed below provided by Company to Employee is not returned to Company within two business days after written request of Company to Employee for any reason. The Equipment must be in good working condition less normal wear and tear. The Equipment shall be returned to Employee’s manager. Employee’s manager shall evidence return of the Equipment by providing a signed receipt to Employee upon return of the Equipment, and Employee’s Manager shall sign and provide a “voided by company” copy of this Promissory Note to Employee. The Equipment: 1 Compleq Desktop Computer System, serial number 123456789, including 100GB hard drive, 512MB Memory, CDROM, 2 Nookey KX222 Cell telephone 3 Dual Accusynx 19” LCD computer monitors Employee agrees to take reasonable care of the Equipment at all times. Employee shall obtain insurance coverage for the Equipment under Employee's homeowner's insurance policy. Company shall replace or repair any malfunctioning Equipment provided Employee has taken reasonable care of Equipment. In the event of default Employee agrees to pay all of Employer’s reasonable attorney's fees and costs of collection including finance charges at the lesser of (i) 18% per annum or (ii) the highest rate permissible by law. This Promissory Note shall survive termination of any employment agreement or other agreements between Employee and Company. If any portion of this agreement is deemed to be unenforceable, this shall not invalidate the other portions of this agreement. This Note shall take effect as a sealed instrument and shall be construed, governed and enforced in accordance with the laws of the state of [STATE]. Agreed and Accepted: For Company: Employee:
(Please sign above and print name and title here) Date: August 12, 2008
(Please sign above and print name and title here) Date: August 12, 2008