Exhibit 10.18

 

SECURED PROMISSORY NOTE

 

$42,892   Camarillo, California     May 1, 2001

 

1. PROMISE TO PAY. FOR VALUE RECEIVED, the undersigned (“Borrower”), whose
address is set forth below, promises to pay to the order of Interlink
Electronics, Inc., a California corporation, (“Lender”), at 546 Flynn Road,
Camarillo, CA 93012, or at such other place as a holder of this Note may
designate in writing from time to time, the principal sum of Forty-two Thousand,
Eight Hundred and Ninety-two DOLLARS ($42,892) in lawful money of the United
States of America, payable in the manner and on the terms set forth in this
Note.

 

2. INTEREST AND PAYMENT. The unpaid balance of this Note shall bear interest
from the date of this Note at the rate of five percent (5%) per annum. If not
sooner paid, the unpaid principal balance and all accrued interest shall be due
and payable at or before the close of business, Pacific time, on the date that
is eighteen months from the date of this Note or, if such date is a holiday
observed by Lender, on the next business day. Borrower may prepay the principal
balance and accrued interest in whole or in part at any time without premium or
penalty. Any payment shall be applied first to reduce accrued interest and, if
any amount shall be left after such application, it shall be applied to the
reduction of principal.

 

3. SECURITY. This Note is secured by a pledge of 6,251 shares of Common Stock of
Lender, all registered or registrable in the name of the Borrower. Reference is
hereby made to the Pledge Agreement, of even date herewith, executed by the
Borrower for a description of the nature and extent of the security, the rights
and limitations of the rights of the holder of this Note and the terms and
conditions upon which this Note is secured.

 

4. TIME; WAIVER. Time is of the essence of this Note. Lender may, but shall not
be obligated to, waive any right hereunder, provided, however, that any such
waiver shall not constitute a waiver of the right to exercise the same right or
any other right in the future.

 

5. LIABILITY. The undersigned and all persons liable or to become liable on this
Note shall be jointly and severally liable hereunder and waive presentment,
protest and demand and notice of protest, demand, dishonor or nonpayment of this
Note, and consent to all renewals and extensions of the time of payment hereof,
and further agree that without notice the terms of payment of this Note may be
modified or the security described in the lien documents securing payment of the
Note may be released in whole or in part or increased, changed or exchanged by
agreement between the holder of this Note and any owner of the property affected
by those lien documents, all without affecting the liability or any party to
this instrument or any person liable with respect to any indebtedness evidenced
by this Note.

 

SECURED PROMISSORY NOTE

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7. LAWFUL RATE. Notwithstanding any other provision of this Note or of the
Pledge Agreement or of any other instrument or document, interest, fees and
charges payable by reason of the indebtedness evidenced by this Note shall not
exceed the maximum, if any, permitted by any governing law.

 

8. APPLICABLE LAW. This Note shall be construed in accordance with and governed
by the laws of the State of California.

 

BORROWER

/s/    GEORGE GU

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Print Name: George Gu

Address:  

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SECURED PROMISSORY NOTE

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