Document:

EX-4.5

 

Exhibit 4.5

PROMISSORY NOTE

			
	 	 	 
	$3,000,000.00
	 	Bentonville, Arkansas
	 
	 	January 30, 2006

     FOR VALUE RECEIVED, FIRST SOLAR HOLDINGS, LLC (the “Maker”), promises to pay to the order of
ESTATE OF JOHN T. WALTON, DECEASED (“Payee”), at such place as the holder of this Note may from
time to time designate, the principal sum of THREE MILLION AND NO/100 DOLLARS ($3,000,000.00),
together with per annum interest thereon until demand from the date hereof on the outstanding
balance thereof, at a variable rate which is equal to the lesser of (i) short term Applicable
Federal Rate, or (ii) the highest lawful rate of interest for loans of the type evidenced hereby.
Subject only to such highest lawful rate limitation, such rate shall fluctuate from month to month
on the first day of each month according to any and every change in the short term Applicable
Federal Rate without any action by or notice to any party. Interest shall be calculated on the
basis of a 365-day year. All payments hereunder shall be payable in lawful money of the United
States which shall be legal tender for public and private debts at the time of payment. All past
due principal and interest shall bear interest at the maximum rate permitted by applicable law to
be charged for past due principal and interest.

     All principal and accrued, unpaid interest shall be due and payable on demand. Prior to any
demand, interest only shall be paid in monthly installments beginning March 1, 2006, and on the
same day of each succeeding month thereafter until demand be made, at which time the entire
principal balance, together with all accrued and unpaid interest thereon, shall be due and payable.

     If this obligation, after default, is placed in the hands of an attorney for collection, the
Maker, guarantor and all other persons now or hereafter liable hereon will be obligated to pay the
holder hereof an additional sum, as a reasonable attorney’s fee, not to exceed Ten Percent (10%) of
the unpaid principal plus all accrued interest. This clause is intended to be in compliance with
Ark. Code Ann. § 4-56-101.

     The Maker reserves the privilege to prepay all or any part of the indebtedness evidenced by
this Note at any time without premium or penalty.

     Whenever used herein, the words “Maker” and “Payee” shall be deemed to include their
respective heirs, personal representatives, successors and assigns.

 

 

     The MAKER, endorsers, sureties, guarantors and assignors of this Note severally waive demand,
presentment for payment, protest and notice of protest, and nonpayment, and agree and consent that
the time for its payment may be extended, or said Note renewed from time to time and for any term
or terms by agreement between the holder and any of them without notice and that after such
extension or extensions, renewal or renewals, the liabilities of all parties shall remain as if no
extension or renewal had been effected.

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	FIRST SOLAR HOLDINGS, LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	NAME:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	TITLE:	 	 	 	 
	 

	 	 	 	 	 	 

	 	 	 	 	 
	 

	 	 	 	 
	ATTEST:
	 	 	 	 
	 
	 	 	 	 
	 	 	 
	 
	 	 	 	 
	NAME:
	 	 	 	 
	 

	 	 	 	 
	TITLE:EX-4.6

 

Exhibit 4.6

PROMISSORY NOTE

			
	$7,000,000.00
	 	Bentonville, Arkansas

February 3, 2006

     FOR VALUE RECEIVED, FIRST SOLAR HOLDINGS, LLC (the “Maker”), promises to pay to the order of
ESTATE OF JOHN T. WALTON, DECEASED (“Payee”), at such place as the holder of this Note may from
time to time designate, the principal sum of SEVEN MILLION AND NO/100 DOLLARS ($7,000,000.00),
together with per annum interest thereon until demand from the date hereof on the outstanding
balance thereof, at a variable rate which is equal to the lesser of (i) short term Applicable
Federal Rate, or (ii) the highest lawful rate of interest for loans of the type evidenced hereby.
Subject only to such highest lawful rate limitation, such rate shall fluctuate from month to month
on the first day of each month according to any and every change in the short term Applicable
Federal Rate without any action by or notice to any party. Interest shall be calculated on the
basis of a 365-day year. All payments hereunder shall be payable in lawful money of the United
States which shall be legal tender for public and private debts at the time of payment. All past
due principal and interest shall bear interest at the maximum rate permitted by applicable law to
be charged for past due principal and interest.

     All principal and accrued, unpaid interest shall be due and payable on demand. Prior to any
demand, interest only shall be paid in monthly installments beginning March 1, 2006, and on the
same day of each succeeding month thereafter until demand be made, at which time the entire
principal balance, together with all accrued and unpaid interest thereon, shall be due and payable.

     If this obligation, after default, is placed in the hands of an attorney for collection, the
Maker, guarantor and all other persons now or hereafter liable hereon will be obligated to pay the
holder hereof an additional sum, as a reasonable attorney’s fee, not to exceed Ten Percent (10%) of
the unpaid principal plus all accrued interest. This clause is intended to be in compliance with
Ark. Code Ann. § 4-56-101.

     The Maker reserves the privilege to prepay all or any part of the indebtedness evidenced by
this Note at any time without premium or penalty.

     Whenever used herein, the words “Maker” and “Payee” shall be deemed to include their
respective heirs, personal representatives, successors and assigns.

 

 

     The MAKER, endorsers, sureties, guarantors and assignors of this Note severally waive demand,
presentment for payment, protest and notice of protest, and nonpayment, and agree and consent that
the time for its payment may be extended, or said Note renewed from time to time and for any term
or terms by agreement between the holder and any of them without notice and that after such
extension or extensions, renewal or renewals, the liabilities of all parties shall remain as if no
extension or renewal had been effected.

	 	 	 	 	 	 	 
	 	 	FIRST SOLAR HOLDINGS, LLC	 	 
	 

	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	NAME:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	TITLE:	 	 	 	 
	 

	 	 	 	 	 	 

	 	 	 	 	 
	ATTEST:
	 	 	 	 
	 

	 	 	 	 
	 	 	 
	 

	 	 	 	 
	NAME:
	 	 	 	 
	 

	 	 	 	 
	TITLE:EX-4.7

 

Exhibit 4.7

AMENDED AND RESTATED

PROMISSORY NOTE

			
	$34,000,000.00
	 	Bentonville, Arkansas
	 
	 	August 7, 2006
	 	 	 

     FOR VALUE RECEIVED, FIRST SOLAR, INC. (“Maker”), promises to pay to the order of the ESTATE OF
JOHN T. WALTON, deceased (“Payee”), at such place as the holder of this Note may from time to time
designate, the principal sum of THIRTY FOUR MILLION AND NO/100 DOLLARS ($34,000,000.00), or so much
thereof as may be advanced, together with per annum interest thereon until maturity from the date
or dates of disbursement of advances made or to be made hereunder on the outstanding balance
thereof, at a variable rate which is equal to the lesser of (i) Wall Street Prime (presently eight
and one-quarter percent (8.25%) per annum), or (ii) the highest lawful rate of interest for loans
of the type evidenced hereby. The term “Wall Street Prime” shall mean the commercial prime lending
rate published in The Wall Street Journal from time to time. Subject only to such highest lawful
rate limitation, such rate shall fluctuate from day to day according to any and every change in the
Wall Street Prime without any action by or notice to any party. Use of said Wall Street Prime rate
is not to be construed as a warranty or representation that such prime rate is more favorable than
another rate or index, that rates on other loans or credit facilities may not be based on other
indices, or that rates on loans to others may not be made below such prime rate. Interest shall be
calculated on the basis of a 365-day year. All payments hereunder shall be payable in lawful money
of the United States which shall be legal tender for public and private debts at the time of
payment. All past due principal and interest shall bear interest at the maximum rate permitted by
applicable law to be charged for past due principal and interest. This Amended and Restated
Promissory Note is made effective as of July 18, 2006 and is in amendment and restatement, but not
extinguishment, of that certain Promissory Note dated as of July 18, 2006, executed by Maker and
payable to the order of Payee in the original principal amount of $34,000,000.00. Said sums shall
be due and payable as follows:

     All principal and accrued, unpaid interest shall be due and payable at maturity
which shall be upon the earlier of (i) January 18, 2008, which is eighteen (18)
calendar months from the date of the original Promissory Note on July 18, 2006, or
(ii) ten (10) days following the date of the occurrence of the first sale of shares
of stock of Maker to the public that is effected pursuant to a registration
statement filed under the Securities Act of 1933. Prior to such maturity, interest
only shall be paid in monthly installments beginning August 1, 2006, and on the same
day of each succeeding month thereafter until such maturity, at which time the
entire principal balance, together with all accrued and unpaid interest thereon,
shall be due and payable.

     If this obligation, after default, is placed in the hands of an attorney for collection,
Maker, guarantor, and all other persons now or hereafter liable hereon will be obligated to pay the
holder hereof an additional sum, as a reasonable attorney’s fee, not to exceed Ten Percent (10%) of
the unpaid principal plus all accrued interest. This clause is intended to be in compliance with
Ark. Code Ann. § 4-56-101.

 

 

Promissory Note

Page 2

     Payee may disburse the principal of the Note to Maker in one or more advances from time to
time, so long as the principal balance outstanding never at any time exceeds the principal sum
first above mentioned, and Maker reserves the privilege to prepay all or any part of the
indebtedness evidenced by this Note at any time without premium or penalty.

     Whenever used herein, the words “Maker” and “Payee” shall be deemed to include their
respective heirs, personal representatives, successors, and assigns.

     Maker, endorsers, sureties, guarantors, and assignors of this Note severally waive demand,
presentment for payment, protest, and notice of protest, and nonpayment, and agree and consent that
the time for its payment may be extended, or said Note renewed from time to time and for any term
or terms by agreement between the holder and any of them without notice and that after such
extension or extension, renewal, or renewals, the liabilities of all parties shall remain as if no
extension or renewal had been effected.

     Maker represents and warrants to Payee that: (i) Maker has authority to execute and deliver
the Note; (ii) Maker’s execution, delivery, and performance of the Note does not and will not (A)
contravene or violate any provision of any law, rule, regulation, order, writ, judgment,
injunction, decree, determination, or award presently in effect and applicable to Maker or any
property of Maker, or (B) result in a breach of or constitute a default (with or without the
notice, time lapse, or both) under any document by which Maker or any property of Maker is bound;
(iii) Maker has obtained all necessary consents and approvals to and for the execution and delivery
of the Note, and no other authorization, consent, approval, license, order, or exemption of, or
filing or registration with, any domestic or foreign court or governmental department, commission,
board, bureau, agency, or instrumentality is or will be necessary to the valid execution, delivery,
or performance by Maker of this Note; (iv) this Note constitutes Maker’s legal, valid, and binding
obligations, enforceable in accordance with its terms; (v) Maker is now in a solvent condition, and
no bankruptcy or insolvency proceedings are pending or contemplated by or against Maker; (vi) no
part of the proceeds of the Principal Debt has been or will be used to acquire all or any
substantial part of the assets or equity securities of any entity; (vii) each report, statement,
certificate, schedule, and other information furnished by or on behalf of Maker to Payee in
connection with this Note is correct and complete and does not omit to state any fact necessary to
make the information contained in it not misleading; (viii) the financial statements of Maker
heretofore delivered to Payee fairly present Maker’s financial condition, respectively, including
all material contingent liabilities as of the date or dates thereof, and there has been no material
adverse change in the financial condition or operations of Maker since the date thereof; and (ix)
no part of the proceeds of this Note has been or will be used to purchase or carry, directly or
indirectly, any “margin stock” within the meaning of Regulation U of the Board of Governors of the
Federal Reserve System or to extend credit to others for the purpose of purchasing or carrying any
such “margin stock” in a manner which would, in either case, involve Payee in a violation of
Regulation U.

     Payee’s failure to exercise any option or any other right under this Note is not a waiver of
that right or option, and will not bar Payee’s exercise of any options or rights at a later date.
All rights and remedies of Payee are cumulative and may be pursued singly, successively or
together, at Payee’s option. Payee’s acceptance of any partial payment is not a waiver of any
default or of any of Payee’s rights under this Note. Any waiver of Payee’s rights and any

 

 

Promissory Note

Page 3

modification of this Note must be in writing and duly signed on behalf of Payee; any such waiver
shall apply only to the specific instance involved, and will not impair the rights of Payee or the
obligations of Maker or any Guarantor to Payee in any other respect or at any other time.

     Maker agrees that this Note shall be deemed to have been made in the State of Arkansas at
Payee’s address indicated at the beginning of this Note and shall be governed by, and construed in
accordance with, the laws of the State of Arkansas and is performable in the City and County of
Arkansas indicated at the beginning of this Note. In
any litigation in connection with or to
enforce this Note or any indorsement or any documents executed in connection therewith, Maker
irrevocably consents to and confers personal jurisdiction on the courts of the State of Arkansas or
the United States courts located within the State of Arkansas. Nothing contained herein shall,
however, prevent Payee from bringing any action or exercising any rights within any other state or
jurisdiction or from obtaining personal jurisdiction by any other means available under applicable
law.

     THIS NOTE REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY
EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO
UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

	 	 	 	 	 
	FIRST SOLAR, INC.	 	 
	 
	 	 	 	 
	BY:

	 	/s/ Jens Meyerhoff
	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	NAME:

	 	Jens Meyerhoff	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	TITLE:

	 	CFO	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	ATTEST:

	 	/s/ Kenneth Schultz	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	NAME:

	 	Kenneth Schultz	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	TITLE:

	 	Vice President

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