Document:

Document

Exhibit 10.44
PROMISSORY NOTE
									
	$50,000,000.00	Newport Beach, California
			
		March 1, 2021

FOR VALUE RECEIVED, KBSIII 500 WEST MADISON, LLC, a Delaware limited liability company, as maker, having its principal place of business at 800 Newport Center Drive, Suite 700, Newport Beach, California 92660 ("Borrower"), hereby unconditionally promises to pay to the order of NATIONAL BANK OF KUWAIT S.A.K.P. Grand Cayman Branch ("Lender"), at the office of U.S. Bank National Association, a national banking association, having an address at 4100 Newport Place, Suite 900, Newport Beach, California 92660, as agent ("Administrative Agent"), for itself and for the other financial institutions (collectively, the "Lenders") which are or may in the future become parties to the Loan Agreement (defined below), or such other place as Administrative Agent may from time to time designate in writing, the principal sum of FIFTY MILLION and NO/100 DOLLARS ($50,000,000.00), or so much thereof as may have been advanced pursuant to the Loan Agreement (as defined below), in lawful money of the United States of America, with interest thereon to be computed from the date of this Promissory Note (this "Note") at the Loan Rate, and to be paid in accordance with the terms of this Note and that certain Revolving and Term Loan Agreement dated as of November 2, 2020 between Borrower, Lender, certain other "Lenders" named therein or made party thereto, and Administrative Agent (as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time, the "Loan Agreement").  All capitalized terms not defined herein have the respective meanings set forth in the Loan Agreement.  This Note, together with that certain Amended and Restated Promissory Note of even date herewith by Borrower to the order of U.S. Bank National Association, a national banking association ("U.S. Bank"), in the face principal amount of $115,000,000.00, renews, amends, restates and replaces, in its entirety, that certain Promissory Note executed by Borrower to the order of U.S. Bank and dated as of November 2, 2020 in the face principal amount of $165,000,000.00 (the "Existing Note").  This Note is not intended to, nor shall it be construed to, constitute a novation of the Existing Note or the obligations contained therein.
1.Payment Terms.  Borrower agrees to pay the principal sum of this Note, to the extent advanced pursuant to the Loan Agreement, and interest on the unpaid principal sum of this Note from time to time outstanding at the rates and at the times specified in the Loan Agreement.   The outstanding principal balance of the principal sum of this Note and all accrued and unpaid interest thereon is due and payable in full on the Maturity Date.  This Note may only be prepaid in accordance with the terms and conditions of the Loan Agreement.
2.Acceleration.  The Loan Agreement contains, among other things, provisions for the acceleration of the outstanding principal balance of the principal sum of this Note together with all interest accrued and unpaid hereon and all other sums, including late charges, LIBOR Breakage Costs and other costs relating to the Loan, due to Lender under this Note, the Loan Agreement or any other Loan Document (the "Debt") upon the happenings of certain stated events.
3.Loan Documents.  This Note is one of the Notes referred to in the Loan Agreement.  This Note is secured by the Security Instrument and the other Loan Documents.  All of the terms, covenants and conditions contained in the Loan Agreement, the Security Instrument and the other Loan Documents are hereby made a part of this Note to the same extent and with the same force as if they were fully set forth herein.  In the event of a conflict or inconsistency between the terms of this Note and the Loan Agreement, the terms and provisions of the Loan Agreement will govern.
									
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4.Savings Clause.  In the event that the interest and/or charges in the nature of interest, if any, provided for by this Note, the Loan Agreement or by any other Loan Document, contravenes a legal or statutory limitation applicable to the Loan, if any, Borrower will pay only such amounts as would legally be permitted; provided, however, that if the defense of usury and all similar defenses are unavailable to Borrower, Borrower will pay all amounts provided for herein, in the Loan Agreement and in the other Loan Documents.  If, for any reason, amounts in excess of the amounts permitted in the foregoing sentence have been paid, received, collected or applied hereunder, whether by reason of acceleration or otherwise, then, and in that event, any such excess amounts will be applied to principal, unless principal has been fully paid, in which event such excess amount will be refunded to Borrower.
5.Waivers.  Borrower and all others who may become liable for the payment of all or any part of the Debt do hereby severally waive presentment and demand for payment, notice of dishonor, notice of intention to accelerate, notice of acceleration, protest and notice of protest and non-payment and all other notices of any kind.  No release of any security for the Debt or extension of time for payment of this Note or any installment hereof, and no alteration, amendment or waiver of any provision of this Note, the Loan Agreement or the other Loan Documents made by agreement between Lender or any other Person will release, modify, amend, waive, extend, change, discharge, terminate or affect the liability of Borrower or any other Person who may become liable for the payment of all or any part of the Debt under this Note, the Loan Agreement or the other Loan Documents.  No notice to or demand on Borrower will waive any obligation of Borrower or waive any right of Lender or Administrative Agent to take further action without further notice or demand as provided for in this Note, the Loan Agreement or the other Loan Documents.  If Borrower is a partnership or limited liability company, the agreements herein contained will remain in force and be applicable, notwithstanding any changes in the individuals comprising the partnership or limited liability company, and the term "Borrower," as used herein, will include any alternate or successor partnership or limited liability company, but any predecessor partnership or limited liability company and their partners or members will not thereby be released from any liability.  If Borrower is a corporation, the agreements contained herein will remain in full force and be applicable notwithstanding any changes in the shareholders comprising, or the officers and directors relating to, the corporation, and the term "Borrower," as used herein, will include any alternative or successor corporation, but any predecessor corporation will not be relieved of liability hereunder.  Nothing in the foregoing sentences may be construed as a consent to, or a waiver of, any prohibition or restriction on transfers of interests in such partnership, limited liability company or corporation, which may be set forth in the Loan Agreement, the Security Instrument or any other Loan Document.
6.No Oral Change.  This Note may not be modified, amended, waived, extended, changed, discharged or terminated orally or by any act or failure to act on the part of Borrower or Lender, but only by an agreement in writing signed by the party against whom enforcement of any modification, amendment, waiver, extension, change, discharge or termination is sought.
7.Intentionally Omitted.  
8.Governing Law; Waiver of Jury Trial; Jurisdiction.  IN ALL RESPECTS, INCLUDING, WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS NOTE AND THE OBLIGATIONS ARISING HEREUNDER WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF ILLINOIS, APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE (WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS THAT WOULD CAUSE ANOTHER STATE'S LAWS TO APPLY) AND ANY APPLICABLE LAW OF THE UNITED STATES OF AMERICA.  TO THE FULLEST EXTENT PERMITTED BY LAW, BORROWER HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS NOTE AND THE 
									
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LOAN AGREEMENT, AND THIS NOTE AND THE LOAN AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF ILLINOIS, AND ANY LAWS OF THE UNITED STATES OF AMERICA APPLICABLE TO NATIONAL BANKS.
TO THE FULLEST EXTENT PERMITTED BY LAW, BORROWER HEREBY WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION RELATING TO THE LOAN AND/OR THE LOAN DOCUMENTS.  BORROWER, TO THE FULLEST EXTENT PERMITTED BY LAW, HEREBY KNOWINGLY, INTENTIONALLY AND VOLUNTARILY, WITH AND UPON THE ADVICE OF COMPETENT COUNSEL, (A) SUBMITS TO PERSONAL JURISDICTION IN THE STATE OF ILLINOIS OVER ANY SUIT, ACTION OR PROCEEDING BY ANY PERSON ARISING FROM OR RELATING TO THIS NOTE, (B) AGREES THAT ANY SUCH ACTION, SUIT OR PROCEEDING MAY BE BROUGHT IN ANY STATE OR FEDERAL COURT OF COMPETENT JURISDICTION IN THE STATE OF ILLINOIS, (C) SUBMITS TO THE JURISDICTION AND VENUE OF SUCH COURTS AND WAIVES ANY ARGUMENT THAT VENUE IN SUCH FORUMS IS NOT CONVENIENT, AND (D) AGREES THAT IT WILL NOT BRING ANY ACTION, SUIT OR PROCEEDING IN ANY OTHER FORUM (BUT NOTHING HEREIN WILL AFFECT THE RIGHT OF ADMINISTRATIVE AGENT AND/OR ANY LENDER TO BRING ANY ACTION, SUIT OR PROCEEDING IN ANY OTHER FORUM).  BORROWER FURTHER CONSENTS AND AGREES TO SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER LEGAL PROCESS IN ANY SUCH SUIT, ACTION OR PROCEEDING BY REGISTERED OR CERTIFIED U.S. MAIL, POSTAGE PREPAID, TO BORROWER AT THE ADDRESSES FOR NOTICES DESCRIBED IN THE LOAN AGREEMENT, AND CONSENTS AND AGREES THAT SUCH SERVICE WILL CONSTITUTE IN EVERY RESPECT VALID AND EFFECTIVE SERVICE (BUT NOTHING HEREIN WILL AFFECT THE VALIDITY OR EFFECTIVENESS OF PROCESS SERVED IN ANY OTHER MANNER PERMITTED BY LAW).
9.Severability.  Wherever possible, each provision of this Note must be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Note is prohibited by or invalid under applicable law, such provision will be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Note.
10.Time of the Essence.  Time is of the essence hereof with respect to the dates, terms and conditions of this Note and the Loan Agreement.
11.Notices.  All notices or other written communications hereunder must be delivered in accordance with Section 10.7 of the Loan Agreement.
12.Limitation on Liability.  Notwithstanding anything to the contrary set forth herein, under no circumstances shall any of the members, partners, directors, shareholders or other constituent owners of Borrower (direct or indirect), other than Guarantor, have any liability for Borrower's obligations hereunder.

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IN WITNESS WHEREOF, Borrower has caused this Promissory Note to be duly executed and delivered under seal as of the day and year first above set forth.
BORROWER:
KBSIII 500 WEST MADISON, LLC,
a Delaware limited liability company
By:    KBSIII REIT ACQUISITION XI, LLC,
a Delaware limited liability company,
its sole member
By:    KBS REIT PROPERTIES III, LLC,
a Delaware limited liability company,
its sole member
By:    KBS LIMITED PARTNERSHIP III,
a Delaware limited partnership,
its sole member
By:    KBS REAL ESTATE INVESTMENT TRUST III, INC.,
a Maryland corporation,
its general partner
By:    /s/ Charles J. Schreiber, Jr.
Charles J. Schreiber, Jr.,
Chief Executive Officer

									
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Exhibit 10.8

 

Techpoint

 

 

November 24, 2020

 

 

To: Ms. Maureen Monahan

 

 

Dear Maureen,

 

As per our agreement, Techpoint, Inc. is pleased to revise your employment offer dated September 3, 2020 in the function of Corporate Controller. Your revised position will be as follows effective November 4, 2020.

Position.  Your title will be CFO and Vice President of Administration and you will report to Hiro Kozato, President and CEO. This is a full-time position, located in Techpoint’s headquarters in San Jose, California (subject to travel from time to time).  You will devote your full business time and effort to the performance of your duties hereunder. By signing this letter agreement, you confirm to the Company that you have no contractual commitments or other legal obligations that would prohibit you from performing your duties for the Company or any of its subsidiaries. 

Cash Compensation.  The Company will pay you a starting salary of $7083.33 semi-monthly (annualized to $170,000.00) payable in accordance with the Company’s standard payroll practices. 

Employee Benefits.  As a regular employee of the Company, you will be eligible to participate in a number of Company-sponsored benefits.  In addition, you will be entitled to paid vacation in accordance with the Company’s paid time-off policy.

Equity Awards. We will recommend to the Board of Directors (the “Board”) of the Company that you be granted 65,000 restricted stock units of the Company under Techpoint, Inc.’s 2017 Stock Plan (the "Plan"). The restricted stock units you will be granted will vest over a five (5) year period for so long as you continue to be employed by the Company.  The grant of such restricted stock units by the Company is subject to the Board's approval and this promise to recommend such approval is not a promise of compensation and is not intended to create any obligation on the part of the Company.  Further details on the Plan and any specific award granted to you will be provided upon approval of such award by the Company's Board of Directors.

 

Employee Confidential Information and Invention Assignment Agreement.  Like all Company employees you will be required, as a condition of your employment with the Company, to sign the Company’s standard Confidential Information and Invention Assignment Agreement, which is attached.

 

Techpoint

 

Employment Relationship.  Employment with the Company is for no specific period of time.  Your employment with the Company will be “at will,” meaning that either you or the Company may terminate your employment at any time and for any reason, with or without cause.  Any contrary representations that may have been made to you are superseded by this letter agreement.  This is the full and complete agreement between you and the Company regarding how your employment may be terminated.  Although your job duties, title, compensation and benefits, as well as the Company’s personnel policies and procedures, may change from time to time, the “at will” nature of your employment may only be changed in an express written agreement signed by you and a duly authorized officer of the Company (other than you).

Techpoint, Inc. partners with Trinet, a Professional employer Organization, to benefits, payroll and Human Resource management services. As a result of this partnership, Trinet will be considered your employer of records for these purposes, while your manager(s) here at Techpoint, Inc. will be responsible for directing your work, reviewing our performance, setting your work schedule, and managing your leaves.

 

Outside Activities.  While you render services to the Company, you agree that you will not engage in any other employment, consulting or other business activity that is in any way competitive with the business or proposed business of the Company.  You will disclose to the Company in writing any other gainful employment, business or activity that you are currently associated with or participate in that competes with the Company.  While you render services to the Company, you also will not assist any person or entity in competing with the Company, in preparing to compete with the Company or in hiring away any employees or consultants of the Company.

Withholding Taxes.  All forms of compensation referred to in this letter agreement are subject to reduction to reflect applicable withholding and payroll taxes and other deductions required by law.

Entire Agreement.  This letter agreement, once accepted, constitutes the entire agreement between you and the Company with respect to the subject matter hereof and supersedes and replaces any prior agreements, representations or understandings, whether written, oral or implied, between you and the Company relating to such subject matter.

 

 

 

          2550 N. First Street, #550, San Jose CA 95131, USA   ●   Tel 408-324-0588   ●   Fax 408-324-0888   ●   www.techpointinc.com

 

 

 
 

Techpoint

 

We hope that you will accept our revised offer. You may indicate your agreement with these terms and accept this offer by signing and dating this letter agreement and returning it to me. 

 

Sincerely,

 

 

/s/Hiro Kozato

 

Hiro Kozato

President & CEO

Techpoint, Inc.

 

 

 

 

 

I have read and accept this employment offer:

 

NAME: Maureen Monahan

 

Signature: /s/ Maureen Monahan

                                                                                         

Dated: November 24, 2020       

 

        

 

 

 

 

          2550 N. First Street, #550, San Jose CA 95131, USA   ●   Tel 408-324-0588   ●   Fax 408-324-0888   ●   www.techpointinc.com

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