Document:

Emmaus Life Sciences, Inc. 10-Q

 

EMMAUS LIFE SCIENCES, INC.

Promissory Note

 (Cash Interest)

(_________________)

 

Principal Amount: $_________________                                                                                     Date: _______ __ ____

 

FOR VALUE RECEIVED, EMMAUS LIFE SCIENCES, Inc., a Delaware corporation, located at 20725 S. Western Ave., Suite 136, Torrance, CA  90501 (“Borrower”) agrees to pay to

__________________________ (“Lender"), the sum of $____________________ U.S. Dollars (“Principal Amount”), together with accrued interest thereon at the rate of eight percent (__%) per annum, under the following terms and conditions of this Promissory Note (“Note”).

 

1.           Terms of Repayment (Balloon Payment):  Simple interest at the rate of eight percent (8%) per annum will accrue on the outstanding Principal Amount commencing on the date of this Note until called by Lender, and the Borrower shall make quarterly payments of interest only, as set forth in Attachment 1 hereto. The entire unpaid Principal Amount and any accrued interest thereon shall become immediately due and payable ___________________________.

 

2.           Prepayment:  This Note may be prepaid in whole or in part at any time without premium or penalty.  All prepayments shall be in cash, and first be applied to accrued interest, and then to outstanding Principal Amount.

 

3.           Place of Payment:  All payments due under this Note shall be sent to the Lender’s address, set forth in Attachment 1 hereto, or at such other place as the holder of this Note may subsequently designate in writing to the Borrower.

 

4.           Acceleration of Debt:  If the Borrower fails to make any payment due under the terms of this Note or seeks relief under the U.S. Bankruptcy Code, or suffers an involuntary petition in bankruptcy or receivership that is not vacated within thirty (30) days, the entire balance of this Note and any interest accrued thereon shall be immediately due and payable to the holder of this Note.

 

5.           Modification:  No modification or waiver of any of the terms of this Agreement shall be allowed unless by written agreement signed by the parties. No waiver of any breach or default hereunder shall be deemed a waiver of any subsequent breach or default of the same or similar nature.

 

6.           Assignment.  Neither this Note, nor any of the rights, interests or obligations hereunder may be assigned, by operation of law or otherwise, in whole or in part, by Borrower or by the Lender without the prior written consent of the other party, except in connection with an assignment in whole to a successor corporation to Borrower, provided that such successor corporation acquires all or substantially all of Borrower's property and assets and Lender's rights hereunder are not impaired.

 

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7.           Complete Note. This Note is the complete and exclusive statement of agreement of the parties with respect to matters in this Note. This Note replaces and supersedes all prior written or oral agreements or statements by and among the parties with respect to the matters covered by it. No representation, statement, condition or warranty not contained in this Note is binding on the parties.

 

8.           Severability of Provisions:  If any portion of this Note is deemed unenforceable, all other provisions of this Note shall remain in full force and effect.

 

9.           Choice of Law:  All terms and conditions of this Note shall be interpreted under the laws of the State of California, United States of America.

 

IN WITNESS WHEREOF, the Borrower has caused this PROMISSORY NOTE to be executed by a duly authorized officer as of the date first written above.

 

EMMAUS LIFE SCIENCES, Inc.

 

By:  _______________________________________

 

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ATTACHMENT 1

 

	Lender’s Name: 	 	 
	 	 	 
	Lender’s Address: 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	Principal Amount:	USD $_____________________________	 
	 	 	 
	Monthly Interest at ___%	 	 
	Per Annum on Principal Amount:	$_________________________________	 

 

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[INFORMATION FOR PURPOSES OF FILING WITH THE SECURITIES AND EXCHANGE COMMISSION]

 

SCHEDULE A

 

NOTEHOLDERS

 

	
Lender

	 	
Principal Amount

	 	
Loan Date

	 	
Term

	
Yukio Hattori

	 	
$200,000

	 	
6/14/2012

	 	
Due on Demand

 

	4Emmaus Life Sciences, Inc. 10-Q

 

EMMAUS LIFE SCIENCES, INC.

 

Promissory Note

 (Cash Interest)

(_________________)

 

Principal Amount: $_________________                                                                                     Date: _______ __ ____

 

FOR VALUE RECEIVED, EMMAUS LIFE SCIENCES, Inc., a Delaware corporation, located at 20725 S. Western Ave., Suite 136, Torrance, CA  90501 (“Borrower”) agrees to pay to

__________________________ (“Lender"), the sum of $____________________ U.S. Dollars (“Principal Amount”), together with accrued interest thereon at the rate of eight percent (__%) per annum, under the following terms and conditions of this Promissory Note (“Note”).

 

1.           Terms of Repayment (Balloon Payment):  Simple interest at the rate of eight percent (8%) per annum will accrue on the outstanding Principal Amount commencing on the date of this Note until called by Lender, and the Borrower shall make quarterly payments of interest only, as set forth in Attachment 1 hereto. The entire unpaid Principal Amount and any accrued interest thereon shall become immediately due and payable ___________________________.

 

2.           Prepayment:  This Note may be prepaid in whole or in part at any time without premium or penalty.  All prepayments shall be in cash, and first be applied to accrued interest, and then to outstanding Principal Amount.

 

3.           Place of Payment:  All payments due under this Note shall be sent to the Lender’s address, set forth in Attachment 1 hereto, or at such other place as the holder of this Note may subsequently designate in writing to the Borrower.

 

4.           Warrant:  Lender is entitled to the warrant to purchase 1,000,000 shares. The warrant shall be exercisable within three (3) years of Loan Date. The warrant share price shall be $______.

 

5.           Acceleration of Debt:  If the Borrower fails to make any payment due under the terms of this Note or seeks relief under the U.S. Bankruptcy Code, or suffers an involuntary petition in bankruptcy or receivership that is not vacated within thirty (30) days, the entire balance of this Note and any interest accrued thereon shall be immediately due and payable to the holder of this Note.

 

6.           Modification:  No modification or waiver of any of the terms of this Agreement shall be allowed unless by written agreement signed by the parties. No waiver of any breach or default hereunder shall be deemed a waiver of any subsequent breach or default of the same or similar nature.

 

7.           Assignment.  Neither this Note, nor any of the rights, interests or obligations hereunder may be assigned, by operation of law or otherwise, in whole or in part, by Borrower or by the Lender without the prior written consent of the other party, except in connection with an assignment in whole to a successor corporation to Borrower, provided that such successor

 

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corporation acquires all or substantially all of Borrower's property and assets and Lender's rights hereunder are not impaired.

 

8.           Complete Note. This Note is the complete and exclusive statement of agreement of the parties with respect to matters in this Note. This Note replaces and supersedes all prior written or oral agreements or statements by and among the parties with respect to the matters covered by it. No representation, statement, condition or warranty not contained in this Note is binding on the parties.

 

9.           Severability of Provisions:  If any portion of this Note is deemed unenforceable, all other provisions of this Note shall remain in full force and effect.

 

10.         Choice of Law:  All terms and conditions of this Note shall be interpreted under the laws of the State of California, United States of America.

 

IN WITNESS WHEREOF, the Borrower has caused this PROMISSORY NOTE to be executed by a duly authorized officer as of the date first written above.

 

EMMAUS LIFE SCIENCES, Inc.

 

By:  _______________________________________

 

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ATTACHMENT 1

 

	Lender’s Name:	 	 
	 	 	 
	Lender’s Address:	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	Principal Amount:	USD $_____________________________	 
	 	 	 
	Monthly Interest at ___%	 	 
	Per Annum on Principal Amount:	$_________________________________	 

 

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[INFORMATION FOR PURPOSES OF FILING WITH THE SECURITIES AND EXCHANGE COMMISSION]

 

SCHEDULE A

 

NOTEHOLDERS

 

	
Lender

	 	
Principal Amount

	 	
Loan Date

	 	
 

Term

	 	
Warrant’s

Shares

	 	
Warrant Price

	
Yutaka Niihara

	 	
$1,270,100

	 	
8/29/2012

	 	
1 Year

	 	
1,000,000

	 	
$2.50 / share

 

	4CSOD 2012.09.30 Exhibit 10.1

Exhibit 10.1

Cornerstone OnDemand Commission Plan

	
		
	EMPLOYEE NAME:
	Vincent Belliveau

	PLAN TYPE:
	Senior Vice President and General Manager EMEA

	EFFECTIVE DATE:
	1/1/2012

	TERM:
	Effective Date through 12/31/12

The following sets forth the terms and conditions of your commission plan (the “Plan”).  The Plan does not automatically renew at the end of the Term, and is only valid for the Term, unless it is revised by Cornerstone during the Term.  Cornerstone's Board of Directors (or its authorized committee or delegate) and/or Cornerstone's CEO may amend, modify, alter, suspend, or terminate the Plan at any time and in its sole discretion.  The Plan may only be modified with the prior written approval of Cornerstone's CEO.  All calculations and determinations with respect to the Plan shall be made by Cornerstone in its sole discretion, and shall be final.  Cornerstone reserves the right to change at any time the products, services, customers, territories, accounts, commissions or bonuses assigned to you.

		
	1)
	Definitions. 

		
	a)
	“Territory” means the territory assigned by your manager.

		
	b)
	“Contract” means a written agreement, amendment, addendum, and/or statement of work with approved pricing between Cornerstone and a customer in your Portfolio for Cornerstone software and/or services, duly executed on behalf of Cornerstone by its CEO or General Manager EMEA (for contracts with non-U.S. customers) or an authorized designee.

		
	c)
	“Approved Contract” means a Contract executed during the Term.

		
	d)
	“Phased Approved Contract” means an Approved Contract where the start date for some of the software, recurring services, and/or users purchased when the Approved Contract was originally executed falls after the first year of the Approved Contract (e.g., Performance Cloud starts in Year 2; 10,000 users are committed for Years 2 and 3, but only 3,000 are committed for Year 1; etc.). 

		
	e)
	“Prior Contract” means a Contract, including any applicable amendments and addenda thereto, executed prior to the Term and renewed by an Approved Contract.

		
	f)
	“Revenue” means the fee(s) in an Approved Contract contractually committed at the time of its execution. 

		
	g)
	“Software Revenue” means Revenue attributable to software subscriptions, course registrations, content delivery and/or language packs.

		
	h)
	“Service Revenue” means Revenue attributable to: (1) professional services (i.e., implementation services, business consulting, technical consulting and educational services); (2) e-learning content sales, less royalties and/or fees for content payable to third-party content vendors; or (3) other value-add services (e.g., outsourced administration, solution optimization, and premier support).

		
	i)
	“Recurring Service Revenue” means Service Revenue which is charged on an annually recurring basis. 

		
	j)
	“One-time Service Revenue” means Service Revenue which is not charged on an annually recurring basis. 

		
	k)
	“Annual Contract Value” of a Contract means all Revenue (except One-time Service Revenue), divided by the term (in years or partial years).

		
	l)
	“Baseline Revenue” of an Approved Contract means an amount equal to the Annual Contract Value of the corresponding Prior Contract.  Where there is no Prior Contract, Baseline Revenue is zero.

		
	m)
	“Incremental Revenue” means Revenue minus Baseline Revenue.

		
	n)
	“Commission” means incentive compensation relating to procurement of an Approved Contract, calculated as a percentage of applicable Incremental Revenue.

		
	o)
	“Quota” means the following amount of combined Incremental Software Revenue and Incremental Service Revenue across all Approved Contracts procured primarily by you and/or your team due to be invoiced during the first twelve (12) months of an Approved Contract:    

$18,500,000.

		
	2)
	Earned Commissions. 

Commissions are deemed to be earned (“Earned Commissions”) for a given contract year of an Approved Contract when all of the following conditions have been satisfied:
		
	a)
	There is a valid Approved Contract in place.

		
	b)
	You and/or your team were primarily responsible for procuring the Approved Contract.

		
	c)
	A minimum of twenty-five percent (25%) of the total combined Software Revenue and Service Revenue for that year has been invoiced and received by Cornerstone (“Revenue Receipt Date”).

		
	d)
	You are employed by Cornerstone on the Revenue Receipt Date.

		
	3)
	Payment of Commissions.

Cornerstone will pay Earned Commissions within fifty-five (55) days of the date the Commissions are earned (as described in Section 2 above).

		
	4)
	Commission Rates (applies to Incremental Revenue only).

		
	a)
	Regular Commission Rates.  Regular Commissions are as follows:

		
	i)
	One-time Service Revenue:    0.75%

		
	ii)
	Recurring Service Revenue:

	
							
	If the initial term of the Approved Contract is:
	Your Commission for:

	Year 1
	Year 2
	Year 3

	Incremental Revenue is:
	Baseline Revenue is:
	Incremental Revenue is:
	Baseline Revenue is:
	Incremental Revenue is:
	Baseline Revenue is:

	2+ years
	0.75%
	0.2%
	0.5%
	0.125%
	0.375%
	0.075%

	1-2 years
	0.75%
	0.125%
	0.5%
	0.075%
	 
	 

	1 year or less
	0.75%
	0.075%
	 
	 
	 
	 

		
	iii)
	Software Revenue:

	
							
	If the initial term of the Approved Contract is:
	Your Commission for:

	Year 1
	Year 2
	Year 3

	Incremental Revenue is:
	Baseline Revenue is:
	Incremental Revenue is:
	Baseline Revenue is:
	Incremental Revenue is:
	Baseline Revenue is:

	2+ years
	1.75%
	0.5%
	1.15%
	0.275%
	0.875%
	0.175%

	1-2 years
	1.75%
	0.275%
	1.15%
	0.175%
	 
	 

	1 year or less
	1.75%
	0.175%
	 
	 
	 
	 

		
	b)
	Accelerated Commission Rates.  Accelerated Commissions will apply to Approved Contract amounts exceeding one hundred percent (100%) of your total Quota in all categories during the Term. For the categories listed below, accelerated Commissions replace regular Commissions.  Accelerated Commissions are as follows:

		
	i)
	One-time Service Revenue:    1.125%

		
	ii)
	Recurring Service Revenue (first year invoiced):    1.125%

		
	iii)
	Software Revenue (first year invoiced):    2.625%

		
	5)
	Bonus.

	
		
	If you achieve the following Quota milestone by the following date:
	You will be eligible for a bonus of:

	$8,000,000 by June 30, 2012
	10,000

	$12,500,000 by September 30, 2012
	5,000

	$18,500,000 by December 31, 2012
	5,000

		
	6)
	Termination of Your Employment.

		
	a)
	Nothing contained in this document in any way changes or limits the “at-will” nature of the employment relationship between Cornerstone and you.

		
	b)
	In the event that your employment with Cornerstone terminates, you will only be paid for Earned Commissions on or prior to the date of your termination or transfer.

 
		
	7)
	Miscellaneous.

		
	a)
	Nothing in this document obligates Cornerstone to enter into any Approved Contracts or other agreements with any customer or otherwise. 

		
	b)
	You are expected to follow the official Cornerstone pricing guidelines, which are subject to change from time to time at Cornerstone's sole discretion.

		
	c)
	The Plan supersedes any prior written or verbal discussions, agreements or understandings with respect to the bonuses, commissions and similar items of compensation for sales made during the Term.

		
	d)
	In the event that any provision or any portion of any provision hereof becomes or is declared by a court or administrative agency of competent jurisdiction to be illegal, unenforceable, or void, this Plan shall continue in full force and effect without said provision or portion of provision.  

		
	e)
	The law governing the Plan, as well as venue for any action, shall be the state where the employee is employed.

		
	f)
	Notwithstanding anything to the contrary herein, all calculations regarding Quota, Revenue and Commissions are subject at all times to applicable conflict, teaming, and referral rules, which shall be made available to you online (link to be provided).

CORNERSTONE        

By: /s/ Adam L. Miller                    
       Adam L. Miller 
       President and Chief Executive Officer

Date: July 13, 2012                            

Agreed and accepted:

By: /s/ Vincent Belliveau                    
       Vincent Belliveau       

Date: July 10, 2012

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