The loan was for $25,000.
This note is part of the text of the
agreement:
Employee further agrees to apply FIFTY PERCENT (50%)
of any bonus received, net of tax, to payment of principal and any interest due
on the note starting with the bonus payment for calendar quarter performance
beginning April 1, 1989.
Now, combine this with the information
from Seagate's filing, showing his termination date of July 19, 1991. What I
come up with is that there were 9 quarterly bonus periods in that time frame;
the one mentioned from April '89; there would also have been quarters beginning
July and October '89; Jan, Apr, Jul, and Oct '90, and the Jan & Apr '91
quarters all ended prior to July '91.
It appears Mr. Hogan paid not a
penny during his employment despite his agreement to do so.
Did he get
bonuses, and not pay the loan back? Did he not get bonuses, and felt justified
in stiffing Seagate on their loan? Did he make up some new rule, the Law
According to V. Hogan, that generated some loophole unknown to anyone else,
saying that technically, he wasn't required to pay back under those
circumstances?
No answers - just more questions. [ Reply to This | Parent | # ]
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