Promissory Note - TASER International Inc. and Bruce R. Culver
[TASER INTERNATIONAL LOGO]
PROMISSORY NOTE
Amount of Note ($): $200,000 CASH
City: SCOTTSDALE, State: ARIZONA
Date: MARCH 31, 2000
FOR VALUE RECEIVED the undersigned jointly and severally promise(s) to pay
to the order of:
BRUCE R. CULVER
the principal sum of:
TWO HUNDRED THOUSAND & NO/100 ($200,000.00) DOLLARS together with interest
thereon from the date at the rate of:
10.00%
percent per annum until maturity. The principal balance and interest shall be
due and payable on or before January 1, 2001.
Unless specifically disallowed by law, should litigation arise hereunder,
service of process therefore may be obtained through certified mail, return
receipt requested; the parties hereto waiving and all rights they may have to
object to the method by which service was perfected.
All matters pertinent to this Agreement (including its interpretation,
application, validity, performance and breach), shall be governed by, construed
and enforce in accordance with the laws of the State of Arizona. The parties
herein waive trial by jury and agree to submit to the personal jurisdiction and
venue of a court of subject matter jurisdiction located in Maricopa County,
State of Arizona. In the event that litigation results from or arises out of
this Agreement or the performance thereof, the parties agree to reimburse the
prevailing party's reasonable attorney's fees, court costs, and all other
expenses, whether or not taxable by the court as costs, in addition to any
other relief to which the prevailing party may be entitled. In such event, no
action shall be entertained by said court or any court of competent
jurisdiction if filed more than one year subsequent to the date the cause(s) of
action actually accrued regardless of whether damages were otherwise as of said
time calculable.
TASER INTERNATIONAL INC.
------------------------
CORPORATION
/s/ Bruce R. Culver By: /s/ Patrick W. Smith
-------------------------------- -------------------------------------
Signature Signature
Bruce R. Culver Patrick W. Smith
Name Printed CEO