printer-friendly

Sample Business Contracts

Promissory Note - Cerner Corp. and Jack A. Newman Jr.

Sponsored Links

                       PROMISSORY NOTE


March 12, 1996                              $100,000.00

  For value received, the undersigned promises to pay to the
order   of   Cerner  Corporation,  a  Delaware   corporation
("Cerner")   the   sum  of  One  Hundred  Thousand   Dollars
($100,000.00),  payable in five equal  annual  installments,
each  in the amount of Twenty Thousand Dollars ($20,000.00),
the  first installment payable on December 30, 2000 and each
succeeding   installment   due   on   the   following   four
anniversaries  thereof.  No interest shall be  payable  with
respect to this Promissory Note.

   Payment  of  this Promissory Note shall be  made  at  the
office  of  Cerner at 2800 Rockcreek Parkway,  Kansas  City,
Missouri,  or  at  such  other place  within  the  State  of
Missouri  as  Cerner  may  designate  in  writing   to   the
undersigned, in United States Dollars.

   In  the event that the undersigned shall fail to make any
payment  hereunder when due, Cerner may, without  notice  to
the undersigned, declare this Promissory Note in default and
the  entire unpaid amount of this Promissory Note  shall  be
immediately due and payable in full; provided, however, that
this Promissory Note shall be nonrecourse to the undersigned
and the undersigned shall not be personally liable to pay to
Cerner any amounts due to Cerner hereunder, but Cerner shall
look solely to the collateral held by Cerner as security for
this Promissory Note.

   The  undersigned hereby pledges and grants  to  Cerner  a
security  interest  in _______ shares  of  Common  Stock  of
Cerner  represented  by certificate no.  ________,  and  any
additional shares of Cerner Common Stock or other securities
or  property  that  the  undersigned shall  be  entitled  to
receive as a result of being the owner of any of such Cerner
Common  Stock or other securities or property,  as  security
for  all  of  the obligations of the undersigned under  this
Promissory  Note  or deliver to Cerner any  such  additional
Cerner  Common  Stock or other securities  or  property,  as
security for all of the obligations of the undersigned under
this   Promissory  Note  or  otherwise   to   Cerner.    The
undersigned  has  delivered to Cerner such  certificate  no.
________ and agrees to deliver to Cerner any such additional
Cerner Common Stock or other securities or property, all  to
be  held by Cerner as provided for hereunder.  In the  event
that  this Promissory Note shall become payable in  full  as
set  forth  in  the immediately preceding paragraph  or  the
undersigned shall be default in payment of any of such other
obligations of the undersigned to Cerner.  Cerner shall have
all  of the rights and remedies of a secured party under the
Uniform  Commercial  Code  as in  effect  in  the  State  of
Missouri,  including the right to sell any of the collateral
held  by  Cerner  hereunder and apply the  proceeds  thereof
first  to  the  costs  and expenses incurred  by  Cerner  in
exercising  its  rights hereunder and  then  to  the  amount
secured by the collateral.  Any surplus shall continue to be
held  by  Cerner  hereunder if there remain outstanding  any
obligations  of  the undersigned to Cerner secured  by  such
collateral.
   The  undersigned waives any and all notices,  demands  or
other  indulgences  or rights granted by law  in  connection
with the collection hereof by Cerner.

   In  witness  whereof, the undersigned has  executed  this
Promissory Note as of the day and year first above written.


                                    /s/Jack A. Newman, Jr.
                                  --------------------------
                                      Jack A. Newman, Jr.