Non-Recourse Promissory Note - deCODE genetics Inc. and Hannes T. Smarason
NONRECOURSE PROMISSORY NOTE
$1,462,240 Reykjavik, Iceland
15 September 1999
FOR VALUE RECEIVED, the undersigned hereby unconditionally promises to
pay to the order of deCODE genetics, Inc., a Delaware corporation (the
"Company"), at the Company's principal office or at such other place as the
holder hereof may designate in writing, on 1 November 2003, in lawful money of
the United States of America and in immediately available funds, the total price
of $1,462,240 Dollars, together with interest, compounded annually, from the
date hereof on the unpaid principal at the rate of 6% per annum.
This Note may not be prepaid.
The full amount of this Note is secured by a pledge of shares of Common
Stock of the Company, and is subject to all of the terms and provisions of the
Early Exercise Stock Purchase Agreement and the Pledge Agreement, each of even
date herewith between the undersigned and the Company. The Company's recovery
against the undersigned for failure to pay any amount owing hereunder when due
shall be limited solely to the shares of Common Stock or other collateral of the
undersigned pledged to the Company in the Pledge Agreement. The undersigned
shall not be liable or have any personal liability in any other respect for the
payment of any amount due under this Note.
The undersigned hereby represents and agrees that the amounts due under
this Note are not consumer debt, and are not incurred primarily for personal,
family or household purposes, but are for business and commercial purposes only.
The undersigned hereby waives presentment, protest and notice of
protest, demand for payment, notice of dishonor and all other notices or demands
in connection with the delivery, acceptance, performance, default or endorsement
of this Note.
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This Note shall be governed by, and construed, enforced and interpreted
in accordance with, the laws of the State of Delaware, excluding conflict of
laws principles that would cause the application of laws of any other
jurisdiction.
/s/ Hannes Smarason
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(signature)
Hannes T. Smarason
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(print name)
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