IVDESK HOLDINGS, INC. - FORM S-1 - EX-10.10 - November 3, 2014

Attached files

file filename
S-1 - IVDESK HOLDINGS, INC.ivdesks-1vfinal1132014.txt
EX-3.7 - IVDESK HOLDINGS, INC.ex3ii.2bylawsivdeskmn.txt
EX-3.4 - IVDESK HOLDINGS, INC.ex3i.4artofamendname.txt
EX-10.9 - IVDESK HOLDINGS, INC.ex10.9ingwersennote.txt
EX-10.5 - IVDESK HOLDINGS, INC.ex10.5kellyagr.txt
EX-4.1 - IVDESK HOLDINGS, INC.ex4.1stockincentplan.txt
EX-10.7 - IVDESK HOLDINGS, INC.ex10.7xpartnersnote.txt
EX-5.1 - IVDESK HOLDINGS, INC.ex5.1.txt
EX-3.2 - IVDESK HOLDINGS, INC.ex3i.2certofcorrectde.txt
EX-10.1 - IVDESK HOLDINGS, INC.ex10.1assetpurchaseagr.txt.txt
EX-10.8 - IVDESK HOLDINGS, INC.ex10.8hilldalenote.txt
EX-10.6 - IVDESK HOLDINGS, INC.ex10.6polakowskiagr.txt.txt
EX-10.11 - IVDESK HOLDINGS, INC.ex10.11polakowskinote.txt
EX-21.1 - IVDESK HOLDINGS, INC.ex21.1.txt
EX-10.2 - IVDESK HOLDINGS, INC.ex10.2fivexagr.txt.txt
EX-10.4 - IVDESK HOLDINGS, INC.ex10.4sorensonagr.txt
EX-10.3 - IVDESK HOLDINGS, INC.ex10.3bignallagr.txt.txt
EX-3.3 - IVDESK HOLDINGS, INC.ex3i.3artofincmn.txt
EX-3.1 - IVDESK HOLDINGS, INC.ex3i.1certofincde.txt
EX-3.6 - IVDESK HOLDINGS, INC.ex3ii.1bylawsivdesk.txt
EX-3.5 - IVDESK HOLDINGS, INC.ex3i.5artofamendadd.txt
EX-23.2 - IVDESK HOLDINGS, INC.ex23.2.txt
 

                                 EXHIBIT 10.10



                           Unsecured Promissory Note
                                   $29,500.00


Borrower:       IVDESK MINNESOTA. INC.
                1515 Central Avenue NE, Suite 100
                Minneapolis, MN 55413
                ("Borrower")

Lender:         WE Sorenson & Assoc.
                1515 Central Avenue NE, Suite 100
                Minneapolis, MN 55413
                ("Lender")

I. PROMISE TO PAY

II. Borrower has an Unsecured  Promissory Note due Lender totaling $29,500.00 as
of December 19, 2013, and both parties  desire to extend the term of the Note to
January 19, 2016.

Payment  will be  delivered  to Lender  to its  Mailing  Address  above or other
address mutually agreed upon by both parties.

III. INTEREST RATE

Interest will be charged based on LIBOR plus 3%. Based on today's one-year LIBOR
rate of 0.578l%, the effective interest rate will be 3.5781%.

IV. REPAYMENT

Payment will be due on January 19, 2016 as one balloon  payment of principal and
accrued interest. There will be no prepayment penalty.


                            Unsecured Promissory Note
                             (Installment Payments)

                                                                          Page 1



V. ADDITIONAL COSTS

In  case  of  default  in the  payment  of any  principal  or  interest  of this
Promissory  Note,  Borrower  will pay to Lender such  further  amount as will be
sufficient  to cover the cost and  expenses of  collection,  including,  without
limitation, reasonable attorney's fees, expenses, and disbursements. These costs
will be added to the outstanding principal and will become immediately due.

VI. TRANSFER OF THE PROMISSORY NOTE

Borrower  hereby  waives any notice of the transfer of this Note by Lender or by
any subsequent  holder of this Note, agrees to remain bound by the terms of this
Note  subsequent to any transfer,  and agrees that the terms of this Note may be
fully enforced by any subsequent holder of this Note.

VII. AMENDMENT; MODIFICATION; WAIVER

No amendment, modification or waiver of any provision of this Promissory Note or
consent to departure  therefrom shall be effective  unless by written  agreement
signed by both Borrower and Lender.

VIII. Successors

The terms and conditions of this  Promissory  Note shall inure to the benefit of
and be binding  jointly  and  severally  upon the  successors,  assigns,  heirs,
survivors  and  personal  representatives  of  Borrower  and shall  inure to the
benefit of any holder, its legal representatives, successors and assigns.

IX. BREACH OF PROMISSORY NOTE

No breach of any provision of this Promissory Note shall be deemed waived unless
it is waived in writing. No course of dealing and no delay on the part of Lender
in exercising any right will operate as a waiver thereof or otherwise  prejudice
Lender's rights, powers, or remedies. No right, power, or remedy


                           Unsecured Promissory Note
                             (Installment Payments)

                                                                          Page 2



conferred  by this  Promissory  Note upon Lender will be  exclusive of any other
rights, power, or remedy referred to in this Note, or now or hereafter available
at law, in equity, by statute, or otherwise.

X. GOVERNING LAW

The validity,  construction  and  performance  of this  Promissory  Note will be
governed by the laws of  Minnesota,  excluding  that body of law  pertaining  to
conflicts of law.  Borrower  hereby waives  presentment,  notice of non-payment,
notice of dishonor, protest, demand and diligence.

The parties hereby  indicate by their  signatures  below that they have read and
agree with the terms and conditions of this agreement in its entirety.


Borrower Signature:___________________________________________________________

By:_______________________________________     Its: __________________________

Lender Signature:_____________________________________________________________

Date: 03/19/2014




















                           Unsecured Promissory Note
                             (Installment Payments)

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