Am I reading this right
This is from the SEC filling as well right above the loan to the spouse..
Prior to the enactment of the Sarbanes-Oxley act, the Company's Chief Executive Officer, in accordance with the such officer' employment contract was entitled to secure loans from the Company in an amount not to exceed $950,000. The board agreed to forgive 10% per year (2.5% quarterly) of the outstanding balance of the Company loans to such officer, commencing January 2, 2001. These loans bear interest at the applicable federal rate, which approximated 6%. As of June 30, 2006 the amount owed under such loan is $722,709.
No wonder there is no current "Payback plan" according to this, they will forgive him 10% of the outstanding balance each year. He doesn't have to pay a dime, just let the "forgiveness" each year for 10% run until the debt is down (or close near) to zero and he basically walks away with a million dollars?
