Exhibit 10.2
PERSONAL GUARANTY
WHEREAS , Steven J.
Kutcher, (“Kutcher”) was employed by CapSource
Financial, Inc., a Colorado corporation
(“Company”);
WHEREAS ,
Kutcher’s employment with the Company was terminated pursuant
to a Confidential Separation Agreement and General Release dated
March 25, 2008 (“Separation Agreement”);
WHEREAS , the
separation Agreement provides for certain amounts to be paid by the
Company to Kutcher totaling $103,108.15 (“Amount Due”)
plus accrued interest (collectively the
“Indebtedness”);
WHEREAS , Kutcher is
willing to provide such additional time for the payment of the
Amount Due conditioned upon said Indebtedness being personally
guaranteed as to the payment thereof by Randolph M. Pentel,
Chairman of CapSource Financial, Inc. and an individual residing in
Minnesota, (“Guarantor”);
1.
NOW, THEREFORE , the Guarantor guarantees that Debtor will
promptly pay the full amount of the Indebtedness as and when the
same shall in any manner be or become due according to the terms
and conditions provided in the Separation Agreement.
Notwithstanding the foregoing, the Guarantor shall have three (3)
business days from the date due to make any payment required by the
Separation Agreement and guaranteed by this agreement.
2. Without
limiting the generality of the foregoing, the Guarantor agrees that
he will pay the full amount of Indebtedness now or hereafter due
as, and when the same shall in any manner be or become due
according to the terms and conditions provided in the Separation
Agreement.
3. The Guarantor
hereby waives demand, notice of dishonor, presentment for payment,
protest and notice of protest and of non-performance on all of said
Indebtedness; and if said Indebtedness is renewed, or if the time
for payment thereof be extended (to which Guarantor consents)
either with or without notice to Guarantor, Guarantor
unconditionally guarantee the payment of such Indebtedness at t he
time fixed for the payment thereof in and by any such renewal or
extension. Guarantor further waives all rights, by statute or
otherwise, to require Kutcher to institute suit against the Company
to obtain performance under this Agreement; also to exercise
diligence in enforcing this or any other instrument.
4. To
the extent permitted by law, Guarantor waives all defenses legally
available to Guarantor, Guarantor being bound to the payment of
said Indebtedness of the Com
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