Amendment to Promissory Note Payment Terms Between MedicalWork, LLC, Generation Zero Group, Inc., and Jeffrey E. Sisk
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Summary
MedicalWork, LLC and Generation Zero Group, Inc. (the Borrowers) and Jeffrey E. Sisk (the Holder) have agreed to amend the payment terms of a promissory note originally dated February 1, 2011. Under the new terms, all principal payments will be made from 100% of the net cash flow remaining after required payments under Sisk’s employment agreement, with payments first applied to principal and then to accrued interest until the note is fully paid. This amendment is effective as of February 1, 2011.
EX-10.26 4 ex10-26.htm REVISION OF PAYMENT TERMS OF PROMISSORY NOTE WITH JEFFREY SISK ex10-26.htm
Exhibit 10.26
Revision of Payment terms of Seller Promissory Note dated February 1, 2011:
Payment terms of the Promissory Note dated February 1, 2011 between MedicalWork, LLC, a Georgia limited liability company and Generation Zero Group, Inc., a Nevada Corporation (together the Borrowers) and Jeffrey E. Sisk, an individual resident of the state of Florida (the Holder) have been mutually amended to represent the following, effective February 1, 2011:
Principal payments will represent 100% of the net cash flow after payment of required payments under Jeffrey Sisk’s employment agreement, applied on a cash basis first to Principal until the Note is paid in full, and the balance, if any, as payment against the accrued Interest until paid in full.
/s/ Jeffrey E. Sisk
Jeffrey E. Sisk
199 Daisy Street
Homosassa, FL 34446
/s/ Matthew D. Krieg
Matthew D. Krieg, CEO
Generation Zero Group, Inc.
