Promissory Note Between Sean P. Sego and National Automation Services, Inc. (April 2, 2014)

Contract Categories: Business Finance › Note Agreements
Summary

Sean P. Sego has agreed to loan $50,000 to National Automation Services, Inc. (NAS) for one year, starting April 2, 2014. NAS will pay 10% annual interest on the unpaid balance. As part of the agreement, NAS will also issue 4,000,000 shares of restricted stock, valued at $0.0125 per share, to Mr. Sego. The note is signed by both parties and outlines the repayment terms and equity component.

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EX-10.11 7 ex10_11.htm EXHIBIT 10.11 ex10_11.htm
Exhibit 10.11
 
PROMISSORY NOTE

April 2, 2014
 
To: Sean Sego – Independent Director NAS

From: Robert Chance

Re: Promissory Note payable – Related Party Debt


I, Sean P Sego, agree to loan National Automation Services, Inc. (NAS) the sum of $50,000 according to the following terms and conditions:

 
1.)
$50,000 as set forth herein, on April 2, 2014 for a period of one (1) year, and to pay interest on the unpaid principal balance hereof at the rate of ten percent (10%) (the “Interest Rate”) per annum from the date hereof (the “Issue Date”) until the same becomes due and payable, whether at maturity or upon acceleration or by prepayment or otherwise. 
 
2.)
Equity Security in the amount of 4,000,000 shares of restricted stock to be issued at a value of $0.0125 or $50,000.


 
 
      /s/ Sean Sego  
Sean P Sego
Note Holder
  
 
 
      /s/ Robert Chance  
Robert Chance
President/Chief Executive Officer
National Automation Services, Inc.