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AGREEMENT

Convertible Promissory Note

AGREEMENT | Document Parties: Fortress International Group, Inc You are currently viewing:
This Convertible Promissory Note involves

Fortress International Group, Inc

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Title: AGREEMENT
Governing Law: Maryland     Date: 8/30/2007
Industry: Investment Services     Sector: Financial

AGREEMENT, Parties: fortress international group  inc
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AGREEMENT
 
This Agreement (the “Agreement”) is made as of August 29, 2007 (the “Effective Date”) by and among Fortress International Group, Inc., a Delaware corporation (the “Company”), and Thomas P. Rosato (“Rosato”).
 
WITNESSETH:
 
WHEREAS, the Company issued on January 19, 2007 a Convertible Promissory Note in the amount of $5,000,000 to the order of Rosato in connection with the acquisition of TSS/Vortech (the “Rosato Note”); and

WHEREAS, the Rosato Note bears interest at six percent per year and has a term of five years; and

WHEREAS, the i nterest on the Rosato Note is payable during the first two years of Rosato Note with principal payments commencing on the second anniversary of the note and continuing throughout the balance of the term of the note in equal quarterly installments of $416,667; and

WHEREAS, the Company and Rosato desire to revise the repayment terms of the Ro

 
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