EXTENSION AGREEMENT
THIS EXTENSION AGREEMENT is made and entered into effictive the day of
NOVEMBER 1997 by and between PROFLIGHT MEDICAL RESPONSE, INC., a Colorado
corporation formerly known as PROFLIGHT, INC., ('Proflight') whose address is
0000 X. Xxxxxx, Xxxxx 000, Xxxxxxxxx, Xxxxxxxx 00000 and Xxxx Three, L.L.C.
(which is hereinafter referred to, together with each subsequent holder of this
note, as 'Holder') whose address is 0000 Xxxxx Xxxxxxxxx Xxxxxx, Xxxxxxxx,
Xxxxxxxx 00000.
RECITALS:
1. On February 6, 1997, Proflight executed its Promissory Note in favor of
Holder in the amount of $100,00.00 to $150,000.00 calling for monthly payments
due on the fifth (5th) day of each month of interest only at the rate of three
percent (3%) per month payable at a rate equal to one dollar for each one
thousand dollars loaned to Proflight by Holder (the 'Promissory Note').
2. According to the terms of the Promissory Note, the entire principal
balance, together with accrued interest, filing and related fees would be due
and payable on May 31, 1997 or upon Proflight's receipt of proceeds generated by
Initial Public Offering of common stock in Proflight, whichever was earlier.
3. On or about May 22, 1997, Proflight and Holder extended the date for
repayment of said Promissory Note from May 31, 1997 to November 30, 1997, or
upon Proflight's receipt of proceeds generated by the Initial Public Offering of
common stock in Proflight, whichever was earlier.
4. Proflight and the Holder have determined it to be in their mutual best
interests to further extend the date for repayment of all principal, together
with accrued interest, filing and related fees.
NOW THEREFORE, in consideration of their mutual promises and covenants, the
sufficiency of which is hereby acknowledged, the Parties hereto agree as
follows:
The due date for payment of the entire outstanding indebtedness
evidenced by the Promissory Note, including principal, accrued interest, filing
and related fees shall be due and is hereby extended to be payable on January
31, 1998 or upon the receipt of proceeds generated by the Initial Public
Offering of common stock in Proflight, whichever is earlier.
All other terms and conditions of the Promissory Note shall remain in
full force and effect, including the continuance of monthly interest payments as
set forth in the Promissory Note.
Dated this 17 day of November, 1997.
Proflight Medical Response, Inc. Xxxx Three, LLC
by: [signature illegible] by: [signature illegible]
_____________________________ ________________________
its: CFO its: Manager
_____________________________ ________________________
