Loan and Conversion Agreement between Boomerang Systems, Inc. and Mark R. Patterson Revocable Trust
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Summary
Boomerang Systems, Inc. agrees to accept a $100,000 loan from the Mark R. Patterson Revocable Trust. The agreement states that once the company finalizes its private placement of convertible notes and warrants, the loan will be converted into an equivalent amount of those securities, as if the lender had participated directly in the private placement. Both parties have signed to confirm their acceptance of these terms.
EX-10.42 2 v245733_ex10-42.htm EXHIBIT 10.42 Unassociated Document
Exhibit 10.42
 | 355 Madison Ave |
| Morristown, NJ 07960 | |
| P: (973) 538-1194 | |
| F: (973) 538-1196 | |
| www.boomerangsystems.com | |
| We Make Real Estate TM |
November 1, 2011
Dear Investor:
You hereby loan to the Company $100,000. You agree that upon the finalization of the documents related to the private placement by the Company of convertible notes and warrants that you will convert the loan into an equivalent amount of convertible note and warrants being issued in such private placement as if you had invested the amount of loan in the private placement. Please acknowledge your agreement to the foregoing.
| Sincerely, | Agreed and Accepted: | ||
| /s/ Joseph R. Bellantoni | /s/ Mark R. Patterson | ||
| Joseph R. Bellantoni | Mark R. Patterson | ||
| CFO | Mark R. Patterson Revocable Trust |
