Amendment to 8% Convertible Note Due 2010 Between Broadcast International, Inc. and Leon Frenkel

Contract Categories: Business Finance › Note Agreements
Summary

Broadcast International, Inc. and Leon Frenkel have agreed to amend the terms of an 8% Convertible Note originally issued in 2006 for $1,000,000. The amendment sets the conversion price at $0.01 per share and changes the final maturity date to the earlier of October 31, 2014, or the termination date of a proposed merger with Wireless Ronin, Inc. All other terms of the original note remain unchanged.

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EX-10.2 3 ex10_2.htm EXHIBIT 10.2 Unassociated Document
Exhibit 10.2
AMENDMENT
TO
8% CONVERTIBLE NOTE DUE 2010

OF

BROADCAST INTERNATIONAL, INC.


Original Principal Amount:  $1,000,000
Original Issuance Date:  October 16, 2006



Whereas,  THIS AMENDMENT TO THE 8% CONVERTIBLE NOTE dated October 16, 2006, as amended (the “Note”) is entered into, by and between Broadcast International, Inc., a Utah corporation (the “Company”) and Leon Frenkel (“Holder”);


Now therefore, the Note is hereby amended as follows:


Section I(b).   Definitions is hereby amended to provide that (i) the “Conversion Price” shall be defined as $.01 per share and (ii) the “Final Maturity Date shall be the earlier of October 31, 2014 or the date on which the proposed merger of the Company and Wireless Ronin, Inc. is terminated.
 

All other terms and conditions of the Note, as amended, shall continue in full force and effect.

IN WITNESS WHEREOF, the Parties have amended the Note effective as of the ___ day of April, 2014.

 
BROADCAST INTERNATIONAL, INC.  
LEON FRENKEL
       
       
       
By       
 
Rodney M. Tiede,
    
 
President & CEO