Demand Note and Convertible Option Agreement between Circuit Research Labs, Inc. and Jayson Russell Brentlinger
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Summary
Circuit Research Labs, Inc. agrees to pay Jayson Russell Brentlinger $475,000 on demand, with interest at 11.5% until the note is paid or converted. Brentlinger has the right to convert the debt into common stock at $0.50 per share or preferred shares at $100 per share, both with options to convert to common stock. The conversion right remains for one year, even if the note is repaid, and allows for the purchase of up to 950,000 common shares. This agreement outlines repayment, interest, and conversion options for the loan.
EX-10.2 3 p72142exv10w2.htm EXHIBIT 10.2 exv10w2
Exhibit 10.2
DEMAND NOTE
| $475,000.00 | March 31, 2006 |
Circuit Research Labs, Inc. will pay upon demand the sum of Four Hundred Seventy-Five Thousand Dollars ($475,000.00) in cash with and upon demand by Jayson Russell Brentlinger.
Terms are: 30 day Demand Note Right of Conversion into Common Stock at $0.50 per share;
Or
Preferred Shares at $100.00 per Share with 11.5% coupon also Convertible into Common Shares at $0.50 per share.
Interest on Demand Note will be 11.5% until converted or paid in full.
Right of Conversion shall apply even if Note is repaid for a period of one year from this date. This right of Conversion shall become options to purchase Common Stock at $0.50 per share for up to 950,000 shares of Common Stock.
C. Jayson Brentlinger | Jayson Russell Brentlinger | |
President, CEO, Chairman | ||
Orban/CRL |
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