DEMAND NOTE $475,000.00 March 31, 2006
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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