Altholtz Trust Note Conversion Agreement with Secured Financial Network, Inc. (March 25, 2008)
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Summary
The Melainie S. Altholtz Irrevocable Trust and Secured Financial Network, Inc. agree to convert a $200,000 note dated September 26, 2006, into company common stock. The Trust will receive 2,000,000 shares currently held as collateral, which will become freely tradable upon release from escrow, and an additional 1,000,000 shares of Rule 144 Common Stock. Secured Financial Network, Inc. will provide the necessary paperwork to remove any restrictive legend from the shares.
EX-4.1 2 exhibit_4-1.htm ALTHOLTZ CONVERSION LETTER DATED 3/25/08 exhibit_4-1.htm
EXHIBIT 4.1
March 25, 2008
Jeffrey Schultz
President/CEO
Secured Financial Network, Inc.
1180 SW 36th Ave., suite 204
Pompano Beach, Fl 33069
Subject: Conversion of Outstanding Note to SFNL Common Stock
Dear Mr. Schultz,
This letter will serve as official notice to Secured Financial Network, Inc. that the Melainie S. Altholtz Irrevocable Trust hereby requests conversion of our Note dated September 26, 2006 for $200,000.
In exchange for the conversion we are willing to accept the 2,000,000 shares that are currently held as collateral for the Note. It is understood that as a condition of this conversion that the collateral shares will become freely tradable upon release from escrow. Secured will provide whatever paperwork is necessary to immediately remove the restrictive legend.
It is also understood that as additional consideration for conversion, the Melainie S. Altholtz Trust will receive an additional 1,000,000 shares of Rule 144 Common Stock.
Respectfully,
/s/ Adam Altholtz
Adam Altholtz, Trustee
1800 Second St., Suite 758
Sarasota, Fl 34236
941 ###-###-####
