Goulding Conversion Letter Agreement with Secured Financial Network, Inc. (March 25, 2008)
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Summary
This letter agreement is between Dr. Richard Goulding and Secured Financial Network, Inc. Dr. Goulding requests to convert a $100,000 note dated October 30, 2006, into 1,000,000 shares of the company's common stock, which are currently held as collateral. Upon conversion, these shares will become freely tradable, and Secured Financial Network will provide the necessary paperwork to remove any restrictions. Additionally, Dr. Goulding will receive 500,000 extra shares of Rule 144 Common Stock as further consideration for the conversion.
EX-4.2 3 exhibit_4-2.htm GOULDING CONVERSION LETTER DATED 3/25/08 exhibit_4-2.htm
EXHIBIT 4.2
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 Dr. Richard Goulding hereby requests conversion of our Note dated October 30, 2006 for $100,000.
In exchange for the conversion we are willing to accept the 1,000,000 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, Dr. Richard Goulding will receive an additional 500,000 shares of Rule 144 Common Stock.
Respectfully,
/s/ Richard Goulding
Dr. Richard Goulding
