EXHIBIT 10.10
00 Xxxxxxxxxx Xxxx
Xxxxx Xxxxx, XX 00000
unreadable text
RAPTOR
Networks Technology Inc.
_________________________________
Attn: __________________________
Via Facsimile: _________________
RE: Convertible loan to Raptor Networks Technology, Inc. (____________)
Gentlemen:
We propose to borrow the original principal sum of _________________
____________________________________________________________ Dollars U.S. from
___________________ under a Loan evidenced by a Promissory Note convertible by
the holder into Restricted Common Stock of Raptor Networks Technology, Inc. at
any time during the three (3) year period following initial funding of the Loan.
Prior to conversion, the Loan shall accrue interest at the annual rate of eight
(8%) percent. Conversion of principal and accrued interest shall be at the rate
of three and a half ($3.50) Dollars U.S. per share at any time during the term
of the Loan upon thirty (30) days prior written notice.
The Company reserves the right to force conversion if the Company stock
trades at $10.00/share or higher. If conversion into stock occurs within the
first year under these circumstances, it is agreed hereby that the full interest
for the first year shall, nevertheless, be paid to the lender.
The total amount owed (including all accrued interest) shall, in any
event, be converted into common stock at $3.50 per share on the third
anniversary of the date hereinabove mentioned. As you know, _________ already
holds a substantial amount of our Common Stock.
Your acceptance of our proposal can be accomplished by signature where
indicated below and funding of the original principal of the Loan forthwith.
Regards,
Xxxxxx X. Xxxxxxxxxxxxxxx, CEO
ACCEPTED BY:
------------------------------------- ------------------------------
By: Dated:
-----------------------------------
(Signature)
Print name:
--------------------------
Title:
-------------------------------
