BLUEGATE CORPORATION
BLUEGATE CORPORATION
Exhibit 4.2
CONVERSION OF DEBT TO EQUITY – SIGNATURE ACCEPTANCE PAGE
Instructions: To authorize your conversion of debt to equity, please complete this Signature Acceptance Page and e-mail or fax (000-000-0000) it to the attention of Xxxxxxx X. Xxxxxxx.
BLUEGATE CORPORATION
Investor Name: SAI Corporation (“SAIC”)
Address: 000 Xxxxx Xxxxxxx Xxxxxx, Xxxxx 000
Chicago, Illinois 60601
Telephone No.: (000) 000-0000
Total Debt Converted and Promissory Note and Security Agreement Modifications:
SAIC has agreed to grant a concession to Bluegate Corporation for the purchase of 10 shares of a newly created Series D Convertible non-Redeemable Preferred Stock, par value $.001, by modifying the Promissory Note and Security Agreement as follows: (1) SAIC's waiver of accrued interest of $84,740 for the period from February 1, 2010 through May 22, 2010, and (2) to waive any applicable interest payments for the period from May 23, 2010 through December 31, 2010 (estimated to be up to $109,973 without any present value effect). Effective January 1, 2011, if the Promissory Note is still in place, interest payments resume at the rate of 15% per annum.
IN WITNESS WHEREOF, the undersigned Investor has executed this Subscription Agreement on May 22, 2010.
(signed) _________________________
Investor
SAI Corporation
By: /s/ Xxxxxxx X. Xxxxxx
Xxxxxxx X. Xxxxxx
President
May 22, 2010
• 000 XXXXX XXXX XXX XXXX • SUITE 600 • HOUSTON, TEXAS 77024 • 000-000-0000 •