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Exhibit 10.6

 
PROMISSORY/ CONVERTABLE NOTE

Three hundred sixty thousand dollars and no cents ($360,000.00)
(Principal Amount)

Dated:           February 11th, 2010
 

 Executed at:   Vista, California      (City, State)   

FOR THE FOLLOWING: Loan of  Three hundred sixty thousand dollars and no cents
($360,000.00) and other good and valuable consideration, the receipt of which is
hereby acknowledged, EcoBlu Products, Inc., (“EcoBlu”) promises to pay to Lanham
& Lanham, LLC, located at 28562 Oso Parkway, Unit D, Rancho Santa Margarita, CA
92688; or such address as may be designated in writing by Randall J. Lanham,
Esq. or by any holder of this Note, the sum of Three hundred sixty thousand
dollars and no cents ($360,000.00).  The repayment of this Note (including
principal and interest, if any) is due in full on or before February 11th 2013
and thereafter upon demand.

This Note shall bear a compounded interest rate of 5 percent (5%) per annum
beginning February 11th 2010 and continuing until principal and interest are
fully paid.  Until such time there will be no interest accruing.

TERMS OF REPAYMENT:

1.  
This Note may be prepaid in whole or in part without penalty.

2.           The company may have the right at its sole discretion to pay this
note back in cash at any time prior to the holder exercising the warrants. If
the company chooses to settle this note in whole or in part utilizing cashless
warrants the company may issue the note holder 110% of the amount pledged
towards warrants. The cashless warrants will have a 5-year life with a Strike
Price of fifty cents (.50) a share.

3.           All parties to this Note, including the Undersigned jointly and
severally waive presentment, notice or dishonor and diligence in collecting and
all agree to remain fully obligated under the terms of this Note even if,
without notice, the time for payment is extended; or the Note is renewed or
modified; or one of the parties is released or discharged; or the release or
substitution of any collateral given as security for the payment of the Note.

4.           If any provision herein is be determined to be unlawful, it is
hereby agreed that this Note shall remain in full force and effect and shall be
construed as if the provision determined to be unlawful was never contained
herein and a reasonable provision shall be substituted therein.  This Agreement
shall be construed and interpreted in accordance with the laws of the State of
California.
 

 
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TERMS OF CONVERSION:

5. After February 11th, 2011, the Holder may make up to three demands (or, if
Form S-1 or any similar short-form registration statement is available, an
unlimited number of demands) to register his/her/its Common Stock.  The Holder
will pay all registration, underwriting, legal and other expenses, up to
relating to the demand registrations, and will provide appropriate
indemnification.  Lanham & Lanham, LLC shall have unlimited piggyback rights,
subject to the Company having first priority to issue primary shares on
Company-initiated registrations. The Company will pay all expenses, etc.
relating to the piggyback registrations, and will provide appropriate
indemnification.

AGREED:                                                                           WITNESS:
ECOBLU PRODUCTS, INC.

/s/ Steve Conboy                                                            
/s/Mark Vuozzo                        
                                           
Steve Conboy, President

AGREED:
LANHAM & LANHAM, LLC

/s/ Randall J. Lanham                                            
Randall J. Lanham
 
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