EXHIBIT 10.2

FIRST AMENDMENT
Dated as of January 22, 2020

to the

AMENDED AND RESTATED

REVOLVING PROMISSORY NOTE AND SECURITY AGREEMENT
Dated as of November 5, 2018

This FIRST AMENDMENT TO THE AMENDED AND RESTATED REVOLVING PROMISSORY NOTE AND
SECURITY AGREEMENT (this “Amendment”), dated as of January 22, 2020, is entered
into by and among ASPEN GROUP, INC, as maker (the “Maker”), UNITED STATES
UNIVERSITY, INC. (“USU”) and ASPEN UNIVERSITY INC. (“AUI” and, together with
USU, the “Subsidiaries”), and __________________, as payee (the “Payee”).

RECITALS

WHEREAS, the parties hereto have entered into that certain Amended and Restated
Revolving Promissory Note and Security Agreement dated as of November 5, 2018
(as further amended, supplemented or otherwise modified from time to time, the
“Revolving Credit Agreement”); and

WHEREAS, the parties hereto wish to make certain changes to the Revolving Credit
Agreement to the definition of Permitted Indebtedness.

NOW, THEREFORE, in consideration of the premises and the mutual agreements
contained herein and in the Revolving Credit Agreement, the parties hereto agree
as follows:

SECTION 1.  Definitions.  All capitalized terms not otherwise defined herein are
used as defined in the Revolving Credit Agreement.

SECTION 2.  Changes to the Revolving Credit Agreement.  Effective as of the date
hereof, the Revolving Credit Agreement is hereby amended as follows:  

2.1.

Clauses (x) and (y) in the definition of “Permitted Indebtedness” contained in
Section (a) of the Revolving Credit Agreement are hereby amended and restated as
follows:

“(x) the indebtedness evidenced by that certain amended and restated convertible
promissory note and security agreement dated January 22, 2020, in the face
amount of five million U.S. dollars (US$5,000,000) issued by Maker to Payee,
including, without limitation, all principal thereof and accrued and unpaid
interest thereon; (y) the indebtedness evidenced by that certain amended and
restated convertible promissory note and security agreement dated January 22,
2020, in the face amount of five million U.S. dollars (US$5,000,000) issued by
Maker to ____________, a ___________, including, without limitation, all
principal thereof and accrued and unpaid interest thereon; and”

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SECTION 3.  Miscellaneous.

3.1.

Reaffirmation of Security Interests.  The Maker (a) affirms that each of the
security interests, liens and pledges granted in or pursuant to the Revolving
Credit Agreement are valid and subsisting, and (b) agrees that this Amendment
shall in no manner impair or otherwise adversely affect any of the security
interests, liens and pledges granted in or pursuant to the Revolving Credit
Agreement.

3.2.

References to the Revolving Credit Agreement.  Upon the effectiveness of this
Amendment, each reference in the Revolving Credit Agreement to “this Agreement”,
“hereunder”, “hereof”, “herein”, or words of like import shall mean and be a
reference to the Revolving Credit Agreement as amended hereby, and each
reference to the Revolving Credit Agreement in any other document, instrument or
agreement executed and/or delivered in connection with the Revolving Credit
Agreement shall mean and be a reference to the Revolving Credit Agreement as
amended hereby.

3.3.

Effect on Revolving Credit Agreement.  Except as specifically amended by this
Amendment, the Revolving Credit Agreement and all other documents, instruments
and agreements executed and/or delivered in connection therewith shall remain in
full force and effect and are hereby ratified and confirmed.

3.4.

No Waiver.  The execution, delivery and effectiveness of this Amendment shall
not operate as a waiver of any right, power or remedy of the Payee under the
Revolving Credit Agreement or any other document, instrument or agreement
executed in connection therewith, nor constitute a waiver of any provision
contained therein, except as specifically set forth herein.

3.5.

Governing Law.  This Amendment shall be governed by, and construed and enforced
in accordance with, the substantive laws of the State of New York applicable to
contracts made between residents of that state, entered into and to be wholly
performed within that state, notwithstanding the parties’ actual states of
residence or legal domicile if outside that state and without reference to any
conflict of laws or similar rules that might otherwise mandate or permit the
application of the laws of any other jurisdiction.     

[Signatures Follow]

2

  

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed as of the day and year first above written.

MAKER

ASPEN GROUP, INC.

By___________________________

     Michael Mathews

     Chairman and Chief Executive Officer

SUBSIDIARIES

UNITED STATES UNIVERSITY, INC.,

a Delaware corporation

By______________________________

     Michael Mathews

     Chief Executive Officer

ASPEN UNIVERSITY INC.,

a Delaware corporation

By______________________________

     Michael Mathews

     Chief Executive Officer

Accepted and Agreed:

PAYEE:

_________________________

By______________________________

Name: __________________

Title: ____________