Exhibit
10.2


 


CONVERTIBLE
PROMISSORY NOTE


 


THIS
NOTE AND THE SECURITIES ISSUABLE UPON CONVERSION OF THIS NOTE HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT
OF 1933, AS AMENDED, OR UNDER THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION, AND MAY NOT BE SOLD, ASSIGNED, TRANSFERRED,
PLEDGED OR OTHERWISE DISPOSED OF EXCEPT IN COMPLIANCE WITH, OR PURSUANT TO AN EXEMPTION FROM, THE REQUIREMENTS OF SUCH ACT OR
SUCH LAWS.


 


BIOTRICITY
INC.


 


CONVERTIBLE
PROMISSORY NOTE


 


	Principal
    Amount: US $_______________ 	Date:
    _______________


 


BIOTRICITY
INC., a Nevada corporation (the “Company”), for value received, hereby promises to pay to Helios
Alpha, LP or his, her or its permitted assigns or successors (the “Holder”),
the principal amount of $____________________ (the “Principal Amount”),
without demand, on the Maturity Date (as hereinafter defined), together with any accrued and unpaid interest due thereon.


 


This
Convertible Promissory Note (this “Note”) shall bear interest at a fixed rate of 12% per annum, beginning
on the Issue Date. Interest shall be computed based on a 360-day year of twelve 30-day months and shall be payable, along with
the Principal Amount and any fees and expenses then due and owing, on the Maturity Date. Except as set forth in Section 3.1,
payment of all principal and interest due shall be in such coin or currency of the United States of America as shall be legal
tender for the payment of public and private debts at the time of payment.


 


This
Note is a convertible promissory note referred to in that certain Subscription Agreement dated as of _______________ (the
“Subscription Agreement”), or series of like subscription agreements, among the Company and the subscribers
named therein, pursuant to which the Company is seeking to raise an aggregate of up to $15,000,000 (or such higher amount as the
Company’s Board of Directors shall determine).


 


1.
Definitions. The terms defined in this Section 1 whenever used in this
Note shall have the respective meanings hereinafter specified.


 


“Applicable
Laws” means any and all applicable foreign, federal, state and local statutes, laws, regulations, ordinances, policies,
and rules or common law (whether now existing or hereafter enacted or promulgated), of any and all governmental authorities, agencies,
departments, commissions, boards, courts, or instrumentalities of the United States, any state of the United States, any other
nation, or any political subdivision of the United States, any state of the United States or any other nation, and all applicable
judicial and administrative, regulatory or judicial decrees, judgments and orders, including common law rules and determinations.


 




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“Automatic
Conversion” means an automatic conversion of this Note to Common Stock in accordance with Section 3.1(b).


 


“Common
Stock” means the common stock, par value $0.001 per share, of the Company.


 


“Common
Stock Equivalents” means notes, debentures or shares of preferred stock of the Company that are convertible into
Common Stock or warrants or other rights to purchase Common Stock upon exercise thereof.


 


“Conversion
Shares” means the Common Stock issued or issuable to the Holder upon conversion pursuant to Section 3.


 


“Conversion
Date” shall mean the date the Company receives a Conversion Notice in accordance with Section 3.1(a) or the
date of an event that results in an Automatic Conversion under Section 3.1(b), as applicable.


 


“Conversion
Notice” shall have the meaning set forth in Section 3.1(a).


 


“Conversion
Price” means (subject in all cases to proportionate adjustment for stock splits, stock dividends, and similar transactions),
the lower of $4.00 per share or (i) in the case of an Optional Conversion, 75% of the volume weighted average price of the Common
Stock for the 5 trading days prior to the Conversion Date, (ii) in the case of an Automatic Conversion under Section 3.1(b)(i),
75% of the volume weighted average price of the Common Stock for the 20 trading days prior to the Conversion Date, (iii) in the
case of an Automatic Conversion under Section 3.1(b)(ii), 75% of the price per share of Common Stock (or conversion price
per share in the event of the sale of Common Stock Equivalents) sold in the Qualified Financing.


 


“Event
of Default” shall have the meaning set forth in Section 6.1.


 


“Holder”
or “Holders” means the person named above or any Person who shall thereafter become a recordholder of
this Note in accordance with the terms hereof.


 


“Issue
Date” means the issue date stated above.


 


“Maturity
Date” means ____, 2021 [one year from Final closing.]


 


“Optional
Conversion” means a conversion of this Note to Common Stock at the option of the Holder in accordance with Section
3.1(a).


 


“National
Exchange” means the Nasdaq Global Select Market, Nasdaq Global Market, Nasdaq Capital Market, New York Stock Exchange,
or NYSE American.


 


“Person”
means an individual, corporation, partnership, limited liability company, association, trust, joint venture, unincorporated organization
or any government, governmental department or agency or political subdivision thereof.


 




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“Qualified
Financing” means the next equity round of financing of the Company of Common Stock or Common Stock Equivalents in
a transaction or series of transactions that raises in excess of $5,000,000 in gross proceeds (excluding securities convertible
into the equity security sold in such offering).


 


“Securities
Act” means the United States Securities Act of 1933, as amended.


 


2.
GENERAL PROVISIONS.


 


2.1
Loss, Theft, Destruction of Note. Upon receipt of evidence satisfactory to the
Company of the loss, theft, destruction or mutilation of this Note and, in the case of any such loss, theft or destruction, upon
receipt of indemnity or security reasonably satisfactory to the Company, or, in the case of any such mutilation, upon surrender
and cancellation of this Note, the Company will make and deliver, in lieu of such lost, stolen, destroyed or mutilated Note, a
new Note of like tenor and unpaid principal amount dated as of the date hereof. This Note shall be held and owned upon the express
condition that the provisions of this Section 2.1 are exclusive with respect to the replacement of a mutilated, destroyed,
lost or stolen Note and shall preclude any and all other rights and remedies notwithstanding any law or statute existing or hereafter
enacted to the contrary with respect to the replacement of negotiable instruments or other securities without their surrender.


 


2.2
Prepayment. The Company shall not have the right to prepay the Note in whole
or in part prior to the Maturity Date without the prior written consent of the Holder.


 


2.3
Seniority of Note. This Note shall be senior to all other debts and liabilities
of the Company.


 


3.
CONVERSION OF NOTE.


 


3.1
Conversion.


 


(a)
Optional Conversion. Commencing six months following the Issuance Date, and at any time thereafter, at the sole election of
the Holder, any amount of the outstanding principal and accrued interest of this Note (the “Outstanding Balance”)
may be converted into that number of shares of Common Stock equal to: (i) the Outstanding Balance divided by (ii) the Conversion
Price. Partial conversions of this Note shall have the effect of lowering the outstanding principal amount of this Note. The Holder
may exercise such conversion right by providing written notice to the Company of such exercise in a form reasonably acceptable
to the Company (a “Conversion Notice”), notwithstanding, registration will be on a 10% per month basis
or until maturity at which time 100% will be registered.


 


(b)
Automatic Conversion. In each case, subject to the trading volume of the Company’s Common Stock being a minimum of $500,000
for each trading day in the 20 consecutive trading days immediately preceding the Conversion Date, this Note will automatically
convert to Common Stock at the applicable Conversion Price, upon the earlier to occur of (i) the Common Stock being listed on
a National Exchange; (ii) upon the closing of a Qualified Financing.


 




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(c)
Cancellation. Upon and as of the Conversion Date, this Note will be cancelled on the books and records of the Company and
shall represent the right to receive the Conversion Shares.


 


3.2
Delivery of Securities Upon Conversion.


 


(a)
The Company shall deliver or cause to be delivered to the Holder, the Conversion Shares within five (5) business days of the
Conversion Date.


 


(b)
Upon conversion of this Note, the Company shall take all such actions as are necessary in order to ensure that the Conversion
Shares so issued upon such conversion shall be validly issued, fully paid and nonassessable.


 


3.3
Fractional Shares. No fractional shares or scrip representing fractional shares
shall be issued upon conversion of this Note. If any conversion of this Note would create a fractional share or a right to acquire
a fractional share, the Company shall round to the nearest whole number.


 


4.
STATUS; RESTRICTIONS ON TRANSFER.


 


4.1
Status of Note. This Note is a direct, general and unconditional obligation
of the Company, and constitutes a valid and legally binding obligation of the Company, enforceable in accordance with its terms
subject, as to enforcement, to bankruptcy, insolvency, reorganization and other similar laws of general applicability relating
to or affecting creditors’ rights and to general principles of equity. This Note does not confer upon the Holder any right
to vote or to consent or to receive notice as a stockholder of the Company, as such, in respect of any matters whatsoever, or
any other rights or liabilities as a stockholder, prior to conversion hereof into Conversion Shares.


 


4.2
Restrictions on Transferability. This Note and any Conversion Shares issued
with respect to this Note, have not been registered under the Securities Act, or under any state securities or so-called “blue
sky laws,” and may not be offered, sold, transferred, hypothecated or otherwise assigned except (a) pursuant to a registration
statement with respect to such securities which is effective under the Act or (b) upon receipt from counsel satisfactory to the
Company of an opinion, which opinion is satisfactory in form and substance to the Company, to the effect that such securities
may be offered, sold, transferred, hypothecated or otherwise assigned (i) pursuant to an available exemption from registration
under the Act and (ii) in accordance with all applicable state securities and so-called “blue sky laws.” The Holder
agrees to be bound by such restrictions on transfer. The Holder further consents that the certificates representing the Conversion
Shares that may be issued with respect to this Note may bear a restrictive legend to such effect.


 


5.
COVENANTS. In addition to the other covenants and agreements of the Company set forth in this Note, the Company covenants
and agrees that so long as this Note shall be outstanding:


 


5.1
Payment of Note. The Company will punctually, according to the terms hereof,
pay or cause to be paid all amounts due under this Note, via corporate check, bank check, or wire transfer to the account and
address directed by the Holder.


 




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5.2
Notice of Default. If the Company becomes aware that any one or more events
have occurred which constitute or which, with the giving of notice or the lapse of time or both, would constitute an Event of
Default, the Company will forthwith give notice to the Holder, specifying the nature and status of the Event of Default.


 


5.3
Compliance with Laws. While this Note is outstanding, the Company will use its
reasonable best efforts to comply in all material respects with all Applicable Laws, except where the necessity of compliance
therewith is contested in good faith by appropriate proceedings.


 


5.4
Use of Proceeds. The Company shall use the proceeds of this Note for general
working capital.


 


5.5
Reservation of Stock. The Company covenants that it will at all times reserve
and keep available out of its authorized and unissued shares of Common Stock solely for the purpose of issuance upon conversion
of this Note as herein provided, free from preemptive rights or any other actual contingent purchase rights of persons other than
the Holder, not less than such number of shares of the Common Stock as shall be issuable upon the conversion of the outstanding
Principal Amount of this Note. The Company covenants that all shares of Common Stock that may be issuable upon conversion of this
Note shall, upon issue, be duly and validly authorized, issued and fully paid and nonassessable. No consent of any other party
and no consent, license, approval or authorization of, or registration or declaration with, any governmental authority, bureau
or agency is required in connection with the execution, delivery or performance by the Company, or the validity or enforceability
of this Note other than such as have been met or obtained. The execution, delivery and performance of this Note and all other
agreements and instruments executed and delivered or to be executed and delivered pursuant hereto or thereto or the securities
issuable upon conversion of this Note will not violate any provision of any existing law or regulation or any order or decree
of any court, regulatory body or administrative agency or the articles of incorporation or by-laws of the Company or any mortgage,
indenture, contract or other agreement to which the Company is a party or by which the Company or any property or assets of the
Company may be bound.


 


6.
REMEDIES.


 


6.1
Events of Default. “Event of Default” wherever used
herein means any one of the following events and the continuance of such breach for a period of twenty (20) days after there has
been given to the Company by the Holder a written notice specifying such default and requiring it to be remedied:


 


(a)
The Company shall fail to issue and deliver the Conversion Shares in accordance with Section 3, which failure continues
for ten days;


 




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(b)
Default in the due and punctual payment of the principal of, or any other amount owing in respect of (including interest and
any fees and expenses then owing), this Note when and as the same shall become due and payable which failure continues for 20
days;


 


(c)
The breach by the Company of any covenant or agreement of the Company in this Note (other than a covenant or agreement a default
in the performance of which is specifically provided for elsewhere in this Section 6.1), and the continuance of such default
for a period of ten (10) days after there has been given to the Company by the Holder a written notice specifying such default
and requiring it to be remedied;


 


(d)
The breach by the Company of any material covenant, agreement, representation or warranty of the Company contained in Section
2.1 of the Subscription Agreement;


 


(e)
The entry of a decree or order by a court having jurisdiction adjudging the Company as bankrupt or insolvent; or approving
as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Company under
the Federal Bankruptcy Code or any other applicable federal or state law, or appointing a receiver, liquidator, assignee, trustee
or sequestrator (or other similar official) of the Company or of any substantial part of its property, or ordering the winding-up
or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of 60 calendar
days;


 


(f)
The institution by the Company of proceedings to be adjudicated as bankrupt or insolvent, or the consent by it to the institution
of bankruptcy or insolvency proceedings against it, or the filing by it of a petition or answer or consent seeking reorganization
or relief under the Federal Bankruptcy Code or any other applicable federal or state law, or the consent by it to the filing of
any such petition or to the appointment of a receiver, liquidator, assignee, trustee or sequestrator (or other similar official)
of the Company or of any substantial part of its property, or the making by it of an assignment for the benefit of creditors;


 


(g)
The Company seeks the appointment of a statutory manager or proposes in writing or makes a general assignment or an arrangement
or composition with or for the benefit of its creditors or any group or class thereof or files a petition for suspension of payments
or other relief of debtors or a moratorium or statutory management is agreed or declared in respect of or affecting all or any
material part of the indebtedness of the Company;


 


(h)
Any cessation of operations by the Company or the Company admits it is otherwise generally unable to pay its debts as such
debts become due, provided, however, that any disclosure of the Borrower’s ability to continue as a “going concern”
shall not be an admission that the Borrower cannot pay its debts as they become due;


 


(i)
The Company attempts to assign this Note without the prior written consent of the Holder or consolidates with or merges into
any other entity or transfers all or substantially all of its assets to any person or entity by operation of law or otherwise;
or


 


(j)
Effects of Default. if an Event of Default occurs and is continuing, then and
in every such case (i) the Holder may declare this Note to be due and payable immediately, by a notice in writing to the Company,
and upon any such declaration, the Company shall pay to the Holder the outstanding principal amount of this Note plus all accrued
and unpaid interest through the date the Note is paid in full, together with all expenses of collection hereof, including, but
not limited to, attorneys’ fees and legal expenses, and (ii) the annual interest rate on this Note will increase to the
lower of 20% or the maximum amount allowed under Applicable Laws, provided that, if such maximum amount is determined by a court
with jurisdiction over such matter to be lower than 20%, the Company shall issue to the Holder shares of Common Stock in an amount
with a value (based on the Conversion Price for an Optional Conversion) equal to the difference between the amount of interest
the Holder would be owed based on a 20% interest rate and such lower amount based on the maximum interest rate allowed under Applicable
Law.


 




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6.2
Remedies Not Waived; Exercise of Remedies. No course of dealing between the
Company and the Holder or any delay in exercising any rights hereunder shall operate as a waiver by the Holder. No failure or
delay by the Holder in exercising any right, power or privilege under this Note shall operate as a waiver thereof nor shall any
single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or
privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by
Applicable Law. By acceptance hereof, the Holder acknowledges and agrees that this Note is one of a series of Convertible Subordinated
Promissory Notes of similar tenor issued by the Company (collectively, the “Related Notes”) and that
upon the occurrence and during the continuance of any Event of Default, the holders of a majority in original principal amount
of the Related Notes shall have the right to act on behalf of the holders of all such Notes in exercising and enforcing all rights
and remedies available to all of such holders under this Note, including, without limitation, foreclosure of any judgment lien
on any assets of the Company. By acceptance hereof, the Holder agrees not to independently exercise any such right or remedy without
the consent of the holders of a majority in original principal amount of the Related Notes.


 


7.
MISCELLANEOUS.


 


7.1
Severability. If any provision of this Note shall be held to be invalid or unenforceable,
in whole or in part, neither the validity nor the enforceability of the remainder hereof shall in any way be affected.


 


7.2
Notice. Where this Note provides for notice of any event, such notice shall
be given (unless otherwise herein expressly provided) in writing and either (a) delivered personally, (b) sent by certified, registered
or express mail, postage prepaid or (c) sent by electronic transmission, and shall be deemed given when so delivered personally,
sent by electronic transmission or mailed. Notices shall be addressed, if to Holder, to its address or e-mail address as provided
in the Subscription Agreement or, if to the Company, to its principal office.


 


7.3
Governing Law. This Note shall be governed by, and construed in accordance with,
the laws of the State of Delaware (without giving effect to any conflicts or choice of law provisions that would cause the application
of the domestic substantive laws of any other jurisdiction).


 


7.4
Forum. The Holder and the Company hereby agree that any dispute which may arise
out of or in connection with this Note shall be adjudicated before a court of competent jurisdiction in the State of New York
and they hereby submit to the exclusive jurisdiction of the courts of the State of New York, as well as to the jurisdiction of
all courts to which an appeal may be taken from such courts, with respect to any action or legal proceeding commenced by either
of them and hereby irrevocably waive any objection they now or hereafter may have respecting the venue of any such action or proceeding
brought in such a court or respecting the fact that such court is an inconvenient forum.


 




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7.5
Maximum Payments. Nothing contained
herein shall be deemed to establish or require the payment of a rate of interest or other charges in excess of the maximum permitted
by applicable law. In the event that the rate of interest required to be paid or other charges hereunder exceed the maximum permitted
by such law, any payments in excess of such maximum shall be credited against amounts owed by the Company to the Holder and thus
refunded to the Company.


 


7.6
Headings. The headings of the Articles and Sections of this Note are inserted
for convenience only and do not constitute a part of this Note.


 


7.7
Amendments. This Note may be amended or waived only with the written consent
of the Company and the holders of a majority in original aggregate principal amount of the Related Notes. Any such amendment or
waiver shall be binding on all holders of the Notes, even if they do not execute such consent, amendment or waiver.


 


7.8
No Recourse Against Others. The obligations of the Company under this Note are
solely obligations of the Company and no officer, employee or stockholder shall be liable for any failure by the Company to pay
amounts on this Note when due or perform any other obligation.


 


7.9
Assignment; Binding Effect. This Note may not be assigned by the Company without
the prior written consent of the Holder and any unauthorized assignment shall be null and void ab initio. This Note shall be binding
upon and inure to the benefit of both parties hereto and their respective permitted successors and assigns.


 


7.10
Non-circumvention. The Company hereby covenants and agrees that the Company
will not, by amendment of its articles of incorporation, bylaws or through any reorganization, transfer of assets, consolidation,
merger, scheme of arrangement, dissolution, issue or sale of securities, or any other voluntary action, avoid or seek to avoid
the observance or performance of any of the terms of this Note, and will at all times in good faith carry out all of the provisions
of this Note and take all action as may be required to protect the rights of the Holder of this Note.


 




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In
Witness Whereof, the Company has caused this
Note to be signed by its duly authorized officer on the date hereinabove written.


 


	 	Biotricity
    Inc.
	 	 
	 	By:	 
	 	Name:	Waqaas
    Al-Siddiq
	 	Title:	CEO


 




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