Exhibit 10.2


 


8% PER ANNUM, $62,500 CONVERTIBLE NOTE


 


FOR VALUE RECEIVED, PositiveID Corp, a
Delaware corporation (the “Maker” of this Security) with at least 250,000,000 common shares issued and outstanding,
issues this Security and promises to pay to Circadian Group, an Ontario, Canada corporation, or its Assignees (the “Holder”)
the Principal Sum along with the Interest Rate (8% per year, simple interest) and any other fees according to the terms herein.
This Note will become effective upon execution by both parties (the “Effective Date”).


 


The Principal Sum is $62,500 (sixty two
thousand five hundred) plus accrued and unpaid interest and any other fees. The Consideration is $62,500 (sixty two thousand five
hundred). The Consultant shall be owed $62,500 of Consideration upon closing of this Note. The note shall bear simple interest
of 8% per year accruing from the date signed.


 


		1)	MATURITY:



 


The Maturity Date is two years from the
Effective Date of each payment (the “Maturity Date”) and is the date upon which the Principal Sum of this Note, as
well as any unpaid interest and other fees, shall be due and payable.


 


		2)	CONVERSION:



 


		a)	The Conversion Price shall be the lesser of $0.02 or 75% of the volume weighted average
of the three lowest closing bid prices in the 10 trading days prior to the conversion;
	 	 	 



		b)	Unless otherwise agreed in writing by both parties, at no time will the Holder convert any amount
of the Note into common stock that would result in the Holder owning more than 4.99% of the common stock outstanding;
	 	 	 



		c)	The Maker may not make further payments on this Note prior to the Maturity Date without written
approval from the Holder;
	 	 	 



		d)	The Holder has the right, at any time after the Effective Date, at its election, to convert all
or part of the outstanding and unpaid Principal Sum and accrued interest into shares of fully paid and non-assessable shares of
common stock of the Maker as per this conversion formula: Number of shares receivable upon conversion equals the dollar conversion
amount divided by the Conversion Price;
	 	 	 



		e)	Conversions are to be delivered to the Maker and Transfer Agent by method of the Holder’s
choice (including but not limited to email, facsimile, mail, overnight courier, or personal delivery), and all conversions shall
be cashless and not require further payment from the Holder. The Maker shall have been thereafter deemed to have irrevocably confirmed
and irrevocably ratified such notice of conversion and waived any objection thereto.
	 	 	 



		f)	The Maker shall deliver the shares from any conversion to the Holder (in any name directed by the
Holder) within 3 (three) business days of conversion notice delivery.
	 	 	 



		g)	If the Maker fails to deliver shares in accordance with the timeframe stated in Section f, the
Holder, at any time prior to selling all of those shares, may rescind any portion, in whole or in part, of that particular conversion
attributable to the unsold shares and have the rescinded conversion amount returned to the Principal Sum with the rescinded conversion
shares returned to the Maker (under the Holder’s and the Maker’s expectations that any returned conversion amounts
will tack back to the original date of the Note). In addition, for each conversion, in the event that shares are not delivered
by the fourth business day (inclusive of the day of conversion), a penalty of $2,000 per day will be assessed for each day after
the third business day (inclusive of the day of the conversion) until share delivery is made; and such penalty will be added to
the Principal Sum of the Note (under the Holder’s and the Maker’s expectations that any penalty amounts will tack back
to the original date of the Note).



 






    	 



    	 



    

 


	3)	RESERVATION OF SHARES: At all times during which this Note is convertible, the Maker will reserve
from its authorized and unissued Common Stock to provide for the issuance of Common Stock upon the full conversion of this Note.
The Maker will at all times reserve at least 7,500,000 shares of Common Stock for conversion.
	 	 



		4)	DEFAULT: The following are events of default under this Note: (i) the Maker shall fail to pay any
principal under the Note when due and payable (or payable by conversion) thereunder; or (ii) the Maker shall fail to pay any interest
or any other amount under the Note when due and payable (or payable by conversion) thereunder; or (iii) a receiver, trustee or
other similar official shall be appointed over the Maker or a material part of its assets and such appointment shall remain uncontested
for twenty (20) days or shall not be dismissed or discharged within sixty (60) days; or (iv) the Maker shall become insolvent or
generally fails to pay, or admits in writing its inability to pay, its debts as they become due, subject to applicable grace periods,
if any; or (v) the Maker shall make a general assignment for the benefit of creditors; or (vi) the Maker shall file a petition
for relief under any bankruptcy, insolvency or similar law (domestic or foreign); or (vii) an involuntary proceeding shall be commenced
or filed against the Maker; or (viii) the Maker shall lose its status as “DTC Eligible” or the Maker’s shareholders
shall lose the ability to deposit (either electronically or by physical certificates, or otherwise) shares into the DTC System;
or (ix) the Maker shall become delinquent in its filing requirements as a fully-reporting Maker registered with the SEC; or (x)
the Maker shall fail to meet all requirements to satisfy the availability of Rule 144 to the Holder or its assigns including but
not limited to timely fulfillment of its filing requirements as a fully-reporting Maker registered with the SEC, requirements for
XBRL filings, and requirements for disclosure of financial statements on its website.



 


		5)	REMEDIES: In the event of any default, the outstanding principal amount of this Note, plus accrued
but unpaid interest liquidated damages, fees and other amounts owing, in respect thereof through the date of acceleration, shall
become, at the Holder’s election, immediately due and payable in cash at the Mandatory Default Amount. The Mandatory Default
Amount means the greater of (i) the outstanding principal amount of this Note, plus all accrued and unpaid interest, liquidated
damages, fees and other amounts hereon, divided by the Conversion Price on the date the Mandatory Default Amount is either demanded
or paid in full, whichever has a lower Conversion Price, multiplied by the VWAP on the date the Mandatory Default Amount is either
demanded or paid in full, whichever has a higher VWAP, or (ii) 150% of the outstanding principal amount of this Note, plus 100%
of accrued and unpaid interest, liquidated damages, fees and other amounts hereon. Commencing five (5) days after the occurrence
of any event of default that results in the eventual acceleration of this Note, the interest rate on this Note shall accrue at
an interest rate equal to the lesser of 18% per annum or the maximum rate permitted under applicable law. In connection with such
acceleration described herein, the Holder need not provide, and the Maker hereby waives, any presentment, demand, protest or other
notice of any kind, and the Holder may immediately and without expiration of any grace period enforce any and all of its rights
and remedies hereunder and all other remedies available to it under applicable law. Such acceleration may be rescinded and annulled
by the Holder at any time prior to payment hereunder and the Holder shall have all rights as a holder of the note until such time,
if any, as the Holder receives full payment pursuant to this Section 6. No such rescission or annulment shall affect any subsequent
event of default or impair any right consequent thereon. Nothing herein shall limit the Holder’s right to pursue any other
remedies available to it at law or in equity including, without limitation, a decree of specific performance and/or injunctive
relief with respect to the Maker’s failure to timely deliver certificates representing shares of Common Stock upon conversion
of the Note as required pursuant to the terms hereof.



 


		6)	NO SHORTING: The Holder agrees that so long as this Note from the Maker to the Holder remains outstanding,
the Holder will not enter into or effect “short sales” of the Common Stock or hedging transaction which establishes
a net short position with respect to the Common Stock of the Maker. The Maker acknowledges and agrees that upon delivery of a conversion
notice by the Holder, the Holder immediately owns the shares of Common Stock described in the conversion notice and any sale of
those shares issuable under such conversion notice would not be considered short sales.



 


		7)	ASSIGNABILITY: The Maker may not assign this Note. This Note will be binding upon the Maker and
its successors and will inure to the benefit of the Holder and its successors and assigns and may be assigned by the Holder to
anyone without the Maker’s approval.



 






    	 



    	 



    

 


		8)	GOVERNING LAW. This Note will be governed by, and construed and enforced in accordance with, the
laws of the Province of Ontario, Canada, without regard to the conflict of laws principles thereof. Any action brought by either
party against the other concerning the transactions contemplated by this Agreement shall be brought only in the Provincial courts
of Ontario or in the Canadian federal courts. Both parties and the individuals signing this Agreement agree to submit to the jurisdiction
of such courts.



 


		9)	DELIVERY OF PROCESS BY THE MAKER TO THE HOLDER: In the event of any action or proceeding by the
HOLDER against the MAKER, and only by the HOLDER against the MAKER, service of copies of summons and/or complaint and/or any other
process which may be served in any such action or proceeding may be made by the Holder via U.S. Mail, overnight delivery service
such as FedEx or UPS, email, fax, or process server, or by mailing or otherwise delivering a copy of such process to the MAKER
at its last known attorney as set forth in its most recent SEC filing.



 


		10)	ATTORNEY FEES: If any attorney is employed by either party with regard to any legal or equitable
action, arbitration or other proceeding brought by such party for enforcement of this Note or because of an alleged dispute, breach,
default or misrepresentation in connection with any of the provisions of this Note, the prevailing party will be entitled to recover
from the other party reasonable attorneys' fees and other costs and expenses incurred, in addition to any other relief to which
the prevailing party may be entitled.



 


		11)	OPINION OF COUNSEL: In the event that an opinion of counsel is needed for any matter related to
this Note, the Holder has the right to have any such opinion provided by its counsel. Holder also has the right to have one such
opinion provided by Maker’s counsel at the cost of the Maker.



 


		12)	NOTICES: Any notice required or permitted hereunder (including Conversion Notices) must be in writing
and either personally served, sent by facsimile or email transmission, or sent by overnight courier. Notices will be deemed effectively
delivered at the time of transmission if by facsimile or email, and if by overnight courier the business day after such notice
is deposited with the courier service for delivery.



 





	MAKER:	 
	 	 
	Signature:	/s/
William J Caragol
	Name:	William
J Caragol
	Date:	5/11/2015
	Company
& Position:	PositiveID Corporation/CEO
	 	 
	HOLDER:	 
	 	 
	Signature:	/s/
Tyler Troup
	Name:	Tyler Troup
	Date:	5/13/15
	Company
& Position:   	Circadian  /Managing Director
	 	
	 	 





 









    	 



    	 



    




 


NOTICE OF CONVERSION


 


 


 


The undersigned hereby elects to convert
principal under the Convertible Debenture of XXXXXXX. (“XXXX”) dated 4/30/15 into shares of common stock (the "Common
Stock") according to the conditions hereof, as of the date written below. If shares are to be issued in the name of a person
other than the undersigned, the undersigned will pay a reasonable transfer expense payable with respect thereto. No fee will be
charged to the Note Holder for any conversion, except for such transfer expense, if any.





 


Conversion calculations: __________________________


 


Company Name: ________________________________


 


Date to Effect Conversion: ________________________





 


Conversion Price: _______________________________


  


The lower of $0.02 or 75% of the average of the three lowest
closing bidprices for 10 trading days prior to conversion or:


Adjusted as per Note for delayed delivery of previous conversion
(look back only)





 


Principal Amount of Agreement to be converted:____________________


 


Interest Amount of Agreement to be converted:_____________________


 


Principal Balance Remaining after this conversion:___________________


 


Number of shares of Common Stock to be issued: ___________________


 


 


Signature: _____________________


 


Manager