Document:

Exhibit 10.2

 

EXECUTION VERSION

 

INTERCREDITOR AGREEMENT

 

This INTERCREDITOR AGREEMENT,
dated as of November 29, 2016, (this “Agreement”), is among NXT-ID, INC., a Delaware corporation (the
“Company”), Alpha Capital Anstalt (“Alpha”), Osher Capital Partners LLC (“Osher”),
Anson Investments Master Fund LP (“Anson” and together with Alpha and Osher, the “Investors”),
and LogicMark Investment Partners, LLC (“Seller” and, together with Investors, the “Lenders”
and the “Secured Parties”).

 

W I T N E S S E T H:

 

WHEREAS, on or about July
25, 2016, the Company issued a Secured Subordinated Promissory Notes to Seller in the original aggregate principal amount of $2,500,000.00
(the “Original Note”), and the Company and Seller entered in a Security Agreement (the “Seller Security
Agreement”) to secure the Original Note; and

 

WHEREAS, on or about November
28, 2016, the Seller assigned a portion of the Original Note to some of the Investors and the Company reissued the assigned portion
of the Original Note to the Investors (the portion of the Original Note assigned to Investor, being the “Investor Notes”,
and the portion of the Original Note retained by Seller, being the “Seller Note”, are collectively referred
to herein as the “Notes”) pursuant to that certain Exchange Agreement dated November 28, 2016.

 

NOW, THEREFORE, in consideration
of the agreements herein contained and for other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto hereby agree as follows:

 

1.       Each
Investor agrees that the Company’s obligation to make any payment in respect of any obligations under such Investor’s
Investor Note, including any costs and expenses (including, without limitation, reasonable
attorneys’ fees) due thereunder (collectively, the “Investor Note Obligations”),
shall be subordinate and junior in right of payment to all obligations under the Seller Note, including any costs
and expenses (including, without limitation, reasonable attorneys’ fees) due thereunder (collectively,
the “Seller Note Obligations”). So that the Seller Note Obligations shall be paid indefeasibly in full
prior to payment of any Investor Note Obligations, any payments that are received by any Investor from the Company in respect of
the Investor Note Obligations shall be deemed to have been received by such Investor for the benefit of Seller and each Investor
hereby agrees to hold any such payment in trust for the benefit of the Seller and promptly turn any such payment over to Seller
for application to the Seller Note Obligations.

 

2.       All
proceeds of Collateral (as defined in the Seller Security Agreement) shall be distributed in accordance with the following priorities,
to the extent permitted by law: (1) first, to indefeasibly pay in full the Seller Note Obligations;
and (2) second to indefeasibly pay in full each Investor’s Investor Note, including any costs
and expenses (including, without limitation, reasonable attorneys’ fees) due thereunder,
pari passu in proportion to the respective principal amounts of each Investor’s Investor Note, with any residential
proceeds being paid to the Company. Each Investor agrees that should it receive any rents or proceeds from the sale, liquidation,
casualty or other disposition of any of the Collateral at any time prior to indefeasible payment in full of all Seller Note Obligations,
it will (unless otherwise restricted by law) hold the same in trust for Seller and promptly pay over the same to Seller for application
to the Seller Note Obligations. Seller agrees that to the extent it receives rents or proceeds from the sale, liquidation, casualty
or other disposition of any of the Collateral following indefeasible repayment in full of the Seller Note Obligations, Seller shall
(unless otherwise restricted by law) hold all remaining proceeds in trust for Investors and promptly pay over the same as jointly
directed in writing by Investors for application to the Investor Note Obligations.

 

     

     

    

EXECUTION VERSION

 

3.       Until
all of the Seller Note Obligations have been paid in full and satisfied in cash and all commitments thereunder have been terminated,
Investors shall not, without the prior written consent of Seller, (a) take any action to accelerate payment of the Investor Note
Obligations or to foreclose or realize upon or enforce any of its rights with respect to the Collateral with respect to any of
the Investor Note Obligations, (b) contest, protest or object to any enforcement action, application of monies or proceeds or proceeding
brought by Seller, or any other exercise by Seller of any rights and remedies under the Seller Note, or (c) amend or otherwise
modify the terms of an Investor Note.

 

4.       In
consideration of Seller’s forbearance with respect to the Seller Note and agreement to assign to Investors the Investor Notes,
Seller’s agreements herein and other good and valuable consideration, each Investor acknowledges, agrees and affirms that
such Investor does not possess, and hereby waives, any and all liability, claims, demands, damages, costs, expenses, actions and
causes of action, in law or in equity (collectively, “Claims”), against Seller or any of its affiliates, heirs,
successors or assigns with respect to the Notes, including any Claim for repayment, restoration, or return, in whole or in part,
of any payment previously paid or transferred to Seller in full or partial satisfaction of the Seller Note, as a result of such
payment or transfer, or the incurrence of the obligation so satisfied, being void, voidable, or otherwise recoverable under any
state or federal law.

 

5.       All
questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by and construed
and enforced in accordance with the internal laws of the State of Delaware, without regard to the principles of conflicts of law
thereof. Each party agrees that all proceedings concerning the interpretations, enforcement and defense of the transactions contemplated
by this Agreement and the Notes (whether brought against a party hereto or its respective affiliates, directors, officers, shareholders,
partners, members, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the State of
Delaware. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the State
of Delaware for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby
or discussed herein, and hereby irrevocably waives, and agrees not to assert in any proceeding, any claim that it is not personally
subject to the jurisdiction of any such court, that such proceeding is improper. Each party hereto hereby irrevocably waives personal
service of process and consents to process being served in any such proceeding by mailing a copy thereof via registered or certified
mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement
and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein
shall be deemed to limit in any way any right to serve process in any manner permitted by law. Each party hereto hereby irrevocably
waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out
of or relating to this Agreement or the transactions contemplated hereby. If any party shall commence a proceeding to enforce
any provisions of this Agreement, then the prevailing party in such proceeding shall be reimbursed by the other party for its reasonable
attorney’s fees and other costs and expenses incurred with the investigation, preparation and prosecution of such proceeding.

 

6.       This
Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and,
all of which taken together shall constitute one and the same Agreement. In the event that any signature is delivered by facsimile
or other electronic transmission, such signature shall create a valid binding obligation of the party executing (or on whose behalf
such signature is executed) the same with the same force and effect as if such signature were the original thereof.

 

[SIGNATURE PAGES FOLLOW]

    	 	2	 

     

    

EXECUTION VERSION

 

IN WITNESS WHEREOF, the
parties hereto have caused this Intercreditor Agreement to be duly executed on the day and year first above written.

 

THE COMPANY:

 

	Nxt-ID, Inc.	 
	 	 	 
	
        By:
	 	 
	
        Name:
	 	 
	Its:	 	 

 

	
        Notice Address: 
	 	 
	 	 	 
	 	 	 

 

	INVESTORS:	 
	 	 	 
	Alpha Capital Anstalt	 
	 	 	 
	
        By:
	 	 
	
        Name:
	 	 
	Its:	         	 

 

	
        Notice Address: 
	 	 
	 	 	 
	 	 	 

 

	Osher Capital Partners LLC	 
	 	 	 
	
        By:

        
	 	 
	
        Name:

        
	   	 
	Its:	 	 

 

	
        Notice Address: 
	 	 
	 	 	 
	 	 	 

 

	Anson Investments Master Fund LP	 
	 	 	 
	By:	 	 
	Name:	        	 
	Its:	 	 

 

	
        Notice Address: 
	 	 
	 	 	 
	 	 	 

 

	SELLER: 	 
	 	 	 
	LogicMark Investment Partners, LLC	 
	 	 	 
	By:	 	 
	Name:	       	 
	Its:	 	 

 

	
        Notice Address: 
	 	 
	 	 	 
	 	 	 

 

 

3Exhibit 10.3

 

LOGICMARK,
LLC

Logicmark Investment Partners,
LLC

1359 Barclay
Boulevard

Buffalo Grove, Illinois 60089

 

November 29, 2016

 

VIA EMAIL

 

Nxt-ID, Inc.

285 North Drive, Suite D

Melbourne, FL 32934

Email: gino@nxt-id.com

Attn: Gino Pereira

 

	Re:	$2,500,000 loan (the “Loan”) from Logicmark Investment Partners, LLC (the “Lender”)
to Nxt-ID, Inc. (“Borrower”)

 

Dear Gino:

 

Reference is hereby made to the above-referenced
Loan as evidenced by that certain Secured Subordinated Promissory Note issued by Borrower to the order of Lender on July 25, 2016
in the original principal amount of $2,500,000 (the “Original Note”) and the forbearance letter agreement dated
September 23, 2016 between Lender and Borrower (the “Original Forbearance Agreement”). All capitalized terms
not otherwise defined herein shall have the meanings described to them in the Original Forbearance Agreement.

 

Concurrently herewith, Lender and Borrower
are entering into an Assignment and Assumption Agreement with certain investors (“Note Purchasers”) pursuant
to which Note Purchasers are purchasing Lender’s rights to $1,500,000 of principal (but excluding any accrued and unpaid
interest thereon) under the Original Note for the aggregate purchase price of $1,500,000 (the “Note Assignment”).
Lender retained its rights with respect to the remaining $1,000,000 of principal under the Original Note, as well as the accrued
interest and unpaid interest on the entire original principal amount thereof (the replacement note for such retained portion being
the “Retained Note”). Borrower was unable to pay its obligations under the Retained Note in accordance with
the Original Forbearance Agreement (the “Additional Default”), which constitutes a Forbearance Default under
the Original Forbearance Agreement and permits Lender to take action with respect to the Potential Default under the Retained Note.
Borrower has requested that Lender (a) waive its right to have interest accrue on the Loan at the Default Rate as result from the
Potential Default or the Additional Default, (b) forbear from exercising Lender’s rights in respect of the Potential Default
or the Additional Default during the Extended Forbearance Period (as hereinafter defined), and (c) further extend the payment terms
of the Retained Note, and Lender is willing to waive such rights and provide such extension, for a limited period of time, all
on the terms and provisions set forth in this letter.

 

     

     

    

 

NXT-ID, INC.

November 29, 2016

Page 2

 

Subject to the terms and conditions of this
letter, including, without limitation, Borrower’s satisfaction of the obligations undertaken hereunder, and solely during
the Extended Forbearance Period, Lender agrees not to exercise any of its rights and remedies in respect of the Potential Default
or the Additional Default, including the right to collect interest in respect of the Loan at the Default Rate (but Lender shall
not be deemed to have waived its other rights in respect of the occurrence of any other Event of Default or Forbearance Default).
For purposes of this letter, (a) “Extended Forbearance Period” means the period beginning on the date hereof
and ending on the Extended Termination Date, (b) “Extended Termination Date” means the earlier to occur of (i)
April 15, 2017, and (ii) the date upon which a Forbearance Default occurs, and (c) “Forbearance Default” means
(i) the occurrence of any Event of Default (other than the Potential Default) or any Forbearance Default (other than the Additional
Default), (ii) the failure of Borrower to comply with any term, condition or covenant set forth in this letter, or (iii) an event
or circumstance with respect to which any representation or warranty made by Borrower under or in connection with this letter shall
prove to be untrue.

 

The obligation of Lender to agree to forbear
from taking action in respect of the Potential Default or the Additional Default during the Extended Forbearance Period is subject
to the Borrower’s satisfaction of all of the following conditions:

 

		1.	Note Assignment and Retained Note Payments.

 

		a.	On the date hereof, Note Purchasers shall pay Lender an aggregate amount of $1,500,000 in immediately
available funds in accordance with the Note Assignment.

 

		b.	From the funds received by Lender in accordance with Section 1(a), Lender will fund into the Escrow
Account the following amount (the “Funded Escrow Amount”) at such time as Borrower has fully funded the Escrow
Account in accordance with Section 1(c):

 

		i.	$350,000 (i.e., the amount of prior Note payments made by Borrower); minus
		ii.	The sum of (A) the amount of accrued and unpaid interest under the Retained Note through the date
hereof (i.e., accrued and unpaid interest on $2,500,000 of original principal), plus (B) the amount of interest that will accrue
under the Retained Note from the date hereof until April 15, 2017 (i.e., that will accrue on $1,000,000 of retained principal).

 

		c.	On or before the Forbearance Termination Date, Borrower shall fund into the Escrow Account an amount
equal to (i) $1,000,000, minus (ii) the Funded Escrow Amount.

 

     

     

    

 

NXT-ID, INC.

November 29, 2016

Page 3

 

		2.	Note Purchaser Notes.

 

		a.	On the date hereof, Borrower shall have delivered to Lender the Intercreditor Agreement from Note
Purchaser in the form attached as Exhibit A hereto.

 

		b.	Borrower agrees not to amend or otherwise modify the terms of the portion of the Original Note
acquired by the Note Purchaser, other than for the amendment and restatement effected on the date hereof pursuant to the Exchange
Agreement between Note Purchasers and Borrower, without the prior written consent of Lender.

 

		3.	Representations and Warranties. In order to induce Lender to enter into this letter, Borrower
hereby represents and warrants to Lender that:

 

		a.	no Event of Default (other than the Potential Default) or Forbearance Default (other than the Additional
Default) has occurred, is anticipated to occur or is continuing;
	 	 	 
		b.	Borrower has used, and shall continue to use, best efforts to expeditiously raise equity capital
sufficient to meet its obligations under, and in accordance with, the Original Note, the Retained Note, the Purchase Agreement
and this letter;
	 	 	 
		c.	Borrower has the power and authority to execute, deliver and perform this letter and has taken
all necessary action to authorize its execution, delivery and performance of this letter;
	 	 	 
		d.	this letter has been duly executed and delivered by Borrower and constitutes the legal, valid and
binding obligation of Borrower, enforceable against it in accordance with its terms, except as such enforceability may be limited
by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally and
by general principles of equity; and
	 	 	 
		e.	neither the execution and delivery of this letter, nor the consummation of the transactions contemplated
hereby, will conflict with, result in a breach of, constitute a default under, result in the acceleration of, create in any party
the right to accelerate, terminate, modify, or cancel, or require any notice under any agreement to which Borrower is a party.

 

		4.	Indemnification. Borrower agrees to indemnify and hold harmless Sellers from and against
the entirety of any Adverse Consequences suffered by Sellers as a result of Borrower’s breach of any of its representations,
warranty or covenant in this letter.

 

Except as expressly provided herein, nothing
in this letter shall be construed as a waiver of or acquiescence to any Event of Default or Forbearance Default that may now or
hereafter exist in connection the Retained Note, the subordinated security agreement or any other agreements, documents and instruments
executed or delivered in connection with the Loan (collectively, the “Loan Documents”). Except as expressly
provided herein, the execution and delivery of this letter shall not (a) constitute an extension, modification, or waiver of any
term or aspect of any of the Loan Documents; (b) extend the terms of the Loan or the due date of any of the obligations thereunder;
(c) give rise to any obligation on the part of Lender to extend, modify or waive any term or condition of any of the Loan Documents;
(d) give rise to any defenses or counterclaims to the right of Lender to compel payment of the obligations, or to otherwise enforce
its rights and remedies, under the Loan Documents; or (e) serve to effect a novation of the Loan obligations. Except as expressly
limited herein, Lender hereby expressly reserves all of its rights and remedies under the Loan Documents and under applicable law
and, from and after the Extended Termination Date, Lender shall be entitled to enforce the Loan Documents according to the terms
thereof.

 

     

     

    

 

NXT-ID, INC.

November 29, 2016

Page 4

 

Borrower, hereby (a) ratifies and reaffirms
all of its payment and performance obligations, contingent or otherwise, under each of the Loan Documents (after giving effect
hereto) and (b) to the extent Borrower granted liens on or security interests in any of its property pursuant to any such Loan
Document as security for its obligations under or with respect to the Loan Documents, ratifies and reaffirms such grant of security
interests and liens and confirms and agrees that such security interests and liens hereafter secure all of the Loan obligations
as amended hereby. Borrower hereby consents to this letter and acknowledges that each of the Loan Documents remains in full force
and effect and is hereby ratified and reaffirmed.

 

In consideration of the agreements of Lender
set forth herein, Borrower hereby releases, remises, acquits and forever discharges Lender, and each of its respective employees,
agents, representatives, consultants, attorneys, officers, managers, members, directors, partners, fiduciaries, predecessors, successors
and assigns, subsidiary corporations, parent corporations and related corporate divisions (collectively, the “Released
Parties”), from any and all actions, causes of action, judgments, executions, suits, debts, claims, demands, liabilities,
obligations, damages and expenses of any and every character, known or unknown, direct or indirect, at law or in equity, of whatever
nature or kind, whether heretofore or hereafter arising, for or because of any matter of things done, omitted or suffered to be
done by any of the Released Parties prior to and including the date of execution hereof, and in any way directly or indirectly
arising out of any or in any way connected to this letter, the Retained Note or any other Loan Agreements (collectively, the “Released
Matters”). Borrower hereby acknowledges that the foregoing releases in this letter are intended to be in full satisfaction
of all or any alleged injuries or damages arising in connection with the Released Matters. Borrower hereby represents and warrants
to Lender that it has not purported to transfer, assign or otherwise convey any right, title or interest in any Released Matter
to any other Person and that the foregoing constitutes a full and complete release of all Released Matters.

 

Borrower, on behalf of itself and its affiliates
and each of its and their respective successors, assigns, and other legal representatives, hereby absolutely, unconditionally and
irrevocably, covenants and agrees with and in favor of each of the Released Parties that it will not sue (at law, in equity, in
any regulatory proceeding or otherwise) any Released Party on the basis of any Released Matters released, remised and discharged
by such Person pursuant to this letter. If Borrower or any of its affiliates, successors, assigns or other legal representatives
violates the foregoing covenant, Borrower shall be obligated to pay, in addition to such other damages as any Released Party may
sustain as a result of such violation, all attorneys’ fees and costs incurred by any Released Party as a result of such violation.

 

     

     

    

 

NXT-ID, INC.

November 29, 2016

Page 5

 

Borrower hereby agrees to execute and deliver
or cause to be executed and delivered, from time to time, as and when requested by Lender, all such documents, instruments and
agreements and to take or cause to be taken such further or other action as Lender may reasonably deem necessary or desirable in
order to carry out the intent and purposes of this letter, the Retained Note and the other Loan Documents.

 

This letter may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an
original and all of which taken together shall constitute one and the same agreement. Delivery of an executed signature page to
this letter by facsimile transmission or otherwise transmitted or communicated by email shall be as effective as delivery of a
manually executed counterpart of this letter.

 

	Very truly yours,	 	 
	 	 	 	 
	LOGICMARK INVESTMENT PARTNERS, LLC	 	 
	 	 	 	 
	By: 	/s/
Sarah Wuellner	 	 
	Name:	Sarah Wuellner	 	 
	Title: 	Manager	 	 
	 	 	 	 
	Agreed and accepted:	 	 
	 	 	 	 
	NXT-ID, INC.	 	 
	 	 	 	 
	By:	/s/ Gino Pereira	 	 
	Name:	Gino Pereira	 	 
	Title:	Chief Executive Officer	 	 
	 	 	 	 
	cc:	David
    E. Danovitch, Esq. (ded@robinsonbrog.com)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00264-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00264-of-00352.parquet"}]]