Document:

ex10-1.htm

    Exhibit
10.1

     

     

    THIS
NOTE, AND THE SHARES OF COMMON STOCK ISSUABLE UPON CONVERSION OF THIS NOTE (THE
“SECURITIES”)
HAVE BEEN ACQUIRED FOR INVESTMENT PURPOSES ONLY AND MAY NOT BE TRANSFERRED UNTIL
(i) A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”) SHALL
HAVE BECOME EFFECTIVE WITH RESPECT THERETO OR (ii) RECEIPT BY THE COMPANY OF AN
OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY TO THE EFFECT THAT
REGISTRATION UNDER THE ACT IS NOT REQUIRED IN CONNECTION WITH SUCH PROPOSED
TRANSFER NOR IS IN VIOLATION OF ANY APPLICABLE STATE SECURITIES LAWS. THIS
LEGEND SHALL BE ENDORSED UPON ANY NOTE ISSUED IN EXCHANGE FOR THIS NOTE AND ANY
SECURITIES ISSUABLE UPON CONVERSION OF THIS NOTE (EXCEPT AS OTHERWISE PROVIDED
BELOW).

     

    CONVERTIBLE
PROMISSORY NOTE

     

    
      	
              $172,653.00

            	
              September
      23, 2008 

            

    

     

    FOR VALUE
RECEIVED, ACIES Corporation, a Nevada Corporation (the “Company”), having an
address of 14 Wall Street, Suite 1620, New York, NY  10005, hereby
promises to pay to the order of Pinnacle Three Corporation and/or assigns (the
“Holder”), at
the offices of Holder at 1445 Windjammer Way, Hollywood, FL  33160, or
such other place as may be designated by Holder to the Company in writing, the
aggregate principal amount of One Hundred and Seventy-Two Thousand Six
Hundred and Fifty Three Dollars ($172,653), together with interest on the
unpaid principal amount hereof, upon the terms and conditions hereinafter set
forth.

     

    
      	
              1.

            	
              Loan
      Amount.  This
      Convertible Promissory Note (this “Note” or “Promissory Note”) evidences the loan of One
      Hundred and Seventy-Two Thousand Six Hundred and Fifty Three
      Dollars ($172,653), from the Holder to the Company during the months
      of August and September 2008 (hereinafter referred to as the “Loan” or the “Principal”).

            
	 
      	 
      	 
      
	
              2.

            	
              Payment
      Terms.  The Company
      promises to pay to Holder the balance of Principal, together with accrued
      and unpaid interest, on  September 23, 2009 (the “Maturity Date”), unless this Note is
      earlier prepaid as herein provided or earlier converted into Common Stock
      (as hereinafter defined) of the Company pursuant to Section 3
      hereof.  All payments hereunder shall be made in lawful money of the
      United States of America.  Payment shall be credited first to the
      accrued interest then due and payable and the remainder to
      Principal.

            
	 
      	 
      	 
      
	
              3.

            	
              Interest.  Interest
      on the outstanding portion of Principal of this Note shall accrue at a
      rate of eighteen percent (18%) per annum.  All computations of
      interest shall be made on the basis of a 360-day year for actual days
      elapsed.  Such interest shall accrue and be paid upon the Maturity
      Date of the Loan.

            

    

    

    
      	 
      	 
      	 
      
	 
      	
              a.

            	
              Notwithstanding
      any provision in this Note, the total liability for payments of interest
      and payments in the nature of interest, including all charges, fees,
      exactions, or other sums which may at any time be deemed to be interest,
      shall not exceed the limit imposed by the usury laws of the State of
      Florida or the applicable laws of the United States of America, whichever
      shall be higher (the “Maximum
      Rate”).

            
	 
      	 
      	 
      

    

    

    
      	 
      	
              b.

            	
              In
      the event the total liability for payments of interest and payments in the
      nature of interest, including, without limitation, all charges, fees,
      exactions or other sums which may at any time be deemed to be interest,
      which for any month or other interest payment period exceeds the Maximum
      Rate, all sums in excess of those lawfully collectible as interest for the
      period in question (and without further agreement or notice by, among or
      to the Holder the undersigned)
      shall be applied to the reduction of the principal balance, with the same
      force and effect as though the undersigned had specifically designated
      such excess sums to be so applied to the reduction of the principal
      balance and the Holder had agreed to accept such sums as a premium-free
      prepayment of principal; provided, however, that the Holder may, at any
      time and from time to time, elect, by notice in writing to the
      undersigned, to waive, reduce or limit the collection of any sums in
      excess of those lawfully collectible as interest rather than accept such
      sums as a prepayment of the principal balance.  The undersigned
      does not intend or expect to pay nor does the Holder intend or expect to
      charge, accept or collect any interest under this Note greater than the
      Maximum Rate.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

       

      
        
        

      

    

    
      	 
      	 
      	 
      
	 
      	
              c.

            	
              If
      any payment of principal or interest on this Note shall become due on a
      Saturday, Sunday or any other day on which national banks are not open for
      business, such payment shall be made on the next succeeding business
      day.

            

    

     

    
      	 
      	 
      	 
      
	
              4.

            	
              Option to Convert this
      Note.

            	 
      

    

     

    
      	 
      	 
      	 
      
	 
      	
              a.

            	
              At
      any time prior to the Maturity Date or prior to payment in full by the
      Company, Holder shall have the option to convert the unpaid principal
      balance of this Promissory Note, together with all accrued interest, into
      shares of common stock (the “Shares” and the
      “Common
      Stock”) of the Company  (the “Conversion
      Option”) at the conversion price of $0.02 per common share (the
      “Conversion
      Price”);

            
	 
      	 
      	 
      
	 
      	
              b.

            	
              In
      order to exercise this Conversion Option, the Holder shall surrender this
      Promissory Note to the Company, accompanied by written notice of its
      intentions to exercise this Conversion Option, which notice shall set
      forth the principal amount of this Promissory Note to be converted and
      shall be in the form of Exhibit A,
      attached hereto (“Notice of
      Conversion”). Within ten (10) business days of the Company’s
      receipt of the Notice of Conversion and this Note, the Company shall
      deliver or cause to be delivered to the Holder, written confirmation that
      the Shares have been issued in the name of the Holder;

            
	 
      	 
      	 
      
	 
      	
              c.

            	
              In
      the event of the exercise of the Conversion Option, Holder shall cooperate
      with the Company to promptly take any and all additional actions required
      to make Holder a stockholder of the Company including, without limitation,
      in connection with the issuance of the Shares, such representations as to
      financial condition, investment intent and sophisticated investor status
      as are reasonably required by counsel for the Company. Holder recognizes
      that the Shares issued upon conversion of this Note will constitute “restricted
      securities” under the Securities
      Act of 1933, as amended, and the resale of which will be subject to the
      limitations of such rules;

            
	 
      	 
      	 
      
	 
      	
              d.

            	
              The
      Company shall at all times take any and all additional actions as are
      necessary to maintain the required authority to issue the Shares to the
      Holder, in the event the Holder exercises its rights under the Conversion
      Option;

            
	 
      	 
      	 
      
	 
      	
              e.

            	
              Payment
      to Company prior to Holder’s delivery of a Notice of Conversion shall
      terminate Holder’s option to convert;

            
	 
      	 
      	 
      

    

    

    
      	 
      	
              f.

            	
              Conversion Calculations: No Fractional Shares.
      Conversion calculations pursuant to this Section 4 shall
      be rounded to the nearest whole share of Common Stock, and no fractional
      shares shall be issuable by the Company upon conversion of this Note.
      Conversion of this Note shall be deemed payment in full of this Note and
      this Note shall thereupon be cancelled;

            
	 
      	 
      	 
      
	 
      	
              g.

            	
              Anti-Dilution
      Protection. If the Company at any time or from time to time on or
      after the effective date of the  issuance of this Note (the
      “Original
      Issuance Date”) effects a subdivision of its outstanding Common
      Stock, the Conversion Price then in effect immediately before that
      subdivision shall be proportionately decreased, and conversely, if the
      Company at any time or from time to time on or after the Original Issuance
      Date combines its outstanding shares of Common Stock into a smaller number
      of shares, the Conversion Price then in effect immediately before the
      combination shall be proportionately increased;
  and

            

    

     

    
      
        
        

      

      
        -2-

        
          

        

      

       

      
        
        

      

    

    
      	 
      	 
      	 
      
	 
      	
              h.

            	
              No
      Encumbrances. All Shares of Common Stock which may be issued upon
      conversion of this Note will, upon issuance by the Company in accordance
      with the terms of this Note, be validly issued, free from all taxes and
      liens with respect to the issuance thereof (other than those created by
      the holders), free from all pre-emptive or similar rights and be fully
      paid and non assessable.

            

    

      

    
      	 
      	 
      	 
      
	
              5.

            	
              Redemption.  This
      Note may be redeemed by the Company by payment of the entire Principal and
      interest outstanding under this Note in cash to Holder.  The Company
      must provide notice to Holder not less than thirty (30) days prior to
      affecting such redemption.  During the period from providing of such
      notice to Holder and the Company affecting the redemption, the Company may
      cancel such redemption by providing notice of such cancellation to
      Holder.

            

    

     

    
      	 
      	 
      	 
      
	 
      	
              a.

            	
              This
      Note may be prepaid in whole or in part at any time without
      penalty.

            
	 
      	 
      	 
      
	 
      	
              b.

            	
              Any
      partial prepayment shall be applied to any principal Loan amount
      outstanding and shall not postpone the due date of any subsequent monthly
      installment or change the minimum amount of such monthly
      installment.

            
	 
      	 
      	 
      
	 
      	
              c.

            	
              The
      Holder may apply any and all amounts received by it for application to the
      Loan evidenced hereby in such order and manner as the Holder in its
      discretion may determine. The undersigned understands and agrees that if
      for any reason the undersigned fails to pay any amount due under this Note
      on or before the date when due, the Holder shall be entitled to damages
      for the detriment caused thereby, but that it is extremely difficult and
      impractical to ascertain the extent of such
  damages.

            

    

     

    
      	 
      	 
      	 
      
	
              6.

            	
              Representations and Warranties
      of the Company. The Company represents and warrants to Holder as
      follows:

               

            

    

     

    
      	 
      	 
      	 
      
	 
      	
              a.

            	
              The
      execution and delivery by the Company of this Note (i) are within the
      Company’s corporate power and authority, and (ii) have been duly
      authorized by all necessary corporate action.  Further, the
      undersigned is a duly authorized representative of the Company and has
      been authorized by a resolution of the board of Directors of the Company
      to exercise any and all documents necessary to effectuate the transaction
      contemplated hereby.

            
	 
      	 
      	 
      

    

    

    
      	 
      	
              b.

            	
              This
      Note is a legally binding obligation of the Company, enforceable against
      the Company in accordance with the terms hereof, except to the extent that
      (i) such enforceability is limited by bankruptcy, insolvency,
      reorganization, moratorium or other laws relating to or affecting
      generally the enforcement of creditors’ rights, and (ii) the availability
      of the remedy of specific performance or in injunctive or other equitable
      relief is subject to the discretion of the court before which any
      proceeding therefore may be
brought.

            

    

    

    
      	 
      	 
      	 
      
	
              7.

            	
              Representations, Warranties and
      Covenants of Holder. Holder represents and warrants to the Company,
      and agrees, as follows:

            

    

      

    
      	 
      	
              a.

            	
              This
      Note and any Conversion Shares issuable upon conversion of this Note are
      being acquired by Holder for its own account for investment and not with a
      view to, or for sale in connection with, any distribution
      thereof.

            

    

     

    
      
        
        

      

      
        -3-

        
          

        

      

       

      
        
        

      

    

    
      	 
      	 
      	 
      
	 
      	
              b.

            	
              Holder
      is an “accredited
      investor” within the meaning of Rule 501 under the Securities
      Act.

            
	 
      	 
      	 
      
	 
      	
              c.

            	
              Holder
      has sufficient knowledge and experience in financial and business matters
      and is capable of evaluating the risks and merits of Holder’s investment
      in the Company; Holder believes that Holder has received or had access to
      all information Holder considers necessary or appropriate to make an
      informed investment decision with respect to this Note; and Holder is able
      financially to bear the risk of losing Holder’s full investment in this
      Note.

            
	 
      	 
      	 
      
	 
      	
              d.

            	
              Holder
      understands that this Note and any Shares converted pursuant hereto have
      not been registered under the Securities Act or registered or qualified
      under any the securities laws of any state or other jurisdiction, are
      “restricted
      securities,” and cannot be resold or otherwise transferred unless
      they are registered under the Securities Act, and registered or qualified
      under any other applicable securities laws, or an exemption from such
      registration and qualification is available. Prior to any proposed
      transfer of this Note or any Shares, Holder shall, among other things,
      give written notice to the Company of its intention to effect such
      transfer, identifying the transferee and describing the manner of the
      proposed transfer and, if requested by the Company, accompanied by (i)
      investment representations by the transferee similar to those made by
      Holder in this Section 7 and (ii) an
      opinion of counsel satisfactory to the Company to the effect that the
      proposed transfer may be effected without registration under the
      Securities Act and without registration or qualification under applicable
      state or other securities laws. Each certificate for any Shares shall bear
      a legend to the foregoing effect.

            
	 
      	 
      	 
      
	 
      	
              e.

            	
              The
      Holder has read and reviewed the Company’s latest periodic and current
      report filings on the Securities and Exchange Commission’s EDGAR webpage
      at www.sec.gov,
      including the risk factors, results of operations and financial statements
      included therein;

            

    

    

    
      	 
      	 
      
	
              8.

            	
              Certain
      Waivers by the Company. 
      Except as expressly provided otherwise in this Note, the Company and every
      endorser or guarantor, if any, of this Note waive presentment, demand,
      notice, protest and all other demands and notices in connection with the
      delivery, acceptance, performance, default or enforcement of this Note,
      and assent to any extension or postponement of the time of payment or any
      other indulgence, to any substitution, exchange or release of collateral
      available to Holder, if any, and to the addition or release of any other
      party or person primarily or secondarily liable.

            
	 
      	 
      

    

    

    
      	
              9.

            	
              Assignment
      by Holder.  If
      and whenever this Note shall be assigned and transferred, or negotiated,
      including transfers to substitute or successor trustees, the holder hereof
      shall be deemed the “Holder” for all
      purposes under this Note.

            
	 
      	 
      
	
              10.

            	
              Amendment.  This Note
      may not be changed orally, but only by an agreement in writing, signed by
      the party against whom enforcement of any waiver, change, modification or
      discharge is sought.

            

    

     

    
      	
              11.

            	
              Costs
      and Fees.  Anything
      else in this Note to the contrary notwithstanding, in any action arising
      out of this Agreement, the prevailing party shall be entitled to collect
      from the non-prevailing party all of its attorneys’ fees.  For
      the purposes of this Note, the party who receives or is awarded a
      substantial portion of the damages or claims sought in any proceeding
      shall be deemed the “prevailing” party and attorneys’ fees shall mean the
      reasonable fees charged by an attorney or a law firm for legal services
      and the services of any legal assistants, and costs of litigation,
      including, but not limited to, fees and costs at trial and appellate
      levels.

            
	 
      	 
      
	
              12.

            	
              Governing
      Law.  It
      is the intention of the parties hereto that the terms and provisions of
      this Note are to be construed in accordance with and governed by the laws
      of the State of Florida, except as such laws may be preempted by any
      federal law controlling the rate of interest which may be charged on
      account of this Note.

            

    

     

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

     

    
      	 
      	 
      
	
              13.

            	
              No
      Third Party Benefit.  The
      provisions and covenants set forth in this Agreement are made solely for
      the benefit of the parties to this Agreement and are not for the benefit
      of any other person, and no other person shall have any right to enforce
      these provisions and covenants against any party to this
      Agreement.

            
	 
      	 
      
	
              14.

            	
              Jurisdiction,
      Venue and Jury Trial Waiver.  The
      parties hereby consent and agree that, in any actions predicated upon this
      Note, venue is properly laid in Miami-Dade County, Florida and that the
      Circuit Court in and for Miami-Dade County, Florida, shall have full
      subject matter and personal jurisdiction over the parties to determine all
      issues arising out of or in connection with the execution and enforcement
      of this Note.

            
	 
      	 
      
	
              15.

            	
              Interpretation.  The
      term “Company” as used herein in
      every instance shall include the Company’s successors, legal
      representatives and assigns, including all subsequent grantees, either
      voluntarily by act of the Company or involuntarily by operation of law and
      shall denote the singular and/or plural and the masculine and/or feminine
      and natural and/or artificial persons, whenever and wherever the contexts
      so requires or properly applies.  The term “Holder” as used herein in every instance
      shall include the Holder’s successors, legal representatives and assigns,
      as well as all subsequent assignees, endorsees and holders of this Note,
      either voluntarily by act of the parties or involuntarily by operation of
      law.  Captions and paragraph headings in this Note are for
      convenience only and shall not affect its
  interpretation.

            
	 
      	 
      
	
              16.

            	
              WAIVER
      OF JURY TRIAL.  THE
      COMPANY AND HOLDER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE
      THE RIGHT EITHER MAY HAVE TO TRIAL BY JURY IN RESPECT TO ANY LITIGATION
      BASED HEREON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS NOTE AND
      ANY AGREEMENT CONTEMPLATED TO BE EXECUTED IN CONJUNCTION HEREWITH, OR ANY
      COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS, (WHETHER VERBAL OR
      WRITTEN) OR ACTIONS OF EITHER PARTY.  THE COMPANY ACKNOWLEDGES
      THAT THIS WAIVER OF JURY TRIAL IS A MATERIAL INDUCEMENT TO THE HOLDER IN
      EXTENDING CREDIT TO THE COMPANY, THAT THE HOLDER WOULD NOT HAVE EXTENDED
      SUCH CREDIT WITHOUT THIS JURY TRIAL WAIVER, AND THAT THE COMPANY HAS BEEN
      REPRESENTED BY AN ATTORNEY OR HAS HAD AN OPPORTUNITY TO CONSULT WITH AN
      ATTORNEY IN CONNECTION WITH THIS JURY TRIAL WAIVER AND UNDERSTANDS THE
      LEGAL EFFECT OF THIS WAIVER.

            

    

    

    
      	 
      	 
      
	
              17.

            	
              Copies
      and Signatures.  A copy of this Promissory Note
      signed by one party and faxed to another party shall be deemed to have
      been executed and delivered by the signing party as though an
      original.  A photocopy of this Promissory Note shall be
      effective as an original for all
purposes.

            

    

    

    

    
      	
              SIGNATURE
      PAGE TO FOLLOW -

            

    

     

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

     

    IN
WITNESS WHEREOF, the undersigned has caused this Convertible Promissory Note to
be executed and delivered by a duly authorized officer as of the date first
above written.

     

    
      	 
      	
              ACIES CORPORATION, a
      Nevada Corporation

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              By: /s/
      Oleg Firer

            	 
      
	 
      	
              Oleg
      Firer, President

            	 
      

    

    

    
      
        
        

      

      
        -6-

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
A

    

    Conversion Election
Form

    

    

    ____________,
200_

    

    Acies
Corp.

    14 Wall
Street, Suite 1620

    New York,
NY  10005

    

    Re:           Conversion of Promissory
Note

    

    Gentlemen:

    

    You are hereby notified that, pursuant
to, and upon the terms and conditions of that certain Convertible Promissory
Note of Acies Corp. (the “Company”), in the
principal amount of $172,653.00 (the “Note”), held by me
(us), I (we) hereby elect to exercise my (our) Conversion Option (as such term
in defined in the Note), in connection with $__________ of the amount currently
owed under the Note, effective as of the date of this writing, which amount will
convert in ________________ shares of the Company’s Common Stock.

    

    Please issue certificate(s) for the
applicable shares of the Company’s Common Stock issuable upon the Conversion, in
the name of the person provided below.

    

    
      
        	 
      	
                Very
      truly yours,

              
	 
      	 
      
	 
      	 
      
	 
      	
                ___________________________

              
	 
      	
                Name:

              

      

     

    Please
issue certificate(s) for Common Stock as follows:

    

    ______________________________________________

    Name

    

    ______________________________________________

    Address

    

    ______________________________________________

    Social Security No. of
Shareholder

    

    

    
      
        
        

      

      
        -7-ex10-2.htm

    Exhibit
10.2

     

    THIS
NOTE AND THE SHARES OF COMMON STOCK ISSUABLE UPON CONVERSION OF THIS NOTE (THE
“SECURITIES”)
HAVE BEEN ACQUIRED FOR INVESTMENT PURPOSES ONLY AND MAY NOT BE TRANSFERRED UNTIL
(i) A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”) SHALL
HAVE BECOME EFFECTIVE WITH RESPECT THERETO OR (ii) RECEIPT BY THE COMPANY OF AN
OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY TO THE EFFECT THAT
REGISTRATION UNDER THE ACT IS NOT REQUIRED IN CONNECTION WITH SUCH PROPOSED
TRANSFER NOR IS IN VIOLATION OF ANY APPLICABLE STATE SECURITIES LAWS. THIS
LEGEND SHALL BE ENDORSED UPON ANY NOTE ISSUED IN EXCHANGE FOR THIS NOTE AND ANY
SECURITIES ISSUABLE UPON CONVERSION OF THIS NOTE (EXCEPT AS OTHERWISE PROVIDED
BELOW).

     

    CONVERTIBLE
PROMISSORY NOTE

     

    
      	
              $185,000.00

            	
              September
      23, 2008 

            

    

     

    FOR VALUE
RECEIVED, ACIES Corporation, a Nevada Corporation (the “Company”), having an
address of 14 Wall Street, Suite 1620, New York, NY  10005, hereby
promises to pay to the order of Oleg Firer, the Chief Executive Officer of the
Company and/or his assigns (the “Holder”), the
aggregate principal amount of One Hundred and Eighty-Five Thousand Dollars
($185,000.00),
together with interest on the unpaid principal amount hereof, upon the terms and
conditions hereinafter set forth.

     

    
      	
              1.

            	
              Loan
      Amount.  This
      Convertible Promissory Note (this “Note” or “Promissory Note”) evidences the One Hundred
      and Eighty-Five Thousand Dollars ($185,000.00) which is owed by the Company
      to the Holder in connection with expenses paid by Holder on the Company’s
      behalf and/or reimburses for expenses paid which are owed by the Company
      to the Holder (hereinafter referred to as the “Loan” or the “Principal”).

            
	 
      	 
      	 
      
	
              2.

            	
              Payment
      Terms.  The Company
      promises to pay to Holder the balance of Principal, together with accrued
      and unpaid interest, on  September 23, 2009  (the
      “Maturity Date”), unless this Note is
      earlier prepaid as herein provided or earlier converted into Common Stock
      (as hereinafter defined) of the Company pursuant to Section 3
      hereof.  All payments hereunder shall be made in lawful money of the
      United States of America.  Payment shall be credited first to the
      accrued interest then due and payable and the remainder to
      Principal.

            
	 
      	 
      	 
      
	
              3.

            	
              Interest.  Interest
      on the outstanding portion of Principal of this Note shall accrue at a
      rate of eighteen percent 18%) per annum.  All computations of
      interest shall be made on the basis of a 360-day year for actual days
      elapsed.  Such interest shall accrue and be paid upon the Maturity
      Date of the Loan.

            

    

    

    
      	 
      	 
      	 
      
	 
      	
              a.

            	
              Notwithstanding
      any provision in this Note, the total liability for payments of interest
      and payments in the nature of interest, including all charges, fees,
      exactions, or other sums which may at any time be deemed to be interest,
      shall not exceed the limit imposed by the usury laws of the State of
      Florida or the applicable laws of the United States of America, whichever
      shall be higher (the “Maximum
      Rate”).

            
	 
      	 
      	 
      

    

    

    
      	 
      	
              b.

            	
              In
      the event the total liability for payments of interest and payments in the
      nature of interest, including, without limitation, all charges, fees,
      exactions or other sums which may at any time be deemed to be interest,
      which for any month or other interest payment period exceeds the Maximum
      Rate, all sums in excess of those lawfully collectible as interest for the
      period in question (and without further agreement or notice by, among or
      to the Holder the undersigned)
      shall be applied to the reduction of the principal balance, with the same
      force and effect as though the undersigned had specifically designated
      such excess sums to be so applied to the reduction of the principal
      balance and the Holder had agreed to accept such sums as a premium-free
      prepayment of principal; provided, however, that the Holder may, at any
      time and from time to time, elect, by notice in writing to the
      undersigned, to waive, reduce or limit the collection of any sums in
      excess of those lawfully collectible as interest rather than accept such
      sums as a prepayment of the principal balance.  The undersigned
      does not intend or expect to pay nor does the Holder intend or expect to
      charge, accept or collect any interest under this Note greater than the
      Maximum Rate.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

       

      
        
        

      

    

    
      	 
      	 
      	 
      
	 
      	
              c.

            	
              If
      any payment of principal or interest on this Note shall become due on a
      Saturday, Sunday or any other day on which national banks are not open for
      business, such payment shall be made on the next succeeding business
      day.

            

    

     

    
      	 
      	 
      	 
      
	
              4.

            	
              Option
      to Convert this Note.

            	 
      

    

     

    
      	 
      	 
      	 
      
	 
      	
              a.

            	
              At
      any time prior to the Maturity Date or prior to payment in full by the
      Company, Holder shall have the option to convert the unpaid principal
      balance of this Promissory Note, together with all accrued interest, into
      shares of common stock (the “Shares” and the
      “Common
      Stock”) of the Company  (the “Conversion
      Option”) at the conversion price of $0.02 per common share (the
      “Conversion
      Price”);

            
	 
      	 
      	 
      
	 
      	
              b.

            	
              In
      order to exercise this Conversion Option, the Holder shall surrender this
      Promissory Note to the Company, accompanied by written notice of its
      intentions to exercise this Conversion Option, which notice shall set
      forth the principal amount of this Promissory Note to be converted and
      shall be in the form of Exhibit A,
      attached hereto (“Notice of
      Conversion”). Within ten (10) business days of the Company’s
      receipt of the Notice of Conversion and this Note, the Company shall
      deliver or cause to be delivered to the Holder, written confirmation that
      the Shares have been issued in the name of the Holder;

            
	 
      	 
      	 
      
	 
      	
              c.

            	
              In
      the event of the exercise of the Conversion Option, Holder shall cooperate
      with the Company to promptly take any and all additional actions required
      to make Holder a stockholder of the Company including, without limitation,
      in connection with the issuance of the Shares, such representations as to
      financial condition, investment intent and sophisticated investor status
      as are reasonably required by counsel for the Company. Holder recognizes
      that the Shares issued upon conversion of this Note will constitute “restricted
      securities” under the Securities
      Act of 1933, as amended, and the resale of which will be subject to the
      limitations of such rules;

            
	 
      	 
      	 
      
	 
      	
              d.

            	
              The
      Company shall at all times take any and all additional actions as are
      necessary to maintain the required authority to issue the Shares to the
      Holder, in the event the Holder exercises its rights under the Conversion
      Option;

            
	 
      	 
      	 
      
	 
      	
              e.

            	
              Payment
      to Company prior to Holder’s delivery of a Notice of Conversion shall
      terminate Holder’s option to convert;

            
	 
      	 
      	 
      

    

    
      	 
      	
              f.

            	
              Conversion
      Calculations: No Fractional Shares. Conversion calculations
      pursuant to this Section 4 shall be
      rounded to the nearest whole share of Common Stock, and no fractional
      shares shall be issuable by the Company upon conversion of this Note.
      Conversion of this Note shall be deemed payment in full of this Note and
      this Note shall thereupon be cancelled;

            
	 
      	 
      	 
      
	 
      	
              g.

            	
              Anti-Dilution
      Protection. If the Company at any time or from time to time on or
      after the effective date of the  issuance of this Note (the
      “Original
      Issuance Date”) effects a subdivision of its outstanding Common
      Stock, the Conversion Price then in effect immediately before that
      subdivision shall be proportionately decreased, and conversely, if the
      Company at any time or from time to time on or after the Original Issuance
      Date combines its outstanding shares of Common Stock into a smaller number
      of shares, the Conversion Price then in effect immediately before the
      combination shall be proportionately increased;
  and

            

    

     

    
      
        
        

      

      
        -2-

        
          

        

      

       

      
        
        

      

    

    
      	 
      	 
      	 
      
	 
      	
              h.

            	
              No
      Encumbrances. All Shares of Common Stock which may be issued
      upon conversion of this Note will, upon issuance by the Company in
      accordance with the terms of this Note, be validly issued, free from all
      taxes and liens with respect to the issuance thereof (other than those
      created by the holders), free from all pre-emptive or similar rights and
      fully paid and non assessable.

            

    

      

    
      	 
      	 
      	 
      
	
              5.

            	
              Redemption.  This
      Note may be redeemed by the Company by payment of the entire Principal and
      interest outstanding under this Note in cash to Holder.  The Company
      must provide notice to Holder not less than thirty (30) days prior to
      affecting such redemption.  During the period from providing of such
      notice to Holder and the Company affecting the redemption, the Company may
      cancel such redemption by providing notice of such cancellation to
      Holder.

            

    

     

    
      	 
      	 
      	 
      
	 
      	
              a.

            	
              This
      Note may be prepaid in whole or in part at any time without
      penalty.

            
	 
      	 
      	 
      
	 
      	
              b.

            	
              Any
      partial prepayment shall be applied to any principal Loan amount
      outstanding and shall not postpone the due date of any subsequent monthly
      installment or change the minimum amount of such monthly
      installment.

            
	 
      	 
      	 
      
	 
      	
              c.

            	
              The
      Holder may apply any and all amounts received by it for application to the
      Loan evidenced hereby in such order and manner as the Holder in its
      discretion may determine. The undersigned understands and agrees that if
      for any reason the undersigned fails to pay any amount due under this Note
      on or before the date when due, the Holder shall be entitled to damages
      for the detriment caused thereby, but that it is extremely difficult and
      impractical to ascertain the extent of such
  damages.

            

    

     

    
      	 
      	 
      	 
      
	
              6.

            	
              Representations and Warranties
      of the Company. The Company represents and warrants to Holder as
      follows:

               

            

    

     

    
      	 
      	 
      	 
      
	 
      	
              a.

            	
              The
      execution and delivery by the Company of this Note (i) are within the
      Company’s corporate power and authority, and (ii) have been duly
      authorized by all necessary corporate action.  Further, the
      undersigned is a duly authorized representative of the Company and has
      been authorized by a resolution of the board of Directors of the Company
      to exercise any and all documents necessary to effectuate the transaction
      contemplated hereby.

            
	 
      	 
      	 
      

    

    

    
      	 
      	
              b.

            	
              This
      Note is a legally binding obligation of the Company, enforceable against
      the Company in accordance with the terms hereof, except to the extent that
      (i) such enforceability is limited by bankruptcy, insolvency,
      reorganization, moratorium or other laws relating to or affecting
      generally the enforcement of creditors’ rights, and (ii) the availability
      of the remedy of specific performance or in injunctive or other equitable
      relief is subject to the discretion of the court before which any
      proceeding therefore may be
brought.

            

    

    

    
      	 
      	 
      	 
      
	
              7.

            	
              Representations, Warranties and
      Covenants of Holder. Holder represents and warrants to the Company,
      and agrees, as follows:

            

    

      

    
      	 
      	
              a.

            	
              This
      Note and any Conversion Shares issuable upon conversion of this Note are
      being acquired by Holder for its own account for investment and not with a
      view to, or for sale in connection with, any distribution
      thereof.

            

    

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

     

    
      	 
      	 
      	 
      
	 
      	
              b.

            	
              Holder
      is an “accredited
      investor” within the meaning of Rule 501 under the Securities
      Act.

            
	 
      	 
      	 
      
	 
      	
              c.

            	
              Holder
      has sufficient knowledge and experience in financial and business matters
      and is capable of evaluating the risks and merits of Holder’s investment
      in the Company; Holder believes that Holder has received or had access to
      all information Holder considers necessary or appropriate to make an
      informed investment decision with respect to this Note; and Holder is able
      financially to bear the risk of losing Holder’s full investment in this
      Note.

            
	 
      	 
      	 
      
	 
      	
              d.

            	
              Holder
      understands that this Note and any Shares converted pursuant hereto have
      not been registered under the Securities Act or registered or qualified
      under any the securities laws of any state or other jurisdiction, are
      “restricted
      securities,” and cannot be resold or otherwise transferred unless
      they are registered under the Securities Act, and registered or qualified
      under any other applicable securities laws, or an exemption from such
      registration and qualification is available. Prior to any proposed
      transfer of this Note or any Shares, Holder shall, among other things,
      give written notice to the Company of its intention to effect such
      transfer, identifying the transferee and describing the manner of the
      proposed transfer and, if requested by the Company, accompanied by (i)
      investment representations by the transferee similar to those made by
      Holder in this Section 7 and
      (ii) an opinion of counsel satisfactory to the Company to the effect that
      the proposed transfer may be effected without registration under the
      Securities Act and without registration or qualification under applicable
      state or other securities laws. Each certificate for any Shares shall bear
      a legend to the foregoing effect.

            
	 
      	 
      	 
      
	 
      	
              e.

            	
              The
      Holder has read and reviewed the Company’s latest periodic and current
      report filings on the Securities and Exchange Commission’s EDGAR webpage
      at www.sec.gov,
      including the risk factors, results of operations and financial statements
      included therein;

            

    

    

    
      	 
      	 
      
	
              8.

            	
              Certain
      Waivers by the Company. 
      Except as expressly provided otherwise in this Note, the Company and every
      endorser or guarantor, if any, of this Note waive presentment, demand,
      notice, protest and all other demands and notices in connection with the
      delivery, acceptance, performance, default or enforcement of this Note,
      and assent to any extension or postponement of the time of payment or any
      other indulgence, to any substitution, exchange or release of collateral
      available to Holder, if any, and to the addition or release of any other
      party or person primarily or secondarily liable.

            
	 
      	 
      

    

    
      	
              9.

            	
              Assignment
      by Holder.  If
      and whenever this Note shall be assigned and transferred, or negotiated,
      including transfers to substitute or successor trustees, the holder hereof
      shall be deemed the “Holder” for all
      purposes under this Note.

            
	 
      	 
      
	
              10.

            	
              Amendment.  This Note
      may not be changed orally, but only by an agreement in writing, signed by
      the party against whom enforcement of any waiver, change, modification or
      discharge is sought.

            

    

     

    
      	
              11.

            	
              Costs
      and Fees.  Anything
      else in this Note to the contrary notwithstanding, in any action arising
      out of this Agreement, the prevailing party shall be entitled to collect
      from the non-prevailing party all of its attorneys’ fees.  For
      the purposes of this Note, the party who receives or is awarded a
      substantial portion of the damages or claims sought in any proceeding
      shall be deemed the “prevailing” party and attorneys’ fees shall mean the
      reasonable fees charged by an attorney or a law firm for legal services
      and the services of any legal assistants, and costs of litigation,
      including, but not limited to, fees and costs at trial and appellate
      levels.

            
	 
      	 
      
	
              12.

            	
              Governing
      Law.  It
      is the intention of the parties hereto that the terms and provisions of
      this Note are to be construed in accordance with and governed by the laws
      of the State of Florida, except as such laws may be preempted by any
      federal law controlling the rate of interest which may be charged on
      account of this Note.

            

    

     

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

     

    
      	 
      	 
      
	
              13.

            	
              No
      Third Party Benefit.  The
      provisions and covenants set forth in this Agreement are made solely for
      the benefit of the parties to this Agreement and are not for the benefit
      of any other person, and no other person shall have any right to enforce
      these provisions and covenants against any party to this
      Agreement.

            
	 
      	 
      
	
              14.

            	
              Jurisdiction,
      Venue and Jury Trial Waiver.  The
      parties hereby consent and agree that, in any actions predicated upon this
      Note, venue is properly laid in Miami-Dade County, Florida and that the
      Circuit Court in and for Miami-Dade County, Florida, shall have full
      subject matter and personal jurisdiction over the parties to determine all
      issues arising out of or in connection with the execution and enforcement
      of this Note.

            
	 
      	 
      
	
              15.

            	
              Interpretation.  The
      term “Company” as used herein in
      every instance shall include the Company’s successors, legal
      representatives and assigns, including all subsequent grantees, either
      voluntarily by act of the Company or involuntarily by operation of law and
      shall denote the singular and/or plural and the masculine and/or feminine
      and natural and/or artificial persons, whenever and wherever the contexts
      so requires or properly applies.  The term “Holder” as used herein in every instance
      shall include the Holder’s successors, legal representatives and assigns,
      as well as all subsequent assignees, endorsees and holders of this Note,
      either voluntarily by act of the parties or involuntarily by operation of
      law.  Captions and paragraph headings in this Note are for
      convenience only and shall not affect its
  interpretation.

            
	 
      	 
      
	
              16.

            	
              WAIVER
      OF JURY TRIAL.  THE
      COMPANY AND HOLDER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE
      THE RIGHT EITHER MAY HAVE TO TRIAL BY JURY IN RESPECT TO ANY LITIGATION
      BASED HEREON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS NOTE AND
      ANY AGREEMENT CONTEMPLATED TO BE EXECUTED IN CONJUNCTION HEREWITH, OR ANY
      COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS, (WHETHER VERBAL OR
      WRITTEN) OR ACTIONS OF EITHER PARTY.  THE COMPANY ACKNOWLEDGES
      THAT THIS WAIVER OF JURY TRIAL IS A MATERIAL INDUCEMENT TO THE HOLDER IN
      EXTENDING CREDIT TO THE COMPANY, THAT THE HOLDER WOULD NOT HAVE EXTENDED
      SUCH CREDIT WITHOUT THIS JURY TRIAL WAIVER, AND THAT THE COMPANY HAS BEEN
      REPRESENTED BY AN ATTORNEY OR HAS HAD AN OPPORTUNITY TO CONSULT WITH AN
      ATTORNEY IN CONNECTION WITH THIS JURY TRIAL WAIVER AND UNDERSTANDS THE
      LEGAL EFFECT OF THIS WAIVER.

            

    

    
      	 
      	 
      
	
              17.

            	
              Copies
      and Signatures.  A copy of this Promissory Note
      signed by one party and faxed to another party shall be deemed to have
      been executed and delivered by the signing party as though an
      original.  A photocopy of this Promissory Note shall be
      effective as an original for all
purposes.

            

    

    

    

    
      	
              SIGNATURE
      PAGE TO FOLLOW -

            

    

     

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

     

    IN
WITNESS WHEREOF, the undersigned has caused this Convertible Promissory Note to
be executed and delivered by a duly authorized officer as of the date first
above written.

     

    
      	 
      	
              ACIES CORPORATION, a
      Nevada Corporation

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              By:
      /s/ Theodore
      Ferrara

            	 
      
	 
      	
              Theodore
      Ferrara, Director

            	 
      

    

    

    
      
        
        

      

      
        -6-

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
A

    

    Conversion Election
Form

    

    

    ____________,
200_

    

    Acies
Corp.

    14 Wall
Street, Suite 1620

    New York,
NY  10005

    

    Re:           Conversion of Promissory
Note

    

    Gentlemen:

    

    You are hereby notified that, pursuant
to, and upon the terms and conditions of that certain Convertible Promissory
Note of Acies Corp. (the “Company”), in the
principal amount of $185,000.00 (the “Note”), held by me
(us), I (we) hereby elect to exercise my (our) Conversion Option (as such term
in defined in the Note), in connection with $__________ of the amount currently
owed under the Note, effective as of the date of this writing, which amount will
convert in ________________ shares of the Company’s Common Stock.

    

    Please issue certificate(s) for the
applicable shares of the Company’s Common Stock issuable upon the Conversion, in
the name of the person provided below.

    

    

    
      	 
      	
              Very
      truly yours,

            
	 
      	 
      
	 
      	 
      
	 
      	
              ___________________________

            
	 
      	
              Name:

            

    

    

    

    Please
issue certificate(s) for Common Stock as follows:

    

    ______________________________________________

    Name

    

    ______________________________________________

    Address

    

    ______________________________________________

    Social Security No. of
Shareholder

    

    

    
      
        
        

      

      
        -7-

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