Document:

Exhibit 10.2

 

EXHIBIT A

 

PROMISSORY NOTE

 

August 19, 2021Reno, Nevada 

 

FOR VALUE RECEIVED,
the undersigned, UPD HOLDING CORP., a Nevada corporation (the “Maker” or the “Borrower”),
hereby promises to pay to the order of COREY SHADER (the “Holder” or the “Lender”),
the sum of Five Hundred Thousand and No/100 Dollars ($500,000.00) on the date hereof. Principal and interest at the rate of Twelve
Percent (12.00%) per annum on the then outstanding principal balance of this Note shall be due and payable, as follows:

 

Interest Payments. Commencing on September
19, 2021 and on the 19th day of each month thereafter until the Maturity Date, accrued and unpaid interest only shall be due
and payable.

 

Maturity Date. Unless earlier accelerated,
the entire remaining unpaid principal balance, together with accrued but unpaid interest on this Promissory Note, if any, shall be due
and payable, in full, on August 19, 2022 (the “Maturity Date”).

 

All payments received by Lender
hereunder shall be applied first to costs, then to accrued but unpaid interest, and the remainder, if any, to principal. Borrower shall
have the right to prepay all or a portion of this Promissory Note without the prior written consent of Lender, and with no pre-payment
penalty. The Borrower shall pay to the Lender a late charge of five (5%) percent of any periodic installment of principal and/or interest
not received by the Lender within five (5) days after the installment is due to cover the extra expense involved in handling delinquent
payments, provided that collection of said late charge shall not be deemed a waiver by Lender of any of its rights under this Note. Notwithstanding
the foregoing, there shall be no grace period or late charges for payments due on the outstanding principal balance due on the Maturity
Date or upon acceleration, but such outstanding balance shall accrue interest at the Default Rate. The late charge payments are not interest.
The late charge payment shall not be subject to rebate or credit against any other amount due. This Note is made in connection with that
certain Loan Agreement by and between Borrower and Lender dated of even date herewith (the “Loan Agreement”).

 

All payments made hereunder
shall be made in United States Funds to 2817 E Oakland Park Blvd., 3rd Floor, Fort Lauderdale, FL 33306, or at such other place
as the Lender may designate in writing.

 

Each Maker and endorser jointly
and severally waives presentment, demand, protest and notice of protest and all requirements necessary to hold each of them liable as
Makers and endorsers. Any failure of the Holder to exercise any right hereunder shall not be construed as a waiver of the right to exercise
the same or any other right at any time and from time to time thereafter.

 

    		Page 1 of 3	

    	 

    

 

Promissory
Note

(UPD Holding Corp. | Corey Shader)

 

It shall be an “Event
of Default” under this Promissory Note if: (i) Borrower fails to pay any payment of principal or interest any other amounts
due Lender within five (5) days of when due and payable hereunder; (ii) an occurrence a default under the terms of the Loan Agreement
following the expiration of any applicable notice, grace or cure period contained therein, or (iii) should be a non-monetary default under
this Promissory Note, the Loan Agreement or any other agreement with Lender, and such default continues for a period of thirty (30) days
after receiving written notice of such default from Lender; or (iv) Borrower fails to pay in full the outstanding Principal of this Promissory
Note, together with all accrued and unpaid Interest, on the Maturity Date, whether occurring on the stated Maturity Date, by acceleration,
or otherwise.

 

Upon the occurrence of any
Event of Default, Lender may, at its option, without notice or opportunity to cure, declare the remaining unpaid principal balance of
this Promissory Note, together with all accrued and unpaid interest, and all other sums due and owing to Lender, to be immediately due
and payable in full, without notice or demand, and Lender may exercise such other rights and remedies as may be available at law or in
equity.

 

If after maturity of this
Promissory Note or a default hereunder counsel shall be employed to collect the note, enforce its terms, or otherwise to protect the interests
of the Lender, whether by negotiation, trial or appeal, each Maker agrees, jointly and severally, to pay all costs of collection, including
all costs and a reasonable attorney’s fees and reasonable attorney’s fee for appeal.

 

The occurrence of any default
under the Loan Agreement shall, at Lender’s option, be a default under this Promissory Note and shall entitle Lender to all remedies
following a default as set forth herein and in the Loan Agreement, including but not limited to, acceleration of the entire principal
balance and accrued and unpaid interest under the Promissory Note.

 

Upon the occurrence of an
default under this Promissory Note, subject to the limitations relating to the maximum interest allowed to be charged under applicable
law herein contained, during the period of any default under the terms of this Promissory Note, the interest rate on the amount due under
this Promissory Note shall be at the maximum rate of interest allowed to be charged under applicable law or any greater interest which
may be lawfully charged under any amendments to applicable law, or if no such maximum rate is applicable, at the rate of Eighteen Percent
(18%) per annum (the “Default Rate”), computed from the date of default and continuing until such default
is cured.

 

In no event shall there be
payable as interest, late payment charge or other charge hereunder any amount that would result in interest being payable on the outstanding
principal balance at a rate in excess of the maximum rate permitted by applicable law. Solely to the extent necessary to result in such
interest not being payable at a rate in excess of such maximum rate, any amount that would be treated as part of such interest under a
final judicial interpretation of applicable law shall be deemed to have been a prepayment of principal by Borrower, it being the intention
of Lender and of Borrower that such interest not be payable at a rate in excess of such maximum rate.

 

Each provision of this Promissory
Note is intended to be severable and the invalidity or illegality or any portion of this Promissory Note shall not affect the validity
or legality of the remainder hereof. In the event of any conflict between the terms of the Loan Agreement and the Note, the terms of this
Note shall control. This Promissory Note shall be governed by and construed and enforced in accordance with the laws of the State of Nevada
except where preempted by Federal law. Any civil action or legal proceeding arising out of or relating to this Promissory Note shall be
brought exclusively in the courts of record of the State of Nevada in Washoe County.

 

    		Page 2 of 3	

    	 

    

 

Promissory
Note

(UPD Holding Corp. | Corey Shader) 

 

Borrower agrees that the obligation
evidenced by this Note is an exempt transaction under the Truth-in-Lending Act, 15 U.S.C. § 1601, et seq. Time is of the essence
as to all dates set forth herein.

 

BORROWER AND LENDER AGREE
THAT, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ANY SUIT, ACTION OR PROCEEDING, WHETHER CLAIM OR COUNTERCLAIM, BROUGHT BY LENDER OR BORROWER,
ON OR WITH RESPECT TO THIS NOTE OR THE DEALINGS OF THE PARTIES WITH RESPECT HERETO, SHALL BE TRIED ONLY BY A COURT AND NOT BY A JURY.
LENDER AND BORROWER EACH HEREBY KNOWINGLY, VOLUNTARILY, INTENTIONALLY AND INTELLIGENTLY AND WITH THE ADVICE OF THEIR RESPECTIVE COUNSEL,
WAIVE, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT TO A TRIAL BY JURY IN ANY SUCH SUIT, ACTION OR PROCEEDING. FURTHER, BORROWER
WAIVES ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER, IN ANY SUCH SUIT, ACTION OR PROCEEDING, ANY SPECIAL, EXEMPLARY, PUNITIVE, CONSEQUENTIAL
OR OTHER DAMAGES OTHER THAN, OR IN ADDITION TO, ACTUAL DAMAGES. BORROWER ACKNOWLEDGES AND AGREES THAT THIS SECTION IS A SPECIFIC AND MATERIAL
ASPECT OF THIS NOTE AND THAT LENDER WOULD NOT EXTEND CREDIT TO BORROWER IF THE WAIVERS SET FORTH IN THIS SECTION WERE NOT A PART OF THIS
NOTE.

 

IN WITNESS WHEREOF,
the undersigned have executed and delivered this Promissory Note at the place specified above and as of the date first above written.

 

	 	 	UPD Holding Corp.,	 
	 	 	a Nevada corporation	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	BY:	/s/ Mark Conte	 
	 	 	Mark Conte, Chief Executive Officer	 

 

 

Page 3 of 3Exhibit 10.3

 

EXHIBIT D

 

THIS WARRANT AND THE SECURITIES ISSUABLE UPON
THE EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED,
HYPOTHECATED, OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT REGISTRATION IS NOT REQUIRED.

 

	 	Void after:
	 	 
	Warrant No.:      1     	August 19, 2026

 

UPD HOLDING CORP.

 

WARRANT TO PURCHASE SHARES

 

This Warrant is issued as
of August 19, 2021 (the “Issue Date”) to Corey Shader, a Florida resident (“Holder”)
by UPD Holding Corp., a Nevada corporation (the “Company”), in connection with a loan received from Holder.

 

1.       Purchase
of Shares. Subject to the terms and conditions hereinafter set forth, the holder of this Warrant is entitled, upon surrender of this
Warrant at the principal office of the Company (or at such other place as the Company shall notify the holder hereof in writing), to purchase
from the Company up to One Million (1,000,000) fully paid and nonassessable shares of the Company’s Common Stock, $0.005
par value (each a “Share” and collectively the “Shares”), at an exercise price of $0.005
per Share (such price, as adjusted from time to time, is herein referred to as the “Exercise Price”).

 

2.       Exercise
Period. This Warrant shall be exercisable, in whole or in part, during the term commencing on the Issue Date and ending at
5:00 p.m., Pacific Time, on August 19, 2026 (the “Exercise Period”).

 

3.       Method
of Exercise. While this Warrant remains outstanding and exercisable in accordance with Section 2 above, Holder may exercise
from time to time, in whole or in part, the purchase rights evidenced hereby. Such exercise shall be effected by:

 

a.       the
surrender of the Warrant, together with a notice of exercise to the Secretary of the Company at its principal offices; and

 

b.       the
payment to the Company of an amount equal to the sum of the Exercise Price multiplied by the number of Shares being purchased.

 

4.       Certificates
for Shares; Amendments of Warrants. Upon the exercise of the purchase rights evidenced by this Warrant, the Company’s transfer
agent shall issue a direct registration statement to Holder for the number of Shares so purchased as soon as practicable thereafter, and
in any event within thirty (30) days of the delivery of the subscription notice. Upon partial exercise, the Company shall promptly
issue an amended Warrant representing the remaining number of Shares purchasable thereunder. All other terms and conditions of such amended
Warrant shall be identical to those contained herein.

 

    	 	 	 

    	 

    

 

5.       Issuance
of Shares. The Company covenants that: (i) the Shares, when issued pursuant to the exercise of this Warrant, will be duly and
validly issued, fully paid, and nonassessable and by free from all taxes, liens, and charges with respect to the issuance thereof; and
(ii) during the Exercise Period, the Company will reserve from its authorized and unissued Common Stock sufficient Shares necessary
to perform its obligations under this Warrant.

 

6.       Adjustment
of Exercise Price and Number of Shares. The number of and kind of securities purchasable upon exercise of this Warrant and the Exercise
Price shall be subject to adjustment from time to time as follows:

 

a.       Subdivisions,
Combinations, and Other Issuances. If the Company shall at any time before the expiration of this Warrant subdivide the Shares, by
split-up or otherwise, or combine its Shares, or issue additional shares of its Shares as a dividend, the number of Shares issuable on
the exercise of this Warrant shall forthwith be proportionately increased in the case of a subdivision or stock dividend, or proportionately
decreased in the case of a combination. Appropriate adjustments shall also be made to the purchase price payable per share, but the aggregate
purchase price payable for the total number of Shares purchasable under this Warrant (as adjusted) shall remain the same. Any adjustment
under this Section 6(a) shall become effective at the close of business on the date the subdivision or combination becomes
effective, or as of the record date of such dividend, or in the event that no record date is fixed, upon the making of such dividend.

 

b.       Reclassification,
Reorganization, and Consolidation. In case of any reclassification, capital reorganization, or change in the capital stock (including
because of a change of control) of the Company (other than as a result of a subdivision, combination, or stock dividend provided for in
Section 6(a) above), then the Company shall make appropriate provision so that the holder of this Warrant shall have the right
at any time before the expiration of this Warrant to purchase, at a total price equal to that payable upon the exercise of this Warrant,
the kind and amount of shares of stock and other securities and property receivable in connection with such reclassification, reorganization,
or change by a holder of the same number of Shares as were purchasable by the holder of this Warrant immediately before such reclassification,
reorganization, or change. In any such case, appropriate provisions shall be made with respect to the rights and interests of the Holder
so that the provisions hereof shall thereafter be applicable with respect to any shares of stock or other securities and property deliverable
upon exercise hereof, and appropriate adjustments shall be made to the purchase price per share payable hereunder; provided, that the
aggregate purchase price shall remain the same.

 

c.       Notice
of Adjustment. When any adjustment is required to be made in the number or kind of shares purchasable upon exercise of the Warrant,
or in the Exercise Price, the Company shall promptly notify the Holder of such event and of the number of Shares or other securities or
property thereafter purchasable upon exercise of this Warrant.

 

    	 	 	 

    	 

    

 

7.       No
Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this
Warrant, but in lieu of such fractional shares the Company shall make a cash payment therefor on the basis of the Exercise Price then
in effect.

 

8.       Representations
of the Company. The Company represents that all corporate actions on the part of the Company, its officers, directors, and stockholders
necessary for the sale and issuance of this Warrant have been taken.

 

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

 

a.       This
Warrant and the Shares issuable upon exercise thereof are being acquired for its own account, for investment, and not with a view to,
or for resale in connection with, any distribution or public offering thereof within the meaning of the Securities Act of 1933, as
amended (the “Act”). Upon exercise of this Warrant, the Holder shall, if so requested by the Company, confirm in writing,
in a form satisfactory to the Company, that the securities issuable upon exercise of this Warrant are being acquired for investment and
not with a view toward distribution or resale.

 

b.       The
Holder understands that the Warrant and the Shares have not been registered under the Act by reason of their issuance in a transaction
exempt from the registration and prospectus delivery requirements of the Act pursuant to Section 4(2) thereof, and that they must
be held by the Holder indefinitely, and that the Holder must therefore bear the economic risk of such investment indefinitely, unless
a subsequent disposition thereof is registered under the Act or is exempted from such registration.

 

c.       The
Holder has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks of the
purchase of this Warrant and the Shares purchasable pursuant to the terms of this Warrant and of protecting its interests in connection
therewith.

 

d.       The
Holder is able to bear the economic risk of the purchase of the Shares pursuant to the terms of this Warrant.

 

e.       The
Holder is an “accredited investor” as such term is defined in Rule 501 of Regulation D promulgated under the Act.

 

10.       Restrictive
Legend.

 

The Shares (unless registered
under the Act) shall be stamped or imprinted with a legend in substantially the following form:

 

THE SECURITIES REPRESENTED HEREBY HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”). SUCH SECURITIES MAY NOT BE TRANSFERRED UNLESS
A REGISTRATION STATEMENT UNDER THE ACT IS IN EFFECT AS TO SUCH TRANSFER OR SUCH TRANSFER MAY BE MADE PURSUANT TO RULE 144 OR IN THE
OPINION OF COUNSEL FOR THE COMPANY, REGISTRATION UNDER THE ACT IS UNNECESSARY IN ORDER FOR SUCH TRANSFER TO COMPLY WITH THE ACT.

 

    	 	 	 

    	 

    

 

11.       Warrants
Transferable. Subject to compliance with the terms and conditions of this Section 11, this Warrant and all rights hereunder
are transferable, without charge to the holder hereof (except for transfer taxes), upon surrender of this Warrant properly endorsed or
accompanied by written instructions of transfer. With respect to any offer, sale, or other disposition of this Warrant or any Shares acquired
pursuant to the exercise of this Warrant before registration of such Warrant or Shares, the holder hereof agrees to give written notice
to the Company prior thereto, describing briefly the manner thereof, together with a written opinion of such holder’s counsel, or
other evidence, if requested by the Company, to the effect that such offer, sale, or other disposition may be effected without registration
or qualification (under the Act as then in effect or any federal or state securities law then in effect) of this Warrant or the Shares
and indicating whether or not under the Act certificates or electronic statements for this Warrant or the Shares to be sold or otherwise
disposed of require any restrictive legend as to applicable restrictions on transferability in order to ensure compliance with such law.
Upon receiving such written notice and reasonably satisfactory opinion or other evidence, if so requested, the Company, as promptly as
practicable, shall notify such holder that such holder may sell or otherwise dispose of this Warrant or such Shares, all in accordance
with the terms of the notice delivered to the Company. If a determination has been made pursuant to this Section 11 that the
opinion of counsel for the holder or other evidence is not reasonably satisfactory to the Company, the Company shall so notify the holder
promptly with details thereof after such determination has been made. Each certificate representing this Warrant or the Shares transferred
in accordance with this Section 11 shall bear a legend as to the applicable restrictions on transferability in order to ensure
compliance with such laws, unless in the aforesaid opinion of counsel for the holder, such legend is not required. In order to ensure
compliance with such laws, the Company may issue stop transfer instructions to its transfer agent in connection with such restrictions.

 

12.       Rights
of Stockholders. No holder of this Warrant shall be entitled, as a Warrant holder, to vote or receive dividends or be deemed the holder
of the Shares or any other securities of the Company which may at any time be issuable on the exercise hereof for any purpose, nor shall
anything contained herein be construed to confer upon the holder of this Warrant, as such, any of the rights of a stockholder of the Company
or any right to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof, or to give or
withhold consent to any corporate action (whether upon any recapitalization, issuance of stock, reclassification of stock, change of par
value, consolidation, merger, conveyance, or otherwise) or to receive notice of meetings, or to receive dividends or subscription rights
or otherwise until the Warrant shall have been exercised and the Shares purchasable upon the exercise hereof shall have become deliverable,
as provided herein.

 

13.       Notices.
All notices and other communications required or permitted hereunder shall be in writing, shall be effective when given, and shall in
any event be deemed to be given upon receipt or, if earlier, (a) five (5) days after deposit with the U.S. Postal Service or
other applicable postal service, if delivered by first class mail, postage prepaid, (b) upon delivery, if delivered by hand, (c) one
business day after the business day of deposit with Federal Express or similar overnight courier, freight prepaid or (d) one business
day after the business day of facsimile transmission, if delivered by facsimile transmission with copy by first class mail, postage prepaid,
and shall be addressed (i) if to the Holder, at 2817 E Oakland Park Blvd., 3rd Floor, Fort Lauderdale, FL 33306, and (ii) if
to the Company, at 75 Pringle Way, 8th Floor, Suite 804, Reno, NV 89502; or at such other address as a party may designate by ten
(10) days advance written notice to the other party pursuant to the provisions above.

 

    	 	 	 

    	 

    

 

14.       Governing
Law. This Warrant and all actions arising out of or in connection with this Agreement shall be governed by and construed in accordance
with the laws of Nevada, without regard to the conflicts of law provisions of Nevada or of any other state.

 

15.       Rights
and Obligations Survive Exercise of Warrant. Unless otherwise provided herein, the rights and obligations of the Company, of
the holder of this Warrant and of the holder of the Shares issued upon exercise of this Warrant, shall survive the exercise of this Warrant.

 

	 	 	UPD HOLDING CORP.
	 	 	 
	 	 	 
	 	By:	/s/ Mark Conte
	 	 	Mark Conte, Chief Executive Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00333-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00333-of-00352.parquet"}]]