Document:

Exhibit
10.1

 

NEITHER
THE ISSUANCE NOR SALE OF THE SECURITIES REPRESENTED BY THIS NOTE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE
OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION
OF COUNSEL, IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT.

 

	Principal
    Amount: $100,001.00	Issue
    Date: June 14th, 2019

 

 

	 

        PROMISSORY
        NOTE

         

 

FOR
VALUE RECEIVED, VPR Brands, LP, a Delaware limited partnership (the “Company”), hereby promises to pay to the
order of Kevin Frija and Dan Hoff or registered assigns (the “Holder”) on June 14, 2020 (the “Maturity
Date”), the principal amount set forth above (the “Principal Amount”), and to pay interest on the outstanding
Principal Amount at the rate of Twenty Four percent (24%) per annum (the “Note”). Interest shall commence accruing
on the date hereof (the “Issue Date”), computed on the basis of a 365-day year and the actual number of days elapsed,
provided that any payment otherwise due on a Saturday, Sunday or legal Bank holiday may be paid on the following business day.
All payments due hereunder, shall be made in lawful money of the United States of America.

 

1.
Transfers of Note to Comply with the 1933 Act. The Holder agrees that this Note may not be sold, transferred, pledged, hypothecated
or otherwise disposed of except as follows: (a) to a person whom the Note may legally be transferred without registration and
without delivery of a current prospectus under the 1933 Act with respect thereto and then only against receipt of an agreement
of such person to comply with the provisions of this Section 1 with respect to any resale or other disposition of the Note; or
(b) to any person upon delivery of a prospectus then meeting the requirements of the 1933 Act relating to such securities and
the offering thereof for such sale or disposition, and thereafter to all successive assignees.

 

2.
Right of Prepayment. The Company may repay any amount of the Note at any time. On each business day, the Holder may deduct
one (1) ACH payment from the bank account of the Borrower (as specified on Exhibit “A” of this Note) in the amount
of $500.00 per business day until such time as the Borrower has paid an amount equal to the principal and accrued interest as
set forth in the Note. Each such payment shall be applied first to accrued and unpaid interest and the balance shall be applied
towards the reduction of the principal amount due under this Note.

 

3.
Representations and Warranties. The Company represents and warrants to the Holder that:

 

	 	(a)	such
    party is duly organized, validly existing and in good standing (if applicable) under the laws of the jurisdiction of its organization;
	 	 	 
	 	(b)	such
    party has authority to own its property and assets and to carry on its business as now conducted, except, in each case, where
    the failure to do so, or so possess, individually or in the aggregate would not reasonably be expected to result in a material
    adverse effect;
	 	 	 
	 	(c)	such
    party has all requisite organizational power and authority to execute and deliver and perform all its obligations under this
    Note;
	 	 	 
	 	(d)	such
    party is qualified to do business in, and is in good standing (where such concept exists) in, every jurisdiction in which
    the nature of its business or the ownership or leasing of its properties makes such qualification necessary, except where
    the failure to be so qualified or in good standing individually or in the aggregate would not reasonably be expected to result
    in a material adverse effect;
	 	 	 
	 	(e)	the
    transactions contemplated hereby is within such party’s organizational powers and have been duly authorized by all necessary
    corporate or limited liability company action;
	 	 	 
	 	(f)	this
    Note has been duly executed and delivered by such party and constitutes a legal, valid and binding obligation of such party,
    enforceable in accordance with its terms; and
	 	 	 
	 	(g)	the
    transactions to be entered into and contemplated by this Note (a) do not require any consent or approval of, registration
    or filing with, or any other action by, any governmental authority except for the Company’s disclosure obligations under
    federal securities laws, (b) will not (i) violate any applicable law or (ii) the organizational documents, bylaws, charter,
    operating agreement, certificate of formation or certificate of incorporation of such party, (c) will not violate or result
    in a default under any indenture or any other agreement, instrument or other evidence of indebtedness, and (d) will not result
    in the creation or imposition of any lien on any asset of such party.

 

    	 

    	 

    

 

4.
Remedies Upon Default. In the event that the Company defaults on its payment obligations under this Note, the Holder may proceed
to protect and enforce its rights and remedies under this Note by suit in equity, action at law or other appropriate proceeding,
whether for the specific performance of any covenant or agreement contained in this Note and proceed to enforce the payment thereof
or any other legal or equitable right of the Holder.

 

5.
Cancellation of Note. Upon the repayment by the Company of all of its obligations hereunder to the Holder, including, without
limitation, the principal amount of this Note, plus accrued but unpaid interest, the indebtedness evidenced hereby shall be deemed
canceled and paid in full. Payments received by the Holder hereunder shall be applied first against interest accrued on this Note,
and next in reduction of the outstanding principal balance of this Note.

 

6.
Severability. If any provision of this Note is, for any reason, invalid or unenforceable, the remaining provisions of this
Note will nevertheless be valid and enforceable and will remain in full force and effect. Any provision of this Note that is held
invalid or unenforceable by a court of competent jurisdiction will be deemed modified to the extent necessary to make it valid
and enforceable and as so modified will remain in full force and effect.

 

7.
Amendment and Waiver. This Note, or any provision of this Note, may only be amended or waived if set forth in a writing executed
by the Company and Holder. The waiver by Holder of a breach of any provision of this Note shall not operate or be construed as
a waiver of any other breach.

 

8.
Successors. Except as otherwise provided herein, this Note shall bind and inure to the benefit of and be enforceable by the
Holder and its permitted successors and assigns.

 

9.
Assignment. This Note shall not be directly or indirectly assignable or delegable by the Company or the Holder, except as
provided in a writing executed by the Company and Holder.

 

10.
Further Assurances. The Holder will execute all documents and take such other actions as the Company may reasonably request
in order to consummate the transactions provided for herein and to accomplish the purposes of this Note.

 

11.
Notices, Consents, etc. Any notices, consents, waivers or other communications required or permitted to be given under the
terms hereof must be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon
receipt, when sent by facsimile (provided confirmation of transmission is mechanically or electronically generated and kept on
file by the sending party); or (iii) one (1) business day after deposit with a nationally recognized overnight delivery service,
in each case properly addressed to the party to receive the same. The addresses and facsimile numbers for such communications
shall be:

 

	If
    to Company:	VPR
    BRANDS, LP
	 	3001
    Griffin Road
	 	Fort
    Lauderdale, FL 33312
	 	Attention:
    Kevin Frija
	 	Telephone:
    954.715.7001
	 	Facsimile:
    Kevin.Frija@vprbrands.com
	 	 
	With
    a Copy to (which shall not constitute notice):	ANTHONY
    LG, PLLC
	 	330
    Clematis Street, Suite 217
	 	West
    Palm Beach, Florida 33401
	 	Attention:
    Laura E. Anthony, Esq.
	 	 
	If
    to the Holder:	Kevin
        Frija

        

	 	Dan
        Hoff
	 	Attention:
	 	Telephone:
	 	Facsimile:_____________

 

    	 

    	 

    

 

or
at such other address and/or facsimile number and/or to the attention of such other person as the recipient party has specified
by written notice given to each other party three (3) trading days prior to the effectiveness of such change. Written confirmation
of receipt (A) given by the recipient of such notice, consent, waiver or other communication, (B) mechanically or electronically
generated by the sender’s facsimile machine containing the time, date, recipient facsimile number and an image of the first
page of such transmission or (C) provided by a nationally recognized overnight delivery service, shall be rebuttable evidence
of personal service, receipt by facsimile or receipt from a nationally recognized overnight delivery service in accordance with
clause (i), (ii) or (iii) above, respectively.

 

12.
Governing Law. Except in the case of the Jurisdiction provisions of Section 13 below, this Note shall be delivered and accepted
in and shall be deemed to be contracts made under and governed by the internal laws of the State of Delaware, and for all purposes
all questions concerning the construction, validity and interpretation of this Note and any and all disputes or controversies
arising out of the subject matter hereof (whether by contract, tort or otherwise) shall be governed by and construed in accordance
with the domestic laws of the State of Delaware, without giving effect to any choice of law or conflict of law provision (whether
of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than
the State of Florida.

 

13.
Jurisdiction. EACH PARTY HERETO AGREES THAT JURISDICTION AND VENUE IN ANY ACTION BROUGHT BY THE HOLDER PURSUANT TO THIS NOTE
SHALL PROPERLY (BUT NOT EXCLUSIVELY) LIE IN ANY FEDERAL OR STATE COURT LOCATED IN BROWARD COUNTY, FLORIDA. BY EXECUTION AND DELIVERY
OF THIS AGREEMENT, EACH PARTY HERETO IRREVOCABLY SUBMITS TO THE JURISDICTION OF SUCH COURTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY
WITH RESPECT TO SUCH ACTION. EACH PARTY HERETO IRREVOCABLY AGREES THAT VENUE WOULD BE PROPER IN SUCH COURT, AND HEREBY WAIVES
ANY OBJECTION THAT SUCH COURT IS AN IMPROPER OR INCONVENIENT FORUM FOR THE RESOLUTION OF SUCH ACTION. EACH PARTY HERETO FURTHER
AGREES THAT THE MAILING BY CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT REQUESTED, OF ANY PROCESS REQUIRED BY ANY SUCH COURT SHALL
CONSTITUTE VALID AND LAWFUL SERVICE OF PROCESS AGAINST THEM, WITHOUT NECESSITY FOR SERVICE BY ANY OTHER MEANS PROVIDED BY STATUTE
OR RULE OF COURT.

 

14.
No Inconsistent Agreements. No party hereto will hereafter enter into any agreement, which is inconsistent with the rights
granted to the Holder in this Note.

 

15.
Third Parties. Nothing herein expressed or implied is intended or shall be construed to confer upon or give to any person
or entity, other than the Holder and its permitted successor and assigns, any rights or remedies under or by reason of this Note.

 

16.
Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF OR RELATED TO THIS NOTE. EACH PARTY HERETO CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY
OF THE HOLDER HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT THE HOLDER WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE
THE FOREGOING WAIVER, (B) EACH PARTY HERETO UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) EACH PARTY HERETO
MAKES THIS WAIVER VOLUNTARILY, AND (D) EACH PARTY HERETO HAS BEEN INDUCED TO ENTER INTO THIS NOTE BY, AMONG OTHER THINGS, THE
WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

17.
Usury Savings Clause. Notwithstanding any provision in this Note to the contrary, 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, shall not exceed the limit imposed by the usury laws of the jurisdiction governing
this Note or any other applicable law. In the event the total liability of 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,
shall, for any reason whatsoever, result in an effective rate of interest, which for any month or other interest payment period
exceeds the limit imposed by the usury laws of the jurisdiction governing this Note, all sums in excess of those lawfully collectible
as interest for the period in question shall, without further agreement or notice by, between, or to any party hereto, be applied
to the reduction of the outstanding principal balance due hereunder immediately upon receipt of such sums by the Holder hereof,
with the same force and effect as though the Company had specifically designated such excess sums to be so applied to the reduction
of the principal balance then outstanding, and the Holder hereof had agreed to accept such sums as a penalty-free payment of principal;
provided, however, that the Holder may, at any time and from time to time, elect, by notice in writing to the Company, 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 then outstanding. It is the intention of the parties that the Company does not intend
or expect to pay, nor does the Holder intend or expect to charge or collect any interest under this Note greater than the highest
non-usurious rate of interest which may be charged under applicable law.

 

18.
Entire Agreement. This Note (including any recitals hereto) set forth the entire understanding of the parties with respect
to the subject matter hereof, and shall not be modified or affected by any offer, proposal, statement or representation, oral
or written, made by or for any party in connection with the negotiation of the terms hereof, and may be modified only by instruments
signed by all of the parties hereto.

 

[Signature
page to follow]

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, this Note is executed by the undersigned as of the date hereof.

 

	VPR
    BRANDS, LP	 
	 	 	 
	By:	Soleil
    Capital Management LLC,	 
	 	its
    General Partner	 

 

	By:	/s/
    Kevin Frija	 
	Name: 	Kevin
    Frija	 	 
	Title:	Manager
    and Chief Executive OfficerEX-4.1

 Exhibit 4.1 
  

 
 ZQ|CERT#|COY|CLS|RGSTRY|ACCT#|TRANSTYPE|RUN#|TRANS# COMMON STOCK PAR VALUE $0.00001 Certificate Number
ZQ00000000 THIS CERTIFIES THAT is the owner of COMMON STOCK THE REALREAL, INC. INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE Shares * * 000000* * * * * * * * * * * * * * * * * * ** Mr. Alexander David Sample **** Mr. Alexander David Sample
**** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David
Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander
David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr.
Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample
**** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David
Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander
David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Sample **** Mr. Sample
*000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****
000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****0
00000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****00
0000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000
000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****0000
00**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****00000
0**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000
**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000*
*Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**
Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**S THIS CERTIFICATE IS TRANSFERABLE IN CITIES DESIGNATED BY THE TRANSFER AGENT, AVAILABLE ONLINE AT
www.computershare.com SEE REVERSE FOR CERTAIN DEFINITIONS CUSIP 88339P 101 FULLY-PAID AND NON-ASSESSABLE SHARES OF COMMON STOCK OF The RealReal, Inc. (hereinafter called the “Company”), transferable on the books of the Company in person or
by duly authorized attorney, upon surrender of this Certificate properly endorsed. This Certificate and the shares represented hereby, are issued and shall be held subject to all of the provisions of the Certificate of Incorporation, as amended, and
the By-Laws, as amended, of the Company (copies of which are on file with the Company and with the Transfer Agent), to all of which each holder, by acceptance hereof, assents. This Certificate is not valid unless countersigned and registered by the
Transfer Agent and Registrar. Witness the facsimile seal of the Company and the facsimile signatures of its duly authorized officers. FACSIMILE SIGNATURE TO COME President FACSIMILE SIGNATURE TO COME Secretary DD-MMM-YYYY DATED COUNTERSIGNED AND
REGISTERED: COMPUTERSHARE TRUST COMPANY, N.A. TRANSFER AGENT AND REGISTRAR, By AUTHORIZED SIGNATURE DEL AWAR E CO R PO RATE THE REALREAL, INC 03/29/11 SEAL The Real Real PO BOX 43004, Providence, RI 02940-3004 MR A SAMPLE DESIGNATION (IF ANY) ADD 1
ADD 2 ADD 3 ADD 4 CUSIP/IDENTIFIER Holder ID Insurance Value 1,000,000.00 Number of Shares 123456 DTC 12345678 123456789012345 Certificate Numbers Num/No. Denom. Total 1234567890/1234567890 1 1 1 1234567890/1234567890 2 2 2 1234567890/1234567890 3 3
3 1234567890/1234567890 4 4 4 1234567890/1234567890 5 5 5 1234567890/1234567890 6 6 6 Total Transaction 7 

 

 
 THE REALREAL, INC. THE COMPANY WILL FURNISH WITHOUT CHARGE TO EACH SHAREHOLDER WHO SO REQUESTS, A SUMMARY OF THE POWERS, DESIGNATIONS,
PREFERENCES AND RELATIVE, PARTICIPATING, OPTIONAL OR OTHER SPECIAL RIGHTS OF EACH CLASS OF STOCK OF THE COMPANY AND THE QUALIFICATIONS, LIMITATIONS OR RESTRICTIONS OF SUCH PREFERENCES AND RIGHTS, AND THE VARIATIONS IN RIGHTS, PREFERENCES AND
LIMITATIONS DETERMINED FOR EACH SERIES, WHICH ARE FIXED BY THE CERTIFICATE OF INCORPORATION OF THE COMPANY, AS AMENDED, AND THE RESOLUTIONS OF THE BOARD OF DIRECTORS OF THE COMPANY, AND THE AUTHORITY OF THE BOARD OF DIRECTORS TO DETERMINE VARIATIONS
FOR FUTURE SERIES. SUCH REQUEST MAY BE MADE TO THE OFFICE OF THE SECRETARY OF THE COMPANY OR TO THE TRANSFER AGENT. THE BOARD OF DIRECTORS MAY REQUIRE THE OWNER OF A LOST OR DESTROYED STOCK CERTIFICATE, OR HIS LEGAL REPRESENTATIVES, TO GIVE THE
COMPANY A BOND TO INDEMNIFY IT AND ITS TRANSFER AGENTS AND REGISTRARS AGAINST ANY CLAIM THAT MAY BE MADE AGAINST THEM ON ACCOUNT OF THE ALLEGED LOSS OR DESTRUCTION OF ANY SUCH CERTIFICATE. The following abbreviations, when used in the inscription on
the face of this certificate, shall be construed as though they were written out in full according to applicable laws or regulations: TEN COM - as tenants in common TEN ENT - as tenants by the entireties JT TEN - as joint tenants with right of
survivorship and not as tenants in common UNIF GIFT MIN ACT Custodian under Uniform Gifts to Minors Act (Cust) (Minor) Custodian (until age) TRF under Uniform Transfers to Minors Act (Minor) (State) Additional abbreviations may also be used though
not in the above list. PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE For value received, hereby sell, assign and transfer unto (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING POSTAL ZIP CODE, OF ASSIGNEE) of the common
stock represented by the within Certificate, and do hereby irrevocably constitute and appoint Shares Attorney to transfer the said stock on the books of the within-named Company with full power of substitution in the premises. Signature(s)
Guaranteed: Medallion Guarantee Stamp THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (Banks, Stockbrokers, Savings and Loan Associations and Credit Unions) WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION
PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15. Signature: Signature: Notice: The signature to this assignment must correspond with the name as written upon the face of the certificate, in every particular, without alteration or enlargement, or any change
whatever. The IRS requires that the named transfer agent (“we”) report the cost basis of certain shares or units acquired after January 1, 2011. If your shares or units are covered by the legislation, and you requested to sell or transfer
the shares or units using a specific cost basis calculation method, then we have processed as you requested. If you did not specify a cost basis calculation method, then we have defaulted to the first in, first out (FIFO) method. Please consult your
tax advisor if you need additional information about cost basis. If you do not keep in contact with the issuer or do not have any activity in your account for the time period specified by state law, your property may become subject to state
unclaimed property laws and transferred to the appropriate state. Security Instructions This is Watermarked paper Do not Accept without Noting Watermark Hold to Light to verify watermark

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