Document:

Blueprint

 
Exhibit
10.2

 

PROMISSORY NOTE DUE JUNE 30, 2020

 

	
$1,000,000.00

	
 Issuance Date:
December 31, 2019

 

For
value received, IOTA Communications, Inc., a Delaware corporation
(the “Borrower”), hereby
promises to pay to Link Labs, Inc., a Delaware corporation (the
“Lender”), the aggregate
principal amount of $1,000,000.00 (the “Principal”), or such
lesser amount as may then be outstanding hereunder, and all
interest due thereon, on the terms and conditions set forth in this
Promissory Note (this “Note”).

 

1. Interest.
Interest on the Principal, or such lesser amount as may be
outstanding hereunder from time to time, shall accrue from the date
hereof until payment in full, at a fixed rate equal to the
Applicable Federal Rate if paid in full when due, provided that the
interest rate shall be eighteen percent (18%) per annum on any
overdue amounts for all periods following the overdue date until
paid. Interest shall be calculated on the basis of a 365 day year
for the actual number of days elapsed, and shall be compounded
quarterly.

 

2. Maturity.
Except as otherwise provided pursuant to this Note, all outstanding
principal and interest owing hereunder (the “Outstanding Amount”)
shall be paid on June 30, 2020 (the “Maturity
Date”).

 

3. Prepayment.
This Note shall be prepayable, without penalty, at any time by the
Borrower.

 

4. Termination.
The obligations of the Borrower pursuant to this Note shall remain
in full force and effect until the Outstanding Amount shall have
been indefeasibly paid in full in immediately available funds in
accordance with the terms hereof, at which time this Note shall
automatically terminate without any further action
required.

 

5. Event of
Default. Each of the
following shall constitute an “Event of Default”
hereunder:

 

(a) the Borrower fails
to pay timely the Outstanding Amount within ten days of such amount
becoming due and payable pursuant to this Note;

 

(b) the Borrower shall:
(i) discontinue its business; (ii) apply for or consent
to the appointment of a receiver, trustee, custodian or liquidator
of it or a substantial part of its property; (iii) admit in
writing its inability to pay its debts as they mature;
(iv) make a general assignment for the benefit of creditors;
or (v) file a voluntary petition in bankruptcy, or a petition
or an answer seeking reorganization or an arrangement with
creditors or to take advantage of any bankruptcy, reorganization,
insolvency, readjustment of debt, dissolution or liquidation laws
or statutes, or an answer admitting the material allegations of a
petition filed against it in any proceeding pursuant to any such
law; or

 

(c) there shall be
filed against the Borrower an involuntary petition seeking
reorganization of the Borrower or the appointment of a receiver,
trustee, custodian or liquidator of the Borrower or a substantial
part of its assets, or an involuntary petition pursuant to any
bankruptcy, reorganization or insolvency law of any jurisdiction,
whether now or hereafter in effect (any of the foregoing petitions
being hereinafter referred to as an “Involuntary Petition”),
and such Involuntary Petition shall not have been dismissed within
thirty days after it was filed.

 

Remedies.
Upon the occurrence of any Event of Default, the Lender may declare
the Outstanding Amount immediately due and payable, whereupon said
principal and interest shall be immediately due and payable without
presentment, demand, protest or other notice of any kind, each of
which is expressly waived by the Borrower. Further, the Lender
shall have all rights and remedies not inconsistent herewith as
provided by law or in equity. No exercise by the Lender of one
right or remedy shall be deemed an election, and no waiver by the
Lender of any Event of Default shall be deemed a continuing waiver
of such Event of Default or the waiver of any other Event of
Default.

 

6. Usury.
In no event shall the interest rate payable pursuant to this Note
exceed the highest rate permissible pursuant to any law that a
court of competent jurisdiction shall, in a final determination,
deem applicable. The Borrower and the Lender, in executing and
delivering this Note, intend legally to agree upon the rate of
interest and manner of payment stated within it; provided, however,
that, anything contained herein to the contrary notwithstanding, if
such rate of interest or manner of payment exceeds the maximum
allowable pursuant to applicable law, then, as of the date of this
Note, the Borrower is and shall be liable only for the payment of
such maximum as allowed by law, and payment received from the
Borrower in excess of such legal maximum, whenever received, shall
be applied to reduce the principal balance of any remaining
obligations to the extent of such excess.

 

 

 

 

7. Miscellaneous.

 

(a) Transfers. The Borrower shall
maintain a register indicating the holder of this Note and all
payments made hereunder shall be to the registered holder. This
Note may be transferred only upon its surrender to the Borrower for
registration of transfer, duly endorsed, or accompanied by a duly
executed written instrument of transfer in form satisfactory to the
Borrower. Thereupon, this Note shall be reissued to, and registered
in the name of, the transferee, or a new note for like principal
amount and interest shall be issued to, and registered in the name
of, the transferee. Interest and principal shall be paid solely to
the registered holder of this Note.

 

(b) Successors and Assigns. This
agreement is binding upon, and inures to the benefit of, the
Borrower and the Lender and their respective successors and
assigns.

 

(c) Amendment and Waiver. No
amendment, modification or waiver of the terms of this Note shall
be binding unless placed in writing and fully executed by the
Borrower and the Lender. Failure to enforce any provisions of this
Agreement shall not constitute a waiver of any of the terms and
conditions hereof.

 

(d) Severability.  If any provision of this Note is
declared void, such provision shall be deemed severed from this
Note, which shall otherwise remain in full force and
effect.

 

(e) Counterparts.  This Note may be executed in
counterparts, each of which shall be deemed to be an original as
against any party whose signature appears thereon, but all of which
together shall constitute one and the same instrument.

 

(f) Governing Law. This Note shall
in all respects be governed by, and construed and interpreted in
accordance with, the laws of the State of Delaware, without regard
to its conflicts of laws principles.

 

(g) Waiver of Jury Trial. EACH OF
THE BORROWER AND THE LENDER HEREBY KNOWINGLY, VOLUNTARILY, AND
INTENTIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY OF
ANY DISPUTE ARISING PURSUANT TO OR RELATING TO THIS NOTE AND AGREES
THAT ANY SUCH DISPUTE SHALL BE TRIED BEFORE A JUDGE SITTING WITHOUT
A JURY.

 

[Signature Page Follows]

 

 

 

 

IN WITNESS WHEREOF, the undersigned have
executed this Promissory Note, as of the date first set forth
above.

 

	
 

	
BORROWER:

 

	

 

	IOTA
COMMUNICATIONS, INC.	

 

	

 

	

 

	

 

	

 

	

	
By:  

	
/s/ Terrence
DeFranco

	

 

	

 

	

 

	
Name: Terrence
DeFranco  

	

 

	

 

	

 

	

Title:
Chief
Executive Officer  

	

 

 

	
 

	
LENDER:

 

	

 

	LINK
LABS, INC.	

 

	

 

	

 

	

 

	

 

	

	
By:  

	
/s/ Jennifer
Halstead  

	

 

	

 

	

 

	
Name: Jennifer
Halstead  

	

 

	

 

	

 

	

Title:
Chief
Financial OfficerBlueprint

  Exhibit 10.3

 

Link Labs Inc.

 

130
Holiday Court, Suite 100

 

Annapolis,
MD 21401

 

 

 

 December
31, 2019

 

 

 

CONFIDENTIAL

 

IOTA
Communications, Inc.

 

Attn:
Terrence DeFranco

 

645
Hamilton Street, Suite 400

 

Allentown,
PA 18101

 

 

Re:
Second Closing under Asset
Purchase Agreement

 

 

Dear
Sir:

 

Reference is hereby
made to that certain Asset Purchase Agreement, dated as of November
15, 2019 (the “APA”), by and among IOTA Communications,
Inc., a Delaware corporation (“Buyer”), and Link Labs,
Inc., a Delaware corporation (“Seller,” and together
with Buyer, the “Parties”). Unless otherwise defined
herein, capitalized terms used in this letter agreement (this
“Letter Agreement”) shall have the meanings given to
them in the APA.

 

In
consideration of the mutual covenants contained herein, and for
other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged and agreed, the Parties, intending
to be legally bound, hereby agree as follows:

 

1.
Delayed
Closing.

 

Pursuant to Section
6.2(b) of the APA, Seller is to deliver to Buyer (i) evidence of
termination of the existing agreements constituting the Second
Closing Assets (the “Termination of Agreements”), and
(ii) an officer’s certificate, dated as of the Second Closing
Date and executed by a duly authorized officer of Seller,
certifying that the representation and warranties of Seller set
forth in Article 3 of the APA remain accurate and complete (the
“Officer’s Certificate,” and together with the
Termination of Agreements, the “Seller Closing
Deliverables”). Pursuant to Section 6.3(b) of the APA, Buyer
is to deliver to Seller (i) payment of $1,000,000 by wire transfer,
(ii) the Second Invoice Payment, and (iii) the Promissory Notes in
the form attached as Exhibit 6.3(b) (together, the “Buyer
Closing Deliverables”). Pursuant to Section 2.2(b) of the
APA, Seller is to deliver the Seller Closing Deliverables and Buyer
is to deliver the Buyer Closing Deliverables by December 31, 2019.
In furtherance of the intent of the APA and the transactions
contemplated therein, and subject to Section 2 herein, the Parties
hereby agree as follows:

 

a)

Seller shall
deliver to Buyer the Officer’s Certificate on December 31,
2019;

 

b)

Buyer shall deliver
to Seller the Promissory Notes on December 31, 2019;

 

c)

Buyer shall deliver
to Seller payment of $1,000,000 on or before January 3,
2020;

 

d)

Buyer shall pay to
Seller the Second Invoice Payment on or before January 17, 2020;
and

 

e)

Seller shall,
conditioned upon Seller’s receipt of the Buyer Closing
Deliverables, deliver to Buyer the Termination of Agreements on or
before January 17, 2020.

 

2.
Reservation of
Rights.

 

This
Letter Agreement also serves to advise the Buyer that nothing in
this Letter Agreement or any delay by Seller in exercising any
rights, powers, privileges or remedies under the APA or applicable
law with respect to the delay of the consummation of the Second
Closing under the APA shall constitute a waiver of the same now
existing or hereafter arising under the APA or applicable law. This
Letter Agreement is not, and shall not be deemed to be, a waiver
of, or a consent to, any default or noncompliance now existing or
hereafter arising under or relating to the APA.

 

 

 

 

       
3. Miscellaneous.

 

This
Letter Agreement shall be governed by and construed in accordance
with the internal laws of Delaware, without giving regard to the
conflict of laws provisions thereof and each of the Parties hereby
agrees that the provisions of Section 8.6 (Jurisdiction, Venue and
Waiver of Jury Trial) of the APA shall be incorporated herein by
reference. This Letter Agreement may be amended or modified only by
written agreement of each of the Parties. This Letter Agreement may
not be assigned except by the written consent of the non-assigning
party (which consent may be granted or withheld in each such
non-assigning party's sole discretion). Each party hereto agrees to
take such actions and execute and acknowledge all documents and
writings reasonably necessary to carry out the full intent and
purposes of this Letter Agreement. The parties hereto acknowledge
and agree that to the extent any terms and provisions of this
Letter Agreement are in any way inconsistent with or in conflict
with any term or provision of the APA, this Letter Agreement shall
govern and control. All notices under this Letter Agreement shall
be provided in accordance with the procedures set forth in Section
8.1 (Notices) of the APA and to the addresses set forth therein.
This Letter Agreement and any amendment hereto may be signed in any
number of counterparts, each of which shall be deemed an original,
but all of which taken together shall constitute one Letter
Agreement (or amendment, as applicable). This Letter Agreement will
become effective and binding upon each party when executed by such
party, and the delivery of such signature by e-mail delivery of a
".pdf" format data file shall create a valid and binding obligation
of the party signing.

 

If
Buyer agrees with the foregoing, please so indicate by executing
this Letter Agreement in the place provided below, whereupon this
Letter Agreement will constitute a binding agreement among the
Parties.

 

***

 

[signature pages to follow]

 

 

 

 

	
 

	
Sincerely,

	

 

	LINK
LABS, INC.	

 

	

 

	

 

	

 

	

 

	

	
By:  

	
/s/ Jennifer
Halstead  

	

 

	

 

	

 

	
Name: Jennifer
Halstead  

	

 

	

 

	

 

	

Title:
Chief
Financial Officer  

	

 

 

[Signature Page to Side Letter Agreement]

 

 

 

 

Acknowledged
and agreed to as of the date first set forth above:

 

	
IOTA
COMMUNICATIONS, INC.

	

	
By: /s/ Terrence
DeFranco

	
Name: Terrence
DeFranco

	
Title: Chief
Executive Officer

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