Document:

Exhibit 10.2

    

    

    

    
      THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”), OR ANY STATE SECURITIES OR BLUE SKY LAWS AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, HYPOTHECATED OR
        OTHERWISE ASSIGNED EXCEPT (1) PURSUANT TO A REGISTRATION STATEMENT WITH RESPECT TO SUCH SECURITIES WHICH IS EFFECTIVE UNDER THE ACT OR (2) PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE ACT AND UNDER APPLICABLE STATE SECURITIES AND
        BLUE SKY LAWS RELATING TO THE DISPOSITION OF SECURITIES, PROVIDED THAT AN OPINION OF COUNSEL TO SUCH EFFECT IS PROVIDED TO THE COMPANY IN CONNECTION THEREWITH.

      

      

    

  

  
    
Dallas, TX

   

  

  
    AMERI HOLDINGS, INC.

    

    

    SECURED PROMISSORY NOTE

  

   

  

  
    
      	$1,000,000	
              February 27, 2020

            

    

  

   

  

  
    

   

  

  This Secured Promissory Note (the “Note”) is issued pursuant to that certain Note Purchase and Security Agreement effective February 27, 2020 (the “Purchase Agreement”), by and among AMERI Holdings, Inc., a
    Delaware corporation (the “Company”), and the Holder (as defined below).

   

  1.           Principal; Interest; Maturity.

   

  1.1          Principal.  For value received, the Company hereby promises to pay to 1530 Investments Series A, LLC, a Texas Limited Liability Company (the “Holder”) the amount of one million dollars
    ($1,000,000) (the “Principal”), plus accrued interest, payable pursuant to the terms and conditions set forth herein.

   

  1.2          Interest.  This Note shall bear interest at seven and one quarter percent (7.25%) per annum from the date of issuance of this Note until repayment of this Note, together with all accrued interest,
    damages, penalties and other amounts that may come due hereunder, or cancelation as set forth herein.  Interest on this Note shall be computed on the basis of a 360-day year, consisting of twelve 30 calendar day periods.  Interest shall be paid monthly
    via automatic ACH withdrawal from Company’s bank to Holder’s designated account, on the first of each calendar month, provided that if any payment date is not a business day on which nationally-chartered banks are open, then the applicable payment
    shall be due on the next succeeding business day.

   

  1.3          Demand; Term.  All outstanding Principal and accrued interest and other amounts due hereunder (the “Total Outstanding Debt”) hereunder shall be due and payable on
    August 31, 2020 (the “Maturity Date”). 

   

  

  
    
      

  

  
  2.           Note Purchase Agreement.  This Note is being issued pursuant to the Purchase Agreement and remains subject to its terms.

   

  3.           No Prepayment.  No portion of the Total Outstanding Debt hereunder may be prepaid prior to the Maturity Date by the Company without prior written consent of the Holder.

   

  4.           Secured.  The Company’s performance under this Note is secured by certain assets of the Company as described in the Purchase Agreement and Subordination Agreement.

   

  5.           Waivers by the Company.  The Company hereby waives presentment, notice of nonpayment, protest and notice of protest, and notice of dishonor and agrees to remain fully bound notwithstanding the release
    of any party, extension or modification of terms, or discharge of Collateral, if any, for this Note.

   

  6.           Collection; Fees.  The Company shall be liable for and reimburse Holder for any costs of enforcement or collections on this Note, including attorney’s fees or collection fees.

   

  7.           Assignment.  Subject to the restrictions on transfer described herein and in the Purchase Agreement, the rights and obligations of the Company and the Holder of this Note shall be binding upon and
    benefit the successors, assigns, heirs, administrators and transferees of the parties.  Company shall not transfer this Note or any rights and obligations herein without prior written approval of Holder, which may be withheld in Holder’s discretion. 
    Holder shall not transfer this Note or any rights and obligations herein, other than a transfer or partial transfer to one or more of Holder’s affiliated entities, without prior written approval of the Company, which may be withheld in Company’s
    discretion.  Any transfer in violation of the foregoing is null and void ab initio.  Effective upon any such assignment by Holder, the person or entity to whom such rights, interests and obligations were assigned shall have and exercise all of such
    rights, interests and obligations hereunder as if such person or entity were the original Holder of this Note.

   

  8.           Waiver and Amendment.  Any provision of this Note or the Purchase Agreement may be amended, waived or modified (either generally or in a particular instance, either retroactively or prospectively, and
    either for a specified period of time or indefinitely) upon the written consent of the Company and the Holder.

   

  9.           Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of California, excluding that body of law relating to conflict of laws.

   

  10.          Loss, Theft or Destruction of Note.  Upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft or destruction of this Note and of indemnity or security reasonably
    satisfactory to it, the Company will make and deliver a new Note which shall carry the same rights to interest (unpaid and to accrue) carried by this Note, stating that such Note is issued in replacement of this Note, making reference to the original
    date of issuance of this Note (and any successors hereto) and dated as of such cancellation, in lieu of this Note.

   

  

  
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  11.          Usury.  This Note is hereby expressly limited so that in no event whatsoever, whether by reason of acceleration of maturity of the loan evidenced hereby or thereby, or
    otherwise, shall the amount paid or agreed to be paid to the Holder hereunder for the loan, use, forbearance or detention of money exceed that permissible under applicable law.  If at any time the performance of any provision hereof or of this Note or
    any other such agreement involves a payment exceeding the limit of the price that may be validly charged for the loan, use, forbearance or detention of money under applicable law, then automatically and retroactively, ipso

      facto, the obligation to be performed shall be reduced to such limit, it being the specific intent of the Company and the Holder that all payments under this Note are to be credited first to interest as permitted by law, but not in excess of
    (i) the agreed rate of interest set forth herein or (ii) that permitted by law, whichever is the lesser, and the balance toward the reduction of Principal.  The provisions of this Section 11 shall never be superseded or waived and shall control every
    other provision of this Note and all other agreements between the Company and the Holder.

   

  12.          Heading; References.  All headings used herein are used for convenience only and shall not be used to construe or interpret this Note.  Except as otherwise indicated, all references herein to Sections
    refer to Sections hereof.

   

  13.          Waivers.  Holder shall not be deemed, by any act or omission, to have waived any of its rights or remedies hereunder unless such waiver is in writing and signed by Holder and then only to the extent
    specifically set forth in such writing.  A waiver with reference to one event shall not be construed as continuing or as a bar to or waiver of any right or remedy as to a subsequent event.  No delay or omission of Holder to exercise any right, whether
    before or after a default hereunder, shall impair any such right or shall be construed to be a waiver of any right or default, and the acceptance at any time by Holder of any past-due amount shall not be deemed to be a waiver of the right to require
    prompt payment when due of any other amounts then or thereafter due and payable.

   

  14.          Time is of the Essence.  Time is of the essence hereof.  Upon any default hereunder, Holder may exercise all rights and remedies provided for herein and by law or equity, including, but not limited to,
    the right to immediate payment in full of this Note.

   

  15.          Remedies Cumulative.  The remedies of Holder as provided herein or the Purchase Agreement or in law or in equity, shall be cumulative and concurrent, and may be pursued singularly, successively or
    together at Holder’s sole discretion, and may be exercised as often as occasion therefor shall occur.

   

  16.          Severability.  If any provision or set of provisions of this Note (or any portion thereof) is held by an arbitrator or court of competent jurisdiction to be invalid, illegal or unenforceable for any
    reason whatever:  (a) such provision shall be limited or modified in its application to the minimum extent necessary to avoid the invalidity, illegality or unenforceability of such provision and such modified provision shall be reduced to a writing and
    signed by the parties hereto; (b) the validity, legality and enforceability of the remaining provisions of this Note shall not in any way be affected or impaired thereby; and (c) to the fullest extent possible, the provisions of this Note shall be
    construed so as to give effect to the intent manifested by the provision (or portion thereof) held invalid, illegal or unenforceable.

   

  

  
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  17.          No Impairment.  The Company will not, by any voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed hereunder or the Purchase Agreement by
    the Company, but will at all times in good faith assist in the carrying out of all the provisions of this Note and in the taking of all such action as may be necessary or appropriate in order to protect the rights of the Holder of this Note against
    impairment.

   

  In witness whereof, the Company has caused this Secured Promissory Note to be issued as of the date and year first written above.

  

  

  	 	
          1530 INVESTMENTS SERIES A, LLC

        
	 	 
	 	
          By:

          

        	/s/ Marvin SooHoo	 
	 	
          Name: m2 Enterprises LLC

        
	 	
          Title: Managing Member

        
	 	
          Authorized Signatory for m2 Enterprises LLC:

        
	 	
          Marvin SooHoo

        
	 	 
	 	
          AMERI HOLDINGS, INC.

        
	 	 
	 	
          By:

          

        	/s/ Dev Nhidi	 
	 	Name:	Dev Nhidi	 
	 	
          Title: CEO

        

   

  

   

  

   4Exhibit 4.2

 

DESCRIPTION OF THE REGISTRANT’S
SECURITIES

REGISTERED PURSUANT TO SECTION 12 OF
THE

SECURITIES EXCHANGE ACT OF 1934

 

The following description sets forth certain
material terms and provisions of the securities of MYR Group Inc. (the “Company”) that are registered under Section
12 of the Securities Exchange Act of 1934 (the “Exchange Act”). This description also summarizes relevant provisions
of the Delaware General Corporation Law (the “DGCL”). The following description is a summary and does not purport
to be complete. It is subject to, and qualified in its entirety by reference to, the applicable provisions of the DGCL and our
Restated Certificate of Incorporation (the “Certificate of Incorporation”) and our Amended and Restated By-Laws (the
 “By-Laws”), each of which is incorporated by reference as an exhibit to the Annual Report on Form 10-K of which this
Exhibit 4.2 is a part. We encourage you to read the Certificate of Incorporation and By-Laws and the applicable provisions of the
DGCL for additional information.

 

Authorized Capital Stock

 

We are authorized to issue 100,000,000 shares
of common stock, par value $0.01 per share, and 4,000,000 shares of preferred stock, par value $0.01 per share.

 

Common Stock

 

Each share of our common stock entitles
the holder to one vote on all matters submitted to a vote of stockholders, including the election of directors. The By-Laws provide
that, except as otherwise provided by law, the Certificate of Incorporation, or the By-Laws, or permitted by the rules of the stock
exchange on which our shares are listed or traded, any question brought before any meeting of the stockholders, other than the
election of directors, shall be decided by the vote of the holders of a majority of the total number of votes of the Company’s
capital stock represented at the meeting and entitled to vote, voting as a single class. Directors shall be elected by the majority
of the votes cast, except that, if the number of nominees for election at any such meeting exceeds the number of directors to be
elected at such meeting, each director shall be elected by a plurality of the votes cast. Holders of shares of our common stock
do not have cumulative voting rights.

 

Subject to any preference rights of holders
of preferred stock, holders of our common stock are entitled to receive dividends, if any, when, as and if declared by the Board
of Directors of the Company (the “Board”) from time to time out of assets or funds legally available for such purposes.
In the event of our liquidation, dissolution or winding up (either voluntary or involuntary), the holders of common stock are entitled
to share ratably in all assets and funds remaining after the payment of liabilities, subject to any rights of holders of preferred
stock to prior distribution.

 

Our common stock has no preemptive or conversion
rights or other subscription rights. There are no redemption or sinking fund provisions applicable to the common stock. Our common
stock is not liable to further call or assessment by the Company or subject to any restriction on alienability, except as required
by law.

 

Preferred Stock

 

The Board, without further action by the
holders of common stock, is authorized to issue up to 4,000,000 shares of preferred stock. The Board is vested with authority to
fix by resolution the designations and the powers, preferences and relative, participating, optional or other special rights, and
qualifications, limitations or restrictions thereof, including, without limitation, the dividend rate, conversion or exchange rights,
redemption price and liquidation preference of any class or series of shares of preferred stock, and to fix the number of shares
constituting any such class or series.

 

The authority possessed by the Board to
issue preferred stock could potentially be used to discourage attempts by others to obtain control of the Company through a merger,
tender offer, proxy contest, or otherwise by making such attempts more difficult to achieve or more costly. The Board may issue
preferred stock with voting and conversion rights that could adversely affect the voting power of the holders of common stock.

 

     

     

    

 

Certain Anti-Takeover Effects of Provisions of the Certificate
of Incorporation, By-Laws and the DGCL

 

Certain provisions of the Certificate of
Incorporation, By-Laws and the DGCL, summarized below, may be deemed to have an anti-takeover effect and may delay, defer or prevent
a tender offer or takeover attempt that a stockholder might consider in such stockholder’s best interest, including those
attempts that might result in a premium over the market price for the shares held by stockholders.

 

Newly Created Directorships, Vacancies and Removal

 

The Certificate of Incorporation and By-Laws
provide that newly created directorships resulting from any increase in the number of directors may be filled by a majority of
the Board then in office, provided that a quorum is present, and any other vacancy occurring on the Board may be filled by a majority
of the Board then in office, even if less than a quorum, or by a sole remaining director. Any director of any class elected to
fill a vacancy resulting from an increase in the number of directors of such class shall hold office for a term that shall coincide
with the remaining term of that class. Any director elected to fill a vacancy not resulting from an increase in the number of directors
will have the same remaining term as that of his or her predecessor.

 

Classified Board of Directors

 

The Certificate of Incorporation and By-Laws
provide that the Board is divided into three classes of directors serving staggered three-year terms. As a result, approximately
one-third of the Board will be elected each year. These provisions, when coupled with the provision in the Certificate of Incorporation
authorizing the Board to fill vacant directorships or increase the size of the Board, may deter a stockholder from removing incumbent
directors and simultaneously gaining control of the Board by filling the vacancies created by such removal with its own nominees.

 

Special Meetings of Stockholders 

 

The Certificate of Incorporation and By-Laws
provide that special meetings of stockholders may be called by the chairman of the Board, the president, any vice president, the
secretary or any assistant secretary, the Board, any committee thereof that has been authorized to call such special meeting and
stockholders owning a majority of the outstanding voting stock entitled to vote.

 

Stockholder Action by Written Consent 

 

The Certificate of Incorporation provides
that any action required or permitted to be taken by our stockholders must be effected at a duly called annual or special meeting
of stockholders and may not be taken or effected by a written consent of stockholders.

 

Advance Notice of Stockholder-Proposed Business at Annual
Meetings 

 

The By-Laws contain advance notice procedures
with respect to stockholder proposals and the nomination of candidates for election as directors (other than nominations made by
or at the direction of the Board).

 

DGCL Section 203 – Business Combinations with Interested
Stockholders

 

     

     

    

 

We are subject to the provisions of Section
203 of the DGCL, regulating corporate takeovers. In general, those provisions prohibit a Delaware corporation from engaging in
any “business combination” with any interested stockholder for a period of three years following the date that the
stockholder became an interested stockholder, unless:

 

		·	prior to the time that the person became an interested stockholder, the Board approved either the business combination or the
transaction which resulted in the stockholder becoming an interested stockholder;

 

		·	upon consummation of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder
owned at least 85% of the voting stock of the Company outstanding at the time the transaction commenced, excluding for the purpose
of determining the number of shares outstanding (but not the outstanding voting stock owned by the interested stockholder) those
shares owned by (i) the Company’s officers and directors and (ii) employee stock plans in which employee participants do
not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange
offer; or

 

		·	at or subsequent to the time the business combination is approved by the Board and authorized at an annual or special meeting
of its stockholders, and not by written consent, by the affirmative vote of at least 66-2/3% of its outstanding voting stock that
is not owned by the interested stockholder.

 

The term “business combination”
is broadly defined to include mergers, consolidations, and sales and other dispositions of assets having an aggregate market value
equal to 10% or more of the consolidated assets of the Company, and other specified transactions resulting in financial benefits
to the interested stockholder. An “interested stockholder” is a person who, together with affiliates and associates,
owns (or within the immediately preceding three years did own) 15% or more of the Company’s voting stock.

 

The restrictions on business combinations
with interested stockholders contained in Section 203 of the DGCL do not apply to a corporation whose certificate of incorporation
or bylaws contains a provision expressly electing not to be governed by the statute. Neither the Certificate of Incorporation nor
the By-Laws contains a provision electing to “opt-out” of Section 203. Section 203 of the DGCL could prohibit or delay
mergers or other takeover or change in control attempts and, accordingly, may discourage attempts to acquire us.

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