Document:

Exhibit 10.1

 

NEITHER THIS SECURITY NOR THE SECURITIES INTO
WHICH THIS SECURITY IS CONVERTIBLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY
STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT
TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE
WITH APPLICABLE STATE SECURITIES LAWS. THIS SECURITY AND THE SECURITIES ISSUABLE UPON CONVERSION OF THIS SECURITY MAY BE PLEDGED IN CONNECTION
WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

Original Issue Date: July 18, 2022

 

Principal Amount: Up to $490,000

 

UNSECURED CONVERTIBLE NOTE

DUE DECEMBER 31, 2023

 

THIS UNSECURED CONVERTIBLE
NOTE is a duly authorized and validly issued promissory note of Chavant Capital Acquisition Corp., a Cayman Islands company (“Chavant”
or the “Company”), having its principal place of business at 445 Park Avenue, New York, NY 10022, United States, designated
as its Convertible Note due December 31, 2023 (this “Note”).

 

FOR VALUE RECEIVED, unless
earlier converted in accordance with Section 7 hereof, the Company promises to pay to the order of Chavant Capital Partners LLC
or its registered assigns or successors in interest (the “Holder”), the principal sum of Four Hundred Ninety Thousand
Dollars ($490,000), or such lesser amount as shall have been advanced by Holder to the Company and shall remain unpaid under this Note
on December 31, 2023 (the “Maturity Date”), in lawful money of the United States of America, on the terms and conditions
described below.

 

 Section 1.
Definitions. For the purposes hereof, in addition to the terms defined elsewhere in this Note, the following terms shall have the
following meanings:

 

“Business
Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any day
on which commercial banking institutions in the State of New York are authorized or required by law or other governmental action to close.

 

“Business
Combination” shall have the meaning set forth in Article 1.1 of the Amended and Restated Memorandum and Articles of Association
of the Company.

 

“Chavant”
shall have the meaning set forth in the Recitals hereto.

 

“Conversion
Agent” shall have the meaning set forth in Section 7(g).

 

“Conversion
Warrants” shall have the meaning set forth in Section 7(a).

 

“Drawn
Amount” shall have the meaning set forth in Section 7(a).

 

“New
York Courts” shall have the meaning set forth in Section 8(c).

 

“Person”
means an individual or corporation, exempted company, partnership, trust, incorporated or unincorporated association, joint venture, limited
liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

     

     

    

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Warrants”
means the warrants that are each exercisable into one ordinary share, par value of $0.0001, in the capital of Chavant, with an exercise
price of $11.50 per share and an exercise period of five years after the initial Business Combination of Chavant.

 

“Warrant
Delivery Date” shall have the meaning set forth in Section 7(b).

 

“Trading
Market” means any of the following markets or exchanges on which the ordinary shares are listed or quoted for trading on the
date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York
Stock Exchange, the OTCQB, or the OTCQX (or any successors to any of the foregoing).

 

Section 2. No
Interest. No interest shall accrue on the unpaid principal balance of this Note.

 

Section 3. Drawdown
Requests. The Company and the Holder hereby agree that, from time to time, at any time on or after the date hereof and prior to the
Maturity Date, the Company may request up to Four Hundred Ninety Thousand Dollars ($490,000), in aggregate principal amount of borrowings
under this Note upon written request (email being sufficient) from the Company to the Holder (each, a “Drawdown Request”).
Each Drawdown Request must state the aggregate principal amount requested to be borrowed, and must not be an amount less than Ten Thousand
Dollars ($10,000), unless agreed upon in writing by the Company and the Holder. Holder shall fund each Drawdown Request no later than
two (2) Business Days after receipt of such Drawdown Request; provided, however, that, unless otherwise agreed by the Company
and the Holder, no more than one Drawdown Request is made by the Company each month, and that the aggregate principal amount outstanding
under this Note at any time after giving effect to a drawdown may not exceed Four Hundred Ninety Thousand Dollars ($490,000). No fees,
payments or other amounts shall be due to Holder in connection with, or as a result of, any Drawdown Request by the Company.

 

Section 4. Payment.
All payments shall be made in United States dollars at the principal office of the Company, or at such other place as the Company and
Holder shall mutually agree in writing. Except to the extent converted at the option of the Holder into Conversion Warrants pursuant to
Section 7, repayment of principal shall be made at the earlier of (i) five Business Days after the closing of the initial Business Combination
and (ii) the Maturity Date (such date being the “Repayment Date”). Notwithstanding the aforesaid statement, prepayment
of principal may be made any time before the Repayment Date.

 

Section 5. Security.
This Note is a general unsecured obligation of the Company.

 

Section 6. Registration
of Transfers and Exchanges.

 

 a) Different
Denominations. This Note is exchangeable for an equal aggregate principal amount of Notes of different authorized denominations, as
requested by the Holder surrendering the same. No service charge will be payable for such registration of transfer or exchange.

 

 b) Reliance
on Note Register. Prior to due presentment for transfer to the Company of this Note, the Company and any agent of the Company may
treat the Person in whose name this Note is duly registered on the Note register as the owner hereof for the purpose of receiving payment
as herein provided and for all other purposes, whether or not this Note is overdue, and neither the Company nor any such agent shall be
affected by notice to the contrary.

 

Section 7. Conversion.

 

 a) Conversion
Upon Initial Business Combination: So long as this Note remains outstanding, upon the closing of the initial Business Combination,
all amounts that have been advanced by Holder to the Company and remain unpaid under this Note as of such time (the “Drawn Amount”)
shall, at the option of the Holder by notice to the Company delivered no later than two Business Days following the closing of the initial
Business Combination, convert in whole without any further action by the Holder into a number of Warrants equal to (i) the Drawn Amount
divided (ii) by $1.00, rounded up to the nearest whole warrant (such warrants, the “Conversion Warrants”).

 

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 b) Delivery
of Conversion Warrants Upon Conversion. As promptly as practicable following the applicable conversion of the Note (the “Warrant
Delivery Date”), Chavant shall deliver, or cause to be delivered, to the Holder the Conversion Warrants.

 

 c) Reservation
of Warrants Issuable Upon Conversion. Chavant covenants that it will at all times reserve and keep available out of its authorized
and unissued Warrants for the sole purpose of issuance upon conversion of this Note, each as herein provided, free from preemptive rights
or any other actual contingent purchase rights of Persons other than the Holder, not less than 490,000 Warrants. Chavant covenants that
all Warrants that shall be so issuable shall, upon issue, be duly authorized, validly issued, fully paid and nonassessable.

 

 d) Fractional
Warrants. No fractional warrants shall be issued upon the conversion of all or any portion of this Note. Any fraction of a warrant
to which the Holder would otherwise be entitled to purchase upon such conversion shall be rounded up to the next whole warrant.

 

 e) Transfer
Taxes and Expenses. The issuance of Conversion Warrants upon conversion of this Note shall be made without charge to the Holder hereof
for any documentary stamp or similar taxes that may be payable in respect of the issue or delivery of such Conversion Warrants; provided
that Chavant shall not be required to pay any tax that may be payable in respect of any transfer involved in the issuance and delivery
of any such Conversion Warrants upon conversion in a name other than that of the Holder of this Note so converted and Chavant shall not
be required to issue or deliver such Conversion Warrants unless or until the Person or Persons requesting the issuance thereof shall have
paid to Chavant the amount of such tax or shall have established to the satisfaction of Chavant that such tax has been paid. Chavant shall
pay all reasonable fees of any Conversion Agent required for same-day processing of any conversion hereunder required for same-day electronic
delivery of the Conversion Warrants.

 

 f) Satisfaction.
If the outstanding principal balance of this Note is converted in full into Warrants pursuant to this Section 7, then such principal
shall be deemed to have been paid in full by the Company on the date of such conversion.

 

g) Maintenance
of Office or Agency. The Company may maintain in the contiguous United States an office or agency where the Notes may be surrendered
for registration of transfer or exchange or for presentation for payment or repurchase or for conversion (“Conversion Agent”)
and where notices and demands to or upon the Company in respect of the Notes may be made.

 

Section 8. Miscellaneous.

 

 a) Notices.
Any and all notices or other communications or deliveries to be provided by the Holder hereunder shall be in writing and delivered personally,
by facsimile, by email attachment, or sent by a nationally recognized overnight courier service, addressed to the Company, at the address
set forth above, or such other facsimile number, email address, or address as the Company may specify for such purposes by notice to the
Holder delivered in accordance with this Section 8(a). Any and all notices or other communications or deliveries to be provided by the
Company hereunder shall be in writing and delivered personally, by facsimile, by email attachment, or sent by a nationally recognized
overnight courier service addressed to the Holder at the facsimile number, email address or address of the Holder appearing on the books
of the Company, or if no such facsimile number or email attachment or address appears on the books of the Company, at the principal place
of business of such Holder. Any notice or other communication or deliveries hereunder shall be deemed given and effective on the earliest
of (i) the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number or email or email
attachment to the email address set forth on the signature pages attached hereto prior to 5:30 p.m. (New York City time) on any date,
(ii) the next Business Day after the date of transmission, if such notice or communication is delivered via facsimile at the facsimile
number or email or email attachment to the email address set forth on the signature pages attached hereto on a day that is not a Business
Day or later than 5:30 p.m. (New York City time) on any Business Day, (iii) the second Business Day following the date of mailing, if
sent by U.S. nationally recognized overnight courier service or (iv) upon actual receipt by the party to whom such notice is required
to be given.

 

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 b) Lost
or Mutilated Note. If this Note shall be mutilated, lost, stolen or destroyed, the Company shall execute and deliver, in exchange
and substitution for and upon cancellation of a mutilated Note, or in lieu of or in substitution for a lost, stolen or destroyed Note,
a new Note for the principal amount of this Note so mutilated, lost, stolen or destroyed, but only upon receipt of evidence of such loss,
theft or destruction of such Note, and of the ownership hereof, reasonably satisfactory to the Company.

 

 c) Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of this Note shall be governed by and construed
and enforced in accordance with the laws of the State of New York. Each party agrees that all legal proceedings concerning the interpretation,
enforcement and defense of the transactions contemplated by this Note (whether brought against a party hereto or its respective affiliates,
directors, officers, shareholders, employees or agents) shall be commenced in the state and federal courts sitting in the City of New
York, Borough of Manhattan (the “New York Courts”). Each party hereto hereby irrevocably submits to the exclusive jurisdiction
of the New York Courts for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby
or discussed herein (including with respect to the enforcement of this Note), and hereby irrevocably waives, and agrees not to assert
in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of such New York Courts, or such New
York Courts are improper or inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and
consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or
overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Note and agrees that
such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit
in any way any right to serve process in any other manner permitted by applicable law.

 

Each party
hereto hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding
arising out of or relating to this Note or the transactions contemplated hereby.

 

 d) Amendment;
Waiver. The provisions of this Note, including the provisions of this Section 8(d), may not be amended, modified or supplemented,
and waivers or consents to departures from the provisions hereof may not be given, unless the same shall be in writing and signed by the
Company and the Holder. Any waiver by the Company or the Holder of a breach of any provision of this Note shall not operate as or be construed
to be a waiver of any other breach of such provision or of any breach of any other provision of this Note. The failure of the Company
or the Holder to insist upon strict adherence to any term of this Note on one or more occasions shall not be considered a waiver or deprive
that party of the right thereafter to insist upon strict adherence to that term or any other term of this Note on any other occasion.

 

 e) Severability.
If any provision of this Note is invalid, illegal or unenforceable, the balance of this Note shall remain in effect, and if any provision
is inapplicable to any Person or circumstance, it shall nevertheless remain applicable to all other Persons and circumstances. The Company
covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim
or take the benefit or advantage of, any stay, extension or usury law or other law which would prohibit or forgive the Company from paying
all or any portion of the principal of this Note as contemplated herein, wherever enacted, now or at any time hereafter in force, or which
may affect the covenants or the performance of this Note, and the Company (to the extent it may lawfully do so) hereby expressly waives
all benefits or advantage of any such law, and covenants that it will not, by resort to any such law, hinder, delay or impede the execution
of any power herein granted to the Holder, but will suffer and permit the execution of every such power as though no such law has been
enacted.

 

 f) Execution
and Counterparts. This Note may be executed in two or more counterparts, all of which when taken together shall be considered one
and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it
being understood that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission
or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the party
executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature
page were an original thereof.

 

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g) Successors
and Assigns. This Note shall inure to the benefit of and be binding upon the successors and permitted assigns of each of the parties
and shall inure to the benefit of each such holder. Neither party may assign its rights or obligations hereunder without the prior written
consent of the other parties hereto.

 

 h) Remedies
and Other Obligations. The remedies provided in this Note shall be cumulative and in addition to all other remedies available under
this Note at law or in equity (including a decree of specific performance and/or other injunctive relief). Amounts set forth or provided
for herein with respect to payments, conversion and the like (and the computation thereof) shall be the amounts to be received by the
Holder and shall not, except as expressly provided herein, be subject to any other obligation of the Company (or the performance thereof).
The Company shall provide all information and documentation to the Holder that is requested by the Holder to enable the Holder to confirm
the Company’s compliance with the terms and conditions of this Note.

 

 i) Trust
Waiver. Notwithstanding anything herein to the contrary, the Holder hereby waives any and all right, title, interest or claim of any
kind (“Claim”) in or to any distribution of or from the trust account into which the proceeds of the Company’s
initial public offering and the proceeds of the sale of the warrants issued in the private placement in connection with the consummation
of the initial public offering were deposited, as described in greater detail in the registration statement and prospectus filed by the
Company with the Securities and Exchange Commission in connection with the initial public offering, and hereby agrees not to seek recourse,
reimbursement, payment or satisfaction for any Claim against the trust account for any reason whatsoever.

 

j) Next Business
Day. Whenever any payment or other obligation hereunder shall be due on a day other than a Business Day, such payment shall be made
on the next succeeding Business Day.

 

k) Headings.
The headings contained herein are for convenience only, do not constitute a part of this Note and shall not be deemed to limit or affect
any of the provisions hereof.

  

*********************

 

(Signature Pages Follow)

 

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IN WITNESS WHEREOF, each of the parties hereto
have caused this Note to be duly executed by a duly authorized officer as of the date first above indicated.

 

	 	CHAVANT CAPITAL ACQUISITION CORP.	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Jiong Ma 	 
	 	 	Name: Jiong Ma	 
	 	 	Title: Chief Executive Officer	 

 

Signature Page to Unsecured Convertible Note

 

     

     

    

 

IN WITNESS WHEREOF, each of the parties hereto
have caused this Note to be duly executed by a duly authorized officer as of the date first above indicated.

 

	Chavant Capital Partners LLC	 
	 	 	 
	
    By:  
	Chavant Manager LLC, its Manager	
	 	 	 
	By:	/s/ Jiong Ma	 
	 	Name: Jiong Ma	 
	 	Title: Manager	 

 

Signature Page to Unsecured Convertible Noteriii_ex101.htm

EXHIBIT 10.1
  
 THE ISSUANCE AND SALE OF THIS NOTE HAVE NOT 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 FILED PURSUANT TO THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER), IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.
  
  
 	 Principal Amount: $200,000
	 Issue Date: May 11, 2022

 
 
  
 
 FOR VALUE RECEIVED, as of May 11, 2022 (the “Issue Date”), RENAVOTIO INFRATECH, INC. A Delaware Company and RENAVOTIO, INC., a Nevada corporation (hereinafter called the “Borrower” or “Company”), hereby promises to pay to the order of Tysadco Partners, LLC an New York Limited Liability Company, or its registered assigns (the “Holder”), the principal sum of $200,000, payable upon the earlier of maturity or upon acceleration or upon prepayment of this Note as set forth herein. The term “Note” and all references thereto, as used throughout this instrument, shall mean this instrument as originally executed, or if later amended or supplemented, then as so amended or supplemented. This Note shall have a one-time interest charge at the rate of 10% on the principal amount of this Note. Additionally, upon and following any occurrence of an Event of Default, this Note shall accrue an interest charge at a rate equal to 15%.  The maturity date of this Note shall be the date that is 60 days after the Issue Date (the “Maturity Date”), and is the date upon which the principal amount, as well as any accrued and unpaid interest and other fees, shall be due and payable.  This Note may be prepaid in whole or in part only as explicitly set forth herein. All payments due hereunder shall be made in lawful money of the United States of America. All payments shall be made at such address as the Holder shall hereafter give to the Borrower by written notice made in accordance with the provisions of this Note. Whenever any amount expressed to be due by the terms of this Note is due on any day which is not a business day, the same shall instead be due on the next succeeding day which is a business day and, in the case of any interest payment date which is not the date on which this Note is paid in full, the extension of the due date thereof shall not be taken into account for purposes of determining the amount of interest due on such date. As used in this Note, the term “business day” shall mean any day other than a Saturday, Sunday or a day on which commercial banks in the city of Tulsa, Oklahoma are authorized or required by law or executive order to remain closed. Each capitalized term used herein, and not otherwise defined, shall have the meaning ascribed thereto in that certain Note Purchase Agreement dated May 11, 2022, pursuant to which this Note was originally issued (as amended and/or restated from time to time, the “Purchase Agreement”).  
  
 The cash consideration delivered to the Borrower at the closing of this Note is $180,000 as this Note is being issued with a 10% original issuance discount.
  
 This Note is free from all taxes, liens, claims and encumbrances with respect to the issue thereof and shall not be subject to preemptive rights or other similar rights of shareholders of the Borrower and will not impose personal liability upon the holder thereof.
  
 The Company hereby affirms all of its obligations to the Holder under all of the Transaction Documents and agrees and affirms as follows: (i) that as of the Issue Date, the Company has performed, satisfied and complied in all material respects with all the covenants, agreements and conditions under each of the Transaction Documents to be performed, satisfied or complied with by the Company; (ii) that the Company shall continue to perform each and every covenant, agreement and condition set forth in each of the Transaction Documents and this Note, and continue to be bound by each and all of the terms and provisions thereof and hereof; (iii) that as of the Issue Date, no default or Event of Default has occurred or is continuing under the Purchase Agreement, the Note or any other Transaction Documents, and no event has occurred that, with the passage of time, the giving of notice, or both, would constitute a default or an Event of Default under the Purchase Agreement, the Note or any other Transaction Documents; and (iv) that as of the Issue Date, no event, fact, or other set of circumstances has occurred which could reasonably be expected to have, cause, or result in a Material Adverse Effect.
  
  
 	 
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 The Company hereby acknowledges, represents, warrants and confirms to the Holder that: (i) each of the Transaction Documents executed by the Company are valid and binding obligations of the Company, enforceable against the Company in accordance with their respective terms; and (ii) no oral representations, statements, or inducements have been made by Holder, or any agent or representative of Holder, with respect to this Note, the Purchase Agreement, and all other Transaction Documents.
  
 The following additional terms shall also apply to this Note:
  
 ARTICLE I
 CERTAIN COVENANTS
  
 1.1 Restriction on Stock Repurchases. So long as the Borrower shall have any obligation under this Note, the Borrower shall not without the Holder’s written consent redeem, repurchase or otherwise acquire (whether for cash or in exchange for property or other securities or otherwise) in any one transaction or series of related transactions any shares of capital stock of the Borrower or any warrants, rights or options to purchase or acquire any such shares.
  
 1.2 Sale of Assets. So long as the Borrower shall have any obligation under this Note, the Borrower shall not, without the Holder’s written consent, sell, lease or otherwise dispose of any significant portion of its assets outside the ordinary course of business. Any consent to the disposition of any assets may be conditioned on a specified use of the proceeds of disposition.
  
 1.3 Preservation of Existence, etc. The Borrower shall maintain and preserve, and cause each of its Subsidiaries to maintain and preserve, its existence, rights and privileges, and become or remain, and cause each of its Subsidiaries (other than dormant Subsidiaries that have no or minimum assets) to become or remain, duly qualified and in good standing in each jurisdiction in which the character of the properties owned or leased by it or in which the transaction of its business makes such qualification necessary.
  
 1.4 Non-circumvention. The Borrower hereby covenants and agrees that the Borrower will not, by amendment of its Certificate or Articles of Incorporation or Bylaws, or through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution, issue or sale of securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Note, and will at all times in good faith carry out all the provisions of this Note and take all action as may be required to protect the rights of the Holder.
  
 1.5 Repayment from Proceeds. While any portion of this Note is outstanding, if the Borrower receives cash proceeds from the sale of inventory, or any source or series of related or unrelated sources, including but not limited to, from payments from customers, the issuance of equity or debt, the conversion of outstanding warrants of the Borrower, the issuance of securities pursuant to an equity line of credit of the Borrower or the sale of assets, the Borrower shall, within one (1) business day of Borrower’s receipt of such proceeds, inform the Holder of such receipt, following which the Holder shall have the right in its sole discretion to require the Borrower to immediately apply all or any portion of such proceeds to repay all or any portion of the outstanding amounts owed under this Note. Failure of the Borrower to comply with this provision shall constitute an Event of Default.
  
  
 	 
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 1.6 Prepayment. Notwithstanding anything to the contrary contained in this Note, the Borrower may prepay the amounts outstanding hereunder with the consent of the Holder pursuant to the following terms and conditions:
  
 (a) At any time, the Borrower shall have the right, exercisable on not less than three (3) Trading Days prior written notice to the Holder of the Note to prepay the outstanding Note (principal and accrued interest), in full by making a payment to the Holder of an amount in cash equal to 110%, multiplied by the sum of: (w) the then outstanding principal amount of this Note plus (x) accrued and unpaid interest on the unpaid principal amount of this Note.
  
 (b) Any notice of prepayment hereunder (an “Optional Prepayment Notice”) shall be delivered to the Holder of the Note at its registered addresses and shall state: (1) that the Borrower is exercising its right to prepay the Note, and (2) the date of prepayment which shall be not more than three (3) Trading Days from the date of the Optional Prepayment Notice. On the date fixed for prepayment (the “Optional Prepayment Date”), the Borrower shall make payment of the applicable prepayment amount to or upon the order of the Holder as specified by the Holder in writing to the Borrower at least one (1) business day prior to the Optional Prepayment Date. If the Borrower delivers an Optional Prepayment Notice and fails to pay the applicable prepayment amount due to the Holder of the Note within two (2) business days following the Optional Prepayment Date, the Borrower shall forever forfeit its right to prepay the Note pursuant to this Section 1.6.
  
 ARTICLE II
 EVENTS OF DEFAULT
  
 The occurrence of any of the following shall each constitute an “Event of Default” with no right to notice or the right to cure except as specifically stated:
  
 2.1 Failure to Pay Principal or Interest. The Borrower fails to pay the principal hereof or interest thereon when due on this Note, whether at the Maturity Date, upon acceleration or otherwise.
  
 2.2 Breach of Covenants. The Borrower breaches any covenant or other term or condition contained in this Note, or in any of the Transaction Documents including but not limited to the Purchase Agreement.
  
 2.3 Breach of Representations and Warranties. Any representation or warranty of the Borrower made herein or in any agreement, statement or certificate given in writing pursuant hereto or in connection herewith (including, without limitation, the Purchase Agreement), shall be false or misleading in any material respect when made.
  
 2.4 Receiver or Trustee. The Company or any subsidiary of the Company shall make an assignment for the benefit of creditors, or apply for or consent to the appointment of a receiver or trustee for it or for a substantial part of its property or business, or such a receiver or trustee shall otherwise be appointed.
  
 2.5 Judgments. Any money judgment, writ or similar process shall be entered or filed against the Borrower or any subsidiary of the Borrower or any of its property or other assets for more than $50,000, and shall remain unvacated, unbonded or unstayed for a period of twenty (20) days unless otherwise consented to by the Holder, which consent will not be unreasonably withheld.
  
 2.6 Bankruptcy; Liquidation. (i) Bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings, voluntary or involuntary, for relief under any bankruptcy law or any law for the relief of debtors shall be instituted by or against the Company or any subsidiary of the Company or the Borrower admits in writing its inability to pay its debts generally as they mature, or have filed against it an involuntary petition for bankruptcy; or (ii) any dissolution, liquidation, or winding up of Borrower or any substantial portion of its business occurs.
  
 2.7 Cessation of Operations. Any cessation of operations by Borrower or Borrower admits it is otherwise generally unable to pay its debts as such debts become due, provided, however, that any disclosure of the Borrower’s ability to continue as a “going concern” shall not be an admission that the Borrower cannot pay its debts as they become due.
  
  
 	 
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 2.8 Maintenance of Assets. The failure by Borrower to maintain any material intellectual property rights, personal, real property or other assets which are necessary to conduct its business (whether now or in the future) or any disposition or conveyance of any material asset of the Borrower.
  
 2.9 Inside Information. Any attempt by the Borrower or its officers, directors, and/or affiliates to transmit, convey, disclose, or any actual transmittal, conveyance, or disclosure by the Borrower or its officers, directors, and/or affiliates of, material non-public information concerning the Borrower, to the Holder or its successors and assigns, which is not immediately cured by Borrower’s filing of a Form 8-K pursuant to Regulation FD on that same date.
  
 If the Holder shall commence an action or proceeding to enforce any provisions of this Note, including, without limitation, engaging an attorney, then if the Holder prevails in such action, the Holder shall be reimbursed by the Borrower for its attorneys’ fees and other costs and expenses incurred in the investigation, preparation and prosecution of such action or proceeding.
  
 ARTICLE III
 MISCELLANEOUS
  
 3.1 Failure or Indulgence Not Waiver. No failure or delay on the part of the Holder in the exercise of any power, right or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercise thereof or of any other right, power or privileges. All rights and remedies existing hereunder are cumulative to, and not exclusive of, any rights or remedies otherwise available.
  
 3.2 Notices. All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be in writing and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered or certified, return receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid, or (iv) transmitted by hand delivery, or electronic transmission by e-mail (with read-receipt required) addressed as set forth below or to such other address as such party shall have specified most recently by written notice. Any notice or other communication required or permitted to be given hereunder shall be deemed effective (a) upon hand delivery or delivery by electronic transmission by e-mail (with read-receipt required), at the address or number designated below (if delivered on a business day during normal business hours where such notice is to be received), or the first business day following such delivery (if delivered other than on a business day during normal business hours where such notice is to be received) or (b) on the second business day following the date of mailing by express courier service, fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first occur. The addresses for such communications shall be:
  
 If to the Borrower, to:
  
 RENAVOTIO INFRATECH, INC.
 RENAVOTIO, INC.
 601 South Boulder Ave.
 Suite 600
 Tulsa, OK 74119
 Attn: William Robinson, CEO
 E-mail: brobinson@renavotio.com
  
  
 	 
	4
	

	 

 
 
  
 
 If to the Holder:
  
 Tysadco Partners, LLC
 210 West 77th Street, #7W
 New York, NY 10024
 E-mail: tysadcopartners@gmail.com
  
 3.3 Amendments. This Note and any provision hereof may only be amended by an instrument in writing signed by the Borrower and the Holder.
  
 3.4 Assignability. This Note shall be binding upon the Borrower and its successors and assigns, and shall inure to be the benefit of the Holder and its successors and assigns. Neither the Borrower nor the Holder shall assign this Note or any rights or obligations hereunder without the prior written consent of the other. Notwithstanding the foregoing, the Holder may assign its rights hereunder to any “accredited investor” (as defined in Rule 501(a) of the 1933 Act) in a private transaction from the Holder or to any of its “affiliates”, as that term is defined under the 1934 Act, without the consent of the Borrower. Notwithstanding anything in this Note to the contrary, this Note may be pledged as collateral in connection with a bonafide margin account or other lending arrangement. The Holder and any assignee, by acceptance of this Note, acknowledge and agree that following conversion of a portion of this Note, the unpaid and unconverted principal amount of this Note represented by this Note may be less than the amount stated on the face hereof.
  
 3.5 Cost of Collection. If default is made in the payment of this Note, the Borrower shall pay the Holder hereof reasonable costs of collection, including reasonable attorneys’ fees.
  
 3.6 Governing Law. This Note shall be governed by and construed in accordance with the laws of the State of Oklahoma without regard to principles of conflicts of laws. Any action brought by either party against the other concerning the transactions contemplated by this Note shall be brought only in the state courts of Tulsa, Oklahoma, or in the federal courts located in Tulsa County, Oklahoma. The parties to this Note hereby irrevocably waive any objection to jurisdiction and venue of any action instituted hereunder and shall not assert any defense based on lack of jurisdiction or venue or based upon forum non conveniens. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS NOTE OR ANY TRANSACTION CONTEMPLATED HEREBY. The prevailing party shall be entitled to recover from the other party its reasonable attorney’s fees and costs. In the event that any provision of this Note or any other agreement delivered in connection herewith is invalid or unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform with such statute or rule of law. Any such provision which may prove invalid or unenforceable under any law shall not affect the validity or enforceability of any other provision of any agreement. Each party hereby irrevocably waives personal service of process and consents to process being served in any suit, action or proceeding in connection with this Note or any other Transaction Document by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Note and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law.
  
 3.7 Certain Amounts. Whenever pursuant to this Note the Borrower is required to pay an amount in excess of the outstanding principal amount (or the portion thereof required to be paid at that time) plus accrued and unpaid interest, the Borrower and the Holder agree that the actual damages to the Holder from the receipt of cash payment on this Note may be difficult to determine and the amount to be so paid by the Borrower represents stipulated damages and not a penalty.
  
  
 	 
	5
	

	 

 
 
  
 
 3.8 Notice of Corporate Events. The Borrower shall provide the Holder with prior notification of any meeting of the Borrower’s shareholders (and copies of proxy materials and other information sent to shareholders). In the event of any taking by the Borrower of a record of its shareholders for the purpose of determining shareholders who are entitled to receive payment of any dividend or other distribution, any right to subscribe for, purchase or otherwise acquire (including by way of merger, consolidation, reclassification or recapitalization) any share of any class or any other securities or property, or to receive any other right, or for the purpose of determining shareholders who are entitled to vote in connection with any proposed sale, lease or conveyance of all or substantially all of the assets of the Borrower or any proposed liquidation, dissolution or winding up of the Borrower, the Borrower shall mail a notice to the Holder, at least twenty (20) days prior to the record date specified therein (or thirty (30) days prior to the consummation of the transaction or event, whichever is earlier), of the date on which any such record is to be taken for the purpose of such dividend, distribution, right or other event, and a brief statement regarding the amount and character of such dividend, distribution, right or other event to the extent known at such time. The Borrower shall make a public announcement of any event requiring notification to the Holder hereunder substantially simultaneously with the notification to the Holder in accordance with the terms of this Section 3.8 including, but not limited to, name changes, recapitalizations, etc. as soon as possible under law.
  
 3.9 Usury. If it shall be found that any interest or other amount deemed interest due hereunder violates the applicable law governing usury, the applicable provision shall automatically be revised to equal the maximum rate of interest or other amount deemed interest permitted under applicable law. The Borrower covenants (to the extent that it may lawfully do so) that it will not seek to claim or take advantage of any usury law that would prohibit or forgive the Borrower from paying all or a portion of the principal or interest on this Note.
  
 3.10 Remedies. The Borrower acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Holder, by vitiating the intent and purpose of the transaction contemplated hereby. Accordingly, the Borrower acknowledges that the remedy at law for a breach of its obligations under this Note will be inadequate and agrees, in the event of a breach or threatened breach by the Borrower of the provisions of this Note, that the Holder shall be entitled, in addition to all other available remedies at law or in equity, and in addition to the penalties assessable herein, to an injunction or injunctions restraining, preventing or curing any breach of this Note and to enforce specifically the terms and provisions thereof, without the necessity of showing economic loss and without any bond or other security being required. No provision of this Note shall alter or impair the obligation of the Borrower, which is absolute and unconditional, to pay the principal of, and interest on, this Note at the time, place, and rate, and in the form, herein prescribed.
  
 3.11 Severability. In the event that any provision of this Note is invalid or unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform with such statute or rule of law. Any provision hereof which may prove invalid or unenforceable under any law shall not affect the validity or enforceability of any other provision hereof.
  
 3.12 Dispute Resolution. In the case of a dispute as to the determination of the Conversion Price, Conversion Amount, any prepayment amount or Default Amount, Default Sum, Closing Date or Maturity Date, the closing bid price, or fair market value (as the case may be) or the arithmetic calculation of the Conversion Price or the applicable prepayment amount(s) (as the case may be), the Borrower or the Holder shall submit the disputed determinations or arithmetic calculations via electronic transmission by e-mail (with read-receipt required) (i) within two (2) Trading Days after receipt of the applicable notice giving rise to such dispute to the Borrower or the Holder or (ii) if no notice gave rise to such dispute, at any time after the Holder learned of the circumstances giving rise to such dispute. If the Holder and the Borrower are unable to agree upon such determination or calculation within two (2) business days of such disputed determination or arithmetic calculation (as the case may be) being submitted to the Borrower or the Holder, then the Borrower shall, within two (2) business days, submit via electronic transmission by e-mail (with read-receipt required) (a) the disputed determination of the Conversion Price, the closing bid price, the or fair market value (as the case may be) to an independent, reputable investment bank selected by the Borrower and approved by the Holder or (b) the disputed arithmetic calculation of the Conversion Price, Conversion Amount, any prepayment amount or Default Amount, Default Sum to an independent, outside accountant selected by the Holder that is reasonably acceptable to the Borrower. The Borrower shall cause at its expense the investment bank or the accountant to perform the determinations or calculations and notify the Borrower and the Holder of the results no later than ten (10) business days from the time it receives such disputed determinations or calculations. Such investment bank’s or accountant’s determination or calculation shall be binding upon all parties absent demonstrable error.
  
 *** signature page follows ***
  
  
 	 
	6
	

	 

 
 
  
 
 IN WITNESS WHEREOF, Borrower has caused this Note to be signed in its name by its duly authorized officer as of the Issue Date.
  
  
 	 	 COMPANY:
	
	  
	  
	  

	  
	 RENAVOTIO, INC.
	  

	 	 	 	 
		By:	/s/ William Robinson	
	  
	 Name:
	William Robinson	 
	 	Title: 	CEO	 
	 	 	 	 
	  
	 COMPANY:
	  

	  
	  
	  

	  
	 RENAVOTIO INFRATECH, INC.
	  

	  
	  
	  
	  

	  
	 By:
	 /s/ William Robinson
	  

	  
	 Name:
	 William Robinson
	  

	  
	 Title:
	 CEO
	  

 
 
  
 
 Acknowledged and Accepted by:
  
 HOLDER:
  
  
 	 Tysadco Partners, LLC
	  

	  
	  
	  

	By:	/s/ Steve Hart	
	 Name:
	Steve Hart	 
	Title:	Manager	 

 
 
  
 
  
 	 
	7

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