Document:

Exhibit 10.1

 

PROMISSORY
NOTE

 

	$550,000.00	 	February 11, 2020

 

FOR
VALUE RECEIVED, BLUE SCOUT ENTERPRISES LLC, an Arizona limited liability company with an address of 1206 E Warner Rd, Suite
101-I, Gilbert, AZ 85296 (the “Company”), agrees and promises to pay to the order of RIVULET FILMS LLC, an
Arizona limited liability company with an address of 1206 E Warner Rd, Suite 101-I, Gilbert, AZ 85296 (“Holder”),
the sum of Five Hundred Fifty Thousand Dollars ($550,000.00) with such amount payable to Holder at the address set forth above,
or at such other place as Holder may designate.

 

1.      Interest.
Interest shall accrue on the unpaid principal balance at rate of two percent (2%) per annum until the entire principal balance
is paid in full.

 

2.      Payments.
Company shall make payments under this promissory note (this “Note”) as follows:

 

2.1       Maturity
Date. The entire balance of this Note including accrued interest is due and payable on March 7, 2023 (the “Maturity
Date”).

 

2.2       Prepayments.
Company may prepay all or any portion of this Note at any time without penalty.

 

3.      Security.
This Note is unsecured.

 

4.      Default.
The existence or occurrence of any one or more of the following will constitute an “Event of Default” under this
Note:

 

4.1       Non-Performance.
Company’s failure to comply timely and fully with any of the terms or provisions of this Note, including, without limitation,
the failure to pay all amounts due within ten (10) days after the due date.

 

4.2       Bankruptcy;
Insolvency. Company being insolvent by being unable to pay debts when due or by having liabilities in excess of assets; or
Company committing an act of bankruptcy, making a general assignment for the benefit of creditors, or the filing by or against
Company of a voluntary or involuntary petition in bankruptcy or for the appointment of a receiver (and any involuntary petition
is not dismissed within thirty (30) days from the filing thereof); or if there commences under any law relating to bankruptcy,
insolvency, reorganization or relief of debtors, proceedings affecting any significant part of Company’s property or for
the composition, extension, arrangement, or adjustment of any of their respective obligations; or if a writ of attachment, execution,
or any similar process is issued or levied against any significant part of Company’s property that is not released, stayed,
bonded, or vacated within a reasonable time after its issue or levy.

 

5.      Default
Interest. Upon the occurrence of an Event of Default, Holder shall be entitled to receive and Company shall pay interest on
the entire unpaid principal balance at a rate (the “Default Rate”) equal to twelve percent (12%) per annum. The
Default Rate shall be computed from the occurrence of the Event of Default until payment in full. This clause, however, shall
not be construed as an agreement or privilege to extend the Maturity Date, nor as a waiver of any other right or remedy accruing
to Holder by reason of the occurrence of any Event of Default.

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6.       Acceleration.
In addition to all other rights and remedies at law and/or equity Holder may have if an Event of Default occurs, Holder, at its
option without further notice to Company, may declare immediately due and payable the unpaid principal balance of this Note together
with all other sums owed by Company under this Note.

 

7.       Notices.
All notices that Holder or Company is required or permitted to give under this Note shall be delivered to the addresses of Company
and Holder as set forth in the opening paragraph.

 

8.       Severability.
If any term or provision of this Note is, to any extent, determined by a court of competent jurisdiction to be invalid or unenforceable,
the remainder of this Note will not be affected, and the invalid or enforceable term or provision will be reduced or otherwise
modified by the court or authority only to the minimum extent necessary to make it valid and enforceable. If any term or provision
cannot be reduced or modified to make it reasonable and permit its enforcement, it will be severed from this Note and the remaining
terms will be interpreted in a way as to give maximum validity and enforceability to this Note. It is the intention of Company
that, if any provision of this Note is capable of two constructions, one of which would render the provisions void and the other
of which would render the provisions valid, then the provision will have the meaning that renders it valid.

 

9.       Time
of the Essence. Time is of the essence of this Note. Whenever notice must be given, payment made, document delivered, or an
act done under this Note on a day that is not a Business Day, the notice may be given, payment made, document delivered, or act
done on the next following day that is a Business Day. “Business Day” means a day other than a Saturday, Sunday,
or a day observed as a legal holiday by the United States government or the State of Arizona.

 

10.       Governing
Law; Jurisdiction and Venue. This Note is to be governed by and interpreted in accordance with the laws of the State of Arizona.
Any legal action or proceeding with respect to this Note or any document related hereto shall be brought in Maricopa County, Arizona
in any court of competent jurisdiction, and, by execution and delivery of this Note, Company and the Holder hereby accept the
jurisdiction and venue of such courts.

 

11.       Successors
and Assigns. This Note shall be binding upon and inure to the benefit of Company and Holder and their respective successors
and permitted assigns. Company may not voluntarily or involuntarily transfer, convey, or assign this Note, or any of its duties
or obligations hereunder, without Holder’s prior written consent, which may be withheld for any reason, or for no reason
at all. As used herein, the term “Holder” means and includes the successors and permitted assigns of the Holder.

 

12.       Absolute
Obligation. Except as expressly provided herein, no provision of this Note shall alter or impair the obligation of Company,
which is absolute and unconditional, to pay the principal amount and accrued interest of this Note at the time, place, and rate,
and in the currency, herein prescribed. This Note is a direct debt obligation of Company.

 

13.       Attorneys’
Fees and Costs. Each party shall bear its own expenses in connection with the issuance of this Note; provided, however, that
if any action at law or in equity is necessary to enforce or interpret the terms of this Note, the prevailing party shall be entitled
to its reasonable attorneys’ fees, costs, and disbursements in addition to any other relief to which such party may be entitled.

 

14.       No
Waiver by Holder. No delay or failure of Holder in exercising any right hereunder shall affect such right, nor shall any single
or partial exercise of any right preclude further exercise thereof.

 

(Signature
page follows)

    2

     

    

	 	COMPANY
	 	Blue Scout Enterprises LLC,
	 	an Arizona limited liability company
	 	 
	 	By: 	 /s/ Michael Witherill
	 	 	Michael Witherill, Manager

    3Exhibit 10.2

 

ASSIGNMENT
OF PROMISSORY NOTE

 

THIS
ASSIGNMENT OF PROMISSORY NOTE (this “Assignment”) is effective as of April 16, 2020, and is by and among RIVULET
FILMS LLC, an Arizona limited liability company (“Assignor”), and RIVULET MEDIA, INC., a Delaware corporation
(“Assignee” and together with Assignor, the “Parties”).

 

RECITALS

 

A.       Blue
Scout Enterprises LLC, an Arizona limited liability company (“Maker”), executed that certain Promissory Note
dated February 11, 2020 in the original principal amount of Five Hundred Fifty Thousand Dollars ($550,000.00) and payable to Assignor
(the “Note”).

 

B.       Assignor
desires to assign to Assignee, and Assignee desires to assume, all of Assignor’s rights and obligations under the Note,
including the right to receive payment thereunder.

 

C.       Consent
by Maker is not required to effect the assignment contemplated herein.

 

AGREEMENTS

 

Now,
therefore, the Parties agree as follows:

 

1.       Assignment and Assumption. Effective as of the date written above, Assignor hereby assigns, and Assignee hereby assumes,
all of Assignor’s rights and obligations under the Note.

 

2.       Representations and Warranties. Assignor represents and warrants to Assignee that (a) concurrently with this Assignment,
it will deliver to Assignee the original, executed Note, including any modifications and amendments thereto; (b) the Note is in
full force and effect and that no Event of Default has occurred thereunder; and (c) it has not assigned the Note to any third
parties. 

 

3.       Further Assurances. The Parties will take such additional actions as each may reasonably request to effect, consummate,
confirm, or evidence the assignment contemplated herein.

 

4.       Binding Effect; Parties. This Assignment shall be binding upon and inure to the benefit of the Parties and their respective
successors and permitted assigns. 

 

5.       Governing Law. This Agreement is governed by the laws of the State of Arizona without regard to principles of conflicts
of laws. 

 

6.       Counterparts. This Agreement may be executed in two or more counterparts, each of which will be deemed an original, and
all of which together will constitute one and the same instrument. This Agreement may be executed and delivered by facsimile or
other electronic signature (including .pdf).

 

(Signature
page follows)

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IN
WITNESS WHEREOF, the Parties have caused this Assignment Agreement to be duly executed as of date first above written.

 

	 	Assignor:
	 	RIVULET FILMS LLC,
	 	an Arizona limited liability company
	 	 
	 	By:	 /s/ Michael Witherill
	 	Name: 	 Michael Witherill
	 	Its:	CEO
	 	 	 
	 	ASSIGNEE:
	 	RIVULET MEDIA, INC.,
	 	a Delaware corporation
	 	 
	 	By:	 /s/ Michael Witherill
	 	 	Mike Witherill, President

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