Document:

Exhibit 10.2

 

Execution

 

THIS
NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE
SOLD, TRANSFERRED, OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND APPLICABLE
STATE SECURITIES LAWS OR PURSUANT TO AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH ACT AND SUCH LAWS.

 

PROMISSORY
NOTE

 

	$25,000	San
    Antonio, Texas	October
    18, 2018

 

FOR
VALUE RECEIVED, DIGERATI TECHNOLOGIES, INC., a Nevada corporation, whose address is 1600 NE Loop 410, Suite 126, San Antonio,
Texas 78209 (the “Debtor”), promises to pay to the order of John Linton, whose address is 2602 Winding
View, San Antonio, Texas 78260, (the “Payee”), the sum of TWENTY FIVE THOUSAND DOLLARS ($25,000)
in lawful money of the United States of America which shall be legal tender for the payment of debts from time to time, together
with interest on the outstanding principal amount hereof at the rate of eight percent (8%) interest per annum, computed on the
basis of a 360-day year and 30-day months.

 

This
Note shall be payable in monthly payments of interest only and a single payment of the outstanding principal amount plus any accrued
interest, without demand, on November 18, 2018 (the “Maturity Date”). If the Maturity Date shall be
a Saturday, Sunday, or day on which Banks in San Antonio, Texas, or the place of payment are authorized or required to be closed,
such payment shall be made on the next following day that is not a Saturday, Sunday or day on which banks in San Antonio, Texas,
or the place of payment are authorized or required to be closed and interest thereon shall continue to accrue thereon until such
date. Debtor agrees that it will use its best efforts to pay this Note prior to the maturity date, and there is no penalty for
satisfying the obligations under this Note prior to the Maturity Date.

 

Time
is of the essence of this Note, and the Debtor expressly agrees that in the event of default in the payment of any principal or
interest when due, the Payee may declare the entirety of this Note immediately due and payable. Upon the occurrence of any default
hereunder, the Payee shall also have the right to exercise any and all of the rights, remedies and recourses now or hereafter
existing in equity, law, by virtue of statute or otherwise.

 

In
the event that any payment is not made when due, either of principal or interest, and whether upon maturity or as a result of
acceleration, interest shall thereafter accrue at the rate per annum equal to the lesser of (a) the maximum non-usurious rate
of interest permitted by the laws of the State of Texas or the United States of America, whichever shall permit the higher rate
or (b) twenty percent (20%) per annum, from such date until the entire balance of principal and accrued interest on this Note
has been paid.

 

Debtor
has the privilege of making prepayments on this Note from time to time in any amount without penalty provided that any such prepayment
shall be applied to unpaid interest on this Note and the balance, if any, to the principal amount payable under this Note.

 

     

     

    

 

No
failure to exercise and no delay on the part of Payee in exercising any power or right in connection herewith shall operate as
a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of
steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power.
No course of dealing between Debtor and Payee shall operate as a waiver of any right of Payee. No modification or waiver of any
provision of this Note or any consent to any departure therefrom shall in any event be effective unless the same shall be in writing
and signed by the person against whom enforcement thereof is to be sought, and then such waiver or consent shall be effective
only in the specific instance and for the purpose for which given.

 

In
the event of default or if payment of this Note is not made when due or declared due, and the same is placed in the hands of an
attorney for collection, or suit is brought on same, or the same is collected through any judicial proceeding whatsoever, or if
any action be had hereon, then Debtor agrees and promises to pay an additional amount as reasonable, calculated and foreseeable
attorneys’ and collection fees incurred by Payee in connection with enforcing its rights herein contemplated.

 

To
the extent permitted by applicable law, Debtor hereby waives grace, notice, demand or presentment for payment of this Note, dishonor,
notice of dishonor, notice of default or nonpayment, protest, notice of protest, suit, notice of intention to accelerate, notice
of acceleration, diligence or any notice of or defense on account of the extension of time of payments or change in the method
of payments, and consents to any and all renewals and extensions in the time of payment hereof, and the release of any party primarily
or secondarily liable hereon.

 

It
is expressly provided and stipulated that notwithstanding any provision of this Note, in no event shall the aggregate of all interest
paid by Debtor to Payee hereunder ever exceed the maximum non-usurious rate of interest which may lawfully be charged Debtor under
the laws of the State of Texas or United States Federal Government, as applicable, on the principal balance of this Note remaining
unpaid. It is expressly stipulated and agreed by Debtor that it is the intent of Payee and Debtor in the execution and delivery
of this Note to contract in furtherance of such laws, and that none of the terms of this Note shall ever be construed to create
a contract to pay for the use, forbearance or detention of money, at any interest rate in excess of the maximum non-usurious rate
of interest permitted to be charged Debtor under the laws of the State of Texas or United States Federal Government, as applicable.
The provisions of this paragraph shall govern over all other provisions of this Note should any such provisions be in apparent
conflict herewith.

 

    2

     

    

 

Specifically,
and without limiting the generality of the foregoing paragraph, it is expressly provided that:

 

(i)
In the event of prepayment of the principal of this Note, in whole or in part, or the payment of the principal of this Note
prior to the Maturity Date, whether resulting from acceleration of the maturity of this Note or otherwise, if the aggregate
amount of interest accruing hereon prior to such payment plus the amount of any interest accruing after maturity and plus any
other amount paid or accrued in connection with the indebtedness evidenced hereby which by law are deemed interest on the
indebtedness evidenced by the Note and which aggregate amounts paid or accrued (if calculated in accordance with the
provisions of this Note other than this paragraph) would exceed the maximum non-usurious rate of interest which
could lawfully be charged as above mentioned on the unpaid principal balance of the indebtedness evidenced by this Note from
time to time advanced (less any discount) and remaining unpaid from the date advanced to the date of final payment thereof,
then in such event the amount of such excess shall be credited, as of the date paid, toward the payment of the principal of
this Note so as to reduce the amount of the final payment of principal due on this Note, or if the principal amount hereof
has been paid in full, refunded to Debtor.

 

(ii)
If under any circumstances the aggregate amounts paid on the indebtedness evidenced by this Note prior to and incident to the
final payment hereof include amounts which by law are deemed interest and which would exceed the maximum non-usurious rate of
interest which could lawfully have been charged or collected on this Note, as above mentioned, Debtor stipulates that
(a) any non-principal payment shall be characterized as an expense, fee, or premium rather than as interest and any
excess shall be credited hereon by the holder hereof (or, if this Note shall have been paid in full, refunded to Debtor); and
(b) determination of the rate of interest for determining whether the indebtedness evidenced hereby is usurious shall be
made by amortizing, prorating, allocating, and spreading, in equal parts during the full stated term hereof, all interest at
any time contracted for, charged, or received from Debtor in connection with such indebtedness, and any excess shall be
canceled, credited, or refunded as set forth in (a) herein.

 

Any
check, draft, money order, or other instrument given in payment of all or any portion of this Note may be accepted by Payee and
handled in collection in the customary manner, but the same shall not constitute payment hereunder or diminish any rights of Payee
except to the extent that actual cash proceeds of such instruments are unconditionally received by Payee. If at any time any payment
of the principal of or interest on this Note is rescinded or must be restored or returned upon the insolvency, bankruptcy or reorganization
of Debtor or otherwise, the obligation under this Note with respect to that payment shall be reinstated as though the payment
had been due but not made at that time.

 

Debtor
agrees that this Note shall be freely assignable to any assignee of Payee, subject to compliance with applicable securities laws.

 

Debtor
represents and warrants that the extension of credit represented by this Note is for business, commercial, investment, or other
similar purposes and not primarily for personal, family, household or agricultural use.

 

This
Note has been executed and delivered and shall be construed in accordance with and governed by the laws of the State of Texas
and of the United States of America applicable in Texas. Venue for any litigation between Debtor and Payee with respect to this
Note shall be Bexar County, Texas. Debtor and Payee hereby irrevocably submit to personal jurisdiction in Texas and venue in Bexar
County for purposes of such litigation.

 

    3

     

    

 

THIS
NOTE REPRESENTS THE FINAL AGREEMENT BETWEEN DEBTOR AND PAYEE AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS,
OR SUBSEQUENT ORAL AGREEMENTS BETWEEN DEBTOR AND PAYEE.

 

THERE
ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN DEBTOR AND PAYEE. 

 

	 	DIGERATI
    TECHNOLOGIES, INC., 
	 	a Nevada
    corporation
	 	 	 
	 	By:	/s/ Arthur L. Smith
                              
	 	Name:  	 Arthur L. Smith
	 	Title:	CEO

 

    4Exhibit 10.3

 

Execution

 

THIS
NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE
SOLD, TRANSFERRED, OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND APPLICABLE
STATE SECURITIES LAWS OR PURSUANT TO AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH ACT AND SUCH LAWS.

 

PROMISSORY
NOTE

 

	$50,000	San Antonio, Texas	November 22, 2018

 

FOR
VALUE RECEIVED, DIGERATI TECHNOLOGIES, INC., a Nevada corporation, whose address is 1600 NE Loop 410, Suite 126, San Antonio,
Texas 78209 (the “Debtor”), promises to pay to the order of Graham Gardner whose address is 3604 Beverly
Drive, Dallas, Texas 75205, (the “Payee”), the sum of FIFTY THOUSAND DOLLARS ($50,000) in lawful
money of the United States of America which shall be legal tender for the payment of debts from time to time, together with interest
on the outstanding principal amount hereof at the rate of eight percent (8%) interest per annum, computed on the basis of a 360-day
year and 30-day months. This Note shall be secured by the Debtor in accordance with the Pledge and Security Agreement (“Agreement”)
of the same date between the Debtor and the Payee, which Agreement sets out the collateral set aside by the Debtor to collateralize
its obligations under this Note.

 

This
Note shall be payable in monthly payments of interest only and a single payment of the outstanding principal amount plus any accrued
interest, without demand, on December 31, 2018 (the “Maturity Date”). If the Maturity Date shall be
a Saturday, Sunday, or day on which Banks in San Antonio, Texas, or the place of payment are authorized or required to be closed,
such payment shall be made on the next following day that is not a Saturday, Sunday or day on which banks in San Antonio, Texas,
or the place of payment are authorized or required to be closed and interest thereon shall continue to accrue thereon until such
date. Debtor agrees that it will use its best efforts to pay this Note prior to the maturity date, and there is no penalty for
satisfying the obligations under this Note prior to the Maturity Date.

 

Time
is of the essence of this Note, and the Debtor expressly agrees that in the event of default in the payment of any principal or
interest when due, the Payee may declare the entirety of this Note immediately due and payable. Upon the occurrence of any default
hereunder, the Payee shall also have the right to exercise any and all of the rights, remedies and recourses now or hereafter
existing in equity, law, by virtue of statute or otherwise.

 

In
the event that any payment is not made when due, either of principal or interest, and whether upon maturity or as a result of
acceleration, interest shall thereafter accrue at the rate per annum equal to the lesser of (a) the maximum non-usurious rate
of interest permitted by the laws of the State of Texas or the United States of America, whichever shall permit the higher rate
or (b) twenty percent (20%) per annum, from such date until the entire balance of principal and accrued interest on this Note
has been paid.

 

     

     

    

 

Debtor
has the privilege of making prepayments on this Note from time to time in any amount without penalty provided that any such prepayment
shall be applied to unpaid interest on this Note and the balance, if any, to the principal amount payable under this Note.

 

No
failure to exercise and no delay on the part of Payee in exercising any power or right in connection herewith shall operate as
a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of
steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power.
No course of dealing between Debtor and Payee shall operate as a waiver of any right of Payee. No modification or waiver of any
provision of this Note or any consent to any departure therefrom shall in any event be effective unless the same shall be in writing
and signed by the person against whom enforcement thereof is to be sought, and then such waiver or consent shall be effective
only in the specific instance and for the purpose for which given.

 

In
the event of default or if payment of this Note is not made when due or declared due, and the same is placed in the hands of an
attorney for collection, or suit is brought on same, or the same is collected through any judicial proceeding whatsoever, or if
any action be had hereon, then Debtor agrees and promises to pay an additional amount as reasonable, calculated and foreseeable
attorneys’ and collection fees incurred by Payee in connection with enforcing its rights herein contemplated.

 

To
the extent permitted by applicable law, Debtor hereby waives grace, notice, demand or presentment for payment of this Note, dishonor,
notice of dishonor, notice of default or nonpayment, protest, notice of protest, suit, notice of intention to accelerate, notice
of acceleration, diligence or any notice of or defense on account of the extension of time of payments or change in the method
of payments, and consents to any and all renewals and extensions in the time of payment hereof, and the release of any party primarily
or secondarily liable hereon.

 

It
is expressly provided and stipulated that notwithstanding any provision of this Note, in no event shall the aggregate of all interest
paid by Debtor to Payee hereunder ever exceed the maximum non-usurious rate of interest which may lawfully be charged Debtor under
the laws of the State of Texas or United States Federal Government, as applicable, on the principal balance of this Note remaining
unpaid. It is expressly stipulated and agreed by Debtor that it is the intent of Payee and Debtor in the execution and delivery
of this Note to contract in furtherance of such laws, and that none of the terms of this Note shall ever be construed to create
a contract to pay for the use, forbearance or detention of money, at any interest rate in excess of the maximum non-usurious rate
of interest permitted to be charged Debtor under the laws of the State of Texas or United States Federal Government, as applicable.
The provisions of this paragraph shall govern over all other provisions of this Note should any such provisions be in apparent
conflict herewith.

 

    2

     

    

 

Specifically,
and without limiting the generality of the foregoing paragraph, it is expressly provided that:

 

(i)
       In the event of prepayment of the principal of this Note, in whole or in part, or the
payment of the principal of this Note prior to the Maturity Date, whether resulting from acceleration of the maturity of this
Note or otherwise, if the aggregate amount of interest accruing hereon prior to such payment plus the amount of any interest accruing
after maturity and plus any other amount paid or accrued in connection with the indebtedness evidenced hereby which by law are
deemed interest on the indebtedness evidenced by the Note and which aggregate amounts paid or accrued (if calculated in accordance
with the provisions of this Note other than this paragraph) would exceed the maximum non-usurious rate of interest which could
lawfully be charged as above mentioned on the unpaid principal balance of the indebtedness evidenced by this Note from time to
time advanced (less any discount) and remaining unpaid from the date advanced to the date of final payment thereof, then in such
event the amount of such excess shall be credited, as of the date paid, toward the payment of the principal of this Note so as
to reduce the amount of the final payment of principal due on this Note, or if the principal amount hereof has been paid in full,
refunded to Debtor.

 

(ii)
       If under any circumstances the aggregate amounts paid on the indebtedness evidenced
by this Note prior to and incident to the final payment hereof include amounts which by law are deemed interest and which would
exceed the maximum non-usurious rate of interest which could lawfully have been charged or collected on this Note, as above mentioned,
Debtor stipulates that (a) any non-principal payment shall be characterized as an expense, fee, or premium rather than as
interest and any excess shall be credited hereon by the holder hereof (or, if this Note shall have been paid in full, refunded
to Debtor); and (b) determination of the rate of interest for determining whether the indebtedness evidenced hereby is usurious
shall be made by amortizing, prorating, allocating, and spreading, in equal parts during the full stated term hereof, all interest
at any time contracted for, charged, or received from Debtor in connection with such indebtedness, and any excess shall be canceled,
credited, or refunded as set forth in (a) herein.

 

Any
check, draft, money order, or other instrument given in payment of all or any portion of this Note may be accepted by Payee and
handled in collection in the customary manner, but the same shall not constitute payment hereunder or diminish any rights of Payee
except to the extent that actual cash proceeds of such instruments are unconditionally received by Payee. If at any time any payment
of the principal of or interest on this Note is rescinded or must be restored or returned upon the insolvency, bankruptcy or reorganization
of Debtor or otherwise, the obligation under this Note with respect to that payment shall be reinstated as though the payment
had been due but not made at that time.

 

Debtor
agrees that this Note shall be freely assignable to any assignee of Payee, subject to compliance with applicable securities laws.

 

Debtor
represents and warrants that the extension of credit represented by this Note is for business, commercial, investment, or other
similar purposes and not primarily for personal, family, household or agricultural use.

 

    3

     

    

 

This
Note has been executed and delivered and shall be construed in accordance with and governed by the laws of the State of Texas
and of the United States of America applicable in Texas. Venue for any litigation between Debtor and Payee with respect to this
Note shall be Bexar County, Texas. Debtor and Payee hereby irrevocably submit to personal jurisdiction in Texas and venue in Bexar
County for purposes of such litigation.

 

THIS
NOTE REPRESENTS THE FINAL AGREEMENT BETWEEN DEBTOR AND PAYEE AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS,
OR SUBSEQUENT ORAL AGREEMENTS BETWEEN DEBTOR AND PAYEE.

 

THERE
ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN DEBTOR AND PAYEE. 

 

	 	DIGERATI TECHNOLOGIES, INC., 
	 	a Nevada corporation
	 	 	 
	 	By:	/s/ Arthur L. Smith
	 	Name:	Arthur L. Smith
	 	Title:	CEO

 

    4

     

    

 

PLEDGE
AND SECURITY AGREEMENT

 

This
Pledge and Security Agreement (the “Agreement”) is entered into October 22, 2018 by and between Digerati Technologies,
Inc., a Nevada corporation (the “Company”), and TV Fund VII, LP (the “Secured Party”).

 

RECITALS

 

WHEREAS,
the Secured Party has made certain financial accommodations for the benefit of the Company pursuant to that certain Promissory
Note of even date herewith among the Company and Secured Party (the “Note”); and

 

WHEREAS,
in order to secure the full and prompt payment when due (whether at the stated maturity, by acceleration or otherwise) of all
of the Company’s obligations to the Secured Party, or any successor to the Secured Party, under the Note, the Company has
agreed to irrevocably pledge to the Secured Party the Purchase Price Adjustment in favor of the Company under that certain Agreement
and Plan of Merger dated May 8, 2017 between Shift8 Technologies, Inc., T3 Acquisition, Inc., T3 Communications, Inc. and representative
of the Shareholders of T3 Communications, Inc.

 

NOW,
THEREFORE, in consideration of the mutual covenants, agreements, warranties, and representations herein contained, and for
other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as
follows:

 

1.
Grant of Security Interest. As security for the payment of the Note and any renewal, extension or modification of the Note, the
Company, hereby grants to the Secured Party a security interest in, and pledges to the Secured Party the Purchase Price Adjustment
in favor of the Company under that certain Agreement and Plan of Merger dated May 8, 2017 between Shift8 Technologies, Inc., T3
Acquisition, Inc., T3 Communications, Inc. and representative of the Shareholders of T3 Communications, Inc.

 

2.
Warranties. Secured Party hereby warrants that the Company is the owner of the Collateral and has the right to pledge the Collateral.
The Company further represents and warrants that it has net assets (not including the Collateral) in excess of the amount of the
Note.

 

3.
Rights Upon Default. In the event of default in payment when due of any indebtedness under the Note, the Secured Party may elect
then, or at any time thereafter, to exercise all rights available to a secured party under the Uniform Commercial Code, including
the right to demand transfer of the Collateral to the Secured Party. The transfer of the Collateral to the Secured Party, which
will be in the form of cash, shall be applied in the following order:

 

(a)
To the extent necessary, cash shall be used to pay all reasonable expenses of the Secured Party in enforcing this Agreement and
the Note, including, without limitation, reasonable attorneys’ fees and legal expenses incurred by the Secured Party.

 

(b)
To the extent necessary, cash shall be used to satisfy any remaining indebtedness under the Note.

 

    5

     

    

 

(c)
Any remaining cash shall be returned to the Company.

 

4.
Release of Collateral. Promptly after full payment by Company of all principal, accrued interest and other amounts outstanding
under the Note, Secured Party shall deliver to Company acknowledgement of full payment and Company shall thereupon be discharged
of all further obligations under this Agreement.

 

5.
Payment of Taxes and Other Charges. The Company shall pay, prior to the delinquency date, all taxes, assessments and other charges
against the Collateral, and in the event of the Company’s failure to do so, the Secured Party may at its election pay any
or all of such taxes and charges without contesting the validity or legality thereof. Any payments so made by the Secured Party
shall become part of the indebtedness secured hereunder and until paid shall bear interest at the minimum per annum rate, compounded
annually, required to avoid the imputation of interest income to the Secured Party and income to the Company under the federal
tax laws.

 

6.
Assignment of Collateral. In connection with the assignment of the Note (whether by negotiation, discount or otherwise), the Secured
Party may assign all or any part of the Collateral, and the transferee shall thereupon succeed to all the rights, powers and remedies
granted the Secured Party hereunder with respect to the Collateral so assigned. Upon such assignment, the Secured Party shall
be fully discharged from all liability and responsibility for the assigned Collateral.

 

7.
Costs and Expenses. All costs and expenses (including reasonable attorneys’ fees) incurred by the Secured Party in the exercise
or enforcement of any right, power or remedy granted it under this Agreement shall become part of the indebtedness secured hereunder
and shall constitute a liability of Company payable immediately upon demand and bearing interest until paid.

 

8.
Severability. Any provision of this Agreement that is deemed invalid or unenforceable shall be ineffective to the extent of such
invalidity or unenforceability, without rendering invalid or unenforceable the remaining provisions of this Agreement.

 

9.
Waiver. No provision of this Agreement shall be deemed to have been waived unless such waiver is in writing signed by the waiving
party. No failure by any party to insist upon the strict performance of any provision of this Agreement, or to exercise any right
or remedy consequent upon a breach thereof, shall constitute a waiver of any such breach, of such provision or of any other provision.
No waiver of any provision of this Agreement shall be deemed a waiver of any other provision of this Agreement or a waiver of
such provision with respect to any subsequent breach, unless expressly provided in writing.

 

10.
Counterparts. This Agreement may be executed in any number of counterparts, all of which when taken together shall constitute
one agreement binding on all parties, notwithstanding that all parties are not signatories to the same counterpart. This Agreement
may be executed with signatures transmitted among the parties by facsimile, and no party shall deny the validity of a signature
or this Agreement signed and transmitted by facsimile on the grounds that a signature is represented by facsimile rather than
an original.

 

    6

     

    

 

11.
Further Assurances. Each party agrees, at the request of the other party, at any time and from time to time after the date hereof,
promptly to execute and deliver all such further documents, and promptly to take and forbear from all such action, as may be reasonably
necessary or appropriate in order to more effectively confirm or carry out the provisions of this Agreement.

 

The
parties have executed this Pledge and Security Agreement as of the date first set forth above.

 

	Digerati Technologies, Inc.	 
	 	 
	By: 	/s/ Arthur L. Smith	 
	Name: 	Arthur L. Smith	 
	Date: 	10/22/2018	 
	 	 	 
	SECURED PARTY	 
	TV Fund VII, LP	 
	 	 
	By: 	/s/ E. Scott Crist	 
	Name:  	E. Scott Crist	 
	Date: 	10/22/18	 

 

    7

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