Document:

Exhibit 10.1

 

ASSIGNMENT OF DEBT AGREEMENT

 

THIS ASSIGNMENT OF DEBT
AGREEMENT (this “Agreement”) dated this 21st day of March, 2016.

 

Between:

GHS Investments, LLC, a Nevada limited
liability company

(“ASSIGNEE")

 

AND:

Darling Capital, LLC, a New York
limited liability company

("ASSIGNOR")

 

AND:

VAPE Holdings, Inc.,

("DEBTOR")

 

WHEREAS:

A. Debtor is currently indebted to Assignor
for $125,000 pursuant to that certain $105,000 "8% Convertible Note" dated August 12, 2016, as amended ("Note");

B. Assignee wishes to purchase $125,000 worth
of outstanding balance owing pursuant to the Note, Debtor consents to the transaction as contemplated herein, and Assignor wishes
to assign and transfer unto Assignee $125,000 of convertible debt ("Assigned Debt") upon the terms and conditions contained
in this Agreement and supporting documents (attached).

 

NOW THEREFORE THIS AGREEMENT WITNESSES
that in consideration of the premises, mutual promises, representations and warranties contained herein and for other good
and valuable consideration, the receipt of which are acknowledged, and subject to the terms and conditions hereinafter set
out, the parties agree as follows:

 

1.    ASSIGNMENT OF THE DEBT 

 

1.1 Upon Assignor’s receipt of the full
Purchase Price (defined below), Assignor grants, transfers and sets over unto Assignee its right, title and interest in and to
the Assigned Debt, including, without limitation, all rights, benefits and advantages of Assignor to be derived herefrom and all
burdens, obligations and liabilities to be derived thereunder, in consideration of the premises and the consideration set out
in Section 1.2.

1.2. Assignee is purchasing the $125,000 worth
of convertible debt for $125,000 (the “Purchase Price”). The Purchase Price is payable by Assignee to Assignor via
wire transfer of immediately available funds as follows:

 

(a) $41,666.67 on or before
April 1, 2016

(b) $41,666.67 on or before
May 1, 2016

(c) $41,666.67 on or before
June 1, 2016 (the “Closing Date”)

 

    
Assignment of Debt Agreement [Page 1 of 7]

     

    

 

2.   REPRESENTATIONS, WARRANTIES AND COVENANTS
OF ASSIGNOR

 

2.1 Assignor represents, warrants and covenants to Assignee that:

(a) the above premises are true and complete;

 

(b) Assignor is duly organized and validly
existing under the laws of the jurisdiction of its formation, and has the requisite power and authority to enter into this Agreement
and perform its obligations hereunder and each other document contemplated hereby to which Assignor is or will be a party and
to consummate the transactions contemplated hereby and thereby;

 

(c) The execution, delivery and performance
by Assignor of this Agreement and the transactions contemplated hereby (i) have been duly authorized by all necessary officers,
managers or members of Assignor, (ii) do not contravene the terms of Assignor’s organizational documents, or any amendment
thereof, (iii) do not materially violate, conflict with or result in any material breach or contravention of, or the creation
of any lien under, any contractual obligation of Assignor or any requirement of law applicable to Assignor, and (iv) do not materially
violate any orders of any governmental authority against, or binding upon, Assignor to the knowledge of Assignor;

 

(d) This Agreement has been duly executed
and delivered by Assignor and constitutes the legal, valid and binding obligations of Assignor, enforceable against Assignor in
accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, fraudulent
conveyance or transfer, moratorium or similar laws affecting the enforcement of creditors’ rights generally or by equitable
principles relating to enforceability (regardless of whether considered in a proceeding at law or in equity);

 

(e) Assignor is an “Accredited Investor”
within the meaning of Rule 501 of Regulation D under the Securities Act, as presently in effect;

 

(f) There are no brokerage commissions, finder’s
fees or similar fees or commissions payable by any party in connection with the transactions contemplated hereby based on any
agreement, arrangement or understanding with Assignor or any action taken by Assignor;

 

(g) the full amount of the Assigned Debt is
due and owing by Debtor to Assignor; and

 

(h) Assignor now has a lawful right, full
power and absolute authority to assign its/an unencumbered right, title and interest in and to the Assigned Debt in the manner
setout in Article 1 hereof, according to the true intent and meaning of this Agreement.

 

2.2 The representations, warranties and covenants
contained in Section 2.1 are provided for the exclusive benefit of Assignee, its affiliates and agents and a breach of any one
or more thereof may be waived by Assignee in whole or in part at any time without prejudice to its rights in respect to any other
breach of the same or any other representation or warranty or covenant. Any representations, warranties and covenants contained
in Article 2 will survive the signing of this Agreement.

 

    
Assignment of Debt Agreement [Page 2 of 7]

     

    

 

3.   REPRESENTATIONS, WARRANTIES AND COVENANTS
OF ASSIGNEE

 

3.1 Assignee represents, warrants and covenants to Assignor that:

(a) The above premises are true and complete;

 

(b) Assignee is duly organized and validly
existing under the laws of the jurisdiction of its formation, and has the requisite power and authority to enter into this Agreement
and perform its obligations hereunder and each other document contemplated hereby to which Assignee is or will be a party and
to consummate the transactions contemplated hereby and thereby;

 

(c) The execution, delivery and performance
by Assignee of this Agreement and the transactions contemplated hereby (i) have been duly authorized by all necessary officers,
managers or members of Assignee, (ii) do not contravene the terms of Assignee’s organizational documents, or any amendment
thereof, (iii) do not materially violate, conflict with or result in any material breach or contravention of, or the creation
of any lien under, any contractual obligation of Assignee or any requirement of law applicable to Assignee, and (iv) do not materially
violate any orders of any governmental authority against, or binding upon, Assignee to the knowledge of Assignee;

 

(d) This Agreement has been duly executed
and delivered by Assignee and constitutes the legal, valid and binding obligations of Assignee, enforceable against Assignee in
accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, fraudulent
conveyance or transfer, moratorium or similar laws affecting the enforcement of creditors’ rights generally or by equitable
principles relating to enforceability (regardless of whether considered in a proceeding at law or in equity);

 

(e) Assignee understands that the Assigned
Debt will not be registered under the Securities Act of 1933, as amended (the “Securities Act”) at the time of purchase
and, therefore, cannot be resold unless it is registered under the Securities Act and applicable state securities laws or unless
an exemption from such registration requirements is available. Assignee is aware that Debtor is under no obligation to effect
any such registration with respect to the Assigned Debt or to file for or comply with any exemption from registration. Assignee
has not been formed solely for the purpose of making this investment . Assignee has such knowledge and experience in financial
and business matters that Assignee is capable of evaluating the merits and risks of such investment, is able to incur a complete
loss of such investment and is able to bear the economic risk of such investment for an indefinite period of time;

 

(f) Assignee is an “Accredited Investor”
within the meaning of Rule 501 of Regulation D under the Securities Act, as presently in effect;

 

    
Assignment of Debt Agreement [Page 3 of 7]

     

    

 

(g) There are no brokerage commissions, finder’s
fees or similar fees or commissions payable by any party in connection with the transactions contemplated hereby based on any
agreement, arrangement or understanding with Assignee or any action taken by Assignee;

 

(h) Assignee has been furnished with, and
has had access to, such information as it considers necessary or appropriate for deciding whether to enter into this Agreement
Assignee has had the opportunity to consult with counsel of its choosing with respect to this Agreement and the Assigned Debt.
No representations or warranties have been made to Assignee by Assignor, or any of its respective officers, employees, agents,
sub-agents, affiliates or subsidiaries, other than the representations of Assignor contained in this Agreement and supporting
documents.

 

(i) Assignee is aware that its purchase of
the Assigned Debt pursuant to this Agreement is a speculative investment that is subject to the risk of complete loss.  Assignee
is able, without impairing Assignee’s financial condition, to suffer a complete loss of such investment in Debtor.

 

(j) Assignee acknowledges and agrees that
it shall be solely responsible to obtain any legal opinion necessary to clear shares of common stock issuable to Assignee upon
any conversion of the Assigned Debt.

 

3.2 The representations, warranties and covenants
contained in Section 3.1 are provided for the exclusive benefit of Assignor and a breach of any one or more thereof may be waived
by Assignor in whole or in part at any time without prejudice to its rights in respect to any other breach of the same or any
other representation or warranty or covenant.

 

4.   CONSENT OF DEBTOR

 

4.1 Debtor, having received no additional
consideration for this Assignment, agrees and consents to the assignment of Assignor's interests in the Assigned
Debt to Assignee pursuant to the terms and conditions of this Agreement.

 

4.2 Debtor represents, warrants and covenants
to Assignee that (a) the full amount of the Assigned Debt is due and owing at the time of this Agreement, and (b) the Assigned
Debt has not been prepaid in full or in part.

 

4.3 Debtor agrees that Assignee is entitled
to convert the debt and make demand for any and all documentation needed to assign, convert, sell and/or transfer the Assigned
Debt.

 

4.4. Debtor agrees to take any action required
to accommodate any of the rights assigned to Assignee in this Agreement.

 

    
Assignment of Debt Agreement [Page 4 of 7]

     

    

 

5.    MISCELLANEOUS

 

5.1 This Agreement may be executed in any
number of counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same
instrument. The parties hereto confirm that any electronic copy of another party’s executed counterpart of this Agreement
(or its signature page thereof) will be deemed to be an executed original thereof.

 

5.2 No failure or delay on the part of a party
hereto in exercising any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise
of any such right, power or remedy preclude any other or further exercise thereof or the exercise of any other right, power or
remedy. The remedies provided for herein are cumulative and are not exclusive of any remedies that may be available to a party
hereto at law, in equity or otherwise. Any amendment, supplement or modification of or to any provision of this Agreement, any
waiver of any provision of this Agreement, and any consent to any departure by Assignor or Assignee from the terms of any provision
of this Agreement, shall be effective (a) only if it is made or given in writing and signed by Assignor and Assignee, and (b)
only in the specific instance and for the specific purpose for which made or given.

 

5.3 If any one or more of the provisions contained
herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable in any respect for any reason,
the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions hereof
shall not be in any way impaired, unless the provisions held invalid, illegal or unenforceable shall substantially impair the
benefits of the remaining provisions hereof.

 

5.4 This Agreement, together with all other
documents contemplated hereunder, are intended by the parties as a final expression of their agreement and intended to be a complete
and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein
and therein. There are no restrictions, promises, representations, warranties or undertakings, other than those set forth or referred
to herein or therein. This Agreement and all such other contemplated documents supersede all prior agreements and understandings
between the parties with respect to such subject matter.

 

5.5  Assignee acknowledges and agrees that neither
Assignor nor any of its officers, directors, representatives or agents has made any representations or warranties to Assignee
or any of its agents, representatives, officers, directors, managers, members or employees except as expressly set forth in this
Agreement and supporting documents, and, in making its decision to enter into the transactions contemplated by this Agreement,
Assignee is not relying on any representation, warranty, covenant or promise of Assignor or its officers, directors, agents or
representatives other than as set forth in this Agreement and supporting documents.

 

5.6  All issues and questions concerning the
construction, validity, enforcement and interpretation of this Agreement and the exhibits hereto shall be governed by, and construed
in accordance with, the laws of the State of Nevada without giving effect to any choice of law or conflict of law rules or provisions
(whether of the State of Nevada or any other jurisdiction) that would cause the application of the laws of any jurisdiction other
than the State of Nevada. In furtherance of the foregoing, the internal law of the State of Nevada shall control the interpretation
and construction of this Agreement (and all exhibits hereto), even though under that jurisdiction’s choice of law or conflict
of law analysis, the substantive law of some other jurisdiction would ordinarily apply.

 

    
Assignment of Debt Agreement [Page 5 of 7]

     

    

 

5.7  Each party hereto submits to the exclusive
jurisdiction of any state or federal court sitting in Nevada in any proceeding arising out of or relating to this Agreement and
agrees that all claims in respect of the proceeding may be heard and determined in any such court and hereby expressly submits
to the exclusive personal jurisdiction and venue of such court for the purposes hereof and expressly waives any claim of improper
venue and any claim that such courts are an inconvenient forum. Each party hereto hereby irrevocably consents to the service of
process of any of the aforementioned courts in any such proceeding by the mailing of copies thereof by registered or certified
mail, postage prepaid, to its address as set forth herein, such service to become effective ten (10) days after such mailing.

 

5.8  If any action at law or in equity is brought
by a party to enforce or interpret the terms of this Agreement or any other document contemplated hereby, the Prevailing Party
(defined below) shall be entitled to reasonable attorneys’ fees, costs and disbursements, in addition to any other relief
to which such party may be entitled. “Prevailing Party” shall mean the party in any litigation or enforcement action
that prevails in the highest number of final rulings, counts or judgments adjudicated by a court of competent jurisdiction.

 

5.9 This Agreement is the mutual product of
the parties hereto, and each provision hereof has been subject to the mutual consultation, negotiation and agreement of each of
the parties, and shall not be construed for or against any party hereto.

 

5.10 This Agreement may be terminated by Assignor,
in its sole discretion upon written notice to Assignee, if Assignee fails to pay the Purchase Price to Assignor by the Closing
Date, at the latest.

 

5.11 All notices to be given hereunder shall
be in writing, to the Parties at the addresses set forth in this Agreement and shall be given or made by mailing the same by certified
mail, return receipt requested or by other nationally recognized overnight courier utilizing a written receipt or other valid
written proof of delivery, or by hand delivery utilizing a written receipt. Either Party may designate by notice, in writing,
a new or other address to which such notice or demand shall thereafter be so given, made or mailed. All notices shall be effective
when delivered by the post office or courier service.

 

 

SIGNATURE PAGE TO FOLLOW

 

    
Assignment of Debt Agreement [Page 6 of 7]

     

    

 

IN WITNESS WHEREOF this agreement was signed
by the parties hereto as of the day and year first above written.

 

DEBTOR (VAPE Holdings, Inc.)

 

/s/

------------------------------------------------------------

AUTHORIZED SIGNATORY – (Name and Title:___________________________________)

 

 

ASSIGNOR (Darling Capital, LLC)

 

/s/

-----------------------------------------------------------

AUTHORIZED SIGNATORY – (Name and Title:
_________________________________)

 

 

ASSIGNEE (GHS Investments, LLC)

 

/s/

------------------------------------------------------------

AUTHORIZED SIGNATORY– (Name and Title:___________________________________)

 

 

 

Assignment of Debt Agreement
[Page 7  of 7]Exhibit
10.2

 

NOTE
TERMINATION AGREEMENT

 

This
NOTE TERMINATION AGREEMENT (this “Agreement”), dated March 24, 2016 (the “Effective Date”), by
and between VAPE HOLDINGS, INC., a Delaware corporation (the “Borrower”), and JMJ FINANCIAL, a Nevada
Sole Proprietorship (the “Lender”). Borrower and Lender are collectively referred to herein as “Parties.”

 

WHEREAS,
the Borrower and the Lender entered into a $400,000 Convertible Note dated August 5, 2015 (the “Note”) and the Lender
paid to the Borrower under the Note $125,000 in consideration at closing and $50,000 of consideration on December 15, 2015;

 

WHEREAS,
in connection with the Note, the Borrower directed its transfer agent, Island Stock Transfer (since replaced by Action Stock Transfer)
to reserve a certain amount of shares of common stock of Borrower for issuance to the Lender upon full conversion of the Note
(currently 100,000,000 shares) in accordance with the terms thereof (the “Share Reserve Letter”);

 

WHEREAS,
the terms of the Note do not permit the Borrower to repay the Note after 90 days after its effective date prior to maturity, but
the Lender is permitting the Borrower to repay the Note prior to the maturity date of the Note and to cancel the Share Reserve
Letter, and, following these actions, the Borrower and Lender wish to terminate the Note;

 

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

 

1.       Note
Pay-Off. The outstanding balance of the Note including principal and interest is $213,500. The Lender hereby agrees to permit
the Borrower to repay the note in full for the sum of $213,500 (the “Payoff Amount”). Borrower will repay the Payoff
Amount as follows:

 

a.       The
Borrower shall pay $42,700 of the Payoff Amount (the “First Payment”) by wire transfer of immediately available funds
on or before April 30, 2016 to Lender. The Borrower may prepay the First Payment at any time without penalty.

 

b.       The
Borrower shall pay $42,700 of the Payoff Amount (the “Second Payment”) by wire transfer of immediately available funds
on or before May 30, 2016 to Lender. The Borrower may prepay the Second Payment at any time without penalty.

 

c.       The
Borrower shall pay $42,700 of the Payoff Amount (the “Third Payment”) by wire transfer of immediately available funds
on or before June 30, 2016 to Lender. The Borrower may prepay the Third Payment at any time without penalty.

 

    	 	1	 

     

    

 

d.       The
Borrower shall pay $42,700 of the Payoff Amount (the “Fourth Payment”) by wire transfer of immediately available funds
on or before July 30, 2016 to Lender. The Borrower may prepay the Fourth Payment at any time without penalty.

  

e.       The
Borrower shall pay $42,700 of the Payoff Amount (the “Fifth Payment”) by wire transfer of immediately available funds
on or before August 30, 2016 to Lender. The Borrower may prepay the Fifth Payment at any time without penalty.

 

2.       Standstill
on Conversions. The Lender shall not submit any conversion notices except as otherwise provided in this Agreement (the “Standstill
Period”). If the Borrower fails to make any of the above payments by the requisite time, the Standstill Period shall automatically
terminate and the Lender may commence submitting conversion notices to the Borrower in accordance with the terms of the Note and
the Share Reserve Letter.

 

3.       Note
Termination. If the Borrower repays the Note as provided in Section 1 of this Agreement, then effective immediately upon Lender's
receipt of the full Payoff Amount (the “Termination Date”), (A) the Share Reserve Letter shall be cancelled and the
shares reserved thereunder shall be released, and (B) the Note shall be cancelled and terminated with no remaining obligations
by either the Borrower or the Lender thereunder.

4.       Mutual
Release. Effective immediately upon the Termination Date, each Party, on its own behalf and on behalf of each of its past
and present principals, officers, directors, shareholders, employees, agents, representatives, affiliates, subsidiaries, divisions,
predecessors, heirs, successors and administrators, hereby releases and forever discharges the other Party and each of its respective
past and present affiliates, subsidiaries, predecessors, successors, and assigns, and each of its respective past and present
members, shareholders, employees, agents, representatives, principals, officers and directors, of and from any and all demands,
subpoenas, information requests, obligations, actions, claims (for indemnification or otherwise), causes of action, rights, debts,
liabilities, damages, costs, losses, expenses and compensation of any kind, liquidated or unliquidated, anticipated or unanticipated,
known or unknown, matured or unmatured, now or hereinafter existing arising out of or related to the Note and the Share Reserve
Letter; provided, however, nothing contained herein shall relieve any party of any of its obligations under this Agreement, or
extinguish or modify any rights that any party may have under this Agreement.

 

5.      Governing
Law. This Assignment shall be governed by and construed in accordance with the laws of the State of California. Any disputes
arising hereunder shall be resolved in the state or federal courts of Los Angeles County, California.

 

    	 	2	 

     

    

 

6.       Descriptive
Headings. The descriptive article and section headings herein are inserted for convenience of reference only and are not intended
to be part of or to affect the meaning or interpretation of this Agreement.

 

7.       Counterparts.
This Agreement may be executed in a number of identical counterparts, each of which, for all purposes, is to be deemed as original,
and all of which constitute, collectively, one agreement.

 

8.       Effective
Date. For all purposes hereof, this Agreement shall be deemed effective as of the date first mentioned above.

 

IN
WITNESS WHEREOF, each of the parties hereto has caused this instrument to be duly executed in its name by an authorized representative
and is effective as of the Effective Date.

 

	BORROWER:	 
	 	 	 
	VAPE
    HOLDINGS, INC.	 
	 	 	 
	By:	/s/	 
	Name:	Justin
    Braune	 
	Title:	Chief
    Executive Officer	 
	 	 	 
	LENDER:	 
	 	 	 
	JMJ
    FINANCIAL	 
	 	 	 
	By:	/s/	 
	Name:		 
	Title:	Principal	 

 

 

3

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