Document:

Exhibit 10.2

 

PROMISSORY NOTE

 

	$200,000	As of March 28, 2019

 

Black
Ridge Acquisition Corp. ("Maker") promises to pay to the order of Black Ridge Oil & Gas, Inc or its successors or
assigns ("Payee") the principal sum of Two Hundred Thousand Dollars and No Cents ($200,000) in lawful money of the United
States of America, on the terms and conditions described below.

 

1.           Principal.
The principal balance of this Note shall be repayable on the consummation of the Maker's initial merger, capital stock exchange,
asset acquisition or other similar business combination with one or more businesses or entities (a "Business Combination").
Payee understands that if a Business Combination is not consummated, this Note will not be repaid and all amounts owed hereunder
will be forgiven except to the extent that the Maker has funds available to it outside of its trust account established in connection
with its initial public offering.

 

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

 

3.            Application
of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of any sum due
under this Note, including (without limitation) reasonable attorneys' fees, then to the payment in full of any late charges and
finally to the reduction of the unpaid principal balance of this Note.

 

4.            Events of Default. The following shall constitute
Events of Default:

 

(a)             
Failure to Make Required Payments. Failure by Maker to pay the principal of this Note within five (5) business days
following the date when due.

 

(b)             
Voluntary Bankruptcy, Etc. The commencement by Maker of a voluntary case under the Federal Bankruptcy Code, as now
constituted or hereafter amended, or any other applicable federal or state bankruptcy, insolvency, reorganization, rehabilitation
or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator, assignee, trustee,
custodian, sequestrator (or other similar official) of Maker or for any substantial part of its property, or the making by it of
any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts become due, or the
taking of corporate action by Maker in furtherance of any of the foregoing.

 

(c)             
Involuntary Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises
in respect of maker in an involuntary case under the Federal Bankruptcy Code, as now or hereafter constituted, or any other applicable
federal or state bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee, custodian, trustee,
sequestrator (or similar official) of Maker or for any substantial part of its property, or ordering the winding-up or liquidation
of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days.

 

 

 

 

 

 

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 5.            Remedies.

 

(a)              
Upon the occurrence of an Event of Default specified in Section 4(a), Payee may, by written notice to Maker, declare this
Note to be due and payable, whereupon the principal amount
of this Note, and all other amounts payable thereunder,
shall become immediately due and payable without presentment,
demand, protest or other notice
of any kind, all of which
are hereby expressly waived, anything contained herein
or in the documents evidencing the same to the contrary notwithstanding.

 

(b)             
Upon the occurrence of an Event of Default specified
in Sections 4(b) and 4(c), the unpaid principal balance
of, and all other sums payable with regard to, this Note
shall automatically and immediately become due and payable,in
all cases without any action on the part of Payee.

 

6.            Conversion.
Upon consummation of a Business Combination, the Payee shall have the option,but not the obligation, to convert the
principal balance of this Note,in whole or in part at the option of the Payee, into units ("Units") of the Maker at
a price of $10.00 per Unit, each Unit being identical to the "private units" (as defined in Maker's final
prospectus dated October 4, 2017). As promptly after notice by Payee to Maker to convert the principal balance of this Note,
which must be made at least 24 hours prior to the consummation of the Business Combination, as reasonably practicable and
after Payee's surrender of this Note, Maker shall have issued and delivered to Payee, without any charge to Payee, a
certificate or certificates (issued in the name(s) requested by Payee) for the number of Units of Maker issuable upon the
conversion of this Note.

 

7.            Waivers.
Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor,
protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by
Payee under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting
any property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy
or sale under execution, or providing for any stay of execution, exemption from civil process, or extension of time for payment;
and Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of
execution issued hereon, may be sold upon any such writ in whole or in part in any order desired by Payee.

 

8.            Unconditional
Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement of
the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other party,
and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or consented
to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by Payee
with respect to the payment or other provisions of this Note, and agree that additional makers, endorsers, guarantors, or sureties
may become parties hereto without notice to them or affecting their liability hereunder.

 

 

 

 

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9.            Notices.
Any notice called for hereunder shall be deemed properly given if (i) sent by certified mail, return receipt requested, (ii) personally
delivered, (iii) dispatched by any form of private or governmental express mail or delivery service providing receipted delivery,
(iv) sent by telefacsimile or (v) sent by e-mail, to the following addresses or to such other address as either party may designate
by notice in accordance with this Section:

 

If to
Maker:

 

Black Ridge Acquisition Corp.

c/o Black Ridge Oil & Gas, Inc.

110
North 5th Street, Suite 410

Minneapolis, MN 55403

 

If to
Payee:

 

Black Ridge Oil & Gas, Inc.

110
North 5th Street, Suite 410

Minneapolis, MN 55403

 

Notice shall be deemed given on the earlier of (i) actual receipt
by the receiving party, (ii) the date shown on a telefacsimile transmission confirmation, (iii) the date on which an e-mail transmission
was received by the receiving party's on-line access provider (iv) the date reflected on a signed delivery receipt, or (vi) two
(2) Business Days following tender of delivery or dispatch by express mail or delivery service.

 

10.             Construction.
This Note shall be construed and enforced in accordance with the domestic, internal law, but not the law of conflict of laws,
of the State of New York.

 

11.             Severability.
Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and
any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction.

 

IN WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this Note to be duly executed the
day and year first above written.

 

 

	 	BLACK RIDGE ACQUISITION CORP.
	 	 
	 	By: /s/ James A. Moe                              
	 	Name: James A. Moe
	 	Title: CFO

 

 

 

 

 

    	 	3Exhibit

Exhibit 10.7

AMENDMENT NO. 1
TO
EMPLOYMENT AGREEMENT 

The Employment Agreement made and entered into effective October 8, 2018 by and between Perrigo Management Company (the “Company”) and Murray Kessler (“Executive”), is hereby Amended by this Amendment No. 1, effective as of February 13, 2019 (this “Amendment”).
WHEREAS, the Company and the Executive desire to amend the Agreement in order to avoid the unintended forfeiture of equity compensation upon Executive’s expected retirement date. 
NOW, THEREFORE for good and valuable consideration, the receipt of which is acknowledged, Executive and the Company agree as follows:
		
	1.
	Paragraph 3(c) of the Agreement (Long-Term Incentive Awards) is amended and restated in its entirety as follows:

“Long-Term Incentive Awards. Beginning in the calendar year 2019, Executive will be eligible to participate in Parent’s 2013 Long-Term Incentive Plan (or successor plan), as amended (the “2013 LTIP”), on terms and conditions as determined in the sole and absolute discretion of the Committee; provided, that annual grants shall (i) be on the same terms and conditions (including the form and mix of grant types) as, and granted to Executive at the same time as such awards are granted to, other members of the Company’s executive committee, and (ii) have a grant date fair value of not less than $7,750,000; provided, further, that, the term “Retirement” as used in the applicable annual grant award agreement shall mean the Executive attaining age 62 and not as defined in the 2013 LTIP. During the Employment Period, Executive shall also be eligible to participate in other long-term cash and equity incentive plans, practices, policies, and programs applicable generally to other senior executives of the Company, as determined by the Committee in its sole and absolute discretion.”
		
	2.
	This Amendment may be executed in counterparts and each counterpart will be deemed an original.

		
	3.
	Except as expressly provided herein, the rest of the Agreement shall remain unaltered and in full force and effect. 

[Signature Page Follows]
    

IN WITNESS WHEREOF, this Amendment has been duly executed by the Parties as of the date written above.

	
		
	EXECUTIVE

/s/ Murray S. Kessler

	Name: Murray S. Kessler
Title: President and Chief Executive Officer 

	 

	 

	

PERRIGO MANAGEMENT COMPANY 

	 

	 

	By:
	/s/ Todd W. Kingma

	Name:  
	Todd W. Kingma

	Title:
	Executive Vice President, General Counsel, and

	Secretary

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