Document:

Exhibit 10.8

 

PROMISSORY NOTE

 

 

	$350,000	As of December 10, 2018

 

 

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 Three Hundred Fifty Thousand Dollars and No Cents ($350,000) 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.

 

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.

 

 

 

    	 	1	 

     

    

 

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.

 

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: CFOExhibit

Exhibit 10.12

ASSIGNMENT AGREEMENT
THIS ASSIGNMENT AGREEMENT (this “Agreement”), dated as of January 1, 2019, is entered into by and among (i) CIM Capital, LLC (formerly known as CIM Investment Advisors, LLC), a Delaware limited liability company (the “Manager”), (ii) CIM Capital Controlled Company Management, LLC, a Delaware limited liability company (“R-CCM”), (iii) CIM Capital RE Debt Management, LLC, a Delaware limited liability company (“R-DM”), (iv) CIM Capital Real Property Management, LLC, a Delaware limited liability company (“R-RPM”) and (v) CIM Capital Securities Management, LLC, a Delaware limited liability company (“R-SM”).  

W I T N E S S E T H:  

WHEREAS, the Manager provides services to CIM Urban Partners, L.P., a Delaware limited partnership (the “Partnership”) pursuant to that certain agreement between the Manager and the Partnership (the “Management Agreement”); 

WHEREAS, R-CCM, R-DM, R-RPM and R-SM (each, a “Subsidiary” and, collectively, the “Subsidiaries”) are wholly-owned subsidiaries of the Manager; and

WHEREAS, the Manager wishes to assign certain responsibilities under the Management Agreement to each Subsidiary, and each Subsidiary wishes to accept such assignment, all as set forth below.

NOW, THEREFORE, in consideration of the mutual agreements set forth herein, the parties agree as follows:

1.    Assignment. The Manager hereby assigns to each Subsidiary respectively the responsibility to manage the following asset classes respectively in connection with the Partnership: (a) R-CCM: controlled companies; (b) R-DM: debt; (c) R-RPM: real property; and (d) R-SM: securities.  Each Subsidiary hereby accepts such assignment.   

2.    Duties and Authority. Each Subsidiary shall provide recommendations and analyses to the Partnership related to the asset class assigned to such Subsidiary and shall perform each of the duties required of the Manager under the Management Agreement  as to such asset class; it being understood that the Manager is the managing member of each Subsidiary and thereby retains supervisory authority over the Subsidiaries regarding their respective decisions as to whether the Partnership should acquire or dispose of investments.  Each Subsidiary agrees that it will perform its duties under this Agreement in full compliance with the terms of the Management Agreement and applicable law.    

3.    Fees and Expenses. The Partnership shall pay to each Subsidiary such portion of the management fee payable under the Management Agreement that is attributable to the asset class managed by such Subsidiary, with such portion to be determined in good faith by the Partnership's general partner.  

4.    Term.  This Agreement shall become effective as of the date hereof and shall remain in full force and effect for so long as the Management Agreement is in full force and effect.  

5.    Miscellaneous.  This Agreement may be amended, supplemented or waived at any time and from time to time by an instrument in writing signed by each party hereto, or their respective permitted successors or assigns.  This Agreement may be executed through the use of separate signature pages and in any number of counterparts, and each of such counterparts shall, for all purposes, constitute one agreement binding on all the parties, notwithstanding that all the parties are not signatories to the same counterpart. Delivery of the signature pages by facsimile or electronic mail shall constitute due execution. The provisions of this Agreement shall be construed in accordance with and governed by the laws of the State of Delaware.  A Subsidiary may assign, sell or otherwise dispose of all or any part of its right, title and interest in and to this Agreement only with the consent of the Manager and only to the extent permitted under applicable law.

[Remainder of page has been left blank intentionally]

2

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date hereinabove written.

	
		
	

	MANAGER

CIM CAPITAL, LLC

By:   /s/ David Thompson
Name:   David Thompson
Title:   Vice President

	 
	R-CCM

CIM CAPITAL CONTROLLED COMPANY MANAGEMENT, LLC

By:   /s/ David Thompson
Name:   David Thompson
Title:   Vice President

	 
	R-DM

CIM CAPITAL RE DEBT MANAGEMENT, LLC

By:   /s/ David Thompson
Name:   David Thompson
Title:   Vice President

	 
	R-RPM

CIM CAPITAL REAL PROPERTY MANAGEMENT, LLC

By:   /s/ David Thompson
Name:   David Thompson
Title:   Vice President

	 
	R-SM

CIM CAPITAL SECURITIES
MANAGEMENT, LLC

By:   /s/ David Thompson
Name:   David Thompson
Title:   Vice President

[Signature Page to Assignment Agreement]

ACKNOWLEDGMENT AND CONSENT:

Each of the undersigned hereby (i) acknowledges that each of the Subsidiaries is an affiliate of the Manager and (except as specifically set forth in this Agreement) is entitled to all of the rights of the Manager under the Management Agreement and the Second Amended and Restated Limited Partnership Agreement of the Partnership (as further amended from time time to time) of the Partnership, including without limitation, the right to indemnification by the Partnership, (ii) agrees to otherwise recognize each of the Subsidiaries as a manager under the terms of the Management Agreement, (iii) agrees to accept performance of the duties required of the Manager under the Management Agreement, as to the applicable asset class, from each of the Subsidiaries, as required by and in accordance with the Management Agreement, (iv) agrees to make payment of the management fee payable under the Management Agreement, attributable to the applicable asset class, to the applicable Subsidiary in accordance with the terms of this Agreement, and (v) otherwise consents to the terms of this Agreement.  

	
		
	 
	PARTNERSHIP

CIM Urban Partners, L.P.

By:  Urban Partners GP, LLC, its general partner

By:   /s/ Jordan Dembo   
Name:   Jordan Dembo
Title:   Vice President and Secretary

GENERAL PARTNER
Urban Partners GP, , LLC
By:   /s/ Nicholas V. Morosoff
Name:   Nicholas V. Morosoff
Title:   Vice President

	 
	 

[Acknowledgement Page to Assignment Agreement]

[Acknowledgement Page to Assignment Agreement]

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