Document:

Jammin Java Corp. 8-K

 

Exhibit
10.1

 

 

March
1, 2016

 

This
Letter Agreement is entered into by and between JSJ Investments, Inc. (the “Holder”) and Jammin Java Corp. (the “Company”)
as of the date set forth above and shall serve to amend certain portions of that Convertible Note in the principal amount of $275,000
dated as of September 9, 2015 (the “Note”) issued to the Holder by the Company as set forth herein. Defined terms not
otherwise set forth herein shall have the meanings assigned to them in the Note.

 

NOW
THEREFORE, for good and valuable consideration, the parties agree as follows:

 

	 	1.	All sections, terms and conditions of the Note not otherwise amended herein shall remain in full force and effect.
	 	 	 
	 	2.	The Maturity Date of the Note shall be changed from March 9, 2016 to December 9, 2016.
	 	 	 
	 	3.	Section 1.a. of the Note shall be amended in its entirety to read as follows:
	 	 	 
	 	 	“Pre-Payment and Payment of Principal and Interest. At any time on or before September 9, 2016, this Note shall have a cash redemption premium of 135% of the then outstanding principal amount of the Note, plus accrued interest and Default Interest (defined below), if any, which may be paid by the Company in its sole discretion. From September 10, 2016 until the Maturity Date, this Note shall have a cash redemption premium of 150% of the then outstanding principal amount of the Note, plus accrued interest and Default Interest, if any, which may only be paid by the Company upon Holder’s prior written consent.
	 	 	 
	 	 	At any time on or after the Maturity Date, the Company may repay the then outstanding principal plus accrued interest and Default Interest (defined below), if any, to the Company.”
	 	 	 
	 	4.	Section 2 of the Note shall be amended as follows:
	 	 	 
	 	 	“2. Conversion of Note. At any time on or after September 9, 2016, the Conversion Amount (see Paragraph 2(a)(i)) of this Note shall be convertible into shares of the Company’s common stock (the “Common Stock”) according to the terms and conditions set forth in this Paragraph 2.”
	 	 	 
	 	 	2(a)ii “Conversion Price” means the greater of (1) a 40% discount to the third (3rd) lowest trade during the previous ten (10) trading days to the date of a Conversion Notice (by way of example if the company’s common stock trades at $.20 on three separate occasions and at $.21 one time during the pricing period, then the third lowest trade would be $.20 per share); and (2) $0.00005.”
	 	 	 
	 	 	“b. Holder’s Conversion Rights. At any time or times on or after September 9, 2016, the Holder shall be entitled to convert all of the outstanding and unpaid principal amount of this Note into fully paid and non-assessable shares of Common Stock in accordance with the stated Conversion Price. The Holder shall not be entitled to convert on a Conversion Date that amount of the Note in connection with that number of shares of Common Stock which would be in excess of the sum of the number of shares of Common Stock issuable upon the conversion of the Note with respect to which the determination of this provision is being made on a Conversion Date, which would result in beneficial ownership by the Holder and its affiliates of more than 4.99% of the outstanding shares of Common Stock of the Company on such Conversion Date. For the purposes of the provision to the immediately preceding sentence, beneficial ownership shall be determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended, and Regulation 13d-3 thereunder. Subject to the foregoing, the Holder shall not be limited to aggregate conversions of 4.99% (“Conversion Limitation 1”). The Holder shall have the authority to determine whether the restriction contained in this Section 2(b) will limit any conversion hereunder. The Holder may waive the conversion limitation described in this Section 2(b), in whole or in part, upon and effective after 61 days prior written notice to the Borrower to increase such percentage to up to 9.99% (“Conversion Limitation 2”). The Company shall not have any obligation to confirm or verify Conversion Limitation 1 or Conversion Limitation 2, and shall instead be able to rely on any notice of conversion provided to Company by Holder as prima facie evidence that the number of shares of Common Stock set forth therein, when issued to Holder, will not cause Holder to exceed the applicable Conversion Limitation.”

 

    	 

    	 

    

  

	 	 	Sections 2.a.(i)-(iv)(but not Section 2.a.ii), c., d., and e. shall remain unchanged and in full force and effect.
	 	 	 
	 	5.	Section 9 of the Note shall be amended in its entirety to read as follows:

 

“Default and Remedies.

 

	 	a.	Event of Default. For purposes of this Note, an “Event of Default” shall occur upon: 

 

	 	i.	the Company’s default in the payment of the outstanding principal, Interest or Default Interest of this Note within ten (10) days of the date due, whether at Maturity, acceleration or otherwise;
	 	ii.	the occurrence of a Default of Conversion as set forth in Section 2(e)(v), which continues for a period of ten (10) days after notice thereof has been provided by the Holder to the Company;
	 	iii.	the failure by the Company for ten (10) days after notice to it to comply with any material provision of this Note not included in this Section 10(a);
	 	iv.	the Company’s breach of any covenants, warranties, or representations made by the Company herein;
	 	v.	the default by the Company in any Other Agreement entered into by and between the Company and Holder, for purposes hereof “Other Agreement” shall mean, collectively, all agreements and instruments between, among or by: (1) the Company, and, or for the benefit of, (2) the Holder and any affiliate of the Holder, including without limitation, promissory notes;
	 	vi.	the cessation of operations of the Company or a material subsidiary;
	 	vii.	the Company pursuant to or within the meaning of any Bankruptcy Law; (a) commences a voluntary case; (b) consents to the entry of an order for relief against it in an involuntary case; (c) consents to the appointment of a Custodian of it or for all or substantially all of its property; (d) makes a general assignment for the benefit of its creditors; or (e) admits in writing that it is generally unable to pay its debts as the same become due;
	 	viii.	court of competent jurisdiction entering an order or decree under any Bankruptcy Law that: (a) is for relief against the Company in an involuntary case; (b) appoints a Custodian of the Company or for all or substantially all of its property; or (c) orders the liquidation of the Company or any subsidiary, and the order or decree remains unstayed and in effect for thirty (30) days;
	 	ix.	the Company files a Form 15 with the SEC; 
	 	x.	the Company’s failure to timely file all reports required to be filed by it with the Securities and Exchange Commission; 
	 	xi.	the Company’s failure to timely file all reports required to be filed by it with OTC Markets to remain a “Current Information” designated company;
	 	xii.	the Company’s Common Stock is reported as “No Inside Bid” by OTC Markets at any time while any principal, Interest or Default Interest under the Note remains outstanding;
	 	xiii.	the Company’s failure to maintain the required Share Reserve pursuant to the terms of the Irrevocable Letter of Instructions to the Transfer Agent;
	 	xiv.	the Company directs its transfer agent not to transfer, or delays, impairs, or hinders its transfer agent in transferring or issuing (electronically or in certificated form) any certificate for Shares of Common Stock to be issued to the Holder upon conversion of or otherwise pursuant to this Note as and when required by this Note, or fails to remove (or directs its transfer agent not to remove or impairs, delays and/or hinders its transfer agent from removing) any restrictive legend (or to withdraw and stop transfer instructions) on any certificate for any Shares of Common Stock issued to the Holder upon conversion of or otherwise pursuant to this Note and subject to applicable law as and when required by this Note (or makes any written announcement, statement or threat that it does not intend to honor its obligations pursuant to a Conversion Notice submitted by the Holder) and any such failure shall continue uncured for three (3) Business Days after the Conversion Notice has been delivered to the Company by Holder;

 

    	 

    	 

    

  

	 	xv.	the Company’s failure to remain current in its billing obligations with its transfer agent and such delinquency causes the transfer agent to refuse to issue Shares to Holder pursuant to a Conversion Notice;
	 	xvi.	the Company effectuates a reverse split of its Common Stock and fails to provide twenty (20) days prior written notice to Holder of its intention to do so; or 
	 	xvii.	OTC Markets changes the Company’s designation to ‘No Information’ (Stop Sign), ‘Caveat Emptor’ (Skull and Crossbones), or ‘OTC’, ‘Other OTC’ or ‘Grey Market’ (Exclamation Mark Sign).
	 	 	 
	 	 	The Term “Bankruptcy Law” means Title 11, U.S. Code, or any similar Federal or State Law for the relief of debtors. The term “Custodian” means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

  

	 	b.	Remedies. If an Event of Default occurs, the Holder may in its sole discretion determine to request immediate repayment of all or any portion of the Note that remains outstanding; at such time the Company will be required to pay the Company the Default Amount (defined herein) in cash. For purposes hereof, the “Default Amount” shall mean: the product of (A) the then outstanding principal amount of the Note, plus accrued Interest and Default Interest, divided by (B) the Conversion Price as determined on the Issuance Date, multiplied by (C) the highest price at which the Common Stock traded at any time between the Issuance Date and the date of the Event of Default. If the Company fails to pay the Default Amount within five (5) Business Days of written notice that such amount is due and payable, then Holder shall have the right at any time, so long as the Company remains in default (and so long and to the extent there are a sufficient number of authorized but unissued shares), to require the Company, upon written notice, to immediately issue, in lieu of the Default Amount, the number of shares of Common Stock of the Company equal to the Default Amount divided by the Conversion Price then in effect.”

 

	 	6.	Upon execution hereof, the Company shall pay an aggregate of $117,252.74 to Holder which shall include: (i) $16,002.74 for the payment of accrued and unpaid interest as of March 1, 2016, (iii) $5,000 for Holder’s legal fees in connection herewith, and (iv) $96,250 as consideration to Holder for agreeing to extend the Maturity Date to December 9, 2016.
	 	 	 
	 	7.	Governing Law. This letter agreement shall be construed and enforced in accordance with, and all questions concerning the construction, validity, interpretation and performance of this Note shall be governed by, the laws of the State of Texas, without giving effect to provisions thereof regarding conflict of laws. Each party hereby irrevocably submits to the non-exclusive jurisdiction of the state and federal courts sitting in Texas for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by sending, through certified mail or overnight courier, a copy thereof to such party at the address for such notices to it under this letter agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

	JSJ Investments, Inc.	 	Jammin Java Corp.	 
	 	 	 	 
	/s/ Sameer Hirji	 	/s/ Anh Tran	 
	Sameer Hirji, President	 	Anh Tran, President	 
	 	 	 	 
	Address:	 	Address:	 
	6060 North Central Expressway, Suite 500	 	4730 Taejon Street	 
	Dallas, Texas 75206	 	Denver, Colorado 80211Jammin Java Corp. 8-K

 

Exhibit
10.2 

 

Note:
March 8, 2016

 

NEITHER
THESE SECURITIES NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE
COMMISSION IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT. 

 

THIS
NOTE DOES NOT REQUIRE PHYSICAL SURRENDER OF THE NOTE IN THE EVENT OF A PARTIAL REDEMPTION OR CONVERSION. AS A RESULT, FOLLOWING
ANY REDEMPTION OR CONVERSION OF ANY PORTION OF THIS NOTE, THE OUTSTANDING PRINCIPAL SUM REPRESENTED BY THIS NOTE MAY BE LESS THAN
THE PRINCIPAL SUM AND ACCRUED INTEREST SET FORTH BELOW.

 

5%
CONVERTIBLE PROMISSORY NOTE 

 

OF

  

JAMMIN
JAVA CORP.

  

Issuance
Date: March 8, 2016

Total
Face Value of Note: $330,000

 

This
Note is a duly authorized Convertible Promissory Note of Jammin Java Corp. a corporation duly organized and existing under
the laws of the State of Nevada (the “Company”), designated as
the Company’s 5% Convertible Promissory Note due December 8, 2016 (“Maturity
Date”) in the principal amount of $330,000 (the “Note”).

 

For
Value Received, the Company hereby promises to pay to the order of Duck Duck Spruce, LLC or its registered assigns
or successors-in-interest (the “Holder”) the Principal Sum of $330,000 (the “Principal Sum”)
and to pay “guaranteed” interest on the principal balance hereof at an amount equivalent to 5% of the Principal Sum,
to the extent such Principal Sum and “guaranteed” interest and any other interest, fees, liquidated damages and/or
items due to Holder herein have been repaid or converted into the Company’s Common Stock (the “Common Stock”),
in accordance with the terms hereof. If the Company pays the Note off in full within 90 days following the Effective Date as per
the pre-payment terms detailed below, the Holder agrees to waive the 5% interest charge. The sum of $300,000 shall be remitted
and delivered to the Company, and $30,000 shall be retained by the Purchaser through an original issue discount (the “OID”)
for due diligence and legal bills related to this transaction. The OID is set at 10% of any consideration paid.

 

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In addition to the “guaranteed”
interest referenced above, and in the Event of Default pursuant to Section 2(a), additional interest will accrue from the date
of the Event of Default at the rate equal to the lower of 10% per annum or the highest rate permitted by law (the “Default
Rate”).

 

This Note will become effective
only upon the execution by both parties, including the execution of Exhibits B, C and D and the Irrevocable Transfer Agent Instructions
and delivery of the initial payment of consideration by the Holder (the “Effective Date”).

 

This Note may be
prepaid by the Company, in whole or in part, according to the following schedule:

 

	Days Since Effective Date	Prepayment Amount
	Under 30	105% of Principal Sum plus Accrued Interest
	31-60	110% of Principal Sum plus Accrued Interest
	61-90	115% of Principal Sum plus Accrued Interest
	91-120	120% of Principal Sum plus Accrued Interest
	121-150	125% of Principal Sum plus Accrued Interest
	151-180	130% of Principal Sum plus Accrued Interest

 

After 180 days from the Effective
Date this Note may not be prepaid without written consent from Holder, which consent may be withheld, delayed or denied in Holder’s
sole and absolute discretion. Whenever any amount expressed to be due by the terms of this Note is due on any day which is not
a Business Day (as defined below), the same shall instead be due on the next succeeding day which is a Business Day.

 

For purposes hereof the following
terms shall have the meanings ascribed to them below:

 

“Business Day”
shall mean any day other than a Saturday, Sunday or a day on which commercial banks in the City of New York are authorized or required
by law or executive order to remain closed.

 

“Conversion Price”
shall be equal to 65% of average of the two lowest closing prices of the Company’s common stock during the 10 consecutive
trading days prior to the date on which Holder elects to convert all or part of the Note. For the purpose of calculating the Conversion
Price only, any time after 4:00 pm Eastern Time (the closing time of the Principal Market) shall be considered to be the beginning
of the next Business Day. If the Company is placed on “chilled” status with the Depository Trust Company (“DTC”),
the discount shall be increased by 10%, i.e., from 35% to 45%, until such chill is remedied. If the Company is not
Deposits and Withdrawal at Custodian (“DWAC”) eligible through their Transfer Agent and DTC’s Fast Automated
Securities Transfer (“FAST”) system, the discount will be increased by 5%, i.e., from 35% to 40%,.
In the case of both, the discount shall be a cumulative increase of 15%, i.e., from 35% to 50%. Any default of this
Note not remedied within the applicable cure period will result in a permanent additional 5% increase, i.e., from
35% to 40%, in addition to any other discount, as provided above, to the Conversion Price discount. In the event that the Note
is not in default at the time of a submission of a Conversion Notice to the Company, the Conversion Price shall be subject to a
floor price of $0.05.

 

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“Principal Amount”
shall refer to the sum of (i) the original principal amount of this Note (including the original issue discount, prorated if the
Note has not been funded in full), (ii) all guaranteed and other accrued but unpaid interest hereunder, (iii) any fees due
hereunder, (iv) liquidated damages, and (v) any default payments owing under the Note, in each case previously paid or added to
the Principal Amount.

 

“Principal Market”
shall refer to the primary exchange on which the Company’s common stock is traded or quoted.

 

“Trading Day”
shall mean a day on which there is trading or quoting for any security on the Principal Market.

 

“Underlying Shares”
means the shares of common stock into which the Note is convertible (including interest, fees, liquidated damages and/or principal
payments in common stock as set forth herein) in accordance with the terms hereof.

 

The following terms and conditions
shall apply to this Note:

 

Section 1.00        Conversion.

 

(a)     Conversion Right.
Subject to the terms hereof and restrictions and limitations contained herein, the Holder shall have the right beginning 180 days
from the Date of Execution, at the Holder’s sole option, at any time and from time to time to convert in whole or in part
the outstanding and unpaid Principal Amount under this Note into shares of Common Stock as per the Conversion Formula. The date
of any conversion notice (“Conversion Notice”) hereunder shall be referred to herein as the “Conversion
Date”.

 

(b)     Stock Certificates
or DWAC. The Company will deliver to the Holder, or Holder’s authorized designee, no later than 3 Trading Days after
the Conversion Date, a certificate or certificates (which certificate(s) shall be free of restrictive legends and trading restrictions
if the shares of Common Stock underlying the portion of the Note being converted are eligible under a resale exemption pursuant
to Rule 144(b)(1)(ii) and Rule 144(d)(1)(ii) of the Securities Act of 1933, as amended) representing the number of shares of Common
Stock being acquired upon the conversion of this Note. In lieu of delivering physical certificates representing the shares of Common
Stock issuable upon conversion of this Note, provided the Company’s transfer agent is participating in DTC’s FAST program,
the Company shall instead use commercially reasonable efforts to cause its transfer agent to electronically transmit such shares
issuable upon conversion to the Holder (or its designee), by crediting the account of the Holder’s (or such designee’s)
broker with DTC through its DWAC program (provided that the same time periods herein as for stock certificates shall apply).

 

(c)      Charges and Expenses.
Issuance of Common Stock to Holder, or any of its assignees, upon the conversion of this Note shall be made without charge to the
Holder for any issuance fee, transfer tax, legal opinion and related charges, postage/mailing charge or any other expense with
respect to the issuance of such Common Stock. Company shall pay all Transfer Agent fees incurred from the issuance of the Common
Stock to Holder, as well as any and all other fees and charges required by the Transfer Agent as a condition to effectuate such
issuance. Any such fees or charges, as noted in this Section that are paid by the Holder (whether from the Company’s delays,
outright refusal to pay, or otherwise), will be automatically added to the Principal Sum of the Note and tack back to the Effective
Date for purposes of Rule 144.

 

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(d)     Delivery Timeline.
If the Company fails to deliver to the Holder such certificate or certificates (or shares through the DWAC program) pursuant to
this Section (free of any restrictions on transfer or legends, if eligible) prior to 4 Trading Days after the Conversion Date,
the Company shall pay to the Holder as liquidated damages an amount equal to $1,000 per day, until such certificate or certificates
are delivered. The Company acknowledges that it would be extremely difficult or impracticable to determine the Holder’s actual
damages and costs resulting from a failure to deliver the Common Stock and the inclusion herein of any such additional amounts
are the agreed upon liquidated damages representing a reasonable estimate of those damages and costs. Such liquidated damages will
be automatically added to the Principal Sum of the Note and tack back to the Effective Date for purposes of Rule 144.

 

(e)     Reservation of Underlying
Securities. The Company covenants that it will at all times reserve and keep available for Holder, out of its authorized and
unissued Common Stock solely for the purpose of issuance upon conversion of this Note, free from preemptive rights or any other
actual contingent purchase rights of persons other than the Holder, four times the number of shares of Common Stock as shall
be issuable (taking into account the adjustments under this Section 1, but without regard to any ownership limitations contained
herein) upon the conversion of this Note (consisting of the Principal Amount) to Common Stock (the “Required Reserve”).
The Company covenants that all shares of Common Stock that shall be issuable will, upon issue, be duly authorized, validly issued,
fully-paid, non-assessable and freely-tradable (if eligible). If the amount of shares on reserve in Holder’s name at the
Company’s transfer agent for this Note shall drop below the Required Reserve, the Company will, within 2 Trading Days of
notification from Holder, instruct the transfer agent to increase the number of shares so that the Required Reserve is met, and
it is understood and acknowledged that if the Company’s transfer agent takes additional time to reflect the Required Reserve
that this will not result in a breach by the Company. In the event that the Company does not instruct the transfer agent to increase
the number of shares so that the Required Reserve is met, the Holder will be allowed, if applicable, to provide this instruction
as per the terms of the Irrevocable Transfer Agent Instructions attached to this Note. The Company agrees that the maintenance
of the Required Reserve is a material term of this Note and any breach of this Section 1.00(e) will result in a default of the
Note.

 

The Company agrees that this
is a material term of this Note and any breach of this Section 1.00(e) will result in a default of the Note.

 

(f)      Conversion Limitation.
The Holder will not submit a conversion to the Company that would result in the Holder beneficially owning more than 9.99% of the
then total outstanding shares of the Company (“Restricted Ownership Percentage”).

 

(g)     Conversion Delays. If the Company
fails to deliver shares in accordance with the timeframe stated in Section 1.00(b), the Holder, at any time prior to selling all
of those shares, may rescind any portion, in whole or in part, of that particular conversion attributable to the unsold shares.
The rescinded conversion amount will be returned to the Principal Sum with the rescinded conversion shares returned to the Company,
under the expectation that any returned conversion amounts will tack back to the Effective Date.

 

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(h)     Shorting and Hedging. Holder may
not engage in any “shorting” or “hedging” transaction(s) in the Common Stock prior to conversion or at
any time while holding shares of the Company’s Common Stock.

 

(i)      Conversion
Right Unconditional. If the Holder shall provide a Conversion Notice as provided herein, the Company’s obligations to
deliver Common Stock shall be absolute and unconditional, irrespective of any claim of setoff, counterclaim, recoupment, or alleged
breach by the Holder of any obligation to the Company.

 

Section 2.00        Defaults
and Remedies.

 

(a)     Events of Default.
An “Event of Default” is: (i) a default in payment of any amount due hereunder which default continues for more
than 5 Trading Days after the due date; (ii) a default in the timely issuance of underlying shares upon and in accordance with
terms of Section 1.00, which default continues for 3 Trading Days after the Company has failed to issue shares or deliver stock
certificates within the 4th Trading Day following the Conversion Date; (iii) failure by the Company for 4 days after notice has
been received by the Company to comply with any material provision of this Note; (iv) failure of the Company to remain compliant
with DTC, thus incurring a “chilled” status with DTC; (v) if the Company is subject to any Bankruptcy Event; (vi) any
failure of the Company to satisfy its periodic “filing” obligations under Securities Exchange Act of 1934, as amended
(the “1934 Act”) and the rules and guidelines issued by OTC Markets News Service, OTCMarkets.com and their affiliates;
(vii) any failure of the Company to provide the Holder with information related to its corporate structure including, but not limited
to, the number of authorized and outstanding shares, public float, etc. within 1 Trading Day of request by Holder; (viii) failure
by the Company to maintain the Required Reserve in accordance with the terms of Section 1.00(e); (ix) failure of Company’s
Common Stock to maintain a closing bid price in its Principal Market for more than 3 consecutive Trading Days; (x) any delisting
from a Principal Market for any reason; (xi) failure by Company to pay any of its Transfer Agent fees in excess of $2,000 or to
maintain a Transfer Agent of record; (xii) failure by Company to notify Holder of a change in Transfer Agent within 24 hours of
such change; (xiii) any trading suspension imposed by the Securities and Exchange Commission (“SEC”) under
Sections 12(j) or 12(k) of the 1934 Act; or (xiv) failure by the Company to meet all requirements necessary to satisfy the availability
of Rule 144 to the Holder or its assigns, including but not limited to the timely fulfillment of its filing requirements as a fully-reporting
issuer registered with the SEC, requirements for XBRL filings, and requirements for disclosure of financial statements on its website
within 3 business days of notice by Holder.

 

(b)     Remedies. If an
event of default occurs, the outstanding Principal Amount of this Note owing in respect thereof through the date of acceleration,
shall become, at the Holder’s election, immediately due and payable in cash at the “Mandatory Default Amount”.
The Mandatory Default Amount means 130% of the outstanding Principal Amount of this Note. Commencing 5 days after the occurrence
of any Event of Default that results in the eventual acceleration of this Note, this Note shall accrue additional interest, in
addition to the Note’s “guaranteed” interest, at a rate equal to the lesser of 10% per annum or the maximum rate
permitted under applicable law. Finally, commencing 5 days after the occurrence of any Event of Default that results in the eventual
acceleration of this Note, an additional permanent 5% increase to the Conversion Price discount will go into effect. In connection
with such acceleration described herein, the Holder need not provide, and the Issuer hereby waives, any presentment, demand, protest
or other notice of any kind, and the Holder may immediately and without expiration of any grace period enforce any and all of its
rights and remedies hereunder and all other remedies available to it under applicable law. Such acceleration may be rescinded and
annulled by the Holder at any time prior to payment hereunder and the Holder shall have all rights as a holder of the note until
such time, if any, as the Holder receives full payment pursuant to this Section 2.00(b). No such rescission or annulment shall
affect any subsequent event of default or impair any right consequent thereon. Nothing herein shall limit the Holder’s right
to pursue any other remedies available to it at law or in equity including, without limitation, a decree of specific performance
and/or injunctive relief with respect to the Issuer’s failure to timely deliver certificates representing shares of Common
Stock upon conversion of the Note as required pursuant to the terms hereof.

 

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Section 3.00         Representations and Warranties of Holder.

 

Holder hereby represents and warrants to the
Company that:

 

(a)     Holder is an “accredited investor,”
as such term is defined in Regulation D of the Securities Act of 1933, as amended (the “1933 Act”), and
will acquire this Note and the Underlying Shares (collectively, the “Securities”) for its own account
and not with a view to a sale or distribution thereof as that term is used in Section 2(a)(11) of the 1933 Act, in a manner which
would require registration under the 1933 Act or any state securities laws. Holder has such knowledge and experience in financial
and business matters that such Holder is capable of evaluating the merits and risks of the Securities. Holder can bear the economic
risk of the Securities, has knowledge and experience in financial business matters and is capable of bearing and managing the risk
of investment in the Securities. Holder recognizes that the Securities have not been registered under the 1933 Act, nor under the
securities laws of any state and, therefore, cannot be resold unless the resale of the Securities is registered under the 1933
Act or unless an exemption from registration is available. Holder has carefully considered and has, to the extent Holder believes
such discussion necessary, discussed with its professional, legal, tax and financial advisors, the suitability of an investment
in the Securities for its particular tax and financial situation and its advisers, if such advisors were deemed necessary, and
has determined that the Securities are a suitable investment for it. Holder has not been offered the Securities by any form of
general solicitation or advertising, including, but not limited to, advertisements, articles, notices or other communications published
in any newspaper, magazine, or other similar media or television or radio broadcast or any seminar or meeting where, to Holders’
knowledge, those individuals that have attended have been invited by any such or similar means of general solicitation or advertising.
Holder has had an opportunity to ask questions of and receive satisfactory answers from the Company, or any person or persons acting
on behalf of the Company, concerning the terms and conditions of the Securities and the Company, and all such questions have been
answered to the full satisfaction of Holder. The Company has not supplied Holder any information regarding the Securities or an
investment in the Securities other than as contained in this Agreement, and Holder is relying on its own investigation and evaluation
of the Company and the Securities and not on any other information.

 

(b)     The Holder is a limited liability
company duly organized, validly existing and in good standing under the laws of the state of its incorporation and has all requisite
corporate power and authority to carry on its business as now conducted. The Holder is duly qualified to transact business and
is in good standing in each jurisdiction in which the failure to so qualify would have a material adverse effect on its business
or properties.

 

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(c)     All corporate action has been taken
on the part of the Holder, its officers, directors and stockholders necessary for the authorization, execution and delivery of
this Note. The Holder has taken all corporate action required to make all of the obligations of the Holder reflected in the provisions
of this Note, valid and enforceable obligations.

 

(d)     Each certificate or instrument representing
Securities will be endorsed with the following legend (or a substantially similar legend), unless or until registered under the
1933 Act:

 

THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED OR HYPOTHECATED UNLESS
THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT COVERING SUCH SECURITIES, THE TRANSFER IS MADE IN COMPLIANCE WITH RULE
144 PROMULGATED UNDER SUCH ACT OR THE COMPANY RECEIVES AN OPINION OF COUNSEL FOR THE HOLDER OF THESE SECURITIES WHICH IS REASONABLY
SATISFACTORY TO THE COMPANY, STATING THAT SUCH SALE, TRANSFER, ASSIGNMENT OR HYPOTHECATION IS EXEMPT FROM THE REGISTRATION AND
PROSPECTUS DELIVERY REQUIREMENTS OF SUCH ACT.

 

Section 4.00        General.

 

(a)      Payment of Expenses.
The Company agrees to pay all reasonable charges and expenses, including attorneys’ fees and expenses, which may be incurred
by the Holder in successfully enforcing this Note and/or collecting any amount due under this Note.

 

(b)     Assignment, Etc.
The Holder may assign or transfer this Note to any transferee at its sole discretion, subject to applicable law. This Note shall
be binding upon the Company and its successors and shall inure to the benefit of the Holder and its successors and permitted assigns.

 

(c)      Funding Window. The Company agrees
that it will not enter into a convertible debt financing transaction, including any “3(a)10” debt exchanges, with any
party other than the Holder for a period of 10 Trading Days following the Effective Date. The Company agrees that this is a material
term of this Note and any breach of this will result in a default of the Note.

 

(d)      Governing
Law; Jurisdiction.

 

 (i)     Governing
Law. This Note will be governed by and construed in accordance with the laws of the state of California without regard
to any conflicts of laws or provisions thereof that would otherwise require the application of the law of any other jurisdiction.

 

    7 

     

    

  

 (ii)     Jurisdiction
and Venue. Any dispute or claim arising to or in any way related to this Note or the rights and obligations of each
of the parties shall be brought only in the state courts of California or in the federal courts located in San Diego County, California.

 

 (iii)    No
Jury Trial. The Company hereto knowingly and voluntarily waives any and all rights it may have to a trial by jury with respect
to any litigation based on, or arising out of, under, or in connection with, this Note.

 

 (iv)    Delivery of Process by the Holder
to the Company. In the event of an action or proceeding by the Holder against the Company, and only by the Holder against the
Company, service of copies of summons and/or complaint and/or any other process that may be served in any such action or proceeding
may be made by the Holder via U.S. Mail, overnight delivery service such as FedEx or UPS, email, fax, or process server, or by
mailing or otherwise delivering a copy of such process to the Company at its last known attorney as set forth in its most recent
SEC filing.

 

 (v)     Notices. Any notice required or
permitted hereunder (including Conversion Notices) must be in writing and either personally served, sent by facsimile or email
transmission, or sent by overnight courier. Notices will be deemed effectively delivered at the time of transmission if by facsimile
or email, and if by overnight courier the business day after such notice is deposited with the courier service for delivery.

 

(e)      No Bad Actor. No officer or director
of the Company would be disqualified under Rule 506(d) of the Securities Act of 1933, as amended, on the basis of being a “bad
actor” as that term is established in the September 13, 2013 Small Entity Compliance Guide published by the SEC.

 

(f)      Usury. If it shall be found that
any interest or other amount deemed interest due hereunder violates any applicable law governing usury, the applicable rate of
interest due hereunder shall automatically be lowered to equal the maximum rate of interest permitted under applicable law. The
Company covenants (to the extent that it may lawfully do so) that it will not seek to claim or take advantage of any law that would
prohibit or forgive the Company from paying all or a portion of the principal, fees, liquidated damages or interest on

 

[Signature Page to Follow.]

 

    8 

     

    

 

IN WITNESS WHEREOF,
the Company has caused this Convertible Promissory Note to be duly executed on the day and in the year first above written.

 

	 	JAMMIN JAVA CORP.
	 	 
	 	By:	/s/ Anh Tran
	 	 	 
	 	Name:	Anh Tran
	 	 	 
	 	Title:	President
	 	 	 
	 	Email:	Anh@MarleyCoffee.com
	 	 	 
	 	Address:	4730 Tejon St.

Denver, CO 80211

 

This Convertible Promissory Note of March 8, 2016 is accepted
this 08 day of March,  2016 by

 

Duck Duck Spruce, LLC

 

	By:	/s/ Michael Sobeck	 
		Name: Michael Sobeck	
		 Title: Manager	

 

 

    9 

     

    

 

EXHIBIT A

  

FORM OF CONVERSION NOTICE

 

(To be
executed by the Holder in order to convert all or part of that certain $330,000 Convertible Promissory Note identified as the Note)

 

	DATE:	 	 	 
	 	 	 	 
	FROM:	 	Duck Duck Spruce, LLC	 
	 	 	 	 

  

	 	Re:	$330,000 Convertible Promissory Note (this “Note”) originally issued by Jammin Java Corp., a Nevada corporation, to Duck Duck Spruce, LLC on March 8, 2016.

 

The undersigned
on behalf of Duck Duck Spruce, LLC, hereby elects to convert $_______________________ of the aggregate outstanding Principal
Sum (as defined in the Note) indicated below of this Note into shares of Common Stock, $0.001 par value per share, of Jammin
Java Corp. (the “Company”), according to the conditions hereof, as of the date
written below. If shares are to be issued in the name of a person other than undersigned, the undersigned will pay all transfer
taxes payable with respect thereto and is delivering herewith such certificates and opinions as reasonably requested by the Company
in accordance therewith. No fee will be charged to the holder for any conversion, except for such transfer taxes, if any. The undersigned
represents as of the date hereof that, after giving effect to the conversion of this Note pursuant to this Conversion Notice, the
undersigned will not exceed the “Restricted Ownership Percentage” contained in this Note.

 

	Conversion
information:	 
	 	Date
to Effect Conversion
	 	 
	 	Aggregate Principal Sum of Note Being Converted
	 	 
	 	Aggregate Interest on Amount Being Converted
	 	 
	 	Remaining Principal Balance
	 	 
	 	Number of Shares of Common Stock to be Issued
	 	 
	 	Applicable
Conversion Price
	 	 
	 	Signature

	 	 
	 	Name
	 	 
	 	Address

 

    10 

     

    

  

EXHIBIT B

 

WRITTEN CONSENT OF THE BOARD OF DIRECTORS
OF

 

JAMMIN JAVA CORP.

 

The undersigned, being directors of Jammin Java Corp., a Nevada
corporation (the “Company”), acting pursuant to the Bylaws of the Corporation, do hereby consent to, approve and adopt
the following preamble and resolutions:

 

Convertible Note with Duck Duck Spruce, LLC

 

The board of directors of the Company has reviewed and authorized
the following documents relating to the issuance of a Convertible Promissory Note in the amount of $330,000 with Duck Duck Spruce,
LLC.

 

The documents agreed to and dated March 8, 2016 are as follows:

 

5% Convertible Promissory Note of Jammin Java Corp.

Irrevocable Transfer Agent Instructions 

Notarized Certificate of Corporate Secretary

Disbursement Instructions

 

IN WITNESS WHEREOF, the undersigned member(s) of the board of the
Company executed this unanimous written consent as of March 8, 2016.

 

	 	 
	By:	 
	 	 
	Its:	 

 

    11 

     

    

 

EXHIBIT C

  

NOTARIZED CERTIFICATE OF CORPORATE SECRETARY
OF

 

JAMMIN JAVA CORP.

 

(Two Pages)

 

The undersigned, _______________________
is the duly elected Corporate Secretary of Jammin Java Corp., a Nevada corporation (the “Company”).

 

I hereby warrant and represent
that I have undertaken a complete and thorough review of the Company’s corporate and financial books and records, including,
but not limited to, the Company’s records relating to the following:

 

	 	(A)	The issuance of that certain convertible promissory note dated March 8, 2016 (the “Note Issuance Date”) issued to Duck Duck Spruce, LLC (the “Holder”) in the stated original principal amount of $330,000 (the “Note”);
	 	 	 
	 	(B)	The Company’s Board of Directors duly approved the issuance of the Note to the Holder;
	 	 	 
	 	(C)	The Company has not received and does not contemplate receiving any new consideration from any persons in connection with any later conversion of the Note and the issuance of the Company’s Common Stock upon any said conversion;
	 	 	 
	 	(D)	To my best knowledge and after completing the aforementioned review of the Company’s stockholder and corporate records, I am able to certify that the Holder (and the persons affiliated with the Holder) are not officers, directors, or directly or indirectly, ten percent (10.00%) or more stockholders of the Company and none of said persons has had any such status in the one hundred (100) days immediately preceding the date of this Certificate;
	 	 	 
	 	(E)	The Company’s Board of Directors have approved duly adopted resolutions approving the Irrevocable Instructions to the Company’s Stock Transfer Agent dated March 8, 2016;
	 	 	 
	 	(F)	Mark the appropriate selection:
	 	 	 
	 	 	___ The Company represents that it is not a “shell company,” as that term is defined in Section 12b-2 of the Securities Exchange Act of 1934, as amended, and has never been a shell company, as so defined; or
	 	 	 
	 	 	___ The Company represents that (i) it was a “shell company,” as that term is defined in Section 12b-2 of the Securities Exchange Act of 1934, as amended, (ii) since ______, 201__, it has no longer been a shell company, as so defined, and (iii) on _______, 201__, it provided Form 10-type information in a filing with the Securities and Exchange Commission.

 

    12 

     

    

 

	 	(G)	I understand the constraints imposed under Rule 144 on those persons who are or may be deemed to be “affiliates,” as that term is defined in Rule 144(a)(1) of the Securities Act of 1933, as amended.
	 	 	 
	 	(H)	I understand that all of the representations set forth in this Certificate will be relied upon by counsel to Duck Duck Spruce, LLC in connection with the preparation of a legal opinion.

 

I hereby affix my signature to this Notarized
Certificate and hereby confirm the accuracy of the statements made herein.

 

	Signed:	 	 	 	Date:	 
	 	 	 	 	 	 
	Name:	 	 	 	Title:	 

 

 

SUBSCRIBED AND SWORN TO BEFORE ME ON THIS
________ DAY OF ____________________ 2016.

 

	 	Commission Expires:	 
	 	 	 
	Notary Public	 	 

 

    13 

     

    

 

EXHIBIT D

 

	TO:	Duck Duck Spruce, LLC
	 	 
	FROM:	Jammin Java Corp.
	 	 
	DATE:	March 8, 2016
	 	 
	RE:	Disbursement of Funds

 

Pursuant to that certain Note Purchase Agreement between the parties
listed above and dated March 8, 2016, a disbursement of funds will take place in the amount and manner described below:

 

	Please
disburse to:	 
	Amount to disburse:	$300,000
	Form of distribution	Wire
	Name	Jammin Java Corp.
	Company Address	
	 	 
	Wire Instructions:	Bank:   
	ABA Routing Number:
	Account
Number:
	SWIFT
Code:
	Account
Name:
	Phone:

 

	 	TOTAL: $300,000	 
	 	 	 
	For: 	Jammin Java Corp.	 	 
	 	 	 
	By:		 	Dated: March 8,
2016	 
	 	 	 	 
	Name:		 	 
	Its:		 	 	 

 

14

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