SEC Contract Filing

Filing Date: 2020-09-23

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>fccc_ex102.htm
<DESCRIPTION>CONVERTIBLE PROMISSORY NOTE
<TEXT>
<html><head><title>fccc_ex102.htm</title><!--Document created using EDGARMaster--></head><body style="TEXT-ALIGN: left; FONT: 10pt times new roman; MARGIN: 0px 7%"><p style="MARGIN: 0px; text-align:right;"><strong>EXHIBIT 10.2</strong></p> <p style="margin:0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;"><strong>THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF.&nbsp; NO SUCH TRANSFER MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933.</strong></p> <p style="margin:0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in; text-align:center;"><strong>FCCC, INC.</strong></p> <p style="margin:0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in; text-align:center;"><strong>CONVERTIBLE PROMISSORY NOTE</strong></p> <p style="margin:0px">&nbsp;</p> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:50%;"> <p style="margin:0px"><strong>$65,000.00</strong></p></td> <td> <p style="MARGIN: 0px; text-align:right;">&nbsp;<strong>21 September 2020</strong></p></td></tr></table> <p style="margin:0px"></p> <p style="margin:0px 0px 0px 0in">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">1. <strong>PROMISE TO PAY</strong>.&nbsp; For value received, FCCC, Inc., a Connecticut corporation (the &#8220;<em>Company</em>&#8221;), promises to pay to <strong><font style="font-variant:small-caps">Frederick Farrar</font></strong> (the &#8220;<em>Investor</em>&#8221;), at such place as the Investor may from time to time in writing designate to the Company, the principal sum of $65,000.00, together with all accrued but unpaid interest thereon as set forth below.&nbsp; </p> <p style="margin:0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">2. <strong>NOTE PURCHASE AGREEMENT</strong><font style="letter-spacing:-0.15pt"><strong>.</strong>&nbsp; </font>This Note is issued by the Company pursuant to that certain Note Purchase Agreement between the Company and the investors as of the date hereof (the &#8220;<em>Agreement</em>&#8221;).&nbsp; A<font style="letter-spacing:-0.15pt">ll capitalized terms not otherwise defined herein having the meaning set forth in the Agreement.&nbsp; By acceptance of this Note, Investor expressly agrees, for the benefit of the present and future holders of such indebtedness, to be bound by the provisions of this Note and the Agreement.</font></p> <p style="margin:0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">3. <strong>PAYMENT TERMS; MATURITY</strong>.&nbsp; </p> <p style="margin:0px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px; text-align:justify;">(a) Interest on the unpaid principal balance of this Note will accrue at the rate of 5% per annum. Accrual of interest will commence on the date of this Note, will continue until this Note is fully paid, and will be payable in a single installment at maturity as set forth below. The interest rate will be computed on the basis of the actual number of days elapsed in a 360-day year. If not sooner converted as provided below, the entire unpaid principal balance, together with all accrued but unpaid interest, will be due and payable in cash on October 31, 2022. (the &#8220;<em>Maturity Date</em>&#8221;).</p> <p style="margin:0px;text-indent:45px">&nbsp;</p> <p style="MARGIN: 0px; TEXT-INDENT: 45px; text-align:justify;">(b) The Maturity Date of this Note and all of the other Notes may be extended by the holder. All payments of interest and principal will be made in lawful money of the United States of America and will be made pro rata amongst the holders of any Notes issued pursuant to the Agreement without any deduction by way of set-off, counterclaim, or otherwise. All payments will be applied first to interest and thereafter to principal. All payments will be made to the Investors at their respective addresses set forth in the Agreement or at such other address as is provided in writing to the Company.</p> <p style="margin:0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">4. <strong>UNSECURED OBLIGATION</strong>. This Note represents an unsecured obligation of the Company.</p> <p style="margin:0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">5. <strong>PARI PASSU</strong>. This Note will be pari passu with all other Notes issued pursuant to this Agreement with respect to right of payment and priority. </p> <p style="margin:0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">6. <strong>PREPAYMENT</strong>. This Note may be prepaid by the Company in whole or in part at any time without penalty or premium, at the option of the Company. However, the Company will give the holder of this Note ten days&#8217; prior written notice of any such prepayment and, at the time of prepayment, the Company will pay all accrued but unpaid interest on the portion of the principal balance prepaid. </p> <p style="margin:0px">&nbsp;</p> <p style="MARGIN: 0px 0px 0px 0in; text-align:justify;">7. <strong>CONVERSION</strong>. The Investor shall have the option, on or prior to the Maturity Date, to convert all (but not less than all) of the principal and accrued but unpaid interest under this Note into the Company&#8217;s common stock, no par value (the &#8220;<em>Common Stock</em>&#8221;), at a conversion price of $0.23 per share (the &#8220;<em>Conversion Price</em>&#8221;). The Company will authorize and reserve at the closing and will at all times prior to the conversion or repayment of the Notes maintain, a number of sh