SEC Contract Filing

Filing Date: 2021-03-12

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ea137574ex10-1_legacyedu.htm
<DESCRIPTION>SENIOR SECURED CONVERTIBLE DEBENTURE AGREEMENT DATED MARCH 8 2021
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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Exhibit 10.1</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B></B></FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Senior Secured Convertible Debt Agreement dated March 8, 2021</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NEITHER THIS SECURITY NOR THE SECURITIES
INTO WHICH THIS SECURITY IS CONVERTIBLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION
OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE &ldquo;SECURITIES
ACT&rdquo;), 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 AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THIS SECURITY AND THE SECURITIES ISSUABLE UPON CONVERSION OF THIS
SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Conversion Price (subject to adjustment
herein): <B>$0.05</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dated: March 8, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>$375,000</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>10%
SENIOR SECURED CONVERTIBLE DEBENTURE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>DUE
MARCH 8, 2022</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">THIS 10% SENIOR SECURED CONVERTIBLE DEBENTURE
is one of a series of duly authorized and validly issued 10% Senior Secured Convertible Debentures of Legacy Education Alliance,
Inc., a Nevada corporation (the &ldquo;<U>Company</U>&rdquo;), having its principal place of business at 1490 N.E. Pine Island
Road, Suite 5D, Cape Coral, FL 33909 designated as its 10% Senior Secured Convertible Debenture due March 8, 2022 (this debenture,
the &ldquo;<U>Debenture</U>&rdquo; and, collectively with the other debentures of such series, the &ldquo;<U>Debentures</U>&rdquo;).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">FOR VALUE RECEIVED,
the Company promises to pay to Legacy Tech Partners, LLC, a Delaware limited liability company, or its registered assigns (the
&ldquo;<U>Holder</U>&rdquo;), or shall have paid pursuant to the terms hereunder, the principal sum of $375,000 on the earlier
of (i) the date a Liquidity Event occurs and (iii) March 8, 2022 (the earliest of such dates, the &ldquo;<U>Maturity Date</U>&rdquo;)
or such earlier date as this Debenture is required or permitted to be repaid as provided hereunder, and to pay interest to the
Holder on the aggregate unconverted and then outstanding principal amount of this Debenture in accordance with the provisions hereof.
This Debenture evidences the first of a series of loans to be made by the Holder to the Company pursuant to and in accordance with
Section 2 a) of this Debenture and is subject to the following additional provisions:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Section 1</U>. <U>Definitions</U>.
For the purposes hereof, in addition to the terms defined elsewhere in this Debenture, the following terms shall have the following
meanings:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<U>Alternate
Consideration</U>&rdquo; shall have the meaning set forth in Section 5(e).</P>

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