SEC Contract Filing

Filing Date: 2017-03-30

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>t1700199_ex10-2.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

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

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-weight: normal; font-style: normal"><U>Exhibit
10.2</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">PROMISSORY NOTE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

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 <TD STYLE="width: 50%; font-size: 10pt">$50,000.00</TD>
 <TD STYLE="width: 50%; font-size: 10pt; text-align: right">March 24, 2017</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This Promissory Note (this
&ldquo;Note&rdquo;) is executed and delivered under and pursuant to the terms of that certain First Amendment to Loan Agreement,
dated March 24, 2017, by and between ARC Group, Inc., a Nevada corporation (&ldquo;Maker&rdquo;), and Blue Victory Holdings, Inc.,
a Nevada corporation (&ldquo;Payee&rdquo;) (the &ldquo;Amendment&rdquo;). Capitalized terms not otherwise defined herein shall
have the meanings provided in that certain Loan Agreement, dated September 13, 2013, by and between Maker and Payee (as amended
by the Amendment and as hereafter amended, restated, supplemented or modified from time to time, the &ldquo;Loan Agreement&rdquo;).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">FOR VALUE RECEIVED, Maker
hereby promises to pay to the order of Payee the principal amount of Fifty Thousand Dollars ($50,000.00) or, if less, the outstanding
principal balance of the Line of Credit Facility as may be due and owing to Payee under the Loan Agreement, payable in accordance
with the provisions of the Loan Agreement, subject to acceleration upon the occurrence of an Event of Default under the Loan Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Interest on the principal
amount of this Note from time to time outstanding until such principal amount is paid in full shall accrue at the rate specified
in the Loan Agreement and be payable at the times specified in the Loan Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Notwithstanding anything
to the contrary herein, all outstanding principal and accrued interest hereunder shall be due and payable on the Termination Date
in accordance with the terms of the Loan Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This Note may be voluntarily
prepaid, in whole or in part, in accordance with the terms of the Loan Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The outstanding principal
of this Note, together with accrued interest payable thereon, or any portion thereof, may be converted, at Payee&rsquo;s option,
at any time on or after the Effective Date and from time to time, into fully paid and nonassessable shares of Common Stock in accordance
with the terms of the Loan Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If any Event of Default
shall occur under the Loan Agreement which is not cured within any applicable grace period specified in the Loan Agreement, this
Note shall become immediately due and payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">Presentment
for payment, demand, notice of protest and protest all other demands and notices of any kind in connection with the execution,
delivery, performance and enforcement of this Note are hereby waived.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">This
Note may not be assigned by Maker without the express written consent of Payee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">Upon
giving written notice t