SEC Contract Filing

Filing Date: 2019-12-20

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>e7794ex10-1.htm
<DESCRIPTION>PROMISSORY NOTE
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 10.1</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>NEITHER THE ISSUANCE NOR SALE OF THE SECURITIES
REPRESENTED BY THIS NOTE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS.
THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT
FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL, IN A GENERALLY ACCEPTABLE FORM,
THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT.</B></P>

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 <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><B>Principal Amount: $100,001.00</B></TD>
 <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; text-align: right"><B>Issue Date: December 16th, 2019</B></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 34px; width: 117px"></P>

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 <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: 0; text-align: center"><B>PROMISSORY NOTE</B></P>
 <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 45.35pt"><B>FOR VALUE RECEIVED</B>,
VPR Brands, LP, a Delaware limited partnership (the &ldquo;Company&rdquo;), hereby promises to pay to the order of Kevin Frija
or registered assigns (the &ldquo;Holder&rdquo;) on December 16th, 2020 (the &ldquo;Maturity Date&rdquo;), the principal amount
set forth above (the &ldquo;Principal Amount&rdquo;), and to pay interest on the outstanding Principal Amount at the rate of Twenty
Four percent (24%) per annum (the &ldquo;Note&rdquo;). Interest shall commence accruing on the date hereof (the &ldquo;Issue Date&rdquo;),
computed on the basis of a 365-day year and the actual number of days elapsed, provided that any payment otherwise due on a Saturday,
Sunday or legal Bank holiday may be paid on the following business day. All payments due hereunder, shall be made in lawful money
of the United States of America.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><B>1. Transfers of Note
to Comply with the 1933 Act. </B>The Holder agrees that this Note may not be sold, transferred, pledged, hypothecated or otherwise
disposed of except as follows: (a) to a person whom the Note may legally be transferred without registration and without delivery
of a current prospectus under the 1933 Act with respect thereto and then only against receipt of an agreement of such person to
comply with the provisions of this Section 1 with respect to any resale or other disposition of the Note; or (b) to any person
upon delivery of a prospectus then meeting the requirements of the 1933 Act relating to such securities and the offering thereof
for such sale or disposition, and thereafter to all successive assignees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 49.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><B>2. Right of Prepayment</B>.
The Company may repay any amount of the Note at any time. On each business day, the Holder may deduct one (1) ACH payment from
the bank account of the Borrower (as specified on Exhibit &ldquo;A&rdquo; of this Note) in the amount of $500.00 per business day
until such time as the Borrower has paid an amount equal to the principal and accrued interest as set forth in the Note. Each such
payment shall be applied first to accrued and unpaid interest and the balance shall be applied towards the reduction of the principal
amount due under this Note.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><B>3. Representations
and Warranties.</B> The Company represents and warrants to the Holder that:</P>

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 <TD STYLE="width: 38px; text-align: justify">&nbsp;</TD>
 <TD STYLE="width: 24px; text-align: justify">(a)</TD>
 <TD STYLE="text-align: justify">such party is duly organized, validly existing and in good standing (if applicable) under the laws of the jurisdiction of its organization;</TD></TR>
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 <TD STYLE="text-align: justify">&nbsp;</TD>
 <TD STYLE="text-align: justify">&nbsp;</TD>
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