SEC Contract Filing

Filing Date: 2021-08-05

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>5
<FILENAME>rtsl_ex102.htm
<DESCRIPTION>FORM OF ORIGINAL ISSUE DISCOUNT CONVERTIBLE DEBENTURE
<TEXT>
<HTML>
<head><title>Form of Original Issue Discount Convertible Debenture</title> </head> <body> <div style="WIDTH:468pt; MARGIN-LEFT:72pt"> <p style="FONT:12pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p> <p style="FONT:12pt Times New Roman; MARGIN:0px" 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 &#147;SECURITIES ACT&#148;), 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. &nbsp;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 AS LONG AS THE PLEDGEE AGREES TO THE SAME LEAK-OUT AGREEMENT.</p> <p style="FONT:12pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p> <p style="FONT:12pt Times New Roman; MARGIN:0px" align=justify>Original Issue Date: August 4, 2021</p> <p style="FONT:12pt Times New Roman; MARGIN:0px" align=justify>Original Conversion Price (subject to adjustment herein): <b>$0.40</b></p> <p style="FONT:12pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p> <p style="FONT:12pt Times New Roman; MARGIN:0px" align=right>$1,941,176</p> <p style="FONT:12pt Times New Roman; MARGIN:0px" align=right>&nbsp;</p> <p style="FONT:12pt Times New Roman; MARGIN:0px" align=center>&nbsp;</p> <p style="FONT:12pt Times New Roman; MARGIN:0px" align=center><b>ORIGINAL ISSUE DISCOUNT CONVERTIBLE DEBENTURE</b></p> <p style="FONT:12pt Times New Roman; MARGIN:0px" align=center><b>DUE MAY 1, 2022</b></p> <p style="FONT:12pt Times New Roman; MARGIN:0px" align=center>&nbsp;</p> <p style="FONT:12pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt">THIS ORIGINAL ISSUE DISCOUNT CONVERTIBLE DEBENTURE is one of a series of duly authorized and validly issued Original Issue Discount Convertible Debentures of Rapid Therapeutic Science Laboratories, Inc., a Nevada corporation (the &#147;<font style="BORDER-BOTTOM:#000000 1px solid">Company</font>&#148;), having its principal place of business at 15800 Dooley Road, Suite 200, Addison, TX 75001, designated as its Original Issue Discount Convertible Debenture due May 1, 2022 (this debenture, the &#147;<font style="BORDER-BOTTOM:#000000 1px solid">Debenture</font>&#148; and, collectively with the other debentures of such series, the &#147;<font style="BORDER-BOTTOM:#000000 1px solid">Debentures</font>&#148;).</p> <p style="FONT:12pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:12pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify>FOR VALUE RECEIVED, the Company promises to pay to Armistice Capital Master Fund Ltd. or its registered assigns (the &#147;<font style="BORDER-BOTTOM:#000000 1px solid">Holder</font>&#148;), or shall have paid pursuant to the terms hereunder, the principal sum of $1,941,176 on the earlier of (i) May 1, 2022 and (ii) the closing of a Qualified Offering (as hereinafter defined) (the &#147;<font style="BORDER-BOTTOM:#000000 1px solid">Maturity Date</font>&#148;) 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. &nbsp;This Debenture is subject to the following additional provisions:</p> <p style="FONT:12pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify>&nbsp;</p> <p style="FONT:12pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify><font style="BORDER-BOTTOM:#000000 1px solid">Section 1</font>. &nbsp;<font style="BORDER-BOTTOM:#000000 1px solid">Definitions</font>. &nbsp;For the purposes hereof, in addition to the terms defined elsewhere in this Debenture, (a) capitalized terms not otherwise defined herein shall have the meanings set forth in the Purchase Agreement and (b) the following terms shall have the following meanings:</p> <hr style="BORDER-TOP:0px; HEIGHT:0px; BORDER-RIGHT:0px; WIDTH:0px; BORDER-BOTTOM:0px; MARGIN:14pt 0px 0px; BORDER-LEFT:0px"> <p style="FONT:8pt Times New Roman; MARGIN:0px" align=center>1</p> <hr style="BORDER-TOP:0px; HEIGHT:3pt; BORDER-RIGHT:0px; BORDER-BOTTOM:0px; PAGE-BREAK-AFTER:always; MARGIN:8pt 0px; BORDER-LEFT:0px; BACKGROUND-COLOR:#909090"> <p style="MARGIN:0px; LINE-HEIGHT:0"> <p style="FONT:12pt Times New Roman; MARGIN:0px" align=justify>&nbsp;</p> <p style="FONT:12pt Times New Roman; MARGIN:0px 0px 0px 36pt; TEXT-INDENT:36pt" align=justify>&#147;<font style="BORDER-BOTTOM:#000000 1px solid">Alternate Consideration</font>&#148; shall have the meaning set forth in Section 5(e).</p> <p style="FONT:12pt Times New Roman; MARGIN:0px 0px 0px 36pt; TEXT-INDENT:36pt" align=justify>&nbsp;</p> <p style="FONT:12pt Times New Roman; MARGIN:0px 0px 0px 36pt; TEXT-INDENT:36pt" align=justify>&#147;<font style="BORDER-BOTTOM:#000000 1px solid">Bankruptcy Event</font>&#148; means any of the following events: (a) the Company or any Significant Subsidiary (as such term is defined in Rule 1-02(w) of Regulation S-X) thereof commences a case or other proceeding under any bankruptcy, reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency or liquidation or similar law of any jurisdiction relating to the Company or any Significant Subsidiary thereof, (b) there is commenced against the Company or any Significant Subsidiary thereof any such case or proceed