SEC Contract Filing

Filing Date: 2024-03-22

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex10-1.htm
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-decoration: none">Exhibit
10.1</FONT></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>UNSECURED
PROMISSORY NOTE</U></FONT></P>

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 <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 15pc"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$500,000</FONT></TD>
 <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March
 18, 2024</FONT></TD></TR>
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 <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
 <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sunrise,
 Florida</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
value received, NextTrip Holdings, Inc., a Florida corporation (the &ldquo;<U>Company</U>&rdquo;), promises to pay to William Kerby and/or
Donald Monaco, as applicable, each an individual (each, a &ldquo;<U>Holder</U>,&rdquo; and together, the &ldquo;<U>Holders</U>&rdquo;),
the principal sum of $500,000, or such lesser amount as is advanced by the respective Holder and outstanding hereunder. Interest shall
accrue from the date of this Unsecured Promissory Note (the &ldquo;<U>Note</U>&rdquo;) on the unpaid principal amount at a rate equal
to 7.5% simple interest per annum. The Holders and the Company are hereinafter sometimes referred to collectively as the &ldquo;<U>Parties</U>,&rdquo;
and individually as a &ldquo;<U>Party</U>.&rdquo; This Note is subject to the following terms and conditions.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.
<B><U>Line of Credit</U></B>. Subject to the terms and conditions of this Note, Mr. Monaco agrees to advance the sum of One Hundred and
Twenty-Five Thousand Dollars ($125,000) to the Company on or prior to execution of this Note, and at the Company&rsquo;s request, from
time to time on or before May 31, 2024, the Holders each agree to advance an additional sum or sums to the Company under this Note, as
needed, provided that the total principal amount under the terms of this Note does not to exceed an aggregate of Five Hundred Thousand
dollars ($500,000) (the &ldquo;<U>Maximum Principal</U>&rdquo;) at any given time (the &ldquo;<U>Line of Credit</U>&rdquo;). The Holders
shall each enter each amount borrowed and repaid in the respective Holder&rsquo;s records. No failure by the Holders to make, and no
error by the Holders in making, any entry in such records shall affect the Company&rsquo;s obligation to repay the full principal amount
advanced by the respective Holders to or for the account of the Company, or to pay interest or fees thereon at the agreed-upon rates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.
<B><U>Maturity</U>. </B>This Note will automatically mature and be due and payable, and the Line of Credit will automatically terminate,
on February 28, 2025, (the &ldquo;<U>Maturity Date</U>&rdquo;) unless extended by the written consent of the Holders. Any portion of
the Note can be prepaid at any time by the Company without penalty. The entire unpaid principal sum of this Note shall become immediately
due and payable upon (i) the insolvency of the Company, (ii) the commission of any act of bankruptcy by the Company, (iii) the execution
by the Company of a general assignment for the benefit of creditors, (iv) the filing by or against the Company of a