SEC Contract Filing

Filing Date: 2018-12-20

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>levb_ex103.htm
<DESCRIPTION>6% PROMISSORY NOTE DATED DECEMBER 20, 2018 TO EDGE OF BUSINESS, LLC
<TEXT>
<html>
<head>
<!-- Document created using Blueprint(R) - powered by Issuer Direct - www.issuerdirect.com -->
<!-- Copyright 2018 Issuer Direct Corporation -->
<title>Blueprint</title>
</head>
<body style="font-family: Times New Roman; font-size: 13px;">
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="hdr">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Exhibit
10.3</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: -48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">6%
PROMISSORY NOTE</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 51%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">U.S.
$430,300</font></div>
</td>
<td style="vertical-align: top; width: 49%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">December
20, 2018</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 51%">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 49%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Charlotte,
North Carolina</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">FOR
VALUE RECEIVED, the undersigned, <font style="font-weight: bold">LEVEL BRANDS, INC.</font>, a North Carolina
corporation (the &#x201C;<font style="font-weight: bold; text-decoration: underline">Company</font>&#x201D;),
hereby unconditionally promises to pay <font style="font-weight: bold">EDGE OF BUSINESS, LLC</font>, a Delaware
limited liability company (the &#x201C;<font style="font-weight: bold; text-decoration: underline">Holder</font>&#x201D;),
in lawful money of the United States of America and in immediately
available funds, the principal amount of Four Hundred Thirty
Thousand Three Hundred Dollars ($430,300.00) (the
&#x201C;<font style="font-weight: bold; text-decoration: underline">Principal
Amount</font>&#x201D;) together with all unpaid interest, if any, in
accordance with the terms hereof. Interest shall be at the rate of
6% per annum (&#x201C;<font style="font-weight: bold; text-decoration: underline">Interest</font>&#x201D;)
based on a 360 day year. This Note is being entered into in
accordance with the terms and conditions of that certain Agreement
and Plan of Merger dated December 3, 2018 by and among the Company,
AcqCo LLC, a North Carolina limited liability company and a wholly
owned subsidiary of the Company, cbdMD LLC, a North Carolina
limited liability company and wholly owned subsidiary of the
Company, and the Cure Based Development, LLC, a North Carolina
limited liability company (the &#x201C;<font style="font-weight: bold; text-decoration: underline">Merger
Agreement</font>&#x201D;).</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">1.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Principal Amount and Interest</font>.
Accrued interest will be paid monthly commencing on February 1,
2019 and continuing on the first day of each month thereafter for
twelve (12) consecutive monthly Interest payments. Thereafter
Principal Amount and Interest payments will be made in six (6)
equal and consecutive monthly installments commencing on February
1, 2020 and continuing on the first day of each month thereafter
for six (6) total monthly payments sufficient to satisfy this Note
in full.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">2.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Prepayment</font>. The Company shall
have the right to prepay all or a portion of the Note at any time
without notice to the Holder and without penalty.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">3.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Events of Default</font>. The te