SEC Contract Filing

Filing Date: 2021-02-11

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>vbhi_ex10z2.htm
<DESCRIPTION>CONVERTIBLE PROMISSORY NOTE
<TEXT>
<HTML>
<!-- Produced by EDGARsuite software, Advanced Computer Innovations, Inc., Copyright (C) 2008-2021 [PPXK5GW761L0VFCPX3XD]. www.edgarsuite.com -->
<HEAD>
<TITLE>THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE &#8220;ACT</TITLE>
</HEAD>
<BODY>
<DIV style=margin-left:72pt;width:468pt><HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=justify style='font:11pt Times New Roman;margin:0;color:#000000'><B>EXHIBIT 10.2</B></P>
<P align=justify style='font:11pt Times New Roman;margin:0;color:#000000'>&nbsp;</P>
<P align=justify style='font:11pt Times New Roman;margin:0;color:#000000'><B>NEITHER THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. &nbsp;THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED 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 (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER), IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT. &nbsp;NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.</B></P>
<P align=justify style='font:11pt Times New Roman;margin:0;margin-left:36pt;margin-right:72pt;color:#000000'>&nbsp;</P>
<P align=justify style='font:11pt Times New Roman;margin:0;margin-left:36pt;margin-right:72pt;color:#000000'>&nbsp;</P>
<P align=justify style='font:11pt Times New Roman;margin:0;margin-left:-36pt;margin-right:-36pt;color:#000000'><KBD style='position:absolute;font:11pt Times New Roman;margin-left:36pt'><B>Principal Amount: $43,500.00</B></KBD><KBD style=margin-left:288pt></KBD><B>Issue Date: February 2, 2021</B>&nbsp;</P>
<P align=justify style='font:11pt Times New Roman;margin:0;text-indent:36pt;margin-left:-36pt;margin-right:-36pt;color:#000000'><B>Purchase Price: &nbsp;$43,500.00</B></P>
<P align=center style='font:11pt Times New Roman;margin:0;margin-left:-36pt;margin-right:-36pt'><BR>&nbsp;</P>
<P align=center style='font:11pt Times New Roman;margin:0;margin-left:-36pt;margin-right:-36pt'><FONT style='border-bottom:1px solid #000000'><B>CONVERTIBLE PROMISSORY NOTE</B></FONT></P>
<P align=justify style='font:11pt Times New Roman;margin:0;text-indent:36pt'>&nbsp;</P>
<P align=justify style='font:11pt Times New Roman;margin:0;text-indent:36pt'><B>FOR VALUE RECEIVED</B>, <B>VERDE BIO HOLDINGS, INC.</B>, a Nevada corporation (hereinafter called the &#8220;Borrower&#8221;), hereby promises to pay to the order of <B>POWER UP LENDING GROUP LTD.</B>, a Virginia corporation, or registered assigns (the &#8220;Holder&#8221;) the sum of $43,500.00 together with any interest as set forth herein, on February 2, 2022 (the &#8220;Maturity Date&#8221;), and to pay interest on the unpaid principal balance hereof at the rate of twelve percent (12%)(the &#8220;Interest Rate&#8221;) per annum from the date hereof (the &#8220;Issue Date&#8221;) <FONT style=color:#010202>until the same becomes due and payable, whether at maturity or upon acceleration or by prepayment or otherwise. This Note may not be prepaid in whole or in part except as otherwise explicitly set forth herein. Any amount of principal or interest on this Note which is not paid when due shall bear interest at the rate of twenty two percent (22%) per annum from the due date thereof until the same is paid (&#8220;Default Interest&#8221;). Interest shall be computed on the basis of a 365 day year and the actual number of days elapsed. Interest shall commence accruing on the Issue Date but shall not be payable until the Note becomes payable (whether at Maturity Date or upon acceleration or by prepayment). All payments due hereunder (to the extent not converted into common stock, $0.001 par value per share (the &#8220;Common Stock&#8221;) in accordance with the terms hereof) shall be made in lawful money of the United States of America. All payments shall be made at such address as the Holder shall hereafter give to the Borrower by written notice made in accordance with the provisions of this Note. Each capitalized term used herein, and not otherwise defined, shall have the meaning ascribed thereto in that certain Securities Purchase Agreement dated the date hereof, pursuant to which this Note was originally issued (the &#8220;Purchase Agreement&#8221;).</FONT></P>
<P align=justify style='font:11pt Times New Roman;margin:0;text-indent:72pt'>&nbsp;</P>
<P align=justify style='font:11pt Times New Roman;margin:0;text-indent:36pt'>This Note is free from all taxes, liens, claims and encumbrances with respect to the issue thereof and shall not be subject to preemptive rights or other similar rights of shareholders of the Borrower and will not impose personal liability upon the holder thereof. &nbsp;</P>
<P align=justify style='font:11pt Times New Roman;margin:0;text-indent:36pt'>&nbsp;</P>
<P align=justify style='font:11pt Times New Roman;margin:0;text-indent:36pt'>The following terms shall apply to this Note:</P>
<HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P style='font:11pt Times New Roman;margin:0'>&nbsp;</P>
<P align=center style='font:11pt Times New Roman;margin:0'><B>Article I.</B>&nbsp;<B>CONVERSION RIGHTS</B></P>
<P align=justify style='font:11pt Times New Roman;margin:0;text-indent:72pt'>&nbsp;</P>
<P align=justify style='font:11pt Times New Roman;margin:0'><KBD style='position:absolute;font:11pt Times New Roman;margin-left:72pt'>1.1</KBD><KBD style=margin-left:108pt></KBD><FONT sty