SEC Contract Filing

Filing Date: 2017-07-11

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>iddr_ex101.htm
<DESCRIPTION>CONVERTIBLE PROMISSORY NOTE
<TEXT>

<html><head><title>iddr_ex101.htm</title><!--Document Created by EDGARMaster--></head><BODY style="text-align:justify;font:10pt TIMES NEW ROMAN;margin:0px 7%"><p style="MARGIN: 0px" align="right"><b>EXHIBIT 10.1</b></p>
<p style="MARGIN: 0px" align="center">&nbsp;</p>
<p style="MARGIN: 0px" align="center"><b>FORM OF</b></p>
<p style="MARGIN: 0px" align="center">&nbsp;</p>
<p style="MARGIN: 0px" align="center"><b>AMENDMENT TO SECURED CONVERTIBLE PROMISSORY NOTE</b></p>
<p style="MARGIN: 0px" align="justify">&nbsp;</p>
<p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">THIS AMENDMENT TO SECURED CONVERTIBLE PROMISSORY NOTE (the &#8220;Amendment&#8221;) is made effective as of June __, 2017 (the &#8220;Effective Date&#8221;) by and between IDdriven, Inc., a Nevada corporation (the &#8220;Company&#8221;) and&nbsp;[__] (the &#8220;Holder&#8221;) (collectively the &#8220;Parties&#8221;).</p>
<p style="MARGIN: 0px" align="justify">&nbsp;</p>
<p style="MARGIN: 0px" align="center"><b>BACKGROUND</b></p>
<p style="MARGIN: 0px">&nbsp;</p>
<p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">A. The Company and Holder are the parties to that certain Secured Convertible Promissory Note originally issued by the Company to the Holder on September 21, 2016, in the original principal amount of $[__] (the &#8220;Note&#8221;); and</p>
<p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">&nbsp;</p>
<p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">B. In exchange for such other good and valuable consideration provided for in this Amendment.</p>
<p style="MARGIN: 0px; TEXT-INDENT: 90px">&nbsp;</p>
<p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">C. The Parties desire to amend the Note, terminate a stock pledge and an intellectual property security agreement entered into in connection with certain financing transactions involving the Company as set forth below and take such further action as set forth below as part of the Company&#8217;s efforts to more closely unify the rights of holders of its convertible debt and other convertible instruments.</p>
<p style="MARGIN: 0px" align="justify">&nbsp;</p>
<p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify">NOW THEREFORE, in consideration of the execution and delivery of the Amendment and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:</p>
<p style="MARGIN: 0px">&nbsp;</p>
<p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify">1. <u>Liquidated Damages</u>. As a result of the Company&#8217;s failure to deliver shares of its Common Stock for more than 30 days after the Holder&#8217;s efforts to effectuate a conversion under the Note, the principal amount of the Note is hereby increased by $[__], the liquidated damages amount provided for in Section 1.4(g) of the Note. Consequently, upon execution of this Amendment, the principal balance of the Note shall be $[__].</p>
<p style="MARGIN: 0px" align="justify">&nbsp;</p>
<p style="MARGIN: 0px">
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<p style="MARGIN: 0px">&nbsp;</p>
<p style="MARGIN: 0px; TEXT-INDENT: 90px">2. <u>Conversion Price</u>. Section 1.2 of the Note shall be replaced in its entirety with the following:</p>
<p style="MARGIN: 0px">&nbsp;</p>
<p style="MARGIN: 0px 0px 0px 90px; TEXT-INDENT: 45px">1.2(a) <u>Conversion Price</u>.</p>
<p style="MARGIN: 0px 0px 0px 90px; TEXT-INDENT: 45px">&nbsp;</p>
<p style="MARGIN: 0px 0px 0px 90px; TEXT-INDENT: 45px" align="justify">(a) <u>Calculation of Conversion Price</u>. The Conversion Price shall equal to the Variable Conversion Price (as defined herein) (subject, in each case, to adjustments for stock splits, stock dividends or rights offerings by the Borrower relating to the Borrower&#8217;s securities or the securities of any subsidiary of the Borrower, combinations, recapitalization, reclassifications, extraordinary distributions and similar events that occur on or after the Issue Date) (also subject to adjustment as further described herein). The "Variable Conversion Price" shall mean 60% multiplied by the Market Price (as defined herein) (representing a discount rate of 40%). &#8220;Market Price&#8221; means the lowest Trading Price (as defined below) for the Common Stock during the twenty (20) Trading Day period ending on the last complete Trading Day prior to the Conversion Date. &#8220;Trading Prices&#8221; means, for any security as of any date, the closing bid price on the OTCQB, OTC Pink or applicable tier of the OTC Markets or other trading market (the &#8220;OTCQB&#8221;) as reported by a reliable reporting service (&#8220;Reporting Service&#8221;) designated by the Holder in Holder&#8217;s sole discretion (i.e. Quote Stream), or if the OTCQB is not the principal trading market for such security, on the principal securities exchange or trading market where such security is listed or traded or, if the lowest intraday trading price of such security is not available in any of the foregoing manners, the lowest intraday price of any market makers for such security that are quoted on the OTC Markets. If the Trading Prices cannot be calculated for such security on such date in the manner provided above, the Trading Prices shall be the fair market value as mutually determined by the Borrower and the holders of a majority in interest of the Notes being converted for which the calculation of the Trading Prices are required in order to determine the Conversion Pr