SEC Contract Filing

Filing Date: 2020-06-09

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>7
<FILENAME>f10q0420ex10-2_digeratitech.htm
<DESCRIPTION>FORM OF DEBT CONVERSION AGREEMENT DATED APRIL 30, 2020
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
10.2</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>FORM
OF DEBT CONVERSION AGREEMENT</U></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Debt Conversion Agreement (this &ldquo;Agreement&rdquo;) is made as of April 30, 2020 by and between Digerati Technologies, Inc.
a Nevada corporation having an address at 825 W Bitters, Suite 104, San Antonio, Texas 78216 (the &ldquo;Company&rdquo;) and __________________,
having an address at __________________(the &ldquo;Creditor&rdquo;).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>W
I T N E S S E T H:</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B>,
pursuant to that certain promissory note attached as <U>Exhibit A</U> hereto (the &ldquo;Note &ldquo;), the Company had outstanding
indebtedness to the Creditor as of and including April 30, 2020 in the aggregate amount of $___________, comprised of both principal
and interest (the &ldquo;Indebtedness&rdquo;); and</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B>,
the Creditor desires to, and the Company has agreed to, convert 50% of the Indebtedness into shares of the Company&rsquo;s Series
B Convertible Preferred Stock, par value $0.001 per share (the &ldquo;Series B Preferred Stock&rdquo;), at a conversion price
of $1.00 per share, and 50% of the Indebtedness into shares of the Company&rsquo;s Common Stock at a conversion price of $0.03
per share, on the terms and conditions as set forth herein (the &ldquo;Conversion&rdquo;), it being agreed and acknowledged that
subsequent to the Conversion, the Indebtedness shall be cancelled.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NOW,
THEREFORE</B>, the parties agree as follows:</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&nbsp;<I>Conversion
and Cancellation of the Indebtedness</I>.&nbsp;&nbsp;Effective automatically upon the execution and delivery of this Agreement
by all the parties (the &ldquo;Closing&rdquo;), the Indebtedness shall be cancelled and converted into an aggregate of ___________
shares of Series B Preferred Stock and __________ shares of Common Stock (the &ldquo;Shares&rdquo;). All interest due on the Note
from April 30, 2020 through the date of Closing shall remain an obligation of the Company to the Creditor following the Closing.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.&nbsp;<I>Representations
and Warranties of the Company. </I>The Company represents and warrants to the Creditor that:</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>2.1
&nbsp;Authority. </I>The Company has all requisite corporate power and authority to execute and deliver this Agreement and consummate
the transactions contemplated hereb