SEC Contract Filing

Filing Date: 2023-11-17

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>4
<FILENAME>ea188483ex10-1_hearttest.htm
<DESCRIPTION>NOTE CONVERSION LETTER AGREEMENT, DATED NOVEMBER 16, 2023, BY AND BETWEEN HEART TEST LABORATORIES, INC. AND MATTHEWS SOUTHWEST HOLDINGS, INC
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<P STYLE="margin: 0 0pt; text-align: right"><B>Exhibit 10.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="ex10-1_001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="margin: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: center">550 Reserve St, Suite 360</P>

<P STYLE="margin: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: center">Southlake, Texas 76092</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">November 16, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 6%; text-align: left">From:</TD><TD STYLE="text-align: justify; width: 94%">Andrew Simpson, CEO</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 6%; text-align: left">To:</TD><TD STYLE="text-align: justify; width: 94%">Adam Miller, CFO, Matthews Southwest Holdings, Inc.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6%">Re:</TD><TD STYLE="padding-right: 56.1pt; width: 94%">Conversion of Senior Unsecured Promissory Drawdown Loan Note into Equity ($500,000 Drawn)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">Dear Adam:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 35.95pt">This Note Conversion
Letter Agreement (this &ldquo;<U>Agreement</U>&rdquo;), dated as of the first date written above, is entered into between Heart Test
Laboratories, Inc., a Texas corporation (the &ldquo;<U>Company</U>&rdquo;), and You the undersigned holder (the
&ldquo;<U>Noteholder</U>&rdquo;) of the Company&rsquo;s Senior Unsecured Promissory Drawdown Loan Note dated September 6, 2023 (the
&ldquo;<U>Notes</U>&rdquo;), to confirm the agreement between the Company and the Noteholder to convert such principal amount of the
Noteholder&rsquo;s Notes and accrued and unpaid interest due thereon, as of November 16, 2023 (as indicated on the signature page
hereto) (collectively, the &ldquo;<U>Conversion Amount</U>&rdquo;), into shares of the Company&rsquo;s common stock, $0.001 par
value per share (the &ldquo;<U>Common Stock</U>&rdquo;), at the rate of $0.16 per share (the &ldquo;<U>Conversion Price</U>&rdquo;).
As an example, a Noteholder holding the Note with the Conversion Amount of $100,000 would receive upon conversion of such Note
625,000 shares of Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 35.95pt"><B>NOW THEREFORE</B>,
in consideration of the mutual covenants and agreements herein contained, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged by each of the parties, the parties mutually agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 35.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 35.95pt">1.<FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT>Upon the execution of this Agreement, the Note owned by the Noteholder, and accrued and unpaid interest due thereon, shall be automatically
converted into shares of Common Stock (and/or Pre-Funded Warrants (as defined below)) at the Conversion Price (the &ldquo;<U>Conversion
Shares</U>&rdquo;), without any additional action by the Noteholder. As a result of the conversion pursuant to this Section 1(a), the
Noteholder&rsquo;s Note shall be deemed fully satisfied, null and void, and the Company shall no longer owe any amounts, sums or any other
payments or consideration to the Noteholder in connection with the Note (other than the Conversion Shares and/or Pre-Funded Warrants).
Promptly after the date hereof, the Company shall deliver to the Holder a certificate for his, her or its respective number of Conversion
Shares and/or Pre-Funded Warrants duly authorized and executed by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 35.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 35.95pt">Notwithstanding
anything herein to the contrary, to the extent that the Noteholder determines, in its sole discretion, that such Noteholder (together
with such Noteholder&rsquo;s affiliates, and any person acting as a group together with such Noteholder or any of such Noteholder&rsquo;s
affiliates) would beneficially own in excess of the Beneficial Ownership Limitation (as defined below), or as the Noteholder may otherwise
choose, the Noteholder may