SEC Contract Filing

Filing Date: 2019-07-02

Document Content:
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<TYPE>EX-10.6
<SEQUENCE>8
<FILENAME>ex10-6.htm
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.6</B></P>

<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>GTX CORP. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>PROMISSORY NOTE</U></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
 <TD STYLE="width: 50%; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">$[50,000]</FONT></TD>
 <TD STYLE="width: 50%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">Issue Date: ___________________</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">GTX Corp., a Nevada
corporation (the &ldquo;<B><I>Company</I></B>&rdquo;), for value received, hereby promises to pay to Inpixon, a Nevada corporation,
or its assigns (the &ldquo;<B><I>Holder</I></B>&rdquo;), up to an aggregate sum of [Fifty Thousand Dollars ($50,000)] or such other
lesser amount as shall then equal the outstanding principal amount hereof (the &ldquo;<B><I>Principal Amount</I></B>&rdquo;), plus
all accrued unpaid interest, as set forth below, on the earlier to occur of (i) [________]<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1</SUP></FONT>
or (ii) when declared due and payable by the Holder upon the occurrence of an Event of Default (as defined below) (the &ldquo;<B><I>Maturity
Date</I></B>&rdquo;). This Note is issued as of the Issue Date set forth above, pursuant to the terms of that certain Asset Purchase
Agreement, dated as of June 27, 2019 (the &ldquo;<B><I>Agreement</I></B>&rdquo;), by and between the Company and the Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">The following is a statement
of the rights of the Holder of this Note and the conditions to which this Note is subject, and to which the Holder hereof, by the
acceptance of this Note, agrees:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="text-transform: uppercase">1.&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Definitions</I>.
Any capitalized term not otherwise defined herein shall have the meaning set forth in the Agreement. As used in this Note, the
following terms, unless the context otherwise requires, shall have the following meanings:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: 57.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: 57.6pt">(i)&nbsp;<FONT STYLE="font-size: 10pt">&ldquo;<B><I>Company</I></B>&rdquo;
shall also include any corporation that, to the extent permitted by this Note, succeeds to, or assumes the obligations of, the
Company under this Note.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: 57.6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: 57.6pt">(ii)&nbsp;<FONT STYLE="font-size: 10pt">&ldquo;<B><I>Holder</I></B>&rdquo;,
when the context refers to a holder of this Note, shall mean any person who shall at the time be the holder of this Note.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="text-transform: uppercase">2.&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Payments.
</I>All payments for amounts due under this Note shall be made by wire transfer of immediately available funds, in lawful tender
of the United States, to an account designated in writing by the Holder, and all payments in cash shall be applied first to the
Interest Amount (as defined below) and thereafter to the Principal Amount.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="text-transform: uppercase">3.&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Interest</I>.
Interest on the Principal Amount will accrue beginning on the date that is the earlier of (i) 180 days from the Issue Date and
(ii) the Registration Effective Date, with respect to any outstanding portion of the Principal Amount, at the rate of five percent
(5%) per annum (the &ldquo;<B><I>Interest Rate</I></B>&rdquo;). All accrued unpaid interest (the &ldquo;<B><I>Interest Amount</I></B>&rdquo;)
shall be due and payable to the Holder on the Maturity Date. Upon the occurrence of an Event of Default (as defined below), interest
shall accrue on the outstanding Principal Amount of this Note at the lesser of the rate of ten percent (10%) per annum or the maximum
rate permitted by applicable law. All interest calculations hereund