SEC Contract Filing

Filing Date: 2018-04-09

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>vprb_ex10-1.htm
<DESCRIPTION>PROMISSORY NOTE
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>EXHIBIT 10.1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>NEITHER THE ISSUANCE NOR SALE OF THE SECURITIES
REPRESENTED BY THIS NOTE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS.
THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) 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, IN A GENERALLY ACCEPTABLE FORM,
THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT. </B></P>

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 <TD STYLE="width: 50%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Principal Amount: $100,001.00</B></FONT></TD>
 <TD STYLE="width: 50%; font: 12pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt"><B>Issue Date: April 5 , 2018</B></FONT></TD></TR>
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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="image_001.gif" ALT="Description: VPR Brands, LP" STYLE="height: 35px; width: 148px"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

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 <TD STYLE="text-align: center; vertical-align: middle; border: Black 2pt solid">
 <P STYLE="font: 16pt Arial, Helvetica, Sans-Serif; margin: 0"><B>PROMISSORY NOTE</B></P>
 <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 45.35pt"><B>FOR VALUE RECEIVED</B>,
VPR Brands, LP, a Delaware limited partnership (the &#8220;Company&#8221;), hereby promises to pay to the order of Surplus Depot
Inc or registered assigns (the &#8220;Holder&#8221;) on April 5th, 2019 (the &#8220;Maturity Date&#8221;), the principal amount
set forth above (the &#8220;Principal Amount&#8221;), and to pay interest on the outstanding Principal Amount at the rate of Twenty
Four percent (24%) per annum (the &#8220;Note&#8221;). Interest shall commence accruing on the date hereof (the &#8220;Issue Date&#8221;),
computed on the basis of a 365-day year and the actual number of days elapsed, provided that any payment otherwise due on a Saturday,
Sunday or legal Bank holiday may be paid on the following business day. All payments due hereunder, shall be made in lawful money
of the United States of America.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><FONT STYLE="font-size: 11pt"><B>1.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt">Transfers of Note to Comply with the 1933 Act. </FONT></B><FONT STYLE="font-size: 11pt">The
Holder agrees that this Note may not be sold, transferred, pledged, hypothecated or otherwise disposed of except as follows:&nbsp;&nbsp;(a)
to a person whom the Note may legally be transferred without registration and without delivery of a current prospectus under the
1933 Act with respect thereto and then only against receipt of an agreement of such person to comply with the provisions of this
Section 1 with respect to any resale or other disposition of the Note; or (b) to any person upon delivery of a prospectus then
meeting the requirements of the 1933 Act relating to such securities and the offering thereof for such sale or disposition, and
thereafter to all successive assignees.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 49.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><FONT STYLE="font-size: 11pt"><B>2.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt">Right of Prepayment</FONT></B><FONT STYLE="font-size: 11pt">. The Company may repay any amount
of the Note at any time. On each business day, the Holder may deduct one (1) ACH payment from the bank account of the Borrower
(as specified on Exhibit &#8220;A&#8221; of this Note) in the amount of $500.00 per business day until such time as the Borrower
has paid an amount equal to the principal and accrued interest as set forth in the Note. Each such payment shall be applied first
to accrued and unpaid interest and the balance shall be applied towards the reduction of the principal amount due under this Note.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 9pt"><FONT STYLE="