SEC Contract Filing

Filing Date: 2021-01-11

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>tm212711d1_ex10-2.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
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<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Exhibit 10.2</B></P>

<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: center"><B>SECURITY AGREEMENT</B></P>

<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 4.9pt 0pt 0; text-align: justify; text-indent: 35.25pt">THIS SECURITY
AGREEMENT (this &ldquo;<U>Agreement</U>&rdquo;) is entered into as of December 29, 2020, by and between Altair International Corp,
a Nevada Corporation with a 322 North Shore Drive, Building 1B, Suite 200, Pittsburgh, PA 15212 (the &ldquo;<U>Borrower</U>&rdquo;),
and EROP Enterprises, LLC, (the &ldquo;<U>Secured Party</U>&rdquo; or &ldquo;<U>Secured Party</U>&rdquo;). All capitalized terms
not otherwise defined herein shall the meanings ascribed to them in that certain Loan Agreement and Note (as defined below) by
and between Borrower and the Secured Party.</P>

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

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

<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 5.35pt 0pt 0; text-align: justify; text-indent: 34.55pt"><B>WHEREAS</B>,
the Secured Party have loaned monies to Borrower, as more particularly described in the Loan Agreement entered by the Borrower
and the Secured Party (the &ldquo;<U>Loan Agreement</U>&rdquo;) and as evidenced by the Secured Non-Convertible Promissory Note
in the principal amount of One Hundred Thousand Dollars (<B>$US 100,000)</B> (the &ldquo;<U>Note</U>&rdquo;) issued by Borrower
to the Secured Party on December 29, 2020.</P>

<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 5.35pt 0pt 0; text-align: justify; text-indent: 34.55pt"><B>WHEREAS</B>
the term &ldquo;Secured Party&rdquo; as used in this Agreement shall mean, collectively, all holders of the Note, including those
persons who become holders of Note after the date hereof; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.35pt 0pt 0; text-align: justify; text-indent: 34.55pt"><B>WHEREAS</B>
this Agreement is being executed and delivered by Borrower to secure the Note.</P>

<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 5.35pt 0pt 0; text-align: justify; text-indent: 34.55pt"><B>NOW,
THEREFORE,</B> for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each of the parties
hereto hereby agrees as follows:</P>

<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 5.55pt 0pt 0; text-align: justify; text-indent: 0in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Obligations
Secured</U>. This Agreement secures, in part, the prompt payment and performance of all obligations of Borrower under the Note,
and all renewals, extensions, modifications, amendments, and/or supplements thereto (collectively, the &ldquo;<U>Secured Obligations</U>&rdquo;).</P>

<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 5.55pt 0pt 0; text-align: justify; text-indent: 0in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Grant
of Security</U>.</P>

<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 5.35pt 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Collateral</U>. Borrower hereby grants, pledges, and assigns for the benefit of the Secured Party, and there is hereby created
in favor of the Secured Party, a security interest in and to Borrower&rsquo;s right, title, and interest in, to, and under the
collateral set forth on <U>Exhibit A</U> hereto (collectively, &ldquo;<U>Collateral</U>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.35pt 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Effective
Date</U>. This grant of security shall be effective as of the date hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.35pt 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Subordination</U>.
The Note and the Secured Obligations shall not be subordinated, or junior in interest, to any other obligations of Borrower.</P>

<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 5.35pt 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Filings to Perfect Security</U>. The Secur