SEC Contract Filing

Filing Date: 2018-12-31

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>5
<FILENAME>f8k122118ex10-3_inpixon.htm
<DESCRIPTION>SYSOREX SECURED PROMISSORY NOTE, DATED AS OF DECEMBER 31, 2018
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.3</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: justify">THIS SECURED PROMISSORY NOTE (THIS &ldquo;<U>NOTE</U>&rdquo;)
HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE &ldquo;<U>SECURITIES ACT</U>&rdquo;) OR APPLICABLE STATE
SECURITIES LAWS. THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO DISTRIBUTION OR RESALE, AND MAY NOT BE OFFERED,
SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
ACT AND ANY APPLICABLE STATE SECURITIES LAWS, OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT
REQUIRED.</P>

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

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

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

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

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

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 <TD STYLE="width: 50%; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$3,000,000.00</FONT></TD>
 <TD STYLE="width: 50%; text-align: right; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issue Date: December 31, 2018</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sysorex, Inc., 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 registered assigns (the &ldquo;<B><I>Holder</I></B>&rdquo;), up to an aggregate sum of Three Million Dollars ($3,000,000.00)
or such other lesser amount as shall then equal the outstanding principal amount hereof (the &ldquo;<B><I>Principal Amount</I></B>&rdquo;),
to be borrowed and disbursed in increments and identified on <U>Schedule I</U> attached hereto (each such borrowed amount referred
to as the &ldquo;<B><I>Loan Amount</I></B>&rdquo;) plus all accrued unpaid interest, as set forth below, on the earlier to occur
of (i) December 31, 2020 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;). In addition, the Company agrees to pay $20,000.00 to the Holder to cover
the Holder&rsquo;s legal fees, accounting costs, due diligence, monitoring and other transaction costs incurred in connection with
the purchase and sale of this Note, all of which amounts are included in the initial Loan Amount of this Note and is fully earned
and payable as of the date hereof. Upon each disbursement under this Note, the Holder shall deliver an amended <U>Schedule I</U>
setting forth the Disbursement Date and the then outstanding Loan Amount due to the Holder. The Company may continue to advance
funds under this Note up to the Principal Amount through the Maturity Date. This Note is issued as of the Issue Date set forth
above, pursuant to the terms of that certain Note Purchase Agreement, dated as of December 31, 2018 (the &ldquo;<B><I>Agreement</I></B>&rdquo;),
by and between the Company and the Holder. The Company may borrow repay and borrow hereunder, as needed, for a total outstanding
balance, exclusive of any unpaid accrued interest, not to exceed the Principal Amount at any one time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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: 0.5in"><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: 0.5in"><FONT STYLE="text-transform: uppercase">1.
</FONT><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:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.8in">(i) &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.</P>

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