SEC Contract Filing

Filing Date: 2024-03-18

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>intrusion_ex1002.htm
<DESCRIPTION>PARTITIONED NOTE
<TEXT>
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<P STYLE="margin: 0"><B>Exhibit 10.2</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Partitioned
Note </B></FONT></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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 <TD STYLE="width: 50%; font-size: 10pt"><FONT STYLE="font-size: 10pt">Issuance Date: March 15, 2024</FONT></TD>
 <TD STYLE="width: 50%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">Principal Amount: U.S. $3,007,237.26</FONT></TD></TR>
 </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">FOR VALUE RECEIVED, pursuant
to this Partitioned Note (this &ldquo;Note&rdquo;), Intrusion Inc., a Delaware corporation (&ldquo;Borrower&rdquo;), promises to pay to
Streeterville Capital, LLC, a Utah limited liability company, or its successors or assigns (&ldquo;Lender&rdquo;), the principal amount
as set forth forth above and any interest, fees, charges, and late fees accrued hereunder on the first business day following the Issuance
Date as set forth above (the &ldquo;Maturity Date&rdquo;) in accordance with the terms set forth herein and to pay interest on the Principal
Amount at the rate of seven percent (7%) per annum, simple interest, from the Issuance Date until the same is paid or otherwise satisfied
in full. The Borrower and the Lender may be referred to herein collectively as the &ldquo;Parties&rdquo; and each individually as a &ldquo;Party&rdquo;.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT><U>Partition and Exchange</U>. This Note represents a portion of the prior amount owed by the Borrower to the Lender pursuant to
the Promissory Note #1 dated as of March 10, 2022, and this Partitioned Note is being issued to the Lender pursuant to the Exchange Agreement
by and between the Parties dated as of Issuance Date (the &ldquo;Exchange Agreement&rdquo;). The Parties acknowledge and agree that it
is anticipated that, immediately following the issuance of this Note, this Note and the Principal Amount and all accrued interest hereunder
(the &ldquo;Indebtedness&rdquo;) shall be exchanged for certain securities of the Borrower pursuant to the Exchange Agreement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT><U>Repayment</U>. To the extent not exchanged for other securities of the Borrower pursuant to the Exchange Agreement, the Indebtedness
shall be due and payable on the Maturity Date.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 3.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT><U>Governing Law; Venue</U>. This Note shall be construed and enforced in accordance with, and all questions concerning the construction,
validity, interpretation and performance of this Note shall be governed by, the internal laws of the State of Utah, without giving effect
to any choice of law or conflict of law provision or rule (whether of the State of Utah or any other jurisdiction) that would cause the
application of the laws of any jurisdiction other than the State of Utah. The provisions set forth in the Purchase Agreement to determine
the proper venue for any disputes are incorporated herein by this reference.</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; text-indent: 0in"><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 4.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT><U>Amendments</U>. The prior written consent of both Parties hereto shall be required for any change or amendment to this Note.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="display: inline-block; width: 1in; float: left; white-space:nowrap">Section 5.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT><U>Notices</U>. Whenever notice is required to be given under this Note, unless otherwise provided herein, such notice shall be
given in accordance with the provisions of the Exchange Agreement.</P>

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