SEC Contract Filing

Filing Date: 2017-05-11

Document Content:
<DOCUMENT>
<TYPE>EX-10.33
<SEQUENCE>2
<FILENAME>cbbt_ex1033.htm
<DESCRIPTION>PROMISSORY NOTE
<TEXT>
<html><head><title>cbbt_ex1033.htm</title><!--Document Created by EDGARMaster--></head><BODY spellcheck="true" style="text-align:justify;font:10pt TIMES NEW ROMAN;margin:0px 7%" scroll="yes"><p style="MARGIN: 0px" align="right"><b>EXHIBIT 10.33</b></p>
<p style="MARGIN: 0px">&nbsp;</p>
<p style="MARGIN: 0px"><b>THIS PROMISSORY NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. NO SALE OR DISPOSITION MAY BE EFFECTED EXCEPT IN COMPLIANCE WITH RULE 144 UNDER SAID ACT OR AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL FOR THE HOLDER SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE ACT OR RECEIPT OF A NO-ACTION LETTER FROM THE SECURITIES AND EXCHANGE COMMISSION.</b></p>
<p style="MARGIN: 0px">&nbsp;</p>
<p style="MARGIN: 0px" align="center"><b>AMENDED AND CONSOLIDATED CONVERTIBLE PROMISSORY NOTE</b></p>
<p style="MARGIN: 0px">&nbsp;</p>
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<p style="MARGIN: 0px">$2,460,112 </p></td>
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<p style="MARGIN: 0px">&nbsp;</p></td>
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<p style="MARGIN: 0px" align="right">January 24, 2017</p>
<p style="MARGIN: 0px" align="right">Costa Mesa, CA</p></td></tr></table></p>
<p style="MARGIN: 0px">&nbsp;</p>
<p style="MARGIN: 0px">For value received, Cerebain Biotech Corp., a Nevada corporation (the &#8220;Company&#8221;), promises to pay to Brad Vroom,<b></b>an individual, or his assigns (the &#8220;Holder&#8221;) the principal sum of Two Million Four-Hundred Sixty Thousand One Hundred Twelve Dollars ($2,460,112). The principal hereof and any unpaid accrued interest thereon shall be due and payable on or before 5:00 p.m., Pacific Standard Time, on January 24, 2019 (the &#8220;Maturity Date&#8221;) (unless such payment date is accelerated as provided in Section 5 hereof). Payment of all amounts due hereunder shall be made at the address of the Holder provided for in Section 6 hereof. Interest shall accrue on the outstanding principal amount beginning on February 1, 2017, at the rate of five percent (5%) per annum, compounded annually based on a 365-day year and shall continue on the outstanding principal until paid in full. </p>
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<p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify"><b>1. </b><b><i>HISTORY OF THE NOTE</i></b>. This Note is an amendment and consolidation of the following (collectively, the &#8220;Original Notes&#8221;);<b></b></p>
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<p style="MARGIN: 0px; TEXT-INDENT: 90px" align="justify"><b>a. </b>The Amended and Consolidated Convertible Promissory Note entered into by and between the Company and the Holder on or about November 22, 2016, for $2,410,112;</p>
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<p style="MARGIN: 0px" align="justify">With the execution of this Note the Company and the Holder acknowledge and agree that the Original Note is void and unenforceable. With the execution of this Note, the Holder is loaning the Company an additional $50,000, which brings the total principal due under this Note to $2,460,112 when combined with the principal amount due under the Original Note. The Company and Holder hereby acknowledge that as of December 31, 2016, approximately Ninety-Three Thousand Dollars ($93,000) interest has accrued on the Original Note and is owed to the Holder. <b></b></p>
<p style="MARGIN: 0px">&nbsp;</p>
<p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify"><b>2. </b><b><i>PREPAYMENT</i></b>. The Company may at any time, upon thirty (30) days written notice (each a &#8220;Prepayment Notice&#8221;), prepay all or any part of the principal balance of this Note, provided that concurrently with each such prepayment the Company shall pay accrued interest on the principal, if any, prepaid to the date of such prepayment. Any Prepayment Notice must contain the amount of principal and interest to be prepaid by the Company. The end of the thirty-day period following a Prepayment Notice shall be referred to as a &#8220;Prepayment Date.&#8221; In the event that the Company sends a Prepayment Notice to Holder, Holder may elect prior to the Prepayment Date to convert into common stock of the Company pursuant to Section 3 hereof, all or part of the amount of principal and interest to be repaid under the Prepayment Notice instead of receiving such prepayment.</p>
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<p style="MARGIN: 0px; TEXT-INDENT: 45px" align="justify"><b>3. </b><b><i>CONVERSION</i></b>. The Holder of this Note is en-titled, at its option and subject to the other terms set forth herein, at any time beginning on the date hereof, and in whole or in part, to convert the outstanding principal amount of this Note, or any portion of the principal amount hereof, --and any accrued interest, into shares of the com-mon stock of the Company. Any amounts the Holder elects to convert will be converted into common stock at a rate of <b>$0.15 per share</b>. Any conversion shall be effectuated by giving a written notice (&#8220;Notice of Conversion&#8221;) to the Company on the date of conversion, stating therein the amount of principal and accrued interest due to Holder under this Note being converted. </p>
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