SEC Contract Filing

Filing Date: 2015-11-16

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>s102132_ex10-2.htm
<DESCRIPTION>EXHIBIT 10.2
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.75pt 0pt 6pt; text-align: right"><B>Exhibit 10.2<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.75pt 0pt 6pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NEITHER
THE ISSUANCE NOR SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE
CONVERTIBLE 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 (WHICH COUNSEL SHALL
BE SELECTED BY THE HOLDER), IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS
SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN
CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE
SECURITIES.&nbsp;</B></FONT></P>

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 <TD STYLE="width: 33%">&nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Principal
Amount: $_10,000</b></font></TD>
 <TD STYLE="width: 34%">&nbsp;</TD>
 <TD STYLE="width: 33%; text-align: right"><B>&nbsp; Issue Date: September 2, 2015</B></TD></TR>
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 <TD STYLE="text-align: right">&nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Maturity
Date: June 1, 2016&nbsp;</B></font></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 173.15pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>CONVERTIBLE
PROMISSORY NOTE&nbsp;</U></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.6pt 0pt 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>FOR
VALUE RECEIVED</B>, <B>NATIONAL ENERGY SERVICES, INC.</B>, a NEVADA corporation (hereinafter called the &ldquo;Borrower&rdquo;),
hereby promises to pay to the order of <B>Eugene Ingles, </B>an individual investor, or registered assigns (the &ldquo;Holder&rdquo;)
the sum of Ten Thousand (10,000), a <I><U>note </U>on</I> June 1, 2016 (the &ldquo;Maturity Date&rdquo;), and to pay interest
on the unpaid principal balance hereof at the rate of ten percent (10%) (The &ldquo;Interest Rate&rdquo;) per annum from the date
hereof (the &ldquo;Issue Date&rdquo;) until the same becomes due and payable, whether at maturity or upon acceleration or by prepayment
or otherwise, compounded on a monthly basis. This Note also includes a $500 Origination Fee to be paid by NES to the Note holder
or converted to shares of stock per this agreement. This Note may not be prepaid in whole or in part except as otherwise explicitly
set forth in Section 1.9 hereof. Interest shall commence accruing on the Issue Date, shall be computed on the basis of a 365-day
year and the actual number of days elapsed. All payments due hereunder (to the extent not converted into common stock, (the &ldquo;Common
Stock&rdquo;) in accordance with the terms hereof) shall be made in lawful money of the United States of America. All payments
shall be made at such address as the Holder shall hereafter give to the Borrower by written notice made in accordance with the
provisions of this Note. Whenever any amount expressed to be due by the terms of this Note is due on any day which is not a business
day, the same shall instead be due on the next succeeding day which is a business day and, in the case of any interest payment
date which is not the date on which this Note is paid in full, the extension of the due date thereof shall not be taken into account
for purposes of determining the amount of interest due on such date. As used in this Note, the term &ldquo;business day&rdquo;
shall mean any day other than a Saturday, Sunday or a day on which commercial banks in the city of New York, New York are authorized
or required by law or executive order to remain closed. Each capitalized term used herein, and not otherwise defined, shall have
the meaning ascribed thereto in that certain Securities Exchange Agreement dated the date hereof, pursuant to which this Note
was originally issued (the &ldquo;Exchange Agreement&rdquo;).&nbsp;</FONT></P>

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