SEC Contract Filing

Filing Date: 2023-11-03

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex10-1.htm
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
10.1</B></FONT></P>

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

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 <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 50%; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$500,000.00
 </FONT></TD>
 <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 50%; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:
 November 1, 2023</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FOR
VALUE RECEIVED, Transportation and Logistics Systems, Inc.</B>, a Nevada corporation (&ldquo;Maker&rdquo;), hereby promises to pay to
the order of <B>John Mercadante</B><B> (&ldquo;Payee&rdquo;) at [REDACTED] or at such other place as the holder hereof
may designate in writing, the principal sum of $500,000.00, together with interest, from the date hereof, on the unpaid principal
amount hereof outstanding from time to time at the rate per annum equal to 12% (the &ldquo;Base Rate&rdquo;), on the terms set forth
herein. Payee may transfer this Note to any person, who shall then be deemed to be Payee hereunder.</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal
outstanding and interest accrued and unpaid hereunder and any other amounts due hereunder shall be due and payable on <B>June 30, 2024</B>.
All amounts paid hereunder shall be credited first to the payment of accrued and unpaid interest, and then to the payment of outstanding
principal. Payment of principal, interest and any other sum due hereunder shall be made in lawful money of the United States of America.
This Note may be prepaid in whole or in part at any time without premium or penalty.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
amounts paid hereunder shall be credited first to the payment of accrued and unpaid interest, and then to the payment of outstanding
principal. Payment of principal, interest and any other sum due hereunder shall be made in lawful money of the United States of America.
This Note may be prepaid in whole or in part at any time without premium or penalty provided that such prepayment is accompanied by a
notice of the amount being prepaid.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maker
covenants not to issue any instrument of indebtedness senior to this Note or secured by any assets of Maker, or, other than the Loans,
pari passu with this Note.</FONT></P>

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any one or more of the following events (herein termed &ldquo;Events of Default&rdquo;) shall happen:</FONT></P>

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