SEC Contract Filing

Filing Date: 2019-11-08

Document Content:
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<TYPE>EX-10.6
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<FILENAME>exhibit106.htm
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<TITLE>Exhibit 10.6</TITLE>
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<DIV style="width:618.667px"><P style="margin-top:5px; margin-bottom:0px; padding-right:3.533px; text-indent:0.667px; font-size:11pt" align=justify><B>NEITHER THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE &nbsp;HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,AS AMENDED,OR APPLICABLE STATE SECURITIES LAWS. &nbsp;THE SECURITIES MAY NOT BE OFFERED FOR SALE,SOLD,TRANSFERRED &nbsp;OR ASSIGNED IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION &nbsp;STATEMENT &nbsp;FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL &nbsp;(WHICH COUNSEL &nbsp;SHALL BE SELECTED &nbsp;BY THE HOLDER), IN &nbsp;A GENERALLY &nbsp;&nbsp;ACCEPTABLE &nbsp;&nbsp;FORM, &nbsp;THAT &nbsp;REGISTRATION IS &nbsp;NOT &nbsp;REQUIRED UNDER &nbsp;SAID &nbsp;ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER &nbsp;LOAN OR FINANCING ARRANGEMENT &nbsp;SECURED BY THE SECURITIES.</B></P>
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<P style="margin:0px; padding-right:0.667px; font-size:11pt" align=justify><B>Principal Amount: $63,000.00 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issue Date: October 17, 2019</B></P>
<P style="margin:0px; padding-right:0.667px; font-size:11pt" align=justify><B>Purchase Price: $63,000.00</B></P>
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<P style="margin:0px; padding-right:-1.333px; font-size:11pt" align=center><B><U>CONVERTIBLE PROMISSORY NOTE</U></B></P>
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<P style="margin-top:2.133px; margin-bottom:0px; padding-right:0.667px; text-indent:55.8px; font-size:11pt" align=justify><B>FOR VALUE RECEIVED, Pharmagreen Biotech Inc</B>., a Nevada corporation (hereinafter &nbsp;called the &quot;Borrower''), hereby &nbsp;promises to &nbsp;pay to &nbsp;the &nbsp;order &nbsp;of POWER UP LENDING GROUP LTD., a Virginia corporation, or registered assigns (the &quot;Holder&quot;) &nbsp;the sum of $63,000.00 together with any interest as set forth &nbsp;herein, on October 17, 2020 (the &quot;Maturity Date&quot;), and to pay interest &nbsp;on the unpaid &nbsp;principal balance hereof at the rate of ten percent (10%)(the &quot;Interest Rate&quot;) per annum from the date hereof (the &quot;Issue Date&quot;) until the same becomes due and payable, whether at maturity or upon acceleration or by prepayment or otherwise. &nbsp;This Note may not be prepaid in whole or in part except as otherwise explicitly set forth &nbsp;herein. Any amount of principal or interest &nbsp;on this Note which is not paid when due shall bear interest at the rate of twenty &nbsp;two percent (22%) per annum from the due date thereof &nbsp;until the same is paid (&quot;Default Interest&quot;). Interest shall be computed on the basis of a 365 day year and the actual number of days elapsed. Interest &nbsp;shall commence accruing on the Issue Date but shall not be payable until the Note becomes payable (whether at Maturity Date or upon acceleration or by prepayment). &nbsp;All payments due hereunder (to the extent not converted into common stock,$0.001par value per share (the &quot;Common Stock&quot;) in accordance with &nbsp;the terms hereof) &nbsp;shall be made in lawful &nbsp;money &nbsp;of the &nbsp;United &nbsp;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. Each capitalized term used herein, and not &nbsp;otherwise &nbsp;defined, shall have the &nbsp;meaning &nbsp;ascribed thereto in that &nbsp;certain &nbsp;Securities Purchase Agreement dated the &nbsp;date hereof, pursuant &nbsp;to &nbsp;which &nbsp;this &nbsp;Note &nbsp;was originally &nbsp;issued (the &nbsp;&quot;Purchase Agreement&quot;).</P>
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<P style="margin:0px; padding-right:0.667px; text-indent:53.533px; font-size:11pt" align=justify>This Note is free from all taxes, liens, claims and encumbrances with respect to the issue thereof and shall not be subject to preemptive &nbsp;rights or other similar rights of shareholders of the Borrower and will not impose personal liability upon the holder thereof.</P>
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<P style="margin:0px; padding-right:0.667px; text-indent:53.533px; font-size:11pt">The following terms shall apply to this Note:</P>
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<P style="margin:0px; padding-right:0.667px; font-size:11pt" align=center><B>ARTICLE I. CONVERSION RIGHTS</B></P>
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<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; font-size:11pt; float:left">1.1</P>
<P style="margin:0px; padding-right:0.667px; text-indent:-2px; font-size:11pt" align=justify><U>Conversion Right</U>. The Holder shall have the right from time to time, and at any time during the period beginning on the date which is one hundred eighty (180) days following the date of </P>
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<P style="margin-top:13.333px; margin-bottom:11.133px" align=center>1</P>
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