SEC Contract Filing

Filing Date: 2023-09-08

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>ex_567893.htm
<DESCRIPTION>EXHIBIT 10.2
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<p style="margin: 0px 0pt; text-align: right; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt"><b>Exhibit 10.2</b></font></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">THIS CONVERTIBLE PROMISSORY NOTE AND THE SECURITIES INTO WHICH IT MAY BE CONVERTED HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE &#8220;SECURITIES ACT&#8221;), OR APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED, OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR SUCH LAWS COVERING THE TRANSFER OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH TRANSFER IS EXEMPT FROM SUCH REGISTRATION. THIS NOTE IS UNSECURED.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>ENSERVCO CORPORATION</b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>CONVERTIBLE PROMISSORY NOTE</b></p>

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 <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; margin: 0pt; font-family: &quot;Times New Roman&quot;;"><b>No. CN-2023-B2</b><br>
 <b>$50,000</b></p>
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 <p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; margin: 0pt; text-align: right; font-family: &quot;Times New Roman&quot;;"><b>Issuance Date: September 1, 2023</b></p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">FOR VALUE RECEIVED, Enservco Corporation, a Delaware corporation (the &#8220;<b>Company</b>&#8221;), promises to pay to the order of Kevin Chesser, or his registered assigns (the &#8220;<b>Holder</b>&#8221;), pursuant to the terms set forth in this Convertible Promissory Note (this &#8220;<b>Note</b>&#8221;), the principal amount of Fifty Thousand Dollars ($50,000) (the &#8220;<b>Principal Amount</b>&#8221;), plus interest thereon.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Interest</u>. Interest on the Principal Amount of this Note shall accrue from the Issuance Date at a rate equal to eight percent (8%) per annum until this Note is paid in full or otherwise converted pursuant to <u>Section 4</u> below. Interest shall be calculated on the basis of a three hundred sixty-five (365) day year, based on the actual number of days elapsed.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Maturity Date</u>. Subject to the conversion of this Note pursuant to <u>Section 4</u> below, the Principal Amount of this Note, together with all accrued but unpaid interest thereon, shall be due and payable in full on the one-year anniversary of the Issuance Date (the &#8220;<b>Maturity Date</b>&#8221;).</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment; Prepayment</u>. Notwithstanding the foregoing, prior to the Maturity Date, the Company may prepay all or any portion of the outstanding Principal Amount or accrued but unpaid interest on this Note without premium or penalty. All payments received by the Holder hereunder will be applied first to interest and then to principal.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Note Exchange</u>.</p>

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