SEC Contract Filing

Filing Date: 2015-04-27

Document Content:
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<TYPE>EX-10.21
<SEQUENCE>19
<FILENAME>f1021.htm
<DESCRIPTION>AMENDED NOVEMBER 15, 2012 NOTE - MIKE SMYTH (5)
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<TITLE>Converted by EDGARwiz</TITLE>
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<DIV style="width:624px"><P style="margin-top:11px; margin-bottom:0px; font-family:'Calibri,Times New Roman'; font-size:11pt" align=center><B><U>AMENDED AND RESTATED PROMISSORY NOTE</U></B></P>
<P style="margin-top:11px; margin-bottom:0px; font-family:'Calibri,Times New Roman'; font-size:11pt" align=justify>This is the second amendment and restatement of the $50,000.00 promissory note issued on November 15<SUP>th</SUP> 2012 and amended effective October 30, 2014 by and between NutraFuels, Inc., a Florida corporation formerly known as NutraFuels, LLC, a Florida limited liability company to Michael Smyth, an individual (the &#147;Original Promissory Note&#148;). &nbsp;This Amended and Restated Promissory Note (the &#147;<U>Amended and Restated Promissory Note</U>&#148;) is effective on January 15, 2015.</P>
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<P style="margin:0px; font-family:'Calibri,Times New Roman'; font-size:11pt" align=justify><B>FOR VALUE RECEIVED, NUTRAFUELS, Inc</B>, a Florida corporation (the &#147;Maker&#148;), promises to pay to the order of Michael Smyth, an individual (the &#147;Holder&#148;), the principal amount of fifty thousand dollars ($50,000.00), together with interest accrued under the Original Promissory Note but not paid as of the date hereof shall be due and payable together with interest hereunder on or before January 15<SUP>th</SUP> 2016. At no time shall the aggregate obligation of Maker to Holder exceed the principal sum of this Amended and Restated Promissory Note plus accrued but unpaid interest on amounts previously received. &nbsp;Maker may at any time prior to conversion, redemption or repayment in full of this Amended and Restated Promissory Note repay all or any part of said loans under this Amended and Restated Promissory Note.</P>
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<P style="margin:0px; font-family:'Calibri,Times New Roman'; font-size:11pt" align=justify><B>1. Interest.</B>&nbsp; The outstanding principal balance of this Interest shall accrue on the outstanding principal balance of this Amended and Restated Promissory Note at a fixed rate of &nbsp;Ten (10%) percent per annum. &nbsp;Interest shall be calculated on the basis of a 365-day year.</P>
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<P style="margin:0px; font-family:'Calibri,Times New Roman'; font-size:11pt" align=justify><B>2. &nbsp;Interest Method Of Payment; Application. &nbsp;</B>Payments&nbsp;(including&nbsp;all prepayments)&nbsp;received &nbsp;by Holder on this &nbsp;Amended and Restated Promissory Note&nbsp;shall&nbsp;be applied&nbsp;first to the payment of accrued and unpaid &nbsp;interest and only&nbsp;thereafter to the outstanding principal balance of this Amended and Restated Promissory Note.</P>
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<P style="margin:0px; font-family:'Calibri,Times New Roman'; font-size:11pt" align=justify><B>3. Conversion. &nbsp;</B>Holder &nbsp;shall &nbsp;have &nbsp;the &nbsp;right &nbsp;to &nbsp;convert &nbsp;the outstanding &nbsp;principal &nbsp;balance of and accrued &nbsp;interest &nbsp;on this Amended and Restated Promissory Note, &nbsp;or such lesser &nbsp;portion &nbsp;thereof as Holder may elect, &nbsp;into Shares &nbsp;(&quot;Shares&quot;) of Maker's Common Stock (the &#147;Common Stock&#148;) at any time unless this Amended and Restated Promissory Note is sooner redeemed or paid in full. In the event that Maker undertakes a corporate restructuring this Amended and Restated Promissory Note shall be binding upon any successor entity or assign.</P>
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<P style="margin:0px; font-family:'Calibri,Times New Roman'; font-size:11pt" align=justify>Upon any conversion of this Amended and Restated Promissory Note, the sum of the&nbsp;principal balance and &nbsp;accrued &nbsp;interest &nbsp;to be converted &nbsp;shall be converted &nbsp;into shares of the Maker&#146;s Common Stock (the &#147;Conversion Shares&#148;). The per share conversion price (the &#147;Conversion Price&#148;) shall be $1.00 per share.</P>
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<P style="margin:0px; font-family:'Calibri,Times New Roman'; font-size:11pt" align=justify>Upon any conversion of this Amended and Restated Promissory Note, Holder shall &nbsp;deliver &nbsp;to &nbsp;Maker &nbsp;at Maker's &nbsp;principal &nbsp;office &nbsp;this &nbsp;Amended and Restated Promissory Note (or of any replacement Note), together with the written notice of election to convert (the &quot;Notice of &nbsp;Conversion&quot;) &nbsp;attached &nbsp;hereto as Exhibit A and made a part &nbsp;hereof. &nbsp;Conversion shall be deemed to have been effected on the date when such delivery of&nbsp;the&nbsp;conversion notice&nbsp;is&nbsp;actually&nbsp;made. &nbsp;As&nbsp;promptly as&nbsp;practicable thereafter,&nbsp;Maker shall issue and deliver to or upon the written order of Holder a certificate or certificates for the number of Shares to which the Holder is entitled. Upon conversion of only a portion of the principal of this Amended and Restated Promissory Note, Maker shall issue and deliver &nbsp;to, or upon the written &nbsp;order of Holder, &nbsp;a new note in the principal&nbsp;amount of this Amended and Restated Promissory Note not converted, &nbsp;which new Amended and Restated Promissory Note shall entitle the Holder to interest &nbsp;on the &nbsp;principal &nbsp;amount to the same extent as if the unconverted portion of this Amended and Restated Promissory Note had not been surrendered for conversion. &nbsp;Maker covenants&nbsp;that all Shares, which may be