Promissory Note between Global Interactive Technologies, Inc. and PixelArc LLC dated April 18, 2025
Global Interactive Technologies, Inc. has borrowed $86,000 from PixelArc LLC to pay a required fee to NASDAQ. PixelArc will pay NASDAQ directly on behalf of Global Interactive. If the loan is repaid in full by May 15, 2025, no interest is charged. If not, a 12% annual interest rate and a 5% late fee apply. The full amount is due in one payment by the maturity date, but early repayment is allowed without penalty. The agreement is governed by California law and is effective as of April 18, 2025.
Exhibit 10.2
PROMISSORY NOTE
Effective Date: April 18, 2025
Principal Amount: $86,000.00
Maturity Date: May 15, 2025
This Promissory Note (“Note”) is entered into by and between:
Lender:
PixelArc LLC
A California limited liability company
950 N Kings Rd #218, West Hollywood, CA 90069
Borrower:
Global Interactive Technologies, Inc.
A Delaware corporation
160 Yeoeuiseo-ro, Yeongdeungpo-gu, Seoul, Korea
| 1. | Loan and Use of Funds |
Lender agrees to loan Borrower the principal amount of Eighty-Six Thousand U.S. Dollars ($86,000.00). The funds are being provided to enable Borrower to make its required payment to the NASDAQ Stock Market LLC. The Lender shall pay this amount directly to NASDAQ on behalf of Borrower.
| 2. | Interest and Payment Terms |
| - | Interest-Free Period: No interest will accrue if the full amount is repaid on or before May 15, 2025. |
| - | Default Interest: If any amount remains unpaid after May 15, 2025, interest shall accrue on the unpaid principal at a rate of twelve percent (12%) per annum, compounded monthly, from May 16, 2025 until fully repaid. |
| - | Late Fee: A one-time late payment fee equal to 5% of the unpaid principal will be applied if Borrower fails to pay by the Maturity Date. |
| - | Repayment: One lump-sum payment of the full principal (and any interest, if applicable) is due on or before the Maturity Date. |
| - | Prepayment: Borrower may prepay any amount at any time without penalty. |
| 3. | Default and Remedies |
| - | Failure to pay the Note on time constitutes an Event of Default. |
| - | Upon default, Lender may accelerate repayment, require immediate payment of all sums due, and enforce any collateral rights under the related Security Agreement. |
| 4. | Governing Law |
This Note shall be governed by the laws of the State of California. Disputes shall be adjudicated in Los Angeles County, California.
| 5. | Entire Agreement |
This Note constitutes the full and final understanding of the parties.
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IN WITNESS WHEREOF, the parties have executed this Note as of the Effective Date.
| BORROWER: | ||
| Global Interactive Technologies, Inc. | ||
| By: | /s/ Taehoon Kim | |
| Name: | Taehoon Kim | |
| Title: | CEO | |
| Date: | Apr. 18, 2025 | |
| LENDER: | ||
| PixelArc LLC | ||
| By: | /s/ Amy Shi | |
| Name: | Amy Shi | |
| Title: | CEO | |
| Date: | 04/18/2025 | |
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