Original Issue Discount Promissory Note between Hash Labs Inc. and Lyle Hauser dated February 28, 2019
Hash Labs Inc. has issued a promissory note to Lyle Hauser, agreeing to repay $110,000 by March 31, 2019. Lyle Hauser paid $100,000 for this note, reflecting an original issue discount. The note does not accrue interest before the maturity date, but if not repaid by then, it will accrue interest at 9% per year. Hash Labs Inc. can prepay the note at any time without penalty. The agreement is governed by Nevada law, with disputes to be resolved in New York courts.
Exhibit 10.1
| $110,000 | February 28, 2019 |
ORIGINAL ISSUE DISCOUNT PROMISSORY NOTE
FOR VALUE RECEIVED, Hash Labs Inc., a Nevada corporation (the “Company”) hereby promises to pay to Lyle Hauser (“Holder”), in lawful money of the United States of America, the principal sum of One Hundred Ten Thousand Dollars ($110,000), on March 31, 2019 (the “Maturity Date”).
This Note is being issued for an original issue discount, such that the Holder has paid $100,000 for this Note. This Note will not bear interest, except that, commencing on the date following the Maturity Date, this Note will bear interest at the rate of 9% per year, calculated on the basis of a 360-day year, and will accrue daily.
The Company shall have the right to prepay, at any time and from time to time without premium or penalty, the entire unpaid principal balance of this Note or any portion thereof.
This Note shall be governed by and construed in accordance with the internal laws of the State of Nevada. Holder and Company hereby irrevocably submit to the exclusive jurisdiction of any federal or state court located within the County of New York over any dispute relating to this Note and Company and Holder each hereby irrevocably agree that all claims in respect of such dispute or any suit, action or proceeding related thereto may be heard and determined in such courts.
IN WITNESS WHEREOF, the undersigned has caused this Note to be executed as of the day and year first above written.
| Hash Labs Inc. | ||
| By: | /s/ J. Mark Goode | |
| Name: | J. Mark Goode | |
| Title: | Chief Executive Officer | |
