Bridge Note Agreement between Spindle, Inc. and LegendCap Opportunity Fund dated March 15, 2018
Spindle, Inc. has entered into a Bridge Note Agreement with LegendCap Opportunity Fund, borrowing $55,000. The loan is secured by the company's Payment Service Provider software code and must be repaid by September 15, 2018, either from equity financing proceeds or other available cash. The lender may convert the loan into restricted stock at $0.08 per share before the repayment deadline. This note is subordinate to a prior convertible promissory note held by Michael Kelly.
BRIDGE NOTE AGREEMENT
$55,000 | March 15, 2018 |
For value received, SPINDLE, INC., a Nevada corporation (the Company), promises to pay to LegendCap Opportunity Fund (the Purchaser), the sum of Fifty Five Thousand Dollars ($55,000.00) (the Bridge Note or the Note). This Note is subject to the following terms and conditions.
1.
The Bridge Note will be secured by a copy the Companys Payment Service Provider (PSP) software code and the Note is to be repaid by the Company out of the proceeds of Equity Financing or from cash otherwise available to the Company and in no event later than September 15, 2018.
2.
The Bridge Note can be converted to restricted stock at $0.080 per share at any time prior to September 15, 2018 in satisfaction of provision 1 above.
3.
This Note shall be considered subordinate to the Amended and Restated convertible promissory note (as amended for up to $359,000) with an issuance date of October 17, 2017 and held by Michael Kelly.
IN WITNESS WHEREOF, the parties have executed this Bridge Note Agreement as of the date first set forth above.
Agreed and Accepted: |
| THE COMPANY |
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LegendCap Opportunity Fund |
| SPINDLE, INC. |
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| a corporation organized under |
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| the laws of Nevada |
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By: /s/ Evan Greenberg |
| By: /s/ Dr. Jack A. Scott |
Name: Evan Greenberg |
| Name: Dr. Jack A. Scott |
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Address: 565 Plandome Road #270 |
| Address: 1201 S. Alma School Road, |
Manhasset, NY 11050 |
| Suite #12500, Mesa, AZ 85210 |