Do not read anything about shares being converted for debt.
FOR VALUE RECEIVED, and upon and subject to the terms and conditions set forth herein, EVIO, Inc. a Colorado corporation (the “Issuer”), hereby promises to pay to the order of PalliaTech, Inc., a Delaware corporation (together with its permitted successors and assigns, the “Holder”), the principal sum of One Million Dollars ($1,000,000) on the Maturity Date, together with interest as provided herein. This Secured Promissory Note (the “Note”) is issued pursuant to that certain Transfer Agreement of even date herewith by and among the Issuer, the Holder and PhytaTech CO, LLC, a Colorado limited liability company (the “Agreement”). Capitalized terms used and not otherwise defined herein will have the respective meanings given to such terms in the Agreement.
1. Maturity Date. This Note will mature, and any unpaid principal and accrued unpaid interest will be due and payable in full, on the date that is the ten (10) month anniversary of the date hereof (the “Maturity Date”).
2. Interest. From and through the Maturity Date, all outstanding principal of this Note shall bear simple interest at the rate of eight percent (8%) per annum. All outstanding accrued but unpaid interest on this Note shall be payable on the Maturity Date.
3. Mandatory Redemption. The Issuer shall redeem an aggregate of $500,000 in outstanding principal (the “Redemption Amount”) underlying this Note, along with interest accrued on such amount, on or before the 90th calendar day following the date of this Note (the “Redemption Date”).
4. Security. Repayment of this Note is secured by the terms of that certain Note Security Agreement of even date herewith.
5. Prepayment. Issuer may prepay this Note or any part of this Note prior to the Maturity Date, without premium or penalty.
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