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Exhibit 10.2
PROMISSORY NOTE TO: Chris Cunningham (the “Lender”)
FROM: Sphere 3D Corp. (the “Borrower”)
DATE: 1/10/19
1. | Definitions. In this note, in addition to the terms defined above, the following definitions apply: |
“Interest” means interest at the rate of 2% per annum, calculated and compounded yearly in arrears.
“Principal” means the principal amount of $270,000.00
2. The Borrower promises to pay to the Lender the Principal.
3. | The Borrower shall pay the Lender Interest on the Principal on a yearly basis. The yearly rate of interest will be calculated on the basis of a 365 day year. |
4. | The Borrower may prepay the Principal either in whole at one time or in part from time to time without notice to the Lender, penalty, or bonus. |
5. | The entire unpaid Principal and all accrued but unpaid Interest shall be due and payable on January 10, 2021. |
6. The obligations owing under this note are unsecured.
7. | The laws of Ontario and the laws of Canada applicable in that province, excluding any rule or principle of conflicts of law that may provide otherwise, govern this note. |
SPHERE 3D CORP.
By: /s/ Peter Tassiopoulos
Name: Peter Tassiopoulos
Title: Chairman and CEO