Secured Promissory Note
EX-10.20
THIS INSTRUMENT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER THE SECURITIES LAWS OF CERTAIN STATES. THIS INSTRUMENT MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT AS PERMITTED UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR AN EXEMPTION THEREFROM.
SECURED PROMISSORY NOTE
| $490,000.00 | March 11, 2026 |
FOR VALUE RECEIVED, GROWN ROGUE MANAGEMENT ASSOCIATES LLC, an Illinois limited liability company (“Borrower”), hereby unconditionally promise to pay to the order of INVENTIONPORT, INC., an Illinois corporation (“Holder”), the principal amount of Four Hundred Ninety Thousand Dollars ($490,000.00) (the “Principal Amount”), together with interest thereon as set forth herein.
This Secured Promissory Note (“Note”) is issued pursuant to that certain Membership Interest Purchase Agreement (the “Purchase Agreement”), dated as of March 11, 2026, by and among Borrower in its capacity as “Buyer” thereto, Holder, in its capacity as “Kane Seller” thereto, Forefathers Ventures LLC, an Illinois limited liability company, and Sea Craft, LLC, an Illinois limited liability company, as the “Company” party thereto.
Capitalized terms used but not defined herein shall have the meanings given to them in the Purchase Agreement. The terms and conditions of the Purchase Agreement are, by this reference, incorporated in, and made a part of, this Note.
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