Exhibit 10.3


 


THIS CONVERTIBLE PROMISSORY NOTE AND THE SECURITIES INTO WHICH
THIS NOTE IS CONVERTIBLE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND
THIS CONVERTIBLE NOTE, THE SECURITIES AND ANY INTEREST THEREIN MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED
OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER SUCH
ACT AND SUCH LAWS, WHICH, IN THE OPINION OF COUNSEL FOR THE LENDER, WHICH COUNSEL AND OPINION ARE REASONABLY SATISFACTORY TO COUNSEL
FOR THIS CORPORATION, IS AVAILABLE.


 


CONVERTIBLE PROMISSORY NOTE


 


	$450,000	New York, New York
	 	December 31, 2015


 


FOR VALUE RECEIVED, the undersigned, Tarsier, Ltd., a Delaware
corporation (referred to herein as the "Borrower"), with offices at 475 Park Avenue South, 30th
Floor, New York, NY 10016 hereby unconditionally promises to pay to the order of DemanSYS Energy Inc., its endorsees, successors
and assigns (the "Lender"), in lawful money of the United States, at such address as the Lender may from time to time
designate, the principal sum of four hundred fifty thousand dollars ($450,000.00) (the "Loan"). This Convertible Promissory
Note (the "Note") shall mature and become due and payable in full in four payments (the ''Maturity Dates").


 


1.          Terms
of Repayment. Principal of and interest on this Note shall be paid by the Borrower as follows:


 


		(a)	$50,000 on the first Maturity Date which is due when Borrower
receives funding equal or more than $150,000 but not later than January 31, 2016.



		(b)	$115,000 on the second Maturity Date which is January 31,
2016. In the event of late payment an interest rate shall accrue at a rate of Six Percent (6%) per annum. The parties agree that
in the event the Borrower pays a Lender’s prior December 1, 2015 liability, this liability may be deducted from this amount.



		(c)	$150,000 on the third Maturity Date which will be the later
of January 31, 2016 or when DemanSYS presents the new 4 year Alcoa Agreement as called for in the APA. These funds will be payable
directly to Alcoa. In the event DemanSYS fails to provide a new 4 year agreement with Alcoa by March 31, 2016 pursuant to the
terms of the Asset Purchase Agreement, and acceptable to Borrower, then the total previously paid on the note of $165,000 represents
the full amount of the note and the balance is cancelled.



		(d)	$135,000 on the fourth Maturity Date which is June 30,
2016,. In the event of late payment an Interest rate shall accrue at a rate of Six Percent (6%) per annum. These funds will be
payable directly to Alcoa.






 






     


     


    

 


		(e)	The Borrower further agrees that, if any payment made by
the Borrower or any other person is applied to this Note and is at any time annulled, set aside, rescinded, invalidated, declared
to be fraudulent or preferential or otherwise required to be refunded or repaid, or the proceeds of any property hereafter pledged
as security for this Note is required to be returned by Lender to the Borrower, its estate, trustee, receiver or any other party,
including, without limitation, under any bankruptcy law, state or federal law, common law or equitable cause, then, to the extent
of such payment or repayment, the Borrower's liability hereunder (and any lien, security interest or other collateral securing
such liability) shall be and remain in full force and effect, as fully as if such payment had never been made, or, if prior thereto
any such lien, security interest or other collateral hereunder securing the Borrower's liability hereunder shall have been released
or terminated by virtue of such cancellation or surrender, this Note (and such lien, security interest or other collateral) shall
be reinstated in full force and effect, and such prior cancellation or surrender shall not diminish, release, discharge, impair
or otherwise affect the obligations of the Borrower in respect to the amount of such payment (or any lien, security interest or
other collateral securing such obligation).



 


2.          Conversion.


 


(a) Only upon default the Lender shall have the option to convert
any or all of the outstanding principal and interest of portion of the Note from the second and third maturity date into fully-
paid and non-assessable shares of Borrower's Common Stock at a Twenty Percent (30%) discount to the "Fair Market Value"
(the "Conversion Rate"). In no case shall the conversion price be less than One tenth of One Cent ($0.001). "Fair
Market Value" on a date shall be the lowest closing bid price for the Five (5) days immediately preceding the date of conversion
excluding any trades which are not bona fide arm's length transactions. The closing price for each day shall be (a) if such security
is listed or admitted for trading on any national securities exchange, the last sale price of such security, regular way, or the
mean of the closing bid and asked prices thereof if no such sale occurred, in each case as officially reported on the principal
securities exchange on which such security are listed, or (b) if quoted on NASDAQ or any similar system of automated dissemination
of quotations of securities prices then in common use the mean between the closing high bid and low asked quotations of such security
in the over-the-counter market as shown by NASDAQ or such similar system of automated dissemination of quotations of securities
prices, as reported by any member firm of the New York Stock Exchange selected by the Lender, (c) if not quoted as described in
clause (b), the mean between the high bid and low asked quotations for the shares as reported by NASDAQ or any similar successor
organization, as reported by any member firm of the New York Stock Exchange selected by the Lender. If such security is quoted
on a national securities or central market system in lieu of a market or quotation system described above, the closing price shall
be determined in the manner set forth in clause (a) of the preceding sentence if bid and asked quotations are reported but actual
transactions are not, and in the manner set forth in clause (b) of the preceding sentence if actual transactions are reported.


 




     


     


    

 


(b)
In no event shall the Lender be entitled to convert any portion of this Note in excess of that portion of this Note upon conversion
of which the sum of (1) the number of shares of Common Stock beneficially owned by the Lender and its affiliates (other
than shares of Common Stock which may be deemed beneficially owned through the ownership of the unconverted portion of the Notes
or the unexercised or unconverted portion of any other security of the Borrower subject to a limitation on conversion or exercise
analogous to the limitations contained herein) and (2) the number of shares of Common Stock issuable upon the conversion of the
portion of this Note with respect to which the determination of this proviso is being made, would result in beneficial ownership
by the Holder and its affiliates of more than Four Point Nine Nine Percent (4.99%) of the outstanding shares of Common Stock. For
purposes of the proviso to the immediately preceding sentence, beneficial ownership shall be determined in accordance with Section
13(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and Regulations 13D-G thereunder, except
as otherwise provided in clause (1) of such proviso.


 


(c) To exercise any conversion, the holder of this Note shall
surrender the Note to the Borrower during usual business hours at the offices of the Borrower, accompanied by a written notice
in the form attached hereto as Exhibit A, Notice of Conversion, and made a part hereof.


 


(d) As promptly as practicable after the surrender of this Note
by the Lender, the Borrower shall deliver or cause to be delivered to the Lender, certificates for the full number of Shares issuable
upon conversion of this Note in accordance with the provisions hereof, together with a duly executed new Note of the Borrower in
the form of this Note for any principal amount not so converted. Such conversion shall be deemed to have been made at the time
that this Note was surrendered for conversion and the notice specified herein shall have been received by the Borrower.


 


(e) The number of shares issuable upon conversion of this Note
or repayment by the Borrower in shares shall be proportionately adjusted if the Borrower shall declare a dividend of capital stock
on its capital stock, or subdivide its outstanding capital stock into a larger number of shares by reclassification, stock split
or otherwise, which adjustment shall be made effective immediately after the record date in the case of a dividend, and immediately
after the effective date in the case of a subdivision. The number of shares issuable upon conversion of this Note or any part thereof
shall be proportionately adjusted in the amount of securities for which the shares have been changed or exchanged in another transaction
for other stock or securities, cash and/or any other property pursuant to a merger, consolidation or other combination. The Borrower
shall promptly provide the holder of this Note with notice of any events mandating an adjustment to the conversion ratio, or for
any planned merger, consolidation, share exchange or sale of the Borrower, signed by the President and Chief Executive Officer
of Borrower.


 


(f)
The Borrower hereby agrees to hold on reserve Two Hundred Percent (200%) of the number of shares (the "Reserve Shares")
that this Note can be converted into at all times and shall increase the Reserve Shares as required from time to time. The Borrower
shall also provide irrevocable authorization to its Transfer Agent to issue such amount of Reserve Shares demanded by the Lender,
pursuant to a Notice of Conversion, should the Borrower be in Default as defined below. Borrower hereby agrees not to cancel,
put a stop order or otherwise encumber or limit the ability of the Lender to transfer the common shares owned by the Lender pursuant
to any notice of conversion.


 




     


     


    

 


3.          Liability
of the Borrower. The Borrower is unconditionally, and without regard to the liability of any other person, liable for the payment
and performance of this Note and such liability shall not be affected by an extension of time, renewal, waiver, or modification
of this Note or the release, substitution, or addition of collateral for this Note. Each person signing this Note consents to any
and all extensions of time, renewals, waivers, or modifications, as well as to release, substitution, or addition of guarantors
or collateral security, without affecting the Borrower's liabilities hereunder.


 


4.          Representations
and Warranties. The Borrower represents and warrants as follows: (i) the Borrower is a corporation duly organized,
validly existing and in good standing under the laws of the State of Delaware; (ii) the execution, delivery and performance
by the Borrower of this Note are within the Borrower's powers, have been duly authorized by all necessary action, and do not
contravene (A) the Borrower's certificate of incorporation or (B) bylaws or (x) any law or (y) any agreement or document
binding on or affecting the Borrower, not otherwise disclosed to the Lender prior to execution of this Note; (iii) no
authorization or approval or other action by, and no notice to or filing with, any governmental authority, regulatory body or
third person is required for the due execution, delivery and performance by the Borrower of this Note; (iv) this Note
constitutes the legal, valid and binding obligation of the Borrower, enforceable against the Borrower in accordance with its
terms except as enforcement hereof may be limited by bankruptcy, insolvency or other similar laws affecting the enforcement
of creditors' rights generally and subject to the applicability of general principles of equity; (v) the Borrower has all
requisite power and authority to own and operate its property and assets and to conduct its business as now conducted and
proposed to be conducted and to consummate the transactions contemplated hereby; (vi) the Borrower is duly qualified to
conduct its business and is in good standing in each jurisdiction in which the character of the properties owned or leased by
it, or in which the transaction of its business makes such qualification necessary; (vii) there is no pending or, to the
Borrower's knowledge, information or belief, threatened action or proceeding affecting the Borrower before any governmental
agency or arbitrator which challenges or relates to this Note or which may otherwise have a material adverse effect on the
Borrower; (viii) after giving effect to the transactions contemplated by this Note, the Borrower is Solvent; (ix) the
Borrower is not in violation or default of any provision of (A) its certificate of incorporation or by-laws, each as
currently in effect, or (B) any instrument, judgment, order, writ, decree or contract, statute, rule or regulation to which
the Borrower is subject not otherwise disclosed to the Lender prior to the execution of this Note, and (x) this Note is
validly issued, free of any taxes, liens, and encumbrances related to the issuance hereof and is not subject to preemptive
right or other similar right of members of the Borrower, and (xi) the Borrower has taken all required action to reserve for
issuance such number of shares of Common Stock as may be issuable from time to time upon conversion of this Note.




     


     


    

 


5.          Covenants.
So long as any principal or interest is due hereunder and shall remain unpaid, the Borrower will, unless the Lender shall otherwise
consent in writing:


 


(a)
Maintain and preserve its existence, rights and privileges;


 


(b) Not
(i) directly or indirectly sell, lease or otherwise dispose of (A) any of its property or assets other than in its ordinary course
of business or (B) substantially all of its properties and assets, in the aggregate, to any person(s), whether in one transaction
or in a series of transactions over any period of time, (ii) merge into or with or consolidate with any other person or (iii) adopt
any plan or arrangement for the dissolution or liquidation of the Borrower;


 


(c) Give
written notice to Lender upon the occurrence of an Event of Default (as defined below) or any event but for the giving of notice
or lapse of time, or both, would constitute an Event of Default within five (5) Business Days of such event;


 


(d) Comply
in all material respects with all applicable laws (whether federal, state or local and whether statutory. administrative or judicial
or other) and with every applicable lawful governmental order (whether administrative or judicial);


 


(e)
Maintain disclosure of Current Public Information as that term is defined in Rule 144(c) of the Securities Act; and


 


(f) Not
take any action which would impair the rights and privileges of this Note set forth herein or the rights and privileges of the
holder of this Note.


 


6.          Events
of Default. Each and any of the following shall constitute a default and, after expiration of a grace period which shall be
Fifteen (15) Business Days, shall constitute an "Event of Default" hereunder:


 


(a) the nonpayment of principal, late charges or any other costs
or expenses promptly when due of any amount payable under this Note or the nonpayment by the Borrower of any other obligation to
the Lender;


 


(b) an Event of Default under this Note (other than a payment
default described above), or any other failure of the Borrower to observe or perform any present or future agreement of any nature
whatsoever with Lender, including, without limitation, any covenant set forth in this Note;


 




     


     


    

 


(c) if Borrower shall commence any case, proceeding or
other action: (i) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy,
insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking
to adjudicate it bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, liquidation, dissolution,
composition or other relief with respect to it or its debts; or (ii) seeking appointment of a receiver, trustee, custodian or
other similar official for it or for all or any substantial part of its property, or the Borrower shall make a general
assignment for the benefit of its creditors; or (iii) there shall be commenced against the Borrower any case, proceeding or
other action of a nature referred to above or seeking issuance of a warrant of attachment, execution, distraint or similar
process against all or any substantial part of its property, which case, proceeding or other action results in the entry of
any order for relief or remains un-dismissed, un-discharged or un-bonded for a period of Sixty (60) days; or (iii) the
Borrower shall take any action indicating its consent to, approval of, or acquiescence in, or in furtherance of, any of the
acts set forth; or (iv) the Borrower shall generally not, or shall be unable to, pay its debts as they become due or shall
admit in writing its inability to pay its debts;


 


(d) any representation or warranty made by the Borrower or any
other person or entity under this Note or under any other Loan Documents shall prove to have been incorrect in any material respect
when made;


 


(e) the entry of any judgment against Borrower or any of its
property for an amount in excess of One Hundred Thousand Dollars ($100,000.00), that remains unsatisfied for Thirty (30) days;


 


(f) the sale of all or substantially all
of the assets, or change in ownership or the dissolution, liquidation, merger, consolidation, or reorganization of Borrower without
the Lender's prior written consent;


 


(g) if Borrower shall fail to maintain disclosure of Current
Public Information as that term is defined in Rule 144(c) of the Securities Act of 1933; or


 


(h) the Borrower's shares of Common Stock are suspended from
trading or delisted from trading on the Over the Counter Bulletin Board.


 


8.          Lender's
Rights Upon Default. Upon the occurrence of any Event of Default, the Lender may, at its sale and exclusive option, do any
or all of the following, either concurrently or separately: (a) accelerate the maturity of this Note and demand immediate payment
in full, whereupon the outstanding principal amount of the Note and all obligations of Borrower to Lender, together with accrued
interest thereon and accrued charges and costs, shall become immediately due and payable without presentment, demand, protest or
further notice of any kind, all of which are hereby expressly waived; and (b) exercise all legally available rights and privileges.


 


9.          Default
Interest Rate. Upon an Event of Default, without any further action on the Part of Lender, additional interest will
accrue at the rate equal to the lesser of (i) Fifteen Percent (15%) per annum in addition to the Interest Rate or (ii) the
highest rate permitted by applicable law, per annum (the "Default Rate"), until all outstanding principal, interest
and fees are repaid in full by Borrower. Such Default Rate shall be applied and accrued as if the rate were applicable on the
date hereof.


 




     


     


    

 


10.         Usury.
In no event shall the amount of interest paid or agreed to be paid hereunder exceed the highest lawful rate permissible under applicable
law. Any excess amount of deemed interest shall be null and void and shall not interfere with or affect the Borrower's obligation
to repay the principal of and interest on the Note. This confirms that the Borrower and, by its acceptance of this Note, the Lender
intend to contract in strict compliance with applicable usury laws from time to time in effect. Accordingly, the Borrower and the
Lender stipulate and agree that none of the terms and provisions contained herein shall ever be construed to create a contract
to pay, for the use or forbearance of money, interest in excess of the maximum amount of interest permitted to be charged by applicable
law from time to time in effect.


 


11.         Prepayment.
Borrower has the right to prepay Note at any time. No notice is required. The Lender has the right to convert the Note only on
default. If the Company prepays the Note, the entire balance of the Note including all interest that would have accrued on the
Maturity Date must be paid.


 


12.         Registration
Rights. If at any time while this Note is issued and outstanding (the "Piggy-Back Period") the Company proposes to
file with the SEC a Registration Statement relating to an offering for its own account or the account of others under the Securities
Act of any of its securities (other than a Registration Statement on Form S-4 or Form S-8 (or their equivalents at such time) relating
to securities to be issued solely in connection with any acquisition of any entity or business or equity securities issuable in
connection with stock option or other employee benefit plans), the Company shall include the Conversion Shares of Common Stock
on such Registration Statement.


 


13.         Costs
of Enforcement. Borrower hereby covenants and agrees to indemnify, defend and hold Lender harmless from and against all costs
and expenses, including reasonable attorneys' fees and their costs, together with interest thereon at the Prime Rate, incurred
by Lender in enforcing its rights under this Note; or if Lender is made a party as a defendant in any action or proceeding arising
out of or in connection with its status as a lender, or if Lender is requested to respond to any subpoena or other legal process
issued in connection with this Note; or reasonable disbursements arising out of any costs and expenses, including reasonable attorneys'
fees and their costs incurred in any bankruptcy case; or for any legal or appraisal reviews, advice or counsel performed for Lender
following a request by Borrower for waiver, modification or amendment of this Note or any of the other Loan Documents.


 


14.         Governing
Law. This Note shall be binding upon and inure to the benefit of the Borrower and the Lender and their respective
successors and assigns; provided that the Borrower may not assign this Note, in whole or in part, by operation of law or
otherwise, without the prior written consent of the Lender. The Lender may assign or otherwise participate out all or part
of, or any interest in, its rights and benefits hereunder and to the extent of such assignment or participation such assignee
shall have the same rights and benefits against the Borrower as it would have had if it were the Lender. This Note, and any
claims arising out of relating to this Note, whether in contract or tort, statutory or common law, shall be governed
exclusively by, and construed in accordance with the laws of the State of New York without regard to principles of conflicts
of laws.


 




     


     


    

 


15.         Jurisdiction.
THE BORROWER CONSENTS THAT ANY LEGAL ACTION OR PROCEEDING AGAINST IT UNDER, ARISING OUT OF OR IN ANY MANNER RELATING TO THIS NOTE,
OR ANY OTHER INSTRUMENT OR DOCUMENT EXECUTED AND DELIVERED IN CONNECTION HEREWITH SHALL BE BROUGHT EXCLUSNELY IN ANY COURT OF THE
STATE OF NEW YORK OR IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK. THE BORROWER, BY THE EXECUTION
AND DELIVERY OF THIS NOTE, EXPRESSLY AND IRREVOCABLY CONSENTS AND SUBMITS TO THE PERSONAL JURISDICTION OF ANY OF SUCH COURTS IN
ANY SUCH ACTION OR PROCEEDINGS. THE BORROWER AGREES THAT PERSONAL JURISDICTION OVER IT MAY BE OBTAINED BY THE DELNERY OF A SUMMONS
BY PERSONAL DELIVERY OR OVERNIGHT COURIER AT THE ADDRESS PROVIDED IN SECTION 16 OF THIS NOTE. ASSUMING DELIVERY OF THE SUMMONS
IN ACCORDANCE WITH THIS PROVISION, THE BORROWER HEREBY EXPRESSLY AND IRREVOCABLY WAIVES ANY ALLEGED LACK OF PERSONAL JURISDICTION,
IMPROPER VENUE OR FORUM NON-CONVENIENS OR ANY SIMILAR BASIS.


 


16.         Miscellaneous.
(a) Borrower hereby waives protest, notice of protest, presentment, dishonor, and demand. (b) Time is of the essence for each of
Borrower's covenants under this Note. (c) The rights and privileges of Lender under this Note shall inure to the benefit of its
successors and assigns. All obligations of Borrower in connection with this Note shall bind Borrower's successors and assigns,
and Lender's conversion rights shall succeed to any successor securities to Borrower's common stock. (d) If any provision of this
Note shall for any reason be held to be invalid or unenforceable, such invalidity or unenforceability shall not affect any other
provision hereof, but this Note shall be construed as if such invalid or unenforceable provision had never been contained herein.
(e) The waiver of any Event of Default or the failure of Lender to exercise any right or remedy to which it may be entitled shall
not be deemed a waiver of any subsequent Event of Default or Lender's right to exercise that or any other right or remedy to which
Lender is entitled. No delay or omission by Lender in exercising, or failure by Lender to exercise on anyone or more occasions,
shall be construed as a waiver or novation of this Note or prevent the subsequent exercise of any or all such rights. (f) This
Note may not be waived, changed, modified, or discharged orally, but only in writing.


 




     


     


    

 


17.         Notice,
Etc. Any notice required by the provisions of this Note will be in writing and will be deemed effectively given: (a)
upon personal delivery to the party to be notified; (b) when sent by confirmed telex or facsimile if sent during normal
business hours of the recipient; if not, then on the next business day; (c) Five (5) days after having been sent by
registered or certified mail, return receipt requested, postage prepaid; or (d) One (1) day after deposit with a nationally
recognized overnight courier, specifying next day delivery, with written verification of receipt, and delivered as
follows:


 


If to the Borrower:


 


Tarsier Ltd.


475 Park Avenue South


30th Floor


New York, NY 10016


 


If to Lender:


 


Demansys Energy Inc.


120 Wykeham Rd


Washington, CT 06793


 


or, as to each party, at such other address
as shall be designated by such party in a written notice to the other parties.


 


[SIGNATURE PAGE TO FOLLOW)


 




     


     


    

 


IN WITNESS WHEREOF, the undersigned has executed this Convertible
Promissory Note as of the date first set forth above.


 


Tarsier Ltd.


 


	By:	/s/  Isaac H.
    Sutton	 
	Isaac H. Sutton	 
	CEO	 	 


 


Witnessed and Acknowledged:


 


	By: 	 	 
	 	 	 
	Name:	 	 
	 	 	 
	Title:	 	 





 



     


     


    

 


EXHIBIT A


 


NOTICE OF CONVERSION


 


(to be signed upon conversion of the Note)


 


TO: Tarsier Ltd.


 


The undersigned, the holder of the foregoing Note, hereby
surrenders such Note for conversion into shares of Common Stock of Tarsier Ltd., and requests that the certificates for such
shares be issued in the name of__________________________, and delivered to__________________________, whose address is
_____________________________.


 


	Dated:	 	 	 
	 	 	 	 
	 	 	 	(signature)
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	(address)