Exhibit 10.1


PROMISSORY
NOTE


 


	$12,500.00	March 22, 2012


 


1.          Promise
to Repay. Israel Growth Partners Acquisition Corp., a Delaware corporation (“Borrower”), promises to pay
to JRP Capital, Inc., a New York corporation, or its permitted assigns (“Lender”), the principal sum of TWELVE
THOUSAND FIVE HUNDRED DOLLARS AND NO CENTS ($12,500.00) (the “Principal”) together with interest thereon at
the rate hereinafter specified and any and all other sums which may be due and owing to Lender in accordance with the terms contained
herein as repayment of this Promissory Note (this “Note”). As a condition precedent to any obligation of Borrower
hereunder, Lender shall deliver to Borrower in cash, certified check payable to Borrower or liquid funds wired to an account specified
by Borrower, the entire amount of the Principal.


 


2.          Interest;
Penalty Interest. Interest on this Note shall accrue from the date hereof at a rate per annum equal to five percent (5%);
provided, however, that in no event shall the interest due on this Note be less than Six Hundred and Twenty-Five Dollars ($625.00).
Notwithstanding any other provision contained in this Note, the maximum rate of interest hereunder at any time shall not exceed
the maximum rate then permitted by law. All accrued interest shall be due on the first to occur of: (i) the Maturity Date (as
defined below); or (ii) the repayment in whole or in part of the principal amount of this Note. During an Event of Default (as
defined in Section 6), the interest rate applicable to the then outstanding balance shall be ten percent (10%).


 


3.          Calculation
of Interest. Interest on the unpaid principal amount of this Note shall be calculated on the basis of a 360-day per year factor
applied to the actual days on which there exists an unpaid principal balance due under this Note.


 


4.          Maturity.
The principal balance of this Note, together with all then unpaid and accrued interest, shall be due and payable in full on demand
by Lender, which notice thereof shall be provided in accordance with Section 10 of this Note (the “Maturity
Date”). If payment is not made by the Maturity Date, Borrower shall have five (5) business days from the date of such
notification to make full payment (the “Cure Period”).


 


5.         Payment.
Payments must be made in such coin or currency of the United States of America as at the time of payment is legal tender of the
payment of public and private debts or by wire transfer to an account specified by Lender at least ten (10) days prior to the Maturity
Date or by certified check made payable to Lender. Payments received after 5:00 p.m. New York time will be treated as being received
on the next banking day.


 


6.         Default
and Remedies. If there shall be any Event of Default hereunder (as defined below), at the option and upon the declaration of
Lender, this Note shall accelerate and all principal and unpaid accrued interest shall become due and payable. The occurrence of
any one or more of the following prior to repayment in full or conversion, whichever comes first, shall constitute an “Event
of Default”:


 


(a)          if
the full amount due under this Note, including outstanding principal, accrued and unpaid interest and all other sums due thereunder,
is not received prior to the date when due (subject to the provision regarding the Cure Period);


 


(b)          Borrower
fails to discharge a material judgment rendered against Borrower within thirty (30) days;


 


(c)          Borrower
files any petition or action for relief under any bankruptcy, reorganization, insolvency or moratorium law or any other law for
the relief of, or relating to, debtors, now or hereafter in effect, or makes any assignment for the benefit of creditors or takes
any corporate action in furtherance of any of the foregoing; or


 


(e)          an
involuntary petition is filed against Borrower by a third party (unless such petition is dismissed or discharged within sixty (60)
days) under any bankruptcy statute now or hereafter in effect, or a custodian, receiver, trustee, assignee for the benefit of creditors
(or other similar official) is appointed to take possession, custody or control of any property of Borrower.


 


7.          Costs
of Collection. If at any time the indebtedness evidenced by this Note is collected through legal proceedings or this Note is
placed in the hands of an attorney or attorneys for collection, Borrower hereby agrees to pay all costs and expenses of collection
(including reasonable attorneys’ fees) incurred by Lender in collecting or attempting to collect such indebtedness.


 



    	 



    	 



    

 


 


8.         Governing
Law. This Note shall be governed by and construed under the laws of Delaware as applied to agreements among Delaware residents
made and to be performed entirely within the state, without giving effect to conflicts of laws principles. The parties hereby covenant
and agree that any action brought to enforce the terms of this Note shall be located in the state or federal courts located in
the State of Maryland. The parties hereby consent to the jurisdiction of such courts and waive
any defense of an inconvenient forum and any right of jurisdiction on account of the place of residence or domicile. BORROWER HEREBY
WAIVES ANY AND ALL RIGHTS TO A TRIAL BY JURY IN ANY ACTION, SUIT OR PROCEEDING RELATING TO SUCH MATTERS.


 


9.         No
Waiver. The delay or failure of Lender to exercise its rights hereunder shall not be deemed a waiver thereof. No waiver of
any rights of Lender shall be effective unless in writing and signed by Lender and any waiver of any right shall not apply to any
other right or to such right in any subsequent event or circumstance not specifically included in such waiver.


 


10.       Notices.
All notices required or permitted hereunder shall be in writing and shall be deemed effectively given: (a) upon personal delivery
to the party to be notified, (b) five (5) days after having been sent by registered or certified mail, return receipt requested,
postage prepaid, or (c) one (1) day after deposit with a nationally recognized overnight courier, specifying next-day delivery,
with written verification of receipt. All communications to Lender shall be sent to 50 Old Route 25A, Fort Salonga, New York 11768,
or to such other address as Lender may designate by ten (10) days advance written notice to the other parties hereto. All communications
to Borrower shall be sent to 4808 Moorland Lane, Suite 109, Bethesda, Maryland 20814, or to such other address as Borrower may
designate by ten (10) days advance written notice to the other parties hereto.


 


11.       General
Provisions. Time shall be of the essence with respect to the terms of this Note. This Note cannot be changed or modified orally.


 


12.       Counterparts;
Multiple Originals. This Note may be executed in multiple counterparts and all such counterparts shall collectively constitute
an original instrument, which may be evidenced by any one counterpart. A copy of this Note signed and transmitted by facsimile
or electronically in pdf format or similar file shall be treated as fully as a manually signed original. This Note may be executed
in multiple originals, each such original having equal force and effect.


 


13.       Headings.
The headings contained in this Note are for reference purposes only and shall not affect the meaning or interpretation of any provisions
of this Note.


 


14.       Pronouns
and Plurals. Wherever the context may require, any pronoun used in this Note shall include the corresponding masculine, feminine,
or neuter forms, and the singular forms of nouns, pronouns, and verbs shall include the plural and vice versa.


 


IN WITNESS WHEREOF,
Borrower has caused this Note to be executed on its behalf by its duly authorized officer as of the day and year first above written.


 


	 	ISRAEL GROWTH PARTNERS ACQUISITION CORP.
	 	 
	 	By:	/s/Craig Samuels
	 	Name:	Craig Samuels
	 	Title:	President and Chief Executive Officer