Exhibit
10.2


 


THIS
NOTE AND THE UNDERLYING SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT PURPOSES ONLY AND MAY NOT BE TRANSFERRED UNTIL (i) A REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”) SHALL HAVE BECOME EFFECTIVE WITH RESPECT
THERETO OR (ii) RECEIPT BY THE COMPANY OF AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY TO THE EFFECT THAT REGISTRATION
UNDER THE ACT IS NOT REQUIRED IN CONNECTION WITH SUCH PROPOSED TRANSFER NOR IS IN VIOLATION OF ANY APPLICABLE STATE SECURITIES
LAWS. THIS LEGEND SHALL BE ENDORSED UPON ANY NOTE ISSUED IN EXCHANGE FOR THIS NOTE.


 


DIGIPATH,
INC.


 


Second
Amended and Restated


8%
Secured Convertible Promissory Note


 


	$350,000	September
    30, 2020, as of
	 	November
    8, 2018 (the “Issue Date”)


 


FOR
VALUE RECEIVED, DIGIPATH, INC., a Nevada corporation (the “Company”) with its principal executive office
at 6450 Cameron Blvd., Suite 113, Las Vegas, Nevada 89118, promises to pay to the order of CSW Ventures, LP or its registered
assigns (the “Holder” or “Payee”), the principal amount of $350,000 (the “Principal
Amount”), on August 10, 2022 (the “Maturity Date”) or such earlier date as this Note is required
or permitted to be repaid as provided hereunder, and to pay interest to the Holder on the aggregate unconverted and then outstanding
Principal Amount of this Second Amended and Restated Secured Convertible Promissory Note (this “Note”) in accordance
with the provisions hereof. This Note amends and restates an amended and restated 8% Secured Convertible Promissory Note originally
issued November 8, 2018 which (i) amended and restated in its entirety an 8% Secured Convertible Promissory Note in the original
principal amount of $100,0000, dated October 23, 2018, made by the Company in favor of the Holder, and (ii) represents the advance
of $100,000 made to the Company by the Holder on October 22, 2018, and an advance of $250,000 made to the Company by the Holder
on the Issue Date.


 


This
Note shall not bear interest following September 30, 2020.


 


Each
payment by the Company pursuant to this Note shall be made without set-off or counterclaim and in immediately available funds.
The Company (i) waives presentment, demand, protest or notice of any kind in connection with this Note and (ii) agrees to pay
to the Holder of this Note, on demand, all costs and expenses (including reasonable and documented legal fees and expenses) incurred
in connection with the enforcement and collection of this Note.


 




    	1



     


    

 


This
Note is one of a series of Secured Convertible Promissory Notes of like tenor in the aggregate principal amount of $500,000 (together,
the “Notes”) originally issued pursuant to a Securities Purchase Agreement (the “Securities Purchase
Agreement”) entered into between the Company and the Payee, and is secured by a Security Agreement (the “Security
Agreement”) among the Company and CSW Ventures, LP, as agent (“Agent”) for the holders of the Notes
(the “Holders”), covering certain collateral (the “Collateral”), all as more particularly
described and provided therein, and is entitled to the benefits thereof. The Security Agreement and any and all other documents
executed and delivered by the Company to Agent under which the Agent or the Holders are granted liens on assets of the Company
in connection with the transactions contemplated by the Securities Purchase Agreement are collectively referred to as the “Security
Documents.”


 


Unless
otherwise defined in this Note, capitalized terms used herein shall have the meanings set forth in the Note Purchase Agreement.


 


1.
Principal Repayment


 


A.
Optional Prepayment. At any time from and after the Issue Date, the Company may prepay this Note, without premium or penalty,
in whole or in part, with accrued interest to the date of such prepayment on the amount prepaid.


 


B.
Notice of Prepayment. Before the Company shall be permitted to prepay this Note pursuant to 1A hereof, the Company shall
provide ten (10) days prior notice to the Payee of its intent to make such prepayment, which notice shall state the date and amount
of such prepayment (the “Prepayment Date”). The Payee shall have the option at any time prior to the Prepayment
Date to elect to convert this Note pursuant to Section 5 below.


 


2.
[Intentionally Deleted].


 


3.
Covenants of Company.


 


A.
Affirmative Covenants. The Company covenants and agrees that, so long as this Note shall be outstanding, unless it has
otherwise obtained the prior written consent of Holders of not less than 50% of the outstanding Principal Amount of the Notes
(the “Required Holders”), it will perform the obligations set forth in this Section 2A:


 


(i)
Taxes and Levies. The Company (and each of its subsidiaries) will promptly pay and discharge all taxes, assessments, and
governmental charges or levies imposed upon the Company or upon its income and profits, or upon any of its property, before the
same shall become delinquent, as well as all claims for labor, materials and supplies which, if unpaid, might become a lien or
charge upon such properties or any part thereof; provided, however, that the Company shall not be required to pay
and discharge any such tax, assessment, charge, levy or claim so long as the validity thereof shall be contested in good faith
by appropriate proceedings and the Company shall set aside on its books adequate reserves in accordance with generally accepted
accounting principles with respect to any such tax, assessment, charge, levy or claim so contested;


 




    	2



     


    

 


(ii)
Maintenance of Existence. The Company (and each of its subsidiaries) will do or cause to be done all things reasonably
necessary to preserve and keep in full force and effect its corporate existence, rights and franchises and comply with all laws
applicable to the Company, except where the failure to comply would not have a material adverse effect on the Company;


 


(iii)
Maintenance of Property. The Company (and each of its subsidiaries) will at all times reasonably maintain, preserve, protect
and keep its property used or useful in the conduct of its business in good repair, working order and condition (ordinary wear
and tear excepted), and from time to time make all needful and proper repairs, renewals, replacements and improvements thereto
as shall be reasonably required in the conduct of its business;


 


(iv)
Insurance. The Company (and each of its subsidiaries) will, to the extent necessary for the operation of its business,
keep adequately insured by financially sound reputable insurers, all property of a character usually insured by similar corporations
and carry such other insurance as is usually carried by similar corporations;


 


(v)
Books and Records. The Company (and each of its subsidiaries) will at all times keep true and correct books, records and
accounts reflecting all of its business affairs and transactions in accordance with GAAP. Such books and records shall be open
at reasonable times and upon reasonable notice to the inspection of the Payee or its agents;


 


(vi)
Notice of Certain Events. The Company (and each of its subsidiaries) will give prompt written notice (with a description
in reasonable detail) to the Payee of the occurrence of any Event of Default or any event which, with the giving of notice or
the lapse of time, would constitute an Event of Default; and


 


B.
Negative Covenants. The Company covenants and agrees that, so long as this Note shall be outstanding, unless it has otherwise
obtained the prior written consent of the Required Holders, it will perform the obligations set forth in this Section 3B:


 


(i)
Liquidation, Dissolution. The Company will not (and will not permit any of its subsidiaries to) liquidate or dissolve,
consolidate with, or merge into or with, any other corporation or other entity, except that any wholly-owned subsidiary may merge
with another wholly-owned subsidiary or with the Company (so long as the Company is the surviving corporation and no Event of
Default shall occur as a result thereof); provided, however, such prior written consent shall not be required in connection with
the consummation of any merger or change of control transaction which results in prepayment of the Note pursuant to the terms
of this Note;


 


(ii)
Sales of Assets. The Company will not (nor permit any of its subsidiaries with respect to their assets and properties),
other than in the ordinary course of business, sell, transfer, lease or otherwise dispose of, or grant options, warrants or other
rights with respect to, all or a substantial part of its properties or assets material to the Company’s business to any
person or entity; provided, however, such prior written consent shall not be required in connection with licenses or other rights
granted by the Company to a strategic partner, licensee or distributor as approved by the Board of Directors of the Company (the
“Board of Directors”);


 




    	3



     


    

 


(iii)
Redemptions. The Company will not redeem or repurchase any outstanding equity and/or debt securities of the Company (or
its subsidiaries);


 


(iv)
Indebtedness. Company will hereafter not create, incur, assume or suffer to exist, contingently or otherwise, any indebtedness
which is not expressly subordinate in all respects to the Notes, provided, that this covenant shall not apply to (A) capitalized
leases, purchase money indebtedness (secured solely by Liens on the equipment or assets leased or purchased), (B) accounts payable,
or (C) other accrued expenses incurred by the Company in the ordinary course of business;


 


(v)
Negative Pledge. Other than with respect to the Notes, the Company will not (nor will it permit its subsidiaries to) hereafter
create, incur, assume or suffer to exist any mortgage, pledge, hypothecation, assignment, security interest, encumbrance, lien
(statutory or other), preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever
(including any conditional sale or other title retention agreement and any financing lease) (each, a “Lien”)
upon any of its property, revenues or assets, whether now owned or hereafter acquired, except any of the following (collectively,
“Permitted Liens”):


 


(a)
Liens granted to secure indebtedness incurred (i) to finance the acquisition (whether by purchase or capitalized lease) of tangible
assets or (ii) under equipment leases or purchase money indebtedness, but in each case, only on the assets acquired with the proceeds
of such indebtedness;


 


(b)
Liens for taxes, assessments or other governmental charges or levies not at the time delinquent or thereafter payable without
penalty or being contested in good faith by appropriate proceedings and for which adequate reserves in accordance with GAAP shall
have been set aside on its books;


 


(c)
Liens of carriers, warehousemen, mechanics, materialmen and landlords incurred in the ordinary course of business for sums not
overdue or being contested in good faith by appropriate proceedings and for which adequate reserves in accordance with GAAP shall
have been set aside on its books;


 


(d)
Liens incurred in the ordinary course of business in connection with workers’ compensation, unemployment insurance or other
forms of governmental insurance or benefits, or to secure performance of tenders, statutory obligations, leases and contracts
(other than for borrowed money) entered into in the ordinary course of business or to secure obligations on surety or appeal bonds;
and


 


(e)
Judgment Liens in existence less than 30 days after notice of the entry thereof is forwarded to the Company or with respect to
which execution has been stayed.


 




    	4



     


    

 


(vi)
Transactions with Affiliates. The Company will not (and will not permit any of its subsidiaries to) enter into any transaction
after the Issue Date, including, without limitation, the purchase, sale, lease or exchange of property, real or personal, the
purchase or sale of any security, the borrowing or lending of any money, or the rendering of any service, with any person or entity
affiliated with the Company or any of its subsidiaries (including officers, directors and shareholders owning five (5%) percent
or more of the Company’s outstanding capital stock), except in the ordinary course of and pursuant to the reasonable requirements
of its business and upon fair and reasonable terms not less favorable than would be obtained in a comparable arms-length transaction
with any other person or entity not affiliated with the Company as determined by the Board of Directors in good faith.


 


(vii)
Dividends. The Company will not declare or pay any cash dividends or distributions on its outstanding capital stock.


 


(viii)
Proration of Payments. The Company shall not make or permit any payment on account of principal or interest payable hereunder
or any of the other Notes in excess of each Holder’s pro rate share of payments then due under the Notes.


 


4.
Events of Default.


 


If
any of the following events shall occur for any reason whatsoever (and whether such occurrence shall be voluntary or involuntary
or come about or be effected by operation by law or otherwise) (each, an “Event
of Default”):


 


(i)
Non-Payment of Obligations. The Company shall default in the payment of the principal of this Note as and when the same
shall become due and payable (whether by acceleration or otherwise) or shall fail to pay accrued interest on this Note within
five (5) business days of when the same shall become due and payable (whether by acceleration or otherwise);


 


(ii)
Non-Performance of Affirmative Covenants. The Company shall default in the due observance or performance of any covenant
set forth in Section 3A, which default shall continue uncured for thirty (30) days;


 


(iii)
Non-Performance of Negative Covenants. The Company shall default in the due observance or performance of any covenant set
forth in Section 3B, and, if capable of cure, such default shall not have been cured within thirty (30) days;


 


(iv)
Bankruptcy, Insolvency, Etc. The Company (or any of its subsidiaries) shall:


 


(a)
in any legal document admit in writing its inability to pay its debts as they become due;


 


(b)
apply for, consent to, or acquiesce in, the appointment of a trustee, receiver, sequestrator or other custodian for the Company
or any of its property, or make a general assignment for the benefit of creditors;



 




    	5



     


    

 


(c)
in the absence of such application, consent or acquiesce in, permit or suffer to exist the appointment of a trustee, receiver,
sequestrator or other custodian for the Company or for any part of its property;


 


(d)
permit or suffer to exist the commencement of any bankruptcy, reorganization, debt arrangement or other case or proceeding under
any bankruptcy or insolvency law, or any dissolution, winding up or liquidation proceeding, in respect of the Company, and, if
such case or proceeding is not commenced by the Company or converted to a voluntary case, such case or proceeding shall be consented
to or acquiesced in by the Company or shall result in the entry of an order for relief; or


 


(e)
take any corporate or other action authorizing, or in furtherance of, any of the foregoing;


 


(v)
Cross-Default. The Company shall default in the payment when due, after the expiration of any applicable grace period,
of any amount payable under any other obligation of the Company for money borrowed in excess of $100,000;


 


(vi)
Cross-Acceleration. Any other indebtedness for borrowed money of the Company (or any of its subsidiaries) in an aggregate
principal amount exceeding $100,000 shall be duly declared to be or shall become due and payable prior to the stated maturity
thereof or shall not be paid as and when the same becomes due and payable including any applicable grace period;


 


(vii)
Other Breaches, Defaults. The Company shall default or be in breach of any term or provision of this Note, any other Transaction
Document (as defined in the Note Purchase Agreement), in any material respect, for a period of thirty (30) days, or any material
representation or warranty made by the Company to the Payee in any Transaction Document shall be materially false or misleading;
or


 


(viii)
Security Documents. The Security Documents shall cease to create a valid and perfected Lien in and to any material Collateral;


 


then,
and in any such event, the Required Holders shall, by notice to the Company, take or cause to be taken any or all of the following
actions, without prejudice to the rights of Payee to enforce its claims against the Company: (1) declare the principal of and
any accrued interest and all other amounts payable under this Note to be due and payable, whereupon the same shall become, forthwith
due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Company,
(2) proceed to enforce or cause to be enforced any remedies provided under the Security Agreement, and (3) exercise any other
remedies available at law or in equity, either by suit in equity or by action at law, or both, whether for specific performance
of any covenant or other agreement contained in this Note; provided, that upon the occurrence of any Event of Default referred
to in Section 4(v) then (without prejudice to the rights and remedies specified in clause (3) above) automatically, without notice,
demand or any other act by any Holder, the principal of and any accrued interest and all other amounts payable under this Note
shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby
expressly waived by the Company, anything contained in this Note to the contrary notwithstanding. No remedy conferred in this
Note upon any Holder is intended to be exclusive of any other remedy, and each and every such remedy shall be cumulative and shall
be in addition to every other remedy conferred herein or now or hereinafter existing at law or in equity or by statute or otherwise.


 




    	6



     


    

 


5.
Conversion of Note.


 


A.
Optional Conversion. The Holder of this Note shall have the option, at any time and from time to time, prior to the date
on which the Company makes payment in full of the Principal Amount of this Note in accordance herewith, all accrued interest thereon
and all other amounts due and payable thereunder to convert all or any portion of the outstanding Principal Amount of this Note
plus all accrued and unpaid interest thereon (such Principal Amount and accrued and unpaid interest to be so converted the “Conversion
Amount”) into shares of common stock, par value $0.001 per share (“Common Stock”), of the Company
at an initial conversion price per share equal to $0.03 per share (the “Conversion Price”), subject to adjustment
as provided in subsection 5E below. The shares of Common Stock issuable upon conversion of this Note at the Conversion Price are
referred to herein as the “Conversion Shares.”


 


B.
Conversion Limitation. Notwithstanding anything contained herein to the contrary, the Holder shall not be entitled to convert
pursuant to the terms of this Note an amount that would be convertible into that number of Conversion Shares which would exceed
the difference between the number of shares of Common Stock beneficially owned by such Holder and 4.99% of the outstanding shares
of Common Stock of the Company. For the purposes of the immediately preceding sentence, beneficial ownership shall be determined
in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended, and Regulation 13d-3 thereunder. The Holder
may void the Conversion Share limitation described in this Section 5B upon 65 days prior notice to the Company or without any
notice requirement upon an Event of Default.


 


C.
Mechanics of Conversion.


 


(i)
Before the Holder of this Note shall be entitled to convert this Note into shares of Common Stock pursuant to Section 5A, such
holder shall give written notice to the Company in the form attached hereto as Annex A (“Conversion Notice”),
at its principal corporate office, by email, facsimile or otherwise, of the election to convert the same and shall state therein
the Conversion Amount and the name or names in which the certificate or certificates for shares of Common Stock are to be issued.
On or before the third (3rd) business day following the date of receipt of a Conversion Notice, the Company shall (A) if legends
are not required to be placed on certificates of Common Stock pursuant to the then existing provisions of Rule 144 of the Securities
Act of 1933 (“Rule 144”) and provided that the Company’s transfer agent is participating in the Depository
Trust Company’s (“DTC”) Fast Automated Securities Transfer Program, credit such aggregate number of shares
of Common Stock to which the Holder shall be entitled to the Holder’s or its designee’s balance account with DTC,
or (B) if the Company’s transfer agent is not participating in the DTC Fast Automated Securities Transfer Program, issue
and deliver to the address as specified in the Conversion Notice, a certificate, registered in the name of the Holder or its designee,
for the number of shares of Common Stock to which the Holder shall be entitled which certificates shall not bear any restrictive
legends unless required pursuant the Rule 144.


 




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(ii)
All Common Stock which may be issued upon conversion of the Note will, upon issuance, be duly issued, fully paid and non-assessable
and free from all taxes, liens, and charges with respect to the issuance thereof.


 


D.
Authorized Shares. At all times the Company shall have authorized and shall have reserved a sufficient number of shares
of Common Stock to provide for the conversion of the Notes at the then effective Conversion Price. Without limiting the generality
of the foregoing, if, at any time, the Conversion Price is decreased, the number of shares of Common Stock authorized and reserved
for issuance upon the conversion of this Note shall be proportionately increased.


 


E.
Anti-Dilution Provisions. The Conversion Price in effect at any time and the number and kind of securities issuable upon
the conversion of this Note shall be subject to adjustment from time to time upon the happening of certain events as follows:


 


(i)
In case the Company shall hereafter (i) declare a dividend or make a distribution on its outstanding shares of Common Stock in
shares of Common Stock, (ii) subdivide or reclassify its outstanding shares of Common Stock into a greater number of shares, or
(iii) combine or reclassify its outstanding shares of Common Stock into a smaller number of shares, the Conversion Price in effect
at the time of the record date for such dividend or distribution or of the effective date of such subdivision, combination or
reclassification shall be adjusted so that it shall equal the price determined by multiplying the Conversion Price by a fraction,
the denominator of which shall be the number of shares of Common Stock outstanding after giving effect to such action, and the
numerator of which shall be the number of shares of Common Stock outstanding immediately prior to such action. Such adjustment
shall be made successively whenever any event listed above shall occur.


 


(ii)
Whenever the Conversion Price is adjusted pursuant to Subsection (i) above, the number of Conversion Shares issuable upon conversion
of this Note shall simultaneously be adjusted by multiplying the number of Conversion Shares initially issuable upon conversion
of this Note by the Conversion Price in effect on the date hereof and dividing the product so obtained by the Conversion Price,
as adjusted.


 


(iii)
In case of any reorganization, reclassification or change of the Common Stock (including any such reorganization, reclassification
or change in connection with a consolidation or merger in which the Company is the continuing entity), or any consolidation of
the Company with, or merger of the Company with or into, any other entity (other than a consolidation or merger in which the Company
is the continuing entity), or of any sale of the properties and assets of the Company as, or substantially as, an entirety to
any other person or entity, this Note shall thereafter be convertible into the kind and amount of stock or other securities or
property receivable upon such reorganization, reclassification, change, consolidation, merger or sale by a Holder of the number
of shares of Common Stock into which this Note would have been converted prior to such transaction. The provisions of this subsection
(iii) shall similarly apply to successive reorganizations, reclassifications, changes, consolidations, mergers or sales immediately
prior to such reorganization, reclassification, change, consolidation, merger or sale.


 




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6.
Amendments and Waivers.


 


The
provisions of this Note may from time to time be amended, modified or supplemented, if such amendment, modification or supplement
is in writing and consented to by the Company and the Required Holders; provided, however, that no such amendment,
modification or waiver:


 


(i)
which would modify this Section 6A, change the definition of “Required Holders”, extend the Maturity Date for more
than 120 days, or subject the Holder under each Note to any additional obligations shall be made without the consent of the Holder
of each Note, or


 


(ii)
which would reduce the amount of any payment of principal of or interest on any Principal Amount payable hereunder (or reduce
the Principal Amount of or rate of interest payable hereunder) shall be made without the consent of the Holder of each Note so
affected.


 


A.
No failure or delay on the part of the Payee in exercising any power or right under this Note shall operate as a waiver thereof,
nor shall any single or partial exercise of any such power or right preclude any other or further exercise thereof or the exercise
of any other power or right. No notice to or demand on the Company in any case shall entitle it to any notice or demand in similar
or other circumstances. No waiver or approval by the Payee shall, except as may be otherwise stated in such waiver or approval,
be applicable to subsequent transactions. No waiver or approval hereunder shall require any similar or dissimilar waiver or approval
thereafter to be granted hereunder.


 


B.
To the extent that the Company makes a payment or payments to the Payee, and such payment or payments or any part thereof are
subsequently for any reason invalidated, set aside and/or required to be repaid by the Payee to a trustee, receiver or any other
party under any bankruptcy law, state or federal law, common law or equitable cause, then to the extent of such recovery, the
obligation or part thereof originally intended to be satisfied, and all rights and remedies therefor, shall be revived and continued
in full force and effect as if such payment had not been made by the Payee or such enforcement or setoff had not occurred.


 


7.
Miscellaneous.


 


A.
Parties in Interest. All covenants, agreements and undertakings in this Note binding upon the Company or the Payee shall
bind and inure to the benefit of its successors and permitted assigns of the Company and the Payee, respectively, whether so express
or not.


 


B.
Governing Law. This Note shall be governed by and construed in accordance with the laws of the State of Nevada without
regard to the conflicts of laws principles thereof.


 


C.
Waiver of Jury Trial. THE PAYEE AND THE COMPANY HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHTS THEY MAY
HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH THIS NOTE OR
ANY OTHER DOCUMENT OR INSTRUMENT EXECUTED AND DELIVERED IN CONNECTION HEREWITH OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS
(WHETHER VERBAL OR WRITTEN) OR ACTIONS OF THE PAYEE OR THE COMPANY. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE PAYEE’S
PURCHASING THIS NOTE.


 




    	9



     


    

 


IN
WITNESS WHEREOF, this Note has been executed and delivered on the date specified above by the duly authorized representative of
the Company.


 


	 	DIGIPATH,
    INC.
	 	 
	 	By:	/s/
    Todd Peterson
	 	Name:	Todd
    Peterson
	 	Title:	Chief
    Financial Officer


 


This
Second Amended and Restated Note dated September 30, 2020 has been accepted by the undersigned in replacement for the Amended
and Restated 8% Secured Convertible Promissory Note dated November 8, 2018, which will be returned to the Company for cancellation
if in the possession of the undersigned.


 


	CSW
    VENTURES, LP	 
	 	 	 
	By:
    	/s/
    David Weiner	 
	Name:	David
    Weiner	 
	Title:
    	General
    Partner 	 


 




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ANNEX
A


 


CONVERSION
NOTICE


 


The
undersigned hereby elects to convert principal and/or interest under the Second Amended and Restated 8% Senior Secured Convertible
Promissory Note, dated as of September 30, 2020 (the “Note”) of Digipath, Inc., a Nevada corporation (the “Company”),
into shares of common stock (the “Common Stock”), of the Company according to the conditions hereof and the
Note, as of the date written below. If shares of Common Stock are to be issued in the name of a person other than the undersigned,
the undersigned will pay all transfer taxes payable with respect thereto and is delivering herewith such certificates and opinions
as reasonably requested by the Company in accordance therewith. No fee will be charged to the holder for any conversion, except
for such transfer taxes, if any.


 


By
the delivery of this Notice of Conversion the undersigned represents and warrants to the Company that its ownership of the Common
Stock does not exceed the amounts specified under Section 5B of the Note, as determined in accordance with Section 13(d) of the
Securities Exchange Act of 1934, as amended.


 


Conversion
calculations:


 


Date to Effect Conversion:
___________________________________


 


Principal Amount of Note to be Converted:
______________________


 


Amount of Interest of Note to be
Converted: ______________________


 


Number of shares of Common Stock
to be issued:


 


_________________________________________________________


 


Signature: _________________________________________________


 


Name: ___________________________________________________


 


Address for Delivery of
Common Stock Certificates: _______________


_________________________________________________________


_________________________________________________________


 


Or


 


DWAC Instructions:


 


Broker No: ____________________


Account No: ___________________


 




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