PROMISSORY NOTE



 Exhibit 10.15 

PROMISSORY NOTE 
  

					
	 $3,500,000.00
	  	 	February 25, 2014	  

 Revolution Lighting Technologies, Inc., a Delaware corporation (“Maker”) hereby promises to
pay to the order of Aston Capital, LLC (“Lender”), its successors and assigns, in lawful money of the United States of America, the sum of THREE MILLION FIVE HUNDRED THOUSAND DOLLARS ($3,500,000.00), together with accrued and unpaid
interest thereon, at the rate or rates set forth below on April 1, 2015 (the “Maturity Date”). 
 The unpaid principal
amount of this Promissory Note shall bear interest at a rate per annum equal to nine percent (9%), calculated on the basis of a 365 day year and the actual number of days elapsed. All payments on this Promissory Note shall be applied first in
payment of accrued interest and any remainder in payment of principal. If any interest is determined to be in excess of the then legal maximum rate, then that portion of each interest payment representing an amount in excess of the then legal
maximum rate shall be deemed a payment of principal and applied against the principal of the obligations evidenced by this Promissory Note. 

The principal amount of this Promissory Note plus all accrued and unpaid interest thereon shall be payable in full on the Maturity
Date. 
 This Promissory Note may be prepaid in whole or in part at any time, together with all accrued and unpaid interest thereon, without
premium or penalty. 
 In the event that Maker (a) shall fail to pay when due (whether at maturity, by reason of acceleration or
otherwise) any principal of or interest on this Promissory Note, (b) assigns this Promissory Note or Maker’s obligations hereunder without the prior written consent of Lender or (c) shall have breached any representation or warranty
set forth herein, then Lender may declare all obligations (including without limitation, outstanding principal and accrued and unpaid interest thereon) under this Promissory Note to be immediately due and payable without presentment, demand, protest
or any other notice of any kind, all of which are hereby expressly waived. In the event that (i) Maker shall (A) generally not, or shall become unable to, or shall admit in writing its inability to, pay its debts as such debts become due;
(B) make an assignment for the benefit of creditors; (C) apply for or consent to the appointment of a custodian, receiver, trustee, sequestrator, conservator or similar official for it or a substantial part of its assets;
(D) voluntarily commence any proceeding or file any petition seeking relief under any federal, state or foreign bankruptcy, insolvency, receivership, reorganization, arrangement, readjustment of debt, dissolution, liquidation or similar law or
statute, whether now or hereafter in effect; (E) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or the filing of any petition described in clause (ii) below; (F) file an answer
admitting the material allegations of a petition filed against it in any such proceeding; or (G) take any action for the purpose of effecting any of the foregoing or (ii) an involuntary proceeding shall be commenced or an involuntary
petition shall be filed in a court of competent jurisdiction seeking (x) relief in respect of Maker, or of a substantial part of the property or assets of Maker, under any federal, state or foreign bankruptcy, insolvency, receivership,
reorganization, arrangement, readjustment of debt, dissolution, 







 
liquidation or similar law or statute, whether now or hereafter in effect, (y) the appointment of a custodian, receiver, trustee, sequestrator, conservator or similar official for Maker or a
substantial part of any Maker’s assets, or (z) the winding up or liquidation of Maker; and any such proceeding or petition contemplated under this clause (ii) shall continue undismissed for a period of sixty (60) days or an order
or decree approving or ordering any of the foregoing shall be entered, then, upon the occurrence of any event contemplated in clause (i) or (ii) above, without any further action or notice on the part of Lender, all outstanding amounts
under this Promissory Note shall become and be forthwith due and payable, without presentment, demand, protest, or further notice of any kind, all of which are hereby expressly waived by Maker. 

To induce Lender to make extensions of credit pursuant to this Promissory Note, Maker represents and warrants to Lender as follows as of the
date hereof: (a) Maker is duly organized, validly existing and in good standing under the laws of the State of Delaware, is authorized to conduct business in every state or jurisdiction in which the nature of Maker’s business or the
ownership of its assets requires such authorization and has all requisite power and authority to carry on its business as now conducted and as proposed to be conducted; (b) all action on the part of Maker that is necessary for the
authorization, execution, delivery and performance of this Promissory Note has been taken; (c) this Promissory Note, when executed and delivered, will constitute the valid and legally binding obligation of Maker, enforceable against Maker in
accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights generally; and (d) no consent, approval,
order or authorization of, or registration, declaration or filing with, or notice to, any governmental authority is required in connection with the execution, delivery and performance of Maker’s obligations hereunder. 

Maker hereby waives presentment, demand, notice of dishonor, protest, notice of protest and all other demands, protests and notices in
connection with the execution, delivery, performance, collection and enforcement of this Promissory Note. The Maker shall pay all costs of collection when incurred, including reasonable attorneys’ fees, costs and expenses. 

This Promissory Note shall be construed and interpreted in accordance with, and be governed by the internal laws of, the State of Delaware,
without regard to principles of conflict of laws. 
 This Promissory Note may only be amended, modified or terminated by an agreement in
writing signed by the party to be charged. This Promissory Note shall be binding upon the permitted successors and assigns of the Maker and inure to the benefit of the Lender and its successors, endorsees and assigns. This Promissory Note shall not
be transferred without the express written consent of Lender, provided that if Lender consents to any such transfer or if notwithstanding the foregoing such a transfer occurs, then the provisions of this Promissory Note shall be binding upon any
successor to Maker and shall inure to the benefit of and be extended to any holder thereof. 
 (signature page follows) 

  
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 IN WITNESS WHEREOF, this Agreement has been duly executed and delivered by the duly
authorized officers of the parties hereto as of the date first written above. 
  

			
	 REVOLUTION LIGHTING

TECHNOLOGIES, INC. (“MAKER”)

		
	 By:
	 	 /s/ Charles J. Schafer

		
	 Name:
	 	 Charles J. Schafer

	 Title:
	 	 President and CFO

	
	 Address: 177 Broad Street

	 12th Floor

	 Stamford, CT 06901

	
	 ASTON CAPITAL, LLC (“LENDER”)

		
	 By:
	 	 /s/ James A. DePalma

		
	 Name:
	 	 James A. DePalma

	 Title:
	 	 Senior Managing Partner




  
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