Exhibit 10.1


 


PROMISSORY
NOTE


 


	Principal	 	Loan
    Date	 	Maturity	 	Loan
    No	 	Call/
    Coll	 	Account	 	Initials
	$
    390,820.0 0	 	04-28-2020	 	04-28-2022	 	-	 	4A
    / 310	 	-	 	 


 


References
in the boxes above are for Lender’s use only and do not limit the applicability of this document to any particular loan
or item.


Any item above containing “***” has been omitted due to text length limitations,


 


	Borrower:	SINTX
        Technologies, Inc

        18
        85 W 21 00 S

        Salt
        Lake City, UT 84119
	Lender:	First
        State Community Bank

        Columbia
        Branch

        300
        Diego Drive

        Columbia,
        MO 65203



 


 


	Principal
    Amount: $390,820.00	Date
    of Note: April 28, 2020


 


PROMISE
TO PAY. SINTX Technologies, Inc (“Borrower”) promises to pay to First State Community Bank (“
Lender”) , or order, In lawful money of the United States of America, the principal amount of Three
Hundred Ninety Thousand Eight Hundred Twenty & 00/10 0 Dollars ($390,820.00), together with Interest on the
unpaid principal balance from April 28, 2020, calculated as described In the “INTEREST CALCULATION METHOD”
paragraph using an interest rate of 1.000% per annum based on a year of 360 days, until paid in
full. The interest rate may change under the terms and conditions of the “INTEREST AFTER DEFAULT”
section.


 


PAYMENT.
Borrower will pay this loan in 18 payments of $21,998.10 each payment. Borrower’s first payment Is due
November 28, 2020, and all subsequent payments are due on the same day of each month after that. Borrower’s
final payment will be due on April 28, 2022, and will be for all principal and all accrued interest not yet
paid. Payments Include principal and Interest. Unless otherwise agreed or required by applicable law,
payments will be applied first to any escrow or reserve account payments as required under any mortgage,
deed of trust, or other security Instrument or security agreement securing this Note; then to any accrued unpaid
Interest; then to principal; and then to any late charges. Borrower will pay Lender at Lender’s address
shown above or at such other place as Lender may designate in writing.


 


INTEREST
CALCULATION METHOD. Interest on this Note is computed on a 365/360 basis; that is, by applying the ratio
of the interest rate over a year of 360 days, multiplied by the outstanding principal balance, multiplied by
the actual number of days the principal balance Is outstanding. All Interest payable under this Note Is computed
using this method. This calculation method results in a higher effective interest rate than the numeric
Interest rate stated in this Note.


 


PREPAYMENT.
Borrower may pay without penalty all or a portion of the amount owed earlier than it is due. Early payments will not, unless
agreed to by Lender in writing, relieve Borrower of Borrower’s obligation to continue to make payments under the payment
schedule. Rather, early payments will reduce the principal balance due and may result in Borrower’s making fewer payments.
Borrower agrees not to send Lender payments marked “paid in full “, “without recourse”, or similar language.
If Borrower sends such a payment, Lender may accept it without losing any of Lender’s rights under this Note, and Borrower
will remain obligated to pay any further amount owed to Lender. All written communications concerning disputed amounts,
including any check or other payment instrument that Indicates that the payment constitutes “ payment In full “ of
the amount owed or that is tendered with other conditions or limitations or as full satisfaction of a disputed amount must be
mailed or delivered to: First State Community Bank , Columbia Branch, 300 Diego Drive, Columbia, MO 65203.


 


LATE
CHARGE. If a payment is more than 15 days late, Borrower will be charged 5.000 % of the regularly scheduled payment or $50.00,
whichever is greater.


 


INTEREST
AFTER DEFAULT. Upon default, including failure to pay upon final maturity, the interest rate on this Note shall be increased by
5.000 percentage points. However, in no event will the interest rate exceed the maximum interest rate limitations under applicable
law,


 


DEFAULT.
Each of the following shall constitute an event of default (“Event of Default”) under this Note:


 


Payment Default.
Borrower fails to make any payment when due under this Note,


 


Other
Default s. Borrower fails to comply with or to perform any other term, obligation, covenant or condition contained in this Note
or in any of the related documents or to comply with or to perform any term, obligation, covenant or condition contained in any
other agreement between Lender and Borrower.


 


Default
In Favor of Third Parties. Borrower or any Granter defaults under any loan, extension of credit. security agreement, purchase
or sales agreement, or any other agreement, in favor of any other creditor or person that may materially affect any of Borrower’s
property or Borrower’s ability to repay this Note or perform Borrower’s obligations under this Note or any of the
related documents.


 



    	 



    	 



    

 


PROMISSORY
NOTE


(Continued)


	Loan No: -	Page
    2


 


 



False
Statements. Any warranty, representation or statement made or furnished to Lender by Borrower or on Borrower’s behalf
under this Note or the related documents is false or misleading in any material respect, either now or at the time made or furnished
or becomes false or misleading at any time thereafter.


 


Insolvency.
The dissolution or termination of Borrower’s existence as a going business, the insolvency of Borrower, the appointment
of a receiver for any part of Borrower’s property, any assignment for the benefit of creditors, any type of creditor workout,
or the commencement of any proceeding under any bankruptcy or insolvency laws by or against Borrower,


 


Creditor
or Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help, repossession
or any other method, by any creditor of Borrower or by any governmental agency against any collateral securing the loan. This
includes a garnishment of any of Borrower’s accounts, including deposit accounts, with Lender. However, this Event of Default
shall not apply if there is a good faith dispute by Borrower as to the validity or reasonableness of the claim which is the basis
of the creditor or forfeiture proceeding and if Borrower gives Lender written notice of the creditor or forfeiture proceeding
and deposits with Lender monies or a surety bond for the creditor or forfeiture proceeding, in an amount determined by Lender,
in its sole discretion, as being an adequate reserve or bond for the dispute.


 


Events
Affecting Guarantor. Any of the preceding events occurs with respect to any guarantor, endorser, surety, or accommodation party
of any of the indebtedness or any guarantor, endorser, sure ty, or accommodation party dies or becomes incompetent, or revokes
or disputes the validity of, or liability under, any guaranty of the indebtedness evidenced by this Note.


 


Change
In Ownership. Any change in ownership of twenty-five percent (25%) or more of the common stock of Borrower,


 


Adverse
Change. A material adverse change occurs in Borrower’s financial condition, or Lender believes the prospect of payment or
performance of this Note is impaired


 


Insecurity.
Lender in good faith believes itself insecure.


 


LENDER’S
RIGHTS. Upon default, Lender may declare the entire unpaid principal balance under this Note and all accrued unpaid interest immediately
due, and then Borrower will pay that amount.


 


ATTORNEYS’
FEES; EXPENSES. Lender may hire or pay someone else to help collect this Note if Borrower does not pay, Borrower will pay Lender
that amount. This includes, subject to any limits under applicable law, Lender’s attorneys’ fees and Lender’s
legal expenses whether or not there is a lawsuit, including attorneys’ fees and expenses for bankruptcy proceedings (including
efforts to modify or vacate any automatic stay or injunction), and appeals, If not prohibited by applicable law, Borrower also
will pay any court costs, in addition to all other sums provided by law.


 


GOVERNING
LAW. This Note will be governed by federal law applicable to Lender and, to the extent not preempted by federal law, the laws
of the State of Missouri without regard to its conflicts of law provisions. This Note has been accepted by Lender in the State
of Missouri.


 


CHOICE
OF VENUE. If there is a lawsuit, Borrower agrees upon Lender’s request to submit to the jurisdiction of the courts of Boone
County, State of Missouri.


 


DISHONORED
ITEM FEE. Borrower will pay a fee to Lender of $31.50 if Borrower makes a payment on Borrower’s loan and the check or preauthorized
charge with which Borrower pays is later dishonored.


 


RIGHT
OF SETOFF. To the extent permitted by applicable law, Lender reserves a right of setoff in all Borrower’s accounts with
Lender (whether checking, savings, or some other account). This includes all accounts Borrower holds jointly with someone else
and all accounts Borrower may open in the future How eve r, this does not include any IRA or Keogh accounts, or any trust accounts
for which setoff would be prohibited by law. Borrower authorizes Lender, to the extent permitted by applicable law. to charge
or setoff all sums owing on the debt against any and all such accounts, and, at Lender’s option, to administratively freeze
all such accounts to allow Lender to protect Lender’s charge and setoff rights provided in this paragraph.


 




    	 



    	 



    

 


PROMISSORY
NOTE


(Continued)


	Loan No: -	Page
    3


 


 


ADDITIONAL
TERMS CLAUSE. Notwithstanding the oral agreements clause below, in addition to the terms contained in this document It is
also agreed that the terms of any documents pursuant to which the loan is made or which secures the loan are also binding on the
undersigned.


 


SUCCESSOR
INTERESTS. The terms of this Note shall be binding upon Borrower, and upon Borrower’s heirs, personal representatives,
successors and assigns, and shall Inure to the benefit of Lender and its successors and assigns.


 


GENERAL
PROVISIONS. If any part of this Note cannot be enforced, this fact will not affect the rest of the Note. lender may delay
or forgo enforcing any of its rights or remedies under this Note without losing them. Borrower and any other person who signs,
guarantees or endorses this Note, to the extent allowed by law, waive presentment, demand for payment, and notice of dishonor.
Upon any change in the terms of this Note, and unless otherwise expressly stated In writing, no party who signs this Note, whether
as maker, guarantor, accommodation maker or endorser, shall be released from liability. All such parties agree that lender may
renew or extend (repeatedly and for any length of time) this loan or release any party or guarantor or collateral; or impair,
fail to realize upon or perfect Lender’s security interest in the collateral: and take any other action deemed necessary
by Lender without the consent of or notice to anyone. All such parties also agree that lender may modify this loan without the
consent of or notice to anyone other than the party with whom the modification is made. The obligations under this Note are joint
and several.


 


ORAL
OR UNEXECUTED AGREEMENTS OR COMMITMENTS TO LOAN MONEY, EXTEND CREDIT OR TO
FORBEAR FROM ENFORCING REPAYMENT OF A DEBT INCLUDING PROMISES TO EXTEND OR RENEW
SUCH DEBT ARE NOT ENFORCEABLE, REGARDLESS OF THE LEGAL THEORY UPON WHICH IT
IS BASED THAT IS IN ANY WAY RELATED TO THE CREDIT AGREEMENT. TO PROTECT YOU (BORROWER(S))
AND US (CREDITOR) FROM MISUNDERSTANDING OR DISAPPOINTMENT, ANY AGREEMENTS WE REACH COVERING SUCH MATTERS ARE CONTAINED IN THIS
WRITING, WHICH IS THE COMPLETE AND EXCLUSIVE STATEMENT OF THE
AGREEMENT Between US, EXCEPT AS WE MAY LATER AGREE IN WRITING TO MODIFY IT.


 


JURY
WAIVER. Lender and Borrower hereby waive the right to any jury trial In any action, proceeding, or counterclaim brought
by either Lender or Borrower against the other.


 


PRIOR
TO SIGNING THIS NOTE, BORROWER READ AND UNDERSTOOD ALL THE
PROVISIONS OF THIS NOTE. BORROWER AGREES TO
THE TERMS OF THE NOTE.


 


BORROWER
ACKNOWLEDGES RECEIPT OF A COMPLETED COPY OF THIS PROMISSORY NOTE.


 


	BORROWER:	 
	 	 	 
	SINTX TECHNOLOGIES, INC	 
	 	 	 
	By:	 	 
	 	Dr. Bhajanjit S. Bal, Chief Executive Officer
    of SINTIC Technologies, Inc