Exhibit 4.191


 


THIS SECURED PROMISSORY NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”) OF THE SECURITIES LAWS OF ANY STATE. NO SALE OR DISPOSITION MAY BE EFFECTED EXCEPT IN COMPLIANCE WITH RULE
144 UNDER THE ACT OR AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN APPLICABLE EXEMPTION THEREFROM.

 


10% CONVERTIBLE PROMISSORY NOTE


 



	$231,545.21	As of June 1,
    2017       








FOR VALUE RECEIVED,
Prime Acquisition Corp. a Cayman Islands company (“Maker”) promises to pay to the order of Diana Chia-Huei
Liu (“Payee”), or her permitted assigns, the principal sum of Two Hundred Thirty One Thousand Five Hundred
Forty-Five Dollars and Twenty-One Cents ($231,545.21) with interest on the outstanding principal amount at the rate of ten percent
(10.0%) per annum (the “Interest Rate”), in lawful money of the United States of America, on the terms and
conditions described below.


 


The principal sum comprises of the following two components:


 


I.       Expired Promissory
Notes:


a.      Twenty Five Thousand Dollars and No Cents ($25,000.00) dated May 10, 2016;


b.     Twenty Five Thousand Dollars and No Cents ($25,000.00) dated May 23, 2016


c.     Sixty Thousand Five Hundred Dollars and No Cents ($60,500.00) dated May 27, 2016;


d.     Seventy-Seven Thousand Dollars and No Cents ($77,000.00) dated June 1, 2016


 


And their interests accumulated according to the notes’
terms and conditions, to June 1, 2017,


 


II       New loan


 


a.            
Twenty-Five Thousand and No Cents ($25,000.00) made on June 1, 2017






 


1.              
Maturity Date. Unless converted pursuant to Section 5 hereof, the principal amount of this Note and all accrued
and unpaid interest thereon shall be due and payable in full on the date (the “Maturity Date”) that is the
earliest to occur of: (i) the date on which Maker liquidates and winds-up its affairs, or (ii) May 31, 2018.


 


2.              
Interest. This Note shall bear interest on the unpaid principal balance of this Note at the Interest Rate, and shall
be computed on the basis of a 365-day year for the actual number of days elapsed. Interest shall accrue, and be compounded annually,
until all amounts owed under this Note shall be fully repaid, or until converted pursuant to Section 5 hereof.


 


3.              
Optional Pre-Payment. This Note may be pre-paid in whole or in part at any time prior to the Maturity Date without
penalty.


 


4.              
Application of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection
of any sum due under this Note, including (without limitation) reasonable attorneys’ fees and then to the reduction of the
principal balance of this Note.


 


5.              Conversion
Feature. Payee has the option to convert the principal sum and any unpaid interest, either in their entirely or partially,
to common shares of Maker according to the following formula:


 


(i)     The
lower of $1.30 per shares; or


 


(ii)    The
price per share of the next round of financing.


 


 


 






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6.              Events of
Default. The following shall constitute Events of Default:


 


(a)          
Failure to Make Required Payments. The Company fails to make a payment, when due, of any principal or interest due
on this Note, and such default continues for a period of five (5) days.


 


(b)          
Voluntary Bankruptcy, Etc. The commencement by Maker of a voluntary case under the federal bankruptcy code (the
“Bankruptcy Code”), as now constituted or hereafter amended, or any other applicable federal or state bankruptcy,
insolvency, reorganization, rehabilitation or other similar law, or the consent by it to the appointment of or taking possession
by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official) of Maker or for any substantial
part of its property, or the making by it of any assignment for the benefit of creditors, or the failure of Maker generally to
pay its debts as such debts become due, or the taking of corporate action by Maker in furtherance of any of the foregoing.


 


(c)          
Involuntary Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises
in respect of maker in an involuntary case under the Bankruptcy Code, as now or hereafter constituted, or any other applicable
federal or state bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee, custodian, trustee,
sequestrator (or similar official) of Maker or for any substantial part of its property, or ordering the winding-up or liquidation
of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days.


 


(d)          
Adjustment of Interest Rate. The interest rate will automatically be adjusted to twenty-four percent (24%) per annum
on all unpaid principal amount.


 


(e)          
Conversion Discount. At the option of the Payee the amount owe can be converted to Common Shares of Maker at a thirty
percent (30%) discount to the then price.


 


7.              Remedies.


 


(a)       Upon
the occurrence of an Event of Default specified in Section 6(a), Payee may, by written notice to Maker, declare this Note to be
due and payable, whereupon the principal balance of, and all other sums payable with regard to, 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, anything
contained herein or in the documents evidencing the same to the contrary notwithstanding.


 


(b)       Upon
the occurrence of an Event of Default specified in Sections 6(b) and 6(c), the principal balance of, and all other sums payable
with regard to, this Note shall automatically and immediately become due and payable, in all cases without any action on the part
of Payee.


 


8.              Waivers. Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand,
notice of dishonor, protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings
instituted by Payee under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future
laws exempting any property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment,
levy or sale under execution, or providing for any stay of execution, exemption from civil process, or extension of time for payment;
and Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of
execution issued hereon, may be sold upon any such writ in whole or in part in any order desired by Payee.


 


9.              Unconditional Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance,
default, or enforcement of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the
liability of any other party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or
modification granted or consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications
that may be granted by Payee with respect to the payment or other provisions of this Note, and agree that additional makers, endorsers,
guarantors, or sureties may become parties hereto without notice to them or affecting their liability hereunder.


 


 


 






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10.             Notices. Any notice called for hereunder shall be deemed properly given if (i) sent by certified mail, return receipt
requested, (ii) personally delivered, (iii) dispatched by any form of private or governmental express mail or delivery service
providing receipted delivery, (iv) sent by telefacsimile or (v) sent by e-mail, to the following addresses or to such other address
as either party may designate by notice in accordance with this Section:


 


If to Maker:


 


Prime Acquisition Corp.


No. 322, Zhongshan East Road


Shijiazhuang


Hebei Province, 050011


People’s Republic of China


Attention: Chief Executive Officer


 


If to Payee:


 


Diana Liu


c/o 15F, 300 ChangChun Road,


Taipei, Taiwan


104-87


 


Notice shall be deemed given on
the earlier of (i) actual receipt by the receiving party, (ii) the date shown on a telefacsimile transmission confirmation, (iii)
the date on which an e-mail transmission was received by the receiving party’s on-line access provider (iv) the date reflected
on a signed delivery receipt, or (vi) two (2) Business Days following tender of delivery or dispatch by express mail or delivery
service.


 


11.            Restriction on Transferability. Payee shall not offer, sale, transfer or otherwise dispose of this Note without
the written consent of Maker, and any such offer, sale, transfer or disposition made without the written consent of Maker shall
be void and of no effect, and Maker shall not unreasonably withheld such consent.


 


12.           Construction. This Note shall be construed and enforced in accordance with the domestic, internal law, but not the
law of conflict of laws, of the State of New York.


 


13.           JURISDICTION; SERVICE; WAIVERS.     ANY ACTION OR PROCEEDING IN CONNECTION WITH THIS NOTE
MAY BE BROUGHT IN A COURT OF RECORD OF THE STATE OF NEW YORK IN THE COUNTY OF NEW YORK. THE PARTIES TO THIS AGREEMENT HEREBY CONSENT
TO THE EXCLUSIVE JURISDICTION OF SUCH COURTS OF THE STATE OF NEW YORK, AND SERVICE OF PROCESS MAY BE MADE UPON THE PARTIES TO
THIS NOTE BY MAILING A COPY OF THE SUMMONS AND ANY COMPLAINT TO SUCH PERSON, BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED,
AT ITS ADDRESS TO BE USED FOR THE GIVING OF NOTICES UNDER THIS NOTE. BY ACCEPTANCE HEREOF, THE PARTIES HERETO EACH HEREBY IRREVOCABLY
AND UNCONDITIONALLY WAIVES ANY OBJECTION, INCLUDING, WITHOUT LIMITATION, ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE
GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OR MAINTAINING OF ANY SUCH ACTION OR PROCEEDING
IN SUCH JURISDICTION.


 


14.            Severability. Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall,
as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining
provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction.




 


 


 






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IN WITNESS WHEREOF, Maker, intending to
be legally bound hereby, has caused this Note to be issued as of the day and year first above written.


 





	 	PRIME ACQUISITION CORP.
	 	 
	 	 
	 	By: /s/ George Kaufman
	 	       Name:   George Kaufman
	 	       Title:     Director







 


 


 


 


Acknowledged and Agreed To:


 


 


/s/ Diana Chia-Huei Liu


Diana Chia-Huei Liu