Document:

Exhibit 4.26

 

AMENDMENT
#1 TO THE CONVERTIBLE PROMISSORY NOTE 

AISSUED ON OR AROUND APRIL 21, 2017 

THIS
AMENDMENT #1 to the Note (as defined below) (the “Amendment”) is entered into on November 10, 2017 (the “Effective
Date”), by and between Arkados Group, Inc., a Delaware corporation (the “Company”), and SBI Investments LLC,
2014-1 (the “Holder”) (collectively the “Parties”).

BACKGROUND

A.
The Company issued that certain convertible promissory note in the original principal amount of $318,181.00 (the “Note”)
to the Holder on or around April 21, 2017 (the “Issue Date”).

B.
The Company and Holder desire to amend the Note as set forth expressly below.

NOW
THEREFORE, in consideration of the execution and delivery of the Amendment and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Parties agree as follows:

1.
       The Holder shall forbear from enforcing its rights under Section 3.1 of the Note, for
any events that may have occurred prior to the date of this Amendment, so long as the Company fully complies with this Amendment.

2.
       The Maturity Date of the Note shall be extended to November 21, 2017, if the Company issues 100,000 shares of its common stock
to the Holder on or before November 13, 2017. 

3.
       So long as the Company timely fulfilled its obligations under Section 1 of this Amendment, the Maturity Date of the Note shall
be extended to December 21, 2017, if the Company issues 100,000 shares of its common stock to the Holder on or before November
22, 2017. 

4.
       So long as the Company timely fulfilled its obligations under Section 1 and 2 of this Amendment, the Maturity Date of the Note
shall be extended to January 21, 2017, if the Company issues 100,000 shares of its common stock to the Holder on or before December
22, 2017. 

5.
       So long as the Company timely fulfilled its obligations under Section 1, 2, and 3 of
this Amendment, the Maturity Date of the Note shall be extended to February 21, 2018, if the Company issues 100,000 shares of
its common stock to the Holder on or before January 22, 2018.

6.
       All issuances of the Company’s common stock hereunder shall be in accordance with
the beneficial ownership limitations contained in the Note. In the event that any issuance hereunder would exceed the beneficial
ownership limitations provided in the Note, the Holder shall request such issuances in tranches such that the beneficial ownership
limitations in the Note are complied with.

7.
       This Amendment shall be deemed part of, but shall take precedence over and supersede
any provisions to the contrary contained in the Note. Except as specifically modified hereby, all of the provisions of the Note,
which are not in conflict with the terms of this Amendment, shall remain in full force and effect.

[Signature
page to follow]

 

    1

     

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first above written.

 

	Arkados Group, Inc.	 	SBI Investments LLC, 2014-1
	 	 	 	 	 
	By:	/s/ Terrence
    DeFranco	 	By:	/s/ Peter
    Wisniewski
	Name: Terrence DeFranco	 	Name: Peter Wisniewski
	Title: Chief Executive Officer	 	Title: President

 

2Exhibit 4.27

 

AMENDMENT #1 TO THE CONVERTIBLE PROMISSORY
NOTE 

AISSUED ON OR AROUND APRIL 21, 2017

 

THIS AMENDMENT #1 to the Note (as defined
below) (the “Amendment”) is entered into on November 10, 2017 (the “Effective Date”), by and between Arkados
Group, Inc., a Delaware corporation (the “Company”), and L2 Capital, LLC (the “Holder”) (collectively the “Parties”).

 

BACKGROUND

 

A.
The Company issued that certain convertible promissory note in the original principal amount of $581,818.00 (the “Note”)
to the Holder on or around April 21, 2017 (the “Issue Date”).

 

B.
The Company and Holder desire to amend the Note as set forth expressly below.

 

NOW THEREFORE, in consideration of the execution
and delivery of the Amendment and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the Parties agree as follows:

 

1.
       The Holder shall forbear from enforcing its rights under Section 3.1 of the Note,
for any events that may have occurred prior to the date of this Amendment, so long as the Company fully complies with this Amendment.

 

2.
       The Maturity Date of the Note shall be extended to November 21, 2017, if the Company issues 100,000 shares of its common
stock to the Holder on or before November 13, 2017.

 

3.        So
long as the Company timely fulfilled its obligations under Section 1 of this Amendment, the Maturity Date of the Note shall be
extended to December 21, 2017, if the Company issues 100,000 shares of its common stock to the Holder on or before November 22,
2017.

 

4.        So
long as the Company timely fulfilled its obligations under Section 1 and 2 of this Amendment, the Maturity Date of the Note shall
be extended to January 21, 2017, if the Company issues 100,000 shares of its common stock to the Holder on or before December
22, 2017.

 

5.
       So long as the Company timely fulfilled its obligations under Section 1, 2, and
3 of this Amendment, the Maturity Date of the Note shall be extended to February 21, 2018, if the Company issues 100,000 shares
of its common stock to the Holder on or before January 22, 2018.

 

6.
       All issuances of the Company’s common stock hereunder shall be in accordance
with the beneficial ownership limitations contained in the Note. In the event that any issuance hereunder would exceed the beneficial
ownership limitations provided in the Note, the Holder shall request such issuances in tranches such that the beneficial ownership
limitations in the Note are complied with.

 

7.
      This Amendment shall be deemed part of, but shall take precedence over and supersede
any provisions to the contrary contained in the Note. Except as specifically modified hereby, all of the provisions of the Note,
which are not in conflict with the terms of this Amendment, shall remain in full force and effect.

 

[Signature page to follow] 

 

    1 

     

    

 

IN WITNESS WHEREOF, the parties
hereto have executed this Amendment as of the date first above written. 

	 	 	 	 	 
	Arkados Group, Inc.	 	L2 Capital, LLC
	 	 	 	 	 
	By:	/s/ Terrence DeFranco	 	By:	 
	Name: Terrence DeFranco	 	Name: Adam Long
	Title: Chief Executive Officer	 	Title: Managing Partner

 

2Exhibit 10.28

 

(1)
AGREEMENT AND WAIVER

 

Reference
is hereby made to the Note Purchase Agreement dated May 1, 2017 (the “Agreement”) and Agreement and Waiver
dated August 29, 2017 (the “August Waiver”) by and between Arkados Group, Inc. (now Solbright Group, Inc.),
a Delaware corporation (the “Company”), and the undersigned entities (collectively, “AIP”).
All capitalized terms used but not defined herein shall have the meanings set forth in the Agreement.

 

WHEREAS,
on May 1, 2017 (the “Closing Date”), the Company and AIP completed a financing transaction pursuant to
which the Company raised capital by issuing (i) secured convertible promissory notes (the “Notes”) in the aggregate
principal amount of $2,500,000 and (ii) warrants to purchase shares of Company common stock to AIP and its affiliated entities
in accordance with the terms of the Agreement;

 

WHEREAS,
in connection with entering into the Agreement, the Company also entered into a registration rights agreement of the same
date (the “Registration Rights Agreement”) with AIP with respect to the registration of the shares of Company
common stock issuable upon conversion of the Notes (the “Conversion Shares”) and exercise of the warrants (the
“Warrant Shares” and together with the Conversion Shares, the “Registrable Securities”),
and pursuant to the terms of the Registration Rights Agreement agreed to file a registration statement on Form S-1 (the “Registration
Statement”) by July 15, 2017 (the “Initial Filing Date”) with the Securities and Exchange Commission
to register the Registrable Securities for resale to the public;

 

WHEREAS,
failure to file the Registration Statement by the Initial Filing Date constitutes an “Event of Default” under
Section 9.1(c) of the Agreement, and the Company failed to file the Registration Statement by the Initial Filing Date, which was
extended by the August Waiver to September 1, 2017, and as of December 21, 2017, the Company is still in default of the Agreement
and requested an extension to January 30, 2018;

 

WHEREAS,
failure to meet financial covenants and raise required equity up to date as per Article 8 of the Agreement constitutes an
“Event of Default” and is thus, in default of the Agreement; and

 

WHEREAS,
Section 9.6 of the Agreement gives the Majority Holders the power to instruct the Security Agent waive the Events of Default.

 

NOW
THEREFORE, the parties agree as follows:

 

1.          The
Majority Holders hereby waive, and instruct the Security Agent to waive, the Events of Default referenced in the recitals up to
the December 31, 2017 and extend the Initial Filing Date to January 30, 2018, subject to terms below.

 

    

     

    

 

2.         Arkados
Group, Inc. hereby agrees to issue 1,000,000 additional shares of its common stock, par value $0.0001 per share, to the Holders,
to be issued in four certificates to Noteholder, pro-rata (the “Waiver Fee”).

 

3.         Except
as explicitly stated in this Agreement and Waiver, the terms and conditions of the Agreement remain in full force and effect.
Without limiting the foregoing:

 

(a)
Section 8.1(s) shall apply for periods beginning February 1, 2018.

 

IN WITNESS WHEREOF, the
undersigned have executed this Agreement and Waiver effective as of as of December 21, 2017.

	 	 	 
	 	SOLBRIGHT
                    GROUP, INC.,

		 	 
	 	By:	/s/ Terrence De Franco
	 	Name: Terrence De Franco

	 	Title:   CEO

	 	 	 
	 	AIP
                    ASSET MANAGEMENT INC.,

                    as Security Agent

		 	 
	 	By:	/s/ Jay Bala
	 	Name: Jay Bala, CFA

	 	Title:   President

	 	 	 
	 	AIP
                    PRIVATE CAPITAL INC.,

                    as a Holder

		 	 
	 	By:	/s/ Alex Kanayev
	 	Name: Alex Kanayev

	 	Title:   Managing
                    Partner

 

    	Agreement and Waiver	 2	December 21, 2017

     

    

 

	 	 	 
	 	AIP
CANADIAN ENHANCED INCOME 

	CLASS,	 	 
	 	as a Holder
	 	 	 
	 	By:	/s/ Jay Bala
	 	Name: Jay Bala, CFA

	 	Title: Portfolio Manager

	 	 	 
	 	AIP GLOBAL
MACRO FUND, LP,

as a Holder

		 	 
	 	By:	/s/ Jay Bala
	 	Name: Jay Bala, CFA

	 	Title: Portfolio Manager

	 	 	 
	 	AIP
GLOBAL MACRO CLASS,

as a Holder 

	 	 	 
	 	By:	/s/ Jay Bala
	 	Name: Jay Bala, CFA

	 	Title: Portfolio Manager

  

    	Agreement and Waiver	 3	December 21, 2017

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