Document:

Exhibit 10.2

 

ROCK CREEK PHARMACEUTICALS, INC.

2016 OMNIBUS INCENTIVE PLAN

STOCK OPTION AWARD AGREEMENT

 

__________________ 

__________________

__________________

 

Dear ______________:

 

You have been granted an option (this “Option”)
to purchase shares of the common stock of Rock Creek Pharmaceuticals, Inc. (the “Company”) pursuant to the Company’s
2016 Omnibus Incentive Plan (the “Plan”) and this Stock Option Award Agreement (this “Option Agreement”).
This Option is granted under and governed by the terms and conditions of the Plan and this Option Agreement. Additional provisions
regarding this Option and definitions of capitalized terms used and not defined in this Option Agreement can be found in the Plan.

 

	Grant Date:	
        _____________ ___, 20__

         

	Type of Option:	
         ̈
        Incentive Stock         Option

         ̈
        Nonqualified         Stock Option

         

	
        Number of Option Shares:

         
	
         

        ___________

         

	
        Exercise Price per Share:

         
	
         

        $__.__

         

	Term:	
        This Option shall expire on the tenth anniversary
        of the Grant Date (the “Expiration Date”), unless terminated earlier pursuant to the terms of this Option Agreement
        or the Plan. Notwithstanding the foregoing, if this Option is designated as an Incentive Stock Option and is granted to an employee
        who, at the time of the grant, owns (directly or indirectly, within the meaning of Code Section 424(d)) more than ten percent (10%)
        of the total combined voting power of all classes of stock of the Company or of any Subsidiary, then the Expiration Date shall
        mean the fifth anniversary of the Grant Date.

         

        Upon termination or expiration of this
        Option, all your rights hereunder shall cease.

         

	Vesting:	
        This Option will vest in increments of
        ____% of the total number of shares covered by this Option on the ____________ anniversaries of the Grant Date, provided that you
        are continuously employed with or in the service of the Company or its Affiliates through such anniversary date.

         

        The vesting of this Option may
be accelerated in the Administrator’s sole discretion if it determines circumstances so warrant. 

 

     

     

    

 

	Termination of Employment:	The following conditions apply in the event that your employment or service with the Company and its Affiliates is terminated prior to the Expiration Date of this Option. In no event, however, will the time periods described herein extend the term of this Option beyond its Expiration Date or beyond the date this Option is otherwise cancelled or terminates pursuant to the provisions of the Plan.
	 	 	 
	 	a.	Termination Other than As a Result of Death, Disability or Cause. If your employment or service terminates (at
    a time when you could not have been terminated for Cause) other than by reason of your death or Disability and other than
    for Cause, then the unvested portion of this Option shall automatically terminate immediately and the vested portion of this
    Option shall automatically terminate 90 days after the date of such termination.
	 	 	 
	 	b.	Termination for Cause. If your employment or service terminates for Cause, then this Option shall automatically
    terminate immediately on the date of such termination.
	 	 	 
	 	c.	Termination As a Result of Death or Disability. If your employment or service terminates by reason of your death
    or Disability (at a time when you could not have been terminated for Cause), then the unvested portion of this Option shall
    automatically terminate immediately and the vested portion of this Option shall automatically terminate 12 months after such
    termination.
	 	 	 
	 	d.	Determination of Cause After Termination. Notwithstanding the foregoing, if after your employment or service terminates
    the Company determines that it could have terminated you for Cause had all relevant facts been known at the time of your termination,
    then the Company may terminate this Option immediately upon such determination, and you will be prohibited from exercising
    this Option thereafter. In such event, you will be notified of the termination of this Option.
	 	 	 
	 	If the date this Option terminates as specified above (other than as a result of a termination for Cause) falls on a day on which the stock market is not open for trading or on a date on which you are prohibited by Company policy (such as an insider trading policy) from exercising the Option, the termination date shall be automatically extended to the first available trading day following the original termination date, but not beyond the Expiration Date.

 

    	 	2	 

     

    

 

	Manner of Exercise:	You may exercise this Option only if it has not been forfeited or has not otherwise expired, and only to the extent this Option is vested. To exercise this Option, you must comply with such exercise and notice procedures as the Administrator may establish from time to time, including, without limitation, payment of the exercise price and any applicable tax withholding amounts. Unless otherwise determined by the Administrator, the payment of the exercise price and applicable tax withholding amounts may be made at your election (i) in cash or its equivalent (e.g., by check), (ii) in Shares having a Fair Market Value equal to the aggregate exercise price for the Shares being purchased and satisfying such other requirements as may be imposed by the Administrator (provided that such Shares have been held by the Participant for no less than six months or such other period, if any, as established from time to time by the Administrator to avoid adverse accounting treatment under generally accepted accounting principles) or (iii) partly in cash and partly in such Shares. To the extent expressly permitted by the Administrator, the payment of the exercise price and applicable tax withholding amounts may be made at your election by any of the foregoing methods or by having the Company withhold from the Shares otherwise issuable upon exercise a whole number of shares with a Fair Market Value equal to the exercise price and applicable tax withholding amounts and issuing the net number of remaining Shares to you. Notwithstanding anything to the contrary herein, the amount to be withheld may not exceed the total minimum federal, state and local tax withholding obligations associated with the transaction to the extent needed for the Company and its Affiliates to avoid an accounting charge. 
	 	 	 
	 	A properly completed notice of stock option exercise (or such other notice as is prescribed) will become effective upon receipt of the notice and any required payment by the Company (or its designee); provided that the Company may suspend exercise of the Option pending its determination of whether your employment will be or could have been terminated for Cause and, if such a determination is made, your notice of stock option exercise (or such other notice as is prescribed) will automatically be rescinded.
	 	 	 
	 	If, following your death, your beneficiary or heir, or such other person or persons as may acquire your rights under this Option by will or by the laws of descent and distribution, wishes to exercise this Option, such person must contact the Company and prove to the Company’s satisfaction that such person has the right and is entitled to exercise this Option.
	 	 	 
	 	Your ability to exercise this Option, or the manner of exercise or payment of withholding taxes, may be restricted by the Company if required by applicable law or by the Company’s trading policies as in effect from time to time.

 

	Restrictions on Resale:	By accepting this Option, you agree not to sell any shares of Stock acquired under this Option at a time when applicable laws, Company policies or an agreement between the Company and its underwriters prohibit a sale.
	 	 	 
	Transferability:	You may not transfer or assign this Option for any reason, other than by will or the laws of descent and distribution or as otherwise set forth in the Plan. Any attempted transfer or assignment of this Option, other than as set forth in the preceding sentence or the Plan, will be null and void.

 

    	 	3	 

     

    

 

	Market Stand-Off:	In connection with any underwritten public offering by the Company of its equity securities pursuant to an effective registration statement filed under the Securities Act of 1933, as amended (the “Securities Act”), you agree that you shall not directly or indirectly sell, make any short sale of, loan, hypothecate, pledge, offer, grant or sell any option or other contract for the purchase of, purchase any option or other contract for the sale of, or otherwise dispose of or transfer or agree to engage in any of the foregoing transactions with respect to, any Shares acquired under this Option without the prior written consent of the Company and the Company’s underwriters. Such restriction shall be in effect for such period of time following the date of the final prospectus for the offering as may be requested by the Company or such underwriters. In no event, however, shall such period exceed one hundred eighty (180) days.
	 	 	 
	Recoupment; Rescission of Exercise:	If the Administrator determines that recoupment of incentive compensation paid to you pursuant to this Option is required under any law or any recoupment policy of the Company, then this Option will terminate immediately on the date of such determination to the extent required by such law or recoupment policy, any prior exercise of this Option may be deemed to be rescinded, and the Administrator may recoup any such incentive compensation in accordance with such recoupment policy or as required by law. The Company shall have the right to offset against any other amounts due from the Company to you the amount owed by you hereunder and any exercise price and withholding amount tendered by you with respect to any such incentive compensation.
	 	 	 
	Notice of Disqualifying Disposition:	If this Option is designated as an Incentive Stock Option and you sell Shares that were acquired through the exercise of this Option within two years from the Grant Date or one year from the date of exercise, you must notify the Administrator of the sale to permit proper treatment of the compensation expense.

 

    	 	4	 

     

    

 

	Restrictions on Exercise, Issuance and Transfer of Shares:	a.	General. No individual may exercise this Option, and no shares of Stock subject to this Option
    will be issued, unless and until the Company has determined to its satisfaction that such exercise and issuance will comply
    with all applicable federal and state securities laws, rules and regulations of the Securities and Exchange Commission, rules
    of any stock exchange on which shares of Stock of the Company may then be traded, or any other applicable laws. In addition,
    if required by underwriters for the Company, you agree to enter into a lock-up agreement with respect to any shares of Stock
    acquired or to be acquired under this Option.
	 	 	 
	 	b.	Securities Laws. You acknowledge that you are acquiring this Option, and the right to purchase the shares of Stock
    subject to this Option, for investment purposes only and not with a view toward resale or other distribution thereof to the
    public which would be in violation of the Securities Act. You agree and acknowledge with respect to any shares of Stock that
    have not been registered under the Securities Act, that: (i) you will not sell or otherwise dispose of such shares of Stock,
    except as permitted pursuant to a registration statement declared effective under the Securities Act and qualified under any
    applicable state securities laws, or in a transaction which in the opinion of counsel for the Company is exempt from such
    required registration, and (ii) that a legend containing a statement to such effect will be placed on the certificates evidencing
    such shares of Stock. Further, as additional conditions to the issuance of the shares of Stock subject to this Option, you
    agree (with such agreement being binding upon any of your beneficiaries, heirs, legatees and/or legal representatives) to
    do the following prior to any issuance of such shares of Stock: (i) to execute and deliver to the Company such investment
    representations and warranties as are required by the Company; (ii) to enter into a restrictive stock transfer agreement if
    required by the Board; and (iii) to take or refrain from taking such other actions as counsel for the Company may deem necessary
    or appropriate for compliance with the Securities Act, and any other applicable federal or state securities laws, regardless
    of whether the shares of Stock have at that time been registered under the Securities Act, or otherwise qualified under any
    applicable state securities laws.
	 	 	 
	Miscellaneous:	• 	This Option Agreement may be amended only by written consent signed by both you and the Company, unless the amendment is not to
        your detriment or the amendment is otherwise permitted without your consent by the Plan. 
	 	 	 
	 	•	The failure of the Company to enforce any provision of this Option Agreement at any time shall in no way constitute a waiver of
        such provision or of any other provision hereof.
	 	 	 
	 	•	You will have none of the rights of a stockholder of the Company with respect to this Option until Shares are transferred to you
        upon exercise of the Option.
	 	 	 
	 	•	In the event any provision of this Option Agreement is held illegal or invalid for any reason, such illegality or invalidity shall
        not affect the legality or validity of the remaining provisions of this Option Agreement, and this Option Agreement shall be construed
        and enforced as if the illegal or invalid provision had not been included in this Option Agreement.
	 	 	 
	 	•	As a condition to the grant of this Option, you agree (with such agreement being binding upon your legal representatives, guardians,
        legatees or beneficiaries) that this Option Agreement shall be interpreted by the Administrator and that any interpretation by
        the Administrator of the terms of this Option Agreement or the Plan, and any determination made by the Administrator pursuant to
        this Option Agreement or the Plan, shall be final, binding and conclusive.
	 	 	 
	 	•	This Option Agreement may be executed in counterparts.

 

    	 	5	 

     

    

  

BY SIGNING BELOW AND AGREEING TO THIS STOCK
OPTION AWARD AGREEMENT, YOU AGREE TO ALL OF THE TERMS AND CONDITIONS DESCRIBED HEREIN AND IN THE PLAN. YOU ALSO ACKNOWLEDGE HAVING
READ THIS AGREEMENT AND THE PLAN.

 

ROCK CREEK PHARMACEUTICALS, INC.

 

 

	By:	 	 	 	 
	 	[Name of Authorized Officer]	 	[Name
of Recipient]	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	Date:	 	 	 	 

 

    	 	6	 

     

    

  

ROCK CREEK PHARMACEUTICALS, INC.

NOTICE OF STOCK OPTION EXERCISE

 

Your completed form should be delivered
to: _________________________, ____________________________. Phone: ___________________

Fax: _____________________________________.
 Incomplete forms may cause a delay in processing your option exercise.

 

OPTIONEE
INFORMATION

 

Please complete the following. PLEASE
WRITE YOUR FULL LEGAL NAME SINCE THIS NAME MAY BE ON YOUR STOCK CERTIFICATE OR APPEAR IN THE BOOK ENTRY FOR YOUR SHARES. 

 

Name:_______________________________________________________________________

 

Street Address: _______________________________________________________________

 

City: _____________________State:_________________Zip
Code:_______________

 

Work Phone #: (_____) - _______- ________
Home Phone #: (_____) - _______- __________

 

Social Security #: ______ - _____ - _______

 

DESCRIPTION
OF OPTION(S) BEING EXERCISED

 

Please complete the following for each
option that you wish to exercise. 

 

	Grant Date	
        Type of Option

        (specify ISO or NQSO)
	Exercise Price Per Share	Number of Option Shares Being Purchased* 	Total Exercise Price (multiply Exercise Price Per Share by Number of Option Shares Being Purchased)
	
         

         
	 	$	 	$
	
         

         
	 	$	 	$
	
         

         
	 	$	 	$
	
         

         
	 	$	 	$
	
         

         
	 	$	 	$
	Aggregate Exercise Price	
        $

         

 

*Must be a whole number only. Exercise of
fractional Option Shares is not permitted.

METHOD
OF PAYMENT OF OPTION EXERCISE PRICE

 

Please select only one:

 

		q	Cash Exercise.
I am enclosing a check or money order payable to “Rock Creek Pharmaceuticals, Inc.” for the Aggregate Exercise Price.

 

		q	Cashless Exercise
(Available Only to the Extent Expressly Permitted by the Company). I am exercising the Option pursuant to the cashless
exercise provisions provided for by the Company. The Company will withhold from the Shares otherwise issuable upon exercise a whole
number of shares with a Fair Market Value equal to (or less than) the Aggregate Exercise Price, and will then issue the net number
of remaining Shares to me. If the whole number of Shares to be withheld does not exactly equal my Aggregate Exercise Price, then
the Company will withhold the whole number of Shares necessary to cover my Aggregate Exercise Price, and will issue a check to
me equal to the Fair Market Value of any fractional Share not needed. If your option is designated in the Option agreement as an
incentive stock option (“ISO”), then selecting this method of payment may result in the Option losing its ISO status
and being treated as a nonqualified stock option for tax purposes.

 

     

     

    

 

		q	Share Delivery. I
am enclosing the following certificate(s) for shares of Rock Creek Pharmaceuticals, Inc. common stock to pay for all or a part
of the Aggregate Exercise Price. The Fair Market Value of these shares will be determined as of the date this form is received
by the Company.

 

	Certificate Number	Certificate Date	Number of Shares
	 	 	 
	 	 	 
	 	 	 

 

The Company is instructed to
apply the number of shares indicated above towards the Aggregate Exercise Price. If the number of shares indicated above covers
less than the Aggregate Exercise Price, I also have enclosed (or will promptly provide) a check or money order made payable to
“Rock Creek Pharmaceuticals, Inc.” for the balance of the Aggregate Exercise Price. If the number of shares indicated
above covers more than the Aggregate Exercise Price, the Company will issue to me a new stock certificate for the whole number
of shares not needed to pay the purchase price, and if necessary, a check in the amount of the Fair Market Value of any fractional
share.

 

		q	Cashless Exercise Through
a Broker-Dealer. I have requested through the broker specified below to (select only one):

 

		q	Sell to Cover. Sell
or margin only enough of the option being exercised to cover the Aggregate Exercise Price (and tax withholding, if elected
below), deliver the sale or margin loan proceeds directly to Rock Creek Pharmaceuticals, Inc., and deposit the remaining shares
and any residual cash in my brokerage account.

 

		q	Same-Day-Sale. Sell
or margin all of the shares of common stock issuable upon exercise of the options, deliver a portion of the sale or margin
loan proceeds directly to Rock Creek Pharmaceuticals, Inc. to pay the Aggregate Exercise Price (and tax withholding, if elected
below), and deposit any remaining cash proceeds in my brokerage account.

 

Sale Price*: __________________Sale
Date*: _______________________________

 

*The sale price and sale date
are required in order to execute the cashless exercise.

 

Broker-Dealer Name:_________________________________________________________

 

Contact Person: ______________________________________________________________

 

DWAC – Depository Trust
Company (DTC) #: ____________________________________

 

Brokerage Account #: _________________________________________________________

 

Broker Phone #: (_____)-________-__________ Broker Fax #: (_____)-________-__________

 

If your option is designated
in the Option agreement as an ISO, then selecting this method of payment may result in the Option losing its ISO status and being
treated as a nonqualified stock option for tax purposes. 

 

*It is your responsibility
to contact a broker to open a brokerage account and sell your stock option shares. Rock Creek Pharmaceuticals, Inc. WILL NOT send
this form to your broker.

 

    	 	2	 

     

    

 

CERTIFICATE
OR BOOK ENTRY INSTRUCTIONS

 

Do not complete this portion if you
elected a cashless exercise through a broker-dealer. (Shares issued pursuant to a cashless exercise through a broker-dealer will
be automatically sent to your specified broker.) 

 

Please select only one:

Name(s) in which the purchased shares will
be issued: 

		q	In my name only

		q	In the names of my spouse
and myself as community property

		q	In the names of my spouse
and myself as joint tenants with the rights of survivorship

 

Spouse’s name (if applicable): _______________________________________________

 

The certificate or notice of book entry
for the purchased shares should be sent to the following address (complete only if to be sent to a different address than specified
in Part 1):

 

Street Address: _______________________________________________________________

 

City: _____________________State:_________________Zip
Code:_______________

 

METHOD
OF SATISFYING TAX WITHHOLDING OBLIGATION

 

Please select only one. You do not
need to complete this Part if you are exercising incentive stock options (ISOs) or if you are a non-employee director or consultant.

 

		q	Cash. I am enclosing
a check or money order payable to “Rock Creek Pharmaceuticals, Inc.” for the withholding tax amount.

 

		q	Tax Amount Request.
Please notify me of the amount of withholding taxes that will be due as a result of this option exercise. I understand that, after
receiving notification of the withholding tax amount, I must immediately remit to the Company a check or money order payable to
“Rock Creek Pharmaceuticals, Inc.” for that amount. I understand that the Company will not process my option exercise
until it receives the check or money order covering the withholding tax amount due.

 

		q	Share Delivery. I
am enclosing the following certificate(s) for shares of Rock Creek Pharmaceuticals, Inc. common stock to pay for all or a part
of the withholding tax amount. The Fair Market Value of these shares (as defined in the Plan) will be determined as of the date
this form is received by the Company.

 

	Certificate Number	Certificate Date	Number of Shares
	 	 	 
	 	 	 
	 	 	 

The Company is instructed to
apply the number of shares indicated above towards the withholding tax amount. If the number of shares indicated above covers less
than the withholding tax amount, I also have enclosed (or will promptly provide) a check or money order made payable to “Rock
Creek Pharmaceuticals, Inc.” for the balance of the withholding tax amount If the number of shares indicated above covers
more than the withholding tax amount, the Company will issue to me a new stock certificate or create a new book entry for the whole
number of shares not needed to pay the purchase price, and if necessary, a check in the amount of the Fair Market Value of any
fractional share.

 

		q	Share Withholding (Available
Only to the Extent Expressly Permitted by the Company). The Company is instructed to withhold that number of whole shares
otherwise issuable as a result of the exercise of the Option(s) having a Fair Market Value on the date of exercise equal to the
aggregate minimum federal, state and local taxes required to be withheld. If such number of shares covers more than the aggregate
minimum taxes required to be withheld, the Company will issue to me a check in the amount of the Fair Market Value of any fractional
share.

 

		q	Broker Exercise.
I have elected to exercise my option(s) through a broker. The broker will sell sufficient Shares to pay for the tax amount and
will remit that amount to Rock Creek Pharmaceuticals, Inc.

 

    	 	3	 

     

    

 

ACKNOWLEDGEMENTS
AND SIGNATURE

 

		1.	I understand that all sales of Rock Creek Pharmaceuticals, Inc. common stock received upon exercise
of this option are subject to compliance with the company's policy on securities trades.

		2.	I hereby acknowledge that I have received and read a copy of the plan of Rock Creek Pharmaceuticals,
Inc. under which the Option(s) listed above were issued and a copy of the plan, and understand the tax consequences of an exercise.

		3.	I understand that this Notice cannot be revoked. If I have selected a cashless exercise through
a broker-dealer, I personally guarantee that the Aggregate Exercise Price and applicable taxes will be paid to Rock Creek Pharmaceuticals,
Inc. in full in the event the Company does not receive the full amount from the broker for any reason.

 

Signature: ____________________  Date: _________________________

 

FOR
COMPANY USE ONLY:

Received by the Company on _____________________________________________.

 

    	 	4Exhibit 4.1

 

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”), NOR UNDER ANY STATE SECURITIES LAW AND MAY NOT BE SOLD, PLEDGED, OFFERED FOR
SALE, ASSIGNED OR TRANSFERRED UNLESS (a) A REGISTRATION STATEMENT WITH RESPECT THERETO IS EFFECTIVE UNDER THE SECURITIES ACT, AND
ANY APPLICABLE STATE SECURITIES LAW REQUIREMENTS HAVE BEEN MET OR (B) EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS UNDER THE SECURITIES
ACT AND THE REGISTRATION OR QUALIFICATION REQUIREMENTS OF APPLICABLE STATE SECURITIES LAWS ARE AVAILABLE.

 

 

CONVERTIBLE NOTE

 

	$10,000.00	Issue Date: April 1, 2016
	 	New York, New York
	 	 	 

 

FOR VALUE RECEIVED,
Newtown Lane Marketing, Incorporated, a Delaware corporation (the “Company”), promises to pay to the order of Ironbound
Partners Fund, LLC (“Holder”), at c/o Graubard Miller, 405 Lexington Avenue, 11th Floor, New York, New York
10174 or such other address as instructed by Holder, the principal sum of ten thousand (US$10,000.00) dollars with interest thereon
at the rate of five percent (5%) per annum. Interest as aforesaid shall be calculated on the basis of actual number of days elapsed
over a year of 360 days.

 

The principal amount
and all accrued interest of this Note is due on August 31, 2016 (the “Maturity Date”).

 

This Note is subject
to the following additional provisions:

 

Section 1.           Definitions.
For the purposes hereof, in addition to the terms defined elsewhere in this Note, the following terms shall have the following
meanings:

 

“Business Day” means
any day except Saturday, Sunday and any day which shall be a federal legal holiday in the United States or a day on which banking
institutions in the State of New York are authorized or required by law or other government action to close.

 

“Common Stock” means
the common stock, par value $0.001 per share, of the Company and stock of any other class into which such shares may hereafter
have been reclassified or changed.

 

“Conversion Date” shall
have the meaning set forth in Section 3(a) hereof.

 

“Conversion Price” shall
have the meaning set forth in Section 3(b).

 

“Conversion Shares”
means the shares of Common Stock issuable upon conversion of this Note or as payment of interest, all in accordance with the terms
hereof.

 

“Event of Default” shall
have the meaning set forth in Section 5.

 

“Fundamental Transaction” shall have the
meaning set forth in Section 3(a) hereof.

 

“Person” means a corporation, an association,
a partnership, organization, a business, an individual, a government or political subdivision thereof or a governmental agency.

 

     

     

    

 

Section 2.           Registration
of Transfers and Exchanges.

 

(a)           Different
Denominations. This Note is exchangeable for an equal aggregate principal amount of Notes of different authorized denominations
as requested by the Holder surrendering the same, No service charge will be made for such registration of transfer or exchange.

 

(b)           Reliance
on Note Register. Prior to due presentment to the Company for transfer of this Note, the Company and any agent of the Company
may treat the Person in whose name this Note is duly registered on the Note Register as the owner hereof for the purpose of receiving
payment as herein provided and for all other purposes, whether or not this Note is overdue, and neither the Company nor any such
agent shall be affected by notice to the contrary.

 

Section 3.           Conversion.

 

(a)           Optional
Conversion. From and after the consummation of a “Qualified Financing” (as defined below),or upon the consummation
of a business combination transaction (by merger, asset purchase, stock-swap or otherwise) with an entity that is engaged in an
active trade or business (a “Fundamental Transaction”), then, upon the election of the Holder, the principal and accrued
but unpaid interest payable hereunder may be converted into shares of Common Stock in accordance with the provisions of Section
3(b) and (c) hereof. The “Conversion Date” shall be deemed to be (a) in the event of an election to convert subsequent
to a Qualified Financing, the date of delivery by the Holder of a conversion notice, or (b) in the event of the consummation of
a Fundamental Transaction, the date such transaction is consummated. At least ten (10) days prior to the consummation of a Fundamental
Transaction, the Company shall give the Holder written notice of the proposed consummation of a Fundamental Transaction. Within
five (5) days of receipt of written notice of the proposed consummation of a Fundamental Transaction, Holder shall advise the Company
if he elects to convert this Note in accordance with the provisions of Section 3(b) and (c) hereof. If Holder fails to deliver
a conversion notice within such period, upon the closing of the Fundamental Transaction, the principal amount and all accrued interest
of this Note shall be due and payable. For the purposes of the provision, a “Qualified Financing” shall mean the first
sale of equity to an unaffiliated party yielding gross proceeds to the Company of at least $100,000.

 

(b)           Conversion
Price. The conversion price shall be equal to the per share price attributable to the Company’s Common Stock in a Qualified
Financing, or if no Qualified Financing shall have been consummated, the per share price in the Fundamental Transaction as determined
in good faith by the Board of Directors of the Company (the “Conversion Price”).

 

(c)           Mechanics
of Conversion

 

i.           Conversion
Shares Issuable Upon Conversion of Principal Amount. The number of shares of Common Stock issuable upon a conversion
hereunder shall be determined by the quotient obtained by dividing (x) the amount of this Note (including both principal and accrued
but unpaid interest) to be converted by (y) the Conversion Price.

 

ii.           Delivery
of Certificate Upon Conversion. Not later than five (5) Business Days after any Conversion Date, the Company will deliver to
the Holder at an address in the United States (A) a certificate or certificates representing the Conversion Shares representing
the number of shares of Common Stock being acquired upon the conversion of Note.

 

     

     

    

 

iii.           Reservation
of Shares Issuable Upon Conversion. The Company covenants that it will at all times reserve and keep available out of its authorized
and unissued shares of Common Stock solely for the purpose of issuance upon conversion of this Note (after taking into account
all existing issued and outstanding shares of Common Stock and all shares reserved for issuance under the Company’s issued
and outstanding convertible securities), free from preemptive rights or any other actual contingent purchase rights of persons
other than the Holder, not less than such number of shares of the Common Stock as shall be issuable upon the conversion of the
outstanding principal amount and accrued interest under this Note. The Company covenants that all shares of Common Stock that are
issuable upon conversion of this Note shall, upon issuance, be duly and validly authorized, issued and fully paid and nonassessable.

 

iv.           Fractional
Shares. Upon a conversion hereunder the Company shall not be required to issue stock certificates representing fractions of
shares of the Common Stock, but may if otherwise permitted, make a cash payment in respect of any final fraction of a share based
on the fair market value of a share at such time. If the Company elects not, or is unable, to make such a cash payment, the Holder
shall be entitled to receive, in lieu of the final fraction of a share, one whole share of Common Stock.

 

v.           Transfer
Taxes. The issuance of certificates for shares of the Common Stock on conversion of this Note shall be made without charge
to the Holder for any documentary stamp or similar taxes that may be payable in respect of the issue or delivery of such certificate,
provided that the Company shall not be required to pay any tax that may be payable in respect of any transfer involved in the issuance
and delivery of any such certificate upon conversion in a name other than that of the Holder of such Notes so converted and the
Company shall not be required to issue or deliver such certificates unless or until the person or persons requesting the issuance
thereof shall have paid to the Company the amount of such tax or shall have established to the satisfaction of the Company that
such tax has been paid.

 

Section 4.           Events
of Default.

 

(a)           Event
of Default. Wherever used herein, means any one of the following events (whatever the reason and whether it shall be voluntary
or involuntary or effected by operation of law or pursuant to any judgment, decree or order of any court, or any order, rule or
regulation of any administrative or governmental body):

 

i.           any
default in the payment of (A) the principal, or (B) interest on this Note as and when the same shall become due and payable which
default is not cured within two (2) Trading Days after written notice from the Holder;

 

ii.           any
representation or warranty made herein shall be untrue or incorrect in any material respect as of the date when made or deemed
made; or

 

iii.           (i)
there is commenced against the Company thereof a case under any applicable bankruptcy or insolvency laws as now or hereafter in
effect or any successor thereto, or any other proceeding under any reorganization, arrangement, adjustment of debt, relief of debtors,
dissolution, insolvency or liquidation or similar law of any jurisdiction whether now or hereafter in effect relating to the Company
thereof which remains undismissed for a period of 60 days or a voluntary petition is made by the Company under the provisions of
the Federal Bankruptcy Code or any state statute for the relief of debtors; or (ii) the Company thereof is adjudicated by a court
of competent jurisdiction insolvent or bankrupt; or any order of relief or other order approving any such case or proceeding is
entered; or (iii) the Company suffers any appointment of any custodian or the like for it or any substantial part of its property
which continues undischarged or unstayed for a period of 60 days.

 

     

     

    

 

(b)           Remedies
Upon Event of Default. Upon the occurrence of an Event of Default specified in Sections 4(a)(i) or 4(a)(ii), Holder may, by
written notice to the Company, declare this Note to be due and payable, whereupon the principal amount of this Note, together with
accrued interest thereon and all other amounts payable thereunder, 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. Upon the occurrence of an Event of Default specified in Section 4(a)(iii),
the unpaid principal balance of, all accrued, unpaid interest thereon, 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 Holder. If an Event of Default
occurs, the rate of interest applicable to the unpaid principal amount shall be adjusted to eighteen percent (18%) per annum from
the Maturity Date (or such earlier date if the obligation to repay this Note is accelerated) until the date of repayment; provided,
that in no event shall the interest rate exceed the maximum rate permitted by law.

 

Section 5.           Miscellaneous.

 

(a)           Notices.
Any and all notices or other communications or deliveries to be provided by the Holder hereunder, shall be in writing and delivered
personally, by facsimile, sent by a nationally recognized overnight courier service, addressed to the Company, at c/o Graubard
Miller, 405 Lexington Avenue, 11th Floor, New York, New York 10174, or such other address or facsimile number as the
Company may specify for such purposes by notice to the Holder delivered in accordance with this Section. Any and all notices or
other communications or deliveries to be provided by the Company hereunder shall be in writing and delivered personally, by email,
at the email address of such Holder appearing on the books of the Company, by facsimile, sent by a nationally recognized overnight
courier service addressed to the Holder at the facsimile, telephone number or address of such Holder appearing on the books of
the Company, or if no such facsimile telephone number or address appears, at the principal place of business of the Holder. Any
notice or other communication or deliveries hereunder shall be deemed given and effective on the earliest of (i) the date of transmission,
if such notice or communication is delivered via facsimile at the facsimile telephone number specified in this Section prior to
5:30 p.m. (New York City time), (ii) the date after the date of transmission, if such notice or communication is delivered via
facsimile at the facsimile telephone number specified in this Section later than 5:30 p.m. (New York City time) on any date and
earlier than 11:59 p.m. (New York City time) on such date, (iii) the second Business Day following the date of mailing, if sent
by nationally recognized overnight courier service, or (iv) upon actual receipt by the party to whom such notice is required to
be given.

 

(b)           Absolute
Obligation. Except as expressly provided herein, no provision of this Note shall alter or impair the obligation of the Company,
which is absolute and unconditional, to pay the principal of, interest and liquidated damages (if any) on, this Note at the time,
place, and rate, and in the coin or currency, herein prescribed. This Note is a direct debt obligation of the Company.

 

(c)           Lost
or Mutilated Note. If this Note shall be mutilated, lost, stolen or destroyed, the Company shall execute and deliver, in exchange
and substitution for and upon cancellation of a mutilated Note, or in lieu of or in substitution for a lost, stolen or destroyed
Note, a new Note for the principal amount of this Note so mutilated, lost, stolen or destroyed but only upon receipt of evidence
of such loss, theft or destruction of such Note, and of the ownership hereof; and indemnity, if requested, all reasonably satisfactory
to the Company.

 

(d)           Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of this Note, and any claim, controversy
or dispute arising under or related to this Note, the relationship of the parties, and/or the interpretation and enforcement of
the rights and duties of the parties hereunder shall be governed by and construed and enforced in accordance with the internal
laws of the State of New York, without regard to the principles of conflicts of law thereof. Each party agrees that all legal proceedings
concerning the interpretations, enforcement and defense of the transactions contemplated by any of the Transaction Documents (whether
brought against a party hereto or its respective affiliates, directors, officers, shareholders, employees or agents) shall be commenced
in the state or federal courts sitting in the City of New York, Borough of Manhattan (the “New York Courts”). Each
party hereto hereby irrevocably submits to the exclusive jurisdiction of the New York Courts for the adjudication of any dispute
hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to
the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any suit, action
or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, or such New York Courts are improper
or inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents to process
being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery
(with evidence of delivery) to such party at the address in effect for notices to it under this Note and agrees that such service
shall constitute good and sufficient service of process and notice thereof Nothing contained herein shall be deemed to limit in
any way any right to serve process in any manner permitted by law. Each party hereto hereby irrevocably waives, to the fullest
extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this
Note or the transactions contemplated hereby. If either party shall commence an action or proceeding to enforce any provisions
of this Note, then the prevailing party in such action or proceeding shall be reimbursed by the other party for its attorney’s
fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding.

 

     

     

    

 

(e)           Waiver.
Any waiver by the Company or the Holder of a breach of any provision of this Note shall not operate as or be construed to be a
waiver of any other breach of such provision or of any breach of any other provision of this Note. The failure of the Company or
the Holder to insist upon strict adherence to any term of this Note on one or more occasions shall not be considered a waiver or
deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this Note. Any waiver
must be in writing.

 

(f)           Severability.
If any provision of this Note is invalid, illegal or unenforceable, the balance of this Note shall remain in effect, and if any
provision is inapplicable to any person or circumstance, it shall nevertheless remain applicable to all other persons and circumstances.
If it shall be found that any interest or other amount deemed interest due hereunder violates applicable laws governing usury,
the applicable rate of interest due hereunder shall automatically be lowered to equal the maximum permitted rate of interest. The
Company covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner
whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other law which would prohibit or forgive
the Company from paying all or any portion of the principal of or interest on this Note as contemplated herein, wherever enacted,
now or at any time hereafter in force, or which may affect the covenants or the performance of this indenture, and due Company
(to the extent it may lawfully do so) hereby expressly waives all benefits or advantage of any such law, and covenants that it
will not, by resort to any such law, binder, delay or impeded the execution of any power herein granted to the Holder, but will
suffer and permit the execution of every such as though no such law has been enacted.

 

(g)           Next
Business Day. Whenever any payment or other obligation hereunder shall be due on a day other than a Business Day, such payment
shall be made on the next succeeding Business Day.

 

(h)           Headings.
The headings contained herein are for convenience only, do not constitute a part of this Note and shall not be deemed to limit
or affect any of the provisions hereof.

 

(i)           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, then to the payment in full of any accrued, unpaid
interest and finally to the reduction of the unpaid principal balance of this Note

 

IN WITNESS WHEREOF, the Company
has caused this Note to be duly executed by a duly authorized officer as of the date first above indicated.

 

 

	 	NEWTOWN LANE MARKETING, INCORPORATED
	 	 	 
	 	 	 
	 	By:	/s/ Jonathan J. Ledecky	 
	 	 	Jonathan J. Ledecky, President

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