Document:

EXHIBIT 10.1

 

NOTICE OF RESTRICTED STOCK UNIT AWARD

 

	Award No.:	 	 	 
	 	 
	Participant:	 	 	(the “Participant”) 	 
	 	 
	Notice:	You have been granted the following award of restricted stock units of MusclePharm Corporation (the “Company”) in accordance with the terms of this Notice of Restricted Stock Unit Award (the “Notice”) and the attached Restricted Stock Unit Agreement (the “Agreement”). 
	 	 
	Date of Grant:	 	(the “Grant Date”)
	 	 	 	 
	Number of Units:	 	(the “Units”)
	 	 
	Vesting Schedule:	Number	Vesting Date (each a “Vesting Date”)
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	The vesting of the Units is subject to your continued service as an employee of the Company through such day and upon the terms of this Notice and the Agreement. 
	 	 	 	 	 	 	 	 	 	 	 

 Your signature below indicates your
agreement and understanding that this Notice is subject to all of the terms and conditions contained in the Agreement, which includes
this Notice. PLEASE BE SURE TO READ ALL OF THIS NOTICE, AND THE AGREEMENT, WHICH CONTAIN THE SPECIFIC TERMS AND CONDITIONS
OF THIS NOTICE OF RESTRICTED STOCK UNIT AWARD.

 

	 	PARTICIPANT	 	 	 MUSCLEPHARM CORPORATION	 
	 	 	 	 	 	 	 
	 	 	 	 	By:	 	 
	 	Name:	 	 	Name:	 	 
	 	 	 	 	Title:	 	 

 

    	 

    	 

    

 

MusclePharm
Corporation

 

RESTRICTED STOCK UNIT AGREEMENT 

 

		1.	Award of Restricted Stock Units. MusclePharm Corporation, a Nevada corporation (the “Company”),
hereby grants to the Participant an award (the “Award”) of the number of restricted stock units (individually,
a “Unit” and collectively, the “Units”) set forth in the Notice of Restricted Stock Unit
Award (the “Notice”) attached to this Restricted Stock Unit Agreement (this “Agreement”).
This Agreement consists of the Notice and the terms and conditions set forth herein. Unless otherwise provided herein, capitalized
terms herein will have the same meanings as the Notice.

 

		2.	Vesting Schedule.

 

		(a)	Each Unit held by the Participant will entitle the Participant to receive one share of common stock
of the Company, $0.001 par value per share (“Common Stock”), upon the Vesting Date of such Units. Prior to the
Vesting Date of a Unit, the Participant will have no ownership interest in the Common Stock represented by such Unit and the Participant
will have no right to vote or exercise proxies with respect to the Common Stock represented by such Unit. Furthermore, the Participant
will not receive any dividends on unvested Units. No stock certificates will be issued as of the Grant Date set forth in the Notice
and the Units will be subject to forfeiture and other restrictions as set forth below.

 

		(b)	Units scheduled to vest on a Vesting Date will vest only if the Participant remains in continued
service as an employee of the Company through such Vesting Date. Should the Participant’s continued service as an employee
of the Company end at any time (a “Separation from Service”), any unvested Units will be immediately forfeited.
However, the Compensation Committee (the “Committee”) of the Board of Directors (the “Board”)
of the Company may, in its discretion, provided the Award is not “deferral of income” pursuant to Section 409A of the
Internal Revenue Code of 1986, as amended (the “Code”), vest any unvested Units upon Separation from Service.
Participant will receive no payment for unvested forfeited Units.

 

		(c)	The term “Separation from Service” shall have the same meaning as attributed to it
under Section 409A of the Code.

 

		3.	Change in Control.

 

		(a)	Notwithstanding Section 2(b) above, in the event there occurs a Change in Control (as defined below)
of the Company, then, except as provided herein, the unvested Units outstanding immediately prior to such Change in Control will
accelerate and become fully vested upon (or, as may be necessary to effect such acceleration, immediately prior to) the consummation
of the Change in Control.

 

		(b)	The term “Change in Control” means the happening of any of the following events:

 

		(i)	The acquisition by any one person, or more than one person acting as a group, of ownership of stock
of the Company that, together with stock held by such person or group, constitutes more than fifty percent (50%) of the total fair
market value or total voting power of the stock of the Company;

 

		(ii)	The acquisition by any one person, or more than one person acting as a group, of all or substantially
all of the Company’s assets during the 12-month period ending on the date of the most recent acquisition. For purposes of
this Agreement, “substantially all” means at least 60% of the assets of the Company immediately before such acquisition(s);
or

 

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		(iii)	When a majority of the members of the Board is replaced during any 12-month period by directors
whose appointment or election is not endorsed by a majority of the members of the Board before the date of the appointment or election.

 

The events described in this Section
3(b) will be interpreted to mean only events that constitute a change in control event under Treasury Regulation §1.409A-3(a)(5).

 

		4.	Settlement.

 

		(a)	Subject to the terms and conditions of this Agreement, within thirty (30) days following each Vesting
Date, except in no event later than March 15th of the calendar year following the calendar year in which vesting occurs
(which payment schedule is intended to comply with the “short-term deferral” exemption from the application of Section 409A
of the Code), the Company will issue one share of Common Stock for each Unit which vested on such Vesting Date in a book-entry
account in the name of the Participant with the Company’s transfer agent.

 

		(b)	The Participant does not have and will not receive a right to defer receipt of Common Stock in
settlement of vested Units.

 

		(c)	In the event a portion or all of the Units granted in the Notice are deemed to provide for the
“deferral of income” pursuant to Section 409A of the Code, and the Participant is a “Specified Employee”
(as such term is defined in Treasury Regulation §1.409A-1(i)) as of the date of the Participant’s Separation from Service
from the Company, any shares of Common Stock due to the Participant due to the vesting of Units which have yet to be issued to
the Participant as of the Participant’s Separation from Service (the “Withheld Common Stock”) may not
be issued to the Participant before the date which is six months after the Participant’s Separation From Service. Any Withheld
Common Stock will be accumulated and issued to the Participant on the first day of the seventh month following the Participant’s
Separation from Service. This Section 4(c) is intended to comply with Treasury Regulation §1.409A-3(j)(2) and will be interpreted
in compliance therewith.

		5.	Taxes.

 

		(a)	Tax Liability. The Participant is ultimately liable and responsible for all taxes owed by
the Participant in connection with the Award, regardless of any action the Company takes with respect to any tax withholding obligations
that arise in connection with the Award. The Company does not make any representation or undertaking regarding the treatment
of any tax withholding in connection with the grant or vesting of the Award or the subsequent sale of Common Stock. The
Company does not commit and is under no obligation to structure the Award to reduce or eliminate the Participant’s tax liability.

 

		(b)	Payment of Withholding Taxes. In the event required by federal or state law, the Company
will have the right and is hereby authorized to withhold, or to require the Participant to pay upon the occurrence of the event
triggering the requirement, any applicable withholding taxes in respect of the Units, their grant, vesting or otherwise and to
take such other action as may be necessary in the opinion of the Committee to satisfy all obligations for the payment of such withholding
taxes. The Participant may satisfy such tax withholding obligation, in whole or in part (without limitation) by (i) paying cash;
(ii) electing to have the Company withhold otherwise then deliverable Common Stock having a fair market value equal to the minimum
amount required to be withheld; (iii) delivering to the Company, owned shares of Common Stock having a fair market value equal
to the amount required to be withheld; or (iv) through any other lawful manner. The Participant agrees to indemnify and hold the
Company harmless from any losses, costs, damages, or expenses relating to inadequate withholding. 

 

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		(c)	THE PARTICIPANT FURTHER ACKNOWLEDGES THAT THE COMPANY HAS DIRECTED HIM OR HER TO SEEK INDEPENDENT
ADVICE REGARDING THE APPLICABLE PROVISIONS OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, AND THE INCOME TAX LAWS OF ANY MUNICIPALITY
OR STATE IN WHICH HE OR SHE MAY RESIDE.

 

		6.	No Right to Continued Employment. The Participant’s employment with the Company is
on an at-will basis only, subject to the provisions of applicable law. Accordingly, subject to any written, express employment
contract with the Participant, nothing in this Agreement or the Notice will confer upon the Participant any right to continue to
be employed by the Company or will interfere with, or restrict in any way, the rights of the Company, which are hereby expressly
reserved, to terminate the employment of the Participant at any time for any reason whatsoever, with or without good cause. Such
reservation of rights can be modified only in an express written contract executed by a duly authorized officer of the Company.

 

		7.	Address for Notices. Any notice to be given to the Company
under the terms of this Agreement will be addressed to the Company, Attn: Chief Executive Officer, 4721
Ironton Street, Building A, Denver, Colorado 80239, or at such other address as the Company may hereafter designate in writing.
Any notice to be given to the Participant will be addressed to such Participant at the address maintained by the Company for such
person or at such other address as Participant may specify in writing to the Company.

 

		8.	Award is Not Transferable. The Award and the rights and privileges conferred hereby will
not be transferred, assigned, pledged or hypothecated in any way (whether by operation of law or otherwise) and will not be subject
to sale under execution, attachment or similar process. Upon any attempt to transfer, assign, pledge, hypothecate or otherwise
dispose of the Award, or of any right or privilege conferred hereby, or upon any attempted sale under any execution, attachment
or similar process, this grant and the rights and privileges conferred hereby immediately will become null and void.

 

		9.	Compliance with Laws and Regulations.

 

		(a)	If the Participant is an “affiliate” of the Company, as that term is defined in Rule
144 (“Rule 144”) under the Securities Act of 1933, as amended (the “Securities Act”), the
Participant may not sell the Common Stock received upon vesting of the Units unless in compliance with Rule 144. Further, the Participant’s
subsequent sale of the Common Stock received upon the vesting of Units will be subject to any market blackout-period that may be
imposed by the Company and must comply with the Company’s insider trading policies and any other applicable securities laws.
The Participant acknowledges and agrees that, prior to the sale of any Common Stock acquired hereunder, it is the Participant’s
responsibility to determine whether or not such sale of such Common Stock will subject the Participant to liability under insider
trading rules or other applicable Federal securities laws.

 

		(b)	The Units and the obligation of the Company to deliver Common Stock hereunder will be subject in
all respects to (i) all applicable Federal and state laws, rules and regulations and (ii) any registration, qualification,
approvals or other requirements imposed by any government or regulatory agency or body which the Committee will, in its discretion,
determine to be necessary or applicable. Moreover, the Company will not issue any Common Stock to the Participant or any other
person pursuant to this Agreement if doing so would be contrary to applicable law. If at any time the Company determines, in its
discretion, that the listing, registration or qualification of the Common Stock upon any national securities exchange or under
any state or Federal law, or the consent or approval of any governmental regulatory body, is necessary or desirable, the Company
will not be required to issue any Common Stock to the Participant or any other person pursuant to this Agreement unless and until
such listing, registration, qualification, consent or approval has been effected or obtained, or otherwise provided for, free of
any conditions not acceptable to the Company.

 

		(c)	To the extent any payment under this Agreement is subject to Section 409A of the Code, this Agreement
and the Notice will be interpreted as necessary to comply with Section 409A of the Code. To the extent any provision of this Agreement
or the Notice violates Section 409A of the Code, such provision will hereby be amended to comply or, if it cannot be so amended,
such provision is void. The Company does not guarantee the tax treatment of any payment or transfer of shares under this Agreement
and the Participant will in all case be responsible for any and all taxes due.

 

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		10.	Binding Agreement. This Agreement will be binding upon and inure to the benefit of the heirs,
legatees, legal representatives, successors and assigns of the parties hereto.

 

		11.	Committee Authority. The Committee (or the full Board of Directors if the Company does not
have a compensation committee) will have the power to interpret this Agreement and to adopt such rules for the administration,
interpretation and application as are consistent therewith and to interpret or revoke any such rules (including, but not limited
to, the determination of whether or not any Units have vested). All actions taken and all interpretations and determinations made
by the Committee will be final and binding upon the Participant, the Company and all other persons, and will be given the maximum
deference permitted by law. No member of the Committee will be personally liable for any action, determination or interpretation
made in good faith with respect to this Agreement.

 

		12.	Captions. Captions provided herein are for convenience only and are not to serve as a basis
for interpretation or construction of this Agreement.

 

		13.	Provisions Severable. In the event that any provision in this Agreement will be held invalid
or unenforceable, such provision will be severable from, and such invalidity or unenforceability will not be construed to have
any effect on, the remaining provisions of this Agreement.

 

		14.	Entire Agreement. This Agreement, including the Notice, constitutes the entire understanding
of the parties relating to the subjects covered herein. The Participant expressly warrants that he or she is not executing the
Notice in reliance on any promises, representations or inducements other than those contained herein.

 

		15.	Modifications to the Agreement. No modification of or amendment to this Agreement, nor any
waiver of any rights under this Agreement, will be effective unless made in writing signed by the Participant and a duly authorized
officer of the Company. All modifications of or amendments to this Agreement must either (a) comply with Section 409A of the Code
or (b) not cause this Award to be subject to Section 409A of the Code if this Award is not already subject to Section 409A of the
Code.

 

		16.	Recoupment Policy. Notwithstanding the vesting terms of this Agreement, the Award is subject
to any compensatory recovery (clawback) policy in effect at the time of each Vesting Date.

 

		17.	Governing Law. This Agreement will be governed by, and construed in accordance with, the
laws of the State of Colorado, without regard to its conflict of law provisions.

 

		18.	Data Protection. By accepting the Award the Participant agrees and consents:

 

		(a)	to the collection, use, processing and transfer by the Company of certain personal information
about the Participant, including the Participant’s name, home address and telephone number, date of birth, other employee
information, details of the Units granted to the Participant, and of Common Stock issued or transferred to the Participant pursuant
to this Agreement (“Data”); and

 

		(b)	to the Company transferring Data to any subsidiary or affiliate of the Company for the purposes
of implementing, administering and managing this Agreement; and

 

		(c)	to the use of such Data by any person for such purposes; and

 

		(d)	to the transfer to and retention of such Data by third parties in connection with such purposes.

 

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		19.	Participant Acknowledgements. The Participant represents that he or she is familiar with
the terms and provisions thereof, and hereby accepts the Award subject to all of the terms and provisions hereof. The Participant
has reviewed this Agreement in its entirety, has had an opportunity to obtain the advice of counsel prior to executing the Notice
and fully understands all provisions of this Agreement and the Notice.

 

		20.	Capital Adjustment. If corporate transactions such as stock dividends, stock splits, spin-offs,
split-offs, recapitalizations, mergers, consolidations or reorganizations of or by the Company (“Corporate Transactions”)
occur prior to the time, if any, that an outstanding, vested Unit is settled and paid, the Committee will make those adjustments,
if any, in the number, class or kind of the Common Stock that relate to any such Units that it deems appropriate in its discretion
to reflect Corporate Transactions such that the rights of the Participant are neither enlarged nor diminished as a result of such
Corporate Transactions, including without limitation (i) measuring the value per share of Common Stock of any share-denominated
award authorized for payment to the Participant by reference to the per share value of the consideration payable to a shareholder
of the Company in connection with such Corporate Transactions, and (ii) authorizing payment of the entire value of any award
amount authorized for payment to The Participant pursuant to Section 4 to be paid in cash at the time otherwise specified
in Section 4.

 

All determinations hereunder
shall be made by the Committee in its sole discretion and shall be final, binding and conclusive for all purposes on all parties,
including without limitation the Participant.

 

THE PARTICIPANT ACKNOWLEDGES AND AGREES
THAT THE RESTRICTED STOCK UNITS WILL VEST, IF AT ALL, ONLY DURING THE PERIOD OF THE PARTICIPANT’S CONTINUED SERVICE AS AN
EMPLOYEE OF THE COMPANY (NOT THROUGH THE ACT OF BEING GRANTED THIS AWARD OR ACQUIRING RESTRICTED STOCK UNITS HEREUNDER). THE PARTICIPANT
FURTHER ACKNOWLEDGES AND AGREES THAT NOTHING IN THE NOTICE NOR THIS AGREEMENT WILL CONFER UPON THE PARTICIPANT ANY RIGHT WITH RESPECT
TO CONTINUATION OF THE PARTICIPANT’S EMPLOYMENT WITH THE COMPANY.

 

    	5PROMISSORY NOTE

 

 

	$250,000.00	November ___, 2012
	 	New York, New York

 

FOR VALUE RECEIVED,
Grandparents.com, Inc., a Delaware corporation (the “Company”), promises to pay to the order of Vanessa de Oliveira,
6663 Casa Grande Way, Delray Beach, FL 33446, or her heirs and assigns (the “Holder”), the principal sum of
$250,000 together with interest on the outstanding principal balance from the date hereof at the rate of ten percent (10%) per
annum (computed on the basis of actual calendar days elapsed and a year of 365 days) or, if less, at the highest rate of interest
then permitted under Florida law (the “Applicable Rate”). Interest shall commence with the date hereof and shall
continue on the outstanding principal balance of this Promissory Note (this “Note”) until paid in accordance
with the provisions hereof. Notwithstanding the foregoing (and for the avoidance of doubt), interest on this Note shall not be
due and payable until the Maturity Date (as defined below). For purposes of this Note, “Business Day” means
any day on which banks in New York, New York are generally open for business.

 

1.          Maturity.
Unless sooner paid in accordance with the terms hereof, the entire unpaid principal amount and all unpaid accrued interest under
this Note shall become fully due and payable on the earlier of (i) December 24, 2012, (ii) the closing of the Company’s contemplated
senior secured bridge loan offering (the “Contemplated Offering”) that results in aggregate gross proceeds to
the Company of $1,000,000, or (iii) the acceleration of the maturity of this Note by the Holder upon the occurrence of an Event
of Default (such earlier date, the “Maturity Date”).

 

Event of
Default. The occurrence of any of the following shall be an “Event of Default”: (i) any material default
by the Company of any material agreement to which the Company is a party to; (ii) the failure by the Company to pay any material
obligation as such obligation becomes due and payable; (iii) the failure by the Company to pay the Holder all amount due and payable
under this Note on the Maturity Date; (iv) the falsity, inaccuracy or material breach by any Guarantor of any written warranty,
representation or statement made or furnished to the Holder by or on behalf of any Guarantor; or (v) the termination or attempted
termination of the Guaranty (as defined below). Upon the occurrence of any Event of Default, the Holder shall be entitled to receive
from the Company (i) the maximum amount of interest payable by law from the original date of this Note to the date of payment,
and (ii) one warrant for each dollar owed by the Company to the Holder on the date of the Event of Default, exercisable at one
cent ($0.01) per share. The warrant shall provide for an exercise period of five (5) years, have a cashless exercise and be in
similar form to other warrants that have been issued by the Company. The number of warrants to be issued to the Holder by the Company
shall be determined on the date of an Event of Default, and Payment by the Company of any amount due Holder after the date of an
Event of Default shall not reduce the number of warrants to be issued to the Holder.

 

    	 

    	 

    

 

2.          Prepayment.
The Company shall have the right to prepay, upon five (5) Business Days written notice to the Holder, any amounts owed under this
Note in whole or in part at any time without the prior written consent of the Holder.

 

3.          Guaranty.
Steve Leber and Joseph Bernstein shall execute a Joint and Several Guaranty of Payment (the “Guaranty”) in the
form attached hereto as Exhibit I that provides for the guarantee of payment (rather than performance) of the loan made
hereunder.

 

4.          Most
Favored Nations Provision. From the date hereof until December 1, 2012, in the event the Company issues debt securities having
terms more favorable than this Note to any person other than the Holder, the Company and the Holder shall amend this Note to reflect
such more favorable terms into this Note; provided, however, that this Section 4 shall not apply to securities issued pursuant
to the Contemplated Offering.

 

5.          Negative
Covenants. So long as any indebtedness under this Note remains outstanding, the Company shall not permit any Lien to attach
to any of the assets of the Company or any Subsidiary, other than Permitted Liens. For purposes of this Note, the term (i) “Lien”
shall mean shall mean any security interest, mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien
(statutory or other), claim or other priority or preferential arrangement of any kind or nature whatsoever (other than a financing
statement filed by a lessor in respect of an operating lease not intended as security), and (ii) “Permitted Lien”
shall mean any Liens created in connection with the Contemplated Offering and in particular the Lien currently filed in the State
of Delaware in connection with the Contemplated Offering.

 

6.          Lost,
Stolen, Destroyed or Mutilated Notes. In case this Note shall be mutilated, lost, stolen or destroyed, the Company shall issue
a new note of like date, tenor and denomination and deliver the same in exchange and substitution for and upon surrender and cancellation
of such mutilated Note, or in case this Note is lost, stolen or destroyed, upon receipt of evidence satisfactory to the Company
of the loss, theft or destruction of such Note.

 

7.          Governing
Law. This Note is to be construed in accordance with and governed by the laws of the State of Florida, without giving effect
to the conflict of laws principles thereof.

 

8.          Exclusive
Jurisdiction; Venue; Agent for Service. This Note has been delivered to, accepted by the Holder in the State of Florida and
is payable in the State of Florida and deemed to be made in the State of Florida. The Company hereby irrevocably consents to the
exclusive jurisdiction of any state or federal court in Miami-Dade County, Florida; provided that nothing contained in this Note
will prevent the Holder from bringing any action, enforcing any award or judgment or exercising any rights against the Company,
against any security or against any property of the Company within any other county, state or other foreign or domestic jurisdiction.
The Company acknowledges and agrees that the venue provided above is a convenient forum for both the Holder and the Company. The
Company waives any objection to venue and any objection based on a more convenient forum in any action instituted under this Note.
The Company hereby irrevocably appoints Joseph Bernstein, having an address of 6662 Casa Grande Way, Delray Beach, Florida 33446
as its agent for service of process in the State of Florida for purposes of this Note. If the Holder engages any attorney to enforce
or construe any provision of this Note, or as a consequence of any default whether or not any legal action is filed, the Company
shall immediately pay on demand all reasonable attorneys’ fees and other Holder’s costs, together with interest from
the date of demand until paid at the highest rate of interest then applicable to the unpaid principal, as if such unpaid attorneys’
fees and costs had been added to the principal. Attorneys’ fees shall be recoverable at all levels including appellate courts.

 

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9.          Notices.
Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Note must be in
writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by
facsimile or e-mail (provided confirmation of transmission is mechanically or electronically generated and kept on file by the
sending party); or (iii) one (1) Business Day after deposit with an overnight courier service with next day delivery specified,
in each case, properly addressed to the party to receive the same. The addresses and facsimile numbers for such communications
shall be:

 

If to the Company:

 

Grandparents.com, Inc.

589 Eighth Avenue, 6th floor

New York NY 10018

Telephone: (917) 365-3651

Facsimile: (847) 589-3877

Email: joebernstein@me.com

Attention: Joseph Bernstein

 

With copies (for informational purposes only) to:

 

Sills Cummis & Gross PC

One Riverfront Plaza

Newark, New Jersey 07102

Telephone: (973) 643-7000

Facsimile: (973) 643-6500

Attention: Jeffrey L. Wasserman, Esq.

 

If to the Holder:

 

Vanessa de Oliveira

6663 Casa Grande Way

Delray Beach, FL 33446

Telephone: 917-622-6229

Facsimile: 847-589-3877

Email: froginho@me.com

 

10.         Severability.
If one or more provisions of this Note are held to be unenforceable under applicable law, such provision shall be excluded from
this Note and the balance of this Note shall be interpreted as if such provision were so excluded and shall be enforceable in accordance
with its terms.

 

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11.         Assignment.
The Company shall not have the right to assign its rights and obligations hereunder or any interest herein.

 

12.         Remedies
Cumulative; Failure or Indulgence Not a Waiver. The remedies provided in this Note shall be cumulative and in addition to all
other remedies available under this Note. No failure or delay on the part of the Holder in the exercise of any power, right or
privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege
preclude other or further exercise thereof or of any other right, power or privilege.

 

13.         Payments.
Whenever any payment of cash is to be made by the Company to the Holder pursuant to this Note, such payment shall be made in lawful
money of the United States of America by a check drawn on the account of the Company and sent via overnight courier service to
the Holder at such address as previously provided to the Company in writing (which address, in the case of the Holder as of the
date of issuance hereof, shall initially be the address for the Holder as set forth in Section 9 hereof); provided that the Holder
may elect to receive a payment of cash via wire transfer of immediately available funds by providing the Company with not less
than two (2) Business Days prior written notice setting out such request and the Holder’s wire transfer instructions. Whenever
any payment to be made shall otherwise be due on a day that is not a Business Day, such payment shall be made on the immediately
succeeding Business Day and such extension of time shall be included in the computation of accrued interest.

 

14.         Excessive
Interest. Notwithstanding any other provision herein to the contrary, this Note is hereby expressly limited so that the interest
rate charged hereunder shall at no time exceed the maximum rate permitted by applicable law. If, for any circumstance whatsoever,
the interest rate charged exceeds the maximum rate permitted by applicable law, the interest rate shall be reduced to the maximum
rate permitted, and if the Holder shall have received an amount that would cause the interest rate charged to be in excess of the
maximum rate permitted, such amount that would be excessive interest shall be applied to the reduction of the principal amount
owing hereunder (without charge for prepayment) and not to the payment of interest, or if such excessive interest exceeds the unpaid
balance of principal, such excess shall be refunded to the Company.

 

15.         Waiver
of Notice. To the extent permitted by law, the Company hereby waives demand, notice, protest and all other demands and notices
in connection with the delivery, acceptance, performance, default or enforcement of this Note.

 

16.         Electronic
Signatures; Counterparts. This Note may be executed by facsimile or e-mail. Executed counterparts in electronic format, including
PDF or e-mail, or facsimile are to be treated as hand-marked originals and shall be of equal import and effect as hand-marked originals
and binding.

 

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IN WITNESS WHEREOF,
the Company has caused this Note to be duly executed by its officers, thereunto duly authorized as of the date first above written.

 

	 	GRANDPARENTS.COM, INC.
	 	 	 
	 	By:	/s/ Steve Leber
	 	 	Steve Leber
	 	 	Chairman & Co-Chief Executive Officer
	 	 	 
	 	By:	/s/ Joseph Bernstein
	 	 	Joseph Bernstein
	 	 	Co-Chief Executive Officer

 

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