Document:

Exhibit 4.2

 

THIS CONVERTIBLE PROMISSORY NOTE AND
THE SECURITIES ISSUABLE UPON CONVERSION OF THIS PROMISSORY NOTE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
OR THE SECURITIES LAWS OF ANY STATE, AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED
UNDER SUCH ACT AND/OR APPLICABLE STATE SECURITIES LAWS, OR 1`1`UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL OR OTHER EVIDENCE
REASONABLY SATISFACTORY TO THE COMPANY AND ITS COUNSEL THAT SUCH REGISTRATION IS NOT REQUIRED.

 

	$4,279,616.67	Re-Issued as of February 1, 2021

 

AMENDED CONVERTIBLE PROMISSORY
NOTE 

(hereinafter referred to as
this “Promissory Note”)

 

FOR VALUE RECEIVED,
Corvus Consulting, LLC (“Corvus Consulting”)
and Castellum, Inc. f/k/a BioNovelus, Inc. (the “Parent”)
(Parent and Corvus Consulting collectively referred to as the “Obligor(s)”),
hereby promise to pay to the order of The Buckhout Charitable Remainder Trust or any future permitted holder of this promissory
note (the “Holder”),
the principal sum of FOUR MILLION TWO HUNDRED SEVENTY-NINE THOUSAND SIX HUNDRED SIXTEEN AND 67/100 DOLLARS ($4,279,616.67) (the
“Principal Amount”)
plus any accrued but unpaid interest thereon at the rate of FIVE PERCENT (5%) per annum (the “Interest
Rate”) until the Principal Amount is paid in full. All
payments made under this Promissory Note will be made to the Holder, at such address as the Holder may designate, in monies of
the United States of America. This Amended Convertible Promissory Note replaces in its entirety those two prior Convertible Promissory
Notes in the amounts of $579,616.67 and $3,700,000 issued in connection with the sale of Corvus Consulting (the “Prior
Notes”), which Prior Notes are hereby cancelled.

 

1.           Interest;
Principal. Interest accrued at the Interest Rate shall be payable in monthly installments on the last day of each month
or upon mandatory prepayment in cash from the date of this Promissory Note unless the Principal Amount and all interest accrued
thereon and all other amounts owed hereunder are prepaid or converted into shares of common stock of the Obligors as provided for
herein. Principal shall be paid as follows: $10,000 each month with the remainder due upon Maturity.

 

2.           Maturity.
The Obligors shall pay in full (unless the Promissory Note is converted pursuant to Section 3 hereof) the entire unpaid principal
balance then outstanding plus any accrued but unpaid interest under this Promissory Note on the earliest to occur of (i) three
(3) years following the date of its issuance or (ii) the acceleration of the obligations as contemplated by this Promissory Note.

 

3.           Conversion.
While any portion of the principal balance of this Promissory Note remains outstanding, the Holder may convert, in whole or in
part, the Principal Amount plus any accrued but unpaid interest into shares of Common Stock of the Parent (the “Shares”),
at a conversion price (the “Conversion Price”)
equal to ONE AND THREE TENTH CENTS ($0.013) per share. Such conversion shall be effected by the surrender of this Promissory Note,
together with written notice of such to the secretary of the Parent at its principal offices. If the conversion is for less than
the entire principal balance then outstanding, then a replacement of this Promissory Note shall be issued to the Holder reflecting
the adjusted principal balance following such conversion.

 

    	 		 

     

    

 

3.1.          Certificates
for Shares. As soon as practicable upon conversion (but in no event more than ten (10) business days after conversion) of this
Promissory Note, the Parent shall issue to the Holder a certificate or certificates for the number of Shares into which this Promissory
Note is convertible and/or make a book entry of such Shares with the Parent.

 

3.2.          Adjustment
of Conversion Price and Number of Shares. The number of and kind of securities for which this Promissory Note is convertible
into and the Conversion Price shall be subject to adjustment from time to time as follows:

 

3.2.1.       Subdivisions,
Combinations and Other Issuances. If the Parent shall at any time prior to the repayment of this Promissory Note subdivide
its Shares by split-up or otherwise, or combine its Shares, or issue additional shares of its Shares as a dividend, the number
of Shares issuable on the conversion of this Promissory Note shall be proportionately increased in the case of a subdivision or
stock dividend, or proportionately decreased in the case of a combination. Appropriate adjustments shall also be made to the conversion
price payable per share, but the aggregate purchase price payable for the total number of Shares purchasable under this Promissory
Note (as adjusted) shall remain the same. Any adjustment under this Section 3.2.1 shall become effective as of the close of business
on the date the subdivision or combination becomes effective, or as of the record date of such dividend, or if no record date is
fixed, upon the making of such dividend.

 

3.2.2.       Reclassification,
Reorganization and Consolidation. In case of any reclassification, capital reorganization, or change in the capital stock of
the Parent (other than as a result of a subdivision, combination, or stock dividend provided or in Section 3.2.1 above), then the
Parent shall make appropriate provision so that the Holder shall have the right at any time prior to the repayment of the outstanding
balance of this Promissory Note to convert, at an aggregate price equal to that payable upon the conversion of this Promissory
Note, the kind and amount of Shares and other securities and property receivable in connection with such reclassification, reorganization,
or change by the Holder of the same number of Shares as were convertible into by the Holder immediately prior to such reclassification,
reorganization, or change. In any such case, appropriate provisions shall be made with respect to the rights and interest of the
Holder so that the provisions hereof shall thereafter be applicable with respect to any Shares or other securities and property
deliverable upon conversion hereof, and appropriate adjustments shall be made to the purchase price per share payable hereunder,
provided the aggregate purchase price shall remain the same.

 

3.2.3.       Notice
of Adjustment. When any adjustment is required to be made pursuant to this Section 3.2, the Obligors shall promptly notify
the Holder of such event and the number of Shares or other securities or property thereafter convertible into upon conversion of
this Promissory Note.

 

    	 		 

     

    

 

3.2.4.      Reservation
of Stock. The Parent agrees that, during the term the rights under this Promissory Note are exercisable, to reserve and keep
available from its authorized and unissued Shares for the purpose of effecting the conversion of this Promissory Note such number
of Shares as shall from time to time be sufficient to effect the exercise of the rights under this Promissory Note.

 

3.2.5.      No Fractional
Shares or Scrip. No fractional Shares or scrip representing fractional Shares shall be issued upon the conversion of this Promissory
Note, but, in lieu of such fractional Shares, the Parent shall make a cash payment therefor on the basis of the conversion price
then in effect.

 

3.2.6.     No Change
Necessary. The form of this Promissory Note need not be changed because of any adjustment in the Conversion Price or in the
number of Shares issuable upon its conversion.

 

3.2.7.    No Rights
or Liabilities as Stockholder. This Promissory Note does not by itself entitle the Holder to any voting rights or other rights
as a stockholder of the Obligors. In the absence of conversion of this Promissory Note, no provisions of this Promissory Note,
and no enumeration herein of the rights or privileges of the Holder, shall cause the Holder to be a stockholder of the Parent or
a member of Corvus Consulting for any purpose.

 

4.            Representations.
The Obligors hereby represent and warrant to the Holder as follows:

 

4.1.         Due
Formation; Good Standing; Due Authorization. The Parent is duly incorporated, validly existing and in good standing under the
laws of the State of Nevada. The Parent is duly qualified and is authorized to do business and is in good standing as a foreign
corporation in all jurisdictions in which the nature of its activities and of its properties makes such qualification necessary.

 

4.2.         Power
and Authority. All action on the part of the Parent, its directors and its stockholders necessary for the authorization, execution,
issuance, delivery and performance of this Promissory Note has been taken.

 

4.3.         Litigation.
There is no material action, suit, proceeding or investigation pending or, to the Parent’s
knowledge, currently threatened against the Parent. The Parent is not a party or subject to the provisions of any order, writ,
injunction, judgment or decree of any court or government agency or instrumentality.

 

4.4.         Due
Execution and Delivery. From and after its delivery to the Holder, this Promissory Note has been duly executed and delivered
to the Holder by the Obligors, is the legal, valid and binding obligation of the Obligors and is enforceable against the Obligors
in accordance with its terms, subject to laws of general application relating to bankruptcy, insolvency and the relief of debtors.

 

4.5.         Consents.
All consents, approvals, orders, or authorizations of, or registrations, qualifications, designations, declarations, or filings
with, any governmental authority or any other person or entity, required on the part of the Obligors in connection with the valid
execution, delivery and issuance of this Promissory Note have been obtained.

 

    	 		 

     

    

 

4.6.         Compliance
with Laws; Permits. The Parent is not in material violation of any applicable statute, rule, regulation, order or restriction
of any domestic or foreign government or any instrumentality or agency thereof in respect of the conduct of its business or the
ownership of its properties. The Parent has all material permits, licenses and any similar authority necessary for the conduct
of its business as now being conducted by it.

 

4.7.         Liabilities.
The Parent hereby confirms that, as of the date of this Promissory Note, the Parent is not subject to any liabilities beyond those
detailed in the Parent’s latest quarterly filing with OTCMarkets.com
for the quarter ending December 31, 2019.

 

		5.	Remedies.

 

5.1.         Events
of Default. “Event of Default,”
wherever used herein, means any one of the following events:

 

5.1.1.       default
in the payment of the principal of this Promissory Note or any interest payment required to be made hereunder; or

 

5.1.2.       the
entry by a court having jurisdiction in the premises of (A) a decree or order for relief in respect of the Obligors in an involuntary
case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization or other similar law or (B) a decree
or order adjudging either one of the Obligors a bankrupt or insolvent, or approving as properly filed a petition seeking reorganization,
arrangement, adjustment or composition of or in respect of either one of the Obligors under any applicable federal or state law,
or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of either one of the
Obligors or of 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 for relief or any such other decree or order unstayed and in effect for a period of sixty (60) consecutive
days; or

 

5.1.3.       the
commencement by either one of the Obligors of a voluntary case or proceeding under any applicable federal or state bankruptcy,
insolvency, reorganization or other similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or
the consent by it to the entry of a decree or order for relief in respect of the Obligors in an involuntary case or proceeding
under any applicable federal or state bankruptcy, insolvency, reorganization or other similar law or to the commencement of any
bankruptcy or insolvency case or proceeding against it, or the filing by it of a petition or answer or consent seeking reorganization
or relief under any applicable federal or state law, or the consent by it to the filing of such petition or to the appointment
of or taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or similar official of either of
the Obligors or of any substantial part of its property, or the making by it of an assignment for the benefit of creditors, or
the admission by it in writing of its inability to pay its debts generally as they become due, or the taking of corporate or company
action, as applicable, by the Obligor in furtherance of any such action; or

 

5.1.4.       the
dissolution of either of the Obligors; or

 

    	 		 

     

    

 

5.1.5.       any
representation or warranty made to the Holder by the Obligors pursuant to this Promissory Note is false or misleading in any material
respect; or

 

5.1.6.       the
Obligors fail to observe or perform any material covenant or agreement made by the Obligors to the Holder pursuant to this Promissory
Note.

 

5.2.         Acceleration
of Maturity. If any Event of Default occurs and is continuing, then and in every such case the Holder may declare the principal
on this Promissory Note to be due and payable immediately, by a notice in writing to the Obligors, and upon any such declaration
such principal shall become immediately due and payable, and such accelerated amount shall thereafter bear interest at the rate
equal to twelve percent (12%) per annum.

 

5.3.        Payment
of Expenses. If any part of the balance is not paid when due, or if the Obligors fail to perform any obligation required hereunder,
the Obligors shall pay any and all reasonable costs of collection or enforcement of all outstanding obligations under this Promissory
Note incurred by the Holder, including reasonable attorneys’
fees and expenses.

 

6.           Covenant
of the Company. The Parent covenants and agrees that, during the period in which this Promissory Note may be converted,
to have authorized and reserved a sufficient amount of the applicable Shares into which this Promissory Note becomes convertible.

 

7.           Negative
Covenants. Until this Promissory Note is paid and performed in full, the Obligors shall not, without the prior written
consent of the Holder, do any of the following:

 

7.1.        Sell, lease, assign,
transfer or otherwise dispose of any of their assets (except in the ordinary course of business) unless the proceeds from such
sale are used to pay down the balance of this Promissory Note; or

 

7.2.       Directly or indirectly,
declare, order, pay, make or set apart any sum for any dividends or other distributions to its equity holders or redeem or otherwise
acquire any stock or stock equivalent of the Parent (other than redemptions of stock from employees upon termination of employment).

 

8.            Prepayment;
Offset. The Obligors may prepay this Promissory Note without penalty in full at any time upon thirty (30) days written
notice to the Holder or in part, with the same notice, provided that such part payment is at least $100,000. Until thirty (30)
day have elapsed following the Holder’s receipt of Obligors’
prepayment notice, the Holder may elect to convert, in whole or in part, the outstanding balance of this Promissory Note
that the Obligors have indicated is to be prepaid.

 

9.           Notices.
All notices and other communications required or permitted under this Promissory Note shall be in writing and shall be delivered
personally by hand or by courier, mailed by United States first-class mail, postage prepaid, sent electronic mail directed (a)
if to a Holder, at such Holder’s address or electronic mail
address set forth below, or at such other address or electronic mail address as such Holder may designate by ten (10) days’
advance written notice to the Obligor or (b) if to the Obligor to its address or electronic mail address and directed to
the attention of the Chief Executive Officer as set forth below. All such notices and other communications shall be deemed given
upon personal delivery, on the date of mailing or upon confirmation of electronic mail delivery.

 

    	 		 

     

    

 

	The Holder:	The Buckhout Charitable Remainder Trust
	 	15416 Kentwell Circle, Ste 100A
	 	Centreville, VA 20120
	 	Email: laurie.buckhout@gmail.com
	 	 
	and to :	Gant Redmon, Trustee
	 	Redmon, Peyton & Braswell, LLP
	 	510 King Street, Suite 301
	 	Alexandria, VA 22314
	 	Email: gredmon@rpb-law.com

 

or to such other person or address as the
Holder shall furnish to the Obligors in writing.

 

	The Obligors:	Castellum, Inc. and
	 	Corvus Consulting, LLC
	 	9812 Falls Rd #14-299
	 	Potomac, MD 20854
	 	Email: mcfuller79@gmail.com

 

or to such other person or address as the
Obligors shall furnish to the Holder in writing.

 

10.          Miscellaneous.

 

10.1.         This
Promissory Note may be amended only by writing signed by both the Obligors and the Holder. All covenants and agreements in this
Promissory Note by the Obligors shall bind their successors and assigns.

 

10.2.         If
action is instituted to collect this Promissory Note and the Holder prevails on claims in such action, the Obligor promises to
pay all reasonable costs and expenses of the Holder, including, without limitation, reasonable attorneys’
fees and costs of the Holder, incurred in connection with such action.

 

10.3.         This
Promissory Note shall be governed by, and construed in accordance with, the laws of the Commonwealth of Virginia. Any judicial
proceeding brought by any party hereto to enforce, or otherwise in connection with, this Note may be brought in any state court
of competent jurisdiction in Fairfax County, Virginia and the federal courts in Alexandria, Virginia, and, by execution and delivery
of this Promissory Note, the parties hereto (i) accept, generally and unconditionally, the exclusive jurisdiction of such courts
and any related appellate court and irrevocably agree to be bound by any judgment rendered thereby in connection with this Note
and (ii) irrevocably waive any objection they may now or hereafter have as to the venue of any such proceeding brought in such
a court or that such a court is an inconvenient forum.

 

    	 		 

     

    

 

10.4.         In
case any provision in this Promissory Note shall be invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions shall not in any way be affected or impaired thereby.

 

10.5.         This
Promissory Note (and related agreements, exhibits, certificates and schedules) constitutes the full and entire understanding between
the Obligors and the Holder with respect to the subject matter hereof and thereof.

 

10.6.         This
Promissory Note is binding on the Obligors, and the Obligors hereby waive presentment, demand, notice and protest and any defense
by reason of an extension of time for payment or other indulgences. Failure of, or delay by, the Holder to assert any right herein
shall not be deemed to be a waiver thereof, nor shall any such failure or delay on any one or more occasions be deemed to prohibit
or waive the same or any other right on any future occasion.

 

[Signature Page Follows]

 

    	 		 

     

    

 

IN WITNESS WHEREOF,
the Obligors have caused this Promissory Note to be duly executed as of the date first referenced above.

 

OBLIGORS:

 

Corvus Consulting, LLC

 

	By:	/s/ Mark C. Fuller	 
	 	Name: 	Mark C. Fuller	 
	 	Title: 	Director	 

 

	By:	/s/ Mark C. Fuller	 
	 	Name: 	Mark C. Fuller	 
	 	Title: 	President and CEO	 

 

HOLDER:

 

The Buckhout Charitable Remainder Trust

 

	By:	/s/ Laurie Moe Buckhout	 
	 	Name:	Laurie Moe Buckhout	 
	 	Title:	Trustee	 

 

	By:	/s/ Gant Redmon, Trustee	 
	 	Gant Redmon, Trustee	 

 

[Signature Page to
the Amended Convertible Promissory Note with The Buckhout Charitable

Remainder Trust]Exhibit 4.3

 

THIS NOTE HAS NOT BEEN REGISTERED WITH
THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION
NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS
EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE
TO THE COMPANY. THIS NOTE AND THE SECURITIES ISSUABLE UPON CONVERSION OF THIS NOTE MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE
MARGIN ACCOUNT SECURED BY SUCH SECURITIES.

 

CASTELLUM, INC.

 

Convertible Promissory Note

due April 4th, 2023

 

	Note No. 1	$1,050,000
	Dated: April 4th, 2022 (the “Issuance Date”)	 

 

For value received,
Castellum, Inc., a Nevada corporation (the “Maker” or the “Company”), hereby promises to
pay to the order of Crom Cortana Fund LLC, a Delaware limited liability company (together with its successors and representatives,
the “Holder”), in accordance with the terms hereinafter provided, the principal amount of ONE MILLION FIFTY
THOUSAND DOLLARS ($1,050,000.00) (the “Principal Amount”).

 

All payments under or
pursuant to this Convertible Promissory Note (this “Note”) shall be made in United States Dollars in immediately
available funds to the Holder at the address of the Holder set forth in the Purchase Agreement (as hereinafter defined) or at such
other place as the Holder may designate from time to time in writing to the Maker or by wire transfer of funds to the Holder’s
account, instructions for which are attached hereto as Exhibit A. The outstanding principal balance of this Note shall be
due and payable on April 4th, 2023 (the “Maturity Date”) or at such earlier time as provided herein;
provided that the Maturity Date may be extended by the mutual agreement of the Maker and the Holder. In the event that the Maturity
Date shall fall on Saturday or Sunday, such Maturity Date shall be the next succeeding Business Day. All calculations made pursuant
to this Note shall be rounded down to three decimal places.

 

ARTICLE 1

 

1.1       Purchase
Agreement. This Note has been executed and delivered pursuant to the Securities Purchase Agreement, dated as of April
1st, 2022 (as the same may be amended from time to time, the “Purchase Agreement ”), by and
between the Maker and the Holder. Capitalized terms used and not otherwise defined herein shall have the meanings set forth
for such terms in the Purchase Agreement.

 

    	 		 

     

    

 

1.2       Principal
and Interest. The Outstanding Principal Amount shall bear interest at a rate per annum equal to seven percent (7.0%) (the “Interest
Rate”). Interest shall be payable in monthly installments. The Outstanding Principal Amount of this Note and all accrued
but unpaid interest thereon shall be due and payable on the Maturity Date. Any overdue principal of, or interest on, the Loan shall
bear interest, payable on demand, for each day until paid at a rate equal to eight percent (8%) above the Interest Rate (the “Default
Rate”). Interest shall be computed on the basis of a year of 360 days and paid for the actual number of days elapsed (including
the first day but excluding the last day).

 

1.3       Prepayment.
The Maker may prepay this Note upon seven Trading Days’ notice to the Holder, by paying in cash to the Holder the product
of the sum of (a) the outstanding Principal Amount of this Note, plus (b) accrued and unpaid interest hereon, plus (c) all other
amounts, costs, fees, expenses and liquidated damages due in respect of this Note, multiplied by 1.10.

 

1.4       Payment
on Non-Business Days. Whenever any payment to be made shall be due on a day which is not a Business Day, such payment may be
due on the next succeeding Business Day.

 

1.5       Transfer.
This Note may be transferred or sold, subject to the provisions of Section 5.8 of this Note, or pledged, hypothecated or
otherwise granted as security by the Holder; provided that no portion of this Note in excess of 1.99% may be transferred to Persons
not under the control of citizens of the United States of America.

 

1.6       Replacement.
Upon receipt of a duly executed and notarized written statement from the Holder with respect to the loss, theft or destruction
of this Note (or any replacement hereof), or, in the case of a mutilation of this Note, upon surrender and cancellation of such
Note, the Maker shall issue a new Note, of like tenor and amount, in lieu of such lost, stolen, destroyed or mutilated Note.

 

1.7       Use
of Proceeds. The Maker shall use the proceeds of this Note as set forth in the Purchase Agreement.

 

ARTICLE 2

 

2.1       Events
of Default. An “Event of Default” under this Note shall mean the occurrence of any of the events defined
in the Purchase Agreement, and any of the additional events described below:

 

(a)       any
default in the payment of (i) the Principal Amount or any accrued and unpaid interest hereunder when due, or any principal or interest
owing under any other Note; or (ii) liquidated damages in respect of this Note or any other Note as and when the same shall become
due and payable (whether on the Maturity Date or by acceleration or otherwise);

 

    	 	2	 

     

    

 

(b)       the
Maker shall fail to observe or perform any other covenant, condition or agreement contained in this Note or any Transaction Document;

 

(c)       the
Maker’s notice to the Holder, including by way of public announcement, at any time, of its inability to comply (including
for any of the reasons described in Section 3.6(a) hereof) or its intention not to comply with proper requests for conversion
of this Note into Common Stock;

 

(d)       the
Maker shall fail to (i) timely deliver the shares of Common Stock as and when required in Section 3.2; or (ii) make the
payment of any fees and/or liquidated damages under this Note, the Purchase Agreement or the other Transaction Documents;

 

(e)       default
shall be made in the performance or observance of any material covenant, condition or agreement contained in the Purchase Agreement
or any other Transaction Document that is not covered by any other provisions of this Section 2.1;

 

(f)       at
any time the Maker shall fail to have a sufficient number of shares of Common Stock authorized, reserved and available for issuance
to satisfy the potential conversion in full (disregarding for this purpose any and all limitations of any kind on such conversion)
of this Note or upon exercise of the Warrant;

 

(g)       any
representation or warranty made by the Maker or any of its Subsidiaries herein or in the Purchase Agreement, the Note, the Warrant
or any other Transaction Document shall prove to have been false or incorrect or breached in a material respect on the date as
of which made;

 

(h)       unless
otherwise approved in writing in advance by the Holder, the Maker shall, or shall announce an intention to pursue or consummate
a Change of Control, or a Change of Control shall be consummated, or the Maker shall negotiate, propose or enter into any agreement,
understanding or arrangement with respect to any Change of Control;

 

(i)       the
Maker or any of its Subsidiaries shall (A) default in any payment of any amount or amounts of principal of or interest (if any)
on any Indebtedness (other than the Indebtedness hereunder), the aggregate principal amount of which Indebtedness is in excess
of $250,000 or (B) default in the observance or performance of any other agreement or condition relating to any such Indebtedness
or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event shall occur or condition
exist, the effect of which default or other event or condition is to cause, or to permit the holder or holders or beneficiary or
beneficiaries of such Indebtedness to cause with the giving of notice if required, such Indebtedness to become due prior to its
stated maturity;

 

    	 	3	 

     

    

 

(j)       the
Maker or any of its Subsidiaries shall: (i) apply for or consent to the appointment of, or the taking of possession by, a receiver,
custodian, trustee or liquidator of itself or of all or a substantial part of its property or assets; (ii) make a general assignment
for the benefit of its creditors; (iii) commence a voluntary case under the United States Bankruptcy Code (as now or hereafter
in effect) or under the comparable laws of any jurisdiction (foreign or domestic); (iv) file a petition seeking to take advantage
of any bankruptcy, insolvency, moratorium, reorganization or other similar law affecting the enforcement of creditors’ rights
generally; (v) acquiesce in writing to any petition filed against it in an involuntary case under United States Bankruptcy Code
(as now or hereafter in effect) or under the comparable laws of any jurisdiction (foreign or domestic); (vi) issue a notice of
bankruptcy or winding down of its operations or issue a press release regarding same; or (vii) take any action under the laws of
any jurisdiction (foreign or domestic) analogous to any of the foregoing;

 

(k)       a
proceeding or case shall be commenced in respect of the Maker or any of its Subsidiaries, without its application or consent, in
any court of competent jurisdiction, seeking: (i) the liquidation, reorganization, moratorium, dissolution, winding up, or composition
or readjustment of its debts; (ii) the appointment of a trustee, receiver, custodian, liquidator or the like of it or of all or
any substantial part of its assets in connection with the liquidation or dissolution of the Maker or any of its Subsidiaries; or
(iii) similar relief in respect of it under any law providing for the relief of debtors, and such proceeding or case described
in clause (i), (ii) or (iii) shall continue undismissed, or unstayed and in effect, for a period of forty-five (45) days or any
order for relief shall be entered in an involuntary case under United States Bankruptcy Code (as now or hereafter in effect) or
under the comparable laws of any jurisdiction (foreign or domestic) against the Maker or any of its Subsidiaries or action under
the laws of any jurisdiction (foreign or domestic) analogous to any of the foregoing shall be taken with respect to the Maker or
any of its Subsidiaries and shall continue undismissed, or unstayed and in effect for a period of forty-five (45) days;

 

(l)       one
or more final judgments or orders for the payment of money are rendered against one or more of the Company and its Subsidiaries
(i) aggregating in excess of $250,000 (or its equivalent in the relevant currency of payment), and (ii) which remain unpaid and
are not being appealed or contested in good faith by the Company;

 

(m)       the
failure of the Maker to instruct its transfer agent to remove any legends from shares of Common Stock and issue such unlegended
certificates to the Holder within three (3) Trading Days of the Holder’s request so long as the Holder has provided reasonable
assurances to the Maker that such shares of Common Stock can be sold pursuant to Rule 144 or any other applicable exemption; or

 

(n)       the
occurrence of a Material Adverse Effect in respect of the Maker, or the Maker and its Subsidiaries taken as a whole.

 

Apart from the Events of Default described
in clauses (j) and (k), any Event of Default capable of being cured shall be subject to a cure period of ten (10) Business Days
from the occurrence of such Event of Default, whether or not the Holder has been sent notice or has received notice of such Event
of Default. For the avoidance of doubt, any default pursuant to clauses (j) and (k) above shall not be subject to any cure periods
pursuant to the instrument governing such Indebtedness or this Note.

 

    	 	4	 

     

    

 

2.2       Remedies
Upon an Event of Default.

 

(a)       Upon
the occurrence of any Event of Default, the Maker shall be obligated to pay to the Holder the Mandatory Default Amount. The Mandatory
Default Amount shall be earned by the Holder on the date of such Event of Default and shall be due and payable on the earlier to
occur thereafter of (i) the Maturity Date, (ii) the date of any conversion, (iii) the date of any redemption, (iv) the date of
any prepayment of this Note, or (v) the date on which all amounts owing hereunder have been accelerated in accordance with the
terms hereof.

 

(b)       Upon
the occurrence of any Event of Default, the Maker shall, as promptly as possible but in any event within one (1) Business Day of
such Event of Default, notify the Holder of the occurrence of such Event of Default, describing the event or factual situation
giving rise to the Event of Default and specifying the relevant subsection or subsections of Section 2.1 hereof under which
such Event of Default has occurred.

 

(c)       Upon
the occurrence and during the continuance of an Event of Default, the Holder may at any time at its option (1) declare the Mandatory
Default Amount due and payable, and thereupon, the same shall be accelerated and so due and payable, without presentment, demand,
protest or notice, all of which are hereby expressly unconditionally and irrevocably waived by the Maker and (2) exercise all other
rights and remedies available to it under the Transaction Documents; provided, however, that upon the occurrence of an Event
of Default described in Sections 2.1(j) or (k) above, the Mandatory Default Amount shall become immediately due and payable
without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Maker. No course of delay
on the part of the Holder shall operate as a waiver thereof or otherwise prejudice the rights of the Holder. No remedy conferred
hereby shall be exclusive of any other remedy referred to herein or now or hereafter available at law, in equity, by statute or
otherwise.

 

ARTICLE 3

 

3.1       Conversion.

 

(a)       Conversion.
At any time following the date of effectiveness of a Registration Statement covering the applicable Conversion Shares (as set forth
in the Purchase Agreement), this Note shall be convertible (in whole or in part), at the option of the Holder, into such number
of fully paid and non-assessable Common Stock as is determined by dividing (x) that portion of the Outstanding Principal Amount
and any accrued by unpaid interest that the Holder elects to convert (the “Conversion Amount”) by (y) the Conversion
Price then in effect on the date on which the Holder delivers a notice of conversion, in substantially the form attached hereto
as Exhibit B (the “Conversion Notice”), in accordance with Section 5.1 to the Maker. The Holder
shall deliver this Note to the Maker at the address designated in the Purchase Agreement at such time that this Note is fully converted.
With respect to partial conversions of this Note, the Maker shall keep written records of the amount of this Note converted as
of the date of such conversion (each, a “Conversion Date”).

 

    	 	5	 

     

    

 

(b)       Conversion
Price. The “Conversion Price” means $0.08, and shall be subject to adjustment as provided herein.

 

3.2       Delivery
of Conversion Shares. As soon as practicable after the occurrence of any event requiring the issuance of Common Stock issuable
upon conversion of this Note (“Conversion Shares”), and in any event within two (2) Business Days thereafter
(such date, the “Share Delivery Date”), the Maker shall, at its expense, cause to be issued in the name of and
delivered to the Holder, or as the Holder may direct, a certificate or certificates evidencing the number of fully paid and nonassessable
Common Stock to which the Holder shall be entitled, in such denominations as may be requested by the Holder, which certificate
or certificates shall be free of restrictive and trading legends, except for any such legends as may be required under the Securities
Act. In lieu of delivering physical certificates for the shares of Common Stock issuable upon the occurrence of any event requiring
the issuance of Conversion Shares in accordance with this Note, provided the Company’s transfer agent is participating in
the Depository Trust Company (“DTC”) Fast Automated Securities Transfer program or a similar program, upon request
of the Holder, the Company shall cause its transfer agent to electronically transmit such Conversion Shares so issuable to the
Holder (or its designee), by crediting the account of the Holder’s (or such designee’s) broker with DTC through its
Deposit and Withdrawal At Custodian (“DWAC”) system (provided that the same time periods herein as for stock
certificates shall apply) as instructed by the Holder (or its designee); provided, that such issuance shall only be made through
DTC’s DWAC system if such Conversion Shares will be issued free of restrictive legends. Notwithstanding the foregoing, if
any Conversion Notice is delivered by the Holder after 12:00 noon on the Conversion Date, the applicable Share Delivery Date shall
be three (3) Business Days following the Conversion Date.

 

3.3       Ownership
Cap. Notwithstanding anything to the contrary contained herein, the Holder shall not be entitled to receive shares representing
Equity Interests upon conversion of this Note to the extent (but only to the extent) that such exercise or receipt would cause
the Holder Group (as defined below) to become, directly or indirectly, a “beneficial owner” (within the meaning of
Section 13(d) of the 1934 Act and the rules and regulations promulgated thereunder) of a number of Equity Interests of a class
that is registered under the 1934 Act which exceeds the Maximum Percentage (as defined in the Purchase Agreement) of the Equity
Interests of such class that are outstanding at such time. Any purported delivery of Equity Interests in connection with the conversion
of this Note prior to the termination of this restriction in accordance herewith shall be void and have no effect to the extent
(but only to the extent) that such delivery would result in the Holder Group becoming the beneficial owner of more than the Maximum
Percentage of the Equity Interests of a class that is registered under the 1934 Act that is outstanding at such time. If any delivery
of Equity Interests owed to the Holder following conversion of this Note is not made, in whole or in part, as a result of this
limitation, the Company’s obligation to make such delivery shall not be extinguished and the Company shall deliver such Equity
Interests as promptly as practicable after the Holder gives notice to the Company that such delivery would not result in such limitation
being triggered or upon termination of the restriction in accordance with the terms hereof. To the extent limitations contained
in this Section 3.3 apply, the determination of whether this Note is convertible and of which portion of this Note is convertible
shall be the sole responsibility and in the sole determination of the Holder, and the submission of a notice of conversion shall
be deemed to constitute the Holder’s determination that the issuance of the full number of Conversion Shares requested in
the notice of conversion is permitted hereunder, and the Company shall not have any obligation to verify or confirm the accuracy
of such determination. For purposes of this Section 3.2, (i) the term “Maximum Percentage” shall mean
4.99%; provided, that if at any time after the date hereof the Holder Group beneficially owns in excess of 4.99% of any class of
Equity Interests in the Company that is registered under the 1934 Act, then the Maximum Percentage shall automatically increase
to 9.99% so long as the Holder Group owns in excess of 4.99% of such class of Equity Interests (and shall, for the avoidance of
doubt, automatically decrease to 4.99% upon the Holder Group ceasing to own in excess of 4.99% of such class of Equity Interests);
and (ii) the term “Holder Group” shall mean the Holder plus any other Person with which the Holder is considered
to be part of a group under Section 13 of the 1934 Act or with which the Holder otherwise files reports under Sections 13 and/or
16 of the 1934 Act. In determining the number of Equity Interests of a particular class outstanding at any point in time, the Holder
may rely on the number of outstanding Equity Interests of such class as reflected in (x) the Company’s most recent Annual
Report on Form 20-F filed with the Securities and Exchange Commission, as the case may be, (y) a more recent public announcement
by the Company or (z) a more recent notice by the Company or its transfer agent to the Holder setting forth the number of Equity
Interests of such class then outstanding. For any reason at any time, upon written or oral request of the Holder, the Company shall,
within one (1) Business Day of such request, confirm orally and in writing to the Holder the number of Equity Interests of any
class then outstanding. The provisions of this Section 3.3 shall be construed, corrected and implemented in a manner so
as to effectuate the intended beneficial ownership limitation herein contained.

 

    	 	6	 

     

    

 

3.4       Adjustment
of Conversion Price.

 

(a)       Until
the Note has been paid in full or converted in full, the Conversion Price shall be subject to adjustment from time to time as follows
(but shall not be increased, other than pursuant to Section 3.4(a)(i) hereof):

 

(i)       Adjustments
for Stock Splits and Combinations. If the Maker shall at any time or from time to time after the Closing Date (but whether
before or after the Issuance Date) effect a split or other subdivision of the outstanding Common Stock, the applicable Conversion
Price in effect immediately prior to the stock split shall be proportionately decreased. If the Maker shall at any time or from
time to time after the Closing Date (but whether before or after the Issuance Date), combine the outstanding Common Stock, the
applicable Conversion Price in effect immediately prior to the combination shall be proportionately increased. Any adjustments
under this Section 3.4(a)(i) shall be effective concurrent with such stock split or combination.

 

(ii)       Adjustments
for Certain Dividends and Distributions. If the Maker shall at any time or from time to time after the Closing Date (but whether
before or after the Issuance Date) make or issue or set a record date for the determination of holders of Common Stock entitled
to receive a dividend or other distribution payable in Common Stock, then, and in each event, the applicable Conversion Price in
effect immediately prior to such event shall be decreased as of the time of such issuance or, in the event such record date shall
have been fixed, as of the close of business on such record date, by multiplying the applicable Conversion Price then in effect
by a fraction:

 

    	 	7	 

     

    

 

(1)       the
numerator of which shall be the total number of shares of Common Stock issued and outstanding immediately prior to the time of
such issuance or the close of business on such record date; and

 

(2)       the
denominator of which shall be the total number of shares of Common Stock issued and outstanding immediately prior to the time of
such issuance or the close of business on such record date plus the number of shares of Common Stock issuable in payment of such
dividend or distribution.

 

(iii)       Adjustment
for Other Dividends and Distributions. If the Maker shall at any time or from time to time after the Closing Date (but whether
before or after the Issuance Date) make or issue or set a record date for the determination of holders of Common Stock entitled
to receive a dividend or other distribution payable in other than Common Stock, then, and in each event, an appropriate revision
to the applicable Conversion Price shall be made and provision shall be made (by adjustments of the Conversion Price or otherwise)
so that the Holder of this Note shall receive upon conversions thereof, in addition to the number of shares of Common Stock receivable
thereon, the number of securities of the Maker or other issuer (as applicable) or cash or other property that it would have received
had this Note been converted into shares of Common Stock in full (without regard to any conversion limitations herein) on the date
of such event and had thereafter, during the period from the date of such event to and including the Conversion Date, retained
such securities (together with any distributions payable thereon during such period) or assets, giving application to all adjustments
called for during such period under this Section 3.4(a)(iii) with respect to the rights of the holders of this Note; provided,
however, that if such record date shall have been fixed and such dividend is not fully paid or if such distribution is not
fully made on the date fixed therefor, the Conversion Price shall be adjusted pursuant to this paragraph as of the time of actual
payment of such dividends or distributions.

 

(iv)       Adjustments
for Reclassification, Exchange or Substitution. If the shares of Common Stock at any time or from time to time after the Closing
Date (but whether before or after the Issuance Date) shall be changed to the same or different number of shares or other securities
of any class or classes of stock or other property, whether by reclassification, exchange, substitution or otherwise (other than
by way of a stock split or combination of shares or stock dividends provided for in Sections 3.4(a)(i), (ii) and (iii) hereof,
or a reorganization, merger, consolidation, or sale of assets provided for in Section 3.4(a)(vii) hereof), then, and in
each event, an appropriate revision to the Conversion Price shall be made and provisions shall be made (by adjustments of the Conversion
Price or otherwise) so that the Holder shall have the right thereafter to convert this Note into the kind and amount of shares
of stock or other securities or other property receivable upon reclassification, exchange, substitution or other change, by holders
of the number of shares of Common Stock into which such Note might have been converted immediately prior to such reclassification,
exchange, substitution or other change, all subject to further adjustment as provided herein.

 

    	 	8	 

     

    

 

(v)       Adjustments
for Issuance of Additional Shares of Common Stock. In the event the Maker shall at any time or from time to time after the
Closing Date (but whether before or after the Issuance Date) issue or sell any additional Common Stock (“Additional Common
Stock”), other than (A) as provided in this Note (including the foregoing subsections (i) through (iv) of this Section
3.4(a)), pursuant to any Equity Plan (including pursuant to Common Stock Equivalents granted or issued under any Equity Plan),
(B) pursuant to Common Stock Equivalents (as defined below) granted or issued prior to the Closing Date, (C) Exempted Securities,
or (D) pursuant to the terms of this Note, in any case, at an effective price per share that is less than the Conversion
Price then in effect or without consideration, then the Conversion Price upon each such issuance shall be reduced to a price equal
to the consideration per share paid for such Additional Common Stock. For purposes of clarification, the amount of consideration
received for such Additional Common Stock shall not include the value of any additional securities or other rights received in
connection with such issuance of Additional Common Stock (i.e., warrants, rights of first refusal or other similar rights).

 

(vi)       Issuance,
Amendment or Adjustment of Common Stock Equivalents. Except for Exempted Securities, if (x) the Maker, at any time after the
Closing Date (but whether before or after the Issuance Date), shall issue any securities convertible into or exercisable or exchangeable
for, directly or indirectly, Common Stock (“Convertible Securities”), or any rights or warrants or options
to purchase any such Common Stock or Convertible Securities, other than Common Stock Equivalents granted or issued under any Equity
Plan (collectively with the Convertible Securities, the “Common Stock Equivalents”) and the price per share
for which Common Stock may be issuable pursuant to any such Common Stock Equivalent shall be less than the applicable Conversion
Price then in effect, or (y) the price per share for which Common Stock may be issuable under any Common Stock Equivalents is
amended or adjusted, pursuant to the terms of such Common Stock Equivalents or otherwise, and such price as so amended or adjusted
shall be less than the applicable Conversion Price in effect at the time of such amendment or adjustment, then, in each such case
(x) or (y), the applicable Conversion Price upon each such issuance or amendment or adjustment shall be adjusted as provided in
subsection (vi) of this Section 3.4(a) as if the maximum number of shares of Common Stock issuable upon conversion, exercise
or exchange of such Common Stock Equivalents had been issued on the date of such issuance or amendment or adjustment.

 

(vii)       Consideration
for Stock. In case any Common Stock or any Common Stock Equivalents shall be issued or sold:

 

(1)       in
connection with any merger or consolidation in which the Maker is the surviving corporation (other than any consolidation or merger
in which the previously outstanding Common Stock of the Maker shall be changed to or exchanged for the stock or other securities
of another corporation), the amount of consideration therefor shall be deemed to be the fair value, as determined reasonably and
in good faith by the Board of Directors of the Maker and approved by the Holder, of such portion of the assets and business of
the nonsurviving corporation as such Board of Directors may determine to be attributable to such shares of Common Stock, Convertible
Securities, rights or warrants or options, as the case may be; or

 

    	 	9	 

     

    

 

(2)       in
the event of any consolidation or merger of the Maker in which the Maker is not the surviving corporation or in which the previously
outstanding Common Stock of the Maker shall be changed into or exchanged for the stock or other securities of another corporation
or other property, or in the event of any sale of all or substantially all of the assets of the Maker for stock or other securities
or other property of any corporation, the Maker shall be deemed to have issued shares of Common Stock, at a price per share equal
to the valuation of the Maker’s Common Stock based on the actual exchange ratio on which the transaction was predicated,
as applicable, and the fair market value on the date of such transaction of all such stock or securities or other property of the
other corporation. If any such calculation results in adjustment of the applicable Conversion Price, or the number of shares of
Common Stock issuable upon conversion of the Note, the determination of the applicable Conversion Price or the number of shares
of Common Stock issuable upon conversion of the Note immediately prior to such merger, consolidation or sale, shall be made after
giving effect to such adjustment of the number of shares of Common Stock issuable upon conversion of the Note. In the event shares
of Common Stock are issued with other shares or securities or other assets of the Maker for consideration which covers both, the
consideration computed as provided in this Section 3.4(a)(vii) shall be allocated among such securities and assets as determined
in good faith by the Board of Directors of the Maker, and approved by the Holder.

 

(viii)       Record
Date. In case the Maker shall take record of the holders of its Common Stock for the purpose of entitling them to subscribe
for or purchase shares of Common Stock or Convertible Securities, then the date of the issue or sale of the shares of Common Stock
shall be deemed to be such record date.

 

(b)       No
Impairment. The Maker shall not, by amendment of its Articles of Incorporation or through any reorganization, transfer of assets,
consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance
or performance of any of the terms to be observed or performed hereunder by the Maker, but will at all times in good faith assist
in the carrying out of all the provisions of this Section 3.4 and in the taking of all such action as may be necessary or
appropriate in order to protect the conversion rights of the Holder against impairment. In the event the Holder shall elect to
convert this Note as provided herein, the Maker cannot refuse conversion based on any claim that the Holder or anyone associated
or affiliated with the Holder has been engaged in any violation of law, violation of an agreement to which the Holder is a party
or for any reason whatsoever, unless, an injunction from a court, or notice, restraining and or adjoining conversion of this Note
shall have issued and the Maker posts a surety bond for the benefit of the Holder in an amount equal to one hundred fifty percent
(150%) of the Principal Amount of the Note the Holder has elected to convert, which bond shall remain in effect until the completion
of arbitration/litigation of the dispute and the proceeds of which shall be payable to the Holder (as liquidated damages) in the
event it obtains judgment.

 

(c)       Certificates
as to Adjustments. Upon occurrence of each adjustment or readjustment of the Conversion Price or number of shares of Common
Stock issuable upon conversion of this Note pursuant to this Section 3.4, the Maker at its expense shall promptly compute
such adjustment or readjustment in accordance with the terms hereof and furnish to the Holder a certificate setting forth such
adjustment and readjustment, showing in detail the facts upon which such adjustment or readjustment is based. The Maker shall,
upon written request of the Holder, at any time, furnish or cause to be furnished to the Holder a like certificate setting forth
such adjustments and readjustments, the applicable Conversion Price in effect at the time, and the number of shares of Common Stock
and the amount, if any, of other securities or property which at the time would be received upon the conversion of this Note. Notwithstanding
the foregoing, the Maker shall not be obligated to deliver a certificate unless such certificate would reflect an increase or decrease
of at least one percent (1%) of such adjusted amount.

 

    	 	10	 

     

    

 

(d)       Issue
Taxes. The Maker shall pay any and all issue and other taxes, excluding federal, state or local income taxes, that may be payable
in respect of any issue or delivery of shares of Common Stock on conversion of this Note pursuant thereto; provided, however,
that the Maker shall not be obligated to pay any transfer taxes resulting from any transfer requested by the Holder in connection
with any such conversion.

 

(e)       Fractional
Shares. No fractional shares of Common Stock shall be issued upon conversion of this Note. In lieu of any fractional shares
to which the Holder would otherwise be entitled, the Maker shall pay cash equal to such fractional shares multiplied by the Conversion
Price then in effect.

 

(f)       Reservation
of Shares of Common Stock. The Maker shall at all times while this Note shall be outstanding, reserve and keep available out
of its authorized but unissued Common Stock, such number of shares of Common Stock as shall from time to time be sufficient to
effect the conversion of this Note (disregarding for this purpose any and all limitations of any kind on such conversion). The
Maker shall, from time to time, use all commercially reasonable efforts to increase the authorized number of shares of Common Stock
or take other effective action if at any time the unissued number of authorized shares shall not be sufficient to satisfy the Maker’s
obligations under this Section 3.4(f).

 

(g)       Regulatory
Compliance. If any shares of Common Stock to be reserved for the purpose of conversion of this Note require registration or
listing with or approval of any governmental authority, stock exchange or other regulatory body under any federal or state law
or regulation or otherwise before such shares may be validly issued or delivered upon conversion, the Maker shall, at its sole
cost and expense, in good faith and as expeditiously as possible, secure such registration, listing or approval, as the case may
be.

 

(h)       Effect
of Events Prior to the Issuance Date. If the Issuance Date of this Note is after the Closing Date, then, if the Conversion
Price or any other right of the Holder of this Note would have been adjusted or modified by operation of any provision of this
Note had this Note been issued on the Closing Date, such adjustment or modification shall be deemed to apply to this Note as of
the Issuance Date as if this Note had been issued on the Closing Date.

 

3.5       Reserved.

 

3.6       Inability
to Fully Convert.

 

    	 	11	 

     

    

 

(a)       Holder’s
Option if Maker Cannot Fully Convert. If, upon the Maker’s receipt of a Conversion Notice or as otherwise required under
this Note, including with respect to repayment of principal in Common Stock as permitted under this Note, the Maker cannot issue
Common Stock for any reason, including, without limitation, because the Maker (x) does not have a sufficient number of shares of
Common Stock authorized and available or (y) is otherwise prohibited by applicable law or by the rules or regulations of any stock
exchange, interdealer quotation system or other self-regulatory organization with jurisdiction over the Maker or any of its securities
from issuing all of the shares of Common Stock which are to be issued to the Holder pursuant to this Note, then the Maker shall
issue as many shares of Common Stock as it is able to issue and, with respect to the unconverted portion of this Note or with respect
to any shares of Common Stock not timely issued in accordance with this Note, the Holder, solely at Holder’s option, can
elect to:

 

(i)       require
the Maker to prepay that portion of this Note for which the Maker is unable to issue Common Stock or for which shares of Common
Stock were not timely issued (the “Mandatory Prepayment”) at the Mandatory Default Amount;

 

(ii)       void
its Conversion Notice and retain or have returned, as the case may be, this Note that was to be converted pursuant to the Conversion
Notice (provided that the Holder’s voiding its Conversion Notice shall not affect the Maker’s obligations to make any
payments which have accrued prior to the date of such notice); or

 

(iii)       defer
issuance of the applicable Conversion Shares until such time as the Maker can legally issue such shares; provided, that the Principal
Amount underlying such Conversion Shares shall remain outstanding until the delivery of such Conversion Shares; provided, further,
that if the Holder elects to defer the issuance of the Conversion Shares, it may exercise its rights under either clause (i) or
(ii) above at any time prior to the issuance of the Conversion Shares upon two (2) Business Days ’ notice to the Maker.

 

(b)       Mechanics
of Fulfilling Holder’s Election. The Maker shall immediately send to the Holder, upon receipt of a Conversion Notice
from the Holder, which cannot be fully satisfied as described in Section 3.6(a) above, a notice of the Maker’s inability
to fully satisfy the Conversion Notice (the “Inability to Fully Convert Notice”). Such Inability to Fully Convert
Notice shall indicate (i) the reason why the Maker is unable to fully satisfy the Holder’s Conversion Notice; and (ii) the
amount of this Note which cannot be converted. The Holder shall notify the Maker of its election pursuant to Section 3.6(a)
above by delivering written notice to the Maker (“Notice in Response to Inability to Convert”).

 

(c)       No
Rights as Stockholder. Nothing contained in this Note shall be construed as conferring upon the Holder, prior to the conversion
of this Note, the right to vote or to receive dividends or to consent or to receive notice as a stockholder in respect of any meeting
of stockholders for the election of directors of the Maker or of any other matter, or any other rights as a stockholder of the
Maker.

 

    	 	12	 

     

    

 

3.7       Compensation
for Buy-In on Failure to Timely Deliver Conversion Shares. In addition to any other rights available to the Holder, if the
Company fails to cause its transfer agent to transmit to the Holder Conversion Shares or any other shares pursuant to a conversion
on or before the Share Delivery Date, and if after such date the Holder is required by its broker to purchase (in an open market
transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, shares of Common Stock to deliver in satisfaction
of a sale by the Holder of the Conversion Shares which the Holder anticipated receiving upon such conversion (a “Buy-In”),
then the Company shall (a) pay in cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price (including
brokerage commissions, if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the
number of Conversion Shares that the Company was required to deliver to the Holder in connection with the conversion at issue times
(2) the price at which the sell order giving rise to such purchase obligation was executed, and (b) at the option of the Holder,
either reinstate the portion of the Note and equivalent number of Conversion Shares for which such conversion was not honored (in
which case such conversion shall be deemed rescinded) or deliver to the Holder the number of shares of Common Stock that would
have been issued had the Company timely complied with its conversion and delivery obligations hereunder. For example, if the Holder
purchases shares of Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted conversion
of shares of Common Stock with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (a) of
the immediately preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company
written notice indicating the amounts payable to the Holder in respect of the Buy-In and evidence of the amount of such loss. Nothing
herein shall limit a Holder’s right to pursue a decree of specific performance and/or injunctive relief with respect to the
Company’s failure to timely deliver shares of Common Stock upon conversion of the Note as required pursuant to the terms
hereof.

 

ARTICLE 4

 

4.1       Covenants.
For so long as any Note is outstanding, without the prior written consent of the Holder:

 

(a)       Compliance
with Transaction Documents. The Maker shall, and shall cause its Subsidiaries to, comply with its obligations under this Note
and the other Transaction Documents.

 

(b)       Payment
of Taxes, Etc. The Maker shall, and shall cause each of its Subsidiaries to, promptly pay and discharge, or cause to be paid
and discharged, when due and payable, all lawful taxes, assessments and governmental charges or levies imposed upon the income,
profits, property or business of the Maker and the Subsidiaries, except for such failures to pay that, individually or in the aggregate,
have not had and would not reasonably be expected to have a Material Adverse Effect; provided, however, that any such tax, assessment,
charge or levy need not be paid if the validity thereof shall currently be contested in good faith by appropriate proceedings and
if the Maker or such Subsidiaries shall have set aside on its books reserves with respect thereto in accordance with generally
accepted accounting principles, and provided, further, that the Maker and such Subsidiaries will pay all such taxes, assessments,
charges or levies forthwith upon the commencement of proceedings to foreclose any lien which may have attached as security therefor.

 

    	 	13	 

     

    

 

(c)       Corporate
Existence. The Maker shall, and shall cause each of its Subsidiaries to, maintain in full force and effect its corporate existence,
rights and franchises (other than the existence, rights and franchises of the Subsidiaries of the Maker that the board of directors
of the Maker determine are no longer necessary or useful to the operation of the Maker’s business) and all licenses and other
rights to use property owned or possessed by it and reasonably deemed to be necessary to the conduct of its business.

 

(d)       Investment
Company Act. The Maker shall conduct its businesses in a manner so that it will not become subject to, or required to be registered
under, the Investment Company Act of 1940, as amended.

 

(e)       Prohibited
Transactions. The Company hereby covenants and agrees not to enter into any Prohibited Transactions until thirty (30) days
after such time as this Note has been converted into Conversion Shares or repaid in full.

 

(f)       Repayment
of This Note. If the Company or any Subsidiary issues any debt (excluding the $950,000 revolving credit facility with Live
Oak Banking Company), including any subordinated debt or convertible debt (other than the Note or any other “Note”
as defined in the Purchase Agreement), Equity Interests or any Preferred Stock, other than Exempted Securities, unless otherwise
waived in writing by and at the discretion of the Holder, the Company will immediately utilize the proceeds of such issuance to
repay this Note.

 

4.2       Set-Off.
This Note shall be subject to the set-off provisions set forth in the Purchase Agreement.

 

ARTICLE 5

 

5.1       Notices.
Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and
shall be deemed given and effective on the earliest of (a) the date of transmission, if such notice or communication is delivered
via email at the email address specified in this Section prior to 5:00 p.m. (New York time) on a Business Day, (b) the next Business
Day after the date of transmission, if such notice or communication is delivered via email at the email address specified in this
Section on a day that is not a Business Day or later than 5:00 p.m. (New York time) on any date and earlier than 11:59 p.m. (New
York time) on such date, (c) the Business Day following the date of mailing, if sent by U.S. nationally recognized overnight courier
service, or (d) upon actual receipt by the party to whom such notice is required to be given. The addresses for such notices and
communications shall be as set forth in the Purchase Agreement.

 

5.2       Governing
Law. This Agreement shall be governed by and construed in accordance with the Laws of the State of Nevada, without reference
to principles of conflict of laws or choice of laws.

 

5.3       Headings.
The headings 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. The language used in this Note will be deemed to be the language chosen by the parties to express
their mutual intent, and no rules of strict construction will be applied against any party. This Note shall be construed as if
drafted jointly by the parties, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of
the authorship of any provisions of this Note.

 

    	 	14	 

     

    

 

5.4       Remedies,
Characterizations, Other Obligations, Breaches and Injunctive Relief. The remedies provided in this Note shall be cumulative
and in addition to all other remedies available under this Note, at law or in equity (including, without limitation, a decree of
specific performance and/or other injunctive relief), no remedy contained herein shall be deemed a waiver of compliance with the
provisions giving rise to such remedy and nothing herein shall limit the Holder’s right to pursue actual damages for any
failure by the Maker to comply with the terms of this Note. Amounts set forth or provided for herein with respect to payments,
conversion and the like (and the computation thereof) shall be the amounts to be received by the holder thereof and shall not,
except as expressly provided herein, be subject to any other obligation of the Maker (or the performance thereof). The Maker acknowledges
that a breach by it of its obligations hereunder will cause irreparable and material harm to the Holder and that the remedy at
law for any such breach would be inadequate. Therefore, the Maker agrees that, in the event of any such breach or threatened breach,
the Holder shall be entitled, in addition to all other available rights and remedies, at law or in equity, to equitable relief,
including but not limited to an injunction restraining any such breach or threatened breach, without the necessity of showing economic
loss and without any bond or other security being required.

 

5.5       Enforcement
Expenses. The Maker agrees to pay all costs and expenses of enforcement of this Note, including, without limitation, reasonable
attorneys’ fees and expenses.

 

5.6       Binding
Effect. The obligations of the Maker and the Holder set forth herein shall be binding upon the successors and assigns of each
such party, whether or not such successors or assigns are permitted by the terms herein.

 

5.7       Amendments;
Waivers. No provision of this Note may be waived or amended except in a written instrument signed by the Company and the Holder.
No waiver of any default with respect to any provision, condition or requirement of this Note shall be deemed to be a continuing
waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof,
nor shall any delay or omission of either party to exercise any right hereunder in any manner impair the exercise of any such right.

 

5.8       Compliance
with Securities Laws. The Holder of this Note acknowledges that this Note is being acquired solely for the Holder’s own
account and not as a nominee for any other party, and for investment, and that the Holder shall not offer, sell or otherwise dispose
of this Note in violation of securities laws. This Note and any Note issued in substitution or replacement therefor shall be stamped
or imprinted with a legend in substantially the following form:

 

    	 	15	 

     

    

 

“THIS NOTE HAS NOT BEEN REGISTERED
WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION
NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS
EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE
TO THE COMPANY.”

 

5.9       Jurisdiction;
Venue. Any action, proceeding or claim arising out of, or relating in any way to this Note shall be brought and enforced in
the New York Supreme Court, County of New York, or in the United States District Court for the Southern District of New York. The
Company and the Holder irrevocably submit to the jurisdiction of such courts, which jurisdiction shall be exclusive, and hereby
waive any objection to such exclusive jurisdiction or that such courts represent an inconvenient forum. The prevailing party in
any such action shall be entitled to recover its reasonable and documented attorneys’ fees and out-of-pocket expenses relating
to such action or proceeding.

 

5.10       Parties
in Interest. This Note shall be binding upon, inure to the benefit of and be enforceable by the Maker, the Holder and their
respective successors and permitted assigns.

 

5.11       Failure
or Indulgence Not Waiver. 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.

 

5.12       Maker
Waivers. Except as otherwise specifically provided herein, the Maker and all others that may become liable for all or any part
of the obligations evidenced by this Note, hereby waive presentment, demand, notice of nonpayment, protest and all other demands
and notices in connection with the delivery, acceptance, performance and enforcement of this Note, and do hereby consent to any
number of renewals of extensions of the time or payment hereof and agree that any such renewals or extensions may be made without
notice to any such persons and without affecting their liability herein and do further consent to the release of any person liable
hereon, all without affecting the liability of the other persons, firms or Maker liable for the payment of this Note, AND DO HEREBY
WAIVE TRIAL BY JURY.

 

(a)        No delay
or omission on the part of the Holder in exercising its rights under this Note, or course of conduct relating hereto, shall operate
as a waiver of such rights or any other right of the Holder, nor shall any waiver by the Holder of any such right or rights on
any one occasion be deemed a waiver of the same right or rights on any future occasion.

 

    	 	16	 

     

    

 

(b)      THE MAKER
ACKNOWLEDGES THAT THE TRANSACTION OF WHICH THIS NOTE IS A PART IS A COMMERCIAL TRANSACTION, AND TO THE EXTENT ALLOWED BY APPLICABLE
LAW, HEREBY WAIVES ITS RIGHT TO NOTICE AND HEARING WITH RESPECT TO ANY PREJUDGMENT REMEDY WHICH THE HOLDER OR ITS SUCCESSORS OR
ASSIGNS MAY DESIRE TO USE.

 

5.13       Definitions.
Capitalized terms used herein and not defined shall have the meanings set forth in the Purchase Agreement. For the purposes hereof,
the following terms shall have the following meanings:

 

(a)       “Convertible
Securities” means any securities convertible into or exercisable or exchangeable for, directly or indirectly, Common
Stock.

 

(b)       “Common
Stock Equivalents” means any rights or warrants or options to purchase any Common Stock or Convertible Securities, other
than rights or warrants or options to purchase any Common Stock or Convertible Securities granted or issued under any Equity Plan.

 

(c)       “Indebtedness”
means: (a) all obligations for borrowed money; (b) all obligations evidenced by bonds, debentures, notes, or other similar instruments
and all reimbursement or other obligations in respect of letters of credit, bankers acceptances, current swap agreements, interest
rate hedging agreements, interest rate swaps, or other financial products; (c) all capital lease obligations that exceed $150,000
in the aggregate in any fiscal year; (d) all obligations or liabilities secured by a lien or encumbrance on any asset of the Maker,
irrespective of whether such obligation or liability is assumed; (e) all obligations for the deferred purchase price of assets,
together with trade debt and other accounts payable that exceed $150,000 in the aggregate in any fiscal year (which shall not include
$530,000 payable in connection with the Lexington Solutions Group acquisition expected to occur on are about the date hereof);
(f) all synthetic leases; (g) any obligation guaranteeing or intended to guarantee (whether directly or indirectly guaranteed,
endorsed, co-made, discounted or sold with recourse) any of the foregoing obligations of any other person; (h) trade debt; and
(i) endorsements for collection or deposit.

 

(d)       “Mandatory
Default Amount” means an amount equal to one hundred fifteen percent (115%) of the Outstanding Principal Amount of this
Note on the date on which the first Event of Default has occurred hereunder.

 

(e)       “Outstanding
Principal Amount” means, at the time of determination, the Principal Amount outstanding after giving effect to any adjustments,
conversions or prepayments pursuant to the terms hereof.

 

(f)       “Trading
Day” means a day on which the Common Stock is traded on a Trading Market.

 

[Signature Pages Follow]

 

    	 	17	 

     

    

 

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

 

	 	CASTELLUM INC.	 
	 	 	 
	 	By:	/s/ Mark C. Fuller	 
	 	Name:	Mark C. Fuller	 
	 	Title:	President & CEO	 

 

Acknowledged and agreed:

 

CROM CORTANA FUND LLC

 

	By:	 	 
	Name:	Liam Sherif	 
	Title:	Managing Director	 

 

    	 		 

     

    

 

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

 

	 	CASTELLUM INC.	 
	 	 	 
	 	By:	 	 
	 	Name:	Mark Fuller	 
	 	Title:	CEO	 

 

Acknowledged and agreed:

 

CROM CORTANA FUND LLC

 

	By:	/s/ Liam Sherif	 
	Name:	Liam Sherif	 
	Title:	Managing Member	 

 

    	 		 

     

    

 

EXHIBIT A

 

WIRE INSTRUCTIONS

Name of Bank:

Routing #:

For credit to:

Account #:

 

    	 		 

     

    

 

EXHIBIT B

 

FORM OF CONVERSION NOTICE

 

(To be Executed by the Registered Holder
in order to Convert the Note)

 

The undersigned hereby irrevocably elects
to convert $ ________________ of the principal amount of the above Note No. _____ into Common Stock of Castellum, Inc.,
a Nevada corporation (the “Maker”) according to the conditions hereof, as of the date written below.

 

Date of Conversion:

 

Conversion Price:

 

Number of Shares of Common Stock beneficially
owned or deemed beneficially owned by the Holder on the Conversion Date:

 

	 	[HOLDER]	 
	 	 	 	 
	 	By:	  	 
	 	Name:	 	 
	 	Title:	 	 
	 	 	 	 
	 	Address:

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