Document:

Exhibit 10.2

 

 

 

 

NEITHER THIS NOTE NOR THE SECURITIES INTO WHICH THIS NOTE IS CONVERTIBLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE.  THESE SECURITIES HAVE BEEN SOLD 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.

Pura Naturals, Inc.

Promissory Note

	
Issuance Date:  July 5, 2017

	
Original Principal Amount:   $220,000

	
Note No. PNAT-1

	
Consideration Paid at Close:   $200,000

	 	 

FOR VALUE RECEIVED, Pura Naturals, Inc., a Colorado corporation with a par value of $0.001 per common share ("Par Value") (the "Company"), hereby promises to pay to the order of Vista Capital Investments, LLC or registered assigns (the "Holder") the amount set out above as the Original Principal Amount (as reduced pursuant to the terms hereof pursuant to redemption, conversion or otherwise, the "Principal") when due, whether upon the Maturity Date (as defined below), acceleration, redemption or otherwise (in each case in accordance with the terms hereof) and to pay interest ("Interest") on any outstanding Principal at the applicable Interest Rate from the date set out above as the Issuance Date (the "Issuance Date") until the same becomes due and payable, upon the Maturity Date or acceleration, conversion, redemption or otherwise (in each case in accordance with the terms hereof).

The Original Principal Amount is $220,000 (two hundred twenty thousand) plus accrued and unpaid interest and any other fees.  The Consideration is $200,000 (two hundred thousand) payable by wire transfer (there exists a $20,000 original issue discount (the "OID")).  The Holder shall pay $200,000 of Consideration upon closing of this Note. For purposes hereof, the term "Outstanding Balance" means the Original Principal Amount, as reduced or increased, as the case may be, pursuant to the terms hereof for conversion, breach hereof or otherwise, plus any accrued but unpaid interest, collection and enforcements costs, and any other fees, penalties, damages or charges incurred under this Note.

(1)     GENERAL TERMS

(a)     Payment of Principal.  The "Maturity Date" shall be January 6, 2018, as may be extended at the option of the Holder in the event that, and for so long as, an Event of Default (as defined below) shall not have occurred and be continuing on the Maturity Date (as may be extended pursuant to this Section 1) or any event shall not have occurred and be continuing on the Maturity Date (as may be extended pursuant to this Section 1) that with the passage of time and the failure to cure would result in an Event of Default.

 

Exhibit 10.2 - Page 1

 

(b)     Interest.  A one-time interest charge of eight percent (8%) ("Interest Rate") shall be applied on the Issuance Date to the Outstanding Balance. Interest hereunder shall be paid on the Maturity Date (or sooner as provided herein) to the Holder or its assignee in whose name this Note is registered on the records of the Company regarding registration and transfers of Notes in cash or converted into Common Stock at the Conversion Price provided the Equity Conditions are satisfied.

(c)     Security.  This Note shall not be secured by any collateral or any assets pledged to the Holder

(2)     EVENTS OF DEFAULT.

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

(i)     The Company's failure to pay to the Holder any amount of Principal, Interest, or other amounts when and as due under this Note (including, without limitation, the Company's failure to pay any redemption payments or amounts hereunder);

(ii)    A Conversion Failure as defined in section 3(b)(ii)

(iii)    The Company or any subsidiary of the Company shall commence, or there shall be commenced against the Company or any subsidiary of the Company under any applicable bankruptcy or insolvency laws as now or hereafter in effect or any successor thereto, or the Company or any subsidiary of the Company commences any other proceeding under any reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency or liquidation or similar law of any jurisdiction whether now or hereafter in effect relating to the Company or any subsidiary of the Company or there is commenced against the Company or any subsidiary of the Company any such bankruptcy, insolvency or other proceeding which remains undismissed for a period of 61 days; or the Company or any subsidiary of the Company is adjudicated insolvent or bankrupt; or any order of relief or other order approving any such case or proceeding is entered; or the Company or any subsidiary of the Company suffers any appointment of any custodian, private or court appointed receiver or the like for it or any substantial part of its property which continues undischarged or unstayed for a period of sixty one (61) days; or the Company or any subsidiary of the Company makes a general assignment for the benefit of creditors; or the Company or any subsidiary of the Company shall fail to pay, or shall state that it is unable to pay, or shall be unable to pay, its debts generally as they become due; or the Company or any subsidiary of the Company shall call a meeting of its creditors with a view to arranging a composition, adjustment or restructuring of its debts; or the Company or any subsidiary of the Company shall by any act or failure to act expressly indicate its consent to, approval of or acquiescence in any of the foregoing; or any corporate or other action is taken by the Company or any subsidiary of the Company for the purpose of effecting any of the foregoing;

(iv)    The Company or any subsidiary of the Company shall default in any of its obligations under any other Note or any mortgage, credit agreement or other facility, indenture agreement, factoring agreement or other instrument under which there may be issued, or by which there may be secured or evidenced any indebtedness for borrowed money or money due under any long term leasing or factoring arrangement of the Company or any subsidiary of the Company in an amount exceeding $100,000, whether such indebtedness now exists or shall hereafter be created; and

(v)    The Common Stock is suspended or delisted for trading on the Over the Counter OTCQB Venture Marketplace or OTCPink Open Marketplace (the "Primary Market").

(vi)    The Company loses its ability to deliver shares via "DWAC/FAST" electronic transfer.

 

Exhibit 10.2 - Page 2

 

 

(vii)    The Company loses its status as "DTC Eligible."

(viii)    The Company shall become late or delinquent in its filing requirements as a fully-reporting issuer registered with the Securities & Exchange Commission.

(ix)    The Company shall fail to reserve and keep available out of its authorized Common Stock a number of shares equal to at least 5 (five) times the full number of shares of Common Stock issuable upon conversion of all outstanding amounts under this Note.

(x)    The Company shall fail to meet all requirements to satisfy the availability of Rule 144 to the Investor or its assigns including but not limited to timely fulfillment of its filing requirements as a fully-reporting issuer registered with the SEC, requirements for XBRL filings, and requirements for disclosure of financial statements on its website.

(b)     Upon the occurrence of any Event of Default (without the need for any party to give any notice or take any other action), the Outstanding Balance shall immediately and automatically increase to 120% of the Outstanding Balance immediately prior to the occurrence of the Event of Default (the "Default Sum").  Upon the occurrence of any Event of Default, the Note shall become immediately due and payable and the Borrower shall pay to the Holder, in full satisfaction of its obligations hereunder, an amount equal to the Outstanding Balance, all without demand, presentment or notice, all of which hereby are expressly waived, together with all costs, including, without limitation, legal fees and expenses, of collection, and the Holder shall be entitled to exercise all other rights and remedies available at law or in equity.

(3)    CONVERSION OF NOTE.    This Note shall be convertible into shares of the Company's Common Stock, on the terms and conditions set forth in this Section 3

(a)    Conversion Right.  Subject to the provisions of Section 3(c), at any time or times on or after the occurrence of an Event of Default, the Holder shall be entitled to convert any portion of the outstanding and unpaid Conversion Amount (as defined below) into fully paid and nonassessable shares of Common Stock in accordance with Section 3(b), at the Conversion Price (as defined below).  The number of shares of Common Stock issuable upon conversion of any Conversion Amount pursuant to this Section 3(a) shall be equal to the quotient of dividing the Conversion Amount by the Conversion Price. The Company shall not issue any fraction of a share of Common Stock upon any conversion.  If the issuance would result in the issuance of a fraction of a share of Common Stock, the Company shall round such fraction of a share of Common Stock up to the nearest whole share.  The Company shall pay any and all transfer agent fees, legal fees, costs and any other fees or costs that may be incurred or charged in connection with the issuance of shares of the Company's Common Stock to the Holder arising out of or relating to the conversion of this Note.

(i)    "Conversion Amount" means the portion of the Original Principal Amount and Interest to be converted, plus any penalties, redeemed or otherwise with respect to which this determination is being made.

 

Exhibit 10.2 - Page 3

 

 

(ii)    "Conversion Price" shall equal 60% of the average of the three lowest closing bids in the five Trading Days immediately preceding the applicable Conversion Date on which the Holder elects to convert all or part of this Note, subject to adjustment as provided in this Note.

(b)    Mechanics of Conversion.

(i)    Optional Conversion.  To convert any Conversion Amount into shares of Common Stock on any date (a "Conversion Date"), the Holder shall (A) transmit by email, facsimile (or otherwise deliver), for receipt on or prior to 11:59 p.m., New York, NY Time, on such date, a copy of an executed notice of conversion in the form attached hereto as Exhibit A (the "Conversion Notice") to the Company. On or before the third Business Day following the date of receipt of a Conversion Notice (the "Share Delivery Date"), the Company shall (A) if legends are not required to be placed on certificates of Common Stock pursuant to the then existing provisions of Rule 144 of the Securities Act of 1933 ("Rule 144") and provided that the Transfer Agent is participating in the Depository Trust Company's ("DTC") Fast Automated Securities Transfer Program, credit such aggregate number of shares of Common Stock to which the Holder shall be entitled to the Holder's or its designee's balance account with DTC through its Deposit Withdrawal Agent Commission system or (B) if the Transfer Agent is not participating in the DTC Fast Automated Securities Transfer Program, issue and deliver to the address as specified in the Conversion Notice, a certificate, registered in the name of the Holder or its designee, for the number of shares of Common Stock to which the Holder shall be entitled which certificates shall not bear any restrictive legends unless required pursuant the Rule 144. If this Note is physically surrendered for conversion and the outstanding Principal of this Note is greater than the Principal portion of the Conversion Amount being converted, then the Company shall, upon request of the Holder, as soon as practicable and in no event later than three (3) Business Days after receipt of this Note and at its own expense, issue and deliver to the holder a new Note representing the outstanding Principal not converted.  The Person or Persons entitled to receive the shares of Common Stock issuable upon a conversion of this Note shall be treated for all purposes as the record holder or holders of such shares of Common Stock upon the transmission of a Conversion Notice.

(ii)    Company's Failure to Timely Convert.  If within two (2) Trading Days after the Company's receipt of the facsimile or email copy of a Conversion Notice the Company shall fail to issue and deliver to Holder via "DWAC/FAST" electronic transfer the number of shares of Common Stock to which the Holder is entitled upon such holder's conversion of any Conversion Amount (a "Conversion Failure"), the Original Principal Amount of the Note shall increase by $2,000 per day until the Company issues and delivers a certificate to the Holder or credit the Holder's balance account with DTC for the number of shares of Common Stock to which the Holder is entitled upon such holder's conversion of any Conversion Amount (under Holder's and Company's expectation that any damages will tack back to the Issuance Date). Company will not be subject to any penalties once its transfer agent processes the shares to the DWAC system. If the Company fails to deliver shares in accordance with the timeframe stated in this Section, resulting in a Conversion Failure, the Holder, at any time prior to selling all of those shares, may rescind any portion, in whole or in part, of that particular conversion attributable to the unsold shares and have the rescinded conversion amount returned to the Outstanding Balance with the rescinded conversion shares returned to the Company (under Holder's and Company's expectations that any returned conversion amounts will tack back to the original date of the Note).

(iii)    DWAC/FAST Eligibility.If the Company fails for any reason to deliver to the Holder the Shares by DWAC/FAST electronic transfer (such as by delivering a physical stock certificate), or if there is a Conversion Failure as defined in Section 3(b)(ii), and if the Holder incurs a Market Price Loss, then at any time subsequent to incurring the loss the Holder may provide the Company written notice indicating the amounts payable to the Holder in respect of the Market Price Loss and the Company must make the Holder whole by either of the following options at Holder's election:

 

Exhibit 10.2 - Page 4

 

Market Price Loss = [(High trade price for the period between the day of conversion and the day the shares clear in the Holder's brokerage account) x (Number of shares receivable from the conversion)] – [(Net Sales price realized by Holder) x (Number of shares receivable from the conversion)].

Option A – Pay Market Price Loss in Cash. The Company must pay the Market Price Loss by cash payment, and any such cash payment must be made by the third business day from the time of the Holder's written notice to the Company.

Option B – Add Market Price Loss to Outstanding Balance. The Company must pay the Market Price Loss by adding the Market Price Loss to the Outstanding Balance (under Holder's and the Company's expectation that any Market Price Loss amounts will tack back to the Issuance Date).

In the case that conversion shares are not deliverable by DWAC/FAST electronic transfer an additional 10% discount to the Conversion Price will apply.

(iv)    DTC Eligibility & Sub-Penny. If the Company fails to maintain its status as "DTC Eligible" for any reason, or, if the effective Conversion Price as calculated in Section 3(a)(ii) is less than $0.01 at any time (regardless of whether or not a Conversion Notice has been submitted to the Company), the Principal Amount of the Note shall increase by ten thousand dollars ($10,000) (under Holder's and Company's expectation that any Principal Amount increase will tack back to the Issuance Date). In addition, the Conversion Price shall be permanently redefined to equal the lesser of (a) $0.01 or (b) 50% of the lowest trade occurring during the twenty five (25) consecutive Trading Days immediately preceding the applicable Conversion Date on which the Holder elects to convert all or part of this Note, subject to adjustment as provided in this Note.

(v)    [Intentionally Blank]

(vi)    Book-Entry. Notwithstanding anything to the contrary set forth herein, upon conversion of any portion of this Note in accordance with the terms hereof, the Holder shall not be required to physically surrender this Note to the Company unless (A) the full Conversion Amount represented by this Note is being converted or (B) the Holder has provided the Company with prior written notice (which notice may be included in a Conversion Notice) requesting reissuance of this Note upon physical surrender of this Note.  The Holder and the Company shall maintain records showing the Principal and Interest converted and the dates of such conversions or shall use such other method, reasonably satisfactory to the Holder and the Company, so as not to require physical surrender of this Note upon conversion.

(c)    Limitations on Conversions or Trading.

(i)    Beneficial Ownership.  The Company shall not effect any conversions of this Note and the Holder shall not have the right to convert any portion of this Note or receive shares of Common Stock as payment of interest hereunder to the extent that after giving effect to such conversion or receipt of such interest payment, the Holder, together with any affiliate thereof, would beneficially own (as determined in accordance with Section 13(d) of the Exchange Act and the rules promulgated thereunder) in excess of 4.99% of the number of shares of Common Stock outstanding immediately after giving effect to such conversion or receipt of shares as payment of interest.    Since the Holder will not be obligated to report to the Company the number of shares of Common Stock it may hold at the time of a conversion hereunder, unless the conversion at issue would result in the issuance of shares of Common Stock in excess of 4.99% of the then outstanding shares of Common Stock without regard to any other shares which may be beneficially owned by the Holder or an affiliate thereof, the Holder shall have the authority and obligation to determine whether the restriction contained in this Section will limit any particular conversion hereunder and to the extent that the Holder determines that the limitation contained in this Section applies, the determination of which portion of the principal amount of this Note is convertible shall be the responsibility and obligation of the Holder.  If the Holder has delivered a Conversion Notice for a principal amount of this Note that, without regard to any other shares that the Holder or its affiliates may beneficially own, would result in the issuance in excess of the permitted amount hereunder, the Company shall notify the Holder of this fact and shall honor the conversion for the maximum principal amount permitted to be converted on such Conversion Date in accordance with Section 3(a) and, any principal amount tendered for conversion in excess of the permitted amount hereunder shall remain outstanding under this Note. In the event that the Market Capitalization of the Company falls below $2,500,000, the term "4.99%" above shall be permanently replaced with "9.99%". "Market Capitalization" shall be defined as the product of (a) the closing price of the Common Stock of the Common stock multiplied by (b) the number of shares of Common Stock outstanding as reported on the Company's most recently filed Form 10-K or Form 10-Q.  The provisions of this Section may be waived by Holder upon not less than 65 days prior written notification to the Company.

 

Exhibit 10.2 - Page 5

 

(ii)    Capitalization.  So long as this as this Note is outstanding, upon written request of the Holder, the Company shall furnish to the Holder the then-current number of common shares issued and outstanding, the then-current number of common shares authorized, and the then-current number of shares reserved for third parties.

(d)    Other Provisions.

(i)    Share Reservation.The Company shall at all times reserve and keep available out of its authorized Common Stock a number of shares equal to at least 5 (five) times the full number of shares of Common Stock issuable upon conversion of all outstanding amounts under this Note; and within 3 (three) Business Days following the receipt by the Company of a Holder's notice that such minimum number of shares of Common Stock is not so reserved, the Company shall promptly reserve a sufficient number of shares of Common Stock to comply with such requirement. The Company will at all times reserve at least 1,500,000 shares of Common Stock for conversion.

(ii)    Prepayment.At any time within the 90 day period immediately following the Issuance Date, the Company shall have the option, upon 10 business days' notice to Holder, to pre-pay the entire remaining outstanding principal amount of this Note in cash, provided that (i) the Company shall pay the Holder 135% of the Outstanding Balance, (ii) such amount must be paid in cash on the next business day following such 10 business day notice period, and (iii) assuming the occurrence of an Event of Default, the Holder may still convert this Note pursuant to the terms hereof at all times until such prepayment amount has been received in full.  Except as set forth in this Section the Company may not prepay this Note in whole or in part.

(iii)    Terms of Future Financings.  So long as this Note is outstanding, upon any issuance by the Company or any of its subsidiaries of any security (or upon any amendment to any existing security) with any term more favorable to the holder of such security or with a term in favor of the holder of such security that was not similarly provided to the Holder in this Note, then the Company shall notify the Holder of such additional or more favorable term and such term, at Holder's option, shall become a part of the Note.  The types of terms contained in another security that may be more favorable to the holder of such security include, but are not limited to, terms addressing conversion discounts, conversion lookback periods, interest rates, original issue discounts, stock sale price, private placement price per share, and warrant coverage.

(iv)    All calculations under this Section 3 shall be rounded up to the nearest $0.00001 or whole share.

 

Exhibit 10.2 - Page 6

 

(v)    Nothing herein shall limit a Holder's right to pursue actual damages or declare an Event of Default pursuant to Section 2 herein for the Company's failure to deliver certificates representing shares of Common Stock upon conversion within the period specified herein and such Holder shall have the right to pursue all remedies available to it at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief, in each case without the need to post a bond or provide other security. The exercise of any such rights shall not prohibit the Holder from seeking to enforce damages pursuant to any other Section hereof or under applicable law.

(4)    SECTION 3(A)(9) OR 3(A)(10) TRANSACTION.  So long as this Note is outstanding, the Company shall not enter into any transaction or arrangement structured in accordance with, based upon, or related or pursuant to, in whole or in part, either Section 3(a)(9) of the Securities Act (a "3(a)(9) Transaction") or Section 3(a)(10) of the Securities Act (a "3(a)(10) Transaction"). In the event that the Company does enter into, or makes any issuance of Common Stock related to a 3(a)(9) Transaction or a 3(a)(10) Transaction while this note is outstanding, a liquidated damages charge of 25% of the outstanding principal balance of this Note, but not less than $25,000, will be assessed and will become immediately due and payable to the Holder at its election in the form of cash payment or addition to the balance of this Note.

(5)    REISSUANCE OF THIS NOTE.

(a)    Assignability. The Company may not assign this Note.  This Note will be binding upon the Company and its successors and will inure to the benefit of the Holder and its successors and assigns and may be assigned by the Holder to anyone of its choosing without Company's approval.

(b)    Lost, Stolen or Mutilated Note.  Upon receipt by the Company of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Note, and, in the case of loss, theft or destruction, of any indemnification undertaking by the Holder to the Company in customary form and, in the case of mutilation, upon surrender and cancellation of this Note, the Company shall execute and deliver to the Holder a new Note representing the outstanding Principal.

(6)    NOTICES.    Any notices, consents, waivers or other communications required or permitted to be given under the terms hereof 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 (provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending party) (iii) upon receipt, when sent by email; or (iv) one (1) Trading Day after deposit with a nationally recognized overnight delivery service, in each case properly addressed to the party to receive the same.  The addresses and facsimile numbers for such communications shall be those set forth in the communications and documents that each party has provided the other immediately preceding the issuance of this Note or at such other address and/or facsimile number and/or to the attention of such other person as the recipient party has specified by written notice given to each other party three (3) Business Days prior to the effectiveness of such change.  Written confirmation of receipt (i) given by the recipient of such notice, consent, waiver or other communication, (ii) mechanically or electronically generated by the sender's facsimile machine containing the time, date, recipient facsimile number and an image of the first page of such transmission or (iii) provided by a nationally recognized overnight delivery service, shall be rebuttable evidence of personal service, receipt by facsimile or receipt from a nationally recognized overnight delivery service in accordance with clause (i), (ii) or (iii) above, respectively.

 

 

Exhibit 10.2 - Page 7

  

The addresses for such communications shall be:

If to the Company, to:

Pura Naturals, Inc.

23101 Lake Center Drive

Suite 100

Lake Forest, CA 92630

Attn:  Robert Doherty, CEO

Email:  bob.d@airtechfoam.com

  

If to the Holder:

VISTA CAPITAL INVESTMENTS, LLC

406 9th Avenue, Suite 201

San Diego, CA 92101

Attn:   David Clark, Principal

Email:  dclark@vci.us.com

(7)    APPLICABLE LAW AND VENUE. This Note shall be governed by and construed in accordance with the laws of the State of Nevada, without giving effect to conflicts of laws thereof.  Any action brought by either party against the other concerning the transactions contemplated by this Agreement shall be brought only in the state courts of California or in the federal courts located in the city and county of San Diego, in the State of California. Both parties and the individuals signing this Agreement agree to submit to the jurisdiction of such courts.

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

(9)    LIQUIDATED DAMAGES. Holder and Company agree that in the event Company fails to comply with any of the terms or provisions of this Note, Holder's damages would be uncertain and difficult (if not impossible) to accurately estimate because of the parties' inability to predict future interest rates, future share prices, future trading volumes and other relevant factors. Accordingly, Holder and Company agree that any fees, balance adjustments, default interest or other charges assessed under this Note are not penalties but instead are intended by the parties to be, and shall be deemed, liquidated damages (under Holder's and Company's expectations that any such liquidated damages will tack back to the Closing Date for purposes of determining the holding period under Rule 144).

[Signature Page Follows]

Exhibit 10.2 - Page 8

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

	 	
COMPANY:

 

 

	 	
Pura Naturals, Inc.

	 	 
	 	
 

By: 

	 	
 

Name: Robert Doherty

	 	
 

Title:   Chief Executive Officer

	 	 
	 	 
	 	 
	 	
HOLDER:

	 	 
	 	
VISTA CAPITAL INVESTMENTS, LLC.

	 	
 

By: 

	 	
 

Name: David Clark

	 	
 

Title:   Principal

	 	 
	 	 
	 	 

 

[Signature Page to Note No. PNAT-1]

 

Exhibit 10.2 - Page 9

 

EXHIBIT A

CONVERSION NOTICE

 

 

	
[Company Contact, Position]

	 
	
Pura Naturals, Inc.

	 
	
[Company Address]

	 
	
[Contact Email Address}

	 
	
 

 

 

The undersigned hereby elects to convert a portion of the $________ Convertible Note _______ issued to Vista Capital Investments, LLC on ____________ into Shares of Common Stock of ____________ according to the conditions set forth in such Note as of the date written below.

 
	
 

 

 

By accepting this notice of conversion, you are acknowledging that the number of shares to be delivered represents less than 10% (ten percent) of the common stock outstanding.  If the number of shares to be delivered represents more than 9.99% of the common stock outstanding, this conversion notice shall immediately automatically extinguish and debenture Holder must be immediately notified.

 

 

	
 

	 	 
	
Date of Conversion:

	
 

	 
	
Conversion Amount:

	
 

	 
	
Conversion Price:

	
 

	 
	
Shares to be Delivered:

	
 

	 

 

 

 

	
Shares delivered in name of:

 

	
VISTA CAPITAL INVESTMENTS, LLC

 

 

 

	
Signature:

	 
	
 

	
By:

Title:

	
 

	
Vista Capital Investments, LLC

	
 

	
 

	
 

	
 

 

 

  

Exhibit 10.2 - Page 10

 

 

  

	
EXHIBIT B

	
TRUE-UP NOTICE

 

 

	
[Company Contact, Position]

	
Pura Naturals, Inc.

	
[Company Address]

	
[Contact Email Address}

The undersigned hereby gives notice to Pura Naturals, Inc., a ______ corporation (the "Company"), pursuant to that certain Note dated _______  ___, 20__ by and between the Company and the Holder (the "Note"), that the Holder elects to:

		___	
Receive fully paid and non-assessable True-Up Shares pursuant to Section 3(b)(v) of the Note (such Additional Origination Shares shall be calculated as set forth below), or

		___	
Add to the Outstanding Balance a dollar amount equal to the True-Up Amount (such True-Up Amount shall be calculated as set forth below).

The number of True-Up Shares Holder is entitled to receive is calculated as follows:

Conversion Amount ($___) / ___% of the lowest trade occurring during the _________ (__) consecutive Trading Days immediately preceding the applicable Conversion Date ($_.__) - Conversion Amount ($___) divided by the Par Value ($_.__) =

____________ True-Up Shares

The amount of True-Up Balance to be added to the Outstanding Balance is calculated as follows:

Number of True-Up Shares (_____) * high trade price on the Conversion Date ($_.__)

____________ True-Up Balance

	
Shares delivered in name of:

	
 

	 
	
VISTA CAPITAL INVESTMENTS, LLC

	
 

	
 

	
 

	
 

	 
	
Signature:

	
 

	 
	
 

	
By:

Title:

	
 

	 
	
 

	
Vista Capital Investments, LLC

	 

  

Exhibit 10.2 - Page 11Patent License Agreement

 

 

THIS AGREEMENT (hereinafter referred to as the "Agreement")
is made by and between Pharma GP ApS (hereinafter referred to as "Licensor"), a corporation with principal offices at
Fabriksvej 48, 4700 Næstved, Denmark, and Vilacto Bio Inc, a limited company with principal offices at The Seagram Building,
375 Park Avenue

Suite 2607, New York City NY 10152 U.S.A., (hereinafter referred to as "Licensee").

 

 

Background

 

WHEREAS, Licensor is the owner of all
right, title, and interest in United States Patent No. US 8,637,075 (which is hereinafter referred to as the "Licensed Patent");

 

WHEREAS, Licensor is in the business of
manufacturing and selling cosmetic products and ingredients and desires to market and sell such cosmetic products and ingredients
in the US;

 

WHEREAS Licensee desires to obtain an
exclusive license to sell Licensor’s products covered by the Licensed Patent in the US;

 

WHEREAS, Licensor and Licensee desire
to enter into a license agreement covering the Licensed Patent; and

 

WHEREAS, Licensor has the right to grant
an exclusive license to Licensee under the Licensed Patent and is willing to do so on the terms and conditions stipulated in this
Agreement.

 

The parties agree as follows:

 

1. DEFINITIONS

 

1.1 Licensed Patent. "Licensed Patent"
as used in this Agreement shall mean any claim derived from United States Patent No. US 8,637,075, or from any patent issued in
the future from any reissue, reexamination, divisional, continuation, and/or continuation-in-part of the Licensed Patents in the
US.

 

1.2 Territory. "Territory" as used in
this Agreement shall mean the United States and its territories and possessions.

 

1.3 Effective Date. "Effective Date" shall
mean the date of the signature of the last Party to sign this Agreement.

 

1.4 Term. "Term" as used in this Agreement
shall mean the period beginning on the Effective Date and ending with the expiration of the Licensed Patent or the termination
of this Agreement in accordance with the terms of this Agreement, whichever occurs first. This Agreement shall, if not terminated
sooner, terminate at the end of the Term.

 

1.5 Licensed Product. "Licensed Product"
as used in this Agreement shall mean certain cosmetic products or ingredients utilizing the Licensed Patent and manufactured by
Licensor and supplied to the Licensee.

 

1.5 Sublicense. “Sublicense” shall mean
the present, future or contingent transfer by Licensee to a third party (“Sublicensee”) of any license, right, or option
under the License Grant to the Licensed Patent.

 

    	 		 

     

    

 

1.7 Confidential Information. “Confidential
Information” means (i) all information, documentation or other materials relating to Licensor’s Business or to the
manufacture and sale of the Licensed Products that Licensee receives from Licensor such as business strategy information, product
recipes, samples, test results, price calculations, customer information, correspondence with authorities concerning approvals
etc. whether of a technical or commercial nature, whether marked as confidential or not, and irrespective of use of media, and
including information presented orally; and (ii) all information, documentation or other materials that Licensor receives from
Licensee, which is marked or indicated as confidential by Licensee. Not withstanding the foregoing the following shall be excluded
from the definition of Confidential Information: Information that:

 

(i) at the time of receipt by the receiving party was independently
known or developed by the receiving party, or subsequently becomes independently known to the receiving party, and can be so documented
by written records; or

(ii) has become generally known to the public or otherwise
publicly

available through no fault of receiving party; or

(iii) has been made available to receiving party by a third
party having

the lawful right to do so without breaching any obligation
of nonuse or

confidentiality to disclosing party; or

(iv) the receiving party is obligated to disclose in order
to comply with

applicable laws or regulations, or with a court or administrative
order, provided

that the receiving party (a) promptly notifies the disclosing
party, and (b)

cooperates reasonably with the disclosing party’s
efforts to contest or limit the

scope of such disclosure.

 

 

2. LICENSE

 

2.1 License Grant. Subject to the terms and conditions of
this Agreement and the due performance by Licensee of Licensee's obligations under this Agreement and in reliance on Licensee's
representations and warranties set forth in this Agreement, Licensor hereby grants to Licensee an exclusive license under the Licensed
Patent for the Term in the Territory to import, offer to sell, and sell Licensed Product.

 

2.2 Basis. The foregoing license is granted solely under the
Licensed Patent. No license under any other patents or intellectual property of Licensor is granted, either expressly or by implication.

 

 

3. PAYMENTS

 

3.1 Royalty.

 

3.1.1 Royalty Payment. For the rights granted in
this Agreement, and subject to Paragraphs 3.2 and 3.3 herein below, Licensee shall pay Licensor a royalty of eight percent
(8%) of Licensee's selling prices (irrespective of any taxes, custom duties, costs of insurance, transportation costs or other
costs) for all Licensed Product sold by Licensee in the Territory (if in excess of the agreed minimum royalty), or pay the agreed
minimum royalty of USD 10.000 per month. A running royalty as to a unit of Licensed Product sold shall accrue on the day the unit
is shipped or invoiced to a Licensee customer, whichever occur first.

 

3.1.2 Termination of Royalty on Invalidity or Unenforceability.
The royalty payments shall terminate if all of the claims of the Licensed Patents are held invalid or unenforceable. A claim of
the Licensed Patent shall be deemed invalid or unenforceable under this Agreement if a court or tribunal of competent jurisdiction
makes such a determination, and the determination becomes final in that it is not further reviewable through appeal or exhaustion
of all permissible petitions or applications for rehearing or review.

 

3.1.3 Sublicense Payments. The payments to Licensor
in case of Sublicenses should not be less than the royalty payment agreed under Article 3.1.1. The parties will discuss and agree
on the further terms of the Sublicense in accordance with Article 9.2.

 

3.1.4 U.S. Taxes. Licensee will pay all U.S. taxes
related to royalty payments. These tax payments are not deductible from any payments due to Licensor.

 

3.2 Payment. All royalty payments to Licensor shall be made
quarterly by Licensee, with quarters being defined as January 1 through March 31; April 1 through June 30; July 1 through September
30; and October 1 through December 31. Payment of royalties shall be made to Licensor not later than the thirtieth (30th) day (the
"Due Date") after the end of the period to which the payment relates.

 

    	 	2	 

     

    

 

3.3 Accounting Statements. Licensee shall provide Licensor
with a statement of royalties due to Licensor under this Agreement quarterly on or before the Due Date, setting forth the amount
due to Licensor for the period and, in reasonable detail, the factual basis for calculating the amount.

 

3.4 Interest and double royalty. Interest shall accrue on
all payments made more than ten (10) days after they are due at the rate of twelve percent (12%) per annum, compounded daily, from
the due date until paid. In case of Licensee’s breach of the duty to pay royalty, which is unremedied for a period of thirty
(30) days after the Due Date, Licensor is entitled to payment of double royalty (two times the overdue royalty amount) accruing
on the expiration of the 30th day after the Due Date.

 

3.6 Books and Records and Audit. Licensee shall keep full,
complete, and accurate books of account and records covering all transactions relating to this Agreement. Licensee shall preserve
such books and records for a period of five (5) years after the Due Date to which the material relates. Acceptance by Licensor
of an accounting statement or payment hereunder will not preclude Licensor from challenging or questioning the accuracy thereof.
During the Term and for a period of one (1) year thereafter, Licensor may, upon reasonable notice in writing to Licensee, cause
an independent audit to be made of the books and records of Licensee in order to verify the statements rendered under this Agreement,
and prompt adjustment shall be made by the proper party to compensate for any errors disclosed by the audit. The audit shall be
conducted only by an independent accountant during regular business hours and in a reasonable manner so as not to interfere with
normal business activities. Audits shall be made hereunder no more frequently than annually. Before any audit may be conducted,
the auditor must represent that the auditor's fee will in no manner be determined by the results of the audit and must agree to
maintain the confidentiality of all confidential material to which the auditor is given access. Licensor will bear all expenses
and fees of the audit, but if the audit reveals an underpayment for any quarter of more than five percent (5%), Licensee shall
pay all such expenses and fees.

 

4. INDEMNIFICATION

 

4.1 Licensee Indemnification. Licensee shall at all times
during the term of this Agreement and thereafter indemnify, defend, and hold Licensor, its directors, officers, employees, and
affiliates harmless against all claims, proceedings, demands, and liabilities of any kind whatsoever, including legal expenses
and reasonable attorneys' fees, arising out of the death of or injury to any person or out of any loss or damage to property, resulting
from Licensee’s advertisement, offer for sale or sale, of Licensed Products in the Territory or resulting from Licensee’s
exercise of right granted under this Agreement, or Licensee’s breach of any obligation under this Agreement.

 

4.2 Licensor Indemnification. Licensor shall at all times
during the term of this Agreement and thereafter indemnify, defend, and hold Licensee, its directors, officers, employees, and
affiliates harmless against all claims, proceedings, demands, and liabilities of any kind whatsoever, including legal expenses
and reasonable attorneys' fees, arising out of any breach of any representation, warranty, or covenant expressly made by Licensor
in this Agreement.

 

 

5. TERMINATION

 

5.1 Termination by Licensor. In addition to all other remedies
Licensor may have, Licensor may terminate this Agreement and the licenses granted in this Agreement in the event that:

 

(a) Licensee defaults in its payment to Licensor and such
default continues unremedied for a period of thirty (30) days after the Due Date;

 

(b) Licensee fails to perform any material obligation, warranty,
duty, or responsibility or is in default with respect to any term or condition undertaken by Licensee under this Agreement, and
such failure or default continues unremedied for a period of thirty (30) days after written notice thereof to Licensee by Licensor;

 

(c) Licensee is liquidated or dissolved;

 

(d) Any assignment is made of Licensee's business for the
benefit of creditors;

 

(e) Licensee liquidates a substantial portion of its business
or engages in a distress sale of substantially all of its assets;

 

(f) A receiver, or similar officer, is appointed to take
charge of a substantial part of Licensee's assets;

 

(g) Licensee is unable to pay its debts as they mature; or

 

(h) Any petition in bankruptcy is filed by or against Licensee
that remains undischarged for sixty (60) days.

 

    	 	3	 

     

    

 

5.2 Effect of Termination. After the termination of this Agreement,
Licensee shall have no rights under the Licensed Patent. Any termination of this Agreement shall not impact Licensor’s ownership
interest, if any, in Licensee. In addition to termination, in the event of a material breach by Licensee, Licensor may pursue any
rights and remedies available to it by law. No termination of this Agreement for any reason shall relieve or discharge either Licensor
or Licensee from any duty, obligation, or liability that was already accrued as of the date of the termination (including, without
limitation, the obligation to indemnify or to pay any amounts owing as of the date of termination). Effective on the date of termination
Licensee hereby assigns to Licensor each Sublicense that is in effect on the date of termination, including the right to receive
all income from Sublicensees.

 

5.3 Force majeure. This Agreement shall not be terminated
for any breach that is the result of (i) an act of God such as fire, storm, flood, earthquake, (ii) acts or omissions of any government
or agency thereof, (iii) compliance with rules, regulations, or orders of any governmental authority or any office, department,
agency, or instrumentality thereof; or (iv) acts of the public enemy or terrorism, war, rebellion, insurrection, riot, sabotage
or invasion.

 

 

6. REPRESENTATIONS AND WARRANTIES OF LICENSOR

 

6.1 Right to Grant License. Licensor represents and warrants
that Licensor has the right and authority to grant the licenses granted to Licensee in this Agreement and that this Agreement and
the licenses granted in this Agreement do not and will not conflict with the terms of any agreement to which Licensor is a party

 

6.2 Disclaimers. Except as otherwise expressly set forth in
this Agreement, Licensor, its directors, officers, employees, and agents make no representations and extend no warranties of any
kind, either express or implied. In particular, and without limitation, nothing in this Agreement shall be construed as:

 

(a) a warranty or representation by Licensor as to the validity,
enforceability or scope of the Licensed Patent;

 

(b) a warranty or representation by Licensor that anything
made, used, sold, or otherwise disposed of under any license granted in this Agreement is or will be free from infringement of
patents of third parties;

 

(c) an obligation on the part of Licensor to bring or prosecute
actions against third parties for infringement of the Licensed Patent or other proprietary rights;

 

(d) an obligation on the part of Licensor to furnish any
manufacturing or technical information;

 

(e) the granting by implication, estoppel, or otherwise of
any licenses or rights under patents other than the express License Grant to the Licensed Patent under Article 2.1 of this Agreement;
or

 

(f) the assumption by Licensor of any responsibilities whatever
with respect to use, sale, or other disposition by Licensee or its vendees or transferees of Licensed Products.

 

    	 	4	 

     

    

 

6.3 Limitation of Liability. In no event shall Licensor, its
directors, officers, employees, or affiliates be liable for incidental or consequential damages of any kind, including economic
damage or injury to property and lost profits, regardless of whether Licensor shall be advised, shall have other reason to know,
or in fact shall know of the possibility.

 

7. REPRESENTATIONS AND WARRANTIES OF LICENSEE 

Licensee represents and warrants that Licensee has the right and
authority to enter into this Agreement and that this Agreement and the exercise of the licenses granted hereunder do not and will
not conflict with the terms of any agreement to which Licensee is a party. Licensee represents and warrants that Licensee will
not export or reexport the Licensed Products, neither directly nor indirectly, to any country, individual or entity without prior
written agreement with Licensor.

 

8. RELATIONSHIP OF THE PARTIES

Nothing in this Agreement will be construed to constitute the parties
as partners or joint ventures or constitute either party as agent of the other, nor will any similar relationship be deemed to
exist between them. Neither party shall hold itself out contrary to the terms of this paragraph, and neither party shall become
liable by reason of any representation, act, or omission of the other contrary to the provisions of this paragraph. This Agreement
is not for the benefit of any third party and shall not be deemed to give any right or remedy to any such party, whether referred
to in this Agreement or not.

 

9. ASSIGNMENT AND SUBLICENSE

 

9.1 Assignment. This Agreement, and any rights or obligations
hereunder, may be assigned by Licensor as an assignment of the entire Agreement (all rights and obligations) together with an assignment
of the proprietary rights in the Licensed Patent to the same third party, including in connection with mergers or similar transactions.
This Agreement, and any rights or obligations hereunder, will not be assigned, transferred or delegated in whole or in part by
Licensee, without Licensor’s express written approval, such approval not to be unreasonably withheld in cases where the Licensee
wants to assign the entire Agreement (all rights and obligations) to a qualified third party, or in connection with merger of the
Licensee or a sale of all or substantially all of Licensee’s assets. Any purported transfer, assignment, or delegation in
violation of the foregoing shall be void and without effect, and this Agreement shall thereupon become terminable without further
notice by Licensor.

 

9.2 Sublicense. Licensee has the right to grant non-exclusive
Sublicenses to third parties during the Term, in the Territory, provided (i) that the Sublicense is in accordance with the terms
of this Agreement; (ii) that the Sublicense is not granted on terms less favorable to the Licensor, including with respect to payment
of royalty and audit rights, than Licensor’s rights under this Agreement, (iii) that the Licensee assumes responsibility
for the Sublicensee in the sense that any act or omission of a Sublicensee that would constitute a breach of this Agreement if
performed by Licensee will be deemed a breach by Licensee of this Agreement for which the Licensee will be liable, and (iv) that
Licensor approves the Sublicense and the terms of it, which approval will not be unreasonably withheld by Licensor. Licensee must
enforce all Sublicenses at its cost and shall be responsible for the acts and omissions of the Sublicensees.

 

9.3 Binding on Successors etc. This Agreement will inure to
the benefit of and be binding upon the parties, their, successors, affiliates and assigns.

 

9.4. Pledge. Licensee shall not pledge its rights under this
Agreement for any reason, including as security to obtain financing, without the prior written approval of Licensor. The parties
agree that any such pledge by Licensee without such approval by Licensor shall be an automatic, material and incurable breach of
this Agreement resulting in termination of the Agreement effective as of the attempt by Licensee to make such pledge.

 

    	 	5	 

     

    

 

10. CONFIDENTIALITY. 

Beginning on the Effective Date of this Agreement and continuing
throughout the Term and thereafter for a period of five (5) years, neither party will at any time, without the express prior written
consent of the other, disclose or otherwise make known or available to any third party any Confidential Information of the other
party. The receiving party will utilize reasonable procedures to safeguard the Confidential Information of the disclosing party,
including releasing such Confidential Information only to its employees and agents on a “need-to-know” basis. Licensee
is authorized to release Confidential Information to potential Sublicensees for the purpose of negotiating and granting a Sublicense,
provided that Licensee takes reasonable precautions to safeguard such Confidential Information.

 

 

11. PROSECUTION AND PROTECTION OF PATENTS

 

11.1. Maintenance of Licensed Patent. During the Term of this
Agreement Licensor will be responsible for maintaining and paying annuity/maintenance fee for the Licensed Patent. Licensee shall
reimburse Licensor for all verifiable costs and fees related to the maintenance and annuity fees for Licensed Patents. Licensee
shall reimburse Licensor within thirty (30) days of submission of the proof of costs incurred by Licensor. In accordance with Article
5.1 (a), in addition to any other remedies available to Licensor, failure by Licensee to reimburse Licensor for said costs may
result in Licensor’s termination of this Agreement.

 

11.2 Infringements of Licensed Patent. 

 

11.2.1 Notification. Licensee will promptly notify
Licensor if he believes a third party infringes the Licensed Patent.

 

11.2.2. Licensor’s first right to sue. Licensor
has the first right to institute suit against a third party infringer of the Licensed Patent. If Licensor decides to institute
suit, Licensor will notify Licensee in writing. If Licensee does not notify Licensee in writing that it desires to jointly prosecute
the suit within 15 days after the date of the receipt of the notice from Licensor, Licensee will assign and hereby does assign
to Licensor all rights, causes of action, and damages resulting from the alleged infringement. Licensor will bear the entire cost
of the litigation and will retain the entire amount of any recovery or settlement.

 

11.2.3. Licensee’s access to join the suit.
If Licensee timely notifies Licensor that Licensee wants to jointly prosecute the suit, or if at any time the parties agree to
institute suit jointly, they will (a) prosecute the suit in both their names; (b) bear the out-of-pocket costs equally; (c) share
any amount of recovery or settlement equally, and (d) agree how they will exercise control over the action.

 

11.2.4. Licensee’s secondary right to sue.
If Licensor decides not to institute suit, Licensee shall have the right to institute and prosecute a suit so long as Licensee
(a) diligently pursues the suit and bears the entire costs and risks of the litigation, including expenses and counsel fees incurred
by Licensee and by Licensor in consequence of the suit and any costs or other amounts awarded to the third party defendant (b)
keeps Licensor reasonably apprised of all developments in the suit, and seeks Licensor’s input or approval on any substantive
submission or positions taken in the litigation regarding the scope, validity or enforceability of the Licensed Patent. Licensee
will not prosecute, settle or otherwise compromise any such suit in a manner that adversely affects Licensor’s interests,
including Licensor’s interests in the Licensed Patent, without Licensor’s prior written consent. Licensor may be named
as a part only if (a) Licensee’s and Licensor’s respective counsels both recommend that such action is necessary in
their reasonable opinion to achieve standing; (b) Licensor is not the first named party in the action; and (c) the pleadings and
any public statements about the action state that Licensee is pursuing the action and that Licensee has the right to join Licensor
as a party. If Licensee sues under this section then any recovery in excess of any unrecovered litigation costs and fees will be
shared with Licensor as follows: (a) any payment for past or future sales will be deemed included in Licensee’s selling prices
for Licensed Products sold by Licensee in the Territory, and Licensee will pay Licensor royalties at the rates specified in Article
3.1.1; and (b) Licensee and Licensor will negotiate in good faith appropriate compensation to Licensor for any non-cash settlement
or license.

 

    	 	6	 

     

    

 

11.2.5. Abandonment of suit. If Licensor, or both
parties jointly, commences a suit and Licensor wants to abandon the suit, it will give timely notice to the Licensee. The Licensee
may overtake or continue prosecution of the suit after Licensor and Licensee agree on the sharing of expenses and any recovery
in the suit. If Licensee, or both parties jointly, commences a suit and Licensee wants to abandon the suit, it will give timely
notice to the Licensor. The Licensor may overtake or continue prosecution of the suit without any restriction and even in cases
where the Licensor and Licensee fail to agree on the sharing of expenses and any recovery in the suit.

 

 

12. IMPORTATION AND SALE OF LICENSED PRODUCTS IN THE TERRITORY

Licensee shall bear all responsibility and liability to ensure that
the Licensed Products may be legally imported to, offered for sale in, and sold in the Territory, including that Licensee shall
be responsible to secure any required approval or marking of the Licensed Products in the Territory, as well as payment of any
tax or fee relating to such approval or importation of the Licensed Products in the Territory.

 

13. GOVERNING LAW AND VENUE 

 

13.1 This Agreement shall be construed, governed, interpreted,
and applied in accordance with the laws of Denmark.

 

13.2. The parties agree that any disputes concerning the validity,
existence, application, effect or interpretation of this Agreement shall to the widest extent allowed by the Danish Administration
of Justice Act be submitted before the Maritime and Commercial Court in Copenhagen and otherwise to the Copenhagen City Court or
the Eastern High Court.

 

14. LIMITATIONS OF RIGHTS AND AUTHORITY

 

14.1 Limitation of Rights. No right or title whatsoever in
the Licensed Patents is granted by Licensor to Licensee, or shall be taken or assumed by Licensee, except as is specifically set
forth in this Agreement.

 

14.2 Limitation of Authority. Neither party shall, in any
respect whatsoever, be taken to be the agent or representative of the other party, and neither party shall have any authority to
assume any obligation for the other party, or to commit the other party in any way.

 

15. MISCELLANEOUS

 

15.1 Computation of Time. The time in which any act provided
in this Agreement is to be done shall be computed by excluding the first day and including the last day, unless the last day is
a Saturday, Sunday, or legal holiday, and then it shall also be excluded.

 

15.2 Notices. All notices given in connection with this Agreement
shall be in writing and shall be deemed given upon delivery to the addressee.

 

    	 	7	 

     

    

  

15.3 Survival. The provisions of this Agreement relating to
payment obligations, confidentiality, indemnification, remedies, and arbitration shall survive the expiration or termination of
this Agreement.

 

15.4 Severability. If any provision of this Agreement is declared
by a court of competent jurisdiction to be invalid, illegal, unenforceable, or void then both parties shall be relieved of all
obligations arising under such provision, but only to the extent that such provision is invalid, illegal, unenforceable, or void.
If the remainder of this Agreement is capable of substantial performance, then each provision not so affected shall be enforced
to the extent permitted by law.

 

15.5 Waiver and Modification. No modification of any of the
terms of this Agreement will be valid unless in writing and signed by both parties. No waiver by either party of a breach of this
Agreement will be deemed a waiver by such party of any subsequent breach.

 

15.6 Headings. The headings in this Agreement are for reference
only and shall not in any way control the meaning or interpretation of this Agreement.

 

15.7 Interpretation. No provision of this Agreement is to
be interpreted for or against any party because that party or its attorney drafted the provision.

 

15.8 Remedies. Except as expressly provided herein, all specific
remedies provided for in this Agreement are cumulative and are not exclusive of one another or of any other remedies available
in law or equity.

 

15.9 Entire Agreement. This Agreement constitutes the complete
and exclusive statement of the terms and conditions between the parties relating to the Licensed Patent, which supersedes and merges
all prior proposals, understandings, and all other agreements, oral and written, between the parties relating to the subject of
this Agreement.

 

15.10 Counterparts. This Agreement may be executed in counter-parts,
which taken together shall constitute one document.

 

The Parties agree to the terms of this Agreement above and have executed
this Agreement by their duly authorized representatives.

 

	
        For and on behalf of

         

        [Licensor]

         

        Pharma GP ApS 

         

         

        By: /s/ Gert Andersen

         

        Name: Gert Andersen

        Title: CEO

        Date: April 4, 2017

         
	
        For and on behalf of

         

        [Licensee]

         

        Vilacto Bio Inc

         

        By: /s/ Gert Andersen

         

        Name: Gert Andersen

        Title: CEO

        Date: April 4, 2017

         

 

    	 	8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00272-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00272-of-00352.parquet"}]]