Document:

Exhibit 10.15

 

Penko
Ivanov Employment Agreement

 

This Employment
Agreement (the “Agreement”) is made and entered into as of September 26, 2016 effective September 26, 2016
by and among Penko Ivanov (the “Executive”) on the one side, and Bankwell Financial Group, Inc., a Connecticut
bank holding company (the “Company”) and its wholly-owned bank subsidiary, Bankwell Bank (the "Bank")
on the other. Unless a distinction is appropriate, the term "Company" in this Agreement shall include the Bank.

 

WHEREAS,
the Executive currently is not employed by the Company;

 

WHEREAS Company
desires to employ the Executive on the terms and conditions set forth herein; and

 

WHEREAS,
the Executive desires to be employed by the Company on such terms and conditions.

 

NOW, THEREFORE,
in consideration of the mutual covenants, promises and obligations set forth herein, the parties agree as follows:

 

1.          Term.
The Executive’s employment hereunder shall be effective as of September 26, 2016 (the “Effective Date”)
and shall continue until September 26, 2017, unless terminated earlier pursuant to Section 5 of this Agreement. The period during
which the Executive is employed by the Company hereunder including any renewal term is hereinafter referred to as the “Employment
Term.” The Company shall notify the Executive no later than June 1, 2017 if it wishes to extend the Employment Term
for an additional two years. If the Company provides such notice, the Employment Term shall not expire until September 26, 2019.
If so extended, the Company may further extend the Employment Term for additional one year terms on an annual basis thereafter
by providing such notice no later than June 1in the year in which the Term is to expire. If the Company does not provide such
notice by June 1 in the applicable year, the Employment Term shall expire on the September 26 termination date. If the Employment
Term is extended as provided herein, all of the provisions of this Agreement shall remain in effect during the period of such
extension unless otherwise agreed in writing. If the Employment Term is not extended by the Company for two years following the
initial term expiration date of September 26, 2017, Company shall pay to Executive a one-time lump sum cash severance payment
of $137,500; this shall be in addition to any payments due to Executive under Section 5.1(a) below.

 

2.          Position
and Duties.

 

2.1           Position.
The Executive will serve as Executive Vice President, Chief Accounting Officer of the Bank until the Bank has filed its quarterly
report on Form 10-Q for the third quarter 2016 with the Securities Exchange Commission, at which time he shall automatically assume
the position of Chief Financial Officer, having such power, authority and responsibility and performing such duties as are prescribed
by or under the Bylaws of the Company and as are customarily associated with such positions as reasonably determined by the Company’s
Chief Executive Officer. The Executive shall, if requested, also serve as a member of the Board of Directors of Bank affiliates
or as an officer or director of any affiliate of the Company for no additional compensation.

 

    	 	1	 

     

    

 

2.2           Reporting/Flexibility.
Executive shall report directly to the Chief Executive Officer of the Company. The Company’s Chief Executive Officer may,
during the Employment Term, alter Executive’s job, position and/or reporting responsibilities as he deems appropriate to
the effective management of the Company, provided that Executive shall at all times be on the senior executive team and shall
at all times be a direct report to the Company’s Chief Executive Officer.

 

2.3           Effort
and Exclusivity. The Executive shall devote substantially all of his business time and attention (other than during weekends,
holidays, vacation periods, and periods of illness or leaves of absence) to the performance of the Executive's duties hereunder
and will not engage in any other business, profession or occupation for compensation or otherwise which could conflict or interfere
with the performance of such services either directly or indirectly without the prior written consent of the Chairman of the Compensation
Committee. Notwithstanding the foregoing, the Executive will be permitted to:

 

(a)     (i)
with the prior written consent of the Company’s Chairman of the Compensation Committee act or serve as a director, trustee,
committee member or principal of any type of business, civic or charitable organization, (ii) deliver lectures or fulfill speaking
engagements, and (iii) manage personal investments; and

 

(b)     with
the prior written consent of the Company’s Chairman of the Compensation Committee purchase or own less than two percent
(2%) of the securities or ownership interests of any corporation, partnership or limited liability company; provided that, such
ownership represents a passive investment and that the Executive is not a controlling person of, or a member of a group that controls,
such corporation, partnership or limited liability company; provided further that, the activities described in clauses (a) and
(b) do not materially interfere with the performance of the Executive's duties and responsibilities to the Company as provided
hereunder.

 

Attached as Schedule A
to the Agreement is a list of pre-approved outside engagements of the Executive.

 

3.          Place
of Performance. The principal place of the Executive’s employment shall be the Company’s executive office currently
located in New Canaan, Connecticut; provided that, the Executive will be required to travel on Company business during the Employment
Term as his responsibilities require.

 

4.          Compensation.

 

4.1           Base
Salary. The Company shall pay the Executive an annual rate of base salary of $275,000.00 in periodic installments in accordance
with the Company’s customary payroll practices, but no less frequently than monthly. The Executive’s annual base salary
may be increased from time to time by the Compensation Committee, but may not be decreased without the Executive’s written
consent. The Executive’s annual base salary, as in effect from time to time, is hereinafter referred to as “Base
Salary”.

 

4.2           Annual
Incentive Plan or Program. The Executive shall be entitled to participate in the annual incentive compensation plan or program
(“Annual Incentive”) available to other similarly situated executives of the Company, with customized targets
and incentives as determined by the Company. The target cash incentive for calendar year 2016 is 30% of Base Salary.

 

4.3           Long
Term Plan. The Executive shall be entitled to participate in any long term incentive compensation plan or program available
to other similarly situated executives of the Company, with customized targets and incentives as determined by the Company. The
long term plan may be incorporated into or overlap with the Equity Awards program.

 

    	 	2	 

     

    

 

4.4           Equity
Awards. During the Employment Term, the Executive shall be eligible to participate in equity awards under the 2012 Bankwell
Financial Group, Inc. Stock Plan or any successor plan (“Equity Awards”) as available to other similarly situated
executives of the Company, with customized targets and incentives as determined by the Company. In addition, an initial equity
award will be made of 7,500 shares of restricted stock vesting ratably over the first 4 anniversary dates of your hire (1,875
shares per year). This restricted stock and any future grants will be granted pursuant to a separate Restricted Stock Agreement.

 

4.5           Fringe
Benefits and Perquisites. During the Employment Term, the Executive shall be entitled to participate in programs or policies
that provide fringe benefits and perquisites consistent with the practices of the Company and as available to other similarly
situated executives of the Company, with customized targets and benefits as determined by the Company.

 

4.6           Employee
Benefits. During the Employment Term, the Executive shall be entitled to participate in all general employee benefit plans,
practices and programs maintained by the Company, as in effect from time to time (collectively, “Employee Benefit Plans”),
on a basis which is no less favorable than is provided to other similarly situated executives of the Company, to the extent consistent
with applicable law and the terms of the applicable Employee Benefit Plans. The Company reserves the right to amend or cancel
any Employee Benefit Plan at any time in its sole discretion, subject to the terms of such Employee Benefit Plan and applicable
law.

 

4.7           Business
Expenses. Upon submission of appropriate invoices or vouchers, the Company shall pay or reimburse the Executive for all reasonable
expenses incurred by him in the performance of his duties under this Agreement in furthering the business, and in keeping with
the policies, of the Company; provided, however, that the Executive will receive a monthly allowance of five hundred dollars ($500)
in lieu of receiving reimbursements for business mileage and business phone usage.

 

4.8           Vacation.
The Executive is entitled to paid time-off (“PTO”) as outlined in the Company’s personnel policy.

 

4.9           Insurance
Policies.

 

  (i)          Key
Man/BOLI Insurance. The Executive shall permit the Company to insure his life under a policy or policies of life insurance
issued by an insurance company or companies selected by the Company, and to name the Company as sole or primary beneficiary thereunder.
The Executive agrees to submit to any physical examinations which may be reasonably required in connection with such policies.

 

  (ii)         Life
Insurance. The Company shall provide the Executive with life insurance coverage in such form and amount as is consistent
with that provided to other Company employees.

 

  (iii)        Disability
Insurance. The Company shall provide the Executive with short term and long term disability insurance coverage
in such form and amount as is consistent with that provided to other Company employees.

 

In accordance with HIPAA, all
information obtained in connection with the above-referenced insurance will be regarded as confidential and subject to applicable
privacy laws.

 

    	 	3	 

     

    

 

4.10         Clawback
Provisions. Notwithstanding any other provisions in this Agreement to the contrary, any incentive-based compensation, or any
other compensation, paid to the Executive pursuant to this Agreement or any other agreement or arrangement with the Company which
is subject to recovery under any law, government regulation or stock exchange listing requirement, will be subject to such deductions
and clawback as may be required to be made pursuant to such law, government regulation or stock exchange listing requirement (or
any policy adopted by the Company pursuant to any such law, government regulation or stock exchange listing requirement).

 

4.11         Required
Regulatory Provisions. Notwithstanding anything herein contained to the contrary, any payments to the Executive by the Company,
whether pursuant to this Agreement or otherwise, are subject to and conditioned upon their compliance with Section 18(k) of the
Federal Deposit Insurance Act, 12 U.S.C. Section 1828(k), and the regulations promulgated thereunder in 12 C.F.R. Part 359.

 

4.12         Standard
Deductions. All payments made under this Agreement shall be subject to any and all applicable taxes and withholdings and to
the Company’s standard payroll practices.

 

5.          Termination
of Employment. The Employment Term and the Executive’s employment hereunder may be terminated by the Company at any
time and for any reason. The Executive may resign his employment at any time subject to the terms hereof. Upon termination of
the Executive’s employment during the Employment Term, the Executive shall be entitled to the compensation and benefits
described in this Section 5 and shall have no further rights to any compensation or any other benefits from the Company,
the Bank or any of their affiliates.

 

5.1          Expiration
of the Term, for Cause or Without Good Reason.

 

(a)   The
Executive’s employment hereunder may be terminated upon the expiration of the Employment Term without renewal by the Company
in accordance with Section 1, or during the Employment Term by the Company for Cause or by the Executive without Good Reason.
If the Executive’s employment is so terminated, the Executive shall be entitled to receive:

 

(i)     any
accrued but unpaid Base Salary and accrued but unused vacation pay which shall be paid on the pay date immediately following the
Termination Date (as defined in Section 5.6 below) in accordance with the Company’s customary payroll procedures;

 

(ii)    any
earned but unpaid Annual Incentive with respect to any completed calendar year immediately preceding the Termination Date, which
shall be paid on the otherwise applicable payment date, except to the extent payment is otherwise deferred pursuant to any applicable
deferred compensation arrangement;

 

(iii)   reimbursement
for unreimbursed business expenses properly incurred by the Executive, which shall be subject to and paid in accordance with the
Company’s expense reimbursement policy; and

 

(iv)   such
employee benefits (including equity compensation), if any, as to which the Executive may be entitled under the Company’s
employee benefit plans or Equity Awards as of the Termination Date; provided that, in no event shall the Executive be entitled
to any payments in the nature of severance or termination payments except as specifically provided herein.

 

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Items 5.1(a)(i) through 5.1(a)(iv)
are referred to herein collectively as the “Accrued Amounts”.

 

(b)   For
purposes of this Agreement, “Cause” shall mean:

 

(i)     the
Executive’s conviction of any crime involving fraud, embezzlement, theft or dishonesty, moral turpitude or any similar issue
that in the reasonable opinion of the Board of Directors of the Company would materially and negatively impact the reputation
of the Company, the Bank or any of their affiliates or the Executive’s ability to perform his duties hereunder;

 

(ii)    serious
willful misconduct by the Executive, including a material violation of the Company’s Code of Conduct or the Executive’s
material personal dishonesty in connection with the business or customers of the Company or the material breach of fiduciary duty
to the Company, the Bank or their customers for personal profit;

 

(iii)   any
material breach by the Executive of this Agreement;

 

(iv)   any
willful failure by the Executive to follow a reasonable and lawful directive of the Company as described in Sections 2.1 and 2.2
above, other than any failure resulting from the Executive’s incapacity due to physical or mental injury or illness;

 

(v)    any
willful failure to keep Confidential Information of the Company, Bank or their affiliates confidential in violation of the terms
of this Agreement;

 

(vi)   the
Executive’s arrest for any crime involving fraud, embezzlement, theft or dishonesty that in the reasonable opinion of a
majority of the full membership of the Board of Directors of the Company excluding the Executive which, as direct result of such
arrest, has caused a material negative impact on the reputation of the Company or the Bank or prevents the Executive from substantially
performing his duties hereunder; or

 

(vii)  if
the regulatory authorities of the Company or the Bank issue an order removing the Executive from his positions at the Company
or the Bank, or if such regulatory authorities inform the Board of Directors that the continuation of the Executive in his officer
positions at the Company or the Bank would constitute an unsafe and unsound banking practice.

 

For purposes
of this Agreement, no act or failure to act on the part of the Executive shall be considered “willful” unless it is
done, or omitted to be done, by the Executive in bad faith or without reasonable belief that the Executive’s action or omission
was in the best interests of the Company and the Bank. Any act or failure to act based upon authority given pursuant to a resolution
duly adopted by the Board of Directors of the Company or either of the Bank or based upon the written advice of counsel for the
Company or the Bank shall be conclusively presumed to be done, or omitted to be done, by the Executive in good faith and in the
best interests of the Company and the Bank. The Executive’s termination of employment shall not be deemed to be for Cause
unless and until there shall have been delivered to the Executive a copy of a resolution duly adopted by the affirmative vote
of the majority of the Board of Directors of the Company called and held for such purpose (after reasonable notice is provided
to the Executive and the Executive is given an opportunity, together with counsel, to be heard before the Board of Directors)
finding that, in the good faith opinion of the Board of Directors, the Executive is guilty of any of the conduct described above,
and specifying the particulars thereof in detail. To the extent that the Board of Directors wishes to terminate the Executive
for Cause and the action or actions giving rise to Cause may be cured by the Executive, the Board of Directors will provide the
Executive a thirty (30) day period within which he may cure such action or actions.

 

    	 	5	 

     

    

 

In the event
that the Executive is terminated for Cause based on Section 5.1(b)(i) or (vii) above and, after the case is fully adjudicated
(including all appeals), the Executive is subsequently found innocent of these charges on the merits of the case by any court
of competent jurisdiction or the appropriate administrative agency, then the Executive will be entitled to receive at that time
the amounts payable due to a termination without Cause. Such amounts will be paid no later than the end of the calendar year in
which the Executive is fully adjudicated to be innocent of the charges.

 

(c)   For
purposes of this Agreement, “Good Reason” shall mean the occurrence of any of the following, in each case during
the Employment Term without the Executive’s written consent:

 

(i)     a
reduction in the Executive's Base Salary;

 

(ii)    a
material reduction in the Executive's target annual incentive opportunity under any annual incentive compensation or incentive
plan or program;

 

(iii)   any
breach by the Company of any material provision of this Agreement;

 

(iv)   the
Company's failure to obtain an agreement from any successor to the Company to assume and agree to perform this Agreement in the
same manner and to the same extent that the Company would be required to perform if no succession had taken place, except where
such assumption occurs by operation of law;

 

(v)    a
material, adverse change in the Executive's title, authority, duties or responsibilities (other than with consent as provided
for in Section 2.2 above and/or temporarily while the Executive is physically or mentally incapacitated or as required by applicable
law); or

 

(vi)   relocation
of Executive’s principal place of business more than 50 miles from the Company’s executive office currently located
in New Canaan, Connecticut, without Executive’s agreement.

 

The Executive
cannot terminate his employment for Good Reason unless he has provided written notice to the Company of the existence of the circumstances
providing grounds for termination for Good Reason within thirty (30) days of Executive’s knowledge of the initial existence
of such grounds and the Company has had thirty (30) days from the date on which such notice is provided to cure such circumstances.
If the Company remedies the condition within such thirty (30) day cure period, then no Good Reason shall be deemed to exist with
respect to such condition. If the Company does not remedy the condition within such thirty (30) day cure period, then the Executive
may deliver a notice of termination for Good Reason at any time within sixty (60) days following the expiration of such cure period.
If the Executive does not terminate his employment for Good Reason within sixty (60) days following the expiration of the cure
period, then the Executive will be deemed to have waived his right to terminate for Good Reason with respect to such grounds.

 

    	 	6	 

     

    

 

 

5.2          Without
Cause or for Good Reason. The Employment Term and the Executive's employment hereunder may be terminated by the Executive
for Good Reason or by the Company without Cause. In the event of such termination (unless Section 5.4 below is applicable),
the Executive shall be entitled to receive the Accrued Amounts and, subject to the Executive's compliance with Section 6, Section
7 and Section 8 of this Agreement and his execution of a release of claims in favor of the Company, the Bank and their
affiliates and their respective officers and directors in a commercially reasonable form provided by the Company (a "Release"
attached hereto as Exhibit A) and such Release becoming effective as provided therein ("Release Execution Period"),
the Executive shall be entitled to receive the following:

 

(a)   A
lump sum payment equal to the greater of (i) the amount of Base Salary that would otherwise be due through the end of the Term
of Employment; and (ii) a minimum payment of 0.5 times Base Salary. The lump sum payment shall be paid within thirty (30) business
days following the expiration of the Release Execution Period;

 

(b)   A
payment equal to the product of (i) the target annual Incentive that the Executive could have earned under any incentive compensation
or incentive plan or program (the “Target Incentive”) for the full calendar year in which the Date of Termination
occurs and (ii) a fraction, the numerator of which is the number of days the Executive was employed by the Company during the
year of termination and the denominator of which is the number of days in such year. This amount shall be paid no later than March
15th of the year following the year in which the Termination Date occurs;

 

(c)   If
the Executive timely and properly elects continuation coverage under the Consolidated Omnibus Reconciliation Act of 1985 ("COBRA"),
the Company shall reimburse the Executive for the difference between the monthly COBRA premium paid by the Executive for himself
and his dependents and the monthly premium amount paid by similarly situated active executives. Such reimbursement shall be paid
to the Executive on or before the fifteenth (15th) day of the month immediately following the month in which the Executive timely
remits the premium payment. The Executive shall be eligible to receive such reimbursement until the earliest of: (i) the expiration
of the twelve (12) month period beginning on the Termination Date (the “Severance Period”); (ii) the date the
Executive is no longer eligible to receive COBRA continuation coverage; and (iii) the date on which the Executive receives/becomes
eligible to receive substantially similar coverage from another employer; and

 

(d)   The
treatment of any outstanding equity awards shall be determined in accordance with the terms of the relevant plan and the applicable
award agreements, provided however with respect to the initial equity award set forth in Section 4.4, the Restricted Shares that
would have vested on the vesting date immediately following termination for any reason other than Cause or Executive’s voluntary
resignation shall automatically become vested upon such termination.

 

5.3          Death
or Disability.

 

(a)   The
Executive’s employment hereunder shall terminate automatically upon the Executive’s death during the Employment Term,
and the Company may terminate the Executive’s employment on account of the Executive’s Disability.

 

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(b)   If
the Executive’s employment is terminated during the Employment Term on account of the Executive’s death or Disability,
the Executive (or the Executive’s estate and/or beneficiaries, as the case may be) shall be entitled to receive the following:

 

(i)     the
Accrued Amounts; and

 

(ii)    the
treatment of any outstanding equity awards shall be determined in accordance with the terms of applicable plan and the applicable
award agreements.

 

(c)   For
purposes of this Agreement, Disability shall mean that the Executive is entitled to receive long-term disability benefits under
the Company's long-term disability plan, or if there is no such plan, the Executive's inability, due to physical or mental incapacity,
to substantially perform his duties and responsibilities under this Agreement for ninety (90) days out of any three hundred sixty-five
(365) day period; provided however, in the event the Company temporarily replaces the Executive, or transfers the Executive's
duties or responsibilities to another individual on account of the Executive's inability to perform such duties due to a mental
or physical incapacity which is, or is reasonably expected to become, a Disability, then the Executive shall not be able to resign
with Good Reason as a result thereof.

 

Any question
as to the existence of the Executive's Disability as to which the Executive and the Company cannot agree shall be determined in
writing by a qualified independent physician mutually acceptable to the Executive and the Company. If the Executive and the Company
cannot agree as to a qualified independent physician, each shall appoint such a physician and those two physicians shall select
a third who shall make such determination in writing. The determination of Disability made in writing to the Company and the Executive
shall be final and conclusive for all purposes of this Agreement.

 

5.4          Change
in Control Termination.

 

(a)   Notwithstanding
any other provision contained herein, if the Executive's employment hereunder is terminated by the Executive for Good Reason or
by the Company without Cause (other than on account of the Executive's death or Disability), in each case either concurrently
with or within twenty-four (24) months following a Change in Control, the Executive shall be entitled to receive the Accrued Amounts
and, subject to the Executive's compliance with Section 6, Section 7 and Section 8 of this Agreement and his execution
of a Release which becomes effective as provided therein, for which the Company assigns significant value in agreeing to this
Section 5.4, the Executive shall be entitled to receive the following:

 

(i)     a
lump sum payment equal to two (2) times the sum of the Executive’s Base Salary and Target Incentive for the year in which
the Termination Date occurs, which shall be paid within thirty (30) business days following the expiration of the Release Execution
Period;

 

(ii)     a
payment equal to the product of (i) the Target Bonus for the full calendar year in which the Date of Termination occurs and (ii)
a fraction, the numerator of which is the number of days the Executive was employed by the Company during the year of termination
and the denominator of which is the number of days in such year. This amount shall be paid no later than March 15th of the year
following the year in which the Termination Date occurs;

 

    	 	8	 

     

    

 

 

(iii)   If
the Executive timely and properly elects continuation coverage under COBRA, the Company shall reimburse the Executive for the
difference between the monthly COBRA premium paid by the Executive for himself and his dependents and the monthly premium amount
paid by similarly situated active executives. Such reimbursement shall be paid to the Executive on the fifteenth (15th) day of
the month immediately following the month in which the Executive timely remits the premium payment. The Executive shall be eligible
to receive such reimbursement until the earliest of: (A) the two year anniversary of the termination date; (B) the date the Executive
is no longer eligible to receive COBRA continuation coverage; and (C) the date on which the Executive receives or becomes eligible
to receive substantially similar coverage from another employers; and

 

(iv)   The
terms of any equity incentive plan or award agreements will determine to what extent, if any, such awards are accelerated for
vesting and/or exercise periods , provided however with respect to the initial equity award set forth in Section 4.4, the Restricted
Shares that would have vested on the vesting date immediately following such termination shall automatically become vested upon
such termination.

 

(b)   For
purposes of this Agreement, “Change in Control” shall mean the occurrence of any of the following:

 

(i)     one
person (or more than one person acting as a group) acquires ownership of stock of the Company that, together with the stock held
by such person or group, constitutes more than fifty percent (50%) of the total fair market value or total voting power of the
stock of the Company; provided that, a Change in Control shall not occur if any person (or more than one person acting as a group)
owns more than fifty percent (50%) of the total fair market value or total voting power of the Company's stock and acquires additional
stock; and

 

(ii)    a
majority of the members of the Board of Directors of the surviving Company following the Change in Control were not Directors
of the Company before the Change in Control.

 

For purposes
of this Agreement, the terms "person" and "acting as a group" shall have the meanings specified in the Internal
Revenue Code and the regulations thereunder. In no event, however, shall a Change in Control be deemed to have occurred as a result
of any acquisition of securities or assets of the Company, the Bank, or a subsidiary of either of them, by the Company, the Bank,
or any subsidiary of either of them, or by any employee benefit plan maintained by any of them. The defined circumstances herein
are intended to be read to be consistent with the provisions of Section 409A of the Code and the regulations thereunder.

 

In no event
shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable
to the Executive under any of the provisions of this Agreement and except as provided with respect to COBRA reimbursements, any
amounts payable pursuant to this Agreement shall not be reduced by compensation the Executive earns on account of employment with
another employer.

 

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5.5          Notice
of Termination. Any termination of the Executive’s employment hereunder by the Company or by the Executive during the
Employment Term (other than termination pursuant to Section 5.3(a) on account of the Executive’s death) shall be communicated
by a written notice of termination (“Notice of Termination”) to the other party hereto in accordance with Section
24. The Notice of Termination shall specify:

 

(a)   The
termination provision of this Agreement relied upon;

 

(b)   To
the extent applicable, the facts and circumstances claimed to provide a basis for termination of the Executive’s employment
under the provision so indicated; and

 

(c)   The
applicable Termination Date.

 

5.6          Termination
Date. The Executive’s Termination Date shall be:

 

(a)   If
the Executive’s employment hereunder terminates on account of the Executive’s death, the date of the Executive’s
death;

 

(b)   If
the Executive’s employment hereunder is terminated on account of the Executive’s Disability, the date that it is determined
that the Executive has a Disability;

 

(c)   If
the Company terminates the Executive’s employment hereunder for Cause, the date the Notice of Termination is delivered to
the Executive;

 

(d)   If
the Company terminates the Executive’s employment hereunder without Cause, the date specified in the Notice of Termination,
which shall be no less than thirty (30) days following the date on which the Notice of Termination is delivered; provided that,
the Company shall have the option to provide the Executive with a lump sum payment equal to thirty (30) days’ Base Salary
in lieu of such notice, which shall be paid in a lump sum on the Executive’s Termination Date and for all purposes of this
Agreement, the Executive’s Termination Date shall be the date on which such Notice of Termination is delivered;

 

(e)   If
the Executive terminates his employment hereunder with or without Good Reason, the date specified in the Executive’s Notice
of Termination, which shall be no less than thirty (30) days following the date on which the Notice of Termination is delivered;
provided that, the Company may waive all or any part of the thirty (30) day notice period for no consideration by giving written
notice to the Executive and for all purposes of this Agreement, the Executive’s Termination Date shall be the date determined
by the Company; and

 

(f)    If
the Executive’s employment hereunder terminates because the Company provides notice of non-renewal pursuant to Section 1,
the end of the Employment Term.

 

Notwithstanding
anything contained herein, the Termination Date shall not occur until the date on which the Executive incurs a “separation
from service” within the meaning of Section 409A.

 

5.7          Mitigation.
In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts
payable to the Executive under any of the provisions of this Agreement and except as provided with respect to COBRA reimbursements,
any amounts payable pursuant to this Section 5 shall not be reduced by compensation the Executive earns on account of employment
with another employer.

 

    	 	10	 

     

    

 

5.8          Resignation
of All Other Positions. Upon termination of the Executive’s employment hereunder for any reason, the Executive agrees
to resign, effective on the Termination Date and shall be deemed to have resigned from all positions that the Executive holds
as an officer or member of the Board of Directors (or a committee thereof) of the Company, the Bank or any of their affiliates.

 

5.9          Section
280G.

 

(a)   If
any of the payments or benefits received or to be received by the Executive (including, without limitation, any payment or benefits
received in connection with a Change in Control or the Executive’s termination of employment, whether pursuant to the terms
of this Agreement or any other plan, arrangement or agreement, or otherwise) (all such payments collectively referred to herein
as the “280G Payments”) constitute “parachute payments” within the meaning of Section 280G of the
Internal Revenue Code of 1986, as amended (the “Code”) and will be subject to the excise tax imposed under
Section 4999 of the Code (the “Excise Tax”), the Executive shall receive the greatest of the following, whichever
gives the Executive the highest net after-tax amount (after taking into account federal, state, local and social security taxes):

 

(1)          the
280G Payments, or

 

(2)          one
dollar less than the amount of the Payments that would subject the Executive to the Excise Tax (the “Safe Harbor Amount”).

 

If a reduction
in the 280G Payments is necessary so that the 280G Payments equal the Safe Harbor Amount and none of the 280G Payments constitute
a deferral of compensation within the meaning of and subject to Section 409A (“Nonqualified Deferred Compensation”),
then the reduction shall occur in the manner the Executive elects in writing prior to the date of payment. If any 280G Payments
constitute Nonqualified Deferred Compensation or if the Executive fails to elect an order, then the 280G Payments to be reduced
will be determined in a manner which has the least economic cost to the Executive and, to the extent the economic cost is equivalent,
will be reduced in the inverse order of when payment would have been made to you, until the reduction is achieved.

 

(b)   All
calculations and determinations under this Section 5.9 shall be made by an independent accounting firm or independent tax
counsel appointed by the Company (the “Tax Counsel”) whose determinations shall be conclusive and binding on
the Company and the Executive for all purposes. For purposes of making the calculations and determinations required by this Section
5.9, the Tax Counsel may rely on reasonable, good faith assumptions and approximations concerning the application of Section 280G
and Section 4999 of the Code. The Company and the Executive shall furnish the Tax Counsel with such information and documents
as the Tax Counsel may reasonably request in order to make its determinations under this

 

Section 5.9.
The Company shall bear all costs the Tax Counsel may reasonably incur in connection with its services.

 

(c)   The
Executive hereby agrees with the Company and any successor thereto to in good faith consider and take steps commonly used to minimize
or eliminate any “parachute payments” within the meaning of Section 280G of the Code if requested to do so by the
Company or any successor thereto; provided, however, that the foregoing language shall neither require the Executive to take or
not take any specific action in furtherance thereof nor contravene, limit or remove any right or privilege provided to the Executive
under this Agreement.

 

    	 	11	 

     

    

 

 

6.          Cooperation.
The parties agree that certain matters in which the Executive will be involved during the Employment Term may necessitate the
Executive’s reasonable cooperation post termination of employment. Accordingly, following the termination of the Executive’s
employment for any reason, to the extent reasonably requested by the Board and subject to the Executive’s reasonable availability
due to his commitment to a new employer or business, the Executive shall cooperate with the Company in connection with matters
arising out of the Executive’s service to the Company; provided that, the Company shall make reasonable efforts to minimize
disruption of the Executive’s other activities. The Company shall reimburse the Executive for reasonable expenses incurred
in connection with such cooperation and, to the extent that the Executive is required to spend substantial time on such matters,
the Company shall compensate the Executive at an hourly rate based on the Executive’s Base Salary on the Termination Date.

 

7.          Confidential
Information. The Executive understands and acknowledges that during the Employment Term, he will have access to and learn
about Confidential Information, as defined below.

 

7.1          Confidential
Information Defined.

 

(a)     Definition.

 

For purposes
of this Agreement, “Confidential Information” includes, but is not limited to, all information not generally
known to the public, in spoken, printed, electronic or any other form or medium, relating directly or indirectly to the Company,
the Bank or their affiliates, or of any other person or entity that has entrusted information to the Company in confidence.

 

The Executive understands and
agrees that Confidential Information includes information developed by him in the course of his employment by the Company as if
the Company furnished the same Confidential Information to the Executive in the first instance. Confidential Information shall
not include information that is generally available to and known by the public at the time of disclosure to the Executive or later;
provided that, such disclosure is through no direct or indirect fault of the Executive or person(s) acting on the Executive’s
behalf.

 

(b)   Disclosure
and Use Restrictions.

 

    	 	12	 

     

    

 

The Executive
agrees and covenants: (i) to treat all Confidential Information as strictly confidential; (ii) not to directly or indirectly disclose,
publish, communicate or make available Confidential Information, or allow it to be disclosed, published, communicated or made
available, in whole or part, to any entity or person whatsoever except as required in the performance of the Executive's authorized
employment duties to the Company; and (iii) not to access or use any Confidential Information, and not to copy any documents,
records, files, media or other resources containing any Confidential Information, or remove any such documents, records, files,
media or other resources from the premises or control of the Company, except as required in the performance of the Executive's
authorized employment duties to the Company and the Bank. Nothing herein shall be construed to prevent disclosure of Confidential
Information as may be required by applicable law or regulation, or pursuant to the valid order of a court of competent jurisdiction
or an authorized government agency, provided that the disclosure does not exceed the extent of disclosure required by such law,
regulation or order.

 

The Executive
understands and acknowledges that his obligations under this Agreement with regard to any particular Confidential Information
shall commence immediately upon the Executive first having access to such Confidential Information (whether before or after he
begins employment by the Company) and shall continue during and after his employment by the Company until such time as such Confidential
Information has become public knowledge other than as a result of the Executive's breach of this Agreement or breach by those
acting in concert with the Executive or on the Executive's behalf. Nothing herein shall prevent the Executive from disclosing
Contract Information to his personal attorneys, accountants and other advisors, as necessary for the performance of their duties
and on a confidential basis. Additionally nothing herein shall prohibit the Executive from retaining, at any time, his personal
correspondence and documents related to his own personal benefits, entitlements and obligations.

 

8.          Restrictive
Covenants.

 

8.1           Acknowledgment.
The Executive understands that the nature of the Executive's position may give him access to and knowledge of Confidential Information
and places him in a position of trust and confidence with the Company. The Executive understands and acknowledges that the intellectual
services he provides to the Company are unique, special or extraordinary.

 

The Executive
further understands and acknowledges that the Company’s ability to reserve these services for the exclusive knowledge and
use of the Company is of great competitive importance and commercial value to the Company, and that improper use or disclosure
by the Executive is likely to result in unfair or unlawful competitive activity.

 

8.2           Non-competition.
Because of the Company's legitimate business interest as described herein and the good and valuable consideration offered to the
Executive, during the Employment Term and for the term of six (6) months, beginning on the last day of the Executive's employment
with the Company, for any reason or no reason and whether employment is terminated at the option of the Executive or the Company
(provided that these restrictions shall NOT apply if Executive’s termination simply occurs because the Company does not
renew this Agreement) , the Executive agrees and covenants not to engage in Prohibited Activity within Fairfield or New Haven
Counties or any other county in which the Company, the Bank or any of their affiliates maintains as of the Termination Date a
branch, loan production office, or mortgage production office and from which the Company does a significant portion of its business.
For the purposes of this Agreement, “significant portion of its business” shall mean ten percent (10%) or more of
the Company’s total interest income for the most recent full twelve month period preceding termination is attributable to
the office(s) in such county (the “Restricted Area”). Without otherwise limiting the foregoing, the Restricted
Area shall not include New York County (Manhattan), New York.

 

For purposes
of this Section 8.2:

 

(a)   “Prohibited
Activity” is activity in which the Executive, directly or indirectly, solely or jointly with any person or persons,
as an employee, consultant, or advisor (whether or not engaged in business for profit), or as an individual proprietor, partner,
shareholder, director, officer, joint venturer, investor or lender, or in any other capacity: (i) becomes affiliated with any
bank or commercial lender headquartered or with branches in the counties in which the Company has branches at the time of employment
termination; or (ii) becomes affiliated with a different Community Banking Institution in the Restricted Area;

 

    	 	13	 

     

    

 

(b)   “become
affiliated” shall mean, without limitation, engaging, participating, or being involved in any respect in the business
of banking (other than as a depositor, borrower or other customer), or furnishing any aid, assistance or service of any kind to
any person in connection with the business of the Company, the Bank and any of their affiliates, and shall include without limitation
being employed by any Community Banking Institution which has a branch or other place of business in the Restricted Area; and

 

(c)   “Community
Banking Institution” shall mean a bank with assets equal to or less than five billion dollars.

 

Nothing herein
shall prohibit the Executive from purchasing or owning less than five percent (5%) of the securities or ownership interests of
any corporation, partnership or limited liability company, provided that such ownership represents a passive investment and that
the Executive is not a controlling person of, or a member of a group that controls, such corporation, partnership or limited liability
company.

 

Notwithstanding
the foregoing, the provisions of this Section 8.2 shall not apply in the event the Executive is employed by the Company
for the entire Employment Term and the Company determines not to renew or extend this Agreement on substantially similar
terms.

 

This Section
8 does not, in any way, restrict or impede the Executive from exercising protected rights to the extent that such rights cannot
be waived by agreement or from complying with any applicable law or regulation or a valid order of a court of competent jurisdiction
or an authorized government agency, provided that such compliance does not exceed that required by the law, regulation or order.
The Executive shall promptly provide written notice of any such order to the Board of Directors.

 

8.3           Non-solicitation
of Employees. The Executive agrees and covenants not to directly or indirectly solicit, hire, recruit, attempt to hire or
recruit, or induce the termination of employment of any employee of the Company, the Bank or any of their Affiliates for the term
of one (1) year, beginning on the last day of the Executive's employment with the Company provided that a general, broad-based
solicitation or advertisement not intentionally directed at such employees shall not be deemed to be a violation of this provision.

 

8.4           Non-solicitation
of Clients. The Executive understands and acknowledges that because of the Executive's experience with and relationship to
the Company, he will have access to and learn about much or all of the clients, prospective clients and referral sources of the
Company, the Bank and their affiliates. The Executive understands and acknowledges that loss of these client and referral relationships
and/or goodwill will cause significant and irreparable harm. The Executive agrees and covenants, for a period of one (1) year,
beginning on the last day of the Executive's employment with the Company, not to directly or indirectly (a) solicit (for services
that are competitive with the Company, the Bank or its Affiliates) any actual or prospective client or client-referral source
who Executive had a direct or indirect business relationship with the Company, the Bank or any of their Affiliates during the
period of time in which the Executive was employed by the Company, it being expressly agreed that soliciting a referral from a
prospective client or client-referral source is included within this prohibition; or (b) encourage any such client or client-referral
source to turn down, terminate or materially reduce a business relationship with the Company, the Bank or any of their affiliates.

 

    	 	14	 

     

    

 

 

8.5           Non-disparagement.
The Executive agrees and covenants that he will not at any time make, publish or communicate to any person or entity or in any
public forum any defamatory or disparaging remarks, comments or statements concerning the Company, the Bank, any of their affiliates
or their respective businesses, or any of their employees, officers, and existing and prospective clients, and the Company and
the Bank will not, and shall cause their Board of Directors and their senior executives not to, at any time make, publish or communicate
to any person or entity or in any public forum any defamatory or disparaging remarks, comments or statements concerning the Executive,
provided, however, nothing herein shall prevent a party from (i) responding publicly to incorrect, disparaging or derogatory public
statements to the extent reasonably necessary to correct or refute such public statement or (ii) making any truthful statements
in response to legal or bank regulatory examination process, required governmental testimony or filings, or administrative or
arbitral proceedings

 

8.6           Non-Interference
Covenant. For a period of one (1) year, beginning on the last day of the Executive's employment with the Company, the Executive
covenants and agrees that he will not, directly or indirectly and for whatever reason, whether for his own account or for the
account of any other person, firm, corporation or other organization:

 

(a)         solicit,
engage, employ or with respect to independent contractors, interfere with any of the contracts or relationships of the Company,
the Bank or any of their affiliates with any employee, officer, director or any such independent contractor who is employed by
or associated with the Company, the Bank or any of their affiliates as of the Termination Date; or

 

(b)         actively
solicit or cause to be solicited, or otherwise actively interfere with, any of the contracts or relationships of the Company,
the Bank or any of their affiliates with any customer or client of the Company, the Bank or any of their affiliates.

 

8.7           Business
Materials and Property Disclosure. All written materials, records, and documents made by the Executive or coming into his
possession concerning the business or affairs of the Company, the Bank or any of their affiliates shall be the sole property of
the Company. Upon termination of his employment with the Company, the Executive shall deliver the same to the Company and shall
retain no copies, including but not limited to copies in paper, electronic, digital or any other format. The Executive shall also
return to the Company all other property in his possession owned by the Company upon the termination of his employment. The Executive
may retain the Executive’s rolodex and similar address books provided that such items only include contact information.

 

If a court
or arbitration panel concludes that the time period of the restriction set forth in this Section 8 is not enforceable or
that a specific geographical scope must be stated herein, then the parties agree that such court or arbitration panel may rewrite
the time period of this restriction and/or prescribe a geographical restriction to the maximum enforceable time period and geographical
area permitted by law.

 

9.          Acknowledgement.
The Executive acknowledges and agrees that the services to be rendered by him to the Company are of a special and unique character;
that the Executive will obtain knowledge and skill relevant to the Company’s industry, methods of doing business and marketing
strategies by virtue of the Executive’s employment; and that the restrictive covenants and other terms and conditions
of this Agreement are reasonable and reasonably necessary to protect the legitimate business interest of the Company.

 

The Executive
further acknowledges that the amount of his compensation reflects, in part, his obligations and the Company's rights under Section
7 and Section 8 of this Agreement; that he has no expectation of any additional compensation, royalties or other payment of any
kind not otherwise referenced herein in connection herewith; and that he will not be subject to undue hardship by reason of his
full compliance with the terms and conditions of Section 7 and Section 8 of this Agreement or the Company's enforcement thereof.

 

    	 	15	 

     

    

 

10.         Remedies.
In the event of a breach or threatened breach by the Executive of Section 7 or Section 8 of this Agreement, the
Executive hereby consents and agrees that the Company shall be entitled to seek, in addition to other available remedies, a temporary
or permanent injunction or other equitable relief against such breach or threatened breach from any court of competent jurisdiction,
without the necessity of showing any actual damages or that money damages would not afford an adequate remedy, and without the
necessity of posting any bond or other security. The aforementioned equitable relief shall be in addition to, not in lieu of,
legal remedies, monetary damages or other available forms of relief.

 

11.         Arbitration.
Any dispute whatsoever relating to the Executive’s employment by the Company, or any other dispute arising out of this Agreement
which cannot be resolved by any party upon thirty (30) days’ written notice to the other party, shall be settled by binding
arbitration at a mutually agreed location in Fairfield County, Connecticut in accordance with the then prevailing Employment Dispute
Resolution Rules of the American Arbitration Association. The judgment upon the award rendered by the arbitrators may be entered
in any court of competent jurisdiction. It is the purpose of this Agreement, and the intent of the parties hereto, to make the
submission to arbitration of any dispute or controversy arising out of this Agreement, as set forth hereinabove, binding upon
all parties hereto. This Section 11 shall not in any way restrict the right of the Company to obtain injunctive relief from a
court of competent jurisdiction.

 

All arbitration
costs and all other costs, including but not limited to reasonable attorneys’ fees, incurred by the Executive in an arbitration
proceeding shall be paid by the Company in the event the Executive materially or substantively prevails in such arbitration proceeding.
All arbitration costs and all other costs, including but not limited to reasonable attorneys’ fees, incurred by the Company
in an arbitration proceeding shall be paid by the Executive in the event the Company materially or substantively prevails in such
arbitration proceeding. As part of the judgment rendered by the arbitrators in an arbitration proceeding, the arbitrators shall
determine which party (if any) has materially or substantively prevailed in such arbitration proceeding.

 

12.         Governing
Law: Jurisdiction and Venue. This Agreement, for all purposes, shall be construed in accordance with the laws of Connecticut
without regard to conflicts of law principles. Any action or proceeding by either of the parties to enforce this Agreement that
is not covered by the Arbitration provision of Section 11 above shall be brought only in a state or federal court located in the
state of Connecticut, county of Fairfield. The parties hereby irrevocably submit to the non-exclusive jurisdiction of such courts
and waive the defense of inconvenient forum to the maintenance of any such action or proceeding in such venue.

 

13.         Legal
Fees. The Company shall pay or reimburse the Executive for all reasonable and documented legal fees incurred by him in connection
with the negotiation of this Agreement and any other agreements related to Executive’s employment arrangement with the Company,
up to $6,000.

 

14.         Source
of Payments: No Duplication of Payments. All payments provided in this Agreement shall be timely paid in cash or check from
the general funds of the Company or the Bank. Payments pursuant to this Agreement shall be allocated between the Company and the
Bank in proportion to the approximate level of activity and the time expended on such activities by the Executive as determined
by the Company and the Bank on a quarterly basis, unless the applicable provision of this Agreement specifies that the payment
shall be made by either the Company or the Bank. In no event shall the Executive receive duplicate payments or benefits from the
Company and the Bank.

 

    	 	16	 

     

    

 

15.         Entire
Agreement. Unless specifically provided herein, this Agreement contains all of the understandings and representations between
the Executive and the Company pertaining to the subject matter hereof and supersedes all prior and contemporaneous understandings,
agreements, representations and warranties, both written and oral, with respect to such subject matter. The parties mutually agree
that the Agreement can be specifically enforced in court and can be cited as evidence in legal proceedings alleging breach of
the Agreement.

 

16.         Modification
and Waiver. No provision of this Agreement may be amended or modified unless such amendment or modification is agreed to in
writing and signed by the Executive and by Chairman of the Board of Directors of the Company. No waiver by either of the parties
of any breach by the other party hereto of any condition or provision of this Agreement to be performed by the other party hereto
shall be deemed a waiver of any similar or dissimilar provision or condition at the same or any prior or subsequent time, nor
shall the failure of or delay by either of the parties in exercising any right, power or privilege hereunder operate as a waiver
thereof to preclude any other or further exercise thereof or the exercise of any other such right, power or privilege.

 

17.         Severability.
Should any provision of this Agreement be held by a court of competent jurisdiction to be enforceable only if modified, or if
any portion of this Agreement shall be held as unenforceable and thus stricken, such holding shall not affect the validity of
the remainder of this Agreement, the balance of which shall continue to be binding upon the parties with any such modification
to become a part hereof and treated as though originally set forth in this Agreement.

 

The parties further agree that
any such court is expressly authorized to modify any such unenforceable provision of this Agreement in lieu of severing such unenforceable
provision from this Agreement in its entirety, whether by rewriting the offending provision, deleting any or all of the offending
provision, adding additional language to this Agreement or by making such other modifications as it deems warranted to carry out
the intent and agreement of the parties as embodied herein to the maximum extent permitted by law.

 

The parties expressly agree that
this Agreement as so modified by the court shall be binding upon and enforceable against each of them. In any event, should one
or more of the provisions of this Agreement be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality
or unenforceability shall not affect any other provisions hereof, and if such provision or provisions are not modified as provided
above, this Agreement shall be construed as if such invalid, illegal or unenforceable provisions had not been set forth herein.

 

18.         Captions.
Captions and headings of the sections and paragraphs of this Agreement are intended solely for convenience and no provision of
this Agreement is to be construed by reference to the caption or heading of any section or paragraph.

 

19.         Counterparts.
This Agreement may be executed in separate counterparts, each of which shall be deemed an original, but all of which taken together
shall constitute one and the same instrument.

 

    	 	17	 

     

    

 

20.         Tolling.
Should the Executive violate any of the terms of the restrictive covenant obligations articulated herein, the obligation at issue
will run from the first date on which the Executive ceases to be in violation of such obligation.

 

21.         Section
409A. This Agreement is intended to comply with Section 409A or an exemption thereunder and shall be construed and administered
in accordance with Section 409A. Notwithstanding any other provision of this Agreement, payments provided under this Agreement
may only be made upon an event and in a manner that complies with Section 409A or an applicable exemption. Any payments under
this Agreement that may be excluded from Section 409A either as separation pay due to an involuntary separation from service or
as a short- term deferral shall be excluded from Section 409A to the maximum extent possible. For purposes of Section 409A, each
installment payment provided under this Agreement shall be treated as a separate payment. Notwithstanding any other provision
of this Agreement, in the event any payment is to be made during a specified time period following the expiration of the Release
Execution Period and the time period for such payment begins in one calendar year and ends in a second calendar year, then such
amount shall be payable in the second calendar year. Notwithstanding the foregoing, the Company makes no representations that
the payments and benefits provided under this Agreement comply with Section 409A and in no event shall the Company be liable for
all or any portion of any taxes, penalties, interest or other expenses that may be incurred by the Executive on account of non-compliance
with Section 409A.

 

Notwithstanding
any other provision of this Agreement, if any payment or benefit provided to the Executive in connection with his termination
of employment is determined to constitute "nonqualified deferred compensation" within the meaning of Section 409A and
the Executive is determined to be a "specified employee" as defined in Section 409A(a)(2)(b)(i), then such payment or
benefit shall not be paid until the first payroll date to occur following the six-month anniversary of the Termination Date (the
"Specified Employee Payment Date"), unless the payment otherwise satisfies the short-term deferral exemption
or another exemption under Section 409A of the Code. The aggregate of any payments that would otherwise have been paid before
the Specified Employee Payment Date shall be paid to the Executive in a lump sum on the Specified Employee Payment Date and thereafter,
any remaining payments shall be paid without delay in accordance with their original schedule.

 

22.         Successors
and Assigns. This Agreement is personal to the Executive and shall not be assigned by the Executive. Any purported assignment
by the Executive shall be null and void from the initial date of the purported assignment. The Company may assign this Agreement
to any successor or assign (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially
all of the business or assets of the Company. This Agreement shall inure to the benefit of the Company and permitted successors
and assigns.

 

23.         Indemnification.

 

(a)   In
the event that the Executive is made a party or threatened to be made a party to any action, suit, or proceeding, whether civil,
criminal, administrative or investigative (a “Proceeding”), other than any Proceeding initiated by the Executive
or the Company related to any contest or dispute between the Executive and the Company or any of its affiliates with respect to
this Agreement or the Executive’s employment hereunder, by reason of the fact that the Executive is or was a director or
officer of the Company, or any affiliate of the Company, or is or was serving at the request of the Company as a director, officer,
member, employee or agent of another corporation or a partnership, joint venture, trust or other enterprise, the Executive shall
be indemnified and held harmless by the Company to the fullest extent permitted by applicable law from and against any liabilities,
costs, claims and expenses, including all costs and expenses incurred in defense of any Proceeding (including attorneys’
fees).

 

    	 	18	 

     

    

 

 

(b)   During
the Employment Term and for a period of six (6) years thereafter, the Company or any successor to the Company shall purchase and
maintain, at its own expense, directors’ and officers’ liability insurance providing coverage to the Executive on
terms that are no less favorable than the coverage provided to other directors and senior officers of the Company.

 

24.         Notice.
Notices and all other communications provided for in this Agreement shall be in writing and shall be delivered personally or sent
by registered or certified mail, return receipt requested, or by overnight carrier to the parties at the addresses set forth below
(or such other addresses as specified by the parties by like notice):

 

If to the
Company:

 

Chairman

Compensation Committee

Bankwell Financial
Group, Inc.

208 Elm Street

New Canaan, CT 06840

 

If to the
Executive:

 

Penko Ivanov

10 Highview Drive

Wilton, Connecticut
06897

 

25.         Representations
of the Executive. The Executive represents and warrants to the Company that:

 

25.1         The
Executive’s acceptance of employment with the Company and the performance of his duties hereunder will not conflict with
or result in a violation of, a breach of, or a default under any contract, agreement or understanding to which he is a party or
is otherwise bound.

 

25.2         The
Executive’s acceptance of employment with the Company and the performance of his duties hereunder will not violate any non-solicitation,
non-competition or other similar covenant or agreement of a prior employer.

 

26.         Withholding.
The Company shall have the right to withhold from any amount payable hereunder any Federal, state and local taxes in order for
the Company to satisfy any withholding tax obligation it may have under any applicable law or regulation.

 

27.         Survival.
Upon the expiration or other termination of this Agreement, the respective rights and obligations of the parties hereto shall
survive such expiration or other termination to the extent necessary to carry out the intentions of the parties under this Agreement.

 

    	 	19	 

     

    

 

28.         Acknowledgment
of Full Understanding. THE EXECUTIVE ACKNOWLEDGES AND AGREES THAT HE HAS FULLY READ, UNDERSTANDS AND VOLUNTARILY ENTERS INTO
THER AGREEMENT. THE EXECUTIVE ACKNOWLEDGES AND AGREES THAT HE HAS HAD AN OPPORTUNITY TO ASK QUESTIONS AND CONSULT WITH AN ATTORNEY
OF HIS CHOICE BEFORE SIGNING THER AGREEMENT.

 

[SIGNATURE
PAGE FOLLOWS]

 

    	 	20	 

     

    

 

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

 

	 	BANKWELL FINANCIAL GROUP, INC.
	 	 
	 	By	/s/ James A. Fieber
	 	Name: James A. Fieber
	 	Title: Chairman of the Compensation Committee
	 	 
	 	BANKWELL BANK
	 	 
	 	By	/s/ James A. Fieber
	 	Name: James A. Fieber
	 	Title: Chairman of the Compensation Committee

 

EXECUTIVE

 

	Signature:  	/s/ Penko Ivanov	 

 

Print Name: Penko Ivanov

 

    	 	21	 

     

    

 

SCHEDULE
A

 

The Executive’s involvement
in the following outside activities is approved:

 

Boards

 

Memberships

 

     

     

    

 

EXHIBIT
ANEITHER
THIS SECURITY NOR THE SECURITIES INTO WHICH THIS SECURITY IS CONVERTIBLE HAVE 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. THIS SECURITY AND
THE SECURITIES ISSUABLE UPON CONVERSION OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER
LOAN SECURED BY SUCH SECURITIES.

 

GROUP
10 HOLDINGS, LLC

CONVERTIBLE
DEBENTURE

 

	Issuance
    Date: November 7, 2016	Principal
    Amount: $45,000

 

FOR
VALUE RECEIVED, Tauriga Sciences, Inc., a Florida corporation (“Borrower”), hereby promises to pay to Group
10 Holdings LLC (“Holder”) or its registered assigns or successors in interest, the sum of Forty Five Thousand
Dollars $45,000 (the “Principal Amount”), together with all accrued interest thereon, on the one (1) year anniversary
from the Issuance Date (the “Maturity Date”), if not sooner paid.

 

The
following terms and conditions shall apply to this Convertible Debenture (the “Debenture”):

 

ARTICLE
I

DEFINITIONS

 

1.1
Definitions. For the purposes hereof, in addition to the terms defined elsewhere in this Debenture, the following terms
shall have the following meanings:

 

“Bankruptcy
Event’’ means any of the following events: (a) Borrower or any subsidiary (as such term is defined in Rule l-02(w)
of Regulation S-X) thereof commences a case or other proceeding under any bankruptcy, reorganization, arrangement, adjustment
of debt, relief of debtors, dissolution, insolvency or liquidation or similar law of any jurisdiction relating to Borrower or
any subsidiary thereof; (b) there is commenced against Borrower or any subsidiary thereof any such case or proceeding that is
not dismissed within sixty (60) days after commencement; (c) Borrower or any subsidiary thereof is adjudicated insolvent or bankrupt
or any order of relief or other order approving any such case or proceeding is entered; (d) Borrower or any subsidiary thereof
suffers any appointment of any custodian or the like for it or any substantial part of its property that is not discharged or
stayed within sixty (60) calendar days after such appointment; (e) Borrower or any subsidiary thereof makes a general assignment
for the benefit of creditors; (f) Borrower or any subsidiary thereof calls a meeting of its creditors with a view to arrange a
composition, adjustment or restructuring of its debts; or (g) Borrower or any subsidiary thereof, by any act or failure to act,
expressly indicates its consent to, approval of or acquiescence in any of the foregoing or takes any corporate or other action
for the purpose of effecting any of the foregoing.

 

    	 		 

    	 		 

    

 

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

 

“Change
of Control Transaction” means the occurrence after the date hereof of any of (i) an acquisition after the date hereof
by an individual or legal entity or “group” (as described in Rule 13d-5(b)(l) promulgated under the Exchange Act)
of effective control (whether through legal or beneficial ownership of capital stock of Borrower, by contract or otherwise) of
in excess of 50% of the voting securities of Borrower (other than by means of conversion or exercise of this Debenture and the
securities issued together with this Debenture) or (ii) Borrower merges into or consolidates with any other Person, or any Person
merges into or consolidates with Borrower and, after giving effect to such transaction, the stockholders of Borrower immediately
prior to such transaction own less than 50% of the aggregate voting power of Borrower or the successor entity of such transaction,
or (iii) Borrower sells or transfers all or substantially all of its assets to another Person and the stockholders of Borrower
immediately prior to such transaction own less than 50% of the aggregate voting power of the acquiring entity immediately after
the transaction, or (iv) a replacement at one time or within a three (3) year period of more than one-half of the members of Borrower’s
board of directors which is not approved by a majority of those individuals who are members of the board of directors on the date
hereof (or by those individuals who are serving as members of the board of directors on any date whose nomination to the board
of directors was approved by a majority of the members of the board of directors who are members on the date hereof), or (v) the
execution by Borrower of an agreement to which Borrower is a party or by which it is bound, providing for any of the events set
forth in clauses (i) through (iv) above.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Issuance
Date” means the date of the issuance of this Debenture, regardless of any transfers of any Debenture and regardless
of the number of instruments which may be issued to evidence this Debenture.

 

“Lowest
Closing Price” means, for any date, the price determined by the first of the following clauses that applies: (a) the
lowest closing bid price of Borrower’s Common Stock during the thirty five (35) Trading Days prior to such date or (b) if
the Common Stock is not then quoted on a Trading Market, the fair market value of a share of Common Stock as determined by an
independent appraiser selected in good faith by Holder and reasonably acceptable to Borrower.

 

“Most
Recent Balance Sheet” means a true and complete copy of the balance sheet of Borrower as of March 31, 2016 prepared
in accordance with GAAP and disclosed in Borrower’s Form 10-Q for the fiscal quarter ended on such date.

 

“Permitted
Indebtedness” means (a) the indebtedness evidenced by this Debenture, (b) lease obligations and purchase money indebtedness
of up to one hundred thousand dollars, in the aggregate, incurred in connection with the acquisition of capital assets and lease
obligations with respect to newly acquired or leased assets, (c) indebtedness that (i) is expressly subordinate to this Debenture
pursuant to a written subordination agreement with Holder that is acceptable to Holder in its sole and absolute discretion and
(ii) matures at a date sixty (60) days later than the Maturity Date, (d) trade payables and other accounts payable of Borrower
incurred in the ordinary course of business in accordance with GAAP and not evidenced by a promissory note or other security,
and (e) indebtedness existing on the date hereof and set forth on the Most Recent Balance Sheet, provided that (x) the terms of
such indebtedness are not changed from the terms in effect as of the Most Recent Balance Sheet date, and (y) any such indebtedness
which is for borrowed money is not due and payable until after August 3, 2017.

 

    	 	2	 

    	 		 

    

 

“Permitted
Lien” means the individual and collective reference to the following: (a) liens for taxes, assessments and other governmental
charges or levies not yet due or liens for taxes, assessments and other governmental charges or levies being contested in good
faith and by appropriate proceedings for which adequate reserves (in the good faith judgment of the management of Borrower) have
been established in accordance with GAAP; and (b) liens imposed by law which were incurred in the ordinary course of Borrower’s
business, such as carriers’, warehousemen’s and mechanics’ liens, statutory landlords’ liens, and other
similar liens arising in the ordinary course of Borrower’s business, and which (x) do not individually or in the aggregate
materially detract from the value of such property or assets or materially impair the use thereof in the operation of the business
of Borrower and its consolidated subsidiaries or (y) are being contested in good faith by appropriate proceedings, which proceedings
have the effect of preventing for the foreseeable future the forfeiture or sale of the property or asset subject to such lien.

 

“Person”
means a natural person, sole proprietorship, corporation, limited liability company, firm, partnership, association, joint venture,
trust, unincorporated organization, or other entity, whether acting in an individual, fiduciary, or other capacity.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Trading
Day” means a day on which the principal Trading Market is open for business.

 

“Trading
Market” means the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date
in question: the American Stock Exchange, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market,
the New York Stock Exchange, the OTC Bulletin Board, or the OTC Markets QX Market, QB Market of Pink Market.

 

ARTICLE
II

INTEREST & AMORTIZATION

 

2.1
Contract Rate. Subject to Sections 7.1 and 8.8 hereof, interest payable on this Debenture shall accrue at a rate per annum
equal to twelve percent (12%) and shall be computed on the basis of a 365-day year.

 

2.2
Consideration. In consideration for the Debenture, Holder shall pay to Borrower a purchase price equal to Thirty Eight
Thousand Dollars ($38,000) payable by wire transfer or other immediately available funds. Thus, as of the Issuance Date, there
shall exist a Seven Thousand Dollar ($7,000) Original Issue Discount (the “OID”) from the Principal Amount.
Interest shall accrue and be payable on the full Principal Amount of the Debenture, inclusive of the OID, and payment of the full
Principal Amount shall be required regardless of time and manner of payment or prepayment by Borrower. Upon conversion, Holder
shall receive credit for the full Principal Amount converted.

 

2.3
Payments. Payment of the aggregate Principal Amount, together with all accrued interest thereon shall be made on the Maturity
Date.

 

    	 	3	 

    	 		 

    

 

2.4
Prepayment Option. Subject to the approval of Holder for prepayments after one hundred eighty (180) days, Borrower may
prepay in cash all or any portion of the Principal Amount of this Debenture and accrued interest thereon, with a premium, as set
forth below (each a “Prepayment Premium”), upon ten (10) Business Days prior written notice to Holder. Holder
shall have the right to convert all or any portion of the Principal Amount and accrued interest thereon in accordance with Article
III hereof during such ten (10) Business Day notice period. The amount of each Prepayment Premium shall be as follows: (a) one
hundred forty-five percent (145%) of the prepayment amount if such prepayment is made at any time from the Issuance Date until
the Maturity Date.

 

2.5
Commitment Fee. As consideration for Holder’s commitment to purchase this Debenture, Borrower shall issue to Holder
within fifteen (15) Business Days of the Issuance Date eight million (8,000,000) shares of Borrower’s common stock, par
value .00001 per share (“Common Stock”), as a commitment fee (the “Commitment Fee Shares”).
The Commitment Fee Shares have been earned in full upon Holder’s purchase of this Debenture; none of the Commitment Fee
Shares will be returned in the event that this Debenture is prepaid. Failure to issue and deliver the Commitment Fee Shares to
Holder within fifteen (15) Business Days shall constitute an Event of Default under this Debenture.

 

ARTICLE
III

CONVERSION REPAYMENT

 

3.1.
Optional Conversion. Subject to the terms of this Article III, Holder shall have the right, but not the obligation, at
any time after the Issuance Date and until the Maturity Date, or thereafter during an Event of Default, to convert all or any
portion of the outstanding Principal Amount, accrued interest and fees due and payable thereon into fully paid and non-assessable
shares of Common Stock of Borrower at the Conversion Price, as defined below (the “Conversion Shares”).

 

3.2.
Calculation of Conversion Price. Subject to Section 3.2.1 and 4.6 hereof, the conversion price (the “Conversion
Price”) shall mean the lesser of (a) sixty percent (60%) multiplied by the Lowest Closing Price as of the date
a Notice of Conversion is given (which represents a discount rate of forty percent (40%)) or (b) three-tenths of a penny ($0.003)

 

3.2.1
Conversion Price Adjustments. Conversion Price shall be subject to the following adjustments:

 

	 	i.	If
    the market capitalization of the Borrower is less than Two Million Dollars ($2,000,000) on the day immediately prior to the
    date of the Notice of Conversion, then the Conversion Price shall be twenty-five percent (25%) multiplied by the Lowest Closing
    Price as of the date a Notice of Conversion is given (which represents a discount rate of seventy-five percent (75%)); and
	 	 	 
	 	ii.	If
    the closing price of the Borrower’s Common Stock on the day immediately prior to the date of the Notice of Conversion
    is less than two-tenths of a penny ($0.002) then the Conversion Price shall be twenty-five percent (25%) multiplied by the
    Lowest Closing Price as of the date a Notice of Conversion is given (which represents a discount rate of seventy-five percent
    (75%)).

 

    	 	4	 

    	 		 

    

 

3.3.
Conversion Limitation. Notwithstanding anything contained herein to the contrary, the number of Conversion Shares that
may be acquired by Holder upon conversion of this Debenture (or otherwise in respect hereof) shall be limited to the extent necessary
to ensure that, following such conversion (or other issuance), the total number of shares of Common Stock then beneficially owned
by Holder and its affiliates and any other Persons whose beneficial ownership of Common Stock would be aggregated with that of
Holder for purposes of Section 13(d) of the Exchange Act does not exceed 4.99% of the total number of issued and outstanding shares
of Common Stock, including, for such purpose, the shares of Common Stock issuable upon such conversion, but excluding the number
of shares of Common Stock issuable upon (a) conversion of the remaining, unconverted Principal Amount of this Debenture beneficially
owned by Holder or any of its affiliates and (b) exercise or conversion of the unexercised or unconverted portion of any other
securities of Borrower subject to a limitation on conversion or exercise analogous to the limitation contained herein (including,
without limitation, any other debenture or warrant) beneficially owned by Holder or any of its affiliates. For such purposes,
beneficial ownership shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated
thereunder.

 

3.4.
Mechanics of Holder’s Conversion. Subject to Section 3.3 hereof, this Debenture may be converted by Holder, in whole
or in part from time to time after the Issuance Date, by submitting to Borrower and/or the transfer agent of record a notice of
conversion (“Notice of Conversion”), the form of which is attached hereto as Exhibit A. Such Notice
of Conversion shall specify the Principal Amount of the Debenture to be converted and the date on which such conversion shall
be effected (the “Conversion Date”). Pursuant to the terms of the Notice of Conversion, Borrower shall issue
instructions to the transfer agent within two (2) Trading Days from the receipt of the Notice of Conversion and shall cause the
transfer agent to transmit the certificates representing the Conversion Shares to Holder by physical delivery or crediting the
account of Holder’s designated broker with the Depository Trust Corporation (“DTC”) through its Deposit
Withdrawal Agent Commission (“DWAC”) system within two (2) Trading Days after receipt by Borrower of the Notice
of Conversion (the “Delivery Date”). In the case of the exercise of the conversion rights set forth herein,
the conversion privilege shall be deemed to have been exercised, and the Conversion Shares issuable upon such conversion shall
be deemed to have been issued, upon the Delivery Date and Holder shall be treated for all purposes as the record holder of such
Common Stock, unless Holder provides Borrower with written instructions to the contrary. Conversions hereunder shall have the
effect of lowering the outstanding Principal Amount of this Debenture in an amount equal to the applicable conversion. Holder
and Borrower shall maintain records showing the Principal Amount(s) converted and the Conversion Date(s). In the event of any
dispute or discrepancy, the records of Holder shall be controlling and determinative in the absence of manifest error.

 

3.5.
Conversion Mechanics. The number of shares of Common Stock to be issued upon each conversion of this Debenture shall be
determined by dividing that portion of the Principal Amount and interest and fees to be converted, if any, by the then applicable
Conversion Price.

 

3.6
Fractional Shares. No fractional shares shall be issued upon the conversion of this Debenture. As to any fraction of a
share which Holder would otherwise be entitled to upon such conversion, Borrower shall round up to the next whole share.

 

3.7
Late Delivery of Conversion Shares. Borrower understands that a delay in the delivery of Conversion Shares in the form
required pursuant to this Article III beyond the Delivery Date could result in economic loss to Holder. As compensation to Holder
for such loss, Borrower agrees to pay late fees to Holder for late issuance of such shares in the form required pursuant to this
Article III upon conversion of the Debenture, in the amount equal to one thousand dollars ($1,000) per Business Day after the
Delivery Date. Borrower shall pay any fees incurred under this Section in immediately available funds upon demand and such fees
shall also be eligible to be converted into Common Stock pursuant to this Article III.

 

    	 	5	 

    	 		 

    

 

3.8
Authorized and Reserved Shares. Borrower represents and warrants and covenants and agrees that upon issuance, the Conversion
Shares will be duly and validly issued, fully issued and non-assessable. Borrower agrees that its issuance of this Debenture shall
constitute full authority to its officers and agents who are charged with the duty of executing stock certificates to execute
and issue the necessary certificates for Conversion Shares in accordance with the terms and conditions of this Debenture. At all
times during which this Debenture is outstanding, Borrower shall reserve and keep available from its authorized and unissued shares
of Common Stock (the “Share Reserve”) for the sole purpose of issuance upon conversion of this Debenture and
payment of interest on this Debenture, each as herein provided, free from preemptive rights or any other actual or contingent
purchase rights of Persons other than Holder, not less than five times the aggregate number of shares of the Common Stock that
shall be issuable (taking account the adjustments of Article IV) upon the conversion of the outstanding Principal Amount of this
Debenture and payment of interest hereunder. Initially, the Share Reserve shall be equal to one hundred fifty million (150,000,000)
shares. The Holder may request bi-monthly increases to reserve such amounts based on a conversion price equal to the Lowest Closing
Price, as defined in the Debenture, as of such date, by written instructions from the Holder to the Transfer Agent to comply with
the required reserve. Borrower agrees that it will take all such reasonable actions as may be necessary to assure that the Conversion
Shares may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of the applicable
Trading Market upon which the Common Stock may be listed. Borrower agrees to provide Holder with confirmation evidencing the execution
of such share reservation within fifteen (15) Business Days from the Issuance Date.

 

3.9
Issuance of New Debenture. Upon any partial conversion of this Debenture, a new Debenture containing the same date and
provisions of this Debenture shall, at the request of Holder, be issued by Borrower to Holder for the principal balance of this
Debenture and accrued interest which shall not have been converted or paid. Subject to the provisions of Article VI, Borrower
will pay no costs, fees or any other consideration to Holder for the production and issuance of a new Debenture.

 

3.10
Par Value; Further Assurances.

 

(a)
Borrower covenants that during the period that the Principal Amount of this Debenture and any accrued interest and fees thereon
remain outstanding, it will ensure that the par value of any Conversion Shares shall not exceed the amount payable therefor upon
such exercise immediately prior to such exercise. Borrower further covenants that it shall take all appropriate actions, including,
without limitation, amending its articles or certificate of incorporation and any other voluntary action, such as calling a meeting
of stockholders to approve any such amendment, to ensure that the amount payable for any Conversion Shares shall at all times
exceed the par value thereof by at least four hundred percent (400%).

 

(b)
Except and to the extent as waived or consented to by Holder, Borrower shall not by any action, including, without limitation,
amending its articles or certificate 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 of this Debenture, but will at all times in good faith assist in the carrying out of all such terms and in the
taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Debenture against
impairment. Without limiting the generality of the foregoing, Borrower will (a) not increase the par value of any Conversion Shares
above the amount payable therefor upon such exercise immediately prior to such exercise, (b) take all such action as may be necessary
or appropriate in order that Borrower may validly and legally issue fully paid and nonassessable Conversion Shares upon the exercise
of this Debenture and (c) use its commercially best efforts to obtain all such authorizations, exemptions or consents from any
public regulatory body having jurisdiction thereof as may be necessary to enable Borrower to perform its obligations under this
Debenture.

 

    	 	6	 

    	 		 

    

 

3.11
Transfer Taxes. The issuance of certificates for Conversion Shares shall be made without charge to Holder for any documentary
stamp or similar taxes that may be payable in respect of the issue or delivery of such certificates, provided that Borrower shall
not be required to pay any tax that may be payable in respect of any transfer involved in the issuance and delivery of any such
certificate upon conversion in a name other than that of Holder and Borrower shall not be required to issue or deliver such certificates
unless or until the Person or Persons requesting the issuance thereof shall have paid to Borrower the amount of such tax or shall
have established to the satisfaction of Borrower that such tax has been paid.

 

3.12
Rule 144 Issuer’s Representation Letter. In the event that Holder’s brokers dealer requires a Rule 144 Issuer’s
Representation Letter (the “144 Letter”), Holder will submit to Borrower the 144 Letter along with a corresponding
Notice of Conversion upon which Borrower will have forty-eight (48) hours to execute and return the 144 Letter.

 

ARTICLE
IV

CERTAIN ADJUSTMENTS

 

4.1
Stock Dividends and Stock Splits. If Borrower, at any time while this Debenture is outstanding: (a) pays a stock dividend
or otherwise makes a distribution or distributions payable in shares of Common Stock on shares of Common Stock or any Common Stock
equivalents (which, for avoidance of doubt, shall not include any shares of Common Stock issued by Borrower upon conversion of,
or payment of interest on, this Debenture); (b) subdivides outstanding shares of Common Stock into a larger number of shares;
or (c) issues, in the event of a reclassification of shares of the Common Stock, any shares of capital stock of Borrower, then
the Conversion Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding
any treasury shares of Borrower) outstanding immediately before such event and of which the denominator shall be the number of
shares of Common Stock outstanding immediately after such event. Any adjustment made pursuant to this Section shall become effective
immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and
shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

 

4.2
Subsequent Rights Offerings. If Borrower, at any time within six (6) months of the Issuance Date, shall issue rights, options
or warrants to all holders of Common Stock (and not to Holder) entitling them to subscribe for or purchase shares of Common Stock
at a price per share that is lower than the Lowest Closing Price on the record date referenced below, then the Conversion Price
shall be multiplied by a fraction of which the denominator shall be the number of shares of the Common Stock outstanding on the
date of issuance of such rights or warrants plus the number of additional shares of Common Stock offered for subscription or purchase,
and of which the numerator shall be the number of shares of the Common Stock outstanding on the date of issuance of such rights
or warrants plus the number of shares which the aggregate offering price of the total number of shares issued (assuming delivery
to Borrower in full of all consideration payable upon exercise of such rights, options or warrants) would purchase at such Lowest
Closing Price. Such adjustment shall be made whenever such rights or warrants are issued, other than to officers and directors
under equity incentive plans approved by the board of directors, and shall become effective immediately after the record date
for the determination of stockholders entitled to receive such rights, options or warrants.

 

    	 	7	 

    	 		 

    

 

4.3
Pro Rata Distributions. If Borrower, at any time while this Debenture is outstanding, distributes to all holders of Common
Stock (and not to Holder) evidences of its indebtedness or assets (including cash and cash dividends) or rights or warrants to
subscribe for or purchase any security (other than the Common Stock, which shall be subject to Section 4.1), then in each such
case the Conversion Price shall be adjusted by multiplying such Conversion Price in effect immediately prior to the record date
fixed for determination of stockholders entitled to receive such distribution by a fraction of which the denominator shall be
the Lowest Closing Price determined as of the record date mentioned above, and of which the numerator shall be such Lowest Closing
Price on such record date less the then fair market value at such record date of the portion of such assets or evidence of indebtedness
so distributed applicable to one (1) outstanding share of the Common Stock as determined by the board of directors of Borrower
in good faith. In either case the adjustments shall be described in a statement delivered to Holder describing the portion of
assets or evidences of indebtedness so distributed or such subscription rights applicable to one (1) share of Common Stock. Such
adjustment shall be made whenever any such distribution is made and shall become effective immediately after the record date mentioned
above.

 

4.4
Fundamental Transaction. If, at any time while this Debenture is outstanding, (a) Borrower effects any merger or consolidation
of Borrower with or into another Person, (b) Borrower effects any sale of all or substantially all of its assets in one transaction
or a series of related transactions, (c) any tender offer or exchange offer (whether by Borrower or another Person) is completed
pursuant to which holders of Common Stock are permitted to tender or exchange their shares for other securities, cash or property,
or (d) Borrower effects any reclassification of the Common Stock or any compulsory share exchange pursuant to which the Common
Stock is effectively converted into or exchanged for other securities, cash or property (in any such case, a “Fundamental
Transaction”), then, upon any subsequent conversion of this Debenture, Holder shall have the right to receive, for each
Conversion Share that would have been issuable upon such conversion immediately prior to the occurrence of such Fundamental Transaction,
the same kind and amount of securities, cash or property as it would have been entitled to receive upon the occurrence of such
Fundamental Transaction if it had been, immediately prior to such Fundamental Transaction, holder of one (1) share of Common Stock
(the “Alternate Consideration”). For purposes of any such conversion, the determination of the Conversion Price
shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable
in respect of one (1) share of Common Stock in such Fundamental Transaction, and Borrower shall apportion the Conversion Price
among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate
Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental
Transaction, then Holder shall be given the same choice as to the Alternate Consideration it receives upon any conversion of this
Debenture following such Fundamental Transaction. To the extent necessary to effectuate the foregoing provisions, any successor
to Borrower or surviving entity in such Fundamental Transaction shall issue to Holder a new Debenture consistent with the foregoing
provisions and evidencing Holder’s right to convert such Debenture into Alternate Consideration. The terms of any agreement
pursuant to which a Fundamental Transaction is effected shall include terms requiring any such successor or surviving entity to
comply with the provisions of this Section 4.4 and insuring that this Debenture (or any such replacement security) will be similarly
adjusted upon any subsequent transaction analogous to a Fundamental Transaction.

 

4.5
Calculations. All calculations under this Article III shall be made to four decimal places or the nearest 1/100th of a
share, as the case may be. For purposes of this Article III, the number of shares of Common Stock deemed to be issued and outstanding
as of a given date shall be the sum of the number of shares of Common Stock (excluding any treasury shares of Borrower) issued
and outstanding.

 

    	 	8	 

    	 		 

    

 

4.6
Notice to Holder.

 

a)
Adjustment to Conversion Price. Whenever the Conversion Price is adjusted pursuant to any provision of this Article IV,
Borrower shall promptly deliver to each Holder a notice setting forth the Conversion Price after such adjustment and setting forth
a brief statement of the facts requiring such adjustment.

 

b)
Notice to Allow Conversion by Holder. If (i) Borrower shall declare a dividend (or any other distribution in whatever form)
on the Common Stock, (ii) Borrower shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock,
(iii) Borrower shall authorize the granting to all holders of the Common Stock of rights or warrants to subscribe for or purchase
any shares of capital stock of any class or of any rights, (iv) the approval of any stockholders of Borrower shall be required
in connection with any reclassification of the Common Stock, any consolidation or merger to which Borrower is a party, any sale
or transfer of all or substantially all of the assets of Borrower, of any compulsory share exchange whereby the Common Stock is
converted into other securities, cash or property or (v) Borrower shall authorize the voluntary or involuntary dissolution, liquidation
or winding up of the affairs of Borrower, then, in each case, Borrower shall cause to be filed at each office or agency maintained
for the purpose of conversion of this Debenture, and shall cause to be delivered to Holder at its last address as it shall appear
upon Borrower’s books and records, at least 20 calendar days prior to the applicable record or effective date hereinafter
specified, a notice stating (A) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption,
rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of record to be entitled
to such dividend, distributions, redemption, rights or warrants are to be determined or (B) the date on which such reclassification,
consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it
is expected that holders of the Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities,
cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange, provided
that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the
corporate action required to be specified in such notice. Holder is entitled to convert this Debenture during the 20-day period
commencing on the date of such notice through the effective date of the event triggering such notice.

 

4.7
Most Favored Nations Status. So long as this Debenture is outstanding, upon any issuance by Borrower or any of its subsidiaries
of any security (in an amount under one million dollars ($1,000,000)) 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 Holder in this Debenture, then Borrower
shall notify Holder of such additional or more favorable term and such term, at Holder’s option, shall become a part of
the transaction documents with Holder. Such more favorable terms include, but are not limited to, terms addressing conversion
discounts, conversion look-back periods, interest rates, original issue discounts, stock sale price, private placement price per
share and warrant coverage.

 

4.8
Holder’s Adjustments. Upon the occurrence of either of the following events, Holder may provide the transfer agent
with written instructions to increase the Share Reserve in accordance therewith: (a) closing price of Borrower’s Common
Stock is less than $0.002 for three (3) consecutive Trading Days; or (b) Borrower’s issued and outstanding shares of Common
Stock is greater than seventy of their authorized shares. Then the Share Reserve shall increase to the number of shares of Common
Stock equal to the five (5) times the value of the outstanding principal amount plus accrued interest thereon as of such date
divided by the Conversion Price on such date.

 

    	 	9	 

    	 		 

    

 

ARTICLE
V

NEGATIVE COVENANTS

 

As
long as any portion of this Debenture remains outstanding, unless Holder shall have otherwise given prior written consent, Borrower
shall not, and shall not permit any of its subsidiaries (whether or not a subsidiary on the Issuance Date) to, directly or indirectly:

 

5.1
other than Permitted Indebtedness, enter into, create, incur, assume, guarantee or suffer to exist any indebtedness for borrowed
money of any kind, including but not limited to, a guarantee, on or with respect to any of its property or assets now owned or
hereafter acquired or any interest therein or any income or profits therefrom;

 

5.2
other than Permitted Liens, enter into, create, incur, assume or suffer to exist any liens or security interests of any kind,
on or with respect to any of its property or assets now owned or hereafter acquired or any interest therein or any income or profits
therefrom;

 

5.3
issue any shares of Common Stock in exchange for satisfaction or accord, in whole or in part, of any outstanding accounts payable
obligations of Borrower, where such shares would be freely tradable (without restrictions, manner of sale obligations or reporting
obligations) by the recipient thereof (or any transferee thereof) prior to the date which is six (6) months following the date
of issuance thereof, whether pursuant to Section 3(a)(10) of the Securities Act or otherwise;

 

5.4
amend its charter documents, including, without limitation, its articles or certificate of incorporation and bylaws, in any manner
that materially and adversely affects any rights of Holder;

 

5.5
repay, repurchase or offer to repay, repurchase or otherwise acquire any indebtedness for borrowed money (except for this Debenture
in accordance with the terms hereof and except for the Permitted Indebtedness described under clauses (a), (b) and (d) of the
definition thereof in accordance with the terms of such indebtedness as in effect on the date hereof), other than regularly scheduled
principal and interest payments as such terms are in effect as of the Issuance Date;

 

5.6
pay cash dividends or distributions on any equity securities of Borrower;

 

5.7
combine (including by way of a reverse stock split) outstanding shares of Common Stock into a smaller number of shares;

 

5.8
enter into any transaction with any affiliate of Borrower which would be required to be disclosed in any public filing with the
Securities and Exchange Commission (the “SEC”), unless such transaction is made on an arm’s-length basis
and expressly approved by a majority of the disinterested directors of Borrower (even if less than a quorum otherwise required
for board approval); or

 

5.9
enter into any agreement with respect to any of the foregoing.

 

    	 	10	 

    	 		 

    

 

ARTICLE
VI

EVENTS OF DEFAULT

 

The
occurrence of any of the following events, while this Debenture is outstanding, shall be an “Event of Default;”
provided that any Event of Default may be cured within one (1) Business Day except as otherwise provided herein:

 

6.1
Failure to Pay Principal, Interest or Other Fees. Borrower fails to pay the Principal Amount, interest or other fees hereon
as and when the same shall become due and payable and such failure shall continue for a period of one (1) Business Day following
the date upon which any such payment was due.

 

6.2
Breach of Covenant. Borrower breaches any covenant or other term or condition of this Debenture, including, but not limited,
to the negative covenants provided in Article V, in any material respect and such breach, if subject to cure, continues for a
period of one (1) Business Day after the occurrence thereof.

 

6.3
Breach of Representations and Warranties. Any representation or warranty of Borrower made herein or in any other report,
financial statement or certificate made or delivered to Holder shall be false or misleading in any material respect as of the
date when made or deemed made.

6.4
SEC Filings. Beginning on January 3, 2017 and continuing thereafter, so long as this Debenture remains outstanding, Borrower
is not current with its reporting responsibilities under Section 13 of the Exchange Act. Furthermore, Borrower fails to timely
file, when due, any SEC report, including any required XBRL file along with such report (e.g., Forms 8-K, 10-Q or 10-K,
or Schedules 14A, 14C or 14(f)), or, if the filing date of such report is properly extended pursuant to SEC Rule 12b-25, when
the date of any such filing extension lapses, or any post-effective amendment to any SEC Registration Statement.

 

6.5
Stop Trade. An SEC stop trade order or trading suspension of the Common Stock on the applicable Trading Market shall be
in effect for five (5) consecutive Trading Days or five (5) Trading Days during a period of ten (10) consecutive Trading Days,
provided that Borrower shall not have been able to cure such trading suspension within thirty (30) Business Days of the notice
thereof or list the Common Stock on another Trading Market within sixty (60) Business Days of such notice.

 

6.6
SEC Reporting Status Matters.

 

(a)
Borrower indicates by check mark on the cover page of an SEC report filing that it has not (i) filed all reports required to be
filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was
required to file such reports), and (ii) has been subject to such filing requirements for the past ninety (90) days.

 

(b)
Borrower indicates by check mark on the cover page of an SEC report filing that it has not submitted electronically and posted
on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation
S-T during the preceding twelve (12) months (or for such shorter period that the registrant was required to submit and post such
files).

 

(c)
Borrower indicates by check mark on the cover page of an SEC report filing that it is a shell company (as defined in Rule 12b-2
of the Exchange Act); or

 

(d)
Borrower files a Form 15 with the SEC to deregister its Common Stock. In such an event, Borrower shall file current reports with
attorney opinions on not less than a quarterly basis on www.otcmarkets.com until such time as Borrower re-registers its Common
Stock with the SEC.

 

    	 	11	 

    	 		 

    

 

6.7
Change of Control. Borrower shall be a party to any Change of Control Transaction or Fundamental Transaction or shall agree
to sell or dispose of all or substantially all of its assets in one transaction or a series of related transactions (whether or
not such sale would constitute a Change of Control Transaction).

 

6.8
Receiver or Trustee. Each of Borrower or its subsidiaries, if any, shall make an assignment for the benefit of creditors,
or apply for or consent to the appointment of a receiver or trustee for it or for a substantial part of its property or business;
or such a receiver or trustee shall otherwise be appointed; or shall become insolvent or generally fails to pay, or admits in
writing its inability to pay, its debts as they become due, subject to applicable grace periods, if any.

 

6.9
Judgments. Any money judgment, writ or similar final process shall be entered or filed against Borrower or any of its subsidiaries
or any of their respective property or other assets for more than one hundred thousand dollars ($100,000) in the aggregate for
Borrower, and shall remain unvacated, unbonded or unstayed for a period of thirty (30) days.

 

6.10
Bankruptcy. Borrower or any of its subsidiaries shall be subject to a Bankruptcy Event.

 

6.11
DTC Eligibility. Borrower shall lose its status as “DTC Eligible” or Borrower’s stockholders shall lose
the ability to deposit (either electronically or by physical certificates, or otherwise) shares into the DTC System through a
“deposit chill” or otherwise.

 

6.12
Reservation of Shares. Borrower shall fail timely to reserve shares of Common Stock from its authorized and unissued shares
pursuant to Section 3.8.

 

6.13
Commitment Fee Shares and Conversion Shares. Borrower shall fail to issue and deliver to Holder the Commitment Fee Shares
and/or Conversion Shares pursuant to Sections 2.5 and 3.4, or Borrower shall provide at any time notice to Holder, including by
way of public announcement, of Borrower’s intention to not honor requests for conversions of this Debenture in accordance
with the terms hereof.

 

ARTICLE
VII

DEFAULT
RELATED PROVISIONS AND OTHER PRIVILEGES

 

7.1
Default Interest Rate. If any Event of Default occurs, the outstanding Principal Amount of this Debenture, plus accrued
but unpaid interest, liquidated damages and other amounts owing in respect thereof through the date of acceleration, shall become,
at Holder’s election, immediately due and payable in cash in the sum of (a) one hundred eighteen percent (118%) of the outstanding
Principal Amount of this Debenture plus one hundred percent (100%) of accrued and unpaid interest thereon and (b) all other amounts,
costs, expenses and liquidated damages due in respect of this Debenture (“Mandatory Default Amount”). After
the occurrence of any Event of Default, the interest rate on this Debenture shall accrue at an interest rate equal to the lesser
of eighteen percent (18%) per annum or the maximum rate permitted under applicable law, effective as of the Issuance Date of this
Debenture. Upon the payment in full of the Mandatory Default Amount, Holder shall promptly surrender this Debenture to or as directed
by Borrower. In connection with such acceleration described herein, Holder need not provide, and Borrower hereby waives, any presentment,
demand, protest or other notice of any kind, and Holder may immediately and without expiration of any grace period enforce any
and all of its rights and remedies hereunder and all other remedies available to it under applicable law. Such acceleration may
be rescinded and annulled by Holder at any time prior to payment hereunder and Holder shall have all rights as a holder of his
Debenture until such time, if any, as Holder receives full payment pursuant to this Section 7.1. No such rescission or annulment
shall affect any subsequent Event of Default or impair any right consequent thereon.

 

    	 	12	 

    	 		 

    

 

7.2
Default Penalty Payment. Following the occurrence and during the continuance of an Event of Default, Borrower agrees to
pay to Holder in the amount equal to one thousand dollars ($1,000) per Business Day commencing the Business Day following the
date of the Event of Default. Borrower shall pay any fees incurred under this Section in immediately available funds upon demand
and such fees shall also be eligible to be converted into Conversion Shares as set forth in Article III. Such conversion privileges
shall remain in full force and effect immediately from the date hereof and until this Debenture is paid in full.

 

ARTICLE
VIII

MISCELLANEOUS

 

8.1
Piggyback Registration Rights. Borrower shall include on the next registration statement Borrower files with the SEC (or
on the subsequent registration statement if such registration statement is withdrawn) all shares issuable upon conversion of this
Debenture. Failure to do so will result in liquidated damages of twenty-five percent (25%) of the outstanding Principal Amount
of this Debenture, but not less than twenty-five thousand dollars ($25,000), being immediately due and payable to Holder at its
election in the form of cash payment or addition to the balance of this Debenture. Notwithstanding the foregoing, in the event
a registration statement is filed with respect to an underwritten offering or a selling stockholder registration statement relating
solely to holders of Borrower’s Common Stock who paid cash for such Common Stock in a sale placed by an independent placement
agent, the number of shares of Common Stock owned by Holder to be included in any such registration statement may be limited if
in the opinion of the underwriter or placement agent, the sale of such shares by Holder would adversely impact the sale of shares
by the underwriter or selling stockholders included therein.

 

8.2
Failure or Indulgence Not Waiver. No failure or delay on the part of Holder hereof 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. All rights and remedies existing
hereunder are cumulative to, and not exclusive of, any rights or remedies otherwise available.

 

8.3
Notices. All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder
shall be in writing and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered
or certified, return receipt requested, postage prepaid, (iii) delivered by FedEx or other reputable express courier service with
charges prepaid, (iv) transmitted by hand delivery, telegram, e-mail or facsimile, addressed as set forth below or (v) sent via
Email whereby a return Email confirming receipt has been delivered. Any notice or other communication required or permitted to
be given hereunder shall be deemed effective (y) upon hand delivery or delivery by facsimile, with accurate confirmation generated
by the transmitting facsimile machine, at the address or number designated below (if delivered on a Business Day during normal
business hours where such notice is to be received), or the first Business Day following such delivery (if delivered other than
on a Business Day during normal business hours where such notice is to be received) or (z) on the next Business Day following
the date of mailing by express courier service, fully prepaid, addressed to such address, or upon actual receipt of such mailing,
whichever shall first occur. The addresses for such communications shall be:

 

    	 	13	 

    	 		 

    

 

If
to Borrower:

 

Tauriga
Sciences, Inc.

Seth
Shaw- CEO

39
Old Ridgebury Road

Danbury,
CT 06180

 

If
to Holder:

 

Group
10 Holdings LLC

Attn:
Adam Wasserman

11
Island Ave. #1108

Miami
Beach, FL 33139

EIN
# 32-0409845

adam@group10llc.com

 

No
change in any of such addresses shall be effective insofar as notices under this Section 8.3 are concerned unless such changed
address is located in the United States of America and notice of such change shall have been given to such other party hereto
as provided in this Section 8.3.

 

8.4
Amendment Provision. Any term of this Debenture may be amended only with the written consent of Holder and Borrower. .
The term “Debenture” and all reference thereto, as used throughout this instrument, shall mean this instrument
as originally executed, or if later amended or supplemented, then as so amended or supplemented, and any successor instrument
as it may be amended or supplemented.

 

8.5
Assignability. This Debenture shall be binding upon Borrower and its successors and assigns, and shall inure to the benefit
of Holder and its successors and assigns, and may not be assigned by Borrower without the prior written consent of Holder, which
consent may not be unreasonably withheld.

 

8.6
Prevailing Party and Costs. In the event any attorney is employed by any party with regard to any legal or equitable action,
arbitration or other proceeding brought by such party for the enforcement of this Debenture or because of an alleged dispute,
breach, default or misrepresentation in connection with any of the provisions of this Debenture, the prevailing party in such
proceeding will be entitled to recover from the other party reasonable attorneys’ fees and other costs and expenses incurred,
in addition to any other relief to which the prevailing party may be entitled.

 

    	 	14	 

    	 		 

    

 

8.7
Governing Law; Consent to Jurisdiction; Waiver of Jury Trial. This Debenture shall be governed by, and construed in accordance
with, the internal laws of the State of New York, without regard to principles of conflicts of law. HOLDER AND BORROWER WAIVE
ANY RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS DEBENTURE OR ANY TRANSACTION CONTEMPLATED
HEREIN, INCLUDING CLAIMS BASED ON CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER COMMON LAW OR STATUTORY BASES. Each party hereby
submits to the exclusive jurisdiction of the state and federal courts located in the County of Miami-Dade, State of Florida. If
the jury waiver set forth in this Section is not enforceable, then any dispute, controversy or claim arising out of or relating
to this Debenture or any of the transactions contemplated herein will be finally settled by binding arbitration in Miami-Dade
County, Florida in accordance with the then current Commercial Arbitration Rules of the American Arbitration Association by one
arbitrator appointed in accordance with said rules. The arbitrator shall apply New York law to the resolution of any dispute,
without reference to rules of conflicts of law or rules of statutory arbitration. Judgment on the award rendered by the arbitrator
may be entered in any court having jurisdiction thereof. Notwithstanding the foregoing, the parties may apply to any court of
competent jurisdiction for preliminary or interim equitable relief, or to compel arbitration in accordance with this paragraph.
The expenses of the arbitration, including the arbitrator’s fees and expert witness fees, incurred by the parties to the
arbitration, may be awarded to the prevailing party, in the discretion of the arbitrator, or may be apportioned between the parties
in any manner deemed appropriate by the arbitrator. Unless and until the arbitrator decides that one party is to pay for all (or
a share) of such expenses, both parties shall share equally in the payment of the arbitrator’s fees as and when billed by
the arbitrator.

 

8.8
Maximum Payments. Nothing contained herein shall be deemed to establish or require the payment of a rate of interest or
other charges in excess of the maximum permitted by applicable law. In the event that the rate of interest required to be paid
or other charges hereunder exceed the maximum permitted by such law, any payments in excess of such maximum shall be credited
against amounts owed by Borrower to Holder and thus refunded to Borrower.

 

8.9
Construction. Borrower acknowledges that its legal counsel participated in the preparation of this Debenture and, therefore,
stipulates that the rule of construction that ambiguities are to be resolved against the drafting party shall not be applied in
the interpretation of this Debenture to favor any party against the other.

 

8.10
Absolute Obligation. Except as expressly provided herein, no provision of this Debenture shall alter or impair the obligation
of Borrower, which is absolute and unconditional, to pay the Principal Amount of, interest and liquidated damages (if any) on,
this Debenture at the time, place, and rate, and in the coin or currency, herein prescribed. This Debenture is a direct debt obligation
of Borrower.

 

8.11
Lost or Mutilated Debenture. If this Debenture shall be mutilated, lost, stolen or destroyed, Borrower shall execute and
deliver, in exchange and substitution for and upon cancellation of a mutilated Debenture, or in lieu of or in substitution for
a lost, stolen or destroyed Debenture, a new Debenture for the Principal Amount of this Debenture so mutilated, lost, stolen or
destroyed.

 

8.12
Opinion of Counsel. An opinion of the following counsels shall be deemed acceptable to Borrower: Drinker Biddle & Reath
LLP, Fox Rothschild LLP, Greenberg Traurig LLP, Bauman & Associates Law Firm, and Law Office of Clifford J. Hunt.

 

[Signature
page follows.]

 

    	 	15	 

    	 		 

    

 

IN
WITNESS WHEREOF, Borrower has caused this Convertible Debenture to be signed in its name effective as of the date first above
indicated.

 

	BORROWER:	 
	Tauriga
    Sciences, Inc.	 
	 	 	 
	By:	 	 
	Name:	Seth
    Shaw	 
	Title:	CEO	 
	 	 	 
	HOLDER:	 
	Group
    10 Holdings, LLC	 
	 	 	 
	By:	/s/
    Adam Wasserman	 
	Name:
    	Adam
    Wasserman	 
	Title:
    	Managing
    Member	 

 

    	 	16	 

    	 		 

    

 

EXHIBIT
A

NOTICE
OF CONVERSION

 

The
undersigned hereby elects to convert principal under the Convertible Debenture (“Debenture”) of Tauriga Sciences,
Inc., a Florida corporation (“Borrower”), into shares of common stock (the “Common Stock”)
of Borrower according to the conditions hereof, as of the date written below. If shares of Common Stock are to be issued in the
name of a Person other than the undersigned, the undersigned will pay all transfer taxes payable with respect thereto and is delivering
herewith such certificates and opinions as reasonably requested by Borrower in accordance therewith. No fee will be charged to
the undersigned for any conversion, except for such transfer taxes, if any.

 

By
the delivery of this Notice of Conversion the undersigned represents and warrants to Borrower that its ownership of Common Stock
does not exceed the amount specified under Section 3.3 of the Debenture, as determined in accordance with Section 13(d) of the
Exchange Act.

 

The
undersigned agrees to comply with the prospectus delivery requirements under the applicable securities laws in connection with
any transfer of the aforesaid shares of Common Stock pursuant to any prospectus.

 

	Conversion
    calculations:	 	 	 
	 	 	 	 
	 	Date
    to Effect Conversion:	 	 
	 	 	 	 
	 	Principal
    Amount of Note to be Converted:	 	 
	 	 	 	 
	 	Interest
    Accrued on Account of Conversion at Issue:	 	 
	 	 	 	 
	 	Number
    of shares of Common Stock to be issued:	 	 

 

	 	Signature:	 
	 	 	 
	 	Name:	Group
    10 Holdings LLC
	 	 	 
	 	 	Address
    for Delivery of Common Stock Certificates:
	 	 	 
	 	 	11
    Island Ave #1108
	 	 	Miami
    Beach, FL 33139 
	 	 	EIN#
    32-0409845
	 	 	Tel:
    917.374.8229, Fax: 305.359.5180

 

	 	Or	 
	 	 	 
	 	DWAC Instructions:
	 	 	 
	 	Broker
    No:	 
	 	Account
    No:	 

 

    	 	17

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