Document:

Exhibit 4.3

 

Arkados, INC.

 

FIRST AMENDMENT
TO PROMISSORY NOTE

 

THIS FIRST AMENDMENT TO
PROMISSORY NOTE (this “Amendment”) is made and entered into as of January ___, 2017 (the “Effective
Date”), by and between Arkados Group, Inc., a Delaware corporation (the “Company”), and __________
(the “Purchaser”).

 

RECITALS

 

A.          The
Company sold, and the Purchaser purchased, a promissory note in the aggregate principal amount of __________ from the Company reflected
by its Promissory Note No. ________ dated _____________ (the “Note”).

 

B.          Pursuant to Section 2.3 of the Note, the terms of the Note may be amended by an instrument in writing signed by the Company and
the Purchaser.

 

C.          The
Company and Purchaser, in connection to its financial interest in the Company as the holder of __________ shares of the Company’s
common stock, hereby desires to amend certain terms of the Note as set forth below.

 

AGREEMENT

 

In consideration of the
foregoing recitals and the mutual promises and covenants contained herein, the parties, intending to be legally bound, hereby agree
as follows:

 

1.           Amendment
to the Title of the Note. The third line of the title of Note shall be amended, restated and replaced in its entirety as follows:

 

“DUE MARCH
31, 2017”

 

2.           Amendment
to the First Sentence of the First Paragraph of the Note. The first sentence of the first paragraph of the Note shall be amended,
restated and replaced in its entirety as follows:

 

“Arkados Group,
Inc., a Delaware corporation (the “Company”) with principal offices at 211 Warren Street, Suite 320, Newark,
NJ 07103, for value received, hereby promises to pay the registered holder hereof (the “Holder”) the principal sum
set forth above on March 31, 2017 (the “Maturity Date”), in such coin or currency of the United States of America
as at the time of payment shall be the legal tender for the payment of public and private debts, and to pay interest, less any
amounts required by law to be deducted or withheld, computed on the basis of a 365-day year, on the unpaid principal balance hereof
from the date hereof (the “Original Issue Date”), at the rate of 10% per year, compounded quarterly, until such
principal sum shall have become due and payable.”

 

     

     

    

 

3.           Waiver
of Event of Default. If applicable, the Purchaser hereby waives any Event of Default (as defined under the Note) for the Company’s
failure to observe or perform any other covenant, obligation, condition or agreement contained in the Purchaser’s Note if
such breach occurred prior to the date of this Amendment. For avoidance of doubt, the Note shall continue to bear interest at the
rate of 10% per year and not the Default Interest rate, as defined in the Note.

 

4.           Reaffirmation.
Except as expressly provided herein, the undersigned agree that all of the terms, covenants, conditions, restrictions and other
provisions contained in the Note shall remain in full force and effect.

 

5.           Entire
Agreement. This Amendment, together with the Note, contains the entire agreement of the parties and supersedes any prior or
contemporaneous written or oral agreements between them concerning the subject matter of this Amendment.

 

6.           Counterparts.
This Amendment may be executed in counterparts, each of which shall be an original and all of which, taken together, shall constitute
a single instrument.

 

[REMAINDER OF PAGE INTENTIONALLY
LEFT BLANK]

 

     

     

    

 

IN WITNESS WHEREOF, the
parties have caused this Amendment to be duly executed as of the date and year first above written.

 

	 	COMPANY
	 	 
	 	Arkados Group, Inc.,
	 	a Delaware corporation
	 	 	 
	 	By:	/s/ Terrence DeFranco
	 	Name:	Terrence DeFranco
	 	Title:	CEO

 

     

     

    

 

IN WITNESS WHEREOF, the parties
have caused this Amendment to be duly executed as of the date and year first above written

 

	 	PURCHASER
	 	 
	 	/s/ Noteholder
	 	[Name of Noteholder]
	 	 	 
	 	Address:	 
	 	 
	 	Facsimile:	 
	 	Email:Exhibit 10.1

 

SECURITIES PURCHASE AGREEMENT

 

This
SECURITIES PURCHASE AGREEMENT (this “Agreement”),
dated as of October 28, 2016, is entered into by and between Arkados Group, Inc.,
a Delaware corporation, (the “Company”),
and Lucas Hoppel (the “Buyer”). 

 

A.          The
Company and the Buyer are executing and delivering this Agreement in reliance upon the exemption from securities registration afforded
by the rules and regulations as promulgated by the United States Securities and Exchange Commission (the “SEC”)
under the Securities Act of 1933, as amended (the “1933
Act”). 

 

B.           Upon
the terms and conditions stated in this Agreement, the Buyer desires to purchase and the Company desires to issue and sell, upon
the terms and conditions set forth in this Agreement (i) a Convertible Promissory Note of the Company, in the form attached hereto
as Exhibit A (the “Note”),
in the original principal amount of $38,500.00 (the “Original
Principal Amount”) (together with any note(s) issued
in replacement thereof or as a dividend thereon or otherwise with respect thereto in accordance with the terms thereof, the “Note”)
and (ii) twenty thousand (20,000) restricted common shares in the Company (“Inducement
Shares”) to be delivered to Holder, via overnight courier,
within 7 (seven) calendar days following the Closing Date. On the sixth month anniversary of this note, in the event the Companies
shares price has declined the Company agrees to issue the Buyer additional shares such that the aggregate value of the Inducement
Shares equal the aggregate value of the Inducement Shares as of the closing date. 

 

NOW THEREFORE, the Company and the Buyer hereby
agree as follows:

 

1.           Purchase
and Sale. On the Closing Date (as defined below), the Company shall issue and sell to the Buyer and the Buyer agrees to purchase
from the Company (i) the Note in the original principal amount of $38,500, and (ii) the Inducement Shares.

 

1.1.        Form
of Payment. On the Closing Date, (i) the Buyer shall pay the purchase price of $35,000 (the “Purchase
Price”) for the Securities to be issued and sold
to it at the Closing (as defined below) by wire transfer of immediately available funds to a Company account designated by
the Company, in accordance with the Company’s written
wiring instructions, against delivery of the Securities, and (ii) the Company shall deliver such duly executed Securities on
behalf of the Company, to the Buyer, against delivery of such Purchase Price.

 

1.2.        Closing
Date. The date and time of the issuance and sale of the Securities pursuant to this Agreement (the “Closing
Date”) shall be on or about October 28, 2016, or such
other mutually agreed upon time. The closing of the transactions contemplated by this Agreement (the Closing”)
shall occur on the Closing Date at such location as may be agreed to by the parties. 

 

1.3.        Share
Reservation. The Company shall at all times require its transfer agent to establish a reserve of shares of its authorized
but unissued and unreserved Common Stock in the amount of 1,250,000 shares for purposes of exercise of the Warrant or conversion
of the Note. The Company shall cause the Transfer Agent to agree that it will not reduce the reserve under any circumstances,
unless such reduction is pre-approved in writing by the Buyer.

 

     

     

    

 

2.           Buyer’s
Investment Representations; Governing Law; Miscellaneous.

 

2.1         Buyer’s
Investment Representations. 

 

(a)          This
Agreement is made in reliance upon the Buyer’s representation
to the Company, which by its acceptance hereof Buyer hereby confirms, that the Securities to be received by it will be acquired
for investment for its own account, not as a nominee or agent, and not with a view to the sale or distribution of any part thereof,
and that it has no present intention of selling, granting participation in, or otherwise distributing the same, but subject nevertheless
to any requirement of law that the disposition of its property shall at all times be within its control. 

 

(b)          The
Buyer understands that the Securities are not registered under the 1933 Act, on the basis that the sale provided for in this
Agreement and the issuance of securities hereunder is exempt from registration under the 1933 Act pursuant to Section 4(a)(2)
thereof, and that the Company’s
reliance on such exemption is predicated on the Buyer’s
representations set forth herein. The Buyer realizes that the basis for the exemption may not be present if, notwithstanding
such representations, the Buyer has in mind merely acquiring shares of the Securities for a fixed or determinable period in
the future, or for a market rise, or for sale if the market does not rise. The Buyer does not have any such
intention.

 

(c)          The
Buyer understands that the Securities may not be sold, transferred, or otherwise disposed of without registration under the 1933
Act or an exemption therefrom, and that in the absence of an effective registration statement covering the Securities or an available
exemption from registration under the 1933 Act, the Stock must be held indefinitely. In particular, the Buyer is aware that the
Securities may not be sold pursuant to Rule 144 or Rule 701 promulgated under the 1933 Act unless all of the conditions of the
applicable Rules are met. Among the conditions for use of Rule 144 is the availability of current information to the public about
the Company. Such information is not now available, and the Company has no present plans to make such information available. The
Buyer represents that, in the absence of an effective registration statement covering the Securities, it will sell, transfer, or
otherwise dispose of the Securities only in a manner consistent with its representations set forth herein and then only in accordance
with the provisions of Section 5(d) hereof.

 

(d)          The
Buyer agrees that in no event will it make a transfer or disposition of any of the Securities (other than pursuant to an effective
registration statement under the 1933 Act), unless and until (i) the Buyer shall have notified the Company of the proposed disposition
and shall have furnished the Company with a statement of the circumstances surrounding the disposition, and (ii) if requested by
the Company, at the expense of the Buyer or transferee, the Buyer shall have furnished to the Company either (A) an opinion of
counsel, reasonably satisfactory to the Company, to the effect that such transfer may be made without registration under the 1933
Act or (B) a “no action”
letter from the Securities and Exchange Commission to the effect that the transfer of such securities without registration will
not result in a recommendation by the staff of the Securities and Exchange Commission that action be taken with respect thereto.
The Company will not require such a legal opinion or “no
action” letter in any transaction in compliance with Rule
144. 

 

(e)          The
Buyer represents and warrants to the Company that it is an “accredited
investor” within the meaning of Securities and Exchange
Commission Rule 501 of Regulation D, as presently in effect and, for the purpose of Section 25102(f) of the California Corporations
Code, he or she is excluded from the count of “purchasers”
pursuant to Rule 260.102.13 thereunder. 

 

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2.2         Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Nevada without regard to
principles of conflicts of laws. Any action brought by either party against the other concerning the transactions contemplated
by this Agreement shall be brought only in the state courts of New York or in the federal courts located in New York, New York.
The parties to this Agreement hereby irrevocably waive any objection to jurisdiction and venue of any action instituted hereunder
and shall not assert any defense based on lack of jurisdiction or venue or based upon forum non conveniens. In the event
that any provision of this Agreement or any other agreement delivered in connection herewith is invalid or unenforceable under
any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith
and shall be deemed modified to conform with such statute or rule of law. Any such provision which may prove invalid or unenforceable
under any law shall not affect the validity or enforceability of any other provision of any agreement. Each party hereby irrevocably
waives personal service of process and consents to process being served in any suit, action or proceeding in connection with this
Agreement or any other Transaction Document by mailing a copy thereof via registered or certified mail or overnight delivery (with
evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service
shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit
in any way any right to serve process in any other manner permitted by law. THE COMPANY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT
MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING
OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

2.3         Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall be deemed an original but all of which shall constitute
one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other
party.

 

2.4         Headings.
The headings of this Agreement are for convenience of reference only and shall not form part of, or affect the interpretation
of, this Agreement.

 

2.5         Severability.
In the event that any provision of this Agreement is invalid or unenforceable under any applicable statute or rule of law, then
such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform
with such statute or rule of law. Any provision hereof which may prove invalid or unenforceable under any law shall not affect
the validity or enforceability of any other provision hereof.

 

2.6         Entire
Agreement; Amendments. This Agreement and the instruments referenced herein contain the entire understanding of the parties
with respect to the matters covered herein and therein and, except as specifically set forth herein or therein, neither the Company
nor the Buyer makes any representation, warranty, covenant or undertaking with respect to such matters. No provision of this Agreement
may be waived or amended other than by an instrument in writing signed by the Buyer.

 

2.7         Notices.
Any notice required or permitted hereunder shall be given in writing (unless otherwise specified herein) and shall be deemed effectively
given on the earliest of:

 

2.7.1         the date delivered, if delivered
by personal delivery as against written receipt therefor or by e-mail to an executive officer, or by confirmed facsimile,

 

2.7.2         the fifth Trading Day after deposit,
postage prepaid, in the United States Postal Service by registered or certified mail, or

 

2.7.3         the third Trading Day after mailing by domestic or international express courier, with delivery costs and fees prepaid, in each
case, addressed to each of the other parties thereunto entitled at the following addresses (or at such other addresses as such
party may designate by ten (10) calendar days’ advance written
notice similarly given to each of the other parties hereto): 

 

    	 	3	 

     

    

 

If to the Company, to:

 

	Arkados Group, Inc.	 
	Terrence DeFranco	 
	 	 
	211 Warren Street, Suite 320	 
	 	 
	Newark, NJ 07103	 

 

If to the Buyer:

 

Lucas Hoppel

Phone: 619-436-4924

Email: Luke@LukeHoppel.com

 

2.8         Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and assigns.
Notwithstanding anything to the contrary herein, the rights, interests or obligations of the Company hereunder may not be assigned,
by operation of law or otherwise, in whole or in part, by the Company without the prior written consent of the Buyer, which consent
may be withheld at the sole discretion of the Buyer; provided, however, that in the case of a merger, sale of substantially
all of the Company’s assets or other corporate reorganization,
the Buyer shall not unreasonably withhold, condition or delay such consent. This Agreement or any of the severable rights and
obligations inuring to the benefit of or to be performed by Buyer hereunder may be assigned by Buyer to a third party, including
its financing sources, in whole or in part, without the need to obtain the 

Company’s
consent thereto. 

 

2.9         Third
Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective permitted successors
and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other person.

 

2.10       Survival.
The representations and warranties of the Company and the agreements and covenants set forth in this Agreement shall survive the
Closing hereunder notwithstanding any due diligence investigation conducted by or on behalf of the Buyer. The Company agrees to
indemnify and hold harmless the Buyer and all its officers, directors, employees, attorneys, and agents for loss or damage arising
as a result of or related to any breach or alleged breach by the Company of any of its representations, warranties and covenants
set forth in this Agreement or any of its covenants and obligations under this Agreement, including advancement of expenses as
they are incurred.

 

2.11       No
Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the parties to express
their mutual intent, and no rules of strict construction will be applied against any party.

 

2.12       Remedies.
The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Buyer by vitiating
the intent and purpose of the transaction contemplated hereby. Accordingly, the Company acknowledges that the remedy at law for
a breach of its obligations under this Agreement will be inadequate and agrees, in the event of a breach or threatened breach
by the Company of the provisions of this Agreement, that the Buyer shall be entitled, in addition to all other available remedies
at law or in equity, and in addition to the penalties assessable herein, to an injunction or injunctions restraining, preventing
or curing any breach of this Agreement and to enforce specifically the terms and provisions hereof, without the necessity of showing
economic loss and without any bond or other security being required.

 

    	 	4	 

     

    

 

2.13       Buyer’s
Rights and Remedies Cumulative. All rights, remedies, and
powers conferred in this Agreement and the Transaction Documents on the Buyer are cumulative and not exclusive of any other rights
or remedies, and shall be in addition to every other right, power, and remedy that the Buyer may have, whether specifically granted
in this Agreement or any other Transaction Document, or existing at law, in equity, or by statute; and any and all such rights
and remedies may be exercised from time to time and as often and in such order as the Buyer may deem expedient. 

 

2.14       Ownership
Limitation. If at any time after the Closing, the Buyer shall or would receive shares of Common Stock in payment of interest
or principal under Note, upon exercise of the Warrant, so that the Buyer would, together with other shares of Common Stock held
by it or its Affiliates, own or beneficially own by virtue of such action or receipt of additional shares of Common Stock a number
of shares exceeding 9.99% of the number of shares of Common Stock outstanding on such date (the
“Maximum Percentage”),
the Company shall not be obligated and shall not issue to the Buyer shares of Common Stock which would exceed the Maximum Percentage,
but only until such time as the Maximum Percentage would no longer be exceeded by any such receipt of shares of Common Stock by
the Buyer. The foregoing limitations are enforceable, unconditional and non-waivable and shall apply to all Affiliates and assigns
of the Buyer. 

 

Attorneys’
Fees and Cost of Collection.
In the event of any action at law or in equity to enforce or interpret the terms of this Agreement or any of the other Transaction
Documents, the parties agree that the party who is awarded the most money shall be deemed the prevailing party for all purposes
and shall therefore be entitled to an additional award of the full amount of the attorneys’
fees and expenses paid by such prevailing party in connection with the litigation and/or dispute without reduction or apportionment
based upon the individual claims or defenses giving rise to the fees and expenses. Nothing herein shall restrict or impair a court’s
power to award fees and expenses for frivolous or bad faith pleading. 

 

[Remainder of page intentionally left blank; signature
page to follow] 

 

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SUBSCRIPTION AMOUNT:

 

	Original Principal Amount of Note:	 	$	38,500.00	 
	Purchase Price:	 	$	35,000.00	 

 

IN WITNESS WHEREOF, the undersigned Buyer and
the Company have caused this Agreement to be duly executed as of the date first above written.

 

THE COMPANY: 

 

Arkados Group, Inc.

 

	By:	/s/ Mr. Terrence DeFranco	 
	 	Mr. Terrence DeFranco	 
	 	Chief Executive Officer	 

 

THE BUYER: 

 

Lucas Hoppel

 

	By:	/s/ Lucas Hoppel	 

 

     

     

    

 

EXHIBIT A

 

NOTE

 

     

     

    

 

EXHIBIT B

 

WARRANT

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