Document:

Exhibit 10.5

 

SECURITIES PURCHASE AGREEMENT

 

 

THIS PURCHASE AGREEMENT
(“Agreement”) is made as of the 23rd  day of March, 2015 by and between THINSPACE TECHNOLOGY, INC., a Delaware
corporation (the “Company”), and the Investor set forth on the signature page affixed hereto (the “Investor”).

 

Recitals

 

A.The Company and
the Investor are executing and delivering this Agreement in reliance upon the exemption from securities registration afforded by
the provisions of Regulation D (“Regulation D”), as promulgated by the U.S. Securities and Exchange Commission (the
“SEC”) under the Securities Act of 1933, as amended; and

 

B.The Investor
wishes to purchase from the Company, and the Company wishes to sell and issue to the Investor, upon the terms and conditions stated
in this Agreement, a $105,000 principal amount of 6% convertible debenture, in the form attached hereto as Exhibit A (the
“Debenture”).

 

In consideration of the
mutual promises made herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto agree as follows:

 

1.Definitions. In addition to
those terms defined above and elsewhere in this Agreement, for the purposes of this Agreement, the following terms shall have the
meanings set forth below:

 

“Affiliate”
means, with respect to any Person, any other Person which directly or indirectly through one or more intermediaries Controls, is
controlled by, or is under common control with, such Person.

 

“Business Day”
means a day, other than a Saturday or Sunday, on which banks in New York City are open for the general transaction of business.

 

“Common Stock
Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire
at any time Common Stock, including without limitation, any debt, preferred stock, rights, options, warrants or other instrument
that is at any time convertible into or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock.

 

“Company’s
Knowledge” means the actual knowledge of the executive officers (as defined in Rule 405 under the 1933 Act) of the Company,
after due inquiry.

 

“Confidential
Information” means trade secrets, confidential information and know-how (including but not limited to ideas, formulae,
compositions, processes, procedures and techniques, research and development information, computer program code, performance specifications,
support documentation, drawings, specifications, designs, business and marketing plans, and customer and supplier lists and related
information).

 

“Control”
(including the terms “controlling”, “controlled by” or “under common control with”) means the
possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether
through the ownership of voting securities, by contract or otherwise.

 

“Intellectual
Property” means all of the following: (i) patents, patent applications, patent disclosures and inventions (whether or
not patentable and whether or not reduced to practice); (ii) trademarks, service marks, trade dress, trade names, corporate names,
logos, slogans and Internet domain names, together with all goodwill associated with each of the foregoing; (iii) copyrights and
copyrightable works; (iv) registrations, applications and renewals for any of the foregoing; and (v) proprietary computer software
(including but not limited to data, data bases and documentation).

 

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“Material Adverse
Effect” means a material adverse effect on (i) the assets, liabilities, results of operations, condition (financial or
otherwise), business, or prospects of the Company and its Subsidiaries taken as a whole, or (ii) the ability of the Company to
perform its obligations under the Transaction Documents.

 

“Person”
means an individual, corporation, partnership, limited liability company, trust, business trust, association, joint stock company,
joint venture, sole proprietorship, unincorporated organization, governmental authority or any other form of entity not specifically
listed herein.

 

“Purchase Price”
means One Hundred Thousand Dollars (100,000).

 

“SEC Filings”
has the meaning set forth in Section 4.6.

 

“SEC”
means the United States Securities and Exchange Commission.

 

“Securities”
means the Debentures and the Shares.

 

“Shares”
means the shares of Common Stock issuable upon conversion of the Debenture.

 

“Subsidiary”
of any Person means another Person, an amount of the voting securities, other voting ownership or voting partnership interests
of which is sufficient to elect at least a majority of its Board of Directors or other governing body (or, if there are no such
voting interests, 50% or more of the equity interests of which) is owned directly or indirectly by such first Person.

 

“Transaction Documents”
means this Agreement, the Debenture and the Irrevocable Transfer Agent Instructions.

 

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

 

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

 

2.Purchase and Sale of the Debenture.
Subject to the terms and conditions of this Agreement, on the Closing Date, the Company shall sell and issue to the Investor, a
Debenture in the principal amount of $105,000 in exchange for $100,000.

 

3.Closing. Upon confirmation
that the other conditions to closing specified herein have been satisfied or duly waived by the Investor, the Company shall deliver
to the Investor, a Debenture registered the name of the Investor, and the Investor shall cause a wire transfer in same day funds
to be sent to the account of the Company as instructed in writing by the Company, in an amount representing the Purchase Price
for the Debenture (the “Closing Date”). The closing of the purchase and sale of the Debenture shall take place at the
offices of Thinspace Technology, Inc. 5535 S. Williamson Blvd, Suite 751, Port Orange, Florida 32128, or at such other location
and on such other date as the Company and the Investor shall mutually agree.

 

4.Representations and Warranties
of the Company. The Company hereby represents and warrants to the Investor that, except as set forth in the schedules delivered
herewith (collectively, the “Disclosure Schedules”):

 

4. 1Organization, Good Standing
and Qualification. Each of the Company and its Subsidiaries is a corporation duly organized, validly existing and in good standing
under the laws of the jurisdiction of its incorporation and has all requisite corporate power and authority to carry on its business
as now conducted and to own its properties. Each of the Company and its Subsidiaries is duly qualified to do business as a foreign
corporation and is in good standing in each jurisdiction in which the conduct of its business or its ownership or leasing of property
makes such qualification or leasing necessary unless the failure to so qualify has not and could not reasonably be expected to
have a Material Adverse Effect. The Company’s Subsidiaries are listed on Schedule 4.1 hereto.

 

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4.2Authorization. The Company
has full power and authority and, has taken all requisite action on the part of the Company, its officers, directors and stockholders
necessary for (i) the authorization, execution and delivery of the Transaction Documents, (ii) authorization of the performance
of all obligations of the Company hereunder or thereunder, and (iii) the authorization, issuance (or reservation for issuance)
and delivery of the Securities The Transaction Documents constitute the legal, valid and binding obligations of the Company, enforceable
against the Company in accordance with their terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium
and similar laws of general applicability, relating to or affecting creditors’ rights generally.

 

4.3Capitalization. Schedule
4.3 sets forth (a) the authorized capital stock of the Company on the date hereof; (b) the number of shares of capital stock
issued and outstanding; (c) the number of shares of capital stock issuable pursuant to the Company’s stock plans; and (d)
the number of shares of capital stock issuable and reserved for issuance pursuant to securities (other than the Securities) exercisable
for, or convertible into or exchangeable for any shares of capital stock of the Company. All of the issued and outstanding shares
of the Company’s capital stock have been duly authorized and validly issued and are fully paid, nonassessable and free of
pre-emptive rights. Except as described on Schedule 4.3, all of the issued and outstanding shares of capital stock of each
Subsidiary have been duly authorized and validly issued and are fully paid, nonassessable and free of pre-emptive rights, were
issued in full compliance with applicable state and federal securities law and any rights of third parties and are owned by the
Company, beneficially and of record, subject to no lien, encumbrance or other adverse claim. Except as described on Schedule
4.3, no Person is entitled to pre-emptive or similar statutory or contractual rights with respect to any securities of the
Company. Except as described on Schedule 4.3, there are no outstanding warrants, options, convertible securities or other
rights, agreements or arrangements of any character under which the Company or any of its Subsidiaries is or may be obligated to
issue any equity securities of any kind and except as contemplated by this Agreement, neither the Company nor any of its Subsidiaries
is currently in negotiations for the issuance of any equity securities of any kind.

 

Except
as described on Schedule 4.3, the issuance and sale of the Securities hereunder will not obligate the Company to issue
shares of Common Stock or other securities to any other Person (other than the Investor) and will not result in the adjustment
of the exercise, conversion, exchange or reset price of any outstanding security.

 

Except
as described on Schedule 4.3, the Company does not have outstanding stockholder purchase rights or “poison pill”
or any similar arrangement in effect giving any Person the right to purchase any equity interest in the Company upon the occurrence
of certain events.

 

4.4Valid Issuance. The Debenture
has been duly and validly authorized and, when issued and paid for pursuant to this Agreement, shall be free and clear of all encumbrances
and restrictions (other than those created by the Investor), except for restrictions on transfer set forth in the Transaction Documents
or imposed by applicable securities laws. Upon the due conversion of the Debenture, the Shares will be validly issued, fully paid
and non-assessable free and clear of all encumbrances and restrictions, except for restrictions on transfer set forth in the Transaction
Documents or imposed by applicable securities laws and except for those created by the Investor. The Company shall reserve a sufficient
number of shares of Common Stock for issuance upon the exercise of the Debenture, free and clear of all encumbrances and restrictions,
except for restrictions on transfer set forth in the Transaction Documents or imposed by applicable securities laws and except
for those created by the Investor.

 

4.5Consents. The execution,
delivery and performance by the Company of the Transaction Documents, and the offer, issuance and sale of the Securities require
no consent of, action by or in respect of, or filing with, any Person, governmental body, agency, or official other than filings
that have been made pursuant to applicable state securities laws, and post-sale filings pursuant to applicable state and federal
securities laws which the Company undertakes to file within the applicable time periods. Subject to the accuracy of the representations
and warranties of the Investor set forth in Section 5 hereof, the Company has taken all action necessary to exempt (i) the issuance
and sale of the Securities, (ii) the issuance of the Shares upon due conversion of the Debenture, and (iii) the other transactions
contemplated by the Transaction Documents from the provisions of any shareholder rights plan or other “poison pill”
arrangement, any anti-takeover, business combination or control share law or statute binding on the Company or to which the Company
or any of its assets and properties may be subject and any provision of the Company’s Articles of Incorporation or By-laws
that is or could reasonably be expected to become applicable to the Investor as a result of the transactions contemplated hereby,
including without limitation, the issuance of the Securities and the ownership, disposition or voting of the Securities by the
Investor or the exercise of any right granted to the Investor pursuant to this Agreement or the other Transaction Documents.

 

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4.6Delivery of SEC Filings; Business.
The Company has made available to the Investor through the EDGAR system, true and complete copies of the Company’s most recent
Annual Report on Form 10-K for its last fiscal year (the “10-K”), and all other reports filed by the Company pursuant
to the 1934 Act since the filing of the 10-K and prior to the date hereof (collectively, the “SEC Filings”). The SEC
Filings are the only filings required of the Company pursuant to the 1934 Act for such period. The Company and its Subsidiaries
are engaged in all material respects only in the business described in the SEC Filings and the SEC Filings contain a complete and
accurate description in all material respects of the business of the Company and its Subsidiaries, taken as a whole.

 

4.7Use of Proceeds. The net
proceeds of the sale of the Debenture hereunder shall be used by the Company for working capital and general corporate purposes.

 

4.8No Conflict, Breach, Violation
or Default. The execution, delivery and performance of the Transaction Documents by the Company and the issuance and sale of
the Securities will not conflict with or result in a breach or violation of any of the terms and provisions of, or constitute a
default under (i) the Company’s Articles of Incorporation or the Company’s Bylaws, both as in effect on the date hereof
(true and complete copies of which have been made available to the Investor through the EDGAR system), or (ii)(a) any statute,
rule, regulation or order of any governmental agency or body or any court, domestic or foreign, having jurisdiction over the Company,
any Subsidiary or any of their respective assets or properties, or (b) any agreement or instrument to which the Company or any
Subsidiary is a party or by which the Company or a Subsidiary is bound or to which any of their respective assets or properties
is subject.

 

4.9Brokers and Finders. No Person
will have, except per the Finder’s and Advisory Agreement dated March 3, 2015 by and between the Company and Robert Gray
as “Finder” and Equinox Securities Inc. as “Broker”, as a result of the transactions contemplated by the
Transaction Documents, any valid right, interest or claim against or upon the Company, any Subsidiary or an Investor for any commission,
fee or other compensation pursuant to any agreement, arrangement or understanding entered into by or on behalf of the Company.

 

4.10No Directed Selling Efforts
or General Solicitation. Neither the Company nor any Person acting on its behalf has conducted any general solicitation or
general advertising (as those terms are used in Regulation D) in connection with the offer or sale of any of the Securities.

 

4.11No Integrated Offering.
Neither the Company nor any of its Affiliates, nor any Person acting on its or their behalf has, directly or indirectly, made any
offers or sales of any Company security or solicited any offers to buy any security, under circumstances that would adversely affect
reliance by the Company on Section 4(2) for the exemption from registration for the transactions contemplated hereby or would require
registration of the Securities under the 1933 Act.

 

4.12Private Placement. The offer
and sale of the Securities to the Investor as contemplated hereby is exempt from the registration requirements of the 1933 Act.

 

5.Representations and Warranties
of the Investor. The Investor hereby represents and warrants to the Company that:

 

5.1Organization and Existence.
Such Investor is a validly existing corporation, limited partnership or limited liability company and has all requisite corporate,
partnership or limited liability company power and authority to invest in the Securities pursuant to this Agreement.

 

5.2Authorization. The execution,
delivery and performance by such Investor of the Transaction Documents to which such Investor is a party have been duly authorized
and will each constitute the valid and legally binding obligation of such Investor, enforceable against such Investor in accordance
with their respective terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws
of general applicability, relating to or affecting creditors’ rights generally.

 

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5.3Purchase Entirely for Own Account.
The Securities to be received by such Investor hereunder will be acquired for such Investor’s own account, not as nominee
or agent, and not with a view to the resale or distribution of any part thereof in violation of the 1933 Act, and such Investor
has no present intention of selling, granting any participation in, or otherwise distributing the same in violation of the 1933
Act without prejudice, however, to such Investor’s right at all times to sell or otherwise dispose of all or any part of
such Securities in compliance with applicable federal and state securities laws. Nothing contained herein shall be deemed a
representation or warranty by such Investor to hold the Securities for any period of time. Such Investor is not a broker-dealer
registered with the SEC under the 1934 Act or an entity engaged in a business that would require it to be so registered.

 

5.4Investment Experience. Such
Investor acknowledges that it can bear the economic risk and complete loss of its investment in the Securities and has such knowledge
and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment contemplated
hereby.

 

5.5Disclosure of Information.
Such Investor has had an opportunity to receive all information related to the Company requested by it and to ask questions of
and receive answers from the Company regarding the Company, its business and the terms and conditions of the offering of the Securities.
Such Investor acknowledges receipt of copies of the SEC Filings. Neither such inquiries nor any other due diligence investigation
conducted by such Investor shall modify, amend or affect such Investor’s right to rely on the Company’s representations
and warranties contained in this Agreement.

 

5.6Restricted Securities. Such
Investor understands that the Securities are characterized as “restricted securities” under the U.S. federal securities
laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that under such
laws and applicable regulations such securities may be resold without registration under the 1933 Act only in certain limited circumstances.

 

5.7Legends. It is understood
that, except as provided below, certificates evidencing the Securities may bear the following or any similar legend:

 

(a)“The securities represented
hereby may not be transferred unless (i) such securities have been registered for sale pursuant to the Securities Act of 1933,
as amended, (ii) such securities may be sold pursuant to Rule 144(i), or (iii) the Company has received an opinion of counsel reasonably
satisfactory to it that such transfer may lawfully be made without registration under the Securities Act of 1933 or qualification
under applicable state securities laws.”

 

(b)If required by the authorities of
any state in connection with the issuance of sale of the Securities, the legend required by such state authority.

 

5.8Accredited Investor. Such
Investor is an accredited investor as defined in Rule 501(a) of Regulation D, as amended, under the 1933 Act.

 

5.9No General Solicitation.
Such Investor did not learn of the investment in the Securities as a result of any public advertising or general solicitation.

 

5.10Brokers and Finders. No
Person will have, except per the Finder’s and Advisory Agreement dated March 3, 2015 by and between the Company and Robert
Gray as “Finder” and Equinox Securities Inc. as “Broker”, as a result of the transactions contemplated
by the Transaction Documents, any valid right, interest or claim against or upon the Company, any Subsidiary or an Investor for
any commission, fee or other compensation pursuant to any agreement, arrangement or understanding entered into by or on behalf
of such Investor.

 

6.
Conditions to Closing.

 

6.1Conditions to the Investor’s
Obligations. The obligation of the Investor to purchase the Debenture at Closing is subject to the fulfillment to such Investor’s
satisfaction, on or prior to the Closing Date, of the following conditions, any of which may be waived by the Investor:

 

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(a)The representations and warranties
made by the Company in Section 4 hereof qualified as to materiality shall be true and correct at all times prior to and on the
Closing Date, except to the extent any such representation or warranty expressly speaks as of an earlier date, in which case such
representation or warranty shall be true and correct as of such earlier date, and, the representations and warranties made by the
Company in Section 4 hereof not qualified as to materiality shall be true and correct in all material respects at all times prior
to and on the Closing Date, except to the extent any such representation or warranty expressly speaks as of an earlier date, in
which case such representation or warranty shall be true and correct in all material respects as of such earlier date. The Company
shall have performed in all material respects all obligations and conditions herein required to be performed or observed by it
on or prior to the Closing Date.

 

(b)The Company shall have obtained
any and all consents, permits, approvals, registrations and waivers necessary or appropriate for consummation of the purchase and
sale of the Securities, and the consummation of the other transactions contemplated by the Transaction Documents, all of which
shall be in full force and effect.

 

(c)No judgment, writ, order, injunction,
award or decree of or by any court, or judge, justice or magistrate, including any bankruptcy court or judge, or any order of or
by any governmental authority, shall have been issued, and no action or proceeding shall have been instituted by any governmental
authority, enjoining or preventing the consummation of the transactions contemplated hereby or in the other Transaction Documents.

 

(d)No stop order or suspension of trading
shall have been imposed by Nasdaq, the SEC or any other governmental or regulatory body with respect to public trading in the Common
Stock.

 

6.2Conditions to Obligations of
the Company. The Company's obligation to sell and issue the Debenture at Closing is subject to the fulfillment to the satisfaction
of the Company on or prior to the Closing Date of the following conditions, any of which may be waived by the Company:

 

(a)The representations and warranties
made by the Investor in Section 5 hereof, other than the representations and warranties contained in Sections 5.3, 5.4, 5.5, 5.6,
5.7, 5.8 and 5.9 (the “Investment Representations”), shall be true and correct in all material respects when made,
and shall be true and correct in all material respects on the Closing Date with the same force and effect as if they had been made
on and as of said date. The Investment Representations shall be true and correct in all respects when made, and shall be true and
correct in all respects on the Closing Date with the same force and effect as if they had been made on and as of said date. The
Investor shall have performed in all material respects all obligations and conditions herein required to be performed or observed
by them on or prior to the Closing Date.

 

(b)The Investor shall have delivered
the Purchase Price to the Company.

 

6.3Termination of Obligations to
Effect Closing; Effects.

 

(a)The obligations of the Company,
on the one hand, and the Investor, on the other hand, to effect the Closing shall terminate as follows:

 

(i)Upon the mutual written consent
of the Company and the Investor;

 

(ii)By the Company if any of the conditions
set forth in Section 6.2 shall have become incapable of fulfillment, and shall not have been waived by the Company;

 

(iii)By the Investor if any of the
conditions set forth in Section 6.1 shall have become incapable of fulfillment, and shall not have been waived by the Investor;
or

 

(iv)By either the Company or the Investor
if the Closing has not occurred on or prior to March 24, 2015; provided, however, that, except in the case of clause (i)
above, the party seeking to terminate its obligation to effect the Closing shall not then be in breach of any of its representations,
warranties, covenants or agreements contained in this Agreement or the other Transaction Documents if such breach has resulted
in the circumstances giving rise to such party’s seeking to terminate its obligation to effect the Closing.

 

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7.Survival and Indemnification.

 

7.1
Survival. The representations, warranties, covenants and agreements contained in this Agreement shall survive the Closing
of the transactions contemplated by this Agreement.

 7.2
Indemnification. The Company agrees to indemnify and hold harmless each Investor and its Affiliates and their respective
directors, officers, employees and agents from and against any and all losses, claims, damages, liabilities and expenses (including
without limitation reasonable attorney fees and disbursements and other expenses incurred in connection with investigating, preparing
or defending any action, claim or proceeding, pending or threatened and the costs of enforcement thereof) (collectively, “Losses”)
to which such Person may become subject as a result of any breach of representation, warranty, covenant or agreement made by or
to be performed on the part of the Company under the Transaction Documents, and will reimburse any such Person for all such amounts
as they are incurred by such Person.

7.3
Conduct of Indemnification Proceedings. Promptly after receipt by any Person (the “Indemnified
Person”) of notice of any demand, claim or circumstances which would or might give rise to a claim or the commencement of
any action, proceeding or investigation in respect of which indemnity may be sought pursuant to Section 7.2, such Indemnified
Person shall promptly notify the Company in writing and the Company shall assume the defense thereof, including the employment
of counsel reasonably satisfactory to such Indemnified Person, and shall assume the payment of all fees and expenses; provided,
however, that the failure of any Indemnified Person so to notify the Company shall not relieve the Company of its
obligations hereunder except to the extent that the Company is materially prejudiced by such failure to notify. In any such proceeding,
any Indemnified Person shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the
expense of such Indemnified Person unless: (i) the Company and the Indemnified Person shall have mutually agreed to the retention
of such counsel; or (ii) in the reasonable judgment of counsel to such Indemnified Person representation of both parties by the
same counsel would be inappropriate due to actual or potential differing interests between them. The Company shall not be liable
for any settlement of any proceeding effected without its written consent, which consent shall not be unreasonably withheld, but
if settled with such consent, or if there be a final judgment for the plaintiff, the Company shall indemnify and hold harmless
such Indemnified Person from and against any loss or liability (to the extent stated above) by reason of such settlement or judgment.
Without the prior written consent of the Indemnified Person, which consent shall not be unreasonably withheld, the Company shall
not effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Person is or could have
been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such settlement includes an unconditional
release of such Indemnified Person from all liability arising out of such proceeding.

 

8.Miscellaneous.

 

8.1Successors and Assigns. This
Agreement may not be assigned by a party hereto without the prior written consent of the Company or the Investor, as applicable,
provided, however, that an Investor may assign its rights and delegate its duties hereunder in whole or in part to an Affiliate
or to a third party acquiring some or all of its Securities in a private transaction without the prior written consent of the Company,
after notice duly given by such Investor to the Company. The provisions of this Agreement shall inure to the benefit of and be
binding upon the respective permitted successors and assigns of the parties. Nothing in this Agreement, express or implied, is
intended to confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies,
obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

 

8.2Counterparts; Faxes. This
Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument. This Agreement may also be executed via facsimile, which shall be deemed an original.

 

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8.3Titles and Subtitles. The
titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting
this Agreement.

 

8.4Notices. Unless otherwise
provided, any notice required or permitted under this Agreement shall be given in writing and shall be deemed effectively given
as hereinafter described (i) if given by personal delivery, then such notice shall be deemed given upon such delivery, (ii) if
given by telex or telecopier, then such notice shall be deemed given upon receipt of confirmation of complete transmittal, (iii)
if given by mail, then such notice shall be deemed given upon the earlier of (A) receipt of such notice by the recipient or (B)
three days after such notice is deposited in first class mail, postage prepaid, and (iv) if given by an internationally recognized
overnight air courier, then such notice shall be deemed given one business day after delivery to such carrier. All notices shall
be addressed to the party to be notified at the address as follows, or at such other address as such party may designate by ten
days’ advance written notice to the other party:

 

If to the Company:

 

THINSPACE TECHNOLOGY, INC.

5535 S. Williamson Blvd, Suite 751

Port Orange, Florida 32128

Fax: 786-763-3830

 

If to the Investor:

 

Black Mountain Equities,
Inc.

13366 Greenstone Court

San Diego, CA 92131

 

 

8.5Expenses. The parties hereto
shall pay their own costs and expenses in connection herewith. In the event that legal proceedings are commenced by any party to
this Agreement against another party to this Agreement in connection with this Agreement or the other Transaction Documents, the
party or parties which do not prevail in such proceedings shall severally, but not jointly, pay their pro rata share of the reasonable
attorneys’ fees and other reasonable out-of-pocket costs and expenses incurred by the prevailing party in such proceedings.

 

8.6Amendments and Waivers. Any
term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either generally or in a
particular instance and either retroactively or prospectively), only with the written consent of the Company and the Investor.
Any amendment or waiver effected in accordance with this paragraph shall be binding upon each holder of any Securities purchased
under this Agreement at the time outstanding, each future holder of all such Securities, and the Company.

 

8.7Severability. Any provision
of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the
extent of such prohibition or unenforceability without invalidating the remaining provisions hereof but shall be interpreted as
if it were written so as to be enforceable to the maximum extent permitted by applicable law, and any such prohibition or unenforceability
in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. To the extent permitted
by applicable law, the parties hereby waive any provision of law which renders any provision hereof prohibited or unenforceable
in any respect.

 

8.8Entire Agreement. This Agreement,
including the Exhibits and the Disclosure Schedules, and the other Transaction Documents constitute the entire agreement among
the parties hereof with respect to the subject matter hereof and thereof and supersede all prior agreements and understandings,
both oral and written, between the parties with respect to the subject matter hereof and thereof.

 

8.9Further Assurances. The parties
shall execute and deliver all such further instruments and documents and take all such other actions as may reasonably be required
to carry out the transactions contemplated hereby and to evidence the fulfillment of the agreements herein contained.

 

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8.10Governing Law; Consent to Jurisdiction;
Waiver of Jury Trial. This Agreement 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. THE COMPANY AND INVESTOR 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 BASIS. Each party hereby submits
to the exclusive jurisdiction of the state and federal courts located in the County of New York, State of New York. 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
Agreement or any of the transactions contemplated herein will be finally settled by binding arbitration in New York, New York 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.

 

[signature page follows]

 

    	9

    	 

    

 

IN WITNESS WHEREOF, the
parties have executed this Agreement or caused their duly authorized officers to execute this Agreement as of the date first above
written.

 

	The Company:	THINSPACE TECHNOLOGY, INC.	 
	 	 	 
	 	 	 
	 	By:/s/J. Christopher Bautista	 
	 	Name: J. Christopher Bautista	 
	 	Title: CEO	 
	 	 	 
	 	 	 
	 	 	 
	The Investor:	BLACK MOUNTAIN EQUITIES, INC.	 
	 	 	 
	 	By: /s/Adam Baker	 
	 	Name: Adam Baker	 
	 	Title: Principal 	 

 

 

10Exhibit 10.6

 

NEITHER THIS NOTE NOR THE SECURITIES
INTO WHICH THIS NOTE IS CONVERTIBLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION
OF ANY STATE. THESE SECURITIES HAVE BEEN SOLD IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO,
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.

Thinspace
Technology, Inc.

Convertible
Note

	Issuance Date:  March 25, 2015	Original Principal Amount:$105,000
	Note No. THNS-1	Consideration Paid at Close:   $100,000
	 	 

 

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

The Original Principal
Amount is $105,000 (one hundred five thousand) plus accrued and unpaid interest and any other fees. The Consideration is $100,000
(one hundred thousand) payable by wire transfer (there exists a $5,000 prorated original issue discount (the “OID”)).
The Holder shall pay $100,000 of Consideration upon closing of this Note. For purposes hereof, the term “Outstanding Balance”
means the Original Principal Amount, as reduced or increased, as the case may be, pursuant to the terms hereof for conversion,
breach hereof or otherwise, plus any accrued but unpaid interest, collection and enforcements costs, and any other fees, penalties,
damages or charges incurred under this Note. The Original Principal Amount due to Holder shall be prorated based on the Consideration
paid by Holder (plus an approximate 5% Original Issue Discount that is prorated based on the Consideration paid by the Holder as
well as any other interest or fees) such that the Company is only required to repay the amount funded and the Company is not required
to repay any unfunded portion of this Note.

(1)              
GENERAL TERMS

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

    	1

    	 

    

(b)              
Interest. A one-time interest charge of ten percent (10%) (“Interest Rate”)
shall be applied on the Issuance Date to the Original Principal Amount. Interest hereunder shall be paid on the Maturity Date (or
sooner as provided herein) to the Holder or its assignee in whose name this Note is registered on the records of the Company regarding
registration and transfers of Notes in cash or converted into Common Stock at the Conversion Price provided the Equity Conditions
are satisfied. 

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

(2)              
EVENTS OF DEFAULT. 

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

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

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

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

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

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

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

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

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

    	2

    	 

    

 

(b)              
Upon the occurrence of any Event of Default, the Outstanding Balance shall immediately increase
to 120% of the Outstanding Balance immediately prior to the occurrence of the Event of Default (the “Default Effect”).
The Default Effect shall automatically apply upon the occurrence of an Event of Default without the need for any party to give
any notice or take any other action.

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

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

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

(ii)              
"Conversion Price" shall equal the lesser of (a) $0.17 or (b) 70% of the
average of the three (3) lowest closing bids occurring during the twenty (20) consecutive Trading Days immediately preceding the
applicable Conversion Date on which the Holder elects to convert all or part of this Note, subject to adjustment as provided in
this Note.

(b)              
Mechanics of Conversion.

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

    	3

    	 

    

(ii)              
Company's Failure to Timely Convert. If within three (3) Trading Days after the Company's
receipt of the facsimile or email copy of a Conversion Notice the Company shall fail to issue and deliver to Holder via “DWAC/FAST”
electronic transfer the number of shares of Common Stock to which the Holder is entitled upon such holder's conversion of any Conversion
Amount (a "Conversion Failure"), the Original Principal Amount of the Note shall increase by $1,000 per day until
the Company issues and delivers a certificate to the Holder or credit the Holder's balance account with DTC for the number of shares
of Common Stock to which the Holder is entitled upon such holder's conversion of any Conversion Amount (under Holder’s and
Company’s expectation that any damages will tack back to the Issuance Date). Company will not be subject to any penalties
once its transfer agent processes the shares to the DWAC system. If the Company fails to deliver shares in accordance with
the timeframe stated in this Section, resulting in a Conversion Failure, the Holder, at any time prior to selling all of those
shares, may rescind any portion, in whole or in part, of that particular conversion attributable to the unsold shares and have
the rescinded conversion amount returned to the Outstanding Balance with the rescinded conversion shares returned to the Company
(under Holder’s and Company’s expectations that any returned conversion amounts will tack back to the original date
of the Note).

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

(iii)            
DTC Eligibility & Sub-Penny. If the Company fails to maintain its status as “DTC
Eligible” for any reason, or, if the Conversion Price is less than $0.01, the Principal Amount of the Note shall increase
by ten thousand dollars ($10,000) (under Holder’s and Company’s expectation that any Principal Amount increase will
tack back to the Issuance Date). In addition, the Conversion Price shall be redefined to equal 50% of the average of the three
(3) lowest closing bids occurring during the twenty five (25) consecutive Trading Days immediately preceding the applicable Conversion
Date on which the Holder elects to convert all or part of this Note, subject to adjustment as provided in this Note.

(iv)            
Par Value True-Up. In the event that the Conversion Price is less than Par Value on
the Conversion Date, the Holder may elect to submit a Conversion Notice (attached hereto as Exhibit A) with a conversion price
equal to the Company’s Par Value. In addition, upon written notice from the Holder in the form attached hereto as Exhibit
B (the “True-Up Notice”), the Holder may require the Company, at the Holder’s election, to either (A) issue
and deliver to the Holder a number of shares of Common Stock as equals (X) the Conversion Amount divided by 60% of the lowest closing
bid occurring during the twenty five (25) consecutive Trading Days immediately preceding the applicable Conversion Date, less (Y)
the Conversion Amount divided by the Par Value (Any additional shares of Common Stock issuable pursuant to this Section 3(b)(v)
shall be referred to herein as “True-Up Shares”), or (B) add to the Outstanding Balance a dollar amount equal to the
number of True-Up Shares (as calculated above) multiplied by the high trade price on the Conversion Date (Any dollar amount added
to the Outstanding Balance pursuant to this Section 3(b)(v) shall be referred to herein as the “True-Up Balance”) (under
Holder’s and the Company’s expectation that any True-Up Balance amounts will tack back to the Issuance Date).

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

    	4

    	 

    

(c)   
Limitations on Conversions or Trading.

(i)                
Beneficial Ownership. The Company shall not effect any conversions of this Note and
the Holder shall not have the right to convert any portion of this Note or receive shares of Common Stock as payment of interest
hereunder to the extent that after giving effect to such conversion or receipt of such interest payment, the Holder, together with
any affiliate thereof, would beneficially own (as determined in accordance with Section 13(d) of the Exchange Act and the rules
promulgated thereunder) in excess of 4.99% of the number of shares of Common Stock outstanding immediately after giving effect
to such conversion or receipt of shares as payment of interest. Since the Holder will not be obligated to report to the Company
the number of shares of Common Stock it may hold at the time of a conversion hereunder, unless the conversion at issue would result
in the issuance of shares of Common Stock in excess of 4.99% of the then outstanding shares of Common Stock without regard to any
other shares which may be beneficially owned by the Holder or an affiliate thereof, the Holder shall have the authority and obligation
to determine whether the restriction contained in this Section will limit any particular conversion hereunder and to the extent
that the Holder determines that the limitation contained in this Section applies, the determination of which portion of the principal
amount of this Note is convertible shall be the responsibility and obligation of the Holder. If the Holder has delivered a Conversion
Notice for a principal amount of this Note that, without regard to any other shares that the Holder or its affiliates may beneficially
own, would result in the issuance in excess of the permitted amount hereunder, the Company shall notify the Holder of this fact
and shall honor the conversion for the maximum principal amount permitted to be converted on such Conversion Date in accordance
with Section 3(a) and, any principal amount tendered for conversion in excess of the permitted amount hereunder shall remain outstanding
under this Note. The provisions of this Section may be waived at any time by Holder upon written notification to the Company.

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

(d)  
Other Provisions.

(i)                
Share Reservation.The Company shall at all times reserve and keep available
out of its authorized Common Stock a number of shares equal to at least 10,000,000 shares of Common Stock for conversion. Within
3 (three) Business Days following the receipt by the Company of a Holder's notice that such minimum number of Underlying Shares
is not so reserved, the Company shall promptly reserve a sufficient number of shares of Common Stock to comply with such requirement.

(ii)              
Prepayment. The Company has the right for
prepayments, the Company may prepay in cash all or any portion of the Principal Amount of this Debenture and accrued interest thereon,
with a penalty, as set forth below (each a “Prepayment”), upon written notice to the Holder. The amount of such
prepayment penalty shall be determined by multiplying that portion of the Principal Amount and accrued interest to be converted,
if any, by the then applicable prepayment percentage (the “Prepayment Percentage”). The Prepayment Percentage
shall be as follows: (i) 100%, if there is a Prepayment at any time within 90 days of the Effective Date; and (ii) 120%, if there
is a Prepayment at any time 91 days after the Effective Date.

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

    	5

    	 

    

 

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

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

(5)              
PIGGYBACK REGISTRATION RIGHTS. The Company shall include on the next registration statement
the Company files with SEC (or on the subsequent registration statement if such registration statement is withdrawn) all shares
issuable upon conversion of this Note. Failure to do so will result in liquidated damages of 25% of the outstanding principal balance
of this Note, but not less than $25,000, being immediately due and payable to the Holder at its election in the form of cash payment
or addition to the balance of this Note.

(6)              
REISSUANCE OF THIS NOTE.

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

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

(7)              
NOTICES.Any notices, consents, waivers or other communications required or permitted
to be given under the terms hereof must be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered
personally; (ii) upon receipt, when sent by facsimile (provided confirmation of transmission is mechanically or electronically
generated and kept on file by the sending party) (iii) upon receipt, when sent by email; or (iv) one (1) Trading Day after deposit
with a nationally recognized overnight delivery service, in each case properly addressed to the party to receive the same. The
addresses and facsimile numbers for such communications shall be those set forth in the communications and documents that each
party has provided the other immediately preceding the issuance of this Note or at such other address and/or facsimile number and/or
to the attention of such other person as the recipient party has specified by written notice given to each other party three (3)
Business Days prior to the effectiveness of such change. Written confirmation of receipt (i) given by the recipient of such notice,
consent, waiver or other communication, (ii) mechanically or electronically generated by the sender's facsimile machine containing
the time, date, recipient facsimile number and an image of the first page of such transmission or (iii) provided by a nationally
recognized overnight delivery service, shall be rebuttable evidence of personal service, receipt by facsimile or receipt from a
nationally recognized overnight delivery service in accordance with clause (i), (ii) or (iii) above, respectively.

    	6

    	 

    

The addresses for such communications
shall be:

 

If to the Company, to:

 

Thinspace Technology, Inc.

5535 S. Williamson Blvd, Unit 751

Port Orange, FL 32128

Attn: J. Christopher Bautista

Chris.bautista@thinspace.com

 

 

If to the Holder:

 

Black Mountain Equities

 

13366 Greenstone Crt.

 

San Diego, CA 92131

 

Attn: Adam Baker

Email: adam@blackmountainequities.com

 

(8)              
APPLICABLE LAW AND VENUE. This Note shall be governed by and construed in accordance
with the laws of the State of New York, without giving effect to conflicts of laws thereof. Any action brought by either party
against the other concerning the transactions contemplated by this Agreement shall be brought only in the state courts of California
or in the federal courts located in the city and county of San Diego, in the State of California. Both parties and the individuals
signing this Agreement agree to submit to the jurisdiction of such courts.

 

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

 

SIGNATURE PAGE FOLLOWS

 

    	7

    	 

    

 

 

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

 

	 	COMPANY:	 
	 	 	 
	 	Thinspace Technology, Inc.	 
	 	 	 
	 	 	 
	 	By:/s/J. Christopher Bautista

	 
	 	Name:J. Christopher Bautista	 
	 	Title:Chief Executive Officer	 
	 	 	 
	 	 	 
	 	HOLDER:	 
	 	 	 
	 	 	 
	 	BLACK MOUNTAIN EQUITIES, INC.	 
	 	 	 
	 	By:	 
	 	Name: Adam Baker	 
	 	Title: Principal	 
	 	 	 
	 	 	 

 

 

 

 

 

[Signature Page to Convertible Note No. THNS-1]

 

    	8

    	 

    

 

 

	EXHIBIT A	 
	CONVERSION NOTICE	 
	[Company Contact, Position]	 	 	 	 	 	 	 
	Thinspace Technology, Inc.	 	 	 	 	 	 	 	 
	[Company Address]	 	 	 	 	 	 	 	 
	[Contact Email Address}	 	 	 	 	 	 	 
	The undersigned hereby elects to convert a portion of the $________ Convertible Note _______ issued to Black Mountain Equities, Inc. on ____________ into Shares of Common Stock of ____________ according to the conditions set forth in such Note as of the date written below.	 
	By accepting this notice of conversion, you are acknowledging that the number of shares to be delivered represents less than 4.99%  of the common stock outstanding.  If the number of shares to be delivered represents more than 4.99% of the common stock outstanding, this conversion notice shall immediately automatically extinguish and debenture Holder must be immediately notified.	 
	 	 	 	 	 	 	 	 	 	 
	Date of Conversion:	 	 	 
	Conversion Amount:	 	 	 
	Conversion Price:	 	 	 
	Shares to be Delivered:	 	 	 
	 	 	 	 	 	 	 	 	 	 
	Shares delivered in name of: 	 	 	 	 	 	 	 
	BLACK MOUNTAIN EQUITIES, INC.	 
	 	 	 	 	 	 	 	 	 	 
	Signature:	 	 	 	 	 	 	 
	 	
        By:

        Title:
	 	 	 	 	 	 	 
	 	Black Mountain Equities, Inc.	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 

 

 

    	9

    	 

    

 

 

	EXHIBIT B
	TRUE-UP NOTICE
	[Company Contact, Position]
	Thinspace Technology, Inc.	 
	[Company Address]	 
	[Contact Email Address}

 

 

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

 

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

 

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

 

 

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

 

Conversion Amount ($___) / 60% of
the lowest closing bid occurring during the twenty five (25) consecutive Trading Days immediately preceding the applicable Conversion
Date ($_.__) - Conversion Amount ($___) divided by the Par Value ($_.__) =

 

____________ True-Up Shares

 

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

 

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

 

____________ True-Up Balance

 

	Shares delivered in name of: 	 	 
	BLACK MOUNTAIN EQUITIES, INC.
	 	 	 	 	 
	Signature:	 	 
	 	
        By:

        Title:
	 	 
	 	Black Mountain Equities, Inc.	 
	 	 	 	 	 

 

 

 

 

10

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