Document:

Exhibit 10.16

 

Settlement
Agreement

 

By
and Between

 

Dov
Amir and Daleco
Resources Corporation

 

July
12, 2011

 

The following
sets out the
terms of the
settlement of various obligations between Daleco Resources
Corporation (“Company”) and Dov Amir
(“Amir”), which settlement was approved by the Board of Directors of
the Company on July 11, 2011.

 

Background:

 

In October 2006, Mr. Amir and the Company
entered into a Separation Agreement providing for Mr.
Amir to receive $100,000 annually for three years (“Term”),
$50,000 of which will
be deemed salary with the remaining $50,000 reducing the debt owed to Mr. Amir
(“Amir Debt”). Should the Amir Debt not be satisfied after the expiration
of the Term, the Company shall continue the $100,000 annual payment, all of which shall be allocated
to the payment of the Amir Debt until the Amir Debt is
fully satisfied. The Company reserves the right to prepay the outstanding Amir
Debt in full at any time. Upon satisfaction of the Amir Debt in full, all payments
to Amir under the Separation Agreement will cease.
The Company has not made certain payments required by the Separation Agreement applicable
to the Amir Debt. Also, pursuant to the Separation Agreement, the Company was
to satisfy the loan from First Citizens Bank to the Company or provide sufficient
substitute collateral for the bank so that the Amir Assets were
released. The Company has not been able to accomplish either of these and the
Amir Assets have not been released by the bank. The Amir
Debt is summarized below.

 

The Company has been making monthly
payments to First Citizens Bank of principal
of $1,250 and interest. The balance of
the Note at September 30, 2010
was $45,661. The loan is secured
by certain personal assets of Dov Amir.

 

On December
21, 2009, the Board of Directors granted an option to purchase 500,000 shares
of Common Stock to Amir. The option is exercisable
through December 20, 2014 at an exercise price of $0.21 per share.
The options vest 50% in December
2010 and 25% in each of December 2011 and 2012.

 

The following
table summarizes the Amir obligations:

 

	 	 	9/30/10	 	 	6/30/11	 
	Series A Preferred Stock Dividends	 	$	59,338	 	 	$	59,338	 
	Principal of Note dated 10/1/95	 	 	45,485	 	 	 	45,485	 
	Interest Payable	 	 	127,930	 	 	 	120,318	 
	Bonus	 	 	25,000	 	 	 	25,000	 
	Unpaid Salary	 	 	245,836	 	 	 	245,836	 
	Total	 	$	503,589	 	 	$	495,977	 

 

    	 

    	 

    

 

Dov Amir has entered into four
notes with the Company as follows (“Amir Notes”): 

1.
Note dated October
1, 1995, bearing
interest at the
rate of prime
plus 3 percent in
the principal amount of $91,062. This principal amount was satisfied as of September
30, 2005.

2. Note
dated October 1, 1995, bearing interest at the rate of 7% as a
result of various subsequent advances to the Company. The outstanding principal
balance was $45,485 as of September 30, 2010.

3. Note
dated July 20, 1998, in the face amount of $25,000, bearing interest at the rate of 2% over the prime
rate charged by the Huntington National Bank of Columbus, Ohio,
through the maturity date, November
21, 1998, and 18% thereafter. The principal amount has been satisfied as of September
30, 2006.

4. Note
dated June 17, 2002, bearing interest at the rate of 7%
in the principal amount of $137,000.
This principal amount has been satisfied as of September 30, 2005.

 

As of
September 30, 2010, the outstanding principal and accrued but unpaid interest
on the obligations listed under numbers 1through 4 to Mr. Amir amounted
to $173,415, which includes $45,485 in principal and $127,930 in
accrued interest. In October 2010 the Company paid $10,000 of the accrued interest.

 

Mr. Amir was also
entitled to a cash payment of
$25,000 under his Key Man Contract on June 30, 2002. This bonus has not
been paid.

 

Prior
to conversion of his Series A Preferred Stock into common stock, Mr. Amir was
entitled to have received dividends in the amount of
$91,551of which $59,338 remains outstanding as of September
30, 2010.

 

As of September 30,
2010, the Company owed Mr. Amir $245,836 in accrued but unpaid
salary.

 

Settlement:

 

1.         First Citizens Bank- The Amir
Assets shall remain pledged to the bank and the Company shall continue to make monthly
payments to First Citizens Bank of principal ($1,250) and interest. Should the Company
obtain cash proceeds from equity funding of
at least $750,000 from July 12,2011 through
November 18, 2013, the Company shall satisfy the loan from First Citizens Bank to the
Company or provide sufficient substitute
collateral for the bank so that the Amir Assets are released.;

 

2.         The December 2009
option (500,000 shares) shall immediately vest
100% and be exercisable through December 20, 2014;

 

3.         The Company shall issue 419,292 shares
of restricted Common Stock to Amir in payment of (a) Series A Preferred Stock
Dividends ($59,338),and (b) principal ($45,485) due under the
Note dated October 1,1995;
and,

 

    	 

    	 

    

 

4.         As
evidenced in the
attached Note: Amir
is granted the
right to convert
any and all of the
then outstanding Amir Debt and unpaid interest thereon (totaling $391,154
as of the date of this Settlement Agreement) to shares of restricted Common Stock
of the Company at an exercise price of $0.25
per share. Such remaining debt shall accrue interest
at 4% per annum until the remaining Amir Debt and
interest thereon is paid in full. The maturity date
of such debt and interest shall be December 31, 2015.

 

5.         This Settlement
Agreement shall be binding upon and shall
inure to the benefit of the parties heirs
and successors.

 

All obligations to Amir owed by the Company pursuant to the Series
A Preferred Stock, the Amir Notes, the October 2006 Separation Agreement and the Employment Agreement dated October 1, 2001 are
hereby considered satisfied by the parties hereto hereby considered to be satisfied by the parties hereto.

  

	DALECO RESOURCES ORPORATION	 	DOV AMIR
	 	 	 
	By:	/s/ Gary J. Novinskie	 	/s/ Dov Amir
	 	Gary J. Novinskie, President	 	Dov Amir

 

	Date: July 12, 2011	Date: July 12, 2011

 

    	 

    	 

    

 

PROMISSORY NOTE

 

	$391,154	July 12, 2011

 

For value received,
 the undersigned, Daleco Resources Corporation,
a Nevada corporation (“Maker”), hereby promises
to pay to the order of Dov Amir (“Payee”), whose address is 325 N.
Oakhurst- PH#3,  Beverly Hills, California 90210, the principal
sum of Three Hundred One Thousand One Hundred Fifty Four Dollars ($391,154),
with interest on the unpaid principal balance computed from the date of this Note (“Note”)
until paid in full at the rate of 4.0% per  annum,
computed on  the basis of a 365 day year
 and compounded annually. Prior to demand, the
principal sum and  all accrued interest shall
be payable by Maker to Payee as set forth in that certain Settlement Agreement dated July 12, 2011,
which document is incorporated herein for all purposes (“Agreement”).

 

This
Note may be prepaid in whole or in part at any time without penalty. Any such payment or prepayment on this Note
shall be applied, first, to the  payment
of any accrued and  unpaid interest as of the date of receipt and, then, to the
outstanding principal balance. In all events, this Note shall be paid in full no later than December 31, 2015.

 

All payments and
prepayments, if any, under this Note shall be made to Payee at the foregoing address
in Beverly Hills, California, and  shall be deemed received by
Payee as of the first date that such payment is
immediately available to Payee in Beverly Hills, California, in collected federal
funds.

 

If
Maker is in default in paying when due any installment of interest or principal
on this Note, and if any such default is  not
corrected within five business days after written notice of such default is delivered to Maker at the 
address specified below, by either telephone facsimile
transmission  or messenger delivery service, then this Note shall,
at the  option of Payee, bear interest thereafter at the rate of 10.0%
per annum until this Note is paid
in full, and the entire principal of this Note then
remaining unpaid, together with all accrued interest, shall, at
said  holder's option, be
immediately due and payable without any further notice or demand.

 

Except as expressly
required by the preceding paragraph  of  this
Note,  Maker hereby waives presentment, demand, notice, protest, and all other demands
and notices in connection with  the  delivery,
 acceptance or default of this Note. 
All persons now or hereafter liable for the payment of the  principal or interest
due on this Note, or any part thereof, agree 
that the time for the payment or payments of any part of this Note may be extended
without releasing or otherwise affecting their liability on this  Note.

 

If this Note is
placed in an attorney's hands for collection, or
collected by a suit or through a
bankruptcy or any other court, either before or after 
maturity, or legal advice is sought in connection with any  event of default,
then in any of such event, Maker shall be obligated to pay to the holder of this Note
reasonable attorney's fees and all costs
and other expenses incurred in enforcing the terms
of this Note.

 

    	 

    	 

    

 

MAKER HEREBY IRREVOCABLY
AUTHORIZES AND EMPOWERS ANY ATTORNEY OR ATTORNEYS OR THE PROTHONOTARY OR CLERK OF ANY
COURT OF RECORD IN THE COMMONWEALTH
OF PENNSYLVANIA, UPON THE OCCURRENCE AND CONTINUATION OF A DEFAULT HEREUNDER,
 TO APPEAR FOR MAKER IN ANY SUCH COURT IN AN
APPROPRIATE ACTION INSTITUTED BY PAYEE OR ANY HOLDER OF THIS NOTE, AND TO 
CONFESS JUDGMENT IN SUCH  ACTION
AGAINST MAKER FOR ALL SUMS DUE BY
MAKER HEREUNDER TOGETHER WITH COSTS OF SUIT AND AN AITORNEY'S FEE OF FIVE PERCENT  (5%)
OF THE UNPAID PRINCIPAL AMOUNT HEREOF. THE
WARRANT HEREIN GRANTED TO CONFESS JUDGMENT
SHALL NOT BE EXHAUSTED BY ANY SINGLE
EXERCISE THEREOF, BUT SHALL CONTINUE FROM TIME TO TIME AND
AT ALL TIMES UNTIL FULL PAYMENT
OF ALL AMOUNTS DUE HEREUNDER. FOR THESE PURPOSES, THIS  NOTE OR A COPY HEREOF
VERIFIED BY AFFIDAVIT SHALL BE SUFFICIENT WARRANT.

 

Maker hereby waives
the right of inquisition and all benefit that might accrue to Maker by
virtue of any present or future laws exempting any mortgaged property, or any
other property, real or personal, or any part of the proceeds arising from 
any sale  of any such property, from
attachment, levy or sale under execution,
providing for any stay of execution, appraisement, exemption from civil process or extension of
time, and agrees that such property may be sold  to satisfy any judgment entered
on this Note, in whole or in part and in any
order  as may be desired by Payee.

 

Maker (i) acknowledges
that this Note  is a “cognovit” promissory note, which means that,
if Maker does not timely pay to Payee all of the principal
plus interest of this Note when due,  then
Payee shall be entitled, pursuant to the foregoing paragraphs of this Note,  to
obtain an immediate judgment against Maker for all 
amounts owed to  Payee under this Note, without Maker being given any additional
notice that Payee  is so doing, and  that
Payee shall be entitled, immediately upon  obtaining such judgment, 
to commence execution upon the assets of Maker in order to obtain payment in
full of the amount of such judgment; (ii) acknowledges further that Payee would not
have loaned the  principal sum of this Note to
Maker if Maker had  not agreed to
execute and deliver to Payee a “cognovit” promissory note; and (iii) represents and warrants to, and 
covenants with,  Payee, as an inducement to Payee to loan 
the principal sum of this Note to Maker, that
(A) the principal sum of this Note is being borrowed by Maker  solely for 
business purposes, (B) Maker does not claim and shall not assert or claim in
the future any  right whatsoever to offset any 
amount against any payment to become due under this Note, and (C)
Maker, to its best knowledge and belief, understands that the provisions of the
foregoing  paragraphs of this Note, relating to Payee’s rights to obtain an immediate
judgment against Maker, are  fully enforceable against Maker under the laws and in the
courts of the Commonwealth of Pennsylvania.

 

This instrument
shall be construed according to and governed by the substantive laws 
of the Commonwealth of Pennsylvania without
regard to conflict of law principles, and any judgment entered hereon should
be given full faith and credit in  any state in
which Payee may seek  to enforce
such judgment. Application of such terms or provision to persons or circumstances
other than those as to which it is held invalid or unenforceable, shall not be affected
thereby, and each term and provision of
this Note shall be valid and enforced to
the fullest extent permitted by law.

 

    	-2-

    	 

    

 

THIS NOTE CONTAINS
A CONFESSION OF JUDGMENT. A JUDGMENT MAY BE ENTERED AGAINST MAKER
WITHOUT NOTICE AND
AN OPPORTUNITY TO BE HEARD. MAKER HEREBY CERTIFIES THAT IT HAS CONSULTED AN
ATTORNEY REGARDING THE IMPLICATIONS OF A CONFESSION  OF JUDGMENT AND KNOWINGLY AND VOLUNTARILY
WAIVES ANY RIGHTS TO PRIOR NOTICE AND OPPORTUNITY
TO BE HEARD IN CONNECTION THEREWITH.

 

All notices or other correspondence
required or made necessary by the terms of
this Note shall be in writing and shall be considered
as having been given to the addressee upon the date received if delivered by
hand, mailed by registered or certified mail, postage prepaid, or delivered by nationally
recognized overnight courier, at or to the respective addresses set forth in the opening paragraph of
this Note.

 

IN WITNESS WHEREOF, Maker has
duly executed this Note in Chester County, Pennsylvania the day and year first above
written, intending to be legally bound.

 

	 	DALECO RESOURCES CORPORATION
	 	 
	 	By:	/s/ Gary J. Novinskie
	 	 	Gary J. Novinskie, President

 

	Maker’s Address:	Daleco Resources Corporation
	 	17 Wilmont Mews, 5th Floor
	 	West Chester, Pennsylvania 19382
	 	Fax No.: 610-429-0818

 

    	-3-NEITHER THE ISSUANCE AND SALE OF
THE SECURITIES REPRESENTED BY THIS DOCUMENT NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE HAVE BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE,
SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER AND REASONABLY APPROVED BY
THE COMPANY), IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO
RULE 144 OR RULE 144A UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE
MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.

 

FORM OF CONVERTIBLE PROMISSORY NOTE

 

	___________, 2012	$___________

Charleston, South Carolina

FOR VALUE RECEIVED, Revolutions
Medical Corporation, a corporation incorporated under the laws of the State of Nevada and located at 670 Marina Drive, Charleston,
South Carolina 29292 (the “Company”), hereby promises to pay to the order of __________________________, an
individual located at _______________________________, and his successors or assigns (the “Holder”), the principal
amount of ________________________________ United States Dollars (US$________________) on or prior to the one year anniversary
of the date hereof (the “Maturity Date”), and to pay interest on the unpaid principal balance hereof at the
rate of eight percent (8%) per annum (the “Applicable Rate”) commencing as of the date the proceeds hereunder
are funded to the Company (the “Funding Date”), in accordance with the terms hereof. This Convertible Promissory
Note (this note, and all modifications, extensions, future advances, supplements, and renewals thereof, and any substitutions therefor,
hereinafter referred to as the “Note”) shall be payable in accordance with the terms set forth below. This Note
is the “Note” referenced in that certain Subscription Agreement executed on the date hereof by and between the Company
and the Holder (the “Subscription Agreement”). This Note is subject to the terms and conditions contained in
the Subscription Agreement.

 

1. Payments of Principal
and Interest.

 

(a) Payment of
Principal. The principal amount of this Note shall be paid to the Holder on or prior to the Maturity Date.

 

(b) Payment of
Interest. Interest on the unpaid principal balance of this Note shall accrue at the Applicable Rate commencing on the Funding
Date. Interest shall be computed on the basis of a 360-day year and paid for the actual number of days elapsed. Accrued and unpaid
interest under this Note shall be paid in full on the Maturity Date. Any accrued but unpaid interest shall, at the option of the
Holder, be included, from time to time, in the Conversion Amount (as defined herein).

 

    	1

    	 

    
 

(c) Payment of
Default Interest. Any amount of principal or interest on this Note which is not paid when due shall bear interest from the
date due until such past due amount is paid at a rate of interest equal to the Applicable Rate plus four percent (4%) per
annum (the “Default Rate”). Any accrued but unpaid interest at the Default Rate shall, at the option of the
Holder, be included, from time to time, in the Conversion Amount.

 

(d) General Payment
Provisions. All payments of principal and interest on this Note shall be made in lawful money of the United States of America
by certified bank check or wire transfer to such account as the Holder may designate by written notice to the Company in accordance
with the provisions of this Note. Whenever any amount expressed to be due by the terms of this Note is due on any day which is
not a Business Day, the same shall instead be due on the next succeeding Business Day. For purposes of this Note, “Business
Day” shall mean any day other than a Saturday, Sunday or a day on which commercial banks in the State of New York are authorized
or required by law or executive order to remain closed.

 

(e) Prepayment.
At any time prior to the Maturity Date and/or the Conversion Date, the Company may pre-pay this Note in full or in part without
penalty upon receiving the written consent of the Holder. Upon prepayment of this Note in full, the Holder shall have no further
rights under this Note (except for such rights that may specifically survive the payment of the Note), including no rights of conversion.

 

2. Conversion
of Note. At any time and from time to time after the Funding Date and up to the Maturity Date, this Note may be, at the sole
option of the Holder, convertible into shares of the Company’s common stock, par value $0.001 per share (the “Common
Stock”), in accordance with the terms and conditions set forth in this Section.

 

(a) Voluntary
Conversion. At any time while this Note is outstanding on or after the Funding Date, the Holder may convert all or any portion
of the outstanding principal and accrued and unpaid interest (such total amount, the “Conversion Amount”) into
shares of Common Stock of the Company (the “Conversion Shares”) at a price equal to: (i) the Conversion Amount
(the numerator); divided by (ii) seventy-five percent (75%) of the average of the daily volume weighted average prices (VWAP)
of the Company’s Common Stock during the five (5) trading days immediately prior to the Conversion Date (as defined below)
as indicated in the conversion notice (in the form attached hereto as Exhibit “A”, the “Conversion
Notice”) (the denominator) (the “Conversion Price”). The Holder shall submit a Conversion Notice indicating
the amount of the Note being converted, the number of Conversion Shares issuable upon such conversion, and where the Conversion
Shares should be delivered.

 

(b) The Holder’s
Conversion Limitations. The Company shall not affect any conversion of this Note, and the Holder shall not have the right to
convert any portion of this Note, to the extent that after giving effect to the conversion set forth on the Conversion Notice submitted
by the Holder, the Holder (together with the Holder’s affiliates (as defined herein) and any Persons acting as a group together
with the Holder or any of the Holder’s affiliates) would beneficially own in excess of the Beneficial Ownership Limitation
(as defined herein). To ensure compliance with this restriction, prior to delivery of any Conversion Notice, the Holder shall have
the right to request that the Company provide to the Holder a written statement of the percentage ownership of the Company’s
Common Stock that would by beneficially owned by the Holder and its affiliates in the Company if the Holder converted such portion
of this Note then intended to be converted by Holder. The Company shall, within five (5) business days of such request, provide
Holder with the requested information in a written statement, and the Holder shall be entitled to rely on such written statement
from the Company in issuing its Conversion Notice and ensuring that its ownership of the Company’s Common Stock is not in
excess of the Beneficial Ownership Limitation. The restriction described in this Section may be waived by Holder, in whole
or in part, upon sixty-one (61) days’ prior notice from the Holder to the Company to increase such percentage.

 

    	2

    	 

    
 

For purposes of this Note, the “Beneficial
Ownership Limitation” shall be 4.99% of the number of shares of Common Stock outstanding immediately after giving effect
to the issuance of shares of Common Stock issuable upon conversion of this Note.  The limitations contained in this Section
shall apply to a successor holder of this Note. For purposes of this Note, “Person” means an individual, a limited
liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization or a government or any
department or agency thereof.

 

(c) Mechanics
of Conversion. The conversion of this Note shall be conducted in the following manner:

 

(1) Holder's Delivery
Requirements. To convert this Note into shares of Common Stock on any date set forth in the Conversion Notice by the Holder
(the “Conversion Date”), the Holder shall: (A) transmit by facsimile or electronic mail (or otherwise deliver)
a copy of the fully executed Conversion Notice to the Company (or, under certain circumstances as set forth below, by delivery
of the Conversion Notice to the Company’s transfer agent); and (B) upon receipt by the Holder of the Conversion Shares, surrender
the original Note to a nationally recognized overnight courier for delivery to the Company.

 

(2) Company’s
Response. Upon receipt by the Company of a copy of a Conversion Notice, the Company shall as soon as practicable, but
in no event later than two (2) Business Days after receipt of such Conversion Notice, send, via facsimile or electronic mail (or
otherwise deliver) a confirmation of receipt of such Conversion Notice (the “Conversion Confirmation”) to the
Holder indicating that the Company will process such Conversion Notice in accordance with the terms herein. Within five (5) Business
Days after the date of the Conversion Confirmation (or the date of the Conversion Notice, if the Company fails to issue the Conversion
Confirmation), provided that the Company’s transfer agent is participating in the Depository Trust Company (“DTC”)
Fast Automated Securities Transfer (“FAST”) program, the Company shall cause the transfer agent to electronically
transmit the applicable Conversion Shares to which the Holder shall be entitled by crediting the account of the Holder’s
prime broker with DTC through its Deposit Withdrawal Agent Commission (“DWAC”) system, and provide proof satisfactory
to the Holder of such delivery. In the event that the Company’s transfer agent is not participating in the DTC FAST program
and is not otherwise DWAC eligible, within five (5) Business Days after the date of the Conversion Confirmation (or the date of
the Conversion Notice, if the Company fails to issue the Conversion Confirmation), the Company shall instruct and cause its transfer
agent to issue and surrender to a nationally recognized overnight courier for delivery to the address specified in the Conversion
Notice, a certificate, registered in the name of the Holder, for the number of Conversion Shares to which the Holder shall be entitled.
If less than the full principal and accrued but unpaid interest amount of this Note is submitted for conversion, then the Company
shall within five (5) Business Days after receipt of the original Note, at its own expense, issue and deliver to the Holder a new
Note for the outstanding principal and interest amount not so converted; provided that such new Note shall be substantially
in the same form as this Note.

 

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(3) Record Holder.
The Person(s) 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(s) of such shares of Common Stock as of the Conversion Date.

 

(4) Failure to
Deliver Certificates. If in the case of any Conversion Notice, the certificate or certificates are not delivered to or as directed
by the Holder by the date required hereby, the Holder shall be entitled to elect by written notice to the Company at any time on
or before its receipt of such certificate or certificates, to rescind such Conversion Notice, in which event the Company shall
promptly return to the Holder any original Note delivered to the Company and the Holder shall promptly return to the Company the
Common Stock certificates representing the principal amount of this Note unsuccessfully tendered for conversion to the Company.

 

(5) Transfer Taxes.
The issuance of certificates for shares of the Common Stock on conversion of this Note shall be made without charge to the Holder
hereof for any documentary stamp or similar taxes, or any other issuance or transfer fees of any nature or kind that may be payable
in respect of the issue or delivery of such certificates, any such taxes or fees, if payable, to be paid by the Company.

 

(d) Adjustments
to Conversion Price.

 

(1)
Stock Dividends and Stock Splits.  If the Company, at any time while this Note is outstanding: (i) pays a stock
dividend or otherwise makes a distribution or distributions payable in shares of Common Stock on outstanding shares of Common Stock,
(ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of a reverse
stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues, in the event of a reclassification
of shares of Common Stock, any shares of capital stock of the Company, then the Conversion Price shall be multiplied by a fraction,
the numerator of which shall be the number of shares of Common Stock (excluding any treasury shares of the Company) outstanding
immediately before such event, and the denominator of which 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) Fundamental
Transaction. If, at any time while this Note is outstanding: (i) the Company effects any merger or consolidation of the Company
with or into another Person, (ii) the Company effects any sale of all or substantially all of its assets in one transaction or
a series of related transactions, (iii) any tender offer or exchange offer (whether by the Company 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 (iv) the Company 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 Note, the 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, the 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 the Company 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 the Holder shall be given the same choice as to the Alternate Consideration it
receives upon any conversion of this Note following such Fundamental Transaction.  To the extent necessary to effectuate
the foregoing provisions, any successor to the Company or surviving entity in such Fundamental Transaction shall issue to the Holder
a new note consistent with the foregoing provisions and evidencing the Holder’s right to convert such note 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 and insuring that this Note (or any such replacement
security) will be similarly adjusted upon any subsequent transaction analogous to a Fundamental Transaction.

 

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

 

    	5

    	 

    
 

(4) Notice to
Allow Conversion by Holder.  If: (A) the Company shall declare a dividend (or any other distribution in whatever
form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common
Stock, (C) the Company 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, (D) the approval of any stockholders of the Company shall be
required in connection with any reclassification of the Common Stock, any consolidation or merger to which the Company is a party,
any sale or transfer of all or substantially all of the assets of the Company, of any compulsory share exchange whereby the Common
Stock is converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution,
liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be filed at each office
or agency maintained for the purpose of conversion of this Note, and shall cause to be delivered to the Holder at its last address
as it shall appear upon the Company’s records, at least thirty (30) calendar days prior to the applicable record or effective
date hereinafter specified, a notice stating: (x) 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 (y) 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.  The Holder is entitled to convert this Note
during the 10-day period commencing on the date of such notice through the effective date of the event triggering such notice.

 

(e) Reservation
of Common Stock. The Company shall reserve and keep available out of its authorized but unissued shares of Common Stock, solely
for the purpose of effecting the conversion of this Note, such number of shares of Common Stock as shall from time to time be sufficient
to effect such conversion, based upon the Conversion Price.

 

3. Voting Rights.
The Holder shall have no voting rights under this Note, except as required by applicable law, including, but not limited to, the
Nevada Corporations Law, and as expressly provided in this Note.

 

4. Short Sales.
Holder represents and agrees, as applicable: (i) Holder has not prior to the date hereof, entered into or effected any Short Sales;
and (ii) so long as the Note remains outstanding, Holder will not enter into or effect any Short Sales. The Company acknowledges
and agrees that upon submission of a Conversion Notice as set forth herein, Holder immediately owns the Common Stock described
in the Conversion Notice and any sale of that Common Stock issuable under such Conversion Notice would not be considered Short
Sales. For purposes herein, “Short Sales” shall mean entering into any short sale or other hedging transaction which
establishes a net short position with respect to the Company’s Common Stock.

 

5. Defaults and
Remedies.

 

(a) Events of
Default. The occurrence of any of the following events shall constitute an “Event of Default” hereunder:
(i) the Company shall fail to pay any installment of interest, principal or other sums due under this Note within ten (10) business
days of when any such payment shall be due and payable; (ii) the Company makes an assignment for the benefit of creditors; (iii)
any order or decree is rendered by a court which appoints or requires the appointment of a receiver, liquidator or trustee for
the Company, and the order or decree is not vacated within sixty (60) days from the date of entry thereof; (iv) any order or decree
is rendered by a court adjudicating the Company insolvent, and the order or decree is not vacated within sixty (60) days from the
date of entry thereof; (v) the Company files a petition in bankruptcy under the provisions of any bankruptcy law or any insolvency
act; (vi) the Company admits, in writing, its inability to pay its debts as they become due (provided, however, that receipt by
the Company of an audit letter from its accountants questioning the viability of the Company as a going concern shall not, in and
of itself, be construed as an admission by the Company of its inability to pay its debts as they become due); (vii) a proceeding
or petition in bankruptcy is filed against the Company and such proceeding or petition is not dismissed within ninety (90) days
from the date it is filed; (viii) the Company files a petition or answer seeking reorganization or arrangement under the bankruptcy
laws or any law or statute of the United States or any other foreign country or state; or (ix) the Company shall fail to perform,
comply with or abide by any of the stipulations, agreements, conditions and/or covenants contained in this Note on the part of
the Company to be performed complied with or abided by, and such failure is not cured within thirty (30) days after written notice
of such failure is delivered by Holder to the Company.

 

    	6

    	 

    
 

(b) Remedies.
Upon the occurrence of one or more Events of Default, the Holder, at its option and without further notice, demand or presentment
for payment to the Company or others, may declare the then outstanding principal balance of this Note, together with all other
sums due under the Note, immediately due and payable, together with all accrued and unpaid interest thereon and thereafter all
such sums shall bear interest at the Default Rate, together with all reasonable attorneys’ fees, paralegals’ fees and
costs and expenses incurred by the Holder in collecting or enforcing payment thereof (whether such reasonable fees, costs or expenses
are incurred in negotiations, all trial and appellate levels, administrative proceedings, bankruptcy proceedings or otherwise),
and all other sums due by the Company hereunder, all without any relief whatsoever from any valuation or appraisement laws and
payment thereof may be enforced and recovered in whole or in part at any time by one or more of the remedies provided to the Holder
at law, in equity, or under this Note.

 

6. Lost or Stolen
Note. Upon notice to the Company of the loss, theft, destruction or mutilation of this Note, and, in the case of loss, theft
or destruction, of an indemnification undertaking by the Holder to the Company in a form reasonably acceptable to the Company and
customary for similar circumstances in commercial lender/borrower circumstances, and, in the case of mutilation, upon surrender
and cancellation of the Note, the Company shall execute and deliver a new Note of like tenor and date and in substantially the
same form as this Note; provided, however, the Company shall not be obligated to re-issue a Note if the Holder contemporaneously
requests the Company to convert such remaining principal amount and interest into Common Stock.

 

7. Cancellation.
After all principal, accrued interest and all other sums at any time owed on this Note have been paid in full, this Note shall
automatically be deemed canceled, shall be surrendered to the Company for cancellation and shall not be re-issued.

 

8. Governing
Law. This Note shall be construed and enforced in accordance with, and all questions concerning the construction, validity,
interpretation and performance of this Note shall be governed by, the laws of the State of South Carolina, without giving effect
to provisions thereof regarding conflict of laws. Each party hereto hereby irrevocably submits to the non-exclusive jurisdiction
of the state and federal courts sitting in the State of South Carolina for the adjudication of any dispute hereunder or in connection
herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert
in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such
suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper,
provided, however, nothing contained herein shall limit the Holder’s ability to bring suit or enforce this Note in any other
jurisdiction. Each party hereto hereby irrevocably waives personal service of process and consents to process being served in any
such suit, action or proceeding by sending by certified mail or overnight courier a copy thereof to such party at the address indicated
in the preamble hereto 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 manner permitted by law. EACH
PARTY HERETO HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION
OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS NOTE OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

    	7

    	 

    
 

9. Remedies,
Characterizations, Other Obligations, Breaches and Injunctive Relief. The remedies of the Holder as provided herein shall be
cumulative and concurrent and may be pursued singly, successively or together, at the sole discretion of the Holder, and may be
exercised as often as occasion therefor shall occur; and the failure to exercise any such right or remedy shall in no event be
construed as a waiver or release thereof.

 

10. Specific
Shall Not Limit General; Construction. No specific provision contained in this Note shall limit or modify any more general
provision contained herein. This Note shall be deemed to be jointly drafted by the Company and the Holder and shall not be construed
against any person as the drafter hereof.

 

11. Failure or
Indulgence Not Waiver. Holder shall not be deemed, by any act of omission or commission, to have waived any of its rights or
remedies hereunder, unless such waiver is in writing and signed by Holder, and then only to the extent specifically set forth in
the writing. A waiver on one event shall not be construed as continuing or as a bar to or waiver of any right or remedy to a subsequent
event.

 

12. Notice.
Notice shall be given to each party at the address indicated in the preamble hereto or at such other address as provided to the
other party in writing.

 

13. Usury Savings
Clause. Notwithstanding any provision in this Note, the total liability for payments of interest and payments in the nature
of interest, including, without limitation, all charges, fees, exactions, or other sums which may at any time be deemed to be interest,
shall not exceed the limit imposed by the usury laws of the jurisdiction governing this Note or any other applicable law. In the
event the total liability of payments of interest and payments in the nature of interest, including, without limitation, all charges,
fees, exactions or other sums which may at any time be deemed to be interest, shall, for any reason whatsoever, result in an effective
rate of interest, which for any month or other interest payment period exceeds the limit imposed by the usury laws of the jurisdiction
governing this Note, all sums in excess of those lawfully collectible as interest for the period in question shall, without further
agreement or notice by, between, or to any party hereto, be applied to the reduction of the outstanding principal balance of this
Note immediately upon receipt of such sums by the Holder hereof, with the same force and effect as though the Company had specifically
designated such excess sums to be so applied to the reduction of such outstanding principal balance and the Holder hereof had agreed
to accept such sums as a penalty-free payment of principal; provided, however, that the Holder of this Note may, at any time and
from time to time, elect, by notice in writing to the Company, to waive, reduce, or limit the collection of any sums in excess
of those lawfully collectible as interest rather than accept such sums as a prepayment of the outstanding principal balance. It
is the intention of the parties that the Company does not intend or expect to pay nor does the Holder intend or expect to charge
or collect any interest under this Note greater than the highest non-usurious rate of interest which may be charged under applicable
law.

 

    	8

    	 

    
 

14. Binding Effect.
This Note shall be binding upon the Company and the successors and assigns of the Company and shall inure to the benefit of Holder
and the successors and assigns of Holder.

 

15. Severability.
In the event any one or more of the provisions of this Note shall for any reason be held to be invalid, illegal, or unenforceable,
in whole or in part, in any respect, or in the event that any one or more of the provisions of this Note operates or would prospectively
operate to invalidate this Note, then and in any of those events, only such provision or provisions shall be deemed null and void
and shall not affect any other provision of this Note. The remaining provisions of this Note shall remain operative and in full
force and effect and shall in no way be affected, prejudiced, or disturbed thereby.

 

16. Participations.
Holder may from time to time sell or assign, in whole or in part, or grant participations in this Note and/or the obligations evidenced
hereby, subject, however, to first obtaining the Company’s written consent. The holder of any such sale, assignment or participation,
if the applicable agreement between Holder and such holder so provides, shall be: (a) entitled to all of the rights, obligations
and benefits of Holder (to the extent of such holder’s interest or participation); and (b) deemed to hold and may exercise
the rights of setoff or banker’s lien with respect to any and all obligations of such holder to the Company (to the extent
of such holder’s interest or participation), in each case as fully as though the Company was directly indebted to such holder.

 

17. Amendments.
The provisions of this Note may be changed only by a written agreement executed by the Company and Holder.

 

[Signature pages follows]

 

    	9

    	 

    

 

IN WITNESS WHEREOF,
the Company has caused this Note to be executed on and as of the date set forth above.

  

	 	REVOLUTIONS MEDICAL CORPORATION
	 	 
	 	By: 	 
	 	 	Name: Rondald Wheet
Title: Chief Executive Officer

  

[ signature page to Promissory Note
]

 

    	10

    	 

    

Exhibit
A

 

NOTICE OF CONVERSION

 

The undersigned
hereby elects to convert principal and/or interest under the Convertible Promissory Note (the “Note”) of Revolutions
Medical Corporation, a corporation incorporated under the laws of the State of Nevada (the “Company”), into
shares of common stock, par value $.001 per share (the “Common Shares”), of the Company in accordance with the
conditions of the Note, as of the date written below.  

 

Based solely
on information provided by the Company to Holder, the undersigned represents and warrants to the Company that its ownership of
the Common Shares does not exceed the amounts determined in accordance with Section 13(d) of the Exchange Act of 1934, as amended,
specified under Section 2(b) of the Note.

 

 

Conversion calculations

	Effective Date of Conversion: 	 	 
	Principal Amount and/or Interest to be Converted: 	 	 
	Number of Common Shares to be Issued: 	 	 

 

	[HOLDER]	 
	 	 
	By:  	 
	 	 
	Name:	 
	 	 
	Title: 	 
	 	 
	Address:	 
	 	 
	 	 
	 	 
	 	 

 

    	11

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