Document:

Exhibit 10.1

 

THIS NOTE HAS NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAW, AND IT MAY NOT BE SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE
OF AN EFFECTIVE REGISTRATION STATEMENT UNDER SAID ACT OR STATE LAW OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS; AND THE
COMPANY MAY REQUIRE AN OPINION OF COUNSEL AS TO THE AVAILABILITY OF SUCH EXEMPTION.

 

AVALON GLOBOCARE CORP.

 

PROMISSORY NOTE

 

	$1,000,000.00	 	Freehold, NJ
	 	 	Date: March 18, 2019

Avalon GloboCare Corp., a
Delaware corporation (the "Maker"), for value received, hereby promises to pay to Daniel Lu or registered assigns (the
"Holder"), the principal sum of ONE MILLION AND 00/XX ($1,000,000.00) Dollars in such coin or currency of the United
States of America as at the time of payment shall be legal tender for the payment of public and private debts. Maker further promises
to pay interest on the unpaid principal balance hereof at the rate of five percent (5%) per annum. Principal and interest on the
outstanding balance shall be paid on or prior to March 19, 2022 (the “Maturity Date”). Interest shall be calculated
on the basis of a 360 day year and actual days elapsed. In no event shall the interest charged hereunder exceed the maximum permitted
under the laws of the State of New Jersey.

 

This Note can be prepaid
in whole or in part at any time without the consent of the Holder provided that Maker shall pay all accrued interest on the principal
so prepaid to date of such prepayment.

 

The entire unpaid principal
balance of this Note and interest accrued with respect thereto shall be immediately due and payable upon the occurrence of any
of the following (each, an "Event of Default"):

 

a. Application for, or consent
to, the appointment of a receiver, trustee or liquidator for Maker or of its property;

 

b. Admission in writing of
the Maker's inability to pay its debts as they mature;

 

c. General assignment by
the Maker for the benefit of creditors;

 

d. Filing by the Maker of
a voluntary petition in bankruptcy or a petition or an answer seeking reorganization, or an arrangement with creditors; or

 

e. Entering against the Maker
of a court order approving a petition filed against it under the federal bankruptcy laws, which order shall not have been vacated
or set aside or otherwise terminated within 60 days.

 

    	 		 

     

    

 

 

f.       Default
in the payment of the principal or accrued interest on this Note, when and as the same shall become due and payable, whether by
acceleration or otherwise;

 

g.       Default
in any covenant or obligation of Maker in favor of Holder arising pursuant to the agreement between Maker and Holder dated as of
the date of this Note.

 

All rights and remedies available
to the Holder pursuant to the provisions of applicable law and otherwise are cumulative, not exclusive and enforceable alternatively,
successively and/or concurrently after default by Maker pursuant to the provisions of this Note.

 

The Maker waives demand,
presentment, protest and notice of any kind and consents to the extension of time of payments, the release, surrender or substitution
of any and all security or guarantees for the obligations evidenced hereby or other indulgence with respect to this Note, all without
notice.

 

This Note may not be changed,
modified or terminated orally, but only by an agreement in writing, signed by the party to be charged.

 

In the event of any litigation
with respect to the obligations evidenced by this Note, the Maker waives the right to a trial by jury and all rights of set-off
and rights to interpose permissive counterclaims and cross-claims. This Note shall be governed by and construed in accordance with
the laws of the State of Massachusetts and shall be binding upon the successors, endorsees or assigns of the Maker and inure to
the benefit of the Holder, its successors, endorsees and assigns.

 

The
Maker hereby irrevocably consents to the jurisdiction of the courts of Monmouth County, in the State of New Jersey and the United
States District Court for the District of New Jersey in connection with any action or proceeding arising out of or relating to
this Note. If any term or provision of this Note shall be held invalid, illegal or unenforceable, the validity of all other terms
and provisions hereof shall in no way be affected thereby. 

 

	 	 	AVALON GLOBOCARE CORP.
	 	 	 
	 	 	By: /s/ Luisa Ingargolia
	 	 	Name:Luisa Ingargolia 
	 	 	Title:
Chief Financial OfficerExhibit 10.6

 

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY
NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES ACT OR AN OPINION
OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

 

PROMISSORY NOTE

 

	Principal Amount: $1,100,000.00	Dated as of January 24, 2019

 

CM Seven Star Acquisition Corporation, a Cayman
Islands exempted company (the “Maker”), promises to pay to the order of Shareholder Value Fund or its registered
assigns or successors in interest (the “Payee”) the principal sum of up to One Million One Hundred Thousand
Dollars ($1,100,000) in lawful money of the United States of America, on the terms and conditions described below. The Payee shall
promptly deposit with the Maker an amount up to the aggregate principal amount as requested by the Maker from time to time. All
payments on this Note shall be made by check or wire transfer of immediately available funds or as otherwise determined by the
Maker to such account as the Payee may from time to time designate by written notice in accordance with the provisions of this
Note.

 

		1.	Principal. The principal balance of this Promissory Note (this “Note”) shall be payable promptly after the date on which Maker consummates and completes a business combination, as outlined in Maker’s final prospectus dated October 25, 2017 and filed on October 27, 2017 (the “Prospectus”). In the event that the Maker is unable to consummate a business combination as specified in the Prospectus, the entire principal amount of this Note shall be forgiven and the Payee shall not be entitled to any payment hereunder. The principal balance may be prepaid at any time.

 

		2.	Interest. No interest shall accrue on the unpaid principal balance of this Note.

 

		3.	Application of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of any sum due under this Note, including (without limitation) reasonable attorney’s fees, then to the payment in full of any late charges and finally to the reduction of the unpaid principal balance of this Note.

 

		4.	Events of Default. The following shall constitute an event of default (“Event of Default”):

 

	 	(a)	Failure to Make Required Payments. Failure by Maker to pay the principal of this Note within five (5) business days following the date when due.

 

		5.	Remedies.

 

	 	(a)	Upon the occurrence of an Event of Default specified in Section 4(a) hereof, Payee may, by written notice to Maker, declare this Note to be due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable thereunder, shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.

 

		6.	Waivers. Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor, protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by Payee under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting any 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, or providing for any stay of execution, exemption from civil process, or extension of time for payment; and Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of execution issued hereon, may be sold upon any such writ in whole or in part in any order desired by Payee.

 

		7.	Unconditional Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by Payee with respect to the payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors, or sureties may become parties hereto without notice to Maker or affecting Maker’s liability hereunder.

 

     

     

    

  

		8.	Notices. Any notice called for hereunder shall be deemed properly given if (i) sent by certified mail, return receipt requested, (ii) personally delivered, (iii) dispatched by any form of private or governmental express mail or delivery service providing receipted delivery or (iv) sent by facsimile or (v) to the following addresses or to such other address as either party may designate by notice in accordance with this Section:

 

If to Maker:

 

CM Seven Star Acquisition Corporation

Suite 1306, 13/F, AIA Central, 1 Connaught Road, Central,
Hong Kong

Attn: Stephen N. Cannon

 

If to Payee:

 

Shareholder Value Fund

c/o Maples Corporate Services Limited

P.O. Box 309, Ugland House

Grand Cayman KY1-1104

Cayman Islands

Attn: John Cullinane

 

Notice shall be deemed given on the earlier
of (i) actual receipt by the receiving party, (ii) the date shown on a facsimile transmission confirmation, (iii) the date reflected
on a signed delivery receipt, or (iv) two (2) Business Days following tender of delivery or dispatch by express mail or delivery
service.

 

		9.	Construction. THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS THEREOF.

 

		10.	Jurisdiction. The courts of New York have exclusive jurisdiction to settle any dispute arising out of or in connection with this agreement (including a dispute relating to any non-contractual obligations arising out of or in connection with this agreement) and the parties submit to the exclusive jurisdiction of the courts of New York.

 

		11.	Severability. Any provision contained in this Note which 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, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

		12.	Trust Waiver. Notwithstanding anything herein to the contrary, the Payee hereby waives any and all right, title, interest or claim of any kind (“Claim”) in or to any amounts contained in the trust account (the “Trust Account”) in which the proceeds of the initial public offering (the “IPO”) conducted by Maker and the proceeds of the sale of securities in a private placement that occurred prior to the effectiveness of the IPO, as described in greater detail in the Prospectus, were placed, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim from the trust account or any distribution therefrom for any reason whatsoever. If Maker does not consummate a business combination (as described in the Prospectus), this Note shall be repaid only from amounts remaining outside of the Trust Account, if any.

 

		13.	Amendment; Waiver. Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent of the Maker and the Payee.

 

		14.	Assignment. No assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto (by operation of law or otherwise) without the prior written consent of the other party hereto and any attempted assignment without the required consent shall be void.

 

		15.	Further Assurance. The Maker shall, at its own cost and expense, execute and do (or procure to be executed and done by any other necessary party) all such deeds, documents, acts and things as the Payee may from time to time require as may be necessary to give full effect to this Promissory Note.

 

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IN WITNESS WHEREOF, Maker, intending to be legally bound hereby,
has caused this Note to be duly executed by its director the day and year first above written.

 

	CM SEVEN STAR ACQUISITION CORPORATION	 
	 	 	 
	By:	 	 
	 	Name: Sing Wang	 
	 	Title: Chief Executive Officer	 
	 	 	 
	By:	 	 
	 	Name: Stephen N. Cannon	 
	 	Title: President and CFO	 

  

Accepted and Agreed:

 

SHAREHOLDER VALUE FUND

 

	By:	 	 
	 	Name: John Cullinane	 
	 	Title: Director	 

 

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