Document:

medx_ex41.htm

EXHIBIT 4.1
  
 SUBSCRIPTION DOCUMENTS
  
 MED-X, INC.
 a Nevada Corporation
  
 23,551,960 Shares at $0.60 Per Share
  
 Minimum Investment: 700 Shares ($420)
  
 FOR SOPHISTICATED INVESTORS ONLY
  
 INSTRUCTIONS FOR SUBSCRIPTION
  
 To Subscribe
  
  	1.	Subscription Agreement
	  
	  

		Please execute the signature page and return with the Investor Questionnaire
	  
	  

	2.	Purchaser Questionnaire
	  
	  

		Please complete and return with your executed Subscription Agreement.
	  
	  

	3.	Please make check payable to: Med-X, Inc. 
	  
	  

	4.	Please mail subscription documents and checks to:

  
 Med-X, Inc.
 8236 Remmet Avenue
 Canoga Park, California 91304
   	 
	1
	 
 
	 

  
 SUBSCRIPTION AGREEMENT
  
 Name of Investor: ________________________________________________
 (Print)
  
 Matthew Mills, President
 Med-X, Inc.
 8236 Remmet Avenue
 Canoga Park, California 91304
  
  	  
	 Re:
	 MED-X, INC. – 23,551,960 Shares of Common Stock (the “Shares”)

  
 Gentlemen:
  
 1. Subscription. The undersigned hereby tenders this subscription and applies to purchase the number of Shares in Med-X, Inc., a Nevada corporation (the “Company”) indicated below, pursuant to the terms of this Subscription Agreement. The purchase price of each Share is sixty cents ($0.60), payable in cash in full upon subscription. The undersigned further sets forth statements upon which you may rely to determine the suitability of the undersigned to purchase the Shares. The undersigned understands that the Shares are being offered pursuant to the Offering Circular, dated June 30, 2017 and its exhibits (the “Offering Circular”). In connection with this subscription, the undersigned represents and warrants that the personal, business and financial information contained in the Purchaser Questionnaire is complete and accurate, and presents a true statement of the undersigned’s financial condition. 
  
 2. Representations and Understandings. The undersigned hereby makes the following representations, warranties and agreements and confirms the following understandings:
  
 (i) The undersigned has received a copy of the Offering Circular, has reviewed it carefully, and has had an opportunity to question representatives of the Company and obtain such additional information concerning the Company as the undersigned requested.
  
 (ii) The undersigned has sufficient experience in financial and business matters to be capable of utilizing such information to evaluate the merits and risks of the undersigned’s investment, and to make an informed decision relating thereto; or the undersigned has utilized the services of a purchaser representative and together they have sufficient experience in financial and business matters that they are capable of utilizing such information to evaluate the merits and risks of the undersigned’s investment, and to make an informed decision relating thereto.
  
 (iii) The undersigned has evaluated the risks of this investment in the Company, including those risks particularly described in the Offering Circular, and has determined that the investment is suitable for him. The undersigned has adequate financial resources for an investment of this character, and at this time he could bear a complete loss of his investment. The undersigned understands that any projections which may be made in the Offering Circular are mere estimates and may not reflect the actual results of the Company’s operations.
  
 (iv) The undersigned understands that the Shares are not being registered under the Securities Act of 1933, as amended (the “1933 Act”) on the ground that the issuance thereof is exempt under Regulation A of Section 3(b) of the 1933 Act, and that reliance on such exemption is predicated in part on the truth and accuracy of the undersigned’s representations and warranties, and those of the other purchasers of Shares. 
   	 
	2
	 
 
	 

  
 (v) The undersigned understands that the Shares are not being registered under the securities laws of certain states on the basis that the issuance thereof is exempt as an offer and sale not involving a registerable public offering in such state, since the Shares are “covered securities” under the National Securities Market Improvement Act of 1996. The undersigned understands that reliance on such exemptions is predicated in part on the truth and accuracy of the undersigned’s representations and warranties and those of other purchasers of Shares. The undersigned covenants not to sell, transfer or otherwise dispose of a Share unless such Share has been registered under the applicable state securities laws, or an exemption from registration is available.
  
 (vi) The amount of this investment by the undersigned does not exceed 10% of the greater of the undersigned’s net worth, not including the value of his/her primary residence, or his/her annual income in the prior full calendar year, as calculated in accordance with Rule 501 of Regulation D promulgated under Section 4(2) of the Securities Act of 1933, as amended, or the undersigned is an “accredited investor,” as that term is defined in Rule 501 of Regulation D promulgated under Section 4(a)(2) of the Securities Act of 1933, as amended (see the attached Purchaser Questionnaire), or is the beneficiary of a fiduciary account, or, if the fiduciary of the account or other party is the donor of funds used by the fiduciary account to make this investment, then such donor, who meets the requirements of net worth, annual income or criteria for being an “accredited investor.”
  
 (vii) The undersigned has no need for any liquidity in his investment and is able to bear the economic risk of his investment for an indefinite period of time. The undersigned has been advised and is aware that: (a) there is no public market for the Shares and a public market for the Shares may not develop; (b) it may not be possible to liquidate the investment readily; and (c) the Shares have not been registered under the 1933 Act and applicable state law and an exemption from registration for resale may not be available.
  
 (viii) All contacts and contracts between the undersigned and the Company regarding the offer and sale to him of Shares have been made within the state indicated below his signature on the signature page of this Subscription Agreement and the undersigned is a resident of such state.
  
 (ix) The undersigned has relied solely upon the Offering Circular and independent investigations made by him or his purchaser representative with respect to the Shares subscribed for herein, and no oral or written representations beyond the Offering Circular have been made to the undersigned or relied upon by the undersigned.
  
 (x) The undersigned agrees not to transfer or assign this subscription or any interest therein.
  
 (xi) The undersigned hereby acknowledges and agrees that, except as may be specifically provided herein, the undersigned is not entitled to withdraw, terminate or revoke this subscription.
  
 (xii) If the undersigned is a partnership, corporation or trust, it has been duly formed, is validly existing, has full power and authority to make this investment, and has not been formed for the specific purpose of investing in the Shares. This Subscription Agreement and all other documents executed in connection with this subscription for Shares are valid, binding and enforceable agreements of the undersigned.
  
 (xiii) The undersigned meets any additional suitability standards and/or financial requirements which may be required in the jurisdiction in which he resides, or is purchasing in a fiduciary capacity for a person or account meeting such suitability standards and/or financial requirements, and is not a minor.
  
 3. Indemnification. The undersigned hereby agrees to indemnify and hold harmless the Company and all of its affiliates, attorneys, accountants, employees, officers, directors, Shareholders and agents from any liability, claims, costs, damages, losses or expenses incurred or sustained by them as a result of the undersigned’s representations and warranties herein or in the Purchaser Questionnaire being untrue or inaccurate, or because of a breach of this agreement by the undersigned. The undersigned hereby further agrees that the provisions of Section 3 of this Subscription Agreement will survive the sale, transfer or any attempted sale or transfer of all or any portion of the Shares. The undersigned hereby grants to the Company the right to setoff against any amounts payable by the Company to the undersigned, for whatever reason, of any and all damages, costs and expenses (including, but not limited to, reasonable attorney’s fees) which are incurred by the Company or any of its affiliates as a result of matters for which the Company is indemnified pursuant to Section 3 of this Subscription Agreement.
   	 
	3
	 
 
	 

  
 4. Taxpayer Identification Number/Backup Withholding Certification. Unless a subscriber indicates to the contrary on the Subscription Agreement, he will certify that his taxpayer identification number is correct and, if not a corporation, IRA, Keogh, or Qualified Trust (as to which there would be no withholding), he is not subject to backup withholding on interest or dividends. If the subscriber does not provide a taxpayer identification number certified to be correct or does not make the certification that the subscriber is not subject to backup withholding, then the subscriber may be subject to twenty-eight percent (28%) withholding on interest or dividends paid to the holder of the Shares.
  
 5. Foreign Investors. The undersigned hereby represents and warrants that the undersigned is not (i) named on the list of “specially designated nationals” or “blocked persons” maintained by the U.S. Office of Foreign Assets Control (“OFAC”) at www.ustreas.gov/offices/enforcement/ofac/sdn or as otherwise published from time to time, (ii) an agency of the government of a Sanctioned Country, (iii) an organization controlled by a Sanctioned Country, (iv) a person residing in a Sanctioned Country, to the extent subject to a sanctions program administered by OFAC, (v) a person who owns more than fifteen percent (15%) of its assets in Sanctioned Countries, or (vi) a person who derives more than fifteen percent (15%) of its operating income from investments in, or transactions with, sanctioned persons or Sanctioned Countries. A “Sanctioned Country” means a country subject to a sanctions program identified on the list maintained by OFAC and available at www.ustreas.gov/offices/enforcement/ofac/sdn or as otherwise published from time to time.
  
 6. Governing Law. This Subscription Agreement will be governed by and construed in accordance with the laws of the State of Nevada. The venue for any legal action under this Agreement will be in the proper forum in the County of Los Angeles, State of California.
  
 7. Acknowledgement of Risks Factors. The undersigned has carefully reviewed and thoroughly understands the risks associated with an investment in the Shares as described in the Offering Circular. The undersigned acknowledges that this investment entails significant risks.
   	 
	4
	 
 
	 

  
 The undersigned has (have) executed this Subscription Agreement on this ____ day of ____________, 20 ___, at _________________________________. 
  
 	 SUBSCRIBER (1)
	  
	 SUBSCRIBER (2)
	  

	  
	  
	  
	  

	  
	  
	  
	  

	 Signature 
	  
	 Signature 
	  

	  
	  
	  
	  

	  
	  
	  
	  

	 (Print Name of Subscriber)
	  
	 (Print Name of Subscriber)
	  

	  
	  
	  
	  

	  
	  
	  
	  

	 (Street Address)
	  
	 (Street Address)
	  

	  
	  
	  
	  

	  
	  
	  
	  

	 (City, State and Zip Code)
	  
	 (City, State and Zip Code)
	  

	  
	  
	  
	  

	  
	  
	  
	  

	 (Social Security or Tax Identification Number)
	  
	 (Social Security or Tax Identification Number)
	  

  
 Number of Shares ____________ 
  
 Dollar Amount of Shares (At $0.60 per Share) ____________________________ 
  
 PLEASE MAKE CHECKS PAYABLE TO: “MED-X, INC. 
  
  
 
 MANNER IN WHICH TITLE IS TO BE HELD:
  
  	  ̈ Community Property* 
	  ̈ Individual Property

	  
	  

	  ̈ Joint Tenancy With Right of Survivorship* 
	  ̈ Separate Property

	  
	  

	  ̈ Corporate or Fund Owners ** 
	  ̈ Tenants-in-Common* 

	  
	  

	  ̈ Pension or Profit Sharing Plan 
	  ̈ Tenants-in-Entirety* 

	  
	  

	  ̈ Trust or Fiduciary Capacity (trust documents must accompany this form) 
	  ̈ Keogh Plan 

	  
	  

	  ̈ Fiduciary for a Minor 
	  ̈ Individual Retirement Account 

	  
	  

	 * Signature of all parties required
 ** In the case of a Fund, state names of all partners. 
	  ̈ Other (Please indicate)
  
 ______________________________________

  
  
 
 SUBSCRIPTION ACCEPTED:
  
 MED-X, INC.
  
  	By:	  
	  
	  
	  

	  
	Matthew Mills, President	  
	 DATE
	  

   	 
	5
	 
 
	 

  
 MED-X, INC.
 PURCHASER QUESTIONNAIRE
  
 Matthew Mills, President
 Med-X, Inc.
 8236 Remmet Avenue
 Canoga Park, California 91304
  
  	  
	 Re:
	 MED-X, INC.

  
 Gentlemen:
  
 The following information is furnished to you in order for you to determine whether the undersigned is qualified to purchase shares of common stock (the “Shares”) in the above referenced Company pursuant to Section 3(b) of the Securities Act of 1933, as amended (the “Act”), Regulation A+ promulgated thereunder, and appropriate provisions of applicable state securities laws. I understand that you will rely upon the following information for purposes of such determination, and that the Shares will not be registered under the Act in reliance upon the exemption from registration provided by Section 3(b) of the Act, Regulation A+, and appropriate provisions of applicable state securities laws.
  
 ALL INFORMATION CONTAINED IN THIS QUESTIONNAIRE WILL BE TREATED CONFIDENTIALLY. However, I agree that you may present this questionnaire to such parties as you deem appropriate if called upon to establish that the proposed offer and sale of the Shares is exempt from registration under the Act or meets the requirements of applicable state securities laws.
  
 I hereby provide you with the following representations and information:
  
  	1.	Name: ____________________________________________________________
	  
	  

	2.	Residence Address & Telephone No: ____________________________________
	  
	  

	3.	Mailing Address: ___________________________________________________
	  
	  

	 3a.
	Email Address:_____________________________________________________
	  
	  

	4.	Employer and Position: _______________________________________________
	  
	  

	5.	Business Address & Telephone No: _____________________________________
	  
	  

	6.	Business or Professional Education & Degree: _____________________________

   	 
	6
	 
 
	 

  
  	7.	Prior Investments of Purchaser:
	  
	  

	  
	 Amount (Cumulative) $ ______________________ (initial appropriate category below):

  
 	  
	  
	  
	  
	  
	  

	  
	 Capital Stock:
	  ̈ None
 (Initial)
	  ̈ Up to $50,000
 (Initial)
	  ̈ $50,000 to $250,000
 (Initial)
	  ̈ Over $250,000
 (Initial)

	  
	  
	  
	  
	  
	  

	  
	 Bonds:
	  ̈ None
 (Initial)
	  ̈ Up to $50,000
 (Initial)
	  ̈ $50,000 to $250,000
 (Initial)
	  ̈ Over $250,000
 (Initial)

	  
	  
	  
	  
	  
	  

	  
	 Other:
	  ̈ None
 (Initial)
	  ̈ Up to $50,000
 (Initial)
	  ̈ $50,000 to $250,000
 (Initial)
	  ̈ Over $250,000
 (Initial)

  
  	8.	Based on the definition of an “Accredited Investor” which appears below, I am an Accredited Investor:
	  
	  ̈ Yes                ̈ No
 (initial appropriate category)

	  
	  

	 	 I understand that the representations contained in this section are made for the purpose of qualifying me as an accredited investor as the term is defined by the Securities and Exchange Commission for the purpose of selling securities to me. I hereby represent that the statement or statements initialed below are true and correct in all respects. I am an Accredited Investor because I fall within one of the following categories (initial appropriate category):

	  
	  

	  ̈
	 A natural person whose individual net worth, or joint net worth with that person’s spouse, at the time of his purchase exceeds $1,000,000, not including the value of the person’s primary residence;

	  
	  

	  ̈
	 A natural person who had an individual income in excess of $200,000 in each of the two most recent years and who reasonably expects an income in excess of $200,000 in the current year;

	  
	  

	  ̈
	 My spouse and I have had joint income for the most two recent years in excess of $300,000 and we expect our joint income to be in excess of $300,000 for the current year;

	  
	  

	  ̈
	 Any organization described in Section 501(c)(3) of the Internal Revenue Code, or any corporation, Massachusetts Business Trust or Fund not formed for the specific purpose of acquiring the securities offered, with total assets in excess of $5,000,000;

	  
	  

	  ̈
	 A bank as defined in Section 3(a)(2) of the Securities Act whether acting in its individual or fiduciary capacity; insurance company as defined in Section 2(12) of the Securities Act, investment company registered under the Investment Company Act of 1940 or a business development company as defined in Section 2(1)(48) of that Act; or Small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958;

	  
	  

	  ̈
	 A private business development company as defined in Section 202(a)(22) of the Investment Advisers Act of 1940;

	  
	  

	  ̈
	 An employee benefit plan within the meaning of Title I of the Employee Retirement Income Security Act of 1974, if the investment decision is to be made by a plan fiduciary, as defined in Section 3(21) of such Act, which is either a bank, insurance company, or registered investment adviser, or if the employee benefit plan has total assets in excess of $5,000,000;

	  
	  

	  ̈
	 An entity in which all of the equity owners are Accredited Investors under the above paragraph.

   	 
	7
	 
 
	 

  
  
 	 9.
	Financial Information:

  
 	  
	 (a)
	 My net worth (not including the value of my primary residence) is

	  
	  
	  

	  
	  
	 $_________________

	  
	  
	  

	  
	 (b)
	 My gross annual income during the preceding two years was:

	  
	  
	  

	  
	  
	 $_________________ (2015)

	  
	  
	  

	  
	  
	 $_________________ (2016)

	  
	  
	  

	  
	 (c)
	 My anticipated gross annual income in 2017 is $ _______________.

	  
	  
	  

	  
	 (d)
	 (1)     ̈    (initial here) I have such knowledge and experience in financial, tax and business matters that I am capable of utilizing the information made available to me in connection with the offering of the Shares to evaluate the merits and risks of an investment in the Shares, and to make an informed investment decision with respect to the Shares. I do not desire to utilize a Purchaser Representative in connection with evaluating such merits and risks. I understand, however, that the Company may request that I use a Purchaser Representative.

	  
	  
	  

	  
	  
	 (2)     ̈    (initial here) I intend to use the services of the following named person(s) as Purchaser Representative(s) in connection with evaluating the merits and risks of an investment in the Shares and hereby appoint such person(s) to act as my Purchaser Representative(s) in connection with my proposed purchase of Shares.

  
  
 	  
	 List name(s) of Purchaser Representative(s), if applicable. __________________________________

	 	 
	 10.
	 Except as indicated below, any purchases of the Shares will be solely for my account, and not for the account of any other person or with a view to any resale or distribution thereof.

	  
	  

	 11.
	 I represent to you that the information contained herein is complete and accurate and may be relied upon by you. I understand that a false representation may constitute a violation of law, and that any person who suffers damage as a result of a false representation may have a claim against me for damages. I will notify you immediately of any material change in any of such information occurring prior to the closing of the purchase of Shares, if any, by me.

	  
	  

	  
	 Name (Please Print): __________________________________________________________________ 
  
 Signature __________________________________________________________________________ 
  
 Telephone Number ___________________________________________________________________ 
  
 Social Security or Tax I.D. Number ______________________________________________________ 
  
 Executed at: ________________________________________________________________________ 
  
 on this ________ day of _________________________________, 20________

  
 
 	 8Exhibit 4.17

 

THIS
NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND MAY NOT BE TRANSFERRED
IN VIOLATION OF SUCH ACT, THE RULES AND REGULATIONS THEREUNDER OR ANY STATE SECURITIES LAWS OR THE PROVISIONS OF THIS NOTE. 

 

ARKADOS
GROUP, INC. 

PROMISSORY NOTE 

DUE March 31, 2017 

 

Number:
2017-2

 

Principal:
US $100,000

Original
Issue Date: March 7, 2017

Registered
Holder:

 

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

 

This
Note may not be prepaid in whole or in part except as otherwise explicitly set forth herein. Any amount of principal or interest
on this Note which is not paid when due shall bear interest at the rate of twelve percent 12% per annum from the due date thereof
until the same is paid (“Default Interest”). Interest shall commence accruing on the date that the Note is made and
shall be computed on the basis of a 365-day year and the actual number of days elapsed. All payments due hereunder shall be made
in lawful money of the United States of America. All payments shall be made at such address as the Holder shall hereafter give
to the Company by written notice made 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
day which is a business day and, in the case of any interest payment date which is not the date on which this Note is paid in
full, the extension of the due date thereof shall not be taken into account for purposes of determining the amount of interest
due on such date. As used in this Note, the term “business day” shall mean any day other than a Saturday, Sunday or
a day on which commercial banks in the city of New York, New York are authorized or required by law or executive order to remain
closed.

 

This
Note is free from all taxes, liens, claims and encumbrances with respect to the issue thereof and shall not be subject to
preemptive rights or other similar rights of stockholders of the Company and will not impose personal liability upon the
holder thereof.

 

The
following terms shall apply to this Note:

 

1.1
Events of Default. If any of the following events of default (each, an “Event of Default”) shall occur:

 

(a)
the Company fails to pay the principal hereof or interest thereon when due on this Note, whether at maturity, upon acceleration
or otherwise;

 

(b)
the Company breaches any covenant or other term or condition contained in this Note and such breach continues for a period of
ten (10) days after written notice thereof to the Company from the Holder;

 

     

     

    

 

(c)
the Company or any subsidiary of the Company shall make an assignment for the benefit of creditors, or apply for or consent to
the appointment of a receiver or trustee for it or for a substantial part of its property or business, or such a receiver or trustee
shall otherwise be appointed;

 

(d)
any money judgment, writ or similar process shall be entered or filed against the Company or any subsidiary of the Company or
any of its property or other assets for more than $100,000, and shall remain unvacated, unbonded or unstayed for a period of twenty
(20) days unless otherwise consented to by the Holder, which consent will not be unreasonably withheld;

 

(e)
bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings, voluntary or involuntary, for relief under
any bankruptcy law or any law for the relief of debtors shall be instituted by or against the Company or any subsidiary of the
Company;

 

(f)
any dissolution, liquidation, or winding up of Company or any substantial portion of its business;

 

(g)
any cessation of operations by Company or Company admits it is otherwise generally unable to pay its debts as such debts become
due; provided, that any disclosure of the Company’s ability to continue as a “going concern” shall not
be an admission that the Company cannot pay its debts as they become due.

 

(h)
the failure by Company to maintain any material intellectual property rights, personal, real property or other assets which are
necessary to conduct its business (whether now or in the future).

 

Then,
upon the occurrence and during the continuation of any Event of Default, the Note shall become immediately due and payable and
the Company shall pay to the Holder, in full satisfaction of its obligations hereunder, an amount equal to the Default Sum (as
defined herein). Upon the occurrence and during the continuation of any Event of Default specified in Sections 1.1 (other than
failure to pay the principal hereof or interest thereon at the Maturity Date specified in Section 1.1(a)), the Note shall become
immediately due and payable and the Company shall pay to the Holder, in full satisfaction of its obligations hereunder, an amount
equal to 150% times the sum of (w) the then outstanding principal amount of this Note plus (x) accrued and unpaid interest
on the unpaid principal amount of this Note to the date of payment (the “Mandatory Prepayment Date”) plus (y)
Default Interest, if any, on the amounts referred to in clauses (w) and/or (x) (the then outstanding principal amount of this
Note to the date of payment plus the amounts referred to in clauses (x) and (y) shall collectively be known as the “Default
Sum”), and all other amounts payable hereunder shall immediately become due and payable, all without demand, presentment
or notice, all of which hereby are expressly waived, together with all costs, including, without limitation, legal fees and expenses,
of collection, and the Holder shall be entitled to exercise all other rights and remedies available at law or in equity.

 

ARTICLE
II. MISCELLANEOUS

 

2.1
Failure or Indulgence Not Waiver. No failure or delay on the part of the Holder in the exercise of any power, right or privilege
hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude
other or further exercise thereof or of any other right, power or privileges. All rights and remedies existing hereunder are cumulative
to, and not exclusive of, any rights or remedies otherwise available.

 

    2 

     

    

 

2.2
Notices. All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall
be in writing and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered or
certified, return receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid, or
(iv) transmitted by hand delivery, telegram, or facsimile, addressed as set forth below or to such other address as such party
shall have specified most recently by written notice. Any notice or other communication required or permitted to be given hereunder
shall be deemed effective (a) upon hand delivery or delivery by facsimile, with accurate confirmation generated by the transmitting
facsimile machine, at the address or number designated below (if delivered on a business day during normal business hours where
such notice is to be received), or the first business day following such delivery (if delivered other than on a business day during
normal business hours where such notice is to be received) or (b) on the second business day following the date of mailing by
express courier service, fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first
occur. The addresses for such communications shall be:

 

If
to the Company, to:

Terrence
DeFranco

President

211
Warren Street

Suite
320

Newark, NJ 07103

 

If
to the Holder:

 

With
a copy by fax only to (which copy shall not constitute notice):

 

2.3
Amendments. This Note and any provision hereof may only be amended by an instrument in writing signed by the Company and the
Holder. The term “Note” and all reference thereto, as used throughout this instrument, shall mean this instrument
as originally executed, or if later amended or supplemented, then as so amended or supplemented.

 

2.4
Assignability. This Note shall be binding upon the Company and its successors and assigns, and shall inure to be the benefit
of the Holder and its successors and assigns. Each transferee of this Note must be an “accredited investor” (as defined
in Rule 501(a) of the 1933 Act). Notwithstanding anything in this Note to the contrary, this Note may be pledged as collateral
in connection with a bona fide margin account or other lending arrangement.

 

2.5
Cost of Collection. If default is made in the payment of this Note, the Company shall pay the Holder hereof costs of collection,
including reasonable attorneys’ fees.

 

2.6
Governing Law. This Note shall be governed by and construed in accordance with the laws of the State of New York. Any action
brought by either party against the other concerning the transactions contemplated by this Note shall be brought only in the state
courts of New York or in the federal courts located in the state and county of Manhattan. The parties to this Note hereby irrevocably
waive any objection to jurisdiction and venue of any action instituted hereunder and shall not assert any defense based on lack
of jurisdiction or venue or based upon forum non conveniens. The Company and Holder waive trial by jury. The prevailing
party shall be entitled to recover from the other party its reasonable attorney’s fees and costs. In the event that any
provision of this Note or any other agreement delivered in connection herewith is invalid or unenforceable under any applicable
statute or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall
be deemed modified to conform with such statute or rule of law. Any such provision which may prove invalid or unenforceable under
any law shall not affect the validity or enforceability of any other provision of any agreement. The Company hereby irrevocably
waives personal service of process and consents to process being served in any suit, action or proceeding in connection with this
Note by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party
at the address in effect for notices to it under this Note and agrees that such service shall constitute good and sufficient service
of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any
other manner permitted by law.

 

2.7
Remedies. The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Holder,
by vitiating the intent and purpose of the transaction contemplated hereby. Accordingly, the Company acknowledges that the remedy
at law for a breach of its obligations under this Note will be inadequate and agrees, in the event of a breach or threatened breach
by the Company of the provisions of this Note, that the Holder shall be entitled, in addition to all other available remedies
at law or in equity, and in addition to the penalties assessable herein, to an injunction or injunctions restraining, preventing
or curing any breach of this Note and to enforce specifically the terms and provisions thereof, without the necessity of showing
economic loss and without any bond or other security being required.

 

    3 

     

    

 

IN
WITNESS WHEREOF, Company has caused this Note to be signed in its name by its duly authorized officer as of the issuance date.

	 	 	 
	 	ARKADOS GROUP, INC.
	 	 
	 	By: 	 	  
	 	 	Terrence DeFranco
	 	 President and Chief Executive
    Officer

 

    4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00274-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00274-of-00352.parquet"}]]