Document:

EX-4.1

 Exhibit 4.1 

Execution Copy 
  

 
 TANGER PROPERTIES LIMITED PARTNERSHIP

 AS ISSUER 
 AND 

U.S. BANK NATIONAL ASSOCIATION 
 AS
TRUSTEE 
  
  

ELEVENTH SUPPLEMENTAL INDENTURE 

DATED AS OF JULY 3, 2017 
  

 
 $300,000,000
3.875% SENIOR NOTES DUE 2027 
  
  

SUPPLEMENT TO INDENTURE 
 DATED AS
OF MARCH 1, 1996, BETWEEN 
 TANGER PROPERTIES LIMITED PARTNERSHIP (AS ISSUER) AND 

U.S. BANK NATIONAL ASSOCIATION (AS TRUSTEE) 

  
 - 1 - 

 ELEVENTH SUPPLEMENTAL INDENTURE, dated as of July 3, 2017 (this “Supplemental
Indenture”), between TANGER PROPERTIES LIMITED PARTNERSHIP, a limited partnership duly organized and existing under the laws of North Carolina (hereinafter called the “Issuer”), having its principal executive office located
at 3200 Northline Avenue, Suite 360, Greensboro, North Carolina 27408, and U.S. BANK NATIONAL ASSOCIATION (as successor in interest to State Street Bank and Trust Company), a national banking association having a corporate trust office at One
Federal Street, 10th Floor, Boston, MA 02110 as successor trustee under the Original Indenture (as defined below) (the “Trustee”). 

RECITALS 
 WHEREAS, the
Issuer executed and delivered the Indenture (the “Original Indenture”), dated as of March 1, 1996, to the Trustee to issue from time to time for its lawful purposes debt securities evidencing the Issuer’s senior Unsecured
Indebtedness. 
 WHEREAS, Section 301 of the Original Indenture provides that by means of a supplemental indenture the Issuer
may create one or more series of its debt securities and establish the form, terms and provisions thereof. 
 WHEREAS, the Issuer
intends by this Supplemental Indenture to (i) create a series of Issuer’s debt securities, in an aggregate principal amount equal to $300,000,000, entitled 3.875% Senior Notes due 2027 (the “Notes”) and (ii) establish
the form and the terms and provisions of the Notes. 
 WHEREAS, the Board of Directors of Tanger Factory Outlet Centers, Inc.
(the “Company”), the sole owner of Tanger GP Trust who is the sole general partner of the Issuer, has approved the creation of the Notes and the form, terms and provisions thereof. 

WHEREAS, the consent of Holders to the execution and delivery of this Supplemental Indenture is not required, and all other actions required
to be taken under the Original Indenture with respect to this Supplemental Indenture have been taken. 
 NOW, THEREFORE IT IS AGREED: 

ARTICLE ONE 
 DEFINITIONS, CREATION, FORM AND
TERMS AND CONDITIONS OF THE DEBT SECURITIES 
 Section 1.1 Definitions. Capitalized terms used but not otherwise defined in this
Supplemental Indenture shall have the meanings ascribed to them in the Original Indenture. In addition, the following terms shall have the following meanings to be equally applicable to both the singular and the plural forms of the terms set forth
below: 
 “COMPARABLE TREASURY ISSUE” means, with respect to any redemption or acceleration date for the Notes, the United States
Treasury security selected by the Independent Investment Banker as having a maturity comparable to the Assumed Remaining Life (as defined in Section 1.4(d)) that would be utilized, at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes to be redeemed. 

  
 - 2 - 

 “COMPARABLE TREASURY PRICE” means, with respect to any redemption or acceleration date
for the Notes: (a) the average of four Reference Treasury Dealer Quotations for such redemption or acceleration date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (b) if the Issuer obtains fewer than
four but more than one such Reference Treasury Dealer Quotations for such redemption or acceleration date, the average of all such quotations, or (c) if the Issuer obtains only one such Reference Treasury Dealer Quotation for such redemption or
acceleration date, that Reference Treasury Dealer Quotation. 
 “DTC” means The Depository Trust Company. 

“GAAP” means generally accepted accounting principles, as in effect from time to time, as used in the United States applied on a
consistent basis. 
 “GLOBAL NOTE” means a single fully-registered global note in book-entry form, without coupons, substantially
in the form of Exhibit A attached hereto, which represents the Notes. 
 “INDENTURE” means the Original Indenture as
supplemented by this Supplemental Indenture and as further amended, modified or supplemented with respect to the Notes pursuant to the provisions of the Original Indenture. 

“INDEPENDENT INVESTMENT BANKER” means one of the Reference Treasury Dealers appointed by the Issuer. 

“INTERCOMPANY DEBT” means indebtedness owed by the Issuer, Company or any Subsidiary solely to the Issuer, Company or any
Subsidiary. 
 “MATURITY DATE,” when used with respect to any Note, means the date on which the principal of such Note or an
installment of principal becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, notice of redemption, notice of option to elect repayment or otherwise. 

“REFERENCE TREASURY DEALER” means with respect to any redemption or acceleration date for the Notes, each of (i) Wells Fargo
Securities, LLC, a Primary Treasury Dealer (as defined herein) selected by SunTrust Robinson Humphrey, Inc. and a Primary Treasury Dealer selected by U.S. Bancorp Investments, Inc. (and their respective successors provided, however, that if any such
firm or any such successor, as the case may be, ceases to be a primary U.S. Government securities dealer in The City of New York (a “Primary Treasury Dealer”), the Issuer shall substitute therefor another Primary Treasury Dealer);
and (ii) two other Primary Treasury Dealers selected by the Issuer. 
 “REFERENCE TREASURY DEALER QUOTATIONS” means, with
respect to each Reference Treasury Dealer and any redemption or acceleration date for the Notes, the average, as determined by the Issuer, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its
principal amount) quoted in writing to the Issuer by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such redemption or acceleration date. 

“STATED MATURITY” when used with respect to any Note or any installment of principal thereof or interest thereon, means the date
specified in such Note or a coupon representing such installment of interest as the fixed date on which the principal of such Note or such installment of principal or interest is due and payable. 

“SUBSIDIARY” means any entity of which at the time of determination the Issuer or one or more other Subsidiaries owns or controls,
directly or indirectly, more than 50% of the shares of Voting Stock. The foregoing definition of “Subsidiary” shall only be applicable with respect to the covenants and other definitions set forth herein. 

  
 - 3 - 

 “TOTAL UNENCUMBERED ASSETS” as of any date means Total Assets minus the value of any
properties of the Issuer and its Subsidiaries that are encumbered by any mortgage, charge, pledge, lien, security interest, trust deed, deed of trust, deed to secure debt, security agreement, or other encumbrance of any kind to secure Indebtedness
(other than those relating to Intercompany Debt), including the value of any stock of any Subsidiary that is so encumbered determined on a consolidated basis in accordance with GAAP; provided, however, that, in determining Total Unencumbered Assets
as a percentage of outstanding Unsecured Indebtedness for purposes of the covenant set forth below in Section 2.1(a) “Maintenance of Total Unencumbered Assets,” all investments in any Person that is not consolidated with the Issuer
for financial reporting purposes in accordance with GAAP shall be excluded from Total Unencumbered Assets to the extent that such investments would have otherwise been included. For purposes of this definition, the value of each property shall be
equal to the purchase price or cost of each such property (original cost plus capital improvements) and the value of any stock subject to any encumbrance shall be determined by reference to the value of the properties owned by the issuer of such
stock as aforesaid. 
 “TREASURY RATE” means, with respect to any redemption or acceleration date for the Notes: (a) the
yield, under the heading that represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)” or any successor publication which is published weekly by the
Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity
corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the Maturity Date of the Notes, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue shall be
determined and the Treasury Rate shall be interpolated or extrapolated from such yields on a straight-line basis, rounding to the nearest month) or (b) if such release (or any successor release) is not published during the week preceding the
calculation date or does not contain such yields, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its
principal amount) equal to the Comparable Treasury Price for such redemption date. The Treasury Rate shall be calculated by the Issuer and certificated to the Trustee in writing on the third Business Day preceding the applicable redemption or
acceleration date. 
 “UNSECURED INDEBTEDNESS” means Indebtedness of the Issuer or any Subsidiary that is not secured by any
mortgage, pledge, lien, charge, encumbrance or security interest of any kind upon any property of the Issuer or any Subsidiary. 
 Section
1.2 Creation of Notes. In accordance with Section 301 of the Original Indenture, the Issuer hereby creates the Notes as a separate series of its debt securities, entitled “3.875% Senior Notes due 2027,” issued pursuant to the
Indenture. The Notes shall initially be limited to an aggregate principal amount equal to $300,000,000, subject to the exceptions set forth in Section 301(2) of the Original Indenture and section 1.4(f) hereof. 

Section 1.3 Form of Notes. The Notes will be issued as registered securities and represented by a single Global Note, without coupons,
registered in the name of DTC or its nominee, as the case may be, subject to the provisions of the seventh paragraph of Section 305 of the Original Indenture. So long as DTC, or its nominee, is the registered owner of the Global Note, DTC or
its nominee, as the case may be, will be considered the sole Holder of the Notes represented by the Global Note for all purposes under the Indenture. 

  
 - 4 - 

 Section 1.4 Terms and Provisions of Notes. The Notes shall be governed by all of the terms
and provisions of the Original Indenture, as supplemented by this Supplemental Indenture, and in particular, the following provisions shall be terms of the Notes: 

(a) Registration and Form. The Notes shall be issuable as registered securities as provided in Section 1.3 of this Supplemental
Indenture. The Notes shall be issued and may be transferred only in minimum denominations of $2,000 and integral multiples of 1,000 in excess thereof. 

(b) Payment of Principal and Interest. All payments of principal and interest in respect of the Global Note will be made by the Issuer
in immediately available funds to DTC or its nominee, as the case may be, as the Holder of the Global Note. The Notes shall mature, and the unpaid principal thereon, shall be payable, on July 15, 2027, subject to the provisions of the Original
Indenture. The rate per annum at which interest shall be payable on the Notes shall be 3.875%. Interest on the Notes will be payable semi-annually in arrears on each January 15 and July 15, commencing January 15, 2018 (each, an
“Interest Payment Date”) and on the Stated Maturity as specified in Section 1.4(b) hereof, to the Persons in whose names the Notes are registered in the Security Register applicable to the Notes at the close of business on the
January 1 or July 1, as the case may be, immediately prior to such payment date regardless of whether such payment date is a Business Day (each a “Regular Record Date”). Interest on the Notes shall be computed on the basis
of a 360-day year of twelve 30-day months. Interest on the Notes shall accrue from July 3, 2017. 
 (c) Sinking Fund, Redemption or
Repayment. No sinking fund shall be provided for the Notes and the Notes shall not be repayable at the option of the Holders thereof prior to Stated Maturity. 

(d) Redemption at the Option of the Issuer. 

(1) Prior to April 15, 2027 (the “Par Call Date”), the Notes will be redeemable at any time in whole, or from time to
time in part, at the option of the Issuer on any date at a Redemption Price equal to the greater of (i) 100% of the principal amount of the Notes to be redeemed, and (ii) the sum of the present values as of the date of redemption or
accelerated payment of the remaining scheduled payments of principal of and interest on the Notes to be redeemed, after the date of redemption or accelerated payment through the Par Call Date (assuming, for this purpose, that the Notes are scheduled
to mature on the Par Call Date) (the “Assumed Remaining Life”) (exclusive of interest accrued to the applicable redemption or acceleration date) discounted to such redemption or acceleration date on a semiannual basis, assuming a
360-day year consisting of twelve 30-day months, at the Treasury Rate plus 30 basis points, plus, in the case of both clauses (i) and (ii) above, any accrued and unpaid interest on the principal amount of the Notes being redeemed to, but
excluding, such Redemption Date. Notwithstanding the foregoing, installments of interest on Notes that are due and payable on an Interest Payment Date falling on or prior to the relevant Redemption Date will be payable to the persons who were the
Holders of the Notes registered as such at the close of business on the relevant Regular Record Dates according to the terms and provisions of the Indenture. If the Notes are redeemed on or after the Par Call Date, the redemption price will be equal
to 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest thereon to, but excluding, the redemption date. 

(2) Notice of any redemption by the Issuer will be mailed at least 15 days but no more than 60 days before the Redemption Date to each Holder
of Notes to be redeemed. The notice of redemption will specify among other things, the Redemption Price and principal amount of the Notes held by the Holder to be redeemed. 

  
 - 5 - 

 (3) The notice of redemption may contain any conditions that must be satisfied before such
redemption will occur. 
 (4) If the Issuer chooses to redeem less than all of the Notes of a series, the Issuer will notify the Trustee at
least 20 days prior to the Redemption Date, or a shorter period as may be satisfactory to the Trustee, of the aggregate principal amount of Notes of the series to be redeemed, if less than all of the Notes of that series are to be redeemed, and
their Redemption Date. The Trustee will select, based on a method that most nearly approximates a pro rata selection unless otherwise required by law or applicable stock exchange or depositary requirements, no less than 15 days nor more than 60 days
prior to the Redemption Date, the Notes of that series to be redeemed in whole or in part. 
 (5) Unless the Issuer defaults in payment of
the Redemption Price, on and after any Redemption Date interest will cease to accrue on the Notes or portions thereof called for redemption. 

(e) Defeasance: Covenant Defeasance; Waiver. The provisions for defeasance in Section 402(2) of the Original Indenture for
covenant defeasance in Sections 402(3) and 1012 of the Original Indenture shall apply to the Notes (including, without limitation, to the covenants set forth in Article Two hereof and Article Ten of the Original Indenture as if such covenants were
referred to therein). 
 (f) Further Issues. The Issuer may, from time to time, without the consent of the Holders, create
and issue further securities having the same terms and conditions as the Notes in all respects, except for issue date and issue price. Additional Notes issued in this manner shall be consolidated with and shall form a single series with the
previously outstanding Notes. Notice of any such issuance shall be given to the Trustee and a new supplemental indenture or amendment to this Supplemental Indenture shall be executed in connection with the issuance of such securities. 

ARTICLE TWO 
 COVENANTS FOR BENEFIT
OF HOLDERS OF NOTES 
 Section 2.1 Additional Covenants. In addition to the covenants set forth in the Original Indenture, the Issuer
hereby further covenants as follows: 
 (a) Maintenance of Total Unencumbered Assets. The Issuer will maintain at all times Total
Unencumbered Assets of not less than 150% of the aggregate outstanding principal amount of the Unsecured Indebtedness of the Issuer and its Subsidiaries, computed on a consolidated basis in accordance with GAAP. 

Section 2.2 Amendment of Existing Covenants. The Issuer hereby amends Section 1010(b) of the Original Indenture and replaces it in
its entirety with the following: 
 (a) Debt Service Coverage. In addition to the other limitations set forth in Section 1010 of
the Original Indenture, the Issuer will not, and will not permit any Subsidiary to, incur any Indebtedness if, for the period consisting of the four consecutive fiscal quarters most recently ended prior to the date on which such additional
Indebtedness is to be incurred, the ratio of Consolidated Income Available for Debt Service to the Annual Service Charge shall have been less than 1.5 to 1, on a pro forma basis after giving effect to the incurrence of such Indebtedness and to the
application of the proceeds therefrom, and calculated on the assumption that (i) such Indebtedness and any other Indebtedness incurred by the Issuer or its Subsidiaries since the first day of such four-quarter period and 

  
 - 6 - 

 
the application of the proceeds therefrom, including to refinance other Indebtedness, had occurred at the beginning of such period, (ii) the repayment or retirement of any other Indebtedness
by the Issuer or its Subsidiaries since the first day of such four-quarter period had been incurred, repaid or retired at the beginning of such period (except that, in making such computation, the amount of Indebtedness under any revolving credit
facility shall be computed based upon the average daily balance of such Indebtedness during such period), and (iii) any income earned as a result of any increase in Adjusted Total Assets since the end of such four-quarter period had been
earned, on an annualized basis, during such period, and (iv) in the case of an acquisition or disposition by the Issuer of any Subsidiary or any asset or group of assets since the first day of such four-quarter period, including, without
limitation, by merger, stock purchase or sale, or asset purchase or sale, such acquisition or disposition or any related repayment of Indebtedness had occurred as of the first day of such period with the appropriate adjustments with respect to such
acquisition or disposition being included in such pro forma calculation. 
 Section 2.3 Deletion of Existing Covenants. The Issuer
hereby deletes Section 1014 of the Original Indenture in its entirety, but only insofar as it relates to the Notes. 
 ARTICLE THREE

 TRUSTEE 
 Section 3.1
Trustee. The Trustee is appointed as the principal paying agent, transfer agent and registrar for the Notes and for the purposes of Section 1002 of the Indenture. The Notes may be presented for payment at the Corporate Trust Office of
the Trustee in Boston, Massachusetts or at any other corporate trust office as may be appointed from time to time by the Issuer. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this
Supplemental Indenture or the due execution hereof by the Issuer. The recitals of fact contained herein shall be taken as the statements solely of the Issuer, and the Trustee assumes no responsibility for the correctness thereof. 

ARTICLE FOUR 
 MISCELLANEOUS
PROVISIONS 
 Section 4.1 Ratification of Original Indenture. This Supplemental Indenture is executed and shall be construed as an
indenture supplemental to the Original Indenture, and as supplemented and modified hereby, the Original Indenture is in all respects ratified and confirmed, and the Original Indenture and this Supplemental Indenture shall be read, taken and
construed as one and the same instrument. 
 Section 4.2 Effect of Headings. The Article and Section headings herein are for
convenience only and shall not affect the construction hereof. 
 Section 4.3 Successors and Assigns. All covenants and agreements in
this Supplemental Indenture by the Issuer shall bind its respective successors and assigns, whether so expressed or not. 
 Section 4.4
Separability Clause. In case any one or more of the provisions contained in this Supplemental Indenture shall for any reason be held to be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the
remaining provisions shall not in any way be affected or impaired thereby. 

  
 - 7 - 

 Section 4.5 Governing Law. This Supplemental Indenture shall be governed by, and construed
in accordance with, the laws of the State of New York applicable to agreements made and instruments entered into and, in each case, performed in said state. This Supplemental Indenture is subject to the provisions of the Trust Indenture Act of 1939,
as amended, that are required to be part of this Supplemental Indenture and shall, to the extent applicable, be governed by such provisions. 

Section 4.6 Counterparts. This Supplemental Indenture may be executed in several counterparts, each of which shall be an original and
all of which shall constitute one and the same instrument. 

  
 - 8 - 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed, and their respective corporate seals to be hereunto affixed and attested, all as of the date first above written. 

TANGER PROPERTIES LIMITED PARTNERSHIP, an ISSUER 

 

					
	By:	 	Tanger GP Trust, as General Partner
		
	By:	 	/s/ James F. Williams
		 	Name:	 	James F. Williams
		 	Title:	 	Vice President and Treasurer

 Attest: 
  

			
	/s/ Chad D. Perry
	Name:	 	Chad D. Perry
	Title:	 	Vice President and Secretary

  
 [Signature Page to the
Supplemental Indenture] 

 
					
	U.S. BANK NATIONAL ASSOCIATION, as TRUSTEE
		
	By:	 	/s/ Carolina D. Altomare
		 	Name:	 	Carolina D. Altomare
		 	Title:	 	Vice President

  
 [Signature Page to the
Supplemental Indenture] 

 Exhibit A 

Global Note 

  
 - 1 - 

 PRINCIPAL AMOUNT 

$300,000,000 
 CUSIP NO.: 875484 AK3 

ISIN NO.: US875484AK30 
 TANGER PROPERTIES LIMITED
PARTNERSHIP 
 3.875% SENIOR NOTES DUE 2027 

THIS SECURITY IS A GLOBAL NOTE WITHIN THE MEANING SET FORTH IN THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A
DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND, UNLESS AND UNTIL IT
IS EXCHANGED FOR SECURITIES IN DEFINITIVE FORM AS AFORESAID, MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE
DEPOSITARY OR ITS NOMINEE TO A SUCCESSOR DEPOSITARY OR ITS NOMINEE. 
 UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY (“DTC”), 55 WATER STREET, NEW YORK, NEW YORK TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SUCH SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO., OR SUCH
OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL, SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 Tanger
Properties Limited Partnership, a North Carolina limited partnership (the “Partnership,” which term shall include any successor under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede &
Co., or registered assigns, the principal sum of Three Hundred Million Dollars on July 15, 2027, and to pay interest thereon from July 3, 2017 or from the most recent date to which interest has been paid or duly provided for, semi-annually
in arrears on January 15 and July 15 of each year (the “Interest Payment Dates”), commencing January 15, 2018, at the rate of 3.875% per annum, until the entire principal amount hereof is paid or made available for
payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note is registered in the Security Register applicable to the Notes
at the close of business on January 1 or July 1 (the “Regular Record Dates”), as the case may be, immediately preceding the applicable Interest Payment Date regardless of whether the Regular Record Date is a Business Day. Any
such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date, and may either be paid to the Person in whose name this Note is registered at the close of business on a Special
Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Notes of this series not less than 10 days prior to such Special Record Date, or may be paid at any time in any other
lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. Interest will be computed on the
basis of a 360-day year of twelve 30-day months. If any principal of or premium, if any, or interest on any of the Notes is not paid when due, then such overdue principal and, to the extent permitted by law, such overdue premium or interest, as the
case may be, shall bear interest, until paid or until such payment is duly provided for, at the rate of 3.875% per annum. 

  
 - 2 - 

 Payments of principal, premium, if any, and interest in respect of this Note will be made by the
Partnership in Dollars. If this Note is a Global Note, all payments of principal, premium, if any, and interest in respect of this Note will be made by wire transfer of immediately available funds to an account maintained by the payee located in the
United States. If this Note is not a Global Note (a “Certificated Note”), payments of interest on this Note may, at the Partnership’s option, be made by mailing a check to the address of the Person entitled thereto as such address
appears in the Security Register for the Notes or by wire transfer to an account maintained by the payee located inside the United States, all on the terms set forth in the Indenture. 

Payments of principal of and premium, if any, and interest on Certificated Notes that are due and payable on the Final Maturity Date, any
Redemption Date or any other date on which principal of such Notes is due and payable will be made by wire transfer of immediately available funds to accounts maintained by the Holders thereof in the United States, so long as such Holders have given
appropriate wire transfer instructions to the Trustee or a Paying Agent for the Notes, against surrender of such Notes to the Trustee or a Paying Agent for the Notes; provided that installments of interest on Certificated Notes that are due and
payable on any Interest Payment Date falling on or prior to such Final Maturity Date, Redemption Date or other date on which principal of such Notes is payable will be paid in the manner described in the preceding paragraph to the Persons who were
the Holders of such Notes registered as such at the close of business on the relevant Regular Record Dates according to their terms and the provisions of the Indenture. 

This Note is one of a duly authorized issue of Securities of the Partnership (herein called the “Notes”), issued as a series of
Securities under an indenture dated as of March 1, 1996 (herein called, together with all indentures supplemental thereto, the “Indenture”), between the Partnership and U.S. Bank National Association, as trustee (the
“Trustee,” which term includes any successor trustee under the Indenture with respect to the Notes), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations
of rights, duties and immunities thereunder of the Partnership, the Trustee and the Holders of the Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered. This Note is one of the duly authorized series designated
as the “3.875% Senior Notes due 2027,” limited (subject to exceptions provided in the Indenture and subject to the right of the Partnership to reopen such series for the issuance of additional Securities of such series on the terms and
subject to the conditions specified in the Indenture) in aggregate principal amount to $300,000,000. All terms used in this Note which are defined in the Indenture and not defined herein shall have the meanings assigned to them in the Indenture.

 Prior to April 15, 2027 (the “Par Call Date”), the Notes may be redeemed at any time at the option of the Partnership, in
whole at any time or from time to time in part, at a Redemption Price equal to the greater of: 
 (a) 100% of the principal amount of the
Notes to be redeemed, and 
 (b) the sum of the present values as of the date of redemption or acceleration payment of the remaining
scheduled payments of principal of and interest on the Notes to be redeemed, after the date of redemption or accelerated payment through the Par Call Date (assuming, for this purpose, that the Notes are scheduled to mature on the Par Call Date) (the
“Assumed Remaining Life”) (exclusive of interest accrued to the applicable redemption or acceleration date) discounted to such redemption or acceleration date on a semiannual basis, assuming a 360-day year consisting of twelve 30-day
months, at the Treasury Rate plus 30 basis points, 

  
 - 3 - 

 plus, in the case of both clauses (a) and (b) above, any accrued and unpaid interest on the principal
amount of the Notes being redeemed to, but excluding. such Redemption Date. Notwithstanding the foregoing, installments of interest on Notes whose Stated Maturity is on or prior to the relevant Redemption Date will be payable to the Holders of such
Notes registered as such at the close of business on the relevant Regular Record Dates according to their terms and the provisions of the Indenture. 

If the Notes are redeemed on or after the Par Call Date, the redemption price will be equal to 100% of the principal amount of the Notes to be
redeemed plus accrued and unpaid interest thereon to, but excluding, the redemption date. 
 Notice of any redemption by the Partnership
will be mailed at least 15 days but not more than 60 days before the applicable Redemption Date to each Holder of Notes to be redeemed. The notice of redemption may contain any conditions that must be satisfied before such redemption will
occur. 
 The Indenture contains provisions for defeasance at any time of (a) the entire indebtedness of the Partnership on the Notes
and (b) certain restrictive covenants and the related defaults and Events of Default applicable to the Partnership, in each case, upon compliance by the Partnership with certain conditions set forth in the Indenture, which provisions apply to
this Note. 
 In addition to the covenants of the Partnership contained in the Indenture, the Partnership makes the following covenants with
respect to, and for the benefit of the Holders of, the Notes: 
 Debt Service Coverage. In addition to the other limitations on the
incurrence of Indebtedness, the Partnership will not, and will not permit any Subsidiary to, incur any Indebtedness, if for the period consisting of the four consecutive fiscal quarters most recently ended prior to the date on which such additional
Indebtedness is to be incurred, the ratio of Consolidated Income Available for Debt Service to the Annual Service Charge shall have been less than 1.5 to 1.0, on a pro forma basis after giving effect to the incurrence of such Indebtedness and to the
application of the proceeds therefrom, and calculated on the assumption that (i) such Indebtedness and any other Indebtedness incurred by the Partnership or any of its Subsidiaries since the first day of such four-quarter period and the
application of the proceeds therefrom, including to refinance other Indebtedness, had occurred at the beginning of such period; (ii) the repayment or retirement of any other Indebtedness by the Partnership or any of its Subsidiaries since the
first day of such four-quarter period had been incurred, repaid or retired at the beginning of such period (except that, in making such computation, the amount of Indebtedness under any revolving credit facility shall be computed based upon the
average daily balance of such Indebtedness during such period); (iii) any income earned as a result of any increase in Adjusted Total Assets since the end of such four-quarter period had been earned, on an annualized basis, during such period;
and (iv) in the case of an acquisition or disposition by the Partnership or any Subsidiary of any asset or group of assets since the first day of such four-quarter period, including, without limitation, by merger, stock purchase or sale, or
asset purchase or sale, such acquisition or disposition or any related repayment of Indebtedness had occurred as of the first day of such period with the appropriate adjustments with respect to such acquisition or disposition being included in such
pro forma calculation. 
 Maintenance of Total Unencumbered Assets. The Partnership will maintain at all times Total
Unencumbered Assets of not less than 150% of the aggregate outstanding principal amount of the Unsecured Indebtedness of the Partnership and its Subsidiaries, computed on a consolidated basis in accordance with GAAP. 

  
 - 4 - 

 Certain Definitions. As used herein, the following terms will have the meanings set forth
below: 
 “Annual Service Charge” as of any date means the amount which is expensed or capitalized in the
immediately preceding four fiscal quarter periods for interest on Indebtedness, excluding amounts relating to the amortization of deferred financing costs. 

“Business Day” means any day, other than a Saturday or a Sunday, that is neither a legal holiday nor a day on which
banking institutions in New York City are authorized or required by law, regulation or executive order to close. 

“Comparable Treasury Issue” means, with respect to any redemption or acceleration date for the Notes, the United
States Treasury security selected by the Independent Investment Banker as having a maturity comparable to the Assumed Remaining Life that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new
issues of corporate debt securities of comparable maturity to the remaining term of the Notes to be redeemed. 

“Comparable Treasury Price” means, with respect to any redemption or acceleration date for the Notes: 

(a) the average of four Reference Treasury Dealer Quotations for such redemption or acceleration date, after excluding the highest and lowest
such Reference Treasury Dealer Quotations, or 
 (b) if the Partnership obtains fewer than four but more than one such Reference Treasury
Dealer Quotations for such redemption or acceleration date, the average of all such quotations, or 
 (c) if the Partnership obtains only
one such Reference Treasury Dealer Quotation for such redemption or acceleration date, that Reference Treasury Dealer Quotation. 

“Consolidated Income Available for Debt Service” for any period means Consolidated Net Income of the Partnership and
its Subsidiaries plus amounts which have been deducted for (i) interest on Indebtedness of the Partnership and its Subsidiaries, (ii) provision for taxes of the Partnership and its Subsidiaries based on income, (iii) amortization of
debt discount, (iv) depreciation and amortization, the effect of any noncash charge resulting from a change in accounting principles in determining Consolidated Net Income for such period, (v) amortization of deferred charges, and
(vi) provisions for or realized losses on properties, less amounts which have been included for gains on properties. 

“Consolidated Net Income” for any period means the amount of consolidated net income (or loss) of the Partnership and
its Subsidiaries for such period determined on a consolidated basis in accordance with GAAP. 
 “Final Maturity
Date” means July 15, 2027. 
 “GAAP” means generally accepted accounting principles, as in
effect from time to time, as used in the United States applied on a consistent basis. 
 “Indebtedness” means
any indebtedness, whether or not contingent, in respect of (i) borrowed money evidenced by bonds, notes, debentures or similar instruments, (ii) indebtedness secured by any mortgage, pledge, lien, charge, encumbrance or any security
interest existing on property, (iii) the reimbursement obligations, contingent or otherwise, in connection with any letters of credit actually issued or amounts representing the balance deferred and unpaid of the purchase price of any property
except any such balance that constitutes an accrued expense or trade payable or (iv) any lease of property as lessee which would be reflected on a consolidated balance sheet as a capitalized lease in accordance with GAAP, in the case of items
of indebtedness under (i) through (iii) above to the extent that any such  

  
 - 5 - 

 
items (other than letters of credit) would appear as a liability on a consolidated balance sheet in accordance with GAAP, and also includes to the extent not otherwise included, any obligation to
be liable for, or to pay, as obligor, guarantor or otherwise (other than for purposes of collection in the ordinary course of business), indebtedness of another person. 

“Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Partnership. 

“Intercompany Debt” means indebtedness owed by the Partnership, the Company or any Subsidiary solely to the
Partnership, the Company or any Subsidiary. 
 “Reference Treasury Dealer” means with respect to any
redemption or acceleration date for the Notes, each of (i) Wells Fargo Securities, LLC, a Primary Treasury Dealer (as defined herein) selected by SunTrust Robinson Humphrey, Inc. and a Primary Treasury Dealer selected by U.S. Bancorp
Investments, Inc. (and their respective successors provided, however, that if any such firm or any such successor, as the case may be, ceases to be a primary U.S. Government securities dealer in The City of New York (a “Primary Treasury
Dealer”), the Partnership shall substitute therefor another Primary Treasury Dealer); and (ii) two other Primary Treasury Dealers selected by the Partnership. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption or
acceleration date for the Notes, the average, as determined by the Partnership, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Partnership by
such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such redemption or acceleration date. 

“Subsidiary” means any entity of which at the time of determination the Partnership or one or more other Subsidiaries
owns or controls, directly or indirectly, more than 50% of the shares of Voting Stock. This definition shall apply only for purposes of the covenants set forth above under the captions “Debt Service Coverage” and “Maintenance of Total
Unencumbered Assets,” the other definitions set forth herein under this caption “Certain Definitions,” and, insofar as Section 801 of the Indenture is applicable to the Notes, the term “Subsidiary,” as used in
Section 801(2) of the Indenture, shall have the meaning set forth in this definition (instead of the meaning set forth in Section 101 of the Indenture). 

“Total Assets” as of any date means the sum of (i) Undepreciated Real Estate Assets and (ii) all other
assets of the Partnership and its Subsidiaries on a consolidated basis determined in accordance with GAAP (but excluding intangibles and accounts receivable). 

“Total Unencumbered Assets” as of any date means Total Assets minus the value of any properties of the Partnership and
its Subsidiaries that are encumbered by any mortgage, charge, pledge, lien, security interest, trust deed, deed of trust, deed to secure debt, security agreement, or other encumbrance of any kind to secure Indebtedness (other than those relating to
Intercompany Debt), including the value of any stock of any Subsidiary that is so encumbered determined on a consolidated basis in accordance with GAAP; provided, however, that, in determining Total Unencumbered Assets as a percentage of outstanding
Unsecured Indebtedness for purposes of the covenant set forth above in “Maintenance of Total Unencumbered Assets,” all investments in any Person that is not consolidated with the Partnership for financial reporting purposes in accordance
with GAAP shall be excluded from Total Unencumbered Assets to the extent that such investments would have otherwise been included. For purposes of this definition, the value of each property shall be equal to the purchase price or cost of each such
property (original cost plus capital improvements) and the value of any stock subject to any encumbrance shall be determined by reference to the value of the properties owned by the issuer of such stock as aforesaid. 

  
 - 6 - 

 “Treasury Rate” means, with respect to any redemption or acceleration
date for the Notes: 
 (a) the yield, under the heading that represents the average for the immediately preceding week, appearing in
the most recently published statistical release designated “H.15(519)” or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United
States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the Final
Maturity Date of the Notes, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue shall be determined and the Treasury Rate shall be interpolated or extrapolated from such yields on a straight-line
basis, rounding to the nearest month), or 
 (b) if such release (or any successor release) is not published during the week preceding the
calculation date or does not contain such yields, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its
principal amount) equal to the Comparable Treasury Price for such Redemption Date. 
 The Treasury Rate shall be calculated by the
Partnership and certificated to the Trustee in writing on the third Business Day preceding the applicable redemption or acceleration date. 

“Undepreciated Real Estate Assets” as of any date means the cost (original cost plus capital improvements) of real
estate assets of the Partnership and its Subsidiaries on such date, before depreciation and amortization, determined on a consolidated basis in accordance with GAAP. 

“Unsecured Indebtedness” means Indebtedness of the Partnership or any Subsidiary that is not secured by any mortgage,
pledge, lien, charge, encumbrance or security interest of any kind upon any property of the Partnership or any Subsidiary. 

“Voting Stock” means stock having general voting power under ordinary circumstances to elect at least a majority of the board
of directors, managers or trustees (or persons performing similar functions) provided that the stock that carries only the right to vote conditionally on the happening of an event is not considered Voting Stock. 

If an Event of Default with respect to the Notes shall occur and be continuing, the principal of the Notes may be declared due and payable in
the manner and with the effect provided in the Indenture. 
 As provided in and subject to the provisions of the Indenture, the Holder of
this Note shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written
notice of a continuing Event of Default with respect to the Notes, the Holders of not less than 25% in principal amount of the Notes at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such
Event of Default as Trustee and offered the Trustee reasonable indemnity and the Trustee shall not have received from the Holders of a majority in principal amount of the Notes at the time Outstanding a direction inconsistent with such request, and
shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Note for the enforcement of any payment of
principal of, or premium, if any, or interest on, this Note on or after the respective due dates therefor. 

  
 - 7 - 

 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the
modification of the rights and obligations of the Partnership and the rights of the Holders of the Notes under the Indenture at any time by the Partnership and the Trustee with the consent of the Holders of not less than a majority in aggregate
principal amount of the Outstanding Notes. The Indenture also contains provisions permitting the Holders of not less than a majority in principal amount of the Notes at the time Outstanding, on behalf of the Holders of all Notes, to waive compliance
by the Partnership with certain provisions of the Indenture. Furthermore, provisions in the Indenture permit the Holders of not less than a majority of the aggregate principal amount of the Outstanding Notes to waive, in certain circumstances, on
behalf of all Holders of the Notes, certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and
of any Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the
Partnership, which is absolute and unconditional, to pay the principal of, and premium, if any, and interest on, this Note at the times, places and rate, and in the coin or currency, herein prescribed. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable in the Security
Register, upon surrender of this Note for registration of transfer at the office or agency of the Partnership in any Place of Payment for the Notes, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the
Partnership and the Security Registrar for the Notes duly executed by, the Holder hereof or his or her attorney duly authorized in writing, and thereupon one or more new Notes of authorized denominations and for the same aggregate principal amount
will be issued to the designated transferee or transferees. 
 As provided in the Indenture and subject to certain limitations therein set
forth, Notes of this series are exchangeable for a like aggregate principal amount of Notes of this series of different authorized denominations, as requested by the Holder surrendering the same. 

The Notes of this series are issuable only in registered form without interest coupons in minimum denominations of $2,000 and any integral
multiples of $1,000 in excess thereof. No service charge shall be made for any such registration of transfer or exchange, but the Partnership may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection
therewith. 
 Prior to due presentment of this Note for registration of transfer, the Partnership, the Trustee and any agent of the
Partnership or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Partnership, the Trustee nor any such agent shall be affected by notice
to the contrary. 
 No recourse shall be had for the payment of the principal of, or premium, if any, or the interest on this Note, or for
any claim based hereon, or otherwise in respect hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against any past, present or future stockholder, employee, officer or director, as such, of the Partnership or
of any successor, either directly or through the Partnership or any successor, whether by virtue of any constitution, statute or rule of law or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance
hereof and as part of the consideration for the issue hereof, expressly waived and released. 
 THE INDENTURE AND THE NOTES, INCLUDING THIS
NOTE, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 

  
 - 8 - 

 Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification
Procedures, the Partnership has caused CUSIP numbers to be printed on the Notes as a convenience to the Holders of the Notes. No representation is made as to the correctness or accuracy of such CUSIP numbers as printed on the Notes, and reliance may
be placed only on the other identification numbers printed hereon. 
 Unless the certificate of authentication hereon has been executed by
the Trustee by manual signature of one of its authorized signatories, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

The headings included in this Note are for convenience only and shall not affect the construction hereof. 

  
 - 9 - 

 IN WITNESS WHEREOF, the Partnership has caused this instrument to be duly executed under its
corporate seal. 
  

			
	TANGER PROPERTIES LIMITED PARTNERSHIP
		
	By:	 	TANGER GP TRUST, its sole general partner
		
	By:	 	 

 
			
		
	Name:	 	
	Title:	 	

 Attest: 
  

			
		
	By:	 	 

			
	Name:	 	
	Title:	 	

  
 [Signature Page to Global
Note] 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION: 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

U.S. BANK NATIONAL ASSOCIATION, as Trustee 
  

			
		
	By:	 	Authorized Signatory

			
	Dated:	 	

 ASSIGNMENT FORM 

FOR VALUE RECEIVED, the undersigned hereby 

sells, assigns and transfers to 
  

			
		  	 PLEASE INSERT SOCIAL
 SECURITY OR OTHER
IDENTIFYING
 NUMBER OF ASSIGNEE

		
		  	 
		
		  	 
		
		  	 
		  	 (Please Print or Typewrite Name and Address

including Zip Code of Assignee)

		  	 the within Note of TANGER PROPERTIES LIMITED PARTNERSHIP,

and hereby does irrevocably constitute and
appoint                            

		
		  	 
		
		  	 
		
		  	Attorney to transfer said Note on the books of the within-named Partnership with full power of substitution in the premises.
		
		  	Dated:                            
		
		  	NOTICE: The signature to this assignment must correspond with the name as it appears on the first page of the within Note in every particular, without alteration or enlargement or any change whatever.
		
	Signature Guaranty	  	                                      
                              
		  	         (Signature must be guaranteed by

        a participant in a signature

        guarantee medallion program)

  
 - 3 -THIS
NOTE AND THE COMMON STOCK ISSUABLE UPON CONVERSION OF THIS NOTE HAVE NOT BEEN AND WILL NOT BE REGISTERED WITH THE UNITED STATES
SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND THE RULES AND REGULATIONS PROMULGATED THEREUNDER (THE “1933 ACT”)

 

	 	US
    $80,000.00                     

 

TAURIGA
SCIENCES, INC.

5%
CONVERTIBLE REDEEMABLE NOTE

DUE
JUNE 27, 2018

 

FOR
VALUE RECEIVED, Tauriga Sciences, Inc. (the “Company”) promises to pay to the order of GS CAPITAL PARTNERS, LLC and
its authorized successors and permitted assigns (“Holder”), the aggregate principal face amount of Eighty Thousand
Dollars exactly (U.S. $80,000.00) on June 27, 2018 (“Maturity Date”) and to pay interest on the principal amount
outstanding hereunder at the rate of 5% per annum commencing on June 27, 2017. The interest will be paid to the Holder in whose
name this Note is registered on the records of the Company regarding registration and transfers of this Note. The principal of,
and interest on, this Note are payable at 110 Wall Street, Suite 5-070 New York, NY 10005, initially, and if changed, last appearing
on the records of the Company as designated in writing by the Holder hereof from time to time. The Company will pay each interest
payment and the outstanding principal due upon this Note before or on the Maturity Date, less any amounts required by law to be
deducted or withheld, to the Holder of this Note by check or wire transfer addressed to such Holder at the last address appearing
on the records of the Company. The forwarding of such check or wire transfer shall constitute a payment of outstanding principal
hereunder and shall satisfy and discharge the liability for principal on this Note to the extent of the sum represented by such
check or wire transfer. Interest shall be payable in Common Stock (as defined below) pursuant to paragraph 4(b) herein.

 

This
Note is subject to the following additional provisions:

 

1.
This Note is exchangeable for an equal aggregate principal amount of Notes of different authorized denominations, as requested
by the Holder surrendering the same. No service charge will be made for such registration or transfer or exchange, except that
Holder shall pay any tax or other governmental charges payable in connection therewith.

 

____

Initials

 

    	 	 	 

    	 		 

    

 

2.
The Company shall be entitled to withhold from all payments any amounts required to be withheld under applicable laws.

 

3.
This Note may be transferred or exchanged only in compliance with the Securities Act of 1933, as amended (“Act”)
and applicable state securities laws. Any attempted transfer to a non-qualifying party shall be treated by the Company as void.
Prior to due presentment for transfer of this Note, the Company and any agent of the Company may treat the person in whose name
this Note is duly registered on the Company’s records as the owner hereof for all other purposes, whether or not this Note
be overdue, and neither the Company nor any such agent shall be affected or bound by notice to the contrary. Any Holder of this
Note electing to exercise the right of conversion set forth in Section 4(a) hereof, in addition to the requirements set forth
in Section 4(a), and any prospective transferee of this Note, also is required to give the Company written confirmation that this
Note is being converted (“Notice of Conversion”) in the form annexed hereto as Exhibit A. The date of
receipt (including receipt by telecopy) of such Notice of Conversion shall be the Conversion Date.

 

4.
(a) The Holder of this Note is entitled, at its option, at any time after cash payment, to convert all or any amount of the principal
face amount of this Note then outstanding into shares of the Company’s common stock (the “Common Stock”)
at a price (“Conversion Price”) for each share of Common Stock equal $0.00125 per share. If the shares have
not been delivered within 3 business days, the Notice of Conversion may be rescinded. Such conversion shall be effectuated by
the Company delivering the shares of Common Stock to the Holder within 3 business days of receipt by the Company of the Notice
of Conversion. Accrued but unpaid interest shall be subject to conversion. No fractional shares or scrip representing fractions
of shares will be issued on conversion, but the number of shares issuable shall be rounded to the nearest whole share.
To the extent the Conversion Price of the Company’s Common Stock closes below the par value per share, the Company will
take all steps necessary to solicit the consent of the stockholders to reduce the par value to the lowest value possible under
law. The Company agrees to honor all conversions submitted pending this increase. In no event shall the Holder be allowed to effect
a conversion if such conversion, along with all other shares of Company Common Stock beneficially owned by the Holder and its
affiliates would exceed 9.9% of the outstanding shares of the Common Stock of the Company. All the terms set forth herein, including
but not limited to interest rate, prepayment terms, conversion discount or lookback period will be adjusted downward (i.e. for
the benefit of the Holder) if the Company offers a more favorable conversion discount (whether via interest, rate OID or otherwise)
or lookback period to another party or otherwise grants any more favorable terms to any third party than those contained herein
while this Note is in effect. For the purposes of clarity, the immediately preceding sentence shall not apply to any agreements
and/or notes to which the Company is a party as of the date hereof, including any conversions under such agreements and/or notes.

 

(b)
Interest on any unpaid principal balance of this Note shall be paid at the rate of 5% per annum. Interest shall be paid by the
Company in Common Stock (“Interest Shares”). Holder may, at any time, send in a Notice of Conversion to the Company
for Interest Shares based on the formula provided in Section 4(a) above. The dollar amount converted into Interest Shares shall
be all or a portion of the accrued interest calculated on the unpaid principal balance of this Note to the date of such notice.

 

___

Initials

 

    	 	 2	 

    	 		 

    

 

(c)
During the first six months this Note is in effect, the Company may redeem this Note by paying to the Holder an amount as follows:
(i) if the redemption is within the first 90 days this Note is in effect, then for an amount equal to 120% of the unpaid principal
amount of this Note along with any interest that has accrued during that period, (ii) if the redemption is after the 91st day
this Note is in effect, but less than the 180th day this Note is in effect, then for an amount equal to 133% of the
unpaid principal amount of this Note along with any accrued interest. This Note may not be redeemed after 180 days. The redemption
must be closed and paid for within 3 business days of the Company sending the redemption demand or the redemption will be invalid
and the Company may not redeem this Note. Such redemption must be closed and funded within 3 days of giving notice of redemption
of the right to redeem shall be null and void.

 

(d)
Upon (i) a transfer of all or substantially all of the assets of the Company to any person in a single transaction or series of
related transactions, (ii) a reclassification, capital reorganization or other change or exchange of outstanding shares of the
Common Stock, other than a forward or reverse stock split or stock dividend, or (iii) any consolidation or merger of the Company
with or into another person or entity in which the Company is not the surviving entity (other than a merger which is effected
solely to change the jurisdiction of incorporation of the Company and results in a reclassification, conversion or exchange of
outstanding shares of Common Stock solely into shares of Common Stock) (each of items (i), (ii) and (iii) being referred to as
a “Sale Event”), then, in each case, the Company shall, upon request of the Holder, redeem this Note in cash for 150%
of the principal amount, plus accrued but unpaid interest through the date of redemption, or at the election of the Holder, such
Holder may convert the unpaid principal amount of this Note (together with the amount of accrued but unpaid interest) into shares
of Common Stock immediately prior to such Sale Event at the Conversion Price.

 

(e)
In case of any Sale Event (not to include a sale of all or substantially all of the Company’s assets) in connection with
which this Note is not redeemed or converted, the Company shall cause effective provision to be made so that the Holder of this
Note shall have the right thereafter, by converting this Note, to purchase or convert this Note into the kind and number of shares
of stock or other securities or property (including cash) receivable upon such reclassification, capital reorganization or other
change, consolidation or merger by a holder of the number of shares of Common Stock that could have been purchased upon exercise
of the Note and at the same Conversion Price, as defined in this Note, immediately prior to such Sale Event. The foregoing provisions
shall similarly apply to successive Sale Events. If the consideration received by the holders of Common Stock is other than cash,
the value shall be as determined by the Board of Directors of the Company or successor person or entity acting in good faith.

 

5.
No provision of this Note shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the
principal of, and interest on, this Note at the time, place, and rate, and in the form, herein prescribed.

 

___

Initials

 

    	 	 3	 

    	 		 

    

 

6.
The Company hereby expressly waives demand and presentment for payment, notice of non-payment, protest, notice of protest, notice
of dishonor, notice of acceleration or intent to accelerate, and diligence in taking any action to collect amounts called for
hereunder and shall be directly and primarily liable for the payment of all sums owing and to be owing hereto.

 

7.
The Company agrees to pay all costs and expenses, including reasonable attorneys’ fees and expenses, which may be incurred
by the Holder in collecting any amount due under this Note.

 

8.
If one or more of the following described “Events of Default” shall occur:

 

(a)
The Company shall default in the payment of principal or interest on this Note or any other note issued to the Holder by the Company;
or

 

(b)
Any of the representations or warranties made by the Company herein or in any certificate or financial or other written statements
heretofore or hereafter furnished by or on behalf of the Company in connection with the execution and delivery of this Note, or
the Securities Purchase Agreement under which this note was issued shall be false or misleading in any respect; or

 

(c)
The Company shall fail to perform or observe, in any respect, any covenant, term, provision, condition, agreement or obligation
of the Company under this Note or any other note issued to the Holder; or

 

(d)
The Company shall (1) become insolvent; (2) admit in writing its inability to pay its debts generally as they mature; (3) make
an assignment for the benefit of creditors or commence proceedings for its dissolution; (4) apply for or consent to the appointment
of a trustee, liquidator or receiver for its or for a substantial part of its property or business; (5) file a petition for bankruptcy
relief, consent to the filing of such petition or have filed against it an involuntary petition for bankruptcy relief, all under
federal or state laws as applicable; or

 

(e)
A trustee, liquidator or receiver shall be appointed for the Company or for a substantial part of its property or business without
its consent and shall not be discharged within sixty (60) days after such appointment; or

 

(f)
Any governmental agency or any court of competent jurisdiction at the instance of any governmental agency shall assume custody
or control of the whole or any substantial portion of the properties or assets of the Company; or

 

(g)
One or more money judgments, writs or warrants of attachment, or similar process, in excess of fifty thousand dollars ($50,000)
in the aggregate, shall be entered or filed against the Company or any of its properties or other assets and shall remain unpaid,
unvacated, unbonded or unstayed for a period of fifteen (15) days or in any event later than five (5) days prior to the date of
any proposed sale thereunder; or

 

___

Initials

 

    	 	 4	 

    	 		 

    

 

(h)
The Company shall have defaulted on or breached any term of any other note of similar debt instrument into which the Company has
entered and failed to cure such default within the appropriate grace period; or

 

(i)
The Company shall have its Common Stock delisted from an exchange (including the OTC Market Exchange) or, if the Common Stock
trades on an exchange, then trading in the Common Stock shall be suspended for more than 10 consecutive days or ceases to file
its 1934 act reports with the SEC;

 

(j)
If a majority of the members of the Board of Directors of the Company on the date hereof are no longer serving as members of the
Board;

 

(k)
The Company shall not deliver to the Holder the Common Stock pursuant to paragraph 4 herein without restrictive legend within
3 business days of its receipt of a Notice of Conversion; or

 

(l)
The Company shall not replenish the reserve set forth in Section 12, within 3 business days of the request of the Holder.

 

(m)
The Company shall not be “current” in its filings with the Securities and Exchange Commission;

 

(n)
The Company shall lose the “bid” price for its stock in a market (including the OTC marketplace or other exchange);
or

 

Then,
or at any time thereafter, unless cured within 5 days, and in each and every such case, unless such Event of Default shall have
been waived in writing by the Holder (which waiver shall not be deemed to be a waiver of any subsequent default) at the option
of the Holder and in the Holder’s sole discretion, the Holder may consider this Note immediately due and payable, without
presentment, demand, protest or (further) notice of any kind (other than notice of acceleration), all of which are hereby expressly
waived, anything herein or in any note or other instruments contained to the contrary notwithstanding, and the Holder may immediately,
and without expiration of any period of grace, enforce any and all of the Holder’s rights and remedies provided herein or
any other rights or remedies afforded by law. Upon an Event of Default, interest shall accrue at a default interest rate of 24%
per annum or, if such rate is usurious or not permitted by current law, then at the highest rate of interest permitted by law.
In the event of a breach of Section 8(k) the penalty shall be $250 per day the shares are not issued beginning on the 4th
day after the conversion notice was delivered to the Company. This penalty shall increase to $500 per day beginning on the
10th day. The penalty for a breach of Section 8(n) shall be an increase of the outstanding principal amounts by 20%.
In case of a breach of Section 8(i), the outstanding principal due under this Note shall increase by 50%. If this Note is not
paid at maturity, the outstanding principal due under this Note shall increase by 10%.

 

If
the Holder shall commence an action or proceeding to enforce any provisions of this Note, including, without limitation, engaging
an attorney, then if the Holder prevails in such action, the Holder shall be reimbursed by the Company for its attorneys’
fees and other costs and expenses incurred in the investigation, preparation and prosecution of such action or proceeding.

 

___

Initials

 

    	 	 5	 

    	 		 

    

 

Make-Whole
for Failure to Deliver Loss. At the Holder’s election, if the Company fails for any reason to deliver to the Holder the
conversion shares by the by the 3rd business day following the delivery of a Notice of Conversion to the Company and if the Holder
incurs a Failure to Deliver Loss, then at any time the Holder may provide the Company written notice indicating the amounts payable
to the Holder in respect of the Failure to Deliver Loss and the Company must make the Holder whole as follows:

 

Failure
to Deliver Loss = [(Highest VWAP for the 30 days on or after the day of exercise) x (Number of conversion shares)]

 

The
Company must pay the Failure to Deliver Loss by cash payment, and any such cash payment must be made by the third business day
from the time of the Holder’s written notice to the Company.

 

9.
In case any provision of this Note is held by a court of competent jurisdiction to be excessive in scope or otherwise invalid
or unenforceable, such provision shall be adjusted rather than voided, if possible, so that it is enforceable to the maximum extent
possible, and the validity and enforceability of the remaining provisions of this Note will not in any way be affected or impaired
thereby.

 

10.
Neither this Note nor any term hereof may be amended, waived, discharged or terminated other than by a written instrument signed
by the Company and the Holder.

 

11.
The Company represents that it is not a “shell” issuer and has never been a “shell” issuer or that if
it previously has been a “shell” issuer that at least 12 months have passed since the Company has reported form 10
type information indicating it is no longer a “shell issuer. Further. The Company will instruct its counsel to either (i)
write a 144 opinion to allow for salability of the conversion shares or (ii) accept such opinion from Holder’s counsel.

 

12.
The Company shall issue irrevocable transfer agent instructions reserving 67,200,000 shares of its Common Stock for conversions
under this Note (the “Share Reserve”). Upon full conversion of this Note, any shares remaining in the Share Reserve
shall be cancelled. The Company shall pay all transfer agent costs associated with issuing and delivering the share certificates
to Holder. If such amounts are to be paid by the Holder, it may deduct such amounts from the Conversion Price. The Company will
instruct its transfer agent to provide the outstanding share information to the Holder in connection with its conversions.

 

13.
The Company will give the Holder direct notice of any corporate actions, including but not limited to name changes, stock splits,
recapitalizations etc. This notice shall be given to the Holder as soon as possible under law.

 

14.
If it shall be found that any interest or other amount deemed interest due hereunder violates the applicable law governing usury,
the applicable provision shall automatically be revised to equal the maximum rate of interest or other amount deemed interest
permitted under applicable law. The Company covenants (to the extent that it may lawfully do so) that it will not seek to claim
or take advantage of any law that would prohibit or forgive the Company from paying all or a portion of the principal or interest
on this Note.

 

15.
This Note shall be governed by and construed in accordance with the laws of New York applicable to contracts made and wholly to
be performed within the State of New York and shall be binding upon the successors and assigns of each party hereto. The Holder
and the Company hereby mutually waive trial by jury and consent to exclusive jurisdiction and venue in the courts of the State
of New York or in the Federal courts sitting in the county or city of New York. This Agreement may be executed in counterparts,
and the facsimile transmission of an executed counterpart to this Agreement shall be effective as an original.

 

___

Initials

 

    	 	 6	 

    	 		 

    

 

IN
WITNESS WHEREOF, the Company has caused this Note to be duly executed by an officer thereunto duly authorized.

 

Dated:
_____________

 

	 	TAURIGA
    SCIENCES, INC.
	 	 	     
	 	By:	 
	 	Title:	 

 

___

Initials

 

    	 	 7	 

    	 		 

    

 

EXHIBIT
A

 

NOTICE
OF CONVERSION

 

(To
be Executed by the Registered Holder in order to Convert the Note)

 

The
undersigned hereby irrevocably elects to convert $___________ of the above Note into _________ Shares of Common Stock of Tauriga
Sciences, Inc. (“Shares”) according to the conditions set forth in such Note, as of the date written below.

 

If
Shares are to be issued in the name of a person other than the undersigned, the undersigned will pay all transfer and other taxes
and charges payable with respect thereto.

 

Date
of Conversion: _______________________________________________

Applicable
Conversion Price: ________________________________________

Signature:
_______________________________________________________

[Print
Name of Holder and Title of Signer]

Address:
____________________________________________________

                 ____________________________________________________

 

SSN
or EIN: ______________________

Shares
are to be registered in the following name: __________________________________________________

 

Name:
___________________________________________________________

Address:
_________________________________________________________

Tel:
_________________________________________

Fax:
_________________________________________

SSN
or EIN: ___________________________________

 

Shares
are to be sent or delivered to the following account:

 

Account
Name: ____________________________________________________

Address:
 ______________________________________________________

 

___

Initials

 

    	 	 8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00272-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00272-of-00352.parquet"}]]