Document:

Exhibit
10.82

 

15%
CONVERTIBLE PROMISSORY NOTE

 

THE
SECURITIES OFFERED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS
AND ARE BEING OFFERED AND SOLD IN RELIANCE ON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF SUCH LAWS. THE SECURITIES ARE SUBJECT
TO RESTRICTIONS OF TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER SUCH LAWS PURSUANT
TO REGISTRATION OR AN EXEMPTION THEREFROM. THE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND EXCHANGE
COMMISSION OR ANY OTHER REGULATORY AUTHORITY, NOR HAVE ANY OF THE FOREGOING AUTHORITIES PASSED UPON OR ENDORSED THE MERITS OF
THIS OFFERING OR THE ACCURACY OR ADEQUACY OF THE OFFERING MATERIALS. ANY REPRESENTATION TO THE CONTRARY IS UNLAWFUL.

 

	ISSUANCE
                           DATE

	As
    of: July 21st, 2014
	 	 
	CONVERTIBLE
    NOTE DUE	February 21,
    2015
	AMOUNT:	$12,500.00

 

FOR
VALUE RECEIVED, BioNeutral Group, Inc., a Nevada corporation (“the Company”), hereby promises to pay to Darling Capital,
LLC or registered assigns (the “Holder”) on February 21, 2015 (the “Maturity Date”), a principal amount
of Twelve Thousand Dollars ($12,500) (the “Principal Amount”), and to pay interest on the principal amount
hereof, in such amounts, at such times and on such terms and conditions as are specified herein.

 

The
principal of this Note is payable in United States dollars, at the address as designated in writing by the Holder. The Company
will pay the outstanding principal amount of this Note in cash on the Maturity Date to the registered holder of this Note.

 

This
Note is subject to the following additional provisions:

 

1.          Interest.
until the outstanding principal and interest amount hereof is paid in full or has been converted, interest on the unpaid principal
amount of this Note (the “Note”), shall accrue at the rate of fifteen Percent (15%) per annum, payable in arrears,
in cash, All past due principal and interest shall accrue at the rate of 22% (default interest rate).

 

2.          Method
of Payment. The Company may draw a check for the payment of interest to the order of the Holder of this Note and mail it to
the Holder’s address as designated in writing by the Holder.

 

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3.          Conversion

 

3.1          Conversion
Privilege. The Holder shall have the right, at its option, to convert the unpaid principal and interest due on this Note (the
“Debt”) or any portion thereof into shares of Common Stock at any time following the date hereof. The number of shares
of Common Stock issuable upon the conversion of the Debt is determined pursuant to the provisions below and shall be rounded to
the nearest whole share. 

 

3.1.1.
Full or Partial Conversion Rights. All or any portion of the principal and interest amount owed by the Company to Holder
under this Note reflecting the Debt may be converted into Common Stock. The provisions of this Note that apply to the conversion
of all of the Debt shall also apply to the conversion of a portion of it. The Debt may not be converted, whether in whole or in
part, except in accordance with this Note.

 

3.1.2.
Conversion Procedure. Upon the Company’s receipt of a facsimile or email (or by any other means, including mail,
messenger, overnight courier, etc.) of Holder’s duly completed and signed Notice of Conversion (in the form attached hereto
at Exhibit 1), the Company shall, or shall instruct its transfer agent to, issue one or more Certificates representing that number
of shares of Common Stock into which the Debt is convertible in accordance with the provisions regarding conversion. The Company’s
transfer agent or attorney shall act as Registrar and shall maintain an appropriate ledger containing the necessary information
with respect to each conversion. For purposes of such Notice, Holder’s delivery shall be deemed delivered if sent to:

 

BY
MAIL to: BioNeutral Group, Inc.; Att: Tom Cunningham; 211 Warren Street, Newark NJ, 07103: BY EMAIL: tom.c@bioneutral.com

 

3.2.          Conversion
Date. Such conversion shall be effectuated by surrendering to the Company, or its attorney, the Debt to be converted together
with a facsimile or email or original of the signed Notice of Conversion. If only a portion of the Debt is to be converted, the
Company shall promptly reissue a Promissory Note pursuant to identical terms of the Debt in the amount of the unconverted portion
of the principal and interest then owing on the Debt. The date on which the Notice of Conversion is effective (“Conversion
Date”) shall be deemed to be the date on which the Holder has delivered to the Company a facsimile or email original of
the signed Notice of Conversion. Within eight (8) business days after the Conversion Date or within eight (8) business days after
receipt of the Debt to be converted, whichever is later (the “Delivery Date”), the Company shall deliver to the Holder,
or per the Holder’s instructions, to any third party, the shares of Common Stock to be issued pursuant to such Notice of
Conversion.

 

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3.3.          Common
Stock to be Issued. Upon the conversion of Debt or any part thereof and upon receipt by the Company or its attorney of a facsimile,
email or other copy or original of Holder’s signed Notice of Conversion, Company shall instruct Company’s transfer
agent to issue Stock Certificates in the name of Holder (or its nominee) and in such denominations to be specified at conversion
representing the number of shares of Common Stock issuable upon such conversion, as applicable. Company warrants that no instructions,
other than these instructions, have been given or will be given to the transfer agent and that the Common Stock shall otherwise
be freely transferable on the books and records of Company.

 

3.4.          Conversion
Rate. Subject to the time limitations set forth above, Holder is entitled to convert the principal and interest owed on this
Note into Common Stock of the Company at a conversion price that is 40% (the multiplier) of the lowest closing bid price as reported
by Bloomberg for the Company’s Common Stock for the thirty (30) trading days immediately preceding the Conversion Date of
such shares then quoted on any national securities exchange or other quotation service (such as OTC, Pink Sheets, etc.) (the “Conversion
Price”); provided that if the Closing Bid Price for the common stock on the Clearing date (defined below) is lower than
the Closing Bid Price, then the purchase price shall be adjusted such that the Discount shall be taken from the closing bid price
on the Clearing Date, and the company shall issue additional shares to Purchaser to reflect such adjusted Purchase Price. For
purposes of this Agreement, the Clearing Date shall be the latest date on which (i) the conversion shares are transferred to and
deposited into the Buyer's brokerage account by the Company’s representatives or transfer agent and (ii) Buyer's broker
has confirmed with Buyer that the Buyer may execute trades of the conversion shares. If such events occur after 5:30 PM Eastern
Standard Time, the events shall be deemed to have occurred on the next trading day. No fractional shares or scrip representing
fractions of shares will be issued on conversion, but the number of shares issuable shall be rounded up or down, as the case may
be, to the nearest whole share. No fractional shares or scrip representing fractions of shares will be issued on conversion, but
the number of shares issuable shall be rounded up or down, as the case may be, to the nearest whole share. The Company shall bear
any and all miscellaneous expenses that may arise as a result of conversion and delivery of shares of common stock, including
but are not limited to the cost of the issuance of a Rule 144 legal opinion, transfer agent fees, equity issuance and deposit
fees, etc. At Purchaser’s option, any accrued costs paid by Purchaser may be subtracted from the dollar amount of any conversion
of the Note. 

 

3.5.          Chilled
or Frozen Stock. If the Company's common stock becomes chilled or frozen by the Deposit Trust Corporation (DTC) at the time that
any portion of the principal and interest of the Note is converted by the Holder, then the Discount shall be adjusted to thirty
percent (30%) (the multiplier) for so long as the common stock is chilled or frozen.

 

3.6.          Company’s
Responsibility To Issue Stock. It shall be the Company’s responsibility to take all necessary actions and to bear all
such costs to issue certificates for the Common Stock as provided herein, including the responsibility and cost for delivery of
an opinion letter to the transfer agent, if so required. The  person in whose name the
certificate of Common Stock is to be registered shall be treated as a shareholder of record on and after the Conversion Date.

 

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In
the event the Common Stock is not delivered (with legends if required by applicable law and without legends if not required by
applicable law) per the written instructions of the Holder, within eight (8) business days after the Delivery Date, then in such
event the Company shall pay to Holder one-half percent (0.5%), in cash, of the dollar value of the Debt being converted per each
business day following the Delivery Date, up to and including the eighteenth (18th) business day following the Delivery
Date. Delays solely caused by the Buyer’s broker shall not be taken into account in this matter. In the event the Common
Stock is not delivered per the written instructions of the Holder, within eighteen (18) business days after the Delivery Date,
then, except to the extent the delivery is delayed by operation of law, in such event the Company shall pay to Holder one percent
(1%), in cash, of the dollar value of the Debt being converted per each business day following such eighteenth (18th)
business day after the Delivery Date. Holder shall then be entitled to send written notice to the Company of the default and the
Holder, and at its sole option may demand full repayment of the Debt not yet converted, including accrued interest and liquidated
damages through the date that written notice is given to the Company (the “Acceleration Amount”). If the Company does
not wire the Acceleration Amount to the Holder within five (5) business days of the delivery by Holder by fax or email of the
default notice, the Acceleration Amount shall accrue interest at sixteen percent (16%) per annum. Such notice shall not affect
the Holder’s rights to the Common Stock due under the Notice of Conversion and all rights and remedies related to such conversion
set forth herein, and shall be in addition to such rights and remedies. The Company acknowledges that the failure to honor a Notice
of Conversion shall cause definable financial hardship to the Holder as well as substantial monetary damages, which cannot be
determined at this time, and that this damages provision represents the parties’ reasonable estimate of liquidated damages.

 

3.7.          Liquidated
Damages. If, by the eighth (8th) business day after the Delivery Date, due to the Company’s direct or indirect
actions or its failure to act, the transfer agent fails for any reason to deliver the Common Stock (with legends if required by
applicable law and without legends if not required by applicable law) upon conversion by the Holder and after such Delivery Date,
the Holder purchases, in an open market transaction or otherwise, shares of Common Stock (the "Covering Shares") solely
in order to make delivery in satisfaction of a sale of Common Stock by the Holder (the "Sold Shares"), which delivery
such Holder anticipated to make using the Common Stock issuable upon conversion (a "Buy-In"), the Company shall pay
to the Holder, in addition to any other amounts due to Holder pursuant to the Debt, and not in lieu thereof, the Buy-In Adjustment
Amount (as defined below). The "Buy In Adjustment Amount" is the amount equal to the excess, if any, of (x) the Holder's
total purchase price (including brokerage commissions, if any) for the Covering Shares over (y) the net proceeds (after brokerage
commissions, if any) received by the Holder from the sale of the Sold Shares. The Company shall pay the Buy-In Adjustment Amount
to the Holder in immediately available funds within five (5) business days of written demand by the Holder.

 

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The
Company acknowledges that its failure to deliver the Common Stock within eight (8) business days after the Delivery Date will
cause the Holder to suffer damages in an amount that will be difficult to ascertain. Accordingly, the parties agree that it is
appropriate to include in this Note a provision for liquidated damages. The parties acknowledge and agree that the liquidated
damages provision set forth in this section represents the parties’ good faith effort to quantify such damages and, as such,
agree that the form and amount of such liquidated damages are reasonable and will not constitute a penalty. The payment of liquidated
damages shall not relieve the Company from its obligations to deliver the Common Stock pursuant to the terms of this Note or to
repay, with interest, including default interest, as applicable, the unconverted portion of the Debt.

 

3.8.          Liquidated
Damages When There Are Not Sufficient Available Shares. To the extent that the failure of the Company to issue the Common
Stock due upon conversion is due to the unavailability of authorized but unissued shares of Common Stock, the provisions of this
Section shall apply.

 

3.8.1.
The Company shall at all times reserve and have available all Common Stock necessary to meet conversion of the Debt by Holder
of the entire amount of Debt then outstanding. If, at any time Holder submits a Notice of Conversion and the Company does not
have sufficient authorized but unissued shares of Common Stock available to effect, in full, a conversion of the Debt (a “Conversion
Default”, the date of such default being referred to herein as the “Conversion Default Date”), the Company shall
issue to the Holder all of the shares of Common Stock which are available, and the Notice of Conversion as to any Debt requested
to be converted but not converted (the “Unconverted Debt”), upon Holder’s sole option, may be deemed null and
void. The Company shall provide notice of such Conversion Default (“Notice of Conversion Default”) to Holder of outstanding
Debt, by facsimile, within eight (8) business days of such default (with the original delivered by overnight or two day courier),
and the Holder shall give notice to the Company by facsimile within five business days of receipt of the original Notice of Conversion
Default (with the original delivered by overnight or two day courier) of its election to either nullify or confirm the Notice
of Conversion.

 

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3.8.2.
The Company agrees to pay to Holder of outstanding Debt for a Conversion Default (“Conversion Default Payments”) in
the amount of (N/365) x (.24) x the balance of the outstanding and/or tendered but not converted Debt held by each Holder where
N = the number of days from the Conversion Default Date to the date (the “Authorization Date”) that the Company authorizes
a sufficient number of shares of Common Stock to effect conversion of all remaining Debt. The Company shall send notice (“Authorization
Notice”) to Holder of outstanding Debt that additional shares of Common Stock have been authorized, the Authorization Date
and the amount of Holder’s accrued Conversion Default Payments. The accrued Conversion Default Payments shall be paid in
cash or shall be convertible into Common Stock at the Conversion Rate, at the Holder’s option, payable as follows: (i) in
the event Holder elects within ten (10) days of the Authorization Notice in writing to take such payment in cash, cash payments
shall be made to such Holder by the fifth day of the following calendar month, or (ii) if the Holder does not so elect to receive
such Conversion Default Payment in cash, such payment shall be made in Common Stock at the then current Conversion Price within
30 days following the date of the Authorization Notice. The Company acknowledges that its failure to maintain a sufficient number
of authorized but unissued shares of Common Stock to effect in full a conversion of the Debt will cause the Holder to suffer damages
in an amount that will be difficult to ascertain. Accordingly, the parties agree that it is appropriate to include in this Note
a provision for liquidated damages. The parties acknowledge and agree that the liquidated damages provision set forth in this
section represents the parties’ good faith effort to quantify such damages and, as such, agree that the form and amount
of such liquidated damages are reasonable and will not constitute a penalty. The payment of liquidated damages shall not relieve
the Company from its obligations to deliver the Common Stock pursuant to the terms of this Note.

 

3.9.          Maximum
Interest Rate. Nothing contained in this Note shall be deemed to establish or require the payment of interest to the Holder
at a rate in excess of the maximum rate permitted by governing law. In the event that the rate of interest required to be paid
exceeds the maximum rate permitted by governing law, the rate of interest required to be paid thereunder shall be automatically
reduced to the maximum rate permitted under the governing law and such excess shall be returned with reasonable promptness by
the Holder to the Company.

 

3.10.        Payment
of Taxes. The Company shall pay all documentary stamp taxes, if any, attributable to the initial issuance of the Common Stock;
provided, however, that the Company shall not be required to pay any tax or taxes which may be payable, (1) with respect to any
secondary transfer of the Debt or the Common Stock issuable upon exercise hereof or (2) as a result of the issuance of the Common
Stock to any person other than the Holder, and the Company shall not be required to issue or deliver any certificate for any Common
Stock unless and until the person requesting the issuance thereof shall have paid to the Company the amount of such
tax or shall have produced evidence that such tax has been paid to the appropriate taxing authority.

 

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3.11.        Buyback
Guaranty In Event of DTC Chill or Freeze. In the event that the DTC issues a chill or freeze of the Company’s common
stock (A “chill” is a limitation of certain services available for a security on deposit at the DTC. A “freeze,”
formally referred to as a “global lock,” is a complete restriction on all DTC services for a particular security on
deposit at DTC.) after Holder has converted some or all of its Debt, and Holder holds such shares at that time, then Holder shall
have the option to sell, and the Company shall be required to purchase, for a period of six months, such shares of Common Stock
at the Conversion Price at which the stock was issued to Holder. The purchase price shall be paid in cash concurrently upon Holder
surrendering such shares of Common Stock to the Company.

 

4.          Restrictions
on Transfers. The Debt has not been registered under the Securities Act of 1933, as amended, (the “Act”) and is
being issued under Section 4(2) of the Act and Rule 506 of Regulation D promulgated under the Act. The Debt and the Common Stock
issuable upon the conversion thereof may only be offered or sold pursuant to registration under or an exemption from the Act.

 

5.          Mergers,
Etc. If the Company merges or consolidates with another corporation or sells or transfers all or substantially all of its
assets to another person and the Holder is entitled to receive stock, securities or property in respect of or in exchange for
Common Stock, then as a condition of such merger, consolidation, sale or transfer, the Company and any such successor, purchaser
or transferee shall amend the Debt to provide that it may thereafter be converted on the terms and subject to the conditions set
forth above into the kind and amount of stock, securities or property receivable upon such merger, consolidation, sale or transfer
by Holder of the number of shares of Common Stock into which the Debt might have been converted immediately before such merger,
consolidation, sale or transfer, subject to adjustments which shall be as nearly equivalent as may be practicable to adjustments
provided for in this Note.

 

The
Company shall not consolidate or merge into, or transfer all or substantially all of its assets to, any person, unless such person
assumes in writing the obligations of the Company under the Debt and immediately after such transaction no Event of Default exists.
Any reference herein to the Company shall refer to such surviving or transferee corporation and the obligations of the Company
shall terminate upon such written assumption.

 

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6.          Representations
and Warranties of Company. Company represents and warrants that at the time of the execution of this Note and at the Closing
thereof:

 

6.1
          Rule 144. The Company covenants and agrees to take all reasonable
steps necessary or appropriate, including providing an opinion of counsel confirming the rights of Holder to sell shares of Common
Stock issued to Holder on conversion of this Note pursuant to Rule 144 as promulgated by the SEC ("Rule 144"), as such
Rule may be in effect from time to time. If the Company does not promptly provide an opinion from Company counsel, and so long
as the requested sale may be made pursuant to Rule 144, the Company agrees to accept an opinion of counsel to the Holder which
opinion will be issued at the Company's expense.

 

6.2
          Transferability of Debt: The Company acknowledges that the
Holder may transfer this Note to any third party and that all rights hereunder shall be enforceable by the transferee of such
Note to the same extent as such rights may have been enforced by the Holder.

 

6.3          Authority.
(i) The Company, and the person signing on its behalf below, has all requisite power and authority to enter into and perform
this Note and to consummate the transactions contemplated hereby in accordance with the terms hereof, (ii) the execution and delivery
of this Note by the Company and the consummation by it of the transactions contemplated hereby have been duly authorized by the
Company and no further consent or authorization of the Company or its members is required, (iii) this Note has been duly executed
and delivered by the Company, and (iv) this Note constitutes a legal, valid and binding obligation of the Company enforceable
against the Company in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium, liquidation or similar laws relating to, or affecting generally, the enforcement of creditors' rights
and remedies or by other equitable principles of general application.

 

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6.4          No
Conflicts. The execution, delivery and performance of this Note by the Company and the consummation by the Company of the
transactions contemplated hereby will not (i) violate or conflict with, or result in a breach of any provision of, or constitute
a default (or an event which with notice or lapse of time or both could become a default) under, or give to others any rights
of termination, amendment, acceleration or cancellation of, any agreement, note, bond, indenture or other instrument to which
Company is a party, or (ii) result in a violation of any law, rule, regulation, order, judgment or decree (including federal and
state securities laws and regulations and regulations of any self-regulatory organizations to which the Company is subject) applicable
to the Company or by which any property of the Company are bound or affected. Except as
specifically contemplated by this Note and as required under the 1933 Act and any applicable federal and state securities laws,
the Company is not required to obtain any consent, authorization or order of, or make any filing or registration with, any court,
governmental agency, regulatory agency, self-regulatory organization or stock market or any third party in order for it to execute,
deliver or perform any of its obligations under this Note in accordance with the terms hereof. Except for filings that may be
required under applicable federal and state securities laws in connection with the issuance and sale of the Debt, all consents,
authorizations, orders, filings and registrations which the Company is required to obtain pursuant to the preceding sentence have
been obtained or effected on or prior to the date hereof.

 

6.5          No
Material Adverse Change. Since the date of the initiation of negotiations regarding this Transaction, there has not been any
material adverse change in the business, operations, properties, prospects, assets, or condition of the Company (financial or
otherwise), and no event has occurred or circumstance exists that may result in such a material adverse change.

 

6.6          Disclosure.
No representation or warranty of the Company in this Note omits to state a known material fact necessary to make the statements
herein or therein, in light of the circumstances in which they were made, not misleading. There is no fact known to the Company
that has specific application to either the Company (other than general economic or industry conditions) and that materially adversely
affects the assets, business, prospects, financial condition, or results of operations of the Company that has not been set forth
in this Note.

 

6.7          Debts.
The Company has no outstanding debts (other than the Debt), judgments, liens, encumbrances, UCC filings, notes, loans, convertible
debt instruments, or other financial obligations whatsoever, other than as disclosed in its public filings with the Securities
and Exchange Commission and in this Note.

 

6.8          Company’s
Reporting Obligations. The Company will mail to the Holder hereof at its address as shown on the Register a copy of any annual,
quarterly or other report or proxy statement that it gives to its shareholders generally at the time such report or statement
is sent to shareholders, unless such report is timely filed with the United States Securities and Exchange Commission.

 

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6.9          Conduct
of Business. The Company has and shall continue to conduct its business in the normal and ordinary course, consistent with
the present conduct of its business and previous practices, shall not make and/or declare any dividend (cash and/or stock), redemption,
stock split (reverse or forward), and/or stock and/or cash distributions.

 

7.          DEFAULTS
AND REMEDIES.

 

7.1          EVENTS
OF DEFAULT. An “Event of Default” occurs if (i) the Company does not make the payment of the principal or interest
due under this Note when the same becomes due and payable at maturity, upon demand or otherwise, (ii) the Company does not make
a payment, other than a payment of principal or interest, for a period of five (5) business days after its due date, (iii) any
of the Company’s representations or warranties contained in this Note were false when made or the Company fails to comply
with any of its other obligations in this Note, including the delivery of Common Stock upon conversion before the Delivery Date;
(iv) a DTC “chill” or “freeze” is placed on the stock of the Company; (v) the Common Stock becomes ineligible
for listing or quotation for trading on its current trading market and shall not be eligible to resume listing or quotation on
its current trading market within ten trading days; (vi) the Company pursuant to or within the meaning of any Bankruptcy Law (as
hereinafter defined): (1) commences a voluntary petition under Bankruptcy Law; (2) consents to the entry of an order for relief
against it in an involuntary bankruptcy petition; (3) consents to the appointment of a Custodian (as hereinafter defined) of it
or for all or substantially all of its property or (4) makes a general assignment for the benefit of its creditors or (5) a court
of competent jurisdiction enters an order or decree under any Bankruptcy Law that: (A) is for relief against the Company in an
involuntary bankruptcy petition; (B) appoints a Custodian of the Company or for all or substantially all of its property or (C)
orders the liquidation of the Company, and the order or decree remains un-stayed and in effect for 60 days, or (vi) the Company
is in default of any debt, note or Agreement with an outstanding balance equal to or exceeding $25,000 individually or $50,000
in the aggregate, or (vii) the Company is in default of any provisions of this Note; or (viii) the Company’s representations
and warranties contained in this Note were not true on the date that this Note is signed. As used in this Section 1, the term
“Bankruptcy Law” means Title 11 of the United States Code or any similar federal or state law for the relief of debtors.
The term “Custodian” means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

 

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7.2         REMEDIES
UPON DEFAULT. If any Event of Default occurs, the outstanding principal amount of the Debt, plus liquidated damages and other
amounts owing in respect thereof through the date of acceleration, shall become, at the Holder’s election, immediately due
and payable in cash. Commencing 5 days after the occurrence of any Event of Default that results in the eventual acceleration
of the Debt, he interest rate on the Debt shall accrue at an interest rate equal to the
lesser of sixteen percent (16%) per annum or the maximum rate permitted under applicable law. Upon the payment in full, the Holder
shall promptly surrender this Note to or as directed by the Company. In connection with such acceleration described herein, the
Holder need not provide, and the Company hereby waives, any presentment, demand, protest or other notice of any kind, and the
Holder may immediately and without expiration of any grace period enforce any and all of its rights and remedies hereunder and
all other remedies available to it under applicable law. Such acceleration may be rescinded and annulled by Holder at any time
prior to payment hereunder and the Holder shall have all rights as a Holder of the Note until such time, if any, as the Holder
receives full payment pursuant to this Section. No such rescission or annulment shall affect any subsequent Event of Default or
impair any right consequent thereon.

 

8.          DILUTION.
The number of shares of Common Stock issuable upon conversion of the Debt may increase substantially in certain circumstances.
The Company’s executive officers and directors have studied and fully understand the nature of the transactions contemplated
by this Note and recognize that they have a potential dilutive effect. The Board of Directors of the Company has concluded, in
its good faith business judgment, that such issuance is in the best interests of the Company. The Company specifically acknowledges
that its obligation to issue additional shares of Common Stock is binding upon the Company and enforceable regardless of the dilution
such issuance may have on the ownership interests of other shareholders of the Company.

 

9.          TIME
IS OF THE ESSENCE. Where this Note authorizes or requires the payment of money or the performance of a condition or obligation
on a Saturday or Sunday or a public holiday, or authorizes or requires the payment of money or the performance of a condition
or obligation within, before or after a period of time computed from a certain date, and such period of time ends on a Saturday
or a Sunday or a public holiday, such payment may be made or condition or obligation performed on the next succeeding business
day, and if the period ends at a specified hour, such payment may be made or condition performed, at or before the same hour of
such next succeeding business day, with the same force and effect as if made or performed in accordance with the terms of this
Note. A “business day” shall mean a day on which the banks in New York are not required or allowed to be closed. Time
is of the essence in the performance of all obligations under this Note.

 

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

 

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11.        RULES
OF CONSTRUCTION.In this Note, unless the context otherwise requires, words in the singular number include the plural,
and in the plural include the singular, and words of the masculine gender include the feminine and the neuter, and when the sense
so indicates, words of the neuter gender may refer to any gender. The numbers and titles of sections contained in the Agreement
are inserted for convenience of reference only, and they neither form a part of the Agreement nor are they to be used in the construction
or interpretation hereof. Wherever, in this Note, a determination of the Company is required or allowed, such determination shall
be made by a majority of the Board of Directors of the Company and if it is made in good faith, it shall be conclusive and binding
upon the Company and the Holder of this Note.

 

12.         ABSOLUTE
OBLIGATION. Except as expressly provided herein, 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 liquidated damages, as applicable on this Note at the time, place,
and rate, and in the coin or currency, herein prescribed. This Note is a direct debt obligation of the Company.

 

13.        GOVERNING
LAW AND VENUE. This Note shall be governed and interpreted solely in accordance with the laws of the State of New York, and
applicable U.S. federal law, if any, and in each case without regard to their choice of laws principles. In the event of a dispute
between the parties, the parties agree to the exclusive jurisdiction of the federal and state courts of New York located in the
City of New York and agree not to challenge the venue of such action based on forum non conveniens or on any similar theory.

 

14.
        LEGAL FORM. The parties hereto agree that they have been represented by
counsel during the negotiation and execution of this Note; that this Note and all exhibits hereto have been jointly drafted
and that any ambiguity in the terms of such agreements shall not be construed against either party based on the author of the
language that is deemed to be ambiguous.

 

15.        SEVERABLE.
In the event that any provision of this Note is invalid or enforceable 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 provision hereof which may prove invalid or unenforceable under any law shall not affect the
validity or enforceability of any other provision hereof.

 

16.        ATTORNEYS’
FEES AND COSTS TO PREVAILING PARTY. In the event that litigation or arbitration arises between the parties to this Note pertaining
to this Note, including, but not limited to, the interpretation or enforcement of its terms, the prevailing party in such litigation
shall be entitled to an award of its reasonable attorneys’ fees and costs incurred in connection with such action or proceeding.

 

17.        ENTIRE
AGREEMENT. This Note, the Exhibits attached hereto, and the public filings referenced herein embody the entire agreement between
the parties hereto with respect to the subject matter hereof, and supersedes all prior, and contemporaneous, negotiations, agreements,
and understandings, whether written or oral. This Note, or any provision herein, may not be changed, waived, discharged, or terminated,
except by an express written instrument signed by the party against whom enforcement of the change, waiver, discharge or termination
is sought.

 

    	12

    	 

    

 

IN
WITNESS WHEREOF, the Company has duly executed this Note as of the date first written above.

 

	 	BioNeutral
    Group, Inc..
	 	 
	 	By:	
	 	 	Name:
	 	 	Title :

 

    	13

    	 

    

 

Exhibit
A

 

NOTICE
OF CONVERSION 

 

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

 

The
undersigned hereby irrevocably elects, as of_____________, 20__ to convert $_________________of the Note into Shares of Common
Stock (the “Shares”) of BioNeutral Group, Inc.. (the “Company”).

 

Date
of Conversion _____________________________________________________

 

 Applicable
Conversion Price ______________________________________________

 

Number
of Shares Issuable upon this conversion _______________________________

 

 Signature
______________________________________ 

 

                                        [Name]

Address
___________________________________________________

 

__________________________________________________________

 

Phone
________________  Fax
_________________________

 

    	14

    	 

    

 

Assignment
of Note

 

	The
    undersigned here by sell(s) and assign(s) and transfer(s) unto
	 
	 
	
	(name,
    address and SSN or EIN of assignee)
	 
	Dollars
    ($          )
	
	 
	(principal
    amount of Note, $1,000 or integral multiples of $1,000)
	 
	of
    principal amount of this Note together with all accrued and unpaid interest hereon.

  

	Date:______________	Signed: ______________________________________________________
	 	(Signature
    must conform in all respects to name of Holder shown of face of Note)

 

 

15Exhibit
10.83

 

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

 

Principal
Amount: $51,500.00

Date:
July 18, 2014 (Tacking Back to January 15, 2014)

 

CONVERTIBLE
PROMISSORY NOTE

 

BioNeutral
Group, Inc., (hereinafter called the “Borrower” or “BONU”), hereby promises to pay to the order of
WHC Capital, LLC, a Delaware Limited Liability Company, or its registered assigns (the “Holder”) the sum of
$51,500, together with any interest as set forth herein, on July 18, 2015 (the “Maturity Date”), and to pay interest
on the unpaid principal balance hereof at the rate of eighteen percent (18%) (the “Interest Rate”) per annum from
the date hereof (the “Issue Date”) until the same becomes due and payable, whether at maturity or upon acceleration
or by prepayment or otherwise. This Note shall serve in lieu of (and tack back to) $51,500 of principal convertible securities
owing to Ray Dunning, pursuant to that certain $51,500 Convertible Promissory Note dated January 15, 2014 (attached hereto), and
incorporate all interests and charges contemplated therein. 

 

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 twenty two percent (22%) 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
fully paid and shall be computed on the basis of a 365-day year and the actual number of days elapsed. All payments due hereunder
(to the extent not converted into common stock) 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 Borrower 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.  Each
capitalized term used herein, and not otherwise defined, shall have the meaning ascribed thereto in the supporting documents of
same date (attached hereto).

 

    	

    	 

    

 

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 shareholders of the Borrower and will not impose personal liability upon the holder thereof.

 

The
following terms shall apply to this Note:

 

ARTICLE
I. CONVERSION RIGHTS

 

1.1         Conversion
Right. The Holder shall have the right and at any time during the period beginning on the date of this Note to convert all
or any part of the outstanding and unpaid principal amount of this Note into fully paid and non- assessable shares of Common Stock,
as such Common Stock exists on the Issue Date, or any shares of capital stock or other securities of the Borrower into which such
Common Stock shall hereafter be changed or reclassified at the conversion price (the “Conversion Price”) determined
as provided herein (a “Conversion”); provided, however, that in no event shall the Holder be entitled to convert
any portion of this Note in excess of that portion of this Note upon conversion of which the sum of (1) the number of shares of
Common Stock beneficially owned by the Holder and its affiliates (other than shares of Common Stock which may be deemed beneficially
owned through the ownership of the unconverted portion of the Notes or the unexercised or unconverted portion of any other security
of the Borrower subject to a limitation on conversion or exercise analogous to the limitations contained herein) and (2) the number
of shares of Common Stock issuable upon the conversion of the portion of this Note with respect to which the determination of
this proviso is being made, would result in beneficial ownership by the Holder and its affiliates of more than 4.99% of the outstanding
shares of Common Stock. For purposes of the proviso to the immediately preceding sentence, beneficial ownership shall be determined
in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Regulations
13D-G thereunder, except as otherwise provided in clause (1) of such proviso, provided, further, however,
that the limitations on conversion may be waived by the Holder upon, at the election of the Holder, not less than 61 days’
prior notice to the Borrower, and the provisions of the conversion limitation shall continue to apply until such 61st day (or
such later date, as determined by the Holder, as may be specified in such notice of waiver). The number of shares of Common Stock
to be issued upon each conversion of this Note shall be determined by dividing the Conversion Amount (as defined below) by the
applicable Conversion Price then in effect on the date specified in the notice of conversion, (the “Notice of Conversion”),
delivered to the Borrower by the Holder in accordance with the Sections below; provided that the Notice of Conversion is submitted
by facsimile or e-mail (or by other means resulting in, or reasonably expected to result in, notice) to the Borrower before 6:00
p.m., New York, New York time on such conversion date (the “Conversion Date”).

 

The
term “Conversion Amount” means, with respect to any conversion of this Note, the sum of (1) the principal amount of
this Note to be converted in such conversion plus (2) at the Borrower’s option, accrued and unpaid interest, if any,
on such principal amount at the interest rates provided in this Note to the Conversion Date, plus (3) at the Borrower’s
option, Default Interest, if any, on the amounts referred to in the immediately preceding clauses (1) and/or (2) plus (4)
at the Holder’s option, any amounts owed to the Holder.

 

    	2

    	 

    

 

1.2         Conversion
Price.

 

(a)           Calculation
of Conversion Price. Holder, at its discretion, shall have the right to convert this Note in its entirety or in part(s) into
common stock of the Company valued at a Fifty Percent (50%) discount off the lowest intra-day trading price for the Company’s
common stock during the Ten (10) trading days immediately preceding a conversion date, as reported by Quotestream.

 

(b)           Conversion
Price During Major Announcements. Notwithstanding anything contained in the preceding section to the contrary, in the event
the Borrower (i) makes a public announcement that it intends to consolidate or merge with any other corporation (other than a
merger in which the Borrower is the surviving or continuing corporation and its capital stock is unchanged) or sell or transfer
all or substantially all of the assets of the Borrower or (ii) any person, group or entity (including the Borrower) publicly announces
a tender offer to purchase 50% or more of the Borrower’s Common Stock (or any other takeover scheme) (the date of the announcement
referred to in clause (i) or (ii) is hereinafter referred to as the “Announcement Date”), then the Conversion Price
shall, effective upon the Announcement Date and continuing through the Adjusted Conversion Price Termination Date (as defined
below), be equal to the lower of (x) the Conversion Price which would have been applicable for a Conversion occurring on the Announcement
Date and (y) the Conversion Price that would otherwise be in effect. From and after the Adjusted Conversion Price Termination
Date, the Conversion Price shall be determined as set forth in this Section. For purposes hereof, “Adjusted Conversion Price
Termination Date” shall mean, with respect to any proposed transaction or tender offer (or takeover scheme) for which a
public announcement as contemplated by this Section has been made, the date upon which the Borrower (in the case of clause (i)
above) or the person, group or entity (in the case of clause (ii) above) consummates or publicly announces the termination or
abandonment of the proposed transaction or tender offer (or takeover scheme) which caused this Section 1.2(b) to become operative.

 

1.3         Authorized
Shares. The Borrower covenants that during the period the conversion right exists, the Borrower will reserve from its authorized
and unissued Common Stock a sufficient number of shares, free from preemptive rights, to provide for the issuance of Common Stock
upon the full conversion of this Note. The Borrower is required at all times to have authorized and reserved five times the number
of shares that is actually issuable upon full conversion of the Note (based on the Conversion Price of the Notes in effect from
time to time)(the “Reserved Amount”). The Reserved Amount shall be increased from time to time in accordance with
the Borrower’s obligations.

 

The
Borrower represents that upon issuance, such shares will be duly and validly issued, fully paid and non-assessable. In addition,
if the Borrower shall issue any securities or make any change to its capital structure which would change the number of shares
of Common Stock into which the Notes shall be convertible at the then current Conversion Price, the Borrower shall at the same
time make proper provision so that thereafter there shall be a sufficient number of shares of Common Stock authorized and reserved,
free from preemptive rights, for conversion of the outstanding Notes.

 

The
Borrower (i) acknowledges that it has irrevocably instructed its transfer agent to issue certificates for the Common
Stock issuable upon conversion of this Note, and (ii) agrees that its issuance of this Note shall constitute full authority to
its officers and agents who are charged with the duty of executing stock certificates to execute and issue the necessary certificates
for shares of Common Stock in accordance with the terms and conditions of this Note. 

 

    	3

    	 

    

 

If,
at any time the Borrower does not maintain the Reserved Amount it will be considered an Event of Default as defined in this Note.

 

1.4           Method
of Conversion.

 

(a)         Mechanics
of Conversion. This Note may be converted by the Holder in whole or in part at any time from time to time after the Issue
Date, by (A) submitting to the Borrower a Notice of Conversion (by facsimile, e-mail or other reasonable means of communication
dispatched on the Conversion Date prior to 6:00 p.m., New York, New York time).

 

(b)         Surrender
of Note Upon Conversion. Notwithstanding anything to the contrary set forth herein, upon conversion of this Note in accordance
with the terms hereof, the Holder shall not be required to physically surrender this Note to the Borrower unless the entire unpaid
principal amount of this Note is so converted. The Holder and the Borrower shall maintain records showing the principal amount
so converted and the dates of such conversions or shall use such other method, reasonably satisfactory to the Holder and the Borrower,
so as not to require physical surrender of this Note upon each such conversion. In the event of any dispute or discrepancy, such
records of the Borrower shall, prima facie, be controlling and determinative in the absence of manifest error. Notwithstanding
the foregoing, if any portion of this Note is converted as aforesaid, the Holder may not transfer this Note unless the Holder
first physically surrenders this Note to the Borrower, whereupon the Borrower will forthwith issue and deliver upon the order
of the Holder a new Note of like tenor, registered as the Holder (upon payment by the Holder of any applicable transfer taxes)
may request, representing in the aggregate the remaining unpaid principal amount of this Note. The Holder and any assignee, by
acceptance of this Note, acknowledge and agree that, by reason of the provisions of this paragraph, following conversion of a
portion of this Note, the unpaid and unconverted principal amount of this Note represented by this Note may be less than the amount
stated on the face hereof.

 

(c)         Payment
of Taxes. The Borrower shall not be required to pay any tax which may be payable in respect of any transfer involved in the
issue and delivery of shares of Common Stock or other securities or property on conversion of this Note in a name other than that
of the Holder (or in street name), and the Borrower shall not be required to issue or deliver any such shares or other securities
or property unless and until the person or persons (other than the Holder or the custodian in whose street name such shares are
to be held for the Holder’s account) requesting the issuance thereof shall have paid to the Borrower the amount of any such
tax or shall have established to the satisfaction of the Borrower that such tax has been paid.

 

(d)         Delivery
of Common Stock Upon Conversion. Upon receipt by the Borrower from the Holder of a facsimile transmission or e-mail (or other
reasonable means of communication) of a Notice of Conversion meeting the requirements for conversion as provided in this Section,
the Borrower shall issue and deliver or cause to be issued and delivered to or upon the order of the Holder certificates for the
Common Stock issuable upon such conversion within three (3) business days after such receipt (the “Deadline”) (and,
solely in the case of conversion of the entire unpaid principal amount hereof, surrender of this Note) in accordance with the
terms hereof and the Purchase Agreement.

 

    	4

    	 

    

 

(e)         Obligation
of Borrower to Deliver Common Stock. Upon receipt by the Borrower of a Notice of Conversion, the Holder shall be deemed to
be the holder of record of the Common Stock issuable upon such conversion, the outstanding principal amount and the amount of
accrued and unpaid interest on this Note shall be reduced to reflect such conversion, and, unless the Borrower defaults on its
obligations under this Article I, all rights with respect to the portion of this Note being so converted shall forthwith terminate
except the right to receive the Common Stock or other securities, cash or other assets, as herein provided, on such conversion.
If the Holder shall have given a Notice of Conversion as provided herein, the Borrower’s obligation to issue and deliver
the certificates for Common Stock shall be absolute and unconditional, irrespective of the absence of any action by the Holder
to enforce the same, any waiver or consent with respect to any provision thereof, the recovery of any judgment against any person
or any action to enforce the same, any failure or delay in the enforcement of any other obligation of the Borrower to the holder
of record, or any setoff, counterclaim, recoupment, limitation or termination, or any breach or alleged breach by the Holder of
any obligation to the Borrower, and irrespective of any other circumstance which might otherwise limit such obligation of the
Borrower to the Holder in connection with such conversion. The Conversion Date specified in the Notice of Conversion shall be
the Conversion Date so long as the Notice of Conversion is received by the Borrower before 6:00 p.m., New York, New York time,
on such date.

 

(f)         Delivery
of Common Stock by Electronic Transfer. In lieu of delivering physical certificates representing the Common Stock issuable
upon conversion, provided the Borrower is participating in the Depository Trust Company (“DTC”) Fast Automated Securities
Transfer (“FAST”) program, upon request of the Holder and its compliance with the provisions contained in Section
1.1 and in this Section 1.4, the Borrower shall use its best efforts to cause its transfer agent to electronically transmit the
Common Stock issuable upon conversion to the Holder by crediting the account of Holder’s Broker with DTC through its Deposit
Withdrawal Agent Commission (“DWAC”) system.

 

(g)         Failure
to Deliver Common Stock Prior to Deadline. Without in any way limiting the Holder’s right to pursue other remedies,
including actual damages and/or equitable relief, the parties agree that if delivery of the Common Stock issuable upon conversion
of this Note is not delivered by the Deadline (other than a failure due to the circumstances described in Section 1.3 above, which
failure shall be governed by such Section) the Borrower shall pay to the Holder $2,000 per day in cash, for each day beyond the
Deadline that the Borrower fails to deliver such Common Stock. Such cash amount shall be paid to Holder by the fifth day of the
month following the month in which it has accrued or, at the option of the Holder (by written notice to the Borrower by the first
day of the month following the month in which it has accrued), shall be added to the principal amount of this Note, in which event
interest shall accrue thereon in accordance with the terms of this Note and such additional principal amount shall be convertible
into Common Stock in accordance with the terms of this Note. The Borrower agrees that the right to convert is a valuable right
to the Holder. The damages resulting from a failure, attempt to frustrate, interference with such conversion right are difficult
if not impossible to qualify. Accordingly the parties acknowledge that the liquidated damages provision contained in this Section
are justified. Any delay or failure of performance by the Borrower hereunder shall be excused if and to the extent caused by Force
Majeure. For purposes of this agreement, Force Majeure shall mean a cause or event that is not reasonably foreseeable and/or caused
by the Borrower, including acts of God, fires, floods, explosions, riots wars, hurricanes, etc. 

 

    	5

    	 

    

 

1.5         Concerning
the Shares. The shares of Common Stock issuable upon conversion of this Note may not be sold or transferred unless (i) such
shares are sold pursuant to an effective registration statement under the Act or (ii) the Borrower
or its transfer agent shall have been furnished with an opinion of counsel (which opinion shall be in form, substance and scope
customary for opinions of counsel in comparable transactions) to the effect that the shares to be sold or transferred may be sold
or transferred pursuant to an exemption from such registration or (iii) such shares are sold or transferred pursuant to Rule 144
under the Act (or a successor rule) (“Rule 144”) or (iv) such shares are transferred to an “affiliate”
(as defined in Rule 144) of the Borrower who agrees to sell or otherwise transfer the shares only in accordance with this Section
1.5 and who is an Accredited Investor. Except as otherwise provided herein (and subject to the removal provisions set forth below),
until such time as the shares of Common Stock issuable upon conversion of this Note have been registered under the Act or otherwise
may be sold pursuant to Rule 144 without any restriction as to the number of securities as of a particular date that can then
be immediately sold, each certificate for shares of Common Stock issuable upon conversion of this Note that has not been so included
in an effective registration statement or that has not been sold pursuant to an effective registration statement or an exemption
that permits removal of the legend, shall bear a legend substantially in the following form, as appropriate:

 

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

 

The
legend set forth above shall be removed and the Borrower shall issue to the Holder a new certificate therefore free of any transfer
legend if (i) the Borrower or its transfer agent shall have received an opinion of counsel, in form, substance and scope customary
for opinions of counsel in comparable transactions, to the effect that a public sale or transfer of such Common Stock may be made
without registration under the Act, which opinion shall be accepted by the Company so that the sale or transfer is effected or
(ii) in the case of the Common Stock issuable upon conversion of this Note, such security is registered for sale by the Holder
under an effective registration statement filed under the Act or otherwise may be sold pursuant to Rule 144 without any restriction
as to the number of securities as of a particular date that can then be immediately sold. In the event that the Company does not
accept the opinion of counsel provided by the Buyer with respect to the transfer of Securities pursuant to an exemption from registration,
such as Rule 144 or Regulation S, at the Deadline, it will be considered an Event of Default pursuant to this note.

 

    	6

    	 

    

 

1.6           Effect
of Certain Events.

 

(a)         Effect
of Merger, Consolidation, Etc. At the option of the Holder, the sale, conveyance or disposition of all or substantially all of the assets of the Borrower, the effectuation by the Borrower of a transaction
or series of related transactions in which more than 50% of the voting power of the Borrower is disposed of, or the consolidation,
merger or other business combination of the Borrower with or into any other Person (as defined below) or Persons when the Borrower
is not the survivor shall either: (i) be deemed to be an Event of Default (as defined in Article III) pursuant to which the Borrower
shall be required to pay to the Holder upon the consummation of and as a condition to such transaction an amount equal to the
Default Amount (as defined in Article III) or (ii) be treated pursuant to Section 1.6(b) hereof. “Person” shall mean
any individual, corporation, limited liability company, partnership, association, trust or other entity or organization.

 

(b)         Adjustment
Due to Merger, Consolidation, Etc. If, at any time when this Note is issued and outstanding and prior to conversion of all
of the Notes, there shall be any merger, consolidation, exchange of shares, recapitalization, reorganization, or other similar
event, as a result of which shares of Common Stock of the Borrower shall be changed into the same or a different number of shares
of another class or classes of stock or securities of the Borrower or another entity, or in case of any sale or conveyance of
all or substantially all of the assets of the Borrower other than in connection with a plan of complete liquidation of the Borrower,
then the Holder of this Note shall thereafter have the right to receive upon conversion of this Note, upon the basis and upon
the terms and conditions specified herein and in lieu of the shares of Common Stock immediately theretofore issuable upon conversion,
such stock, securities or assets which the Holder would have been entitled to receive in such transaction had this Note been converted
in full immediately prior to such transaction (without regard to any limitations on conversion set forth herein), and in any such
case appropriate provisions shall be made with respect to the rights and interests of the Holder of this Note to the end that
the provisions hereof (including, without limitation, provisions for adjustment of the Conversion Price and of the number of shares
issuable upon conversion of the Note) shall thereafter be applicable, as nearly as may be practicable in relation to any securities
or assets thereafter deliverable upon the conversion hereof. The Borrower shall not affect any transaction described in this Section
1.6(b) unless (a) it first gives, to the extent practicable, thirty (30) days prior written notice (but in any event at least
fifteen (15) days prior written notice) of the record date of the special meeting of shareholders to approve, or if there is no
such record date, the consummation of, such merger, consolidation, exchange of shares, recapitalization, reorganization or other
similar event or sale of assets (during which time the Holder shall be entitled to convert this Note) and (b) the resulting successor
or acquiring entity (if not the Borrower) assumes by written instrument the obligations of this Section 1.6(b). The above provisions
shall similarly apply to successive consolidations, mergers, sales, transfers or share exchanges.

 

(c)         Adjustment
Due to Distribution. If the Borrower shall declare or make any distribution of its assets (or rights to acquire its assets)
to holders of Common Stock as a dividend, stock repurchase, by way of return of capital or otherwise (including any dividend or
distribution to the Borrower’s shareholders in cash or shares (or rights to acquire shares) of capital stock of a subsidiary
(i.e., a spin-off)) (a “Distribution”), then the Holder of this Note shall be entitled, upon any conversion of this
Note after the date of record for determining shareholders entitled to such Distribution, to receive the amount of such assets
which would have been payable to the Holder with respect to the shares of Common Stock issuable upon such conversion had such
Holder been the holder of such shares of Common Stock on the record date for the determination of shareholders entitled to such
Distribution.

 

    	7

    	 

    

 

(d)         Adjustment
Due to Dilutive Issuance. If, at any time when any Notes are issued and outstanding, the Borrower issues or sells, or in
accordance with this Section hereof is deemed to have issued or sold, any shares of Common Stock for no consideration or for
a consideration per share (before deduction of reasonable expenses or commissions or underwriting discounts or allowances
in connection therewith) less than the Conversion Price in effect on the date of such issuance (or deemed issuance) of
such shares of Common Stock (a “Dilutive Issuance”), then immediately upon the Dilutive Issuance, the Conversion
Price will be reduced to the amount of the consideration per share received by the Borrower in such Dilutive
Issuance.

 

The
Borrower shall be deemed to have issued or sold shares of Common Stock if the Borrower in any manner issues or grants any warrants,
rights or options (not including employee stock option plans), whether or not immediately exercisable, to subscribe for or to
purchase Common Stock or other securities convertible into or exchangeable for Common Stock (“Convertible Securities”)
(such warrants, rights and options to purchase Common Stock or Convertible Securities are hereinafter referred to as “Options”)
and the price per share for which Common Stock is issuable upon the exercise of such Options is less than the Conversion Price
then in effect, then the Conversion Price shall be equal to such price per share. For purposes of the preceding sentence, the
“price per share for which Common Stock is issuable upon the exercise of such Options” is determined by dividing (i)
the total amount, if any, received or receivable by the Borrower as consideration for the issuance or granting of all such Options,
plus the minimum aggregate amount of additional consideration, if any, payable to the Borrower upon the exercise of all such Options,
plus, in the case of Convertible Securities issuable upon the exercise of such Options, the minimum aggregate amount of additional
consideration payable upon the conversion or exchange thereof at the time such Convertible Securities first become convertible
or exchangeable, by (ii) the maximum total number of shares of Common Stock issuable upon the exercise of all such Options (assuming
full conversion of Convertible Securities, if applicable). No further adjustment to the Conversion Price will be made upon the
actual issuance of such Common Stock upon the exercise of such Options or upon the conversion or exchange of Convertible Securities
issuable upon exercise of such Options.

 

Additionally,
the Borrower shall be deemed to have issued or sold shares of Common Stock if the Borrower in any manner issues or sells any Convertible
Securities, whether or not immediately convertible (other than where the same are issuable upon the exercise of Options), and
the price per share for which Common Stock is issuable upon such conversion or exchange is less than the Conversion Price then
in effect, then the Conversion Price shall be equal to such price per share. For the purposes of the preceding sentence, the “price
per share for which Common Stock is issuable upon such conversion or exchange” is determined by dividing (i) the total amount,
if any, received or receivable by the Borrower as consideration for the issuance or sale of all such Convertible Securities, plus
the minimum aggregate amount of additional consideration, if any, payable to the Borrower upon the conversion or exchange thereof
at the time such Convertible Securities first become convertible or exchangeable, by (ii) the maximum total number of shares of
Common Stock issuable upon the conversion or exchange of all such Convertible Securities. No further adjustment to the Conversion
Price will be made upon the actual issuance of such Common Stock upon conversion or exchange of such Convertible Securities.

 

(e)         Purchase
Rights. If, at any time when any Notes are issued and outstanding, the Borrower issues any convertible securities or rights
to purchase stock, warrants, securities or other property (the “Purchase Rights”) pro rata to the record holders of
any class of Common Stock, then the Holder of this Note will be entitled to acquire, upon the terms applicable to such Purchase
Rights, the aggregate Purchase Rights which such Holder could have acquired if such Holder had held the number of shares of Common
Stock acquirable upon complete conversion of this Note (without regard to any limitations on conversion contained herein) immediately
before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights or, if no such record is taken,
the date as of which the record holders of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights.

 

    	8

    	 

    

 

(f)         Notice
of Adjustments. Upon the occurrence of each adjustment or readjustment of the Conversion Price as a result of the events described
in this Section 1.6, the Borrower, at its expense, shall promptly compute such adjustment or readjustment and prepare and furnish
to the Holder of a certificate setting forth such adjustment or readjustment and showing in detail the facts upon which such adjustment
or readjustment is based. The Borrower shall, upon the written request at any time of the Holder, furnish to such Holder a like
certificate setting forth (i) such adjustment or readjustment, (ii) the Conversion Price at the time in effect and (iii) the number
of shares of Common Stock and the amount, if any, of other securities or property which at the time would be received upon conversion
of the Note.

 

1.7           Trading
Market Limitations. Unless permitted by the applicable rules and regulations of the principal securities market on which the
Common Stock is then listed or traded, in no event shall the Borrower issue upon conversion of or otherwise pursuant to this Note
and the other Notes issued pursuant to the Purchase Agreement more than the maximum number of shares of Common Stock that the
Borrower can issue pursuant to any rule of the principal United States securities market on which the Common Stock is then traded
(the “Maximum Share Amount”), which shall be 4.99% of the total shares outstanding on the Closing Date (as defined
in the Purchase Agreement), subject to equitable adjustment from time to time for stock splits, stock dividends, combinations,
capital reorganizations and similar events relating to the Common Stock occurring after the date hereof. Once the Maximum Share
Amount has been issued, if the Borrower fails to eliminate any prohibitions under applicable law or the rules or regulations of
any stock exchange, interdealer quotation system or other self-regulatory organization with jurisdiction over the Borrower or
any of its securities on the Borrower’s ability to issue shares of Common Stock in excess of the Maximum Share Amount, in
lieu of any further right to convert this Note, this will be considered an Event of Default under Section 3.3 of the Note.

 

1.8           Status
as Shareholder. Upon submission of a Notice of Conversion by a Holder, (i) the shares covered thereby (other than the shares,
if any, which cannot be issued because their issuance would exceed such Holder’s allocated portion of the Reserved Amount
or Maximum Share Amount) shall be deemed converted into shares of Common Stock and (ii) the Holder’s rights as a Holder
of such converted portion of this Note shall cease and terminate, excepting only the right to receive certificates for such shares
of Common Stock and to any remedies provided herein or otherwise available at law or in equity to such Holder because of a failure
by the Borrower to comply with the terms of this Note. Notwithstanding the foregoing, if a Holder has not received certificates
for all shares of Common Stock prior to the tenth (10th) business day after the expiration of the Deadline with respect to a conversion
of any portion of this Note for any reason, then (unless the Holder otherwise elects to retain its status as a holder of Common
Stock by so notifying the Borrower) the Holder shall regain the rights of a Holder of this Note with respect to such unconverted
portions of this Note and the Borrower shall, as soon as practicable, return such unconverted Note to the Holder or, if the Note
has not been surrendered, adjust its records to reflect that such portion of this Note has not been converted. In all cases, the
Holder shall retain all of its rights and remedies (including, without limitation, (i) the right to receive Conversion Default
Payments pursuant to Section 1.3 to the extent required thereby for such Conversion Default and any subsequent Conversion Default
and (ii) the right to have the Conversion Price with respect to subsequent conversions determined in accordance with Section 1.3)
for the Borrower’s failure to convert this Note.

 

    	9

    	 

    

 

1.9         Prepayment.
Maker may prepay this Note, in whole or in part, at any time and from time to time, with premium, where both parties
have approved said premium and prepayment in writing.

 

ARTICLE
II. CERTAIN COVENANTS

 

2.1         Distributions
on Capital Stock. So long as the Borrower shall have any obligation under this Note, the Borrower shall not without the Holder’s
written consent (a) pay, declare or set apart for such payment, any dividend or other distribution (whether in cash, property
or other securities) on shares of capital stock other than dividends on shares of Common Stock solely in the form of additional
shares of Common Stock or (b) directly or indirectly or through any subsidiary make any other payment or distribution in respect
of its capital stock except for distributions pursuant to any shareholders’ rights plan which is approved by a majority
of the Borrower’s disinterested directors.

 

2.2         Restriction
on Stock Repurchases. So long as the Borrower shall have any obligation under this Note, the Borrower shall not without the
Holder’s written consent redeem, repurchase or otherwise acquire (whether for cash or in exchange for property or other
securities or otherwise) in any one transaction or series of related transactions any shares of capital stock of the Borrower
or any warrants, rights or options to purchase or acquire any such shares.

 

2.3         Borrowings.
So long as the Borrower shall have any obligation under this Note, the Borrower shall not, without the Holder’s written
consent, create, incur, assume guarantee, endorse, contingently agree to purchase or otherwise become liable upon the obligation
of any person, firm, partnership, joint venture or corporation, except by the endorsement of negotiable instruments for deposit
or collection, or suffer to exist any liability for borrowed money, except (a) borrowings in existence or committed on the date
hereof and of which the Borrower has informed Holder in writing prior to the date hereof, (b) indebtedness to trade creditors
or financial institutions incurred in the ordinary course of business or (c) borrowings, the proceeds of which shall be used to
repay this Note.

 

2.4         Sale
of Assets. So long as the Borrower shall have any obligation under this Note, the Borrower shall not, without the Holder’s
written consent, sell, lease or otherwise dispose of any significant portion of its assets outside the ordinary course of business.
Any consent to the disposition of any assets may be conditioned on a specified use of the proceeds of disposition.

 

2.5         Advances
and Loans. So long as the Borrower shall have any obligation under this Note, the Borrower shall not, without the Holder’s
written consent, lend money, give credit or make advances to any person, firm, joint venture or corporation, including, without
limitation, officers, directors, employees, subsidiaries and affiliates of the Borrower, except loans, credits or advances (a)
in existence or committed on the date hereof and which the Borrower has informed Holder in writing prior to the date hereof, (b)
made in the ordinary course of business or (c) not in excess of $100,000.

 

    	10

    	 

    

 

ARTICLE
III. EVENTS OF DEFAULT

 

If
any of the following events of default (each, an “Event of Default”) Shall occur: 

 

3.1         Failure
to Pay Principal or Interest. The Borrower fails to pay the principal hereof or interest thereon when due on this Note, whether
at maturity, upon acceleration or otherwise.

 

3.2         Conversion
and the Shares. The Borrower fails to issue shares of Common Stock to the Holder (or announces or threatens in writing that
it will not honor its obligation to do so) upon exercise by the Holder of the conversion rights of the Holder in accordance with
the terms of this Note, fails to transfer or cause its transfer agent to transfer (issue) (electronically or in certificated form)
any certificate for shares of Common Stock issued to the Holder upon conversion of or otherwise pursuant to this Note as and when
required by this Note, the Borrower directs its transfer agent not to transfer or delays, impairs, and/or hinders its transfer
agent in transferring (or issuing) (electronically or in certificated form) any certificate for shares of Common Stock to be issued
to the Holder upon conversion of or otherwise pursuant to this Note as and when required by this Note, or fails to remove (or
directs its transfer agent not to remove or impairs, delays, and/or hinders its transfer agent from removing) any restrictive
legend (or to withdraw any stop transfer instructions in respect thereof) on any certificate for any shares of Common Stock issued
to the Holder upon conversion of or otherwise pursuant to this Note as and when required by this Note (or makes any written announcement,
statement or threat that it does not intend to honor the obligations described in this paragraph) and any such failure shall continue
uncured (or any written announcement, statement or threat not to honor its obligations shall not be rescinded in writing) for
three (3) business days after the Holder shall have delivered a Notice of Conversion. It is an obligation of the Borrower to remain
current in its obligations to its transfer agent. It shall be an event of default of this Note, if a conversion of this Note is
delayed, hindered or frustrated due to a balance owed by the Borrower to its transfer agent. If at the option of the Holder, the
Holder advances any funds to the Borrower’s transfer agent in order to process a conversion, such advanced funds shall be
paid by the Borrower to the Holder within forty eight (48) hours of a demand from the Holder.

 

3.3         Breach
of Covenants. The Borrower breaches any material covenant or other material term or condition contained in this Note and any
collateral documents including but not limited to the Purchase Agreement and such breach continues for a period of ten (10) days
after written notice thereof to the Borrower from the Holder.

 

3.4         Breach
of Representations and Warranties. Any representation or warranty of the Borrower made herein or in any agreement, statement
or certificate given in writing pursuant hereto or in connection herewith (including, without limitation, the Purchase Agreement),
shall be false or misleading in any material respect when made and the breach of which has (or with the passage of time will have)
a material adverse effect on the rights of the Holder with respect to this Note or the Purchase Agreement.

 

3.5         Receiver
or Trustee. The Borrower or any subsidiary of the Borrower 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.

 

3.6         Judgments.
Any money judgment, writ or similar process shall be entered or filed against the Borrower or any subsidiary of the Borrower
or any of its property or other assets for more than $50,000, 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.

 

    	11

    	 

    

 

3.7         Bankruptcy.
 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 Borrower or any
subsidiary of the Borrower.

 

3.8         Delisting
of Common Stock. The Borrower shall fail to maintain the listing of the Common Stock on at least one of the OTCBB or an equivalent
replacement exchange, the Nasdaq National Market, the Nasdaq SmallCap Market, the New York Stock Exchange, or the American Stock
Exchange.

 

3.9         Failure
to Comply with the Exchange Act. The Borrower shall fail to comply with the reporting requirements of the Exchange Act; and/or
the Borrower shall cease to be subject to the reporting requirements of the Exchange Act.

 

3.10       Liquidation.
Any dissolution, liquidation, or winding up of Borrower or any substantial portion of its business.

 

3.11       Cessation
of Operations. Any cessation of operations by Borrower or Borrower admits it is otherwise generally unable to pay its debts
as such debts become due, provided, however, that any disclosure of the Borrower’s ability to continue as a “going
concern” shall not be an admission that the Borrower cannot pay its debts as they become due.

 

3.12       Maintenance
of Assets.The failure by Borrower 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).

 

3.13       Financial
Statement Restatement.The restatement of any financial statements filed by the Borrower with the SEC for any date or period
from two years prior to the Issue Date of this Note and until this Note is no longer outstanding, if the result of such restatement
would, by comparison to the original financial statement, have constituted a material adverse effect on the rights of the Holder
with respect to this Note or supporting documents.

 

3.14       Reverse
Splits. The Borrower effectuates a reverse split of its Common Stock without at least twenty (20) days prior written notice
to the Holder.

 

3.15       Replacement
of Transfer Agent. In the event that the Borrower proposes to replace its transfer agent, the Borrower fails to provide, prior
to the effective date of such replacement, a fully executed Irrevocable Transfer Agent Instructions in a form as initially delivered
pursuant to the Purchase Agreement (including but not limited to the provision to irrevocably reserve shares of Common Stock in
the Reserved Amount) signed by the successor transfer agent to Borrower and the Borrower.

 

3.16       Cross-Default. Notwithstanding anything to the contrary contained in this Note or the other related or companion documents, a breach
or default by the Borrower of any covenant or other term or condition contained in any of the Other Agreements, after the passage
of all applicable notice and cure or grace periods, shall, at the option of the Borrower, be considered a default under this Note
and the Other Agreements, in which event the Holder shall be entitled (but in no event required) to apply all rights and remedies
of the Holder under the terms of this Note and the Other Agreements by reason of a default under said Other Agreement or hereunder.
“Other Agreements” means, collectively, all agreements and instruments between, among or by: (1) the Borrower, and,
or for the benefit of, (2) the Holder and any affiliate of the Holder, including, without limitation, promissory notes; provided,
however, the term “Other Agreements” shall not include the related or companion documents to this Note. Each of the
loan transactions will be cross-defaulted with each other loan transaction and with all other existing and future debt of Borrower
to the Holder.

 

    	12

    	 

    

 

Upon
the occurrence and during the continuation of any Event of Default specified in Section 3.1 (solely with respect to failure to
pay the principal hereof or interest thereon when due at the Maturity Date), the Note shall become immediately due and payable
and the Borrower 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 SECTION 3.2, THE NOTE
SHALL BECOME IMMEDIATELY DUE AND PAYABLE AND THE BORROWER SHALL PAY TO THE HOLDER, IN FULL SATISFACTION OF ITS OBLIGATIONS HEREUNDER,
AN AMOUNT EQUAL TO: (Y) THE DEFAULT SUM (AS DEFINED HEREIN); MULTIPLIED BY (Z) TWO (2). Upon the occurrence and during the continuation
of any Event of Default specified in Sections 3.1 (solely with respect to failure to pay the principal hereof or interest thereon
when due on this Note upon a Trading Market Prepayment Event pursuant to Section 1.7 or upon acceleration), 3.3, 3.4, 3.6, 3.8,
3.9, 3.11, 3.12, 3.13, 3.14, and/or 3.15 exercisable through the delivery of written notice to the Borrower by such Holders (the
“Default Notice”), and upon the occurrence of an Event of Default specified the remaining sections of Articles III
(other than failure to pay the principal hereof or interest thereon at the Maturity Date specified in Section 3,1 hereof), the
Note shall become immediately due and payable and the Borrower shall pay to the Holder, in full satisfaction of its obligations
hereunder, an amount equal to the greater of (i) 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) plus (z) any amounts owed to the Holder pursuant to Sections 1.3 and 1.4(g) hereof (the then outstanding principal
amount of this Note to the date of payment plus the amounts referred to in clauses (x), (y) and (z) shall collectively
be known as the “Default Sum”) or (ii) the “parity value” of the Default Sum to be prepaid, where parity
value means (a) the highest number of shares of Common Stock issuable upon conversion of or otherwise pursuant to such Default
Sum in accordance with Article I, treating the Trading Day immediately preceding the Mandatory Prepayment Date as the “Conversion
Date” for purposes of determining the lowest applicable Conversion Price, unless the Default Event arises as a result of
a breach in respect of a specific Conversion Date in which case such Conversion Date shall be the Conversion Date), multiplied
by (b) the highest Closing Price for the Common Stock during the period beginning on the date of first occurrence of the Event
of Default and ending one day prior to the Mandatory Prepayment Date (the “Default Amount”) 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.

 

If
the Borrower fails to pay the Default Amount within five (5) business days of written notice that such amount is due and payable,
then the Holder shall have the right at any time, so long as the Borrower remains in default (and so long and to the extent that
there are sufficient authorized shares), to require the Borrower, upon written notice, to immediately issue, in lieu of the Default
Amount, the number of shares of Common Stock of the Borrower equal to the Default Amount divided by the Conversion Price then
in effect.

 

    	13

    	 

    

 

ARTICLE
IV. MISCELLANEOUS

 

4.1         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.

 

4.2         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 Borrower, to: 

 

		
	 	
	 	
	 	
	 	Attn:
	 	Facsimile:

 

If
to the Holder:

 

	 	WHC
    Capital, LLC.
	 	200
    Stonehinge Lane,
	 	Suite
    3
	 	Carle
    Place, NY. 11514
	 	Facsimile:
    212.574.3326

 

4.3         Amendments. This Note and any provision hereof may only be amended by an instrument in writing signed by the Borrower and the Holder.
The term “Note” and all reference thereto, as used throughout this instrument, shall mean this instrument (and the
other Notes issued pursuant to the Purchase Agreement) as originally executed, or if later amended or supplemented, then as so
amended or supplemented.

 

    	14

    	 

    

 

4.4         Assignability. This Note shall be binding upon the Borrower 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.

 

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

 

4.6         Governing
Law. This Note shall be governed by and construed in accordance with the laws of the State of New York without regard to principles
of conflicts of laws. 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 Nassau. 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 Borrower 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. Each party
hereby irrevocably waives personal service of process and consents to process being served in any suit, action or proceeding in
connection with this Agreement or any other Transaction Document 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 Agreement 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.

 

4.7         Certain
Amounts. Whenever pursuant to this Note the Borrower is required to pay an amount in excess of the outstanding principal amount
(or the portion thereof required to be paid at that time) plus accrued and unpaid interest plus Default Interest on such interest,
the Borrower and the Holder agree that the actual damages to the Holder from the receipt of cash payment on this Note may be difficult
to determine and the amount to be so paid by the Borrower represents stipulated damages and not a penalty and is intended to compensate
the Holder in part for loss of the opportunity to convert this Note and to earn a return from the sale of shares of Common Stock
acquired upon conversion of this Note at a price in excess of the price paid for such shares pursuant to this Note. The Borrower
and the Holder hereby agree that such amount of stipulated damages is not plainly disproportionate to the possible loss to the
Holder from the receipt of a cash payment without the opportunity to convert this Note into shares of Common Stock.

 

4.8         Purchase
Agreement. By its acceptance of this Note, each party agrees to be bound by the applicable terms of the Purchase Agreement.

 

    	15

    	 

    

 

4.9         Notice
of Corporate Events. Except as otherwise provided below, the Holder of this Note shall have no rights as a Holder of Common
Stock unless and only to the extent that it converts this Note into Common Stock. The Borrower shall provide the Holder with prior
notification of any meeting of the Borrower’s shareholders (and copies of proxy materials and other information sent to
shareholders). In the event of any taking by the Borrower of a record of its shareholders for the purpose of determining shareholders
who are entitled to receive payment of any dividend or other distribution, any right to subscribe for, purchase or otherwise acquire
(including by way of merger, consolidation, reclassification or recapitalization) any share of any class or any other securities
or property, or to receive any other right, or for the purpose of determining shareholders who are entitled to vote in connection
with any proposed sale, lease or conveyance of all or substantially all of the assets of the Borrower or any proposed liquidation,
dissolution or winding up of the Borrower, the Borrower shall mail a notice to the Holder, at least twenty (20) days prior to
the record date specified therein (or thirty (30) days prior to the consummation of the transaction or event, whichever is earlier),
of the date on which any such record is to be taken for the purpose of such dividend, distribution, right or other event, and
a brief statement regarding the amount and character of such dividend, distribution, right or other event to the extent known
at such time. The Borrower shall make a public announcement of any event requiring notification to the Holder hereunder substantially
simultaneously with the notification to the Holder in accordance with the terms of this Section 4.9.

 

4.10       Remedies.
The Borrower 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 Borrower 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
Borrower 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.

 

IN
WITNESS WHEREOF, Borrower has caused this Note to be signed in its name by its duly authorized officer:

 

	 	BioNeutral
    Group, Inc.
	 	 
	 	By:	
	 	 	 
	 	Print:	
	 	 	 
	 	Title/Date:	

 

 

16

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