Document:

Note:
June 3, 2015

 

NEITHER
THESE SECURITIES NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE
COMMISSION IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT. 

 

THIS
NOTE DOES NOT REQUIRE PHYSICAL SURRENDER OF THE NOTE IN THE EVENT OF A PARTIAL REDEMPTION OR CONVERSION. AS A RESULT, FOLLOWING
ANY REDEMPTION OR CONVERSION OF ANY PORTION OF THIS NOTE, THE OUTSTANDING PRINCIPAL SUM REPRESENTED BY THIS NOTE MAY BE LESS THAN
THE PRINCIPAL SUM AND ACCRUED INTEREST SET FORTH BELOW.

 

10%
CONVERTIBLE PROMISSORY NOTE

 

OF

 

SYLIOS
CORP

 

Issuance
Date: June 3, 2015

Total
Face Value of Note: $115,000

 

This
Note is a duly authorized Convertible Promissory
Note of Sylios Corp. a corporation duly organized and existing under the laws of the State of Florida (the
“Company”), designated as the Company’s 10% Convertible Promissory Note due June 3, 2016 (“Maturity
Date”) in the principal amount of $115,000 (the “Note”).

 

For
Value Received, the Company hereby promises to
pay to the order of Tangiers Investment Group, LLC or its registered assigns or successors-in-interest (“Holder”)
the Principal Sum of $115,000 (the “Principal Sum”) and to pay “guaranteed” interest on the principal
balance hereof at an amount equivalent to 10% of the Principal Sum, to the extent such Principal Sum and “guaranteed”
interest and any other interest, fees, liquidated damages and/or items due to Holder herein have been repaid or converted into
the Company’s Common Stock (the “Common Stock”), in accordance with the terms hereof.

 

The
initial purchase price will be $17,250 of consideration upon execution of the Convertible Promissory Note and all supporting documentation.
The sum of $15,000 shall be remitted and delivered to the Company, and $2,250 shall be retained by the Purchaser through an original
issue discount (the “OID”) for due diligence and legal bills related to this transaction. The OID is set at
15% of any consideration paid. In the event of partial payment by the Holder, the principal sum due to the Holder shall be prorated
based on the consideration actually paid by Holder such that the company is only required to repay the amount funded and the company
is not required to repay any unfunded portion of this note. In the event that the Note is repaid within 90 days from the Effective
Date, as defined below, Holder agrees to waive all interest due.

 

    	Convertible Promissory Note	1	 

    	 

    

 

In
addition to the “guaranteed” interest referenced above, and in the Event of Default pursuant to Section 2(a), additional
interest will accrue from the date of the Event of Default at the rate equal to the lower of 18% per annum or the highest rate
permitted by law (the “Default Rate”).

 

This
Note will become effective only upon the execution by both parties, including the execution of Exhibits B, C and D and delivery
of the initial payment of consideration by the Holder (the “Effective Date”).

 

This
Note may be prepaid in whole or in part according to the following schedule:

 

	Days
    Since Effective Date	 	Prepayment
    Amount
	Under
    30	 	100%
    of Principal Amount
	31-60	 	110%
    of Principal Amount
	61-90	 	120%
    of Principal Amount
	91-120	 	130%
    of Principal Amount
	121-150	 	140%
    of Principal Amount
	151-180	 	150%
    of Principal Amount

 

After
180 days from the Effective Date this Note may not be prepaid without written consent from Holder, which consent may be withheld,
delayed, denied, or conditions in Holder’s sole and absolute discretion. Whenever any amount expressed to be due by the
terms of this Note is due on any day which is not a Business Day (as defined below), the same shall instead be due on the next
succeeding day which is a Business Day.

 

For
purposes hereof the following terms shall have the meanings ascribed to them below:

 

“Business
Day” shall mean any day other than a Saturday, Sunday or a day on which commercial banks in the City of New York
are authorized or required by law or executive order to remain closed.

 

“Conversion
Price” shall be equal to lower of: (a) 50% of the lowest trading price of the Company’s common stock during
the 20 consecutive trading days prior to the date on which Holder elects to convert all or part of the Note or (b) 50% of the
lowest trading price of the Company’s common stock during the 20 consecutive trading days prior to the Effective Date. For
the purpose of calculating the Conversion Price only, any time after 4:00 pm Eastern Time (the closing time of the Principal Market)
shall be considered to be the beginning of the next Business Day. If the Company is placed on “chilled” status with
the Depository Trust Company (“DTC”), the discount shall be increased by 10%, i.e., from 50%
to 60%, until such chill is remedied. If the Company is not Deposits and Withdrawal at Custodian (“DWAC”) eligible
through their Transfer Agent and DTC’s Fast Automated Securities Transfer (“FAST”) system, the discount
will be increased by 5%, i.e., from 50% to 55%,. In the case of both, the discount shall be a cumulative increase
of 15%, i.e., from 50% to 65%. Any default of this Note not remedied within the applicable cure period will result
in a permanent additional 10% increase, i.e., from 50% to 60%, in addition to any other discount, as provided above,
to the Conversion Price discount.

 

    	Convertible Promissory Note	2	 

    	 

    

 

“Principal
Amount” shall refer to the sum of (i) the original principal amount of this Note (including the original issue discount,
prorated if the Note has not been funded in full), (ii) all guaranteed and other accrued but unpaid interest hereunder, (iii)
any fees due hereunder, (iv) liquidated damages, and (v) any default payments owing under the Note, in each case previously paid
or added to the Principal Amount.

 

“Principal
Market” shall refer to the primary exchange on which the Company’s common stock is traded or quoted.

 

“Trading
Day” shall mean a day on which there is trading or quoting for any security on the Principal Market.

 

“Underlying
Shares” means the shares of common stock into which the Note is convertible (including interest, fees, liquidated
damages and/or principal payments in common stock as set forth herein) in accordance with the terms hereof.

 

The
following terms and conditions shall apply to this Note:

 

Section
1.00 Conversion.

 

(a)
Conversion Right. Subject to the terms hereof and restrictions and limitations contained herein, the Holder shall have
the right, at the Holder’s sole option, at any time and from time to time to convert in whole or in part the outstanding
and unpaid Principal Amount under this Note into shares of Common Stock as per the Conversion Formula. The date of any conversion
notice (“Conversion Notice”) hereunder shall be referred to herein as the “Conversion Date”.

 

(b)
Stock Certificates or DWAC. The Company will deliver to the Holder, or Holder’s authorized designee, no later than
2 Trading Days after the Conversion Date, a certificate or certificates (which certificate(s) shall be free of restrictive legends
and trading restrictions if the shares of Common Stock underlying the portion of the Note being converted are eligible under a
resale exemption pursuant to Rule 144(b)(1)(ii) and Rule 144(d)(1)(ii) of the Securities Act of 1933, as amended) representing
the number of shares of Common Stock being acquired upon the conversion of this Note. In lieu of delivering physical certificates
representing the shares of Common Stock issuable upon conversion of this Note, provided the Company’s transfer agent is
participating in DTC’s FAST program, the Company shall instead use commercially reasonable efforts to cause its transfer
agent to electronically transmit such shares issuable upon conversion to the Holder (or its designee), by crediting the account
of the Holder’s (or such designee’s) broker with DTC through its DWAC program (provided that the same time periods
herein as for stock certificates shall apply).

 

    	Convertible Promissory Note	3	 

    	 

    

 

(c)
Charges and Expenses. Issuance of Common Stock to Holder, or any of its assignees, upon the conversion of this Note shall
be made without charge to the Holder for any issuance fee, transfer tax, postage/mailing charge or any other expense with respect
to the issuance of such Common Stock. Company shall pay all Transfer Agent fees incurred from the issuance of the Common stock
to Holder. Any such charges related to the issuance of Common Stock required to be paid by the Holder (whether from the Company’s
delays or outright refusal to pay) will be automatically added to the Principal Sum of the Note and tack back to the Effective
Date for purposes of Rule 144.

 

(d)
Delivery Timeline. If the Company fails to deliver to the Holder such certificate or certificates (or shares through the
DWAC program) pursuant to this Section (free of any restrictions on transfer or legends, if eligible) prior to 3 Trading Days
after the Conversion Date, the Company shall pay to the Holder as liquidated damages an amount equal to $2,000 per day, until
such certificate or certificates are delivered. The Company acknowledges that it would be extremely difficult or impracticable
to determine the Holder’s actual damages and costs resulting from a failure to deliver the Common Stock and the inclusion
herein of any such additional amounts are the agreed upon liquidated damages representing a reasonable estimate of those damages
and costs. Such liquidated damages will be automatically added to the Principal Sum of the Note and tack back to the Effective
Date for purposes of Rule 144.

 

(e)
Reservation of Underlying Securities. The Company covenants that it will at all times reserve and keep available for Holder,
out of its authorized and unissued Common Stock solely for the purpose of issuance upon conversion of this Note, free from preemptive
rights or any other actual contingent purchase rights of persons other than the Holder, initially five times, but not less
than four times the number of shares of Common Stock as shall be issuable (taking into account the adjustments under this
Section 1, but without regard to any ownership limitations contained herein) upon the conversion of this Note (consisting of the
Principal Amount) to Common Stock (the “Required Reserve”). The Company covenants that all shares of Common
Stock that shall be issuable will, upon issue, be duly authorized, validly issued, fully-paid, non-assessable and freely-tradable
(if eligible). If the amount of shares on reserve in Holder’s name at the Company’s transfer agent for this Note shall
drop below the Required Reserve, the Company will, within 2 Trading Days of notification from Holder, instruct the transfer agent
to increase the number of shares so that the Required Reserve is met. The Company agrees that this is a material term of this
Note and any breach of this Section 1.00(e) will result in a default of the Note.

 

(f)
Conversion Limitation. The Holder will not submit a conversion to the Company that would result in the Holder owning more
than 9.99% of the then total outstanding shares of the Company (“Restricted Ownership Percentage”).

 

(g)
Conversion Delays. If the Company fails to deliver shares in accordance with the timeframe stated in Section 1.00(b), the
Holder, at any time prior to selling all of those shares, may rescind any portion, in whole or in part, of that particular conversion
attributable to the unsold shares. The rescinded conversion amount will be returned to the Principal Sum with the rescinded conversion
shares returned to the Company, under the expectation that any returned conversion amounts will tack back to the Effective Date.

 

(h)
Shorting and Hedging. Holder may not engage in any “shorting” or “hedging” transaction(s) in the
Common Stock prior to conversion.

 

    	Convertible Promissory Note	4	 

    	 

    

 

(i)
Conversion Right Unconditional. If the Holder shall provide a Conversion Notice as provided herein, the Company’s
obligations to deliver Common Stock shall be absolute and unconditional, irrespective of any claim of setoff, counterclaim, recoupment,
or alleged breach by the Holder of any obligation to the Company.

 

Section
2.00 Defaults and Remedies.

 

(a)
Events of Default. An “Event of Default” is: (i) a default in payment of any amount due hereunder which
default continues for more than 5 Trading Days after the due date; (ii) a default in the timely issuance of underlying shares
upon and in accordance with terms of Section 2.00, which default continues for 2 Trading Days after the Company has failed to
issue shares or deliver stock certificates within the 3rd Trading Day following the Conversion Date; (iii) failure by the Company
for 3 days after notice has been received by the Company to comply with any material provision of this Note; (iv) failure of the
Company to remain compliant with DTC, thus incurring a “chilled” status with DTC; (v) if the Company is subject to
any Bankruptcy Event; (vi) any failure of the Company to satisfy its “filing” obligations under Securities Exchange
Act of 1934, as amended (the “1934 Act”) and the rules and guidelines issued by OTC Markets News Service, OTCMarkets.com
and their affiliates; (vii) any failure of the Company to provide the Holder with information related to its corporate structure
including, but not limited to, the number of authorized and outstanding shares, public float, etc. within 1 Trading Day of request
by Holder; (viii) failure by the Company to maintain the Required Reserve in accordance with the terms of Section 1.00(e); (ix)
failure of Company’s Common Stock to maintain a closing bid price in its Principal Market for more than 3 consecutive Trading
Days; (x) any delisting from a Principal Market for any reason; (xi) failure by Company to pay any of its Transfer Agent fees
in excess of $2,000 or to maintain a Transfer Agent of record; (xii) any trading suspension imposed by the Securities and
Exchange Commission (“SEC”) under Sections 12(j) or 12(k) of the 1934 Act; (xiii) failure by the Company to
meet all requirements necessary to satisfy the availability of Rule 144 to the Holder or its assigns, including but not limited
to the timely fulfillment of its filing requirements as a fully-reporting issuer registered with the SEC, requirements for XBRL
filings, and requirements for disclosure of financial statements on its website.

 

(b)
Remedies. If an event of default occurs, the outstanding Principal Amount of this Note owing in respect thereof through
the date of acceleration, shall become, at the Holder’s election, immediately due and payable in cash at the “Mandatory
Default Amount”. The Mandatory Default Amount means 150% of the outstanding Principal Amount of this Note, liquidated
damages, fees and other amounts hereon. Commencing 5 days after the occurrence of any Event of Default that results in the eventual
acceleration of this Note, this Note shall accrue additional interest, in addition to the Note’s “guaranteed”
interest, at a rate equal to the lesser of 18% per annum or the maximum rate permitted under applicable law. Finally, commencing
5 days after the occurrence of any Event of Default that results in the eventual acceleration of this Note, an additional permanent
10% increase to the Conversion Price discount will go into effect. In connection with such acceleration described herein, the
Holder need not provide, and the Issuer 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 the 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 2.00(b). No such rescission or annulment shall affect any subsequent event of default or
impair any right consequent thereon. Nothing herein shall limit the Holder’s right to pursue any other remedies available
to it at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect
to the Issuer’s failure to timely deliver certificates representing shares of Common Stock upon conversion of the Note as
required pursuant to the terms hereof.

 

    	Convertible Promissory Note	5	 

    	 

    

 

Section
3.00 General.

 

(a)
Payment of Expenses. The Company agrees to pay all reasonable charges and expenses, including attorneys’ fees and
expenses, which may be incurred by the Holder in successfully enforcing this Note and/or collecting any amount due under this
Note.

 

(b)
Assignment, Etc. The Holder may assign or transfer this Note to any transferee at its sole discretion. This Note shall
be binding upon the Company and its successors and shall inure to the benefit of the Holder and its successors and permitted assigns.

 

(c)
Funding Window. The Company agrees that it will not enter into a convertible debt financing transaction with any party
other than the Holder for a period of 20 Trading Days following the Effective Date. The Company agrees that this is a material
term of this Note and any breach of this will result in a default of the Note.

 

(d)
Piggyback Registration Rights. The Company shall include on the next registration statement that the Company files with
the SEC (or on the subsequent registration statement if such registration statement is withdrawn) all shares issuable upon conversion
of this Note. Failure to do so will result in liquidated damages of 30% of the outstanding Principal Sum of this Note, but not
less than $20,000, being immediately due and payable to the Holder at its election in the form of a cash payment or an addition
to the Principal Sum of this Note.

 

(e)
Terms of Future Financings. So long as this Note is outstanding, upon any issuance by the Company or any of its subsidiaries
of any convertible debt security (whether such debt begins with a convertible feature or such feature is added at a later date)
with any term more favorable to the holder of such security or with a term in favor of the holder of such security that was not
similarly provided to the Holder in this Note, then the Company shall notify the Holder of such additional or more favorable term
and such term, at the Holder’s option, shall become a part of this Note and its supporting documentation. The types of
terms contained in the other security that may be more favorable to the holder of such security include, but are not limited to,
terms addressing conversion discounts, conversion look back periods, interest rates, original issue discount percentages and warrant
coverage.

 

(f)
Governing Law; Jurisdiction.

 

(i)
Governing Law. This note will be governed by and construed in accordance with the laws of the state of California without
regard to any conflicts of laws or provisions thereof that would otherwise require the application of the law of any other jurisdiction.

 

(ii)
Jurisdiction and Venue. Any dispute or claim arising to or in any way related to this Note or the rights and obligations of
each of the parties shall be brought only in the state courts of California or in the federal courts located in San Diego County,
California.

 

    	Convertible Promissory Note	6	 

    	 

    

 

(iii)
No Jury Trial. The Company hereto knowingly and voluntarily waives any and all rights it may have to a trial by jury with
respect to any litigation based on, or arising out of, under, or in connection with, this Note.

 

(iv)
Delivery of Process by the Holder to the Company. In the event of an action or proceeding by the Holder against the Company,
and only by the Holder against the Company, service of copies of summons and/or complaint and/or any other process that may be
served in any such action or proceeding may be made by the Holder via U.S. Mail, overnight delivery service such as FedEx or UPS,
email, fax, or process server, or by mailing or otherwise delivering a copy of such process to the Company at its last known attorney
as set forth in its most recent SEC filing.

 

(v)
Notices. Any notice required or permitted hereunder (including Conversion Notices) must be in writing and either personally
served, sent by facsimile or email transmission, or sent by overnight courier. Notices will be deemed effectively delivered at
the time of transmission if by facsimile or email, and if by overnight courier the business day after such notice is deposited
with the courier service for delivery.

 

(g)
No Bad Actor. No officer or director of the Company would be disqualified under Rule 506(d) of the Securities Act of 1933,
as amended, on the basis of being a “bad actor” as that term is established in the September 13, 2013 Small Entity
Compliance Guide published by the SEC.

 

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

 

    	Convertible Promissory Note	7	 

    	 

    

 

IN
WITNESS WHEREOF, the Company has caused this Convertible Promissory Note to be duly executed on the day and in the year first
above written.

 

	 	SYLIOS
    CORP
	 	 	 
	 	By:	/s/
    Wayne Anderson
	 	Name:	Wayne
    Anderson
	 	Title:
    	President
	 	Email:
    	info@sylios.com
	 	Address:
    	 

 

This
Note is acknowledged as: Note of June 3, 2015 

 

Accepted
this 3rd day of June, 2015:

 

Tangiers
Investment Group, LLC

 

	By:	/s/
    Michael Sobeck	 

 

    	Convertible Promissory Note	8	 

    	 

    

 

EXHIBIT
A

 

FORM
OF CONVERSION NOTICE

 

(To
be executed by the Holder in order to convert all or part of that certain $115,000 Convertible Promissory Note identified as the
Note)

 

	DATE:	______________________________
	 	 
	FROM:	Tangiers
    Investment Group, LLC

 

	 	Re:	$115,000
    Convertible Promissory Note (this “Note”) originally issued by Sylios Corp., a Florida corporation, to Tangiers
    Investment Group, LLC on June 3, 2015.

 

The
undersigned on behalf of Tangiers Investment Group, LLC, hereby elects to convert $_______________________ of the aggregate
outstanding Principal Sum (as defined in the Note) indicated below of this Note into shares of Common Stock, $0.001 par value
per share, of Sylios Corp. (the “Company”), according to the conditions hereof, as of the date written below. If shares
are to be issued in the name of a person other than undersigned, the undersigned will pay all transfer taxes payable with respect
thereto and is delivering herewith such certificates and opinions as reasonably requested by the Company in accordance therewith.
No fee will be charged to the holder for any conversion, except for such transfer taxes, if any. The undersigned represents as
of the date hereof that, after giving effect to the conversion of this Note pursuant to this Conversion Notice, the undersigned
will not exceed the “Restricted Ownership Percentage” contained in this Note.

 

	Conversion
    information:	 	 
	 	 	Date
    to Effect Conversion
	 	 	 
	 	 	Aggregate
    Principal  Sum of Note Being Converted
	 	 	 
	 	 	Aggregate
    Interest on Amount Being Converted
	 	 	
	 	 	Remaining Principal Balance
	 	 	 
	 	 	Number
    of Shares of Common Stock to be Issued
	 	 	 
	 	 	Applicable
    Conversion Price
	 	 	 
	 	 	Signature
	 	 	 
	 	 	Name
	 	 	 
	 	 	Address

 

    	Convertible Promissory Note	9	 

    	 

    

 

EXHIBIT
B

 

WRITTEN
CONSENT OF THE BOARD OF DIRECTORS OF

 

SYLIOS
CORP.

 

The
undersigned, being directors of Sylios Corp., a Florida corporation (the “Company”), acting pursuant to the Bylaws
of the Corporation, do hereby consent to, approve and adopt the following preamble and resolutions:

 

Convertible
Note with Tangiers Investment Group, LLC

 

The
board of directors of the Company has reviewed and authorized the following documents relating to the issuance of a Convertible
Promissory Note in the amount of $115,000 with Tangiers Investment Group, LLC.

 

The
documents agreed to and dated June 3, 2015 are as follows:

 

10%
Convertible Promissory Note of Sylios Corp.

Irrevocable
Transfer Agent Instructions

Notarized
Certificate of Corporate Secretary

Disbursement
Instructions

 

IN
WITNESS WHEREOF, the undersign member(s) of the board of the Company executed this unanimous written consent as of June 3, 2015.

 

	 	 
	By:	 
	Its:	 

 

    	Convertible Promissory Note	10	 

    	 

    

 

EXHIBIT
C

 

NOTARIZED
CERTIFICATE OF CORPORATE SECRETARY OF

 

SYLIOS
CORP.

 

(Two
Pages)

 

 

The
undersigned, _______________________ is the duly elected Corporate Secretary of Sylios Corp., a Florida corporation (the
“Company”).

 

I
hereby warrant and represent that I have undertaken a complete and thorough review of the Company’s corporate and financial
books and records, including, but not limited to, the Company’s records relating to the following:

 

	 	(A)	The
    issuance of that certain convertible promissory note dated June 3, 2015 (the “Note Issuance Date”) issued to Tangiers
    Investment Group, LLC (the “Holder”) in the stated original principal amount of $115,000 (the “Note”);
	 	 	 
	 	(B)	The
    Company’s Board of Directors duly approved the issuance of the Note to the Holder;
	 	 	 
	 	(C)	The
    Company has not received and does not contemplate receiving any new consideration from any persons in connection with any
    later conversion of the Note and the issuance of the Company’s Common Stock upon any said conversion;
	 	 	 
	 	(D)	To
    my best knowledge and after completing the aforementioned review of the Company’s stockholder and corporate records,
    I am able to certify that the Holder (and the persons affiliated with the Holder) are not officers, directors, or directly
    or indirectly, ten percent (10.00%) or more stockholders of the Company and none of said persons has had any such status in
    the one hundred (100) days immediately preceding the date of this Certificate;
	 	 	 
	 	(E)	The
    Company’s Board of Directors have approved duly adopted resolutions approving the Irrevocable Instructions to the Company’s
    Stock Transfer Agent attached to the Note Purchase Agreement, dated June 3, 2015;
	 	 	 
	 	(F)	Mark
    the appropriate selection:

 

___
The Company represents that it is not a “shell company,” as that term is defined in Section 12b-2 of the Securities
Exchange Act of 1934, as amended, and has never been a shell company, as so defined; or

 

___
The Company represents that (i) it was a “shell company,” as that term is defined in Section 12b-2 of the Securities
Exchange Act of 1934, as amended, (ii) since ______, 201__, it has no longer been a shell company, as so defined, and (iii)
on _______, 201__, it provided Form 10-type information in a filing with the Securities and Exchange Commission.

 

    	Convertible Promissory Note	11	 

    	 

    

 

	 	(G)	I
    understand the constraints imposed under Rule 144 on those persons who are or may be deemed to be “affiliates,”
    as that term is defined in Rule 144(a)(1) of the Securities Act of 1933, as amended.
	 	 	 
	 	(H)	I
    understand that all of the representations set forth in this Certificate will be relied upon by counsel to Tangiers Investment
    Group, LLC in connection with the preparation of a legal opinion.

 

I
hereby affix my signature to this Notarized Certificate and hereby confirm the accuracy of the statements made herein.

 

	Signed:	 	 	Date:	 
	 	 	 	 	 
	Name:		 	Title:	

 

SUBSCRIBED
AND SWORN TO BEFORE ME ON THIS ________ DAY OF ____________________ 2015.

 

Commission
Expires:______________

 

____________________________________

Notary
Public

 

    	Convertible Promissory Note	12	 

    	 

    

 

EXHIBIT
D

 

	TO:	Tangiers
    Investment Group, LLC
	 	 
	FROM:	Sylios
    Corp.
	 	 
	DATE:	June
    3, 2015
	 	 
	RE:	Disbursement
    of Funds

 

Pursuant
to that certain Note Purchase Agreement between the parties listed above and dated June 3, 2015, a disbursement of funds will
take place in the amount and manner described below:

 

	Please
    disburse to:	 	 
	Amount
    to disburse:	 	$15,000
	Form
    of distribution	 	Wire
	Name	 	Sylios
    Corp.
	Company
    Address	 	 
	Wire
    Instructions:	 	Bank:

        ABA
        Routing Number:

        Account
        Number:

        SWIFT
        Code:

        Account
Name:

        Phone:

 

TOTAL:
$15,000

 

For:
Sylios Corp.

 

	By:		 	Dated:
    June 3, 2015
	Name:	 	 	 
	Its:	 	 	 

 

    	Convertible Promissory Note	13LOAN
AGREEMENT AND PROMISSORY NOTE

 

THIS
LOAN AGREEMENT AND PROMISSORY NOTE, is made this 16th day of March, 2016, by and among SYLIOS CORP, a Corporation organized
under the laws of the State of Florida (hereinafter, known as “BORROWER”) and Tangiers Investment Group, LLC, organized
under the laws of the State of Delaware (hereinafter, known as “LENDER”). BORROWER and LENDER shall collectively be
known herein as “the Parties”. In determining the rights and duties of the Parties under this Loan Agreement, the
entire document must be read as a whole.

 

PROMISSORY
NOTE

 

FOR
VALUE RECEIVED, BORROWER promises to pay to the order of LENDER, the sum of Fifteen Thousand and NO/100 ($15,000.00) dollars
together with interest thereon at a rate of 15 percent (15%) per annum on the unpaid balance with interest to be compounded annually
and a legal fee in the amount of Two Thousand Five Hundred and NO/100 ($2,500.00) (hereinafter, “the Loan Amount”).
The entire outstanding Loan Amount (including principal, any accrued interest and legal fee) shall become fully due and payable
by BORROWER on or before 90 days after the date of this Loan Agreement and Promissory Note.

 

LENDER
has advanced BORROWER the sum of Fifteen Thousand and NO/100 ($15,000.00) dollars to be designated for the purchase of
a royalty interest in three wells in Kentucky. As part of the BORROWER’S transaction with the OPERATOR of said wells, the
BORROWER shall loan to said OPERATOR the sum of Fifteen Thousand and NO/100 ($15,000.00) dollars. Said OPERATOR shall pay
BORROWER the sum of Sixteen Thousand Five Hundred and NO/100 ($16,500.00) dollars on or before 60 days after the loan transaction
closes. As collateral for said loan, the BORROWER shall file a Uniform Commercial Code (“UCC”) naming all three wells
and the lease said wells are situated. In the event said OPERATOR defaults on the loan from BORROWER, BORROWER shall be required
to perfect said loan by seizing all assets included within the UCC. All proceeds received by BORROWER from the sale of crude shall
be paid to LENDER against said Loan.

 

The
method for making a proper “demand” upon BORROWER is set forth below.

 

ADDITIONAL
LOAN TERMS

 

The
BORROWER and LENDER, hereby further set forth their rights and obligations to one another under this Loan Agreement and
Promissory Note and agree to be legal bound as follows:

 

	 	A.	Loan
    Repayment Terms. BORROWER may make payment(s) to LENDER in amounts and at times as it chooses upon the Loan Amount, including
    accrued interest, until such time as LENDER shall make a demand upon BORROWER for repayment at which time BORROWER shall repay
    to LENDER the entire Loan Amount (including principal and all accrued interest). LENDER shall make no demand for payment prior
    to 90 days after the date of this Loan Agreement and Promissory Note.
	 	 	 
	 	B.	Demand
    by Lender. This is a “demand” loan agreement and promissory note under which BORROWER is required to repay
    in full the entire outstanding Loan Amount within 90 days of the date of this Loan Agreement and Promissory Note. Delivery
    of written notice by LENDER to BORROWER via U.S. Postal Service Certified Mail shall constitute prima facie evidence of delivery.
    For mailing of said notice, LENDER shall use BORROWER’S address as stated below in the portion of this agreement pertaining
    to default.

 

    	 

    	 

    

 

	 	C.	Method
    of Loan Payment. The BORROWER shall make all payments called for under this loan agreement by sending check or other negotiable
    instrument made payable to the following individual or entity at the address indicated:

 

Bank:
Chase

Bank
address: 101 W Broadway, Suite 100, San Diego, CA 92101

Account
name: Tangiers Investment Group, LLC

Account
number: 477503747

Routing
number: 021000021

Tangiers’
address: 2251 San Diego Avenue, Suite B150, San Diego, CA 92110

 

	 	 	If
    Lender gives written notice to Borrower that a different address shall be used for making payments under this loan agreement,
    Borrower shall use the new address so given by Lender.

 

	 	D.	Default.
    The occurrence of any of the following events shall constitute a Default by the Borrower of the terms of this loan agreement
    and promissory note:

 

	 	1.	Borrower’s
    failure to pay any amount due as principal or interest on the date required under this loan agreement
	 	 	 
	 	2.	Borrower
    seeks an order of relief under the Federal Bankruptcy laws
	 	 	 
	 	3.	A
    federal tax lien is filed against the assets of Borrower

 

	 	E.	Additional
    Provisions Regarding Default:

 

	 	1.	Addressee
    and Address to which Lender is to give Borrower written notice of default:

 

Sylios
Corp

735
Arlington Ave N., Suite 308

St.
Petersburg, FL 33701

 

	 	 	If
    Borrower gives written notice to Lender that a different address shall be used, Lender shall use that address for giving notice
    of default (or any other notice called for herein) to Borrower.
	 	 	 
	 	2.	Cure
    of Default. Upon default, Lender shall give Borrower written notice of default. Mailing of written notice by Lender to
    Borrower via U.S. Postal Service Certified Mail shall constitute prima facie evidence of delivery. Borrower shall have 5 days
    after receipt of written notice of default from Lender to cure said default. In the case of default due solely to Borrower’s
    failure to make timely payment as called for in this loan agreement, Borrower may cure the default by making full payment
    of any principal and accrued interest (including interest on these amounts) whose payment to Lender is overdue under the loan
    agreement and, also, the late−payment penalty described below.
	 	 	 
	 	3.	Penalty
    for Late Payment. There shall also be imposed upon Borrower a $100 per day penalty for any late payment.
	 	 	 
	 	4.	Acceleration.
    If the Borrower fails to cure any default on or before the expiration of the five (5) day cure period that starts on the date
    Borrower receives written notice from Lender that an event of default has occurred under this loan agreement, the entire unpaid
    principal, accrued interest, and penalties under this loan agreement shall accelerate and become due and payable immediately.

 

    	 

    	 

    

 

	 	5.	Indemnification
    of Attorneys Fees and out−of−pocket costs. Should any party materially breach this agreement, the non−breaching
    party shall be indemnified by the breaching party for its reasonable attorneys fees and out−of−pocket costs which
    in any way relate to, or were precipitated by, the breach of this agreement. The term “out−of−pocket costs”,
    as used herein, shall not include lost profits. A default by Borrower which is not cured within 5 days after receiving a written
    notice of default from Lender constitutes a material breach of this agreement by Borrower.

 

	 	F.	Parties
    that are not individuals. If any Party to this agreement is other than an individual (i.e., a corporation, a Limited Liability
    Company, a Partnership, or a Trust), said Party, and the individual signing on behalf of said Party, hereby represents and
    warrants that all steps and actions have been taken under the entity’s governing instruments to authorize the entry
    into this Loan Agreement. Breach of any representation contained in this paragraph is considered a material breach of the
    Loan Agreement.
	 	 	 
	 	G.	Integration.
    This Agreement, including the attachments mentioned in the body as incorporated by reference, sets forth the entire agreement
    between the Parties with regard to the subject matter hereof. All prior agreements, representations and warranties, express
    or implied, oral or written, with respect to the subject matter hereof, are hereby superseded by this agreement. This is an
    integrated agreement.
	 	 	 
	 	H.	Severability.
                                                                              In the event any provision of this Agreement is deemed to be void, invalid, or unenforceable, that provision shall be
                                                                              severed from the remainder of this Agreement so as not to cause the invalidity or unenforceability of the remainder of this
                                                                              Agreement. All remaining provisions of this Agreement shall then continue in full force and effect. If any provision shall be
                                                                              deemed invalid due to its scope or breadth, such provision shall be deemed valid to the extent of the scope and breadth
                                                                              permitted by law.

	 	 	 
	 	I.	Modification.
                                                                              Except as otherwise provided in this document, this agreement may be modified, superseded, or voided only upon the written
                                                                              and signed agreement of the Parties. Further, the physical destruction or loss of this document shall not be construed as a
                                                                              modification or termination of the agreement contained herein.

	 	 	 
	 	J.	Exclusive
                                                                              Jurisdiction for Suit in Case of Breach. The Parties, by entering into this agreement, submit to jurisdiction in State of
                                                                              California for adjudication of any disputes and/or claims between the parties under this agreement. Furthermore, the parties
                                                                              hereby agree that the courts of State of Connecticut shall have exclusive jurisdiction over any disputes between the
                                                                              parties relative to this agreement, whether said disputes sounds in contract, tort, or other areas of the law.

	 	 	 
	 	K.	State
                                                                              Law. This Agreement shall be interpreted under, and governed by, the laws of the state of California.

 

    	 

    	 

    

 

IN
WITNESS WHEREOF and acknowledging acceptance and agreement of the foregoing, BORROWER and LENDER affix their signatures
hereto.

 

	BORROWER(S):	 	LENDER(S):
	 	 	 
	SYLIOS
    CORP	 	TANGIERS INVESTMENT GROUP, LLC
	 	 	 
	/s/
    Wayne Anderson	 	/s/ Robert Papiri
	Wayne
    Anderson	 	By:	Robert
    Papiri
	President	 	Title:	Managing
    Member
	Dated:
    March 16, 2016	 	Dated:
    March 16, 2016

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