Document:

exhibit_10-1

  EXHIBIT 10.1

 

SUBSCRIPTION AGREEMENT

 

RIVULET MEDIA, INC.

 

Rivulet
Media, Inc.

1206 E.
Warner Rd, Suite 101-I

Gilbert,
Arizona 85296

Attn:
Michael Witherill

 

Re:
Purchase of Rivulet Media, Inc. Series A Convertible Promissory
Notes

 

Gentlemen:

 

The
undersigned (“Purchaser”) hereby subscribes to purchase
the amount of Series A convertible promissory notes
(“Notes”) of Rivulet Media, Inc., a Delaware
corporation (the “Company”), set forth on the signature
page hereof, with a minimum investment of $25,000. The Notes are
convertible into shares of common stock of the Company
(“Shares”) at the option of the Purchaser at a
conversion price of $0.40 per Share and, should the closing price
of the Shares as reflected on the OTC Market reach $0.60 or higher,
shall automatically convert into the number of Shares that results
by dividing the outstanding principal amount and all accrued but
unpaid interest by $0.40. This subscription may be rejected by the
Company in its sole discretion.

 

Such
purchase of Notes is subject to the terms and conditions set forth
in this Subscription Agreement.

 

1.           Purchase.
Subject to the terms and conditions hereof, Purchaser hereby
irrevocably agrees to purchase the amount of Notes set forth on the
signature page hereof and tenders herewith the consideration set
forth on the signature page hereof. Payment in full by cash,
certified check, or wire transfer accompanies the delivery of this
Subscription Agreement.

 

2.           Representations
and Warranties. Purchaser hereby makes the following
representations and warranties to the Company and Purchaser agrees
to indemnify, hold harmless, and pay all judgments of and claims
against the Company from any liability or injury, including, but
not limited to, that arising under federal or state securities
laws, incurred as a result of any misrepresentation herein or any
warranties not performed by Purchaser.

 

(a)           Purchaser
is the sole and true party in interest and is not purchasing for
the benefit of any other person.

 

(b)           Purchaser
has read, analyzed, and is familiar with the information set forth
in the Form 10-K filed with the Securities and Exchange Commission
(the “SEC”) and attached hereto
as Exhibit A (the
“Form
10-K”) and in the Company’s other reports filed
with the SEC pursuant to the Securities Exchange Act of 1934, as
amended, including but not limited to the Risk Factors contained
therein; the additional risk factors attached hereto as
Exhibit B (the
“Additional Risk
Factors”); its own independent investigation of the
Company’s books, records, and documents; this Subscription
Agreement, and the Investor Suitability Questionnaire and has
retained copies of all such documents. Purchaser has had an
opportunity to discuss the business plans of the Company with
Company management and has had an opportunity to ask questions and
received satisfactory responses from management with respect to the
Company.

 

(c)           Purchaser
has read, analyzed, and is familiar with the section of this
Subscription Agreement entitled “Investor Suitability
Questionnaire” and Purchaser hereby warrants that
Purchaser either [CHECK ALL THAT
APPLY]:

 

☐           is
an Accredited Investor, as defined in Rule 501 of Regulation D
promulgated under the Securities Act of 1933, as amended (the
“Act”), and all liabilities necessary to make a
verification of net worth have been disclosed to the person
completing the Accredited Investor Verification, if
any;

 

 

 

1

 

 

☐           alone
or with a purchaser representative(s) has such knowledge and
experience in financial and business matters that he or she is
capable of evaluating the merits and risks of the prospective
investment; or

 

☐           is
not a “U.S. person” as that term is defined under
Regulation S promulgated under the 1933 Act.

 

(d)           Purchaser
understands that all books, records, and documents of the Company
relating to this investment have been and remain available for
inspection by Purchaser upon reasonable notice. Purchaser confirms
that all documents requested by Purchaser have been made available,
and that Purchaser has been supplied with all of the additional
information concerning this investment that has been requested. In
making a decision to purchase the Notes, Purchaser has relied
exclusively upon information provided in the Form 10-K and in the
Company’s other reports filed with the SEC pursuant to the
Securities Exchange Act of 1934, as amended, including but not
limited to the Risk Factors contained therein, the Additional Risk
Factors, and its own independent investigation of the
Company’s books, records, and documents.

 

(e)           Purchaser
is aware that an investment in the Notes is highly speculative and
subject to substantial risks, including those risks set forth in
the Risk Factors contained in the Form 10-K and the Company’s
other reports filed with the SEC pursuant to the Securities
Exchange Act of 1934 and the Additional Risk Factors. Purchaser is
capable of bearing the high degree of economic risk and burdens of
this venture, including, but not limited to, the possibility of the
complete loss of all funds invested, the loss of any anticipated
tax benefits, the lack of a public market, the unavailability of
redemption for the Shares, and limited transferability of the Notes
and Shares that may make the liquidation of this investment
impossible for the indefinite future.

 

(f)           The
offer to sell the Notes was directly communicated to Purchaser by
the Company, or through a person acting on its behalf, in such a
manner that Purchaser was able to ask questions of and receive
answers from the Company concerning the terms and conditions of
this transaction. At no time was Purchaser presented with or
solicited by or through any article, notice, or other communication
published in any newspaper or other leaflet, public promotional
meeting, television, radio, or other broadcast or transmittal
advertisement or any other form of general
advertising.

 

(g)           Purchaser,
if a corporation, partnership, trust, or other entity, is
authorized and duly empowered to purchase and hold the Notes and,
following conversion, the Shares, has its principal place of
business at the address set forth on the signature page and has not
been formed for the specific purpose of purchasing the
Notes.

 

(h)           The
Notes are being purchased solely for Purchaser’s own account
for investment and are not being purchased with a view to the
resale, distribution, subdivision, or fractionalization
thereof.

 

(i)           Purchaser
understands that the Notes have not been registered under the Act
or any state securities laws in reliance upon exemptions from
registration for non-public offerings. Purchaser understands that
the Notes or any interest therein may not be, and agrees that the
Notes or any interest therein, will not be, resold or otherwise
disposed of by Purchaser unless the Notes are subsequently
registered under the Act and under appropriate state securities
laws or unless the Company receives an opinion of counsel
satisfactory to it that an exemption from registration is
available.

 

(j)           Purchaser
has been informed of and understands the following:

 

 

2

 

 

(1)           There
are substantial restrictions on the transferability of the Notes
and Shares under the Act; and

 

(2)           No
federal or state agency has made any finding or determination as to
the fairness of the Notes for public investment nor any
recommendation or endorsement of the Notes.

 

(k)           None
of the following information has ever been represented, guaranteed,
or warranted to Purchaser expressly or by implication, by any
broker, the Company, or agents or employees of the foregoing, or by
any other person:

 

(1)           The
approximate or exact length of time that Purchaser will be required
to hold the Notes;

 

(2)           The
percentage of profit and/or amount of or type of consideration,
profit or loss to be realized, if any, as a result of an investment
in the Notes; or

 

(3)           That
the past performance or experience of the Company, or associates,
agents, affiliates, or employees of the Company or any other
person, will in any way indicate or predict economic results in
connection with the purchase of the Notes.

 

(l)           The
information set forth in the Investor Suitability Questionnaire and
executed by Purchaser is true, correct and complete.

 

(m)           Purchaser
has not distributed this Subscription Agreement to anyone, no other
person has used the Subscription Agreement, and Purchaser has made
no copies of the Subscription Agreement.

 

(n)           Purchaser
hereby agrees to indemnify the Company, its officers, its
directors, persons who participated in the preparation of this
Subscription Agreement, and any person participating in the
offering and hold them harmless from and against any and all
liability, damage, cost (including legal fees and court costs) and
expense incurred on account of or arising out of:

 

(1)           Any
inaccuracy in the declarations, representations, and warranties set
forth herein;

 

(2)           The
disposition of any of the Notes by Purchaser contrary to the
foregoing declarations, representations, and warranties;
and

 

(3)           Any
action, suit, or proceeding based upon (i) the claim that said
declarations, representations, or warranties were inaccurate or
misleading or otherwise cause for obtaining damages or redress from
the Company; (ii) the disposition of any of the Notes; or (iii) the
breach by Purchaser of any part of this Subscription
Agreement.

 

(o)           If
Purchaser is a corporation, partnership, limited liability company,
trust, or other entity and the Purchaser is not an employee benefit
plan as defined under ERISA (an “Employee Benefit
Plan”), “Benefit Plan Investors,” as that term is
defined in the regulations promulgated under ERISA, own less than
twenty-five percent (25%) of the value of each class of equity
interests in the Purchaser (excluding from the computation
interests of any individual or entity with discretionary authority
or control over the assets of the Purchaser). If Purchaser is such
an entity and at any time twenty-five percent (25%) or more of such
value is or comes to be held by Benefit Plan Investors (a
“25% Purchaser”), Purchaser shall immediately notify
the Company in writing that Purchaser has become a 25% Purchaser.
If Purchaser is or becomes a 25% Purchaser or an Employee Benefit
Plan, Purchaser understands and agrees that (i) its subscription
may be reduced by the Company (in any manner that the Company
considers appropriate) to an amount that, when aggregated with all
other Benefit Plan Investor participation in the Company, such
participation in the Company is less than twenty-five percent
(25%), and (ii) notwithstanding anything in this Agreement or in
the Company Agreement to the contrary, the Company shall have the
right to require Purchaser to withdraw any or all of its investment
at any time or from time to time, if in the exclusive discretion of
the Company, such withdrawal is advisable to limit participation by
Benefit Plan Investors in the Company to less than twenty-five
percent (25%). If Purchaser is an Employee Benefit Plan or a 25%
Purchaser, the person signing this Agreement on behalf of Purchaser
also makes the representations and warranties attached
hereto.

 

 

3

 

 

(p)           If
Purchaser is a qualified plan (including a Keogh plan or an
Individual Retirement Account) or is otherwise a Benefit Plan
Investor, to the best of Purchaser’s knowledge, neither the
Company nor any affiliate (i) has investment discretion with
respect to the assets being used to purchase the Notes, (ii)
regularly gives individualized investment advice which serves as
the primary basis for the investment decisions made with respect to
such assets, or (iii) is otherwise a fiduciary with respect to such
assets.

 

(q)           Either
(i) no part of the assets to be used to purchase the Notes
constitutes assets of any employee benefit plan (as defined in
Section 3(3) of ERISA) that is subject to Title I of ERISA or
Section 4975 of the Code, or (ii) part of the assets to be used to
purchase the Notes constitutes assets of one or more employee
benefit plans subject to Title I of ERISA or Section 4975 of the
Code and such purchase is eligible for coverage under one or more
statutory or administrative exemptions from the prohibited
transaction rules of ERISA and the Code.

 

(r)           Neither
Purchaser nor, to its knowledge after making due inquiry, any
person or entity controlled by Purchaser, or if Purchaser is other
than a natural person, any person or entity controlled by,
controlling or under common control with Purchaser nor any person
having a beneficial interest in Purchaser:

 

(1)           is
a person or entity listed in Executive Order No. 13224 (September
23, 2001) issued by the President of the United States (Executive
Order Blocking Property and Prohibiting Transactions with Persons
Who Commit, Threaten to Commit, or Support Terrorism), any related
enabling legislation or any other similar Executive Orders
(collectively, the “Executive Order”), or if Purchaser
is other than a natural person, is a person or entity listed in the
Annex to Section 1(b), (c) or (d) of the Executive
Order;

 

(2)           is
named on the List of Specially Designated Nationals and Blocked
Persons (the “SDN List”) maintained by the U.S. Office
of Foreign Asset Control (“OFAC”), Department of the
Treasury, and/or on any other similar list (“Other
Lists”) maintained by OFAC pursuant to any authorizing
statute, Executive Order or regulation (collectively, “OFAC
Laws and Regulations”);

 

(3)           is
a “Designated National” as defined in the Cuban Assets
Control Regulations, 31 C.F.R. Part 515 (“Cuban Designated
Nationals”) (the SDN List, the Other Lists and Cuban
Designated Nationals are referred to in this Agreement,
collectively, as the “Lists”);

 

(4)           is
a foreign shell bank or is otherwise a bank with no physical
presence in any country, e.g., no place of business at a fixed
address in a country in which it is authorized to do business with
full time employees and records and which is subject to inspection
by its licensing authority; or

 

(5)           is
(i) a current or former senior official in the executive,
legislative, administrative, military, or judicial branch of a
foreign government (whether elected or not), a senior official of a
major foreign political party, or a senior executive of a foreign
government-owned commercial enterprise, (ii) a corporation,
business or other entity that has been formed by, or for the
benefit of, any such individual (iii) an immediate family member of
any such individual, or (iv) a person who is widely and publicly
known (or is actually known by Purchaser) to maintain a close
personal relationship with any such individual (collectively, an
“SFPF”).

 

 

4

 

 

(s)           Neither
Purchaser nor, to its knowledge after making due inquiry, any
holder of a beneficial interest in it (i) is under investigation by
any governmental authority for, or has been charged with or
convicted of, money laundering (18 U.S.C. §§ 1956 and
1957), drug trafficking, terrorist-related activities, or other
money laundering predicate crimes or a violation of the Bank
Secrecy Bank (“BSA”) laws (31 U.S.C. § 5311 et
seq.) and regulations, (ii) has been assessed civil penalties under
these or related laws, or (iii) has had its funds seized or
forfeited in an action under these or related laws.

 

(t)           The
funds invested by Purchaser in the Notes are derived from legal
sources. If Purchaser is other than a natural person, Purchaser has
taken, and will continue to take, reasonable measures appropriate
to the circumstances, with respect to each of its stockholders,
members, partners or other investors (collectively, “Entity
Investors”) in Purchaser, to assure that funds invested in it
by such Entity Investors are derived from legal sources and that
these measures will be in accordance with all applicable BSA laws,
regulations and government guidance on BSA compliance and on the
prevention and detection of money laundering violations under 18
U.S.C. §§ 1956 and 1957) (collectively, “Anti-Money
Laundering Laws”).

 

(u)           If
Purchaser is a financial institution or financial intermediary,
Purchaser has taken, and will continue to take, reasonable steps,
consistent with industry practice for comparable organizations and
in any event as required by law, to ensure that it is and shall be
in compliance with all current and future Anti-Money Laundering
Laws, and laws, regulations, and government guidance for the
prevention of terrorism, terrorist financing and drug
trafficking.

 

(v)           Purchaser
agrees to provide the Company, promptly upon request, all
information that the Company reasonably deems necessary or
appropriate to comply with applicable U.S. anti-money laundering
and anti-terrorist laws and regulations and OFAC Laws and
Regulations. Purchaser consents to the disclosure to U.S.
regulators and law enforcement authorities by the Company and its
affiliates and agents of such information about Purchaser that the
Company reasonably deems necessary or appropriate to comply with
applicable U.S. anti-money laundering and anti-terrorist laws and
regulations and OFAC Laws and Regulations.

 

(w)           If
Purchaser is a financial institution or financial intermediary,
Purchaser agrees to adopt and maintain adequate policies,
procedures and controls to ensure that it is, and that each holder
of any beneficial interest in it is, in compliance with all OFAC
Laws and Regulations, Executive Orders and related government
guidance (such OFAC policies, procedures and controls are
collectively referred to as “Purchaser OFAC Policies”).
Purchaser further agrees to make its Purchaser OFAC Policies and
the respective policies, procedures and controls for persons or
entities becoming and being Entity Investors in Purchaser (such
policies, procedures and controls are collectively referred to as
“Entity Investor OFAC Policies”), together with the
information collected thereby concerning Purchaser and such Entity
Investors, available to the Company for its review and inspection
from time to time during normal business hours and upon reasonable
prior notice, and Purchaser agrees to deliver copies of the same to
the Company from time to time upon request. The Company will keep
Purchaser OFAC Policies and the Entity Investor OFAC Policies, and
the information collected thereby, confidential subject to
customary exceptions for legal process, auditors, regulators or as
otherwise reasonably required by the Company for enforcement of its
rights and/or in connection with reasonable business use for
holding and dealing with its assets and investments.

 

 

5

 

 

(x)           If
Purchaser is other than a natural person and if Purchaser OFAC
Policies and the Entity Investor OFAC Policies referred to in
subparagraph 5(w) above, and the measures referred to in
subparagraph 5(w) above to assure that Purchaser’s and each
Entity Investor’s funds are derived from legal sources, shall
not provide, in the reasonable determination of the Company,
adequate means to assure that persons or entities that are listed
on any of the Lists, or that are designated persons under any of
the Executive Orders, or whose funds are not derived from legal
sources, are excluded from becoming or being Entity Investors in
Purchaser, the Company shall notify Purchaser of its determination.
If such policies, procedures and controls, as applicable, and such
measures are not modified to the satisfaction of the Company within
30 days following notice to Purchaser of the Company’s
determination, Purchaser acknowledges that the Company, in addition
to all of their other rights and remedies, may declare that a
breach of this Agreement exists with respect to
Purchaser.

 

(y)           Purchaser
acknowledges and agrees that if, following its investment in the
Company, the Company reasonably believes that Purchaser has
breached its representations and warranties or its agreements set
forth in this Agreement, or a breach of this Agreement otherwise
has been declared to exist with respect to Purchaser, the Company
has the right or may be obligated to freeze the investment to
prohibit additional investments, to segregate the assets
constituting the investment in accordance with applicable OFAC Laws
and Regulations, to decline any redemption requests, or to redeem
Purchaser’s investment. Purchaser further acknowledges that
it will have no claim against the Company, or any of its respective
affiliates, officers, directors, shareholders, employees and agents
for any form of damages as a result of any of the foregoing
actions.

 

(z)           If
Purchaser is other than a natural person, Purchaser shall require
each person that proposes to acquire any interest in Purchaser to
sign an agreement with such representations, warranties, and
covenants substantially in the form of paragraph 2 of this
Agreement and to deliver the same to Purchaser.

 

Purchaser agrees to
notify the Company promptly if there is any change with respect to
the representations provided in this paragraph 2. The foregoing
representations and warranties of Purchaser are complete, true, and
accurate as of the date of this Agreement and shall survive
delivery of this Agreement to the Company for all purposes. If any
of such representations and warranties shall not be true and
accurate in any respect following the execution and delivery of
this Agreement, Purchaser shall give prompt written notice of such
fact to the Company, specifying which representations and
warranties are not true and accurate and the reasons
therefor.

 

3.           Setoff.
Notwithstanding the provisions of the last preceding section or the
enforceability thereof, the undersigned hereby grants to the
Company the right to
setoff against any amounts payable by the Company to the
undersigned, for whatever reason, of any and all damages, costs,
and expenses (including, but not limited to, reasonable
attorneys’ fees) which are incurred on account of or arising
out of any of the items referred to in clauses (1) through (3) of
Section 2(n).

 

4. 

Restrictions on Transferability of
Notes and Shares and Compliance with the Securities
Act.

 

(a)           Restrictions
on Transferability. Purchaser acknowledges that neither the
Notes nor the Shares have been registered under the Act or any
state blue sky laws, and that the transferability of an interest in
the Notes or Shares is restricted by applicable federal and state
securities laws.

 

(b)           Restrictive
Legend. The certificate representing the Notes or Shares, if
any, and any other securities issued in respect thereto upon any
distribution, recapitalization, merger, consolidation or similar
event, are expected (unless otherwise permitted by the provisions
of this Section or by applicable law) to be stamped or otherwise
imprinted with a legend in substantially the following form (in
addition to any legend required under applicable state securities
laws):

 

 

6

 

 

THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”). THE SECURITIES MAY BE SOLD OR TRANSFERRED ONLY
IF THE SECURITIES ARE REGISTERED UNDER THE ACT OR THE COMPANY
RECEIVES AN OPINION OF COUNSEL SATISFACTORY TO IT THAT AN EXEMPTION
FROM REGISTRATION IS AVAILABLE.

 

5.           Transferability
of Subscription Agreement. Purchaser agrees not to transfer
or assign the obligations or duties contained in this Subscription
Agreement or any of Purchaser’s interest herein.

 

6.           Regulation
D and Regulation S. Notwithstanding anything herein to the
contrary, every person or entity who, in addition to or in lieu of
Purchaser, is deemed to be a purchaser pursuant to Regulation D or
Regulation S promulgated under the Act or otherwise, does hereby
make and join in the making of all the covenants, representations,
and warranties made by Purchaser.

 

7.           Acceptance.
Execution and delivery of this Subscription Agreement and tender of
the payment referenced in Section 1 above shall constitute
Purchaser’s irrevocable offer to purchase the amount of Notes
indicated, which offer may be accepted or rejected by the Company
in its discretion for any cause or for no cause. Acceptance of this
offer by the Company shall be indicated by the execution hereof by
the Company.

 

8.           Binding
Agreement. Purchaser agrees that Purchaser may not cancel,
terminate, or revoke this Subscription Agreement or any agreement
Purchaser makes hereunder, and that this Subscription Agreement
shall survive upon the death or disability of Purchaser and shall
be binding upon and inure to the benefit of the heirs, successors,
assigns, executors, administrators, guardians, conservators, or
personal representatives of Purchaser.

 

9.           Incorporation
by Reference. The statement of the amount of Notes
subscribed and related information set forth on the signature page
are incorporated as integral terms of this Subscription
Agreement.

 

10.    
    Notices. Notices and other
communications under this Subscription Agreement shall be in
writing and shall be deemed delivered when received or, if by U.S.
mail, when deposited in a regularly maintained receptacle, by
Certified First Class Mail, postage prepaid,
addressed:

 

(a)           if
to Purchaser, at the address shown on the signature page hereof
unless the Purchaser has advised the Company, in writing, of a
different address as to which notices shall be sent under this
Subscription Agreement; and

 

(b)           if
to the Company, at the address first above stated, to the attention
of the CFO or to such other address or to the attention of other
such officer, as the Company shall have furnished to
Purchaser.

 

11.           Legal
Counsel. Purchaser has had the opportunity to consider the
terms of this Subscription Agreement with Purchaser’s legal
counsel and has either obtained the advice of legal counsel in
connection with Purchaser’s execution hereof or does hereby
expressly waive its right to seek such legal counsel in connection
with this transaction and furthermore has relied on its legal
advisor to provide advice as to the tax consequences to Purchaser
upon making the purchase.

 

 

7

 

 

12.           Miscellaneous.
This Subscription Agreement and the documents and agreements
referenced herein embody the entire agreement and understanding
between the Company and the other parties hereto and supersede all
prior agreements and understandings relating to the subject matter
hereof. It is the intent of the parties hereto that all questions
with respect to the construction and interpretation of this
Subscription Agreement and the rights and liabilities of the
parties hereto shall be determined in accordance with the laws of
the State of Delaware, without regard to principles of conflicts of
laws thereof that would call for the application of the substantive
law of any jurisdiction other than the State of Delaware. Each of
the parties hereto irrevocably and unconditionally agrees
(i) to be subject to the jurisdiction of the courts of the
State of Delaware, (ii) that service of process may be made on
such party by prepaid certified mail with a validated proof of
mailing receipt constituting evidence of valid service, and
(iii) that service made pursuant to clause (ii) above shall
have the same legal force and effect as if serviced upon such party
personally within the State of Arizona. The headings in this
Subscription Agreement are for purposes of reference only and shall
not limit or otherwise affect the meaning hereof. This Subscription
Agreement may be executed in any number of counterparts, each of
which shall be an original, but all of which together shall
constitute one instrument.

 

13.           Subscription
Payments. All subscription payments should be made payable
to “Rivulet Media,
Inc.” in the amount of Notes purchased (minimum
investment of $25,000). All funds received will be transferred into
the Company’s checking account at any time following
acceptance by the Company. We are offering the Notes until the
earliest of (i) January 31, 2021; (ii) the date on which
an aggregate of $1,000,000 of Notes have been sold; or (iii)
termination by the Board of Directors of the Company.

 

[Remainder
of Page Intentionally Left Blank]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8

 

 

IN
WITNESS WHEREOF, Purchaser has executed this Subscription Agreement
on the date set forth on the signature page.

 

Purchaser desires
to take title in the Notes as follows (check one):

 

	

______

	

(a)

	

Individual (one signature required on page 10);

	

 

	

 

	

 

	

______

	

(b)

	

Husband and Wife as community property (one signature is required
on page 10 if interest is held in one name, i.e., managing spouse;
two signatures are required on page 10 if interest is held in both
names);

	

 

	

 

	

 

	

______

	

(c)

	

Joint Tenants with rights of survivorship (both parties must sign
on page 10);

	

 

	

 

	

 

	

______

	

(d)

	

Tenants in Common (both parties must sign on page 10);

	

 

	

 

	

 

	

______

	

(e)

	

Trust (trustee(s) must sign on page 11);

	

 

	

 

	

 

	

______

	

(f)

	

Partnership or Limited Liability Company (general partners(s),
manager(s), or authorized member(s) must sign on page
12);

	

 

	

 

	

 

	

______

	

(g)

	

Corporation (authorized officer must sign on page 14);

	

 

	

 

	

 

	

______

	

(h)

	

Employee Benefit Plan (authorized officer must sign on page
15);

	

 

	

 

	

 

	

______

	

(i)

	

Individual Retirement Account (authorized party must sign on page
15);

	

 

	

 

	

 

	

______

	

(j)

	

Keogh Plan (authorized party must sign on page 15);

	

 

	

 

	

 

	

______

	

(k)

	

Other Tax‐Exempt Entities (authorized parties must sign on
page 15).

 

The
exact name(s) under which title to the Notes is to be taken is as
follows:

 

 

 

 

(Please
print)

 

 

 

9

 

 

SUBSCRIPTION AGREEMENT 

SIGNATURE PAGE

FOR INDIVIDUAL PURCHASERS,

JOINT TENANTS, AND TENANTS IN COMMON

 

 

	

Dollar Amount of Notes Subscribed:

	
 

	

$

	
 

	

Investor #1

	
 

	

Investor #2

	
 

	
 

	
 

	
 

	

Signature

	
 

	

Signature

	
 

	
 

	
 

	
 

	

Social Security Number

	
 

	

Social Security Number

	
 

	
 

	
 

	
 

	

Print or Type Name

	
 

	

Print or Type Name

	
 

	
 

	
 

	
 

	

Residence Address

	
 

	

Residence Address

	

 

	
 

	

 

	

 

	
 

	

 

	

 

	
 

	

 

	

 

	
 

	

 

	

 

	
 

	

 

 

 

INDIVIDUAL ACKNOWLEDGMENT

 

 

State of
_______________  

)

)
ss:

County of
_____________

)

 

On this
___ day of ______________, 20__, ________________________ and
___________________________ personally appeared before me and swore
to be the person(s) whose name is subscribed to the within
instrument and acknowledged to me that he/she/they executed the
same, and that the same is true to the best of his/her/their
knowledge, information, and belief.

 

	

SEAL 

	
 

	

 

	

 

	
 

	

Notary
Public in and for Said County and State

	

My
Commission expires: ___________________ 

	
 

	

 

 

Subscription accepted:

 

Rivulet
Media, Inc.

 

By:
_______________________________________________

Michael
Witherill, President

 

 

 

 

10

 

 

SUBSCRIPTION AGREEMENT

SIGNATURE PAGE

FOR TRUST PURCHASERS

 

	

Dollar Amount of Notes
Subscribed:           
$
____________________________________________________

	

 

	

Executed
at ___________________________,
___________________________________________________

	

 
 

	

this
______________ day of
____________________________________________,
___________________ .

	

	

_________________________________________________________________________________________

	

Name
of Trust (Please print or type)  

	
__________________________________________________________________________________________

	

Name
of Trustee (Please print or type)  

	

 
 

	

Date
Trust was formed:
______________________________________________________________________

	

 
 

	

By:
______________________________________________________________________________________

	

           
Trustee’s
signature  

	

 
 

	

Taxpayer
Identification Number: _______________________________________________________________

	

 
 

	

Trustee’s
Address:  __________________________________________________________________________

	

 
 

	

Attention: 
_________________________________________________________________________________

 

ACKNOWLEDGMENT IF SUBSCRIBER IS A TRUST

 

STATE OF
____________

)

)
ss:

COUNTY OF
__________

)

 

On the
____ day of ___________________________, 20__ personally appeared
before me, ___________________________, who being duly sworn did
say that he/she is the trustee of the ___________________________,
a trust, and that said instrument was signed in behalf of said
trust by authority of the applicable trust instrument and he/she
acknowledged to me that said trust executed the same.

 

 

	

SEAL 

	
 

	

 

	

 

	
 

	

Notary
Public in and for Said County and State

	

My
Commission expires: ___________________ 

	
 

	

 

 

Subscription accepted:

 

Rivulet
Media, Inc.

 

By:
_______________________________________________

Michael
Witherill, President

 

 

  

 

11

 

 

SUBSCRIPTION AGREEMENT

SIGNATURE PAGE

FOR PARTNERSHIP AND LIMITED LIABILITY COMPANY
PURCHASERS

 

 

Dollar Amount of Notes
Subscribed:         
           $
__________________________________________________

 

Executed at
__________________________,
_______________________________________________________

 

this
______________ day of ____________________________________________,
_______________________ .

 

____________________________________________________________________________________________

Name of
Partnership or Limited Liability Company (Please print or
type)

 

By:
_________________________________________________________________________________________

Signature of
General Partner, Manager, or authorized Member

 

__________________________________________
(Print or Type Name)

 

By:
_________________________________________________________________________________________

Signature of
additional General Partner, Manager, or authorized Member (if
required by Partnership

Agreement or
Limited Liability Company Agreement)

 

__________________________________________
(Print or Type Name)

 

By:
_________________________________________________________________________________________

Signature of
additional General Partner, Manager, or authorized Member (if
required by Partnership

Agreement or
Limited Liability Company Agreement)

 

__________________________________________
(Print or Type Name)

 

Taxpayer
Identification Number:
__________________________________________________________________

 

Business
Mailing Address:
_______________________________________________________________________

 

_____________________________________________________________________________________________

 

_____________________________________________________________________________________________

 

Attention:
____________________________________________________________________________________

 

 

 

 

 

 

 

 

 

12

 

 

ACKNOWLEDGMENT IF SUBSCRIBER IS A PARTNERSHIP

OR LIMITED LIABILITY COMPANY

 

 

 

STATE OF
_____________

)

)
ss:

COUNTY OF
__________

)

 

On
the___ day of ___________________________, 20__, personally
appeared before me, ___________________________ and
___________________________ who being duly sworn (or affirmed) did
say that he/she/they are the ___________________________ of the
partnership/limited liability company that executed the within
instrument and such instrument was signed by him/her/them on behalf
of said partnership/limited liability company and acknowledged to
me that said partnership/limited liability company executed the
same.

 

 

	

SEAL 

	
 

	

 

	

 

	
 

	

Notary
Public in and for Said County and State

	

My
Commission expires: ___________________ 

	
 

	

 

 

Subscription accepted:

 

Rivulet
Media, Inc.

 

By:
_______________________________________________

Michael
Witherill, President

 

 

 

13

 

 

 SUBSCRIPTION
AGREEMENT

SIGNATURE PAGE

FOR CORPORATE PURCHASERS

 

 

Dollar Amount of
Notes
Subscribed:                         
$
_________________________________________________

 

Executed
at_____________________________,
______________________________________________________

 

this
______________ day of ____________________________________________,
_________________________ .

 

______________________________________________________________________________________________

Name of
Corporation (Please print or type)

 

By:
___________________________________________________________________________________________

Signature of
authorized agent

 

Title:
_________________________________________________________________________________________

 

Taxpayer
Identification Number:
___________________________________________________________________

 

Address
of Principal Corporate Offices:
______________________________________________________________

 

______________________________________________________________________________________________

 

______________________________________________________________________________________________

 

Mailing
Address:
_______________________________________________________________________________

 

(if
different)
___________________________________________________________________________________

 

Attention:
_____________________________________________________________________________________

 

ACKNOWLEDGMENT
IF PURCHASER IS A CORPORATION

 

STATE OF
_____________

)

)
ss:

COUNTY OF
___________

)

 

On the
_____ day of ___________________________, 20__, personally appeared
before me, ___________________________ who being duly sworn (or
affirmed) did say that he/she is the ___________________________ of
___________________________, and that said instrument was signed by
him on behalf of said Corporation by authority of its bylaws (or of
a resolution of its board of directors, as the case may be), and
he/she acknowledged to me that said corporation executed the
same.

 

 

	

SEAL 

	
 

	

 

	

 

	
 

	

Notary
Public in and for Said County and State

	

My
Commission expires: ___________________ 

	
 

	

 

 

Subscription accepted:

 

Rivulet
Media, Inc.

 

By:
_______________________________________________

Michael
Witherill, President

 

 

 

14

 

 

SUBSCRIPTION AGREEMENT

SIGNATURE PAGE IF PURCHASER IS AN

EMPLOYEE BENEFIT PLAN, INDIVIDUAL RETIREMENT ACCOUNT,
KEOGH

PLAN, OR OTHER ENTITY

 

 

Dollar Amount of
Notes
Subscribed:                         
$
_________________________________________________

 

Executed at ______________________________,
___________________________________________________

 

this
______________ day of ____________________________________________,
________________________ .

 

_____________________________________________________________________________________________

Name of
Entity (Please print or type)

 

By:
__________________________________________________________________________________________

Signature of
authorized agent

 

____________________________________________________________________________________________

 Title

Taxpayer
Identification Number:
___________________________________________________________________

 

Address
of Principal Offices:
______________________________________________________________________

  

 _____________________________________________________________________________________________

 

Mailing
Business Address:
________________________________________________________________________

 

______________________________________________________________________________________________

 

Attention:
_____________________________________________________________________________________

 

 

 

ACKNOWLEDGMENT IF PURCHASER IS AN

EMPLOYEE BENEFIT PLAN, INDIVIDUAL RETIREMENT ACCOUNT,
KEOGH

PLAN OR OTHER ENTITY

 

STATE OF
_____________

)

)
ss:

COUNTY OF
__________

)

 

On the
_____ day of ___________________________, 20__, personally appeared
before me, ___________________________ of
___________________________, and that said instrument was signed by
him/her on behalf of said entity, and he/she acknowledged to me
that said entity executed the same.

 

 

	

SEAL 

	
 

	

 

	

 

	
 

	

Notary
Public in and for Said County and State

	

My
Commission expires: ___________________ 

	
 

	

 

 

Subscription accepted:

 

Rivulet
Media, Inc.

 

By:
_______________________________________________

Michael
Witherill, President

 

  

 

15

 

 

RIVULET MEDIA, INC.

 

INVESTOR SUITABILITY QUESTIONNAIRE

______________________

ALL
INFORMATION FURNISHED IN THIS

QUESTIONNAIRE
WILL BE TREATED CONFIDENTIALLY

 

Rivulet
Media, Inc. (the “Company”) will use the responses to
this questionnaire to qualify prospective investors
for purposes of federal and state securities laws. Please
complete,
sign, date and return (facsimile or scan
acceptable) one copy of this questionnaire as soon as possible to
the Company.

 

Your
answers will be kept confidential at all times. However, by signing
this questionnaire, you agree that the Company may present this
questionnaire to such parties as it deems appropriate to establish
the availability of exemptions from registration under state and
federal security laws.

 

 

NOTE:
Individual investors should complete the questionnaire beginning
with Part I on this page while non-individual investors such as
corporations, partnerships, trusts and other entities should
complete the questionnaire beginning with Part II on page
4.

 

I. INDIVIDUAL
INVESTORS:

 

(Investors
other than natural persons (for example, corporations, limited
liability companies,

 

partnerships
and trusts) should turn to Part II on page 4)

 

1.            

Amount of Investment

 

Please indicate the
amount of your proposed investment:
__________________________________________________

2.

Personal

 

Name:
__________________________________________________________________________________________

 
         (EXACT NAME UNDER WHICH TITLE TO
NOTES SHOULD BE TAKEN)
 

Residence Address:
________________________________________________________________________________

 

City, State
Zip:
____________________________________________________________________________________

 

Home
Telephone:
__________________________________________________________________________________

 

Home
Facsimile:
___________________________________________________________________________________

 

Email
Address:
____________________________________________________________________________________

 

Date of Birth:
_____________________________________________________________________________________

 

3.

Business

 

Occupation:
_______________________________________________________________________________________

 

Number of Years:
___________________________________________________________________________________

 

Present Employer:
__________________________________________________________________________________

 

Position/Title:
______________________________________________________________________________________

 

Business Address:
___________________________________________________________________________________

 

City, State
Zip: 
_____________________________________________________________________________________

 

Business Telephone:
__________________________________________________________________________________

 

Business
Facsimile:
__________________________________________________________________________________

 

 

 

4.

Residence
Information

 

(a) 

Set forth in the
space provided below the state(s) in which you have maintained your
principal residence during the past three years and the dates
during which you resided in each state.

 

__________________________________________________________________________________________________

 

__________________________________________________________________________________________________

 

(b)            

Are you registered
to vote in, or do you have a driver’s license issued by, or
do you maintain a residence in any other state? If yes, in which
state(s)?

 

__________________________________________________________________________________________________

 

5.            

Income

 

(a) 

Do you reasonably
expect either your
own income from all sources during the current year to exceed
$200,000 or the
joint income of you and your spouse (if married) from all sources
during the current year to exceed $300,000?

 

☐
Yes

☐
No

 

If no,
please specify amount: _______________

 

(b) 

What percentage of
your income as shown above is anticipated to be derived from
sources other than salary?

 

__________________________________________________________________________________________________

 

(c) 

Was either your yearly income from
all sources during each of the last two years in excess of $200,000
or was the joint
income of you and your spouse (if married) from all sources during
each of such years in excess of $300,000?

 

☐
Yes

☐
No

 

If no,
please specify amount for:

 

Last
Year: ________________

 

Year
Before Last: ________________

 

6.

Net Worth

 

Will
your net worth as of the date you purchase the securities offered,
together with the net worth of your spouse, be in excess of
$1,000,000? (Note that “net worth” includes all of the
assets owned by you and your spouse in excess of total liabilities,
excluding the fair market value of your principal residence from
assets but including as a liability any debt on your principal
residence that is in excess of the fair market value.)

 

☐
Yes

☐
No

 

If not,
please specify amount: __________________

 

7.

Education

 

Please
describe your educational background and degrees obtained, if
any.

 

__________________________________________________________________________________________________

 

__________________________________________________________________________________________________

 

 

2

 

 

8.  

Affiliation

 

If you
have any pre-existing personal or business relationship with the
Company or any of its officers, directors or controlling persons,
please describe the nature and duration of such
relationship.

 

__________________________________________________________________________________________________

 

__________________________________________________________________________________________________

 

__________________________________________________________________________________________________

 

__________________________________________________________________________________________________

 

9.  

Business and Financial Experience

 

(a)

Please describe in
reasonable detail the nature and extent of your business, financial
and investment experience which you believe gives you the capacity
to evaluate the merits and risks of the proposed investment and the
capacity to protect your interests.

 

__________________________________________________________________________________________________

 

__________________________________________________________________________________________________

 

__________________________________________________________________________________________________

 

__________________________________________________________________________________________________

 

(b)            

Are you purchasing
the securities offered for your own account and for investment
purposes only?

 

☐
Yes

☐
No

If no,
please state for whom you are investing and/or the reason for
investing.

 

__________________________________________________________________________________________________

 

__________________________________________________________________________________________________

 

10. 

Financial Advisors

 

In
evaluating this investment, will you use the services of any of the
following advisors? (If so, please identify, providing address and
telephone number.)

 

Accountant:
______________________

 

________________________________

 

________________________________

 

 

Attorney:
________________________

 

________________________________

 

________________________________

 

Other:
__________________________

 

________________________________

 

________________________________

 

PLEASE
TURN TO PART III ON PAGE 6 AND SIGN AND DATE THIS
QUESTIONNAIRE

 

	

 

3

 

 

II. NON-INDIVIDUAL
INVESTORS:*

 

(Please
answer Part II only if the purchase is proposed to
be 

undertaken
by a corporation, partnership, trust or other entity)

 

*            
If the investment will be made by more than one affiliated entity,
please complete a copy of
this questionnaire for EACH entity.

 

1.            

Identification

 

Name:
____________________________________________________________________________________________

            
(EXACT NAME UNDER WHICH TITLE TO NOTES SHOULD BE TAKEN)
 

Address of
Principal Place of Business:
__________________________________________________________________

 

City, State
Zip:
______________________________________________________________________________________

 

Jurisdiction of
Formation or Incorporation:
________________________________________________________________

 

Type of Entity
(corporation, partnership, trust, etc.):
_________________________________________________________

 

Contact
Person:
______________________________________________________________________________________

 

Telephone
Number:
___________________________________________________________________________________

 

Facsimile Number:
___________________________________________________________________________________

 

Internet
Address:
_____________________________________________________________________________________

 

Was
entity formed for the purpose of this investment?
 

☐
Yes

No
☐

 

If the answer is YES, then ALL shareholders, partners or
other equity owners must answer Part I of this Questionnaire.
If the above answer is no, please continue completing this
form.

 

2.

Amount Of Investment

 

Please indicate the
amount of your proposed investment:
$_____________________________________________________

 

State
the investing entity’s net worth at the time the securities
will be purchased: $ _________________________________

 

3.

Business

 

Please
check the appropriate box to indicate which of the following
accurately describes the nature of the business conducted by the
investing entity:

 

☐    
a corporation, organization described in Section 501(c)(3) of
the Internal Revenue Code, a Massachusetts or similar business
trust or a partnership, in each case, not formed for the purpose of
this investment, with total assets in excess of
$5,000,000;

 

☐    
private business development company as defined in Section
202(a)(22) of the Investment Advisers Act of 1940 (a U.S. venture
capital fund which invests primarily through private placements in
non-publicly traded securities and makes available (either directly
or through co-investors) to the portfolio companies significant
guidance concerning management, operations or business
objectives);

 

☐    
a Small Business Investment Company licensed by the U.S. Small
Business Administration under Section 301(c) or (d) of the Small
Business Investment Act of 1958;

 

☐    
an investment company registered under the Investment Company Act
of 1940 or a business development company as defined in Section
2(a)(48) of that Act;

 

 

4

 

 

☐    
a bank as defined in Section 3(a)(2) or a savings and loan
association or other institution defined in Section 3(a)(5)(A)
of the Securities Act of 1933 acting in either an individual or
fiduciary capacity;

 

☐    
an insurance company as defined in Section 2(13) of the
Securities Act of 1933;

 

☐    
an employee benefit plan within the meaning of Title I of the
Employee Retirement Income Security Act of 1974 whose investment
decision is made by a fiduciary which is either a bank, savings and
loan association, insurance company, or registered investment
advisor, or whose total assets exceed $5,000,000, or, if a
self-directed plan, a plan whose investment decisions are made
solely by persons who are accredited investors;

 

☐    
an entity not located in the U.S. and whose equity owners are
neither U.S. citizens nor U.S. residents;

 

☐    
a trust with total assets in excess of $5,000,000 whose purchase is
directed by a sophisticated person as described in
Rule 506(b)(2)(ii) of the Securities Act of 1933.

 

☐    
Other. Describe (and ALL shareholders, partners or other equity
owners must answer Part I of this Questionnaire):
________________________________________________________________________
 

____________________________________________________________________________________________________

 

____________________________________________________________________________________________________

 

4.

Investment Experience

 

Please
provide information detailing the business, financial and
investment experience of the entity and investment manager of such
entity.

 

____________________________________________________________________________________________________

 

____________________________________________________________________________________________________

 

____________________________________________________________________________________________________

 

____________________________________________________________________________________________________

 

[Signature Page Follows]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5

 

  

III. SIGNATURE

 

The
above information is true and correct in all material respects and
the undersigned recognizes that the Company and its counsel are
relying on the truth and accuracy of such information in reliance
on the exemption contained in Subsection 4(2) of the
Securities Act of 1933, as amended, and Regulation D
promulgated thereunder. The undersigned agrees to notify the
Company promptly of any changes in the foregoing information which
may occur prior to the investment.

 

Executed at ___________________, on
_________________, 20__.

 

 

	

 

	

(Signature)

	
 

	
 

	

(Name)

	

 

	
 

	

(Title if signing on behalf of an entity)

 

 

 

 

6

 

 

ADDITIONAL REPRESENTATIONS AND WARRANTIES OF

25% PERSONS AND EMPLOYEE BENEFIT PLANS

 

1.           

If Purchaser is an
Employee Benefit Plan, such person is either a named fiduciary of
the Employee Benefit Plan (as defined in Section 402(a)(2) of
ERISA) or an investment manager of the Employee Benefit Plan (as
defined in Section 3(38) of ERISA) with full authority under the
terms of the Employee Benefit Plan and full authority from all
Employee Benefit Plan beneficiaries, if required, to cause the
Employee Benefit Plan to invest in the Company. Such investment has
been duly approved by all other named fiduciaries whose approval is
required, if any, and is not prohibited or restricted by any
provisions of the Employee Benefit Plan or of any related
instrument.

 

2.           

Such person has
independently determined that the investment by the Employee
Benefit Plan or 25% Purchaser in the Company satisfies all
requirements of Section 404(a)(1) of ERISA, specifically including
the “prudent man” standards of Section 404(a)(1)(B) and
the “diversification” standard of Section 404(a)(1)(C),
and will not be prohibited under any of the provisions of Section
406 of ERISA or Section 4975(c)(1) of the Code. Such person has
requested and received all information from the Company that such
person, after due inquiry, considered relevant to such
determinations. In determining that the requirements of Section
404(a)(1) are satisfied, such person has taken into account the
risk of a loss of the Employee Benefit Plan’s or 25%
Purchaser’s investment and that an investment in the Company
will be relatively illiquid, and funds so invested will not be
readily available for the payment of employee benefits. Taking into
account these factors, and all other factors relating to the
Company, the undersigned has concluded that investment in the
Company constitutes an appropriate part of the Employee Benefit
Plan’s or 25% Purchaser’s overall investment
program.

 

3.           

Such person will
notify the Company, in writing, of (A) any termination, merger or
consolidation of the Employee Benefit Plan or the 25% Purchaser,
(B) any amendment to any such Employee Benefit Plan or any related
instrument that materially affects the authority of any named
fiduciary or investment manager to authorize plan investments, and
(C) any alteration in the identity of any named fiduciary or
investment manager, including such person, who has the authority to
approve plan investments.

 

4.           

The Company and its
affiliates do not render any investment advice on a regular basis
pursuant to a mutual understanding, arrangement or agreement,
written or otherwise, between the Employee Benefit Plan or any
Employee Benefit Plan investing in the 25% Purchaser and any of
such parties who will act in regard to the Company and none of such
parties renders any investment advice to any such Employee Benefit
Plan that furnishes a primary basis for investment decisions with
respect to assets of any such Employee Benefit Plan.

 

5.           

Purchaser agrees to
notify the Company within thirty (30) days if any of the foregoing
representations are no longer true. If the Company or any officer,
director, employee or agent of the Company is ever held to be a
fiduciary, it is agreed that, in accordance with Sections
405(b)(1), 405(c)(2), and 405(d) of ERISA, the fiduciary
responsibilities of that person shall be limited to such
person’s duties in administering the business of the Company,
and such person shall not be responsible for any other duties with
respect to any Employee Benefit Plan or any Employee Benefit Plan
investing in the 25% Purchaser (specifically including evaluating
the initial or continued appropriateness of any such Employee
Benefit Plan’s investment in the Company under Section
404(a)(1) of ERISA).

 

 

7

 

EXHIBIT A

Form 10-K

 

Text of
exhibit omitted.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8

 

 

EXHIBIT B

Additional Risk Factors

 

The Company needs to raise additional capital
to repay the Notes as scheduled. Currently, the Company does
not have sufficient funds to repay the Notes as scheduled and will
need to raise additional capital in order to repay the Notes. If
the Company in unable raise the needed additional capital, we will
be unable to repay some or all of the Notes and you could lose your
entire investment.

 

Tax consequences not determined. The
Company has not sought a tax opinion as to the impact on converting
to the Shares at a conversion price below the market price of the
Shares. No independent arms’ length valuation was sought and
so the value of the additional services being provided for the
Shares and the tax ramification of receipt of those Shares have not
been determined. Therefore, Purchaser must rely on his own tax
counsel to determine the tax consequence of this
investment.

 

There is no minimum and escrow of
funds. There is no requirement that we raise any minimum
amount of funds in this Offering. There will be no escrow of funds
received from investors. We can use all proceeds raised
immediately. We will seek to raise any additional needed capital
through other private offerings of equity and debt securities,
collaborative arrangements, strategic alliances, and equity and
debt financings or from other sources. We may be unable to raise
any needed additional capital on commercially acceptable terms, if
at all, and if we raise capital through additional equity
financing, existing stockholders, including purchasers of Notes,
may have their ownership interests diluted.

 

There is substantial influence by existing
stockholders. Our CEO and President will be able to
effectively control matters requiring the approval by stockholders
of the Company, even if the Offering is fully subscribed. This
concentration of ownership by management may also have the effect
of delaying or preventing a change in control of the
Company.

 

There is a risk of substantial dilution from
future offerings, acquisitions, and conversions of debt to
equity. Investors should be aware that management of the
Company has determined that additional funds may be raised through
an additional private offering. If a future offering is on terms
more favorable than this Offering, purchasers will experience
dilution and may be in a junior position to those who hold either
debt or preferred equity. Also, future creditors who convert their
debt to equity will dilute investors and planned acquisitions will
also dilute investors.

 

This is a private offering with no regulatory
agency review. The Company has not registered this Offering
under the Securities Act of 1933 (“1933 Act”), as amended, in
reliance on the exemptive provisions of Section 4(2) of the 1933
Act and Regulation D promulgated by the SEC. The Company also has
relied on apparently available exemptions from securities
qualification requirements under applicable state securities laws.
There can be no assurance that the Offering currently qualifies or
will continue to qualify under one or more of such exemptive
provisions due to, among other things, the adequacy of disclosure
and the manner of distribution, the existence of similar offerings
in the past or in the future, or the retroactive change of any
securities law or regulation. If, and to the extent that, claims or
suits for rescission are brought and successfully concluded for
failure to register this Offering or other offerings or for acts or
omissions constituting offenses under the 1933 Act or applicable
state securities laws, the Company could suffer material adverse
effects, jeopardizing its ability to operate, even if the Company
ultimately prevails in its defense.

 

There are substantial restrictions on transfer
of the Notes and, following conversion, the Shares.
Investors should be fully aware of the long-term nature of their
investment in the Company. Each investor will be required to
represent that it is purchasing the Notes for its own account, for
investment purposes and not with a view toward resale or
distribution of any Notes or Shares. The Notes and, following
conversion, the Shares are not readily transferable and any
transfer must comply with federal and state securities laws. Any
certificates evidencing the Shares will bear a legend indicating
that their transferability is restricted.

 

 

 

9

 

 

Our use of proceeds is not detailed.
Use of proceeds from this Offering will vary solely at the
discretion of management. Prospective investors must rely on the
ability of the Company to identify and make business decisions
consistent with the Company’s objectives. Investors will not
have the opportunity to personally evaluate the relevant economic,
financial, and other information which will be utilized by the
Company’s management in deciding how and when to spend the
proceeds from the sale of the Notes.

 

The offering price was determined
arbitrarily. The conversion price of the Shares was
arbitrarily determined by the Board of Directors and may bear no
relationship to the assets, book value, earning potential or net
worth of the Company, or be based on any recognized criteria of
value or formula. No independent opinion on or review of the
fairness of the terms under which the Shares are being offered has
been obtained. Prospective investors must rely on the disclosures
set forth in the Form 10-K and these Risk Factors, and on their own
business and investment experience as the basis for their decision
to purchase the Notes.

 

We have agreed to indemnify our officers and
directors. The Company’s Certificate of Incorporation
provides to directors and officers indemnification to the full
extent provided by law, and provides that, to the extent permitted
by Delaware law, a director will not be personally liable for
monetary damages to the Company or its stockholders for breach of
his or her fiduciary duty as a director, except for liability for
certain actions that may not be limited under Delaware law. These
indemnification provisions may limit the ability of stockholders to
seek recourse against our officers and directors.

 

Lack of separate counsel. Legal counsel
for the Company does not represent the interests of the investors
in connection with any offering of Notes or Shares and such counsel
disclaims any fiduciary or attorney-client relationship with the
investors. The Company has been represented by Gallagher &
Kennedy, P.A. solely with respect to securities matters. No
independent legal due diligence has been conducted by the Company
on behalf of any investors with respect to this Offering. Investors
are encouraged to engage independent legal counsel at their expense
to advise them with respect to this Offering and review of any
information provided by the Company.

 

There is a limited trading market for the
Shares. Although our stock is publicly traded, the trading
market is limited. As a result, any broker/dealer that makes a
market in our stock or other person that buys or sells our stock
could have a significant influence over its price at any given
time. We cannot assure our stockholders that a market for our stock
will be sustained.

 

Our reporting obligations as a public company
are costly. Operating a public company involves substantial
costs to comply with reporting obligations under federal securities
laws which are continuing to increase as provisions of the Sarbanes
Oxley-Act of 2002 (“Sarbanes-Oxley Act”) are
implemented. We may not reach sufficient size to justify our public
reporting status. If we were forced to become a private company,
then our stockholders may lose their ability to sell their shares
and there would be substantial costs associated with becoming a
private company.

 

Our Shares are likely to be “penny
stock.” In general, “penny stock” includes
securities of companies which are not listed on the principal stock
exchanges and have a bid price in the market of less than $5.00;
and companies with net tangible assets of less than $2 million ($5
million if the issuer has been in continuous operation for less
than three years), or which has recorded revenues of less than $6
million in the last three years. As it will likely be “penny
stock” if listed, our stock therefore may be subject to the
Rule 15g-9 promulgated under the 1934 Act, which imposes additional
sales practice requirements on broker-dealers which sell such
securities to persons other than established customers and
“accredited investors”. For transactions covered by
Rule 15g-9, a broker-dealer must make a special suitability
determination for the purchaser and have received the
purchaser’s written consent to the transaction prior to sale.
Consequently, this rule may adversely affect the ability of
broker-dealers to sell our stock, and therefore may adversely
affect our stockholders’ ability to sell the stock in the
public market.

 

 

10

 

 

Resale of our Shares will be restricted even
though we are a public company. The securities to be issued
will be “restricted securities,” as that term is
defined in Rule 144 promulgated under the 1933 Act, and may not be
sold or transferred without an effective registration statement
under the 1933 Act, or pursuant to an exemption from registration
under the Securities Act, the availability of which is to be
established to the satisfaction of the Company. These amendments
may reduce the ability of the Company’s stockholders to sell
any shares held in the Company.

 

The requirements of being a public company may
strain our resources, divert management’s attention and
affect our ability to attract and retain qualified board
stockholders. As a public company, we are subject to the
reporting requirements of the 1934 Act, the Sarbanes-Oxley Act, the
Dodd-Frank Wall Street Reform and Consumer Protections Act, the
listing requirements of our exchange or other market listing our
Shares, and other applicable securities rules and regulations.
Compliance with these rules and regulations increases our legal and
financial compliance costs, makes some activities more difficult,
time-consuming or costly and increase demand on our systems and
resources. The 1934 Act requires, among other things, that we file
annual, quarterly and current reports with respect to our business
and operating results. The Sarbanes-Oxley Act requires, among other
things, that we maintain effective disclosure controls and
procedures and internal control over financial reporting. In order
to maintain and, if required, improve our disclosure controls and
procedures and internal control over financial reporting to meet
this standard, significant resources and management oversight may
be required. As a result, management’s attention may be
diverted from other business concerns, which could harm our
business and operating results. We may need to hire more employees
in the future to meet these requirements, which will increase our
costs and expenses.

 

In
addition, changing laws, regulations and standards relating to
corporate governance and public disclosure are creating uncertainty
for public companies, increasing legal and financial compliance
costs and making some activities more time consuming. These laws,
regulations and standards are subject to varying interpretations,
in many cases due to their lack of specificity, and, as a result,
their application in practice may evolve over time as new guidance
is provided by regulatory and governing bodies. This could result
in continuing uncertainty regarding compliance matters and higher
costs necessitated by ongoing revisions to disclosure and
governance practices. We intend to invest resources to comply with
evolving laws, regulations and standards, and this investment may
result in increased general and administrative expenses and a
diversion of management’s time and attention from
revenue-generating activities to compliance activities. If our
efforts to comply with new laws, regulations and standards differ
from the activities intended by regulatory or governing bodies due
to ambiguities related to practice, regulatory authorities may
initiate legal proceedings against us and our business may be
harmed.

 

We also
expect that being a public company and these new rules and
regulations will make it more expensive for us to obtain director
and officer liability insurance, and we may be required to accept
reduced coverage or incur substantially higher costs to obtain
coverage. These factors could also make it more difficult for us to
attract and retain qualified stockholders of our board of
directors, particularly to serve any committees, and qualified
executive officers.

 

As a
result of disclosure of information in filings required of a public
company, our business and financial condition will become more
visible, which we believe may result in threatened or actual
litigation, including by competitors and other third
parties. If such claims are successful, our business and
operating results could be harmed, and even if the claims do not
result in litigation or are resolved in our favor, these claims,
and the time and resources necessary to resolve them, could divert
the resources of our management and harm our business and operating
results.

 

 

	

 

 

11exhibit_10-2

  EXHIBIT 10.2

 

NEITHER THIS PROMISSORY NOTE (THIS “NOTE”) NOR THE
SECURITIES THAT ARE ISSUABLE UPON CONVERSION HEREOF (COLLECTIVELY,
THE “SECURITIES”) HAVE BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, 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; OR
(B) AN OPINION OF COUNSEL (REASONABLY ACCEPTABLE TO THE COMPANY),
IN AN ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER THE
SECURITIES ACT OF 1933; OR (II) UNLESS SOLD, TRANSFERRED OR
ASSIGNED PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF
1933.

 

THIS NOTE IS ONE OF A SERIES OF PROMISSORY NOTES BEING ISSUED BY
THE COMPANY, EACH OF WHICH NOTES IS IDENTICAL EXCEPT FOR ONE OR
MORE OF THE IDENTITY OF THE HOLDER THEREOF, THE PRINCIPAL AMOUNT,
AND THE DATE OF ISSUANCE. THE COMPANY AND THE HOLDER, BY THEIR
ACCEPTANCE OF THIS NOTE, ACKNOWLEDGE AND AGREE THAT ANY AMENDMENT
OF THE TERMS AND PROVISIONS OF THIS NOTE IS SUBJECT TO THE APPROVAL
OF REGISTERED HOLDERS HOLDING IN THE AGGREGATE MORE THAN 50% OF THE
OUTSTANDING PRINCIPAL AMOUNT OF THE PROMISSORY NOTES COMPRISING THE
SERIES OF WHICH THIS NOTE IS A PART.

 

SERIES A CONVERTIBLE PROMISSORY NOTE

RIVULET MEDIA, INC.

 

	

$_______________ (the
“Principal
Amount”)

	

______________, 20__

 

FOR
VALUE RECEIVED, Rivulet Media, Inc., a Delaware corporation (the
“Company”),
promises to pay to ___________________________ (the
“Holder”), the
Principal Amount, together with interest at the rate of five
percent (5%), under the terms and provisions as set forth
below.

 

1.            

Definitions.
As used in this Note, the following terms, unless the context
otherwise requires, have the following meanings:

 

1.1           “Common
Stock” means the common stock of the
Company.

 

1.2           “Conversion
Amount” means the outstanding Principal Amount and all
accrued but unpaid interest.

 

1.3           “Conversion
Date” means the date on which this Note is converted
into Conversion Shares.

 

1.4           “Conversion
Shares” means the Common Stock to be received upon
conversion of this Note pursuant to conversion under Section 4.1
below.

 

1.5           “Note
Issuance Date” means the date set forth at the top of
this Note.

 

1.6           “Required
Holders” means holders of promissory
notes of the Series, the aggregate outstanding principal amount of
which represents more than 50% of the aggregate outstanding
principal amount of all of the promissory notes comprising the
Series.

 

1.7           “Transaction
Agreements” means this Note, any Subscription
Agreement entered into with respect to this Note, and all other
documents executed and delivered in connection with the
foregoing.

 

2.            

Maturity.

 

2.1           Maturity
Date. Unless earlier converted pursuant to Section 4.1
below, the outstanding Principal Amount and all accrued interest on
this Note shall be due and payable on the date that is two (2)
years from the Note Issuance Date (the “Maturity Date”).

 

 

Page 1 of
6

 

 

2.2           Interest.
This Note bears simple interest at the rate of five percent (5%)
per annum. No interest payments are due until the Maturity
Date.

 

3.            

Security.
This Note is unsecured.

 

4.            

Conversion.
The Principal Amount and accrued interest of this Note is
convertible into Common Stock as follows:

 

4.1           Automatic
and Elective Conversion.

 

4.1.1           Elective
Conversion by Holder. Holder
shall have the right, upon providing written notice to the Company,
to convert all or any portion of the then outstanding principal
amount of, and all accrued but unpaid interest on, this Note into
Common Stock at a conversion price of $0.40 per share (the
“Elective Conversion
Price”). If Holder elects
to convert all or any part of this Note, then Holder shall
surrender this Note to the Company at the principal address of the
Company within three (3) Business Days of such notice. In the
event that only a portion of this Note is being converted, the
Company shall issue a replacement Note representing the remaining
principal amount of the Note that has not been
converted.

 

4.1.2           Automatic
Conversion. Unless
earlier converted pursuant to Section 4.1.1 above, should the
closing price of the Common Stock as reflected on the OTC Market reach $0.60 or higher, then the
outstanding Principal Amount and all accrued interest on this Note
shall, automatically and without any action on the part of the
Holder or the Company, convert into that number of shares of Common
Stock that results by dividing (i) the Conversion Amount by (ii)
$0.40 (the “Automatic Conversion
Price”). This Note
shall be cancelled effective upon such automatic conversion and all
rights of the Holder and all obligations of the Company with
respect to payment of principal and interest under this Note shall
immediately cease and terminate effective at the
closing.

 

4.2           Effectiveness
of Conversion. Any conversion
pursuant to Section 4.1.1 shall be deemed to have been
effected as of the close of business on the date on which this Note
is surrendered at the principal office of the Company. Any
conversion pursuant to Section 4.1.2 shall be deemed to have been
effected as of the close of business on the date on which
the closing price of the Common Stock as reflected on the
OTC Market first reaches $0.60 or
higher. At such time as the conversion has been effected, the
rights of Holder under this Note, to the extent of the conversion,
shall cease, and Holder shall thereafter be deemed to have become
the holder of record of the shares of Common Stock issuable upon
such conversion.

 

4.3           Issuance
of Certificates. As soon as is
reasonably practicable after a conversion has been effected, the
Company shall deliver to Holder (i) a certificate or
certificates representing the number of shares of Common Stock
(excluding any fractional share) issuable by reason of such
conversion pursuant to this Section 4, each in such name or
names and such denomination or denominations as Holder has
specified.

 

4.4            No
Fractional Shares. If any
fractional share of Common Stock would, except for the provisions
hereof, be deliverable upon conversion of this Note, the Company,
in lieu of delivering such fractional share, shall pay an amount
equal to the value of such fractional share as determined by the
Elective Conversion Price or the Automatic Conversion Price, as
applicable.

 

4.5           Reservation
of Shares Issuable Upon Conversion. The Company covenants
that it will at all times reserve and keep available out of its
authorized and unissued shares of Common Stock, solely for the
purpose of issuance upon conversion of this Note, as herein
provided, free from preemptive rights or any other actual
contingent purchase rights of persons other than the Holder, not
less than such number of shares of the Common Stock as will be
issuable upon either the automatic or elective conversion of this
Note. The Company covenants that all shares of Common Stock issued
upon conversion of this Note will be duly and validly authorized,
issued, fully paid, and non-assessable.

 

 

Page 2 of
6

 

 

4.6           Transfer
Taxes. The issuance of certificates for shares of the Common
Stock on conversion of this Note shall be made without charge to
the Holder for any documentary stamp or similar taxes that may be
payable in respect of the issue or delivery of such certificate
only if the Company is not required to pay any tax that may be
payable in respect of any transfer involved in the issuance and
delivery of any such certificate upon conversion. If Conversion
Shares are to be issued in the name of a person other than the
Holder, the Holder will pay all transfer taxes payable with respect
thereto the Company shall not be required to issue or deliver such
certificates unless or until the person or persons requesting the
issuance thereof shall have paid to the Company the amount of such
tax or shall have established to the satisfaction of the Company
that such tax has been paid and will deliver such certificates and
opinions as reasonably requested by the Company. No fee will be
charged to the Holder for any conversion, except for such transfer
taxes, if any.

 

5.            
Notes
Comprising a Series.
The Company
and Holder acknowledge and agree that this Note is one of a series
of promissory notes (the “Series”)
issued by the Company, each of which promissory notes is identical
except for one or more of the identity of the Holder thereof, the
principal amount, and the date of issuance. The Company and the
Holder, by their acceptance of this Note, acknowledge and agree
that any amendment of the terms and provisions of this Note is
subject to the approval of the Required
Holders.

 

6.            

Events of
Default.

 

6.1           Event
of Default. “Event of
Default” means any one or more of the following events
(whatever the reason and whether it shall be voluntary or
involuntary or effected by operation of law or pursuant to any
judgment, decree, or order of any court, or any order, rule or
regulation of any administrative or governmental
body):

 

6.1.1          failure
by the Company to pay the outstanding Principal Amount and all
accrued but unpaid interest on or before the Maturity Date, and
such default is not cured within five (5) days;

 

6.1.2          any
default of any provision of this Note or the other Transaction
Agreements other than a failure to pay addressed by section 6.1.1
above, and such default is not cured within thirty (30) days of the
receipt of notice of the default; or

 

6.1.3          (i)
the Company commences a case, as debtor, under any applicable
bankruptcy or insolvency laws as now or hereafter in effect or any
successor thereto, or the Company commences any other proceeding
under any reorganization, arrangement, adjustment of debt, relief
of debtors, dissolution, insolvency, or liquidation or similar law
of any jurisdiction whether now or hereafter in effect relating to
the Company, or (ii) there is commenced a case against the Company,
under any applicable bankruptcy or insolvency laws, as now or
hereafter in effect or any successor thereto, which remains
undismissed for a period of ninety (90) days; or (iii) the Company
is adjudicated by a court of competent jurisdiction insolvent or
bankrupt; or any order of relief or other order approving any such
case or proceeding is entered; or (iv) the Company suffers any
appointment of any custodian, receiver, trustee, or the like for it
or any substantial part of its property which continues
undischarged or unstayed for a period of ninety (90) days; or (v)
the Company makes a general assignment for the benefit of
creditors; or (vi) the Company shall fail to pay, or shall state
that it is unable to pay, or shall be unable to pay, its debts
generally as they become due; or (vii) any corporate or other
action is taken by the Company for the purpose of effecting any of
the foregoing.

 

6.2           Remedies
Upon Event of Default.

 

6.2.1           If
any Event of Default occurs, the outstanding Principal Amount plus
accrued interest shall become, at the Holder’s election,
immediately due and payable in cash. The Holder need not provide,
and the Company hereby waives, any presentment, demand, protest, or
other notice or demands 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 declaration may be rescinded and
annulled by Holder at any time prior to payment hereunder and the
Holder shall have all rights as a Holder until such time, if any,
as the full payment under this Section shall have been received by
it.

 

6.2.2           Alternatively,
in the event of an Event of Default, the Holder may elect an
Elective Conversion as described in Section 4.1.

 

7.            

Transfer
Restrictions.

 

 

Page 3 of
6

 

 

7.1           Except
for a Permitted Transfer described below, the Holder may not sell,
transfer, convey, or assign the Note unless and until:

 

7.1.1           it
has first given written notice to the Company, describing briefly
the manner of any such proposed transfer;

 

7.1.2           it
has provided the Company, at the Holder’s sole expense, an
opinion of counsel which opinion is satisfactory to the Company, in
its reasonable discretion, that such transfer can be made without
compliance with the registration requirements of the Securities Act
of 1933 and applicable state securities laws; and

 

7.1.3           the
Company, in its sole an absolute discretion, has given written
approval of the transfer.

 

Any
attempted transfer of Note in violation of the preceding sentence
is void and of no force or effect.

 

7.2           The
Holder, however, may without the consent of the company effect a
transfer of this Note as described below (a “Permitted Transfer”):

 

7.2.1           a
transfer directly to or in trust for the primary benefit of the
Holder, the spouse of the Holder, and/or the issue of the Holder
and/or her spouse; or

 

7.2.2           in
the event of the death of the Holder, a transfer from the name of
the deceased Holder to the name of either the personal
representative of the deceased Holder’s estate or the nominee
of such personal representative and any subsequent transfer to the
heirs or legatees of the deceased.

 

8.            
Currency;
Payments. All references herein to “dollars” or
“$” are to U.S. dollars, and all payments of principal
and interest on this Note shall be made in lawful money of the
United States of America in immediately available funds. If the
date on which any such payment is required to be made pursuant to
the provisions of this Note occurs on a Saturday or Sunday or legal
holiday observed in the State of Arizona such payments shall be due
and payable on the immediately succeeding date which is not a
Saturday or Sunday or legal holiday so observed.

 

9.            
Right
of Prepayment. The Company may prepay the Principal Amount
and accrued interest of this Note, in whole or in part at any
time.

 

10.            

Miscellaneous.

 

10.1           Time
of Essence. Time is of the essence with respect to the
Company’s duties and obligations under this Note.
“Business Day”
means a day other than a Saturday, Sunday, or a day observed as a
legal holiday by the United States government or the State of
Arizona.

 

10.2           Amendments
and Waivers. No amendment or waiver
of any provision of this Note, nor consent to any departure by the
Company herefrom, will be effective unless the same is in writing
and signed by the Required Holders and the Company, and then such
waiver or consent will be effective only in the specific instance
and for the specific purpose for which
given, provided,
however, that no such
amendment, waiver, or consent may reduce the principal amount
hereof or the rate of interest payable hereunder, or delay the date
on which any amount of interest or principal is due and payable
hereunder, unless the Holder shall have agreed to such amendment,
waiver or consent.

 

10.3           Severability.
If one or more provisions of this Note are held to be unenforceable
under applicable law, such provision shall be excluded from this
Note and the balance of the Note shall be interpreted as though
such provision were so excluded and shall be enforceable in
accordance with its terms. The parties agree to replace such
illegal, void, invalid, or unenforceable provision of this Note
with a legal, valid, and enforceable provision that shall achieve,
to the extent possible, the economic, business, and other purposes
of such illegal, void, invalid or unenforceable
provision.

 

10.4           Attorneys’
Fees and Costs. Each party shall bear its own expenses in
connection with the issuance of this Note; provided, however, that if any action at
law or in equity is necessary to enforce or interpret the terms of
this Note, the prevailing party shall be entitled to its reasonable
attorneys’ fees, costs, and disbursements in addition to any
other relief to which such party may be entitled.

 

 

Page 4 of
6

 

 

10.5           Entire
Agreement. This Note, together with the Transaction
Agreements delivered in connection herewith, constitutes the entire
agreement between the parties hereto with respect to the subject
matter hereof and supersedes all prior and contemporaneous
negotiations, agreements, and understandings (including any
“term sheets” or similar documents).

 

10.6           Notices.
Any notice or communication required or permitted by this Agreement
shall be given in writing and addressed as follows:

 

	

 

If to Holder:

________________________________________

________________________________________

________________________________________

________________________________________

  

Email:
__________________________________

 

	

 

If to the Company:

Rivulet Media, Inc.

Attention:
Mike Witherill, President

1206
East Warner Road, Suite 101-I

Gilbert,
Arizona 85296

email:
mw@rivuletfilms.com

 

 

The
parties agree to submit notices first in PDF format via electronic
mail via the addresses above. Thereafter, notices shall be served
personally, by overnight express delivery service by a nationally
recognized courier, or first-class, certified mail, return receipt
requested, postage pre-paid. If sent personally or by delivery
service, notice shall be deemed delivered upon actual receipt. If
sent by first-class,
certified mail, return receipt requested, notice shall be deemed
delivered the earlier of seventy-two (72) hours after mailing or
the date on the return receipt, a refusal being deemed a delivery
on the date of refusal. If the party to whom any such notice is
sent has relocated without leaving a forwarding address, then the
notice shall be deemed delivered on the date the notice-receipt is
returned stating that the same was undeliverable at such address.
Any party may give notification to the other party in any manner
described above for change of address for the sending of
notices.

 

10.7           Successors
and Assigns. This Note shall be binding upon and inure to
the benefit of the Company and the Holder and their respective
successors and permitted assigns. The Company may not voluntarily
or involuntarily transfer, convey, or assign this Note, or any of
its duties or obligations hereunder, without the Holder’s
prior written consent, which may be withheld for any reason, or for
no reason at all. As used herein, the term “Holder”
shall mean and include the successors and permitted assigns of the
Holder.

 

10.8           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
Amount and accrued interest of this Note at the time, place, and
rate, and in the currency, herein prescribed. This Note is a direct
debt obligation of the Company.

 

10.9           Lost
or Mutilated Note. If this Note shall be mutilated, lost,
stolen, or destroyed, the Company shall execute and deliver, in
exchange and substitution for and upon cancellation of a mutilated
Note, or in lieu of or in substitution for a lost, stolen, or
destroyed Note, a new Note for the Principal Amount of this Note so
mutilated, lost, stolen, or destroyed but only upon receipt of
evidence of such loss, theft, or destruction of such Note, and of
the ownership hereof, and indemnity, if requested, all reasonably
satisfactory to the Holder.

 

10.10           Headings.
The headings contained herein are for convenience only, do not
constitute a part of this Note, and shall not be deemed to limit or
affect any of the provisions hereof.

 

10.11           Governing
Law; Jurisdiction and Venue. This Note is to be governed by
and interpreted in accordance with the laws of the State of
Delaware. Any legal action or proceeding with respect to this Note
or any document related hereto shall be brought in Maricopa County,
Arizona in any court of competent jurisdiction, and, by execution
and delivery of this Note, the Company and the Holder hereby accept
the jurisdiction and venue of such courts.

 

 

Page 5 of
6

 

 

The
Company has caused this Note to be executed as of the date first
written above.

 

	

COMPANY

	

Rivulet Media, Inc.,

	

a Delaware corporation

	
 

	
 

	

By: _______________________________

	

Name: Michael Witherill

	

Title: President

	
 

	

HOLDER

	

If an individual:

	
 

	

__________________________________ 

	

Printed Name: ______________________

	
 

	

If an entity:

	

__________________________________

	

a(n) ______________________________

	
 

	

By: _______________________________

	

Name: ____________________________

	

Title: ______________________________

 

 

Page 6 of
6

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