Document:

Document

Exhibit 10.5

Third Amendment to Note Purchase Agreement
This Third Amendment dated as of December 10, 2020 (the or this “Third Amendment”) to the Note Purchase Agreement (as defined below) is among Pebblebrook Hotel, L.P., a Delaware limited partnership (the “Company”), Pebblebrook, Hotel Trust, a Maryland real estate investment trust (the “Parent REIT”) and each of the institutions set forth on the signature pages to this Third Amendment (collectively, the “Noteholders”).
Recitals
    A.    The Company and each of the Noteholders have heretofore entered into the Note Purchase Agreement dated as of November 12, 2015, as amended by that certain First Amendment dated as of October 13, 2017, and that certain Second Amendment dated as of June 29, 2020 (the “Note Purchase Agreement”).  The Company has heretofore issued (i) $60,000,000 aggregate principal amount of its 4.70% Senior Notes, Series A, due December 1, 2023 (the “Series A Notes”) and (ii) $40,000,000 aggregate principal amount of its 4.93% Senior Notes, Series B, due December 1, 2025 (the “Series B Notes” and, together with the Series A Notes, the “Notes”) pursuant to the Note Purchase Agreement. 
    B.    The Company, the Parent REIT and the Noteholders now desire to amend the Note Purchase Agreement in the respects, but only in the respects, hereinafter set forth.
    C.     Capitalized terms used herein shall have the respective meanings ascribed thereto in the Note Purchase Agreement, as amended by this Third Amendment, unless herein defined or the context shall otherwise require.
    D.    All requirements of law have been fully complied with and all other acts and things necessary to make this Third Amendment a valid, legal and binding instrument according to its terms for the purposes herein expressed have been done or performed.
Statement of Agreement
Now, Therefore, the Company, the Parent REIT and the Noteholders, in consideration of good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, do hereby agree as follows:
Article I

Amendments to Note Purchase Agreement
Effective upon the Third Amendment Effective Date (as hereinafter defined), the Note Purchase Agreement is hereby amended as follows:

Section 1.1. Schedule A of the Note Purchase Agreement is hereby amended to add the following definitions in the appropriate alphabetical order:

“2020 Permitted Convertible Notes” shall mean the Permitted Convertible Notes to be issued by the Parent REIT on or about December 10-21, 2020, as generally described to holders of Notes the week of December 7, 2020. 
“Permitted Convertible Notes” means senior convertible debt securities of the Parent REIT (a) that are unsecured, (b) that do not have the benefit of any Guarantee of any Subsidiary, (c) that are otherwise permitted under this Agreement, including Section 10.10, (d) the Net Cash Proceeds of which are applied during the Waiver Period, if applicable, in accordance with this Agreement and the Intercreditor Agreement, (e) that are not subject to any sinking fund or any prepayment, redemption or repurchase requirements, whether scheduled, triggered by specified events or at the option of the holders thereof (it being understood that none of the following will be deemed to constitute such a sinking fund or prepayment, redemption or repurchase requirement: (i) a customary “change in control” or “fundamental change” put, (ii) a right to convert such securities into common shares of the Parent REIT, cash or a combination thereof (in each case, at election of the Parent REIT) or (iii) an acceleration upon an event of default), and (f) that have the benefit of covenants and events of default customary for comparable convertible securities (as determined by the Parent REIT in good faith).
“Permitted Convertible Notes Swap Contract” means a Swap Contract entered into by the Parent REIT in connection with, and prior to or concurrently with, the issuance of any Permitted Convertible Notes pursuant to which the Parent REIT acquires a call or a capped call option requiring the counterparty thereto to deliver to the Parent REIT common shares of the Parent REIT, the cash value of such shares or a combination of such shares and cash from time to time upon exercise of such option; provided that the terms, conditions and covenants of each such Swap Contract shall be such as are typical and customary for Swap Contracts of such type (as determined by the Parent REIT in good faith).

Section 1.2. The definition of “Equity Interests” in Schedule A of the Agreement is hereby amended by replacing the final period thereof with the following clause:

; provided that neither Permitted Convertible Notes (prior to conversion thereof) nor Permitted Convertible Notes Swap Contracts shall constitute Equity Interests of the Parent REIT.

Section 1.3.    The definition of “Indebtedness” in Schedule A is hereby amended by adding the following clause at the last paragraph thereto:

For avoidance of doubt, the Indebtedness of the Parent REIT shall include Permitted Convertible Notes (prior to conversion thereof).

Section 1.4.    The definition of “Restricted Payments” in Schedule A is hereby amended by replacing the final period thereof with the following clause:

; provided, further, that payments for, in respect of or in connection with Permitted Convertible Notes Swap Contracts shall not constitute Restricted Payments.

Section 1.5. Section 8.9(a) of the Note Purchase Agreement is hereby amended by replacing clause (a) thereof with the following:

During the Waiver Period, if any Consolidated Party makes any Disposition (other than those permitted by Section 10.7(b)(i), (ii), (iii) and (iv)), issues any Equity Interests, or incurs any Indebtedness (each a “Waiver Period Event”), the Company shall offer to prepay the Notes in accordance with Section 8.9(b) below; provided that the 2020 Permitted Convertible Notes shall not constitute a Waiver Period Event. The Company shall give not less than three (3) Business Days prior written notice of the Waiver Period Event. Such notice shall contain and constitute an offer to prepay Notes as described in subparagraph (b) of this Section 8.9 and shall be accompanied by the certificate described in subparagraph (e) of this Section 8.9.

Section 1.6.    Section 10.10 of the Note Purchase Agreement is hereby amended to (i) remove “or” at the end of clause (e), (ii) change clause “(f)” to clause “(g),” and add the following as clause (f):

(f)    voluntarily prepay the principal amount of any Permitted Convertible Notes other than pursuant to a conversion thereof into Equity Interests of the Parent REIT; or
Article II

Conditions to Effectiveness
    Section 2.1.    This Third Amendment shall not become effective until, and shall become effective (the “Third Amendment Effective Date”) when, each and every one of the following conditions shall have been satisfied:
    (a)    executed counterparts of this Third Amendment, duly executed by the Company, the Parent REIT and the Noteholders, shall have been delivered to the Noteholders;
    (b)    the representations and warranties of the Company set forth in Section 3.1 hereof are true and correct on and with respect to the date hereof; 
    (c)     the Noteholders shall have received a duly executed and delivered copy of the amendments to each Material Credit Facility dated on or about the date hereof, in form and substance reasonably satisfactory to the Noteholders; and

    (d)    the Company shall have paid the fees and expenses of Chapman and Cutler LLP, counsel to the Noteholders, in connection with the negotiation, preparation, approval, execution and delivery of this Third Amendment.  
Article III

Representations and Warranties of the Company
    Section 3.1.    To induce the Noteholders to execute and deliver this Third Amendment, the Company and the Parent REIT represents and warrants (which representations and warranties shall survive the execution and delivery of this Third Amendment), to the Noteholders that:
    (a)    this Third Amendment has been duly authorized, executed and delivered by the Company and the Parent REIT and this Third Amendment constitutes the legal, valid and binding obligation, contract and agreement of the Company and the Parent REIT enforceable against each in accordance with its terms, except as enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws or equitable principles relating to or limiting creditors’ rights generally;
    (b)    the Note Purchase Agreement and the Notes, as amended by this Third Amendment, constitute the legal, valid and binding obligations, contract and agreement of the Company and the Parent REIT enforceable against each in accordance with their terms, except as enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws or equitable principles relating to or limiting creditors’ rights generally;
    (c)    the execution, delivery and performance by the Company and the Parent REIT of this Third Amendment (i) has been duly authorized by all requisite corporate action and, if required, shareholder action, (ii) does not require the consent or approval of any governmental or regulatory body or agency, and (iii) will not (A) violate (1) any provision of law, statute, rule or regulation or its certificate of incorporation or bylaws, (2) any order of any court or any rule, regulation or order of any other agency or government binding upon it, or (3) any provision of any indenture, agreement or other instrument to which it is a party or by which its properties or assets are or may be bound, including, without limitation, any Material Credit Facility, or (B) result in a breach or constitute (alone or with due notice or lapse of time or both) a default under any indenture, agreement or other instrument referred to in clause (iii)(A)(3) of this Section 3.1(c); 
    (d)    as of the date hereof and after giving effect to this Third Amendment, no Default or Event of Default has occurred which is continuing; and
    (e)    neither the Parent REIT, the Company nor any of its Subsidiaries has paid or agreed to pay any fees or other consideration to the lenders under any Material Credit Facility or any agent acting on their behalf, except for customary and usual commitment and arrangement fees and agent fees paid in connection with entering into any Material 

Credit Facility, and reasonable out of pocket expenses, including attorneys’ fees, incurred in connection therewith.
Article IV

Miscellaneous
    Section 4.1.    This Third Amendment shall be construed in connection with and as part of the Note Purchase Agreement, and except as modified and expressly amended by this Third Amendment, all terms, conditions and covenants contained in the Note Purchase Agreement and the Notes are hereby ratified and shall be and remain in full force and effect.
    Section 4.2.    The Parent REIT, on behalf of each Subsidiary Guarantor (a) acknowledges and consents to all of the terms and conditions of this Third Amendment, (b) affirms all of its obligations under the Subsidiary Guaranty, (c) agrees that this Third Amendment and all documents delivered in connection herewith do not operate to reduce or discharge its obligations under the Note Purchase Agreement or the Subsidiary Guaranty, and (d) agrees that this Third Amendment and all documents delivered in connection herewith do not operate as a waiver of any Default or Event of Default that may exist prior to the effectiveness of this Third Amendment.
    Section 4.3.    Any and all notices, requests, certificates and other instruments executed and delivered after the execution and delivery of this Third Amendment may refer to the Note Purchase Agreement without making specific reference to this Third Amendment but nevertheless all such references shall include this Third Amendment unless the context otherwise requires.
    Section 4.4.    The descriptive headings of the various Sections or parts of this Third Amendment are for convenience only and shall not affect the meaning or construction of any of the provisions hereof.
    Section 4.5.    This Third Amendment shall be governed by and construed in accordance with New York law.

[Remainder of page intentionally left blank]

The execution hereof by you shall constitute a contract between us for the uses and purposes hereinabove set forth, and this Third Amendment may be executed in any number of counterparts, each executed counterpart constituting an original, but all together only one agreement.

Very truly yours,

Pebblebrook Hotel, L.P.

By:    PEBBLEBROOK HOTEL TRUST, a Maryland Real Estate Investment Trust, its general partner

By:    /s/ Raymond Martz    
Name:  Raymond Martz
Title:  Executive Vice President and Chief Financial Officer

PEBBLEBROOK HOTEL TRUST

By: /s/ Raymond Martz___________

Name:  Raymond Martz
Title:  Executive Vice President and Chief Financial Officer

SIGNATURE PAGE TO
THIRD AMENDMENT TO 2015 NOTE PURCHASE AGREEMENT 

As of the date first written above.
MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY
By: Barings LLC, as Investment Adviser

By /s/ James Moore                            
Name: James Moore
Title: Managing Director

YF LIFE INSURANCE INTERNATIONAL LIMITED
By: Barings LLC, as Investment Adviser

By /s/ James Moore                            
Name: James Moore
Title: Managing Director
SIGNATURE PAGE TO
THIRD AMENDMENT TO 2015 NOTE PURCHASE AGREEMENT

As of the date first written above.
ALLIANZ LIFE INSURANCE COMPANY OF NORTH AMERICA
By: Allianz Global Investors U.S. LLC
      As authorized signatory and investment manager

By /s/ Lawrence Halliday                       
Name: Lawrence Halliday
Title: Managing Director

SIGNATURE PAGE TO
THIRD AMENDMENT TO 2015 NOTE PURCHASE AGREEMENT

As of the date first written above.
THE GAURDIAN LIFE INSURANCE COMPANY OF AMERICA

By /s/ Tim Powel                     
Name: Tim Powel
Title: Managing Director

SIGNATURE PAGE TO
THIRD AMENDMENT TO 2015 NOTE PURCHASE AGREEMENTExhibit
4.1

 

PROPANC
BIOPHARMA INC.

8%
CONVERTIBLE REDEEMABLE PROMISSORY NOTE

 

	Effective
    Date December 10, 2020	US
    $131,000.00

 

Due
December 10, 2021

 

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

 

FOR
VALUE RECEIVED Propanc Biopharma Inc. (the “Company”) promises to pay to the order of GW Holdings Group,
LLC, and its authorized successors and permitted assigns (“Holder”), the aggregate principal face amount
of One Hundred Thirty-One Thousand Dollars exactly (U.S. $131,000.00) on December 9, 2020 (“Maturity Date”).
The Company will pay interest on the principal amount outstanding at the rate of eight percent (8%) per annum, which will commence
on December 9, 2019. The interest will be paid to the Holder in whose name this Note is registered on the records of the Company
regarding registration and transfers of this Note. The principal of, and interest on, this Note are payable at 137 Montague Street,
Suite 291, Brooklyn, NY 11201, initially, and if changed, last appearing on the records of the Company as designated in writing
by the Holder hereof from time to time. The Company will pay each interest payment and the outstanding principal due upon this
Note before or on the Maturity Date, less any amounts required by law to be deducted or withheld, to the Holder of this Note by
check or wire transfer addressed to such Holder at the last address appearing on the records of the Company. The forwarding of
such check or wire transfer shall constitute a payment of outstanding principal hereunder and shall satisfy and discharge the
liability for principal on this Note to the extent of the sum represented by such check or wire transfer. Interest shall be payable
in Common Stock (as defined below) pursuant to paragraph 4(b) herein.

 

This
Note is subject to the following additional provisions:

 

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

 

2.
Under all applicable laws, the Company shall be entitled to withhold any amounts from all payments it is entitled to.

 

    	 	 	 

     

    

 

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

 

4.
(a) The Holder of this Note has the option, beginning on the issuance date of this Note, to convert all or any amount of the principal
face amount of this Note then outstanding into shares of the Company’s common stock (the “Common Stock”)
at a price (“Conversion Price”) equal to forty percent (40%) discount of the lowest closing bid price
(“Lowest Trading Price”) of the Common Stock as reported on the otcmarkets.com exchange which the Company’s
shares are traded or any exchange upon which the Common Stock may be traded in the future (“Exchange”), for
the ten (10) Trading Days immediately prior to the delivery of a Notice of Conversion, including the day upon which
a Notice of Conversion is received by the Company (provided such Notice of Conversion is delivered by fax or other electronic
method of communication to the Company after 4 P.M. Eastern Standard or Daylight Savings Time if the Holder wishes to include
the same day closing price). As used herein, “Trading Day” means any day that shares of Common Stock of the Company
are listed for trading or quotation on the Company’s principal trading market, any tier of the NASDAQ Stock Market, the
New York Stock Exchange, or the NYSE American.

 

    	 	 	 

     

    

 

The
Notice of Conversion may be rescinded if the shares have not been delivered within three (3) business days. The Company shall
deliver the shares of Common Stock to the Holder within three (3) business days of receipt by the Company of the Notice of Conversion.
Failure to deliver the shares to the Holder shall constitute an Event of Default hereunder. The Holder shall surrender this Note
to the Company upon receipt of the shares of Common Stock, executed by the Holder. This will make clear the Holder’s intention
to convert this Note or a specified portion hereof, and accompanied by proper assignment hereof in blank. Accrued but unpaid interest
shall be subject to conversion. The number of issuable shares will be rounded to the nearest whole share, and no fractional shares
or scrip representing fractions of shares will be issued on conversion. In the event the Company experiences a DTC “Chill”
on its shares, the conversion price discount shall be increased to fifty percent (50%) while that “Chill” is in effect.
Notwithstanding anything to the contrary contained in the Note (except as set forth below in this Section), the Note shall
not be convertible by Investor, and Company shall not affect any conversion of the Note or otherwise issue any shares of Common
Stock to the extent (but only to the extent) that Investor together with any of its affiliates would beneficially own in excess
of 4.99%, which may be increased up to 9.99% upon sixty-one (61) days’ prior written notice by the Holder to the Company,
(the “Maximum Percentage”) of the Common Stock outstanding. The Maximum Percentage shall automatically revert
to 9.99% in the event the Company ceases to be a reporting company under the Securities and Exchange Act of 1934. To the extent
the foregoing limitation applies, the determination of whether a Note shall be convertible (vis-à-vis other convertible,
exercisable or exchangeable securities owned by Investor or any of its affiliates) and of which such securities shall be convertible,
exercisable or exchangeable (as among all such securities owned by Investor and its affiliates) shall, subject to such Maximum
Percentage limitation, be determined on the basis of the first submission to Company for conversion, exercise or exchange (as
the case may be). No prior inability to convert a Note, or to issue shares of Common Stock, pursuant to this Section shall have
any effect on the applicability of the provisions of this Section with respect to any subsequent determination of convertibility.
For purposes of this Section, beneficial ownership and all determinations and calculations (including, without limitation, with
respect to calculations of percentage ownership) shall be determined in accordance with Section 13(e) of the 1934 Act (as defined
below) and the rules and regulations promulgated thereunder. The provisions of this Section shall be implemented in a manner otherwise
than in strict conformity with the terms of this Section to correct this Section (or any portion hereof) which may be defective
or inconsistent with the intended Maximum Percentage beneficial ownership limitation herein contained or to make changes or supplements
necessary or desirable to properly give effect to such Maximum Percentage limitation. The limitations contained in this Section
shall apply to a successor holder of this Note and shall be unconditional, irrevocable and non-waivable. For any reason at any
time, upon the written or oral request of Investor, Company shall within one (1) business day confirm orally and in writing to
Investor the number of shares of Common Stock then outstanding, including by virtue of any prior conversion or exercise of convertible
or exercisable securities into Common Stock, including, without limitation, pursuant to this Note.

 

(b)
Interest on any unpaid principal balance of this Note shall be paid at the rate of eight percent (8%) per annum. Interest shall
be paid, by the Company, in Common Stock (“Interest Shares”). Holder may send in a Notice of Conversion to the Company
for Interest Shares based on the formula provided in Section 4(a) above. The dollar amount converted into Interest Shares shall
be all or a portion of the accrued interest calculated on the unpaid principal balance of this Note to the date of such notice.

 

(c)
During the first six (6) months this Note is in effect, the Company may redeem this Note by paying to the Holder an amount as
follows: (i) if the redemption occurs within the first sixty (60) days then an amount equal to one hundred fifteen percent (115%)
of the face amount plus any accrued interest; (ii) if the redemption occurs after day sixty-one (61), but on or before day one
hundred twenty following the issuance of this Note, then an amount equal to one hundred twenty-five percent (125%) of the face
amount along with any accrued interest; (iii) if the redemption occurs after day one hundred twenty-one (121) but on or before
day one hundred eighty (180) following the issuance of this Note, then an amount equal to one hundred thirty-five (135%) of the
face amount along with any accrued interest This Note may not be redeemed after one hundred eighty (180) days following the Issue
Date hereof. The redemption must be closed and paid for within three (3) business days of the Company sending the redemption demand
or the redemption will be invalid and the Company forever forfeit its right to redeem the Note under this Section 4(c).

 

    	 	 	 

     

    

 

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

 

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

 

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

 

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

 

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

 

8.
[INTENTIONALLY OMITTED]

 

9.
If one or more of the following described “Events of Default” shall occur:

 

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

 

(b)
[INTENTIONALLY OMITTED]

 

    	 	 	 

     

    

 

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

 

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

 

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

 

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

 

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

 

(h)
One or more money judgments, writs or warrants of attachment, or similar process, in excess of one hundred thousand dollars ($100,000.00)
in the aggregate, shall be entered or filed against the Company or any of its properties or other assets and shall remain unpaid,
unvacated, unbonded or unstayed for a period of fifteen (15) days or in any event later than five (5) days prior to the date of
any proposed sale thereunder;

 

(i)
The Company shall have its Common Stock delisted from an exchange (including the OTCBB or Pink Sheets exchange) or, if the Common
Stock trades on an exchange, then trading in the Common Stock shall be suspended for more than ten (10) consecutive days;

 

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

 

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

 

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

 

    	 	 	 

     

    

 

(m)
The Company is in arrears for more than thirty (30) days with its Transfer Agent, the conversion discount shall be increased from
forty percent (40%) to fifty percent (50%);

 

(n)
The Company shall (1) not replenish the reserve set forth in Section 13, within 3 business days of the request of the Holder;
or (2) change Transfer Agents without providing notice and an updated and signed Transfer Agent Letter within five (5) business
days of the change;

 

(o)
Following any Event of Default, the Conversion Price discount shall be permanently increased an additional five percent (5%);
or

 

Then,
or at any time thereafter, unless cured within five (5) days, and in each and every such case, unless such Event of Default shall
have been waived in writing by the Holder (which waiver shall not be deemed to be a waiver of any subsequent default) at the option
of the Holder and in the Holder’s sole discretion, the Holder may consider this Note immediately due and payable, without
presentment, demand, protest or (further) notice of any kind (other than notice of acceleration), all of which are hereby expressly
waived, anything herein or in any note or other instruments contained to the contrary notwithstanding, and the Holder may immediately,
and without expiration of any period of grace, enforce any and all of the Holder’s rights and remedies provided herein or
any other rights or remedies afforded by law. Upon an Event of Default, interest shall accrue at a default interest rate of twenty-four
percent (24%) per annum or, if such rate is usurious or not permitted by current law, then at the highest rate of interest permitted
by law. In the event of a breach of Section 8(j) the penalty shall be $250.00 per day the shares are not issued beginning on the
4th day after the conversion notice was delivered to the Company. This penalty shall increase to $500.00 per day beginning
on the 10th day. The penalty for a breach of Section 8(l) shall be an increase of the outstanding principal amounts
by twenty percent (20%). In case of a breach of Section 8(h), (i), (j) or (k) the outstanding principal due under this Note shall
increase by fifty percent (50%). If this Note is not paid at maturity, the outstanding principal due under this Note shall increase
by ten percent (10%).

 

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

 

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

 

Failure
to Deliver Loss = [(High trade price at any time on or after the day of exercise) x (Number of conversion shares)]

 

    	 	 	 

     

    

 

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

 

10.
In case any provision of this Note is held by a court of competent jurisdiction to be excessive in scope or otherwise invalid
or unenforceable, such provision shall be adjusted rather than voided, if possible, so that it is enforceable to the maximum extent
possible, and the validity and enforceability of the remaining provisions of this Note will not in any way be affected or impaired
thereby.

 

11.
Neither this Note nor any term hereof may be amended, waived, discharged or terminated other than by a written instrument signed
by the Company and the Holder.

 

12.
The Company represents that it is not a “shell” issuer and has never been a “shell” issuer or that if
it previously has been a “shell” issuer that at least 12 months have passed since the Company has reported form 10
type information indicating it is no longer a “shell issuer. Further. The Company will instruct its counsel to either (i)
write a 144- 3(a)(9) opinion to allow for salability of the conversion shares or (ii) accept such opinion from Holder’s
counsel.

 

13.
The Company shall reserve two million (2,000,000) shares of Common Stock of the Company for conversions under this Note (the “Share
Reserve”). The investor shall have the right to periodically request that the number of Reserved Shares be increased so
that the number of Reserved Shares at least equals three hundred percent (300%) of the number of shares of Company common stock
issuable upon conversion of the Note. The Company shall pay all costs associated with issuing and delivering the shares. At all
times, the reserve shall be maintained with the Transfer Agent at three times the amount of shares required if the Note would
be fully converted.

 

14.
The Company will give the Holder direct notice of any corporate actions, including but not limited to name changes, stock splits,
recapitalizations etc. This notice shall be given to the Holder as soon as possible under law.

 

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

 

    	 	 	 

     

    

 

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

 

Dated:
____________

 

	 	 	PROPANC
    BIOPHARMA INC.
	 	 	 	 
	 	 	By:	
	 	 	 	James
    Nathanielsz - CEO

 

    	 	 	 

     

    

 

EXHIBIT
A

 

NOTICE
OF CONVERSION

 

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

 

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

 

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

 

	Date of Conversion: 	 	 
	Applicable Conversion Price: 	 	 

	Signature: 	 	 
	[Print Name of Holder and Title of Signer]	 
	Address: 	 	 
	 	 	 

 

	SSN or EIN: 	 	 

 

	Shares
    are to be registered in the following name:                                                                                                                  

  

	Name: 	 	 
	Address: 	 	 

	Tel: 	 	 
	Fax: 	 	 
	SSN or EIN: 	 	 

 

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

 

	Account Name: 	 	 
	Address:

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