Document:

Exhibit 4.1

 

THE
SECURITIES REFERENCED HEREIN HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AND HAVE BEEN ACQUIRED FOR INVESTMENT
AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISTRIBUTION MAY BE EFFECTED
WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY THAT
SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933.

 

AMENDED
AND RESTATED

 

SUBORDINATED
CONVERTIBLE PROMISSORY NOTE

 

	$11,500,000	Issuance
    Date: October 6, 2017
	 	Original
    Issue Date: August 18, 2017

 

For
value received, MoviePass Inc., a Delaware corporation (the “Company”), promises to pay to Helios and Matheson
Analytics Inc., a Delaware corporation (the “Holder”), the principal sum of Eleven Million Five Hundred Thousand
Dollars ($11,500,000), or such lesser amount as shall then equal the outstanding principal amount hereunder (the “Principal
Amount”), including $50,000 previously advanced to the Company by the Holder. This Amended and Restated Subordinated
Convertible Promissory Note (this “Note”) amends, replaces and supersedes in its entirety that certain Subordinated
Convertible Promissory Note issued by the Company to the Holder on August 18, 2017 (the “Prior Note”), which
Prior Note shall be deemed canceled immediately as of the date hereof with no further action required from the Company or Holder.
Interest shall accrue on this Note from the Issuance Date of this Note on the unpaid Principal Amount at a rate equal to 5.00%
per annum, compounded annually and computed on the basis of a 365-day year and the actual number of days elapsed; it being understood
that $34,246.58 of interest which had previously accrued on the Prior Note based upon the then unpaid principal amount of $5,000,000
shall also be due and payable by the Company in accordance with the provisions of this Note. This Note is being issued to the
Holder pursuant to that certain Second Amended and Restated Subordinated Convertible Note Purchase Agreement, dated August 18,
2017 and as amended on the date hereof, among the Company, the Holder and a Requisite Majority (as defined therein) (the “Amended
Note Purchase Agreement”), as contemplated by Subsection 1.1(c)(ii)(A) of that certain Securities Purchase Agreement,
dated August 15, 2017 and as amended by Amendment No. 1 to Securities Purchase Agreement the date hereof, between the Company
and the Holder (the “SPA”). Capitalized terms not otherwise defined herein have the meaning given them
in the SPA. This Note, which is referred to as the MoviePass Note in the SPA, is subject to the following terms and conditions.

 

	1)	Maturity.
                                         While this Note is outstanding, the Principal Amount and any accrued but unpaid interest
                                         under this Note shall be due and payable upon demand of the Holder at any time after
                                         the two-year anniversary of the Original Issue Date of this Note first stated above (the
                                         “Maturity Date”). Subject to Section 2 below, interest shall accrue
                                         on this Note and shall be due and payable on the Maturity Date. Notwithstanding the foregoing,
                                         the entire unpaid Principal Amount, together with accrued and unpaid interest thereon,
                                         shall become immediately due and payable upon the commencement of any bankruptcy, insolvency
                                         or dissolution proceeding by the Company, the execution by the Company of a general assignment
                                         for the benefit of creditors, the filing by or against the Company of a petition in bankruptcy
                                         or any petition for relief under the federal bankruptcy act or the continuation of such
                                         petition without dismissal for a period of 90 days or more, or the appointment of a receiver
                                         or trustee to take possession of the property or assets of the Company.

 

     

     

    

 

	2)	Cancellation
                                         of Note Upon Consummation of SPA Transaction. Upon
                                         the Closing:

 

		a)	this
                                         Note shall be immediately cancelled and of no further force or effect, automatically
                                         and without any action being required on the part of the Holder, and the Company will
                                         be forever released from all of its obligations and liabilities under this Note including
                                         (without limitation) the obligation to pay the Principal Amount and accrued interest;

 

		b)	cancellation
                                         of this Note as provided above shall constitute full satisfaction of the Holder’s
                                         obligation to make the Initial Cash Payment pursuant to the SPA; and

 

		c)	the
                                         Holder shall deliver any original executed copy of this Note in the Holder’s possession
                                         to the Company for destruction, provided that any failure by the Holder to deliver such
                                         original executed copy of this Note to the Company shall not affect the automatic cancellation
                                         of this Note as provided by Section 2(a) above.

 

	3)	Next
                                         Equity Conversion.

 

		a)	Next
                                         Equity Financing. If either the Holder or the Company terminates the SPA due
                                         to the other party’s material breach of any representation, warranty or covenant
                                         thereof that remains uncured within the time frame specified in Section 7.8 of the Purchase
                                         Agreement (an “SPA Termination”), the outstanding Principal Amount
                                         and any accrued but unpaid interest under this Note (the amount being converted, the
                                         “Conversion Amount”) may, at the Holder’s option, be converted,
                                         in whole or in part, into equity securities issued and sold at the initial closing of
                                         the Company’s next equity financing following such SPA Termination (the “Next
                                         Equity Securities”) in a single transaction or a series of related transactions
                                         yielding gross proceeds to the Company of at least $1,000,000 (excluding the principle
                                         amount or accrued interest or any other amounts owing on any notes, including the Notes
                                         (as defined in the Amended Note Purchase Agreement), converted into capital stock and
                                         issued therein) other than an Exempt Issuance (the “Next Equity Financing”).
                                         “Exempt Issuance” means the issuance of (a) shares of the Company’s
                                         common stock, options or other equity-based awards to employees, officers, directors,
                                         consultants or vendors of the Company for services rendered to the Company pursuant to
                                         any stock or option plan or agreement that was duly adopted for such purpose, by a majority
                                         of the non-employee members of the Board of Directors or a majority of the members of
                                         a committee of non-employee directors established for such purpose, (b) securities upon
                                         the exercise or exchange of or conversion of any Notes issued hereunder and/or other
                                         securities exercisable or exchangeable for or convertible into shares of Company’s
                                         common stock issued and outstanding on the date of this Agreement, provided that such
                                         securities have not been amended since the date of this Agreement to increase the number
                                         of such securities or to decrease the exercise price, exchange price or conversion price
                                         of such securities (other than in connection with stock splits or combinations) or to
                                         extend the term of such securities and (c) securities issued pursuant to acquisitions
                                         or strategic transactions of other assets or businesses approved by a majority of the
                                         disinterested directors of the Company or the shareholders of the Company prior to such
                                         issuance; provided that (x) the primary purpose of such issuance is not to raise capital,
                                         (y) the purchaser or acquirer of such shares of the Company’s common stock in such
                                         issuance solely consists of either (1) the actual owners of such assets or securities
                                         acquired in such merger or acquisition or (2) the shareholders, partners or members of
                                         the foregoing persons, and (z) the number or amount (as the case may be) of such shares
                                         of the Company’s common stock issued to such person by the Company shall not be
                                         disproportionate to such person’s actual ownership of such assets or securities
                                         to be acquired by the Company (as applicable).

 

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		b)	Notice
                                         of Conversion. If this Note is eligible to be converted pursuant to Section 3(a),
                                         at least fifteen (15) business days prior to the proposed initial closing of the Next
                                         Equity Financing, the Company shall deliver written notice to the Holder of this Note
                                         at the address last shown on the records of the Company for the Holder or given by the
                                         Holder to the Company for the purpose of notice or, if no such address appears or is
                                         given, at the place where the principal executive office of the Company is located, notifying
                                         the Holder of the Next Equity Financing, specifying the conversion price, the Principal
                                         Amount and accrued interest of this Note eligible to be converted, the proposed closing
                                         date of the proposed Next Equity Financing requesting the Holder notify the Company of
                                         its election to convert this Note if any, in the manner and at the place designated in
                                         the Company’s notice. A Holder’s election to convert all or a portion of
                                         this Note in connection with the Next Equity Financing must be made at least five (5)
                                         business days before the expected initial closing date of the Next Equity Financing.

 

		c)	Terms
                                         of Conversion. The number of shares of Next Equity Securities to be issued upon
                                         such conversion shall be equal to the quotient obtained by dividing (i) the Conversion
                                         Amount by (ii) 80.00% of the cash price per share of the Next Equity Securities sold
                                         in the Next Equity Financing (excluding the Participation Shares, as defined in the Amended
                                         Note Purchase Agreement), rounded down to the nearest whole share (the “Note
                                         Conversion Price”). The issuance of such shares upon such conversion shall
                                         be upon the terms and subject to the conditions applicable to the Next Equity Financing
                                         and the Company’s Certificate of Incorporation, Bylaws, and other corporate governing
                                         documents, as determined by the Company and the investors in the Next Equity Financing
                                         in their sole discretion. The Note Conversion Price, however, shall not be greater than:
                                         (1) for $10,000,000 of the Principal Amount, including accrued interest thereon, the
                                         quotient obtained by dividing (x) $25,000,000 by (y) the total number of shares of Common
                                         Stock outstanding (assuming full conversion and exercise of all convertible or exercisable
                                         securities other than (i) the Notes (as defined in the Amended Note Purchase Agreement),
                                         (ii) other outstanding convertible notes and (iii) outstanding convertible equity securities);
                                         and (2) for the remaining $1,500,000 of the Principal Amount, including accrued interest
                                         thereon, the quotient obtained by dividing (x) $210,000,000 by (y) the total number of
                                         shares of Common Stock outstanding (assuming full conversion and exercise of all convertible
                                         or exercisable securities other than (i) the Notes (as defined in the Amended Note Purchase
                                         Agreement), (ii) other outstanding convertible notes and (iii) outstanding convertible
                                         equity securities). Upon such conversion of this Note, the Holder hereby agrees to execute
                                         and deliver to the Company all transaction documents related to the Next Equity Financing,
                                         including any purchase agreement and other ancillary agreements, with customary representations
                                         and warranties and transfer restrictions (including, without limitation, a lock-up agreement
                                         in connection with an initial public offering).

 

	4)	Change
                                         of Control. In the event of a Change of Control (as defined below) prior to the
                                         conversion of this Note or repayment in full of this Note, immediately prior to such
                                         Change of Control, this Note shall become immediately due and payable. The term “Change
                                         of Control” means (i) a sale of all or substantially all of the Company’s
                                         assets other than to an Excluded Entity (as defined below), (ii) a merger, consolidation
                                         or other capital reorganization or business combination transaction of the Company with
                                         or into another corporation, limited liability company or other entity other than an
                                         Excluded Entity, or (iii) the consummation of a transaction, or series of related transactions,
                                         in which any “person” (as such term is used in Sections 13(d) and 14(d) of
                                         the Securities Exchange Act of 1934, as amended (the “Exchange Act”))
                                         becomes the “beneficial owner” (as defined in Rule 13d-3 of the Exchange
                                         Act), directly or indirectly, of all of the Company’s then outstanding voting securities.
                                         Notwithstanding the foregoing, a transaction shall not constitute a Change of Control
                                         if its purpose is to (A) change the jurisdiction of the Company’s incorporation,
                                         (B) create a holding company that will be owned in substantially the same proportions
                                         by the persons who hold the Company’s securities immediately before such transaction,
                                         or (C) obtain funding for the Company in a financing that is approved by the Company’s
                                         Board of Directors. An “Excluded Entity” means a corporation or other
                                         entity of which the holders of voting capital stock of the Company outstanding immediately
                                         prior to such transaction are the direct or indirect holders of voting securities representing
                                         at least a majority of the votes entitled to be cast by all of such corporation’s
                                         or other entity’s voting securities outstanding immediately after such transaction.

 

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	5)	Mechanics
                                         and Effect of Conversion. No fractional shares of the Company’s capital
                                         stock will be issued upon conversion of this Note. In lieu of any fractional share to
                                         which the Holder would otherwise be entitled, the Company will pay to the Holder in cash
                                         the amount of the unconverted Principal Amount and accrued interest under this Note that
                                         would otherwise be converted into such fractional share. Upon conversion of this Note,
                                         the Holder shall surrender this Note, duly endorsed, at the principal offices of the
                                         Company or any transfer agent of the Company. At its expense, the Company will, as soon
                                         as practicable thereafter, issue the number of Next Equity Securities to which such Holder
                                         is entitled upon such conversion, together with any other securities and property to
                                         which the Holder is entitled upon such conversion under the terms of this Note, including
                                         a check payable to the Holder for any cash amounts payable as described herein and shall
                                         deliver to such Holder, at such principal office, a notice of issuance upon request for
                                         the number of shares to which such Holder is entitled upon such conversion. Upon conversion
                                         of this Note, the Company will be forever released from all of its obligations and liabilities
                                         under this Note with regard to that portion of the principal amount and accrued interest
                                         being converted including (without limitation) the obligation to pay such portion of
                                         the principal amount and accrued interest.

 

	6)	Payment;
                                         Prepayment. All payments shall be made in lawful money of the United States of
                                         America at such place as the Holder hereof may from time to time designate in writing
                                         to the Company. Payment shall be credited first to collection costs, if any, then the
                                         accrued interest then due and payable and the remainder shall be applied to principal.
                                         The Company may prepay this Note at any time without penalty only upon written consent
                                         of the Holder.

 

	7)	Stockholders,
                                         Officers and Directors Not Liable. In no event shall any stockholder, officer
                                         or director of the Company be liable for any amounts due or payable pursuant to this
                                         Note.

 

	8)	Subordination.

 

		a)	The
                                         indebtedness evidenced by this Note is hereby expressly subordinated, to the extent and
                                         in the manner hereinafter set forth, in right of payment to the prior payment in full
                                         of all of the Company’s Senior Indebtedness. The Holder further agrees to execute
                                         a form of subordination agreement, as requested by any current or future lender to the
                                         Company, to effect the foregoing subordination. “Senior Indebtedness”
                                         shall mean the principal of and unpaid interest and premium, if any, on (i) indebtedness
                                         of the Company or with respect to which the Company is a guarantor, whether outstanding
                                         on the date hereof or hereafter created, to banks, insurance companies or other lending
                                         or thrift institutions regularly engaged in the business of lending money, whether or
                                         not secured, (ii) any deferrals, renewals or extensions or any debentures, notes or other
                                         evidence of indebtedness issued in exchange for such Senior Indebtedness, (iii) those
                                         certain secured convertible promissory notes issued by the Company pursuant to the Secured
                                         Convertible Promissory Note and Warrant Purchase Agreement dated on May 27, 2016.

 

		b)	Upon
                                         any receivership, assignment for the benefit of creditors, bankruptcy, reorganization,
                                         or arrangement which creditors (whether or not pursuant to bankruptcy or other insolvency
                                         laws), sale of all or substantially all of the assets, dissolution, liquidation, or any
                                         other marshaling of the assets and liabilities of the Company or in the event this Note
                                         shall be declared due and payable, (i) no amount shall be paid by the Company, whether
                                         in cash or property in respect of the principal of or interest on this Note at the time
                                         outstanding, unless and until the full amount of any Senior Indebtedness then outstanding
                                         shall be paid in full, and (ii) no claim or proof of claim shall be filed with the Company
                                         by or on behalf of the holder of this Note which shall assert any right to receive any
                                         payments in respect of the principal of and interest on this Note except subject to the
                                         payment in full all of the Senior Indebtedness then outstanding.

 

    	 	4	 

     

    

 

		c)	If
                                         an event of default has occurred with respect to any Senior Indebtedness, permitting
                                         the holder thereof to accelerate the maturity thereof, then unless and until such event
                                         of default shall have been cured or waived or shall have ceased to exist, or all Senior
                                         Indebtedness shall have been paid in full, no payment shall be made in respect of the
                                         principal of or interest on this Note.

 

		d)	Nothing
                                         contained in the preceding paragraphs shall impair, as between the Company and the Holder,
                                         the obligation of the Company, which is absolute and unconditional, to pay to the Holder
                                         hereof the principal hereof and interest hereon as and when the same shall become due
                                         and payable, or shall prevent the Holder, upon default hereunder, from exercising all
                                         rights, powers and remedies otherwise provided herein or by applicable law, all subject
                                         to the rights, if any, of the holders of Senior Indebtedness under the preceding paragraphs
                                         to receive cash or other properties otherwise payable or deliverable to the Holder pursuant
                                         to this Note.

 

	9)	Interest
                                         Rate Limitation. Notwithstanding anything to the contrary contained in this Note,
                                         the Amended Note Purchase Agreement or the SPA, as applicable (the “Loan Documents”),
                                         the interest paid or agreed to be paid under the Loan Documents shall not exceed the
                                         maximum rate of non-usurious interest permitted by applicable law (the “Maximum
                                         Rate”). If the Holder shall receive interest in an amount that exceeds the
                                         Maximum Rate, the excess interest shall be applied to the principal remaining owed under
                                         this Note or, if it exceeds such unpaid principal, refunded to the Company. In determining
                                         whether the interest contracted for, charged, or received by the Holder exceeds the Maximum
                                         Rate, the Holder may, to the extent permitted by applicable law, (a) characterize any
                                         payment that is not principal as an expense, fee, or premium rather than interest, (b)
                                         exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate,
                                         and spread in equal or unequal parts the total amount of interest throughout the contemplated
                                         term of this Note.

 

	10)	Action
                                         to Collect on Note. If action is instituted to collect on this Note, the Company
                                         promises to pay all of each Holder’s costs and expenses, including reasonable attorney’s
                                         fees, incurred in connection with such action.

 

	11)	Loss
                                         of Note. Upon receipt by the Company of evidence satisfactory to it of the loss,
                                         theft, destruction or mutilation of this Note or any Note exchanged for it, and indemnity
                                         satisfactory to the Company (in case of loss, theft or destruction) or surrender and
                                         cancellation of such Note (in the case of mutilation), the Company will make and deliver
                                         in lieu of such Note a new Note of like tenor.

 

	12)	Miscellaneous.

 

		a)	Governing
                                         Law; Venue. The validity, interpretation, construction and performance of this
                                         Note, and all acts and transactions pursuant hereto and the rights and obligations of
                                         the Company and Holder shall be governed, construed and interpreted in accordance with
                                         the laws of the state of California, without giving effect to principles of conflicts
                                         of law. Venue for any legal action under this Note shall be in the state or federal courts
                                         located in the City of Los Angeles in the State of California.

 

		b)	Entire
                                         Agreement. This Note, together with the Amended Note Purchase Agreement, the
                                         SPA, and the documents referred to therein, constitute the entire agreement and understanding
                                         between the Company and the Holder relating to the subject matter herein and supersede
                                         all prior or contemporaneous discussions, understandings and agreements, whether oral
                                         or written between them relating to the subject matter hereof.

 

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		c)	Amendments
                                         and Waivers. Any term of this Note may be amended only with the written consent
                                         of the Company and the Holder. Any amendment or waiver effected in accordance with this
                                         Section 12(c) shall be binding upon the Company, the Holder and each transferee of the
                                         Note or any portion thereof.

 

		d)	Successors
                                         and Assigns. The terms and conditions of this Note shall inure to the benefit
                                         of and be binding upon the respective successors and assigns of the Company and the Holder.
                                         Notwithstanding the foregoing, the Holder may not assign, pledge, or otherwise transfer
                                         this Note without the prior written consent of the Company except pursuant to the exercise
                                         of rights by the holder(s) of Helios’ senior secured convertible notes holding
                                         a security interest in Helios’ assets. Subject to the preceding sentence, this
                                         Note may be transferred only upon surrender of the original Note for registration of
                                         transfer, duly endorsed, or accompanied by a duly executed written instrument of transfer
                                         in form satisfactory to the Company. Thereupon, a new note for the same principal amount
                                         and interest will be issued to, and registered in the name of, the transferee. Interest
                                         and principal are payable only to the registered holder of this Note.

 

		e)	Notices.
                                         Any notice, demand or request required or permitted to be given under this Note shall
                                         be in writing and shall be deemed sufficient when delivered personally or by overnight
                                         courier or sent by email, or 48 hours after being deposited in the U.S. mail as certified
                                         or registered mail with postage prepaid, addressed to the party to be notified at such
                                         party’s address as set forth on the signature page, as subsequently modified by
                                         written notice, or if no address is specified on the signature page, at the most recent
                                         address set forth in the Company’s books and records.

 

		f)	Counterparts.
                                         This Note may be executed in any number of counterparts, each of which when so executed
                                         and delivered shall be deemed an original, and all of which together shall constitute
                                         one and the same instrument.

 

[Signature
Page Follows]

 

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IN
WITNESS WHEREOF, the parties have executed this Amended and Restated Subordinated Convertible Promissory Note as of the date
first set forth above.

 

	 	THE
    COMPANY:
	 	 	 
	 	MOVIEPASS
    INC.
	 	 	 
	 	By:  	/s/
    Mitch Lowe
	 	 	(Signature)
	 	 	 
	 	Name:	Mitch
    Lowe
	 	Title:	Chief
    Executive Officer
	 	 	 
	 	Address:	175
    Varick Street
	 	 	Suite
    604
	 	 	New
    York, NY 10012

 

	AGREED TO AND ACCEPTED:	 
	 	 	 
	THE HOLDER:	 
	 	 	 
	HELIOS AND MATHESON ANALYTICS INC.	 
	 	 	 
	By:	/s/
    Theodore Farnsworth	 
	 	(Signature)	 
	 	 	 
	Name:	Theodore
    Farnsworth	 
	Title:	Chief
    Executive Officer	 
	 	 	 
	Address:	Empire
    State Building	 
	 	350
    5th Avenue, Suite 7520	 
	 	New
    York, New York	 
	 	10118	 

 

[Signature
Page to the Subordinated Convertible Promissory Note of MoviePass Inc.]

 

 

7Exhibit 4.2

 

THIS
NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE APPLICABLE STATE SECURITIES
LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT AND SUCH STATE SECURITIES
LAWS, OR AN EXEMPTION FROM REGISTRATION THEREUNDER, IN EACH CASE, TO THE EXTENT APPLICABLE HERETO.

 

PROMISSORY
NOTE

 

	$5,000,000	New
    York, New York
	 	_________,
    ______

 

FOR
VALUE RECEIVED, Helios and Matheson Analytics Inc., a Delaware corporation (“Helios”), hereby promises to pay
to MoviePass Inc., a Delaware corporation (“MoviePass”), on or before the Maturity Date (as defined below),
(i) the principal amount of Five Million Dollars ($5,000,000) and (ii) interest on the unpaid principal balance hereof at the
rate set forth herein. This Promissory Note (this “Note”) is issued pursuant to Section 1.1(c)(ii)(B) of that
certain Securities Purchase Agreement, dated as of August 15, 2017, as amended on October 6, 2017, between MoviePass and Helios
(as amended, modified, supplemented, extended, renewed, restated or replaced from time to time, the “Securities Purchase
Agreement”), as partial payment for the Shares. Capitalized terms not defined herein shall have the meaning as set
forth in the Securities Purchase Agreement. NEITHER THIS NOTE NOR ANY INTEREST HEREIN MAY BE PLEDGED, ASSIGNED OR OTHERWISE
TRANSFERRED, WHETHER BY MOVIEPASS, OPERATION OF LAW, COURT ORDER OR OTHERWISE, WITHOUT THE EXPRESS PRIOR WRITTEN CONSENT OF HELIOS.
ANY SUCH PURPORTED ASSIGNMENT OR TRANSFER WITHOUT SUCH CONSENT SHALL BE NULL AND VOID.

 

1.            Payment
of Principal. The principal amount of this Note (the “Principal”), together with all unpaid Interest (as
defined below) thereon, shall be due and payable on the later of (i) the 180th calendar day following the Closing Date and (ii)
such date when the MoviePass Common Stock becomes listed on any of the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq
Global Select Market or the New York Stock Exchange (the “Maturity Date”). Payment shall be made at such place
as MoviePass may designate. All payments when made to MoviePass shall be paid in the lawful money of the United States of America
in immediately available funds. Helios hereby waives presentment, notice of dishonor and protest in respect hereof. No interest
or other amount shall be payable in excess of the maximum permissible rate under applicable law, and any interest or other amount
which is paid in excess of such maximum rate shall be deemed to be a payment of principal hereunder.

 

2.            Payment
of Interest. The unpaid Principal balance due hereunder shall bear interest (the “Interest”) at an annual
rate equal to 5% (the “Interest Rate”). All accrued Interest shall be due and payable on the Maturity Date.
All Interest shall be computed on the basis of a year of 365 or 366 days, as the case may be, for the actual number of days (including
the first day but excluding the last day) elapsed.

 

3.            Helios
Defaults.

 

(a)           Helios
shall be deemed in default hereunder upon the occurrence of any of the following (each, a “Helios Default”):

 

(i)            Failure
to Pay Principal or Interest. Helios shall have failed to pay, when due, all or any part of any Principal or Interest required
to be paid hereunder;

 

     

     

    

 

(ii)            Bankruptcy,
etc. Helios shall have commenced any bankruptcy, insolvency or dissolution proceeding; Helios shall have executed a general
assignment for the benefit of creditors; Helios shall have filed or have filed against it a petition in bankruptcy or any petition
for relief under the federal bankruptcy act or the continuation of such petition without dismissal for a period of 90 days or
more; or there shall have been an appointment of a receiver or trustee to take possession of the property or assets of Helios.

 

(b)           Consequence
of Helios Default. Upon the occurrence of a Helios Default under Section 3(a)(i) that remains uncured for ten (10) business
days following written notice thereof from MoviePass, the outstanding Principle and accrued but unpaid Interest hereunder shall,
at the option of MoviePass, become immediately due and payable. Upon the occurrence of a Helios Default under Section 3(a)(ii),
the outstanding Principle and accrued but unpaid Interest hereunder shall become immediately due and payable automatically without
any action on the part of MoviePass.

 

4.            Helios
Redemption and Cancellation Right. Notwithstanding anything herein to the contrary, if the MoviePass Common Stock is not listed
on the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New York Stock Exchange on or before
June 1, 2018 (as such date may be extended as described below, the “Extended Listing Maturity Date”), then,
within ten (10) business days thereafter, Helios shall redeem the outstanding Principal amount and accrued unpaid interest thereon
as of the Extended Listing Maturity Date (the “Redemption Amount”) in exchange for Helios tendering to MoviePass
for immediate cancellation such number of Shares (the “Redemption and Cancellation”) equal to the Redemption
Amount divided by the Closing Share Price (the “MoviePass Cancelled Shares”). For purposes hereof, the “Closing
Share Price” shall equal $28,500,000 divided by the number of Shares issued to Helios upon the Closing. The Extended
Listing Date may be extended from time to time by Helios and MoviePass upon mutual written agreement at any time prior to the
tenth (10th) business date following the Extended Listing Date (such 10th business day being referred to herein as
the “Redemption and Cancellation Date”). On or before the Redemption and Cancellation Date, (i) Helios shall
surrender to MoviePass (or if MoviePass then has a third party transfer agent, to its transfer agent) any stock certificate(s)
representing the MoviePass Cancelled Shares, and if such stock certificate(s) represent(s) a greater number of Shares than the
number of MoviePass Cancelled Shares, MoviePass or its transfer agent, as applicable, shall promptly deliver (or cause its transfer
agent to deliver) to Helios a new stock certificate representing the difference between the number of MoviePass Cancelled Shares
and the number of Shares represented by the stock certificate(s) so surrendered and (ii) MoviePass shall stamp “cancelled”
on the original execution version of this Note and return the same to Helios. From and after the Redemption and Cancellation Date,
notwithstanding, any failure by Helios to promptly deliver such certificates or any failure by MoviePass to promptly deliver such
original, the Redemption Amount of this Note, and all rights of MoviePass with respect thereto, automatically shall be deemed
cancelled, terminated and of no further force or effect.

 

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5.            Pledge.

 

(a)           Helios
hereby grants a first priority security interest in, and pledges, a number of Shares equal to forty four percent (44%) of all
of the Shares that Helios received pursuant to the Securities Purchase Agreement (the “Pledged Shares”), and
all proceeds thereon (the Pledged Shares, together with all proceeds of the foregoing, being referred to as the “Pledged
Collateral”) to MoviePass to secure the satisfaction by Helios of all its obligations to MoviePass under this Note,
based on an agreed upon per share value of the Pledged Shares equal to the Closing Share Price (subject to appropriate adjustment
in the event of any stock dividend, stock split, combination or similar recapitalization affecting the Common Stock of MoviePass).
This pledge shall be governed by all applicable provisions of, and MoviePass shall have all rights and remedies with respect to
the Pledged Collateral of a secured party under, the Uniform Commercial Code as in effect in the State of New York (or, if by
reason of mandatory provisions of law, the perfection or the effect of perfection or non-perfection of the security interests
in the Pledged Collateral or the availability of any remedy hereunder is governed by the Uniform Commercial Code as in effect
on or after the date hereof in any other jurisdiction, such other jurisdiction for purposes of the provisions hereof relating
to such perfection or the effect of perfection or non-perfection or availability of such remedy). Helios agrees to deliver to
MoviePass such other documents of transfer and to take such other actions as MoviePass may from time to time reasonably request
to enable MoviePass to perfect its security interest in the Pledged Collateral under applicable laws and to otherwise effect the
purposes of this Note, and upon the occurrence of a Helios Default and during the continuance thereof, Helios agrees to deliver
to MoviePass such other documents of transfer and to take such other actions as MoviePass may reasonably request to enable MoviePass
to transfer the Pledged Shares into its name or the name of its nominee. Helios agrees that it will not (i) sell, transfer, assign,
pledge or otherwise dispose of, whether directly or indirectly, whether with or without consideration and whether voluntarily
or involuntarily or by operation of law, any interest (legal or beneficial), or grant any option with respect to, any of the Pledged
Collateral without the prior written consent of MoviePass, or (ii) create or permit to exist any lien upon or with respect to
any of the Pledged Collateral, except for the security interest granted hereby. Helios hereby authorizes MoviePass to file any
financing statements, continuation statements, instruments, agreements or documents, and amendments to any such statements, instruments,
agreements or documents, in any offices MoviePass deems necessary or appropriate in order to perfect MoviePass’ security
interest in the Pledged Collateral. A carbon, photographic or other reproduction of this Note or any financing statement covering
the Pledged Collateral or any part thereof shall be sufficient as a financing statement where permitted by law. Helios hereby
authorizes MoviePass, and hereby grants a power-of-attorney to MoviePass (which is irrevocable and is coupled with an interest),
to execute in the name and on behalf of Helios any and all financing statements, instruments, agreements or documents that MoviePass
deems necessary or appropriate in order to perfect MoviePass’ security interest in the Pledged Collateral. Helios hereby
represents and warrants that its principal place of business is as Helios has provided to MoviePass and Helios covenants to promptly
notify MoviePass in writing in the event Helios changes its principal place of business.

 

(b)           In
the event that, during the term of this Note, any interest, dividend, distribution, reclassification, readjustment or other change
is declared or made in the capital structure of MoviePass, Helios shall have all rights, title and interests in and to any and
all such interest, dividends, distributions and securities issued to or acquired by Helios by reason of any such event (except
that MoviePass shall have a security interest in all securities issued to or acquired by Helios related to the Pledged Shares
by reason of such event, which securities shall become part of the Pledged Collateral).

 

(c)           During
the term of this Note and for so long as the Pledged Collateral is owned by Helios, Helios shall have the right to vote the Pledged
Shares and any and all other securities constituting part of the Pledged Collateral, and to exercise any other voting rights pertaining
to such Pledged Collateral, and to give consents, ratifications and waivers with respect thereto, and to exercise all of its rights
as a stockholder thereof for all purposes, in each case, in accordance with the voting proxy agreement by and between MoviePass
and Helios dated the date of this Note.

 

(d)           MoviePass
hereby acknowledges that its right to recover amounts payable hereunder shall be limited to the Pledged Collateral.

 

6.            No
Set-Off. The obligations of Helios, and the rights of MoviePass, under this Note shall be absolute and shall not be subject
to any counterclaim, set-off, deduction or defense other than as set forth in Section 7.1 of the Securities Purchase Agreement.

 

7.            Miscellaneous.

 

(a)           Full
Recourse. The parties hereby acknowledge and agree that this Note is a full recourse obligation of Helios, subject to Section
5(d) of this Note.

 

    	 	3	 

     

    

 

(b)           No
Oral Waivers or Modifications. No provision of this Note may be waived or modified orally, but only in a writing signed by
MoviePass and Helios.

 

(c)           Assignment.
The provisions of this Note shall be binding upon and inure to the benefit of Helios and MoviePass, and (to the extent permitted
by the terms hereof) their respective successors and permitted assigns. Helios may not assign, sell, pledge or otherwise transfer
all or any portion of his rights or obligations under this Note without the prior written consent of MoviePass and MoviePass may
not assign, sell, pledge or otherwise transfer all or any portion of its rights or obligations under this Note without the prior
written consent of Helios.

 

(d)           Amendments.
None of the terms or provisions of this Note may be waived, amended, supplemented or otherwise modified except by a written instrument
executed by Helios and MoviePass.

 

(e)           Waiver.
MoviePass shall not by any act, delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder
or to have acquiesced in any Helios Default or other breach hereof. No failure to exercise, nor any delay in exercising, on the
part of MoviePass or Helios, any right, power or privilege hereunder shall operate as a waiver thereof. No single or partial exercise
of any right, power or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any other right,
power or privilege. A waiver by MoviePass or Helios of any right or remedy hereunder on any one occasion shall not be construed
as a bar to any right or remedy which MoviePass or Helios would otherwise have on any future occasion. The rights and remedies
herein provided are cumulative, may be exercised singly or concurrently and are not exclusive of any other rights or remedies
provided by law.

 

(f)           Enforcement.
Helios hereby agrees to pay or reimburse MoviePass for all costs, including, but not limited to, reasonable attorneys’ fees,
incurred by MoviePass in seeking to enforce the obligations of Helios to pay any portion of the Principal amount hereunder or
any accrued interest thereon (subject to Section 4 hereof), when due in accordance with the terms hereof but unpaid, against Helios
after and during the continuance of an Helios Default, whether or not pursued in court or otherwise.

 

(g)           Governing
Law. This Note shall be construed and enforced in accordance with, and all questions concerning the construction, validity,
interpretation and performance of this Note shall be governed by, the internal laws of the State of New York, without giving effect
to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would
cause the application of the laws of any jurisdictions other than the State of New York. Each party hereto hereby irrevocably
submits to the exclusive jurisdiction of the state and federal courts sitting in the Borough of Manhattan in the City of New York,
New York, for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby
or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that
it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient
forum or that the venue of such suit, action or proceeding is improper. Nothing contained herein shall be deemed to limit in any
way any right to serve process in any manner permitted by law. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE
TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT
OF THIS NOTE OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

    	 	4	 

     

    

 

(h)           No
Severability. Whenever possible, each provision of this Note shall be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Note is held to be invalid, illegal or unenforceable in any respect under any
applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision
or any other jurisdiction, but this Note shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal
or unenforceable provision had never been contained herein.

 

(i)           Usury.
If interest payable under this Note is in excess of the maximum permitted by law, the Interest chargeable hereunder shall be reduced
to the maximum amount permitted by law and any excess over the maximum amount permitted by law shall be credited to the Principal
balance of this Note and applied to the same and not to the payment of Interest.

 

(j)           Remedies.
No delay or omission on the part of MoviePass or Helios in the exercise of any right or remedy hereunder shall operate as a waiver
thereof, and no partial exercise of any right or remedy precludes other or further exercise thereof or the exercise of any other
rights or remedy.

 

(k)           Notices.
All notices, statements or other documents which are required or contemplated by this Note shall be made and delivered in accordance
with the Securities Purchase Agreement.

 

(l)           Certain
Interpretive Matters. The parties acknowledge and agree that: (i) this Note is the result of negotiations between the parties
and will not be deemed or construed as having been drafted by any one party; (ii) each party and its counsel have reviewed and
negotiated the terms and provisions of this Note and have contributed to its revision; (iii) the rule of construction to the effect
that any ambiguities are resolved against the drafting party will not be employed in the interpretation of this Note; (iv) the
headings contained in this Note are for reference purposes only and shall not affect in any way the meaning or interpretation
of this Note; (v) whenever required by the context, any pronoun used in this Note shall include the corresponding masculine, feminine
or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa; (vi) the words “herein,”
“hereto,” and “hereby” and other words of similar import in this Note shall be deemed in each case to
refer to this Note as a whole and not to any particular subdivision of this Note; (vii) the words “include” and “including”
and other words of similar import when used herein shall not be deemed to be terms of limitation but rather shall be deemed to
be followed in each case by the words “without limitation”, (viii) any reference herein to “dollars” or
“$” shall mean United States dollars and (ix) any agreement or instrument defined or referred to herein or in any
agreement or instrument that is referred to herein means such agreement or instrument as from time to time amended, modified or
supplemented, including by waiver or consent and references to all attachments thereto and instruments incorporated therein.

 

(m)          Counterparts.
This Note may be executed in any number of counterparts, each of which will be deemed an original, with the same effect as if
the signature on each such counterpart were on the same instrument. Further, this Note may be executed by transfer of an originally
signed document by facsimile or e-mail (in PDF or a similarly scanned format), each of which will be as fully binding as an original
document

 

[Signature
Page Follows]

 

    	 	5	 

     

    

 

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

 

	 	HELIOS AND MATHESON ANALYTICS
    INC.
	 	 	 
	 	By:	
	 	 	Name:
	 	 	Title:

 

Agreed
and accepted as of

this ___ day of [    ], 201_ by:

 

	MOVIEPASS INC.	 
	 	 	 
	By: 	 	 
	 	Name:	 
	 	Title:	 

 

[Signature
Page to Helios Note]

 

 

6

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