Document:

Exhibit 10.2 

 

ESCROW AGREEMENT

 

THIS ESCROW AGREEMENT
(the “Agreement”) is made and entered into as of December 30, 2015, by and among Tarsier Ltd., a Delaware corporation
(“Parent”), Tarsier Systems, Ltd, a New York limited liability company (“Buyer”), Demansys
Energy, Inc., a Delaware corporation (“Seller”), and Westerman Ball Ederer Miller Zucker & Sharfstein LLP
(the “Escrow Agent”).

 

WHEREAS, Buyer and
Seller are party to that certain Asset Purchase Agreement, dated as of the date hereof (the “APA”), pursuant
to which Buyer has agreed to purchase and assume from Seller, and Seller has agreed to sell, transfer, assign and convey to Buyer,
certain of the assets (the “Purchased Assets”) and liabilities of Seller; capitalized terms used but not otherwise
defined herein shall have the meanings ascribed thereto in the APA;

 

WHEREAS, pursuant to
the APA, the Purchase Price payable in consideration for the Purchased Assets consists, in part, of 2,500,000 shares of Parent
common stock, par value $0.001 per share (the “Parent Common Stock”), which Parent Shares are to be held and
released on the terms and subject to the conditions contained in the APA and this Agreement; and

 

WHEREAS, it is a condition
to the Closing of the transactions contemplated by the APA that the parties hereto execute and deliver this Agreement.

 

NOW, THEREFORE, in
consideration of the mutual promises contained herein and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto agree as follows:

 

ARTICLE I

ESTABLISHMENT OF ESCROW

 

		1.1	Parent, Buyer and Seller hereby appoint the Escrow Agent
to serve as the escrow agent and depositary with respect to the shares of Parent Common Stock payable to Seller in accordance
with the terms of the APA. At the Closing, Buyer will deposit or cause to be deposited with the Escrow Agent one or more stock
certificates representing such shares of Parent Common Stock (the “Escrow Shares”).

 

		1.2	The Escrow Agent hereby agrees to serve as escrow agent
and to hold and release the Escrow Shares, in each case, subject to the terms and conditions set forth in this Agreement.

 

		1.3	Unless and until the Escrow Shares are released to Seller
in accordance with the terms of this Agreement, neither Seller nor any of its affiliates or representatives shall have any interest
in or to such Escrow Shares except as expressly provided herein. Without limiting the generality of the foregoing, neither Seller
nor any of its affiliates or representatives shall have the right to receive any dividends on such Escrow Shares or exercise any
voting, preemptive, redemption, or other rights with respect thereto.

 

     

     

    

 

ARTICLE II

REPRESENTATIONS AND WARRANTIES REGARDING
ESCROW SHARES

 

Parent and Buyer hereby represent and warranty
to Seller as follows:

 

		2.1	The number of shares of Parent Common Stock represented
by the Escrow Shares shall be adjusted for all stock splits or other recapitalization events involving the capital stock of Parent,
as applicable.

 

		2.2	For all purposes hereunder, the term “Escrow Shares”
shall include all securities and other property issued or distributed in respect of any Escrow Shares in connection with any merger,
consolidation, liquidation, or dissolution of Parent.

 

		2.3	When deposited with the Escrow Agent at Closing and at
all times during the term of this Agreement, the Escrow Shares shall be duly authorized, validly issued, fully paid, and non-assessable.
All Escrow Shares released to Seller, if any, in accordance with the terms of this Agreement, shall be delivered free and clear
of any encumbrance except for any restrictions imposed by applicable securities laws, and shall not be subject to preemptive rights.

 

ARTICLE III

RELEASE OF ESCROW SHARES

 

The Escrow Shares shall be released exclusively
in accordance with the following provisions:

 

3.1           The
Escrow Agent shall disburse the Escrow Shares or any portion thereof upon receipt of and in accordance with the joint written instructions
of Buyer and Seller as may be delivered thereto from time to time (each such letter, a “Joint Instruction Letter”).

 

3.2           Buyer
and Seller shall deliver a Joint Instruction Letter on or before the date that is 60 days following the end of the period commencing
on the Closing Date and ending on the two-year anniversary of the Closing Date (the “Contingent Consideration Period”)
directing the release of the Escrow Shares:

 

(a)   to
Seller, if the aggregate Grid Daemon Net Revenue actually collected by Buyer during the Contingent Consideration Period exceeds
$2,000,000; and

 

(b)   to
Buyer, if the aggregate Grid Daemon Net Revenue actually collected by Buyer during the Contingent Consideration Period is equal
to or less than $2,000,000.

 

As used in this Agreement,
“Grid Daemon Net Revenue” means gross revenue actually received by Buyer from customers for or in respect of
Buyer’s Grid Daemon software product and services, minus (i) payments required to be made by Buyer to such customers,
(ii) commissions paid by Buyer or any of its affiliates, and (iii) revenue share requirements between Buyer and Parent or any other
affiliate of Buyer (as determined in good faith on an arms’ length basis and in an amount no greater than a standard channel
partner agreement and not additive with any other commissions), in each case, with respect to such Grid Daemon products and services.
Notwithstanding the foregoing, Grid Daemon Net Revenue shall not include any revenue received or derived from any customer or project
if, in connection with such customer or project, Buyer or any of its affiliates incurs more than $20,000 in software development
costs, or costs related to the redesign or adaptation of the Grid Daemon product for commercial use.

 

    	 	2	 

     

    

 

3.3           If
Buyer determines that Grid Daemon Net Revenue for the Contingent Consideration Period is less than or equal to $2,000,000, Buyer
shall deliver to Seller its calculation thereof together with such supporting materials as Seller may reasonably request. Seller
shall have a period of 15 days from its receipt of such calculation to accept such calculation or dispute it, in each case, by
delivery of written notice to Buyer. Failure to deliver such notice within such 15-day period shall be deemed to be Seller’s
acceptance of Buyer’s calculation. If Seller timely delvers a dispute notice to Buyer, the parties will use their respective
commercially reasonable, good faith efforts to resolve such dispute. Any such dispute not resolved by the parties within 30 days
following the date of Seller’s dispute notice will be resolved by an accounting firm mutually acceptable to both parties,
or in the absence of agreement, by one of the following firms: [___________] or [____________], selected by lot, after eliminating
any firm that has provided services to any of Buyer, Seller, or their respective affiliates. Buyer and Seller agree to make all
records and documents available as such accounting firm may request. The determination by any accounting firm so selected shall
be conclusive and binding upon all parties hereto and their respective affiliates, successors, and assigns. The fees and expenses
of any such accountant under this Section 3.3 shall be paid 100% (a) by Seller, if such accountant determines that Grid Daemon
Net Revenue for the Contingent Consideration Period is less than or equal to $2,000,000, and (b) by Buyer if such accountant determines
that Grid Daemon Net Revenue for the Contingent Consideration Period is greater than $2,000,000.

 

3.4           From
time to time during the term of this Agreement, Buyer may deliver to the Escrow Agent (a) a Joint Instruction Letter, or (b) a
written notice together with a copy of a final, non-appealable court order, in each case, setting forth the amount of any indemnity
claim payable by Seller to Buyer in accordance with the provisions of Article IX of the APA. The Escrow Agent transfer to Buyer
that number of Escrow Shares equal in value to the amount of such indemnity claim, as determined using the average of the closing
price of Parent Shares over the ten trading day period ending on the date of such Joint Instruction Letter or written notice, as
applicable, or as otherwise specified in such Joint Instruction Letter or court order delivered with such written notice.

 

3.5           The
Escrow Agent shall promptly distribute all or any portion of the Escrow Shares to the appropriate party as specified in a Joint
Instruction Letter or court order in accordance with this Agreement. All distributions of the Escrow Shares pursuant to this Article
Ill shall be final and binding upon the Seller and the Buyer and shall be without liability to the Escrow Agent.

 

ARTICLE IV

COMPENSATION; EXPENSES

 

The Escrow Agent shall
not receive a fee for the performance of its duties hereunder, but it shall be reimbursed upon request for, and Buyer and Seller
shall be jointly and severally liable for, all expenses, disbursements and advances, including reasonable fees of outside counsel,
if any, incurred or made by it in connection with the carrying out of its duties under this Agreement.

 

    	 	3	 

     

    

 

ARTICLE V

EXCULPATION AND INDEMNIFICATION

 

5.1           The
obligations and duties of the Escrow Agent are confined to those specifically set forth in this Agreement, which obligations and
duties shall be deemed purely ministerial in nature. No additional obligations and duties of the Escrow Agent shall be inferred
or implied from the terms of any other documents or agreements, notwithstanding references herein to other documents or agreements.
In the event that any of the terms and provisions of any other agreement between any of the parties hereto conflict or are inconsistent
with any of the terms and provisions of this Agreement, the terms and provisions of this Agreement shall govern and control the
duties of the Escrow Agent in all respects. The Escrow Agent shall not be subject to, or be under any obligation to ascertain
or construe the terms and conditions of any other instrument, or to interpret this Agreement in light of any other agreement whether
or not now or hereafter deposited with or delivered to the Escrow Agent or referred to in this Agreement. The Escrow Agent shall
not be obligated to inquire as to the form, execution, sufficiency, or validity of any such instrument nor to inquire as to the
identity, authority, or rights of the person or persons executing or delivering same. The Escrow Agent shall have no duty to know
or inquire as to the performance or nonperformance of any provision of any other agreement, instrument, or document. The Escrow
Agent is authorized to comply with and rely upon any notices, instructions or other communications believed by it to have been
sent or given by the parties or by a person or persons authorized by the parties. The Escrow Agent specifically allows for receiving
direction by electronic transmission from an authorized representative with the following caveat, each party agrees to indemnify
and hold harmless the Escrow Agent against any and all claims, losses, damages liabilities, judgments, costs and expenses (including
reasonable attorneys' fees) (collectively, “Losses”) incurred or sustained by the Escrow Agent as a result
of or in connection with the Escrow Agent's reliance upon and compliance with instructions or directions given by electronic transmission
provided from such party, provided, however, that such Losses have not arisen from the gross negligence or willful
misconduct of the Escrow Agent, it being understood that the failure of the Escrow Agent to verify or confirm that the person
giving the instructions or directions, is, in fact, an authorized person does not constitute gross negligence or willful misconduct.

 

5.2           The
Escrow Shares shall be held in accordance with applicable laws, rules and regulations and policies and procedures of general applicability
to escrow accounts established by the Escrow Agent. The Escrow Agent shall not be liable for any act that it may do or omit to
do hereunder in good faith and in the exercise of its own best judgment or for any damages not directly resulting from its gross
negligence or willful misconduct. Without limiting the generality of the foregoing sentence, it is hereby agreed that in no event
will the Escrow Agent be liable for any lost profits or other indirect, special, incidental or consequential damages which the
parties may incur or experience by reason of having entered into or relied on this Agreement or arising out of or in connection
with the Escrow Agent’s duties hereunder, notwithstanding that the Escrow Agent was advised or otherwise made aware of the
possibility of such damages. The Escrow Agent shall not be liable for acts of God, acts of war, breakdowns or malfunctions of machines
or computers, interruptions or malfunctions of communications or power supplies, labor difficulties, actions of public authorities,
or any other similar cause or catastrophe beyond the Escrow Agent’s reasonable control. Any act done or omitted to be done
by the Escrow Agent pursuant to the advice of its attorneys shall be conclusively presumed to have been performed or omitted in
good faith by the Escrow Agent.

 

5.3           In
the event the Escrow Agent is notified of any dispute, disagreement or legal action relating to or arising in connection with the
Escrow Shares or the performance of the Escrow Agent's duties under this Agreement, the Escrow Agent will not be required to determine
the controversy or to take any action regarding it. The Escrow Agent may hold all documents and funds and may wait for settlement
of any such controversy by final appropriate legal proceedings, arbitration, or other means as, in the Escrow Agent's discretion,
it may require. In such event, the Escrow Agent will not be liable for interest or damages. Furthermore, the Escrow Agent may,
at its option, file an action of interpleader requiring the parties to answer and litigate any claims and rights among themselves.
The Escrow Agent is authorized, at its option, to deposit with the court in which such action is filed, all documents and funds
held in escrow, except all costs, expenses, charges, and reasonable attorneys’ fees incurred by the Escrow Agent due to the
interpleader action and which Seller and Buyer agree on a joint and several basis to pay when applicable. Upon initiating such
action, the Escrow Agent shall be fully released and discharged of and from all obligations and liability imposed by the terms
of this Agreement.

 

5.4           Parent,
Buyer and Seller hereby agree, on a joint and several basis when applicable, to indemnify and hold the Escrow Agent, and its partners,
directors, officers, employees, and agents, harmless from and against all costs, damages, judgments, attorneys’ fees (whether
such attorneys shall be regularly retained or specifically employed), expenses, obligations and liabilities of every kind and nature
which the Escrow Agent, and its directors, officers, employees, and agents, may incur, sustain, or be required to pay in connection
with or arising out of this Agreement, unless the aforementioned results from the Escrow Agent’s gross negligence or willful
misconduct, and to pay the Escrow Agent on demand the amount of all such costs, damages, judgments, attorneys’ fees, expenses,
obligations, and liabilities. The costs and expenses of enforcing this right of indemnification also shall be paid jointly by Parent
and Buyer, and Seller. The foregoing indemnities in this paragraph shall survive the resignation or substitution of the Escrow
Agent and the termination of this Agreement.

 

    	 	4	 

     

    

 

ARTICLE VI

TERMINATION OF AGREEMENT

 

This Agreement shall
terminate upon written notice signed by Seller and Buyer and such notice shall provide instructions for the final disbursement
of the Escrow Shares. Should the parties hereto terminate the Agreement pursuant to this Article VI, it is understood and
agreed by each of them that the Escrow Agent shall be entitled (i) to keep any monies paid to it in respect of expenses previously
due and owing and (ii) to withhold distribution of the Escrow Shares until it receives payment for any amounts due for expenses
that, as of such date, have been previously invoiced and remain unpaid or which are then due and payable.

 

ARTICLE VII

RESIGNATION OF ESCROW AGENT

 

The Escrow Agent may
resign at any time upon giving at least thirty (30) days prior written notice to Seller and Buyer; provided that no such
resignation shall become effective until the appointment of a successor escrow agent which shall be accomplished as follows: Seller
and Buyer shall use their best efforts to select a successor escrow agent within thirty (30) days after receiving such notice.
If Seller and Buyer fail to appoint a successor escrow agent within such time, the Escrow Agent shall have the right at the expense
of Seller and Buyer to petition any court of general jurisdiction sitting in Nassau County, New York for the appointment of a successor
escrow agent. The successor escrow agent shall execute and deliver an instrument accepting such appointment and it shall, without
further acts, be vested with all the estates, properties, rights, powers, and duties of the predecessor escrow agent as if originally
named as escrow agent. Upon delivery of such instrument, the Escrow Agent shall be discharged from any further duties and liability
under this Agreement. The Escrow Agent shall be paid any outstanding expenses prior to transferring assets to a successor escrow
agent.

 

ARTICLE VIII

NOTICES

 

All notices required
by this Agreement shall be in writing and shall be deemed to have been received (a) immediately if sent by hand delivery (with
signed return receipt), (b) the next Business Day if sent by nationally recognized overnight courier or (c) the second
following Business Day if sent by registered or certified mail, in any case to the respective addresses as follows:

 

Notices involving claims or objections
to claims must be sent by registered or certified mail or by overnight courier and may not be sent via facsimile.

 

	If to Seller:	Copy to:
	Demansys Energy, Inc.	 
	120 Wykeham Rd	 
	Washington, CT 06793	 
	Attn: Jeffrey Lines	 
	 	 
	If to Buyer:	Copy to:
	Tarsier Systems, Ltd	Westerman Ball Ederer Miller Zucker & 
	475 Park Avenue South	Sharfstein LLP
	30th Floor	1201 RXR Plaza
	New York, NY 10016	Uniondale, NY 11556
	Attn: Isaac H. Sutton	Attn: Alan C. Ederer, Esq.

 

    	 	5	 

     

    

 

	
        If to the Escrow Agent: 
	 
	 	 
	Westerman Ball Ederer Miller & Sharfstein LLP	 
	1201 RXR Plaza	 
	Uniondale, NY 11556	 
	Attn: Alan C. Ederer, Esq.	 

 

Any party may change the address to which notices, requests,
demands, claims and other communications hereunder are to be delivered by giving the other parties notice in the manner set forth
in this Agreement.

 

ARTICLE IX

MISCELLANEOUS PROVISIONS

 

9.1           This
Agreement shall be governed by and construed in accordance with the laws of the State of New York and the parties hereto consent
to jurisdiction in the State of New York and venue in any state or Federal court located in the County of Nassau.

 

9.2           Seller
hereby acknowledges that the Escrow Agent represents Buyer and Parent in connection with this Agreement, the APA, and the transactions
contemplated hereby and thereby, and may represent Buyer and/or Parent in connection with any claim, dispute, or other matter arising
hereunder or thereunder; Seller hereby consents to any such representation and waives any conflict of interest resulting therefrom.

 

9.3           This
Agreement may be amended, modified, and/or supplemented only by an instrument in writing executed by all parties hereto. No waiver
by any party of any default, misrepresentation or breach of warranty or covenant hereunder, whether intentional or not, will be
deemed to extend to any prior or subsequent default, misrepresentation or breach of warranty or covenant under this Agreement or
affect in any way any rights arising by virtue of any prior or subsequent such occurrence.

 

9.4           This
Agreement may be executed by the parties hereto individually or in one or more counterparts, each of which shall be an original
and all of which shall together constitute one and the same agreement. This Agreement, signed and transmitted by facsimile
machine or pdf file, is to be treated as an original document and the signature of any party hereon, if so transmitted, is to be
considered as an original signature, and the document so transmitted is to be considered to have the same binding effect as a manually
executed original.

 

9.5           The
headings used in this Agreement are for convenience only and shall not constitute a part of this Agreement. Any references in this
Agreement to any other agreement, instrument, or document are for the convenience of the parties and shall not constitute a part
of this Agreement.

 

9.6           As
used in this Agreement, “Business Day” means a day other than a Saturday, Sunday, or other day when banking
institutions in New York, New York are authorized or required by law or executive order to be closed.

 

9.7           This
Agreement constitutes a contract solely among the parties by which it has been executed and is enforceable solely by the parties
by which it has been executed and no other persons. It is the intention of the parties hereto that this Agreement may not be enforced
on a third party beneficiary or any similar basis.

 

    	 	6	 

     

    

 

9.8           The
parties agree that if any provision of this Agreement shall under any circumstances be deemed invalid or inoperative this Agreement
shall be construed with the invalid or inoperative provisions deleted and the rights and obligations of the parties shall be construed
and enforced accordingly.

 

9.9           This
Agreement and, as between Seller and Buyer, the APA (including the documents referred to herein and therein) constitute the entire
agreement between the parties and supersede any prior understandings, agreements or representations by or between the parties,
written or oral, to the extent they related in any way to the subject matter of this Agreement.

 

9.10           None of the parties to this Agreement
may disclose the existence or substance of this Agreement, which shall be considered confidential to the parties hereto, except:

 

(a)          with
the express prior written consent of the other parties, which consent shall not be unreasonably withheld;

 

(b)          as
required by applicable law, the rules of any relevant securities exchange, by order or decree of a court or other governmental
authority having jurisdiction over such party, or in connection with such party's enforcement of any rights it may have at law
or in equity;

 

(c)          on
a “need to know” basis to Persons within or outside such party's organization (including Affiliates of such party),
such as attorneys, accountants, bankers, financial advisors, auditors and other consultants of such party and its Affiliates; or

 

(d)          after
such information has become publicly available without breach of this Agreement.

 

[signatures appear on the following page]

 

    	 	7	 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed and delivered this Agreement as of the day and year first above written.

 

	 	BUYER:
	 	 
	 	TARSIER SYSTEMS, LTD
	 	 
	 	By:	/s/ Isaac H. Sutton
	 	 	Name:
	 	 	Title:
	 	 
	 	SELLER:
	 	 
	 	DEMANSYS ENERGY, INC.
	 	 
	 	By:	 /s/ Jeffrey M. Lines
	 	 	Name:
	 	 	Title:
	 	 	 
	 	ESCROW AGENT:
	 	 
	 	westerman ball ederer miller ZUCKEr & sharfstein llp
	 	 
	 	By:	/s/ Alan C. Ederer
	 	 	Name:
	 	 	Title:Exhibit 10.3

 

THIS CONVERTIBLE PROMISSORY NOTE AND THE SECURITIES INTO WHICH
THIS NOTE IS CONVERTIBLE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND
THIS CONVERTIBLE NOTE, THE SECURITIES AND ANY INTEREST THEREIN MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED
OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER SUCH
ACT AND SUCH LAWS, WHICH, IN THE OPINION OF COUNSEL FOR THE LENDER, WHICH COUNSEL AND OPINION ARE REASONABLY SATISFACTORY TO COUNSEL
FOR THIS CORPORATION, IS AVAILABLE.

 

CONVERTIBLE PROMISSORY NOTE

 

	$450,000	New York, New York
	 	December 31, 2015

 

FOR VALUE RECEIVED, the undersigned, Tarsier, Ltd., a Delaware
corporation (referred to herein as the "Borrower"), with offices at 475 Park Avenue South, 30th
Floor, New York, NY 10016 hereby unconditionally promises to pay to the order of DemanSYS Energy Inc., its endorsees, successors
and assigns (the "Lender"), in lawful money of the United States, at such address as the Lender may from time to time
designate, the principal sum of four hundred fifty thousand dollars ($450,000.00) (the "Loan"). This Convertible Promissory
Note (the "Note") shall mature and become due and payable in full in four payments (the ''Maturity Dates").

 

1.          Terms
of Repayment. Principal of and interest on this Note shall be paid by the Borrower as follows:

 

		(a)	$50,000 on the first Maturity Date which is due when Borrower
receives funding equal or more than $150,000 but not later than January 31, 2016.

		(b)	$115,000 on the second Maturity Date which is January 31,
2016. In the event of late payment an interest rate shall accrue at a rate of Six Percent (6%) per annum. The parties agree that
in the event the Borrower pays a Lender’s prior December 1, 2015 liability, this liability may be deducted from this amount.

		(c)	$150,000 on the third Maturity Date which will be the later
of January 31, 2016 or when DemanSYS presents the new 4 year Alcoa Agreement as called for in the APA. These funds will be payable
directly to Alcoa. In the event DemanSYS fails to provide a new 4 year agreement with Alcoa by March 31, 2016 pursuant to the
terms of the Asset Purchase Agreement, and acceptable to Borrower, then the total previously paid on the note of $165,000 represents
the full amount of the note and the balance is cancelled.

		(d)	$135,000 on the fourth Maturity Date which is June 30,
2016,. In the event of late payment an Interest rate shall accrue at a rate of Six Percent (6%) per annum. These funds will be
payable directly to Alcoa.

 

     

     

    

 

		(e)	The Borrower further agrees that, if any payment made by
the Borrower or any other person is applied to this Note and is at any time annulled, set aside, rescinded, invalidated, declared
to be fraudulent or preferential or otherwise required to be refunded or repaid, or the proceeds of any property hereafter pledged
as security for this Note is required to be returned by Lender to the Borrower, its estate, trustee, receiver or any other party,
including, without limitation, under any bankruptcy law, state or federal law, common law or equitable cause, then, to the extent
of such payment or repayment, the Borrower's liability hereunder (and any lien, security interest or other collateral securing
such liability) shall be and remain in full force and effect, as fully as if such payment had never been made, or, if prior thereto
any such lien, security interest or other collateral hereunder securing the Borrower's liability hereunder shall have been released
or terminated by virtue of such cancellation or surrender, this Note (and such lien, security interest or other collateral) shall
be reinstated in full force and effect, and such prior cancellation or surrender shall not diminish, release, discharge, impair
or otherwise affect the obligations of the Borrower in respect to the amount of such payment (or any lien, security interest or
other collateral securing such obligation).

 

2.          Conversion.

 

(a) Only upon default the Lender shall have the option to convert
any or all of the outstanding principal and interest of portion of the Note from the second and third maturity date into fully-
paid and non-assessable shares of Borrower's Common Stock at a Twenty Percent (30%) discount to the "Fair Market Value"
(the "Conversion Rate"). In no case shall the conversion price be less than One tenth of One Cent ($0.001). "Fair
Market Value" on a date shall be the lowest closing bid price for the Five (5) days immediately preceding the date of conversion
excluding any trades which are not bona fide arm's length transactions. The closing price for each day shall be (a) if such security
is listed or admitted for trading on any national securities exchange, the last sale price of such security, regular way, or the
mean of the closing bid and asked prices thereof if no such sale occurred, in each case as officially reported on the principal
securities exchange on which such security are listed, or (b) if quoted on NASDAQ or any similar system of automated dissemination
of quotations of securities prices then in common use the mean between the closing high bid and low asked quotations of such security
in the over-the-counter market as shown by NASDAQ or such similar system of automated dissemination of quotations of securities
prices, as reported by any member firm of the New York Stock Exchange selected by the Lender, (c) if not quoted as described in
clause (b), the mean between the high bid and low asked quotations for the shares as reported by NASDAQ or any similar successor
organization, as reported by any member firm of the New York Stock Exchange selected by the Lender. If such security is quoted
on a national securities or central market system in lieu of a market or quotation system described above, the closing price shall
be determined in the manner set forth in clause (a) of the preceding sentence if bid and asked quotations are reported but actual
transactions are not, and in the manner set forth in clause (b) of the preceding sentence if actual transactions are reported.

 

     

     

    

 

(b)
In no event shall the Lender be entitled to convert any portion of this Note in excess of that portion of this Note upon conversion
of which the sum of (1) the number of shares of Common Stock beneficially owned by the Lender and its affiliates (other
than shares of Common Stock which may be deemed beneficially owned through the ownership of the unconverted portion of the Notes
or the unexercised or unconverted portion of any other security of the Borrower subject to a limitation on conversion or exercise
analogous to the limitations contained herein) and (2) the number of shares of Common Stock issuable upon the conversion of the
portion of this Note with respect to which the determination of this proviso is being made, would result in beneficial ownership
by the Holder and its affiliates of more than Four Point Nine Nine Percent (4.99%) of the outstanding shares of Common Stock. For
purposes of the proviso to the immediately preceding sentence, beneficial ownership shall be determined in accordance with Section
13(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and Regulations 13D-G thereunder, except
as otherwise provided in clause (1) of such proviso.

 

(c) To exercise any conversion, the holder of this Note shall
surrender the Note to the Borrower during usual business hours at the offices of the Borrower, accompanied by a written notice
in the form attached hereto as Exhibit A, Notice of Conversion, and made a part hereof.

 

(d) As promptly as practicable after the surrender of this Note
by the Lender, the Borrower shall deliver or cause to be delivered to the Lender, certificates for the full number of Shares issuable
upon conversion of this Note in accordance with the provisions hereof, together with a duly executed new Note of the Borrower in
the form of this Note for any principal amount not so converted. Such conversion shall be deemed to have been made at the time
that this Note was surrendered for conversion and the notice specified herein shall have been received by the Borrower.

 

(e) The number of shares issuable upon conversion of this Note
or repayment by the Borrower in shares shall be proportionately adjusted if the Borrower shall declare a dividend of capital stock
on its capital stock, or subdivide its outstanding capital stock into a larger number of shares by reclassification, stock split
or otherwise, which adjustment shall be made effective immediately after the record date in the case of a dividend, and immediately
after the effective date in the case of a subdivision. The number of shares issuable upon conversion of this Note or any part thereof
shall be proportionately adjusted in the amount of securities for which the shares have been changed or exchanged in another transaction
for other stock or securities, cash and/or any other property pursuant to a merger, consolidation or other combination. The Borrower
shall promptly provide the holder of this Note with notice of any events mandating an adjustment to the conversion ratio, or for
any planned merger, consolidation, share exchange or sale of the Borrower, signed by the President and Chief Executive Officer
of Borrower.

 

(f)
The Borrower hereby agrees to hold on reserve Two Hundred Percent (200%) of the number of shares (the "Reserve Shares")
that this Note can be converted into at all times and shall increase the Reserve Shares as required from time to time. The Borrower
shall also provide irrevocable authorization to its Transfer Agent to issue such amount of Reserve Shares demanded by the Lender,
pursuant to a Notice of Conversion, should the Borrower be in Default as defined below. Borrower hereby agrees not to cancel,
put a stop order or otherwise encumber or limit the ability of the Lender to transfer the common shares owned by the Lender pursuant
to any notice of conversion.

 

     

     

    

 

3.          Liability
of the Borrower. The Borrower is unconditionally, and without regard to the liability of any other person, liable for the payment
and performance of this Note and such liability shall not be affected by an extension of time, renewal, waiver, or modification
of this Note or the release, substitution, or addition of collateral for this Note. Each person signing this Note consents to any
and all extensions of time, renewals, waivers, or modifications, as well as to release, substitution, or addition of guarantors
or collateral security, without affecting the Borrower's liabilities hereunder.

 

4.          Representations
and Warranties. The Borrower represents and warrants as follows: (i) the Borrower is a corporation duly organized,
validly existing and in good standing under the laws of the State of Delaware; (ii) the execution, delivery and performance
by the Borrower of this Note are within the Borrower's powers, have been duly authorized by all necessary action, and do not
contravene (A) the Borrower's certificate of incorporation or (B) bylaws or (x) any law or (y) any agreement or document
binding on or affecting the Borrower, not otherwise disclosed to the Lender prior to execution of this Note; (iii) no
authorization or approval or other action by, and no notice to or filing with, any governmental authority, regulatory body or
third person is required for the due execution, delivery and performance by the Borrower of this Note; (iv) this Note
constitutes the legal, valid and binding obligation of the Borrower, enforceable against the Borrower in accordance with its
terms except as enforcement hereof may be limited by bankruptcy, insolvency or other similar laws affecting the enforcement
of creditors' rights generally and subject to the applicability of general principles of equity; (v) the Borrower has all
requisite power and authority to own and operate its property and assets and to conduct its business as now conducted and
proposed to be conducted and to consummate the transactions contemplated hereby; (vi) the Borrower is duly qualified to
conduct its business and is in good standing in each jurisdiction in which the character of the properties owned or leased by
it, or in which the transaction of its business makes such qualification necessary; (vii) there is no pending or, to the
Borrower's knowledge, information or belief, threatened action or proceeding affecting the Borrower before any governmental
agency or arbitrator which challenges or relates to this Note or which may otherwise have a material adverse effect on the
Borrower; (viii) after giving effect to the transactions contemplated by this Note, the Borrower is Solvent; (ix) the
Borrower is not in violation or default of any provision of (A) its certificate of incorporation or by-laws, each as
currently in effect, or (B) any instrument, judgment, order, writ, decree or contract, statute, rule or regulation to which
the Borrower is subject not otherwise disclosed to the Lender prior to the execution of this Note, and (x) this Note is
validly issued, free of any taxes, liens, and encumbrances related to the issuance hereof and is not subject to preemptive
right or other similar right of members of the Borrower, and (xi) the Borrower has taken all required action to reserve for
issuance such number of shares of Common Stock as may be issuable from time to time upon conversion of this Note.

     

     

    

 

5.          Covenants.
So long as any principal or interest is due hereunder and shall remain unpaid, the Borrower will, unless the Lender shall otherwise
consent in writing:

 

(a)
Maintain and preserve its existence, rights and privileges;

 

(b) Not
(i) directly or indirectly sell, lease or otherwise dispose of (A) any of its property or assets other than in its ordinary course
of business or (B) substantially all of its properties and assets, in the aggregate, to any person(s), whether in one transaction
or in a series of transactions over any period of time, (ii) merge into or with or consolidate with any other person or (iii) adopt
any plan or arrangement for the dissolution or liquidation of the Borrower;

 

(c) Give
written notice to Lender upon the occurrence of an Event of Default (as defined below) or any event but for the giving of notice
or lapse of time, or both, would constitute an Event of Default within five (5) Business Days of such event;

 

(d) Comply
in all material respects with all applicable laws (whether federal, state or local and whether statutory. administrative or judicial
or other) and with every applicable lawful governmental order (whether administrative or judicial);

 

(e)
Maintain disclosure of Current Public Information as that term is defined in Rule 144(c) of the Securities Act; and

 

(f) Not
take any action which would impair the rights and privileges of this Note set forth herein or the rights and privileges of the
holder of this Note.

 

6.          Events
of Default. Each and any of the following shall constitute a default and, after expiration of a grace period which shall be
Fifteen (15) Business Days, shall constitute an "Event of Default" hereunder:

 

(a) the nonpayment of principal, late charges or any other costs
or expenses promptly when due of any amount payable under this Note or the nonpayment by the Borrower of any other obligation to
the Lender;

 

(b) an Event of Default under this Note (other than a payment
default described above), or any other failure of the Borrower to observe or perform any present or future agreement of any nature
whatsoever with Lender, including, without limitation, any covenant set forth in this Note;

 

     

     

    

 

(c) if Borrower shall commence any case, proceeding or
other action: (i) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy,
insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking
to adjudicate it bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, liquidation, dissolution,
composition or other relief with respect to it or its debts; or (ii) seeking appointment of a receiver, trustee, custodian or
other similar official for it or for all or any substantial part of its property, or the Borrower shall make a general
assignment for the benefit of its creditors; or (iii) there shall be commenced against the Borrower any case, proceeding or
other action of a nature referred to above or seeking issuance of a warrant of attachment, execution, distraint or similar
process against all or any substantial part of its property, which case, proceeding or other action results in the entry of
any order for relief or remains un-dismissed, un-discharged or un-bonded for a period of Sixty (60) days; or (iii) the
Borrower shall take any action indicating its consent to, approval of, or acquiescence in, or in furtherance of, any of the
acts set forth; or (iv) the Borrower shall generally not, or shall be unable to, pay its debts as they become due or shall
admit in writing its inability to pay its debts;

 

(d) any representation or warranty made by the Borrower or any
other person or entity under this Note or under any other Loan Documents shall prove to have been incorrect in any material respect
when made;

 

(e) the entry of any judgment against Borrower or any of its
property for an amount in excess of One Hundred Thousand Dollars ($100,000.00), that remains unsatisfied for Thirty (30) days;

 

(f) the sale of all or substantially all
of the assets, or change in ownership or the dissolution, liquidation, merger, consolidation, or reorganization of Borrower without
the Lender's prior written consent;

 

(g) if Borrower shall fail to maintain disclosure of Current
Public Information as that term is defined in Rule 144(c) of the Securities Act of 1933; or

 

(h) the Borrower's shares of Common Stock are suspended from
trading or delisted from trading on the Over the Counter Bulletin Board.

 

8.          Lender's
Rights Upon Default. Upon the occurrence of any Event of Default, the Lender may, at its sale and exclusive option, do any
or all of the following, either concurrently or separately: (a) accelerate the maturity of this Note and demand immediate payment
in full, whereupon the outstanding principal amount of the Note and all obligations of Borrower to Lender, together with accrued
interest thereon and accrued charges and costs, shall become immediately due and payable without presentment, demand, protest or
further notice of any kind, all of which are hereby expressly waived; and (b) exercise all legally available rights and privileges.

 

9.          Default
Interest Rate. Upon an Event of Default, without any further action on the Part of Lender, additional interest will
accrue at the rate equal to the lesser of (i) Fifteen Percent (15%) per annum in addition to the Interest Rate or (ii) the
highest rate permitted by applicable law, per annum (the "Default Rate"), until all outstanding principal, interest
and fees are repaid in full by Borrower. Such Default Rate shall be applied and accrued as if the rate were applicable on the
date hereof.

 

     

     

    

 

10.         Usury.
In no event shall the amount of interest paid or agreed to be paid hereunder exceed the highest lawful rate permissible under applicable
law. Any excess amount of deemed interest shall be null and void and shall not interfere with or affect the Borrower's obligation
to repay the principal of and interest on the Note. This confirms that the Borrower and, by its acceptance of this Note, the Lender
intend to contract in strict compliance with applicable usury laws from time to time in effect. Accordingly, the Borrower and the
Lender stipulate and agree that none of the terms and provisions contained herein shall ever be construed to create a contract
to pay, for the use or forbearance of money, interest in excess of the maximum amount of interest permitted to be charged by applicable
law from time to time in effect.

 

11.         Prepayment.
Borrower has the right to prepay Note at any time. No notice is required. The Lender has the right to convert the Note only on
default. If the Company prepays the Note, the entire balance of the Note including all interest that would have accrued on the
Maturity Date must be paid.

 

12.         Registration
Rights. If at any time while this Note is issued and outstanding (the "Piggy-Back Period") the Company proposes to
file with the SEC a Registration Statement relating to an offering for its own account or the account of others under the Securities
Act of any of its securities (other than a Registration Statement on Form S-4 or Form S-8 (or their equivalents at such time) relating
to securities to be issued solely in connection with any acquisition of any entity or business or equity securities issuable in
connection with stock option or other employee benefit plans), the Company shall include the Conversion Shares of Common Stock
on such Registration Statement.

 

13.         Costs
of Enforcement. Borrower hereby covenants and agrees to indemnify, defend and hold Lender harmless from and against all costs
and expenses, including reasonable attorneys' fees and their costs, together with interest thereon at the Prime Rate, incurred
by Lender in enforcing its rights under this Note; or if Lender is made a party as a defendant in any action or proceeding arising
out of or in connection with its status as a lender, or if Lender is requested to respond to any subpoena or other legal process
issued in connection with this Note; or reasonable disbursements arising out of any costs and expenses, including reasonable attorneys'
fees and their costs incurred in any bankruptcy case; or for any legal or appraisal reviews, advice or counsel performed for Lender
following a request by Borrower for waiver, modification or amendment of this Note or any of the other Loan Documents.

 

14.         Governing
Law. This Note shall be binding upon and inure to the benefit of the Borrower and the Lender and their respective
successors and assigns; provided that the Borrower may not assign this Note, in whole or in part, by operation of law or
otherwise, without the prior written consent of the Lender. The Lender may assign or otherwise participate out all or part
of, or any interest in, its rights and benefits hereunder and to the extent of such assignment or participation such assignee
shall have the same rights and benefits against the Borrower as it would have had if it were the Lender. This Note, and any
claims arising out of relating to this Note, whether in contract or tort, statutory or common law, shall be governed
exclusively by, and construed in accordance with the laws of the State of New York without regard to principles of conflicts
of laws.

 

     

     

    

 

15.         Jurisdiction.
THE BORROWER CONSENTS THAT ANY LEGAL ACTION OR PROCEEDING AGAINST IT UNDER, ARISING OUT OF OR IN ANY MANNER RELATING TO THIS NOTE,
OR ANY OTHER INSTRUMENT OR DOCUMENT EXECUTED AND DELIVERED IN CONNECTION HEREWITH SHALL BE BROUGHT EXCLUSNELY IN ANY COURT OF THE
STATE OF NEW YORK OR IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK. THE BORROWER, BY THE EXECUTION
AND DELIVERY OF THIS NOTE, EXPRESSLY AND IRREVOCABLY CONSENTS AND SUBMITS TO THE PERSONAL JURISDICTION OF ANY OF SUCH COURTS IN
ANY SUCH ACTION OR PROCEEDINGS. THE BORROWER AGREES THAT PERSONAL JURISDICTION OVER IT MAY BE OBTAINED BY THE DELNERY OF A SUMMONS
BY PERSONAL DELIVERY OR OVERNIGHT COURIER AT THE ADDRESS PROVIDED IN SECTION 16 OF THIS NOTE. ASSUMING DELIVERY OF THE SUMMONS
IN ACCORDANCE WITH THIS PROVISION, THE BORROWER HEREBY EXPRESSLY AND IRREVOCABLY WAIVES ANY ALLEGED LACK OF PERSONAL JURISDICTION,
IMPROPER VENUE OR FORUM NON-CONVENIENS OR ANY SIMILAR BASIS.

 

16.         Miscellaneous.
(a) Borrower hereby waives protest, notice of protest, presentment, dishonor, and demand. (b) Time is of the essence for each of
Borrower's covenants under this Note. (c) The rights and privileges of Lender under this Note shall inure to the benefit of its
successors and assigns. All obligations of Borrower in connection with this Note shall bind Borrower's successors and assigns,
and Lender's conversion rights shall succeed to any successor securities to Borrower's common stock. (d) If any provision of this
Note shall for any reason be held to be invalid or unenforceable, such invalidity or unenforceability shall not affect any other
provision hereof, but this Note shall be construed as if such invalid or unenforceable provision had never been contained herein.
(e) The waiver of any Event of Default or the failure of Lender to exercise any right or remedy to which it may be entitled shall
not be deemed a waiver of any subsequent Event of Default or Lender's right to exercise that or any other right or remedy to which
Lender is entitled. No delay or omission by Lender in exercising, or failure by Lender to exercise on anyone or more occasions,
shall be construed as a waiver or novation of this Note or prevent the subsequent exercise of any or all such rights. (f) This
Note may not be waived, changed, modified, or discharged orally, but only in writing.

 

     

     

    

 

17.         Notice,
Etc. Any notice required by the provisions of this Note will be in writing and will be deemed effectively given: (a)
upon personal delivery to the party to be notified; (b) when sent by confirmed telex or facsimile if sent during normal
business hours of the recipient; if not, then on the next business day; (c) Five (5) days after having been sent by
registered or certified mail, return receipt requested, postage prepaid; or (d) One (1) day after deposit with a nationally
recognized overnight courier, specifying next day delivery, with written verification of receipt, and delivered as
follows:

 

If to the Borrower:

 

Tarsier Ltd.

475 Park Avenue South

30th Floor

New York, NY 10016

 

If to Lender:

 

Demansys Energy Inc.

120 Wykeham Rd

Washington, CT 06793

 

or, as to each party, at such other address
as shall be designated by such party in a written notice to the other parties.

 

[SIGNATURE PAGE TO FOLLOW)

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned has executed this Convertible
Promissory Note as of the date first set forth above.

 

Tarsier Ltd.

 

	By:	/s/  Isaac H.
    Sutton	 
	Isaac H. Sutton	 
	CEO	 	 

 

Witnessed and Acknowledged:

 

	By: 	 	 
	 	 	 
	Name:	 	 
	 	 	 
	Title:	 	 

 

     

     

    

 

EXHIBIT A

 

NOTICE OF CONVERSION

 

(to be signed upon conversion of the Note)

 

TO: Tarsier Ltd.

 

The undersigned, the holder of the foregoing Note, hereby
surrenders such Note for conversion into shares of Common Stock of Tarsier Ltd., and requests that the certificates for such
shares be issued in the name of__________________________, and delivered to__________________________, whose address is
_____________________________.

 

	Dated:	 	 	 
	 	 	 	 
	 	 	 	(signature)
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	(address)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00255-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00255-of-00352.parquet"}]]