Document:

REGULATION S SUBSCRIPTION AGREEMENT 

AND INVESTMENT REPRESENTATION

 

Preliminary Statement

 

Event Cardio Group, Inc.,
a Nevada corporation (the “Company”), is offering up to US$2,000,000 principal amount of its 8% convertible notes due
January 31, 2018 in the form annexed hereto as Exhibit A (the “Notes”). The Notes are convertible into shares of the
Company’s common stock at an initial conversion price of $0.15 per share, and, in the case of the Notes to be issued to the
subscribers for the first US$500,000 principal amount of Notes to be issued in this offering, if prepaid by the Company at any
time the volume weighted average price of the common stock for the preceding ten trading days is less than $0.15 per share, the
holders of the Notes in the aggregate principal amount of US$500,000 will be entitled to receive warrants to purchase one percent
of the then outstanding shares of common stock exercisable for a period of three years at an exercise price of $0.15 per share,
but which may be exercised on a cashless basis (the “Warrants”).

 

The Company’s common
stock is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and is traded in the
over the counter market and quoted through OTCQB under the symbol “ECGI.” Prior to November 14, 2014, the Company was
a “shell company” as defined under Section 405 of the Securities Act. On November 14, 2014, the Company acquired 2340960
Ontario Inc., a Canadian company engaged in the development of medical products in a reverse acquisition, and on November 17, 2014
filed a Current Report on Form 8-K (the “Super Form 8-K”) reporting such acquisition.

 

The Company hereby agrees
to sell to the investor whose names appear on the signature page annexed hereto (the “Investor”) and the Investor hereby
agrees to purchase from the Company a Note in the principal amount of US$500,000 (the “Subject Note”). The purchase
price for the Note shall be equal to 100% of the principal amount of the Subject Note (the “Purchase Price”). The Subject
Note, together with the Warrants and any shares of the Company’s common stock issuable upon conversion of the Subject Note
or exercise of the Warrants are hereinafter collectively referred to as the “Securities”.

 

SECTION 1

1.1Subscription.

 

The Investor, intending
to be legally bound, hereby irrevocably subscribes for and agrees to purchase the Subject Note, in a transaction exempt from the
registration requirements of the Securities Act of 1933, as amended (the “Securities Act”).

 

1.2Purchase of Notes.

 

The Investor
understands and acknowledges that the total purchase price to be remitted to the Company in payment for the Subject Note is
100% of the principal amount, that is, US$500,000. The Investor understands and acknowledges that this subscription is
irrevocable. Investor will deliver the Purchase Price by either (i) wire transfer to an account designated by the Company or
(ii) by check payable to the Company. The Company will deliver to the Investor the Subject Note against payment of the
Purchase Price.

 

SECTION 2

 

2.1Investor Representations, Warranties
and Covenants. The Investor hereby acknowledges, represents and warrants to, and agrees with, the Company as follows:

 

(a)Investment Purposes. The
Investor is acquiring the Subject Note for his own account as principal, not as a nominee or agent, for investment purposes only,
and not with a view to, or for, resale, distribution or fractionalization thereof in whole or in part in any transactions that
would be in violation of the Securities Act or any state securities or "blue-sky" laws. No other person has a direct
or indirect beneficial interest in, and the undersigned does not have any contract, undertaking, agreement or arrangement with
any person to sell, transfer or grant participations to such person or to any third person, with respect to, the Securities or
any part of the Subject Note for which the undersigned is subscribing that would be in violation of the Securities Act or any state
securities or "blue-sky" laws.

 

 

 

(b)Authority. The Investor has
full power and authority to enter into this Agreement, the execution and delivery of this Agreement has been duly authorized, if
applicable, and this Agreement constitutes a valid and legally binding obligation of the Investor.

 

(c)Investment Experience. The
Investor, or the Investor’s professional advisors, has such knowledge and experience in finance, securities, taxation, investments
and other business matters as to evaluate investments of the kind described in this Subscription Agreement. By reason of the business
and financial experience of the Investor or his professional advisors (who are not affiliated with or compensated in any way by
the Company or any of its affiliates or selling agents), the Investor can protect his own interests in connection with the transactions
described in this Subscription Agreement.

 

(d)Exemption from Registration.
The Investor acknowledges its understanding that the offering and sale of the Securities is intended to be exempt from registration
under the Securities Act. In furtherance thereof, in addition to the other representations and warranties of the Investor made
herein, the Investor further represents and warrants to and agrees with the Company and its affiliates that the Investor has been
provided an opportunity for a reasonable period of time prior to the date hereof to obtain additional information concerning the
offering of the Securities, the Company and all other information to the extent the Company possesses such information or can acquire
it without unreasonable effort or expense.

 

(e)No Reliance. Other
than as set forth herein, the Investor is not relying upon any other information, representation or warranty by the Company
or any officer, director, stockholder, agent or representative of the Company in determining to invest in the Securities. The
Investor has consulted, to the extent deemed appropriate by the Investor, with the Investor’s own advisers as to the
financial, tax, legal and related matters concerning an investment in the Securities and on that basis believes that his
investment in the Securities is suitable and appropriate for the Investor.

 

(f) Compliance with Laws. Any
resale of the Securities during the ‘distribution compliance period’ as defined in Rule 902(f) to Regulation S shall
only be made in compliance with exemptions from registration afforded by Regulation S. Further, any such sale of the Securities
in any jurisdiction outside of the United States will be made in compliance with the securities laws of such jurisdiction. The
Investor will not offer to sell or sell the Securities in any jurisdiction unless the Investor obtains all required consents, if
any.

 

(g)Regulation S Exemption. The
Investor understands that the Securities are being offered and sold in reliance on an exemption from the registration requirements
of United States federal and state securities laws under Regulation S promulgated under the Securities Act and that the Company
is relying upon the truth and accuracy of the representations, warranties, agreements, acknowledgments and understandings of the
Investor set forth herein in order to determine the applicability of such exemptions and the suitability of the Investor to acquire
the Securities. In this regard, the Investor represents, warrants and agrees that:

 

(h) The Investor is not a U.S. Person
(as defined in the Securities Act) and is not an affiliate (as defined in Rule 501(b) under the Securities Act) of the Company
and is not acquiring the Securities for the account or benefit of a U.S. Person.

 

(i) At the time of the origination
of contact concerning this Agreement and the date of the execution and delivery of this Agreement, the Investor was outside of
the United States.

 

(j)The Investor will not, during the
period commencing on the date of issuance of the Subject Note and ending on the first anniversary of such date, or such shorter
period as may be permitted by Regulation S or other applicable securities law (the “Restricted Period”), offer, sell,
pledge or otherwise transfer the Securities in the United States, or to a U.S. Person for the account or for the benefit of a U.S.
Person, or otherwise in a manner that is not in compliance with Regulation S.

 

(k)The Investor will, after expiration
of the Restricted Period, offer, sell, pledge or otherwise transfer the Securities only pursuant to registration under the Securities
Act or an available exemption therefrom and, in accordance with all applicable state and foreign securities laws.

 

(l)The Investor was not in the United
States, engaged in, and prior to the expiration of the Restricted Period will not engage in, any short selling of or any hedging
transaction with respect to the Securities, including without limitation, any put, call or other option transaction, option writing
or equity swap.

 

    	 

    	 

    

(m)Neither the Investor nor or any
person acting on its behalf has engaged, nor will engage, in any directed selling efforts to a U.S. Person with respect to the
Securities and the Investor and any person acting on his behalf have complied and will comply with the “offering restrictions”
requirements of Regulation S under the Securities Act.

 

(n)The transactions contemplated by
this Agreement have not been pre-arranged with a buyer located in the United States or with a U.S. Person, and are not part of
a plan or scheme to evade the registration requirements of the Securities Act.

 

(o)Neither the Investor nor any person
acting on its behalf has undertaken or carried out any activity for the purpose of, or that could reasonably be expected to have
the effect of, conditioning the market in the United States, its territories or possessions, for any of the Securities. The Investor
agrees not to cause any advertisement of the Securities to be published in any newspaper or periodical or posted in any public
place and not to issue any circular relating to the Securities, except such advertisements that include the statements required
by Regulation S under the Securities Act, and only offshore and not in the U.S. or its territories, and only in compliance with
any local applicable securities laws.

 

(p)Each certificate representing the
Subject Note (and any shares of the Company’s common stock or other securities of the Company which the Investor may acquire
upon conversion of the Subject Note or otherwise) shall be endorsed with the following legends, in addition to any other legend
required to be placed thereon by applicable federal or state securities laws:

 

(A)“THE SECURITIES ARE BEING
OFFERED TO INVESTORS WHO ARE NOT U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT OF 1933, AS AMENDED (“THE
SECURITIES ACT”)) AND WITHOUT REGISTRATION WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES
ACT IN RELIANCE UPON REGULATION S PROMULGATED UNDER THE SECURITIES ACT.”

 

(B)“TRANSFER OF THESE SECURITIES
IS PROHIBITED, EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S, PURSUANT TO REGISTRATION UNDER THE SECURITIES ACT, OR
PURSUANT TO AVAILABLE EXEMPTION FROM REGISTRATION. HEDGING TRANSACTIONS MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE SECURITIES
ACT.”

 

(q) The Investor consents to the Company
making a notation on its records or giving instructions to any transfer agent of the Company, if any, in order to implement the
restrictions on transfer of the Securities set forth in this Section.

 

(r)Receipt of Information. The
Investor has received all documents, records, books and other information pertaining to the Investor’s investment in the
Company that has been requested by the undersigned.

 

(s)No Governmental Review. The
Investor is aware that no federal or state agency has (i) made any finding or determination as to the fairness of this investment,
(ii) made any recommendation or endorsement of the Securities, or (iii) guaranteed or insured any investment in the Securities
or any investment made by the Company.

 

(t)No Short Sales. Unless and
until the Investor has paid for the Subject Note, he shall not (i) sell, offer to sell, contract to sell, hypothecate, pledge,
grant any option to sell or otherwise dispose of, or file (or participate in the filing of) a registration statement with the Securities
and Exchange Commission (the “SEC”) in respect of, or establish or increase a put equivalent position or liquidate
or decrease a call equivalent position within the meaning of Section 16 of the Exchange Act, and the rules and regulations of the
SEC promulgated thereunder, with respect to, any shares of common stock of the Company or any securities convertible into or exercisable
or exchangeable for common stock of the Company for an amount of shares in excess of the number of shares of common stock of the
Company then held by the Investor, (ii) enter into any swap or other arrangement that transfers to another, in whole or in part,
any of the economic consequences of ownership of common stock of the Company or any securities convertible into or exercisable
or exchangeable for common stock of the Company for an amount of shares in excess of the number of shares of common stock of the
Company then held by the Investor, whether any such transaction is to be settled by delivery of common stock, other securities,
in cash or otherwise, or (iii) publicly announce an intention to effect any transaction specified in clause (i) or (ii).

 

 

SECTION 3

 

3.1 Company’s Representations and
Warranties. The Company represents and warrants to the undersigned as follows:

 

(a) Organization of the Company.
The Company is a corporation duly organized and validly existing and in good standing under the laws of Nevada.

 

(b)Authority. (a) The Company
has the requisite corporate power and authority to enter into and perform its obligations under this Agreement; (b) the execution
and delivery of this Agreement by the Company and the consummation by it of the transactions contemplated hereby and thereby have
been duly authorized by all necessary corporate action and no further consent or authorization of the Company or its Board of Directors
or stockholders is required; and (c) this Agreement has been duly executed and delivered by the Company and constitutes a valid
and binding obligation of the Company enforceable against the Company in accordance with its terms, except as such enforceability
may be limited by applicable bankruptcy, insolvency, or similar laws relating to, or affecting generally the enforcement of, creditors'
rights and remedies or by other equitable principles of general application. The Subject Note, when issued against payment of the
Purchase Price, will be duly executed and delivered by the Company and constitute a valid and binding obligation of the Company
enforceable against the Company in accordance with their terms, except as such enforceability may be limited by applicable

bankruptcy, insolvency, or similar laws relating
to, or affecting generally the enforcement of, creditors' rights and remedies or by other equitable principles of general application.

 

(c)Exemption from Registration;
Valid Issuances. The Securities, in accordance with the terms and on the basis of the representations and warranties of the
undersigned set forth herein, may and shall be properly issued by the Company to the undersigned without registration or qualification
pursuant to any applicable federal or state law. When issued and paid for as herein provided the shares of common stock issuable
upon conversion of the Subject Note or exercise of the Warrants shall be duly and validly issued, fully paid, and non-assessable.
Neither the sale of the Subject Note pursuant to, nor the Company's performance of its obligations under, this Agreement shall
(i) result in the creation or imposition of any liens, charges, claims or other encumbrances upon the Securities or any of the
assets of the Company. The Securities shall not subject the undersigned to personal liability by reason of the ownership thereof.

 

(d)No General Solicitation or Advertising
in Regard to this Transaction. Neither the Company nor any of its affiliates nor any person acting on its or their behalf (a)
has conducted or will conduct any general solicitation (as that term is used in Rule 502(c) of Regulation D) or general advertising
with respect to any of the Securities, or (b) made any offers or sales of any security or solicited any offers to buy any security
under any circumstances that would require registration of the Securities under the Securities Act.

 

(e) SEC
Information. The Super Form 8-K, which includes information concerning the business, security ownership, directors and
officers, and financial statements of the Company, as well as risk factors relating to an investment in the Company, has been
made available to the Investors via the SEC’s EDGAR system. As of the date of its filing with the SEC (except as to the
financial statements which are as of the date thereof), the information in the Super Form 8-K complied in all material
respects with the requirements of the Exchange Act and the rules and regulations of the SEC promulgated thereunder applicable
thereto, and the Super Form 8-K, at the time it was filed with the SEC, did not contain any untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in
light of the circumstances under which they were made, not misleading. As of their respective dates, the financial statements
of the Company included in the Super Form 8-K (except (i) as may be otherwise indicated in such financial statements or the
notes thereto, (“Company Financial Statements”) complied as to form in all material respects with
applicable accounting requirements and the published rules and regulations of the SEC with respect thereto. The Company
Financial Statements have been prepared in accordance with United States generally accepted accounting principles,
consistently applied, during the periods involved or (ii) in the case of unaudited interim statements, to the extent they may
not include footnotes or may be condensed or summary statements) and fairly present in all material respects the consolidated
financial position of the Company and its consolidated subsidiaries as of the dates thereof and the consolidated results of
their operations and cash flows for the periods then ended (subject, in the case of unaudited statements, to normal year-end
audit adjustments). Except as set forth in the Company Financial Statements, the Company has no liabilities, contingent or
otherwise, other than: (i) liabilities incurred in the ordinary course of business subsequent to September 30, 2014, and
(ii) obligations under contracts and commitments incurred in the ordinary course of business and not required under generally
accepted accounting principles to be reflected in such financial statements, which, individually or in the aggregate, are not
material to the financial condition or operating results of the Company.

 

3.2 Agreements of the
Company.

 

3.2.1 Use of Proceeds.
The Company will use the proceeds of the first $500,000 received in this Offering as follows:

 

	Development of BreastCare product (Ceres Technologies) 	$	350,000	 
	Development of Heart Monitor (Contex Canada Technology) 	$	100,000	 
	Legal Fees (EVW)	$	25,000	 
	Incidentals	$	25,000	 

 

3.2.2 Distribution Agreement.
The Company will enter into an exclusive distribution agreement with an entity designated by the Investor (the “Distributor”)
for the distribution of the Company’s BreastCare DTSTM device for a term of five years in Australia, New Zealand,
Singapore, Thailand, Malaysia, Indonesia, Phillipines, Vietnam, Laos, Cambodia, Myanmar and Bangledesh. If the Company shall fail
to establish a manufacturing facility for its BreastCare DTSTM device in Southeast Asia within eighteen months after
the date the Notes are first issued, the Distributor and the Company will form a joint venture to establish a manufacturing facility
in the Phillipines. A summary of the terms of the Distribution Agreement is annexed hereto as Exhibit 3.2.2

 

SECTION 4

 

4.1 Indemnity. The Investor
agrees to indemnify and hold harmless the Company, its officers and directors, employees and its affiliates and their respective
successors and assigns and each other person, if any, who controls any thereof, against any loss, liability, claim, damage and
expense whatsoever (including, but not limited to, any and all expenses whatsoever reasonably incurred in investigating, preparing
or defending against any litigation commenced or threatened or any claim whatsoever) arising out of or based upon any false representation
or warranty or breach or failure by the Investor to comply with any covenant or agreement made by the Investor herein or in any
other document furnished by the Investor to any of the foregoing in connection with this transaction.

 

4.2Modification. Neither this
Agreement nor any provisions hereof shall be modified, discharged or terminated except by an instrument in writing signed by the
party against whom any waiver, change, discharge or termination is sought.

 

4.3Notices.
Any notice, demand or other communication which any party hereto may be required, or may elect, to give to anyone interested hereunder
shall be sufficiently given if (a) deposited, prepaid, with a recognized international courier service, (b) delivered personally,
(c) upon the expiration of twenty four (24) hours after transmission, if sent by facsimile if a confirmation of transmission is
produced by the sending machine (and a copy of each facsimile promptly shall be sent as provided in clause (a), in each case to
the parties at their respective addresses set forth below their signatures to this Agreement (or at such other address for a party
as shall be specified by like notice; provided that the notices of a change of address shall be effective only upon receipt thereof).

 

4.4Counterparts. This Agreement
may be executed through the use of separate signature pages or in any number of counterparts and by facsimile, and each of such
counterparts shall, for all purposes, constitute one agreement binding on all parties, notwithstanding that all parties are not
signatories to the same counterpart. Signatures may be facsimiles.

 

4.5Binding Effect. Except as
otherwise provided herein, this Agreement shall be binding upon and inure to the benefit of the parties and their heirs, executors,
administrators, successors, legal representatives and assigns.

 

4.6Entire Agreement. This Agreement
and the documents referenced herein contain the entire agreement of the parties and there are no representations, covenants or
other agreements except as stated or referred to herein and therein.

 

4.7Assignability. This Agreement
is not transferable or assignable by the undersigned.

 

    	 

    	 

    

4.8Applicable Law;
Jurisdiction. This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without
giving effect to conflicts of law principles. If there is any litigation relating to this Agreement or the transaction contemplated
hereby, the parties hereto irrevocably consent to the jurisdiction of the courts of the State of New York and of any federal court
located in such State in connection with any action or proceeding arising out of or relating to this Agreement, any document or
instrument delivered pursuant to, in connection with or simultaneously with this Agreement, or a breach of this Agreement or any
such document or instrument. In any such action or proceeding, each party hereto waives personal service of any summons, complaint
or other process and agrees that service thereof may be made in accordance with Section 4.3. Within 30 days after such service,
or such other time as may be mutually agreed upon in writing by the attorneys for the parties to such action or proceeding, the
party so served shall appear or answer such summons, complaint or other process. EACH PARTY HERETO WAIVES TRIAL BY JURY IN ANY
ACTION, SUIT OR PROCEEDING ARISING OUT OF THIS AGREEMENT OR ANY BREACH OR ALLEGED BREACH HEREOF.

 

4.9Compensation of
Representative. Main Street Capital Pty. Ltd. has acted as the representative of the Investor in connection with this
transaction. For its services the Company will issue to Main Street a Convertible Note in the initial principal amount of
$25,000 having terms and conditions substantially identical to that of the Subject Note, including, if the Main Street Note
is prepaid by the Company at any time the volume weighted average price of the common stock for the preceding ten trading
days is less than $0.15 per share, the holder of the Note will be entitled to receive warrants to purchase one twentieth of
one percent of the then outstanding shares of common stock exercisable for a period of three years at an exercise price of
$0.15 per share, but which may be exercised on a cashless basis.

 

 

[signatures are on following page]

    	 

    	 

    

 IN WITNESS WHEREOF, the parties
hereto have executed this Agreement as of the day and year this subscription has been accepted by the Company as set forth below.

	 	 	MEDPAC ASIA PACIFIC PTY. LTD.
	 	 	(Australian Co. No. 604 389 577)
	 	 	 
	 	 	By:
	 	 	Name: Ian Kellaway
	 	 	Title: Director
	 	 	 
	 	Address:	c/o KMB Business Advisors
& Chartered Accountants
	 	 	Level 15
	 	 	37 York Street, Sydney 2000

 

ACCEPTANCE OF SUBSCRIPTION

 

 

	 	ACCEPTED BY:	Event Cardio Group, Inc.
	 	 	 
	 	 	By:
	 	 	John Bentivoglio
	 	 	 

President and CEO

	 	 	 
	 	Address:	 2798 Thamesgate Drive Mississauga, Ontario, Canada
L4T 4E8

	 	 	 
	 	 	Date: March , 2015
	 	 	 

    	 

    	 

    

Exhibit A

 

 

Form of 8% Convertible Note due January 31,
2018

    	 

    	 

    

Exhibit 3.2.2.

Summary of Terms of Distribution Agreement“THE SECURITIES AND THE SECURITIES INTO
WHICH THIS SECURITY MAY BE CONVERTED ARE BEING OFFERED TO INVESTORS WHO ARE NOT U.S. PERSONS (AS DEFINED IN REGULATION S UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (“THE SECURITIES ACT”)) AND WITHOUT REGISTRATION WITH THE UNITED STATES SECURITIES
AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT IN RELIANCE UPON REGULATION S PROMULGATED UNDER THE SECURITIES ACT.”

 

“TRANSFER OF THESE SECURITIES AND THE
SECURITIES INTO WHICH THIS SECURITY MAY BE CONVERTED IS PROHIBITED, EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S,
PURSUANT TO REGISTRATION UNDER THE SECURITIES ACT, OR PURSUANT TO AVAILABLE EXEMPTION FROM REGISTRATION. HEDGING TRANSACTIONS
MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE SECURITIES ACT.”

 

Original Issue Date: March 4, 2015

Original Conversion Price (subject to adjustment
herein): $0.15

 

$500,000

 

 

8% CONVERTIBLE NOTE

DUE JANUARY 31, 2018

 

THIS NOTE is one of a
series of duly authorized and validly issued 8% Convertible Notes of Event Cardio Group, Inc., a Nevada corporation, (the “Company”),
having its principal office at 2798 Thamesgate Drive, Mississauga, Ontario, Canada L4T 4E8, designated as its 8% Convertible Notes
due January 31, 2018, as the same may be supplemented, modified, amended, restated or replaced from time to time in the manner
provided herein, this “Note” and, collectively with the other such series of notes, the “Notes”).

 

FOR VALUE RECEIVED, the
Company promises to pay to MEDPAC ASIA PACIFIC PTY. LTD. (Australian Company Number 604 389 577) or its registered assigns (the
“Holder”), or shall have paid pursuant to the terms hereunder, the principal sum of US$500,000 on January 31,
2018 (the “Maturity Date”) or such earlier date as this Note is required or permitted to be repaid as provided
hereunder, and to pay interest to the Holder on the aggregate unconverted and then outstanding principal amount of this Note,
all in accordance with the provisions hereof. This Note is subject to the following additional provisions:

 

Section 1.Definitions.
For the purposes hereof, the following terms shall have the following meanings:

 

“Bankruptcy
Event” means any of the following events: (a) the Company commences a case or other proceeding under any
bankruptcy, reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency or liquidation or
similar law of any jurisdiction relating to the Company or any Significant Subsidiary thereof; (b) there is commenced against
the Company any such case or proceeding that is not dismissed within 60 days after commencement; (c) the Company is
adjudicated insolvent or bankrupt or any order of relief or other order approving any such case or proceeding is entered; (d)
the Company suffers any appointment of any custodian or the like for it or any substantial part of its property that is not
discharged or stayed within 60 calendar days after such appointment; (e) the Company makes a general assignment for the
benefit of creditors; (f) the Company calls a general meeting of all or substantially all of its creditors for the stated
purpose of arranging a composition, adjustment or restructuring of its debts; or (g) the Company, by any act or document,
expressly indicates its consent to, approval of or acquiescence in any of the foregoing or takes any corporate or other
action for the purpose of effecting any of the foregoing.

 

    	 

    	 

    

“Business
Day” means any day except Saturday, Sunday, any day which shall be a federal legal holiday in the United States or any
day on which banking institutions in the State of New York are authorized or required by law or other governmental action to close.

 

“Common
Stock” means the common stock, par value $.001 per share, of the Company and stock of any other class of securities
into which such securities may hereafter be reclassified or changed into.

 

“Conversion
Shares” means, collectively, the shares of Common Stock issuable upon conversion of this Note in accordance with the
terms hereof.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Original
Issue Date” means the date of the first issuance of the Notes, regardless of any transfers of any Note and regardless
of the number of instruments which may be issued to evidence such Notes.

 

“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

“Purchase
Agreement” means the Regulation S Subscription Agreement and Investor Representation, dated as of February 3, 2015 among
the Company and the original Holders, as amended, modified or supplemented from time to time in accordance with its terms.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Trading
Day” means a day on which the principal Trading Market is open for business.

 

“Trading
Market” means the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date
in question: the American Stock Exchange, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market,
the New York Stock Exchange or the OTC Bulletin Board.

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then
listed or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest
preceding date) on the Trading Market on which the Common Stock is then listed or quoted for trading as reported by Bloomberg
L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time); (b) if the Common Stock
is not then listed or quoted for trading on a Trading Market and if prices for the Common Stock are then reported in the “Pink
Sheets” published by Pink Sheets, LLC (or a similar organization or agency succeeding to its functions of reporting prices),
the most recent bid price per share of the Common Stock so reported; or (c) in all other cases, the fair market value of
a share of Common Stock as determined by an independent appraiser selected in good faith by the Holder and reasonably acceptable
to the Company.

 

Section 2.Interest.

 

a)                 
Payment of Interest. The Company shall pay interest in cash to the Holder from the Date of Original Issuance on the aggregate
unconverted and then outstanding principal amount of this Note at the rate of 8% per annum, payable annually on January 31 of
each year commencing January 31, 2016, on each Conversion Date (as to that principal amount then being converted), on each Optional
Redemption Date (as to that principal amount then being redeemed) and on the Maturity Date (each such date, an “Interest
Payment Date”) (if any Interest Payment Date is not a Business Day, then the applicable payment shall be due on the
next succeeding Business Day); provided, however, that the Holder upon written notice to the Company may elect to
have accrued but unpaid interest added to the principal amount of this Note in lieu of any interest payment.

 

b)                 
Interest Calculations. Interest shall be calculated on the basis of a 360-day year, consisting of twelve 30 calendar day
periods, and shall accrue daily on the outstanding principal balance commencing on the Original Issue Date until payment in full
of the principal sum, together with all accrued and unpaid interest, and other amounts which may become due hereunder, has been
made. Interest shall cease to accrue with respect to any principal amount converted, provided that the Company actually delivers
the Conversion Shares within the time period required by Section 4(d)(ii) herein. Interest hereunder will be paid to the Person
in whose name this Note is registered on the records of the Company regarding registration and transfers of this Note (the “Note
Register”).

 

a)                 
Prepayment. The Company, at its option, may prepay all (but not less than all) of the principal amount of this Note, together
with any interest accrued thereon to the date of redemption (the “Redemption Date”) upon ten (10) days prior
written notice to the Holders (the “Notice of Redemption’); provided, however, the Holder may elect to convert
the outstanding principal amount of this Note pursuant to Section 4 prior to actual payment in cash for such redemption by the
delivery of a Notice of Conversion to the Company, and further provided, that if upon receipt of a Notice of Redemption the Holder
does not elect to convert this Note, and the VWAP for the Ten Trading Days immediately preceding the date of the Notice of Redemption
is less than $0.15, the Company shall issue to Holders of the Note on the Redemption Date warrants to purchase that number of
shares of its Common Stock equal to 1% of the total number of shares of Common Stock outstanding on the Redemption Date (the “Total
Warrant Shares”) in the form annexed hereto as Annex I (the “Warrants”). The Warrants shall be exercisable
on or before the third anniversary of the Redemption Date at an exercise price of $0.15 per share, but provide for the exercise
of the Warrants on a cashless basis.

 

Section 3.
Registration of Transfers and Exchanges.

 

a)                 
Different Denominations. This Note is exchangeable for an equal aggregate principal amount of Notes of different authorized
denominations, as requested by the Holder surrendering the same. No service charge will be payable for such registration of transfer
or exchange.

 

b)                 
Investment Representations. This Note has been issued (as one of the "Securities" identified thereunder) subject
to certain investment representations of the original Holder set forth in the Purchase Agreement and may be transferred or exchanged
only in compliance with the Purchase Agreement and applicable federal and state securities laws and regulations.

 

c)                 
Reliance on Note Register. Prior to due presentment for transfer to the Company of this Note, the Company may treat the
Person in whose name this Note is duly registered on the Note Register as the owner hereof for the purpose of receiving payment
as herein provided and for all other purposes, whether or not this Note is overdue, and the Company shall not be affected by notice
to the contrary.

 

Section 4.
Conversion.

 

a)                  Voluntary
Conversion. At any time after the Original Issue Date until this Note is no longer outstanding, this Note shall be
convertible, in whole or in part, into shares of Common Stock at the option of the Holder, at any time and from time to
time. The Holder shall effect conversions by delivering to the Company a Notice of Conversion, the form of which is attached
hereto as Annex B (a “Notice of Conversion”), specifying therein the principal amount of this Note
to be converted and the date on which such conversion shall be effected (such date, the “Conversion
Date”). If no Conversion Date is specified in a Notice of Conversion, the Conversion Date shall be the date that
such Notice of Conversion is deemed delivered hereunder. To effect conversions hereunder, the Holder shall not be required to
physically surrender this Note to the Company unless the entire principal amount of this Note, plus all accrued and unpaid
interest thereon, has been so converted. Conversions hereunder shall have the effect of lowering the outstanding principal
amount of this Note in an amount equal to the applicable conversion. The Holder and the Company shall maintain records
showing the principal amount(s) converted and the date of such conversion(s). The Company may deliver an objection to any
Notice of Conversion within 1 Business Day of delivery of such Notice of Conversion. In the event of any dispute or
discrepancy, the records of the Company shall be controlling and determinative in the absence of manifest error. The
Holder, and any assignee by acceptance of this Note, acknowledge and agree that, by reason of the provisions of this
paragraph, following conversion of a portion of this Note, the unpaid and unconverted principal amount of this Note may be
less than the amount stated on the face hereof.

 

b)                 
Conversion Price. The conversion price in effect on any Conversion Date shall be equal to $0.15, subject to adjustment
herein (the “Conversion Price”).

 

		c)	Mechanics of Conversion.

 

                                                                   
i.                       
Conversion Shares Issuable Upon Conversion of Principal Amount. The number of shares of Common Stock issuable upon a conversion
hereunder shall be determined by the quotient obtained by dividing (x) the outstanding principal amount of this Note to be converted
by (y) the Conversion Price.

 

                                                                 
ii.                       
Delivery of Certificate Upon Conversion. Not later than three Trading Days after each Conversion Date (the “Share
Delivery Date”), the Company shall deliver, or cause to be delivered, to the Holder (A) a certificate or certificates
representing the Conversion Shares which, on or after the Effective Date, shall be free of restrictive legends and trading restrictions
(other than those which may then be required by the Purchase Agreement) representing the number of shares of Common Stock being
acquired upon the conversion of this Note and (B) a check in the amount of accrued and unpaid interest (unless the Holder by written
notice to the Company has elected to add the amount of accrued interest otherwise payable to the principal amount of this Note
to be converted).

 

                                                               
iii.                        Obligation
Absolute. The Company’s obligations to issue and deliver the Conversion Shares upon conversion of this Note in
accordance with the terms hereof are absolute and unconditional, irrespective of any action or inaction by the Holder to
enforce the same, any waiver or consent with respect to any provision hereof, the recovery of any judgment against any
Person or any action to enforce the same, or any setoff, counterclaim, recoupment, limitation or termination, or any breach
or alleged breach by the Holder or any other Person of any obligation to the Company or any violation or alleged violation of
law by the Holder or any other Person, and irrespective of any other circumstance which might otherwise limit such obligation
of the Company to the Holder in connection with the issuance of such Conversion Shares; provided, however, that
such delivery shall not operate as a waiver by the Company of any such action the Company may have against the Holder. In the
event the Holder of this Note shall elect to convert any or all of the outstanding principal amount hereof, the Company may
not refuse conversion based on any claim that the Holder or anyone associated or affiliated with the Holder has been engaged
in any violation of law, agreement or for any other reason, unless an injunction from a court, on notice to Holder,
restraining and or enjoining conversion of all or part of this Note shall have been sought and obtained, and the Company
posts a surety bond for the benefit of the Holder in the amount of 125% of the outstanding principal amount of this Note,
which is subject to the injunction, which bond shall remain in effect until the completion of arbitration/litigation of the
underlying dispute and the proceeds of which shall be payable to such Holder to the extent it obtains judgment. In the
absence of such injunction, the Company shall issue Conversion Shares and, if applicable, cash in payment of accrued
interest, upon a properly noticed conversion.

 

                                                               
iv.                       
Reservation of Shares Issuable Upon Conversion. The Company covenants that it will at all times reserve and keep available
out of its authorized and unissued shares of Common Stock for the sole purpose of issuance upon conversion of this Note, free
from preemptive rights or any other actual contingent purchase rights of Persons other than the Holder (and the other holders
of the Notes), not less than such aggregate number of shares of the Common Stock as shall (subject to the terms and conditions
set forth in the Purchase Agreement) be issuable (taking into account the adjustments and restrictions of Section 5) upon the
conversion of the outstanding principal amount of this Note and payment of interest hereunder. The Company covenants that all
shares of Common Stock that shall be so issuable shall, upon issue, be duly authorized, validly issued, fully paid and non-assessable.

 

    	 

    	 

    

                                                                 
v.                       
Fractional Shares. Upon a conversion hereunder the Company shall not be required to issue stock certificates representing
fractions of shares of Common Stock, but may if otherwise permitted, make a cash payment in respect of any final fraction of a
share based on the VWAP at such time. If the Company elects not, or is unable, to make such a cash payment, the Holder shall be
entitled to receive, in lieu of the final fraction of a share, one whole share of Common Stock.

 

                                                               
vi.                        Transfer
Taxes. The issuance of certificates for shares of the Common Stock on conversion of this Note shall be made
without charge to the Holder hereof for any documentary stamp or similar taxes that may be payable in respect of the issue or
delivery of such certificates, provided that the Company shall not be required to pay any tax that may be payable in respect
of any transfer involved in the issuance and delivery of any such certificate upon conversion in a name other than that of
the Holder of this Note so converted and the Company shall not be required to issue or deliver such certificates unless or
until the person or persons requesting the issuance thereof shall have paid to the Company the amount of such tax or shall
have established to the satisfaction of the Company that such tax has been paid.

 

Section 5.Certain
Adjustments.

 

a)                 
Stock Dividends and Stock Splits. If the Company, at any time while this Note is outstanding: (A) pays a stock dividend
or otherwise makes a distribution or distributions payable in shares of Common Stock on shares of Common Stock; (B) subdivides
outstanding shares of Common Stock into a larger number of shares; (C) combines (including by way of a reverse stock split) outstanding
shares of Common Stock into a smaller number of shares; or (D) issues, in the event of a reclassification of shares of the Common
Stock, any shares of capital stock of the Company, then the Conversion Price shall be multiplied by a fraction of which the numerator
shall be the number of shares of Common Stock (excluding any treasury shares of the Company) outstanding immediately before such
event and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event. Any
adjustment made pursuant to this Section shall become effective immediately after the record date for the determination of stockholders
entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case
of a subdivision, combination or re-classification.

 

b)                  Fundamental
Transaction. If, at any time while this Note is outstanding, (A) the Company effects any merger or consolidation of the
Company with or into another Person, (B) the Company effects any sale of all or substantially all of its assets in
one transaction or a series of related transactions, (C) any tender offer or exchange offer (whether by the Company or
another Person) is completed pursuant to which holders of Common Stock are permitted to tender or exchange their shares for
other securities, cash or property, or (D) the Company effects any reclassification of the Common Stock or any compulsory
share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or
property (in any such case, a “Fundamental Transaction”), then, upon any subsequent conversion of this
Note, the Holder shall have the right to receive, for each Conversion Share that would have been issuable upon such
conversion immediately prior to the occurrence of such Fundamental Transaction, the same kind and amount of securities, cash
or property as it would have been entitled to receive upon the occurrence of such Fundamental Transaction if it had been,
immediately prior to such Fundamental Transaction, the holder of one share of Common Stock (the “Alternate
Consideration”). For purposes of any such conversion, the determination of the Conversion Price shall be
appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in
respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Conversion Price
among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the
Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be
received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it
receives upon any conversion of this Note following such Fundamental Transaction. To the extent necessary to effectuate the
foregoing provisions, any successor to the Company or surviving entity in such Fundamental Transaction shall issue to the
Holder a new promissory note consistent with the foregoing provisions and evidencing the Holder’s right to convert such
debenture into Alternate Consideration. The terms of any agreement pursuant to which a Fundamental Transaction is effected
shall include terms requiring any such successor or surviving entity to comply with the provisions of this Section 5(b) and
insuring that this Note (or any such replacement security) will be similarly adjusted upon any subsequent transaction
analogous to a Fundamental Transaction.

 

c)                 
Calculations. All calculations under this Section 5 shall be made to the nearest cent or the nearest 1/100th of a share,
as the case may be. For purposes of this Section 5, the number of shares of Common Stock deemed to be issued and outstanding as
of a given date shall be the sum of the number of shares of Common Stock (excluding any treasury shares of the Company) issued
and outstanding.

 

d)                
Notice to the Holder.

 

                                                                   
i.                       
Adjustment to Conversion Price. Whenever the Conversion Price is adjusted pursuant to any provision of this Section 5,
the Company shall promptly mail to each Holder a notice setting forth the Conversion Price after such adjustment and setting forth
a brief statement of the facts requiring such adjustment.

 

                                                                 
ii.                        Notice
to Allow Conversion by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form)
on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the
Common Stock, (C) the Company shall authorize the granting to all holders of the Common Stock of rights or warrants to
subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of
the Company shall be required in connection with any reclassification of the Common Stock, any consolidation or merger to
which the Company is a party, any sale or transfer of all or substantially all of the assets of the Company, of any
compulsory share exchange whereby the Common Stock is converted into other securities, cash or property or (E) the Company
shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in
each case, the Company shall cause to be filed at each office or agency maintained for the purpose of conversion of this
Note, and shall cause to be delivered to the Holder at its last address as it shall appear upon the Note Register, at least
20 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on
which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record
is not to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend,
distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification,
consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it
is expected that holders of the Common Stock of record shall be entitled to exchange their shares of the Common Stock for
securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share
exchange, provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not
affect the validity of the corporate action required to be specified in such notice. The Holder is entitled to convert this
Note during the 20-day period commencing on the date of such notice through the effective date of the event triggering such
notice.

 

Section 6.
Events of Default.

 

a)                 
“Event of Default” means, wherever used herein, any of the following events (whatever the reason for such event
and whether such event shall be voluntary or involuntary or effected by operation of law or pursuant to any judgment, decree or
order of any court, or any order, rule or regulation of any administrative or governmental body):

 

                                                                   
i.                       
any default in the payment of (A) the principal amount of any Note or (B) interest and other amounts owing to a Holder on any
Note, as and when the same shall become due and payable (whether on a Conversion Date or the Maturity Date or by acceleration
or otherwise) which default, solely in the case of an interest payment or other default under clause (B) above, is not cured within
five Trading Days;

 

                                                                 
ii.                       
the Company shall fail to observe or perform any other covenant or agreement contained in the Notes which failure is not cured,
if possible to cure, within the earlier to occur of (A) five Trading Days after notice of such failure sent by the Holder or by
any other Holder and (B) ten Trading Days after the Company has become aware of such failure;

 

                                                               
iii.                       
any representation or warranty made in this Note or the Purchase Agreement, any written statement pursuant hereto or thereto or
any other report, financial statement or certificate made or delivered to the Holder or any other Holder shall be untrue or incorrect
in any material respect as of the date when made or deemed made; or

 

                                                               
iv.                       
the Company shall be subject to a Bankruptcy Event;

 

b)                 
Remedies Upon Event of Default. If any Event of Default occurs and is continuing without being waived by the Holder or
cured by the Company, the outstanding principal amount of this Note, plus accrued but unpaid interest, and other amounts owing
in respect thereof through the date of acceleration, shall become, at the Holder’s election, immediately due and payable
in cash (the “Default Amount”). Upon the payment in full of the Default Amount, the Holder shall promptly surrender
this Note to or as directed by the Company. In connection with such acceleration described herein, the Holder need not provide,
and the Company hereby waives, any presentment, demand, protest or other notice of any kind, and the Holder may immediately and
without expiration of any grace period enforce any and all of its rights and remedies hereunder and all other remedies available
to it under applicable law. Such acceleration may be rescinded and annulled by Holder at any time prior to payment hereunder and
the Holder shall have all rights as a holder of the Note until such time, if any, as the Holder receives full payment pursuant
to this Section 7(b). No such rescission or annulment shall affect any subsequent Event of Default or impair any right consequent
thereon.

 

Section 7.Miscellaneous.

 

a)                 
Notices. Any and all notices or other communications or deliveries to be provided by the Holder hereunder, including, without
limitation, any Notice of Conversion, shall be in writing and delivered personally, by electronic mail, or sent by a nationally
recognized overnight courier service, addressed to the Company, at the address set forth above, Attention: John Bentivoglio,
President and CEO, or by electronic mail to johnb@eventcardiogroup.ca or such other address as the
Company may specify for such purpose by notice to the Holder delivered in accordance with this Section. Any and all notices or
other communications or deliveries to be provided by the Company hereunder shall be in writing and delivered personally, by electronic
mail, or sent by a nationally recognized overnight courier service addressed to the Holder at the electronic mail or other address
of such Holder appearing on the signature page of the Purchase Agreement or in any transfer document delivered to the Company,
as applicable, or such other address as such Holder may specify for such purpose by written notice to the Company delivered in
accordance with this Section. Any notice or other communication or deliveries hereunder shall be deemed given and effective on
the earliest of (i) the date of transmission, if such notice or communication is delivered via electronic mail at the address
specified in this Section 8 prior to 5:30 p.m. (New York City time), (ii) the date immediately following the date of transmission,
if such notice or communication is delivered via electronic mail at the address specified in this Section 8 between 5:30 p.m.
(New York City time) and 11:59 p.m. (New York City time) on any date, (iii) the second Business Day following the date of timely
delivered to a nationally recognized overnight courier service, or (iv) upon actual receipt by the party to whom such notice is
required to be given. Refusal to accept delivery shall constitute delivery.

 

b)                  Absolute
Obligation. Except as expressly provided herein, no provision of this Note shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the principal of, and accrued interest, as applicable, on this Note at
the time, place, and rate, and in the coin or currency, herein prescribed. This Note is a direct debt obligation of the
Company. This Note ranks pari passu with all other Notes now or hereafter issued under the terms set forth
herein.

 

c)                 
Lost or Mutilated Debenture. If this Note shall be mutilated, lost, stolen or destroyed, the Company shall execute and
deliver, in exchange and substitution for and upon cancellation of a mutilated Note, or in lieu of or in substitution for a lost,
stolen or destroyed Note, a new Note for the principal amount of this Note so mutilated, lost, stolen or destroyed, but only upon
receipt of evidence of such loss, theft or destruction of such Note, and of the ownership hereof, and a customary indemnity agreement
reasonably satisfactory to the Company.

 

    	 

    	 

    

d)                 Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of this Note shall, to the
greatest extent permitted by applicable law, be governed by and construed and enforced in accordance with the internal laws
of the State of New York and federal laws of the United States of America, without regard to any principles of conflicts of
law thereof that would defer to the substantive laws of any other jurisdiction. Each party agrees that all legal
proceedings concerning the interpretation, enforcement and defense of the transactions contemplated by the Purchase Agreement
(whether brought against a party hereto or its respective Affiliates, directors, officers, shareholders, employees or agents)
shall be commenced in the state and federal courts sitting in the City of New York, Borough of Manhattan (the “New
York Courts”). Each party hereto hereby irrevocably submits to the exclusive jurisdiction of the New York Courts
for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or
discussed herein (including with respect to the enforcement of the Purchase Agreement), 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
such New York Courts, or such New York Courts are improper or inconvenient venue for such proceeding. The preceding consents
to New York governing law and jurisdiction and venue in New York State's Supreme Court have been made by the parties in
reliance (at least in part) on Sections 5-1401 and 5-1402 of the General Obligations Law of the State of New York, as amended
(as and to the extent applicable), and other applicable law. Each party hereby irrevocably waives personal service of process
and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or
certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it
under this Note and agrees that such service shall constitute good and sufficient service of process and notice thereof.
Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by
applicable law. In any action, suit or proceeding in any jurisdiction brought by any party against any other party, each
party, knowingly and intentionally and to the fullest extent permitted by applicable law, hereby absolutely, unconditionally,
irrevocably and expressly waives forever trial by jury. If either party shall commence an action or proceeding to enforce any
provisions of this Note, then the prevailing party in such action or proceeding shall be reimbursed by the other party for
its attorneys fees and other costs and expenses incurred in the investigation, preparation and prosecution of such action or
proceeding.

 

e)                 
Waiver. Any waiver by the Company or the Holder of a breach of any provision of this Note shall not operate as or be construed
to be a waiver of any other breach of such provision or of any breach of any other provision of this Note. The failure of the
Company or the Holder to insist upon strict adherence to any term of this Note on one or more occasions shall not be considered
a waiver or deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this
Note. Any waiver by the Company or the Holder must be in writing.

 

f)                  
Severability. If any provision of this Note is invalid, illegal or unenforceable, the balance of this Note shall remain
in effect, and if any provision is inapplicable to any Person or circumstance, it shall nevertheless remain applicable to all
other Persons and circumstances. If it shall be found that any interest or other amount deemed interest due hereunder violates
the applicable law governing usury, the applicable rate of interest due hereunder shall automatically be lowered to equal the
maximum rate of interest permitted under applicable law. The Company covenants (to the extent that it may lawfully do so) that
it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay,
extension or usury law or other law which would prohibit or forgive the Company from paying all or any portion of the principal
of or interest on this Note as contemplated herein, wherever enacted, now or at any time hereafter in force, or which may affect
the covenants or the performance of this indenture, and the Company (to the extent it may lawfully do so) hereby expressly waives
all benefits or advantage of any such law, and covenants that it will not, by resort to any such law, hinder, delay or impeded
the execution of any power herein granted to the Holder, but will suffer and permit the execution of every such as though no such
law has been enacted.

 

g)                 
Next Business Day. Whenever any payment or other obligation hereunder shall be due on a day other than a Business Day,
such payment shall be made on the next succeeding Business Day.

 

    	 

    	 

    

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

 

i)                    Assumption. 
Any successor to the Company or any surviving entity in a Fundamental Transaction shall (i) assume, prior to such Fundamental
Transaction, all of the obligations of the Company under this Note and the other Transaction Documents pursuant to written
agreements in form and substance satisfactory to the Holder (such approval not to be unreasonably withheld or delayed) and
(ii) issue to the Holder a new promissory note of such successor entity evidenced by a written instrument substantially
similar in form and substance to this Note, including, without limitation, having a principal amount and interest rate equal
to the principal amount and the interest rate of this Note and having similar ranking to this Note, which shall be
satisfactory to the Holder (any such approval not to be unreasonably withheld or delayed).  The provisions of this
Section 8(i) shall apply similarly and equally to successive Fundamental Transactions and shall be applied without regard to
any limitations of this Note.

 

j)                   
Purchase Agreement. This Note is one of the Notes referred to in the Purchase Agreement. All of the applicable provisions
of the Purchase Agreement are incorporated herein by reference and made a part hereof. In the event that any specific provision
of this Note conflicts or is inconsistent with any specific term or provision contained in the Purchase Agreement, the specific
term or provision of the Purchase Agreement shall control and be given effect. However, this Agreement contains provisions that
are in addition to those contained in the Purchase Agreement, which each are cumulative with and not alternatives to each other,
and which shall not be deemed or construed to be in conflict or inconsistent with the Purchase Agreement because they are not
contained in it.

 

k)     
Amendment; Holder is a Party. This Note may not be supplemented, modified, amended, restated, waived, extended, discharged
or terminated orally. This Note may only be (i) supplemented, modified, amended or restated in a writing signed by the Company
and the Holder (or in the case of a restated or replacement Note, consented to in a separate writing by the Holder if the Holder
elects not to sign such Debenture) and (ii) waived, extended, discharged or terminated in a writing signed by the party against
whom such waiver, extension, discharge or termination would have to be enforced. By accepting this Note, the Holder acknowledges
and agrees that the Holder (A) is a "party" and one of the "parties" for the purposes of this Note and (A)
is contractually bound by the provisions hereof applicable to it as a party or one of the parties.

 

IN WITNESS WHEREOF, the Company has caused this Note to be duly
executed by a duly authorized officer as of the date first above indicated.

 

	 	 	EVENT CARDIO GROUP, INC.
	 	 	By:
	 	 	John Bentivoglio President and CEO

 

    	 

    	 

    

ANNEX A

 

NOTICE OF CONVERSION

 

The undersigned
hereby elects to convert principal under the 8% Convertible Note due January 31, 2018 of Event Cardio Group, Inc., a Nevada corporation
(the “Company”), into shares of common stock, par value $.001 per share (the “Common Stock”),
of the Company according to the conditions hereof, as of the date written below. If shares of Common Stock are to be issued in
the name of a person other than the undersigned, the undersigned will pay all transfer taxes payable with respect thereto and
is delivering herewith such certificates and opinions as reasonably requested by the Company in accordance therewith. No fee will
be charged to the holder for any conversion, except for such transfer taxes, if any.

 

 

	Conversion calculations:
	Date to Effect Conversion:
	 
	Principal Amount of Note to be Converted:
	 
	Payment of Interest in Common Stock __ yes __ no
	If yes, $_____ of Interest Accrued on Account of Conversion at Issue.
	 
	Number of shares of Common Stock to be issued:
	 
	Signature:
	 
	Name:
	 
	Address:

 

    	 

    	 

    

 

Schedule 1

 

CONVERSION SCHEDULE

 

The 8% Convertible Note due on January
31, 2018 in the aggregate principal amount of $____________ are issued by Event Cardio Group, Inc. This Conversion Schedule reflects
conversions made under Section 4 of the above referenced Note.

 

 Dated:

 
	 
 Date of Conversion
 (or for first entry, Original Issue Date)
	 
 Amount of Conversion
	 
 Aggregate Principal Amount Remaining Subsequent to Conversion
 (or original Principal Amount)
	 
 Company Attest

	 
  
  
	 
  
	 
  
	 
  

	 
  
  
	 
  
	 
  
	 
  

	 
  
  
	 
  
	 
  
	 
  

	 
  
  
	 
  
	 
  
	 
  

	 
  
  
	 
  
	 
  
	 
  

	 
  
  
	 
  
	 
  
	 
  

	 
  
  
	 
  
	 
  
	 
  

	 
  
  
	 
  
	 
  
	 
  

	 
  
  
	 
  
	 
  
	 
  

 

 

Annex I – Form of Warrant

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