Document:

Exhibit 10.15

 

THIS CONVERTIBLE PROMISSORY NOTE (THIS
“NOTE”) AND THE SECURITIES INTO WHICH IT MAY BE CONVERTED HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”), OR UNDER THE SECURITIES LAWS OF ANY STATE. THESE SECURITIES ARE SUBJECT TO RESTRICTIONS
ON TRANSFERABILITY AND RESALE. THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED EXCEPT
AS PERMITTED UNDER THE SECURITIES ACT AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM.
INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF
TIME. THE COMPANY AND THE SECURITIES INTO WHICH IT MAY BE CONVERTED MAY REQUIRE AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN
FORM, SCOPE AND SUBSTANCE TO THE COMPANY TO THE EFFECT THAT ANY SALE OR OTHER DISPOSITION IS IN COMPLIANCE WITH THE SECURITIES
ACT AND ANY APPLICABLE STATE SECURITIES LAWS.

 

GTY TECHNOLOGY HOLDINGS INC.

CONVERTIBLE PROMISSORY NOTE

 

	Principal Amount: Not to Exceed $1,000,000    	 	Dated as of August 8, 2018
	(See Schedule A)	 	 

 

FOR VALUE RECEIVED
and subject to the terms and conditions set forth herein, GTY Technology Holdings Inc., a Cayman Islands exempted company (the
“Maker”), promises to pay to the order of GTY Investors, LLC or its registered assigns or successors in interest
(the “Payee”), or order, the principal balance as set forth on Schedule A hereto in lawful money of the
United States of America; which schedule shall be updated from time to time by the parties hereto to reflect all advances and readvances
outstanding under this Note; provided that at no time shall the aggregate of all advances and readvances outstanding under this
Note exceed one million dollars ($1,000,000). Any advance hereunder shall be made by the Payee upon receipt of a written request
of the Maker and shall be set forth on Schedule A. All payments on this Note shall be made by check or wire transfer of
immediately available funds or as otherwise determined by the Maker to such account as the Payee may from time to time designate
by written notice in accordance with the provisions of this Note.

 

1. Principal.
All unpaid principal under this Note shall be due and payable in full on the earlier of (i) November 1, 2018 and (ii) the effective
date of a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination, involving
the Company and one or more businesses (the “Business Combination”) (such earlier date, the “Maturity
Date”), unless accelerated upon the occurrence of an Event of Default (as defined below). Any outstanding principal amount
to date under this Note may be prepaid at any time by the Maker, at its election and without penalty; provided, however, that Payee
shall have a right to first convert such principal balance pursuant to Section 5 below upon notice of such prepayment.

 

2. Interest.
No interest shall accrue on the unpaid balance of this Note.

 

     

     

    

 

3. Application of
Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of any sum due under
this Note, including (without limitation) reasonable attorney’s fees, then to the payment in full of any late charges and
finally to the reduction of the unpaid principal balance of this Note.

 

4. Events of Default.
The occurrence of any of the following shall constitute an event of default (“Event of Default”):

 

(a) Failure to Make
Required Payments. Failure by the Maker to pay the principal amount due pursuant to this Note within five (5) business days
of the date specified above or issue warrants pursuant to Paragraph 5 hereof, if so elected by the Payee.

 

(b) Voluntary Bankruptcy,
Etc. The commencement by the Maker of a voluntary case under any applicable bankruptcy, insolvency, reorganization, rehabilitation
or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator, assignee, trustee,
custodian, sequestrator (or other similar official) of the Maker or for any substantial part of its property, or the making by
it of any assignment for the benefit of creditors, or the failure of the Maker generally to pay its debts as such debts become
due, or the taking of corporate action by the Maker in furtherance of any of the foregoing.

 

(c) Involuntary
Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of the
Maker in an involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator,
assignee, custodian, trustee, sequestrator (or similar official) of the Maker or for any substantial part of its property, or ordering
the winding-up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period
of sixty (60) consecutive days.

 

5. Conversion 

 

(a) Optional Conversion.
At the option of the Payee, at any time on or prior to the Maturity Date, any amounts outstanding under this Note (or any portion
thereof), up to $1,000,000 in the aggregate, may be converted into warrants to purchase Class A ordinary shares of the Maker at
a conversion price (the “Conversion Price”) equal to $1.50 per whole warrant (“Warrants”).
If the Payee elects such conversion, the terms of such Warrants issued in connection with such conversion shall be identical to
the warrants issued to the Payee in the private placement that closed on November 1, 2016 (the “Private Placement Warrants”)
in connection with the Maker’s initial public offering that closed on November 1, 2016 (the “IPO”), including
that each Warrant shall entitle the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share, subject
to the same adjustments applicable to the Private Placement Warrants. Before this Note may be converted under this Section 5(a),
the Payee shall surrender this Note, duly endorsed, at the office of the Maker and shall state therein the amount of the unpaid
principal of this Note to be converted and the name or names in which the certificates for Warrants are to be issued (or the book-entries
to be made to reflect ownership of such Warrants with the Maker’s transfer agent). The conversion shall be deemed to have
been made immediately prior to the close of business on the date of the surrender of this Note and the person or persons entitled
to receive the Warrants upon such conversion shall be treated for all purposes as the record holder or holders of such Warrants
as of such date. Each such newly issued Warrant shall include a restricted legend that contemplates the same restrictions as the
Private Placement Warrants. The Warrants and Class A ordinary shares issuable upon exercise of the Warrants shall constitute “Registrable
Securities” pursuant to that certain Registration Rights Agreement, dated October 26, 2016, among the Maker, the Payee and
certain other security holders named therein.

 

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(b) Remaining Principal.
All accrued and unpaid principal of this Note that is not then converted into Warrants, shall continue to remain outstanding and
to be subject to the conditions of this Note.

 

(c) Fractional Warrants;
Effect of Conversion. No fractional Warrants shall be issued upon conversion of this Note. In lieu of any fractional Warrants
to the Payee upon conversion of this Note, the Maker shall pay to the Payee an amount equal to the product obtained by multiplying
the Conversion Price by the fraction of a Warrant not issued pursuant to the previous sentence. Upon conversion of this Note in
full and the payment of any amounts specified in this Section 5(c), this Note shall be cancelled and void without further action
of the Maker or the Payee, and the Maker shall be forever released from all its obligations and liabilities under this Note.

 

6. Remedies. 

 

(a) Upon the occurrence
of an Event of Default specified in Section 4(a) hereof, the Payee may, by written notice to the Maker, declare this Note to be
due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable thereunder, shall
become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly
waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.

 

(b) Upon the occurrence
of an Event of Default specified in Sections 4(b) or 4(c), the unpaid principal balance of this Note, and all other sums payable
with regard to this Note, shall automatically and immediately become due and payable, in all cases without any action on the part
of the Payee.

 

7. Waivers.
The Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor,
protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by
the Payee under the terms of this Note, and all benefits that might accrue to the Maker by virtue of any present or future laws
exempting any property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment,
levy or sale under execution, or providing for any stay of execution, exemption from civil process, or extension of time for payment;
and the Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ
of execution issued hereon, may be sold upon any such writ in whole or in part in any order desired by the Payee.

 

8. Unconditional
Liability. The Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement
of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other
party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or
consented to by the Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted
by the Payee with respect to the payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors,
or sureties may become parties hereto without notice to the Maker or affecting the Maker’s liability hereunder.

 

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9. Notices.
All notices, statements or other documents which are required or contemplated by this Note shall be: (i) in writing and delivered
personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission
to the address designated in writing, (ii) by facsimile to the number most recently provided to such party or such other address
or fax number as may be designated in writing by such party and (iii) by electronic mail, to the electronic mail address most recently
provided to such party or such other electronic mail address as may be designated in writing by such party. Any notice or other
communication so transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the business
day following receipt of written confirmation, if sent by facsimile or electronic transmission, one (1) business day after delivery
to an overnight courier service or five (5) days after mailing if sent by mail.

 

10. Construction.
THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED
WITHIN THE STATE OF NEW YORK.

 

11. Severability.
Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other
jurisdiction.

 

12. Trust Waiver.
Notwithstanding anything herein to the contrary, the Payee hereby waives any and all right, title, interest or claim of any kind
(“Claim”) in or to any distribution of or from the trust account established in which the proceeds of the IPO
conducted by the Maker (including the deferred underwriters discounts and commissions) and certain proceeds of the sale of the
Private Placement Warrants were deposited, as described in greater detail in the registration statement and prospectus filed with
the U.S. Securities and Exchange Commission in connection with the IPO on October 26, 2016, and hereby agrees not to seek recourse,
reimbursement, payment or satisfaction for any Claim against the trust account for any reason whatsoever.

 

13. Amendment;
Waiver. Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent of the
Maker and the Payee.

 

14. Successors
and Assigns. Subject to the restrictions on transfer in Sections 15 and 16 below, the rights and obligations of the Maker and
the Payee hereunder shall be binding upon and benefit the successors, assigns, heirs, administrators and transferees of any party
hereto (by operation of law or otherwise) with the prior written consent of the other party hereto and any attempted assignment
without the required consent shall be void.

 

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15. Transfer
of this Note or Securities Issuable on Conversion. With respect to any sale or other disposition of this Note or securities
into which this Note may be converted, the Payee shall give written notice to the Maker prior thereto, describing briefly the manner
thereof, together with (i) except for a Permitted Transfer, in which case the requirements in this clause (i) shall not apply,
a written opinion reasonably satisfactory to the Maker in form and substance from counsel reasonably satisfactory to the Maker
to the effect that such sale or other distribution may be effected without registration or qualification under any federal or state
law then in effect and (ii) a written undertaking executed by the desired transferee reasonably satisfactory to the Maker in form
and substance agreeing to be bound by the restrictions on transfer contained herein. Upon receiving such written notice, reasonably
satisfactory opinion, or other evidence, and such written acknowledgement, the Maker, as promptly as practicable, shall notify
the Payee that the Payee may sell or otherwise dispose of this Note or such securities, all in accordance with the terms of the
note delivered to the Maker. If a determination has been made pursuant to this Section 15 that the opinion of counsel for the Payee,
or other evidence, or the written acknowledgment from the desired transferee, is not reasonably satisfactory to the Maker, the
Maker shall so notify the Payee promptly after such determination has been made. Each Note thus transferred shall bear a legend
as to the applicable restrictions on transferability in order to ensure compliance with the Securities Act, unless in the opinion
of counsel for the Maker such legend is not required in order to ensure compliance with the Securities Act. The Maker may issue
stop transfer instructions to its transfer agent in connection with such restrictions. Subject to the foregoing, transfers of this
Note shall be registered upon registration on the books maintained for such purpose by or on behalf of the Maker. Prior to presentation
of this Note for registration of transfer, the Maker shall treat the registered holder hereof as the owner and holder of this Note
for the purpose of receiving all payments of principal hereon and for all other purposes whatsoever, whether or not this Note shall
be overdue and the Maker shall not be affected by notice to the contrary. For purposes hereof “Permitted Transfer”
shall have the same meaning as any transfer that would be permitted for the Private Placement Warrants under the Letter Agreement,
dated October 26, 2016, among the Maker, the Payee and the other parties thereto.

 

16. Acknowledgment.
The Payee is acquiring this Note for investment for its own account, not as a nominee or agent, and not with a view to, or for
resale in connection with, any distribution thereof. The Payee understands that the acquisition of this Note involves substantial
risk. The Payee has experience as an investor in securities of companies and acknowledges that it is able to fend for itself, can
bear the economic risk of its investment in this Note, and has such knowledge and experience in financial and business matters
that it is capable of evaluating the merits and risks of this investment in this Note and protecting its own interests in connection
with this investment.

 

[Signature Page Follows]

 

 

 

 

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IN WITNESS WHEREOF,
the Maker, intending to be legally bound hereby, has caused this Note to be duly executed by the undersigned as of the day and
year first above written.

 

	 	 	 	GTY TECHNOLOGY HOLDINGS INC.	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	By:	/s/ Harry L. You	 
	 	 	 	Name:	Harry L. You	 
	 	 	 	Title:	Chief Financial Officer	 
	 	 	 	 	 	 
	Acknowledged and agreed as of the date first above written.	 
	 	 	 	 	 	 
	GTY INVESTORS, LLC	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	By:	/s/ Harry L. You	 	 	 	 
	Name:	Harry L. You	 	 	 	 
	Title:	Manager	 	 	 	 

 

    [Signature Page
                                         to Convertible Promissory Note]

     

    

 

SCHEDULE A 

 

Subject to the terms
and conditions set forth in the Note to which this schedule is attached to, the principal balance due under the Note shall be set
forth in the table below and shall be updated from time to time to reflect all advances and readvances outstanding under the Note.

 

	Date	 	Drawing	 	Description	 	Principal Balance
	August 8, 2018	 	$200,000	 	Satisfaction of accrued fees under Administrative Services Agreement as of June 30, 2018.	 	$200,000EXHIBIT 10.01

 

 

 

 

	TERM
SHEET

 

	Consultant 	
        James Scully (“Consultant”)

         

	Position	
        Interim Chief Executive Officer (“CEO”) and principal
        accounting officer (“PAO”) (collectively the “Position”) of Neuralstem Inc. (“Company”)

         

	Effective Date	
        August 1, 2018.

         

	Base Salary	
        Consultant will earn $25,000 per calendar month (prorated for partial
        months of service) in accordance with the regular payroll practices of the Company (the “Base Pay”). Consultant
        will be required to devote his full business time, attention, skill, and best efforts to the performance of his duties for three
        (3) days per week. In addition to the Base Pay, Consultant will earn an additional $2,000 for each additional day for which he
        devotes his full business time and attention (“Daily Retainer”). Consultant will submit a monthly invoice (“Invoice”)
        containing Base Pay and itemizing any applicable Daily Retainer to the chairman of the Company’s Compensation Committee (“Chairman”).
        The Chairman will then have 5 days to review (“Review Period”) and approve any amount of Daily Retainer contained therein
        or provide any objection, in writing. In the event an objection is not made within the Review Period, the Daily Retainer amount
        will be deemed approved. In the event any amount is disputed, the undisputed amount of the Invoice will be paid pursuant to the
        Company’s normal payroll practices and Consultant and Chairman will work in good faith to resolve any such dispute. Consultant
        will also be reimbursed for reasonable, out of pocket business expenses incurred in performing his duties in accordance with the
        Company’s expense reimbursement policies then in effect.

         

	 The Term/Early Termination	
        The term shall be for six (6) months beginning August 1, 2018 and ending
        on January 31, 2018 (“Term”) unless terminated earlier, as described herein. The Company may terminate the agreement
        upon sixty (60) days written notice to Consultant. Provided that a Non-T

        ermination event has not occurred, Consultant may terminate the agreement
        with sixty (60) days written notice.

         

        If a Non-Termination event has occurred, Consultant will be required
        to complete the Term or in the event: (i) Consultant elects to cease being a service provider prior to the end of the Term, or
        (ii) Consultant is Terminated by the Company for Cause after a Non-Termination event has occurred, Consultant will be required
        to pay Liquidated Damages, as defined below.

         

	Non-Termination/Liquidated Damages	For purposes of the agreement, the exercise of the Option during the Term will constitute a Non-Termination event. For purposes of the agreement, Liquidated Damages shall be: (i) the repayment of any gain from the sale of the shares underlying the Option, or (ii) if Consultant has not sold the shares, the Company’s ability to repurchase the shares for: (a) the amount of cash paid by Consultant to purchase the shares or (b) $0.01 in the event Consultant exercised the Option via a cashless exercise. 

 

     

     

    

 

 

 

	Stock Option Grant	
        On the date hereof (“Grant Date”), the Company will issue
        Consultant an option to purchase 250,000 shares of common stock (“Options”). The Option has a term of five (5) years
        and an exercise price equal to the closing price on the Grant Date. The Option vests immediately but is subject to immediate termination
        in the event Consultant voluntarily ceases to be a service provider to the Company or is terminated by the Company for cause prior
        to the end of the Term.

         

	For Cause	“Cause” shall mean (i) Consultant’s failure (except where due to a disability), neglect, or refusal to perform in any material respect Consultant’s duties and responsibilities, (ii) any intentional or grossly negligent act of Consultant that has, or could reasonably be expected to have, the effect of injuring the business of the Company or its subsidiaries in any material respect, (iii) Consultant’s conviction of, or plea of guilty or no contest to: (x) a felony, (y) any material violation of federal or state securities laws or (z) any other criminal charge that has, or could be reasonably expected to have, a material adverse impact on the performance of Consultant’s duties to the Company or otherwise result in material injury to the business of the Company or its subsidiaries , (iv) the commission by Consultant of an act of fraud or embezzlement against the Company or its subsidiaries; (v) any material violation by Consultant of the policies of the Company or its subsidiaries , including but not limited to those relating to sexual harassment or business conduct, and those otherwise set forth in the manuals or statements of policy of the Company or its subsidiaries, or (vi)  Consultant’s breach of his employment agreement or breach of the any confidentiality agreement entered into between Consultant and the Company.

 

 

 

 

 

[SIGNATURE PAGE TO FOLLOW]

 

 

 

     

     

    

 

 

 

This is a binding term sheet that will bind both the Company and Consultant
to the terms described herein. The undersigned hereby agrees to the terms of this Term Sheet in its entirety subject to the drafting
of definitive documentation thereto.

 

	James Scully	 
	 	 	
	Signature:	 	 
	 	 	 
	Date:	 	 
	 	 	 
	 	 	 
	Neuralstem, Inc.	 
	 	 	 
	Signature:	 	 
	 	 	 
	By:	Sandford Smith	 
	 	 	 
	Its:	Chairman of the Compensation Committee	 
	 	 	 
	Date:

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