Document:

EMPLOYMENT
AGREEMENT

 

This
Employment Agreement (the “Agreement”) is made and entered into as of February 15, 2022 (the “Effective Date”),
by and between Brett Blumberg (the “Employee”) and DatChat, Inc., a Nevada corporation (the “Company”).

 

WHEREAS,
the Company desires to employ the Employee on the terms and conditions set forth herein; and

 

WHEREAS,
the Employee desires to be employed by the Company on such terms and conditions.

 

NOW,
THEREFORE, in consideration of the mutual covenants, promises and obligations set forth herein, the parties agree as follows:

 

1. Term.
The Employee’s employment hereunder shall be effective as of the Effective Date, and shall continue until the first
anniversary thereof, unless terminated earlier pursuant to Section 5 of this Agreement; provided that, on such first anniversary of the
Effective Date and each annual anniversary thereafter (such date and each annual anniversary thereof, a “Renewal Date”),
the Agreement shall be deemed to be automatically extended, upon the same terms and conditions, for successive periods of one year, unless
either party provides written notice of its intention not to extend the term of the Agreement at least thirty (30) days’ prior
to the applicable Renewal Date. The period during which the Employee is employed by the Company hereunder is hereinafter referred to
as the “Employment Term”.

 

2. Position
and Duties.

 

2.1 Position.
During the Employment Term, the Employee shall serve as the Chief Financial Officer of the Company, reporting to Chief Executive Officer
of the Company. In such position, the Employee shall have such duties, authority and responsibility as shall be determined from time
to time by the Chief Executive Officer, which duties, authority and responsibility are consistent with the Employee’s position.
Employee shall perform faithfully and diligently all duties and responsibilities to be performed and assigned to him. The Board of Directors
of the Company or the Chief Executive Officer reserves the right to modify Employee’s position and duties at any time in their
reasonable discretion.

 

2.2 Duties.
The Executive shall serve as the Chief Financial Officer of the Corporation, with such duties, responsibilities, and authority as are
commensurate and consistent with his position, and such other duties, responsibilities and authority as may be, from time to time, reasonably
assigned to him by the Board of Directors (the “Board”) or Chairman of the Board of the Corporation. In this capacity
the Executive shall be responsible to lead and manage all of the operations of the Corporation that are related to finance and capital
markets, including, but is not limited to, providing expertise in making financial plan and strategy, and working with the Corporation’s
U.S. legal counsel and auditors to implement, monitor and oversee the Corporation’s compliance with the requirements of the Sarbanes-Oxley
Act of 2002, Securities Act of the 1933, as amended, Securities Exchange Act of the 1934, and the listing rules of the Nasdaq Capital
Market and to advise the Board of the Directors with respect to the Corporation’s internal controls and procedures, including disclosure
controls and procedures.

 

3. Place
of Performance. The principal place of Employee’s employment shall be at the Company’s offices located in New Brunswick,
New Jersey or such other location as mutually agreed upon between the Company and the Employee.

 

  4. Compensation.

 

4.1 Base
Salary. During the Employment Term, the Employer shall pay to Employee an initial base salary at the annual rate of Sixty Thousand ($60,000)
Dollars as compensation for Employee’s performance of Employee’s duties hereunder, payable in equal monthly installments
(the “Base Salary”). Such Base Salary shall be made payable in accordance with the normal payroll practices
of the Employer, less required deductions for state and federal withholding tax, social security and all other employment taxes and payroll
deductions.

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4.2 Bonus.
For each twelve (12) month period of the Employment Term, the Employee shall be eligible to receive a bonus (the “Bonus”).
However, the decision to provide any Bonus and the amount and terms of any Bonus shall be in the sole and absolute discretion of the
Board of Directors of the Company. Any such Bonus shall be payable within one hundred twenty (120) days following the expiration of each
annual anniversary. Further, any such Bonus shall be payable at the Company’s sole option in stock or in cash.

 

4.3 Equity
Awards. Subject to the approval of the Compensation Committee, the Executive will be granted an option (the “Stock Options”)
to purchase up to 50,000 shares of the Corporation’s Common Stock at an exercise price equal to the closing price of the Corporation’s
Common Stock on the date of grant, under the Corporation’s 2021 Equity Incentive Plan (the “Plan”). The Option will
be subject to the terms and conditions of the Plan, as set forth in the Plan and the applicable Incentive Stock Option Agreement.

 

4.4 Employee
Benefits. During the Employment Term, the Employee shall be entitled to participate in all employee benefit plans, practices and
programs maintained by the Company, as in effect from time to time (collectively, “Employee Benefit Plans”) to the
extent consistent with applicable law and the terms of the applicable Employee Benefit Plans. The Company reserves the right to amend
or cancel any Employee Benefit Plans at any time in its sole discretion, subject to the terms of such Employee Benefit Plan and applicable
law.

 

4.5 Vacation;
Paid Time-off. During the Employment Term, the Employee shall be entitled to three (3) weeks of paid vacation days per calendar year
(prorated for partial years) in accordance with the Company’s vacation policies, as in effect from time to time. The Employee shall
receive other paid time-off in accordance with the Company’s policies for employee officers as such policies may exist from time
to time.

 

4.6 Business
Expenses. The Employee shall be entitled to reimbursement for all reasonable and necessary out-of-pocket business, entertainment
and travel expenses incurred by the Employee in connection with the performance of the Employee’s duties hereunder in accordance
with the Company’s expense reimbursement policies and procedures.

 

5. Termination
of Employment. The Employment Term and the Employee’s employment hereunder may be terminated by either the Company or the Employee
at any time and for any reason; provided that, unless otherwise provided herein, either party shall be required to give the other party
at least ten (10) days advance written notice of any termination of the Employee’s employment. Upon termination of the Employee’s
employment during the Employment Term, the Employee shall be entitled to the compensation and benefits described in this Section
5 and shall have no further rights to any compensation or any other benefits from the Company or any of its affiliates.

  

5.1 Payments
upon Termination. Upon termination of this Agreement, the Employee shall be entitled to receive:

 

(i)        any
equity award which has vested as of the Termination Date (as defined below);

 

(ii)       reimbursement
for unreimbursed business expenses properly incurred by the Employee, which shall be subject to and paid in accordance with the Company’s
expense reimbursement policy; and

 

(iii)       such
employee benefits, if any, to which the Employee may be entitled under the Company’s employee benefit plans as of the Termination
Date; provided that, in no event shall the Employee be entitled to any payments in the nature of severance or termination payments except
as specifically provided herein ((i), (ii) and (iii) collectively, the “Accrued Amounts”).

 

5.2 Death
or Disability.

 

(a) The
Employee’s employment hereunder shall terminate automatically upon the Employee’s death during the Employment Term, and the
Company may terminate the Employee’s employment on account of the Employee’s Disability.

 

(b) If
the Employee’s employment is terminated during the Employment Term on account of the Employee’s death or Disability, the
Employee (or the Employee’s estate and/or beneficiaries, as the case may be) shall be entitled to receive the Accrued Amounts.

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(c) For
purposes of this Agreement, “Disability” shall mean the Employee’s inability, due to physical or mental incapacity,
to substantially perform his duties and responsibilities under this Agreement for one hundred eighty (180) days out of any three hundred
sixty-five (365) day period or one hundred twenty (120) consecutive days. Any question as to the existence of the Employee’s Disability
as to which the Employee and the Company cannot agree shall be determined in writing by a qualified independent physician mutually acceptable
to the Employee and the Company. If the Employee and the Company cannot agree as to a qualified independent physician, each shall appoint
such a physician and those two (2) physicians shall select a third (3rd) who shall make such determination in writing. The
determination of Disability made in writing to the Company and the Employee shall be final and conclusive for all purposes of this Agreement.

 

5.3 Notice
of Termination. Any termination of the Employee’s employment hereunder by the Company or by the Employee during the Employment
Term (other than termination pursuant to Section 5.2(a) on account of the Employee’s death) shall be communicated by written notice
of termination (“Notice of Termination”) to the other party hereto in accordance with Section 20.

 

5.4 Termination
Date. The Employee’s Termination Date shall be:

 

(a) If
the Employee’s employment hereunder terminates on account of the Employee’s death, the date of the Employee’s death;

 

(b) If
the Employee’s employment hereunder is terminated on account of the Employee’s Disability, the date that it is determined
that the Employee has a Disability;

 

(c) If
the Company terminates the Employee’s employment hereunder with or without cause, the date specified in the Notice of Termination,
which shall be no less than ten (10) days following the date on which the Notice of Termination is delivered; and

 

(d) If
the Employee’s employment hereunder terminates because either party provides notice of non-renewal pursuant to Section
1, the Renewal Date immediately following the date on which the applicable party delivers notice of non-renewal.

 

5.5 Resignation
of All Other Positions. Upon termination of the Employee’s employment hereunder for any reason, the Employee agrees to resign,
effective on the Termination Date from all positions that the Employee holds as an officer of the Company or any of its affiliates.

 

6. Cooperation.
The parties agree that certain matters in which the Employee will be involved during the Employment Term may necessitate the Employee’s
cooperation in the future. Accordingly, following the termination of the Employee’s employment for any reason, to the extent reasonably
requested by the Chief Executive Officer, the Employee shall cooperate with the Company in connection with matters arising out of the
Employee’s service to the Company; provided that, the Company shall make reasonable efforts to minimize disruption of the Employee’s
other activities. The Company shall reimburse the Employee for reasonable expenses incurred in connection with such cooperation.

 

7. Confidential
Information.

 

(a) Definition.

 

For
purposes of this Agreement, “Confidential Information” includes, but is not limited to, all information not generally
known to the public, in spoken, printed, electronic or any other form or medium, relating directly or indirectly to: business processes,
practices, methods, policies, plans, publications, documents, research, operations, services, strategies, techniques, agreements, contracts,
terms of agreements, transactions, potential transactions, negotiations, pending negotiations, know-how, trade secrets, computer programs,
computer software, applications, operating systems, web design, work-in-process, databases, manuals, records, articles, systems, material,
sources of material, vendor information, financial information, results, accounting information, accounting records, legal information,
marketing information, advertising information, pricing information, credit information, payroll information, staffing information, personnel
information, employee lists, developments, reports, internal controls, security procedures, market studies, sales information, revenue,
costs, notes, communications, ideas, inventions, original works of authorship, discoveries, specifications, customer information, customer
lists, client information, and client lists of the Company or its businesses or any existing or prospective customer, investor or other
associated third party or of any other person or entity that has entrusted information to the Company in confidence.

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The
Employee understands that the above list is not exhaustive, and that Confidential Information also includes other information that is
marked or otherwise identified as confidential or proprietary, or that would otherwise appear to a reasonable person to be confidential
or proprietary in the context and circumstances in which the information is known or used.

 

The
Employee understands and agrees that Confidential Information includes information developed by him in the course of his employment by
the Company as if the Company furnished the same Confidential Information to the Employee in the first instance. Confidential Information
shall not include information that is generally available to and known by the public at the time of disclosure to the Employee; provided
that, such disclosure is through no direct or indirect fault of the Employee or person(s) acting on the Employee’s behalf.

 

(b) Company
Creation and Use of Confidential Information.

 

The
Employee understands and acknowledges that the Company has invested, and continues to invest, substantial time, money and specialized
knowledge into developing its resources, creating a customer base, generating investors and potential investor lists, training its employees,
and improving its business offerings. The Employee understands and acknowledges that as a result of these efforts, the Company has created,
and continues to use and create Confidential Information. This Confidential Information provides the Company with a competitive advantage
over others in the marketplace.

 

(c) Disclosure
and Use Restrictions.

 

The
Employee agrees and covenants: (i) to treat all Confidential Information as strictly confidential; (ii) not to directly or indirectly
disclose, publish, communicate or make available Confidential Information, or allow it to be disclosed, published, communicated or made
available, in whole or part, to any entity or person whatsoever (including other employees of the Company ) not having a need to know
and authority to know and use the Confidential Information in connection with the business of the Company and, in any event, not to anyone
outside of the direct employ of the Company except as required in the performance of the Employee’s authorized employment duties
to the Company or with the prior consent of the Chief Executive Officer acting on behalf of the Company in each instance (and then, such
disclosure shall be made only within the limits and to the extent of such duties or consent); and (iii) not to access or use any Confidential
Information, and not to copy any documents, records, files, media or other resources containing any Confidential Information, or remove
any such documents, records, files, media or other resources from the premises or control of the Company, except as required in the performance
of the Employee’s authorized employment duties to the Company or with the prior consent of the Chief Executive Officer acting on
behalf of the Company in each instance (and then, such disclosure shall be made only within the limits and to the extent of such duties
or consent). Nothing herein shall be construed to prevent disclosure of Confidential Information as may be required by applicable law
or regulation, or pursuant to the valid order of a court of competent jurisdiction or an authorized government agency, provided that
the disclosure does not exceed the extent of disclosure required by such law, regulation or order. The Employee shall promptly provide
written notice of any such order to the Chief Executive Officer.

 

The
Employee understands and acknowledges that his obligations under this Agreement with regard to any particular Confidential Information
shall commence immediately upon the Employee first having access to such Confidential Information (whether before or after he begins
employment by the Company) and shall continue during and after his employment by the Company until such time as such Confidential Information
has become public knowledge other than as a result of the Employee’s breach of this Agreement or breach by those acting in concert
with the Employee or on the Employee’s behalf. 

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8. Non-disparagement.
The Employee agrees and covenants that he will not at any time make, publish or communicate to any person or entity or in any public
forum any defamatory or disparaging remarks, comments or statements concerning the Company, the Chief Executive Officer, or any of its
employees, officers, directors and existing and prospective investors and other associated third parties. This Section 8 does
not, in any way, restrict or impede the Employee from exercising protected rights to the extent that such rights cannot be waived by
agreement or from complying with any applicable law or regulation or a valid order of a court of competent jurisdiction or an authorized
government agency, provided that such compliance does not exceed that required by the law, regulation or order. The Employee shall promptly
provide written notice of any such order to the Chief Executive Officer.

 

9. Acknowledgement.
The Employee acknowledges and agrees that the services to be rendered by his to the Company are of a special and unique character; that
the Employee will obtain knowledge and skill relevant to the Company’s industry, methods of doing business and marketing strategies
by virtue of the Employee’s employment; and that the terms and conditions of this Agreement are reasonable and reasonably necessary
to protect the legitimate business interest of the Company.

 

The
Employee further acknowledges that the amount of his compensation reflects, in part, his obligations and the Company’s rights under
Section 7 and Section 8 of this Agreement; that he has no expectation of any additional compensation, royalties or other payment of any
kind not otherwise referenced herein in connection herewith; that he will not be subject to undue hardship by reason of his full compliance
with the terms and conditions of Section 7 and Section 8 of this Agreement or the Company’s enforcement thereof.

 

10. Remedies.
In the event of a breach or threatened breach by the Employee of Section 7 and Section 8 of this Agreement, the Employee hereby consents
and agrees that the Company shall be entitled to seek, in addition to other available remedies, a temporary or permanent injunction or
other equitable relief against such breach or threatened breach from any court of competent jurisdiction, without the necessity of showing
any actual damages or that money damages would not afford an adequate remedy, and without the necessity of posting any bond or other
security. The aforementioned equitable relief shall be in addition to, not in lieu of, legal remedies, monetary damages or other available
forms of relief.

 

11. Security.

 

11.1 Security
and Access. The Employee agrees and covenants (a) to comply with all Company security policies and procedures as in force from time
to time, including without limitation, those regarding computer equipment, telephone systems, voicemail systems, facilities access, monitoring,
key cards, access codes, Company intranet, internet, social media and instant messaging systems, computer systems, e-mail systems, computer
networks, document storage systems, software, data security, encryption, firewalls, passwords and any and all other Company facilities,
IT resources and communication technologies (“Facilities Information Technology and Access Resources”); (b) not to
access or use any Facilities and Information Technology Resources except as authorized by the Company; and (iii) not to access or use
any Facilities and Information Technology Resources in any manner after the termination of the Employee’s employment by the Company,
whether termination is voluntary or involuntary. The Employee agrees to notify the Company promptly in the event he learns of any violation
of the foregoing by others, or of any other misappropriation or unauthorized access, use, reproduction or reverse engineering of, or
tampering with any Facilities and Information Technology Access Resources or other Company property or materials by others.

 

11.2 Exit
Obligations. Upon (a) voluntary or involuntary termination of the Employee’s employment or (b) the Company’s request
at any time during the Employee’s employment, the Employee shall (i) provide or return to the Company any and all Company property,
including keys, key cards, access cards, identification cards, security devices, employer credit cards, network access devices, computers,
cell phones, smartphones, PDAs, pagers, fax machines, equipment, speakers, webcams, manuals, reports, files, books, compilations, work
product, e-mail messages, recordings, tapes, disks, thumb drives or other removable information storage devices, hard drives, negatives
and data and all Company documents and materials belonging to the Company and stored in any fashion, including, but not limited to, those
that constitute or contain any Confidential Information, that are in the possession or control of the Employee, whether they were provided
to the Employee by the Company or any of its business associates or created by the Employee in connection with her employment by the
Company; and (ii) delete or destroy all copies of any such documents and materials not returned to the Company that remain in the Employee’s
possession or control, including those stored on any non-Company devices, networks, storage locations and media in the Employee’s
possession or control.

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12. Publicity.
The Employee hereby irrevocably consents to any and all uses and displays, by the Company and its agents, representatives and licensees,
of the Employee’s name, voice, likeness, image, appearance and biographical information in, on or in connection with any pictures,
photographs, audio and video recordings, digital images, websites, television programs and advertising, other advertising and publicity,
sales and marketing brochures, books, magazines, other publications, CDs, DVDs, tapes and all other printed and electronic forms and
media throughout the world, at any time during or after the period of his employment by the Company, for all legitimate commercial and
business purposes of the Company (“Permitted Uses”) without further consent from or royalty, payment or other compensation
to the Employee. The Employee hereby forever waives and releases the Company and its directors, officers, employees and agents from any
and all claims, actions, damages, losses, costs, expenses and liability of any kind, arising under any legal or equitable theory whatsoever
at any time during or after the period of his employment by the Company, arising directly or indirectly from the Company’s and
its agents’, representatives’ and licensees’ exercise of their rights in connection with any Permitted Uses.

 

13. Governing
Law: Jurisdiction and Venue. This Agreement, for all purposes, shall be construed in accordance with the laws of the State of New
York without regard to conflicts of law principles. Any action or proceeding by either of the parties to enforce this Agreement shall
be brought only in a state or federal court located in the state of New York, County of New York. The parties hereby irrevocably submit
to the exclusive jurisdiction of such courts and waive the defense of inconvenient forum to the maintenance of any such action or proceeding
in such venue.

  

14. Entire
Agreement. Unless specifically provided herein, this Agreement contains all of the understandings and representations between the
Employee and the Company pertaining to the subject matter hereof and supersedes all prior and contemporaneous understandings, agreements,
representations and warranties, both written and oral, with respect to such subject matter. The parties mutually agree that the Agreement
can be specifically enforced in court and can be cited as evidence in legal proceedings alleging breach of the Agreement.

 

15. Modification
and Waiver. No provision of this Agreement may be amended or modified unless such amendment or modification is agreed to in writing
and signed by the Employee and by the President of the Company. No waiver by either of the parties of any breach by the other party hereto
of any condition or provision of this Agreement to be performed by the other party hereto shall be deemed a waiver of any similar or
dissimilar provision or condition at the same or any prior or subsequent time, nor shall the failure of or delay by either of the parties
in exercising any right, power or privilege hereunder operate as a waiver thereof to preclude any other or further exercise thereof or
the exercise of any other such right, power or privilege.

 

16. Severability.
Should any provision of this Agreement be held by a court of competent jurisdiction to be enforceable only if modified, or if any portion
of this Agreement shall be held as unenforceable and thus stricken, such holding shall not affect the validity of the remainder of this
Agreement, the balance of which shall continue to be binding upon the parties with any such modification to become a part hereof and
treated as though originally set forth in this Agreement. Upon such determination that any term or other provision is invalid, illegal
or unenforceable, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the
parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally
contemplated to the greatest extent possible.

 

17. Captions.
Captions and headings of the sections and paragraphs of this Agreement are intended solely for convenience and no provision of this Agreement
is to be construed by reference to the caption or heading of any section or paragraph.

 

18. Counterparts.
This Agreement may be executed in separate counterparts, each of which shall be deemed an original, but all of which taken together shall
constitute one and the same instrument.

 

19. Successors
and Assigns. This Agreement is personal to the Employee and shall not be assigned by the Employee. Any purported assignment by the
Employee shall be null and void from the initial date of the purported assignment. The Company may assign this Agreement to any successor
or assign (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or
assets of the Company. This Agreement shall inure to the benefit of the Company and permitted successors and assigns.

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20. Notice.
Notices and all other communications provided for in this Agreement shall be in writing and shall be delivered personally or sent by
registered or certified mail, return receipt requested, or by overnight carrier to the parties at the addresses set forth below (or such
other addresses as specified by the parties by like notice):

 

If
to the Company:

 

DatChat,
Inc.

65
Church Street

2nd Floor

New
Brunswick, NJ 08901

Attn:
Darin Myman, Chief Executive Officer

 

If
to the Employee:

 

Brett
Blumberg

72
Stanford Court

Wantagh,
NY 11793

 

21. Representations
of the Employee. The Employee represents and warrants to the Company that:

 

21.1 The
Employee’s acceptance of employment with the Company and the performance of his duties hereunder will not conflict with or result
in a violation of, a breach of, or a default under any contract, agreement or understanding to which he is a party or is otherwise bound.

 

21.2 The
Employee’s acceptance of employment with the Company and the performance of his duties hereunder will not violate any non-solicitation,
non-competition or other similar covenant or agreement of a prior employer.

 

22. Withholding.
The Company shall have the right to withhold from any amount payable hereunder any Federal, state and local taxes in order for the Company
to satisfy any withholding tax obligation it may have under any applicable law or regulation.

 

23. Survival.
Upon the expiration or other termination of this Agreement, the respective rights and obligations of the parties hereto shall survive
such expiration or other termination to the extent necessary to carry out the intentions of the parties under this Agreement.

 

24. Further
Assurances. Each party to this Agreement shall execute all instruments and documents and take all actions as may be reasonably required
to effectuate this Agreement

 

25. Acknowledgment
of Full Understanding. THE EMPLOYEE ACKNOWLEDGES AND AGREES THAT HE HAS FULLY READ, UNDERSTANDS AND VOLUNTARILY ENTERS INTO THIS
AGREEMENT. THE EMPLOYEE ACKNOWLEDGES AND AGREES THAT HE HAS HAD AN OPPORTUNITY TO ASK QUESTIONS AND CONSULT WITH AN ATTORNEY OF HIS CHOICE
BEFORE SIGNING THIS AGREEMENT.

 

[SIGNATURE
PAGE FOLLOWS]

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	CORPORATION:	 
	 	 
	DatChat,
    Inc.	 
	 	 
	 	 
	By:
    Darin Myman	 
	Title:
    Chief Executive Officer	 
	 	 
	EXECUTIVE:	 
	 	 
	 	 
	By:
Brett Blumberg	 

-8-PROMISSORY NOTE

 

PROMISSORY NOTE

 

 

	$250,000

	San Diego, California

	Dated: February 10, 2022

 

FOR VALUE RECEIVED, the undersigned, Axim Biotechnologies, Inc., a Nevada corporation (“Debtor”), promises to pay to the order of [INVESTOR], a [________________________], or order (“Holder”), at the corporate offices of Holder, or such other place as Holder may designate, the principal amount of Two Hundred Fifty Thousand and 00/100 Dollars ($250,000), together with interest on the unpaid principal balance from time to time outstanding, computed on the basis of a three hundred sixty (360) day year and compounded on a yearly basis at the rate of One and One-Half Percent (1.5%) per annum (the “Interest Rate”). 

 

1.Payment of Principal and Interest.  Interest upon this Promissory Note (the “Note” or “Promissory Note”) shall accrue at the Interest Rate until maturity of March 10, 2022 at which time all interest and principal shall be due and payable. Notwithstanding the foregoing, this Note is payable upon demand which may be made at any time by Holder. 

  

2.Prepayment.  Debtor shall be permitted to prepay this Note, in whole, but not in part, without the consent of Holder and without penalty.  

 

3.Event of Default.  Each of the following shall constitute an Event of Default under this Note: 

(a) Debtor fails to make any payment when due. 

 

(b)Upon any assignment by Debtor for the benefit of creditors, or filing by or against Debtor of a petition in bankruptcy, or adjudication of Debtor as bankrupt or insolvent, or filing by or against Debtor of any petition or answer seeking for Debtor any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation, or filing any answer admitting or failing to deny the material allegations of a petition filed against it for any such relief, or seeking or consenting to or acquiescing in the appointment of any trustee, receiver or liquidator of itself or of all or any substantial part of its properties, or its directors or stockholders taking any action looking to its dissolution or liquidation. 

 

4.Holder's Rights.  Upon an Event of Default, Holder may declare the entire unpaid principal balance on this Note together with interest on any unpaid balance immediately due, without notice, and then Debtor will pay that amount. 

 

If any Event of Default occurs, neither the failure of Holder to promptly exercise its right to declare the outstanding principal of and accrued and unpaid interest on this Note to be immediately due and payable, nor the failure of Holder to exercise any other right or remedy that it may have for default, nor the acceptance by Holder of late payments, nor the failure of Holder to demand strict performance of any obligation of Debtor hereunder, shall constitute a waiver of any such rights while such default continues, nor a waiver of such rights in connection with any future default on the part of Debtor.  Furthermore, acceptance by Holder of partial payments following due acceleration of the indebtedness evidenced hereby shall not constitute a waiver by Holder of the acceleration of such indebtedness.  

5.Sale, Assignment or Transfer of Note.  The Holder of this Note may not sell, assign, transfer, pledge or hypothecate this Note without the Debtor's prior consent.   

- 1 - 

 

6.Maximum Rate.  All agreements which either are now or which shall become agreements between Debtor and Holder are expressly limited so that in no contingency or event whatever, whether by reason of deferment or advancement of the indebtedness represented by this Note, acceleration of the maturity date of this Note, or otherwise, shall the amount paid or agreed to be paid to Holder for the use, forbearance or detention of the indebtedness evidenced by this Note exceed the maximum amount of interest permissible under applicable law.  If at any time, from any circumstance whatsoever, fulfillment of any provision of this Note or any other agreement between Debtor and Holder shall result in or involve payments or performance which would exceed the maximum legal interest rate, then ipso facto, the obligation to be fulfilled shall be reduced so as not to exceed such maximum legal interest rate. 

 

7.Waiver.  No delay or omission on the part of any holder hereof in exercising any right or option herein given to such holder shall impair such right or option to be considered as a waiver thereof or acquiescence in any default hereunder.  Debtor hereby waives any applicable statute of limitations, presentment, demand for payment, protest and notice of dishonor. 

 

8.Attorney’s Fees.  In the event of any dispute, action, or other proceeding brought by either party against the other under this Note, the prevailing party shall be entitled to recover all costs and expenses incurred in connection with such dispute, action, or other proceeding, including, without limitation, the fees and costs of its attorneys, whether or not such dispute, action, or other proceeding proceeds to formal resolution or judgment. 

 

9.Cumulative.  Holder's rights and remedies under this Note and applicable law shall be cumulative and not in the alternative. 

 

10.Governing Law and Venue.  This Note is and shall be governed by and construed and enforced in accordance with the laws of the State of California without application of conflict of laws principles. Sole and proper venue and jurisdiction for any dispute arising out of or relating to this Note shall be San Diego County Superior Court in San Diego, California.  

 

11.Successors.  The provisions of this Note shall inure to the benefit of Holder's successors and assigns, and are binding on Debtor's successors. 

 

12.Time of Essence.  Time is of the essence under this to Note. 

 

13.Severability.  Should any one or more of the provisions of this Note be determined to be illegal or unenforceable, such provision(s) shall (i) be modified to the minimum extent necessary to render it valid and enforceable, or (ii) if it cannot be so modified, be deemed not to be a part of this Note and shall not affect the validity or enforceability of the remaining provisions. 

 

 

 

 

[Remainder of Page Intentionally Left Blank, Signature Page to Follow]

 

 

 

 

 

 

  

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IN WITNESS WHEREOF the parties have entered into this Note as of the date first above written.

 

	DEBTOR:

	HOLDER:

	 

	 

	Axim Biotechnologies, Inc.,

	[________________________],

	a Nevada corporation

	a [__________________]

 

 

	 

	 

	 

	 

	By:

	 

	By:

	 

	 

	Robert T. Malasek, CFO

	 

	 

	 

	 

	 

	 

- 3 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00340-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00340-of-00352.parquet"}]]