Document:

Exhibit 4.1

 

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE.  THEY MAY NOT BE SOLD, OFFERED FOR
SALE, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF A REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO SUCH
SECURITIES UNDER SUCH ACT AND QUALIFICATION UNDER APPLICABLE STATE SECURITIES LAWS, OR AN OPINION OF COUNSEL SATISFACTORY TO THE
MAKER THAT SUCH REGISTRATION AND QUALIFICATION IS NOT REQUIRED.

 

 

BIOHITECH GLOBAL, INC.

[______________]

SUBORDINATED CONVERTIBLE PROMISSORY NOTE

 

	$25,000 	_______________, 201(__)

 

FOR VALUE RECEIVED, BioHiTech Global, Inc.
(the “Maker”) hereby promises to pay to the order of Tusk Ventures LLC or its successors or assigns (the “Holder”)
the principal amount of Twenty-Five Thousand Dollars ($25,000) (the “Principal Amount”).  This Subordinated
Convertible Promissory Note shall be referred to herein as the “Note”. This Note is made and delivered by the Maker
to the Holder as of the date first written above (the “Original Issue Date”). This Note is subordinate to a series
of notes issued in connection with a private placement offing by the Maker dated November 10, 2015, as amended (the “2015
Offering”).

 

1.           Advances.  This
Note is made and delivered by the Maker to the Holder as of the date first written above (the “Original Issue Date”)
pursuant to the terms of a Consulting Services Agreement between the Maker and the Holder dated July 19, 2016 (the “Consulting
Agreement”). 

 

2.           Interest.  Simple
interest on the Principal Amount from time-to-time remaining unpaid shall accrue from the date of this Note at the rate of eight
percent (8%) per annum.  Interest shall be computed on the basis of a 360 day year and a 30 day month. Interest shall
be paid, at the Maker’s option, in cash, or in shares of Maker’s Common Stock or in a mix of both, as further specified
herein.

 

3.           Maturity
Date.  All amounts, including principal and interest, payable hereunder shall be due and payable on the earliest
to occur of (i) twenty four (24) months from the Original Issuance Date (the “Calendar Due Date”), (ii) the listing
(the “Listing”) of the Maker’s Common Stock on The Nasdaq Stock Market or NYSE MKT (each, a “National Exchange”),
or (iii) a Change of Control (as defined below). Such date shall be referred to herein as the “Maturity Date”.

 

4.           Methods
of Repayment.

 

4.1           Mandatory
Conversion at Maturity.  On the Maturity Date, all amounts payable hereunder (except for interest, which is subject
to payment in accordance with Section 4.3 of this Note) shall be repaid with shares of the Maker’s Common Stock in accordance
with the terms of Section 5.1 of this Note.

 

4.2           Optional
Conversion prior to Maturity.  Prior to the Maturity Date, all or a portion of the principal payable hereunder, along
with a proportional amount of all other amounts then payable under the Note (except for interest, which is subject to payment in
accordance with Section 4.3 of this Note), may from time to time, at the sole option of the Holder, be repaid with shares of the
Maker’s Common Stock in accordance with the terms of Section 5.2 of this Note. Each date of such an optional conversion shall
be referred to herein as an “Optional Conversion Date”.

 

4.3           Method
of Interest Payment. Interest payable hereunder shall be paid on the earlier of the Maturity Date or the Optional Conversion
Date of the outstanding principal amount of the Note as to which such interest has accrued. Such payment may be made in cash, in
shares of the Maker's Common Stock, or in a mixture of both, at the election of the Maker. If the Maker elects to pay any portion
of the interest in shares, such shares will be converted in accordance with Section 5.3 of this Note.

 

     

     

    

 

4.4           
No Prepayment Right.  All amounts payable hereunder shall be repaid on the Maturity Date or on one or more Optional
Conversion Dates.

 

5.           Conversion
of Note.  The following provisions shall govern the conversion into shares of Common Stock of any and all amounts
due under this Note.

 

5.1           Mandatory
Conversion at Maturity.  On the Maturity Date, all amounts payable hereunder (except for interest, which shall be
paid in accordance with Section 5.3 of this Note) shall be paid in shares of the Maker’s Common Stock at a conversion price
(the “Mandatory Principal Conversion Price”) equal to the lowest of: (i) $3.75 (the “Closing Price”), (ii)
the Listing Price (as defined below), (iii) the Public Offering Price (as defined below), (iv) the Private Offering Price (as defined
below), or (v) the Change of Control Price (as defined below).  The “Listing Price” means the lower of the
opening and closing National Exchange prices (as appropriately adjusted to reflect stock dividends, stock splits, combinations,
recapitalizations and the like with respect to the Maker’s capital stock after the date hereof) on such day that the Maker’s
Common Stock is first traded on a National Exchange. The “Public Offering Price” means the price per share (as appropriately
adjusted to reflect stock dividends, stock splits, combinations, recapitalizations and the like with respect to the Maker’s
capital stock after the date hereof) paid by public investors in an underwritten public offering conducted in connection with the
Listing, without regard to any underwriting discount or other offering expense. The “Private Offering Price” means
the means the lowest price per share (as appropriately adjusted to reflect stock dividends, stock splits, combinations, recapitalizations
and the like with respect to the Maker’s capital stock after the date hereof) paid by investors in any private equity, equity-linked
or debt financing (other than the 2015 Offering) conducted after the date hereof prior to the Listing, without regard to any broker’s
fee or other offering expense. The “Change of Control Price” means the per-share consideration (as appropriately adjusted
to reflect stock dividends, stock splits, combinations, recapitalizations and the like with respect to the Maker’s capital
stock after the date hereof) paid in the Change of Control.

 

5.2           Optional
Conversion prior to Maturity.  On each Optional Conversion Date, if any, all principal to be repaid on such date, along
with a proportional amount of all other amounts then payable under the Note (except for interest, which shall be paid in accordance
with Section 5.3 of this Note) shall be paid in shares of the Maker’s Common Stock at a conversion price (the “Optional
Principal Conversion Price”) equal to the Closing Price.

 

5.3           Conversion
of Interest. On the Maturity Date and on each Optional Conversion Date, if any, the portion of the interest then payable hereunder
that the Maker elects to pay in shares, if any, shall be paid in shares of the Maker’s Common Stock at a conversion price
(the “Interest Conversion Price”) equal to the closing public market price (as appropriately adjusted to reflect stock
dividends, stock splits, combinations, recapitalizations and the like with respect to the Maker’s capital stock after the
date hereof) of the Maker’s Common Stock on the Trading Day immediately prior to the date of Maturity or such Optional Conversion
Date, as applicable.

 

5.4           Conversion
Rate.  The number of shares of Common Stock issuable upon conversion pursuant to Sections 5.1, 5.2 or 5.3 shall be
determined by dividing (x) the Principal Amount (plus other amounts payable) and the amount accrued interest, as the case may be,
to be paid (the “Conversion Amount”) by (y) the Mandatory Principal Conversion Price, the Optional Principal Conversion
Price or the Interest Conversion Price, as applicable.

 

5.5           No
Fractional Shares.  The Maker shall not issue any fraction of a share of Common Stock upon any conversion.  If
the issuance would result in the issuance of a fraction of a share of Common Stock, the Maker shall round up such fraction of a
share of Common Stock to the nearest whole share.  The Maker shall pay any and all transfer, stamp and similar taxes
that may be payable with respect to the issuance and delivery of Common Stock upon conversion.

 

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5.6           Mechanics
of Conversion. Within 20 days of the Maturity Date and
each Optional Conversion Date, if any, the Maker shall transmit to the Holder the number of shares of Common Stock representing
full repayment of the Conversion Amount being made on such date, and cash to the extent interest due on such date is being paid
in cash, together with an explanation of the calculation of the share and cash amounts being transmitted.  Upon receipt
of such items, the Holder shall surrender this Note to a common carrier for delivery to the Maker as soon as practicable on or
following such date (and shall execute an indemnification undertaking with respect to this Note in the case of its loss, theft
or destruction).  The person or persons entitled to receive the shares of Common Stock issuable upon a conversion of
this Note shall be treated for all purposes as the record holder or holders of such shares of Common Stock on the Maturity Date
or Optional Conversion Date, as applicable.

 

5.7           Reservation
of Common Stock. Until the Notes are paid in full, the Maker shall at all times keep reserved for issuance under this Note
such number of shares of Common Stock as shall be necessary to satisfy the Maker’s obligation to issue shares of Common Stock
hereunder assuming all amounts payable under this Note shall be paid in shares of Common Stock (without regard to any limitation
otherwise contained herein with respect to the number of shares of Common Stock that may be acquirable upon exercise of this Note).  If,
notwithstanding the foregoing, and not in limitation thereof, at any time any of the Notes remain outstanding, the Maker does not
have a sufficient number of authorized and unreserved shares of Common Stock (the “Required Reserve Amount”) to satisfy
its obligation set forth in this Section 5.7 (such failure, an “Authorized Share Failure”), then the Maker shall immediately
take all action necessary to increase the Maker’s authorized shares of Common Stock to an amount sufficient to allow the
Maker to maintain the Required Reserve Amount for all the Notes then outstanding.  Without limiting the generality of
the foregoing sentence, as soon as practicable after the date of the occurrence of an Authorized Share Failure, but in no event
later than 60 days after the occurrence of such Authorized Share Failure, the Maker shall, to the extent necessary or advisable
in order to cure sure Authorized Share Failure, hold a meeting of its shareholders for the approval of an increase in the number
of authorized shares of Common Stock, in connection with such meeting, provide each shareholder with a proxy statement, and use
its best efforts to solicit its shareholders’ approval of such increase in authorized shares of Common Stock and to cause
its board of directors to recommend to the shareholders that they approve such increase.

 

5.8           Adjustments.  The
applicable Conversion Price and number and kind of shares or other securities to be issued upon conversion determined pursuant
to Section 5 hereof, shall be subject to adjustment from time to time upon the happening of certain events while the Maker’s
conversion obligations remain outstanding, as follows:

 

5.8.1           Merger,
Sale of Assets, etc.  If the Maker at any time shall consolidate with or merge into or sell or convey all or substantially
all of its assets to any other entity, this Note, as to the unpaid Principal Amount thereof and other payments and interest accrued
thereon, shall thereafter be deemed to evidence the right to purchase such number and kind of shares or other securities and property
as would have been issuable or distributable on account of such consolidation, merger, sale or conveyance, upon or with respect
to the securities subject to the conversion or purchase right immediately prior to such consolidation, merger, sale or conveyance.  The
foregoing provision shall similarly apply to successive transactions of a similar nature by any such successor or purchaser.  Without
limiting the generality of the foregoing, the anti-dilution provisions of this Section 5.8 shall apply to such securities of such
successor or purchaser after any such consolidation, merger, sale or conveyance.

 

5.8.2           Reclassification,
etc.  If the Maker at any time shall, by reclassification or otherwise, change the Common Stock into the same or
a different number of securities of any class or classes that may be issued or outstanding, this Note, as to the unpaid Principal
Amount thereof and other payments and interest accrued thereon, shall thereafter be deemed to evidence the right to purchase an
adjusted number of such securities and kind of securities as would have been issuable as the result of such change with respect
to the Common Stock immediately prior to such reclassification or other change.

 

5.8.3           Notice
of Adjustment.  Whenever the applicable Conversion Price is adjusted pursuant to this Section 5.8, the Maker shall
promptly mail to the Holder a notice setting forth the applicable Conversion Price after such adjustment and setting forth a statement
of the facts requiring such adjustment.

 

6.           Registration;
Book-Entry. The Maker shall maintain a register (the “Register”) for the recordation of the names and addresses
of the holders of each Note and the Principal Amount of the Notes held by such holders (the “Registered Notes”).  The
entries in the Register shall be conclusive and binding for all purposes absent manifest error, and to that extent the Maker and
the holders of the Notes shall treat each person whose name is recorded in the Register as the owner of a Note for all purposes,
including, without limitation, the right to receive payments of the Principal Amount and interest, if any, hereunder, notwithstanding
notice to the contrary.  A Registered Note may be assigned or sold in whole or in part only in accordance with the terms
of Section 12.3 of this Note and by registration of such assignment or sale on the Register.

 

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7.           Defaults;
Remedies.

 

7.1           Events
of Default.  The occurrence of any one or more of the following events shall constitute an event of default hereunder
(each, an “Event of Default”):

 

7.1.1           The
Maker fails to make any payment when due under this Note;

 

7.1.2           The
Maker fails to observe and perform any of its covenants or agreements on its part to be observed or performed under the Purchase
Agreement of the 2015 Offering and such failure shall continue for more than 30 days after notice of such failure has been delivered
to the Maker by the holders of the 2015 Offering notes;

 

7.1.3           The
Maker admits in writing its inability to pay its debts generally as they become due, files a petition in bankruptcy or a petition
to take advantage of any insolvency act, makes an assignment for the benefit of its creditors, or consents to the appointment of
a receiver of itself or of the whole or any substantial part of its property, or has a petition filed against it be adjudicated
a bankrupt, or files a petition or answer seeking reorganization or arrangement under the federal bankruptcy laws or any other
applicable law or statute of the United States of America or any State thereof;

 

7.1.4           A
court of competent jurisdiction enters an order, judgment, or decree appointing, without the consent of the Maker, a receiver of
the Maker or of the whole or any substantial part of its property, or approving a petition filed against the Maker seeking reorganization
or arrangement of the Maker under the federal bankruptcy laws or any other applicable law or statute of the United States of America
or any State thereof, and such order, judgment, or decree shall not be vacated or set aside or stayed within 60 days from the date
of entry thereof;

 

7.1.5          Any
court of competent jurisdiction assumes custody or control of the Maker or of the whole or any substantial part of its property
under the provisions of any other law for the relief or aid of debtors, and such custody or control is not terminated or stayed
within 60 days from the date of assumption of such custody or control;

 

7.1.6.          This
Note ceases to be, or is asserted by the Maker not to be, a legal, valid and binding obligation of the Maker enforceable in accordance
with its terms;

 

7.1.7           A
judgment or judgments for the payment of money aggregating in excess of $250,000 are rendered against the Maker which judgments
are not, within 60 days after the entry thereof, bonded, discharged or stayed pending appeal, or are not discharged within 60 days
after the expiration of such stay; provided, however, that any judgment which is covered by insurance or an indemnity from a creditworthy
party shall not be included in calculating the $250,000 amount set forth above so long as the Maker certifies that it has not received
a written statement from such insurer or indemnity provider denying such coverage (which written statement shall be reasonably
satisfactory to the Holder) and if the Maker will receive the proceeds of such insurance or indemnity within 30 days of the issuance
of such judgment;

 

7.1.8         A
default by the Maker occurs under one or more obligations in an aggregate monetary amount in excess of $250,000 for more than 30
days after the applicable due dates, unless the Maker is contesting the validity of each such obligation in good faith and has
segregated cash funds equal to not less than one-half of the disputed amount;

 

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7.1.9         The
Maker fails to deliver the shares of Common Stock to the Holder pursuant to and in the form required by this Note or, if required,
a replacement Note, more than five Business Days after the required delivery date of such Common Stock or replacement Note;

 

7.1.10         The
Maker fails to have reserved for issuance upon conversion of this Note the amount of Common Stock set forth in this Note.

 

7.2           Notice
by the Maker.  The Maker shall notify the Holder in writing as soon as reasonably practicable but in no event more
5 Business Days after the occurrence of any Event of Default of which the Maker acquires knowledge.

 

7.3           Remedies.  Upon
the occurrence of any Event of Default, all sums due and payable to the Holder under this Note shall, at the option of the Holder,
become due and payable immediately without presentment, demand, notice of nonpayment, protest, notice of protest, or other notice
of dishonor, all of which are hereby expressly waived by the Maker.  Any payment under this Note (i) not paid within
10 days following the Calendar Due Date or (ii) due immediately following acceleration by the Holder shall bear interest at the
rate of 15% from such Calendar Due Date or acceleration, as applicable, until paid, subject to Section 7.5.  To the extent
permitted by law, the Maker waives any right to and stay of execution and the benefit of all exemption laws now or hereafter in
effect.  In addition to the foregoing, upon the occurrence of any Event of Default, the Holder may forthwith exercise
singly, concurrently, successively, or otherwise any and all rights and remedies available to the Holder at law, in equity, or
otherwise.

 

7.4           Remedies
Cumulative, etc.  No right or remedy conferred upon or reserved to the Holder under this Note, or now or hereafter
existing at law or in equity or otherwise, is intended to be exclusive of any other right or remedy, and each and every such right
or remedy shall be cumulative and concurrent, and shall be in addition to every other such right or remedy, and may be pursued
singly, concurrently, successively, or otherwise, at the sole discretion of the Holder, and shall not be exhausted by any one exercise
thereof but may be exercised as often as occasion therefor may occur.  No act of the Holder shall be deemed or construed
as an election to proceed under any one such right or remedy to the exclusion of any other such right or remedy; furthermore, each
such right or remedy of the Holder shall be separate, distinct, and cumulative and none shall be given effect to the exclusion
of any other.

 

7.5           Usury
Compliance.  All agreements between the Maker and the Holder are expressly limited, so that in no event or contingency
whatsoever, whether by reason of the consideration given with respect to this Note, the acceleration of maturity of the unpaid
Principal Amount and interest thereon, or otherwise, shall the amount paid or agreed to be paid to the Holder for the use, forbearance,
or detention of the indebtedness which is the subject of this Note exceed the highest lawful rate permissible under the applicable
usury laws.  If, under any circumstances whatsoever, fulfillment of any provision of this Note shall involve transcending
the highest interest rate permitted by law which a court of competent jurisdiction deems applicable, then the obligations to be
fulfilled shall be reduced to such maximum rate, and if, under any circumstances whatsoever, the Holder shall ever receive as interest
an amount that exceeds the highest lawful rate, the amount that would be excessive interest shall be applied to the reduction of
the unpaid Principal Amount under this Note and other amounts (excluding interest) owed in respect of this Note, and not to the
payment of interest, or, if such excessive interest exceeds the unpaid balance of the Principal Amount under this Note and such
other amounts (excluding interest), such excess shall be refunded to the Maker.  This provision shall control every other
provision of all agreements between the Maker and the Holder.

 

8.           Replacement
of Note.  Upon receipt by the Maker of evidence satisfactory to it of the loss, theft, destruction, or mutilation
of this Note and (in case of loss, theft, or destruction) of indemnity satisfactory to it, and upon surrender and cancellation
of this Note, if mutilated, the Maker will make and deliver a new Note of like tenor in lieu of this Note.

 

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9.           Maker’s
Covenants and Agreements.

 

9.1           Restricted
Payments.  The Maker shall not, and the Maker shall not permit any of its subsidiaries (if any) to, directly or indirectly,
redeem, defease, repurchase, repay or make any payments in respect of, by the payment of cash or cash equivalents (in whole or
in part, whether by way of open market purchases, tender offers, private transactions or otherwise), all or any portion of any
capital stock or all or any portion of any indebtedness, whether by way of payment in respect of principal of, interest on or premium
or any other amount due in connection with, such indebtedness if at the time such payment is due or is otherwise made or, after
giving effect to such payment, an event constituting, or that with the passage of time and without being cured would constitute,
an Event of Default has occurred and is continuing.

 

9.2           Valid
Issuance of Securities.  The Maker covenants that the securities issuable upon the conversion of this Note will,
upon conversion of this Note, be validly issued, fully paid and non-assessable and free from all taxes, liens and charges in respect
of the issue thereof.

 

9.3           Timely
Notice.  The Maker shall give the Holder at least 10 days’ advance written notice prior to the closing of a
Change of Control, provided that the Holder agrees to be bound by any applicable confidentiality agreement or agreements the Maker
shall deem necessary or appropriate.

 

 

10.            Certain
Definitions.

 

10.1           
“Business Day” means any day that is not a Saturday, Sunday, federal holiday or bank holiday in any jurisdiction
in which the Maker holds a substantial portion of its assets.

 

10.2           “Change
of Control” means any liquidation, dissolution, or winding up of the Maker, either voluntary or involuntary, and shall
be deemed to be occasioned by, or to include, (i) the acquisition of the Maker by another entity by means of any transaction or
series of related transactions (including, without limitation, any stock acquisition, reorganization, merger or consolidation)
unless the Maker’s shareholders of record as constituted immediately prior to such acquisition or sale will, immediately
after such acquisition or sale (by virtue of securities issued as consideration for the Maker’s acquisition or sale or otherwise)
hold at least a majority of the voting power of the surviving or acquiring entity or its direct or indirect parent entity (except
that any bona fide equity or debt financing transaction for capital raising purposes shall not be deemed a Change of Control for
this purpose) and (ii) a sale, exclusive license or other disposition of all or substantially all of the assets of the Maker, including
a sale, exclusive license or other disposition of all or substantially all of the assets of one or more of the Maker’s subsidiaries,
if such assets constitute substantially all of the assets of the Maker and such subsidiaries taken as a whole.

10.3           
“Conversion Price” means either the Principal Conversion Price or Interest Conversion Price, as applicable.

 

10.4           
“Trading Day” means a day on
which any of the following markets or exchanges on which the Common Stock is listed or quoted is open for trading: the New York
Stock Exchange, the NYSE MKT, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the OTCQB marketplace
or the OTCQX marketplace (or any successors to any of the foregoing).

 

11.           Amendments,
Waivers, and Consents.

 

11.1           Amendment
and Waiver by the Holders.  This Note, may be amended, modified, or supplemented, and waivers or consents to departures
from the provisions thereof may be given, if the Maker and the Holder consent to the amendment.  Such consent may not
be effected orally, but only by a signed statement in writing.  Any such amendment or waiver shall apply to and be binding
upon the Holder of this Note, upon each future holder of this Note, and upon the Maker, whether or not this Note shall have been
marked to indicate such amendment or waiver.  No such amendment or waiver shall extend to or affect any obligation not
expressly amended or waived or impair any right consequent thereon.

 

11.2            Severability.  In
the event that for any reason one or more of the provisions of this Note or their application to any person or circumstance shall
be held to be invalid, illegal, or unenforceable in any respect or to any extent, such provision shall nevertheless remain valid,
legal, and enforceable in all other respects and to such extent as may be permissible.  In addition, any such invalidity,
illegality, or unenforceability shall not affect any other provisions of this Note, but this Note shall be construed as if such
invalid, illegal, or unenforceable provision had never been contained herein.

 

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11.3              Assignment;
Binding Effect.  The Maker may not assign its obligations under this Note without the prior written consent of the
Holder.  Any attempted assignment in violation of this Section 11.3 shall be null and void.  Subject to the
foregoing, this Note inures to the benefit of the Holder and its successors and assigns, and binds the Maker and its successors
and permitted assigns, and the words “Holder” and “Maker” whenever occurring herein shall be deemed and
construed to include such respective successors and assigns.

 

11.4              Notices
Generally.  All notices, demands, requests, consents, approvals and other communications required or permitted hereunder
must be in writing and will be effective upon receipt. Such notices and other communications may be hand delivered, sent by first
class mail, sent by electronic transmission with confirmation of delivery and a copy sent by first class mail, or sent by nationally
recognized overnight courier service, to the addresses for Holder and Maker set forth below or to such other address as either
may give to the other in writing for such purpose. If a notice is sent via first class mail, it will be deemed to have been received
two days after being deposited in the mail. If a notice is sent by nationally recognized overnight courier service, it will be
deemed to have been received one day after being deposited with such courier service.

 

Notices to Maker:

BioHiTech Global, Inc.

80 Red Schoolhouse Rd.

Chestnut Ridge, NY 10977

Attention:Chief Executive Officer –
Frank E. Celli

With copy to:Chief Financial Officer BioHitech
Global, Inc. (at the address above)

 

Notices to Holder:

Tusk Ventures LLC

251 Park Avenue South, 8th Floor

New York, NY 10010

Attention: Marla Tusk

With a copy to: Brian Wilson

 

11.5              Governing
Law; Jurisdiction; Jury Trial. This Note shall be construed and enforced in accordance with, and all questions concerning the
construction, validity, interpretation and performance of this Note shall be governed by, the internal laws of the State of New
York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any
other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of New York.  The
Maker hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in The City of New York,
Borough of Manhattan, for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated
hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim
that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an
inconvenient forum or that the venue of such suit, action or proceeding is improper.  The Maker 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
to such party at the address it set forth on the signature page hereto 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 manner permitted by law.  In the event that any provision of this Note is invalid or unenforceable under
any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith
and shall be deemed modified to conform to such statute or rule of law.  Any such provision which may prove invalid or
unenforceable under any law shall not affect the validity or enforceability of any other provision of this Note.  Nothing
contained herein shall be deemed or operate to preclude the Holder from bringing suit or taking other legal action against the
Maker in any other jurisdiction to collect on the Maker’s obligations to the Holder, to realize on any collateral or any
other security for such obligations, or to enforce a judgment or other court ruling in favor of the Holder.  THE MAKER
HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER
OR IN CONNECTION WITH OR ARISING OUT OF THIS NOTE OR ANY TRANSACTION CONTEMPLATED HEREBY.  This Note shall be deemed
an unconditional obligation of Maker for the payment of money and, without limitation to any other remedies of Holder, may be enforced
against Maker by summary proceeding pursuant to New York Civil Procedure Law and Rules Section 3213 or any similar rule or statute
in the jurisdiction where enforcement is sought.  For purposes of such rule or statute, any other document or agreement
to which Holder and Maker are parties or which Maker delivered to Holder, which may be convenient or necessary to determine Holder’s
rights hereunder or Maker’s obligations to Holder are deemed a part of this Note, whether or not such other document or agreement
was delivered together herewith or was executed apart from this Note.

 

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11.6                  Section
Headings, Construction.  The headings of paragraphs in this Note are provided for convenience only and will not affect
its construction or interpretation.  All words used in this Note will be construed to be of such gender or number as
the circumstances require.  Unless otherwise expressly provided, the words “hereof” and “hereunder”
and similar references refer to this Note in its entirety and not to any specific section or subsection hereof.

 

11.7                  Payment
of Collection, Enforcement and Other Costs.  If (a) this Note is placed in the hands of an attorney for collection
or enforcement or is collected or enforced through any legal proceeding or the Holder otherwise takes action to collect amounts
due under this Note or to enforce the provisions of this Note, or (b) there occurs any bankruptcy, reorganization, or receivership
of the Maker or other proceedings affecting the Maker’s creditors’ rights and involving a claim under this Note, then
the Maker shall pay the costs incurred by the Holder for such collection, enforcement or action or in connection with such bankruptcy,
reorganization, receivership or other proceeding, including, but not limited to, attorneys’ fees and disbursements.

 

11.8                   Delays
or Omissions.  No delay or omission to exercise any right, power, or remedy accruing to the Holder, upon any breach
or default of the Maker under this Note shall impair any such right, power, or remedy of the Holder nor shall it be construed to
be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring;
nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default therefore or thereafter
occurring.  Any waiver, permit, consent, or approval of any kind or character on the part of the Holder of any breach
or default under this Note or any waiver on the part of the Holder of any provisions or conditions of this Note must be made in
writing and shall be effective only to the extent specifically set forth in such writing.  All remedies, either under
this Note or by law or otherwise afforded to the Holders, shall be cumulative and not alternative.

 

[SIGNATURE PAGE FOLLOWS]

 

    	 	8	 

     

    

 

IN WITNESS WHEREOF, BioHiTech Global,
Inc. has caused this Convertible Promissory Note to be executed and delivered on the date set forth above on the cover page of
this Note.

 

 

 

 

	 	BORROWER:	 
	 	 	 
	 	BIOHITECH GLOBAL, INC.	 
	 	 	 
	 	 	 
	 	By:	 	(SEAL)
	 	 	Frank E. Celli, Chief Executive Officer	 
	 	 	 	 
	 	 	 	 

 

 

 

    	 	9Exhibit
10.1

 

SECOND
AMENDED AND RESTATED MANAGEMENT SERVICE AGREEMENT

 

This
Second Amended and Restated Management Service Agreement (this “Agreement”) is entered into as of the 31st
day of July 2016

 

BETWEEN:

 

Xcelmobility
Inc., a corporation incorporated under the laws of Nevada, USA, and having an executive office at 2225 East Bayshore Road, Suite
200, Palo Alto, CA 94303 (the “Company”).

 

AND:

 

Renyan
Ge, Businessman of 3F, West Block, M-8, Maqueling Industrial Park, Nanshan District, Shenzhen, China 518057 (the “Executive”).

 

WHEREAS:

 

A.The
Company and Executive previously entered into a Management Service Agreement, dated as of August 1, 2011, and amended and restated
such Management Service Agreement on August 28, 2014 (as amended and restated, the “Original Agreement”); and

 

B.The
Company and Executive wish to amend and restate certain provisions of the Original Agreement to reflect the parties’ mutual
agreement and to provide for the settlement of certain disputes pursuant to the terms set forth on that certain Settlement Agreement
and Mutual Release dated the as of the date hereof, and which is attached hereto as Exhibit A (the “Settlement Agreement”).

 

NOW
THEREFORE in consideration of the premises and mutual covenants herein contained, the parties hereto agree as follows:

 

 1. MANAGEMENT SERVICES

 

1.1.Executive
represents and warrants to the Company that Executive has the required skills and experience to perform the duties and exercise
the responsibilities required of Executive in the position of Chief Executive Officer (“CEO”).

 

1.2.Executive
and the Company agree to comply with and to be bound by the terms and conditions of this Agreement.

 

1.3.During
the term of employment, Executive shall well and faithfully serve and devote himself exclusively to the Company.

 

1.4.In
carrying out these duties and responsibilities, Executive undertakes to comply with all lawful instructions and directions, which
he may receive from the Company. The duties and responsibilities to be carried out by Executive will be commensurate with the
duties of a CEO. Executive shall report to the Board of Directors of the Company (the “Board”) as a whole as requested.

 

1.5.Executive
agrees and understands that the effective performance of Executive’s duties requires the highest level of integrity and
the Company’s complete confidence in Executive’s relationship with other employees of the Company and with all persons
dealt with by Executive in the course of his employment. Executive is required to ensure that he conducts himself in a professional,
business-like manner at all times.

 

    	 

    	 

    

 

1.6.Executive
acknowledges and agrees to familiarize himself with and to comply with all of the Company’s policies, practices and procedures
as adopted from time to time.

 

1.7.Executive
shall be subject to an annual performance review.

 

 2. DUTIES

 

2.1.Job
descriptions specific to the position will be developed by the Compensation Committee of the Board, but in general terms, Executive
shall be responsible for the following:

 

	 	(a)	Oversees
    the operations of organization and manages its compliance with legal and regulatory requirements;
	 	 	 
	 	(b)	Creates
    and maintains procedures for implementing plans approved by the Board;
	 	 	 
	 	(c)	Promotes
    a culture that reflects the organization’s values, encourages good performance, and rewards productivity;
	 	 	 
	 	(d)	Hires,
    manages, and fires the human resources of the organization according to authorized personnel policies and procedures that
    fully conform to current laws and regulations;
	 	 	 
	 	(e)	Ensures
    that the staff and the Board have sufficient and up-to-date information;
	 	 	 
	 	(f)	Evaluates
    the organization’s and the staff’s performance on a regular basis;
	 	 	 
	 	(g)	Oversees
    staff in developing annual budgets that support operating plans and submits budgets for Board approval;
	 	 	 
	 	(h)	Prudently
    manages the organization’s resources within budget guidelines according to current laws and regulations;
	 	 	 
	 	(i)	Ensures
    that staff practices all appropriate accounting procedures in compliance with Generally Accepted Accounting Principles (GAAP);
	 	 	 
	 	(j)	Provides
    prompt, thorough, and accurate information to keep the Board appropriately informed of the organization’s financial
    position;
	 	 	 
	 	(k)	Develops
    fund raising strategies with the board and supports the board in fund raising activities;
	 	 	 
	 	(l)	Oversees
    staff in the development and implementation of fund raising plans that support strategies adopted by the Development Committee;
	 	 	 
	 	(m)	Serves
    as a primary person in donor relationships and the person to make one-on-one fund raising solicitations;
	 	 	 
	 	(n)	Oversees
    staff in the timely submission grant applications and progress reports for funders;
	 	 	 
	 	(o)	Oversees
    design, delivery, and quality of programs and services;
	 	 	 
	 	(p)	Stays
    abreast of current trends related to the organization’s products and services and anticipates future trends likely to
    have an impact on its work;

 

    	 

    	 

    

 

	 	(q)	Collects
    and analyzes evaluation information that measures the success of the organization’s program efforts; refines or changes
    programs in response to that information;
	 	 	 
	 	(r)	Supports
    operations and administration of the Board by advising and informing board members and interfacing between board and staff;
    and
	 	 	 
	 	(s)	Advises
    the board in the development of policies and planning recommendations.

 

 3. DURATION OF AGREEMENT

 

3.1.The
term of appointment and engagement of Executive shall commence on January 1, 2015, and shall continue through August 31, 2016,
inclusive.

 

 4. REMUNERATION

 

4.1.Salary.
In consideration of Executive’s undertaking and performance of the obligations contained in this Agreement, the Company
will compensate Executive for his services as follows:

 

	 	(a)	Beginning
    on January 1, 2015 and continuing through August 31, 2016, the Company shall pay Executive a base salary of $50,000 per year,
    which shall be paid to Executive in bi-monthly installments; and
	 	 	 
	 	(b)	On
    or before July 31, 2016, the Company shall pay to the Executive the Settlement Amount, as defined in and pursuant to the terms
    of the Settlement Agreement.

 

4.2.Expenses.
The Company will reimburse or pay for all reasonable business expenses incurred by Executive in the execution of his duties. This
includes the expenses for airfare, accommodation and other business related expenses.

 

 5. TERMINATION

 

5.1This
Agreement may be terminated by the Company as follows:

 

	 	(a)	In
    the absence of just cause by the Company, Executive will receive payments in lieu of notice, based upon the length of services
    Executive has provided the Company:

 

	 	Service
    Period	 	Notice
	 	 	 	 
	 	Less
    than thirty six (36) months of service	 	Eighteen
    (18) months’ notice
	 	 	 	 
	 	More
    than thirty-six (36) months of service	 	Thirty
    (30) months’ notice

 

	 	(b)	Where
    the Company elects to give Executive notice of termination of this Agreement, in the absence of just cause, Executive may
    choose to receive payments due in either a lump sum, on a continuance basis or a combination of both.
	 	 	 

    	 

    	 

    

 

	 	(c)	During
    the period of notice, Executive will not be required to perform the responsibilities of his position and will return to the
    Company all property in his possession that belongs to the Company.
	 	 	 
	 	(d)	Where
    there is just cause for termination of the engagement or if Executive is in material breach of his obligations under this
    Agreement, Executive will not be entitled to notice, bonus payments or payment in lieu of notice of the termination of this
    Agreement. The engagement of Executive shall cease upon receipt of notice that his services are being terminated for just
    cause. For the purposes of this Agreement, “just cause” will be defined by the common law.

 

5.2If
a Change in Control is consummated during the term of this Agreement and within eighteen months immediately following such Change
in Control, Executive is terminated without cause, then Executive shall be entitled to:

 

	 	(a)	A
    lump sum payment equal to eighteen (18) months of base salary, which such sum shall be paid upon Executive’ termination
    date;
	 	 	 
	 	(b)	A
    bonus of $75,000; and
	 	 	 
	 	(c)	The
    vesting schedule of each outstanding option held by Executive to purchase shares of common stock of the Company held by Executive
    shall be fully accelerated so that the option shall become exercisable for an additional number of shares equal to 100% of
    the shares of common stock subject to the option which are unvested immediately prior to such Change in Control; and the vesting
    schedule of each outstanding restricted stock award held by Executive shall be accelerated so that 100% of the number of unvested
    shares subject to such restricted stock award shall vest in full.

 

“Change
in Control” shall mean the consummation of any of the following transactions effecting a change in ownership or control
of the Company:

 

	 	(a)	a
    merger, consolidation or reorganization, unless securities representing more than fifty percent (50%) of the total combined
    voting power of the voting securities of the successor corporation are immediately thereafter beneficially owned, directly
    or indirectly and in substantially the same proportion, by the persons who beneficially owned the Company’s outstanding
    voting securities immediately prior to such transaction;
	 	 	 
	 	(b)	any
    transfer, sale or other disposition of all or substantially all of the Company’s assets; or
	 	 	 
	 	(c)	the
    acquisition, directly or indirectly by any person or related group of persons (other than the Company or a person that directly
    or indirectly controls, is controlled by, or is under common control with, the Company), of beneficial ownership (within the
    meaning of Rule 13d-3 of the Securities Exchange Act of 1934, as amended) of securities possessing more than fifty percent
    (50%) of the total combined voting power of the Company’s outstanding securities pursuant to a tender or exchange offer
    made directly to the Company’s beneficial holders.

 

5.3This
Agreement may be terminated by Executive with two (2) months’ written notice to the Company. The Company may waive this
notice requirement by written notice.

 

    	 

    	 

    

 

 6. CONFIDENTIAL INFORMATION AND PROPERTY

 

6.1Executive
acknowledges that as the Chairman of the Board and in any other position the Executive may hold, a relationship of confidence,
trust and fiduciary obligation is created between Executive and the Company, and Executive will acquire information about certain
matters and things which are confidential to the Company, and which information is the exclusive property of the Company including:

 

	 	(a)	financial
    statements, financial books and records, reserve reports and estimates and other related information;
	 	 	 
	 	(b)	information
    concerning products, pricing, sales and marketing policies, techniques and concepts, including costing information, in respect
    of products and services provided or to be provided by Executive;
	 	 	 
	 	(c)	lists
    of present and prospective clients and related information, including names and addresses, borrowing habits and preferences
    of present and prospective clients of the Company;
	 	 	 
	 	(d)	purchasing
    information, including the names and addresses of present and prospective suppliers of the Company and prices charged by such
    suppliers;
	 	 	 
	 	(e)	computer
    systems, computer programs, data, software, system documentation, designs, manuals, databases;
	 	 	 
	 	(f)	trade
    secrets; and
	 	 	 
	 	(g)	any
    other materials or information related to the personnel, business operations, financing or activities of the Company which
    are not generally known to others engaged in similar businesses or activities, (collectively, “Confidential Information”)

 

6.2Executive
acknowledges and agrees that the Confidential Information could be used to the detriment of the Company. Accordingly, Executive
agrees and undertakes not to disclose Confidential Information to any third party either during the term of his engagement except
as may be necessary in the proper discharge of his employment, or after the term of his engagement, however caused, except with
the written permission of the Company.

 

6.3Executive
understands and agrees that all items of any and every nature or kind created by Executive pursuant to Executive’s employment
under this Agreement or furnished by the Company to Executive, and all equipment, automobiles, credit cards, books, records, reports,
files, manuals and any other documents and confidential information shall remain and be considered the exclusive property of the
Company at all times, and shall be returned and shall be returned to the Company in good condition promptly on the termination
of this Agreement, for any reason.

 

 7. NON-COMPETITION

 

7.1Executive
also acknowledges that, by reason of his employment, Executive will continue to receive the value and advantage of special training,
skills and expert knowledge and experience of and contacts with customers of the Company and other employees of the Company who
are engaged in the business of the Company.

 

    	 

    	 

    

 

7.2Executive
further acknowledges that, in the course of employment, Executive will be assigned duties that will give him knowledge of confidential
and proprietary information which relates to the conduct and details of the Company’s business and which will result in
irreparable harm or injury to the Company which could not be adequately compensated by monetary damages if Executive should enter
into the employment of a business which is the same as, or competitive with, the business of the Company, or should Executive
enter into the business of the Company.

 

7.3Executive
shall not commence, engage in, or participate in any business competitive with the business of the Company either directly or
indirectly, either as individual or as a partner or joint venturer or as an employee, principal, consultant, agent, shareholder,
officer, director or representative for any person, association, organization, or in any manner for a period of six months following
the termination of his employment with the Company for any reason.

 

7.4Executive
acknowledges and agrees that without prejudice to any and all other rights of the Company, in the event of his violation of any
of the covenants contained in Sections 6 and 7, an injunction or other like remedy, including an interim injunction, will be a
reasonable and effective remedy to protect the Company’s rights and property.

 

 8. SUCCESSORS AND PERSONAL REPRESENTATIVES

 

8.1This
Agreement shall enure to the benefit of and be enforceable by the personal or legal representatives, executors, administrators,
successors, assigns and heirs of the parties hereto.

 

 9. NOTICE

 

9.1Any
notice or other communication required or contemplated under this Agreement to be given by one party to the other shall be delivered
or mailed by prepared registered post to the party to receive same at the undernoted address, namely:

 

	 	(a)	To
    the Company:
	 	 	 
	 	 	Xcelmobility
    Inc. - 2225 East Bayshore Road, Suite 200, Palo Alto, CA 94303.
	 	 	 
	 	(b)	To
    Executive:
	 	 	 
	 	 	Renyan
    Ge – Businessman of 3F, West Block, M-8, Maqueling Industrial Park, Nanshan District, Shenzhen, China 518057

 

Any
notice delivered shall be delivered personally to Executive and shall be deemed to have been given and received on the business
day next following the date of delivery. Any notice mailed as aforesaid shall be deemed to have been given and received on the
fifth business day following the date it is posted, provided that if between the time of mailing and actual receipt of the notice
there shall be a mail strike, slowdown or other labour dispute which might affect delivery of the notice by mail, then the notice
shall be effective only if actually delivered.

 

 10. MODIFICATION/AMENDMENT

 

10.1No
provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in
writing and signed by Executive and such officer as may be specifically designated by the Board. No waiver by either party hereto
at any time of any breach by the other party hereto of, or compliance with, any condition or provision of this Agreement to be
performed by such other party will be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any
prior or subsequent time.

 

    	 

    	 

    

 

 11. ENTIRE AGREEMENT

 

11.1No
agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made
by either party that are not expressly set forth in this Agreement.

 

 12. GOVERNING LAW

 

12.1The
validity, interpretation, construction and performance of this Agreement shall be governed in accordance with the laws of the
State of Nevada.

 

 13. VALIDITY

 

13.1The
invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other
provision of this Agreement, which shall remain in full force and effect.

 

 14. INDEMNIFICATION

 

14.1Executive
agrees to indemnify the Company against any claims made for the collection, withholding and payment of any personal taxes associated
with the work performed by Executive for the Company by any jurisdiction that makes a claim against Executive or the Company.
Furthermore, Executive agrees that if necessary, he will sign additional documents that indemnify the Company against claims for
taxes owed in relation to payments made to Executive based on this Agreement.

 

 15. SIGNATURES IN COUNTERPARTS

 

15.1This
Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto
and hereto were upon the same instrument. The parties hereto confirm that any facsimile, scanned or emailed copy of another party’s
executed counterpart of this Agreement (or its signature page thereof) will be deemed to be an executed original thereof.

 

[Signatures
follow on a separate page.]

 

    	 

    	 

    

 

 

IN
WITNESS WHEREOF, the parties hereto have executed these presents the day and year first above written.

 

XCELMOBILITY
INC.

 

was
hereunto affixed in the presence of:

 

	By:	 	 
	 	Authorized
    Signatory	 

 

 

	SIGNED,
    SEALED AND DELIVERED by	 	 	 
	RENYAN GE
    in the presence of:	 	 	 
	 	 	 	 
	 	 	 	 
	Signature	 	 	 
	 	 	 	 
	 	 	 	 
	Address	 	 	RENYAN GE
	 	 	 	 

 

    	 

    	 

    

 

EXHIBIT
A

 

Settlement
Agreement and Mutual Release

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