Document:

Exhibit 10.2

 

THIS
NOTE (AS DEFINED BELOW) has not been registered under the securites act of 1933, as amended (the “securities act”) OR UNDER
ANY STATE SECURITIES OR BLUE SKY LAWS. this note may not be BE OFFERED, SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED EXCEPT AS
PERMITTED UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES OR BLUE SKY LAWS, PURSUANT TO REGISTRATION OR QUALIFICATION OR EXEMPTION
THEREFROM.

 

PROMISSORY NOTE 

 

	Effective Date: November 16, 2021	U.S. $10,220,000.00

 

FOR VALUE RECEIVED, Outlook
Therapeutics, Inc., a Delaware corporation (“Borrower”), promises to pay to Streeterville
Capital, LLC, a Utah limited liability company, or its successors or assigns (“Lender”), $10,220,000.00 and
any interest, fees, charges, and late fees accrued hereunder on January 1, 2023 (the “Maturity Date”) in accordance
with the terms set forth herein and to pay interest on the Outstanding Balance at the rate of nine and one half percent (9.5%) per annum
from the Purchase Price Date until the same is paid in full. All interest calculations hereunder shall be computed on the basis of a 360-day
year comprised of twelve (12) thirty (30) day months, shall compound daily and shall be payable in accordance with the terms
of this Note. This Promissory Note (this “Note”) is issued and made effective as of November 16, 2021 (the “Effective
Date”). This Note is issued pursuant to that certain Note Purchase Agreement dated November 16, 2021, as the same may be amended
from time to time, by and between Borrower and Lender (the “Purchase Agreement”). Certain capitalized terms used herein
are defined in Attachment 1 attached hereto and incorporated herein by this reference.

 

This Note carries an OID of
$200,000.00. In addition, Borrower agrees to pay $20,000.00 to Lender to cover Lender’s legal fees, accounting costs, due diligence,
monitoring and other transaction costs incurred in connection with the purchase and sale of this Note (the “Transaction Expense
Amount”), all of which amount is included in the initial principal balance of this Note. The purchase price for this Note shall
be $10,000,000.00 (the “Purchase Price”), computed as follows: $10,220,000.00 original principal balance, less the
OID, less the Transaction Expense Amount. The Purchase Price shall be payable by delivery to Borrower at Closing of a wire transfer of
immediately available funds to the account designated by Borrower.

 

1.             Payment; Prepayment.

 

1.1.          Payment. All payments owing hereunder shall be in lawful money of the United States of America and delivered to Lender at
the address or bank account furnished by Lender to Borrower for that purpose. All payments shall be applied first to (a) Lender’s
reasonable costs of collection, if any, then to (b) fees and charges hereunder, if any, then to (c) accrued and unpaid interest hereunder,
and thereafter, to (d) principal hereunder.

 

1.2.          Prepayment. Borrower may pay all or any portion of the Outstanding Balance earlier than it is due; provided that in
the event Borrower elects to prepay all or any portion of the Outstanding Balance it shall pay to Lender 105% of the portion of the Outstanding
Balance Borrower elects to prepay.

 

2.             Security. This Note is unsecured.

 

     

     

    

 

3.             Defaults
and Remedies.

 

3.1.          Defaults.
The following are events of default under this Note (each, an “Event of Default”): (a) Borrower fails to pay any
principal when due and payable hereunder, or any interest, fees, charges, or any other amount when due and payable hereunder; (b) a
receiver, trustee or other similar official shall be appointed over Borrower or a material part of its assets and such appointment
shall remain uncontested for twenty (20) days or shall not be dismissed or discharged within sixty (60) days; (c) Borrower fails to
pay, or admits in writing its inability to pay, its debts as they become due, subject to applicable grace periods, if any; (d)
Borrower makes a general assignment for the benefit of creditors; (e) Borrower files a petition for relief under any bankruptcy,
insolvency or similar law (domestic or foreign); (f) an involuntary bankruptcy proceeding is commenced or filed against Borrower;
(g) Borrower defaults or otherwise fails to observe or perform any covenant, obligation, condition or agreement of Borrower
contained herein or in any other Transaction Document, other than those specifically set forth in this Section 3.1 and Section 4 of
the Purchase Agreement and such failure remains unremedied for a period of twenty (20) calendar days; (h) any representation,
warranty or other statement made or furnished by or on behalf of Borrower to Lender herein, in any Transaction Document, or
otherwise in connection with the issuance of this Note is false, incorrect, incomplete or misleading in any material respect when
made or furnished; (i) the occurrence of a Fundamental Transaction without Lender’s prior written consent; (j) any money
judgment, writ or similar process is entered or filed against Borrower or any subsidiary of Borrower or any of its property or other
assets for more than $1,000,000.00, and shall remain unvacated, unbonded or unstayed for a period of twenty (20) calendar days
unless otherwise consented to by Lender; (k) Borrower fails to observe or perform any covenant set forth in Section 4 of the
Purchase Agreement and such failure remains unremedied for a period of ten (10) calendar days; or (l) Borrower breaches any covenant
or other term or condition contained in any Other Agreements and such failure remains unremedied for a period of twenty (20)
calendar days.

 

3.2.          Remedies.
At any time and from time to time after Lender becomes aware of the occurrence of any Event of Default, Lender may accelerate this
Note by written notice to Borrower, with the Outstanding Balance becoming immediately due and payable in cash at the Mandatory
Default Amount. Notwithstanding the foregoing, at any time following the occurrence of any Event of Default, Lender may, at its
option, elect to increase the Outstanding Balance by applying the Default Effect (subject to the limitation set forth below) via
written notice to Borrower without accelerating the Outstanding Balance, in which event the Outstanding Balance shall be increased
as of the date of the occurrence of the applicable Event of Default pursuant to the Default Effect, but the Outstanding Balance
shall not be immediately due and payable unless so declared by Lender (for the avoidance of doubt, if Lender elects to apply the
Default Effect pursuant to this sentence, it shall reserve the right to declare the Outstanding Balance immediately due and payable
at any time and no such election by Lender shall be deemed to be a waiver of its right to declare the Outstanding Balance
immediately due and payable as set forth herein unless otherwise agreed to by Lender in writing). Notwithstanding the foregoing,
upon the occurrence of any Event of Default described in clauses (b), (c), (d), (e) or (f) of Section 3.1, the Outstanding Balance
as of the date of acceleration shall become immediately and automatically due and payable in cash at the Mandatory Default Amount,
without any written notice required by Lender. At any time following the occurrence of any Event of Default, upon written notice
given by Lender to Borrower, interest shall accrue on the Outstanding Balance beginning on the date the applicable Event of Default
occurred at an interest rate equal to the lesser of fourteen percent (14%) per annum or the maximum rate permitted under applicable
law (“Default Interest”). In connection with acceleration described herein, Lender need not provide, and Borrower
hereby waives, any presentment, demand, protest or other notice of any kind, and Lender may immediately and without expiration of
any grace period enforce any and all of its rights and remedies hereunder and all other remedies available to it under applicable
law. Such acceleration may be rescinded and annulled by Lender at any time prior to payment hereunder and Lender shall have all
rights as a holder of the Note until such time, if any, as Lender receives full payment pursuant to this Section 3.2. No such
rescission or annulment shall affect any subsequent Event of Default or impair any right consequent thereon. Nothing herein shall
limit Lender’s right to pursue any other remedies available to it at law or in equity including, without limitation, a decree
of specific performance and/or injunctive relief.

 

    2

     

    

 

4.             Unconditional Obligation; No Offset. Borrower acknowledges that this Note is an unconditional, valid, binding and enforceable
obligation of Borrower not subject to offset, deduction or counterclaim of any kind. Borrower hereby waives any rights of offset it now
has or may have hereafter against Lender, its successors and assigns, and agrees to make the payments called for herein in accordance
with the terms of this Note.

 

5.             Waiver. No waiver of any provision of this Note shall be effective unless it is in the form of a writing signed by the party
granting the waiver. No waiver of any provision or consent to any prohibited action shall constitute a waiver of any other provision or
consent to any other prohibited action, whether or not similar. No waiver or consent shall constitute a continuing waiver or consent or
commit a party to provide a waiver or consent in the future except to the extent specifically set forth in writing.

 

6.             Governing Law; Venue. This Note shall be governed by and construed under the laws of the State of New York, as applied to
agreements among New York residents, made and to be performed entirely within the State of New York, without giving effect to conflicts
of laws principles. Each of the parties hereto irrevocably submits to the exclusive jurisdiction of the courts of the State of New York
located in New York County and the United States District Court for the Southern District of New York for the purpose of any suit, action,
proceeding or judgment relating to or arising out of this Note and the transactions contemplated hereby. Service of process in connection
with any such suit, action or proceeding may be served on each party hereto anywhere in the world by the same methods as are specified
for the giving of notices under this Note. Each of the parties hereto irrevocably consents to the jurisdiction of any such court in any
such suit, action or proceeding and to the laying of venue in such court. Each party hereto irrevocably waives any objection to the laying
of venue of any such suit, action or proceeding brought in such courts and irrevocably waives any claim that any such suit, action or
proceeding brought in any such court has been brought in an inconvenient forum. EACH OF THE PARTIES HERETO WAIVES ANY RIGHT TO REQUEST
A TRIAL BY JURY IN ANY LITIGATION WITH RESPECT TO THIS AGREEMENT AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS TO THIS
WAIVER.

 

7.             Cancellation. After repayment of the entire Outstanding Balance, this Note shall be deemed paid in full, shall automatically
be deemed canceled, and shall not be reissued.

 

8.             Amendments. The prior written consent of both parties hereto shall be required for any change or amendment to this Note.

 

9.             Assignments. Borrower may not assign this Note without the prior written consent of Lender. This Note may be offered, sold,
assigned or transferred by Lender to any of its affiliates without the consent of Borrower.

 

10.           Notices. Whenever notice is required to be given under this Note, unless otherwise provided herein, such notice shall be
given in accordance with the subsection of the Purchase Agreement titled “Notices.”

 

    3

     

    

 

11.           Liquidated
Damages. Lender and Borrower agree that in the event Borrower fails to comply with any of the terms or provisions of this Note,
Lender’s damages would be uncertain and difficult (if not impossible) to accurately estimate because of the parties’
inability to predict future interest rates, future share prices, future trading volumes and other relevant factors. Accordingly,
Lender and Borrower agree that any fees, balance adjustments, Default Interest or other charges assessed under this Note are not
penalties but instead are intended by the parties to be, and shall be deemed, liquidated damages.

 

12.           Severability. If any part of this Note is construed to be in violation of any law, such part shall be modified to achieve
the objective of Borrower and Lender to the fullest extent permitted by law and the balance of this Note shall remain in full force and
effect.

 

[Remainder of page intentionally left blank;
signature page follows]

 

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IN WITNESS WHEREOF, Borrower
has caused this Note to be duly executed as of the Effective Date.

 

	 	BORROWER:
	 	 
	 	Outlook Therapeutics, Inc.
	 	 
	 	By:	/s/ Lawrence A. Kenyon
	 	 	Lawrence A. Kenyon, CFO

 

	ACKNOWLEDGED, ACCEPTED AND AGREED:	 
	 	 
	LENDER:	 
	 	 
	Streeterville Capital, LLC	 
	 	 
	By:	/s/ John M. Fife	 
	 	John M. Fife, President	 

 

[Signature Page to Promissory
Note]

 

     

     

    

 

ATTACHMENT 1

DEFINITIONS

 

For purposes of this
Note, the following terms shall have the following meanings:

 

A1.          “Default Effect” means multiplying the Outstanding Balance as of the date the applicable Event of Default occurred
by five percent (5%) and then adding the resulting product to the Outstanding Balance.

 

A2.          “Fundamental Transaction” means that (a) (i) Borrower or any of its subsidiaries shall, directly or indirectly,
in one or more related transactions, consolidate or merge with or into (whether or not Borrower or any of its subsidiaries is the surviving
corporation) any other person or entity, or (ii) other than the ONS-5010 license agreement that is currently under negotiation, Borrower
or any of its subsidiaries shall, directly or indirectly, in one or more related transactions, sell, lease, license, assign, transfer,
convey or otherwise dispose of all or substantially all of its respective properties or assets to any other person or entity, or (iii) Borrower
or any of its subsidiaries shall, directly or indirectly, in one or more related transactions, allow any other person or entity other
than Biolexis to make a purchase, tender or exchange offer that is accepted by the holders of more than 50% of the outstanding shares
of voting stock of Borrower (not including any shares of voting stock of Borrower held by the person or persons making or party to, or
associated or affiliated with the persons or entities making or party to, such purchase, tender or exchange offer), or (iv) Borrower
or any of its subsidiaries shall, directly or indirectly, in one or more related transactions, consummate a stock or share purchase agreement
or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with
any other person or entity other than Biolexis whereby such other person or entity acquires more than 50% of the outstanding shares of
voting stock of Borrower (not including any shares of voting stock of Borrower held by the other persons or entities making or party to,
or associated or affiliated with the other persons or entities making or party to, such stock or share purchase agreement or other business
combination), or (v) Borrower or any of its subsidiaries shall, directly or indirectly, in one or more related transactions, reorganize,
recapitalize or reclassify the Common Stock, other than an increase in the number of authorized shares of Borrower’s Common Stock,
or reverse splits of its outstanding and authorized shares of Common Stock to meet Nasdaq listing requirements or (b) any “person”
or “group” (as these terms are used for purposes of Sections 13(d) and 14(d) of the 1934 Act and the rules and regulations
promulgated thereunder) other than Biolexis is or shall become the “beneficial owner” (as defined in Rule 13d-3 under
the 1934 Act), directly or indirectly, of 50% of the aggregate ordinary voting power represented by issued and outstanding voting stock
of Borrower.

 

A3.          “Mandatory Default Amount” means the Outstanding Balance following the application of the Default Effect.

 

A4.          “OID” means an original issue discount.

 

A5.          “Other Agreements” means, collectively, (a) all existing and future agreements and instruments between, among
or by Borrower (or an affiliate), on the one hand, and Lender (or an affiliate), on the other hand, and (b) any financing agreement or
a material agreement that affects Borrower’s ongoing business operations.

 

A6.          “Outstanding Balance” means as of any date of determination, the Purchase Price, as reduced or increased, as
the case may be, pursuant to the terms hereof for payment, offset, or otherwise, plus the OID, the Transaction Expense Amount, accrued
but unpaid interest, collection and enforcements costs (including attorneys’ fees) incurred by Lender, transfer, stamp, issuance
and similar taxes and fees incurred under this Note.

 

A7.          “Purchase Price Date” means the date the Purchase Price is delivered by Lender to Borrower.

 

A8.          “Trading Day” means any day on which Nasdaq (or such other principal market for the Common Stock) is open for
trading.

 

[Remainder of page intentionally
left blank]Exhibit 10.3

 

Outlook
Therapeutics, Inc.

Note
Amendment 

 

This Note Amendment (this
“Amendment”), dated November 16, 2021 (the “Effective Date”), is made with respect to that certain
Promissory Note dated November 4, 2020 in the original principal amount of $10,220,000.00 (the “Note”) issued to Streeterville
Capital, LLC, a Utah limited liability company (“Lender”), pursuant to that certain Note Purchase Agreement,
dated as of November 4, 2020 (as amended, the “NPA”), and is entered into by and between Outlook
Therapeutics, Inc., a Delaware corporation (“Borrower”), and Lender. Capitalized terms used in this Amendment
and not otherwise defined in this Amendment have the respective meanings ascribed to them in the NPA and the Note.

 

Recitals

 

A.           
Borrower and Lender desire to extend the maturity date of the Note (the “Extension”) and make certain
additional changes thereto as set forth in this Amendment.

 

B.           
Section 8 of the Note provides that any provision of the Note may be amended only by the written agreement of Borrower and
Lender.

 

C.           
As of the Effective Date, the outstanding principal balance of the Note is $10,220,000.00 and the accrued and unpaid interest
on the Note is $832,667.04 (in each of the foregoing instances, excluding application of the Extension Fee (as defined below)).

 

Agreement

 

In consideration of the mutual
covenants and agreements set forth herein and for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged,
the parties hereto agree as follows:

 

1.            
This Amendment will be effective as of the Effective Date provided that each of Lender and Borrower have executed and delivered
a counterpart to this Amendment.

 

2.            
The Note is hereby amended as follows:

 

(a)              
The first paragraph of the Note is hereby amended and restated as follows:

 

“FOR VALUE
RECEIVED, Outlook Therapeutics, Inc., a Delaware corporation (“Borrower”),
promises to pay to Streeterville Capital, LLC, a Utah limited liability company, or its
successors or assigns (“Lender”), $10,220,000.00 and any interest, fees, charges, and late fees accrued hereunder on
January 1, 2023 (the “Maturity Date”) in accordance with the terms set forth herein and to pay interest on the Outstanding
Balance at the rate of seven and one half percent (7.5%) per annum from the Purchase Price Date until December 31, 2021 and thereafter
at the rate of ten percent (10%) per annum until the same is paid in full. All interest calculations hereunder shall be computed on the
basis of a 360-day year comprised of twelve (12) thirty (30) day months, shall compound daily and shall be payable in accordance
with the terms of this Note. This Promissory Note (this “Note”) is issued and made effective as of November 4, 2020
(the “Effective Date”). This Note is issued pursuant to that certain Note Purchase Agreement dated November 4, 2020,
as the same may be amended from time to time, by and between Borrower and Lender (the “Purchase Agreement”). Certain
capitalized terms used herein are defined in Attachment 1 attached hereto and incorporated herein by this reference.”

 

     

     

    

 

(b)           
The following is hereby added to the end of Section 1.2 of the Note:

 

“Beginning
on July 1, 2022 and thereafter, Borrower must provide Lender ten (10) days’ prior written notice before making any prepayment of
this Note. Lender shall have the right to exercise its redemption right pursuant to Section 1.3 below during such 10-day period. Borrower
may not submit a prepayment notice to Lender if it has received a redemption notice pursuant to Section 1.3 and has not delivered the
applicable Redemption Shares (as defined below).”

 

(c)           
The following is hereby added as a new Section 1.3 of the Note:

 

“1.3 Redemption
Right. Subject to the following provisions, at any time on or after July 1, 2022, Lender shall have the right, at Lender’s option,
to redeem all or any portion of the outstanding principal amount of this Note and all accrued and unpaid interest on this Note up to $2,000,000
per calendar month (the “Maximum Monthly Redemption Amount”), for shares of Borrower’s common stock, par value
$0.01 per share (the “Common Stock” and such shares of Common Stock, “Redemption Shares”), at a
redemption price equal to 75% of the lowest closing bid price of the Common Stock on its primary trading market in the three (3) trading
days immediately preceding the date Lender delivers written notice of such intent to Borrower. Borrower shall deliver (via DWAC) all shares
of Common Stock issuable to Lender within three (3) trading days of Lender’s delivery of such written notice to Borrower. Notwithstanding
the foregoing, the Maximum Monthly Redemption Amount shall not apply to redemptions following Lender’s receipt of a prepayment notice
from Borrower. Failure to timely deliver Redemption Shares will be considered an Event of Default (as defined below) hereunder.”

 

(d)           
The following is hereby added as a new Section 1.4 of the Note:

 

“1.4 Ownership
Limitation. Notwithstanding anything to the contrary contained in this Note, Lender shall not effect any redemption of this Note to
the extent that after giving effect thereto, such redemption would cause Lender (together with its affiliates) to beneficially own a number
of shares of Common Stock exceeding 4.99% of the number of shares of Common Stock outstanding on such date (including for such purpose
the shares of Common Stock issuable upon such issuance) (the “Maximum Percentage”). For purposes of this section, beneficial
ownership of Common Stock will be determined pursuant to Section 13(d) of the 1934 Act. By written notice to Borrower, Lender may increase,
decrease or waive the Maximum Percentage as to itself but any such waiver will not be effective until the 61st day after delivery thereof.
The foregoing 61-day notice requirement is enforceable, unconditional and non-waivable and shall apply to all affiliates and assigns of
Lender.”

 

     

     

    

 

3.           
In consideration of Lender’s grant of the Extension, its fees incurred in preparing this Amendment and other accommodations
set forth herein, Borrower agrees to pay to Lender an extension fee in the amount of $552,633.35 (the “Extension Fee”).
The Extension Fee is hereby added to the outstanding balance of the Note as of the date of this Amendment. Lender and Borrower further
agree that the Extension Fee is deemed to be fully earned as of the date hereof, is nonrefundable under any circumstance, and that the
Extension Fee tacks back to the date of the issuance of the Note for Rule 144 purposes. Borrower represents and warrants to the undersigned
Lender that the current outstanding balance of the Note, including all accrued and unpaid interest on the Note as well as the application
of the Extension Fee, is $11,605,300.39.

 

4.            
All other terms and conditions of the Note will be unaffected hereby and remain in full force and effect. A copy of this Amendment
may be attached to the Note as an allonge thereto and shall be deemed to be an amendment to the Note.

 

5.            
Upon giving effect to this Amendment, each reference in the NPA or the Note to “this Note” or words of similar import
referring to the Note shall be and mean, in each case, a reference to the Note as amended by this Amendment.

 

6.            
Wherever possible, each provision of this Amendment shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Amendment shall be prohibited by or invalid under applicable law, such provision shall be ineffective
to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of
this Amendment.

 

7.            
This Amendment and all actions arising out of or in connection with this Amendment shall be governed by and construed in accordance
with the internal laws of the State of New York, without regard to the conflicts of law provisions. Each of the parties hereto irrevocably
submits to the exclusive jurisdiction of the courts of the State of New York located in New York County and the United States District
Court for the Southern District of New York for the purpose of any suit, action, proceeding or judgment relating to or arising out of
this Amendment and the transactions contemplated hereby. Each of the parties hereto irrevocably consents to the jurisdiction of any such
court in any such suit, action or proceeding and to the laying of venue in such court. Each party hereto irrevocably waives any objection
to the laying of venue of any such suit, action or proceeding brought in such courts and irrevocably waives any claim that any such suit,
action or proceeding brought in any such court has been brought in an inconvenient forum. EACH OF THE PARTIES HERETO WAIVES ANY RIGHT
TO REQUEST A TRIAL BY JURY IN ANY LITIGATION WITH RESPECT TO THIS AMENDMENT AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY
AS TO THIS WAIVER.

 

8.            
This Amendment may only be amended, waived, supplemented or otherwise varied by a document, in writing, of even or subsequent date
of this Amendment, executed by Borrower and Lender.

 

9.           
The provisions of this Amendment shall inure to the benefit of, and be binding upon, the parties to this Amendment and their respective
successors, assigns, heirs, executors and administrators and other legal representatives.

 

     

     

    

 

10.          
This Amendment may be executed in one or more counterparts, each of which will be deemed an original, but all of which together
will constitute one and the same agreement. Facsimile copies or copies in “.pdf” format of signed signature pages will be
deemed binding originals.

 

 

[Signatures Follow]

 

     

     

    

 

The parties have executed this Note
Amendment as of the date first above written.

 

	 	Borrower:	 
	 	 	 
	 	Outlook Therapeutics, Inc. 	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Lawrrence A. Kenyon	 
	 	Name: Lawrence A. Kenyon	 
	 	Title: Chief Financial Officer	 

 

 

[Note Amendment Signature Page]  

 

     

     

    

  

The parties have executed this Note
Amendment as of the date first above written.

 

	 	Lender:	 	 
	 	 	 	 
	 	Streeterville Capital, LLC	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	By:	/s/ John M. Fife	 
	 	 	John M. Fife, President	 

 

 

[Note Amendment
Signature Page]

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