Document:

Exhibit 10.2 

 

THIS NOTE AND THE COMMON
STOCK ISSUABLE UPON CONVERSION OF THIS NOTE HAVE NOT BEEN AND WILL NOT BE REGISTERED WITH THE UNITED STATES SECURITIES AND EXCHANGE
COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, AND THE RULES AND REGULATIONS PROMULGATED THEREUNDER (THE “1933 ACT”)

 

US $225.000.00 

 

NIGHTFOOD HOLDINGS, INC.

8% CONVERTIBLE REDEEMABLE NOTE

DUE APRIL 30, 2019

 

FOR VALUE RECEIVED,
Nightfood Holdings, Inc. (the “Company”) promises to pay to the order of EAGLE EQUITIES, LLC and its authorized successors
and Permitted Assigns, defined below, (“Holder”), the aggregate principal face amount TWO HUNDRED TWENTY FIVE
THOUSAND DOLLARS exactly (U.S. $225.000.00) on April 30, 2019 (“Maturity Date”) and to pay interest on the principal
amount outstanding hereunder at the rate of 8% per annum commencing on April 30, 2018. The interest will be paid to the Holder
in whose name this Note is registered on the records of the Company regarding registration and transfers of this Note. The principal
of, and interest on, this Note are payable at 91 Shelton Ave, Suite 107, New Haven, CT 06511, initially, and if changed, last appearing
on the records of the Company as designated in writing by the Holder hereof from time to time. The Company will pay each interest
payment and the outstanding principal due upon this Note before or on the Maturity Date, less any amounts required by law to be
deducted or withheld, to the Holder of this Note by check or wire transfer addressed to such Holder at the last address appearing
on the records of the Company. The forwarding of such check or wire transfer shall constitute a payment of outstanding principal
hereunder and shall satisfy and discharge the liability for principal on this Note to the extent of the sum represented by such
check or wire transfer. Interest shall be payable in Common Stock (as defined below) pursuant to paragraph 4(b) herein. Permitted
Assigns means any Holder assignment, transfer or sale of all or a portion of this Note accompanied by an Opinion of Counsel as
provided for in Section 2(f) of the Securities Purchase Agreement.

 

This Note is subject
to the following additional provisions:

 

1. This
Note is exchangeable for an equal aggregate principal amount of Notes of different authorized denominations, as requested by the
Holder surrendering the same. No service charge will be made for such registration or transfer or exchange, except that Holder
shall pay any tax or other governmental charges payable in connection therewith. To the extent that Holder subsequently transfers,
assigns, sells or exchanges any of the multiple lesser denomination notes, Holder acknowledges that it will provide the Company
with Opinions of Counsel as provided for in Section 2(f) of the Securities Purchase Agreement.

 

     

     

    

 

2. The
Company shall be entitled to withhold from all payments any amounts required to be withheld under applicable laws.

 

3. This
Note may be transferred or exchanged only in compliance with the Securities Act of 1933, as amended (“Act”), applicable
state securities laws and Sections 2(f) and 5(f) of the Securities Purchase Agreement. Any attempted transfer to a non-qualifying
party shall be treated by the Company as void. Prior to due presentment for transfer of this Note, the Company and any agent of
the Company may treat the person in whose name this Note is duly registered on the Company’s records as the owner hereof for all
other purposes, whether or not this Note be overdue, and neither the Company nor any such agent shall be affected or bound by notice
to the contrary. Any Holder of this Note electing to exercise the right of conversion set forth in Section 4(a) hereof, in addition
to the requirements set forth in Section 4(a), and any prequalified prospective transferee of this Note, also is required to give
the Company written confirmation that this Note is being converted (“Notice of Conversion”) in the form annexed
hereto as Exhibit A. The date of receipt (including receipt by telecopy) of such Notice of Conversion shall be the Conversion
Date. All notices of conversion will be accompanied by an Opinion of Counsel.

 

4.(a)The Holder of this Note
is entitled, at its option, at any time after 180 days, to convert all or any amount of the principal face amount of this Note
then outstanding into shares of the Company’s common stock (the “Common Stock”) at a price (“Conversion
Price”) for each share of Common Stock equal to 60% of the lowest Closing bid price of the Common
Stock as reported on the National Quotations Bureau OTC Markets exchange which the Company’s shares are traded or any exchange
upon which the Common Stock may be traded in the future (“Exchange”), for the Fifteen prior
trading days including the day upon which a Notice of Conversion is received by the Company (provided such Notice of Conversion
is delivered together with an Opinion of Counsel, by fax or other electronic method of communication to the Company after 4 P.M.
Eastern Standard or Daylight Savings Time if the Holder wishes to include the same day closing price). If the shares have not been
delivered within 3 business days, the Notice of Conversion may be rescinded. Such conversion shall be effectuated by the Company
delivering the shares of Common Stock to the Holder within 3 business days of receipt by the Company of the Notice of Conversion.
Accrued, but unpaid interest shall be subject to conversion. No fractional shares or scrip representing fractions of shares will
be issued on conversion, but the number of shares issuable shall be rounded to the nearest whole share. To the extent the Conversion
Price of the Company’s Common Stock closes below the par value per share, the Company will take all steps necessary to solicit
the consent of the stockholders to reduce the par value to the lowest value possible under law. The Company agrees to honor all
conversions submitted pending this increase. In the event the Company experiences a DTC “Chill” on its shares, the
conversion price shall be decreased to 70% instead of 40% while that “Chill” is in effect. If the Company fails
to maintain the share reserve at the 4x discount of the note 60 days after the issuance of the note, the conversion discount
shall be increased by 10%. In no event shall the Holder be allowed to effect a conversion if such conversion, along with all other
shares of Company Common Stock beneficially owned by the Holder and its affiliates would exceed 4.99% of the outstanding shares
of the Common Stock of the Company (which may be increased up to 9.9% upon 60 days’ prior written notice by the Investor).

 

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(b) Interest
on any unpaid principal balance of this Note shall be paid at the rate of 8% per annum. Interest shall be paid by the Company in
Common Stock (“Interest Shares”). Holder may, at any time, send in a Notice of Conversion to the Company for Interest
Shares based on the formula provided in Section 4(a) above. The dollar amount converted into Interest Shares shall be all or a
portion of the accrued interest calculated on the unpaid principal balance of this Note to the date of such notice.

 

(c) During
the first six months this Note is in effect, the Company may redeem this Note by paying to the Holder an amount as follows:

 

	Date	 	Amount
	0-30 days	 	115% * (P+I)
	31-60 days	 	120% * (P+I)
	61-90 days	 	125% * (P+I)
	91-120 days	 	130% * (P+I)
	121-180 days	 	135% * (P+I)

 

This Note may not be redeemed after 180
days. The redemption must be closed and paid for within 3 business days of the Company sending the redemption demand or the redemption
will be invalid and the Company may not redeem this Note. Such redemption must be closed and funded within 3 days of giving notice
of redemption of the right to redeem shall be null and void.

 

(d)  Upon
(i) a transfer of all or substantially all of the assets of the Company to any person in a single transaction or series of related
transactions, (ii) a reclassification, capital reorganization (excluding an increase in authorized capital) or other change or
exchange of outstanding shares of the Common Stock, other than a forward or reverse stock split or stock dividend, or (iii) any
consolidation or merger of the Company with or into another person or entity in which the Company is not the surviving entity (other
than a merger which is effected solely to change the jurisdiction of incorporation of the Company and results in a reclassification,
conversion or exchange of outstanding shares of Common Stock solely into shares of Common Stock) (each of items (i), (ii) and (iii)
being referred to as a “Sale Event”), then, in each case, the Company shall, upon request of the Holder, redeem this
Note in cash for 150% of the principal amount, plus accrued but unpaid interest through the date of redemption, or at the election
of the Holder, such Holder may convert the unpaid principal amount of this Note (together with the amount of accrued but unpaid
interest) into shares of Common Stock immediately prior to such Sale Event at the Conversion Price.

 

(e)  In
case of any Sale Event (not to include a sale of all or substantially all of the Company’s assets) in connection with which
this Note is not redeemed or converted, the Company shall cause effective provision to be made so that the Holder of this Note
shall have the right thereafter, by converting this Note, to purchase or convert this Note into the kind and number of shares of
stock or other securities or property (including cash) receivable upon such reclassification, capital reorganization or other change,
consolidation or merger by a holder of the number of shares of Common Stock that could have been purchased upon exercise of the
Note and at the same Conversion Price, as defined in this Note, immediately prior to such Sale Event. The foregoing provisions
shall similarly apply to successive Sale Events. If the consideration received by the holders of Common Stock is other than cash,
the value shall be as determined by the Board of Directors of the Company or successor person or entity acting in good faith.

 

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5. No
provision of this Note shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal
of, and interest on, this Note at the time, place, and rate, and in the form, herein prescribed.

 

6. The
Company hereby expressly waives demand and presentment for payment, notice of non-payment, protest, notice of protest, notice of
dishonor, notice of acceleration or intent to accelerate, and diligence in taking any action to collect amounts called for hereunder
and shall be directly and primarily liable for the payment of all sums owing and to be owing hereto.

 

7. The
Company agrees to pay all costs and expenses, including reasonable attorneys’ fees and expenses, which may be incurred by the Holder
in collecting any amount due under this Note.

 

8. If
one or more of the following described “Events of Default” shall occur:

 

(a) The
Company shall default in the payment of principal or interest on this Note or any other note issued to the Holder by the Company;
or

 

(b) Any
of the representations or warranties made by the Company herein or in any certificate or financial or other written statements
heretofore or hereafter furnished by or on behalf of the Company in connection with the execution and delivery of this Note, or
the Securities Purchase Agreement under which this note was issued shall be false or misleading in any respect; or

 

(c) The
Company shall fail to perform or observe, in any respect, any covenant, term, provision, condition, agreement or obligation of
the Company under this Note or any other note issued to the Holder; or

 

(d) The
Company shall (1) become insolvent (which does not include a “going concern opinion); (2) admit in writing its inability
to pay its debts generally as they mature; (3) make an assignment for the benefit of creditors or commence proceedings for its
dissolution; (4) apply for or consent to the appointment of a trustee, liquidator or receiver for its or for a substantial part
of its property or business; (5) file a petition for bankruptcy relief, consent to the filing of such petition or have filed against
it an involuntary petition for bankruptcy relief, all under federal or state laws as applicable; or

 

(e) A
trustee, liquidator or receiver shall be appointed for the Company or for a substantial part of its property or business without
its consent and shall not be discharged within sixty (60) days after such appointment; or

 

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(f) Any
governmental agency or any court of competent jurisdiction at the instance of any governmental agency shall assume custody or control
of the whole or any substantial portion of the properties or assets of the Company; or

 

(g) One
or more money judgments, writs or warrants of attachment, or similar process, in excess of fifty thousand dollars ($50,000) in
the aggregate, shall be entered or filed against the Company or any of its properties or other assets and shall remain unpaid,
unvacated, unbonded or unstayed for a period of fifteen (15) days or in any event later than five (5) days prior to the date of
any proposed sale thereunder; or

 

(h) Defaulted
on or breached any term of any other note of similar debt instrument into which the Company has entered and failed to cure such
default within the appropriate grace period; or

 

(i) The
Company shall have its Common Stock delisted from an exchange (including the OTC Markets exchange) or, if the Common Stock trades
on an exchange, then trading in the Common Stock shall be suspended for more than 10 consecutive days or ceases to file its 1934
act reports with the SEC;

 

(j) If
a majority of the members of the Board of Directors of the Company on the date hereof are no longer serving as members of the Board;

 

(k) The
Company shall not deliver to the Holder the Common Stock pursuant to paragraph 4 herein without restrictive legend within 3 business
days of its receipt of a Notice of Conversion which includes an Opinion of Counsel expressing an opinion which supports the removal
of a restrictive legend; or

 

(l)  The
Company shall not replenish the reserve set forth in Section 12, within 3 business days of the request of the Holder.

 

(m) The
Company shall be delinquent in its periodic report filings with the Securities and Exchange Commission; or

 

(n)  The
Company shall cause to lose the “bid” price for its stock in a market (including the OTC marketplace or other exchange).

 

    	 	5	 

     

    

 

Then, or at any time thereafter, unless
cured within 5 days, and in each and every such case, unless such Event of Default shall have been waived in writing by the Holder
(which waiver shall not be deemed to be a waiver of any subsequent default) at the option of the Holder and in the Holder’s sole
discretion, the Holder may consider this Note immediately due and payable, without presentment, demand, protest or (further) notice
of any kind (other than notice of acceleration), all of which are hereby expressly waived, anything herein or in any note or other
instruments contained to the contrary notwithstanding, and the Holder may immediately, and without expiration of any period of
grace, enforce any and all of the Holder’s rights and remedies provided herein or any other rights or remedies afforded by law.
Upon an Event of Default, interest shall accrue at a default interest rate of 24% per annum or, if such rate is usurious or not
permitted by current law, then at the highest rate of interest permitted by law. In the event of a breach of Section 8(k) the parties
agree that damages shall be difficult to determine and agree on liquidated damages in the amount of $250 per day the shares are
not issued beginning on the 4th day after the conversion notice was delivered to the Company. The agreed liquidated
damages shall increase to $500 per day beginning on the 10th day. In the event of a breach of Section 8(n), the parties
agree that damages shall be difficult to determine and hereby agree to an increase of the outstanding principal amounts by 20%
as a liquidated damages payment. In case of a breach of Section 8(i), the parties agree that damages will be difficult to determine
and agree that the outstanding principal due under this Note shall increase by 50% as a liquidated damages payment. If this Note
is not paid at maturity, the outstanding principal due under this Note shall increase by 10%. Further, if a breach of Section 8(m)
occurs or is continuing after the 6 month anniversary of the Note, then the Holder shall be entitled to use the lowest closing
bid price during the delinquency period as a base price for the conversion. For example, if the lowest closing bid price during
the delinquency period is $0.01 per share and the conversion discount is 50% the Holder may elect to convert future conversions
at $0.005 per share.

 

If the Holder shall commence an action
or proceeding to enforce any provisions of this Note, including, without limitation, engaging an attorney, then if the Holder prevails
in such action, the Holder shall be reimbursed by the Company for its attorneys’ fees and other costs and expenses incurred
in the investigation, preparation and prosecution of such action or proceeding.

 

Make-Whole for Failure
to Deliver Loss. At the Holder’s election, if the Company fails for any reason to deliver to the Holder the conversion shares
by the by the 3rd business day following the delivery of a Notice of Conversion to the Company and if the Holder incurs a Failure
to Deliver Loss, then at any time the Holder may provide the Company written notice indicating the amounts payable to the Holder
in respect of the Failure to Deliver Loss and the Company must make the Holder whole as follows:

 

Failure to Deliver Loss = [(Highest VWAP
for the 30 trading days on or after the day of exercise) x (Number of conversion shares)]

 

The Company must pay the Failure to Deliver
Loss by cash payment, and any such cash payment must be made by the third business day from the time of the Holder’s written
notice to the Company.

 

9. In
case any provision of this Note is held by a court of competent jurisdiction to be excessive in scope or otherwise invalid or unenforceable,
such provision shall be adjusted rather than voided, if possible, so that it is enforceable to the maximum extent possible, and
the validity and enforceability of the remaining provisions of this Note will not in any way be affected or impaired thereby.

 

10. Neither
this Note nor any term hereof may be amended, waived, discharged or terminated other than by a written instrument signed by the
Company and the Holder.

 

    	 	6	 

     

    

 

11. The
Company represents that it is not a “shell” issuer and that if it previously has been a “shell” issuer
that at least 12 months have passed since the Company has reported Form 10 type information indicating it is no longer a “shell
issuer.

 

12. The
Company shall issue irrevocable transfer agent instructions reserving sufficient shares (initially 10,000,000) of its Common Stock
for conversions under this Note (the “Share Reserve”). Upon full conversion of this Note, any shares remaining in the
Share Reserve shall be cancelled. The Company shall pay all transfer agent costs associated with issuing and delivering the share
certificates to Holder. If such amounts are to be paid by the Holder, it may deduct such amounts from the Conversion Price. The
company should at all times reserve a minimum of four times the amount of shares required if the note would be fully converted. 
The Holder may reasonably request increases from time to time to reserve such amounts. The Company will instruct its transfer agent
to provide the outstanding share information to the Holder in connection with its conversions.

 

13. If
it shall be found that any interest or other amount deemed interest due hereunder violates the applicable law governing usury,
the applicable provision shall automatically be revised to equal the maximum rate of interest or other amount deemed interest permitted
under applicable law. The Company covenants (to the extent that it may lawfully do so) that it will not seek to claim or take advantage
of any law that would prohibit or forgive the Company from paying all or a portion of the principal or interest on this Note.

 

14. This
Note shall be governed by and construed in accordance with the laws of Nevada applicable to contracts made and wholly to be performed
within the State of Nevada and shall be binding upon the successors and assigns of each party hereto. The Holder and the Company
hereby mutually waive trial by jury and consent to exclusive jurisdiction and venue in the courts of the State of New York or in
the Federal courts sitting in the county or city of New York. This Agreement may be executed in counterparts, and the facsimile
transmission of an executed counterpart to this Agreement shall be effective as an original.

 

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IN WITNESS WHEREOF, the
Company has caused this Note to be duly executed by an officer thereunto duly authorized.

 

Dated: ______________

 

	 	Nightfood Holdings, Inc.
	 	 	 
	 	By: 	        
	 	Name:	 
	 	Title: 	 
	 	 	 

 

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EXHIBIT A

 

NOTICE OF CONVERSION

 

(To be Executed by the Registered Holder
in order to Convert the Note)

 

The undersigned hereby
irrevocably elects to convert $___________ of the above Note into _________ Shares of Common Stock of Nightfood Holdings, Inc.
(“Shares”) according to the conditions set forth in such Note, as of the date written below.

 

If Shares are to be issued
in the name of a person other than the undersigned, the undersigned will pay all transfer and other taxes and charges payable with
respect thereto.

 

Date of Conversion: _______________________________________________________________________

Applicable Conversion Price: ________________________________________________________________

Signature: _______________________________________________________________________________

[Print Name of Holder and Title of Signer]

Address: ________________________________________________________________________________

 

 ________________________________________________________________________________

 

SSN or EIN: _____________________________

Shares are to be registered in the following name:_________________________________________________

 

Name: ______________________________________________________________________

Address: ____________________________________________________________________

Tel: _____________________________

Fax: _____________________________

SSN or EIN: _______________________

 

Shares are to be sent or delivered to the following account:

 

Account Name: ____________________________________________________________________________

Address: _________________________________________________________________________________

 

 

9Exhibit
10.26

 

STANDSTILL
AGREEMENT

 

This
STANDSTILL AGREEMENT (this “Agreement”), dated as of June 12, 2017, to and under the Securities Purchase
Agreement referenced below, is among Quest Patent Research Corporation, a Delaware corporation (the “Company”),
Quest Licensing Corporation, a Delaware corporation, Wynn Technologies, Inc., a New York corporation, Mariner
IC Inc., a Texas corporation, Semcon IP Inc., a Texas corporation and IC Kinetics Inc., a Texas corporation,
United Wireless Holdings, Inc., a Delaware corporation (the “Buyer”), and Andrew C. Fitton
and Michael R. Carper (together, the “Buyer’s Transferees”).

 

R
E C I T A L S:

 

A.
The parties hereto entered into that certain Securities Purchase Agreement dated October 22, 2015 (the
“Securities Purchase Agreement”).

 

B.
The Buyer has asserted and continues to assert that the following Events of Default (the “Alleged
Defaults”) known to the Buyer have occurred and are continuing:

 

		(i)	An
                                         Event of Default under Section 4(a)(i) of each Note as a result of the Registration Statement
                                         ceasing to be effective or being unavailable to the holder of the Notes or sale of all
                                         of such holder’s Registrable Securities commencing on or about November 11, 2016,
                                         due to the audited consolidated balance sheet of the Company contained therein being
                                         as of a date more than 16 months prior to such date, and the related Maintenance Failure
                                         as such term as defined in Section 2(f) of the Registration Rights Agreement.

 

		(ii)	An
                                         Event of Default under Section 4(a)(iv) of each Note as a result of the Company’s
                                         failure to pay the applicable Registration Delay Payments and accrued interest thereon
                                         when due as provided in Section 2(f) of the Registration Rights Agreement.

 

		(iii)	An
                                         Event of Default under Section 4(a)(ix) of each Note as a result of the Company’s
                                         failure to comply with the requirements of Sections 10 and 13(k) of each Note and of
                                         Section 4(j)(ii) of the Securities Purchase Agreement, which the Buyer asserts constitutes
                                         one or more Conversion Eligible Events of Default that have occurred and are continuing.

 

		(iv)	An
                                         Event of Default under Section 4(a)(xiv) of each Note as a result of each of the foregoing.

 

C.
The Buyer asserts that as a result of the Alleged Defaults, the Buyer has the right to exercise certain rights and remedies
under the Securities Purchase Agreement and the other Transaction Documents. (This statement shall in no way be construed as
an acknowledgement or agreement by the Company that any of the Alleged Defaults does exist or is continuing, which Company
disputes and continues to dispute.)

 

D.
The Company disputes that here has been any material breach by the Company under any of the provisions recited above. (This
statement shall in no way be construed as an acknowledgement or agreement by the Buyer that any of the Alleged Defaults does
not exist or is not continuing, which Buyer continues to assert.)

 

E.
The Buyer, Company and each SPA Subsidiary have agreed to enter into this Agreement to provide the opportunity to resolve the
disputes regarding the Alleged Defaults in an amicable manner and to facilitate the continued functioning of the Company and
the SPA Subsidiaries in its normal course of business during the Standstill Period with each party retaining its rights
related to the Alleged Defaults.

 

     

     

    

 

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

 

Section
1. Definitions. Each capitalized term used herein but not otherwise defined herein has the meaning given to such term
in the Securities Purchase Agreement or another Transaction Document.

 

“Effective
Date” means the date on which the parties execute this Agreement.

 

“Required
Actions” means the actions under Section 2.1(b), Section 2.1(e) (only if CTX and the IV Parties execute and deliver
to one another the New PSA), Section 2.1(f), and Section 2.1(g).

 

“Standstill
Period” means the period commencing on the Effective Date and ending on the date that is the earliest of (i) June 30,
2017 (or if the Company is complying with its obligations under Section 2.1(f) below, September 15, 2017); (ii) completion of
all of the Required Actions (as defined above)), or (iii) the occurrence of any breach of this Agreement or any Event of Default
other than the Alleged Defaults.

 

Section
2. Buyer, Company and SPA Subsidiary Agreements and Acknowledgements.

 

		2.1	Agreements.

 

		(a)	The
                                         Buyer shall immediately provide to the Company the fixed stock sale price and information
                                         regarding the selling stockholders required for the filing by the Company of a Post-Effective
                                         Amendment No. 1 to the S-1 Registration Statement (file No. 333-208536) as required by
                                         the Registration Rights Agreement, along with the Buyer’s consent to file such Post-Effective
                                         Amendment and to request acceleration of the effectiveness of such Post-Effective Amendment.

 

		(b)	Subject
                                         to Buyer’s obligations under 2.1 (a) above, the Company shall immediately thereafter
                                         file such Post-Effective Amendment with the SEC and use its commercially reasonable efforts
                                         to cause it to become effective as soon as practicable. The parties understand and acknowledge
                                         that the registration statement may not become effective until sometime after June 30,
                                         2017.

 

		(c)	The
                                         Buyer shall immediately execute, and deliver to the Company for execution, a Consent
                                         to Patent Sale Agreement letter, dated as of the Effective Date, relating to the Patent
                                         Sale Agreement (the “New PSA”) by and between Intellectual
                                         Ventures Assets 37 LLC, a Delaware limited liability company, Intellectual Assets Ventures
                                         34 LLC, a Delaware limited liability company (collectively the “IV Parties”)
                                         and CTX Systems, Inc., a Texas corporation and wholly owned subsidiary of the Company
                                         (“CTX”) in substantially the form Attached hereto as Exhibit
                                         A.

 

		(d)	Subject
                                         to Section 2.1 (e) below, the Buyer shall not be obligated to purchase any Additional
                                         Notes under Section 1(b)(iii) of the Securities Purchase Agreement (including, for avoidance
                                         of doubt, the Additional Note that would have been purchased on March 31, 2017, and with
                                         respect to which the Company withdrew its Additional Note Purchase Notice).

 

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		(e)	If
                                         CTX and the IV Parties execute and deliver to one another the New PSA, then:

 

		(i)	within
                                         three (3) Business Days of execution and delivery of the New PSA, the Buyer shall purchase
                                         from the Company under the Securities Purchase Agreement, and the Company shall execute
                                         and deliver to the Buyer, a Note in the principal amount of $25,000, in the form of Exhibit
                                         A to the Securities Purchase Agreement (the “New Note”), and
                                         the New Note shall be a “Note” for all purposes under the Securities Purchase
                                         Agreement and the other Transaction Documents;

  

		(ii)	the
                                         Company shall immediately apply the proceeds of the New Note to make the initial payment
                                         due to the IV Parties under the New PSA (or direct the Buyer to pay the proceeds thereof
                                         directly to the IV Parties for such purpose) and cause the patents to be acquired thereunder
                                         to be assigned to CTX;

  

		(iii)	the
                                         Company and CTX shall promptly thereafter enter into a separate agreement with the Buyer
                                         pursuant to which they will grant the Buyer a 7.5% Net Proceeds Percentage interest in
                                         the Net Proceeds of the patents to be acquired pursuant to the New PSA on substantially
                                         the same terms as the Assigned Rights under the Monetization Proceeds Agreement, provided
                                         that upon the first Additional Note Failure, the Net Proceeds Percentage in the patents
                                         to be acquired pursuant to the New PSA will be reduced to zero (0%); and

 

		(iv)	upon
                                         completion of the actions set forth in Sections 2.1 (e) (i) through (iii), then notwithstanding
                                         Section 2.1 (d) above, the Buyer will be obligated to purchase Additional Notes under
                                         Section 1(b)(iii) of the Securities Purchase Agreement beginning with the Additional
                                         Note Closing Date of December 31, 2017, and thereafter, each on the terms and conditions
                                         provided therein.

 

		(f)	The
                                         Company shall within the term of the Standstill Period hold a meeting of its stockholders
                                         for (and the Company’s Board of Directors shall recommend to its stockholders)
                                         approval of the increase of authorized shares of Common Stock of the Company to 10,000,000,000
                                         shares in the manner described in the Company's Annual report on Form 10-K filed with
                                         the SEC on April 17, 2017 (the “Authorized Increase”). In the
                                         event the stockholders decline to approve the Authorized Increase by June 30, 2017, the
                                         Company agrees to promptly notice and hold successive meetings of its stockholders for
                                         (and the Company’s Board of Directors shall recommend to its stockholders) approval
                                         of the Authorized Increase until such time as the Authorized Increase is approved. Buyer’s
                                         Transferees, by their signatures below, hereby agree to vote 100% of their shares in
                                         favor of the Authorized Increase at the meeting or meetings of shareholders described
                                         in this paragraph.

 

		(g)	Provided
                                         delivery occurs by June 23, 2017, within seven (7) days after the delivery to the Company’s
                                         transfer agent by the Buyer of an opinion of CKR Law LLP or other legal counsel reasonably
                                         acceptable to the Company that the restrictive legend can be removed from the shares
                                         of Common Stock purchased by the Buyer under the Securities Purchase Agreement (and now
                                         held by the Buyer’s Transferees) (the “Buyer Shares”),
                                         the Company shall direct the transfer agent for the Common Stock to accept such opinion
                                         and issue new certificates for the Buyer Shares without such legends.

 

    	 	3	 

     

    

 

		(h)	The
                                         Company agrees that in the event that the existing warrants to the Company's Chief Executive
                                         Officer and Board Member Jon Scahill are not exercised by the date of their expiration,
                                         the Company shall not re-issue those warrants (or issue new warrants in an amount to
                                         equal or replace those warrants) at a strike price below the existing strike price contained
                                         in those warrants, nor shall it amend any such warrants to have a strike price below
                                         the existing strike price.

 

		(i)	If
                                         delivery occurs after June 23, 2017, within seven (7) days after the delivery to the
                                         Company’s transfer agent by the Buyer of an opinion of CKR Law LLP or other legal
                                         counsel reasonably acceptable to the Company that the restrictive legend can be removed
                                         from the Buyer Shares, the Company shall direct the transfer agent for the Common Stock
                                         to accept such opinion and issue new certificates for the Buyer Shares without such legends.

 

Section
3. Standstill; Waiver.

 

3.1 Standstill
in Respect of Alleged Defaults. In
reliance upon the agreements, representations, warranties and covenants of the Buyer, Company and the SPA Subsidiaries
contained in this Agreement, and subject to the terms and conditions of this Agreement, the Buyer, the Company and each SPA
Subsidiary agrees to forbear during the Standstill Period from exercising any rights and remedies it may have under the SPA,
the Transaction Documents or applicable law or otherwise in respect of or arising out of the Alleged
Defaults.

 

3.2
Modifications to Standstill. Any modification to this Agreement to extend the Standstill Period must be set forth in writing
and signed by all parties.

 

3.3
Tolling of Statute of Limitations. The Buyer, Company and each SPA Subsidiary acknowledges and agrees that the running
of any statutes of limitation or doctrine of laches applicable to any claims or causes of action that the Buyer or Holders, the
Company or any SPA Subsidiary may be entitled to take or bring in order to enforce their rights and remedies against the Buyer
or Holders, the Company or any SPA Subsidiary (or any of their respective assets) is, to the fullest extent permitted by law,
tolled and suspended during the Standstill Period.

 

3.4
Limitation on and Inapplicability of Standstill. The Buyer, the Company and each SPA Subsidiary acknowledges and agrees
that, notwithstanding the agreement of the Buyer, the Company and each SPA Subsidiary to forbear as described in Section 3.1 hereof,
nothing contained in this Agreement shall be construed to limit or affect the right of the Buyer or Holders, the Company or the
SPA Subsidiaries to bring or maintain during the Standstill Period any action to enforce or interpret any term or provision of
this Agreement or the Transaction Documents, or to file or record instruments of public record (or take other action) to perfect
or further protect the liens and security interests granted by Transaction Documents.

 

3.5
Enforcement Actions after Applicable Standstill Period. Subject to Section 3.6 below, the Buyer, the Company and each SPA
Subsidiary acknowledges and agrees that, upon the expiration or termination of the Standstill Period, the agreement of the Buyer,
the Company and the SPA Subsidiaries to forbear contained in Section 3.1 hereof shall cease and be of no further force or effect,
and the Buyer, the Company and the SPA Subsidiaries shall be entitled to immediately exercise their rights and remedies under
the Transaction Documents or applicable law or otherwise in respect of or arising out of the Alleged Defaults or any other Event
of Default not waived or then existing, without further notice or demand.

 

    	 	4	 

     

    

 

3.6 Waiver
and Release. If each of the Required Actions is completed by the termination of the Standstill Period, (a) the Buyer
agrees that it shall have, upon such termination, forever waived, released and discharged each Alleged Default existing on
the date of this Agreement (including the alleged applicable Registration Delay Payments and alleged accrued interest
thereon) and shall have no rights or remedies under the SPA, Transaction Documents or applicable law or otherwise in respect
of or arising out of such Alleged Defaults, (b) the Company and each SPA Subsidiary agrees that it shall have, upon such
termination, forever waived, released and discharged any and all defaults, breaches and non-compliances by the Buyer or any
Buyer’s Transferee (and any intermediate transferee of the Buyer Shares) that may exist or be alleged to exist under
the SPA or any other Transaction Document on the date of this Agreement and shall have no rights or remedies under the SPA,
Transaction Documents or applicable law or otherwise in respect of or arising out of any such actual or alleged defaults,
breaches or non-compliances and (c) the Company shall promptly execute and deliver to the Buyer a counterpart of the
Assignment and Transfer Agreement in the form of Exhibit B attached hereto. Notwithstanding the foregoing, the
Company’s inability to complete any Required Action as a result of Buyer’s failure to perform under any of
Section 2.1(a), Section 2.1(c), and/or Section 2.1(g) hereof or Buyer’s Transferees’ failure to vote 100% of
their shares in favor of the Authorized Increase shall have no effect on the Buyer's waiver and release under Section 3.6(a)
or the Company and SPA Subsidiaries’ waiver and release under Section 3.6(b).

 

Section
4. No Waiver or Course of Dealing.

 

4.1
No Waiver. Except as specifically provided in Section 3.6 hereof, any forbearance provision contained in this Agreement
shall not be construed as a consent or waiver by the Buyer or the Holders to or of, and neither the Buyer nor any Holder has consented
to or waived or intends to consent to or waive, any defaults or Events of Default (including any Alleged Default) that may exist
or that may occur in the future under the Transaction Documents. Similarly, any forbearance provision contained in this Agreement
shall not be construed as a consent or waiver by the Company or any SPA Subsidiary to or of, and neither the Company nor any SPA
Subsidiary has consented to or waived or intends to consent to or waive, any breach by the Buyer that may exist or that may occur
in the future under the Transaction Documents. Nothing contained in this Agreement shall directly or indirectly in any way whatsoever
amend or alter any provision of any of the Transactions Documents or any other contract or instrument, or waive, limit or postpone
the Buyer’s, the Company’s or any SPA Subsidiary’s obligations under the Transaction Documents or otherwise.

 

4.2
No Course of Dealing. This Agreement shall not, and shall not be deemed to, establish a custom or course of dealing (including,
without limitation, the establishment of a custom or course of dealing requiring the Buyer or Holders to notify the Company or
any SPA Subsidiary of (a) any default or Event of Default, (b) its obligations under the Transaction Documents, or (c) the exercise
of any rights of the Buyer or Holders under the any of the Transaction Documents, or at law or in equity). Any discussions (whether
written or oral) that have occurred or may occur, and any actions taken or not taken by the Buyer or Holders, the Company or any
SPA Subsidiary, are not and shall not be deemed to be a waiver, limitation or postponement of any provision of, or any obligation
of the Buyer or Holder, the Company or any SPA Subsidiary under, or any right, privilege, remedy, claim or cause of action of
the Buyer or Holders, the Company or any SPA Subsidiary under, the Transaction Documents or at law or in equity, all of which
rights and remedies are hereby expressly reserved.

 

Section
5. Miscellaneous

 

5.1
Confirmation. All of the terms and provisions of the Transaction Documents are, and shall remain, in full force and effect
following the Effective Date.

 

5.2
Counterparts. This Agreement may be executed by one or more of the parties hereto in any number of separate counterparts,
and all of such counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed
counterpart by facsimile or electronic mail shall be effective as delivery of a manually executed counterpart hereof.

 

5.3
Governing Law, Jurisdiction, Etc. Sections 8(a), (c) through (h) and (j) through (p) of the Securities Purchase Agreement
shall be incorporated herein mutatis mutandis.

 

[Signature
page follows]

 

    	 	5	 

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date first written above.

 

	 	COMPANY:
	 	QUEST
    PATENT RESEARCH CORPORATION
	 	 	 
	 	By:	/s/
    Jon C. Scahill
	 	 	Name: Jon
    C. Scahill
	 	 	Title: CEO
	 	 	 
	 	SPA
    SUBSIDIARIES:
	 	QUEST
    LICENSING CORPORATION
	 	 	 
	 	By:	/s/
    Jon C. Scahill
	 	 	Name: Jon
    C. Scahill
	 	 	Title: CEO
	 	 	 
	 	WYNN
    TECHNOLOGIES, INC.
	 	 	 
	 	By:	/s/
    Jon C. Scahill
	 	 	Name: Jon
    C. Scahill
	 	 	Title: CEO
	 	 	 
	 	MARINER
    IC INC.
	 	 	 
	 	By:	/s/
    Jon C. Scahill
	 	 	Name: Jon
    C. Scahill
	 	 	Title: CEO
	 	 	 
	 	SEMCON
    IP INC.
	 	 	 
	 	By:	/s/ Jon C. Scahill
	 	 	Name: Jon
    C. Scahill
	 	 	Title: CEO
	 	 	 
	 	IC
    KINETICS INC.
	 	 	 
	 	By:	/s/
    Jon C. Scahill
	 	 	Name: Jon
    C. Scahill
	 	 	Title: CEO
	 	 	 
	 	BUYER:
	 	UNITED
    WIRELESS HOLDINGS, INC.
	 	 	 
	 	By:	/s/
    Andrew Fitton
	 	 	Name: Andrew
    Fitton
	 	 	Title: CEO

 

    	 	6	 

     

    

 

	 	BUYER'S
    TRANSFEREES:
	 	 
	 	/s/
    Andrew Fitton
	 	Andrew
    C. Fitton
	 	 
	 	/s/
    Michael Carper
	 	Michael
    R. Carper

  

    	 	7

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