Document:

Exhibit 10.76

 

LOAN AGREEMENT and PROMISSORY NOTE

 

	US $400,000	March 19, 2018

 

SECTION 1. GENERAL.

 

Linda F. Powers (the “Holder”)
has granted to Northwest Biotherapeutics, Inc., a Delaware company (the “Maker”) a loan in the principal
amount of Four Hundred Thousand Dollars (US $400,000) (the “Loan”) on the terms and conditions set forth in this
Loan Agreement and Promissory Note (the “Note”). The Loan will bear interest from the date the funds are provided
by Holder to Maker until repaid, at a rate of ten percent (10%) per annum (the “Interest”). In addition, warrants
exercisable for common stock of the Maker will be due and issuable to the Holder upon the Holder’s provision of the Loan to Maker
(the “Initial Warrants”), as provided in Section 5. This Note will be payable on demand, in whole or in part, at the
election of the Holder on one or more occasions, with fifteen (15) days’ advance written notice from the Holder to the Maker. Upon
expiration of the notice period (the “Maturity Date”), the Maker will deliver to the Holder, in US dollars in
immediately available funds, at the account notified to Maker by the Holder, payment of the Loan together with all interest thereon
in accordance with the terms hereof (collectively, the “Repayment Amount”) less any amounts which the Holder elects
to convert into equity pursuant to Section 5 hereof.

 

SECTION 2. PRE-PAYMENT.

 

Subject to the Holder’s right to convert any
or all of the Repayment Amount, on one or more occasions, as provided in Section 5 hereof, this Note may be pre-paid in whole or
in part prior to the Maturity Date, at the election of the Maker in its discretion. In such event, the effective date of the pre-payment
shall be deemed to be the Maturity Date for that portion of the Repayment Amount.

 

SECTION 3. DEFAULT PAYMENT.

 

Upon the occurrence of an Event of Default
(as defined in Section 4 hereof) after notice and one opportunity for cure within five (5) business days after notice thereof,
(“Event of Default”), interest will become payable on all outstanding amounts at a default rate of eighteen percent
(18%) per annum (“Default Interest”) subject to applicable law. Accrual of such Default Interest will commence
upon the occurrence of an Event of Default and will continue until the default is cured, waived or the Repayment Amount is paid
in full.

 

SECTION 4. DEFAULTS.

 

4.1           Definitions.  Each occurrence of any of the following events will constitute an “Event of Default”:

 

     

     

    

 

(a)          if
a default occurs in the payment of any Repayment Amount, or other amounts due under this Note, whether at the due date thereof
or upon acceleration thereof, and such default remains uncured for fifteen (15) business days after written notice thereof from
Holder;

 

(b)          if
any representation or warranty of the Maker made herein will have been false or misleading in any material respect, or will have
contained any material omission, as of the date hereof;

 

(c)          if
a material default occurs in the due observance or performance on the part of the Maker of any covenant or agreement to be observed
or performed pursuant to the terms of this Note and such default remains uncured for ten (10) business days after written notice
thereof from Holder;

 

(d)          if
the Maker (i) discontinues its business, (ii) undergoes a sale of all or substantially all of its assets, reorganization, or direct
or indirect change of effective control, (iii) applies for or consents to the appointment of a receiver, trustee, custodian or
liquidator of Maker or any of its property, (iv) makes a general assignment for the benefit of creditors, or (v) files a voluntary
petition in bankruptcy, or a petition or an answer seeking reorganization or an arrangement with creditors, or takes advantage
of any bankruptcy, reorganization, insolvency, readjustment of debt, dissolution or liquidation laws or statutes, or file an answer
admitting the material allegations of a petition filed against it in any proceeding under any such law;

 

(e)          if
there is filed against, Maker an involuntary petition seeking reorganization of Maker or the appointment of a receiver, trustee,
custodian or liquidator of Maker or a substantial part of its assets, or an involuntary petition under any bankruptcy, reorganization
or insolvency law of any jurisdiction, whether now or hereafter in effect (any of the foregoing petitions being hereinafter referred
to as an “Involuntary Petition”) and such Involuntary Petition will not have been dismissed within ninety (90)
days after it was filed;

 

4.2           Remedies
on Default. 

 

Upon each and every such
Event of Default and at any time thereafter during the continuance of such Event of Default: (i) any and all indebtedness, and
related amounts due from the. Maker to the Holder under this Note or otherwise will immediately become due and payable; (ii) Default
Interest will accrue and be payable until all of the foregoing amounts have been paid in full and (iii) the Holder may exercise
all the rights of a creditor under applicable law.

 

(b)          In
the event that any one or more Events of Default will occur and be continuing, and acceleration of this Note or any other indebtedness
or obligation of the Maker to the Holder will have occurred, the Holder may, inter alia,
proceed to protect and enforce its rights by an action at law, suit in equity and/or other
appropriate proceeding. No right conferred upon the Holder by this Note will be exclusive of any other right referred to herein
or therein or now or hereafter available at law, in equity, by statute or otherwise.

 

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SECTION 5. CONVERSION AND WARRANTS 

 

5.1           Conversion
Election. Holder will have the right to elect, in its sole discretion, at any time or times on or before the Maturity Date
(or such later date at which the Repayment Amount is repaid in full), to convert all or any part of the Repayment Amount into Series
B Preferred Stock and related warrants (the “Conversion Warrants”), on the terms set forth in this Section 5. The price
per share of the Series B Preferred Stock will be Two’ Dollars and Thirty Cents ($2.30) per share, with each share of such Preferred
Stock convertible into ten (10) shares of Common Stock (but only upon the earlier of such Common Stock being available for issuance
or June 1, 2018) at an effective price of Twenty-Three Cents ($0.23) per share of Common Stock, and with voting rights equal to
ten (10) votes per share of Series B Preferred Stock.

 

5.2           Warrants. The
Initial Warrants will be exercisable for a number of shares of the Maker’s Common Stock that is equal to fifty percent (50%) of
the number of shares into which the full Repayment Amount would be convertible at a price of Twenty-three Cents ($0.23) per share.
As provided in Section 1, the Initial Warrants become due and payable upon the Holder entering into the Loan. In the event that
the Holder elects to convert all or any part of the Repayment Amount into Series B Preferred Stock (or Common Stock) of the Maker,
the Conversion Warrants will become due and payable on a proportionate basis, up to a number of shares of the Maker’s common stock
that is equal to fifty percent (50%) of the number of shares into which the full Repayment Amount would be convertible at a price
of Twenty-three Cents ($0.23) per share. Both the Initial Warrants and the Conversion Warrants will only become exercisable upon
the earlier of Common Stock being available for issuance or June 1, 2018. Both the Initial Warrants and the Conversion Warrants
will be exercisable at a price of Thirty Cents ($0.30) per share of Common Stock, will include cashless exercise, and will have
an exercise period of five (5) years from the dates the warrants become exercisable.

 

5.3           Delivery
of Conversion Shares and Conversion Warrants. Maker will deliver the Conversion Shares and Conversion Warrants-b-Holder within
three (3) business days following delivery of a Conversion Notice to Maker (the “Delivery Date”). Maker understands
that a delay in the delivery of Conversion Shares beyond the applicable Delivery Date, could result in economic loss to Holder.
As compensation to Holder for such risk, in addition to any other available remedies at law or _equity, Maker agrees to pay late
fees to Holder, for delivery of the Conversion Shares and Warrants after the Delivery Date, equal to $1,000 per day.

 

5.4           Piggy-Back Registration.
Holder will be entitled to piggy-back registration rights with respect to the Conversion Shares. Maker will bear all reasonable
and customary expenses relating to the preparation and filing of any registrations.

 

SECTION 6. EXTENSION OF MATURITY. 

 

In the event that the Repayment
Amount or any other amounts due under this Note become due and payable on other than a business day, the due date thereof (including
the Maturity Date) will be extended to the next succeeding business day in the United States. For purposes of the preceding sentence,
a business day will be any day that is not a Saturday or Sunday, or a legal holiday in the State of New York in the United States.

 

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SECTION 7. ATTORNEYS’ FEES AND COLLECTION COSTS.

 

In the event that all or
part of the indebtedness evidenced by this Note is collected at law or in equity, or in bankruptcy, receivership or other court
proceedings, arbitration or mediation, or any settlement of any of the foregoing, the Maker agrees to pay, in addition to all amounts
due and payable hereunder, all costs of collection incurred by the Holder in collecting or enforcing this Note, including, without
limitation, reasonable attorneys’ fees and expenses actually incurred.

 

SECTION 8. WAIVERS, DISPUTES, JURISDICTION.

 

8.1           Actions
of Holder not a Waiver. No delay by Holder in exercising any power or right hereunder
will operate as a waiver of any power or right, nor will any single or partial exercise of any power or right preclude other or
further exercise thereof, or the exercise of any other power or right hereunder or otherwise; and no waiver or modification of
the terms hereof will be valid unless set forth in writing by the Holder and then only to the extent set forth therein.

 

8.2           Consent to Jurisdiction.
The Parties hereby submit to the jurisdiction of the state or federal courts sitting in the State of Delaware over any suit,
action, or proceeding arising out of or relating to this Note or any other agreements or instruments with respect to Holder. The
parties hereby waive, to the fullest extent permitted by law, any objection that the parties may now or hereafter have to the
laying of venue of any such suit, action, or proceeding brought in any such court and any claim that any such suit, action, or
proceeding brought in any such court has been brought in an inconvenient forum. A final, non-appealable judgment in any such suit,
action, or proceeding brought in any such courts will be conclusive and binding upon the parties, and may be enforced in any court
in which the applicable party is subject to jurisdiction by a suit upon such judgment, provided that service pf,process is effected
upon the applicable party as provided in this Note or as otherwise permitted by applicable law.

 

8.3           Waiver
of Jury Trial. THE PARTIES WAIVE ANY ‘RIGHTS THEY MAY HAVE TO A JURY TRIAL OF ANY CLAIM
OR CAUSE OF ACTION ARISING OUT OF THIS AGREEMENT OR ANY DEALINGS BETWEEN THE PARTIES RELATING TO THE SUBJECT MATTER OF
THIS NOTE. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES
THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THE LOAN OR THIS NOTE, INCLUDING, WITHOUT LIMITATION, CONTRACT
CLAIMS, TORT CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED
EITHER ORALLY OR IN WRITING, AND THIS WAIVER WILL APPLY TQ ANY SUBSEQUENT AMENDMENTS, SUPPLEMENTS OR MODIFICATIONS TO THIS LOAN
OR THIS NOTE OR TO ANY OTHER DOCUMENT OR AGREEMENT RELATING TO THE LOAN OR THIS NOTE.

 

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8.4           Service
of Process. The parties hereby consent to process being served in any suit, action, or proceeding instituted in-connection
with this Note by delivery of a copy thereof by certified mail, postage prepaid, return receipt requested, and/or by delivery of
a copy thereof to a registered agent of the party.

 

SECTION 9. MAKER’S REPRESENTATIONS AND WARRANTIES.

 

The Maker represents and warrants the following:

 

9.1           Organization.
Good Standing and Qualification. The Maker is a corporation duly organized, validly existing and in good standing under the
laws of the State of Delaware in the United States, and has all requisite corporate power and authority to carry on its business.
The Maker is duly qualified to transact business and is in good standing in each jurisdiction in which the failure so to qualify
would have a material adverse effect on its business, properties, operations, prospects or condition (financial or otherwise).

 

9.2           Authorization.
The execution, delivery and performance by the Maker of this Note have been duly authorized by all requisite action by Maker, if
any, in accordance with Delaware law. This Note is a valid and binding obligation of Maker, enforceable against Maker in accordance
with its terms, except as limited by applicable bankruptcy, insolvency, reorganization, moratorium, or other laws of general application
affecting enforcements of creditors’ rights or general principles of equity.

 

9.3           No Conflicts. The execution, delivery and
performance of this Note and compliance with the provisions hereof by Makernot, to the knowledge of Maker, (a) violate any
provision of any law, statute, rule or regulation applicable to Maker or any order, judgment or decree of any court, arbitrator,
administrative agency or other governmental body applicable to Maker or any of its assets or (b) conflict with or result in any
material breach of any of the terms or conditions of any agreement or instrument to which Maker is a party, or give rise to any
right of termination, cancellation or acceleration under any such agreement or instrument, or result in the creation of any lien
or other eneffthbrance upon any of the material assets of Maker.

 

SECTION 10. HOLDER’S REPRESENTATIONS AND WARRANTIES

 

10.1           Accredited Investor.
Holder hereby represents and warrants that Holder has substantial experience in evaluating and investing in securities, and is
capable of evaluating the merits and risks of its loan to Maker under this Note and any investment in Conversion Shares, and has
the capacity to protect its own interests. Holder is an “accredited investor” within the meaning of Regulation D under
the Securities Act.

 

10.2           Investment Purpose.
This Note is being made for business and investment purposes.

 

SECTION 11. REPLACEMENT OF NOTE.

 

Upon receipt by Maker of reasonable evidence
of the loss, theft, destruction, or mutilation of this Note, Maker will deliver a new Note containing the same terms and conditions
in lieu of this Note. Any Note delivered in accordance with the provisions of this Section 10 will be dated as of the date of this
Note.

 

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SECTION 12. MISCELLANEOUS.

 

12.1           Notices. All
notices, demands and requests of any kind to be delivered to any party in connection with this Note will be in writing and will
be deemed to be effective upon delivery if (i) personally delivered, (ii) sent by facsimile or email with confirmed delivery, (iii)
sent by nationally or internationally recognized overnight courier, or (iv) sent by registered or certified mail, return receipt
requested and postage prepaid to such address as the party to whom notice is to be given may have furnished to the other parties
hereto.

 

12.2           Parties In Interest,
Assignment. This Note will bind and inure to the benefit of Holder, Maker and their respective successors and permitted assigns.
Maker will not transfer or assign this Note without the prior written consent of Holder. Holder may transfer and assign this note
without the prior consent of Maker.

 

12.3           Severability.
If one or more provisions of this Note are held to be unenforceable under applicable law, then (i) such provision will be excluded
from this Note, (ii) the balance of the Note will be interpreted as if such provision were so excluded, (iii) the balance of the
Note will be enforceable in accordance with its terms, and (iv) the parties will negotiate in good faith to amend or add to the
provisions of this Note to effectuate as nearly as reasonably practicable, and as nearly as permitted under applicable law, the
original intent of the parties with respect to the provision excluded.

 

12.4           Amendments.
No provision of this Note may be amended or waived without the express written consent of both Maker and Holder, provided, however,
that Holder may waive any provision hereof that inures to the benefit of Holder without the prior written consent of Maker.

 

12.5           Governing Law.
This Note will be governed by and construed in accordance with the laws of the State of Delaware, other than any rules relating
to choice of law.

 

12.6           Counterparts.
This Note may be executed and delivered in any number of counterparts, each of which -is an original and which, together,’ have
the same effect as if each party had signed the same document.

 

12.7           Nature of Obligation.
This Note is being made for business and investment purposes and not for household or other purposes.

 

12.8.           Entire Agreement.
This Note contains the entire understanding of the parties with respect to the subject matter hereof and supersedes all prior agreements
and understandings among the parties with respect thereto.

 

[SIGNATURES ON FOLLOWING PAGE]

 

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IN WITNESS WHEREOF, Maker has caused this Note to be duly executed
by its duly authorized person(s) as of the date first written above.

 

	NORTHWEST BIOTHERAPEUTICS, INC.	 	LINDA F. POWERS
	(MAKER)	 	(HOLDER) 4
	 	 	 	 	 
	By:	/s/ Leslie J. Goldman	 	By:	/s/ Linda F. Powers
	Name:  Leslie J. Goldman	 	 
	Title: Senior Vice President	 	 

 

    	7Exhibit 10.77

 

THE SECURITIES OFFERED HEREBY 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 BY SECTION 3(b) OF THE SECURITIES ACT OF 1933, AS AMENDED, AND THE RULES AND
REGULATIONS PROMULGATED THEREUNDER (THE “1933 ACT)

 

US $1,388,888.89

 

NORTHWEST BIOTHERAPEUTICS, INC

6% CONVERTIBLE SECURED FULL RECOURSE REDEEMABLE
NOTE

DUE AUGUST 25, 2018

 

FOR VALUE RECEIVED, Northwest
Biotherapeutics, Inc. (the “Company”) promises to pay to the order of Adar Bays, LLC and its authorized successors
and permitted assigns (“Holder”), the aggregate principal face amount of One Million Three Hundred and Eighty
Eight Thousand, Eight Hundred and Eighty Eight Dollars and Eighty Nine Cents (U.S. $1,388,88.89) on August 25, 2018 (“Maturity
Date”), including a 10% OID of One Hundred and Thirty Eight Thousand, Eight Hundred and Eighty Eight Dollars and Eighty
Nine Cents ($188,888.89) and to pay interest on the principal amount outstanding hereunder at the rate of 6% per annum commencing
on May 1, 2018. Upon execution of the Note, Holder shall wire to Company $1,250,000, subject to Paragraph 13 below. 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 1619.2 Coastal Highway, Lewes, DE, 19958 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.

 

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.

 

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”) and applicable
state securities laws. 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 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.

 

4.          (a)          Upon
the occurrence of an Event of Default, the Holder of this Note is entitled, to convert all or any amount of the principal face
amount of this Note then outstanding into shares of the common stock of Northwest Biotherapeutics, Inc. (the “Common Stock”)
without restrictive legend of any nature, at a conversion price (“Conversion Price”) for each share of Common
Stock equal to equal to 90% of the average price comprised of the average of the daily volume weighted average prices (the “VW
AP”), as reported on the National Quotations Bureau (OTCBB) on which the Common Stock is traded or any exchange upon
which the Common Stock may be traded in the future (“Exchange”), for the five (5) trading days with the lowest
VWAPs during the fifteen (11). trading days immediately preceding the Conversion Date, including the day upon which a Notice of
Conversion is received by the Company, provided such Notice of Conversion is delivered by fax to the Company between the hours
of 4 P.M. Eastern Standard or Daylight Savings Time and 8 P.M., Eastern Standard or Daylight Savings Time. provided such Notice
of Conversion is delivered by fax to the Company between the hours of 4 P.M. Eastern Standard or Daylight Savings Time and 8 P.M.
Eastern Standard or Daylight Savings Time. Such conversion shall be effectuated by the Company and/or Northwest Bi-otherapeutics
delivering the shares of Common Stock to the Holder within two (2) business days of receipt by the Company of the Notice of Conversion
(the “Grace Period”). If the Holder has not received the aforementioned shares of Common Stock within 4 business days
from the delivery of a Notice of Conversion to the Company and/or the transfer agent, then a penalty payment of $250 per day shall
be added to the outstanding balance of this Note after Grace Period until the Holder has received the Common Stock. Once the Holder
has received such shares of Common Stock, the Holder shall surrender this Note to the Company, executed by the Holder evidencing
such Holder’s intention to convert this Note or a specified portion hereof, and accompanied by proper assignment hereof in
blank. 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. 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). All the terms set forth herein, including but
not limited to interest rate, prepayment terms, conversion discount, shares reserves or lookback period will be adjusted downward
(i.e. for the benefit of the Holder) if the Company offers a more favorable conversion discount (whether via interest, rate OID,
warrants, restricted shares, reserves or otherwise) or lookback period to another party or otherwise grants any more favorable
terms to any third party than those contained herein while this note is in effect. All remedies herein are cumulative.

 

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(b)          Interest
on any unpaid principal balance of this Note shall be paid at the rate of 6% per annum. Interest shall be paid by the Company in
Common Stock (“Interest Shares”). The 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)          This
Note may not be prepaid.

 

(d)          In
case of any Sale Event 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 lir 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.

 

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.

 

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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 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

 

(d)           The
Company shall (1) become insolvent; (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 thirty (30) days after such appointment; or

 

(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 Two Million dollars ($2,000000) 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)          Bankruptcy,
reorganization, insolvency or liquidation proceedings, or other proceedings for relief under any bankruptcy law or any law for
the relief of debtors shall be instituted voluntarily by or involuntarily against the Company; or

 

(i)          Northwest
Biotherapeutics shall have its Common Stock delisted from any current exchange it is now on, or, if the Common Stock trades on
an exchange, then trading in the Common Stock shall be suspended for more than 10 consecutive days;

 

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

 

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The Company shall not
deliver to the Holder the Common Stock pursuant to paragraph 4 herein without restrictive legend within 4 business days of its
receipt of a Notice of Conversion.

 

Then, or at any time thereafter, unless cured,
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 be accrue at a default interest rate of 18% per annum or, if such rate is usurious or not permitted
by current law, then at the highest rate of interest permitted by law.

 

If the Holder shall commence an action or proceeding
to enforce any provisions of this Note, including without limitation engaging an attorney, then 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. The principal executive officers of the Company shall be personally responsible for all such fees
and expenses.

 

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.

 

11.          This
is a full recourse note and the Holder may have other remedies avail-able by law.

 

12           This
Note shall be governed .by and construed in accordance with the laws of New York applicable to contracts made and wholly to be
performed within the State of New York 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. This Agreement may be executed in counterparts, and the facsimile transmission of an executed counterpart to this Agreement
shall be effective as an original.

 

13.          The
Company will pay legal fees incurred by the Holder in the negotiation of this note and the transactions related thereto, in the
amount of $50,000.00, the proceeds of which shall be deducted from the $1,250,000 amount to be wired the Company upon closing.

 

    	5

     

    

 

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

 

Dated: May 1, 2018

 

	 	NORTHWEST BIOTHERAPEUTICS, INC.
	 	 	 
	 	By:	/s/  Leslie J. Goldman
	 	Name:  Leslie J. Goldman
	 	Title: Senior Vice President

 

     

     

    

 

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 Northwestern Biotherapeutics, 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:

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