Document:

vray-ex103_307.htm

 

Exhibit 10.3

January 13, 2017 

Personal and Confidential 

Puissance Capital Management

950 Third Avenue, 25th Floor

New York, NY 10022 

ATTN: Theodore T. Wang 

THIS AGREEMENT (the “Agreement”) is entered into as of January 13, 2017, by and among ViewRay, Inc. (the “Company”) and Puissance Capital Management (“Consultant”).  The Company and Consultant shall collectively be referred to as the “Parties” and each a “Party.”

RECITALS

	
A.
	
The Company engages in the research, development and manufacture of magnetic resonance imaging ("MRI") radio therapy systems.

	
B.
	
Consultant has extensive trading and investment experience and has particular expertise in business development in China. 

NOW THEREFORE, for valuable consideration, the sufficiency of which is hereby acknowledged, the Parties agree as follows:

	
1.
	
Consulting Services.

Consultant hereby agrees to assist the Company with business development activities related to the sale of the Company’s products in China.  Specifically, Consultant shall provide the following services:

(a) Consultant shall provide advice with respect to business development activities in China;

(b) Consultant shall provide advice regarding strategic partnerships within the sales and commercial side of the Company’s business in China;

(c) Consultant shall provide advice regarding strategic partnerships within the supplier and manufacturer side of the Company’s business in China; and

(d) Consultant shall provide general advice regarding the overall strategy and direction of the Company’s business in China. 

In performing these services, Consultant will have no authority to bind the Company in any way and will make no representations relating to the Company that are not expressly authorized by this Agreement or consented to in advance by the Company in writing.  Without limiting the generality of the foregoing, Consultant is not authorized to negotiate or enter into any agreement or undertaking on behalf of the Company with any person or organization.  

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2.
	
Representations and Warranties of the Company.

The Company represents, warrants and agrees that as of the date hereof:

(a)It (i) is duly organized and validly existing under the laws of the State of Delaware and (ii) is qualified to do business as a foreign corporation and is in good standing under the laws of each jurisdiction which requires such qualification, except in the case of clause (ii) above, to the extent that the failure to be so qualified or be in good standing would not reasonably be expected to result in a material adverse effect on the validity or enforceability of this Agreement, a material adverse effect on the condition (financial or otherwise), earnings, business or properties of the Company and its subsidiaries, taken as a whole, or a material adverse effect on the Company’s ability to perform in any material respect its obligations under this Agreement.

(b)This Agreement has been validly executed and is the legal, valid and binding agreement of the Company. 

	
3.
	
Representations and Warranties of Consultant.

Consultant represents, warrants and agrees that as of the date hereof, and as of any date that the Consultant receives fees:

(a)Consultant and its agents or representatives have obtained all governmental, regulatory and local licenses and approvals and will effect all filings and registrations with governmental, regulatory and self-regulatory bodies and agencies required in connection with the services it provides and fees it is entitled to receive under this Agreement. 

(b)There is no pending or threatened action, suit or proceeding before or by any court or other governmental body to which Consultant, or to which any of the assets of Consultant is subject, that might reasonably be expected to adversely affect Consultant’s ability to perform under this Agreement.  Consultant shall immediately notify the Company of the nature and amount of any claim, investigation, inquiry or proceeding which might reasonably be expected to adversely affect Consultant’s ability to perform under this Agreement.

(c)Consultant (i) is not subject to any order of the SEC under Section 203(f) of the Investment Advisers Act of 1940, as amended (the “Advisers Act”), (ii) has not been convicted within the past ten years of any felony or misdemeanor involving conduct described in Section 203(e)(2)(A)-(D) of the Advisers Act, (iii) has not been found by the SEC to have engaged, or been convicted of engaging in, any of the conduct described in paragraphs (1), (5) or (6) of Section 203(e) of the Advisers Act, and (iv) is not subject to an order, judgment or decree described in Section 203(e)(4) of the Advisers Act or subject to any other statutory or regulatory bar, disability or prohibition which would prevent it from engaging in the solicitation or introduction of potential customers or strategic partners as described in this Agreement.  

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(d)Neither Consultant nor any of its officers, directors, employees, affiliates, agents or any person connected with it as specified in paragraph (d)(1) of Rule 506 under the Securities Act (such persons referred to as “Covered Persons”) has been the subject of any event described in paragraph (d)(1)(i)-(viii) of Rule 506 (“Disqualifying Event”).  Consultant covenants that it will notify the Company within five (5) business days in the event any such action or prosecution relating to a Disqualifying Event is initiated during the term of this Agreement.  This Agreement may be immediately terminated with the occurrence of a Disqualifying Event, and compensation shall be suspended pending remedy or waiver of the Disqualifying Event.

(e)Consultant is not (i) currently the subject of any sanction administered or enforced by the United States Department of the Treasury, the United Nations Security Council, the European Union, Her Majesty’s Treasury or other relevant sanctions authority (“Sanction”); (ii) located or resides in any country or territory to the extent that such country or territory itself is the subject of any Sanction (“Designated Jurisdiction”), or (iii) or has not been (within the previous five (5) years) engaged in any transaction with any person who is now or was then the subject of Sanctions or who is located, organized or residing in any Designated Jurisdiction.  No fees, nor the proceeds from any fees, has been or will be used, directly or indirectly, to lend, contribute or provide or has otherwise been made available to fund any activity or business in any Designated Jurisdiction or to fund any activity or business of any person located, organized or residing in any Designated Jurisdiction or who is the subject of any Sanctions, or in any other manner that will result in any violation by any person of Sanctions.

(f)Consultant will not directly or indirectly use any funds for any unlawful contribution, gift, entertainment or other unlawful expenses relating to political activity; nor directly or indirectly make any bribe, rebate, payoff, influence payment, kickback or other unlawful payment to any foreign or domestic government or party official or employee, or an employee of a private enterprise or organization.  Consultant is not, nor is any of its agents or representatives, aware of or has taken any action, directly or indirectly, that would result in a violation by such persons of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (the “FCPA”), including, without limitation, making use of the mails or any means or instrumentality of interstate commerce corruptly in furtherance of an offer, payment, promise to pay or authorization of the payment of any money, or other property, gift, promise to give or authorization of the giving of anything of value to any “foreign official” (as such term is defined in the FCPA) or any foreign political party or official thereof or any candidate for foreign political office, in contravention of the FCPA.

(g)Consultant will not negotiate with any potential customer, strategic partner or other party, nor will Consultant represent the Company in negotiations with any potential customer, strategic partner or other party. 

(h)Consultant will not engage in any solicitation activities with respect to the Company.  

	
4.
	
Fees. 

To retain the services of Consultant, the Company shall pay Consultant a fixed consulting fee of $1,250,000 within 10 business days of the date of this Agreement.  

Except as otherwise set forth herein, each Party shall be responsible for bearing its own costs and expenses in connection with this Agreement.

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5.
	
Indemnification.

(a)The Company agrees to indemnify and hold harmless Consultant, its affiliates, and each of their respective employees, directors, owners, officers, successors and representatives, against any and all loss pursuant to any misrepresentation in this Agreement or arising out of the Company’s conduct pursuant to or under this Agreement if such conduct constitutes fraud, willful misconduct, gross negligence or violation of applicable law.

(b)Consultant agrees to indemnify and hold harmless the Company, each of their affiliates, and their respective employees, directors, owners, officers, successors and representatives, against any and all loss pursuant to any misrepresentation in this Agreement or arising out of Consultant’s conduct pursuant to or under this Agreement if such conduct constitutes fraud, willful misconduct, gross negligence or violation of applicable law.

	
6.
	
Confidentiality.

(a)The Parties hereto shall keep the terms and conditions of this Agreement confidential, subject to applicable disclosure requirements under the securities and other laws or regulations.  In addition, each Party may disclose the terms of this Agreement to (a) its attorneys and accountants, (b) government officials upon lawful demand and (c) persons authorized to examine this document pursuant to a legal process or judicial order; provided, however, that the Parties shall have no obligation to maintain the confidentiality of information made public by an independent third party.

(b)While Consultant is engaged by the Company, Consultant may have access to information that is confidential and proprietary to the Company and its respective affiliates.  Except in the performance of Consultant’s obligations under this Agreement, or with the prior written consent of the Company, Consultant agrees that neither Consultant, nor Consultant’s agents or representatives will at any time, during the term of this Agreement or thereafter, disclose to any person or use for its benefit or the benefit of others, any such information obtained by the Consultant.

	
7.
	
Survival.

All indemnities, governing law, confidentiality, representations, warranties and fee provisions shall survive any termination of this Agreement, provided, however, that no fees shall be payable as described in Paragraph 4 if (i) the Agreement is terminated for cause or (ii) the payment of fees to the Consultant would violate any applicable law or regulation.  

	
8. 
	
Term. 

The term of this Agreement shall commence upon the date set forth on the first page of this Agreement and shall continue for one year. After one year, any Party may terminate this Agreement by written notice to the other Party sent not later than five days prior to the effective date of termination.  This Agreement may be terminated by any Party at any time for cause on not less than five days written notice to the other Party.  Termination for cause shall be permitted in the event of a violation or breach of any representation, warranty or covenant of this Agreement, or a failure by a Party to perform any of its obligations under this Agreement.

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9.
	
Notices.

All notices or notifications required or desired to be delivered under this Agreement shall be in writing and shall be effective when delivered personally or by email on the day delivered, or, when given by registered or certified mail, postage prepaid, return receipt requested, on the day of receipt, addressed as follows (or to such other address as the Party entitled to notice shall designate):

 

	
THE CONSULTANT: 
	
 
	
THE COMPANY :

	
Puissance Capital Management
	
 
	
ViewRay, Inc.

	
950 Third Avenue, 25th Floor
	
 
	
2 Thermo Fisher Way

	
New York, NY 10022
	
 
	
Oakwood Village, OH 44146

	
Attention :
	
 
	
COO/CFO
	
 
	
Attention :
	
 
	
Chief Financial Officer

	
Facsimile :
	
 
	
(212) 371-3474
	
 
	
Facsimile :
	
 
	
(800) 417-3459

	
E-Mail :
	
 
	
rodney.miller@puissancecapital.com
	
 
	
E-Mail :
	
 
	
abansal@viewray.com

 

	
10. 
	
Governing Law.

This Agreement shall be governed by and construed in accordance with the law of the State of California without regard to conflicts of law principles.  Any legal action or proceeding in connection with this Agreement or the performance hereof may be brought in the state and federal courts located in the City of San Francisco, and the Parties hereby irrevocably submit to the non-exclusive jurisdiction of such courts for the purpose of any such action or proceeding.  The Parties hereby irrevocably waive trial by jury in any action, proceeding or claim brought by any Party hereto or beneficiary hereof on any matter whatsoever arising out of or in any way connected with this Agreement.

	
11.
	
Miscellaneous.

This Agreement is given for good and valuable consideration and is intended to be legally binding and represents the entire understanding of the Parties with respect to the subject matter described herein, and supersedes any and all prior negotiations, arrangements and discussions.  

If any provision of this Agreement shall be held to be illegal, invalid or unenforceable under any applicable law, then such provision shall be deemed modified to the extent necessary to render it legal, valid and enforceable, and if no such modification shall render it legal, valid and enforceable, then this Agreement shall be construed as if not containing such provision, and the rights and obligations of the Parties shall be construed and enforced accordingly.

 

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ViewRay, Inc.
	
 
	
Puissance Capital Management

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
By:
	
 
	
/s/ Chris A. Raanes
	
 
	
By:
	
 
	
/s/ Theodore T. Wang

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
Name:
	
 
	
Chris A. Raanes
	
 
	
Name:
	
 
	
Theodore T. Wang

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
Title:
	
 
	
President & CEO
	
 
	
Title:
	
 
	
Managing MemberTHIS
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
    $18,000.00 

 

TAURIGA
SCIENCES, INC.

8%
CONVERTIBLE REDEEMABLE NOTE

DUE
JANUARY 27, 2018

 

FOR
VALUE RECEIVED, Tauriga Sciences, 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
of Eighteen Thousand Dollars exactly (U.S. $18,000.00) on JANUARY 27, 2018 (“Maturity Date”) and to pay interest
on the principal amount outstanding hereunder at the rate of 8% per annum commencing on JANUARY 27, 2017. 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.

____ 

Initials

 

    	 	 	 

    	 

    

 

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, 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 75% of the lowest closing bid price
of the Common Stock as reported on the National Quotations Bureau OTC Market 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 ten
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 65% instead of 75% 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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Initials

 

    	 	2	 

    	 

    

 

(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)
The Notes may be prepaid with the following penalties:

 

	Time
    Period	 	Payment
    Premium
	<=30
    days after note issuance	 	None
	>30
    days <=60 days after note issuance	 	110%
    of the sum of principal plus accrued interest
	>60
    days <= 90 days after note issuance 	 	115%
    of the sum of principal plus accrued interest
	>90
    days <=120 days after note issuance	 	120%
    of the sum of principal plus accrued interest
	>120
    days <=180 days after issuance of note	 	125%
    of the sum of principal plus accrued interest

 

This
Note may not be prepaid after the 180th day. 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.

____ 

Initials

 

    	 	3	 

    	 

    

 

(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.

 

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

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Initials

 

    	 	4	 

    	 

    

 

(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

 

(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).

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Initials

 

    	 	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 penalty shall be $250 per day the shares are not issued beginning on the 4th
day after the conversion notice was delivered to the Company. This penalty shall increase to $500 per day beginning on the
10th day. The penalty for a breach of Section 8(n) shall be an increase of the outstanding principal amounts by 20%.
In case of a breach of Section 8(i), the outstanding principal due under this Note shall increase by 50%. 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 = [(High trade price at any time 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.

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Initials

 

    	 	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 21,333,000 shares 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.
The Company will give the Holder direct notice of any corporate actions, including but not limited to name changes, stock splits,
recapitalizations etc. This notice shall be given to the Holder as soon as possible under law.

 

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.

____ 

Initials

 

    	 	7	 

    	 

    

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

 

Dated:
________________

 

	 	TAURIGA
    SCIENCES, INC.
	 	 
	 	By:
    	 
	 	 	 
	 	Title:
    	 

____ 

Initials

 

    	 	8	 

    	 

    

 

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 Tauriga
Sciences, 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:
______________________________________________________________

____ 

Initials

 

    	 	9

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