Document:

Geospatial Corporation 10-K

 

Exhibit 10.30

 

CONVERTIBLE
NOTE AND WARRANT PURCHASE AGREEMENT

 

THIS CONVERTIBLE NOTE AND
WARRANT PURCHASE AGREEMENT (“Agreement”) is dated as of September 30, 2015, by and among (i) Geospatial Corporation,
a Nevada corporation (the “Company”), and (ii) the persons and entities whose names are set forth on the Schedule
of Purchasers attached hereto as Schedule A (such persons and entities are hereinafter collectively referred to herein as
“Purchasers” and each individually as a “Purchaser”).

 

RECITALS:

 

WHEREAS, the Company desires
to issue and sell to the Purchasers Unsecured Convertible Promissory Notes in the form attached hereto as Exhibit A (the
“Notes”) and Warrants in the form attached hereto as Exhibit B (the “Warrants”), in
the individual amounts set forth opposite each such Purchaser’s name on Schedule A; and

 

WHEREAS, the Company desires
to sell, and the Purchasers desire to purchase, the Notes and Warrants on the terms and conditions set forth herein.

 

NOW, THEREFORE, in consideration
of the foregoing recitals and the respective representations and warranties, covenants and agreements contained herein, and other
good and valuable consideration, the adequacy and receipt of which are hereby acknowledged, the parties hereto, intending to be
legally bound, agree as follows:

 

1.           Sale and Purchase.
  Subject to the terms and conditions hereof, the Company hereby agrees to issue and sell to each Purchaser, severally and not jointly,
and each Purchaser agrees to purchase from the Company, severally and not jointly, the Note and Warrant in the amounts set forth
opposite such Purchaser’s name on Schedule A. The purchase price of each Note and Warrant shall be the principal amount
of the Note set forth opposite each Purchaser’s name on Schedule A.

 

2.           Closings.

 

(a)          The purchase and sale
of the Notes and Warrants shall take place pursuant to one or more closings (each, a “Closing”).

 

(b)         Each Closing shall
be held at the offices of the Company. At each Closing the Company shall issue and deliver to each Purchaser a Note in the aggregate
principal amount of the Note to be purchased by such Purchaser as set forth on Schedule A, together with a Warrant exercisable
for a number of shares of the Company’s common stock, par value $ .001 per share (“Common Stock”) calculated
as set forth therein, against payment of the purchase price therefor by check or wire transfer of immediately available funds to
an account designated in writing by the Company.

 

    	 

    	 

    

  

(c)         The parties agree
that the delivery of this Agreement and any other documents at a Closing may be effected by means of an exchange of facsimile or
scanned and emailed signatures with original copies to follow by mail or courier service. Any person or entity that purchases a
Note and a Warrant shall become a party to this Agreement by executing and delivering to the Company a counterpart signature page
hereto. The Company shall amend Schedule A to reflect any such purchase following the initial Closing.

 

3.           Representations
and Warranties of the Company.   The Company represents to each Purchaser, as of the date hereof, as follows:

 

(a)         Organization and
Standing.   The Company is a corporation duly organized and validly existing under the laws of the State of Nevada. The Company
has all requisite corporate power and authority to own and operate its properties and assets, and to execute and deliver this Agreement,
the Notes and the Warrants. The Company is duly qualified and is authorized to do business and is in good standing as a foreign
corporation in all jurisdictions in which the nature of its activities and of its properties (both owned and leased) makes such
qualification necessary, except for those jurisdictions in which failure to do so would not have a material adverse effect on the
Company or its business.

 

(b)        Authorization;
Binding Obligation.   All corporate action on the part of the Company necessary for the authorization of this Agreement, the
Notes and the Warrants, and the performance of all obligations of the Company hereunder and thereunder has been taken. This Agreement
constitutes, and the Notes and Warrants, when executed and delivered at the Closing, will constitute, valid and binding obligations
of the Company enforceable in accordance with their terms, except as limited by (i) applicable bankruptcy, insolvency, reorganization,
moratorium or other laws of general application affecting enforcement of creditors’ rights, and (ii) general principles
of equity that restrict the availability of equitable remedies.

 

Capitalization.
  Immediately prior to giving effect to the transactions contemplated by this Agreement, we had approximately 137,806,264 shares
of common stock outstanding. Approximately 16,035,619 of such shares are currently unrestricted and freely tradable on the OTC
Pink Marketplace where the Company’s common stock trades. In addition, we have filed a registration statement with the SEC
to register 104,608,484 shares of our common stock held by certain of our shareholders. Upon the effectiveness of such registration
statement those shares will become freely tradable. Of our remaining outstanding shares, as of the date of this Memorandum, some
of such shares may become eligible for resale in the future under Rule 144 under the Securities Act.

 

Proceeds.   The Company
shall use the proceeds from the issuance and sale of the Notes and Warrants for working capital and other general corporate purposes.

 

4.          Representations
and Warranties of each Purchaser.   Each Purchaser, severally and not jointly, represents and warrants to the Company as of the
Closing of the purchase of such Purchaser’s Note and Warrant that:

 

(a)         Requisite Power
and Authority.    All action on the part of Purchaser necessary for the authorization of this Agreement and the performance of
all obligations of Purchaser hereunder has been taken. This Agreement constitutes the valid and binding obligation of Purchaser
enforceable in accordance with its terms, except as limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium
or other laws of general application affecting enforcement of creditors’ rights, and (ii) general principles of equity
that restrict the availability of equitable remedies.

 

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(b)        Investment Representations.
  Purchaser understands that the Note and the Warrant issued to such Purchaser hereunder, and the shares of Common Stock issuable
upon conversion of the Note and upon exercise of the Warrant (the “Shares”) have not been registered under the
Securities Act of 1933, as amended (the “Securities Act”). Purchaser also understands that the Note and the
Warrant are being offered and sold pursuant to an exemption from registration contained in the Securities Act based in part upon
Purchaser’s representations contained in this Agreement.

 

(c)         Experience; Risk.
  Purchaser has such knowledge and experience in financial and business matters that Purchaser is capable of evaluating the merits
and risks of the purchase of the Note, the Warrant and the Shares and of protecting Purchaser’s interests in connection therewith.
Purchaser is able to fend for itself in the transactions contemplated by this Agreement and has the ability to bear the economic
risk of the investment, including complete loss of the investment.

 

(d)        Investment.
  Purchaser is acquiring the Note, the Warrant and the Shares for investment for its own account, not as a nominee or agent, and
not with a view to, or for resale in connection with, any distribution thereof, and Purchaser has no present intention of selling,
granting any participation in, or otherwise distributing the same. Purchaser understands that the Note, the Warrant and the Shares
have not been registered under the Securities Act and applicable state securities laws (collectively, the “Acts”)
by reason of a specific exemption from the registration provisions of the Acts which depends upon, among other things, the bona
fide nature of the investment intent and the accuracy of Purchaser’s representations as expressed herein.

 

(e)         Information.
  Purchaser has been furnished with all information which it deems necessary to evaluate the merits and risks of purchasing the Note
and the Warrant and has had the opportunity to ask questions concerning the Note, the Warrant and the Company and all questions
posed have been answered to its satisfaction. Purchaser has been given the opportunity to obtain any additional information it
deems necessary to verify the accuracy of any information obtained concerning the Note, the Warrant and the Company. Purchaser
understands that an investment in the Note involves significant risks.

 

(f)         Restricted Securities.
  Purchaser understands that the Note, the Warrant and the Shares will be “restricted securities” under applicable securities
laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that under such
laws and applicable regulations the Note, the Warrant and the Shares may be resold without registration under the Acts only in
certain limited circumstances. Purchaser acknowledges that the Note, the Warrant and the Shares must be held indefinitely unless
subsequently registered under the Acts or an exemption from such registration is available.

 

(g)         No Public Market.
  Purchaser understands that no public market now exists for any of the securities issued by the Company and that there is no assurance
that a public market will ever exist for such securities.

 

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(h)         Accredited Investor.
  Purchaser is an “accredited investor” within the meaning of Rule 501 promulgated under the Securities Act. Purchaser
has considered the federal and state income tax implications of an investment in the Securities and has consulted with his or its
own advisors with respect thereto.

 

(i)          Residence.  
If Purchaser is an individual, then Purchaser resides in the state or province identified in the address of Purchaser set forth
on Schedule A; if Purchaser is a partnership, corporation, limited liability company or other entity, then the office or
offices of Purchaser in which its investment decision was made is located at the address of Purchaser set forth on the signature
page of such Purchaser hereto.

 

(j)          Legends.   Purchaser
understands and agrees that the Note will bear a legend as set forth on Exhibit A and, the Warrant will bear a legend as
set forth on Exhibit B. In addition, the Note, the Warrant and any certificate or other instrument representing the Shares
will bear any other legend that may be required by applicable law, by the Company’s Articles of Incorporation or Bylaws,
or by any agreement between the Company and Purchaser.

 

5.           Closing Conditions.

 

(a)         Conditions to Purchasers’
Obligations at the Closing.   Each Purchaser’s obligation to purchase a Note and Warrant at any Closing is subject to the
satisfaction, or waiver by such Purchaser, at or prior to such Closing of the following conditions:

 

(i)         Representations
and Warranties True; Performance of Obligations.   The representations and warranties made by the Company in Section 3
hereof shall be true and correct in all material respects as of such Closing with the same force and effect as if they had been
made as of such Closing, and the Company shall have performed all obligations and conditions herein required to be performed or
observed by it on or prior to such Closing.

 

(ii)         Legal Investment.
  On the Closing Date, the sale and issuance of the Note and the Warrant shall be legally permitted by all laws and regulations to
which Purchasers and the Company are subject.

 

(iii)        Consents, Permits,
and Waivers.   The Company shall have obtained any and all consents, permits and waivers necessary or appropriate for consummation
of the transactions contemplated by the Agreement (except for such as may be properly obtained subsequent to the Closing).

 

(b)         Conditions to Company’s
Obligations at the Closing.   The Company’s obligation to sell the Notes and Warrants at any Closing is subject to the
satisfaction, or waiver by the Company, at or prior to such Closing of the following conditions:

 

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(i)       Representations
and Warranties True; Performance of Obligations.   The representations and warranties made by the Purchaser(s) in Section
4 hereof shall be true and correct in all material respects as of the Closing, and the Purchasers shall have performed all
obligations and conditions herein required to be performed or observed by it on or prior to the Closing.

 

(ii)       Consents, Permits,
and Waivers.   The Company shall have obtained any and all consents, permits and waivers necessary or appropriate for consummation
of the transactions contemplated by the Agreement (except for such as may be properly obtained subsequent to the Closing).

 

6.           Post-Closing Covenants.  
The Company agrees to take any and all action as is necessary or desirable to authorize, reserve and issue any shares of the Company’s
capital stock issuable upon conversion of the Notes and exercise of the Warrants.

 

7.           Notes Pari Passu.
The Notes shall rank equally without preference or priority of any kind over one another, and all payments on account of principal
and interest with respect to any of the Notes shall be applied ratably and proportionately on all outstanding Notes on the basis
of the then outstanding principal amount of the Notes, together with any and all interest accrued but unpaid thereon.

 

8.           Miscellaneous.

 

(a)        Governing Law.  
This Agreement and the Notes shall be governed, construed and interpreted in accordance with the laws of the Commonwealth of Pennsylvania
without giving effect to principles of conflicts of law and choice of law that would cause the laws of any other jurisdiction to
apply.

 

(b)        Jurisdiction.
  Each Purchaser consents to the exclusive jurisdiction of any state or federal court of competent jurisdiction located within Butler
County in the Commonwealth of Pennsylvania and irrevocably agrees that all actions or proceedings relating to this Agreement may
be litigated in such courts. Each Purchaser accepts for itself and in connection with its respective properties, generally and
unconditionally, the jurisdiction of the aforesaid courts and waives any defense of forum non conveniens, and irrevocably agrees
to be bound by any judgment rendered thereby in connection with this Agreement and the Notes.

 

(c)         Successors and
Assigns.   This Agreement may not be assigned, conveyed or transferred without the prior written consent of the Company. Subject
to the foregoing, the rights and obligations of the Company and each Purchaser under this Agreement shall be binding upon and benefit
their respective permitted successors, assigns, heirs, administrators and transferees. The terms and provisions of this Agreement
are for the sole benefit of the parties hereto and thereto and their respective permitted successors and assigns, and are not intended
to confer any third-party benefit on any other person.

 

(d)        Entire Agreement.
  This Agreement, the exhibits and schedules hereto and the Notes and the Warrants delivered pursuant to the terms hereof constitute
the full and entire understanding and agreement between the parties with regard to the subjects hereof and no party shall be liable
or bound to any other in any manner by any representations, warranties, covenants and agreements except as specifically set forth
herein and therein. Any previous agreement among the parties relative to the specific subject matter hereof is superseded by this
Agreement.

 

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(e)        Severability.
  In case any provision of the Agreement shall be invalid, illegal or unenforceable, the validity, legality and enforceability of
the remaining provisions shall not in any way be affected or impaired thereby.

 

(f)         Amendment or Waiver.
  This Agreement, the Notes and the Warrants may be amended, and any term or provision of this Agreement, the Notes and the Warrants
may be waived, (either generally or in a particular instance and either retroactively or prospectively) upon the written consent
of the Company and the holders of a majority in principal amount of the Notes; provided that the terms and provisions
of a Note or a Warrant may not be amended or waived in a manner substantially different from the terms and conditions of the Notes
held by converting majority in interest without the written consent of the holder of such Note or such Warrant. Any amendment of
this Agreement, or waiver of any term or provision of this Agreement, the Notes or the Warrants effected in accordance with this
Agreement, the Notes or Warrants shall be binding upon each Purchaser under this Agreement. Notwithstanding the foregoing, this
Agreement may be amended with only the written consent of the Company to include additional purchasers of Notes and Warrants as
“Purchasers” and parties hereto.

 

(g)        Notices.   All
notices required or permitted hereunder shall be in writing and shall be deemed effectively given: (i) upon personal delivery
to the party to be notified, including, with respect to any Purchaser, upon delivery by electronic mail to such Purchaser’s
or such Purchaser’s representative’s e-mail address; (ii) when sent by confirmed facsimile if sent during normal
business hours of the recipient, if not, then on the next business day; (iii) five days after having been sent by registered
or certified mail, return receipt requested, postage prepaid; or (iv) the next business day after deposit with a nationally
recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent
to the Company and to each Purchaser at the address or facsimile number set forth on such party’s signature page hereof or
at such other address as the Company or such Purchaser may designate by 10 days’ advance written notice to the other parties
hereto.

 

(h)        Expenses.   Each
party shall pay all costs and expenses that it incurs with respect to the negotiation, execution, delivery and performance of the
Agreement.

 

(i)          Titles
and Subtitles.   The titles of the sections and subsections of the Agreement are for convenience of reference only and are
not to be considered in construing this Agreement.

 

(j)          Counterparts.
  This Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which together shall
constitute one instrument.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

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IN WITNESS WHEREOF the
parties hereto have executed this Convertible Note and Warrant Purchase Agreement as of the date set forth in the first paragraph
hereof.

 

	 	COMPANY:
	 	 
	 	GEOSPATIAL CORPORATION
	 	 
	 	By:	/s/ Mark Smith
	 	 	Mark Smith
	 	 	Chief Executive Officer
	 	 	 
	 	Address:
	 	 
	 	229 Howes Run Road
	 	Sarver, PA 16055

 

    	 

    	 

    

 

PURCHASER’S COUNTERPART SIGNATURE PAGE

 

CONVERTIBLE NOTE AND WARRANT PURCHASE AGREEMENT

 

	 	Individual Investor	 	Entity Investor

 

	Name:	Thomas R. Oxenreiter	 	Name:	
	 	 	 	 	 
	Signature:	/s/ Thomas R. Oxenreiter	 	By:	 
	 	 	 	Name:	 
	 	 	 	Title:	 
	 	 	 	 	 
	Date:	September 30, 2015	 	Date:	 
	 	 	 	 	 
	Address:	 	 	Address:	 

	118 Highland Drive	 	 	 
	McMurray, PA 15317	 	 	 
	 	 	 	 	 

	Telephone:
    (412) 206-9362	 	 	Telephone:	 
	Cell:	 	 	Cell:	 
	Facsimile:	 	 	Facsimile:	 
	E-mail:
      oxenreiter@gmail.com	 	 	E-mail:	 

 

	Principal Amount of Note Purchased:	 	Principal Amount of Note
Purchased:
	$6,891.48	 	 	 
	 	 	 

 

    	 

    	 

    

   

SCHEDULE A

 

SCHEDULE OF PURCHASERS

 

	Name	 	Principal Amount of Note	 	Warrant	 	Purchase Price
	Thomas R. Oxenreiter	 	$	6,891.48	 	 	 	6,891	 	 	$	0.20	 

 

    	 

    	 

    

 

EXHIBIT A

 

FORM OF NOTE

 

    	 

    	 

    

 

NEITHER THIS NOTE NOR ANY SECURITIES ISSUABLE
UPON CONVERSION HEREOF HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS. NEITHER
THIS NOTE NOR ANY SECURITIES ISSUABLE UPON CONVERSION HEREOF MAY BE TRANSFERRED EXCEPT (A) PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND APPLICABLE STATE SECURITIES LAWS, OR (B) IN A TRANSACTION WHICH IS
EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND APPLICABLE STATE SECURITIES LAWS. THIS NOTE IS SUBJECT
TO THAT CERTAIN CONVERTIBLE NOTE AND WARRANT PURCHASE AGREEMENT, DATED AS OF JULY 13, 2015, BY AND AMONG THE COMPANY AND THE PURCHASERS
NAMED THEREIN.

 

UNSECURED CONVERTIBLE PROMISSORY NOTE

 

	$6,891.48	 Issue Date: September 30,
2015

  

For value received, Geospatial
Corporation, a Nevada corporation (together with its successors and assigns, the “Company”), promises to pay
to Thomas R. Oxenreiter (the “Holder”), unless this Note is earlier converted pursuant to Section 3,
the principal sum of SIX THOUSAND, EIGHT HUNDRED NINETY-ONE DOLLARS AND FORTY-EIGHT CENTS (6,891.48), together with any and all
interest accrued but unpaid thereon. This Note is one of a series of notes (collectively, “Notes”) issued pursuant
to that certain Convertible Note and Warrant Purchase Agreement dated as of September 30, 2015, by and among the Company and the
Purchasers listed in Schedule A thereto (the “Note and Warrant Purchase Agreement”). This Note is subject to
the terms of the Note and Warrant Purchase Agreement and the following additional terms and conditions.

 

1.          Definitions.  Capitalized
terms used herein and not otherwise defined have the meanings given such terms in the Note and Warrant Purchase Agreement.

 

2.          Payment
Terms.

 

2.1        Maturity Date.  
Unless earlier converted as provided in Section 3, this Note will automatically mature and all unpaid principal and accrued
and unpaid interest will be due and payable on the earlier of (a) December 30, 2015; (the “Maturity Date”),
or (b) the occurrence of an Event of Default (as defined in Section 5).

 

2.2        Interest.
  Interest shall accrue on the unpaid principal amount of this Note at a rate per annum of 10%, and shall be payable as set forth
in Section 2.1.

 

2.3        Prepayment.
  The Company shall have the right to redeem and prepay this Note, at any time. Upon such redemption and prepayment, the Company
shall pay the unpaid principal of, and all accrued and unpaid interest under, this Note.

 

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3.           Conversion.

 

3.1         Optional Conversion.  
The Holder shall have the right, at any time prior to the Maturity Date, to convert the unpaid principal and accrued interest,
if any, of this Note, in whole or in part, into shares of common stock, par value $ .001 per share, of the Company (“Common
Stock”) at a price per share (the “Conversion Price”) of $0.20.

 

3.2         Mechanics and
Effect of Conversion.

 

(a)         No fractional shares
will be issued upon conversion of this Note. In lieu of any fractional share to which the Holder would otherwise be entitled, the
Company will pay to the Holder in cash the unconverted balance that would otherwise be converted into such fractional share.

 

(b)         In the event that
this Note is converted pursuant to Section 3.1 the Holder shall surrender this Note, duly endorsed, to the Company at the
closing of the purchase and sale of the Company’s equity securities and the Note shall thereupon be canceled

 

3.3         Termination of
Rights.   Upon conversion of this Note in accordance with Section 3.1, all rights with respect to the converted portion
of this Note shall terminate, whether or not the Note has been surrendered for cancellation, and the Company will be forever released
from all of its obligations and liabilities under the converted portion of this Note except its obligations pursuant to Section
3.2.

 

4.           Payment.  
Except as set forth herein, all payments shall be made in lawful money of the United States of America at the principal offices
of the Company. Payment shall be credited first to any accrued interest then due and payable and the remainder applied to principal.

 

5.           Events
of Default.   The entire unpaid principal sum of this Note, together with any and all interest accrued but unpaid thereon, shall
become immediately due and payable upon the occurrence of an Event of Default. Subject to the foregoing, an Event of Default shall
be deemed to have occurred upon the occurrence of any of the following:

 

(a)         the nonpayment of
any principal, interest or other indebtedness under this Note within ten (10) calendar days after when due;

 

(b)          the filing by or against
the Company of any proceeding in bankruptcy, receivership, insolvency, reorganization, liquidation, conservatorship or similar
proceeding (and, in the case of any such proceeding instituted against any obligor, such proceeding is not dismissed or stayed
within 60 days of the commencement thereof);

 

(c)         any assignment by
the Company for the benefit of creditors;

 

(d)         a default with respect
to any other indebtedness of the Company for borrowed money, if the effect of such default is to cause or permit the acceleration
of such debt, unless the holder of such debt waives such default or otherwise agrees to forbear from exercising its rights with
respect to such default;

 

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(e)         the entry of a final
judgment against the Company in an amount exceeding $100,000 and the failure of the Company to discharge the judgment within thirty
(30) days of the entry thereof;

 

(f)         any material adverse
change in the Company’s business, assets, operations, financial condition or results of operations; or

 

(g)         the Company ceases
doing business as a going concern.

 

6.           Transfer;
Successors and Assigns.   Subject to the restrictions set forth in the Note and Warrant Purchase Agreement, this Note may be
transferred only upon surrender of the original Note for registration of transfer, duly endorsed, or accompanied by a duly executed
written instrument of transfer in form satisfactory to Holder. Thereupon, a new note for the same principal amount and interest
will be issued to, and registered in the name, of, the transferee. Interest and principal are payable only to the registered holder
of this Note. The terms and conditions of this Note shall inure to the benefit of and binding upon the respective successors and
assigns of the parties.

 

7.           Governing
Law.   This Note and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto shall be
governed, construed and interpreted in accordance with the laws of the Commonwealth of Pennsylvania, without giving effect to principles
of conflicts of law and choice of law that would cause the laws of any other jurisdiction to apply.

 

8.           Notices.
Any notice or other communication required or permitted to be given hereunder shall be in writing and given as provided in the
Note and Warrant Purchase Agreement.

 

9.           Amendments
and Waivers.   Subject to Section 8(f) of the Note and Warrant Purchase Agreement, this Note and any term hereof may be amended,
waived, discharged or terminated only by an instrument in writing signed by the party against whom enforcement of such amendment,
waiver, discharge or termination is sought. No waivers of any term, condition or provision of this Note, in any one or more instances,
shall be deemed to be, or construed as, a further or continuing waiver of any such term, condition or provision.

 

10.         Stockholders,
Officers and Directors Not Liable.   In no event shall any stockholder, officer or director of the Company be liable for any
amounts due or payable pursuant to this Note.

 

11.         Headings.  
The headings in this Note are for purposes of reference only, and shall not limit or otherwise affect the meaning hereof.

 

12.         Benefits
of this Note.   Nothing in this Note shall be construed to give any person or corporation other than the Company and the Holder
any legal or equitable right, remedy or claim under this Note and this Note shall be for the sole and exclusive benefit of the
Company and the Holder and any other permitted holder or holders of the Note.

 

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IN WITNESS WHEREOF, the
Company has caused this Note to be duly executed and delivered by its authorized officer, as of the date first above written.

 

	 	GEOSPATIAL CORPORATION
	 	 
	 	By:	
	 	 	Mark A. Smith
	 	 	Chief Executive Officer

 

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EXHIBIT B

 

FORM OF WARRANT 

 

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NEITHER THIS WARRANT NOR THE SECURITIES ISSUABLE
UPON EXERCISE HEREOF HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS. NEITHER THIS
WARRANT NOR THE SECURITIES ISSUABLE UPON EXERCISE HEREOF MAY BE TRANSFERRED EXCEPT (A) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND APPLICABLE STATE SECURITIES LAWS, OR (B) IN A TRANSACTION WHICH IS EXEMPT FROM
REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND APPLICABLE STATE SECURITIES LAWS.

 

Warrant Issue Date: September 30, 2015

 

COMMON STOCK PURCHASE WARRANT

 

For value received, Geospatial
Corporation (the “Company”), a Nevada corporation, hereby certifies that Thomas R. Oxenreiter (the “Holder”)
or its permitted assign(s) is entitled to purchase from the Company, for a period of 10 years from the date hereof, SIX THOUSAND,
EIGHT HUNDRED NINETY-ONE (6,891) shares of the Company’s common stock, par value $.001 per share (“Common Stock”)
at a price of $0.20 per share (the “Exercise Price”). This Warrant is subject to the terms of the Purchase Agreement
and the following additional terms and conditions.

 

1.           Certain Definitions.

 

(a)         “Change
in Control” means any sale of capital stock of the Company or consolidation or merger of the Company with or into any
other corporation or other entity or person, or any other corporate reorganization, in which the stockholders of the Company immediately
prior to such sale, consolidation, merger or reorganization, do not hold at least a majority of the resulting or surviving corporation’s
voting power immediately after such consolidation, merger or reorganization, or the sale, lease, or other disposition of all or
substantially all of the assets of the Company.

 

(b)         “Exercise Period”
means the period commencing on the date hereof and ending at 5:00 p.m. (prevailing local time at the principal executive office
of the Company) on the tenth anniversary of the Closing Date.

 

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2.           Exercise of Warrant.

 

(a)         The purchase
rights represented by this Warrant are exercisable by the Holder, in whole or in part, during the Exercise Period by the surrender
of this Warrant, with the form of Subscription Agreement attached hereto as Annex A duly completed and executed by the Holder,
to the Company at its principal executive office, accompanied by payment in cash, in lawful money of the United States of America,
including by certified or official bank check made payable to the order of the Company or by wire transfer of immediately available
funds to an account designated by the Company, of an amount equal to the Exercise Price multiplied by the number of shares of Common
being purchased pursuant to such exercise of the Warrant.

 

(b)        This Warrant may be exercised for
less than the full number of shares of Common Stock calculated above, provided that this Warrant may not be exercised
in part for less than a whole number of shares of Common Stock. Upon any such partial exercise, the Company at its expense will
forthwith issue to the Holder a new Warrant or Warrants of like tenor exercisable for the number of shares of Common Stock as to
which rights have not been exercised (subject to adjustment as herein provided), such Warrant or Warrants to be issued in the name
of the Holder or its nominee.

 

(c)         As soon as practicable
after the exercise of this Warrant and payment of the Exercise Price, and in any event within 20 business days thereafter, the
Company, at its expense, will cause to be issued in the name of and delivered to the Holder a certificate or certificates for the
number of duly authorized, validly issued, fully paid and non-assessable shares of Common Stock to which the Holder shall be entitled
upon such exercise, plus, in lieu of any fractional share to which the Holder would otherwise be entitled, cash in an amount determined
in accordance with Section 3(d) hereof. The Company agrees that the shares so purchased shall be deemed to be issued
to the Holder as the record owner of such shares as of the close of business on the date on which this Warrant shall have been
surrendered and payment made for such shares as aforesaid.

 

(d)        Prior to the
exercise of this Warrant, the Holder shall not be entitled to any rights of a stockholder of the Company with respect to shares
for which this Warrant shall be exercisable, including, without limitation, the right to vote, to receive dividends or other distributions
or to exercise any preemptive rights, and shall not be entitled to receive any notice of any proceedings of the Company.

 

(e)         In the event
that the Company proposes to engage in a Change in Control or Qualified Public Offering, it shall give the Holder written of its
intention not less than ten (10) days prior to the date of the proposed closing of such transaction. The notice shall describe
the material terms and conditions upon which the Company proposes to consummate such transaction.

 

    	8

    	 

    

 

3.           Reservation of Stock Issuable
on Exercise of Warrants.   The Company shall at all times reserve and keep available out of its authorized but unissued stock,
solely for the issuance and delivery upon the exercise of this Warrant and other similar Warrants, such number of its duly authorized
shares of Common Stock as from time to time shall be issuable upon the exercise of this Warrant and other similar Warrants.

 

4.           Negotiability.   This Warrant
is issued upon the following terms:

 

(a)         Transfer.   By acceptance hereof,
the Holder acknowledges and agrees that the Holder is acquiring the Warrant and the shares of Common Stock issuable upon exercise
hereof for investment for its own account, not as a nominee or agent, and not with a view to, or for resale in connection with,
any distribution thereof, and Holder has no present intention of selling, granting any participation in, or otherwise distributing
the same.

 

(b)         Agreements.
  As a condition to the Company’s obligation to issue shares of Common Stock upon exercise hereof, the Holder shall execute
the Subscription Agreement attached hereto as Annex A.

 

(c)         Transfer Taxes.   The Company
shall not be required to pay any federal or state transfer tax or charge that may be payable in respect of any transfer involved
in the transfer or delivery of this Warrant or the issuance or delivery of certificates for Common Stock in a name other than that
of the Holder or to issue or deliver any certificates for Common Stock upon the exercise of this Warrant until any and all such
taxes and charges shall have been paid by the Holder or until it has been established to the Company’s reasonable satisfaction
that no such tax or charge is due.

 

(d)         Compliance with Securities Laws.
  The Holder, by acceptance hereof, acknowledges that this Warrant, the shares of Common Stock to be issued upon exercise hereof
are being acquired solely for the Holder’s own account and not as a nominee for any other party, and for investment, and
that the Holder will not offer, sell or otherwise dispose of this Warrant, any shares of Common Stock to be issued upon exercise
hereof except under circumstances that will not result in a violation of applicable federal and state securities laws.

 

5.           Subdivision of
Rights.   Subject to Section 6, this Warrant (as well as any new Warrants issued pursuant to the provisions of this Section
7) is exchangeable, upon the surrender hereof by the Holder, at the principal executive office of the Company for any number
of new Warrants of like tenor and date representing in the aggregate the right to subscribe for and purchase the number of shares
of Common Stock of the Company which may be subscribed for and purchased hereunder.

 

    	9

    	 

    

  

6.           Miscellaneous.

  

(a)        Notices.   Any
notice or other communication required or permitted to be given hereunder shall be in writing and given as provided in the Purchase
Agreement.

 

(b)        Books of the Company.  
The Company may treat the holder hereof as appearing on the Company’s books at any time as the holder for all purposes.

 

(c)        Headings.   The
headings in this Warrant are for purposes of reference only, and shall not limit or otherwise affect the meaning hereof.

 

13.       (d)        Amendment;
Waiver.   Subject to Section 8(f) of the Purchase Agreement, this Warrant and any term hereof may be amended, waived, discharged
or terminated only by an instrument in writing signed by the party against whom enforcement of such amendment, waiver, discharge
or termination is sought. No waivers of any term, condition or provision of this Warrant, in any one or more instances, shall be
deemed to be, or construed as, a further or continuing waiver of any such term, condition or provision.

 

14.       (e)        Benefits
of this Warrant.   Nothing in this Warrant shall be construed to give any person or corporation other than the Company
and the Holder any legal or equitable right, remedy or claim under this Warrant and this Warrant shall be for the sole and exclusive
benefit of the Company and the Holder and any other permitted holder or holders of the Warrant.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    	10

    	 

    

  

IN WITNESS WHEREOF, the
Company has caused this Warrant to be duly executed and delivered by its authorized officer, as of the date first above written.

 

	 	Geospatial Corporation
	 	 
	 	By:	 
	 	 	Mark Smith
	 	 	Chief Executive Officer

 

    	11

    	 

    

 

ANNEX A

 

SUBSCRIPTION
AGREEMENT

 

	Date:	 	 
	 	 	 
	To:	 	 
	 	 	 
	 	 	 

 

The undersigned (the “Purchaser”),
pursuant to the provisions set forth in the attached Warrant, hereby irrevocably elects (a) to purchase _____ shares of Common
Stock (the “Warrant Shares”) covered by such Warrant and herewith makes payment of $_________, representing
the full purchase price for such shares at the price per share provided for in such Warrant or (b) to exercise the Warrant with
respect to __________ shares of Common Stock, pursuant to Section 2(b) of the Warrant [STRIKE (a) OR (b) AS APPLICABLE].

 

Purchaser represents and
warrants to the Company as follows:

 

1.          Investment Representations.
  Purchaser understands that the Warrant Shares have not been registered under the Securities Act. Purchaser also understands that
the Warrant Shares are being offered and sold pursuant to an exemption from registration contained in the Securities Act based
in part upon Purchaser’s representations contained in this Agreement.

 

2.          Experience; Risk.
  Purchaser has such knowledge and experience in financial and business matters that Purchaser is capable of evaluating the merits
and risks of the purchase of the Warrant Shares and of protecting Purchaser’s interests in connection therewith. Purchaser
is able to fend for itself in the transactions contemplated by this Agreement and has the ability to bear the economic risk of
the investment, including complete loss of the investment.

 

3.          Investment.
  Purchaser is acquiring the Warrant Shares for investment for its own account, not as a nominee or agent, and not with a view to,
or for resale in connection with, any distribution thereof, and Purchaser has no present intention of selling, granting any participation
in, or otherwise distributing the same. Purchaser understands that the Warrant Shares have not been registered under the Securities
Act and applicable state securities laws (collectively, the “Acts”) by reason of a specific exemption from the
registration provisions of the Acts which depends upon, among other things, the bona fide nature of the investment intent and the
accuracy of Purchaser’s representations as expressed herein.

 

    	 

    	 

    

  

4.          Information.
  Purchaser has been furnished with all information which it deems necessary to evaluate the merits and risks of purchasing the Warrant
Shares and has had the opportunity to ask questions concerning the Warrant Shares and the Company and all questions posed have
been answered to its satisfaction. Purchaser has been given the opportunity to obtain any additional information it deems necessary
to verify the accuracy of any information obtained concerning the Warrant Shares and the Company. Purchaser has such knowledge
and experience in financial and business matters that it is able to evaluate the merits and risks of purchasing the Warrant Shares
and to make an informed decision relating thereto.

 

5.          Restricted Securities;
Restrictions on Transfer.   Purchaser understands that the Warrant Shares will be “restricted securities” under applicable
securities laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that
under such laws and applicable regulations the Warrant Shares may be resold without registration under the Acts only in certain
limited circumstances. Purchaser acknowledges that Warrant Shares must be held indefinitely unless subsequently registered under
the Acts or an exemption from such registration is available. To the extent that Purchaser is not already a party to such agreements,
Purchaser agrees to execute and deliver a counterpart signature page, and become a party, to such stockholder and registration
rights agreements as are then in effect by and among the Company and its stockholders.

 

6.          No Public Market.  
Purchaser understands that no public market now exists for any of the securities issued by the Company and that there is no assurance
that a public market will ever exist for such securities.

 

7.          Accredited Investor.   Purchaser
is an “accredited investor” within the meaning of Rule 501 promulgated under the Securities Act. The Purchaser has
considered the Federal and state income tax implications of the exercise of the Warrant and the purchase and subsequent sale of
the Warrant Shares.

 

8.          Residence.
  If Purchaser is an individual, then Purchaser resides in the state or province identified in the address of Purchaser
set forth below; if Purchaser is a partnership, corporation, limited liability company or other entity, then the office or offices
of Purchaser in which its investment decision was made is located at the address or addresses of Purchaser set forth below. 

	 	 
	 	Signature	
	 	 	 
	 	Print name:	 
	 	 	 
	 	Address:	 
	 	 
	 	 
	 	 

 

    	2

    	 

    

 

NOTICE OF TRANSFER

 

[To be signed only upon transfer of Warrant]

 

FOR VALUE RECEIVED, the undersigned hereby
sells, assigns and transfers unto the Assignee named below the rights and obligations represented by the within Warrant with respect
to the number of shares of Common Stock set forth below:

 

	Name of Assignee	Address	No. of Shares

 

and appoints _______________ attorney to transfer
said right on the warrant register of __________ with full power of substitution in the premises.

 

	Dated:	 	 	 
	 	 	 	(Signature must conform in all respects
to name of Holder as specified on the face of the Warrant)
	 	 	 	 
	 	 	 	Address:Geospatial Corporation 10-K

 

Exhibit 10.31

 

CONVERTIBLE
NOTE AND WARRANT PURCHASE AGREEMENT

 

THIS CONVERTIBLE NOTE AND
WARRANT PURCHASE AGREEMENT (“Agreement”) is dated as of October 13, 2015, by and among (i) Geospatial Corporation,
a Nevada corporation (the “Company”), and (ii) the persons and entities whose names are set forth on the Schedule
of Purchasers attached hereto as Schedule A (such persons and entities are hereinafter collectively referred to herein as
“Purchasers” and each individually as a “Purchaser”).

 

RECITALS:

 

WHEREAS, the Company desires
to issue and sell to the Purchasers Unsecured Convertible Promissory Notes in the form attached hereto as Exhibit A (the
“Notes”) and Warrants in the form attached hereto as Exhibit B (the “Warrants”), in
the individual amounts set forth opposite each such Purchaser’s name on Schedule A; and

 

WHEREAS, the Company desires
to sell, and the Purchasers desire to purchase, the Notes and Warrants on the terms and conditions set forth herein.

 

NOW, THEREFORE, in consideration
of the foregoing recitals and the respective representations and warranties, covenants and agreements contained herein, and other
good and valuable consideration, the adequacy and receipt of which are hereby acknowledged, the parties hereto, intending to be
legally bound, agree as follows:

 

1.           Sale and Purchase.
Subject to the terms and conditions hereof, the Company hereby agrees to issue and sell to each Purchaser, severally and not jointly,
and each Purchaser agrees to purchase from the Company, severally and not jointly, the Note and Warrant in the amounts set forth
opposite such Purchaser’s name on Schedule A. The purchase price of each Note and Warrant shall be the principal amount
of the Note set forth opposite each Purchaser’s name on Schedule A.

 

2.           Closings.

 

(a)         The purchase and sale
of the Notes and Warrants shall take place pursuant to one or more closings (each, a “Closing”).

 

(b)         Each Closing shall
be held at the offices of the Company. At each Closing the Company shall issue and deliver to each Purchaser a Note in the aggregate
principal amount of the Note to be purchased by such Purchaser as set forth on Schedule A, together with a Warrant exercisable
for a number of shares of the Company’s common stock, par value $ .001 per share (“Common Stock”) calculated
as set forth therein, against payment of the purchase price therefor by check or wire transfer of immediately available funds to
an account designated in writing by the Company.

 

    

     

    

 

(c)         The parties agree
that the delivery of this Agreement and any other documents at a Closing may be effected by means of an exchange of facsimile or
scanned and emailed signatures with original copies to follow by mail or courier service. Any person or entity that purchases a
Note and a Warrant shall become a party to this Agreement by executing and delivering to the Company a counterpart signature page
hereto. The Company shall amend Schedule A to reflect any such purchase following the initial Closing.

 

3.           Representations
and Warranties of the Company.   The Company represents to each Purchaser, as of the date hereof, as follows:

 

(a)         Organization and
Standing.   The Company is a corporation duly organized and validly existing under the laws of the State of Nevada. The Company
has all requisite corporate power and authority to own and operate its properties and assets, and to execute and deliver this Agreement,
the Notes and the Warrants. The Company is duly qualified and is authorized to do business and is in good standing as a foreign
corporation in all jurisdictions in which the nature of its activities and of its properties (both owned and leased) makes such
qualification necessary, except for those jurisdictions in which failure to do so would not have a material adverse effect on the
Company or its business.

 

(b)        Authorization;
Binding Obligation.   All corporate action on the part of the Company necessary for the authorization of this Agreement, the
Notes and the Warrants, and the performance of all obligations of the Company hereunder and thereunder has been taken. This Agreement
constitutes, and the Notes and Warrants, when executed and delivered at the Closing, will constitute, valid and binding obligations
of the Company enforceable in accordance with their terms, except as limited by (i) applicable bankruptcy, insolvency, reorganization,
moratorium or other laws of general application affecting enforcement of creditors’ rights, and (ii) general principles
of equity that restrict the availability of equitable remedies.

 

Capitalization.
  Immediately prior to giving effect to the transactions contemplated by this Agreement, we had approximately 137,806,264 shares
of common stock outstanding. Approximately 16,035,619 of such shares are currently unrestricted and freely tradable on the OTC
Pink Marketplace where the Company’s common stock trades. In addition, we have filed a registration statement with the SEC
to register 104,608,484 shares of our common stock held by certain of our shareholders. Upon the effectiveness of such registration
statement those shares will become freely tradable. Of our remaining outstanding shares, as of the date of this Memorandum, some
of such shares may become eligible for resale in the future under Rule 144 under the Securities Act.

 

Proceeds.   The Company
shall use the proceeds from the issuance and sale of the Notes and Warrants for working capital and other general corporate purposes.

 

4.           Representations
and Warranties of each Purchaser.   Each Purchaser, severally and not jointly, represents and warrants to the Company as of the
Closing of the purchase of such Purchaser’s Note and Warrant that:

 

(a)         Requisite Power
and Authority.   All action on the part of Purchaser necessary for the authorization of this Agreement and the performance of
all obligations of Purchaser hereunder has been taken. This Agreement constitutes the valid and binding obligation of Purchaser
enforceable in accordance with its terms, except as limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium
or other laws of general application affecting enforcement of creditors’ rights, and (ii) general principles of equity
that restrict the availability of equitable remedies.

 

    2

     

    

 

(b)         Investment Representations.
  Purchaser understands that the Note and the Warrant issued to such Purchaser hereunder, and the shares of Common Stock issuable
upon conversion of the Note and upon exercise of the Warrant (the “Shares”) have not been registered under the
Securities Act of 1933, as amended (the “Securities Act”). Purchaser also understands that the Note and the
Warrant are being offered and sold pursuant to an exemption from registration contained in the Securities Act based in part upon
Purchaser’s representations contained in this Agreement.

 

(c)         Experience; Risk.
  Purchaser has such knowledge and experience in financial and business matters that Purchaser is capable of evaluating the merits
and risks of the purchase of the Note, the Warrant and the Shares and of protecting Purchaser’s interests in connection therewith.
Purchaser is able to fend for itself in the transactions contemplated by this Agreement and has the ability to bear the economic
risk of the investment, including complete loss of the investment.

 

(d)         Investment.
  Purchaser is acquiring the Note, the Warrant and the Shares for investment for its own account, not as a nominee or agent, and
not with a view to, or for resale in connection with, any distribution thereof, and Purchaser has no present intention of selling,
granting any participation in, or otherwise distributing the same. Purchaser understands that the Note, the Warrant and the Shares
have not been registered under the Securities Act and applicable state securities laws (collectively, the “Acts”)
by reason of a specific exemption from the registration provisions of the Acts which depends upon, among other things, the bona
fide nature of the investment intent and the accuracy of Purchaser’s representations as expressed herein.

 

(e)         Information.
  Purchaser has been furnished with all information which it deems necessary to evaluate the merits and risks of purchasing the Note
and the Warrant and has had the opportunity to ask questions concerning the Note, the Warrant and the Company and all questions
posed have been answered to its satisfaction. Purchaser has been given the opportunity to obtain any additional information it
deems necessary to verify the accuracy of any information obtained concerning the Note, the Warrant and the Company. Purchaser
understands that an investment in the Note involves significant risks.

 

(f)         Restricted Securities.
  Purchaser understands that the Note, the Warrant and the Shares will be “restricted securities” under applicable securities
laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that under such
laws and applicable regulations the Note, the Warrant and the Shares may be resold without registration under the Acts only in
certain limited circumstances. Purchaser acknowledges that the Note, the Warrant and the Shares must be held indefinitely unless
subsequently registered under the Acts or an exemption from such registration is available.

 

(g)         No Public Market.
  Purchaser understands that no public market now exists for any of the securities issued by the Company and that there is no assurance
that a public market will ever exist for such securities.

 

    3

     

    

 

(h)         Accredited Investor.
  Purchaser is an “accredited investor” within the meaning of Rule 501 promulgated under the Securities Act. Purchaser
has considered the federal and state income tax implications of an investment in the Securities and has consulted with his or its
own advisors with respect thereto.

 

(i)          Residence.
  If Purchaser is an individual, then Purchaser resides in the state or province identified in the address of Purchaser set forth
on Schedule A; if Purchaser is a partnership, corporation, limited liability company or other entity, then the office or
offices of Purchaser in which its investment decision was made is located at the address of Purchaser set forth on the signature
page of such Purchaser hereto.

 

(j)          Legends.   Purchaser
understands and agrees that the Note will bear a legend as set forth on Exhibit A and, the Warrant will bear a legend as
set forth on Exhibit B. In addition, the Note, the Warrant and any certificate or other instrument representing the Shares
will bear any other legend that may be required by applicable law, by the Company’s Articles of Incorporation or Bylaws,
or by any agreement between the Company and Purchaser.

 

5.           Closing Conditions.

 

(a)         Conditions to Purchasers’
Obligations at the Closing.   Each Purchaser’s obligation to purchase a Note and Warrant at any Closing is subject to the
satisfaction, or waiver by such Purchaser, at or prior to such Closing of the following conditions:

 

(i)          Representations
and Warranties True; Performance of Obligations.   The representations and warranties made by the Company in Section 3
hereof shall be true and correct in all material respects as of such Closing with the same force and effect as if they had been
made as of such Closing, and the Company shall have performed all obligations and conditions herein required to be performed or
observed by it on or prior to such Closing.

 

(ii)         Legal Investment.
  On the Closing Date, the sale and issuance of the Note and the Warrant shall be legally permitted by all laws and regulations
to which Purchasers and the Company are subject.

 

(iii)       Consents, Permits,
and Waivers.   The Company shall have obtained any and all consents, permits and waivers necessary or appropriate for consummation
of the transactions contemplated by the Agreement (except for such as may be properly obtained subsequent to the Closing).

 

(b)         Conditions to Company’s
Obligations at the Closing.   The Company’s obligation to sell the Notes and Warrants at any Closing is subject to the
satisfaction, or waiver by the Company, at or prior to such Closing of the following conditions:

 

    4

     

    

 

(i)        Representations
and Warranties True; Performance of Obligations.   The representations and warranties made by the Purchaser(s) in Section
4 hereof shall be true and correct in all material respects as of the Closing, and the Purchasers shall have performed all
obligations and conditions herein required to be performed or observed by it on or prior to the Closing.

 

(ii)       Consents, Permits,
and Waivers.   The Company shall have obtained any and all consents, permits and waivers necessary or appropriate for consummation
of the transactions contemplated by the Agreement (except for such as may be properly obtained subsequent to the Closing).

 

6.           Post-Closing Covenants.
  The Company agrees to take any and all action as is necessary or desirable to authorize, reserve and issue any shares of the Company’s
capital stock issuable upon conversion of the Notes and exercise of the Warrants.

 

7.           Notes Pari Passu.
   The Notes shall rank equally without preference or priority of any kind over one another, and all payments on account of principal
and interest with respect to any of the Notes shall be applied ratably and proportionately on all outstanding Notes on the basis
of the then outstanding principal amount of the Notes, together with any and all interest accrued but unpaid thereon.

 

8.           Miscellaneous.

 

(a)         Governing Law.
  This Agreement and the Notes shall be governed, construed and interpreted in accordance with the laws of the Commonwealth of Pennsylvania
without giving effect to principles of conflicts of law and choice of law that would cause the laws of any other jurisdiction to
apply.

 

(b)        Jurisdiction.
  Each Purchaser consents to the exclusive jurisdiction of any state or federal court of competent jurisdiction located within Butler
County in the Commonwealth of Pennsylvania and irrevocably agrees that all actions or proceedings relating to this Agreement may
be litigated in such courts. Each Purchaser accepts for itself and in connection with its respective properties, generally and
unconditionally, the jurisdiction of the aforesaid courts and waives any defense of forum non conveniens, and irrevocably agrees
to be bound by any judgment rendered thereby in connection with this Agreement and the Notes.

 

(c)          Successors and
Assigns.   This Agreement may not be assigned, conveyed or transferred without the prior written consent of the Company. Subject
to the foregoing, the rights and obligations of the Company and each Purchaser under this Agreement shall be binding upon and benefit
their respective permitted successors, assigns, heirs, administrators and transferees. The terms and provisions of this Agreement
are for the sole benefit of the parties hereto and thereto and their respective permitted successors and assigns, and are not intended
to confer any third-party benefit on any other person.

 

(d)         Entire Agreement.
  This Agreement, the exhibits and schedules hereto and the Notes and the Warrants delivered pursuant to the terms hereof constitute
the full and entire understanding and agreement between the parties with regard to the subjects hereof and no party shall be liable
or bound to any other in any manner by any representations, warranties, covenants and agreements except as specifically set forth
herein and therein. Any previous agreement among the parties relative to the specific subject matter hereof is superseded by this
Agreement.

 

    5

     

    

 

(e)         Severability.
  In case any provision of the Agreement shall be invalid, illegal or unenforceable, the validity, legality and enforceability of
the remaining provisions shall not in any way be affected or impaired thereby.

 

(f)         Amendment or Waiver.
  This Agreement, the Notes and the Warrants may be amended, and any term or provision of this Agreement, the Notes and the Warrants
may be waived, (either generally or in a particular instance and either retroactively or prospectively) upon the written consent
of the Company and the holders of a majority in principal amount of the Notes; provided that the terms and provisions
of a Note or a Warrant may not be amended or waived in a manner substantially different from the terms and conditions of the Notes
held by converting majority in interest without the written consent of the holder of such Note or such Warrant. Any amendment of
this Agreement, or waiver of any term or provision of this Agreement, the Notes or the Warrants effected in accordance with this
Agreement, the Notes or Warrants shall be binding upon each Purchaser under this Agreement. Notwithstanding the foregoing, this
Agreement may be amended with only the written consent of the Company to include additional purchasers of Notes and Warrants as
“Purchasers” and parties hereto.

 

(g)         Notices.   All
notices required or permitted hereunder shall be in writing and shall be deemed effectively given: (i) upon personal delivery
to the party to be notified, including, with respect to any Purchaser, upon delivery by electronic mail to such Purchaser’s
or such Purchaser’s representative’s e-mail address; (ii) when sent by confirmed facsimile if sent during normal
business hours of the recipient, if not, then on the next business day; (iii) five days after having been sent by registered
or certified mail, return receipt requested, postage prepaid; or (iv) the next business day after deposit with a nationally
recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent
to the Company and to each Purchaser at the address or facsimile number set forth on such party’s signature page hereof or
at such other address as the Company or such Purchaser may designate by 10 days’ advance written notice to the other parties
hereto.

 

(h)        Expenses.   Each
party shall pay all costs and expenses that it incurs with respect to the negotiation, execution, delivery and performance of the
Agreement.

 

(i)          Titles and Subtitles.
  The titles of the sections and subsections of the Agreement are for convenience of reference only and are not to be considered
in construing this Agreement.

 

(j)          Counterparts.    This Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which together shall
constitute one instrument.

 

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    6

     

    

 

IN WITNESS WHEREOF the
parties hereto have executed this Convertible Note and Warrant Purchase Agreement as of the date set forth in the first paragraph
hereof.

 

	 	COMPANY:
	 	 	 
	 	GEOSPATIAL CORPORATION

 

	 	By:	/s/ Mark Smith
	 		Mark Smith
	 	 	Chief Executive Officer

 

	 	Address:
	 	 	 
	 	229 Howes Run Road
	 	Sarver, PA 16055

 

    

     

    

 

PURCHASER’S COUNTERPART SIGNATURE PAGE

 

CONVERTIBLE NOTE AND WARRANT PURCHASE AGREEMENT

 

	 	Individual Investor	 	Entity Investor

 

	Name:	Thomas R. Oxenreiter	 	Name:	
	 	 	 	 	 
	Signature:	/s/ Thomas R. Oxenreiter	 	By:	 
	 	 	 	Name:	 
	 	 	 	Title:	 
	 	 	 	 	 
	Date:	October 13, 2015	 	Date:	 
	 	 	 	 	 
	Address:	 	 	Address:	 

	118 Highland Drive	 	 	 
	McMurray, PA 15317	 	 	 
	 	 	 	 	 

	Telephone: (412) 206-9362	 	 	Telephone:	 
	Cell:	 	 	Cell:	 
	Facsimile:	 	 	Facsimile:	 
	E-mail:  oxenreiter@gmail.com	 	 	E-mail:	 

 

	Principal Amount of Note Purchased:	 	Principal Amount of Note
Purchased:
	$12,000.00	 	 
	 	 	 

 

    

     

    

 

SCHEDULE A

 

SCHEDULE OF PURCHASERS

 

	Name	 	Principal Amount of Note	 	Warrant	 	Purchase Price
	Thomas R. Oxenreiter	 	$	12,000.00	 	 	 	12,000	 	 	$	0.15	 

 

    

     

    

 

EXHIBIT A

 

FORM OF NOTE

 

 

    

     

    

  

NEITHER THIS NOTE NOR ANY SECURITIES ISSUABLE
UPON CONVERSION HEREOF HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS. NEITHER
THIS NOTE NOR ANY SECURITIES ISSUABLE UPON CONVERSION HEREOF MAY BE TRANSFERRED EXCEPT (A) PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND APPLICABLE STATE SECURITIES LAWS, OR (B) IN A TRANSACTION WHICH IS
EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND APPLICABLE STATE SECURITIES LAWS. THIS NOTE IS SUBJECT
TO THAT CERTAIN CONVERTIBLE NOTE AND WARRANT PURCHASE AGREEMENT, DATED AS OF JULY 13, 2015, BY AND AMONG THE COMPANY AND THE PURCHASERS
NAMED THEREIN.

 

UNSECURED CONVERTIBLE PROMISSORY NOTE

 

	$12,000.00	 	Issue Date: October 13,
2015

  

For value received, Geospatial
Corporation, a Nevada corporation (together with its successors and assigns, the “Company”), promises to pay
to Thomas R. Oxenreiter (the “Holder”), unless this Note is earlier converted pursuant to Section 3,
the principal sum of TWELVE THOUSAND DOLLARS (12,000.00), together with any and all interest accrued but unpaid thereon. This Note
is one of a series of notes (collectively, “Notes”) issued pursuant to that certain Convertible Note and Warrant
Purchase Agreement dated as of October 13, 2015, by and among the Company and the Purchasers listed in Schedule A thereto (the
“Note and Warrant Purchase Agreement”). This Note is subject to the terms of the Note and Warrant Purchase Agreement
and the following additional terms and conditions.

 

Definitions.  Capitalized terms used
herein and not otherwise defined have the meanings given such terms in the Note and Warrant Purchase Agreement.

 

Payment Terms.

 

Maturity Date.   Unless
earlier converted as provided in Section 3, this Note will automatically mature and all unpaid principal and accrued and
unpaid interest will be due and payable on the earlier of (a) January 13, 2016; (the “Maturity Date”), or (b)
the occurrence of an Event of Default (as defined in Section 5).

 

Interest.   Interest
shall accrue on the unpaid principal amount of this Note at a rate per annum of 10%, and shall be payable as set forth in Section
2.1.

 

Prepayment.   The
Company shall have the right to redeem and prepay this Note, at any time. Upon such redemption and prepayment, the Company shall
pay the unpaid principal of, and all accrued and unpaid interest under, this Note.

 

    

     

    

 

Conversion.

 

Optional Conversion.  
The Holder shall have the right, at any time prior to the Maturity Date, to convert the unpaid principal and accrued interest,
if any, of this Note, in whole or in part, into shares of common stock, par value $ .001 per share, of the Company (“Common
Stock”) at a price per share (the “Conversion Price”) of $0.15.

 

Mechanics and Effect
of Conversion.

 

No fractional shares will
be issued upon conversion of this Note. In lieu of any fractional share to which the Holder would otherwise be entitled, the Company
will pay to the Holder in cash the unconverted balance that would otherwise be converted into such fractional share.

 

In the event that this Note
is converted pursuant to Section 3.1 the Holder shall surrender this Note, duly endorsed, to the Company at the closing
of the purchase and sale of the Company’s equity securities and the Note shall thereupon be canceled

 

Termination of Rights.
  Upon conversion of this Note in accordance with Section 3.1, all rights with respect to the converted portion of this Note
shall terminate, whether or not the Note has been surrendered for cancellation, and the Company will be forever released from all
of its obligations and liabilities under the converted portion of this Note except its obligations pursuant to Section 3.2.

 

Payment.   Except as set forth herein,
all payments shall be made in lawful money of the United States of America at the principal offices of the Company. Payment shall
be credited first to any accrued interest then due and payable and the remainder applied to principal.

 

Events of Default.   The entire unpaid
principal sum of this Note, together with any and all interest accrued but unpaid thereon, shall become immediately due and payable
upon the occurrence of an Event of Default. Subject to the foregoing, an Event of Default shall be deemed to have occurred upon
the occurrence of any of the following:

 

the nonpayment of any principal,
interest or other indebtedness under this Note within ten (10) calendar days after when due;

 

the filing by or against
the Company of any proceeding in bankruptcy, receivership, insolvency, reorganization, liquidation, conservatorship or similar
proceeding (and, in the case of any such proceeding instituted against any obligor, such proceeding is not dismissed or stayed
within 60 days of the commencement thereof);

 

any assignment by the Company
for the benefit of creditors;

 

a default with respect to
any other indebtedness of the Company for borrowed money, if the effect of such default is to cause or permit the acceleration
of such debt, unless the holder of such debt waives such default or otherwise agrees to forbear from exercising its rights with
respect to such default;

 

    

     

    

 

the entry of a final judgment
against the Company in an amount exceeding $100,000 and the failure of the Company to discharge the judgment within thirty (30)
days of the entry thereof;

 

any material adverse change
in the Company’s business, assets, operations, financial condition or results of operations; or

 

the Company ceases doing
business as a going concern.

 

Transfer; Successors and Assigns.   Subject
to the restrictions set forth in the Note and Warrant Purchase Agreement, this Note may be transferred only upon surrender of the
original Note for registration of transfer, duly endorsed, or accompanied by a duly executed written instrument of transfer in
form satisfactory to Holder. Thereupon, a new note for the same principal amount and interest will be issued to, and registered
in the name, of, the transferee. Interest and principal are payable only to the registered holder of this Note. The terms and conditions
of this Note shall inure to the benefit of and binding upon the respective successors and assigns of the parties.

 

Governing Law.   This Note and all acts
and transactions pursuant hereto and the rights and obligations of the parties hereto shall be governed, construed and interpreted
in accordance with the laws of the Commonwealth of Pennsylvania, without giving effect to principles of conflicts of law and choice
of law that would cause the laws of any other jurisdiction to apply.

 

Notices.   Any notice or other communication
required or permitted to be given hereunder shall be in writing and given as provided in the Note and Warrant Purchase Agreement.

 

Amendments and Waivers.   Subject to Section
8(f) of the Note and Warrant Purchase Agreement, this Note and any term hereof may be amended, waived, discharged or terminated
only by an instrument in writing signed by the party against whom enforcement of such amendment, waiver, discharge or termination
is sought. No waivers of any term, condition or provision of this Note, in any one or more instances, shall be deemed to be, or
construed as, a further or continuing waiver of any such term, condition or provision.

 

Stockholders, Officers and Directors Not
Liable.   In no event shall any stockholder, officer or director of the Company be liable for any amounts due or payable pursuant
to this Note.

 

Headings.   The headings in this Note
are for purposes of reference only, and shall not limit or otherwise affect the meaning hereof.

 

Benefits of this Note.   Nothing in this
Note shall be construed to give any person or corporation other than the Company and the Holder any legal or equitable right, remedy
or claim under this Note and this Note shall be for the sole and exclusive benefit of the Company and the Holder and any other
permitted holder or holders of the Note.

 

    	 

    	 

    

 

 

IN WITNESS WHEREOF, the
Company has caused this Note to be duly executed and delivered by its authorized officer, as of the date first above written.

  

	 	GEOSPATIAL CORPORATION

 

	 	By:	
	 		Mark A. Smith
	 	 	Chief Executive Officer

 

    

     

    

 

EXHIBIT B

 

FORM OF WARRANT

 

    

     

    

 

NEITHER THIS WARRANT NOR THE SECURITIES ISSUABLE
UPON EXERCISE HEREOF HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS. NEITHER THIS
WARRANT NOR THE SECURITIES ISSUABLE UPON EXERCISE HEREOF MAY BE TRANSFERRED EXCEPT (A) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND APPLICABLE STATE SECURITIES LAWS, OR (B) IN A TRANSACTION WHICH IS EXEMPT FROM
REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND APPLICABLE STATE SECURITIES LAWS.

 

Warrant Issue Date: October 13, 2015

 

COMMON STOCK PURCHASE WARRANT

 

For value received, Geospatial
Corporation (the “Company”), a Nevada corporation, hereby certifies that Thomas R. Oxenreiter (the “Holder”)
or its permitted assign(s) is entitled to purchase from the Company, for a period of 10 years from the date hereof, TWELVE THOUSAND
(12,000) shares of the Company’s common stock, par value $.001 per share (“Common Stock”) at a price of
$0.15 per share (the “Exercise Price”). This Warrant is subject to the terms of the Purchase Agreement and the
following additional terms and conditions.

 

1.           Certain Definitions.

 

(a)         “Change
in Control” means any sale of capital stock of the Company or consolidation or merger of the Company with or into any
other corporation or other entity or person, or any other corporate reorganization, in which the stockholders of the Company immediately
prior to such sale, consolidation, merger or reorganization, do not hold at least a majority of the resulting or surviving corporation’s
voting power immediately after such consolidation, merger or reorganization, or the sale, lease, or other disposition of all or
substantially all of the assets of the Company.

 

(b)          “Exercise Period”
means the period commencing on the date hereof and ending at 5:00 p.m. (prevailing local time at the principal executive office
of the Company) on the tenth anniversary of the Closing Date.

 

    

     

    

 

2.            Exercise of Warrant.

  

(a)         The purchase
rights represented by this Warrant are exercisable by the Holder, in whole or in part, during the Exercise Period by the surrender
of this Warrant, with the form of Subscription Agreement attached hereto as Annex A duly completed and executed by the Holder,
to the Company at its principal executive office, accompanied by payment in cash, in lawful money of the United States of America,
including by certified or official bank check made payable to the order of the Company or by wire transfer of immediately available
funds to an account designated by the Company, of an amount equal to the Exercise Price multiplied by the number of shares of Common
being purchased pursuant to such exercise of the Warrant.

 

(b)         This Warrant may be exercised for
less than the full number of shares of Common Stock calculated above, provided that this Warrant may not be exercised
in part for less than a whole number of shares of Common Stock. Upon any such partial exercise, the Company at its expense will
forthwith issue to the Holder a new Warrant or Warrants of like tenor exercisable for the number of shares of Common Stock as to
which rights have not been exercised (subject to adjustment as herein provided), such Warrant or Warrants to be issued in the name
of the Holder or its nominee.

 

(c)         As soon as practicable
after the exercise of this Warrant and payment of the Exercise Price, and in any event within 20 business days thereafter, the
Company, at its expense, will cause to be issued in the name of and delivered to the Holder a certificate or certificates for the
number of duly authorized, validly issued, fully paid and non-assessable shares of Common Stock to which the Holder shall be entitled
upon such exercise, plus, in lieu of any fractional share to which the Holder would otherwise be entitled, cash in an amount determined
in accordance with Section 3(d) hereof. The Company agrees that the shares so purchased shall be deemed to be issued
to the Holder as the record owner of such shares as of the close of business on the date on which this Warrant shall have been
surrendered and payment made for such shares as aforesaid.

 

(d)         Prior to the
exercise of this Warrant, the Holder shall not be entitled to any rights of a stockholder of the Company with respect to shares
for which this Warrant shall be exercisable, including, without limitation, the right to vote, to receive dividends or other distributions
or to exercise any preemptive rights, and shall not be entitled to receive any notice of any proceedings of the Company.

 

(e)         In the event
that the Company proposes to engage in a Change in Control or Qualified Public Offering, it shall give the Holder written of its
intention not less than ten (10) days prior to the date of the proposed closing of such transaction. The notice shall describe
the material terms and conditions upon which the Company proposes to consummate such transaction.

 

3.          Reservation of Stock Issuable
on Exercise of Warrants.   The Company shall at all times reserve and keep available out of its authorized but unissued stock,
solely for the issuance and delivery upon the exercise of this Warrant and other similar Warrants, such number of its duly authorized
shares of Common Stock as from time to time shall be issuable upon the exercise of this Warrant and other similar Warrants.

 

    

     

    

 

4.           Negotiability.   This Warrant
is issued upon the following terms:

 

(a)         Transfer.   By acceptance hereof,
the Holder acknowledges and agrees that the Holder is acquiring the Warrant and the shares of Common Stock issuable upon exercise
hereof for investment for its own account, not as a nominee or agent, and not with a view to, or for resale in connection with,
any distribution thereof, and Holder has no present intention of selling, granting any participation in, or otherwise distributing
the same.

 

(b)         Agreements.
  As a condition to the Company’s obligation to issue shares of Common Stock upon exercise hereof, the Holder shall execute
the Subscription Agreement attached hereto as Annex A.

 

(c)        Transfer Taxes.   The Company
shall not be required to pay any federal or state transfer tax or charge that may be payable in respect of any transfer involved
in the transfer or delivery of this Warrant or the issuance or delivery of certificates for Common Stock in a name other than that
of the Holder or to issue or deliver any certificates for Common Stock upon the exercise of this Warrant until any and all such
taxes and charges shall have been paid by the Holder or until it has been established to the Company’s reasonable satisfaction
that no such tax or charge is due.

 

(d)        Compliance with Securities Laws.
The Holder, by acceptance hereof, acknowledges that this Warrant, the shares of Common Stock to be issued upon exercise hereof
are being acquired solely for the Holder’s own account and not as a nominee for any other party, and for investment, and
that the Holder will not offer, sell or otherwise dispose of this Warrant, any shares of Common Stock to be issued upon exercise
hereof except under circumstances that will not result in a violation of applicable federal and state securities laws.

 

5.           Subdivision
of Rights.   Subject to Section 6, this Warrant (as well as any new Warrants issued pursuant to the provisions
of this Section 7) is exchangeable, upon the surrender hereof by the Holder, at the principal executive office of the Company
for any number of new Warrants of like tenor and date representing in the aggregate the right to subscribe for and purchase the
number of shares of Common Stock of the Company which may be subscribed for and purchased hereunder.

 

6.           Miscellaneous.

  

(a)         Notices.   Any
notice or other communication required or permitted to be given hereunder shall be in writing and given as provided in the Purchase
Agreement.

 

(b)         Books of the Company.
  The Company may treat the holder hereof as appearing on the Company’s books at any time as the holder for all purposes.

 

    

     

    

 

(c)         Headings.  
The headings in this Warrant are for purposes of reference only, and shall not limit or otherwise affect the meaning hereof.

 

(d)         Amendment; Waiver.   Subject to Section 8(f) of
the Purchase Agreement, this Warrant and any term hereof may be amended, waived, discharged or terminated only by an
instrument in writing signed by the party against whom enforcement of such amendment, waiver, discharge or termination is
sought. No waivers of any term, condition or provision of this Warrant, in any one or more instances, shall be deemed to be,
or construed as, a further or continuing waiver of any such term, condition or provision.

 

(e)         Benefits of this Warrant.   Nothing in this
Warrant shall be construed to give any person or corporation other than the Company and the Holder any legal or equitable
right, remedy or claim under this Warrant and this Warrant shall be for the sole and exclusive benefit of the Company and the
Holder and any other permitted holder or holders of the Warrant.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    

     

    

 

IN WITNESS WHEREOF, the
Company has caused this Warrant to be duly executed and delivered by its authorized officer, as of the date first above written.

 

 

	 	Geospatial Corporation

 

	 	By:	
	 		Mark Smith
	 	 	Chief Executive Officer

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