Document:

EX-10.7

 Exhibit 10.7 

TRANSITION SERVICES AGREEMENT 

dated as of July 1, 2021 
 by
and between 
 LSP Generation IV, LLC 

and 
 Rev Renewables, LLC

 TABLE OF CONTENTS 

 

							
	ARTICLE I.	  

	DEFINITIONS	  

	 Section 1.01.
	 	Certain Defined Terms	  	 	2	 
	
	ARTICLE II.	  

	SERVICES	  

	 Section 2.01.
	 	Services	  	 	4	 
	 Section 2.02.
	 	Service Providers	  	 	4	 
	 Section 2.03.
	 	Additional Services	  	 	4	 
	 Section 2.04.
	 	No Additional Resources	  	 	4	 
	 Section 2.05.
	 	Personnel	  	 	4	 
	 Section 2.06.
	 	Transition Managers	  	 	4	 
	 Section 2.07.
	 	Information	  	 	4	 
	 Section 2.08.
	 	Business Records and Data	  	 	5	 
	 Section 2.09.
	 	Access	  	 	5	 
	 Section 2.10.
	 	Level of Service	  	 	5	 
	 Section 2.11.
	 	Disclaimer of Warranties	  	 	5	 
	 Section 2.12.
	 	Software and Licenses	  	 	6	 
	 Section 2.13.
	 	System Access and Security	  	 	6	 
	
	 ARTICLE III.

COMPENSATION
	  

 

	 Section 3.01.
	 	Compensation; No Set Off	  	 	7	 
	 Section 3.02.
	 	Payment Terms	  	 	7	 
	 Section 3.03.
	 	Service Taxes	  	 	7	 
	 Section 3.04.
	 	Suspension of Services	  	 	7	 
	
	ARTICLE IV.	  

	INTELLECTUAL PROPERTY	  

			
	 Section 4.01.
	 	Contribution Agreement	  	 	8	 
	 Section 4.02.
	 	Limited License	  	 	8	 
	 Section 4.03.
	 	Existing Ownership Rights	  	 	8	 
	 Section 4.04.
	 	Third Party Software Licenses	  	 	8	 
	
	ARTICLE V.	  

	CONFIDENTIALITY	  

	 Section 5.01.
	 	Confidentiality of Protected Information	  	 	9	 
	 Section 5.02.
	 	Permitted Disclosures	  	 	9	 
	
	ARTICLE VI.	  

	INDEMNIFICATION; REMEDIES; LIMITATIONS	  

	 Section 6.01.
	 	Indemnification	  	 	9	 
	 Section 6.02.
	 	Remedies	  	 	9	 
	 Section 6.03.
	 	Limitation on Damages	  	 	10	 
	 Section 6.04.
	 	Release	  	 	10	 
	 Section 6.05.
	 	Survival	  	 	10	 

  
 i 

							
	
	ARTICLE VII.	  

	TERM; TERMINATION	  

	 Section 7.01.
	 	Term	  	 	10	 
	 Section 7.02.
	 	Termination	  	 	10	 
	 Section 7.03.
	 	Survival	  	 	11	 
	
	ARTICLE VIII.	  

	MISCELLANEOUS	  

	 Section 8.01.
	 	No Other Obligations	  	 	11	 
	 Section 8.02.
	 	Independent Contractor	  	 	11	 
	 Section 8.03.
	 	Rules of Construction	  	 	11	 
	 Section 8.04.
	 	Severability	  	 	11	 
	 Section 8.05.
	 	No Third-Party Beneficiaries	  	 	12	 
	 Section 8.06.
	 	Entire Agreement, Amendment and Waiver	  	 	12	 
	 Section 8.07.
	 	Subcontracting and Assignment	  	 	12	 
	 Section 8.08.
	 	Notices	  	 	12	 
	 Section 8.09.
	 	Counterparts	  	 	12	 
	 Section 8.10.
	 	Force Majeure	  	 	12	 
	 Section 8.11.
	 	Governing Law; Enforcement; Jurisdiction; Waiver of Trial by Jury	  	 	13	 

  
 ii 

 This TRANSITION SERVICES AGREEMENT (including the schedules hereto, as amended, restated,
supplemented or otherwise modified from time to time, this “Agreement”), dated as of July 1, 2021 (the “Agreement Date”), is made by and between LSP Generation IV, LLC, a Delaware limited liability company
(“LSP Gen IV”), and Rev Renewables, LLC, a Delaware limited liability company (“Rev Renewables,” and together with LSP Gen IV, the “Parties,” and each, a “Party”). 

RECITALS 
 WHEREAS, this
Agreement is entered into in connection with that certain Contribution Agreement, dated as of the Agreement Date (the “Contribution Agreement”), by and among Rev Renewables, Bolt Energy Investment Holdings, LLC, a Delaware limited
liability company (“Bolt Energy”), Rev Renewables Bolt AIV Holdings, LLC, a Delaware limited liability company (“Bolt AIV”), Rev Renewables Fund III Holdings, LLC, a Delaware limited liability company (“Fund
III”), Rev Renewables Fund IV AIV Holdings, LLC, a Delaware limited liability company (“Fund IV”), Rev Gen IV Holdings, LLC, a Delaware limited liability company (“Gen IV,” and together with Bolt Energy,
Bolt AIV, Fund III and Fund IV, the “Contributors”); 
 WHEREAS, pursuant to the Contribution Agreement, each Contributor
agreed to contribute the Rev Contributed Assets, as applicable, to Rev Renewables on the applicable Contribution Date; 
 WHEREAS, prior to
the Agreement Date, LSP Gen IV and certain of its Affiliates provided certain services to the Contributor Subsidiaries which Rev Renewables desires to continue from and after the Agreement Date; 

WHEREAS, the Parties desire for Rev Renewables to provide certain services to LSP Gen IV and its Affiliates from and after the Agreement Date;

 WHEREAS, in connection with the Contribution Agreement, the Parties are entering into this Agreement in order for each Party to provide,
or cause to be provided, to the other Party and its Affiliates certain services described in the Transition Service Schedules (collectively, the “Services”) on a transitional basis from and after the Agreement Date, in accordance
with the terms and subject to the conditions set forth in this Agreement; and 
 WHEREAS, each Party, in its capacity as Provider, has
agreed to provide, or cause to be provided, upon request from the other Party, in its capacity as Recipient, from time to time, the Services for the benefit of Recipient on a transitional basis from and after the Agreement Date, in accordance with
the terms and subject to the conditions set forth in this Agreement. 
 NOW, THEREFORE, in consideration of the foregoing and the
representations, warranties, covenants and agreements set forth in this Agreement and in the Contribution Agreement, as applicable, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
Parties, intending to be legally bound, hereby agree as follows: 

  
 1 

 ARTICLE I. 

DEFINITIONS 

SECTION 1.01. Certain Defined Terms. Capitalized terms used herein but not otherwise defined will have the meanings assigned to
them in the Contribution Agreement. As used in this Agreement, the following terms will have the following meanings: 
 “Accessing
Party” has the meaning set forth in Section 2.13(a). 
 “Affected Entity” has the
meaning set forth in Section 2.13(c). 
 “Agreement” has the meaning set forth in the preamble.

 “Agreement Date” has the meaning set forth in the preamble. 

“Analyses” means all books, records, notes, files, compilations, analyses, forecasts, studies, reports and other documents
(whether in written or electronic form) that contain or reflect any Confidential Information of a Party that are prepared by or on behalf of another Party. 

“Bolt AIV” has the meaning set forth in the Recitals. 

“Bolt Energy” has the meaning set forth in the Recitals. 

“Change of Control” with respect to any entity, means (a) the sale of all or substantially all of the assets of such
entity and its subsidiaries or (b) any merger, consolidation, reorganization or other transaction (including the transfer of any equity securities or issuance of new equity securities) involving such entity after giving effect to which
(i) the holders of a majority of the outstanding equity securities (on a fully diluted basis) of such entity immediately prior to such transaction will not own a majority of the outstanding equity securities of such entity or surviving entity
immediately following such transaction or (ii) the holders of the equity securities of such entity immediately prior to such transaction will no longer have the right to designate a majority of the governing body of such entity or surviving
entity. 
 “Confidential Information” with respect to a Party, means all information (whether in written, electronic, oral
or other form and including trade secrets and non-public, confidential or proprietary information) furnished by or on behalf of or obtained from such Party or its Affiliates relating to this Agreement and the
Services. 
 “Contribution Agreement” has the meaning set forth in the Recitals. 

“Contributors” has the meaning set forth in the Recitals. 

“Default Rate” means an interest rate equal to the lesser of (a) six percent (6%) per annum and (b) the maximum
amount permitted under applicable Law. 
 “Force Majeure Event” has the meaning set forth in
Section 8.10. 
 “Fund III” has the meaning set forth in the Recitals. 

“Fund IV” has the meaning set forth in the Recitals. 

“Gen IV” has the meaning set forth in the Recitals. 

“IP Rights” means, collectively, rights pertaining to Intellectual Property, software and data. 

“Length of Service” means, with respect to a Service, the duration specified in the Transition Service Schedules pursuant to
which such Service is provided. If no duration is specified in the Transition Service Schedules pursuant to which a Service is provided, then the duration of such Service will expire on December 31, 2023. 

  
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 “LSP Gen IV” has the meaning set forth in the preamble. 

“Party” and “Parties” have the meanings set forth in the preamble. 

“Protected Information” of a Party will mean (a) the Confidential Information of such Party (and its Affiliates) and
(b) Analyses that contain or reflect such Confidential Information. 
 “Protected Party” has the meaning set forth in
Section 5.01. 
 “Protecting Party” has the meaning set forth in
Section 5.01. 
 “Provider” means each Party, as applicable, in its capacity as the provider of
Services to the other Party (or any of its Affiliates) hereunder, in each case as indicated on the Transition Service Schedules. 

“Recipient” means each Party, as applicable, in its capacity as the recipient (either for itself or for the benefit of any of
its Affiliates) of Services from another Party (or its Affiliate) hereunder, in each case as indicated on the Transition Service Schedules. 

“Results” has the meaning set forth in Section 4.03(b). 

“Rev Renewables” has the meaning set forth in the preamble. 

“Security Regulations” has the meaning set forth in Section 2.13(a). 

“Service Expenses” has the meaning set forth in Section 3.01. 

“Service IP” has the meaning set forth in Section 4.03(b). 

“Service Provider” has the meaning set forth in Section 2.02. 

“Service Recipient” means each Person receiving a Service under this Agreement in accordance with the Transition Service
Schedules. 
 “Service Taxes” means any (a) sales, use, consumption, goods and services, value added or similar tax,
duty or charge imposed pursuant to applicable Law, (b) excise taxes or (c) any customs or import charges or duties or any similar taxes, charges or duties imposed by any Governmental Entity under any applicable Law in connection with the
provision of the Services other than income taxes of Provider. 
 “Systems” means a Party’s systems, infrastructure,
databases, software, facilities and networks. 
 “Term” has the meaning set forth in
Section 7.01. 
 “Transition Committee” has the meaning set forth in
Section 2.06. 
 “Transition Manager” has the meaning set forth in
Section 2.06. 
 “Transition Service Schedules” means each schedule to this Agreement
labeled as a “Transition Service Schedule,” as such schedules may be amended, restated, supplemented or otherwise modified from time to time. 

  
 3 

 ARTICLE II. 

SERVICES 

SECTION 2.01. Services. Subject to the terms and conditions set forth in this Agreement, Provider will provide, or cause to be
provided, to Recipient or its Affiliates each Service during the Length of Service applicable to such Service as directed by Recipient. 

SECTION 2.02. Service Providers. Subject to Section 8.07, Recipient acknowledges and agrees that the
Services will be provided by Provider, its Affiliate(s) or third parties engaged by Provider or its Affiliate(s) (each Person that provides Services, a “Service Provider”). 

SECTION 2.03. Additional Services. The Parties agree that any Recipient may at any time during the Term of this Agreement request
additional services that do not fall into the scope of the Transition Service Schedules. If the Parties agree upon the scope and cost of such services, the Parties may update the Transition Services Schedules accordingly to reflect such agreement.

 SECTION 2.04. No Additional Resources. No Service Provider will be obligated to: (a) hire any additional employees;
(b) maintain the employment of any specific employee; (c) purchase, lease or license any additional facilities, equipment or software; or (d) pay any costs related to the transfer or conversion of a Service Recipients’ data to a
Service Provider. 
 SECTION 2.05. Personnel. Each Service Provider will have the right to designate which personnel it will
assign to perform the Services it is to perform. Each Service Provider also will have the right, in its sole discretion, to remove and replace any such personnel at any time. The Service Providers will pay for all personnel expenses, including
wages, of their employees performing the applicable Services, which expenses may be passed through to Recipient pursuant to Section 3.01. 

SECTION 2.06. Transition Managers. During the Term, each Party will appoint one (1) of its employees (each, a
“Transition Manager”) to have overall responsibility for managing and coordinating the delivery or receipt of the Services and who will serve as such Party’s representative on the Transition Committee (as defined below) with
the power to bind such Party. The Transition Managers may appoint additional personnel to oversee day-to-day matters relating to certain functional matters. The
Transition Managers will meet on a monthly basis (unless otherwise mutually agreed) at a transition committee level (the “Transition Committee”) during the Term. The Transition Committee will oversee the implementation and
application of this Agreement and the overall coordination of the Services and will attempt to resolve any dispute between the Parties relating thereto. If any dispute between the Parties cannot be resolved within fifteen (15) days after being
referred to the Transition Committee, such dispute shall be presented to the senior officers of each Party who have decision-making authority with respect to such dispute for an additional resolution period of fifteen (15) days. If, after such
additional resolution period, the senior officers of each Party are unable to resolve the dispute, the Parties may then pursue any remedies available at law. Notwithstanding the foregoing, no Party shall be restricted from pursuing equitable
remedies at any time with respect to any dispute with the other Party. Each of the Parties will have the right to change its Transition Manager from time to time by notifying the other Party of such change. All Transition Committee decisions that
are binding on the Parties must be in writing and executed by both Transition Managers. 
 SECTION 2.07. Information. Each
Service Recipient will provide the applicable Service Provider with all information reasonably requested by such Service Provider that is reasonably necessary or desirable for the performance of the Services. Provider will be under no obligation to
provide or make available any Service to Recipient to the extent that the Service Recipients have not provided information to the applicable Service Provider that such Service Provider has reasonably requested and that is reasonably necessary or
desirable for the performance of such Service. 

  
 4 

 SECTION 2.08. Business Records and Data. All data that is submitted or
transmitted pursuant to or in connection with the provision of Services hereunder, if any, will be stored and safeguarded by each of the Parties and, as the case may be, by each of their respective Affiliates or third-party Service Providers, with
substantially the same standard of care that such Party (or other Person) stores and safeguards data relating to its own business. 

SECTION 2.09. Access. To the extent reasonably necessary or desirable to perform, or otherwise make available, the Services, each
Party will (a) provide the applicable Service Providers and their representatives with reasonable access, on an “as needed” basis during regular business hours and in accordance with applicable laws, regulations and internal policies,
to the Service Recipient’s personnel, information, facilities, equipment, office space, plants, telecommunications and computers and systems and any other areas and equipment, and (b) reasonably cooperate with Service Providers in the
provision and receipt of the Services. Each Party will reasonably cooperate with the other Party (and its Affiliates and Service Providers) to provide the Services in a safe and efficient manner. When on the property of the Service Recipient, each
Service Provider will comply with all legal and regulatory requirements and the policies and procedures of such Service Recipient concerning health, safety and security. When given access to the other Party’s books, records, personnel or
assets, each Party will comply with all legal and regulatory requirements and the internal policies and procedures (including with respect to confidentiality and security) of the other Party, including as set forth in
Section 2.08. 
 SECTION 2.10. Level of Service. 

(a) Provider will provide Services as reasonably directed and overseen by Recipient and cause the Services to be provided in a professional
and workmanlike manner and in accordance with applicable Law and the policies, procedures and practices applicable to, and will exercise substantially the same care and skill as exercised in connection with, the provision of similar services
provided prior to the Closing. 
 (b) The Parties acknowledge the transitional nature of the Services and that Recipient may request that a
Service Provider make reasonable changes, from time to time, in the manner of performing the Services; provided that if Recipient requests any such changes that will result in incremental obligations, costs or expenses to a Service Provider,
then such Service Provider will not be obligated to make such changes, unless the Parties first agree in writing to a corresponding reasonable increase to the price paid by Recipient to Provider for such Services. In such case, upon Recipient’s
request, Provider will negotiate with Recipient in good faith with the objective of agreeing to such price increase. 
 (c) Each Party shall
and shall require its personnel and any Person giving or receiving Services hereunder to (i) obey security procedures of the Party with respect to any Services and (ii) comply in all material respects with all applicable Laws in connection
with the provision or receipt, as applicable, of any Services, including Data Protection Laws, standards and regulations and any privacy policies of the applicable Party. 

SECTION 2.11. Disclaimer of Warranties. Neither Provider nor any other Service Provider makes any representations, warranties or
conditions, express, implied, conventional or statutory, including the implied warranties or conditions of merchantability, of quality or fitness for a particular purpose, with respect to the Services or other items or deliverables provided in
connection with the Services. 

  
 5 

 SECTION 2.12. Software and Licenses. Notwithstanding anything to the contrary,
if the performance of any Service requires licenses, permits or Consents from third parties not obtained prior to the Agreement Date, Provider will have no obligation to perform such Service unless and until each such license, permit or Consent is
obtained. The Parties will use commercially reasonable efforts to obtain any such required license, permit or Consent, and will discuss the need for any modifications to the Services necessary in order to permit the Services to continue to be
performed pursuant to the terms of this Agreement pending the receipt thereof. Obtaining such licenses and Consents is an express condition to Provider’s obligation under this Agreement to provide any Services reasonably requiring the use of
such licenses, permits or Consents. Recipient further acknowledges and agrees that Provider will not be required to make any payment or deliver any guarantee, comfort letter or similar undertaking to any third party to obtain any such license or
Consent. 
 SECTION 2.13. System Access and Security. 

(a) To the extent that either Party (the “Accessing Party”) or its Affiliates may desire or require access to the Systems of
the other Party for the performance or receipt of Services hereunder, the other Party will provide reasonable access to the Accessing Party in a manner consistent with Section 2.09, which will, in any event, be limited to
use in connection with performance or receipt of the Services. The Accessing Party will cause its personnel and any personnel of its Affiliates with such access to comply with the system security policies in effect at the time of such access with
regard to such Systems or in any applicable license agreement or lease agreement in effect with regard to such Systems (the “Security Regulations”), and will not compromise or circumvent any security or audit measures employed by
the other Party and its Affiliates, as applicable. The rights of access to the Systems granted to the Accessing Party’s and its Affiliates’ personnel hereunder will be restricted to user access only and will not include privileged or
higher level access rights or rights to functionality of the Systems normally restricted to development staff. 
 (b) The Accessing Party
will be liable for actions of all its their personnel and any personnel of its Affiliates gaining access to Systems of the other Party, including unauthorized destruction, alteration or loss of information contained therein as a result of the
actions of such personnel. Other than as specifically permitted under this Section 2.13, the Accessing Party or its Affiliates will have no rights of access to any of the other Party’s Systems. 

(c) The Accessing Party will cooperate and will cause its Affiliates to cooperate fully and in a timely way with any investigation relating to
the security of Systems arising in connection with this Agreement that is carried out by or on behalf of the other Party (the “Affected Entity”). If at any time the Accessing Party or any of its Affiliates determines that any user
under their control or within their responsibility has sought to circumvent or has circumvented the applicable Security Regulations, or that an unauthorized Person has accessed or may access an Affected Entity’s Systems, the Accessing Party
will immediately terminate or cause the applicable Affiliate to as promptly as possible terminate any such Person’s access to the applicable Systems and will without undue delay notify the appropriate Affected Entity of such access or
activities and such termination. If at any time an Affected Entity determines that any of the Accessing Party’s or its Affiliates’ or subcontractors’ users has sought to circumvent or has circumvented its Security Regulations, or that
an unauthorized Person has accessed or may access its Systems, or that a Person has engaged in activities that may lead to the unauthorized access, destruction or alteration or loss of data, information or software, such Affected Entity may, in its
sole discretion, immediately terminate any such Person’s access to the applicable Systems and will notify the Accessing Party of such access or activities and such termination. The Accessing Party will permit and will cause its Affiliates to
permit the Affected Entity to audit the Accessing Party’s and its Affiliates’ use of its Systems and such Persons’ compliance with such Affected Entity’s Security Regulations. 

  
 6 

 ARTICLE III. 

COMPENSATION 

SECTION 3.01. Compensation; No Set Off. In consideration for receiving the Services, each Recipient will pay each relevant
Provider (or its designee with respect to any particular Service) charges pursuant to which such Service is provided, which charges will be on a pass-through cost basis using the timesheet and overhead costs allocation (excluding any markups or
management fees) processes of LSP Gen IV and its Affiliates, which amounts, with respect to employee compensation costs, include salaries, incentive compensation, employer payroll taxes, premiums for workers compensation insurance, medical
insurance, dental insurance, life insurance, accidental death insurance, and long term disability insurance, and employer 401k contributions, and, with respect to overhead cost allocations, include costs of office rents, office and other related
overhead costs, third party expenses, business travel, and accounting, tax, and other professional fees (collectively, the “Service Expenses”). In the event there are amounts owed by each Party, the invoices reflecting such amounts
may be set off against each other and only the net amount will be payable by the Party owing the greater amount. 
 SECTION 3.02.
Payment Terms. 
 (a) Except as otherwise expressly set forth in the Transition Service Schedules, Provider will invoice Recipient
monthly for all charges pursuant to this Agreement. Such invoices will set forth (i) the Services provided to each Service Recipient during the preceding month and (ii) the Service Expenses and Service Taxes applicable to each such
Service. Payment of all invoiced amounts (including the amount of any Service Taxes set forth on the applicable invoice, but net of any withholding tax (if any is required under applicable Law)) will be made net thirty (30) days from the date
of invoice by wire transfer of immediately available funds to the account (or accounts) designated by Provider; provided that payment need only be made by one Party to the other on a net basis with respect to the invoices delivered. Any
charges set forth on an invoice that are not disputed in good faith by written notice explaining in reasonable detail the basis for such dispute that is delivered to Provider within fifteen (15) days of Recipient’s receipt of such invoice
will be deemed approved. If charges on an invoice are timely disputed in good faith, payments with respect to any undisputed charges set forth on such invoice will be made net thirty (30) days from the date of the invoice. Any amounts due with
respect to any disputed charges will be paid within thirty (30) days of the date that such dispute is resolved by the Parties. 
 (b)
Any amounts not paid when due pursuant to Section 3.02(a) will accrue interest daily at a rate per annum equal to the Default Rate, calculated for the actual number of days elapsed, accrued from and excluding the date on
which such payment was due up to and including the date of payment. 
 SECTION 3.03. Service Taxes. All amounts payable by
Recipient under this Agreement will be exclusive of Service Taxes. Any Service Taxes will be indicated separately on the invoices furnished by Provider to Recipient in connection with the Services, and Recipient will be responsible for timely paying
all such Service Taxes. The Parties will reasonably cooperate with each other to minimize the amount of any Service Taxes and each Party will provide the other Party with any reasonable certificates or documents which are useful for such purpose
upon receipt of a written request therefor. 
 SECTION 3.04. Suspension of Services. The Parties acknowledge that some of the
Services to be provided hereunder may require instructions and information from the Service Recipients, which Recipient will provide, or cause to be provided, to Provider sufficiently in advance for Provider to provide (or cause to be provided) such
Services to Recipient. Notwithstanding anything to the contrary, Provider reserves the right to suspend performance of any Services hereunder (a) upon failure of Recipient to provide any such instructions that are necessary for the performance
of such Services or (b) until all amounts due pursuant to Section 3.02(a) (and not disputed in good faith by Recipient in accordance with Section 3.02(a)) have been paid in full. Any such
suspension of Service will not cause the Length of Service with respect to any Services hereunder to be tolled or otherwise extended. 

  
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 ARTICLE IV. 

INTELLECTUAL PROPERTY 

SECTION 4.01. Contribution Agreement. Neither this Agreement, nor the performance of this Agreement, will affect the ownership of
any IP Rights transferred, licensed or otherwise allocated pursuant to the Contribution Agreement. 
 SECTION 4.02. Limited
License. To the extent that performance or receipt of any Service hereunder requires a Party or its Affiliates to use any of the IP Rights of the other Party or its Affiliates, then such Party and its Affiliates are granted a non-exclusive, non-transferable and non-sub-licensable (except to Service Providers) right to
use any such IP Rights for the duration of Length of Service with respect to such Service, solely to the extent needed for such performance or receipt of such Service, and in any event strictly subject to the confidentiality terms contained in
Article V. 
 SECTION 4.03. Existing Ownership Rights. 

(a) Nothing in this Agreement constitutes a transfer or commitment to transfer by any Service Provider the ownership to any IP Rights held by
any Service Provider (including any rights to any proprietary software programs). 
 (b) All ideas and concepts relating to the manner in
which the Services are performed by any Service Provider (the “Service IP”) will be the exclusive property of such Service Provider, and all results (including data relating to the Service Recipient’s product performance)
arising from the performance of the Services (the “Results”) will be the exclusive property of the Service Recipient. Each Party will execute, and cause the Service Provider or Service Recipient, as applicable, to execute, all
documents and perform all other acts reasonably necessary or desirable to confirm title in the name and for the benefit of the applicable Service Provider in the Service IP and the applicable Service Recipient in the Results in any jurisdiction of
the world, and provide assistance, if reasonably requested, to protect or enforce such Person’s rights to and under the Service IP and the Results, as applicable. Such obligation to execute documents, perform such acts and provide such
assistance will survive the end of any Length of Service and the expiration or other termination of this Agreement. Provider will reimburse the Service Recipients, and Recipient will reimburse Service Providers, for any reasonable out-of-pocket expenses incurred by the Service Recipients or Service Providers, as applicable, arising out of the obligations under this
Section 4.03(b). 
 SECTION 4.04. Third Party Software Licenses. Unless otherwise agreed to in
writing by the Parties, if any Service Recipient desires to continue using any third party software the end of the applicable Length of Service, such Service Recipient must (a) obtain a license directly from the Person that either owns or has
licensing rights to such software and (b) pay any required license fee directly to such Person. If a replacement license is not obtained by such Service Recipient from the provider of such software, such Service Recipient will promptly destroy
or, at the request of such third party, return all copies of such software and related documentation to such third party upon the end of the Length of Service of the applicable Service and otherwise comply with the terms and conditions for such
software. 

  
 8 

 ARTICLE V. 

CONFIDENTIALITY 

SECTION 5.01. Confidentiality of Protected Information. During the term of this Agreement, each Party and its Affiliates (as such,
a “Protecting Party”) will (x) keep all of the Confidential Information of any relevant other Party, any third-party Service Provider and their respective Affiliates (as such, a “Protected Party”) confidential,
(y) not disclose any of the Confidential Information in any manner whatsoever, without the prior written consent of the Protected Party and (z) not use any of the Confidential Information in any manner whatsoever other than in connection
with the provision of the Services hereunder, unless the Protecting Party can reasonably demonstrate that: 
 (a) Such Confidential
Information was already, at the time of its disclosure to the Protecting Party, or thereafter became, public information (without the Protecting Party’s breach of this Agreement or any confidentiality agreement entered into between the
Protecting Party and the Protected Party); 
 (b) Such Confidential Information was or is independently developed by the Protecting Party
without use of or reference to Confidential Information in violation of this Agreement; and 
 (c) Such Confidential Information becomes
available to the Protecting Party from a third party (other than a Protected Party), provided that such third party is not bound by any obligation of confidentiality to the Protected Party or any of its representatives with respect to such
Confidential Information. 
 SECTION 5.02. Permitted Disclosures. Notwithstanding anything to the contrary in this Agreement, a
Protecting Party may disclose Protected Information that it is requested or required to disclose by applicable Law or any Governmental Entity; provided that if permissible under applicable Law, the Protecting Party will, prior to any such
disclosure, provide notice of such request or requirement to the Protected Party, which in its sole discretion and cost will be entitled to seek, with reasonable cooperation of the Protecting Party (if such cooperation is permissible under
applicable Law) any protective order or other appropriate remedy, or waive compliance with Section 5.01. 

ARTICLE VI. 

INDEMNIFICATION; REMEDIES; LIMITATIONS 

SECTION 6.01. Indemnification. Recipient will defend, indemnify and hold harmless each Service Provider from and against any and
all damages, including with respect to third party claims (including with respect to third party claims for injury, death or property loss arising out of Service Provider’s performance of the Services), arising from, relating to or resulting
from the Services, except to the extent such damages arise from a Service Provider’s Fraud, gross negligence or willful misconduct. Provider will defend, indemnify and hold harmless Recipient from and against any and all direct damages arising
out of a Service Provider’s Fraud, gross negligence or willful misconduct. 
 SECTION 6.02. Remedies. Notwithstanding
anything to the contrary herein, except for direct damages for which Provider is required to indemnify Recipient pursuant to Section 6.01, Recipient’s sole remedy against Service Provider arising from any breach of or
default under this Agreement will be to seek reimbursement for the direct damages attributable to such breach or default (subject to Section 6.03) and to terminate this Agreement pursuant to
Section 7.02. 

  
 9 

 SECTION 6.03. Limitation on Damages. In no event will either Party, be liable,
whether in contract, in tort (including negligence and strict liability) or otherwise, for, or be required to indemnify any Person for or hold any Person harmless from loss of profit, loss of revenue, whether direct or indirect, loss of
opportunities, any consequential, special, indirect, collateral, incidental or punitive damages whatsoever or failure to realize expected savings, or other commercial or economic loss of any kind, however caused and on any theory of liability
(including negligence and strict liability), arising in any way out of or relating to this Agreement, or the provision of or failure to provide any Services (including business interruptions and claims of customers or employees), whether or not such
Person has been advised of the possibility of any such damages. Notwithstanding anything to the contrary, Provider will not be required to provide indemnification pursuant to Section 6.01 in an aggregate amount exceeding
the total amount of fees for the relevant Service received by Provider hereunder. Recipient acknowledges and agrees that it will look solely to Provider (and no other Service Provider) for any indemnification pursuant to
Section 6.01. The Parties acknowledge and agree that the sole and exclusive remedy against any Party, any of their respective Affiliates, any Service Provider or any of the representatives thereof of the foregoing with
respect to any and all direct damages for any breach of this Agreement will be pursuant to the indemnification provisions set forth in this ARTICLE VI. 

SECTION 6.04. Release. Upon the termination or expiration of this Agreement or, if earlier, the expiration of the Length of
Service for a Service hereunder, Recipient hereby fully and forever releases, acquits and discharges the Service Provider, each of its past and present affiliates and their respective past and present, direct and indirect shareholders, members,
partners, managers, officers, directors, employees, agents and representatives (collectively, the “Releasees”), from any and all claims, demands, suits, liabilities, obligations, judgments, orders, debts, liens, contracts,
agreements, covenants and causes of action of every kind and nature, whether known or unknown, intentional or unintentional, suspected or unsuspected, concealed or hidden, vested or contingent, in law or equity, existing by statute, common law,
contract or otherwise, that have existed, may exist or do exist with respect to or arising out of this Agreement or such terminated or expired Service, as applicable, through and including the date of such termination or expiration. 

SECTION 6.05. Survival. The obligations of the Parties pursuant to this ARTICLE VI will survive the end
of any Length of Service and expiration of the Term or other termination of this Agreement. 
 ARTICLE VII. 

TERM; TERMINATION 

SECTION 7.01. Term. This Agreement will commence on the Agreement Date and continue until the earlier of
(a) December 31, 2023, (b) the expiration of the Length of Service for all Services and (c) a Change of Control of Rev Renewables (such period of time from the Agreement Date, the “Term”). Notwithstanding the
foregoing, Rev Renewables agrees to use commercially reasonable efforts to develop sufficient internal resources such that Rev Renewables is able to terminate each Service provided for its benefit by LSP Gen IV as promptly as reasonably practicable
after the Agreement Date. 
 SECTION 7.02. Termination. Notwithstanding the foregoing, either Party may terminate this Agreement
or any Service provided hereunder upon written notice to the other Party within thirty (30) days after notifying such other Party of such other Party’s failure to timely make any payment when due hereunder or other material breach of or
default under this Agreement; provided that, such termination right will not be available if the other Party has cured such failure, breach or default or is disputing the amount of any such payment in good faith in accordance with
Section 3.02. Recipient may terminate for convenience any of the Services before the end of the applicable Length of Service upon written notice to Provider. Upon termination of this Agreement or any Services,
(a) Recipient shall continue to be obligated in respect of all applicable costs and liabilities incurred prior to such termination and (b) each Party shall promptly return to the other Party all of the other Party’s materials,
property and Confidential Information and promptly discontinue all use of the other Party’s information technology systems. 

  
 10 

 SECTION 7.03. Survival. In the event of any termination or expiration with
respect to one or more Services, but less than all Services, this Agreement will continue in full force and effect with respect to any Services not terminated or expired. The Recipients’ obligations with respect to any amounts due under this
Agreement (including pursuant to Section 3.02) will survive the expiration and termination of this Agreement and the Transition Service Schedules. 

ARTICLE VIII. 

MISCELLANEOUS 

SECTION 8.01. No Other Obligations. Neither Party assumes any responsibility or obligation whatsoever, other than the
responsibilities and obligations expressly set forth in this Agreement. 
 SECTION 8.02. Independent Contractor. Each Service
Provider is and will remain at all times an independent contractor in the performance of all Services hereunder. In all matters relating to this Agreement and without limitation of the terms of ARTICLE VI, each Party and its Affiliates will
be solely responsible for the acts of such Party’s, its Affiliates’ and (if engaged by such Party or its Affiliates to provide any Service) any Service Provider’s employees and agents, and such employees and agents will not be
considered employees or agents of the other Party or any of its Affiliates. Each Party and its Affiliates will have sole responsibility for the supervision, daily direction and control, payment of salary (including withholding of income taxes),
workers’ compensation, disability benefits and the like of such Party’s, its Affiliates’ and (if engaged by such Party or its Affiliates to provide any Service) any Service Provider’s employees. Except as otherwise expressly
provided in this Agreement, none of the Parties, their respective Affiliates or any Service Provider will have any right, power or authority to create any obligation, express or implied, on behalf of the other Party or its Affiliates nor will any
such Person act or represent or hold itself out as having authority to act as an agent or partner of the other Party or its Affiliates, or in any way bind or commit the other Party or its Affiliates to any obligation. Nothing in this Agreement is
intended to create or constitute a joint venture, partnership, agency, trust or other association of any kind between a Party or its Affiliates, on the one hand, and the other Party or its Affiliates, on the other hand, and each Party will be
responsible only for such Party’s respective obligations as set forth in this Agreement. 
 SECTION 8.03. Rules of
Construction. Sections 1.2 and 1.3 of the Contribution Agreement are incorporated herein and will apply to this Agreement mutatis mutandis. 

SECTION 8.04. Severability. If any term or provision of this Agreement is held invalid, illegal or unenforceable in any respect
under any applicable Law, as a matter of public policy or on any other grounds, the validity, legality and enforceability of all other terms and provisions of this Agreement will not in any way be affected or impaired. If the final judgment of a
court of competent jurisdiction or other Government Entity declares that any term or provision hereof is invalid, illegal or unenforceable, the Parties agree that the court making such determination will have the power to reduce the scope, duration,
area or applicability of the term or provision, to delete specific words or phrases, or to replace any invalid, illegal or unenforceable term or provision with a term or provision that is valid, legal and enforceable and that comes closest to
expressing the intention of the invalid, illegal or unenforceable term or provision. 

  
 11 

 SECTION 8.05. No Third-Party Beneficiaries. Except as expressly provided herein,
nothing in this Agreement will entitle any Person other than the Parties or their respective successors and assigns permitted hereby to any right or claim of any kind. This Agreement may only be enforced against, and any suit, action, or other
proceeding may only be brought against, the entities that are expressly named as Parties, and then only with respect to the specific obligations set forth herein with respect to such Party, and no past, present or future Affiliate or equityholder,
member, partner, officer, director, employee, agent, or other representative of either Party or of any Affiliate of either Party, or any of their successors or permitted assigns, shall have any liability for any obligations or liabilities of either
Party under this Agreement (including with respect to the provision of any Services hereunder) or for any suit, action, or other proceeding arising from the transactions contemplated hereby. 

SECTION 8.06. Entire Agreement, Amendment and Waiver. This Agreement (including all Transition Service Schedules, all of which are
hereby incorporated herein and made a part of this Agreement as if set forth in full herein) constitute the entire agreement among the Parties, and supersede all prior understandings of the Parties, with respect to the subject matter hereof. No
supplement, modification or amendment of this Agreement will be binding unless executed in writing by each Party. Except as expressly provided herein, no failure on the part of either Party to exercise, and no delay in exercising, any right, power
or remedy under this Agreement will operate as a waiver thereof, nor will any single or partial exercise of such right, power or remedy by such Party preclude any other or further exercise thereof or the exercise of any other right, power or remedy.
No waiver will be binding unless executed in writing by the Party making the waiver. 
 SECTION 8.07. Subcontracting and
Assignment. This Agreement will be binding upon, inure to the benefit of and be enforceable by the Parties, the Releasees, and their respective successors and permitted assigns. Neither Party may assign (whether by operation of Law or otherwise)
this Agreement or any rights, interests or obligations provided by this Agreement without the prior written consent of the other Party; provided that LSP Gen IV may subcontract or assign such rights, interests or obligations to its Affiliates
without the need to obtain prior written consent from Rev Renewables; provided further that any such subcontracting or assignment by LSP Gen IV shall not relieve LSP Gen IV of its Liabilities arising under this Agreement, and LSP Gen IV shall
remain responsible for all Liabilities of any such subcontract. Any attempted assignment in violation of this Section 8.07 will be null and void ab initio. 

SECTION 8.08. Notices. The notice provisions set forth in Section 6.2 of the Contribution Agreement for LSP Gen IV and Rev
Renewables are incorporated herein and will apply to this Agreement mutatis mutandis. 
 SECTION 8.09. Counterparts. This
Agreement may be executed in counterparts, each of which will be deemed an original, but all of which when taken together will constitute one and the same instrument. The delivery of executed signature pages by the Parties by email transmission of
..pdf signatures or other electronic copies of signatures will be deemed to have the same effect as the delivery of the original copies of the executed signature pages. 

SECTION 8.10. Force Majeure. Except for the obligation to pay any amounts due hereunder, neither Party will be liable to the other
for any delay, damage or failure to act due to, or occasioned or caused by, laws, orders, rules or regulations or by labor unrest, strikes, shortages in relevant supplies or goods, severe weather conditions, fires, explosions, war, acts of
terrorism, pandemics or epidemics (including COVID-19), acts of god or other unusually disruptive events beyond the reasonable control of the Parties (each, a “Force Majeure Event”). If a
Force Majeure Event has occurred and its effects are continuing, then upon notice by the Party who is delayed or prevented from performing its obligations to the other Party, (a) the affected provisions or other requirements of this Agreement
will be suspended to the extent reasonably necessary during the period of such disability, and (b) the Party that is delayed or prevented from performing its obligations by a Force Majeure Event will have no liability to the other Party in
connection therewith. The Party that is delayed or prevented from performing its obligations by a Force Majeure Event will resume performance of such obligations in accordance with this Agreement as soon as reasonably practicable following the
cessation of the Force Majeure Event (or the applicable consequences thereof). 

  
 12 

 SECTION 8.11. Governing Law; Enforcement; Jurisdiction; Waiver of Trial by Jury.
Sections 6.3, 6.5 and 6.6 of the Contribution Agreement are incorporated herein and will apply to this Agreement mutatis mutandis. 

[Signature page follows] 

  
 13 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed and
delivered effective as of the Agreement Date. 
  

			
	LSP GENERATION IV, LLC
a Delaware limited liability company

 
			
		
	By:	 	/s/ John P. Burke

 
			
	Name:	 	John P. Burke
	Title:	 	Managing Director
	
	REV RENEWABLES, LLC
a Delaware limited liability company

 
			
		
	By:	 	/s/ Joseph Esteves

 
			
	Name:	 	Joseph Esteves
	Title:	 	Co-President

 [SIGNATURE PAGE TO TRANSITION
SERVICES AGREEMENT]Exhibit
10.67

 

THIS
NOTE AND THE SHARES ISSUABLE UPON CONVERSION OF THIS NOTE HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION
OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF
COUNSEL TO THE TRANSFEROR TO SUCH EFFECT.

 

BIOXYTRAN,
INC. 

CONVERTIBLE NOTE

 

	Issuance
    Date: January      , 2022	Original
    Principal Amount: $                    

 

FOR
VALUE RECEIVED, Bioxytran, Inc., a Nevada corporation (“Company”) hereby promises to pay to or upon the order
of                      ,
or his registered assigns or successors-in-interest (the “Holder”) the principal sum of
                                     Dollars ($                 ), together with all accrued but unpaid interest thereon, if any, on the Final Maturity
Date, to the extent such principal amount and interest have not been repaid or converted into shares of the Company’s Common
Stock, $0.001 par value, (the “Common Stock”), in accordance with the terms hereof. Interest on the unpaid
principal balance hereof shall accrue at the rate of 6% per annum from the date of original issuance hereof (the “Issuance
Date”) until the Final Maturity Date, or such earlier date upon acceleration or by conversion, repayment or redemption
in accordance with the terms hereof. Interest on this Note shall accrue daily commencing on the Issuance Date, shall be paid
at the Final Maturity Date and shall be computed on the basis of a 360-day year, 30-day months and actual days elapsed and
shall be payable in accordance with Section 2 hereof. Notwithstanding anything contained herein, this Note shall bear interest
on the outstanding Principal Amount from and after the occurrence and during the continuance of an Event of Default, at the rate
(the “Default Rate”) equal to the lower of eighteen percent (18%) per annum or the highest rate permitted by
applicable law. Unless otherwise agreed or required by applicable law, payments will be applied first to any unpaid collection
costs, then to unpaid interest and fees and any remaining amount to unpaid principal.

 

All
payments of principal of and interest on this Note shall be made in lawful money of the United States of America by wire transfer
of immediately available funds to such account as the Holder may from time to time designate by written notice in accordance with
the provisions of this Note. This Note may not be prepaid in whole or in part except as specifically provided herein. Whenever
any amount expressed to be due by the terms of this Note is due on any day which is not a Business Day (as defined below), the
same shall instead be due on the next succeeding day which is a Business Day and such extension shall be taken into account in
determining the amount of interest accrued on this Note.

 

    1 

     

    

 

The
following terms and conditions shall apply to this Note:

 

1.
Definitions.

 

(a) Capitalized terms used herein and not otherwise defined herein shall have the meanings set forth in the Purchase Agreement.

 

(b)
For purposes hereof the following terms shall have the meanings ascribed to them below:

 

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under
common control with a Person, as such terms are used in and construed under Rule 144 under the Securities Act of 1933, as
amended.

 

“Bankruptcy
Event” means any of the following events: (a) the Company or any material subsidiary commences a case or other proceeding
under any bankruptcy, reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency or liquidation
or similar law of any jurisdiction relating to the Company or any material subsidiary thereof; (b) there is commenced against
the Company or any material subsidiary any such case or proceeding that is not dismissed within 60 days after commencement; (c)
the Company or any material subsidiary thereof is adjudicated insolvent or bankrupt or any order of relief or other order approving
any such case or proceeding is entered; (d) the Company or any material subsidiary suffers any appointment of any trustee, custodian
or the like for it or any substantial part of its property that is not discharged or stayed within 60 days; (e) the Company or
any material subsidiary makes a general assignment for the benefit of creditors; (f) the Company or any material subsidiary fails
to pay, states that it is unable to pay, or is unable to pay, its debts (excluding those reasonably disputed in good faith by
the Company in the case of failure to pay and for which it has reserves on its books and financial statements) generally as they
become due; (g) the Company or any material subsidiary calls a meeting of its creditors with a view to arranging a composition,
adjustment or restructuring of its debts; or (h) the Company or any material subsidiary, by any act or failure to act, expressly
indicates its consent to, approval of or acquiescence in any of the foregoing or takes any corporate or other action for the purpose
of effecting any of the foregoing.

 

“Cash”
or “cash” means at any time such coin or currency of the United States of America as shall at such time be legal tender
for the payment of public and private debts.

 

“Company
Notice Date” shall have the meaning provided in Section 2(c).

 

“Conversion Date” shall have the meaning provided
in Section 3(b).

 

“Conversion Price” means $0.25, subject to adjustment as set forth herein.

 

“Event of Default”
shall have the meaning provided in Section 4(a).

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

“Final Maturity Date” means August 31, 2022.

 

“Holder
Share Notice” shall mean a written notice by Holder of its intent to convert the Note to common stock.

 

    2 

     

    

 

“Conversion
Notice” shall have the meaning provided in Section 3(a).

 

“Principal
Amount” means at any time the sum of (i) the outstanding principal amount of this Note at such time, (ii) all accrued but
unpaid interest hereunder to such time, and (iii) any default payments owing at such time to the Holder under the Note but not
theretofore paid or added to the Principal Amount.

 

“SEC”
means the United States Securities and Exchange Commission. “Securities Act” means the Securities Act of 1933, as
amended.

 

“Underlying
Shares” means the shares of Common Stock issued or issuable upon conversion of, in lieu of cash payment of principal of,
or interest on, as repayment of principal under, or otherwise pursuant to, this Note in accordance with the terms hereof.

 

Section
2. Payments of Principal and Interest.

 

(a) 
Interest. The Company shall pay interest accruing on this Note (from the date hereof or the date of actual receipt of
the proceeds of the loan) on all principal outstanding at the Interest Rate, on the Final Maturity Date

 

(b) 
Principal. The entire Principal Amount of this Note, plus any and all default payments owing under the Note but not previously
paid, shall become due and payable on the Final Maturity Date. Any principal of this Note that is converted pursuant to Section
3 shall be applied to reduce the principal payable under this Section 2(b). The Company may not prepay or convert this Note without
the Holder’s consent.

 

Section
3. Conversion.

 

(a) 
Conversion Rights. Upon the terms and subject to the conditions hereof, the Holder shall have the right, at the Holder’s
option, to convert the outstanding Principal Amount and accrued and unpaid interest thereon into Common Stock, in whole at any
time or in part from time to time, by delivering to the Company a duly executed notice of conversion in the form attached hereto
as Exhibit A (the “Conversion Notice”), which may be transmitted by telephone line facsimile transmission.

 

(b)
Common Stock Issuance Upon Conversion.

 

(i)  
Conversion Procedures. Upon any conversion of this Note pursuant to Section 3(a) above, the outstanding Principal Amount
being converted and accrued and unpaid interest thereon to the applicable Conversion Date shall be converted into such number
of fully paid, validly issued and non-assessable shares of Common Stock, free of any liens, claims and encumbrances, as is determined
by dividing the outstanding Principal Amount being converted and accrued and unpaid interest thereon to the applicable Conversion
Date by the then applicable Conversion Price. The date of any Conversion Notice hereunder shall be referred to herein as the “Conversion
Date”. If a conversion under this Note cannot be effected in full for any reason, or if the Holder is converting less
than all of the outstanding Principal Amount hereunder pursuant to a Conversion Notice, the Company shall, upon request of the
Holder, promptly deliver to the Holder a new Note having a Principal Amount equal to the amount of such outstanding Principal
Amount as has not been

 

    3 

     

    

 

converted.
The Holder shall not be required physically to surrender this Note to the Company upon any conversion unless the full outstanding
Principal Amount of this Note is being converted or repaid. The Holder and the Company shall maintain records showing the outstanding
Principal Amount so converted and repaid and the dates of such conversions or repayments or shall use such other method, reasonably
satisfactory to the Holder and the Company, so as not to require physical surrender of this Note upon each such conversion or
repayment. The Holder agrees that, if the outstanding Principal Amount of this Note is less than the Principal Amount stated on
the face of this Note, the Holder will not voluntarily transfer this Note at any time when no Event of Default has occurred and
is continuing without first surrendering this Note to the Company for issuance, without charge to the Holder, of a replacement
instrument that reflects the outstanding Principal Amount of this Note. The Company will deliver such replacement instrument to
the Holder as promptly as practical, but in no event later than three days, after surrender by the Holder.

 

(ii)  
Stock Certificates.  The Company will deliver to the Holder not later than three days after a particular Conversion
Date, a certificate or certificates, for the number of shares of Common Stock issuable upon such conversion of this Note.

 

(iii)  
Liability for Late Delivery.  If in any case the Company shall fail to issue and deliver the shares of Common Stock to
the Holder pursuant to this Note on the due date therefor, in addition to any other liabilities the Company may have hereunder
and under applicable law the Company shall pay or reimburse the Holder on demand for all out-of-pocket expenses, including, without
limitation, reasonable fees and expenses of legal counsel, incurred by the Holder as a result of such failure, so long as the
Holder shall have given the Company a Holder Share Notice with respect to such shares of Common Stock.

 

(c)
Conversion Price Adjustments.

 

(i)
Stock Dividends, Splits and Combinations.  In the event that the Company shall (A) pay a dividend or make a
distribution to all its stockholders, in shares of Common Stock, on any class of capital stock of the Company or any
subsidiary which is not directly or indirectly wholly owned by the Company, (B) split or subdivide its outstanding Common
Stock into a greater number of shares, or (C) combine its outstanding Common Stock into a smaller number of shares, then in
each such case the Conversion Price in effect immediately prior thereto shall be adjusted so that the Holder of this Note
thereafter surrendered for conversion shall be entitled to receive the number of shares of Common Stock that such Holder
would have owned or have been entitled to receive after the occurrence of any of the events described above had this Note
been fully converted immediately prior to the occurrence of such event. An adjustment made pursuant to this Section 3(c)(i)
shall become effective immediately after the close of business on the record date in the case of a dividend or distribution
and shall become effective immediately after the close of business on the effective date in the case of such subdivision,
split or combination, as the case may be. Any shares of Common Stock issuable in payment of a dividend shall be deemed to
have been issued immediately prior to the close of business on the record date for such dividend for purposes of calculating
the number of outstanding shares of Common Stock under clause (ii)below.

 

(ii)  
Issuance of Common Stock or Convertible Debt. In the event that the Company shall issue or sell any shares of Common Stock
for a consideration per share less than a price equal to the Conversion Price or issue or sell any Convertible Debt with a conversion
price less than a price equal to the Conversion Price in effect immediately prior to such issuance or sale (the foregoing a

 

    4 

     

    

 

“Dilutive
Issuance”), then, immediately after such Dilutive Issuance, the Conversion Price then in effect shall be reduced to
an amount equal to the consideration per share or conversion price of the Dilutive Issuance.

 

(iii)  
Rounding of Adjustments. No adjustment in the Conversion Price shall be required unless the adjustment would require
an increase or decrease of at least 1% in the Conversion Price then in effect; provided, however, that any adjustments
that by reason of this Section 3(c) are not required to be made shall be carried forward and taken into account in any subsequent
adjustment. All calculations under this Section 3 or Section 2 shall be made to the nearest cent or nearest 1/100th of a share.

 

(iv)  
Notice of Adjustments. Whenever the Conversion Price is adjusted pursuant to this Section 3(c), the Company shall promptly
deliver to the Holder a notice setting forth the Conversion Price after such adjustment and setting forth a brief statement of
the facts requiring such adjustment, provided that any failure to so provide such notice shall not affect the automatic adjustment
hereunder.

 

(v)
Notice of Certain Events. If:

 

A.            
the Company shall declare a dividend (or any other distribution) on its Common Stock; or

 

B.            
the Company shall declare a special nonrecurring cash dividend on or a tender offer for, offer to purchase or redemption of its
Common Stock; or

 

C.            
the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any
shares of capital stock of any class or of any rights; or

 

D.            
the approval of any stockholders of the Company shall be required in connection with any reclassification of the Common Stock
of the Company, any consolidation, amalgamation or merger to which the Company is a party, any sale or transfer of all or substantially
all of the assets of the Company, of any compulsory share of exchange whereby the Common Stock is converted into other securities,
cash or property; or

 

E.            
the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company;
or

 

F.            
there exists an agreement to which the Company is a party or by which it is bound providing for a Change in Control Transaction,
or a Change in Control Transaction has occurred; then the Company shall cause to be filed at each office or agency maintained
for the purpose of conversion of this Note, and shall cause to be mailed to the Holder at its last address as it shall appear
upon the books of the Company, on or prior to the date notice of such matter to the Company’s stockholders generally is
given, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, tender offer,
offer to purchase, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of Common
Stock of record to be entitled to such dividend, distributions, tender offer, offer to purchase, redemption, rights or warrants
are to be determined or (y) the date on which such reclassification, consolidation, amalgamation, merger, sale, transfer, share
exchange or Change in Control

 

    5 

     

    

 

Transaction
is expected to become effective or close, and the date as of which it is expected that holders of Common Stock of record shall
be entitled to exchange their shares of Common Stock for securities, cash or other property deliverable upon such reclassification,
consolidation, amalgamation, merger, sale, transfer, share exchange or Change in Control Transaction.

 

(v)
Restrictions on Conversion. Under no circumstances may either Holder or Company effect a conversion if, after giving
effect to such conversion upon delivery of shares of Common Stock, Holder would beneficially own in excess of 4.99% of the Common
Stock of Company outstanding immediately after giving effect to such conversion. For purposes of the foregoing sentence, the number
of shares of Common Stock beneficially owned by the Holder and its Affiliates shall include the number of shares of Common Stock
issuable upon the conversion with respect to which the determination of such sentence is being made, but shall exclude the number
of shares of Common Stock which would be issuable upon (A) conversion of the remaining, nonconverted portion of this Note beneficially
owned by the Holder or any of its Affiliates and (B) exercise or conversion of the unexercised or nonconverted portion of any
other securities of the Company (including, without limitation, any other Notes or the Warrants) subject to a limitation on conversion
or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates. Except as
set forth in the preceding sentence, beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange.
To the extent that the limitation contained in this section applies, the determination of whether this Note is convertible (in
relation to other securities owned by the Holder) and of which a portion of this Note is convertible shall be in the sole discretion
of Holder. To ensure compliance with this restriction, Holder will be deemed to represent to the Company each time it delivers
a Notice of Conversion that such Notice of Conversion has not violated the restrictions set forth in this paragraph and the Company
shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group
status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations
promulgated thereunder. For purposes of determining the number of outstanding shares of Common Stock, the Holder may rely on the
number of outstanding shares of Common Stock as reflected in (x) the Company's most recent quarterly or annual reports, (y) a
more recent public announcement by the Company including on the OTC Markets website, or (z) any other notice by the Company or
the Company's Transfer Agent approved by the Company setting forth the number of shares of Common Stock outstanding. Upon the
written or oral request of the Holder, the Company shall within two business days confirm orally and in writing to the Holder
the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be
determined after giving effect to the conversion or exercise of securities of the Company, including this Note, by the Holder
or its Affiliates since the date as of which such number of outstanding shares of Common Stock was reported. The provisions of
this Section 3(c)(v) may be waived by the Holder, at the election of the Holder, upon not less than 61 days' prior notice to the
Company, and the provisions of this Section 3(c)(v) shall continue to apply until such 61st day (or such later date, as determined
by the Holder, as may be specified in such notice of waiver). The provisions of this paragraph shall be implemented in a manner
necessary to preserve the intended 4.99% beneficial ownership limitation herein contained and shall not be modified in a manner
otherwise than in strict conformity with the terms of this Section 3(c)(v) to correct this paragraph (or any portion hereof) which
may be defective or inconsistent with the intended 4.99% beneficial ownership limitation herein contained or to make changes or

 

    6 

     

    

 

supplements
necessary or desirable to properly give effect to such 4.99% limitation. The limitations contained in this paragraph shall apply
to a successor holder of this Note.

 

(d) 
Reservation and Issuance of Underlying Securities. The Company covenants that it will at all times reserve from its authorized
and unissued Common Stock a sufficient number of shares solely for the purpose of issuance upon conversion in full of this Note,
free from preemptive rights or any other actual contingent purchase rights of persons other than the Holder. The Company represents,
warrants and covenants that all shares of Common Stock that shall be so issuable shall, upon issue, be duly authorized, validly
issued, fully paid, and nonassessable.

 

(e) 
No Fractions. Upon a conversion hereunder the Company shall not be required to issue stock certificates for a fraction
of a share of Common Stock. The Holder shall be entitled to receive, in lieu of the fraction of a share, one whole share of Common
Stock.

 

(f)  
Charges, Taxes and Expenses. Issuance of shares of Common Stock upon the conversion of this Note shall be made without
charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such shares, all
of which taxes and expenses shall be paid by the Company, and such shares shall be issued in the name of the Holder or in such
name or names as may be directed by the Holder; provided, however, that in the event certificates for shares of Common
Stock are to be issued in a name other than the name of the Holder, the applicable Conversion Notice, when given for such conversion
shall be accompanied or followed by an assignment form for the applicable portion of this Note or such shares, as the case may
be; and provided further, that the Company shall not be required to pay any tax or taxes which may be payable in respect
of any such transfer.

 

(g) 
Cancellation. After the entire Principal Amount (including accrued but unpaid interest and default payments at any time
owed on this Note) has been paid in full or converted into Common Stock, this Note shall automatically be deemed canceled and
the Holder shall promptly surrender this Note to the Company at the Company’s principal executive offices; provided,
however, that the failure to surrender this Note shall not delay or limit such cancellation.

 

(h)  
Notice Procedures. Any and all notices or other communications or deliveries to be provided by the Holder under
this Note, including, without limitation, any Conversion Notice, shall be in writing and delivered personally, by confirmed
facsimile, or by a nationally recognized overnight courier service to the Company at the facsimile telephone number or
address of the principal place of business of the Company as set forth in, or provided pursuant to, the Purchase Agreement.
Any and all notices or other communications or deliveries to be provided by the Company hereunder shall be in writing and
delivered personally, by facsimile, or by a nationally recognized overnight courier service addressed to the Holder at the
facsimile telephone number or address of the Holder appearing on the books of the Company, or if no such facsimile telephone
number or address appears, at the principal place of business of the Holder. Any notice or other communication or deliveries
hereunder shall be deemed delivered (i) upon receipt, when delivered personally, (ii) when sent by facsimile, upon receipt if
received on a Business Day prior to 5:00 p.m. (New York Time), or on the first Business Day following such receipt if
received on a Business Day after 5:00 p.m. (New York Time) or on a day that is not a Business Day or (iii) upon receipt, when
deposited with a nationally recognized overnight courier service.

 

    7 

     

    

 

Section
4. Defaults and Remedies.

 

(a) 
Events of Default. An “Event of Default” is: (i) a failure to pay any Principal Amount of this Note when due,
whether at the Final Maturity Date or otherwise, (ii) a failure to pay any interest due on this Note on the date such payment
is due, which failure continues for two Business Days (or ten Business Days if the Company can prove that funds were in fact wired
from the Company’s account by the due date); (iii) a failure timely to issue Underlying Shares upon and in accordance with
terms hereof, which failure continues for ten Business Days after the Company has received written notice from the Holder informing
the Company that it has failed to issue shares or deliver stock certificates prior to the fifth Business Day following the applicable
Conversion Date; (iv) failure by the Company for 20 days after written notice has been received by the Company from the Holder
to comply with any material provision (other than as provided in the immediately preceding clauses (i), (ii) and (iii)) of any
of this Note; (v) a material breach by the Company of its representations or warranties in this Note that continues for 10 days
after written notice to the Company; (vi) any default after any cure period under, or acceleration prior to maturity of, any note,
mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any indebtedness
for money borrowed by the Company for in excess of $1 million, or for money borrowed the repayment of which is guaranteed by the
Company for in excess of $1 million, whether such indebtedness or guarantee now exists or shall be created hereafter; (vii) if
the Company is subject to any Bankruptcy Event; or (ix) any material provisions of the Note shall at any time and for any reason
be declared by a court of competent jurisdiction to be null and void, or the Company or any Subsidiary of the Company shall repudiate
or deny any portion of its liabilities or obligations thereunder.

 

(b) 
Remedies. If an Event of Default occurs and is continuing, the Holder may declare all of the then outstanding Principal
Amount of this Note, and any accrued and unpaid interest thereon, to be due and payable immediately in cash, except that in the
case of an Event of Default arising from events described in clauses (vi) and (vii) of Section 4(a), this Note shall become automatically
due and payable without further action or notice, and the Holder may exercise all other rights and remedies available at law or
in equity. In any event the Company shall pay interest on such amount in cash at the Default Rate to the Holder if such amount
is not paid within one Business Day after such acceleration. The remedies under this Note shall be cumulative.

 

Section
5. Certain Covenants; General.

 

(a) 
Payment of Expenses. The Company agrees to pay all charges and expenses, including attorneys’ fees and expenses,
which may be incurred by the Holder in seeking to enforce this Note.

 

(b) 
Savings Clause. 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. In no event shall the amount of interest paid hereunder exceed the maximum rate of interest on
the unpaid principal balance hereof allowable by applicable law. If any sum is collected in excess of the applicable maximum rate,
the excess collected shall be applied to reduce the principal debt. If the interest actually collected hereunder is still in excess
of the

 

    8 

     

    

 

applicable
maximum rate, the interest rate shall be reduced so as not to exceed the maximum allowable under law.

 

(c) 
Amendment. 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 Holder.

 

(d) 
Assignment, Etc. The Holder may assign or transfer this Note, subject to compliance with applicable securities laws, without
the consent of the Company. The Holder shall notify the Company of any such assignment or transfer promptly. The Company may not
assign its rights or obligations under this Note. This Note shall be binding upon the Company and its successors and shall inure
to the benefit of the Holder and its successors and permitted assigns.

 

(e) 
No Waiver. No failure on the part of the Holder to exercise, and no delay in exercising any right, remedy or power
hereunder shall operate as a waiver thereof, nor shall any single or partial exercise by the Holder of any right, remedy or power
hereunder preclude any other or future exercise of any other right, remedy or power. Each and every right, remedy or power hereby
granted to the Holder or allowed it by law or other agreement shall be cumulative and not exclusive of any other, and may be exercised
by the Holder from time to time.

 

(f)
Governing Law; Jury Trial.

 

(i)  
Governing Law. THIS NOTE WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEVADA WITHOUT
REGARD TO ANY CONFLICTS OF LAWS PROVISIONS THEREOF THAT WOULD OTHERWISE REQUIRE THE APPLICATION OF THE LAW OF ANY OTHER JURISDICTION.
THE COURTS IN NEVADA SHALL BE THE SOLE JURISDICTION WITH RESPECT TO ANY DISPUTES RELATED TO THIS NOTE

 

(ii)
NO JURY TRIAL. The Company knowingly and voluntarily waives any and all rights it may have to a trial by jury with respect
to any litigation based on, or arising out of, under, or in connection with, this Note.

 

(g) 
Replacement Notes. This Note may be exchanged by Holder at any time and from time to time for a Note or Notes with different
denominations representing an equal aggregate outstanding Principal Amount, as reasonably requested by Holder, upon surrendering
the same. No service charge will be made for such registration or exchange. In the event that Holder notifies the Company that
this Note has been lost, stolen or destroyed, a replacement Note identical in all respects to the original Note (except for registration
number and Principal Amount, if different than that shown on the original Note), shall be issued to the Holder, without requirement
for any surety bond, provided that the Holder executes and delivers to the Company an agreement reasonably satisfactory to the
Company to indemnify the Company from any loss incurred by it in connection with this Note.

 

    9 

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Note to be duly executed on the day and in the year first above written.

 

	BIOXYTRAN, INC.
	 
	By:	 	 
	Name:
	Title:
	 
	Acknowledged and agreed:
	 
	HOLDER
	 
	By:	 	 
	Name:
	Title:

 

    10 

     

    

 

ASSIGNMENT

 

For value received
                           
hereby sell(s), assign(s) and transfer(s) unto                       
 (Please insert social security or other Taxpayer Identification Number of assignee:                  )
the within Note, and hereby irrevocably constitutes and appoints                                   attorney
to transfer the said Note on the books of BIOXYTRAN, INC., a Nevada corporation (the “Company”), with full power of
substitution in the premises.

 

HOLDER 

	 	 	 
	By:	 	 
	Name:	 
	Title:	 

 

	Date:	 	 
	 	 	 

    11 

     

    

 

EXHIBIT
A

 

FORM
OF CONVERSION NOTICE

 

(To
be executed by the Holder in order to convert Convertible Note Due January     , 2023)

 

Re: Convertible Note issued by BIOXYTRAN, INC.
identified below (the “Note”)

 

The undersigned hereby elects to convert the outstanding Principal Amount (as defined in the Note) indicated below of the
Note into shares of Common Stock, of BIOXYTRAN, INC., a Nevada corporation (the “Company”), according to the terms
hereof and of the Note, as of the date written below. If shares are to be issued in the name of a person other than undersigned,
the undersigned will pay all transfer taxes payable with respect thereto and is delivering herewith such certificates and
opinions as reasonably requested by the Company in accordance therewith. No fee will be charged to the Holder for any conversion,
except for such transfer taxes, if any.

  

Conversion
information:

 

	 	 
	 	Holder
	 	 
	 	 
	 	Conversion
    Date
	 	 
	 	 
	 	Principal
    Amount of Note Being Converted
	 	 
	 	 
	 	Number
    of Shares of Common Stock to Be Issued
	 	 
	 	 
	 	Applicable
    Conversion Price
	 	 
	 	 
	 	Signature
	 	 
	 	 
	 	Name
	 	 
	 	 
	 	Address

 

    12

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