Document:

Exhibit 10.12

 

COLUMBIA BANK

 

RETIREMENT INCOME MAINTENANCE
PLAN

 

(As Amended and Restated Effective
as of January 1, 2017)

 

     

     

    

  

TABLE OF CONTENTS

 

	PREAMBLE	 	 
	 	 	 
	ARTICLE 1	DEFINITIONS	1
	1.1	“Bank”	1
	1.2	“Basic Plan”	1
	1.3	“Basic Plan Retirement Income”	1
	1.4	“Board of Directors”	1
	1.5	“Change in Control”	1
	1.6	“Code”	2
	1.7	“Committee”	2
	1.8	“Employee”	2
	1.9	“Key Employee”	2
	1.10	“Participant”	2
	1.11	“Plan”	2
	1.12	“Plan Year”	3
	1.13	“Retirement Income”	3
	1.14	“Section 409A”	3
	1.15	“Year of Credited Service”	3
	1.16	“Year of Vesting Service”	3
	 	 	 
	ARTICLE 2	PARTICIPATION	4
	2.1	Participation	4
	2.2	Duration of Participation	4
	 	 	 
	ARTICLE 3	DISTRIBUTION EVENTS	5
	3.1	Distribution of Benefits	5
	3.2	Normal Retirement Age	6
	3.3	Early Retirement Age	6
	3.4	Commencement of Benefit Distribution Payments	6
	 	 	 
	ARTICLE 4	PAYMENT OF SUPPLEMENTAL RETIREMENT INCOME; ELECTIONS	7
	4.1	Supplemental Normal Retirement Income	7
	4.2	Supplemental Early Retirement Income	7
	4.3	Commencement of Distribution	8
	4.4	Exception for Key Employees	8
	4.5	No Acceleration	8
	4.6	Form of Distribution; Benefit Elections	9
	4.7	Modification of Prior Benefit Elections	10

 

     

     

    

  

	ARTICLE 5	VESTING	11
	5.1	Vesting Upon Eligibility for Retirement	11
	5.2	No Vesting Prior to Eligibility for Retirement	11
	 	 	 
	ARTICLE 6	BENEFICIARY DESIGNATION	12
	6.1	Beneficiary Designation	12
	 	 	 
	ARTICLE 7	DEATH BENEFITS	13
	7.1	Death After Benefit Commencement	13
	7.2	Death Prior to Benefit Commencement	13
	7.3	No Other Death Benefits	13
	 	 	 
	ARTICLE 8	LIABILITY OF THE BANK	14
	8.1	Funding of Plan	14
	8.2	Participant or Beneficiary as Creditor of Bank	14
	 	 	 
	ARTICLE 9	ADMINISTRATION OF THE PLAN	15
	9.1	Administration by the Committee	15
	9.2	Powers of the Committee	15
	9.3	Reliance on Professionals	16
	9.4	Payment of Expenses	17
	9.5	Use of Electronic Media	17
	9.6	Claims Procedure	17
	 	 	 
	ARTICLE 10	AMENDMENT OR TERMINATION OF THE PLAN	20
	10.1	Power to Amend, Terminate	20
	 	 	 
	ARTICLE 11	GENERAL PROVISIONS	21
	11.1	Plan Not Contract of Employment	21
	11.2	Nonalienation of Benefits	21
	11.3	Incapacity	22
	11.4	Sole Source of Benefits	22
	11.5	Address of Payee Unknown	22
	11.6	Section 409A Compliance	23
	11.7	Governing Law	24

 

     

     

    

  

PREAMBLE

 

The Columbia Bank Retirement
Income Maintenance Plan (hereinafter referred to as the “Plan”) is hereby amended and restated effective as of January
1, 2017. The purpose of the Plan (originally named the Columbia Savings Bank, S.L.A. Retirement Income Maintenance Plan) is to
permit certain Employees of Columbia Bank (the “Bank”) and First Jersey Title Services, Inc. to receive supplemental
retirement income from the Bank when benefits cannot be paid from the Columbia Bank Retirement Plan due to the limitations of Section
415 and/or Section 401(a)(17) of the Internal Revenue Code of 1986, as amended (the “Code”).

 

The Plan was amended and restated
effective as of January 1, 2008 in order to bring the Plan into compliance with Section 409A of the Code and the regulations and
official guidance promulgated thereunder (“Section 409A”). This Plan document applies only to Participants who retire
or terminate employment after December 31, 2004. Participants who retired on a Retirement Date or who terminated their employment
with the Bank prior to January 1, 2005 shall look solely to the applicable sections of the Plan as in effect at the time of their
termination or retirement for their supplemental retirement income benefits, if any.

 

This Plan shall be interpreted
and administered in compliance with Section 409A.

 

     

     

    

  

ARTICLE1

 

DEFINITIONS

 

The following words and phrases
as used herein shall have the following meanings, and the masculine, feminine and neuter gender shall be deemed to include the
others, unless a different meaning is plainly required by the context. Any capitalized term used herein that is not defined shall
have the meaning assigned such term under the Basic Plan unless the context indicates otherwise.

 

		1.1	“Bank” means Columbia Bank and its successors or assigns that adopt or continue this
Plan.

 

		1.2	“Basic Plan” means the Columbia Bank Retirement Plan, as amended from time to time.

 

		1.3	“Basic Plan Retirement Income” means the benefit paid to a Participant under the Basic
Plan and includes retirement income payable upon Normal Retirement or Early Retirement.

 

		1.4	“Board of Directors” means the Board of Directors of the Bank, or any person or committee
duly authorized to act for and represent the Board.

 

		1.5	“Change in Control” means a change in the ownership of the Bank (within the meaning
of Treasury regulation section 1.409A-3(i)(5)(v)), a change in effective control of the Bank (within the meaning of Treasury regulation
section 1.409A-3(i)(5)(vi)), or a change in the ownership of a substantial portion of the Bank’s assets (within the meaning
of Treasury regulation section 1.409A-3(i)(5)(vii)). For purposes of determining if a Change in Control occurs, such Treasury regulations
shall be applied using the default percentages of ownership provided thereunder.

 

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		1.6	“Code” means the Internal Revenue Code of 1986, as amended from time to time.

 

		1.7	“Committee” means the committee composed of persons appointed under the provisions of Article 9 of the Basic Plan.

 

		1.8	“Employee” means a person who is an employee or former employee of the Bank or First Jersey Title Services, Inc.

 

		1.9	“Key Employee” shall mean any Employee who, at any time during the Plan Year, is:

 

		(a)	an officer of the Bank or First Jersey Title Services, Inc. having an annual compensation greater than $130,000 (adjusted as
provided in Code Sections 415(d) and 416(i)(1)(A), provided, however, that no more than 50 Employees (or, if lesser, the greater
of 3 Employees or 10 percent of the Employees) shall be treated as officers;

 

		(b)	a 5-percent owner of the Bank or First Jersey Title Services, Inc.; or

 

		(c)	a 1-percent owner of the Bank or First Jersey Title Services, Inc. having an annual compensation
from the Bank or First Jersey Title Services, Inc. of more than $150,000.

 

		1.10	“Participant” means an Employee who is eligible to participate in this Plan pursuant to the provisions of Article
2 of the Plan.

 

		1.11	“Plan” means this Columbia Bank Retirement Income Maintenance Plan, as herein set forth, and as it may hereafter
be amended from time to time.

 

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		1.12	“Plan Year” means the twelve-month period beginning each January 1.

 

		1.13	“Retirement Income” means the retirement benefits provided to Participants and their
joint or contingent annuitants and beneficiaries in accordance with the applicable provisions of this Plan and shall include Supplemental
Normal Retirement Income and Supplemental Early Retirement Income, as defined in Article 4, and the Supplemental Pre-Retirement
Survivor Annuity pursuant to Article 7.

 

		1.14	“Section 409A” means Code Section 409A and the regulations and official guidance promulgated
thereunder.

 

		1.15	“Year of Credited Service” means a Year of Credited Service as determined under the Basic
Plan.

 

		1.16	“Year of Vesting Service” means a Year of Vesting Service as determined under the Basic
Plan.

 

The singular
shall be construed to include the plural, and vice versa, wherever appropriate.

 

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ARTICLE 2

 

PARTICIPATION

 

		2.1	Participation

 

An Employee
shall become a Participant in this Plan if such Employee’s retirement income under the Basic Plan is limited by reason of Code
Section 415 and/or Code Section 401(a)(17). Notwithstanding the foregoing, a Participant shall only accrue benefits under this
Plan while such Employee is a highly compensated or management employee within the meaning of Sections 201, 301 and 401 of the
Employee Retirement Income Security Act of 1974.

 

		2.2	Duration of Participation

 

An Employee
who becomes a Participant shall remain a Participant as long as he is entitled to any benefits under the Plan.

 

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ARTICLE 3

 

DISTRIBUTION EVENTS

 

		3.1	Distribution of Benefits

 

(a)       A
Participant shall be entitled to receive distributions of Retirement Income under this Plan on the earliest to occur of the following:
(i) the Participant’s separation from service after attaining Early Retirement Age, but before attaining Normal Retirement
Age; (ii) the Participant’s separation from service on or after attaining Normal Retirement Age; or (iii) if irrevocably
elected by the Participant on a Benefit Election Form (Exhibit 1) duly completed, executed and submitted to the Committee in compliance
with all applicable provisions of Code Section 409A, a Change in Control. In no event shall a Participant be entitled to receive
a distribution on account of more than one of the foregoing events.

 

(b)       In
the event the Participant becomes eligible to receive a distribution because the Participant separates from service or because
a Change in Control occurs, in either case after the Participant attains Early Retirement Age, but before the Participant attains
Normal Retirement Age, the Participant shall be entitled to receive Supplemental Early Retirement Income pursuant to Section 4.2
of this Plan. In the event the Participant becomes eligible to receive a distribution because the Participant separates from service
or because a Change in Control occurs, in either case after the Participant attains Normal Retirement Age, the Participant shall
be entitled to receive Supplemental Normal Retirement Income pursuant to Section 4.1 of this Plan.

 

(c)       The
time and form for the payment of the Participant’s benefits shall be as elected by the Participant on the Benefit Election
Form. In the event a valid Benefit Election Form has not been filed with the Committee by the Participant, any benefits to which
the Participant may be entitled will be paid in the form of a life annuity with 120 monthly payments guaranteed commencing on
the first day of the month following the month in which the Participant attains Normal Retirement Age.

 

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(d)       In
no event shall any distribution be made which is not in accordance with the requirements of Section 409A.

 

		3.2	Normal Retirement Age

 

A Participant’s Normal Retirement
Age shall be the first day of the month coincident with or next following the attainment of the later of (i) the 65th anniversary
of his birth; or (ii) the fifth anniversary of the Participant’s initial commencement of participation in the Basic Plan, while
in the service of the Bank or First Jersey Title Services, Inc. The term “Normal Retirement”, as used in the Plan,
shall refer to a Participant’s separation from service after attainment of his or her Normal Retirement Age.

 

		3.3	Early Retirement Age

 

A Participant’s
Early Retirement Age shall be the first day of the month coincident with or next following the 55th anniversary of his birth
and the completion of ten (10) Years of Vesting Service. The term “Early Retirement”, as used in the Plan, shall
refer to a Participant’s separation from service after attainment of his or her Early Retirement Age but prior to his
or her Normal Retirement Age.

 

		3.4	Commencement of Benefit Distribution Payments

 

Notwithstanding anything in
this Plan to the contrary, in no event shall benefit distributions commence later than the end of the calendar year in which the
event giving rise to the distribution occurs or the 15th day of the third month following the occurrence of the event
giving rise to the distribution.

 

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ARTICLE 4

 

PAYMENT
OF SUPPLEMENTAL RETIREMENT INCOME: ELECTIONS

 

		4.1	Supplemental Normal Retirement Income

 

The Supplemental Normal Retirement Income payable
to an eligible Participant shall be equal to the excess, if any, of (a) minus (b) below:

 

		(a)	The monthly amount of the Basic Plan Retirement Income payable upon the Normal Retirement to which
the Participant would have been entitled under the Basic Plan, if such benefit were calculated under the Basic Plan without giving
effect to the limitations imposed by the application of Code Section 415 and/or Code Section 401(a)(17), but reflecting an adjustment
in accordance with Section 4.12 of the Basic Plan.

 

		(b)	The monthly amount of Basic Plan Retirement Income payable upon Normal Retirement actually payable
to the Participant under the Basic Plan after the limitations imposed by the application of Code Section 415 and/or Code Section
401 (a)(17) and as adjusted under Section 4.12 of the Basic Plan.

 

		4.2	Supplemental Early Retirement Income

 

The Supplemental Early Retirement
Income payable to an eligible Participant shall be equal to the excess, if any, of (a) minus (b) below:

 

		(a)	The monthly amount of the Basic Plan Retirement Income payable upon Early Retirement to which the
Participant would have been entitled under the Basic Plan, if such benefit were calculated under the Basic Plan without giving
effect to the limitations imposed by the application of Code Section 415 and/or Code Section 401(a)(17), but reflecting an adjustment
in accordance with Section 4.12 of the Basic Plan.

 

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		(b)	The monthly amount of Basic Plan Retirement Income payable
upon Early Retirement actually payable to the Participant under the Basic Plan after the limitations imposed by the application
of Code Section 415 and/or Code Section 401(a)(17) and as adjusted under Section 4.12 of the Basic Plan.

 

		4.3	Commencement of Distribution

 

Payment of the Supplemental
Normal Retirement Income or Supplemental Early Retirement Income shall commence (a) on the first day of the month following the
month in which the Participant separates from service or (b), if so elected by the Participant, (i) the first day of the month
following the month in which a Change in Control occurs or (ii) if a lump sum distribution has been elected, as soon as reasonably
practicable following the occurrence of a Change in Control.

 

		4.4	Exception for Key Employees

 

Notwithstanding the foregoing,
in the event that, at the time of separation from service of a Key Employee’s employment, shares of stock in the Bank or
First Jersey Title Services, Inc. or a parent company of the Bank or First Jersey Title Services, Inc. are traded on an established
securities market or otherwise, no distribution on account of such Key Employee’s separation from service shall be made under
this Article 4 before the date which is six (6) months after the date of such Key Employee’s separation from service. In
such event, payments which such Key Employee would otherwise be entitled to receive during such six-month period shall be accumulated
and paid on the first business day immediately following such six-month period or as soon as administratively practical thereafter.
Notwithstanding anything herein to the contrary, such six-month delay in the distribution of benefits to a Key Employee shall cease
upon the death of such Key Employee.

 

		4.5	No Acceleration

 

Under no circumstances can
the time or schedule of any distribution provided for in this Plan be accelerated.

 

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		4.6	Form of Distribution; Benefit Elections

 

The Participant shall designate
one of the following forms of distribution for the payment of his or her benefits by filing a signed Benefit Election Form with
the Committee within the deadlines established by the Committee. In no event shall such designation be made, in the case of persons
who were Participants on January 1, 2008, after December 31, 2008. In no event shall such designation be made, in the case of a
person who first becomes a Participant on or after January 1, 2008, later than thirty (30) days following the first day of such
Participant’s taxable year immediately following the first year such Participant accrues a benefit under this Plan. Except
as otherwise provided herein, once made, such designation shall be irrevocable. A subsequent election may be made at any time prior
to the date the first annuity payment is scheduled to be paid to change from one type of life annuity to another type of life annuity
with the same scheduled date for the first annuity payment, provided that the annuities are actuarially equivalent applying reasonable
actuarial methods and assumptions. No change is permitted at any time from a life annuity to another form of distribution or from
another form of distribution to a life annuity. Notwithstanding the foregoing, the Participant’s benefits shall automatically
be paid in the form of a life annuity with 120 payments guaranteed if the Participant has failed to timely make an election for
the payment of his or her benefits.

 

		(a)	Life annuity with no survivor benefit;

		(b)	Life annuity with 120 monthly payments guaranteed;

		(c)	50% joint and survivor annuity;

		(d)	75% joint and survivor annuity;

		(e)	100% joint and survivor annuity; and

		(f)	only in the case of a Change in Control, a lump sum distribution.

 

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		4.7	Modification of Prior Benefit Elections. If permitted by the Committee, but subject to the
limitations below, a Participant may elect to change the time or form for the payment of benefits to him or her, by submitting
a new Benefit Election Form to the Committee, provided that the following conditions are met: (a) such change will not take effect
until at least twelve (12) months after the date on which the new election is made and approved by the Committee; (b) if the original
election was pursuant to a specified time or fixed schedule, the change cannot be made less than twelve (12) months before the
date of the first scheduled original payment; and (c) in the case of an election related to a payment other than a payment on account
of death, the first payment with respect to which the change is made must be deferred for a period of not less than five (5) years
from the date such payment would otherwise have been made.

 

If and to
the extent permitted by the Committee and Section 409A, a Participant may change an election as to the form of payment of a life
annuity to another form of life annuity without regard to the restrictions of the foregoing paragraph. For this purpose, a “life
annuity” means, subject to Treasury regulation section 1.409A-2(b)(2), a series of substantially equal periodic payments,
payable not less frequently than annually, for the life (or life expectancy) of the Participant, or a series of substantially equal
periodic payments, payable not less frequently than annually, for the life (or life expectancy) of the Participant, followed upon
the death or end of the life expectancy of the Participant by a series of substantially equal periodic payments, payable not less
frequently than annually, for the life (or life expectancy) of the Participant’s designated beneficiary (if any).

 

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ARTICLE 5

 

VESTING

 

		5.1	Vesting Upon Eligibility for Retirement

 

A Participant who is eligible
to retire under the Early or Normal Retirement provisions of this Plan shall have a nonforfeitable right to receive his Retirement
Income under this Plan.

 

		5.2	No Vesting Prior to Eligibility for Retirement

 

A Participant who terminates
employment or dies prior to eligibility for an Early or Normal Retirement benefit under the provisions of this Plan shall cease
to be a Participant, and his Retirement Income shall be forfeited and cancelled.

 

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ARTICLE 6

 

BENEFICIARY DESIGNATION

 

		6.1	Beneficiary Designation

 

Each Participant shall have
the right to designate a beneficiary or beneficiaries (including contingent beneficiaries) to receive any benefits payable upon
the death of a Participant by filing a Beneficiary Designation (Exhibit 1) with the Committee. No such designation shall be effective
unless completed and submitted in accordance with rules and procedures established by the Committee for this purpose. In the absence
of an effective beneficiary designation, the Participant’s designated beneficiary shall be assumed to be the Participant’s
surviving spouse or, if none, the Participant’s estate.

 

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ARTICLE 7

 

DEATH BENEFITS

 

		7.1	Death After Benefit Commencement

 

If a Participant dies after
his retirement benefits commence, the death benefit, if any, payable shall be governed by the type of benefit which the Participant
was receiving pursuant to Article 6.

 

		7.2	Death Prior to Benefit Commencement

 

If a Participant dies after
attaining Early Retirement Age, but prior to separation from service, the beneficiary of such Participant shall be entitled to
receive the Supplemental Pre-Retirement Survivor Annuity described herein.

 

The Supplemental Pre-Retirement
Survivor Annuity hereunder shall be equal to 50% of the reduced benefit provided pursuant to Section 4.2 on the day before the
Participant’s date of death.

 

The Supplemental Pre-Retirement
Survivor Annuity is payable to and during the life of the deceased Participant’s beneficiary, commencing on the first day of the
month following the Participant’s date of death and terminating with the last monthly payment due prior to the surviving beneficiary’s
death.

 

		7.3	No Other Death Benefits

 

Except as provided in Section
7.1 and Section 7.2, there shall be no death benefits payable under the Plan.

 

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ARTICLE 8

 

LIABILITY OF THE BANK

 

		8.1	Funding of Plan

 

The benefits
of this Plan shall be paid by the Bank and shall not be funded prior to the time paid to the Participant, beneficiary or joint
or contingent annuitant designated by the Participant, unless and except as expressly provided otherwise by the Bank. In the event
that the Bank should fund any benefits of this Plan, no assets of the Plan shall at any time be located outside the United States.
In the event that the Bank should ever fund any benefits of this Plan, no assets of this Plan shall at any time be or become restricted
to the provision of benefits under this Plan as a result of a change in the Bank’s financial health.

 

		8.2	Participant or Beneficiary as Creditor of Bank

 

A Participant
or beneficiary who is vested in a benefit under this Plan shall be an unsecured creditor of the Bank as to the payment of any benefit
under this Plan.

 

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ARTICLE 9

 

ADMINISTRATION OF THE PLAN

 

		9.1	Administration by the Committee

 

Except for
the functions reserved in the Plan to the Board of Directors, the administration of the Plan shall be the responsibility of the
Committee.

 

		9.2	Powers of the Committee

 

The Committee
shall have the power and the duty to take all actions and to make all decisions necessary or proper to carry out the Plan, and
shall have discretionary authority to construe and interpret the Plan and to determine the rights, if any, of Employees, Participants,
Beneficiaries and other persons under the Plan. The determination of the Committee as to any question involving the general administration
and interpretation of the Plan shall be final, conclusive and binding. Any discretionary actions to be taken under the Plan by
the Committee shall be uniform in their nature and applicable to all persons similarly situated. Without limiting the generality
of the foregoing, the Committee shall have the following powers and duties:

 

		(a)	To furnish to all Participants, upon request, copies of the Plan; and to require any person to
furnish such information as it may request for the purpose of the proper administration of the Plan as a condition to receiving
any benefits under the Plan;

 

		(b)	To make and enforce such rules and regulations and prescribe the use of such forms as it shall
deem necessary for the efficient administration of the Plan;

 

		(c)	To interpret the Plan, and to resolve ambiguities, inconsistencies and omissions, which findings
shall be binding, final and conclusive;

 

    	 	- 15 -	 

     

    

 

		(d)	To decide on questions concerning the Plan in accordance with the provisions of the Plan;

 

		(e)	To determine the amount of benefits which shall be payable to any person in accordance with the
provisions of the Plan; and to provide a full and fair review to any Participant whose claim for benefits has been denied in whole
or in part;

 

		(f)	The power to designate a person who may or may not be a member of the Committee as Plan “Administrator”;
if the Committee does not so designate an Administrator, the Committee shall be the Plan Administrator;

 

		(g)	To allocate any such powers and duties to or among individual members of the Committee; and

 

		(h)	To designate persons other than Committee members to carry out any duty or power which would otherwise
be a responsibility of the Committee or Administrator, under the terms of the Plan.

 

		9.3	Reliance on Professionals

 

To the extent
permitted by law, the Committee and any person to whom it may delegate any duty or power in connection with administering the Plan,
the Bank, First Jersey Title Services, Inc., and the officers and directors thereof, shall be entitled to rely conclusively upon,
and shall be fully protected in any action taken or suffered by them in good faith in the reliance upon, any actuary, counsel,
accountant, other specialist, or other person selected by the Committee, or in reliance upon any tables, valuations, certificates,
opinions or reports which shall be furnished by any of them. Further, to the extent permitted by law, no member of the Committee,
nor the Bank, nor First Jersey Title Services, Inc., nor the officers or directors thereof, shall be liable for any neglect, omission
or wrongdoing of any other members of the Committee, agent, officer or employee of the Bank or First Jersey Title Services, Inc.
Any person claiming under the Plan shall look solely to the Bank for redress.

 

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		9.4	Payment of Expenses

 

All expenses
incurred prior to the termination of the Plan that shall arise in connection with the administration of the Plan, including, but
not limited to administrative expenses, proper charges and disbursements, compensation and other expenses and charges of any actuary,
counsel, accountant, specialist, or other person who shall be employed by the Committee in connection with the administration thereof,
shall be paid by the Bank.

 

		9.5	Use of Electronic Media. Any form, notice or other communication specified under the Plan
may, in the discretion of the Committee, be provided and accepted in any electronic or telephonic medium acceptable to the Committee,
including without limitation, via email or over the Internet.

 

		9.6	Claims Procedure

 

An
Employee, Participant, Beneficiary or other person who believes that he or she has been denied a benefit under the Plan to which
he or she is entitled (hereinafter referred to as a “Claimant”) may file a written request for such benefit with the
[Committee]1.

 

 

1
Consider whether a different committee or person should review initial claims; or whether a different committee should review
appeals of denied claims.

 

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(a)       Initial
Review. If a claim for benefits under this Plan is denied in whole or in part, the Committee shall provide notice to the claimant
in writing of the denial within ninety (90) days after the Committee’s receipt of the claim. However, if special circumstances
require an extension of time for processing the initial claim, a written notice of the extension and the reason therefore shall
be furnished to the Claimant before the end of the initial ninety (90) day period. In no event shall such extension exceed ninety
(90) days. The notice shall be written in a manner calculated to be understood by the Claimant and shall include:

 

(i)        the
specific reason or reasons for the denial;

 

(ii)       specific
reference to the pertinent Plan provisions on which the denial is based;

 

        (iii)      a
description of any additional material or information necessary for the Claimant to perfect the claim and an explanation of why
such material or information is necessary; and

 

        (iv)     
a statement that any appeal of the denial must be made by providing to the Committee, within sixty (60) days after receipt of
the notice of denial, written notice of such appeal, such notice to include a full description of the pertinent issues and
the basis of the claim. If the Claimant fails to appeal such denial to the Committee in writing within the prescribed period
of time, the Committee’s adverse determination shall be final, binding and conclusive.

 

(b)       Review
of Denial of Claim. If the Committee receives from a Claimant, within the prescribed period of time, a notice of an appeal
of the denial of a claim for a benefit, such notice and all relevant materials shall immediately be submitted to the Committee.
The Committee’s decision on review shall be made within sixty (60) days of receipt of request for review, unless special circumstances
require an extension of time for processing, in which case a decision shall be rendered as soon as possible, but not later than
one-hundred twenty (120) days after receipt of the request for review. If such extension of time is required, written notice
of the extension shall be furnished to the Claimant before the end of the original sixty (60) day period. The decision on review
shall be made in writing, shall be written in a manner calculated to be understood by the Claimant, and shall include:

 

    	 	- 18 -	 

     

    

 

(i)        the
specific reason or reasons for the denial;

 

(ii)       specific
references to the provisions of the Plan on which the denial is based;

 

        (iii)      a
statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents,
records and other information which (a) was relied upon by the Committee in making its decision, or (b) was submitted, considered
or generated in the course of such Committee’s decision, without regard to whether such instrument was actually relied upon by
such Committee in making its decision.

 

(iv)      a
statement of the Claimant’s right to bring a civil action under ERISA Section 502(a).

 

If the decision on review is
not furnished within the time specified above, the claim shall be deemed denied on review.

 

    	 	- 19 -	 

     

    

  

ARTICLE 10

 

AMENDMENT OR TERMINATION OF
THE PLAN

 

		10.1	Power to Amend, Terminate

 

The Board
of Directors shall have the power to suspend or terminate this Plan in whole or in part at any time, and from time to time to extend,
modify, amend, revise, or terminate this Plan in such respects as the Board of Directors by resolution may deem advisable; provided
that no such extension, modification, amendment, revision, or termination shall deprive a Participant or any beneficiary designated
by a Participant of the vested portion of any benefit under this Plan.

 

    	 	- 20 -	 

     

    

  

ARTICLE 11

 

GENERAL PROVISIONS

 

		11.1	Plan Not Contract of Employment

 

This Plan
shall not be deemed to constitute a contract between the Bank or First Jersey Title Services, Inc. and any Employee or other person
whether or not in the employ of the Bank or First Jersey Title Services, Inc., nor shall anything herein contained be deemed to
give any Employee or other person whether or not in the employ of the Bank or First Jersey Title Services, Inc. any right to be
retained in the employ of the Bank or First Jersey Title Services, Inc., or to interfere with the right of the Bank or First Jersey
Title Services, Inc. to discharge any Employee at any time and to treat him without any regard to the effect which such treatment
might have upon him as a Participant of the Plan.

 

		11.2	Nonalienation of Benefits

 

Except as
may otherwise be required by law, no distribution or payment under the Plan to any Participant, beneficiary, or joint or contingent
annuitant, shall be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance or charge,
whether voluntary or involuntary, and any attempt to so anticipate, alienate, sell, transfer, assign, pledge, encumber or charge
the same shall be void; nor shall any such distribution or payment be in any way liable for or subject to the debts, contracts,
liabilities, engagements or torts of any person entitled to such distribution or payment. If any Participant, beneficiary, or joint
or contingent annuitant is adjudicated bankrupt or purports to anticipate, alienate, sell, transfer, assign, pledge, encumber or
charge any such distribution or payment, voluntarily or involuntarily, the Committee, in its discretion, may cancel such distribution
or payment or may hold or cause to be held or applied such distribution or payment or any part thereof to or for the benefit of
such Participant, beneficiary, or joint or contingent annuitant in such manner as the Committee shall direct.

 

    	 	- 21 -	 

     

    

 

		11.3	Incapacity

 

If the Bank
determines that any person entitled to payments under the Plan is an infant or incompetent by reason of physical or mental disability,
it may cause all payments thereafter becoming due to such person to be made to any other person for his benefit, without responsibility
to follow application of amounts so paid. Payments made pursuant to this provision shall completely discharge the Plan, the Bank,
First Jersey Title Services, Inc., and the Committee.

 

		11.4	Sole Source of Benefits

 

The Bank
shall be the sole source of benefits under this Plan, and each Employee, Participant, joint or contingent annuitant, beneficiary,
or any other person who shall claim the right to any payment or benefit under this Plan shall be entitled to look only to the Bank
for payment of benefits.

 

		11.5	Address of Payee Unknown

 

If the Bank
is unable to make payment to any Participant or other person to whom a payment is due under the Plan because it cannot ascertain
the identity or whereabouts of such Participant or other person after reasonable efforts have been made to identify or locate such
person (including a notice of the payment so due mailed to the last known address of such Participant or other person shown on
the records of the Bank), such payment and all subsequent payments otherwise due to such Participant or other person shall be forfeited
twenty-four (24) months after the date such payment first became due; provided, however, that such payment and any subsequent payments
shall be reinstated retroactively, no later than sixty (60) days after the date on which the Participant or person is identified
or located.

 

    	 	- 22 -	 

     

    

 

		11.6	Section 409A Compliance

 

(a)       This
Plan shall be interpreted to avoid any penalty sanctions under Section 409A. If any payment or benefit cannot be provided or made
at the time specified herein without incurring sanctions under Section 409A, then such benefit or payment shall be provided in
full at the earliest time thereafter when such sanctions will not be imposed. In the event that any provision of the Plan
or an election form under the Plan is determined by the Committee, in its sole discretion, to not comply with the requirements
of Section 409A, the Committee shall, in its sole discretion, have the authority to take such actions and to make such interpretations
or changes to the Plan or such form as the Committee deems necessary, regardless of whether such actions, interpretations, or changes
shall adversely affect a Participant, subject to the limitations, if any, of applicable law. In no event whatsoever shall the Bank
or the Committee be liable for any additional tax, interest or penalties that may be imposed on any Participant or Beneficiary
by Section 409A or any damages for failing to comply with Section 409A.

 

(b)       Except
to the extent expressly permitted by the Plan, in no event may a Participant or Beneficiary, directly or indirectly, designate
the calendar year of payment.

 

(c)       Solely
for purposes of determining compliance with Section 409A, any payment under this Plan made after the required payment date shall
be deemed made on the required payment date provided that such payment is made by the latest of: (i) the end of the calendar year
in which the payment is due; (ii) the 15th day of the third calendar month following the payment due date; (iii) if the Bank cannot
calculate the payment amount on account of administrative impracticality which is beyond the Participant’s or Beneficiary’s
control, the end of the first calendar year in which calculation of the payment is practicable; and (iv) if the Employer does
not have sufficient funds to make the payment without jeopardizing the Bank’s solvency, in the first calendaryear in
which the Bank’s funds are sufficient to make the payment.

 

		11.6	Governing Law

 

The provisions of the Plan
shall be construed, administered and governed under applicable Federal laws and, to the extent not preempted, the laws of the State
of New Jersey.

 

    	 	- 23 -	 

     

    

  

EXECUTION PAGE

 

IN WITNESS WHEREOF, Columbia Bank has
caused this Plan, as amended and restated effective as of January 1, 2017, to be executed by its duly authorized officer this
25th day of September, 2017.

 

	 	COLUMBIA BANK
	 	 
	 	By: 	/s/ Geri M. Kelly
	 	 	 
	 	Title:	EVP, Human Resources Officer

 

    	 	- 24 -	 

     

    

 

EXHIBIT 1

 

COLUMBIA BANK RETIREMENT INCOME MAINTENANCE
PLAN

 

Benefit Election Form/Beneficiary
Designation

 

PARTICIPANT INFORMATION (Please Print in Ink)

 

	Name:	 
	Social Security Number:	 
	Address:	 
	Telephone Number:	 

 

		I.	FORM OF DISTRIBUTION

 

		A.	In the event benefits become payable
                                         to me upon separation from service, I hereby elect that such payments be made as I have
                                         indicated in the following form (check one as applicable):

 

		(1)	_________ Life Annuity - If you elect the Life Annuity,
you will receive a monthly benefit payable to you for your lifetime. No payments will be made following your death.

 

		(2)	_________ Life Annuity with Monthly Payments Guaranteed - If
you elect the Life Annuity with 120 Monthly Payments Guaranteed you will receive a monthly benefit payable to you for your
lifetime. If you should die before 120 monthly payments have been made, payments for the balance of this period will be made to
your designated beneficiary.

 

		(3)	_________ 50% Joint & Survivor
Annuity - If you elect this benefit option you will receive a monthly benefit payable to you for your lifetime. Upon
your death 50% of your benefit will continue to be paid to your designated beneficiary as long as he or she lives.

 

		(4)	_________ 75% Joint & Survivor Annuity - If you elect this
benefit option you will receive a monthly benefit payable to you for your lifetime. Upon your death 75% of your benefit will continue
to be paid to your designated beneficiary as long as he or she lives.

 

		(5)	_________ 100% Joint & Survivor
Annuity - If you elect this benefit option you will receive a monthly benefit payable to you for your lifetime. Upon
your death 100% of your benefit will continue to be paid to your designated beneficiary as long as he or she lives.

 

    	 	Exhibit 1-1	 

     

    

 

		B.	I hereby elect that any benefits
                                         due me under this Plan be paid upon the occurrence of a Change in Control in the following
                                         form: (check one as applicable):

 

		(1)	_________ Life
                                         Annuity - If you elect the Life Annuity, you will receive a monthly benefit
                                         payable to you for your lifetime. No payments will be made following your death.

 

		(2)	_________ Life Annuity with Monthly Payments Guaranteed - If
you elect the Life Annuity with 120 Monthly Payments Guaranteed you will receive a monthly benefit payable to you for your
lifetime on the first day of each month commencing with the month following a Change in Control. If you should die before 120 monthly
payments have been made, payments for the balance of this period will be made to your designated beneficiary.

 

		(3)	_________ 50% Joint & Survivor Annuity - If you elect this
benefit option you will receive a monthly benefit payable to you for your lifetime on the first day of each month commencing with
the month following a Change in Control. Upon your death 50% of your benefit will continue to be paid to your designated beneficiary
as long as he or she lives.

 

		(4)	_________ 75% Joint & Survivor
Annuity - If you elect this benefit option you will receive a monthly benefit payable to you for your lifetime on the
first day of each month commencing with the month following a Change in Control. Upon your death 75% of your benefit will continue
to be paid to your designated beneficiary as long as he or she lives.

 

		(5)	_________ 100% Joint & Survivor Annuity - If you elect this
benefit option you will receive a monthly benefit payable to you for your lifetime on the first day of each month commencing with
the month following a Change in Control. Upon your death 100% of your benefit will continue to be paid to your designated beneficiary
as long as he or she lives.

 

		(6)	_________ As a Lump Sum payable as soon as practicable following
a Change in Control

 

If you elect a form of benefit
under which payments may continue after your death, then you must designate a beneficiary in Part II below. In the absence of a
valid beneficiary designation, or if your designated beneficiary/ies shall predecease you and you do not file a new beneficiary
designation form, then your surviving spouse, if any, will be deemed to be your designated beneficiary, or, if none, then your
estate.

 

I acknowledge that I have been
given a copy of the Plan and I agree that the above election is irrevocable and designations are subject to all of the terms of
the Plan.

 

	Date:	 	 	Signature:	 
	 	 	 	 	Participant
	Date:	 	 	Signature:	 
	 	 	 	 	Plan Administrator

 

    	 	Exhibit 1-2 	 

     

    

 

		II.	BENEFICIARY DESIGNATION

 

	Participant Name:	 	 

 

I hereby revoke any prior designations
of death benefit beneficiary/ies under the Plan. I understand that if I am married, my spouse shall automatically be my designated
beneficiary unless I elect otherwise. I hereby designate the following beneficiary/ies to receive any benefit payable on account
of my death under the Plan, subject to my right to change this designation and subject to the terms of the Plan:

 

	A.	Primary Beneficiary/ies	 
	 	 	 
	 	Name/Address/Telephone	 
	 	 	 
	 	Relationship to Participant	 
	 	% of Plan Benefit	 
	 	Date of Birth	 
	 	Social Security Number	 

 

B.       Contingent
Beneficiary/ies (Will receive indicated portions of Plan benefit if no Primary Beneficiary/ies survive the Participant)

 

	 	Name/Address/Telephone	 
	 	 	 
	 	Relationship to Participant	 
	 	% of Plan Benefit	 
	 	Date of Birth	 
	 	Social Security Number	 

 

If your designated beneficiary/ies
shall predecease you and you do not file a new beneficiary designation form, then your surviving spouse, if any, will be deemed
to be your designated beneficiary, or, if none, then your estate.

 

	Date:	 	 	Signature:	 
	 	 	 	 	Participant

 

I Consent to the foregoing beneficiary designation (if other than me).

 

	Date:	 	 	Signature:	 
	 	 	 	 	Participant’s Spouse

 

    	 	 Exhibit 1-3abwn_ex41.htm

EXHIBIT 4.1

 

 

NEITHER THIS NOTE NOR THE SECURITIES THAT MAY BE ISSUED BY THE COMPANY UPON CONVERSION HEREOF (COLLECTIVELY, THE “SECURITIES”) HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THE SECURITIES NOR ANY INTEREST OR PARTICIPATION THEREIN MAY BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED: (i) IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE 1933 ACT, OR APPLICABLE STATE SECURITIES LAWS; OR (ii) IN THE ABSENCE OF AN OPINION OF COUNSEL, IN A FORM ACCEPTABLE TO THE ISSUER, THAT REGISTRATION IS NOT REQUIRED UNDER THE 1933 ACT OR; (iii) UNLESS SOLD, TRANSFERRED OR ASSIGNED PURSUANT TO RULE 144 UNDER THE 1933 ACT.

 

12% CONVERTIBLE PROMISSORY NOTE

 

Maturity Date of November 30, 2018 *the “Maturity Date”

 

$200,000 November 30, 2017 *the “Issuance Date”

 

FOR VALUE RECEIVED, Airborne Wireless Network, a Nevada Corporation (the “Company”), doing business in Simi Valley, CA, hereby promises to pay to the order of JSJ Investments Inc., an accredited investor and Texas Corporation, or its assigns (the “Holder”), the principal amount of Two-Hundred Thousand Dollars ($200,000) (“Note”), on demand of the Holder at any time on or after November 30, 2018 (the “Maturity Date”), and to pay interest on the unpaid principal balance hereof at the rate of Twelve Percent (12%) per annum (the “Interest Rate”) commencing on the date hereof (the “Issuance Date”). 

 

	
 
	
1.
	
Payments of Principal and Interest.

	
 
	
 
	
 
	
 

	
 
	
 
	a.	Pre-Payment and Payment of Principal and Interest. The Company may pay this Note in full, together with any and all accrued and unpaid interest, plus any applicable pre-payment premium set forth herein and subject to the terms of this Section 1.a, at any time on or prior to the date which occurs 180 days after the Issuance Date hereof (the “Prepayment Date”). Until the Ninetieth (90th) day after the Issuance Date the Company may pay the principal at a cash redemption premium of 115%, in addition to outstanding interest, without the Holder’s consent; from the 91st day to the One Hundred and Twentieth (120th) day after the Issuance Date, the Company may pay the principal at a cash redemption premium of 120%, in addition to outstanding interest, without the Holder’s consent; from the 121st day to the Prepayment Date, the Company may pay the principal at a cash redemption premium of 125%, in addition to outstanding interest, without the Holder’s consent. After the Prepayment Date up to the Maturity Date this Note shall have a cash redemption premium of 130% of the then outstanding principal amount of the Note, plus accrued interest and Default Interest, if any, which may only be paid by the Company upon Holder’s prior written consent. At any time on or after the Maturity Date, the Company may repay the then outstanding principal plus accrued interest and Default Interest (defined below), if any, to the Holder. 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	b.	Demand of Repayment. The principal and interest balance of this Note shall be paid to the Holder hereof on demand by the Holder at any time on or after the Maturity Date. The Default Amount (defined herein), if applicable, shall be paid to Holder hereof on demand by the Holder at any time such Default Amount becomes due and payable to Holder. 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	c.	Interest. This Note shall bear interest (“Interest”) at the rate of Twelve Percent (12%) per annum from the Issuance Date until the same is paid, or otherwise converted in accordance with Section 2 below, in full and the Holder, at the Holder’s sole discretion, may include any accrued but unpaid Interest in the Conversion Amount. Interest shall commence accruing on the Issuance Date, shall be computed on the basis of a 365-day year and the actual number of days elapsed and shall accrue daily and, after the Maturity Date, compound quarterly. Upon an Event of Default, as defined in Section 10 below, the Interest Rate shall increase to Eighteen Percent (18%) per annum for so long as the Event of Default is continuing (“Default Interest”). 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	d.	General Payment Provisions. This Note shall be paid in lawful money of the United States of America by check or wire transfer to such account as the Holder may from time to time designate by written notice to the Company in accordance with the provisions of this Note. 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, in the case of any interest payment date which is not the date on which this Note is paid in full, the extension of the due date thereof shall not be taken into account for purposes of determining the amount of interest due on such date. For purposes of this Note, “Business Day” shall mean any day other than a Saturday, Sunday or a day on which commercial banks in the State of Texas are authorized or required by law or executive order to remain closed. 
	
 
	
 
	
 
	
 
	
 

	
 
	
2.
	
Conversion of Note. At any time after the Pre-payment Date, the Conversion Amount (see Paragraph 2(a)(i)) of this Note shall be convertible into shares of the Company’s common stock (the “Common Stock”) according to the terms and conditions set forth in this Paragraph 2.

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
a.
	
Certain Defined Terms. For purposes of this Note, the following terms shall have the following meanings:

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
i. 
	
“Conversion Amount” means the sum of (a) the principal amount of this Note to be converted with respect to which this determination is being made, (b) Interest; and (c) Default Interest, if any, if so included at the Holder’s sole discretion. 

 

	 
	1
	

 
	 

 

 

	
 
	
 
	
 
	
ii. 
	
“Conversion Price” means a 30% discount to the lowest trading price during the twenty (20) trading days prior to the delivery of a conversion notice: provided however, that if the Holder has been advised by its legal counsel that it must hold the Note or Shares into which it is convertible for a period of nine (9) months or more from the Issuance Date, and the holder has, in fact held the Note or Shares for such nine (9) month period then the applicable discount will be a 40% discount to the lowest trading price during the twenty (20) trading days prior to the delivery of a conversion notice.

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
iii.
	
“Person” means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization and a government or any department or agency thereof.

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
iv. 
	
“Shares” means the Shares of the Common Stock of the Company into which any balance on this Note may be converted upon submission of a “Conversion Notice” to the Company substantially in the form attached hereto as Exhibit 1.

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
b.
	
Holder’s Conversion Rights. At any time after the Pre-payment Date, the Holder shall be entitled to convert all or less than all of the outstanding and unpaid principal and accrued interest of this Note into fully paid and non-assessable shares of Common Stock in accordance with the stated Conversion Price. The Holder shall not be entitled to convert on a Conversion Date that amount of the Note in connection with that number of shares of Common Stock which would be in excess of the sum of the number of shares of Common Stock issuable upon the conversion of the Note with respect to which the determination of this provision is being made on a Conversion Date, which would result in beneficial ownership by the Holder and its affiliates of more than 4.99% of the outstanding shares of Common Stock of the Company on such Conversion Date. For the purposes of the provision to the immediately preceding sentence, beneficial ownership shall be determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended, and Regulation 13d-3 thereunder. Subject to the foregoing, the Holder shall not be limited to aggregate conversions of 4.99%. The Holder shall have the authority to determine whether the restriction contained in this Section 2(b) will limit any conversion hereunder, and accordingly, the Holder may waive the conversion limitation described in this Section 2(b), in whole or in part, upon and effective after 61 days prior written notice to the Company to increase or decrease such percentage to any other amount as determined by Holder in its sole discretion.

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
c.
	
Fractional Shares. The Company shall not issue any fraction of a share of Common Stock upon any conversion; if such issuance would result in the issuance of a fraction of a share of Common Stock, the Company shall round such fraction of a share of Common Stock up to the nearest whole share except in the event that rounding up would violate the conversion limitation set forth in section 2(b) above.

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
d.
	
Mechanics of Conversion. The conversion of this Note shall be conducted in the following manner:

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	i.	Holder’s Conversion Requirements. To convert this Note into shares of Common Stock on any date set forth in the Conversion Notice by the Holder (the “Conversion Date”), the Holder shall transmit by email, facsimile or otherwise deliver, for receipt on or prior to 11:59 p.m., Eastern Time, on such date or on the next business day, a copy of a fully executed notice of conversion in the form attached hereto as Exhibit 1 to the Company.
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	ii.	Company’s Response. Upon receipt by the Company of a copy of a Conversion Notice, the Company shall as soon as practicable, but in no event later than one (1) Business Day after receipt of such Conversion Notice, send, via email, facsimile or overnight courier, a confirmation of receipt of such Conversion Notice to such Holder indicating that the Company will process such Conversion Notice in accordance with the terms herein. Within two (2) Business Days after the date the Conversion Notice is delivered, the Company shall have issued and electronically transferred the shares to the Broker indicated in the Conversion Notice; should the Company be unable to transfer the shares electronically, it shall, within two (2) Business Days after the date the Conversion Notice was delivered, have surrendered to an overnight courier for delivery the next day to the address as specified in the Conversion Notice, a certificate, registered in the name of the Holder, for the number of shares of Common Stock to which the Holder shall be entitled.
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	iii.	Record Holder. The person or persons entitled to receive the shares of Common Stock issuable upon a conversion of this Note shall be treated for all purposes as the record holder or holders of such shares of Common Stock on the Conversion Date.
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	iv.	Liquidated Damages for Delinquent Response. If the Company fails to deliver for whatever reason (including any neglect or failure by, e.g., the Company, its counsel or the transfer agent) to Holder the Shares as requested in a Conversion Notice within three (3) business days of the Conversion Date, the Company shall be deemed in “Default of Conversion.” Beginning on the fourth (4th) business day after the date of the Conversion Notice, after the Company is deemed in Default of Conversion, there shall accrue liquidated damages (the “Conversion Damages”) of $2,000 per day for each day after the third business day until delivery of the Shares is made, and such penalty will be added to the Note being converted (under the Company’s and Holder’s expectation and understanding that any penalty amounts will tack back to the Issuance Date of the Note). The Parties agree that, at the time of drafting of this Note, the Holder’s damages as to the delinquent response are incapable or difficult to estimate and that the liquidated damages called for is a reasonable forecast of just compensation.
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	v.	Liquidated Damages for Inability to Issue Shares. If the Company fails to deliver Shares requested by a Conversion Notice due to an exhaustion of authorized and issuable common stock such that the Company must increase the number of shares of authorized Common Stock before the Shares requested may be issued to the Holder, the discount set forth in the Conversion Price will be increased by 5 percentage points (i.e. from 30% to 35%) for the Conversion Notice in question and all future Conversion Notices until the outstanding principal and interest of the Note is converted or paid in full. These liquidated damages shall not render the penalties prescribed by Paragraph 2(e)(v) void, and shall be applied in conjunction with Paragraph 2(e)(v) unless otherwise agreed to in writing by the Holder. The Parties agree that, at the time of drafting of this Note, the Holder’s damages as to the inability to issue shares are incapable or difficult to estimate and that the liquidated damages called for is a reasonable forecast of just compensation.

 

	 
	2
	

 
	 

 

 

	
 
	
 
	
 
	vi.	Rescindment of Conversion Notice. If: (i) the Company fails to respond to Holder within one business day from the date of delivery of a Conversion Notice confirming the details of the Conversion, (ii) the Company fails to provide the Shares requested in the Conversion Notice within three business days from the date of the delivery of the Conversion Notice, (iii) the Holder is unable to procure a legal opinion required to have the Shares issued unrestricted and/or deposited to sell for any reason related to the Company’s standing with the SEC or FINRA, or any action or inaction by the Company, (iv) the Holder is unable to deposit the Shares requested in the Conversion Notice for any reason related to the Company’s standing with the SEC or FINRA, or any action or inaction by the Company, (v) if the Holder is informed that the Company does not have the authorized and issuable Shares available to satisfy the Conversion, or (vi) if OTC Markets changes the Company’s designation to ‘Limited Information’ (Yield), ‘No Information’ (Stop Sign), ‘Caveat Emptor’ (Skull and Crossbones), or ‘OTC’, ‘Other OTC’ or ‘Grey Market’ (Exclamation Mark Sign) on the day of or any day after the date of the Conversion Notice, the Holder maintains the option and sole discretion to rescind the Conversion Notice (“Rescindment”) by delivering a notice of rescindment to the Company in the same manner that a Conversion Notice is required to be delivered to the Company pursuant to the terms of this Note.
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	vii.	Transfer Agent Fees and Legal Fees. The issuance of the certificates shall be without charge or expense to the Holder. The Company shall pay any and all Transfer Agent fees, legal fees, and advisory fees required for execution of this Note and processing of any Notice of Conversion, including but not limited to the cost of obtaining a legal opinion with regard to the Conversion. The Holder will deduct $3,000 from the principal payment of the Note solely to cover the cost of obtaining any and all legal opinions required to obtain the Shares requested in any given Conversion Notice. These fees do not make provision for or suffice to defray any legal fees incurred in collection or enforcement of the Note as described in Paragraph 13. All expenses incurred by Holder, for the issuance and clearing of the Common Stock into which this Note is convertible into, shall immediately and automatically be added to the balance of the Note at such time as the expenses are incurred by Holder.
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	viii.	Conversion Right Unconditional. If the Holder shall provide a Notice of Conversion as provided herein, the Company’s obligations to deliver Common Stock shall be absolute and unconditional, irrespective of any claim of setoff, counterclaim, recoupment, or alleged breach by the Holder of any obligation to the Company.

 

	
 
	
3.
	
Other Rights of Holder: Reorganization, Reclassification, Consolidation, Merger or Sale. Any recapitalization, reorganization, reclassification, consolidation, merger, sale of all or substantially all of the Company’s assets to another Person or other transaction which is effected in such a way that holders of Common Stock are entitled to receive (either directly or upon subsequent liquidation) stock, securities, cash or other assets with respect to or in exchange for Common Stock is referred to herein as “Organic Change.” Prior to the consummation of any (i) Organic Change or (ii) other Organic Change following which the Company is not a surviving entity, the Company will secure from the Person purchasing such assets or the successor resulting from such Organic Change (in each case, the “Acquiring Entity”) a written agreement (in form and substance reasonably satisfactory to the Holder) to deliver to Holder in exchange for this Note, a security of the Acquiring Entity evidenced by a written instrument substantially similar in form and substance to this Note, and reasonably satisfactory to the Holder. Prior to the consummation of any other Organic Change, the Company shall make appropriate provision (in form and substance reasonably satisfactory to the Holder) to ensure that the Holder will thereafter have the right to acquire and receive in lieu of or in addition to (as the case may be) the shares of Common Stock immediately theretofore acquirable and receivable upon the conversion of the Note, such shares of stock, securities, cash or other assets that would have been issued or payable in such Organic Change with respect to or in exchange for the number of shares of Common Stock which would have been acquirable and receivable upon the conversion of the Note as of the date of such Organic Change (without taking into account any limitations or restrictions on the convertibility of the Note set forth in Section 2(b) or otherwise). All provisions of this Note must be included to the satisfaction of Holder in any new Note created pursuant to this section.

	
 
	
 
	
 
	
 

	
 
	
4.
	
Representations and Warranties of the Company and the Holder. In connection with the transactions provided for herein, the Company hereby represents and warrants to the Holder the following:

	
 
	
 
	
 
	
 

	
 
	
 
	a.	Organization, Good Standing and Qualification. The Company is a corporation duly organized, validly existing and in good standing under the laws of the state of its incorporation and has all requisite corporate power and authority to carry on its business as now conducted. The Company is duly qualified to transact business and is in good standing in each jurisdiction in which the failure to so qualify would have a material adverse effect on its business or properties.
	
 
	
 
	
 
	
 

	
 
	
 
	b.	Authorization. All corporate action has been taken on the part of the Company, its officers, directors and stockholders necessary for the authorization, execution and delivery of this Agreement. The Company has taken all corporate action required to make all of the obligations of the Company reflected in the provisions of this Agreement, valid and enforceable obligations. The shares of capital stock issuable upon conversion of the Note have been authorized or will be authorized prior to the issuance of such shares.
	
 
	
 
	
 
	
 

	
 
	
 
	c.	Fiduciary Obligations. The Company hereby represents that it intends to use the proceeds of the Note primarily for the operations of its business and not for any personal, family, or household purpose. The Company hereby represents that its board of directors, in the exercise of its fiduciary duty, has approved the execution of this Agreement based upon a reasonable belief that the proceeds of the Note provided for herein is appropriate for the Company after reasonable inquiry concerning its financial objectives and financial situation.

 

	 
	3
	

 
	 

 

 

	
 
	
 
	
d.
	
Data Request Form. The Company hereby represents and warrants to Holder that all of the information furnished to Holder pursuant to the data request form (“DRF”) dated November 28, 2017 is true and correct in all material respects as of the date hereof.

	
 
	
 
	
 
	
 

	
 
	
 
	
e.
	
JSJ Investments is an “accredited investor” within the meaning of Rule 501 of Regulation D promulgated in relation to the Securities Act of 1933, as amended, and (2) sophisticated and experienced in making investments, and (3) capable, by reason of their business and financial experience, of evaluating the relative merits and risks of an investment.

	
 
	
 
	
 
	
 

	
 
	
5.
	
Covenants of the Company.

	
 
	
 
	
 
	
 

	
 
	
 
	
a.
	
So long as the Company shall have any obligations under this Note, the Company shall not without the Holder’s prior written consent pay, declare or set apart for such payment any dividend or other distribution (whether in cash, property, or other securities) on shares of capital stock solely in the form of additional shares of Common Stock

	
 
	
 
	
 
	
 

	
 
	
 
	
b.
	
So long as the Company shall have any obligations under this Note, the Company shall not without the Holder’s prior written consent redeem, repurchase, or otherwise acquire (whether for cash or in exchange for property or other securities) in any one transaction or series of transactions any shares of capital stock of the Company or any warrants, rights, or options to acquire any such shares.

	
 
	
 
	
 
	
 

	
 
	6.	Reservation of Shares. The Company shall at all times, so long as any principal amount of the Note is outstanding, reserve and keep available out of its authorized and unissued shares of Common Stock, solely for the purpose of effecting the conversion of the Note, six times the number of shares of Common Stock as shall at all times be sufficient to effect the conversion of all of the principal amount, plus Interest and Default Interest, if any, of the Note then outstanding (“Share Reserve”), unless the Holder stipulates otherwise in the “Irrevocable Letter of Instructions to the Transfer Agent.” So long as this Note is outstanding, upon written request of the Holder or via telephonic communication, the Company’s Transfer Agent shall furnish to the Holder the then-current number of common shares issued and outstanding, the then-current number of common shares authorized, the then-current number of unrestricted shares, and the then-current number of shares reserved for third parties.
	
 
	
 
	
 
	
 

	
 
	7.	Voting Rights. The Holder of this Note shall have no voting rights as a note holder, except as required by law, however, upon the conversion of any portion of this Note into Common Stock, Holder shall have the same voting rights as all other Common Stock holders with respect to such shares of Common Stock then owned by Holder.
	
 
	
 
	
 
	
 

	
 
	8.	Reissuance of Note. In the event of a conversion or redemption pursuant to this Note of less than all of the Conversion Amount represented by this Note, the Company shall promptly cause to be issued and delivered to the Holder, upon tender by the Holder of the Note converted or redeemed, a new note of like tenor representing the remaining principal amount of this Note which has not been so converted or redeemed and which is in substantially the same form as this Note, as set forth above.
	
 
	
 
	
 
	
 

	
 
	9.	Default and Remedies.

 

	
 
	
 
	
a.
	
Event of Default. For purposes of this Note, an “Event of Default” shall occur upon: 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	i.	the Company’s default in the payment of the outstanding principal, Interest or Default Interest of this Note when due, whether at Maturity, acceleration or otherwise;
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	ii.	the occurrence of a Default of Conversion as set forth in Section 2(e)(v);
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	iii.	the failure by the Company for ten (10) days after notice to it to comply with any material provision of this Note not included in this Section 10(a);
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	iv.	the Company’s breach of any covenants, warranties, or representations made by the Company herein;
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	v.	any of the information in the DRF is false or misleading in any material respect;
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	vi.	the default by the Company in any Other Agreement entered into by and between the Company and Holder, for purposes hereof “Other Agreement” shall mean, collectively, all agreements and instruments between, among or by: (1) the Company, and, or for the benefit of, (2) the Holder and any affiliate of the Holder, including without limitation, promissory notes;
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	vii.	the cessation of operations of the Company
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	viii.	the Company pursuant to or within the meaning of any Bankruptcy Law; (a) commences a voluntary case; (b) consents to the entry of an order for relief against it in an involuntary case; (c) consents to the appointment of a Custodian of it or for all or substantially all of its property; (d) makes a general assignment for the benefit of its creditors; or (e) admits in writing that it is generally unable to pay its debts as the same become due;
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	ix.	court of competent jurisdiction entering an order or decree under any Bankruptcy Law that: (a) is for relief against the Company in an involuntary case; (b) appoints a Custodian of the Company or for all or substantially all of its property; or (c) orders the liquidation of the Company or any subsidiary, and the order or decree remains unstayed and in effect for thirty (30) days;
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	x.	the Company files a Form 15 with the SEC;
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	xi.	the Company’s failure to all reports required to be filed by it with the Securities and Exchange Commission;
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	xii.	the Company’s failure to timely file all reports required to be filed by it with OTC Markets to remain a “Current Information” designated company;
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	xiii.	the Company’s Common Stock is reported as “No Inside” by OTC Markets at any time while any principal, Interest or Default Interest under the Note remains outstanding;
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	xiv.	the Company’s failure to maintain the required Share Reserve pursuant to the terms of the Irrevocable Letter of Instructions to the Transfer Agent;

 

	 
	4
	

 
	 

 

 

	
 
	
 
	
 
	xv.	the Company directs its transfer agent not to transfer, or delays, impairs, or hinders its transfer agent in transferring or issuing (electronically or in certificated form) any certificate for Shares of Common Stock to be issued to the Holder upon conversion of or otherwise pursuant to this Note as and when required by this Note, or fails to remove (or directs its transfer agent not to remove or impairs, delays and/or hinders its transfer agent from removing) any restrictive legend (or to withdraw and stop transfer instructions) on any certificate for any Shares of Common Stock issued to the Holder upon conversion of or otherwise pursuant to this Note as and when required by this Note unless such removal would be inconsistent with the 1933 Act and or the rules and regualations hereunder. (or makes any written announcement, statement or threat that it does not intend to honor its obligations pursuant to a Conversion Notice submitted by the Holder) and any such failure shall continue uncured for three (3) Business Days after the Conversion Notice has been delivered to the Company by Holder;
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	xvi.	the Company’s failure to remain current in its billing obligations with its transfer agent and such delinquency causes the transfer agent to refuse to issue Shares to Holder pursuant to a Conversion Notice;
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	xvii.	the Company effectuates a reverse split of its Common Stock and fails to provide twenty (20) days prior written notice to Holder of its intention to do so; or
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	xviii.	OTC Markets changes the Company’s designation to ‘No Information’ (Stop Sign), ‘Caveat Emptor’ (Skull and Crossbones), or ‘OTC’, ‘Other OTC’ or ‘Grey Market’ (Exclamation Mark Sign).
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	xix.	“Change of Control Transaction” means the occurrence after the date hereof of any of (a) an acquisition after the date hereof by an individual or legal entity or “group” (as described in Rule 13d-5(b)(1) promulgated under the Securities Exchange Act of 1934) of effective control (whether through legal or beneficial ownership of capital stock of the Company, by contract or otherwise) of in excess of 40% of the voting securities of the Company, (b) the Company merges into or consolidates with any other Person, as that term is defined in the Securities Act of 1933, as amended, or any Person merges into or consolidates with the Company and, after giving effect to such transaction, the stockholders of the Company immediately prior to such transaction own less than 60% of the aggregate voting power of the Company or the successor entity of such transaction, (c) the Company sells or transfers all or substantially all of its assets to another Person and the stockholders of the Company immediately prior to such transaction own less than 60% of the aggregate voting power of the acquiring entity immediately after the transaction, (d) a replacement at one time or within a three year period of more than one-half of the members of the Board of Directors which is not approved by a majority of those individuals who are members of the Board of Directors on the Issuance Date (or by those individuals who are serving as members of the Board of Directors on any date whose nomination to the Board of Directors was approved by a majority of the members of the Board of Directors who are members on the date hereof), or (e) the execution by the Company of an agreement to which the Company is a party or by which it is bound.
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	xx.	Altering the conversion terms of any notes that are currently outstanding.
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
		The Term “Bankruptcy Law” means Title 11, U.S. Code, or any similar Federal or State Law for the relief of debtors. The term “Custodian” means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
b.
	
Remedies. If an Event of Default occurs, the Holder may in its sole discretion determine to request immediate repayment of all or any portion of the Note that remains outstanding; at such time the Company will be required to pay the Holder the Default Amount (defined herein) in cash. For purposes hereof, the “Default Amount” shall mean: the product of (A) the then outstanding principal amount of the Note, plus accrued Interest and Default Interest, divided by (B) the Conversion Price as determined on the Issuance Date, multiplied by (C) the highest price at which the Common Stock traded at any time between the Issuance Date and the date of the Event of Default. If the Company fails to pay the Default Amount within five (5) Business Days of written notice that such amount is due and payable, then Holder shall have the right at any time, so long as the Company remains in default (and so long and to the extent there are a sufficient number of authorized but unissued shares), to require the Company, upon written notice, to immediately issue, in lieu of the Default Amount, the number of shares of Common Stock of the Company equal to the Default Amount divided by the Conversion Price then in effect.

 

	
 
	10.	Vote to Change the Terms of this Note. This Note and any provision hereof may only be amended by an instrument in writing signed by the Company and the Holder.
	
 
	
 
	
 

	
 
	11.	Lost or Stolen Note. Upon receipt by the Company of evidence satisfactory to the Company of the loss, theft, destruction or mutilation of this Note, and, in the case of loss, theft or destruction, of an indemnification undertaking by the Holder to the Company in a form reasonably acceptable to the Company and, in the case of mutilation, upon surrender and cancellation of the Note, the Company shall execute and deliver a new Note of like tenor and date and in substantially the same form as this Note; provided, however, the Company shall not be obligated to re-issue a Note if the Holder contemporaneously requests the Company to convert such remaining principal amount, plus accrued Interest and Default Interest, if any, into Common Stock.
	
 
	
 
	
 

	
 
	12.	Payment of Collection, Enforcement and Other Costs. If: (i) this Note is placed in the hands of an attorney for collection or enforcement or is collected or enforced through any legal proceeding; or (ii) an attorney is retained to represent the Holder of this Note in any bankruptcy, reorganization, receivership or other proceedings affecting creditors’ rights and involving a claim under this Note, then the Company shall pay to the Holder all reasonable attorneys’ fees, costs and expenses incurred in connection therewith, in addition to all other amounts due hereunder.
	
 
	
 
	
 

	
 
	13.	Cancellation. After all principal, accrued Interest and Default Interest, if any, at any time owed on this Note has been paid in full or otherwise converted in full, this Note shall automatically be deemed canceled, shall be surrendered to the Company for cancellation and shall not be reissued.

 

	 
	5
	

 
	 

 

 

	
 
	14.	Waiver of Notice. To the extent permitted by law, the Company hereby waives demand, notice, protest and all other demands and notices in connection with the delivery, acceptance, performance, default or enforcement of this Note.
	
 
	
 
	
 

	
 
	15.	Governing Law. This Note shall be construed and enforced in accordance with, and all questions concerning the construction, validity, interpretation and performance of this Note shall be governed by, the laws of the State of Texas, without giving effect to provisions thereof regarding conflict of laws. Each party hereby irrevocably submits to the non-exclusive jurisdiction of the state and federal courts sitting in Texas for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by sending, through certified mail or overnight courier, a copy thereof to such party at the address for such notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.
	
 
	
 
	
 

	
 
	16.	Remedies, Characterizations, Other Obligations, Breaches and Injunctive Relief. The remedies provided in this Note shall be cumulative and in addition to all other remedies available under this Note, at law or in equity (including a decree of specific performance and/or other injunctive relief), and no remedy contained herein shall be deemed a waiver of compliance with the provisions giving rise to such remedy and nothing herein shall limit the Holder’s right to pursue actual damages for any failure by the Company to comply with the terms of this Note. The Company covenants to the Holder that there shall be no characterization concerning this instrument other than as expressly provided herein. Amounts set forth or provided for herein with respect to payments, conversion and the like (and the computation thereof) shall be the amounts to be received by the Holder thereof and shall not, except as expressly provided herein, be subject to any other obligation of the Company (or the performance thereof).
	
 
	
 
	
 

	
 
	17.	Specific Shall Not Limit General; Construction. No specific provision contained in this Note shall limit or modify any more general provision contained herein. This Note shall be deemed to be jointly drafted by the Company and the Holder and shall not be construed against any person as the drafter hereof.
	
 
	
 
	
 

	
 
	18.	Failure or Indulgence Not Waiver. No failure or delay on the part of the Holder in the exercise of any power, right or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude further exercise thereof or of any other right, power or privilege.
	
 
	
 
	
 

	
 
	19.	Partial Payment. In the event of partial payment by the Holder, the principal sum due to the Holder shall be prorated based on the consideration actually paid by the Holder such that the Company is only required to repay the amount funded and the Company is not required to repay any unfunded portion of this Note, with the exception of any OID contemplated herein.
	
 
	
 
	
 

	
 
	20.	Entire Agreement. This Agreement constitutes the full and entire understanding and agreement between the parties with regard to the subjects herein. None of the terms of this Agreement can be waived or modified, except by an express agreement signed by all Parties hereto.
	
 
	
 
	
 

	
 
	21.	Additional Representations and Warranties. The Company expressly acknowledges that the Holder, including but not limited to its officer, directors, employees, agents, and affiliates, have not made any representation or warranty to it outside the terms of this Agreement. The Company further acknowledges that there have been no representations or warranties about future financing or subsequent transactions between the parties.
	
 
	
 
	
 

	
 
	22.	Notices. All notices and other communications given or made to the Company pursuant hereto shall be in writing (including facsimile or similar electronic transmissions) and shall be deemed effectively given: (i) upon personal delivery, (ii) when sent by electronic mail or facsimile, as deemed received by the close of business on the date sent, (iii) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid or (iv) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery. All communications shall be sent either by email, or fax, or to the email address or facsimile number set forth on the signature page hereto. The physical address, email address, and phone number provided on the signature page hereto shall be considered valid pursuant to the above stipulations; should the Company’s contact information change from that listed on the signature page, it is incumbent on the Company to inform the Holder.
	
 
	
 
	
 

	
 
	23.	Severability. If one or more provisions of this Agreement are held to be unenforceable under applicable law, such provision shall be excluded from this Agreement and the rest of the Agreement shall be enforceable in accordance with its terms.
	
 
	
 
	
 

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

	
 
	25.	Successors and Assigns. This Agreement shall be binding upon all successors and assigns hereto.

 

— SIGNATURE PAGE TO FOLLOW —

 

	 
	6
	

 
	 

 

 

IN WITNESS WHEREOF, the Company has caused this Note to be signed by its CEO, on and as of the Issuance Date. 

 

Airborne WIreless Network

 

Signature: 

 

 

	
By: 
	
/s/ Michael J. Warren
	
 

	
 
	
Michael J. Warren
	
 

	
Title:
	
CEO 
	
 

	
 
	
 
	
 

	
Address:
	
4115 Guardian Street Suite C
	
 

	
 
	
Simi Valley, CA
	
 

	
 
	
93063
	
 

	
 
	
 
	
 

	
Email:
	
 
	
 

	
 
	
 
	
 

	
Phone:
	
805 583 4302
	
 

 

JSJ Investments Inc.

 

Signature: /s/ Sameer Hirji                                    

 

 

Sameer Hirji, President

JSJ Investments Inc. 

10830 North Central Expressway, Suite 152

Dallas TX 75231

888-503-2599

 

	 
	7
	

 
	 

 

 

Exhibit 1

Conversion Notice

 

Reference is made to the 12% Convertible Note issued by Airborne Wireless Network (the “Note”), dated November 30, 2017 in the principal amount of $200,000 with 12% interest. This note currently holds a principal balance of $200,000. The features of conversion stipulate a Conversion Price equal a 30% discount to the lowest trading price during the previous twenty (20) trading days to the date of a Conversion Notice, pursuant to the provisions of Section 2(a)(ii) in the Note.

 

In accordance with and pursuant to the Note, the undersigned hereby elects to convert $______ of the principal/interest balance of the Note, indicated below into shares of Common Stock (the “Common Stock”), of the Company, by tendering the Note specified as of the date specified below. 

 

Date of Conversion: __________

 

Please confirm the following information:

 

Conversion Amount: $ ____________________

 

Conversion Price: $ ____________________ ( ____ % discount from $ ____________________)

 

Number of Common Stock to be issued: _____________________________________________________________________

 

Current Issued/Outstanding: _______________________________________________________________________________

 

If the Issuer is DWAC eligible, please issue the Common Stock into which the Note is being converted in the name of the Holder of the Note and transfer the shares electronically to:

 

[BROKER INFORMATION]

 

Holder Authorization:

 

JSJ Investments Inc.

10830 North Central Expressway, Suite 152 *Do not send certificates to this address

Dallas, TX 75231

888-503-2599

 

Tax ID: 20-2122354 

 

Sameer Hirji, President 

 

[DATE]

 

[CONTINUED ON NEXT PAGE]

 

	 
	8
	

 
	 

 

 

PLEASE BE ADVISED, pursuant to Section 2(e)(ii) of the Note, “Upon receipt by the Company of a copy of the Conversion Notice, the Company shall as soon as practicable, but in no event later than one (1) Business Day after receipt of such Conversion Notice, SEND, VIA EMAIL, FACSIMILE OR OVERNIGHT COURIER, A CONFIRMATION OF RECEIPT OF SUCH CONVERSION NOTICE TO SUCH HOLDER INDICATING THAT THE COMPANY WILL PROCESS SUCH CONVERSION NOTICE in accordance with the terms herein. Within two (2) Business Days after the date of the Conversion Confirmation, the Company shall have issued and electronically transferred the shares to the Broker indicated in the Conversion Notice; should the Company be unable to transfer the shares electronically, they shall, within two (2) Business Days after the date of the Conversion Confirmation, have surrendered to FedEx for delivery the next day to the address as specified in the Conversion Notice, a certificate, registered in the name of the Holder, for the number of shares of Common Stock to which the Holder shall be entitled.”

 

Signature:

 

___________________________

 

Michael J. Warren

CEO

Airborne Wireless Network

 

 

	
9

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