Document:

Form of Medium-Term Notes, Series K

 Exhibit 4.1 

[Face of Note] 

Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation
(“DTC”), to the Company or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as requested by an authorized representative
of DTC (and any payment is made to Cede & Co. or such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the
registered owner hereof, Cede & Co., has an interest herein. 
  

			
	CUSIP NO. 94988U599	  	PRINCIPAL AMOUNT: $                    
	REGISTERED NO.             	  	

 WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES K 

Due Nine Months or More From Date of Issue 

Leveraged Index Return Notes® Linked to the Dow Jones Industrial Average® 
 WELLS FARGO & COMPANY, a corporation duly organized
and existing under the laws of the State of Delaware (hereinafter called the “Company,” which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to
CEDE & Co., or registered assigns, an amount equal to the Redemption Amount (as defined below), in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts, on
September 30, 2022 (the “Stated Maturity Date”). This Security shall not bear any interest. 
 Any
payments on this Security at Maturity will be made against presentation of this Security at the office or agency of the Company maintained for that purpose in the City of Minneapolis, Minnesota and at any other office or agency maintained by the
Company for such purpose. 
 “Principal Amount” shall mean, when used with respect to this Security, the
amount set forth on the face of this Security as its “Principal Amount.” 

 Determination of Redemption Amount 

The “Redemption Amount” of this Security will equal: 

 

	 	•	 	 if the Ending Value is greater than the Starting Value: the Principal Amount plus:

  

																																			
		 		 		 		 		 		 		 		 		 		 		 		 		 		 		 		 		 	
		 		 		 		 	 	 	Principal Amount	 	  x    Participation Rate  x    	 		 		 		 	 	 	Ending Value – Starting Value	 	 	 		 	 	 		 		 	; 
		 		 		 		 	 	 	 	 		 		 		 	 	 	Starting Value	 	 	 		 	 	 		 		 

  

	 	•	 	 if the Ending Value is equal to or less than the Starting Value, but greater than or equal to the Threshold
Value: the Principal Amount; or 

  

	 	•	 	 if the Ending Value is less than the Threshold Value: the Principal Amount minus:

  

																											
		 		 		 		 		 		 		 		 		 		 		 		 		 	
		 		 		 		 	 	 	Principal Amount	 	  x    	 	Threshold Value – Ending Value	 	 	 		 		 		 		 	
		 		 		 		 	 	 	 	 	Starting Value	 	 	 		 		 		 		 	

 All calculations with respect to the Redemption Amount will be rounded to the nearest one hundred-thousandth,
with five one-millionths rounded upward (e.g., 0.000005 would be rounded to 0.00001); and the Redemption Amount will be rounded to the nearest cent, with one-half cent rounded upward. 

“Index” shall mean the Dow Jones Industrial
Average®. 
 The “Pricing Date” shall mean
September 28, 2017. 
 The “Starting Value” is 22,381.20, the Closing Level of the Index on the
Pricing Date. 
 The “Closing Level” of the Index on any Market Measure Business Day means the official
closing level of the Index reported by the Index Publisher on such Market Measure Business Day, subject to the provisions set forth below under “Discontinuance of the Index,” “Adjustments to the Index” and “Market Disruption
Events.” 
 The “Ending Value” will be the average of the Closing Levels of the Index on each
Calculation Day (as defined below) occurring during the Maturity Valuation Period (as defined below), subject to the provisions set forth below under “Market Description Events.” 

The “Threshold Value” is 17,904.96, which is equal to 80% of the Starting Value, rounded to two decimal
places. 
 The “Participation Rate” is 114.7%. 

 

  
 2 

 A “Market Measure Business Day” means a day on which
(1) the New York Stock Exchange (the “NYSE”) and The NASDAQ Stock Market, or their successors, are open for trading and (2) the Index or any Successor Index (as defined below) is calculated and published. 

“Index Publisher” shall mean S&P Dow Jones Indices LLC. 

“Maturity Valuation Period” means each of September 21, 2022, September 22,
2022, September 23, 2022, September 26, 2022 and September 27, 2022, subject to the provisions set forth below under “Market Disruption Events.” 

“Calculation Day” means any Market Measure Business Day during the Maturity Valuation Period on which a
Market Disruption Event (as defined below) has not occurred. 
 “Business Day” shall mean a day, other than
a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions are authorized or required by law or regulation to close in New York, New York. 

“Joint Calculation Agency Agreement” shall mean the Joint Calculation Agency Agreement dated as of
July 18, 2015 between the Company and the Calculation Agents, as amended from time to time. 
 “Calculation
Agents” shall mean the Persons that have entered into the Joint Calculation Agency Agreement with the Company providing for, among other things, the determination of the Ending Value and the Redemption Amount, which term shall, unless the
context otherwise requires, include their successors under such Joint Calculation Agency Agreement. The initial Calculation Agents shall be Wells Fargo Securities, LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated. Pursuant to the
Joint Calculation Agency Agreement, the Company may appoint a different Calculation Agent from time to time after the initial issuance of this Security without the consent of the Holder of this Security and without notifying the Holder of this
Security. 
 Adjustments to the Index 

If, after the Pricing Date, the Index Publisher makes a material change in the method of calculating the Index or in another
way that changes the Index such that it does not, in the opinion of the Calculation Agents, fairly represent the level of the Index had those changes or modifications not been made, the Calculation Agents will, at the close of business in New York,
New York, on each date that the Closing Level is to be calculated, make adjustments to the Index. Those adjustments will be made in good faith as necessary to arrive at a calculation of a level of the Index as if those changes or modifications had
not been made, and the Calculation Agents shall calculate the Closing Level of the Index, as so adjusted. 
 Discontinuance of the Index 

If, after the Pricing Date, the Index Publisher discontinues publication of the Index, and the Index Publisher or another
entity then publishes a substitute index that the Calculation Agents determine, in their sole discretion, to be comparable to the original Index (a “Successor Index”), the 

  
 3 

 
Calculation Agents will substitute the Successor Index as calculated by the relevant Index Publisher or any other entity and calculate the Ending Value as described in the definition of
“Ending Value” above. If the Calculation Agents select a Successor Index, the Calculation Agents will give written notice of the selection to the Trustee, to the Company, and to the Holder hereof. 

If the Index Publisher discontinues publication of the Index before the end of the Maturity Valuation Period and the
Calculation Agents do not select a Successor Index, then on each day that would have been a Calculation Day, until the earlier to occur of: 
  

	 	•	 	 the determination of the Ending Value; and 

 

	 	•	 	 a determination by the Calculation Agents that a Successor Index is available, 

the Calculation Agents will compute a substitute level for the Index in accordance with the procedures last used to calculate the Index before
any discontinuance as if that day were a Calculation Day. The Calculation Agents will make available to the Holder hereof information regarding those levels by means of Bloomberg L.P., Thomson Reuters, a website, or any other means selected by the
Calculation Agents in their reasonable discretion. 
 If a Successor Index is selected or the Calculation Agents calculate a
level as a substitute for the Index, the Successor Index or level will be used as a substitute for all purposes, including for the purpose of determining whether a Market Disruption Event exists. 

Market Disruption Events 

“Market Disruption Event” means one or more of the following events, as determined by the Calculation Agents
in their sole discretion: 
  

	 	(A)	 the suspension of or material limitation on trading, in each case, for more than two consecutive hours of
trading, or during the one-half hour period preceding the close of trading, on the primary exchange where the securities included in the Index trade (without taking into account any extended or after-hours trading session), in 20% or more of the
securities which then compose the Index or any Successor Index; and 

  

	 	(B)	 the suspension of or material limitation on trading, in each case, for more than two consecutive hours of
trading, or during the one-half hour period preceding the close of trading, on the primary exchange that trades options contracts or futures contracts related to the Index (without taking into account any extended or after-hours trading session),
whether by reason of movements in price otherwise exceeding levels permitted by the relevant exchange or otherwise, in options contracts or futures contracts related to the Index, or any Successor Index. 

For the purpose of determining whether a Market Disruption Event has occurred: 

 

	 	1)	 a limitation on the hours in a trading day and/or number of days of trading will not constitute a Market
Disruption Event if it results from an announced change in the regular business hours of the relevant exchange; 

  
 4 

	 	2)	 a decision to permanently discontinue trading in the relevant futures or options contracts related to the
Index, or any Successor Index, will not constitute a Market Disruption Event; 

  

	 	3)	 a suspension in trading in a futures or options contract on the Index, or any Successor Index, by a major
securities market by reason of (a) a price change violating limits set by that securities market, (b) an imbalance of orders relating to those contracts, or (c) a disparity in bid and ask quotes relating to those contracts will
constitute a suspension of or material limitation on trading in futures or options contracts related to the Index; 

  

	 	4)	 a suspension of or material limitation on trading on the relevant exchange will not include any time when that
exchange is closed for trading under ordinary circumstances; and 

  

	 	5)	 if the Index has component securities listed on the NYSE, for the purpose of clause (A) above, any
limitations on trading during significant market fluctuations under NYSE Rule 80B, or any applicable rule or regulation enacted or promulgated by the NYSE or any other self-regulatory organization or the Securities and Exchange Commission of similar
scope as determined by the Calculation Agents, will be considered “material.” 

 If (i) a
Market Disruption Event occurs on a scheduled Calculation Day during the Maturity Valuation Period or (ii) any scheduled Calculation Day is determined by the Calculation Agents not to be a Market Measure Business Day by reason of an
extraordinary event, occurrence, declaration, or otherwise (any such day in either (i) or (ii) being a “Non-Calculation Day”), the Closing Level of the Index for the applicable Non-Calculation Day will be the Closing Level
of the Index on the next Calculation Day that occurs during the Maturity Valuation Period. For example, if the first and second scheduled Calculation Days during the Maturity Valuation Period are Non-Calculation Days, then the Closing Level of the
Index on the next Calculation Day will also be the Closing Level for the Index on the first and second scheduled Calculation Days during the Maturity Valuation Period. If no further Calculation Days occur after a Non-Calculation Day, or if every
scheduled Calculation Day during the Maturity Valuation Period is a Non-Calculation Day, then the Closing Level of the Index for that Non-Calculation Day and each following Non-Calculation Day (or for all the scheduled Calculation Days during the
Maturity Valuation Period, if applicable) will be determined (or, if not determinable, estimated) by the Calculation Agents in a commercially reasonable manner on the last scheduled Calculation Day during the Maturity Valuation Period, regardless of
the occurrence of a Market Disruption Event on that last scheduled Calculation Day. 
 Calculation Agent 

The Calculation Agents have the sole discretion to make all determinations regarding this Security as described in this
Security, including determinations regarding the Starting Value, the Threshold Value, the Ending Value, the Index, the Redemption Amount, any Market Disruption Events, a Successor Index, Market Measure Business Days, Business Days, Calculation Days,
Non-Calculation Days, and determinations related to the discontinuance of the Index. Absent manifest error, all determinations of the Calculation Agents will be conclusive for all purposes and final and

  
 5 

 
binding on the Holder hereof and the Company, without any liability on the part of the Calculation Agents. 

The Company covenants that, so long as this Security is Outstanding, there shall at all times be a Calculation Agent (which
shall be a broker-dealer, bank or other financial institution) with respect to this Security. 
 Tax
Considerations 
 The Company agrees, and by acceptance of a beneficial ownership interest in this Security each
Holder of this Security will be deemed to have agreed (in the absence of a statutory, regulatory, administrative or judicial ruling to the contrary), for United States federal income tax purposes to characterize and treat this Security as a prepaid
derivative contract that is an “open transaction.” 
 Redemption and Repayment 

This Security is not subject to redemption at the option of the Company or repayment at the option of the Holder hereof prior
to September 30, 2022. This Security is not entitled to any sinking fund. 
 Acceleration 

If an Event of Default, as defined in the Indenture, with respect to this Security shall occur and be continuing, the
Redemption Amount (calculated as set forth in the next sentence) of this Security may be declared due and payable in the manner and with the effect provided in the Indenture. The amount payable to the Holder hereof upon any acceleration permitted
under the Indenture will be equal to the Redemption Amount described under “Determination of Redemption Amount,” determined as if the date of acceleration were the sole Calculation Day. 

 
  

Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions
shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication
hereon has been executed by the Trustee referred to on the reverse hereof by manual signature or its duly authorized agent under the Indenture referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit
under the Indenture or be valid or obligatory for any purpose. 

  
 6 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed under its corporate seal. 
 DATED: 
  

			
	WELLS FARGO & COMPANY
		
	By:	 	 
		
		 	    Its:

 [SEAL] 
  

			
		
	Attest:	 	 
		
		 	Its:

 TRUSTEE’S CERTIFICATE OF 

AUTHENTICATION 
 This is one of the Securities of the 

series designated therein described 
 in the within-mentioned Indenture. 
 CITIBANK, N.A., 

      as Trustee 
  

			
		
	By:	 	 
		 	Authorized Signature

                          
  OR 
 WELLS FARGO BANK, N.A., 

    as Authenticating Agent for the Trustee 
  

			
		
	By:	 	 
		 	Authorized Signature

  
 7 

 [Reverse of Note] 

WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES K 

Due Nine Months or More From Date of Issue 

Leveraged Index Return Notes® Linked to the Dow Jones Industrial Average® 
 This Security is one of a duly authorized issue of securities
of the Company (herein called the “Securities”), issued and to be issued in one or more series under an indenture dated as of July 21, 1999, as amended or supplemented from time to time (herein called the
“Indenture”), between the Company and Citibank, N.A., as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are
to be, authenticated and delivered. This Security is one of the series of the Securities designated as Medium-Term Notes, Series K, of the Company, which series is limited to an aggregate principal amount or face amount, as applicable, of
$25,000,000,000 or the equivalent thereof in one or more foreign or composite currencies. The amount payable on the Securities of this series may be determined by reference to the performance of one or more equity-, commodity- or currency-based
indices, exchange traded funds, securities, commodities, currencies, statistical measures of economic or financial performance, or a basket comprised of two or more of the foregoing, or any other market measure or may bear interest at a fixed rate
or a floating rate. The Securities of this series may mature at different times, be redeemable at different times or not at all, be repayable at the option of the Holder at different times or not at all and be denominated in different currencies.

 Article Sixteen of the Indenture shall not apply to this Security. 

The Securities are issuable only in registered form without coupons and will be either
(a) book-entry securities represented by one or more Global Securities recorded in the book-entry system maintained by the Depositary or (b) certificated
securities issued to and registered in the names of, the beneficial owners or their nominees. 
 The Company agrees, to the
extent permitted by law, not to voluntarily claim the benefits of any laws concerning usurious rates of interest against a Holder of this Security. 

Modification and Waivers 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights
and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the
Securities at the 

  
 8 

 
time Outstanding of all series to be affected, acting together as a class. The Indenture also contains provisions permitting the Holders of a majority in principal amount of the Securities of all
series at the time Outstanding affected by certain provisions of the Indenture, acting together as a class, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with those provisions of the Indenture. Certain
past defaults under the Indenture and their consequences may be waived under the Indenture by the Holders of a majority in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such
series. Solely for the purpose of determining whether any consent, waiver, notice or other action or Act to be taken or given by the Holders of Securities pursuant to the Indenture has been given or taken by the Holders of Outstanding Securities in
the requisite aggregate principal amount, the principal amount of this Security will be deemed to be equal to the amount set forth on the face hereof as the “Principal Amount” hereof. Any such consent or waiver by the Holder of this
Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such
consent or waiver is made upon this Security. 
 Defeasance 

Section 403 and Article Fifteen of the Indenture and the provisions of clause (ii) of Section 401(1)(B) of the
Indenture, relating to defeasance at any time of (a) the entire indebtedness on this Security and (b) certain restrictive covenants and certain Events of Default, upon compliance by the Company with certain conditions set forth therein,
shall not apply to this Security. The remaining provisions of Section 401 of the Indenture shall apply to this Security. 
 Authorized
Denominations 
 This Security is issuable only in registered form without coupons in denominations of $10 or any
amount in excess thereof which is an integral multiple of $10. 
 Registration of Transfer 

Upon due presentment for registration of transfer of this Security at the office or agency of the Company in the City of
Minneapolis, Minnesota, a new Security or Securities of this series, with the same terms as this Security, in authorized denominations for an equal aggregate Principal Amount will be issued to the transferee in exchange herefor, as provided in the
Indenture and subject to the limitations provided therein and to the limitations described below, without charge except for any tax or other governmental charge imposed in connection therewith. 

This Security is exchangeable for definitive Securities in registered form only if (x) the Depositary notifies the
Company that it is unwilling or unable to continue as Depositary for this Security or if at any time the Depositary ceases to be a clearing agency registered under the Securities Exchange Act of 1934, as amended, and a successor depositary is not
appointed within 90 days after the Company receives such notice or becomes aware of such ineligibility, (y) the Company in its sole discretion determines that this Security shall be exchangeable for definitive Securities in registered form
and notifies the Trustee thereof or (z) an Event of Default with respect to the Securities represented hereby has occurred and is continuing. If this Security is exchangeable pursuant to the preceding sentence, it shall be exchangeable for
definitive Securities in registered 

  
 9 

 
form, having the same date of issuance, Stated Maturity Date and other terms and of authorized denominations aggregating a like amount. 

This Security may not be transferred except as a whole by the Depositary to a nominee of the Depositary or by a nominee of the
Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor of the Depositary or a nominee of such successor. Except as provided above, owners of beneficial interests in this Global
Security will not be entitled to receive physical delivery of Securities in definitive form and will not be considered the Holders hereof for any purpose under the Indenture. 

Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company
or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the
contrary. 
 Obligation of the Company Absolute 

No reference herein to the Indenture and no provision of this Security or the Indenture shall alter or impair the obligation
of the Company, which is absolute and unconditional, to pay the Redemption Amount at the times, place and rate, and in the coin or currency, herein prescribed, except as otherwise provided in this Security. 

No Personal Recourse 

No recourse shall be had for the payment of the Redemption Amount, or for any claim based hereon, or otherwise in respect
hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against any incorporator, stockholder, officer or director, as such, past, present or future, of the Company or any successor corporation, whether by virtue of
any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issuance hereof, expressly waived and released.

 Defined Terms 

All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture
unless otherwise defined in this Security. 
 Governing Law 

This Security shall be governed by and construed in accordance with the law of the State of New York, without regard to
principles of conflicts of laws. 

  
 10 

 ABBREVIATIONS 

The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they
were written out in full according to applicable laws or regulations: 
  

					
	 TEN COM
	 	 -- 	 	 as tenants in common

			
	 TEN ENT
	 	 -- 	 	 as tenants by the entireties

			
	 JT TEN
	 	 -- 	 	 as joint tenants with right

of survivorship and not
 as
tenants in common

  

									
	 UNIF GIFT MIN ACT
	 	 -- 	 	 	 	 Custodian
	 	 
		 		 	(Cust)	 		 	(Minor)

  

	
	Under Uniform Gifts to Minors Act
	
	   

	(State)

 Additional abbreviations may also be used though not in the above list. 

FOR VALUE RECEIVED, the undersigned hereby sell(s) and transfer(s) unto 

 
  

	
	 Please Insert Social Security or
 Other
Identifying Number of Assignee

	
	   

  
  

 
  
  

 
 (PLEASE
PRINT OR TYPE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE)

  
 11 

 the within Security of WELLS FARGO & COMPANY and does hereby irrevocably constitute
and appoint                                      attorney to
transfer the said Security on the books of the Company, with full power of substitution in the premises. 
 Dated:
                                         
            
  

	
	   

  

	
	   

 NOTICE: The signature to this assignment must correspond with the name as written upon the face of the
within instrument in every particular, without alteration or enlargement or any change whatever. 

  
 12A1.
THIS NOTE (AS DEFINED BELOW) IS ISSUED IN EXCHANGE
FOR (WITHOUT ANY ADDITIONAL CONSIDERATION) that certain PROMISSORY NOTE IN THE ORIGINAL PRINCIPAL AMOUNT OF $215,250.00 ISSUED
ON JUNE 9, 2017 BUT HAVING AN ORIGINAL ISSUE DATE OF August 4, 2016. FOR PURPOSES OF RULE 144 (AS DEFINED BELOW), THIS NOTE SHALL
BE DEEMED TO HAVE BEEN ISSUED ON August 4, 2016.

 

CONVERTIBLE
PROMISSORY NOTE

 

	Original
    Issue Date: August 4, 2016	U.S.
    $215,250.00

 

FOR
VALUE RECEIVED, BioRestorative Therapies, Inc., a Delaware corporation (“Borrower”),
promises to pay to St. George Investments LLC, a Utah limited liability company,
or its successors or assigns (“Lender”), $215,250.00 and any interest, fees, charges, and late fees on October
2, 2017 (the “Maturity Date”) in accordance with the terms set forth herein and to pay interest on the Outstanding
Balance at the rate of eight percent (8%) per annum from the Exchange Date (as defined below) until the same is paid in full.
This Convertible Promissory Note (this “Note”) is issued and made effective pursuant to that certain Exchange
Agreement dated as of August 2, 2017 (the “Exchange Date”), as the same may be amended from time to time, by
and between Borrower and Lender (the “Exchange Agreement”), pursuant to which Lender exchanged the Second Exchange
Note (as defined in the Exchange Agreement) for this Note, pursuant to Section 3(a)(9) of the Securities Act of 1933, as amended.
All interest calculations hereunder shall be computed on the basis of a 360-day year comprised of twelve (12) thirty (30) day
months and shall be payable in accordance with the terms of this Note. Certain capitalized terms used herein are defined in Attachment
1 attached hereto and incorporated herein by this reference. The purchase price for this Note was paid in full on the August
5, 2016 (the “Purchase Price Date”) in connection with the issuance of the Original Note (as defined in the
Exchange Agreement).

 

1.
Payment; Prepayment.

 

1.1.
Payment. All payments owing hereunder shall be in lawful money of the United States of America or Conversion Shares (as
defined below), as provided for herein, and delivered to Lender at the address or bank account furnished to Borrower for that
purpose. All payments shall be applied first to (a) costs of collection, if any, then to (b) fees and charges, if any, then to
(c) accrued and unpaid interest, and thereafter, to (d) principal.

 

1.2.
Prepayment. Notwithstanding the foregoing, so long as Borrower has not received a Conversion Notice (as defined below)
from Lender where the applicable Conversion Shares have not yet been delivered and so long as no Event of Default has occurred
since the Effective Date (whether declared by Lender or undeclared) and is continuing, then Borrower shall have the right, exercisable
on not less than five (5) Trading Days prior written notice to Lender to prepay all or any portion of the Outstanding Balance
of this Note, in accordance with this Section 1. Any notice of prepayment hereunder (an “Optional Prepayment Notice”)
shall be delivered to Lender at its registered address and shall state: (i) that Borrower is exercising its right to prepay this
Note in whole or in part, and (ii) the date of prepayment, which shall be not less than five (5) Trading Days from the date of
the Optional Prepayment Notice. On the date fixed for prepayment (the “Optional Prepayment Date”), Borrower
shall make payment of the Optional Prepayment Amount (as defined below) to or upon the order of Lender as may be specified by
Lender in writing to Borrower. If Borrower exercises its right to prepay this Note in whole or in part, Borrower shall make payment
to Lender of an amount in cash equal to the then Outstanding Balance of this Note or the portion thereof to be prepaid (the “Optional
Prepayment Amount”). In the event Borrower delivers the Optional Prepayment Amount to Lender prior to the Optional Prepayment
Date or without delivering an Optional Prepayment Notice to Lender as set forth herein without Lender’s prior written consent,
the Optional Prepayment Amount shall not be deemed to have been paid to Lender until the Optional Prepayment Date. In the event
Borrower delivers the Optional Prepayment Amount without an Optional Prepayment Notice, then the Optional Prepayment Date will
be deemed to be the date that is five (5) Trading Days from the date that the Optional Prepayment Amount was delivered to Lender
and Lender shall be entitled to exercise its conversion rights set forth herein during such five (5) day period. In addition,
if Borrower delivers an Optional Prepayment Notice and fails to pay the Optional Prepayment Amount due to Lender within two (2)
Trading Days following the Optional Prepayment Date, Borrower shall forever forfeit its right to prepay this Note.

 

    	 	 	 

    	 

    

 

2.
Security. This Note is unsecured.

 

3.
Conversion.

 

3.1.
Conversions. Lender has the right at any time after the Exchange Date until the Outstanding Balance has been paid in full,
including without limitation until any Optional Prepayment Date (even if Lender has received an Optional Prepayment Notice), at
its election, to convert (each instance of conversion is referred to herein as a “Conversion”) all or any part
of the Outstanding Balance into shares (“Conversion Shares”) of fully paid and non-assessable common stock,
$0.001 par value per share (“Common Stock”), of Borrower as per the following conversion formula: the number
of Conversion Shares equals the amount being converted (the “Conversion Amount”) divided by the Conversion
Price (as defined below). Conversion notices in the form attached hereto as Exhibit A (each, a “Conversion Notice”)
may be effectively delivered to Borrower by any method of Lender’s choice (including but not limited to facsimile, email,
mail, overnight courier, or personal delivery), and all Conversions shall be cashless and not require further payment from Lender.
Borrower shall deliver the Conversion Shares from any Conversion to Lender in accordance with Section 9 below. Notwithstanding
the foregoing, in the event Lender delivers a Conversion Notice to Borrower and the applicable Conversion Price is less than $1.00
(the “Conversion Floor”), then in such event Borrower shall be obligated to pay the Conversion Amount in cash
instead of Conversion Shares within three (3) Trading Days of its receipt of such Conversion Notice.

 

3.2.
Conversion Price. Subject to the adjustments set forth herein, the conversion price (the “Conversion Price”)
for each Conversion shall be equal to 80% (the “Conversion Factor”) multiplied by the average of the five (5)
lowest daily VWAPs in the twenty (20) Trading Days immediately preceding the applicable Conversion. Additionally, if at any time
after the Effective Date, Borrower is not DWAC Eligible, then the then-current Conversion Factor will automatically be reduced
by 5% for all future Conversions. If at any time after the Effective Date, the Conversion Shares are not DTC Eligible, then the
then-current Conversion Factor will automatically be reduced by an additional 5% for all future Conversions. Finally, if any Event
of Default occurs after the Effective Date, the Conversion Factor shall automatically be reduced for all future Conversions by
an additional 5% for each of the first two (2) Events of Defaults that occur after the Effective Date (for the avoidance of doubt,
each occurrence of any Events of Default shall be deemed to be a separate occurrence for purposes of the foregoing reductions
in Conversion Factor, even if the same Event of Default occurs two (2) separate times). For example, the first time Borrower is
not DWAC Eligible, the Conversion Factor for future Conversions thereafter will be reduced from 80% to 75% for purposes of this
example. Following such event, the first time the Conversion Shares are no longer DTC Eligible, the Conversion Factor for future
Conversions thereafter will be reduced from 75% to 70% for purposes of this example. Notwithstanding the foregoing, in no event
will the Conversion Factor be reduced below 70%.

 

4.
Restrictions on Sales of Conversion Shares.

 

4.1.
Volume Limitation. Lender agrees that, with respect to any Conversion Shares received hereunder, in any given calendar
week following the Effective Date its Net Sales (as defined below) of such Conversion Shares shall not exceed the greater of (i)
$7,500.00, and (ii) ten percent (10%) of Borrower’s weekly dollar trading volume in the immediately preceding week (which,
for purposes hereof, means the number of shares traded during such calendar week multiplied by the VWAP for such week) (the “10%
Limitation”) (the “Volume Limitation”); provided; however, that if Lender’s Net Sales
are less than the Volume Limitation for any given week, then in the following week or weeks Lender shall be allowed to sell an
additional amount of Conversion Shares equal to the difference between the amount Lender was allowed to sell and the amount Lender
actually sold; provided further that, in no event shall Lender’s permitted Net Sales for any given calendar week
be increased to more than the greater of (i) $20,000.00 or (ii) the 10% Limitation. For illustration purposes only, if Borrower’s
weekly dollar trading volume was $70,000.00 each week for the three (3) consecutive weeks following the Effective Date, Lender
would be entitled to Net Sales of up to $7,500.00 per week (the greater of $7,500.00 and $70,000.00 multiplied by 10% (which is
equal to $7,000.00)) or up to $22,500.00 during such three-week period. If Lender’s Net Sales were a total of $10,000.00
during the first two (2) such weeks, then Lender would be entitled to Net Sales of up to $12,500.00 during the third week. For
purposes of this Agreement, the term “Net Sales” means the gross proceeds from sales of the Conversion Shares
sold in a calendar week minus any trading commissions or costs charged by Lender’s broker in connection with clearing and
selling such Conversion Shares minus the purchase price paid by Lender for any shares of Common Stock purchased on the open market
during such week. Upon request, Lender shall promptly provide to Borrower evidence of all sales of Conversion Shares and purchases
of shares of Common Stock.

 

    	 	2	 

    	 

    

 

4.2.
Breach of Volume Limitation. Borrower and Lender agree that in the event Lender breaches the Volume Limitation where its
Net Sales of Conversion Shares during any week exceed the dollar volume it is permitted to sell during such week pursuant to the
Volume Limitation (such excess, the “Excess Sales”), then in such event, as Borrower’s sole and exclusive
remedy for such breach (and which breach may not be used as a defense to Borrower’s performance of its obligations hereunder),
Borrower shall be entitled to reduce the Outstanding Balance by an amount equal to 100% of the Excess Sales upon delivery of written
notice to Lender setting forth its basis for such reduction. For illustration purposes only, if Borrower’s weekly dollar
trading volume was $100,000.00 for a preceding calendar week, Lender would be entitled to Net Sales of up to $10,000.00 during
the following week. If Lender’s Net Sales for such following week were equal to $15,000.00, and Lender had sold the maximum
number of Conversion Shares it could within the Volume Limitation during each prior week, then in such event Borrower would be
entitled to reduce the Outstanding Balance by $5,000.00 (($15,000 - $10,000) x 100%). In the event the Excess Sales are greater
than the Outstanding Balance, Lender shall pay to Borrower promptly such excess amount.

 

5.
Defaults and Remedies.

 

5.1.
Defaults. The following are events of default under this Note (each, an “Event of Default”): (a) Borrower
fails to pay any principal, interest, fees, charges, or any other amount when due and payable hereunder; (b) Borrower fails to
deliver any Conversion Shares in accordance with the terms hereof and such failure continues unremedied for a period of two (2)
Trading Days following receipt of written notice from Lender of such failure; (c) a receiver, trustee or other similar official
shall be appointed over Borrower or a material part of its assets and such appointment shall remain uncontested for twenty (20)
days or shall not be dismissed or discharged within sixty (60) days; (d) Borrower becomes insolvent or generally fails to pay,
or admits in writing its inability generally to pay, its debts as they become due, subject to applicable grace periods, if any;
(e) Borrower makes a general assignment for the benefit of creditors; (f) Borrower files a petition for relief under any bankruptcy,
insolvency or similar law (domestic or foreign); (g) an involuntary bankruptcy proceeding is commenced or filed against Borrower
and is not dismissed or discharged within sixty (60) days; (h) Borrower defaults or otherwise fail to observe or perform any covenant,
obligation, condition or agreement of Borrower contained herein or in any other Exchange Document (as defined in the Exchange
Agreement), other than those specifically set forth in this Section 5.1 and Section 6 of the Exchange Agreement and such default
or failure continues unremedied for a period of thirty (30) days following receipt of written notice thereof from Lender; (i)
any representation, warranty or other statement made or furnished by or on behalf of Borrower to Lender herein, in any Exchange
Document, or otherwise in connection with the issuance of this Note is false, incorrect, incomplete or misleading in any material
respect when made or furnished; (j) the occurrence of a Fundamental Transaction without Lender’s prior written consent;
(k) Borrower fails to maintain the Share Reserve as required under the Exchange Agreement; (l) Borrower effectuates a reverse
split of its Common Stock without twenty (20) Trading Days prior written notice to Lender; (m) any money judgment, writ or similar
process is entered or filed against Borrower or any subsidiary of Borrower or any of its property or other assets for more than
$200,000.00, and shall remain unvacated, unbonded or unstayed for a period of twenty (20) calendar days unless otherwise consented
to by Lender; (n) Borrower fails to be DWAC Eligible and such failure continues unremedied for a period of ten (10) days; (o)
Borrower fails to observe or perform any covenant set forth in Section 6 of the Exchange Agreement and such failure continues
unremedied for a period of ten (10) days following receipt of written notice thereof from Lender; or (p) Borrower breaches any
covenant or other term or condition contained in any Other Agreements and such breach continues unremedied for a period of ten
(10) days following receipt of written notice thereof from Lender.

 

    	 	3	 

    	 

    

 

5.2.
Remedies. At any time and from time to time after Lender becomes aware of the occurrence of any Event of Default, Lender
may apply the Default Effect (if not yet already applied) and accelerate this Note by written notice to Borrower, with the Outstanding
Balance becoming immediately due and payable in cash. Notwithstanding the foregoing, at any time following the occurrence of any
Event of Default, Lender may, at its option, elect to increase the Outstanding Balance by applying the Default Effect (subject
to the limitation set forth below) via written notice to Borrower without accelerating the Outstanding Balance, in which event
the Outstanding Balance shall be increased as of the date of the occurrence of the applicable Event of Default pursuant to the
Default Effect, but the Outstanding Balance shall not be immediately due and payable unless so declared by Lender (for the avoidance
of doubt, if Lender elects to apply the Default Effect pursuant to this sentence, it shall reserve the right to declare the Outstanding
Balance immediately due and payable at any time and no such election by Lender shall be deemed to be a waiver of its right to
declare the Outstanding Balance immediately due and payable as set forth herein unless otherwise agreed to by Lender in writing).
Notwithstanding the foregoing, upon the occurrence of any Event of Default described in clauses (c), (d), (e), (f) or (g) of Section
5.1, the Outstanding Balance (as increased by the Default Effect) as of the date of acceleration shall become immediately and
automatically due and payable in cash without any written notice required by Lender. At any time following the occurrence of any
Event of Default, upon written notice given by Lender to Borrower, interest shall accrue on the Outstanding Balance beginning
on the date the applicable Event of Default occurred at an interest rate equal to the lesser of 18% per annum or the maximum rate
permitted under applicable law (“Default Interest”). For the avoidance of doubt, Lender may continue making
Lender Conversions at any time following an Event of Default until such time as the Outstanding Balance is paid in full. Additionally,
following the occurrence of any Event of Default, Borrower may, at its option, pay any Conversion in cash instead of Conversion
Shares by paying to Lender on or before the applicable Delivery Date (as defined below) a cash amount equal to the number of Conversion
Shares set forth in the applicable Conversion Notice multiplied by the highest intra-day trading price of the Common Stock that
occurs during the period beginning on the date the applicable Event of Default occurred and ending on the date of the applicable
Conversion Notice. In connection with acceleration described herein, Lender need not provide, and Borrower hereby waives, any
presentment, demand, protest or other notice of any kind, and Lender may immediately and without expiration of any grace period
(except as provided for herein) enforce any and all of its rights and remedies hereunder and all other remedies available to it
under applicable law. Such acceleration may be rescinded and annulled by Lender at any time prior to payment hereunder and Lender
shall have all rights as a holder of the Note until such time, if any, as Lender receives full payment pursuant to this Section
5.2. No such rescission or annulment shall affect any subsequent Event of Default or impair any right consequent thereon. Nothing
herein shall limit Lender’s right to pursue any other remedies available to it at law or in equity including, without limitation,
a decree of specific performance and/or injunctive relief with respect to Borrower’s failure to timely deliver Conversion
Shares upon Conversion of the Notes as required pursuant to the terms hereof.

 

    	 	4	 

    	 

    

 

6.
Unconditional Obligation; No Offset. Borrower acknowledges that this Note is an unconditional, valid, binding and enforceable
obligation of Borrower not subject to offset, deduction or counterclaim of any kind. Borrower hereby waives any rights of offset
it now has or may have hereafter against Lender, its successors and assigns, and agrees to make the payments or Conversions called
for herein in accordance with the terms of this Note.

 

7.
Waiver. No waiver of any provision of this Note shall be effective unless it is in the form of a writing signed by the
party granting the waiver. No waiver of any provision or consent to any prohibited action shall constitute a waiver of any other
provision or consent to any other prohibited action, whether or not similar. No waiver or consent shall constitute a continuing
waiver or consent or commit a party to provide a waiver or consent in the future except to the extent specifically set forth in
writing.

 

8.
Adjustment of Conversion Price upon Subdivision or Combination of Common Stock. Without limiting any provision hereof,
if Borrower at any time on or after the Effective Date subdivides (by any stock split, stock dividend, recapitalization or otherwise)
one or more classes of its outstanding shares of Common Stock into a greater number of shares, the Conversion Price and Conversion
Floor in effect immediately prior to such subdivision will be proportionately reduced. Without limiting any provision hereof,
if Borrower at any time on or after the Effective Date combines (by combination, reverse stock split or otherwise) one or more
classes of its outstanding shares of Common Stock into a smaller number of shares, the Conversion Price and Conversion Floor in
effect immediately prior to such combination will be proportionately increased. Any adjustment pursuant to this Section 8 shall
become effective immediately after the effective date of such subdivision or combination. If any event requiring an adjustment
under this Section 8 occurs during the period that a Conversion Price is calculated hereunder, then the calculation of such Conversion
Price shall be adjusted appropriately to reflect such event.

 

9.
Method of Conversion Share Delivery. On or before the close of business on the third (3rd) Trading Day following
the date of delivery of both a Conversion Notice and seller and broker representation letters (in the forms previously executed
and delivered by Lender and its broker) (the “Representation Letters”) (the “Delivery Date”),
Borrower shall, provided it is DWAC Eligible at such time, deliver or cause its transfer agent to deliver the applicable Conversion
Shares electronically via DWAC to the account designated by Lender in the applicable Conversion Notice. If Borrower is not DWAC
Eligible, it shall deliver to Lender or its broker (as designated in the Conversion Notice), via reputable overnight courier,
a certificate representing the number of shares of Common Stock equal to the number of Conversion Shares to which Lender shall
be entitled, registered in the name of Lender or its designee. For the avoidance of doubt, Borrower has not met its obligation
to deliver Conversion Shares by the Delivery Date unless Lender or its broker, as applicable, has actually received the certificate
representing the applicable Conversion Shares no later than the close of business on the relevant Delivery Date pursuant to the
terms set forth above. Moreover, and notwithstanding anything to the contrary herein or in any other Exchange Document, in the
event Borrower or its transfer agent refuses to deliver any Conversion Shares to Lender on grounds that such issuance is in violation
of Rule 144 under the Securities Act of 1933, as amended (“Rule 144”), Borrower shall deliver or cause its
transfer agent to deliver the applicable Conversion Shares to Lender with a restricted securities legend, but otherwise in accordance
with the provisions of this Section 9. In conjunction therewith, Borrower will also deliver to Lender a written opinion from its
counsel or its transfer agent’s counsel opining as to why the issuance of the applicable Conversion Shares violates Rule
144.

 

    	 	5	 

    	 

    

 

10.
Conversion Delays. If Borrower fails to deliver Conversion Shares in accordance with the timeframe stated in Section 9,
Lender, at any time prior to selling all of those Conversion Shares, may rescind in whole or in part that particular Conversion
attributable to the unsold Conversion Shares, with a corresponding increase to the Outstanding Balance (any returned amount will
tack back to the Purchase Price Date for purposes of determining the holding period under Rule 144). In addition, for each Conversion,
in the event that Conversion Shares are not delivered by the fifth Trading Day following delivery of the Conversion Notice and
the Representation Letters, a late fee equal to the greater of (a) $250.00 and (b) 1% of the applicable Conversion Share Value
rounded to the nearest multiple of $100.00 (but in any event the cumulative amount of such late fees for each Conversion shall
not exceed 100% of the applicable Conversion Share Value) will be assessed for each day after such fifth Trading Day until Conversion
Share delivery is made; and such late fee will be added to the Outstanding Balance (such fees, the “Conversion Delay
Late Fees”). For illustration purposes only, if Lender delivers a Conversion Notice to Borrower pursuant to which Borrower
is required to deliver 100,000 Conversion Shares to Lender and on the Delivery Date such Conversion Shares have a Conversion Share
Value of $20,000.00 (assuming a Closing Trade Price on the Delivery Date of $0.20 per share of Common Stock), then in such event
a Conversion Delay Late Fee in the amount of $250.00 per day (the greater of $250.00 per day and $20,000.00 multiplied by 1%,
which is $200.00) would be added to the Outstanding Balance of the Note until such Conversion Shares are delivered to Lender.
For purposes of this example, if the Conversion Shares are delivered to Lender twenty (20) days after the applicable Delivery
Date, the total Conversion Delay Late Fees that would be added to the Outstanding Balance would be $5,000.00 (20 days multiplied
by $250.00 per day). If the Conversion Shares are delivered to Lender one hundred (100) days after the applicable Delivery Date,
the total Conversion Delay Late Fees that would be added to the Outstanding Balance would be $20,000.00 (100 days multiplied by
$250.00 per day, but capped at 100% of the Conversion Share Value).

 

11.
Ownership Limitation. Notwithstanding anything to the contrary contained in this Note or the other Exchange Documents,
if at any time Lender shall or would be issued shares of Common Stock under any of the Exchange Documents, but such issuance would
cause Lender (together with its affiliates) to beneficially own a number of shares exceeding 4.99% of the number of shares of
Common Stock outstanding on such date (including for such purpose the shares of Common Stock issuable upon such issuance) (the
“Maximum Percentage”), then Borrower must not issue to Lender shares of Common Stock which would exceed the
Maximum Percentage. For purposes of this section, beneficial ownership of Common Stock will be determined pursuant to Section
13(d) of the 1934 Act. The shares of Common Stock issuable to Lender that would cause the Maximum Percentage to be exceeded are
referred to herein as the “Ownership Limitation Shares”. Borrower will reserve the Ownership Limitation Shares
for the exclusive benefit of Lender. From time to time, Lender may notify Borrower in writing of the number of the Ownership Limitation
Shares that may be issued to Lender without causing Lender to exceed the Maximum Percentage. Upon receipt of such notice, Borrower
shall be unconditionally obligated to immediately issue such designated shares to Lender, with a corresponding reduction in the
number of the Ownership Limitation Shares. Notwithstanding the forgoing, the term “4.99%” above shall be replaced
with “9.99%” at such time as the Market Capitalization is less than $10,000,000.00. Notwithstanding any other provision
contained herein, if the term “4.99%” is replaced with “9.99%” pursuant to the preceding sentence, such
increase to “9.99%” shall remain at 9.99% until increased, decreased or waived by Lender as set forth below. By written
notice to Borrower, Lender may increase, decrease or waive the Maximum Percentage as to itself but any such waiver will not be
effective until the 61st day after delivery thereof. The foregoing 61-day notice requirement is enforceable, unconditional and
non-waivable and shall apply to all affiliates and assigns of Lender.

 

    	 	6	 

    	 

    

 

12.
Payment of Collection Costs. If this Note is placed in the hands of an attorney for collection or enforcement prior to
commencing arbitration or legal proceedings, or is collected or enforced through any arbitration or legal proceeding, or Lender
otherwise takes action to collect amounts due under this Note or to enforce the provisions of this Note, then Borrower shall pay
the costs incurred by Lender for such collection, enforcement or action including, without limitation, reasonable attorneys’
fees and disbursements. Borrower also agrees to pay for any costs, fees or charges of its transfer agent that are charged to Lender
pursuant to any Conversion or issuance of shares pursuant to this Note.

 

13.
Opinion of Counsel. In the event that an opinion of counsel is needed for any matter related to this Note, such opinion
shall be provided by Borrower’s counsel. Borrower’s counsel shall deliver such opinion within three (3) Trading Days
of Company’s receipt of the Conversion Notice and Representation Letters. In the event Company’s counsel does not
deliver the opinion within the applicable time frame, Lender shall have the right obtain an opinion from its own counsel (subject
to such opinion being reasonably acceptable to the Company).

 

14.
Governing Law; Venue. 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 internal laws of the State of Utah, without giving
effect to any choice of law or conflict of law provision or rule (whether of the State of Utah or any other jurisdiction) that
would cause the application of the laws of any jurisdiction other than the State of Utah. The provisions set forth in the Exchange
Agreement to determine the proper venue for any disputes are incorporated herein by this reference.

 

15.
Resolution of Disputes.

 

15.1.
Arbitration of Disputes. By its acceptance of this Note, each party agrees to be bound by the Arbitration Provisions (as
defined in the Exchange Agreement) set forth as an exhibit to the Exchange Agreement.

 

15.2.
Calculation Disputes. Notwithstanding the Arbitration Provisions, in the case of a dispute as to any Calculation (as defined
in the Exchange Agreement), such dispute will be resolved in the manner set forth in the Exchange Agreement.

 

16.
Cancellation. After repayment or conversion of the entire Outstanding Balance, this Note shall be deemed paid in full,
shall automatically be deemed canceled, and shall not be reissued.

 

17.
Amendments. The prior written consent of both parties hereto shall be required for any change or amendment to this Note.

 

18.
Assignments. Borrower may not assign this Note without the prior written consent of Lender. This Note and any shares of
Common Stock issued upon conversion of this Note may be offered, sold, assigned or transferred by Lender without the consent of
Borrower.

 

19.
Time is of the Essence. Time is expressly made of the essence with respect to each and every provision of this Note and
the documents and instruments entered into in connection herewith.

 

20.
Notices. Whenever notice is required to be given under this Note, unless otherwise provided herein, such notice shall be
given in accordance with the subsection of the Exchange Agreement titled “Notices.”

 

    	 	7	 

    	 

    

 

21.
Liquidated Damages. Lender and Borrower agree that in the event Borrower fails to comply with any of the terms or provisions
of this Note, Lender’s damages would be uncertain and difficult (if not impossible) to accurately estimate because of the
parties’ inability to predict future interest rates, future share prices, future trading volumes and other relevant factors.
Accordingly, Lender and Borrower agree that any fees, balance adjustments, Default Interest or other charges assessed under this
Note are not penalties but instead are intended by the parties to be, and shall be deemed, liquidated damages (under Lender’s
and Borrower’s expectations that any such liquidated damages will tack back to the Purchase Price Date for purposes of determining
the holding period under Rule 144).

 

22.
Waiver of Jury Trial. EACH OF LENDER AND BORROWER IRREVOCABLY WAIVES ANY AND ALL RIGHTS SUCH PARTY MAY HAVE TO DEMAND THAT
ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR IN ANY WAY RELATED TO THIS NOTE OR THE RELATIONSHIPS OF THE PARTIES HERETO
BE TRIED BY JURY. THIS WAIVER EXTENDS TO ANY AND ALL RIGHTS TO DEMAND A TRIAL BY JURY ARISING UNDER COMMON LAW OR ANY APPLICABLE
STATUTE, LAW, RULE OR REGULATION. FURTHER, EACH PARTY HERETO ACKNOWLEDGES THAT SUCH PARTY IS KNOWINGLY AND VOLUNTARILY WAIVING
SUCH PARTY’S RIGHT TO DEMAND TRIAL BY JURY.

 

23.
Voluntary Agreement. Borrower has carefully read this Note and has asked any questions needed for Borrower to understand
the terms, consequences and binding effect of this Note and fully understand them. Borrower has had the opportunity to seek the
advice of an attorney of Borrower’s choosing, or has waived the right to do so, and is executing this Note voluntarily and
without any duress or undue influence by Lender or anyone else.

 

24.
Severability. If any part of this Note is construed to be in violation of any law, such part shall be modified to achieve
the objective of Borrower and Lender to the fullest extent permitted by law and the balance of this Note shall remain in full
force and effect.

 

[Remainder
of page intentionally left blank; signature page follows]

 

    	 	8	 

    	 

    

 

IN
WITNESS WHEREOF, Borrower has caused this Note to be duly executed as of the Effective Date.

 

		BORROWER: 
	 	 
		BioRestorative
    Therapies, Inc.
	 	 	 
	 	By:	/s/
    Mark Weinreb
	 	Name:	Mark
    Weinreb
	 	Title:	Chief
    Executive Officer

 

ACKNOWLEDGED,
ACCEPTED AND AGREED:

 

LENDER:

 

St.
George Investments LLC

 

	By:	Fife Trading, Inc., its Manager	 
	 	 	 	 
	 	By:	/s/ John M. Fife	 
	 	 	John M. Fife, President	 

 

[Signature
Page to Convertible Promissory Note] 

 

    	 	 	 

    	 

    

 

ATTACHMENT
1

DEFINITIONS

 

For
purposes of this Note, the following terms shall have the following meanings:

 

A2.
“Bloomberg” means Bloomberg L.P. (or if that service is not then reporting the relevant information regarding
the Common Stock, a comparable reporting service of national reputation selected by Lender and reasonably satisfactory to Borrower).

 

A3.
“Closing Bid Price” and “Closing Trade Price” means the last closing bid price and last
closing trade price, respectively, for the Common Stock on its principal market, as reported by Bloomberg, or, if its principal
market begins to operate on an extended hours basis and does not designate the closing bid price or the closing trade price (as
the case may be) then the last bid price or last trade price, respectively, of the Common Stock prior to 4:00:00 p.m., New York
time, as reported by Bloomberg, or, if its principal market is not the principal securities exchange or trading market for the
Common Stock, the last closing bid price or last trade price, respectively, of the Common Stock on the principal securities exchange
or trading market where the Common Stock is listed or traded as reported by Bloomberg, or if the foregoing do not apply, the last
closing bid price or last trade price, respectively, of the Common Stock in the over-the-counter market on the electronic bulletin
board for the Common Stock as reported by Bloomberg, or, if no closing bid price or last trade price, respectively, is reported
for the Common Stock by Bloomberg, the average of the bid prices, or the ask prices, respectively, of any market makers for the
Common Stock as reported by OTC Markets Group, Inc., and any successor thereto. If the Closing Bid Price or the Closing Trade
Price cannot be calculated for the Common Stock on a particular date on any of the foregoing bases, the Closing Bid Price or the
Closing Trade Price (as the case may be) of the Common Stock on such date shall be the fair market value as mutually determined
by Lender and Borrower. If Lender and Borrower are unable to agree upon the fair market value of the Common Stock, then such dispute
shall be resolved in accordance with the procedures in Section 15.2. All such determinations shall be appropriately adjusted for
any stock dividend, stock split, stock combination or other similar transaction during such period.

 

A4.
“Default Effect” means multiplying the Outstanding Balance as of the date the applicable Event of Default occurred
by 10% for the first occurrence of any Event of Default (other than an Event of Default pursuant to Section 5.1(b) hereof), and
then adding the resulting product to the Outstanding Balance as of the date the applicable Event of Default occurred, with the
sum of the foregoing then becoming the Outstanding Balance under this Note as of the date the applicable Event of Default occurred.

 

A5.
“DTC” means the Depository Trust Company or any successor thereto.

 

A6.
“DTC Eligible” means, with respect to the Common Stock, that such Common Stock is eligible to be deposited
in certificate form at the DTC, cleared and converted into electronic shares by the DTC and held in the name of the clearing firm
servicing Lender’s brokerage firm for the benefit of Lender.

 

A7.
“DTC/FAST Program” means the DTC’s Fast Automated Securities Transfer program.

 

A8.
“DWAC” means the DTC’s Deposit/Withdrawal at Custodian system.

 

A9.
“DWAC Eligible” means that (a) Borrower’s Common Stock is eligible at DTC for full services pursuant
to DTC’s operational arrangements, including without limitation transfer through DTC’s DWAC system, (b) Borrower has
been approved (without revocation) by DTC’s underwriting department, (c) Borrower’s transfer agent is approved as
an agent in the DTC/FAST Program, (d) the Conversion Shares are otherwise eligible for delivery via DWAC; (e) Borrower has previously
delivered all Conversion Shares to Lender via DWAC; and (f) Borrower’s transfer agent does not have a policy prohibiting
or limiting delivery of the Conversion Shares via DWAC.

 

A10.
“Fundamental Transaction” means that (a) (i) Borrower or any of its subsidiaries shall, directly or indirectly,
in one or more related transactions, consolidate or merge with or into (whether or not Borrower or any of its subsidiaries is
the surviving corporation) any other person or entity, or (ii) Borrower or any of its subsidiaries shall, directly or indirectly,
in one or more related transactions, sell, lease, license, assign, transfer, convey or otherwise dispose of all or substantially
all of its respective properties or assets to any other person or entity, or (iii) Borrower or any of its subsidiaries shall,
directly or indirectly, in one or more related transactions, allow any other person or entity to make a purchase, tender or exchange
offer that is accepted by the holders of more than 50% of the outstanding shares of voting stock of Borrower (not including any
shares of voting stock of Borrower held by the person or persons making or party to, or associated or affiliated with the persons
or entities making or party to, such purchase, tender or exchange offer), or (iv) Borrower or any of its subsidiaries shall, directly
or indirectly, in one or more related transactions, consummate a stock or share Exchange Agreement or other business combination
(including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with any other person or
entity whereby such other person or entity acquires more than 50% of the outstanding shares of voting stock of Borrower (not including
any shares of voting stock of Borrower held by the other persons or entities making or party to, or associated or affiliated with
the other persons or entities making or party to, such stock or share Exchange Agreement or other business combination), or (v)
Borrower or any of its subsidiaries shall, directly or indirectly, in one or more related transactions, reorganize, recapitalize
or reclassify the Common Stock, other than an increase in the number of authorized shares of Borrower’s Common Stock, or
(b) any “person” or “group” (as these terms are used for purposes of Sections 13(d) and 14(d) of the 1934
Act and the rules and regulations promulgated thereunder) is or shall become the “beneficial owner” (as defined in
Rule 13d-3 under the 1934 Act), directly or indirectly, of 50% of the aggregate ordinary voting power represented by issued and
outstanding voting stock of Borrower.

 

    	Attachment 1 to Convertible Promissory Note, Page 1

    	 

    

 

A11.
“Market Capitalization” means a number equal to (a) the average VWAP of the Common Stock for the immediately
preceding fifteen (15) Trading Days, multiplied by (b) the aggregate number of outstanding shares of Common Stock as reported
on Borrower’s most recently filed Form 10-Q or Form 10-K.

 

A12.
“Other Agreements” means, collectively, (a) all existing and future agreements and instruments between, among
or by Borrower (or an affiliate), on the one hand, and Lender (or an affiliate), on the other hand, and (b) any financing agreement
or a material agreement that affects Borrower’s ongoing business operations.

 

A13.
“Outstanding Balance” means as of any date of determination, original principal amount of this Note, as reduced
or increased, as the case may be, pursuant to the terms hereof for payment, Conversion, offset, or otherwise, accrued but unpaid
interest, collection and enforcements costs (including attorneys’ fees) incurred by Lender, transfer, stamp, issuance and
similar taxes and fees related to Conversions, and any other fees or charges (including without limitation Conversion Delay Late
Fees) incurred under this Note.

 

A14.
“Trading Day” means any day on which the New York Stock Exchange is open for trading.

 

A15.
“VWAP” means the volume weighted average price of the Common stock on the principal market for a particular
Trading Day or set of Trading Days, as the case may be, as reported by Bloomberg.

 

    	Attachment 1 to Convertible Promissory Note, Page 2

    	 

    

 

EXHIBIT
A

 

St.
George Investments LLC

303
East Wacker Drive, Suite 1040

Chicago,
Illinois 60601

 

	BioRestorative
    Therapies, Inc.	Date:
    _____________
	Attn:
    Mark Weinreb	 
	40
    Marcus Drive, Suite One	 
	Melville,
    New York 11747	 

 

CONVERSION
NOTICE

 

The
above-captioned Lender hereby gives notice to BioRestorative Therapies, Inc., a Delaware corporation (the “Borrower”),
pursuant to that certain Convertible Promissory Note made by Borrower in favor of Lender on August 2, 2017 (the “Note”),
that Lender elects to convert the portion of the Note balance set forth below into fully paid and non-assessable shares of Common
Stock of Borrower as of the date of conversion specified below. Said conversion shall be based on the Conversion Price set forth
below. In the event of a conflict between this Conversion Notice and the Note, the Note shall govern, or, in the alternative,
at the election of Lender in its sole discretion, Lender may provide a new form of Conversion Notice to conform to the Note. Capitalized
terms used in this notice without definition shall have the meanings given to them in the Note.

 

	A.	Date
    of Conversion: 	 	
	B.	Conversion
    #:	 	
	C.	Conversion
    Amount:	 	 
	D.	Conversion
    Price: 	 	*
	E.	Conversion
    Shares:	 	(C
    divided by D)
	F.	Remaining
    Outstanding Balance of Note: 	 	**

 

*
If less than $1.00, the Conversion Amount must be paid in cash within three (3) Trading Days.

 

**
Subject to adjustments for corrections, defaults, interest and other adjustments permitted by the Exchange Documents (as defined
in the Exchange Agreement), the terms of which shall control in the event of any dispute between the terms of this Conversion
Notice and such Exchange Documents.

 

Please
transfer the Conversion Shares electronically (via DWAC) to the following account:

 

	Broker:
    	 	Address:	 
	DTC#:
    	 	 	 
	Account
    #: 	 	 	 
	Account
    Name: 	 	 	 

 

To
the extent the Conversion Shares are not able to be delivered to Lender electronically via the DWAC system, deliver all such certificated
shares to Lender via reputable overnight courier after receipt of this Conversion Notice (by facsimile transmission or otherwise)
to:

 

	 		 
	 		 
	 		 

 

    	Exhibit A to Convertible Promissory Note, Page 1

    	 

    

 

Sincerely,

 

Lender:

 

St.
George Investments LLC

 

	By:	Fife Trading, Inc., its Manager	 
	 	 	 	 
	 	By:		 
	 	 	John
    M. Fife, President	 

 

    	Exhibit A to Convertible Promissory Note, Page 2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00275-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00275-of-00352.parquet"}]]