Document:

EX-10.3

  	 

  EXHIBIT 10.3

  THE GOODYEAR TIRE & RUBBER COMPANY

  OUTSIDE DIRECTORS' EQUITY PARTICIPATION PLAN

  (As Adopted February 2, 1996 and last Amended as of October 4, 2021)

  1.Purpose.  The purpose of the Plan is to enable The Goodyear Tire & Rubber Company (the "Company") to (a) attract and retain outstanding individuals to serve as non-employee directors of the Company, (b) further align the interests of non-employee directors with the interests of the other shareholders of the Company by making the amount of the compensation of non-employee directors dependent in part on the value and appreciation over time of the Common Stock of the Company, and (c) permit each non-employee director to defer receipt of all or a portion of his or her annual retainer until after retirement from the Board of Directors of the Company.

  2.Definitions.  As used in the Plan, the following words and phrases shall have the meanings specified below:

  "Account" means any of, and "Accounts" means all of, the Equity Participation Accounts and the Retainer Deferral Accounts maintained in the records of the Company for Participants.

  "Accrual" means any dollar amount credited to an Account, including Special Accruals, Quarterly Accruals, Retainer Deferral Accruals, Dividend Equivalents and Interest Equivalents.

  "Beneficiary" means the person or persons designated by a Participant pursuant to Section 12.

  "Board" means the Board of Directors of the Company.

  "Committee" means the Compensation Committee of the Board.

  "Common Stock" means the Common Stock, without par value, of the Company.  

  "Conversion Date" means, with respect to each Account of each Retired Outside Director, the later of (i) the first business day of the seventh month following the month during which such Retired Outside Director terminated his or her service as a member of the Board, or (ii) the fifth business day of the calendar year following the calendar year during which such Retired Outside Director terminated his or her service as a member of the Board.  For all balances that are earned and vested after December 31, 2004, the term “termination of service” means a separation from service as defined in Section 409A of the Code.

  "Dividend Equivalent" means, with respect to each dividend payment date for the Common Stock, an amount equal to the cash dividend per share of Common Stock which is payable on such dividend payment date.

  “Equity Grant Amount” means for each calendar quarter of service from October 1, 2008 through September 30, 2010, $23,750; for service from October 1, 2010 through December 31, 2011, $27,500; for service from January 1, 2012 through December 31, 2012, $28,750; for service from January 1, 2013 through December 31, 2013, $30,000; for service from January 1, 2014 through September 30, 2015, $31,250; for service from October 1, 2015 through June 30, 2017, 

   

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  $35,000;  for service from July 1, 2017 through September 30, 2021, $36,250; and for service on or after October 1, 2021, $40,000.

  "Equity Participation Account" means a bookkeeping account maintained by the Company for a Participant to which Quarterly Accruals and Dividend Equivalents are credited in respect of Outside Directors through the Conversion Date (and, with respect to each Outside Director serving as a Director on February 2, 1996, a Special Accrual will be credited) and Interest Equivalents are credited on dollar-denominated amounts subsequent to the Conversion Date, which Account shall be denominated in Units until the Conversion Date and, thereafter, for Units granted prior to January 1, 2009 shall be denominated in dollars and for Units granted after December 31, 2008 (for service on or after October 1, 2008) shall be denominated in shares of Common Stock except any remaining fractional Unit shall be denominated in dollars.

  "Fair Market Value of the Common Stock" means, in respect of any date on or as of which a determination thereof is being or to be made, the closing market price of the Common Stock reported on the primary exchange on which the Common Stock is then listed for trading on such date, or, if the Common Stock was not traded on such date, on the next preceding day on which sales of shares of the Common Stock were reported on the primary exchange on which the Common Stock is then listed for trading.

  "Interest Equivalent" has the meaning assigned in Section 11(C).

  "Outside Director" means and includes each person who, at the time any determination thereof is being made, is a member of the Board and who is not and never has been an employee of the Company or any subsidiary or affiliate of the Company.

  "Participant" means and includes, at the time any determination thereof is being made, each Outside Director and each Retired Outside Director who has a balance in his or her Accounts.

  “Restricted Stock Unit” means the Units issued pursuant to a Restricted Stock Grant under Section 8 of the Company’s 2008 Performance Plan, or any successor equity compensation plan, so long as such Units remains subject to the restrictions and conditions specified in this Plan pursuant to which such Restricted Stock Grant is made.

  "Retainer" means with respect to each Outside Director the retainer fee payable to such Outside Director by the Company, plus all meeting attendance fees payable by the Company to such Outside Director, in respect of a calendar quarter.

  "Retainer Deferral Account" means a bookkeeping account maintained by the Company for a Participant to which Retainer Deferral Accruals and Dividend Equivalents are credited through the Conversion Date and Interest Equivalents on dollar-denominated amounts are credited subsequent to the Conversion Date, which Account shall be denominated in Units until the Conversion Date and, thereafter, for Units created prior to January 1, 2011 shall be denominated in dollars and for Units created after December 31, 2010 shall be denominated in shares of Common Stock except any remaining fractional Unit shall be denominated in dollars.

  "Retired Outside Director" means an Outside Director who has terminated his or her service as a member of the Board and is entitled to receive distributions in respect of his or her Account or Accounts as provided in Section 10.

   

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  "Plan" means The Goodyear Tire & Rubber Company Outside Directors' Equity Participation Plan, the provisions of which are set forth herein.

  "Quarterly Accrual" has the meaning assigned in Section 7.

  "Retainer Deferral Accrual" has the meaning assigned in Section 8.

  "Special Accrual" has the meaning assigned in Section 7.

  "Unit" means an equivalent to a hypothetical share of Common Stock which is the denomination into which all dollar Accruals (other than Interest Equivalents) to any Account are to be translated.  Upon the Accrual of any dollar amount to any Account on or prior to the Conversion Date thereof, such dollar amount shall be translated into Units by dividing the dollar amount of such Accrual by the Fair Market Value of the Common Stock on the day on or as of which such Accrual to the Account is made or, if not made on a day on which the primary exchange on which the Common Stock is then listed for trading is open for trading, on the trading day next following the date of the Accrual.  Additionally, each Restricted Stock Unit granted is equal to one Unit.  Units, and the translation thereof from dollars, shall be calculated and recorded in the Accounts rounded to the sixth decimal place.

  "Year of Service" means, with respect to each Outside Director, the twelve month period commencing with the date of the individuals' election as an Outside Director or any anniversary thereof.

  3.Effective Date.  The Plan is adopted on, and is effective on and after, February 2, 1996.

  4.Eligibility.  Each person who serves as an Outside Director at any time subsequent to February 1, 1996 is eligible to participate in the Plan.	

  5.Administration.  Except with respect to matters expressly reserved for action by the Board pursuant to the provisions of the Plan, the Plan shall be administered by the Committee, which shall have the exclusive authority except as aforesaid to take any action necessary or appropriate for the proper administration of the Plan, including the full power and authority to interpret the Plan and to adopt such rules, regulations and procedures consistent with the terms of the Plan as the Committee deems necessary or appropriate.  The Committee's interpretation of the Plan, and all actions taken within the scope of its authority, shall be final and binding on the Company and the Participants.

  6.Equity Participation Accounts.  There shall be established and maintained by the Company an Equity Participation Account with respect to each Outside Director to which Accruals or Grants of Restricted Stock Units shall be made from time to time in accordance with the provisions of the Plan.

   

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  7.(A)  Quarterly Accruals.  On the first day of each calendar quarter, commencing April 1, 2007 and ending on October 1, 2008 for service through September 30, 2008, the Company shall credit $23,750 ($20,000 in respect of each quarter during the period beginning July 1, 2005 and ended on December 31, 2006, $17,500 in respect of each quarter during the period beginning July 1, 2004 and ended on June 30, 2005, $7,500 in respect of each quarter during the period beginning January 1, 2003 and ended on June 30, 2004, $2,500 in respect of each quarter during the period beginning July 1, 1998 and ended on December 31, 2002 and $2,000 in respect of each quarter during the period beginning April 1, 1996 and ended on June 30, 1998) to the Equity Participation Account of each Outside Director who is then a member of the Board of Directors and served as a member of the Board for the entire calendar quarter ended immediately prior to such day (each a "Quarterly Accrual").

  (B) (1) Special Accruals.  The Company shall credit to the Equity Participation Account of each Outside Director who was an Outside Director on January 1, 2007, a $3,750 accrual as of April 2, 2007.

  (B) (2) Special Accruals. On April 13, 2004, the Company shall credit to the Equity   Participation Account of each Outside Director eligible to receive a quarterly accrual as of April 1, 2004, an additional credit in the amount of $20,000.

  (B) (3) Special Accruals.  On February 2, 1996, the Company shall credit to the Equity Participation Account of each Outside Director then serving as a member of the Board of Directors a special, one-time credit (a "Special Accrual"), the amount of which shall be determined in accordance with the following formula:

   

  SP = [FRPA - FQC] / 1.01943N

   

  where,

  SP is the dollar amount of the Special Accrual in respect of a participating Outside Director at February 2, 1996.

  FRPA is the future value of an annuity at age 70 under the Retirement Plan for Outside Directors (as provided by Watson Wyatt and based on the UP-1984 mortality table) that would be needed to provide a lifetime annuity at age 70 assuming the benefit increases 3% per year starting in 1997.

  FQC is the future value of quarterly accruals, calculated on the value at age 70 of $1,000 quarterly accruals to the Equity Participation Account of the participating Outside Director starting April 1, 1996, assuming a compound annual growth rate of 8%.

  N is the number of quarters until the Outside Director retires having attained age 70.

  (C)  Restricted Stock Units Grant.  Effective for service on or after October 1, 2008 to be granted January 1, 2009 and on the first day of each succeeding calendar quarter, each Outside Director who is then a member of the Board of Directors and served as a member of the Board for any portion of the calendar quarter ended immediately prior to such day, will be granted the number of Restricted Stock Units that will be equal to the applicable Equity Grant Amount (or the pro-rata amount based on the number of days of service in the quarter if the Outside Director did not serve the whole quarter) divided by the Fair Market Value of the Common Stock for such grant date, or if the primary exchange on which the Common Stock is then listed for trading is not open for trading on such date, the grant date shall be the next following trading date.  For the last quarterly grant with respect to the last quarter of Board service, any fractional amount of the applicable Equity Grant Amount (or the pro-rata amount based on the number of days of service 

   

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  in the quarter if the Outside Director did not serve the whole quarter) that is not utilized in converting the grant into whole Restrnoicted Stock Units when added to any outstanding fractional Restricted Stock Unit shall be paid in cash when the shares are distributed pursuant to 10.(C).  Effective for grants made in respect of service on or after October 1, 2010, the Restricted Stock Units are further restricted by only ratably vesting over three years, subject to accelerated full vesting upon becoming a Retired Outside Director.

  (D)  Translation of Accruals into Units.  Each Accrual (other than Interest Equivalents) to an Equity Participation Account shall be translated into Units by dividing the dollar amount thereof by the Fair Market Value of the Common Stock on the day as of which such Accrual is made, or, if the date on or as of which such Accrual is made is not a day on which the primary exchange on which the Common Stock is then listed for trading is open for trading, on the next following trading day.  Upon such translation of an Accrual into Units, the resulting number of Units shall be credited to the relevant Equity Participation Account (in lieu of the dollar amount of such Accrual) and such Accrual shall continue to be denominated in such number of Units until the Conversion Date for such Account, when those Units derived from Accruals (as compared to Units from Restricted Stock Unit Grants) will be converted into a dollar amount equal to the product of (i) the number of Units credited to such Account on such Conversion Date, multiplied by (ii) the Fair Market Value of the Common Stock on such Conversion Date.

  8.Retainer Deferral Accounts.  Each Outside Director may, at his or her sole election, defer receipt of 25%, 50%, 75% or 100% of his or her Retainer payable in respect of and during any calendar year by electing to have such amount credited to his or her Retainer Deferral Account (herein referred to as a "Retainer Deferral Accrual").  Each deferral election, if any, shall be made by an Outside Director annually, must be in respect of an entire calendar year and shall be made not later than, and shall become irrevocable as of, December 31  of the calendar year prior to the calendar year in respect of which such election is being made.  The dollar amount of each Retainer Deferral Accrual shall be translated (in the manner specified in Section 7(D)) into Units on the date such Retainer Deferral Accrual is credited to the relevant Retainer Deferral Account, which shall be the day on which the payment of such portion of the Retainer would have been made absent the election of the Outside Director to defer the payment of all or a portion thereof.  Upon such translation into Units, the resulting number of Units shall be credited to the relevant Retainer Deferral Account (in lieu of the dollar amount of such Accrual) and such Accrual shall continue to be denominated in such number of Units until the Conversion Date, when for Units in respect of deferrals elected prior to January 1, 2011 applicable to plan years through December 31, 2010, the Units will be converted into a dollar amount equal to the product of (i) the number of Units credited to such Retainer Deferral Account on such Conversion Date, multiplied by (ii) the Fair Market Value of the Common Stock on such Conversion Date.  For Units relating to deferrals effective on or after January 1, 2011, each Unit will be converted to a share of Common Stock and all such shares of Common Stock will be delivered on the fifth business day of the calendar quarter following the quarter of his or her separation from Board service with any remaining fractional Unit paid in cash at that time.

  9.Dividend Equivalents.  With respect to each Account and Restricted Stock Unit, from time to time through the relevant Conversion Date each Unit in such Account and Restricted Stock Unit shall be credited with a Dividend Equivalent at the same time as cash dividends are paid on shares of the Common Stock.  Dividend Equivalents credited to each Account and Restricted Stock Unit shall be automatically translated into Units or Restricted Stock Units by dividing the dollar amount of such Dividend Equivalents by the Fair Market Value of the Common Stock on the date the 

   

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  relevant Dividend Equivalent is accrued to such Account and Restricted Stock Unit.   The number of Units or Restricted Stock Units resulting shall be credited to such Account and Restricted Stock Unit (in lieu of the dollar amount of such Accrual) and such Accrual shall be denominated in Units until the Conversion Date.

  10.Eligibility For Benefits.  (A) Equity Participation Accounts. (1)  For all balances that were earned and vested prior to January 1, 2005, each Retired Outside Director shall be entitled to receive the balance of his or her Equity Participation Account in accordance with the provisions of Section 11 of the Plan, unless the Board of Directors acts to reduce the amount of, or to deny the payment of, the Equity Participation Account of such Retired Outside Director; provided, however, that the Board of Directors shall not have the authority to reduce the amount of, or to deny the payment of, the Equity Participation Account of any Outside Director who terminates his or her service on the Board of Directors if (i) prior to such termination of service, the Retired Outside Director either (x) had five or more years of service and had attained age 70, or (y) had ten or more years of service and had attained age 65, or (ii) such termination was due to the death of the Outside Director.  Notwithstanding the foregoing, the Board may at any time deny the payment of, or reduce the amount of, the Equity Participation Account of any Participant if, in the opinion of the Board, such Participant was engaged in an act of misconduct or otherwise engaged in conduct contrary to the best interest of the Company.  (2)  For all balances that are earned or vested after December 31, 2004, each Retired Outside Director shall be entitled to receive the balance of his or her Equity Participation Account in accordance with the provisions of Section 11 of the Plan for Units that are to be paid in dollars (Units granted from Accruals prior to January 1, 2009).  Notwithstanding the foregoing, the Board may at any time deny the payment of, or reduce the amount of, the Equity Participation Account of any Participant if, in the opinion of the Board, such Participant was engaged in an act of misconduct or otherwise engaged in conduct detrimental to the Company.

  (B)Retainer Deferral Accounts.  Each Retired Outside Director shall be entitled to receive the balance, if any, of his or her Retainer Deferral Account in accordance with the provisions of Section 11 of the Plan.

  (C)Restricted Stock Units.   Each Outside Director will receive shares of Common Stock for their Restricted Stock Units on the fifth business day of the calendar quarter following the quarter of his or her separation from Board service.  Notwithstanding the foregoing, the Board may at any time deny the payment of, or reduce the amount of, the Restricted Stock Units of any Participant if, in the opinion of the Board, such Participant was engaged in an act of misconduct or otherwise engaged in conduct detrimental to the Company.

  11.Payment of Accounts.  (A)  All distributions of Equity Participation Accounts and Retainer Deferral Accounts to Participants shall be made in cash or Common Stock pursuant to the terms of the Accrual, Grant or deferral according to the provisions of the Plan.

  (B) In the case of each Retired Outside Director, the Units credited to his or her Equity Participation Account and Retainer Deferral Account, respectively, shall, on the Conversion Date for such Retired Outside Director, be converted to a dollar-denominated amount by multiplying the number of Units that are to be paid in dollars in each of the Accounts by the Fair Market Value of the Common Stock on such Conversion Date and for Units that are to be paid in Common Stock, each Unit is equal to one share.

   

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  (C)  For all balances that were earned and vested prior to January 1, 2005, from and after the Conversion Date until paid, the balance (expressed in dollars) of the Equity Participation Account, and, if any, of the Retainer Deferral Account, of each Retired Outside Director shall be credited monthly until paid with "Interest Equivalents", which shall be equal to one-twelfth (1/12th) of the product of (x) the dollar balance of such Account, multiplied by (y) the sum (expressed as a decimal to six places) of the rate equivalent to the prevailing annual yield of United States Treasury obligations having a maturity of ten years (or, if not exactly ten years, as close to ten years as possible without exceeding ten years) at the Conversion Date, plus one percent (1%).

  (D) (1)  For all balances that were earned and vested prior to January 1, 2005, the Accounts of each Retired Outside Director will be paid in ten (10) annual installments commencing on the fifth business day following the Conversion Date with respect to such Accounts, and thereafter on each anniversary of such Conversion Date; each installment to be in an amount equal to the total dollar balance of such Accounts on the fifth business day prior to the date such annual installment is due and payable divided by the number of installments remaining (including the annual installment then being calculated for payment) to be paid.

  (D) (2)  For all balances that are earned or vested after December 31, 2004, the payment of such balance for Units that are to be paid in dollars (Units created from Accruals prior to January 1, 2009) shall be made in a lump sum payment on the fifth business day following the Conversion Date in respect of such Retired Outside Director.  For Units relating to deferrals effective on or after January 1, 2011, each Unit will be converted to a share of Common Stock and all such shares of Common Stock will be delivered on the fifth business day of the calendar quarter following the quarter of his or her separation from Board service with any remaining fractional Unit paid in cash at that time.

  (E)  For all balances that were earned and vested prior to January 1, 2005, the Committee may, in its sole discretion, elect to pay the Equity Participation Account or the Retainer Deferral Account, or both,  of any Retired Outside Director in a lump sum or in fewer than ten installments.  In the event that the Committee shall elect to make a lump sum payment of an Account of any Retired Outside Director (or to make payment thereof in fewer than ten annual installments), the payment of such lump sum shall be made (or such installments shall commence) on the fifth business day following the Conversion Date in respect of such Retired Outside Director.

  (F)  In the event of the death of an Outside Director, the entire balance of his or her Accounts shall be eligible for payment which shall be made in a lump sum on the Conversion Date for his or her Accounts.

  (G)  In the event of the death of a Retired Outside Director, the entire balance of his or her Accounts(s) shall be paid on the Conversion Date for his or her Accounts (if it has not occurred) or on the next occurring anniversary thereof.

  12.Designation of Beneficiary.  A Participant may designate a person or persons (the "Beneficiary") to receive, after the Participant's death, any remaining benefits payable under the Plan.  Such designation shall be made by the Participant on a form prescribed by the Committee. The Participant may at any time change or revise such designation by filing a new form with the Committee.  The person or persons named as beneficiary in the designation of beneficiary form duly completed and filed with the Company bearing the most recent date will be the Beneficiary. All payments due under the Plan after the death of a  Participant shall be made to his or her 

   

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  Beneficiary, except that (i) if the Participant does not designate a Beneficiary or the Beneficiary predeceases the Participant, any remaining benefits payable under the Plan after the Participant's death shall be paid to the Participant's estate, and (ii) if the Beneficiary survives the Participant but dies prior to receiving the benefits payable under the Plan, the benefits under the Plan shall be paid to the Beneficiary's estate.

  13.Amendment and Termination.  The Board may at any time, or from time to time, amend or terminate the Plan; provided, however, that no such amendment or termination shall reduce Plan benefits which accrued prior to such amendment or termination without the prior written consent of each person entitled to receive benefits under the Plan who is adversely affected by such action; and, provided further, that the Plan shall not be amended more frequently than once every six months, other than to comply with changes in the Internal Revenue Code, the Employee Retirement Income Security Act, or the rules promulgated thereunder.

  Notwithstanding the foregoing, no termination or amendment of this Plan may accelerate payment of post-2004 benefits to any Participant except under the following conditions:

  (1) The Company may terminate and liquidate the Plan within 12 months of a corporate dissolution taxed under section 331 of the Internal Revenue Code, or with the approval of a bankruptcy court pursuant to 11 U.S.C. §503(b)(1)(A), provided that the amounts deferred under the Plan are included in the Participants’ gross incomes in the latest of the following years (or, if earlier the taxable year in which the amount is actually or constructively received): (a) the calendar year in which the Plan termination and liquidation occurs; (b) the first calendar year in which the amount is no longer subject to a substantial risk of forfeiture; or (c) the first calendar year in which the payment is administratively practicable.  

  (2) The Company may terminate and liquidate the Plan pursuant to irrevocable action taken by the Board of Directors within the 30 days preceding or the 12 months following a change in control event (as defined in Treasury Regulation §1.409A-3(i)(5)), provided that this paragraph will only apply to a payment under a plan if all agreements, methods, programs, and other arrangements sponsored by the Company immediately after the time of the change in control event with respect to which deferrals of compensation are treated as having been deferred under a single plan under Treasury Regulation §1.409A-1(c)(2) are terminated and liquidated with respect to each Participant that experienced the change in control event, so that under the terms of the termination and liquidation all such participants are required to receive all amounts of compensation deferred under the terminated agreements, methods, programs and other arrangements within 12 months of the date the Company irrevocably takes all necessary action to terminate and liquidate the agreements, methods, programs, and other arrangements.

  (3) The Company may terminate and liquidate the Plan, provided that (a) the termination and liquidation does not occur proximate to a downturn in the financial health of the Company; (b) the Company terminates and liquidates all agreements, methods, programs, and other arrangements sponsored by the Company that would be aggregated with any terminated and liquidated agreements, methods, programs, and other arrangements under Treasury Regulation §1.409-1(c) if any Participant had deferrals of compensation under all of the agreements, methods, programs, and other arrangements that are terminated and liquidated; (c) no payments in liquidation of the Plan are made within 12 months of the date the Company takes all necessary action to irrevocably terminate and liquidate the Plan other than payments that would be payable under the terms of the Plan if the action to terminate and liquidate the Plan had not occurred; (d) 

   

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  all payments are made within 24 months of the date the Company takes all necessary action to irrevocably terminate and liquidate the Plan; and (e) the Company does not adopt a new plan that would be aggregated with any terminated and liquidated plan under Treasury Regulation §1.409A-1(c) if the same service provider participated in both plans, at any time within three years following the date the service recipient takes all necessary action to irrevocably terminate and liquidate the Plan.

  14.Plan Unfunded, Rights Unsecured.  With respect to the Equity Participation Account and the Retainer Deferral Account, the Plan is unfunded.  Each Account under the plan represents only a general contractual conditional obligation of the Company to pay in cash or shares of Common Stock the balance thereof in accordance with the provisions of the Plan.  All Restricted Stock Units or shares of Common Stock granted or payable under the Plan will be made from and pursuant to the Company’s 2008 Performance Plan, or any successor equity compensation plan. 

  15.Assignability.  All payments under the Plan shall be made only to the Participant or his or her duly designated Beneficiary (in the event of his or her death).  Except pursuant to Section 12 or the laws of descent and distribution and except as may be required by law, the right to receive payments under the Plan may not be assigned or transferred by, and are not subject to the claims of creditors of, any Participant or his or her Beneficiary during his or her lifetime.

  16.Change in the Common Stock.  In the event of any stock dividend, stock split, recapitalization, merger, split-up or other change affecting the Common Stock of the Company, the Units in each Account shall be adjusted in the same manner and proportion as the change to the Common Stock.

  17.Quarterly Statements of Accounts - Valuation.  Each calendar quarter the Company will prepare and send to each Participant a statement reporting the status of his or her Account or Accounts and Restricted Stock Units as of the close of business on the last business day of the prior calendar quarter.  To the extent an Account is denominated in Units, the value of the Units and Restricted Stock Units will be reported at the Fair Market Value of the Common Stock on the relevant valuation date.

  18.No Other Rights.  Neither the establishment of the Plan, nor any action taken thereunder, shall in any way obligate the Company to nominate an Outside Director for re-election or continue to retain an Outside Director on the Board or confer upon any Outside Director any other rights in respect of the Company.

  19.Successors of the Company.   The Plan shall be binding upon any successor to the Company, whether by merger, acquisition, consolidation or otherwise.

  20.Law Governing.  The Plan shall be governed by the laws of the State of Ohio.

   

  9Exhibit
4.3

THIS
UNSECURED CONVERTIBLE PROMISSORY NOTE AND THE SECURITIES THAT MAY BE ACQUIRED PURSUANT TO THIS UNSECURED CONVERTIBLE PROMISSORY NOTE
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY STATE SECURITIES OR “BLUE
SKY LAWS,” AND MAY NOT BE OFFERED FOR SALE, SOLD, ASSIGNED, TRANSFERRED, HYPOTHECATED, OR OTHERWISE DISPOSED OF (COLLECTIVELY,
A “TRANSFER”) UNLESS (I) SUCH SECURITIES HAVE BEEN REGISTERED FOR SALE PURSUANT TO SAID ACT AND SUCH LAWS; OR (II) THE COMPANY
HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO IT THAT SUCH TRANSFER MAY LAWFULLY BE MADE WITHOUT REGISTRATION UNDER THE
ACT AND SUCH LAWS AND THE RECIPIENT OF SUCH TRANSFER EXECUTES AN AGREEMENT WITH THE COMPANY (IN A FORM REASONABLY SATISFACTORY TO THE
COMPANY) OBLIGATING IT TO ABIDE BY COMPARABLE RESTRICTIONS ON TRANSFER.

NETCAPITAL
INC.

UNSECURED CONVERTIBLE PROMISSORY NOTE

$__________________As
of___________________, 2022 (the “Issuance Date”)

FOR
VALUE RECEIVED, Netcapital Inc., a Utah corporation (“Borrower” or the “Company”)
promises to pay to (“Lender”), or its registered assigns, in lawful money of the United States of
America the principal sum of ______________dollars ($__________.00), or such lesser amount as shall equal the outstanding
principal amount (the “Principal Amount”) of this Unsecured Convertible Promissory Note, which is one of a
duly authorized series of notes of the Company of like tenor and effect (except the variations necessary to express the name of payee,
the date, and the principal amount of each Note), each dated on or after____________, 2022 (each a “Note”
and collectively the “Notes”). Borrower also promises to pay to Lender, or its registered assigns, in lawful
money of the United States of America interest accrued on the unpaid Principal Amount in accordance with Section 2. Unless previously
converted into Conversion Securities in accordance with the terms of Section 6, all Note Obligations (as defined below) shall
be due and payable on the earlier of (i) the Maturity Date (as defined below) of this Note; or (ii) when, upon or after the occurrence
of an Event of Default (as defined below), such amounts are declared due and payable by Lender or made automatically due and payable
in accordance with the terms hereof. Borrower and Lender may be individually referred to herein as a “Party”
or collectively as the “Parties”. On the date hereof, in exchange for the issuance of this Note, the Purchaser
shall pay to the Company the Principal Amount in cash via wire transfer in accordance with the wire instructions attached hereto as Exhibit
A.

		1.	Definitions.

		(a)	Preamble
                                            and Recitals: The terms defined above are incorporated herein.

		(b)	Other
                                            Defined Terms: For purposes of this Note, the following terms shall have the following
                                            meanings (with terms defined in the singular having comparable meanings when used in the
                                            plural and vice versa):

    	 

    	 

    

		i)	“Business
                                            Day” means any day other than Saturday, Sunday or a day on which banking institutions
                                            in the City of New York are permitted or obligated by applicable law to remain closed.

		ii)	“Change
                                            of Control” means any of the following: (i) the sale or disposition of all
                                            or substantially all of the assets of Borrower to a third party; (ii) the acquisition by
                                            a third party of more than fifty percent (50%) of Borrower’s outstanding voting capital
                                            stock; or (iii) the merger or consolidation of Borrower with or into another entity unless
                                            the holders of Borrower’s voting capital stock immediately prior to such merger or
                                            consolidation hold at least fifty percent (50%) of the ownership of voting capital stock
                                            of the acquiring third party or the surviving entity in such merger or consolidation, as
                                            the case may be, immediately after the merger or consolidation. Notwithstanding the foregoing,
                                            (x) a Change of Control shall not be deemed to occur on account of a Qualified Equity Financing;
                                            and (y) any transaction or series of transactions principally for bona fide equity financing
                                            purposes shall not be deemed to be a Change of Control of Borrower. Notwithstanding the foregoing,
                                            a Change of Control shall not be deemed to occur upon the merger of the Company with and
                                            into any of its wholly-owned subsidiaries.

		iii)	“Closing
                                            Bid Price” and “Closing Sale Price” means, for any
                                            security as of any date, the last closing bid price and last closing trade price, respectively,
                                            for such security on the Principal Market, as reported by Bloomberg, or, if the 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 such security prior to 4:00:00 p.m., New York time, as reported by
                                            Bloomberg, or, if the Principal Market is not the principal securities exchange or trading
                                            market for such security, the last closing bid price or last trade price, respectively, of
                                            such security on the principal securities exchange or trading market where such security
                                            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 such security in the over-the-counter
                                            market on the electronic bulletin board for such security as reported by Bloomberg, or, if
                                            no closing bid price or last trade price, respectively, is reported for such security by
                                            Bloomberg, the average of the bid prices, or the ask prices, respectively, of any market
                                            makers for such security as reported in the “pink sheets” by OTC Markets Group
                                            Inc. (formerly Pink Sheets LLC). If the Closing Bid Price or the Closing Sale Price cannot
                                            be calculated for a security on a particular date on any of the foregoing bases, the Closing
                                            Bid Price or the Closing Sale Price (as the case may be) of such security on such date shall
                                            be the fair market value as mutually determined by the Company and the Lender. If the Company
                                            and the Lender are unable to agree upon the fair market value of such security, then such
                                            dispute shall be resolved in accordance with the procedures in Section 11. All such determinations
                                            shall be appropriately adjusted for any stock splits, stock dividends, stock combinations,
                                            recapitalizations or other similar transactions during such period.

    	 

    	 

    

		iv)	“Closing
                                            Date” shall have the meaning set forth in Section 6(a).

		v)	“Common
                                            Stock” means the Company’s common stock, par value $0.0001 per share.

		vi)	“Conversion”
                                            shall have the meaning set forth in Section 6(b).

		vii)	“Conversion
                                            Price” shall mean the lesser of (1) $10.00 and (2) 80% of the price paid per
                                            share (a) for Subsequent Round Securities by the cash investors in the Qualified Equity Financing
                                            (the “Discount Price”), or (b) set forth in the definitive agreement(s)
                                            approved by the Company and the Company’s stockholders in connection with such Change
                                            of Control; provided, however, in the event Subsequent Round Securities are sold at
                                            different prices, the Discount Price shall equal 80% of the weighted average sale price determined
                                            by dividing (x) the gross proceeds raised in the Qualified Equity Financing on or prior to
                                            the date that the Note Obligations are converted into Conversion Securities in accordance
                                            with the terms of Section 6; by (y) the total number of Subsequent Round Securities
                                            sold to raise such gross proceeds and provided further, that if the price is not set
                                            forth in the definitive agreement(s) referred to above, then such price shall be the Closing
                                            Bid Price or Closing Sales Price on the closing date of such transaction.

		viii)	“Conversion
                                            Securities” shall mean the same securities issued in connection with either
                                            a Qualified Equity Financing or a Change of Control; provided, that in the event such securities
                                            are shares of preferred stock, the Conversion Securities shares shall:

		(1)	have
                                            a per share liquidation preference amount equal to the Conversion Price;

		(2)	rank
                                            pari passu with and have the same or substantially similar rights, preferences, privileges
                                            and restrictions as the Subsequent Round Securities;

		(3)	vote
                                            as a class on all matters together with the Subsequent Round Securities; and

		(4)	be
                                            convertible initially into shares of Common Stock at a 1:1 ratio (subject to any anti-dilution
                                            adjustments provided for the holders of the Subsequent Round Securities).

		ix)	“Event
                                            of Default” shall have the meaning set forth in Section 4.

    	 

    	 

    

		x)	“Fractional
                                            Payment Amount” shall have the meaning set forth in Section 6(e).

		xi)	“Maturity
                                            Date” means the date that is the one year anniversary of the Issuance Date.

		xii)	“Maximum
                                            Rate” shall have the meaning set forth in Section 2.

		xiii)	“Note
                                            Obligations” means, as of the date of measurement, the Company’s obligation
                                            to pay the aggregate sum of (i) the outstanding unpaid Principal Amount of this Note; (ii)
                                            all accrued and unpaid interest thereon; and (iii) any other amounts payable hereunder with
                                            respect to this Note.

		xiv)	“Principal
                                            Market” means the New York Stock Exchange, the American Stock Exchange, the
                                            Nasdaq National Market, the Nasdaq SmallCap Market, whichever is at the time the principal
                                            trading exchange or market for such security, or the over-the-counter market on the electronic
                                            bulletin board for such security as reported by Bloomberg or, if no bid or sale information
                                            is reported for such security by Bloomberg, then the average of the bid prices of each of
                                            the market makers for such security as reported in the "pink sheets" by the National
                                            Quotation Bureau, Inc.

		xv)	“Qualified
                                            Equity Financing” means the offer and sale for cash by Borrower of any of its
                                            equity securities with the principal purpose of raising capital and that results in aggregate
                                            gross proceeds to Borrower of at least $5,000,000 (excluding any portion of the Principal
                                            Amount of any of the Notes that shall be converted into Borrower equity securities pursuant
                                            to Section 6 of this Note, or any other convertible debt issued by the Company that
                                            are exchanged for equity securities of the Company in such financing).

		xvi)	“Requisite
                                            Holders” means the holders of a majority of the outstanding aggregate principal
                                            amount under the Notes.

		xvii)	”Securities”
                                            shall have the meaning set forth in Section 7(c).

		xviii)	“Securities
                                            Act” means the Securities Act of 1933, as amended.

		xix)	“Subsequent
                                            Round Securities” means the equity securities sold in the Qualified Equity
                                            Financing.

		2.	Interest.
                                            Interest on the outstanding portion of the Principal Amount shall accrue at a rate equal
                                            to the lesser of eight percent (8%) per annum and the maximum non-usurious interest rate
                                            permitted by applicable law (the “Maximum Rate”). Any overdue unpaid
                                            Principal Amount shall bear interest, before and after judgment, for each day that such amounts
                                            are overdue at a rate equal to the lesser of fifteen percent (15%) per annum and the Maximum
                                            Rate. All computations of interest shall be made on the basis of a 360-day year and 30-day
                                            month for the actual number of days occurring in the period for which such interest is payable.

    	 

    	 

    

		3.	Prepayment.
                                            Subject to Section 11(d), the Principal Amount shall not be prepaid in whole or in
                                            part without the prior written consent of the Requisite Holders.

		4.	Events
                                            of Default. The occurrence of any of the following shall constitute an “Event
                                            of Default” under this Note:

		(a)	Failure
                                            to Pay. Borrower shall fail to pay when due any principal or interest payment on the
                                            due date hereunder or any other amount payable hereunder when due, whether at maturity or
                                            otherwise, provided that the Company fails to pay such amounts within 30 days of receiving
                                            written notice from the Lender that such amounts are due and unpaid; or

		(b)	Voluntary
                                            Bankruptcy or Insolvency Proceedings. Borrower shall (i) apply for or consent to the
                                            appointment of a receiver, trustee, liquidator or custodian of itself or of all or a substantial
                                            part of its property; (ii) admit in writing its inability, to pay its debts generally as
                                            they mature; (iii) make a general assignment for the benefit of its or any of its creditors;
                                            (iv) be dissolved or liquidated; (v) commence a voluntary case or other proceeding seeking
                                            liquidation, reorganization or other relief with respect to itself or its debts under any
                                            bankruptcy, insolvency or other similar law now or hereafter in effect or consent to any
                                            such relief or to the appointment of or taking possession of its property by any official
                                            in an involuntary case or other proceeding commenced against it

		(c)	Involuntary
                                            Bankruptcy or Insolvency Proceedings. Proceedings for the appointment of a receiver,
                                            trustee, liquidator or custodian of Borrower or of all or a substantial part of the property
                                            thereof, or an involuntary case or other proceedings seeking liquidation, reorganization
                                            or other relief with respect to Borrower or the debts thereof under any bankruptcy, insolvency
                                            or other similar law now or hereafter in effect shall be commenced and an order for relief
                                            entered or such proceeding shall not be dismissed or discharged within 30 days of commencement;
                                            or

		(d)	Other
                                            Defaults. Borrower shall fail to pay any obligation in excess of $100,000, either individually
                                            or in the aggregate, when the same becomes due and payable and such failure shall continue
                                            after the applicable grace period, if any, specified in the agreement or instrument giving
                                            rise to such obligation or obligations; or

		(e)	Agreements.
                                            Borrower shall fail to perform or observe in all material respects any of its covenants or
                                            agreements in this Note and such failure shall continue for ten (10) days after Borrower
                                            obtaining knowledge of such failure or receipt by Borrower from Lender of a written notice
                                            of such failure.

		5.	Rights
                                            of Lender upon Default. Upon the occurrence or existence of any Event of Default (other
                                            than an Event of Default described in Sections 4(b) or 4(c)) and at any time
                                            thereafter during the continuance of such Event of Default, the outstanding Note Obligations
                                            payable by Borrower hereunder shall become immediately due and payable upon election of the
                                            Requisite Holders without presentment, demand, protest or any other notice of any kind, all
                                            of which are hereby expressly waived. Upon the occurrence or existence of any Event of Default
                                            described in Sections 4(b) and 4(c), immediately and without notice, all outstanding
                                            Note Obligations payable by Borrower hereunder shall automatically become immediately due
                                            and payable, without presentment, demand, protest or any other notice of any kind, all of
                                            which are hereby expressly waived. In addition to the foregoing remedies, upon the occurrence
                                            or existence of any Event of Default, Lender may exercise any other right power or remedy
                                            granted to it by this Note or otherwise permitted to it by law, either by suit in equity
                                            or by action at law, or both.

    	 

    	 

    

		6.	Automatic
                                            Conversion.

		(a)	Automatic
                                            Conversion Upon a Qualified Equity Financing. Subject to the terms and conditions of
                                            this Section 6, upon the closing of a Qualified Equity Financing (the date of such
                                            closing, the “Closing Date”), an amount equal to the Note Obligations
                                            outstanding on the Closing Date shall automatically convert simultaneously with the closing
                                            of the Qualified Equity Financing into a number of Conversion Securities equal to the quotient
                                            obtained by dividing (a) an amount equal to the Note Obligations outstanding on the
                                            Closing Date by (b) the Conversion Price (an “Equity Financing Conversion”),
                                            and the Lender shall be entitled to the benefit of such other terms and conditions that may
                                            be granted to any investor in such Qualified Equity Financing.

		(b)	Automatic
                                            Conversion Upon a Change of Control. In the event that prior to a Qualified Equity Financing
                                            and prior to the Maturity Date, there is a Change of Control, an amount equal to the Note
                                            Obligations outstanding on the Closing Date shall automatically convert simultaneously with
                                            the Change in Control into a number of Conversion Securities equal to the quotient obtained
                                            by dividing (a) an amount equal to the Note Obligations outstanding on the date that
                                            the Change in Control occurs by

		(c)	the
                                            Conversion Price (a “Change in Control Conversion”; and together
                                            with an Equity Financing Conversion, a “Conversion”). The Company
                                            shall provide each Note holder with at least five (5) days prior written notice of the anticipated
                                            closing of a Change of Control.

		(d)	Surrender
                                            of Note. Promptly after any Conversion, but in no event more than five (5) Business Days
                                            thereafter, Lender shall deliver the original of this Note (or a notice to the effect that
                                            the original Note has been lost, stolen or destroyed and an agreement acceptable to Borrower
                                            whereby the holder agrees to indemnify Borrower from any loss incurred by it in connection
                                            with this Note); provided, however, that upon Borrower’s issuance of all amounts
                                            and/or Conversion Securities required under Section 6(a), Section 6(b), and
                                            Section 6(e), as applicable, this Note shall be deemed converted and of no further
                                            force and effect, whether or not it is delivered for cancellation as set forth in this Section
                                            6(c).

		(e)	Reservation
                                            of Equity Securities. Borrower covenants that all Conversion Securities that shall be
                                            so issued shall be duly authorized, validly issued, fully paid, and non-assessable by Borrower,
                                            not subject to any preemptive rights, and free from any taxes, liens, and charges with respect
                                            to the issue thereof. Borrower shall take all such action as may be necessary to ensure that
                                            all such Conversion Securities may be so issued without violation of any applicable law or
                                            regulation.

    	 

    	 

    

		(f)	Fractional
                                            Securities. No fractional Conversion Securities shall be issued upon conversion of this
                                            Note. In lieu of Borrower issuing any fractional Conversion Securities to Lender upon the
                                            conversion of this Note, Borrower shall pay to Lender an amount equal to the product obtained
                                            by multiplying the Conversion Price or Merger Conversion Price, as applicable, by the fraction
                                            of a Conversion Security not issued pursuant to the previous sentence (the “Fractional
                                            Payment Amount”).

		7.	Representations
                                            and Warranties of Lender. Lender represents and warrants to Borrower upon the acquisition
                                            of the Note as follows:

		(a)	Binding
                                            Obligation. This Note has been duly executed and delivered by Lender and is a valid and
                                            binding obligation of Lender, enforceable against Lender in accordance with its terms, except
                                            as limited by bankruptcy, insolvency or other laws of general application relating to or
                                            affecting the enforcement of creditors’ rights generally and general principles of
                                            equity.

		(b)	Experience.
                                            Lender is an “accredited investor” as that term is defined in Rule 501 under
                                            the Securities Act. Lender has substantial experience in evaluating and investing in private
                                            placement transactions of securities in companies similar to Borrower so that Lender is capable
                                            of evaluating the merits and risks of its investment in Borrower and has the capacity to
                                            protect Lender’s own interests.

		(c)	Investment.
                                            Lender is acquiring the Note and, as applicable, the Conversion Securities issuable upon
                                            conversion of the Note (collectively, the “Securities”), not as
                                            a nominee or agent, and not with the view to, or for resale in connection with, any distribution
                                            thereof. Lender understands that the Note has not been, and that neither the Note nor the
                                            Conversion Securities will be, registered under the Securities Act by reason of a specific
                                            exemption from the registration provisions of the Securities Act, the availability of which
                                            depends upon, among other things, the bona fide nature of the investment intent and the accuracy
                                            of such Lender’s representations as expressed herein and in response to Borrower’s
                                            inquiries, if any.

		(d)	Rule
                                            144. Lender acknowledges that the Securities must be held indefinitely unless subsequently
                                            registered under the Securities Act or unless an exemption from such registration is available.
                                            Lender is aware of the provisions of Rule 144 promulgated under the Securities Act, which
                                            permit limited resale of securities purchased in a private placement subject to the satisfaction
                                            of certain conditions, including, among other things, the existence of a public market for
                                            the securities, the availability of certain current public information about Borrower, the
                                            resale occurring not less than one year after a party has purchased and paid for the security
                                            to be sold, the sales being effected through a “broker’s transaction” or
                                            in transactions directly with a “market maker” and the number of securities being
                                            sold during any three-month period not exceeding specified limitations.

    	 

    	 

    

		(e)	No
                                            Public Market. Lender understands that no public market now exists for any of the securities
                                            issued by Borrower and that Borrower has made no assurances that a public market will ever
                                            exist for Borrower’s securities.

		(f)	Access
                                            to Data. Lender acknowledges that Lender has received all the information Lender considers
                                            necessary or appropriate for deciding whether to acquire the Securities. Lender further represents
                                            that Lender has had an opportunity to ask questions and receive answers from the Company
                                            regarding the terms and conditions of the offering of the Securities.

		(g)	Brokers
                                            or Finders. ThinkEquity LLC, a U.S.-registered broker-dealer (“ThinkEquity”),
                                            will be paid by the Company a referral fee of ten percent (10%) of the aggregate gross Principal
                                            Amount of the Notes introduced by them. The Company will also pay certain expenses of ThinkEquity
                                            in connection with the Notes, not to exceed $10,000.

		(h)	Tax
                                            Advisors. Lender acknowledges that it has had the opportunity to review with Lender’s
                                            own tax advisors the federal, state, local and foreign tax consequences of this investment
                                            and the transactions contemplated by this Note.

		8.	Representations
                                            and Warranties of Borrower. Borrower represents and warrants to Lender that Borrower
                                            has full legal capacity, power and authority to execute and deliver this Note and to perform
                                            its obligations hereunder. This Note has been duly executed and delivered by Borrower and
                                            is a valid and binding obligation of Borrower, enforceable against it in accordance with
                                            its terms, except as limited by bankruptcy, insolvency or other laws of general application
                                            relating to or affecting the enforcement of creditors’ rights generally and general
                                            principles of equity. The execution and delivery by Borrower of this Note and the performance
                                            of its obligations hereunder will not violate, conflict with, result in a breach of, or constitute
                                            a default under the organizational documents of Borrower or any of its subsidiaries.

		9.	Assignment.
                                            Neither this Note nor any of the rights, interests or obligations hereunder may be assigned
                                            by either Party, whether by operation of law or otherwise, without the other Party’s
                                            prior written consent, and any purported attempt by a Party to assign this Note or any of
                                            the rights, interests or obligations hereunder in violation of this Section 9 shall
                                            be null and void.

		10.	No
                                            Collateral. This Note is unsecured.

		11.	Miscellaneous.

		(a)	Notices.
                                            Any notice, request, instruction, or other communication to be given to any other Party shall
                                            be in writing. Any notice, request, instruction, or other document hereunder shall be deemed
                                            duly given if addressed to the intended recipient at the address provided from time to time.

    	 

    	 

    

		(b)	Survival.
                                            The representations, warranties, covenants and agreements made herein shall survive the execution
                                            and delivery of this Note.

		(c)	Severability.
                                            If any provision of this Note shall be judicially determined to be invalid, illegal or unenforceable,
                                            the validity, legality and enforceability of the remaining provisions shall not in any way
                                            be affected or impaired thereby.

		(d)	Usury.
                                            In the event any interest is paid on this Note which is deemed to be in excess of the then
                                            Maximum Rate, then that portion of the interest payment representing an amount in excess
                                            of the then Maximum Rate shall be deemed a payment of principal and, notwithstanding Section
                                            3, be applied against the principal of this Note.

		(e)	Waivers.
                                            Borrower hereby waives notice of default, presentment or demand for payment, protest or notice
                                            of nonpayment or dishonor and all other notices or demands relative to this instrument.

		(f)	Costs.
                                            Each of the Parties hereto shall pay its own fees and expenses (including the fees of any
                                            attorneys, accountants or others engaged by such Party) in connection with this Note and
                                            the transactions contemplated hereby whether or not the transactions contemplated hereby
                                            are consummated.

		(g)	No
                                            Drafting Presumption. The language used in this Note shall be deemed to be the language
                                            chosen by the Parties to express their mutual intent, and no rule of strict construction
                                            shall be applied against any Party.

		(h)	Reservation
                                            of Rights. No failure on the part of Lender to exercise, and no delay in exercising,
                                            any right, power, privilege or remedy hereunder shall operate as a waiver thereof, nor shall
                                            any single or partial exercise thereof by Lender preclude any other or further exercise thereof
                                            or the exercise of any other right, power, privilege or remedy of Lender.

		(i)	CHOICE
                                            OF LAW. THIS NOTE AND ALL ACTIONS, CAUSES OF ACTION OR CLAIMS OF ANY KIND (WHETHER AT
                                            LAW, IN EQUITY, IN CONTRACT, IN TORT OR OTHERWISE) THAT MAY BE BASED UPON, ARISE OUT OF OR
                                            RELATE TO THIS NOTE, OR THE NEGOTIATION, EXECUTION OR PERFORMANCE OF THIS NOTE SHALL BE GOVERNED
                                            BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, INCLUDING WITHOUT
                                            LIMITATION NEW YORK LAWS RELATING TO APPLICABLE STATUTES OF LIMITATION AND BURDENS OF PROOF,
                                            AVAILABLE REMEDIES AND APPLICABLE EVIDENTIARY PRIVILEGES.

		(j)	WAIVER
                                            OF JURY TRIAL. THE PARTIES HERETO AGREE THAT ANY SUIT, ACTION, OR PROCEEDING, WHETHER
                                            CLAIM OR COUNTERCLAIM, BROUGHT OR INSTITUTED BY EITHER A PARTY HERETO OR ANY SUCCESSOR OR
                                            ASSIGN ON OR WITH RESPECT TO, ARISING IN CONNECTION WITH, OR RELATED TO THIS NOTE SHALL BE
                                            TRIED ONLY BY A COURT AND NOT BY A JURY. THE PARTIES HERETO HEREBY EXPRESSLY WAIVE ANY RIGHT
                                            TO A TRIAL BY JURY IN ANY SUCH SUIT, ACTION, OR PROCEEDING. THE PARTIES HERETO ACKNOWLEDGE
                                            AND AGREE THAT THIS SECTION 11(j) IS A SPECIFIC AND MATERIAL ASPECT OF THIS NOTE.

    	 

    	 

    

		(k)	INTEGRATION.
                                            THIS NOTE REPRESENTS THE FINAL AGREEMENT OF THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE
                                            OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN
                                            ORAL AGREEMENTS BETWEEN THE PARTIES.

		(l)	Amendments
                                            and Waivers. Any term of this Note may be amended, modified (including, without limitation,
                                            any extension of the Maturity Date, to change the Conversion Price or to cause the Notes
                                            to be prepayable) or waived upon the written consent of the Company and the Requisite Holders;
                                            provided however, that, any such amendment or waiver must apply to all outstanding
                                            Notes. No such waiver or consent in any one instance shall be construed to be a continuing
                                            waiver or a waiver in any other instance unless it expressly so provides. The Company shall
                                            promptly notify all Note holders of any such change or amendment.

		(m)	Counterparts.
                                            This Note be manually or electronically executed in one or more counterparts (delivery of
                                            which may occur via facsimile or electronic transmission, including as an attachment to an
                                            electronic mail message in “pdf” or similar format), each of which shall be deemed
                                            an original, but all of which shall together constitute one and the same instrument.

    	 

    	 

    

 

IN
WITNESS WHEREOF, the undersigned have executed this Note as of the date first written above.

	 	NETCAPITAL
                                            INC.

    By:_________________________________

    Name:

    Title:

     

	 	 
	 	 
	ACCEPTED
                                            AND AGREED:

    Lender:

    By:__________________________________

     

    Name:_______________________________

    Title:________________________________

     

    Address:_____________________________

    _____________________________________

    _____________________________________

    _____________________________________

     

    Email:_________________________________

    ______________________________________

    ______________________________________
	 

 

    	 

    	 

    

EXHIBIT
A

Wire Instructions

Bank:

Account
Name:

Routing
Number:

Account
Number:

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