Document:

EXHIBIT
10.47

 

SECURITIES
PURCHASE AGREEMENT

 

This SECURITIES
PURCHASE AGREEMENT (this “Agreement”), dated as of April 3, 2017, is entered into by and between PROGREEN
US, INC., a Delaware corporation (the “Company”), and EMA Financial, LLC, a Delaware limited liability company (the
“Purchaser”).

 

WHEREAS,
subject to the terms and conditions set forth in this Agreement and pursuant to Section 4(2) of the Securities Act of 1933, as
amended (the “Securities Act” or “1933 Act”), and Rule 506 promulgated thereunder by the United States
Securities and Exchange Commission (the “SEC”), the Company desires to issue and sell to the Purchaser, and the Purchaser
desires to purchase from the Company a 10% Convertible Note of the Company, in the form attached hereto as Exhibit A, in the principal
amount of $113,000.00 (together with any note(s) issued in replacement thereof or as interest thereon or otherwise with respect
thereto in accordance with the terms thereof, the “Note”), convertible into shares (“Conversion Shares”)
of common stock, $0.0001 par value per share (the “Common Stock”), of the Company, upon the terms and subject to the
limitations and conditions set forth in such Note.

 

NOW,
THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration,
the receipt and adequacy of which are hereby acknowledged, the Company and the Purchaser agree as follows:

 

		1.	Purchase
                                         and Sale of Note.

 

a)       Purchase
of Note. On the Closing Date (as defined below), the Company shall issue and sell to the Purchaser, and the Purchaser agrees
to purchase from the Company, the Note for an aggregate purchase price of $113,000.00 (“Purchase Price”).

 

b)       Form
of Payment. On the Closing Date (i) the Purchaser shall pay the Purchase Price by wire transfer of immediately available funds
to the Company, in accordance with the Company’s written wiring instructions, simultaneously with delivery of the Note,
and (ii) the Company shall deliver such Note duly executed on behalf of the Company to the Purchaser, simultaneously with delivery
of such Purchase Price.

 

c)       Closing
Date. Subject to the satisfaction (or written waiver) of the conditions thereto set forth in Section 6 and Section 7 below,
the closing of the transactions contemplated by this Agreement (the “Closing”) shall occur on the first business day
following the date hereof or such other mutually agreed upon time (the “Closing Date”) at the offices of Purchaser’s
counsel.

 

2.    Purchaser’s
Representations and Warranties. The Purchaser represents and warrants to the Company that:

 

a)       Investment
Purpose. Purchaser is acquiring the Securities for its own account and not with a view
towards, or for resale in connection with, the public sale or distribution thereof in violation of applicable securities laws;
provided, however, by making the representations herein, Purchaser does not agree, or make any representation or warranty, to
hold any of the Securities for any minimum or other specific term and reserves the right to dispose of the Securities at any time
in accordance with or pursuant to a registration statement or an exemption under the 1933 Act. The Purchaser is acquiring the
Securities hereunder in the ordinary course of its business. The Purchaser does not presently have any agreement or understanding,
directly or indirectly, with any person to distribute any of the Securities in violation of applicable securities laws.

 

     

     

    

 

b)       Accredited
Investor Status. The Purchaser is an “accredited investor” as that term is defined in Rule 501(a) of Regulation
D (an “Accredited Investor”).

 

c)       Reliance
on Exemptions. The Purchaser understands that the Securities are being offered and sold to it in reliance upon specific exemptions
from the registration requirements of United States federal and state securities laws and that the Company is relying upon the
truth and accuracy of, and the Purchaser’s compliance with, the representations, warranties, agreements, acknowledgments
and understandings of the Purchaser set forth herein in order to determine the availability of such exemptions and the eligibility
of the Purchaser to acquire the Securities.

 

d)       Information.
The Purchaser and its advisors, if any, have been, and for so long as the Securities remain outstanding will continue to be, furnished
with all materials relating to the business, finances and operations of the Company and materials relating to the offer and sale
of the Securities which have been reasonably requested by the Purchaser or its advisors, provided that the Purchaser has not been
furnished with, and the Company shall not in the future deliver to the Purchaser without its consent, any material non-public
information concerning the Company. The Purchaser and its advisors, if any, have been, and for so long as the Securities remain
outstanding will continue to be, afforded the opportunity to ask questions of the Company. Neither such inquiries nor any other
due diligence investigation conducted by Purchaser or any of its advisors or representatives shall modify, amend or affect Purchaser’s
right to rely on the Company’s representations and warranties contained in Section 3 below. The Purchaser understands that
its investment in the Securities involves a significant degree of risk.

 

e)       Governmental
Review. The Purchaser understands that no United States federal or state agency or any other government or governmental agency
has passed upon or made any recommendation or endorsement of the Securities.

 

f)       Transfer
or Re-sale. The Purchaser understands that (i) the sale or re-sale of the Securities has not been and is not being registered
under the 1933 Act or any applicable state securities laws, and the Securities may not be transferred unless (a) the Securities
are sold pursuant to an effective registration statement under the 1933 Act, (b) the Purchaser shall have delivered to the Company
an opinion of counsel that shall be in form, substance and scope customary for opinions of counsel in comparable transactions
to the effect that the securities to be sold or transferred may be sold or transferred pursuant to an exemption from such registration,
which opinion shall be reasonably acceptable to the Company, (c) the Securities are sold or transferred to an “affiliate”
(as defined in Rule 144 promulgated under the 1933 Act (or a successor rule) (“Rule 144”) of the Purchaser who agrees
to sell or otherwise transfer the Securities only in accordance with this Section 2(f) and who is an Accredited Investor, (d)
the Securities are sold pursuant to Rule 144, or (e) the Securities are sold pursuant to Regulation S under the 1933 Act (or a
successor rule) (“Regulation S”) and the Purchaser shall have delivered to the Company an opinion of counsel reasonably
acceptable to the Company relating to such Regulation S; (ii) any sale of such Securities made in reliance on Rule 144 may be
made only in accordance with the terms of such Rule and further, if such Rule is not applicable, any re-sale of such Securities
under circumstances in which the seller (or the person through whom the sale is made) may be deemed to be an underwriter (as that
term is defined in the 1933 Act) may require compliance with some other exemption under the 1933 Act or the rules and regulations
of the SEC thereunder; and (iii) neither the Company nor any other person is under any obligation to register such Securities
under the 1933 Act or any state securities laws or to comply with the terms and conditions of any exemption thereunder (in each
case). Notwithstanding the foregoing or anything else contained herein to the contrary, the Securities may be pledged as collateral
in connection with a bona fide margin account or other lending arrangement.

 

    	 	2	 

     

    

 

g)       Legends.
The Purchaser understands that the Securities have been issued (or will be issued in the
case of the Conversion Shares) pursuant to an exemption from registration or qualification under the 1933 Act and applicable state
securities laws, and except as set forth below, the Securities shall bear any legend as required by the “blue sky”
laws of any state and a restrictive legend in substantially the following form (and a stop-transfer order may be placed against
transfer of such stock certificates):

 

“NEITHER
THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE [CONVERTIBLE]
[EXERCISABLE] HAVE BEEN][THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN] REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED
(I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR (B) AN OPINION OF COUNSEL TO THE HOLDER (IF REQUESTED BY THE COMPANY), IN A FORM REASONABLY ACCEPTABLE TO THE
COMPANY, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD OR ELIGIBLE TO BE SOLD PURSUANT TO RULE 144 OR RULE
144A UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT
OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.”

 

The
legend set forth above shall be removed and the Company shall issue a certificate without such legend to the holder of any Security
upon which it is stamped, if, unless otherwise required by applicable state securities laws, (a) such Security is registered for
sale under an effective registration statement filed under the 1933 Act or otherwise may be sold pursuant to Rule 144 or Regulation
S without any restriction as to the number of securities as of a particular date that can then be immediately sold, or (b) such
holder provides the Company with an opinion of counsel at the Company’s expense, in the form, substance and scope customary
for opinions of counsel in comparable transactions, to the effect that a public sale or transfer of such Security may be made
without registration under the 1933 Act, which opinion shall be reasonably accepted by the Company so that the sale or transfer
is effected. The Purchaser agrees to sell all Securities, including those represented by a certificate(s) from which the legend
has been removed, in compliance with applicable prospectus delivery requirements, if any.

 

    	 	3	 

     

    

 

h)       Authorization;
Enforcement. This Agreement has been duly and validly authorized. This Agreement has been duly executed and delivered on behalf
of the Purchaser, and this Agreement constitutes a valid and binding agreement of the Purchaser enforceable in accordance with
its terms.

 

i)       Disqualification.
No executive officer, member of the Board of Directors of or shareholder of the Purchaser (“Purchaser Affiliates”)
is currently subject to a Disqualifying Event. For purposes of this Agreement, "Disqualifying Event" means any conviction,
order, judgment, decree, suspension, expulsion, event or other matter set out in Rule 506(d)(1)(i) through (viii) of Regulation
D that is currently in effect or which occurred within the periods set out in Rule 506(d)(1)(i) through (viii). No Purchaser Affiliate
has ever at any time been a party to or involved in litigation or an enforcement action where the Commission or the Financial
Industry Regulatory Authority was or is a party.

 

j)       Sophistication.
The Purchaser is a sophisticated investor with respect to transactions similar to those reflected in the Transaction Documents,
and has reviewed and is familiar with the SEC Documents.

 

3.      Representations
and Warranties of the Company. The Company represents and warrants to the Purchaser, as of the date hereof and the Closing
Date, that:

 

a)       Organization
and Qualification. The Company and each of its Subsidiaries (as defined below), if any, is a corporation duly organized, validly
existing and in good standing under the laws of the jurisdiction in which it is incorporated, with full power and authority (corporate
and other) to own, lease, use and operate its properties and to carry on its business as and where now owned, leased, used, operated
and conducted. The list of all of the Subsidiaries of the Company and the jurisdiction in which each is incorporated is set forth
in the Company’s SEC Documents. The Company and each of its Subsidiaries is duly qualified as a foreign corporation to do
business and is in good standing in every jurisdiction in which its ownership or use of property or the nature of the business
conducted by it makes such qualification necessary except where the failure to be so qualified or in good standing would not have
a Material Adverse Effect. “Material Adverse Effect” means any material adverse effect on the business, operations,
assets, financial condition or prospects of the Company or its Subsidiaries, if any, taken as a whole, or on the transactions
contemplated hereby or by the agreements or instruments to be entered into in connection herewith. “Subsidiaries”
means any corporation or other organization, whether incorporated or unincorporated, in which the Company owns, directly or indirectly,
any equity or other ownership interest.

 

    	 	4	 

     

    

 

b)       Authorization;
Enforcement. (i) The Company has all requisite corporate power and authority to enter into and perform this Agreement and
the Note and to consummate the transactions contemplated hereby and thereby and to issue the Securities, in accordance with the
terms hereof and thereof, (ii) the execution and delivery of this Agreement and the Note by the Company and the consummation by
it of the transactions contemplated hereby and thereby (including without limitation, the issuance of the Note and the issuance
and reservation for issuance of the Conversion Shares issuable upon conversion and exercise thereof) have been duly authorized
by the Company’s Board of Directors and no further consent or authorization of the Company, its Board of Directors, or its
shareholders is required, (iii) this Agreement has been duly executed and delivered by the Company by its authorized representative,
and such authorized representative is the true and official representative with authority to sign this Agreement and the other
documents executed in connection herewith and bind the Company accordingly, and (iv) this Agreement constitutes, and upon execution
and delivery by the Company of the Note and each of such instruments will constitute, a legal, valid and binding obligation of
the Company enforceable against the Company in accordance with its terms.

 

c)       Capitalization.
As of the date hereof, the authorized capital stock of the Company, and number of shares issued and outstanding, is as set forth
in the Company’s most recent periodic report filed with the SEC. Except as disclosed on Schedule 3(c) hereof, no shares
are reserved for issuance pursuant to the Company’s stock option plans. Except as disclosed in the SEC Documents no shares
are reserved for issuance pursuant to securities exercisable for, or convertible into or exchangeable for shares of Common Stock.
All of such outstanding shares of capital stock are, or upon issuance will be, duly authorized, validly issued, fully paid and
non-assessable. No shares of capital stock of the Company are subject to preemptive rights or any other similar rights of the
shareholders of the Company or any liens or encumbrances imposed through the actions or failure to act of the Company. As of the
effective date of this Agreement, and except as disclosed in the SEC Documents, (i) there are no outstanding options, warrants,
scrip, rights to subscribe for, puts, calls, rights of first refusal, agreements, understandings, claims or other commitments
or rights of any character whatsoever relating to, or securities, notes or rights convertible into or exchangeable for any shares
of capital stock of the Company or any of its Subsidiaries, or arrangements by which the Company or any of its Subsidiaries is
or may become bound to issue additional shares of capital stock of the Company or any of its Subsidiaries, (ii) there are no agreements
or arrangements under which the Company or any of its Subsidiaries is obligated to register the sale of any of its or their securities
under the 1933 Act and (iii) there are no anti-dilution or price adjustment provisions contained in any security issued by the
Company (or in any agreement providing rights to security holders) that will be triggered by the issuance of any of the Securities.
The Company has furnished to the Purchaser true and correct copies of the Company’s Certificate of Incorporation as in effect
on the date hereof (“Certificate of Incorporation”), the Company’s By-laws, as in effect on the date hereof
(the “By-laws”), and the terms of all securities convertible into or exercisable for Common Stock of the Company and
the material rights of the holders thereof in respect thereto.

 

d)       Issuance
of Shares. The Conversion Shares are duly authorized and reserved for issuance and, upon conversion of the Note, as the case
may be, in accordance with their respective terms, will be validly issued, fully paid and non-assessable, and free from all taxes,
liens, claims and encumbrances with respect to the issue thereof and shall not be subject to preemptive rights or other similar
rights of shareholders of the Company and will not impose personal liability upon the holder thereof.

 

    	 	5	 

     

    

 

e)       Acknowledgment
of Dilution. The Company’s executive officers and directors understand the nature of the Securities being sold hereby
and recognize that the issuance of the Securities will have a potential dilutive effect on the equity holdings of other holders
of the Company’s equity or rights to receive equity of the Company.  The board of directors of the Company has
concluded, in its good faith business judgment that the issuance of the Securities is in the best interests of the Company.  The
Company specifically acknowledges that its obligation to issue the Conversion Shares upon conversion of the Notes is binding upon
the Company and enforceable regardless of the dilution such issuance may have on the ownership interests of other stockholders
of the Company or parties entitled to receive equity of the Company.

 

f)       No
Conflicts. The execution, delivery and performance of this Agreement, the Note by the Company and the consummation by the
Company of the transactions contemplated hereby and thereby (including, without limitation, the issuance and reservation for issuance
of the Conversion Shares) will not (i) conflict with or result in a violation of any provision of the Certificate of Incorporation
or By-laws, or (ii) violate or conflict with, or result in a breach of any provision of, or constitute a default (or an event
which with notice or lapse of time or both could become a default) under, or give to others any rights of termination, amendment,
acceleration or cancellation of, any agreement, indenture, patent, patent license or instrument to which the Company or any of
its Subsidiaries is a party and that is not filed as an SEC Document or other document filed with the SEC, or (iii) result in
a violation of any law, rule, regulation, order, judgment or decree (including federal and state securities laws and regulations
and regulations of any self-regulatory organizations to which the Company or its securities are subject) applicable to the Company
or any of its Subsidiaries or by which any property or asset of the Company or any of its Subsidiaries is bound or affected (except
for such conflicts, defaults, terminations, amendments, accelerations, cancellations and violations as would not, individually
or in the aggregate, have a Material Adverse Effect). Neither the Company nor any of its Subsidiaries is in violation of its Certificate
of Incorporation, By-laws or other organizational documents and neither the Company nor any of its Subsidiaries is in default
(and no event has occurred which with notice or lapse of time or both could put the Company or any of its Subsidiaries in default)
under, and neither the Company nor any of its Subsidiaries has taken any action or failed to take any action that would give to
others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which
the Company or any of its Subsidiaries is a party or by which any property or assets of the Company or any of its Subsidiaries
is bound or affected, except for possible defaults as would not, individually or in the aggregate, have a Material Adverse Effect.
The businesses of the Company and its Subsidiaries, if any, are not being conducted, and shall not be conducted so long as the
Purchaser owns any of the Securities, in violation of any law, ordinance or regulation of any governmental entity. Except as specifically
contemplated by this Agreement and as required under the 1933 Act and any applicable state securities laws, the Company is not
required to obtain any consent, authorization or order of, or make any filing or registration with, any court, governmental agency,
regulatory agency, self regulatory organization or stock market or any third party in order for it to execute, deliver or perform
any of its obligations under this Agreement and the Note in accordance with the terms hereof or thereof or to issue and sell the
Securities in accordance with the terms hereof and thereof and to issue the Conversion Shares. All consents, authorizations, orders,
filings and registrations which the Company is required to obtain pursuant to the preceding sentence have been obtained or effected
on or prior to the date hereof. The Company is not in violation of the listing requirements of the Over-the-Counter Bulletin Board
(the “OTCBB”), or OTCQB, and does not reasonably anticipate that the Common Stock will be delisted by the OTCBB, or
OTCQB, in the foreseeable future. The Company and its Subsidiaries are unaware of any facts or circumstances which might give
rise to any of the foregoing.

 

    	 	6	 

     

    

 

g)       SEC
Documents; Financial Statements. The Company has filed all quarterly and annual reports, and related schedules, and other
documents required to be filed by it with the SEC (all of the foregoing filed prior to the date hereof and all exhibits included
therein and financial statements and schedules thereto and documents (other than exhibits to such documents) incorporated by reference
therein, being hereinafter referred to herein as the “SEC Documents”). Upon written request the Company will deliver
to the Purchaser true and complete copies of the SEC Documents, except for such exhibits and incorporated documents. As of their
respective dates, the SEC Documents complied in all material respects with the requirements of the Securities Exchange Act of
1934, as amended (“1934 Act” or “Exchange Act”), and none of the SEC Documents, at the time they were
filed with the SEC, contained any untrue statement of a material fact or omitted to state a material fact required to be stated
therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading.
None of the statements made in any such SEC Documents is, or has been, required to be amended or updated under applicable law
(except for such statements as have been amended or updated in subsequent filings prior the date hereof). As of their respective
dates, the financial statements of the Company included in the SEC Documents complied as to form in all material respects with
applicable accounting requirements and the published rules and regulations of the SEC with respect thereto. Such financial statements
have been prepared in accordance with United States generally accepted accounting principles, consistently applied, during the
periods involved and fairly present in all material respects the consolidated financial position of the Company and its consolidated
Subsidiaries as of the dates thereof and the consolidated results of their operations and cash flows for the periods then ended
(subject, in the case of unaudited statements, to normal year-end audit adjustments). Except as set forth in the financial statements
of the Company included in the SEC Documents, the Company has no liabilities, contingent or otherwise, other than (i) liabilities
incurred in the ordinary course of business, and (ii) obligations under contracts and commitments incurred in the ordinary course
of business and not required under generally accepted accounting principles to be reflected in such financial statements, which,
individually or in the aggregate, are not material to the financial condition or operating results of the Company. The Company
is subject to the reporting requirements of the 1934 Act.

 

h)       Absence
of Certain Changes. Since March 22, 2017, there has been no material adverse change and no material adverse development in
the assets, liabilities, business, properties, operations, financial condition, results of operations, prospects or 1934 Act reporting
status of the Company or any of its Subsidiaries.

 

i)       Absence
of Litigation. There is no action, suit, claim, proceeding, inquiry or investigation before or by any court, public board,
government agency, self-regulatory organization or body pending or, to the knowledge of the Company or any of its Subsidiaries,
threatened against or affecting the Company or any of its Subsidiaries, or their officers or directors in their capacity as such,
that could have a Material Adverse Effect. Schedule 3(i) contains a complete list and summary description of any pending or, to
the knowledge of the Company, threatened proceeding against or affecting the Company or any of its Subsidiaries, without regard
to whether it would have a Material Adverse Effect. The Company and its Subsidiaries are unaware of any facts or circumstances
which might give rise to any of the foregoing.

 

    	 	7	 

     

    

 

j)       Patents,
Copyrights, etc. The Company and each of its Subsidiaries owns or possesses the requisite licenses or rights to use all patents,
patent applications, patent rights, inventions, know-how, trade secrets, trademarks, trademark applications, service marks, service
names, trade names and copyrights (“Intellectual Property”) necessary to enable it to conduct its business as now
operated (and, as presently contemplated to be operated in the future); there is no claim or action by any person pertaining to,
or proceeding pending, or to the Company’s knowledge threatened, which challenges the right of the Company or of a Subsidiary
with respect to any Intellectual Property necessary to enable it to conduct its business as now operated (and, as presently contemplated
to be operated in the future); to the best of the Company’s knowledge, the Company’s or its Subsidiaries’ current
and intended products, services and processes do not infringe on any Intellectual Property or other rights held by any person
and/or entity; and the Company is unaware of any facts or circumstances which might give rise to any of the foregoing. The Company
and each of its Subsidiaries have taken reasonable security measures to protect the secrecy, confidentiality and value of their
Intellectual Property.

 

k)       No
Materially Adverse Contracts, Etc. Neither the Company nor any of its Subsidiaries is subject to any charter, corporate or
other legal restriction, or any judgment, decree, order, rule or regulation which in the judgment of the Company’s officers
has or is expected in the future to have a Material Adverse Effect. Neither the Company nor any of its Subsidiaries is a party
to any contract or agreement which in the judgment of the Company’s officers has or is expected to have a Material Adverse
Effect.

 

l)       Tax
Status. The Company and each of its Subsidiaries has made or filed all federal, state and foreign income and all other tax
returns, reports and declarations required by any jurisdiction to which it is subject (unless and only to the extent that the
Company and each of its Subsidiaries has set aside on its books provisions reasonably adequate for the payment of all unpaid and
unreported taxes) and has paid all taxes and other governmental assessments and charges that are material in amount, shown or
determined to be due on such returns, reports and declarations, except those being contested in good faith and has set aside on
its books provisions reasonably adequate for the payment of all taxes for periods subsequent to the periods to which such returns,
reports or declarations apply. There are no unpaid taxes in any material amount claimed to be due by the taxing authority of any
jurisdiction, and the officers of the Company know of no basis for any such claim. The Company has not executed a waiver with
respect to the statute of limitations relating to the assessment or collection of any foreign, federal, state or local tax. None
of the Company’s tax returns is presently being audited by any taxing authority.

 

m)       Certain
Transactions. Except for arm’s length transactions pursuant to which the Company or any of its Subsidiaries makes payments
in the ordinary course of business upon terms no less favorable than the Company or any of its Subsidiaries could obtain from
third parties and other than the grant of any stock options disclosed on Schedule 3(c), none of the officers, directors, or employees
of the Company is presently a party to any transaction with the Company or any of its Subsidiaries (other than for services as
employees, officers and directors), including any contract, agreement or other arrangement providing for the furnishing of services
to or by, providing for rental of real or personal property to or from, or otherwise requiring payments to or from any officer,
director or such employee or, to the knowledge of the Company, any corporation, partnership, trust or other entity in which any
officer, director, or any such employee has a substantial interest or is an officer, director, trustee or partner.

 

    	 	8	 

     

    

 

n)       Disclosure.
All information relating to or concerning the Company or any of its Subsidiaries set forth in this Agreement and provided to the
Purchaser pursuant to Section 2(d) hereof and otherwise in connection with the transactions contemplated hereby is true and correct
in all material respects and the Company has not omitted to state any material fact necessary in order to make the statements
made herein or therein, in light of the circumstances under which they were made, not misleading. No event or circumstance has
occurred or exists with respect to the Company or any of its Subsidiaries or its or their business, properties, prospects, operations
or financial conditions, which, under applicable law, rule or regulation, requires public disclosure or announcement by the Company
but which has not been so publicly announced or disclosed.

 

o)       Acknowledgment
Regarding Purchaser’ Purchase of Securities. The Company acknowledges and agrees that the Purchaser is acting solely
in the capacity of arm’s length purchaser with respect to this Agreement and the transactions contemplated hereby. The Company
further acknowledges that the Purchaser is not acting as a financial advisor or fiduciary of the Company (or in any similar capacity)
with respect to this Agreement and the transactions contemplated hereby and any statement made by the Purchaser or any of its
respective representatives or agents in connection with this Agreement and the transactions contemplated hereby is not advice
or a recommendation and is merely incidental to the Purchaser’s purchase of the Securities.

 

p)       No
Integrated Offering. Neither the Company, nor any of its affiliates, nor any person acting on its or their behalf, has directly
or indirectly made any offers or sales in any security or solicited any offers to buy any security under circumstances that would
require registration under the 1933 Act of the issuance of the Securities to the Purchaser. The issuance of the Securities to
the Purchaser will not be integrated with any other issuance of the Company’s securities (past, current or future) for purposes
of any shareholder approval provisions applicable to the Company or its securities.

 

q)       Brokers.
The Company hereby represents and warrants that it has not hired, retained or dealt with any broker, finder, consultant, person,
firm or corporation in connection with the negotiation, execution or delivery of this Agreement or the transactions contemplated
hereunder. The Company covenants and agrees that should any claim be made against Purchaser for any commission or other compensation
by any broker, finder, person, firm or corporation, including without limitation, the Broker, based upon the Company’s engagement
of such person in connection with this transaction, the Company shall indemnify, defend and hold Purchaser harmless from and against
any and all damages, expenses (including attorneys’ fees and disbursements) and liability arising from such claim. The Company
shall pay the commission of the Broker, to the attention of the Broker, pursuant to their separate agreement(s) between the Company
and the Broker.

 

    	 	9	 

     

    

 

r)       Permits;
Compliance. The Company and each of its Subsidiaries is in possession of all franchises, grants, authorizations, licenses,
permits, easements, variances, exemptions, consents, certificates, approvals and orders necessary to own, lease and operate its
properties and to carry on its business as it is now being conducted (collectively, the “Company Permits”), and there
is no action pending or, to the knowledge of the Company, threatened regarding suspension or cancellation of any of the Company
Permits. Neither the Company nor any of its Subsidiaries is in conflict with, or in default or violation of, any of the Company
Permits, except for any such conflicts, defaults or violations which, individually or in the aggregate, would not reasonably be
expected to have a Material Adverse Effect. Since             March 22, 2017, neither the Company nor any of its Subsidiaries has received
any notification with respect to possible conflicts, defaults or violations of applicable laws, except for notices relating to
possible conflicts, defaults or violations, which conflicts, defaults or violations would not have a Material Adverse Effect.

 

s)       Environmental
Matters.

 

i.       There
are, to the Company’s knowledge, with respect to the Company or any of its Subsidiaries or any predecessor of the Company,
no past or present violations of Environmental Laws (as defined below), releases of any material into the environment, actions,
activities, circumstances, conditions, events, incidents, or contractual obligations which may give rise to any common law environmental
liability or any liability under the Comprehensive Environmental Response, Compensation and Liability Act of 1980 or similar federal,
state, local or foreign laws and neither the Company nor any of its Subsidiaries has received any notice with respect to any of
the foregoing, nor is any action pending or, to the Company’s knowledge, threatened in connection with any of the foregoing.
The term “Environmental Laws” means all federal, state, local or foreign laws relating to pollution or protection
of human health or the environment (including, without limitation, ambient air, surface water, groundwater, land surface or subsurface
strata), including, without limitation, laws relating to emissions, discharges, releases or threatened releases of chemicals,
pollutants contaminants, or toxic or hazardous substances or wastes (collectively, “Hazardous Materials”) into the
environment, or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport
or handling of Hazardous Materials, as well as all authorizations, codes, decrees, demands or demand letters, injunctions, judgments,
licenses, notices or notice letters, orders, permits, plans or regulations issued, entered, promulgated or approved thereunder.

 

ii.      Other
than those that are or were stored, used or disposed of in compliance with applicable law, no Hazardous Materials are contained
on or about any real property currently owned, leased or used by the Company or any of its Subsidiaries, and no Hazardous Materials
were released on or about any real property previously owned, leased or used by the Company or any of its Subsidiaries during
the period the property was owned, leased or used by the Company or any of its Subsidiaries, except in the normal course of the
Company’s or any of its Subsidiaries’ business.

 

iii.      There
are no underground storage tanks on or under any real property owned, leased or used by the Company or any of its Subsidiaries
that are not in compliance with applicable law.

 

    	 	10	 

     

    

 

t)       Title
to Property. The Company and its Subsidiaries have good and marketable title in fee simple to all real property and good and
marketable title to all personal property owned by them which is material to the business of the Company and its Subsidiaries,
in each case free and clear of all liens, encumbrances and defects except such as are described in Schedule 3(t) or such as would
not have a Material Adverse Effect. Any real property and facilities held under lease by the Company and its Subsidiaries are
held by them under valid, subsisting and enforceable leases with such exceptions as would not have a Material Adverse Effect.

 

u)       Insurance.
The Company and its Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks
and in such coverage amounts as are prudent and customary in the businesses in which the Company is engaged, including, but not
limited to, directors and officers insurance coverage with coverage amounts that are at least equal to the aggregate Purchase
Price. Neither the Company nor any Subsidiary has any reason to believe that it will not be able to renew its existing insurance
coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue
its business without a significant increase in cost.

 

v)       Internal
Accounting Controls. Except as disclosed in the SEC Documents, the Company and each of its Subsidiaries maintain a system
of internal accounting controls sufficient, in the judgment of the Company’s board of directors, to provide reasonable assurance
that (i) transactions are executed in accordance with management’s general or specific authorizations, (ii) transactions
are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles
and to maintain asset accountability, (iii) access to assets is permitted only in accordance with management’s general or
specific authorization and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals
and appropriate action is taken with respect to any differences.

 

w)       Foreign
Corrupt Practices. Neither the Company, nor any of its Subsidiaries, nor any director, officer, agent, employee or other person
acting on behalf of the Company or any Subsidiary has, in the course of his actions for, or on behalf of, the Company, used any
corporate funds for any unlawful contribution, gift, entertainment or other unlawful expenses relating to political activity;
made any direct or indirect unlawful payment to any foreign or domestic government official or employee from corporate funds;
violated or is in violation of any provision of the U.S. Foreign Corrupt Practices Act of 1977, as amended, or made any bribe,
rebate, payoff, influence payment, kickback or other unlawful payment to any foreign or domestic government official or employee.

 

x)       Solvency.
Except as disclosed in the SEC Documents, the Company (after giving effect to the transactions contemplated by this Agreement)
is solvent (i.e., its assets have a fair market value in excess of the amount required to pay its probable liabilities
on its existing debts as they become absolute and matured) and currently the Company has no information that would lead it to
reasonably conclude that the Company would not, after giving effect to the transaction contemplated by this Agreement, have the
ability to, nor does it intend to take any action that would impair its ability to, pay its debts from time to time incurred in
connection therewith as such debts mature.

 

    	 	11	 

     

    

 

y)       No
Investment Company. The Company is not, and upon the issuance and sale of the Securities as contemplated by this Agreement
will not be, an “investment company” required to be registered under the Investment Company Act of 1940 (an “Investment
Company”). The Company is not controlled by an Investment Company.

 

z)       No
“Shell”. The Company is not, and has not at any time previously been a Shell Company, as defined in Rule
144.

 

aa)    Bad
Actor. No officer or director of the Company would be disqualified under Rule 506(d) of the Securities Act as amended on the
basis of being a “bad actor” as that term is established in the in the September 19, 2013 Small Entity Compliance
Guide published by the Securities and Exchange Commission.

 

		4.	COVENANTS.

 

a)       Best
Efforts. The parties shall use their best efforts to satisfy timely each of the conditions described in Section 6 and 7 of
this Agreement.

 

b)       Form
D; Blue Sky Laws. The Company agrees to timely file a Form D with respect to the Securities as required under Regulation D
and to provide a copy thereof to the Purchaser promptly after such filing. The Company shall, on or before the Closing Date, take
such action as the Company shall reasonably determine is necessary to qualify the Securities for sale to the Purchaser at the
applicable closing pursuant to this Agreement under applicable securities or “blue sky” laws of the states of the
United States (or to obtain an exemption from such qualification), and shall provide evidence of any such action so taken to the
Purchaser on or prior to the Closing Date.

 

c)       Use
of Proceeds. The Company shall use the proceeds from the sale of the Securities for general corporate purposes, marketing
and sales, product development, key personnel recruiting and business development purposes.

 

d)       Financial
Information. Upon written request of the Purchaser, the Company agrees to send or make available the following reports to
the Purchaser until the Purchaser transfers, assigns, or sells all of the Securities: (i) within ten (10) days after the filing
(or the applicable deadline to so file) with the SEC or OTC Markets Group, a copy of its Annual Report and its Quarterly Reports
and any Supplemental Reports; (ii) within one (1) day after release, copies of all press releases issued by the Company or any
of its Subsidiaries; and (iii) contemporaneously with the making available or giving to the shareholders of the Company, copies
of any notices or other information the Company makes available or gives to such shareholders. Notwithstanding the foregoing,
the Company shall not disclose any material nonpublic information to the Purchaser without its consent unless such information
is disclosed to the public prior to or promptly following such disclosure to the Purchaser.

 

    	 	12	 

     

    

 

e)       Listing.
The Company will obtain and, so long as the Purchaser owns any of the Securities, maintain the listing and trading of its Common
Stock on the OTCBB, and OTCQB, or any equivalent replacement exchange, the NASDAQ Stock Market (“NASDAQ”), the New
York Stock Exchange (“NYSE”), or the NYSE MKT, f/k/a American Stock Exchange (“AMEX”), and will comply
in all respects with the Company’s reporting, filing and other obligations under the bylaws or rules of the Financial Industry
Regulatory Authority (“FINRA”) and such exchanges, as applicable. The Company shall promptly provide to the Purchaser
copies of any notices it receives from the SEC, OTC Markets Group and any other exchanges or quotation systems on which the Common
Stock is then listed regarding the continued eligibility of the Common Stock for listing on such exchanges and quotation systems,
provided that it shall not provide any notices constituting material nonpublic information.

 

f)       Corporate
Existence. So long as the Purchaser beneficially owns any Securities, the Company shall maintain its corporate existence and
shall not sell all or substantially all of the Company’s assets, except in the event of a merger or consolidation or sale
of all or substantially all of the Company’s assets, where the surviving or successor entity in such transaction (i) assumes
the Company’s obligations hereunder and under the agreements and instruments entered into in connection herewith and (ii)
is a publicly traded corporation whose Common Stock is listed for trading on NASDAQ, NYSE or AMEX.

 

g)      No
Integration. The Company shall not make any offers or sales of any security (other than the Securities) under circumstances
that would require registration of the Securities being offered or sold hereunder under the 1933 Act or cause the offering of
the Securities to be integrated with any other offering of securities by the Company for the purpose of any stockholder approval
provision applicable to the Company or its securities.

 

h)      Securities
Laws Disclosure; Publicity. The Company shall comply with applicable securities laws by filing a Current Report on Form 8-K,
within four (4) Trading Days following the date hereof, disclosing all the material terms of the transactions contemplated hereby,
if the Company deems the transactions contemplated hereby to constitute material non-public information. The Company and Purchaser
shall consult with each other in issuing any other press releases with respect to the transactions contemplated hereby, and neither
the Company nor Purchaser shall issue any such press release or otherwise make any such public statement without the prior consent
of the Company, with respect to any press release of any Purchaser, or without the prior consent of Purchaser, with respect to
any press release of the Company, except if such disclosure is required by law, in which case the disclosing party shall promptly
provide the other party with prior notice of such public statement or communication.

 

i)       Non-Public
Information. Except with respect to the material terms and conditions of the transactions contemplated by this Agreement,
the Company covenants and agrees that neither it nor any other person acting on its behalf will provide the Purchaser or its agents
or counsel with any information that the Company believes constitutes material non-public information, unless prior thereto the
Purchaser shall have executed a written agreement regarding the confidentiality and use of such information. The Company understands
and confirms that the Purchaser shall be relying on the foregoing covenant in effecting transactions in securities of the Company.

 

j)       Subsidiaries.
So long as the Note remains outstanding, except in the normal course of its business as described in the SEC Documents, the Company
shall not transfer any assets or rights to any of its subsidiaries or permit any of its subsidiaries to engage in any significant
business or operations, whether such subsidiaries are currently existing or hereafter created.

 

    	 	13	 

     

    

 

k)      Insurance.
So long as the Note remains outstanding, the Company and its Subsidiaries shall maintain in full force and effect insurance reasonably
believed by the Company to be adequate coverage (a) on all assets and activities, covering property loss or damage and loss of
income by fire or other hazards or casualty, and (b) against all liabilities, claims and risks for which it is customary for companies
similarly situated to the Company to insure, including without limitation applicable product liability insurance, required workmen’s
compensation insurance, and other insurance covering injury or damage to persons or property, but excluding directors and officers
insurance coverage. The Company shall promptly furnish or cause to be furnished evidence of such insurance to the Purchaser, in
form and substance reasonably satisfactory to the Purchaser.

 

l)       Par
Value. If the closing bid price at any time the Note is outstanding falls below $0.0005, the Company shall cause the
par value of its Common Stock to be reduced to $0.00001 or less.

 

m)     [Intentionally
Omitted].

 

n)      [Intentionally
Omitted]. 

 

5.     Transfer
Agent Instructions. Upon receipt of a duly executed Notice of Conversion, the Company shall issue irrevocable
instructions to its transfer agent to issue certificates, registered in the name of the Purchaser or its nominee, for the
Conversion Shares in such amounts as specified from time to time by the Purchaser to the Company upon conversion of the Note,
or any part thereof, in accordance with the terms thereof (the “Irrevocable Transfer Agent Instructions”). In the
event that the Company proposes to replace its transfer agent, the Company shall provide, prior to the effective date of such
replacement, a fully executed Irrevocable Transfer Agent Instructions in a form as initially delivered pursuant to this
Agreement and the Securities (including but not limited to the provision to irrevocably reserve shares of Common Stock in the
Reserved Amount (as defined in the Note)) signed by the successor transfer agent to Company and the Company. Prior to
registration of the Conversion Shares under the 1933 Act or the date on which the Conversion Shares may be sold pursuant to
Rule 144 without any restriction as to the number of Securities as of a particular date that can then be immediately sold,
all such certificates shall bear the restrictive legend specified in Section 2(g) of this Agreement. The Company warrants
that: (i) no instruction other than the Irrevocable Transfer Agent Instructions referred to in this Section 5, and stop
transfer instructions to give effect to Section 2(f) hereof (in the case of the Conversion Shares, prior to registration of
the Conversion Shares under the 1933 Act or the date on which the Conversion Shares may be sold pursuant to Rule 144 without
any restriction as to the number of Securities as of a particular date that can then be immediately sold), will be given by
the Company to its transfer agent and that the Securities shall otherwise be freely transferable on the books and records of
the Company as and to the extent provided in this Agreement and the Note; (ii) it will not direct its transfer agent not to
transfer or delay, impair, and/or hinder its transfer agent in transferring (or issuing)(electronically or in
certificated form) any certificate for Conversion Shares to be issued to the Purchaser upon conversion of or otherwise
pursuant to the Note as and when required by the Note and this Agreement; and (iii) it will not fail to remove (or direct its
transfer agent not to remove or impair, delay, and/or hinder its transfer agent from removing) any restrictive legend (or to
withdraw any stop transfer instructions in respect thereof) on any certificate for any Conversion Shares issued to the
Purchaser upon conversion of or otherwise pursuant to the Note as and when required by the Note and this Agreement. Nothing
in this Section shall affect in any way the Purchaser’s obligations and agreement set forth in Section 2(g) hereof to
comply with all applicable prospectus delivery requirements, if any, upon re-sale of the Securities. If the Purchaser
provides the Company with (i) an opinion of counsel in form, substance and scope customary for opinions in comparable
transactions, to the effect that a public sale or transfer of such Securities may be made without registration under the 1933
Act and such sale or transfer is effected or (ii) the Purchaser provides reasonable assurances that the Securities can be
sold pursuant to Rule 144, the Company shall permit the transfer, and, in the case of the Conversion Shares, promptly
instruct its transfer agent to issue one or more certificates, free from restrictive legend, in such name and in such
denominations as specified by the Purchaser. The Company acknowledges that a breach by it of its obligations hereunder will
cause irreparable harm to the Purchaser, by vitiating the intent and purpose of the transactions contemplated
hereby. Accordingly, the Company acknowledges that the remedy at law for a breach of its obligations under this Section 5 may
be inadequate and agrees, in the event of a breach or threatened breach by the Company of the provisions of this Section,
that the Purchaser shall be entitled, in addition to all other available remedies, to an injunction restraining any breach
and requiring immediate transfer, without the necessity of showing economic loss and without any bond or other security being
required.

 

    	 	14	 

     

    

 

6.     Injunction Posting
of Bond.  In the event the Purchaser shall elect to convert the Note or any parts thereof, the Company may not refuse
conversion or exercise based on any claim that Purchaser or anyone associated or affiliated with Purchaser has been engaged in
any violation of law, or for any other reason. In connection with any injunction sought or attempted by the Company, the Company
shall be required to post a bond at least equal to the greater of either: (i) the outstanding principal amount of the Note; and
(ii) the market value of the Conversion Shares sought to be converted, exercised or issued, based on the sale price per share
of Common Stock on the principal market on which it is traded.

 

		7.	Delivery
    of Unlegended Shares.

 

a)       Within
three (3) business days (such third business day being the “Unlegended Shares Delivery Date”) after the business
day on which the Company has received (i) a notice that Conversion Shares, or any other Common Stock held by the Purchaser has
been sold pursuant to a registration statement or Rule 144 under the 1933 Act, (ii) a representation that the prospectus delivery
requirements, or the requirements of Rule 144, as applicable and if required, have been satisfied, (iii) the original share certificates
representing the shares of Common Stock that have been sold, and (iv) in the case of sales under Rule 144, customary representation
letters of the Purchaser and, if required, Purchaser’s broker regarding compliance with the requirements of Rule 144, the
Company at its expense, (y) shall deliver, and shall cause legal counsel selected by the Company to deliver to its transfer agent
(with copies to Purchaser) an appropriate instruction and opinion of such counsel, directing the delivery of shares of Common
Stock without any legends including the legend set forth in Section 4(h) above (the “Unlegended Shares”); and
(z) cause the transmission of the certificates representing the Unlegended Shares together with a legended certificate representing
the balance of the submitted Common Stock certificate, if any, to the Purchaser at the address specified in the notice of sale,
via express courier, by electronic transfer or otherwise on or before the Unlegended Shares Delivery Date.

 

    	 	15	 

     

    

 

b)       The
Company understands that a delay in the delivery of the Unlegended Shares later than the Unlegended Shares Delivery Date could
result in economic loss to the Purchaser. As compensation to Purchaser for such loss, the Company agrees to pay late payment fees
(as liquidated damages and not as a penalty) to the Purchaser for late delivery of Unlegended Shares in the amount of $1,000.00
per business day after the Unlegended Shares Delivery Date. If during any three hundred and sixty (360) day period, the Company
fails to deliver Unlegended Shares as required by this Section for an aggregate of thirty (30) days, then Purchaser or assignee
holding Securities subject to such default may, at its option, require the Company to redeem all or any portion of the shares
subject to such default at a price per share equal to the greater of (i) 200% of the most recent closing price of the Common Stock
or (ii) a fraction in which the numerator is the highest closing price of the Common Stock during the aforedescribed thirty (30)
day period and the denominator of which is the lowest conversion price during such thirty (30) day period, multiplied by the conversion
price or exercise price, as the case may be (“Unlegended Redemption Amount”). The Company shall pay any payments
incurred under this Section in immediately available funds upon demand.

 

8.    Conditions
to the Company’s Obligation to Sell. The obligation of the Company hereunder to issue and sell the Note to the
Purchaser at the Closing is subject to the satisfaction, at or before the Closing Date of each of the following conditions
thereto, provided that these conditions are for the Company’s sole benefit and may be waived by the Company at any time
in its sole discretion:

 

a)       The
Purchaser shall have executed this Agreement and delivered the same to the Company.

 

b)       The
Purchaser shall have delivered the Purchase Price to the Company.

 

c)       The
representations and warranties of the Purchaser shall be true and correct in all material respects as of the date when made and
as of the Closing Date as though made at that time (except for representations and warranties that speak as of a specific date),
and the Purchaser shall have performed, satisfied and complied in all material respects with the covenants, agreements and conditions
required by this Agreement to be performed, satisfied or complied with by the Purchaser at or prior to the Closing Date.

 

d)       No
litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated
or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having
authority over the matters contemplated hereby which prohibits the consummation of any of the transactions contemplated by this
Agreement.

 

    	 	16	 

     

    

 

9.     Conditions
to The Purchaser’s Obligation to Purchase. The obligation of the Purchaser hereunder to purchase the Note at the
Closing is subject to the satisfaction, at or before the Closing Date of each of the following conditions, provided that
these conditions are for the Purchaser’s sole benefit and may be waived by the Purchaser at any time in its sole
discretion:

 

a)       The
Company shall have executed this Agreement and delivered the same to the Purchaser.

 

b)       The
Company shall have delivered to the Purchaser the duly executed Note (in such denominations as the Purchaser shall request) in
accordance with Section 1 above.

 

c)       The
Irrevocable Transfer Agent Instructions, in form and substance satisfactory to the Purchaser, shall have been delivered to and
acknowledged in writing by the Company’s Transfer Agent (a copy of which written acknowledgment shall be provided to Purchaser
simultaneously with Closing).

 

d)       The
representations and warranties of the Company shall be true and correct in all material respects as of the date when made and
as of the Closing Date as though made at such time (except for representations and warranties that speak as of a specific date)
and the Company shall have performed, satisfied and complied in all material respects with the covenants, agreements and conditions
required by this Agreement to be performed, satisfied or complied with by the Company at or prior to the Closing Date. The Purchaser
shall have received a certificate or certificates, executed by the chief executive officer of the Company, dated as of the Closing
Date, to the foregoing effect and as to such other matters as may be reasonably requested by the Purchaser including, but not
limited to certificates with respect to the Company’s Certificate of Incorporation, By-laws, incumbency, and Board of Directors’
resolutions relating to the transactions contemplated hereby.

 

e)      No
litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated
or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having
authority over the matters contemplated hereby which prohibits the consummation of any of the transactions contemplated by this
Agreement.

 

f)       No
event shall have occurred which could reasonably be expected to have a Material Adverse Effect on the Company including but not
limited to a change in the 1934 Act reporting status of the Company or the failure of the Company to be timely in its 1934 Act
reporting obligations.

 

g)      The
Conversion Shares shall have been authorized for quotation on the OTCBB, OTCQB, and trading of the Common Stock on the OTCBB,
OTCQB, shall not have been suspended by the SEC or the OTC Markets Group.

 

    	 	17	 

     

    

 

		10.	Governing
                                         Law; Miscellaneous.

 

a)       Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of
the State of New York without regard to principles of conflicts of laws thereof or any other State.  Any action brought
by any party against any other party hereto concerning the transactions contemplated by this Agreement shall be brought only in
the state courts of New York or in the federal courts located in the state and county of New York.  The parties to this
Agreement hereby irrevocably waive any objection to jurisdiction and venue of any action instituted hereunder and shall not assert
any defense based on lack of jurisdiction or venue or based upon forum non conveniens.  The parties executing
this Agreement and other agreements referred to herein or delivered in connection herewith on behalf of the Company agree to submit
to the in personam jurisdiction of such courts and hereby irrevocably waive trial by jury.  The prevailing party
shall be entitled to recover from the other party its reasonable attorney’s fees and costs.  In the event that
any provision of this Agreement or any other agreement delivered in connection herewith is invalid or unenforceable under any
applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith
and shall be deemed modified to conform with such statute or rule of law.  Any such provision which may prove invalid
or unenforceable under any law shall not affect the validity or enforceability of any other provision of any agreement.  Each
party hereto hereby irrevocably waives personal service of process and consents to process being served in any suit, action or
proceeding in connection with this Agreement or any other transaction document contemplated hereby by mailing a copy thereof via
registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices
to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof.  Nothing
contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law.

 

b)       Removal
of Restrictive Legends.  In the event that Purchaser has any shares of the Company’s Common Stock bearing
any restrictive legends, and Purchaser, through its counsel or other representatives, submits to the Transfer Agent any such shares
for the removal of the restrictive legends thereon in connection with a sale of such shares pursuant to any exemption
to the registration requirements under the Securities Act, and the Company and or its counsel refuses or fails for any reason
(except to the extent that such refusal or failure is based solely on applicable law that would prevent the removal of such restrictive
legends) to render an opinion of counsel or any other documents or certificates required for the removal of the restrictive legends,
then the Company hereby agrees and acknowledges that the Purchaser is hereby irrevocably and expressly authorized to have counsel
to the Purchaser render any and all opinions and other certificates or instruments which may be required for purposes of removing
such restrictive legends, and the Company hereby irrevocably authorizes and directs the Transfer Agent to, without any further
confirmation or instructions from the Company, issue any such shares without restrictive legends as instructed by the Purchaser,
and surrender to a common carrier for overnight delivery to the address as specified by the Purchaser, certificates, registered
in the name of the Purchaser or its designees, representing the shares of Common Stock to which the Purchaser is entitled, without
any restrictive legends and otherwise freely transferable on the books and records of the Company.

 

    	 	18	 

     

    

 

c)       Filing
Requirements. From the date of this Agreement until the Notes are no longer outstanding, the Company will timely and voluntarily
comply with all reporting requirements that are applicable to an issuer with a class of shares registered pursuant to Section
12(g) of the 1934 Act, whether or not the Company is then subject to such reporting requirements, and comply with all requirements
related to any registration statement filed pursuant to this Agreement. The Company will use reasonable efforts not to take any
action or file any document (whether or not permitted by the 1933 Act or the 1934 Act or the rules thereunder) to terminate or
suspend such registration or to terminate or suspend its reporting and filing obligations under said acts until the Notes are
no longer outstanding. The Company will maintain the quotation or listing of its Common Stock on the OTCBB, OTCQB, and OTC Pink,
NYSE, or NASDAQ Stock Market (whichever of the foregoing is at the time the principal trading exchange or market for the Common
Stock (the “Principal Market”), and will comply in all respects with the Company’s reporting, filing
and other obligations under the bylaws or rules of the Principal Market, as applicable. The Company will provide Purchaser with
copies of all notices it receives notifying the Company of the threatened and actual delisting of the Common Stock from any Principal
Market.  As of the date of this Agreement and the Closing Date, the OTCQB, is the Principal Market. Until the Note is
no longer outstanding, the Company will continue the listing or quotation of the Common Stock on a Principal Market and will comply
in all respects with the Company’s reporting, filing and other obligations under the bylaws or rules of the Principal Market.

 

d)       144
Default. In the event commencing twelve (12) months after the Closing Date and ending twenty-four (24) months thereafter,
the Purchaser is not permitted to resell any of the Conversion Shares without any restrictive legend or if such sales are permitted
but subject to volume limitations or further restrictions on resale as a result of the unavailability to Subscriber of Rule 144(b)(1)(i)
under the 1933 Act or any successor rule (a “144 Default”), for any reason except for Purchasers’ status
as an Affiliate or “control person” of the Company, or as a result of a change in current applicable securities laws,
then the Company shall pay such Purchaser as liquidated damages and not as a penalty an amount equal to two percent (2%) of the
value of Conversion Shares (based on the closing sale of the Common Stock) subject to such 144 Default during the pendency of
the 144 Default of each thirty day period thereafter (or portion thereof).

 

e)       Fees
and Expenses. On or prior to the Closing, the Company shall pay or reimburse to Purchaser a non-refundable, non-accountable
sum equal to $6,800.00 as and for the fees, costs and expenses (including without limitation legal fees and disbursements and
due diligence and administrative expenses) incurred by the Purchaser in connection with the Purchaser’s due diligence and
negotiation, preparation and execution of the Transaction Documents and consummation of the Transactions. The Purchaser may withhold
and offset the balance of such amount from the payment of its Purchase Price otherwise payable hereunder at Closing, which offset
shall constitute partial payment of such Purchase Price in an amount equal to such offset. Except as expressly set forth in this
Agreement or the Note to the contrary, each party shall pay the fees and expenses of its advisers, counsel, accountants and other
experts, if any, and all other expenses incurred by such party incident to the negotiation, preparation, execution, delivery and
performance of this Agreement. The Company shall pay all transfer agent fees, stamp taxes and other taxes and duties levied in
connection with the delivery of any Securities to the Purchaser.

 

    	 	19	 

     

    

 

f)       Usury.
To the extent it may lawfully do so, the Company hereby agrees not to insist upon or plead or in any manner whatsoever claim,
and will resist any and all efforts to be compelled to take the benefit or advantage of, usury laws wherever enacted, now or at
any time hereafter in force, in connection with any claim, action or proceeding that may be brought by the Purchaser in order
to enforce any right or remedy under the Note. Notwithstanding any provision to the contrary contained in herein or under the
Note, it is expressly agreed and provided that the total liability of the Company under the Note for payments in the nature of
interest shall not exceed the maximum lawful rate authorized under applicable law (the “Maximum Rate”), and,
without limiting the foregoing, in no event shall any rate of interest or default interest, or both of them, when aggregated with
any other sums in the nature of interest that the Company may be obligated to pay under the Note or herein exceed such Maximum
Rate. It is agreed that if the maximum contract rate of interest allowed by law and applicable to the Note is increased or decreased
by statute or any official governmental action subsequent to the date hereof, the new maximum contract rate of interest allowed
by law will be the Maximum Rate applicable to the Note from the effective date forward, unless such application is precluded by
applicable law. If under any circumstances whatsoever, interest in excess of the Maximum Rate is paid by the Company to the Purchaser
with respect to indebtedness evidenced by the Note, such excess shall be applied by the Purchaser to the unpaid principal balance
of any such indebtedness or be refunded to the Company, the manner of handling such excess to be at the Purchaser’s election.

 

g)      Headings.
The headings of this Agreement are for convenience of reference only and shall not form part of, or affect the interpretation
of, this Agreement.

 

h)      Severability.
In the event that any provision of this Agreement is invalid or unenforceable under any applicable statute or rule of law, then
such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform
with such statute or rule of law. Any provision hereof which may prove invalid or unenforceable under any law shall not affect
the validity or enforceability of any other provision hereof.

 

i)       Entire
Agreement; Amendments. This Agreement and the instruments referenced herein contain the entire understanding of the parties
with respect to the matters covered herein and therein and, except as specifically set forth herein or therein, neither the Company
nor the Purchaser makes any representation, warranty, covenant or undertaking with respect to such matters. No provision of this
Agreement may be waived or amended other than by an instrument in writing signed by the Purchaser.

 

j)       Notices.
All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be in writing
and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered or certified, return
receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid, or (iv) transmitted
by hand delivery, telegram, email or facsimile, addressed as set forth below or to such other address as such party shall have
specified most recently by written notice. Any notice or other communication required or permitted to be given hereunder shall
be deemed effective (a) upon hand delivery or delivery by facsimile or email, with accurate confirmation generated by the transmitting
facsimile machine or computer, at the address, email or number designated below (if delivered on a business day during normal
business hours where such notice is to be received), or the first business day following such delivery (if delivered other than
on a business day during normal business hours where such notice is to be received) or (b) on the second business day following
the date of mailing by express courier service, fully prepaid, addressed to such address, or upon actual receipt of such mailing,
whichever shall first occur. The addresses for such communications shall be:

 

	Purchaser:	EMA Financial, LLC
 40
Wall Street, Suite 1700
 New York, NY 10005

Attn:
Felicia Preston

admin@emafin.com

 

	Company:	ProGreen
                                         US, Inc.

6443
Inkster Road, Suite 170-D

Bloomfield
Township, MI 48301

Attn:
Jan Telander, President & CEO

Email:
________________

Fax:
________________

 

    	 	20	 

     

    

 

Each
party shall provide notice to the other party of any change in address.

 

k)       Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and assigns.
Neither the Company nor the Purchaser shall assign this Agreement or any rights or obligations hereunder without the prior written
consent of the other. Notwithstanding the foregoing, subject to Section 2(f), the Purchaser may assign its rights hereunder to
any person that purchases Securities in a private transaction from the Purchaser or to any of its “affiliates,” as
that term is defined under the 1934 Act, without the consent of the Company.

 

l)       Third
Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective permitted successors
and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other person.

 

m)     Survival.
The representations and warranties of the Company and the agreements and covenants set forth in this Agreement shall survive the
closing hereunder notwithstanding any due diligence investigation conducted by or on behalf of the Purchaser. The Company agrees
to indemnify and hold harmless the Purchaser and all their officers, directors, employees and agents for loss or damage arising
as a result of or related to any breach or alleged breach by the Company of any of its representations, warranties and covenants
set forth in this Agreement or any of its covenants and obligations under this Agreement, including advancement of expenses as
they are incurred.

 

n)      Further
Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall
execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request
in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated
hereby.

 

    	 	21	 

     

    

 

o)       No
Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the parties to express
their mutual intent, and no rules of strict construction will be applied against any party.

 

p)       Remedies.
The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Purchaser by vitiating
the intent and purpose of the transaction contemplated hereby. Accordingly, the Company acknowledges that the remedy at law for
a breach of its obligations under this Agreement will be inadequate and agrees, in the event of a breach or threatened breach
by the Company of the provisions of this Agreement, that the Purchaser shall be entitled, in addition to all other available remedies
at law or in equity, and in addition to the penalties assessable herein, to an injunction or injunctions restraining, preventing
or curing any breach of this Agreement and to enforce specifically the terms and provisions hereof, without the necessity of showing
economic loss and without any bond or other security being required.

 

q)       Counterparts.
This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed to
be an original and all of which together shall be deemed to be one and the same agreement.

 

r)       Signatures.
Any signature transmitted by facsimile, e-mail, or other electronic means shall be deemed to be an original signature.

 

(Remainder
of page intentionally left blank)

 

    	 	22	 

     

    

 

IN
WITNESS WHEREOF, the undersigned Purchaser and the Company have caused this Agreement to be duly executed as of the date first
above written.

 

PROGREEN
US, INC.

 

	By:	/s/
Jan Telander	 
	 	Name:
    Jan Telander	 
	 	Title:
    President & CEO 	 

 

EMA
FINANCIAL, LLC

 

	By:	/s/
Jamie Beitler	 
	 	Name:
    Jamie     Beitler	 
		Title:
    Authorized     Signatory 	 

 

 

23Exhibit 4.1 - Form of 1.375% Notes due 2025

 Exhibit 4.1 

[FORM OF GLOBAL NOTE] 
 This
Security is a Book-Entry Security within the meaning of the Indenture hereinafter referred to and is registered in the name of BT Globenet Nominees Limited as nominee for the common depositary for Euroclear and Clearstream. This Security is not
exchangeable for Securities registered in the name of a Person other than the Depository or its nominee except in the limited circumstances described in the Indenture, and no transfer of this Security (other than a transfer of this Security as a
whole by the Depository to a nominee of the Depository or by a nominee of the Depository to the Depository or another nominee of the Depository) may be registered except in the limited circumstances described in the Indenture. 

Unless this certificate is presented by an authorized representative of Deutsche Bank AG, London Branch, as common depositary for Clearstream
Banking, société anonyme and Euroclear Bank SA/NV, as operator of the Euroclear System (the “Depository”), to the Company or its agent for registration of transfer, exchange, or payment, and any certificate issued is
registered in the name of BT Globenet Nominees Limited or in such other name as is requested by an authorized representative of the Depository (and any payment is made to BT Globenet Nominees Limited or to such other entity as is requested by an
authorized representative of the Depository), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, BT Globenet Nominees Limited, has an interest herein. 

THE PROCTER & GAMBLE COMPANY 

ISIN: XS1608101066 
 Euroclear and
Clearstream Common Code No.: 160810106 
 CUSIP: 742718 ES4 
  

			
	No. [    ]	 	£[        ]        

 The Procter & Gamble Company, a corporation duly organized and existing under the laws of Ohio
(herein called the “Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to BT Globenet Nominees Limited as nominee for the common depositary for
Clearstream Banking, société anonyme, and Euroclear Bank SA/NV, as operator of the Euroclear System, or registered assigns, the principal sum of [        ]
(£[        ]) on May 3, 2025 (the “Stated Maturity”) and to pay interest thereon from and including May 3, 2017 or from and including the most recent Interest Payment Date to which
interest has been paid or duly provided for, annually in arrear on May 3 of each year, commencing May 3, 2018, at the per annum rate of 1.375%, until the principal hereof is paid or made available for payment. The interest so payable, and
punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular
Record Date for such interest, which shall be the Business Day immediately preceding such Interest Payment Date; provided, however, that interest payable on any Maturity date shall be payable to the person to whom the principal of the
Securities shall be payable. 

 Any such interest not so punctually paid or duly provided for will forthwith cease to be payable
to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted
Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the
requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. 

Payment of the principal of (and premium, if any) and interest on this Security will be made in sterling at the office or agency of the
Company maintained for that purpose in London; provided, however, that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto in whose name this Security (or one or
more Predecessor Securities) are registered at the close of business on the Regular Record Date at such address as shall appear in the Security Register or by wire transfer of immediately available funds to an account specified in writing by such
holder to the Company and the Trustee prior to the relevant record date. 
 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, this
Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

Dated: [                    ] 

 

			
	THE PROCTER & GAMBLE COMPANY

 
			
		
	By:	 	 
	Name:	 	
	Title:	 	

 ATTEST: 
  

			
	By:	 	 
	Name:	 	
	Title:	 	

 This is one of the Securities of the series designated therein referred to in the
within-mentioned Indenture. 
  

			
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee
		
	By:	 	  

		 	Authorized Officer

 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 September 3, 2009 (herein called the “Indenture”), between the Company and Deutsche Bank Trust Company Americas, 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 designated on the face
hereof, which series is initially limited in aggregate principal amount to £375,000,000 subject to the provisions described herein under “Further Issues.” 

Interest 
 This Security will bear
interest at the rate of 1.375% per year. Interest on this Security is payable annually in arrear on May 3 of each year, and on any Maturity date (each, an “Interest Payment Date”), commencing May 3, 2018 and ending on any
Maturity date, to the persons in whose names this Security is registered at the close of business on the Business Day immediately preceding the related Interest Payment Date; provided, however, that interest payable on any Maturity date shall
be payable to the person to whom the principal of this Security shall be payable. 
 Interest payable on any Interest Payment Date or
Maturity date shall be the amount of interest accrued from, and including, the immediately preceding Interest Payment Date in respect of which interest has been paid or duly provided for (or from and including the original issue date, if no interest
has been paid or duly provided for with respect to this Security) to, but excluding, such Interest Payment Date or Maturity date, as the case may be. If any Interest Payment Date is not a Business Day at the relevant place of payment, the related
payment of interest will be made on the next day that is a Business Day at such place of payment as if payment were made on the date such payment was due, and no interest will accrue on the amounts so payable for the period from and after such date
to the immediately succeeding Business Day. If the Maturity date or Redemption Date of this Security falls on a day that is not a Business Day at the relevant place of payment, the related payment of interest, if any, and principal and premium, if
any, will be made on the next day that is a Business Day at such place of payment as if payment were made on the date such payment was due, and no interest will accrue on the amounts so payable for the period from and after such date to the
immediately succeeding Business Day. 
 Where interest is to be calculated in respect of a period which is equal to or shorter than the
relevant period for which interest is to be calculated (an “Interest Period”), it will be calculated on the basis of the actual number of days in the relevant period, from and including the date from which interest begins to accrue, to,
but excluding, the date on which it falls due, divided by the number of days in the Interest Period in which the relevant period falls (including the first such day but excluding the last). 

 “Business Day” means any day that is not a Saturday or Sunday and that is not a day on
which banking institutions are authorized or obligated by law or executive order to close in the City of New York or London and, for any place of payment outside of the City of New York or London, in such place of payment. 

The term “Maturity,” when used with respect to this Security, means the date on which the principal of this Security or an
installment of principal becomes due and payable as herein provided or as provided in the Indenture, whether at the Stated Maturity or by declaration of acceleration, call for redemption, repayment or otherwise. 

Optional Redemption 
 The Company will
have the option to redeem the Securities, in whole or in part, at its option at any time, at a redemption price equal to the greater of (1) 100% of the principal amount of the Securities to be redeemed, plus accrued interest on the Securities
to be redeemed to, but excluding, the date on which the Securities are to be redeemed, or (2) the sum of the present values of the remaining scheduled payments of principal and interest on the Securities to be redeemed, not including any
portion of these payments of interest accrued as of the date on which the Securities are to be redeemed, discounted to the date on which the Securities are to be redeemed on an annual basis (ACTUAL/ACTUAL (ICMA)) at the Comparable Government Bond
Rate (as defined below), plus 10 basis points, plus accrued interest on the Securities to be redeemed to, but excluding, the date on which the Securities are to be redeemed. 

“Comparable Government Bond Rate” means the price, expressed as a percentage (rounded to three decimal places, with 0.0005 being
rounded upwards), at which the gross redemption yield on the Securities to be redeemed, if they were to be purchased at such price on the third Business Day prior to the date fixed for redemption, would be equal to the gross redemption yield on such
Business Day of the Comparable Government Bond (as defined below) on the basis of the middle market price of the Comparable Government Bond prevailing at 11:00 a.m. (London time) on such Business Day as determined by an independent investment bank
selected by the Company. 
 “Comparable Government Bond” means, in relation to any Comparable Government Bond Rate calculation, at
the discretion of an independent investment bank selected by the Company, a United Kingdom government bond whose maturity is closest to the maturity of the Securities to be redeemed, or if such independent investment bank in its discretion
determines that such similar bond is not in issue, such other United Kingdom government bond as such independent investment bank may, with the advice of three brokers of, and/or market makers in, United Kingdom government bonds selected by the
Company, determine to be appropriate for determining the Comparable Government Bond Rate. 
 Notice of any redemption of the Securities
shall be given in the manner and otherwise in accordance with the provisions of Section 1104 of the Indenture; provided, however, that notice of redemption shall be given by first-class mail, postage prepaid, mailed not less than 15 nor more
than 45 days prior to the Redemption Date, to each Holder of Securities to be redeemed, at his address appearing on the Security Register. 

 The Securities are also subject to redemption if certain events occur involving United States
taxation, as described herein under “Tax Redemption.” 
 Additional Amounts 

All payments of principal and interest in respect of this Security will be made free and clear of, and without deduction or withholding for or
on account of any present or future taxes, duties, assessments or other governmental charges of whatsoever nature imposed, levied, collected, withheld or assessed by the United States or any political subdivision or taxing authority of or in the
United States (collectively, “Taxes”), unless such withholding or deduction is required by law. 
 In the event such withholding
or deduction of Taxes is required by law, subject to the limitations described below, the Company will pay to the holder or beneficial owner of this Security that is not a U.S. Holder (as defined below) such additional amounts (“Additional
Amounts”) as may be necessary in order that every net payment by the Company or any paying agent of principal of or interest on this Security (including upon redemption), after deduction or withholding for or on account of such Taxes, will not
be less than the amount provided for in such Security to be then due and payable before deduction or withholding for or on account of such Taxes. 

A “U.S. Holder” is defined as any beneficial owner of this Security that is for U.S. federal income tax purposes: (i) an
individual who is a citizen or resident of the United States; (ii) a corporation created or organized in, or under the laws of, the United States, any State thereof or the District of Columbia; (iii) an estate, the income of which is
subject to U.S. federal income taxation regardless of the source of that income; or (iv) a trust, if (1) a U.S. court is able to exercise primary supervision over the trust’s administration and one or more “United States
persons” (within the meaning of the Internal Revenue Code) has the authority to control all of the trust’s substantial decisions, or (2) the trust has a valid election in effect under applicable Treasury regulations to be treated as a
“United States person.” 
 However, the Company’s obligation to pay Additional Amounts shall not apply to: 

(1) any Taxes which would not have been so imposed but for: 

a. the existence of any present or former connection between such holder or beneficial owner (or between a fiduciary, settlor, beneficiary,
member or shareholder or other equity owner of, or a person having a power over, such holder or beneficial owner, if such holder or beneficial owner is an estate, a trust, a limited liability company, a partnership, a corporation or other entity)
and the United States, including, without limitation, such holder or beneficial owner (or such fiduciary, settlor, beneficiary, member, shareholder or other equity owner or person having such a power) being or having been a citizen or resident or
treated as a resident of the United States or being or having been engaged in a trade or business in the United States or being or having been present in the United States or having or having had a permanent establishment in the United States, 

 b. the failure of such holder or beneficial owner to comply with any requirement under United
States tax laws and regulations to establish entitlement to a partial or complete exemption from such Taxes (including, but not limited to, the requirement to provide Internal Revenue Service Form W-8BEN, Form W-8BEN-E, Form W-8ECI, or any
subsequent versions thereof or successor thereto), or 
 c. such holder’s or beneficial owner’s present or former status as a
personal holding company or a foreign personal holding company with respect to the United States, as a controlled foreign corporation with respect to the United States, as a passive foreign investment company with respect to the United States, as a
foreign tax exempt organization with respect to the United States or as a corporation which accumulates earnings to avoid United States federal income tax; 

(2) any Taxes imposed by reason of the holder or beneficial owner: 

a. owning or having owned, directly or indirectly, actually or constructively, 10% or more of the total combined voting power of all classes
of the Company’s stock, 
 b. being a bank receiving interest described in section 881(c)(3)(A) of the Internal Revenue Code or 

c. being a controlled foreign corporation with respect to the United States that is related to the Company by stock ownership; 

(3) any Taxes which would not have been so imposed but for the presentation by the holder or beneficial owner of such Security for payment on
a date more than 10 days after the date on which such payment became due and payable or the date on which payment of this Security is duly provided for and notice is given to holders, whichever occurs later, except to the extent that the holder or
beneficial owner would have been entitled to such additional amounts on presenting such Security on any date during such 10-day period; 

(4) any estate, inheritance, gift, sales, transfer, personal property, wealth, interest equalization or similar Taxes; 

(5) any Taxes which are payable otherwise than by withholding from payment of principal of or interest on such Security; 

(6) any Taxes which are payable by a holder that is not the beneficial owner of this Security, or a portion of this Security, or that is a
fiduciary, partnership, limited liability company or other similar entity, but only to the extent that a beneficial owner, a beneficiary or settlor with respect to such fiduciary or member of such partnership, limited liability company or similar
entity would not have been entitled to the payment of an Additional Amount had such beneficial owner, settlor, beneficiary or member received directly its beneficial or distributive share of the payment; 

 (7) any Taxes required to be withheld by any paying agent from any payment of principal of or
interest on any Security, if such payment can be made without such withholding by any other paying agent; 
 (8) any Taxes imposed under
Sections 1471 through 1474 of the Internal Revenue Code (or any amended or successor provisions that are substantively comparable) and any current or future regulations or official interpretations thereof; or 

(9) any combination of items (1), (2), (3), (4), (5), (6), (7) and (8). 

For purposes of this section, the acquisition, ownership, enforcement or holding of or the receipt of any payment with respect to this
Security will not constitute a connection (i) between the holder or beneficial owner and the United States or (ii) between a fiduciary, settlor, beneficiary, member or shareholder or other equity owner of, or a person having a power over,
such holder or beneficial owner if such holder or beneficial owner is an estate, a trust, a limited liability company, a partnership, a corporation or other entity and the United States. 

Any reference in this Security or the Indenture to principal or interest shall be deemed to refer also to Additional Amounts which may be
payable under the provisions of this section. 
 The Company will pay all stamp and other duties, if any, which may be imposed by the United
States or any political subdivision thereof or taxing authority therein with respect to the issuance of this Security. 
 Except as
specifically provided in this Security, the Company will not be required to make any payment with respect to any tax, duty, assessment or other governmental charge imposed by any government or any political subdivision or taxing authority of or in
the United States. 
 Tax Redemption 

This Security may be redeemed at the Company’s option, in whole but not in part, at a redemption price equal to 100% of the principal
amount of this Security to be redeemed, together with interest accrued and unpaid to the date fixed for redemption, at any time, on giving not less than 15 nor more than 45 days’ notice, if 

(1) the Company has or will become obligated to pay Additional Amounts as a result of any change in or amendment to the laws, regulations or
rulings of the United States or any political subdivision or any taxing authority of or in the United States affecting taxation, or any change in or amendment to an official application, interpretation, administration or enforcement of such laws,
regulations or rulings, which change or amendment is announced or becomes effective on or after April 27, 2017, or 

 (2) any action shall have been taken by a taxing authority, or any action has been brought in a
court of competent jurisdiction, in the United States or any political subdivision or taxing authority of or in the United States, including any of those actions specified in (1) above, whether or not such action was taken or brought with
respect to the Company, or any change, clarification, amendment, application or interpretation of such laws, regulations or rulings shall be officially proposed, in any such case on or after April 27, 2017, which results in a substantial
likelihood that the Company will be required to pay Additional Amounts on the next Interest Payment Date. 
 However, no such notice of
redemption shall be given earlier than 90 days prior to the earliest date on which the Company would be, in the case of a redemption for the reasons specified in (1) above, or there would be a substantial likelihood that the Company would be,
in the case of a redemption for the reasons specified in (2) above, obligated to pay such Additional Amounts if a payment in respect of this Security were then due and at the time such notification of redemption is given such circumstance
remains in effect. 
 Prior to the publication of any notice of redemption pursuant to this section, the Company will deliver to the Trustee
under the Indenture: 
 (i) a certificate signed by one of the Company’s duly authorized officers stating that the Company is entitled
to effect such redemption and setting forth a statement of facts showing that the conditions precedent to the Company’s right so to redeem have occurred, and 

(ii) in the case of a redemption for the reasons specified in (1) or (2) above, a written opinion of independent legal counsel of
recognized standing to the effect that the Company has or will become obligated to pay such Additional Amounts as a result of such change or amendment or that there is a substantial likelihood that the Company will be required to pay such Additional
Amounts as a result of such action or proposed change, clarification, amendment, application or interpretation, as the case may be. 
 Such
notice, once delivered by the Company to the Trustee, will be irrevocable. 
 Events of Default 

If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series
may be declared due and payable in the manner and with the effect provided in the Indenture. 
 Defeasance 

The Indenture contains provisions for defeasance at any time of (a) the entire indebtedness of this Security and (b) certain
restrictive covenants and certain Events of Default upon compliance by the Company with certain conditions set forth therein, which provisions apply to this Security. 

 Amendments 

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 at least a majority in principal amount of the Securities at
the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of at least 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, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. 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. 
 No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair
the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed. 

Book Entry Security 
 This Security is a
Book-Entry Security registered in the name of a nominee of a common depositary of the Depository. This Book-Entry Security is exchangeable for Securities registered in the name of a person other than the Depository or the nominee of its common
depositary only in the limited circumstances hereinafter described. Unless and until it is exchanged in whole or in part for definitive Securities in certificated form, this Book-Entry Security may not be transferred except as a whole by the
Depository to a nominee of the Depository or by a nominee of the Depository to the Depository or another nominee of the Depository. 
 The
Securities represented by this Book-Entry Security are exchangeable for definitive Securities in certificated form of like tenor as such Securities in denominations of £100,000 and integral multiples of £1,000 in excess thereof only if
(i) the Company advises the Trustee in writing that the Depository is no longer willing or able to discharge its responsibilities properly and the Company is unable to locate a qualified successor within 90 days; (ii) an Event of Default
has occurred and is continuing under the Indenture; or (iii) the Company, at its option, elects to terminate the book-entry system through the Depository. Any Securities that are exchangeable pursuant to the preceding sentence are exchangeable
for certificated Securities issuable in authorized denominations and registered in such names as the Depository shall direct. As provided in the Indenture and subject to certain limitations therein set forth, the transfer of definitive Securities in
certificated form is registrable in the Security Register, upon surrender of the definitive Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on the
definitive Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder thereof or his attorney duly authorized in writing, and
thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the 

 
designated transferee or transferees. Subject to the foregoing, this Book-Entry Security is not exchangeable, except for a Book-Entry Security or Book-Entry Securities of this issue of the same
principal amount to be registered in the name of the Depository or its nominee. 
 Notices 

So long as this Security is represented by this certificate and this certificate is held on behalf of Euroclear and Clearstream, notices to
Holders may be given by delivery of the relevant notice to Euroclear and Clearstream, for communication by it to entitled accountholders in substitution for notification as required by the terms and conditions of this Security. 

The Trustee will mail notices by first class mail, postage prepaid, to each registered holder’s last known address as it appears in the
Security Register. The Trustee will only mail these notices to BT Globenet Nominees Limited, as the registered holder of the Securities, unless the Company reissues the Securities to holders or their nominees in fully certificated form. 

Further Issues 
 The Company may from time
to time, without notice to or the consent of the registered holders of the Securities, create and issue further notes ranking equally with the Securities in all respects. Such further notes may be consolidated and form a single series with the
Securities and have the same terms as to status, redemption or otherwise as the Securities (other than the issue date of such further notes and first payment of interest following the issue date of such further notes). 

Governing Law 
 The Indenture and
Securities for all purposes shall be governed by and construed in accordance with the laws of the State of New York. 
 Miscellaneous 

No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith. 
 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. 
 All terms used in this Security which are defined in the
Indenture shall have the meanings assigned to them in the Indenture.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00270-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00270-of-00352.parquet"}]]