Document:

Exhibit 10.2

 

CHANGE IN CONTROL BONUS AGREEMENT

 

This Change in Control
Bonus Agreement (this “Agreement”) is made and entered into as of February 4, 2013 (the “Effective Date”),
by and between VirtualScopics, Inc., a Delaware corporation (the “Company”) and Molly Henderson (the “Executive”).

 

R E C I T A L S

 

WHEREAS, the Executive
is employed as Chief Business & Financial Officer of the Company; and

 

WHEREAS, the parties
are entering into this Agreement to facilitate retention of the Executive and to promote continuity of management by providing
the Executive with financial security during times of uncertainty leading up to a possible Change in Control (as defined below).

 

NOW THEREFORE, in consideration
of the mutual covenants set forth herein, and for other good and valuable consideration, receipt of which is hereby acknowledged,
the parties, intending to be legally bound, do hereby agree as follows:

 

Section
1.                
Change in Control Bonus.

 

(a)               
Payment of Change in Control Bonus. If a Change in Control occurs on or before
December 31, 2013 (the “Change in Control Period”) and, subject to Sections 1(b) and (c), provided that the Executive
remains in the continuous employment of the Company through the occurrence of such Change in Control, then the Company shall pay
the Executive a lump-sum cash payment equal to 25% of the Executive’s annual base salary for the year in which the Change
in Control occurs (the “Change in Control Bonus”) within ten days following the occurrence of such Change in Control.
The Change in Control Period may be extended by the Compensation Committee (the “Committee”) of the board of directors
of the Company (the “Board”) at any time prior to the end of such period.

 

In the event of (i)
the involuntary termination of the Executive’s employment by the Company without Cause or (ii) the voluntary termination
of the Executive’s employment (other than pursuant to Section 7(b) of Executive’s employment agreement with the Company,
in each case, simultaneous with a Change in Control of the Company, the Executive shall forfeit his or her right to the Change
in Control Bonus, and, for the avoidance of doubt, shall continue to be entitled to the compensation and benefits set forth in
Section 7(e) of the Executive’s employment agreement with the Company.

 

(b)              
Involuntary Termination without Cause Prior to a Change in Control.
In the event of the involuntary termination of the Executive’s employment by the Company without Cause prior to a Change
in Control of the Company, the Executive shall be entitled to a Change in Control Bonus upon the occurrence of a Change in Control
of the Company within the Change in Control Period.

 

    	 

    	 

    

(i)                
The Change in Control Bonus shall be paid at the same time and in the same form as set forth in Section 1(a). The amount
of the Change in Control Bonus shall be equal to the percentage of the Executive’s annual base salary set forth in Section
1(a), provided, however, that the Executive’s annual base salary for the year in which the Executive’s employment is
terminated shall be used for purposes of calculating the amount of the Change in Control Bonus.

 

(ii)              
For purposes of this Agreement, “Cause” shall have the same meaning as the term “Cause” or “for
Cause” in any employment agreement between the Executive and the Company, or in the absence of such an agreement that contains
such a defined term, “Cause” shall mean the occurrence of one or more of the following events: (A) any willful act
or failure to act by the Executive that causes material harm to the Company; any fraud by the Executive upon the Company; the conviction
of Executive, or the plea of nolo contendere by the Executive, with respect to any felony; for the purposes of this section, any
act or failure to act by the Executive which was done or omitted to be done by the Executive in good faith and for a purpose which
the Executive reasonably believed to be in the best interests of the Company shall not be considered to have been willful; or (B)
the Executive’s chronic alcoholism or other form of chemical addiction that is not cured by the Executive within 90 days
after receipt by the Executive of written notice from the Board of its determination that a condition exists which must be cured;
or (C) the Executive’s unethical behavior, dishonesty, moral turpitudes which has caused a material harm or injury to the
business, operations or financial condition of the Company.

 

(c)               
Involuntary Termination for Cause or Voluntary Termination for any Reason Prior to a Change in Control.
In the event of the involuntary termination of the Executive’s employment by the Company for Cause, or the voluntary termination
of employment by the Executive for any reason, in each case, prior to a Change in Control of the Company, then the Executive shall
immediately forfeit his or her right to the Change in Control Bonus, and no Change in Control Bonus shall be paid to the Executive
upon any Change in Control of the Company occurring after the date of termination.

 

(d)              
Change in Control of the Company. A “Change in Control of the Company”
means the first occurrence of any of the following: 

 

(i)                
Any person or group (within the meaning of Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”)), other than the Company or a trustee or other fiduciary holding securities under an employee benefit
plan of the Company or a corporation owned directly or indirectly by the stockholders of the Company in substantially the same
proportions as their ownership of stock of the Company, becomes the beneficial owner (within the meaning of Rule 13(d)(3) under
the Exchange Act), directly or indirectly, of securities representing more than 50% of the combined voting power of the Company’s
then-outstanding securities entitled generally to vote for the election of directors;

 

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(ii)              
The Company merges or consolidates with another corporation (other than a majority-controlled subsidiary of the Company)
unless the Company’s stockholders immediately before the merger or consolidation are to own at least 50% of the combined
voting power of the resulting entity’s voting securities entitled generally to vote for the election of directors;

 

(iii)            
The Company sells or otherwise disposes of all or substantially all of the business or assets of the Company; or

 

(iv)            
Individuals who, as of the Effective Date, constitute the members of the board of directors of the Company (the “Incumbent
Board”) cease for any reason to constitute at least a majority of the board of directors of the Company (the “Board”),
provided that any person becoming a director subsequent to the Effective Date whose election or nomination for election by the
Company’s stockholders is approved by a vote of at least a majority of directors then constituting the Incumbent Board shall
be, for purposes of this Agreement, considered as though such person were a member of the Incumbent Board (excluding, however,
for this purpose any Board member whose initial assumption as a member of the Board occurs as a result of either an actual or threatened
election contest or other actual or threatened solicitation of proxies or consents by or on behalf of any person or persons other
than the Incumbent Board).

 

A Change in Control
shall be deemed to occur: (A) with respect to a Change in Control pursuant to Section 1(d)(i), on the date any person or group
first becomes the beneficial owner, directly or indirectly, of securities representing more than 50% of the combined voting power
of the Company’s then-outstanding securities entitled generally to vote for the election of directors, (B) with respect to
a Change in Control pursuant to Section 1(d)(ii) or (iii), on the date the applicable transaction closes, or (C) with respect to
a Change in Control pursuant to Section 1(d)(iv), on the date members of the Incumbent Board first cease to constitute at least
a majority of Board.

 

Section
2.                
Sections 280G and 4999 of the Code.
In the event that the Executive becomes entitled to any payment or benefit under this Agreement (such benefits together with any
other payments or benefits payable to the Executive under any other agreement with the Executive, or plan or policy of the Company,
are referred to in the aggregate as the “Total Payments”), if all or any part of the Total Payments will be subject
to the tax imposed by Section 4999 of the Internal Revenue Code of 1986, as amended, and all regulations, interpretations and administrative
guidance issued thereunder (the “Code”), or any similar tax that may hereafter be imposed (the “Excise Tax”),
then:

 

(a)               
Within 30 days following an event entitling the Executive to a payment under this Agreement, the Company will notify the
Executive in writing: (i) whether the payments and benefits under this Agreement, when added to any other payments and benefits
making up the Total Payments, exceed an amount equal to 299% of the Executive’s “base amount” as defined in Section
280G(b)(3) of the Code (the “299% Amount”); and (ii) the amount that is equal to the 299% Amount.

 

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(b)              
The payments and benefits under this Agreement shall be reduced such that the Total Payments do not exceed the 299% Amount,
so that no portion of the payments and benefits under this Agreement will be subject to the Excise Tax. Any payment or benefit
so reduced will be permanently forfeited and will not be paid to the Executive.

 

(c)               
The calculation of the 299% Amount and the determination of how much the Executive’s payments and benefits must be
reduced in order to avoid application of the Excise Tax will be made by the Company public accounting firm prior to the Executive’s
termination of employment, which firm must be reasonably acceptable to the Executive (the “Accounting Firm”). The Company
will cause the Accounting Firm to provide detailed supporting calculations of its determinations to the Company and the Executive.
Notice must be given to the Accounting Firm within 15 business days after an event entitling the Executive to a payment under this
Agreement. All fees and expenses of the Accounting Firm will be borne solely by the Company.

 

(d)              
For purposes of making the reduction of amounts payable under this Agreement, such amounts will be eliminated in compliance
with the requirements of Section 409A of the Code and in the following order: (1) any cash compensation, (2) any health or welfare
benefits, and (3) any equity compensation. Reductions of such amounts will take place in the chronological order with respect to
which such amounts would be paid from the date of the event entitling the Executive to a payment under this Agreement absent any
acceleration of payment.

 

Section
3.                
Administration. The Compensation Committee
shall administer this Agreement. Except as otherwise specifically provided herein, the Committee shall have the sole responsibility
for and the sole control of the operation and administration of this Agreement, and shall have the sole power, authority and discretion
to take all action and to make all decisions and interpretations which may be necessary or appropriate in order to administer and
operate this Agreement. All decisions and interpretations of the Committee are final and binding on the Executive. In the administration
of the Plan, the Committee may, to the maximum extent permitted by law, engage agents and delegate to them such duties as it sees
fit. No director, officer, agent or employee of the Company shall be liable to the Executive for any action taken or omitted in
connection with the interpretation and administration of this Agreement.

 

Section
4.                
Miscellaneous.

 

(a)               
Entire Agreement. This Agreement constitutes the whole agreement between the
parties relating to the subject matter hereof and supersedes any prior agreements or understandings related to such subject matter.
This Agreement may not be amended without the prior written consent of the Company and the Executive.

 

(b)              
Section 409A. It is intended that this Agreement (including all amendments thereto)
and the compensation provided hereunder complies with the requirements of Section 409A of the Internal Revenue Code of 1986, as
amended. This Agreement shall be administered and interpreted to the extent possible in a manner consistent with that intent.

 

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(c)               
No Right to Continued Employment or Service. This Agreement shall not give the
Executive the right to remain in the employment or service of the Company. The Company reserves the right to terminate the employment
or service of the Executive at any time, for any reason (or no reason).

 

(d)              
Withholding. The Company shall have the right to withhold from any
amount payable under this Agreement any Federal, state and local taxes in order for the Company to satisfy any withholding tax
obligation it may have under any applicable law or regulation.

 

(e)               
Construction. If any provision of this Agreement is held to be illegal or void,
such illegality or invalidity shall not affect the remaining provisions of this Agreement, but shall be fully severable, and this
Agreement shall be construed and enforced as if said illegal or invalid provision had never been inserted herein. For all purposes
of this Agreement, where the context admits, the singular shall include the plural, and the plural shall include the singular.
Headings of Sections and subsections herein are inserted only for convenience of reference and are not to be considered in the
construction of this Agreement.

 

(f)               
Nontransferability. No amount payable to the Executive under this Agreement
will, except as otherwise specifically provided by law, be subject in any manner to anticipation, alienation, attachment, garnishment,
sale, transfer, assignment (either at law or in equity), levy, execution, pledge, encumbrance, charge or any other legal or equitable
process, and any attempt to do so will be void; nor will any benefit be in any manner liable for or subject to the debts, contracts,
liabilities, engagements or torts of the person entitled thereto. This Agreement is binding upon the Executive and his personal
representatives, but neither this Agreement nor any obligations or benefits under this Agreement may be assigned by the Executive.

 

(g)              
Confidentiality. Payment of the Change in Control Bonus is contingent
upon the Executive’s compliance, during the period prior to a Change in Control, with all confidentiality requirements, provisions
or agreements related to any and all proposed Change in Control transactions, as determined by the Committee in its sole discretion.

 

(h)              
Governing Law, Jurisdiction and Venue. This Agreement, for all purposes,
shall be construed in accordance with the laws of New York without regard to conflicts of law principles. Any action or proceeding
by either of the parties to enforce this Agreement shall be brought only in a state or federal court located in the state of New
York, county of Monroe. The parties hereby irrevocably submit to the exclusive jurisdiction of such courts and waive the defense
of inconvenient forum to the maintenance of any such action or proceeding in such venue.

 

(i)                
Expiration. Other than Section 2 of this Agreement, this Agreement shall expire
on the earlier of the last day of the Change in Control Period or the date that the Change in Control Bonus is paid.

 

(signature page immediately
follows)

 

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IN WITNESS WHEREOF,
the parties have executed this Agreement as of the Effective Date.

 

	 	 	 	 	 	 	 	 
	VIRTUALSCOPICS, INC.	 	 	EXECUTIVE
	 	 	 	 	 	 	 	 
	By: 	 	 /s/ Terence A. Walts	 	 	By:	 	 /s/ Molly Henderson
	 	 	 	 	 	 	 	 
	
        Terence A. Walts

        Chairman of the Compensation Committee of the Board of Directors
        of VirtualScopics, Inc.
	 	 	
        Molly Henderson

        Chief Business & Financial Officer

	 	 	 	 	 	 	 	 
	Date: 	 	 February 4, 2013	 	 	Date:	 	 February 4, 2013THIS NOTE HAS NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), NOR UNDER ANY STATE SECURITIES LAW AND MAY NOT BE SOLD,
PLEDGED, OFFERED FOR SALE, ASSIGNED OR TRANSFERRED UNLESS (a) A REGISTRATION STATEMENT WITH RESPECT THERETO IS EFFECTIVE UNDER
THE SECURITIES ACT, AND ANY APPLICABLE STATE SECURITIES LAW REQUIREMENTS HAVE BEEN MET OR (B) EXEMPTIONS FROM THE REGISTRATION
REQUIREMENTS UNDER THE SECURITIES ACT AND THE REGISTRATION OR QUALIFICATION REQUIREMENTS OF APPLICABLE STATE SECURITIES LAWS ARE
AVAILABLE.

 

 

CONVERTIBLE NOTE

 

	$100,000.00	Issue Date: May 14, 2013
	 	New York, New York

 

 

FOR VALUE RECEIVED,
Newtown Lane Marketing, Incorporated, a Delaware corporation (the “Company”), promises to pay to the order of Ironbound
Partners Fund, LLC (“Holder”), at 970 West Broadway, PMB 402, PO Box 30000, Jackson, Wyoming 83002 or such other address
as instructed by Holder, the principal sum of one hundred thousand (US$100,000.00) dollars with interest thereon at the rate of
five percent (5%) per annum. Interest as aforesaid shall be calculated on the basis of actual number of days elapsed over a year
of 360 days.

 

The principal amount
and all accrued interest of this Note is due on May 15, 2015 (the “Maturity Date”).

 

This Note is subject
to the following additional provisions:

 

Section 1. Definitions.
For the purposes hereof, in addition to the terms defined elsewhere in this Note, the following terms shall have the following
meanings:

 

“Business
Day” means any day except Saturday, Sunday and any day which shall be a federal legal holiday in the United States or
a day on which banking institutions in the State of New York are authorized or required by law or other government action to close.

 

“Common
Stock” means the common stock, par value $0.001 per share, of the Company and stock of any other class into which such
shares may hereafter have been reclassified or changed.

 

“Conversion
Date” shall have the meaning set forth in Section 3(a) hereof.

 

“Conversion
Price” shall have the meaning set forth in Section 3(b).

 

“Conversion
Shares” means the shares of Common Stock issuable upon conversion of this Note or as payment of interest, all in accordance
with the terms hereof.

 

    	 

    	 

    

“Event
of Default” shall have the meaning set forth in Section 5.

 

“Fundamental
Transaction” shall have the meaning set forth in Section 3(a) hereof.

 

“Person”
means a corporation, an association, a partnership, organization, a business, an individual, a government or political subdivision
thereof or a governmental agency.

 

 

Section 2. Registration of Transfers and Exchanges.

 

(a)Different
Denominations. This Note is exchangeable for an equal aggregate principal amount of Notes of different authorized denominations
as requested by the Holder surrendering the same, No service charge will be made for such registration of transfer or exchange.

 

(b)Reliance
on Note Register. Prior to due presentment to the Company for transfer of this Note, the Company and any agent of the Company
may treat the Person in whose name this Note is duly registered on the Note Register as the owner hereof for the purpose of receiving
payment as herein provided and for all other purposes, whether or not this Note is overdue, and neither the Company nor any such
agent shall be affected by notice to the contrary.

 

Section 3. Conversion.

 

(a)Mandatory
Conversion. If, at any time while this Note is outstanding, the Company consummates a business combination transaction (by
merger, asset purchase, stock-swap or otherwise) with an entity that is engaged in an active trade or business (in any such case,
a “Fundamental Transaction”), then, immediately upon the closing of such Fundamental Transaction (the “Conversion
Date”), the principal and accrued but unpaid interest payable hereunder shall automatically be converted into shares of Common
Stock in accordance with the provisions of Section 3(b) and (c) hereof.

 

(b)Conversion
Price. The conversion price per share shall be equal to the per share price attributable to the Company’s Common Stock
in the Fundamental Transaction as determined in good faith by the Board of Directors of the Company (the “Conversion Price”).

 

(c)Mechanics
of Conversion

 

i.Conversion
Shares Issuable Upon Conversion of Principal Amount. The number of shares of Common Stock issuable upon a conversion
hereunder shall be determined by the quotient obtained by dividing (x) the amount of this Note (including both principal and accrued
but unpaid interest) to be converted by (y) the Conversion Price.

 

ii.Delivery
of Certificate Upon Conversion. Not later than five (5) Business Days after any Conversion Date, the Company will deliver to
the Holder at an address in the United States (A) a certificate or certificates representing the Conversion Shares representing
the number of shares of Common Stock being acquired upon the conversion of Note.

 

    	 

    	 

    

iii.Reservation
of Shares Issuable Upon Conversion. The Company covenants that it will at all times reserve and keep available out of its authorized
and unissued shares of Common Stock solely for the purpose of issuance upon conversion of this Note (after taking into account
all existing issued and outstanding shares of Common Stock and all shares reserved for issuance under the Company’s issued
and outstanding convertible securities), free from preemptive rights or any other actual contingent purchase rights of persons
other than the Holder, not less than such number of shares of the Common Stock as shall be issuable upon the conversion of the
outstanding principal amount and accrued interest under this Note. The Company covenants that all shares of Common Stock that are
issuable upon conversion of this Note shall, upon issuance, be duly and validly authorized, issued and fully paid and nonassessable.

 

iv.Fractional
Shares. Upon a conversion hereunder the Company shall not be required to issue stock certificates representing fractions of
shares of the Common Stock, but may if otherwise permitted, make a cash payment in respect of any final fraction of a share based
on the fair market value of a share at such time. If the Company elects not, or is unable, to make such a cash payment, the Holder
shall be entitled to receive, in lieu of the final fraction of a share, one whole share of Common Stock.

 

v.Transfer
Taxes. The issuance of certificates for shares of the Common Stock on conversion of this Note shall be made without charge
to the Holder for any documentary stamp or similar taxes that may be payable in respect of the issue or delivery of such certificate,
provided that the Company shall not be required to pay any tax that may be payable in respect of any transfer involved in the issuance
and delivery of any such certificate upon conversion in a name other than that of the Holder of such Notes so converted and the
Company shall not be required to issue or deliver such certificates unless or until the person or persons requesting the issuance
thereof shall have paid to the Company the amount of such tax or shall have established to the satisfaction of the Company that
such tax has been paid.

 

Section 4. Events of Default.

 

(a)Event of
Default. Wherever used herein, means any one of the following events (whatever the reason and whether it shall be voluntary
or involuntary or effected by operation of law or pursuant to any judgment, decree or order of any court, or any order, rule or
regulation of any administrative or governmental body):

 

i.any
default in the payment of (A) the principal, or (B) interest on this Note as and when the same shall become due and payable which
default is not cured within two (2) Trading Days after written notice from the Holder;

 

ii.any
representation or warranty made herein shall be untrue or incorrect in any material respect as of the date when made or deemed
made; or

 

iii.(i)
there is commenced against the Company thereof a case under any applicable bankruptcy or insolvency laws as now or hereafter in
effect or any successor thereto, or any other proceeding under any reorganization, arrangement, adjustment of debt, relief of debtors,
dissolution, insolvency or liquidation or similar law of any jurisdiction whether now or hereafter in effect relating to the Company
thereof which remains undismissed for a period of 60 days or a voluntary petition is made by the Company under the provisions of
the Federal Bankruptcy Code or any state statute for the relief of debtors; or (ii) the Company thereof is adjudicated by a court
of competent jurisdiction insolvent or bankrupt; or any order of relief or other order approving any such case or proceeding is
entered; or (iii) the Company suffers any appointment of any custodian or the like for it or any substantial part of its property
which continues undischarged or unstayed for a period of 60 days.

 

    	 

    	 

    

(b)Remedies
Upon Event of Default. Upon the occurrence of an Event of Default specified in Sections 4(a)(i) or 4(a)(ii), Holder may, by
written notice to the Company, declare this Note to be due and payable, whereupon the principal amount of this Note, together with
accrued interest thereon and all other amounts payable thereunder, shall become immediately due and payable without presentment,
demand, protest or other notice of any kind, all of which are hereby expressly waived, anything contained herein or in the documents
evidencing the same to the contrary notwithstanding. Upon the occurrence of an Event of Default specified in Section 4(a)(iii),
the unpaid principal balance of, all accrued, unpaid interest thereon, and all other sums payable with regard to, this Note shall
automatically and immediately become due and payable, in all cases without any action on the part of Holder. If an Event of Default
occurs, the rate of interest applicable to the unpaid principal amount shall be adjusted to eighteen percent (18%) per annum from
the Maturity Date (or such earlier date if the obligation to repay this Note is accelerated) until the date of repayment; provided,
that in no event shall the interest rate exceed the maximum rate permitted by law.

 

 

Section 5. Miscellaneous.

 

(a)Notices.
Any and all notices or other communications or deliveries to be provided by the Holder hereunder, shall be in writing and delivered
personally, by facsimile, sent by a nationally recognized overnight courier service, addressed to the Company, at 133 Summit Avenue,
Suite 22, Summit, NY 07901, attention: Chief Financial Officer, or such other address or facsimile number as the Company may specify
for such purposes by notice to the Holder delivered in accordance with this Section. Any and all notices or other communications
or deliveries to be provided by the Company hereunder shall be in writing and delivered personally, by email, at the email address
of such Holder appearing on the books of the Company, by facsimile, sent by a nationally recognized overnight courier service addressed
to the Holder at the facsimile, telephone number or address of such Holder appearing on the books of the Company, or if no such
facsimile telephone number or address appears, at the principal place of business of the Holder. Any notice or other communication
or deliveries hereunder shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or
communication is delivered via facsimile at the facsimile telephone number specified in this Section prior to 5:30 p.m. (New York
City time), (ii) the date after the date of transmission, if such notice or communication is delivered via facsimile at the facsimile
telephone number specified in this Section later than 5:30 p.m. (New York City time) on any date and earlier than 11:59 p.m. (New
York City time) on such date, (iii) the second Business Day following the date of mailing, if sent by nationally recognized overnight
courier service, or (iv) upon actual receipt by the party to whom such notice is required to be given.

 

(b)Absolute
Obligation. Except as expressly provided herein, no provision of this Note shall alter or impair the obligation of the Company,
which is absolute and unconditional, to pay the principal of, interest and liquidated damages (if any) on, this Note at the time,
place, and rate, and in the coin or currency, herein prescribed. This Note is a direct debt obligation of the Company.

 

(c)Lost or
Mutilated Note. If this Note shall be mutilated, lost, stolen or destroyed, the Company shall execute and deliver, in exchange
and substitution for and upon cancellation of a mutilated Note, or in lieu of or in substitution for a lost, stolen or destroyed
Note, a new Note for the principal amount of this Note so mutilated, lost, stolen or destroyed but only upon receipt of evidence
of such loss, theft or destruction of such Note, and of the ownership hereof; and indemnity, if requested, all reasonably satisfactory
to the Company.

 

    	 

    	 

    

(d)Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of this Note, and any claim, controversy
or dispute arising under or related to this Note, the relationship of the parties, and/or the interpretation and enforcement of
the rights and duties of the parties hereunder shall be governed by and construed and enforced in accordance with the internal
laws of the State of New York, without regard to the principles of conflicts of law thereof. Each party agrees that all legal proceedings
concerning the interpretations, enforcement and defense of the transactions contemplated by any of the Transaction Documents (whether
brought against a party hereto or its respective affiliates, directors, officers, shareholders, employees or agents) shall be commenced
in the state or federal courts sitting in the City of New York, Borough of Manhattan (the “New York Courts”). Each
party hereto hereby irrevocably submits to the exclusive jurisdiction of the New York Courts for the adjudication of any dispute
hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to
the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any suit, action
or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, or such New York Courts are improper
or inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents to process
being served in any such suit, action or proceeding 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 Note and agrees that such service
shall constitute good and sufficient service of process and notice thereof Nothing contained herein shall be deemed to limit in
any way any right to serve process in any manner permitted by law. Each party hereto hereby irrevocably waives, to the fullest
extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this
Note or the transactions contemplated hereby. If either party shall commence an action or proceeding to enforce any provisions
of this Note, then the prevailing party in such action or proceeding shall be reimbursed by the other party for its attorney’s
fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding.

 

(e)Waiver.
Any waiver by the Company or the Holder of a breach of any provision of this Note shall not operate as or be construed to be a
waiver of any other breach of such provision or of any breach of any other provision of this Note. The failure of the Company or
the Holder to insist upon strict adherence to any term of this Note on one or more occasions shall not be considered a waiver or
deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this Note. Any waiver
must be in writing.

 

(f)Severability.
If any provision of this Note is invalid, illegal or unenforceable, the balance of this Note shall remain in effect, and if any
provision is inapplicable to any person or circumstance, it shall nevertheless remain applicable to all other persons and circumstances.
If it shall be found that any interest or other amount deemed interest due hereunder violates applicable laws governing usury,
the applicable rate of interest due hereunder shall automatically be lowered to equal the maximum permitted rate of interest. The
Company covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner
whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other law which would prohibit or forgive
the Company from paying all or any portion of the principal of or interest on this Note as contemplated herein, wherever enacted,
now or at any time hereafter in force, or which may affect the covenants or the performance of this indenture, and due Company
(to the extent it may lawfully do so) hereby expressly waives all benefits or advantage of any such law, and covenants that it
will not, by resort to any such law, binder, delay or impeded the execution of any power herein granted to the Holder, but will
suffer and permit the execution of every such as though no such law has been enacted.

 

    	 

    	 

    

(g)Next Business
Day. Whenever any payment or other obligation hereunder shall be due on a day other than a Business Day, such payment shall
be made on the next succeeding Business Day.

 

(h)Headings.
The headings contained herein are for convenience only, do not constitute a part of this Note and shall not be deemed to limit
or affect any of the provisions hereof.

 

(i)Application
of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of any sum due
under this Note, including (without limitation) reasonable attorneys’ fees, then to the payment in full of any accrued, unpaid
interest and finally to the reduction of the unpaid principal balance of this Note.

 

IN WITNESS WHEREOF, the Company
has caused this Note to be duly executed by a duly authorized officer as of the date first above indicated.

 

	 	

NEWTOWN
LANE MARKETING, INCORPORATED

	 	 
	 	 
	 	By: /s/
Arnold Kling______________
	 	      Arnold
Kling, President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00217-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00217-of-00352.parquet"}]]