Document:

Exhibit
10.4

 

SENIOR
SECURED CONVERTIBLE NOTE

 

NEITHER
THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE
HAVE 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. ANY TRANSFEREE OF THIS NOTE SHOULD
CAREFULLY REVIEW THE TERMS OF THIS NOTE, INCLUDING SECTIONS 3(c)(iii) AND 12(a) HEREOF. THE PRINCIPAL AMOUNT REPRESENTED BY THIS
NOTE AND, ACCORDINGLY, THE SECURITIES ISSUABLE UPON CONVERSION HEREOF MAY BE LESS THAN THE AMOUNTS SET FORTH ON THE FACE HEREOF
PURSUANT TO SECTION 3(c)(iii) OF THIS NOTE.

 

Amarantus
Bioscience Holdings, Inc.

 

Senior
Secured Convertible Note

 

	Issuance
    Date:  April 6, 2017	Original
    Principal Amount: U.S. $100,000

 

FOR
VALUE RECEIVED, Amarantus Bioscience Holdings, Inc., a Nevada corporation (the “Company”), hereby promises
to pay to the order of Xpress Group International Limited or its registered assigns (“Holder”) the amount set
forth above as the Original Principal Amount (as reduced pursuant to the terms hereof pursuant to redemption, conversion or otherwise,
the “Principal”) when due, whether upon the Maturity Date (as defined below), or upon acceleration, redemption
or otherwise (in each case in accordance with the terms hereof) and to pay interest (“Interest”) on any outstanding
Principal at the applicable Interest Rate (as defined below) from the date set forth above as the Issuance Date (the “Issuance
Date”) until the same becomes due and payable, whether upon the Maturity Date, or upon acceleration, conversion, redemption
or otherwise (in each case in accordance with the terms hereof). This Senior Secured Convertible Note (including all Senior Secured
Convertible Notes issued in exchange, transfer or replacement hereof, this “Note”) is one of an issue of Senior
Secured Convertible Notes issued pursuant to the Securities Purchase Agreement, dated as of April 6, 2017 (the “Subscription
Date”), by and among the Company and the investors (the “Buyers”) referred to therein, as amended
from time to time (collectively, the “Notes”, and such other Senior Secured Convertible Notes, the “Other
Notes”). Certain capitalized terms used herein are defined in Section 22.

 

1.       PAYMENTS
OF PRINCIPAL. On the Maturity Date, all outstanding Principal, accrued and unpaid Interest shall be converted into Company
Common Stock (as defined below), pursuant to the terms of Section 3 hereof. Other than as specifically permitted by this Note,
the Company may not prepay any portion of the outstanding Principal and accrued and unpaid Interest or accrued.

 

     

     

    

 

2.       INTEREST;
INTEREST RATE. Interest on this Note shall accrue monthly at a rate of twelve percent (12%) per annum (the “Interest
Rate”) on the outstanding Principal amount from time to time, shall be computed on the basis of a 360-day year comprised
of twelve (12) thirty (30) day months.

 

3.       CONVERSION
OF NOTES. At any time after the Issuance Date, but no later than the Maturity Date, this Note shall be converted into either
(a) validly issued, fully paid and non-assessable shares of Company Common Stock (as defined below) or (b) validly issued, fully
paid and non-assessable common shares of Avant Diagnostics, Inc. (“Avant”) owned by the Company as of the Issuance
Date (the “Avant Common Stock”), on the terms and conditions set forth in this Section 3.

 

(a)       Conversion
Right. Subject to the provisions of Section 3(d), at any time or times on or after the Issuance Date, the Holder shall be
entitled to convert any portion of the outstanding and unpaid Conversion Amount (as defined below) into validly issued, fully
paid and non-assessable shares of (i) Company Common Stock (as defined below) or (ii) Avant Common Stock, in each case in accordance
with Section 3(c), at the applicable Conversion Rate (as defined below). The Company shall not issue any fraction of a share of
Company Common Stock upon any conversion. If the issuance would result in the issuance of a fraction of a share of Company Common
Stock, the Company shall round such fraction of a share of Company Common Stock up to the nearest whole share. The Company shall
pay any and all transfer, stamp, issuance and similar taxes, costs and expenses (including, without limitation, fees and expenses
of the Transfer Agent (as defined below)) that may be payable with respect to the issuance and delivery of Company Common Stock
or Avant Common Stock upon conversion of any Conversion Amount.

 

(b)       Conversion
Rate. The number of shares of Company Common Stock or Avant Common Stock, as the case may be, issuable upon conversion of
any Conversion Amount pursuant to Section 3(a) shall be determined by dividing (x) such Conversion Amount by (y) the Conversion
Price and adding to such amount the applicable Conversion True-Up, if any (the “Conversion Rate”).

 

(i)       “Conversion
Amount” means the sum of (x) the portion of the Principal to be converted, redeemed or otherwise with respect to which
this determination is being made and (y) all accrued and unpaid Interest with respect to such portion of the Principal amount,
if any.

 

(ii)       “Conversion
Price” means, as of any Conversion Date or other date of determination, (a) with respect to Company Common Stock, $0.0125
or (b) with respect to Avant Common Stock, $0.16.

 

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(iii)       “Conversion
True-Up” means an amount of Avant Common Stock, as the case may be, calculated as follows:

 

(a)
       if the market price of Avant Common Stock based on an average of the closing trading
price of Avant Common Stock for the five trading days immediately prior to the Conversion Date (the “Avant Conversion
Market Price”) was less than $0.32, then Holder shall receive additional shares of Avant Common Stock such that the
total amount of Avant Common Stock received by Holder as of the Conversion Date, when valued at the Avant Conversion Market Price,
will equal the Conversion Amount up to a maximum total of 5.5 million shares of Avant Common Stock.

 

(c)       Mechanics
of Conversion.

 

(i)       Conversion.
To convert any Conversion Amount into shares of Common Stock on any date (a “Conversion Date”), the Holder
shall deliver (whether via facsimile, electronic mail or otherwise), for receipt on or prior to 11:59 p.m., New York time, on
such date, a copy of an executed notice of conversion in the form attached hereto as Exhibit I (the “Conversion
Notice”) to the Company. If required by Section 3(c)(ii), within three (3) Trading Days following a conversion of this
Note as aforesaid, the Holder shall surrender this Note to a nationally recognized overnight delivery service for delivery to
the Company (or an indemnification undertaking with respect to this Note in the case of its loss, theft or destruction as contemplated
by Section 12(b)). On or before the first (1st) Trading Day following the date of receipt of a Conversion Notice, the Company
shall transmit by facsimile or electronic mail an acknowledgment of confirmation, in the form attached hereto as Exhibit II,
of receipt of such Conversion Notice to the Holder and the Company’s transfer agent (the “Transfer Agent”)
which confirmation shall constitute an instruction to the Transfer Agent to process such Conversion Notice in accordance with
the terms herein. On or before the third (3rd) Trading Day following the date on which the Company has received a Conversion Notice
the Company shall either a) issue and deliver (via reputable overnight courier) to the address as specified in the Conversion
Notice, a certificate, registered in the name of the Holder or its designee, for the number of shares of Company Common Stock
to which the Holder shall be entitled pursuant to such conversion or b) release from escrow a sufficient number of shares of Avant
Common Stock pursuant Section 3(c)(iii). If this Note is physically surrendered for conversion pursuant to Section 3(c)(ii) or
3(c)(iii) and the outstanding Principal of this Note is greater than the Principal portion of the Conversion Amount being converted,
then the Company shall as soon as practicable and in no event later than three (3) Business Days after receipt of this Note and
at its own expense, issue and deliver to the Holder (or its designee) a new Note (in accordance with Section 12(d)) representing
the outstanding Principal not converted. The Person or Persons entitled to receive the shares of Common Stock issuable upon a
conversion of this Note shall be treated for all purposes as the record holder or holders of such shares of Common Stock on the
Conversion Date.

 

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(ii)       Registration;
Book-Entry. The Company shall maintain a register (the “Register”) for the recordation of the names and
addresses of the holders of each Note and the principal amount of the Notes held by such holders held by such holders (the “Registered
Notes”). The entries in the Register shall be conclusive and binding for all purposes absent manifest error. The Company
and the holders of the Notes shall treat each Person whose name is recorded in the Register as the owner of a Note for all purposes
(including, without limitation, the right to receive payments of Principal and Interest hereunder) notwithstanding notice to the
contrary. A Registered Note may be assigned, transferred or sold in whole or in part only by registration of such assignment or
sale on the Register. Upon its receipt of a written request to assign, transfer or sell all or part of any Registered Note by
the holder thereof, the Company shall record the information contained therein in the Register and issue one or more new Registered
Notes in the same aggregate principal amount as the principal amount of the surrendered Registered Note to the designated assignee
or transferee pursuant to Section 12, provided that if the Company does not so record an assignment, transfer or sale (as
the case may be) of all or part of any Registered Note within two (2) Business Days of such a request, then the Register shall
be automatically deemed updated to reflect such assignment, transfer or sale (as the case may be). Notwithstanding anything to
the contrary set forth in this Section 3, following conversion of any portion of this Note in accordance with the terms hereof,
the Holder shall not be required to physically surrender this Note to the Company unless (A) the full Conversion Amount represented
by this Note is being converted (in which event this Note shall be delivered to the Company following conversion thereof as contemplated
by Section 3(c)(i)) or (B) the Holder has provided the Company with prior written notice (which notice may be included in a Conversion
Notice) requesting reissuance of this Note upon physical surrender of this Note. The Holder and the Company shall maintain records
showing the Principal and Interest converted and/or paid (as the case may be) and the dates of such conversions and/or payments
(as the case may be) or shall use such other method, reasonably satisfactory to the Holder and the Company, so as not to require
physical surrender of this Note upon conversion. If the Company does not update the Register to record such Principal and Interest
converted and/or paid (as the case may be) and the dates of such conversions and/or payments (as the case may be) within two (2)
Business Days of such occurrence, then the Register shall be automatically deemed updated to reflect such occurrence.

 

(iii)       Pro
Rata Conversion; Disputes. In the event that the Company receives a Conversion Notice from more than one holder of Notes for
the same Conversion Date and the Company can convert some, but not all, of such portions of the Notes submitted for conversion,
the Company, subject to Section 3(d), shall convert from each holder of Notes electing to have Notes converted on such date a
pro rata amount of such holder’s portion of its Notes submitted for conversion based on the principal amount of Notes submitted
for conversion on such date by such holder relative to the aggregate principal amount of all Notes submitted for conversion on
such date. In the event of a dispute as to the number of shares of Avant Common Stock or Company Common Stock issuable to the
Holder in connection with a conversion of this Note, the Company shall issue to the Holder the number of shares of Avant Common
Stock or Company Common Stock not in dispute and resolve such dispute in accordance with Section 19.

 

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(d)       Limitations
on Conversions. The Company shall not effect the conversion of any portion of this Note, and the Holder shall not have the
right to convert any portion of this Note pursuant to the terms and conditions of this Note and any such conversion shall be null
and void and treated as if never made, to the extent that after giving effect to such conversion, the Holder together with the
other Attribution Parties collectively would beneficially own in excess of 9.99% (the “Maximum Percentage”)
of the shares of Avant Common Stock outstanding immediately after giving effect to such conversion or Company Common Stock outstanding
immediately after giving effect to such conversion. For purposes of the foregoing sentence, the aggregate number of shares of
Avant Common Stock or Company Common Stock beneficially owned by the Holder and the other Attribution Parties shall include the
number of shares of Avant Common Stock or Company Common Stock held by the Holder and all other Attribution Parties plus the number
of shares of Avant Common Stock or Company Common Stock issuable upon conversion of this Note with respect to which the determination
of such sentence is being made, but shall exclude shares of Avant Common Stock or Company Common Stock which would be issuable
upon (A) conversion of the remaining, nonconverted portion of this Note beneficially owned by the Holder or any of the other Attribution
Parties and (B) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including,
without limitation, any convertible notes or convertible preferred stock or warrants, including the Warrants) beneficially owned
by the Holder or any other Attribution Party subject to a limitation on conversion or exercise analogous to the limitation contained
in this Section 3(d)(i). For purposes of this Section 3(d)(i), beneficial ownership shall be calculated in accordance with Section
13(d) of the 1934 Act. For purposes of determining the number of outstanding shares of Avant Common Stock or Company Common Stock
the Holder may acquire upon the conversion of this Note without exceeding the Maximum Percentage, the Holder may rely on the number
of outstanding shares of Avant Common Stock or Company Common Stock as reflected in (x) Avant’s or the Company’s most
recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, Current Report on Form 8-K or other public filing with the SEC,
as the case may be, (y) a more recent public announcement by Avant or the Company or (z) any other written notice by Avant or
the Company or the Transfer Agent, if any, setting forth the number of shares of Avant or Company Common Stock outstanding (the
“Reported Outstanding Share Number”). If the Company receives a Conversion Notice from the Holder at a time
when the actual number of outstanding shares of Avant Common Stock or Company Common Stock is less than the Reported Outstanding
Share Number, the Company shall notify the Holder in writing of the number of shares of Avant Common Stock or Company Common Stock
then outstanding and, to the extent that such Conversion Notice would otherwise cause the Holder’s beneficial ownership,
as determined pursuant to this Section 3(d)(i), to exceed the Maximum Percentage, the Holder must notify the Company of a reduced
number of shares of Avant Common Stock or Company Common Stock to be purchased pursuant to such Conversion Notice. For any reason
at any time, upon the written or oral request of the Holder, the Company shall within one (1) Business Day confirm orally and
in writing or by electronic mail to the Holder the number of shares of Avant Common Stock or Company Common Stock then outstanding.
In any case, the number of outstanding shares of Avant Common Stock or Company Common Stock shall be determined after giving effect
to the conversion or exercise of securities of the Company, including this Note, by the Holder and any other Attribution Party
since the date as of which the Reported Outstanding Share Number was reported. In the event that the issuance of shares of Avant
Common Stock or Company Common Stock to the Holder upon conversion of this Note results in the Holder and the other Attribution
Parties being deemed to beneficially own, in the aggregate, more than the Maximum Percentage of the number of outstanding shares
of Avant Common Stock or Company Common Stock (as determined under Section 13(d) of the 1934 Act), the number of shares so issued
by which the Holder’s and the other Attribution Parties’ aggregate beneficial ownership exceeds the Maximum Percentage
(the “Excess Shares”) shall be deemed null and void and shall be cancelled ab initio, and the Holder shall
not have the power to vote or to transfer the Excess Shares. Upon delivery of a written notice to the Company, the Holder may
from time to time increase (with such increase not effective until the sixty-first (61st) day after delivery of such
notice) or decrease the Maximum Percentage to any other percentage not in excess of 9.99% as specified in such notice; provided
that (i) any such increase in the Maximum Percentage will not be effective until the sixty-first (61st) day after such
notice is delivered to the Company and (ii) any such increase or decrease will apply only to the Holder and the other Attribution
Parties and not to any other holder of Notes that is not an Attribution Party of the Holder. For purposes of clarity, the shares
of Avant Common Stock or Company Common Stock issuable pursuant to the terms of this Note in excess of the Maximum Percentage
shall not be deemed to be beneficially owned by the Holder for any purpose including for purposes of Section 13(d) or Rule 16a-1(a)(1)
of the 1934 Act. No prior inability to convert this Note pursuant to this paragraph shall have any effect on the applicability
of the provisions of this paragraph with respect to any subsequent determination of convertibility. The provisions of this paragraph
shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 3(d)(i) to the
extent necessary to correct this paragraph (or any portion of this paragraph) which may be defective or inconsistent with the
intended beneficial ownership limitation contained in this Section 3(d)(i) or to make changes or supplements necessary or desirable
to properly give effect to such limitation. The limitation contained in this paragraph may not be waived and shall apply to a
successor holder of this Note.

 

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4.       RIGHTS
OF HOLDER UPON EVENT OF DEFAULT.

 

(a)       Event
of Default. Each of the following events shall constitute an “Event of Default”:

 

(i)       the
suspension from trading or the failure of Avant Common Stock or Company Common Stock to be trading or listed (as applicable) on
an Eligible Market for a period of five (5) consecutive Trading Days;

 

(ii)       the
Company’s failure to pay to the Holder any amount of Principal, Interest, or other amounts when and as due under this Note,
except, in the case of a failure to pay Interest when and as due, in which case only if such failure remains uncured for a period
of at least two (2) Trading Days;

 

(iii)      bankruptcy,
insolvency, reorganization or liquidation proceedings or other proceedings for the relief of debtors shall be instituted by or
against the Company or any Subsidiary and, if instituted against the Company by a third party, shall not be dismissed within thirty
(30) days of their initiation;

 

(iv)       a
final judgment or judgments for the payment of money aggregating in excess of $250,000 are rendered against the Company which
judgments are not, within thirty (30) days after the entry thereof, bonded, discharged, settled or stayed pending appeal, or are
not discharged within thirty (30) days after the expiration of such stay; provided, however, any judgment which is covered by
insurance or an indemnity from a credit worthy party shall not be included in calculating the $250,000 amount set forth above
so long as the Company provides the Holder a written statement from such insurer or indemnity provider (which written statement
shall be reasonably satisfactory to the Holder) to the effect that such judgment is covered by insurance or an indemnity and the
Company will receive the proceeds of such insurance or indemnity within thirty (30) days of the issuance of such judgment;

 

(v)       other
than as specifically set forth in another clause of this Section 4(a), the Company or any Subsidiary breaches any material representation,
warranty, covenant or other term or condition of any Transaction Document, except, in the case of a breach of a covenant or other
term or condition that is curable, only if such breach remains uncured for a period of twenty (20) consecutive Trading Days; or

 

(vi)      any
Material Adverse Effect (as defined in the Securities Purchase Agreement) occurs.

 

(b)       Holder’s
Remedies Upon an Event of Default. Notwithstanding anything to the contrary herein, and notwithstanding any conversion that
is then required or in process, upon any Event of Default, the Company shall immediately pay to the Holder an amount in cash representing
all outstanding Principal and accrued and unpaid Interest in addition to any and all other amounts due hereunder, without the
requirement for any notice or demand or other action by the Holder or any other person or entity, provided that the Holder may,
in its sole discretion, waive such right to receive payment upon an Event of Default, in whole or in part, and any such waiver
shall not affect any other rights of the Holder hereunder, including any other rights in respect of such Event of Default, any
right to conversion.

 

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5.       HOLDER’S
RIGHTS UPON CHANGE OF CONTROL.

 

(a)       
No sooner than twenty (20) Trading Days nor later than ten (10) Trading Days prior to the consummation of a transaction that would
result in a Change of Control (the “Change of Control Date”), but not prior to the public announcement of such
Change of Control, the Company shall deliver written notice thereof via facsimile or electronic mail and overnight courier to
the Holder (a “Change of Control Notice”). At any time during the period beginning after the Holder’s
receipt of a Change of Control Notice or the Holder becoming aware of a Change of Control if a Change of Control Notice is not
delivered to the Holder in accordance with the immediately preceding sentence (as applicable) and ending on the later of twenty
(20) Trading Days after (A) consummation of such Change of Control or (B) the date of receipt of such Change of Control Notice,
the Holder may elect (i) to declare this Note payable in cash on demand as of the closing of the transaction giving rise to a
Change of Control or (ii) redeem this Note in full for a payment equal to the amount Holder would have received if the Note had
been converted pursuant to Section 3 of this Note immediately prior to the transaction giving rise to a Change of Control, in
each case to be paid in the same form of consideration (e.g. a mix of cash and stock) received by the other existing equity holders
of the Company in connection with the transaction giving rise to a Change of Control.

 

6.       HOLDER’S
RIGHT OF FIRST REFUSAL TO PROVIDE ADDITIONAL FINANCING.

 

(a)       At
least 10 days prior to the closing of any proposed transaction whereby the Company will, if such proposed transaction is consummated,
either (i) obtain additional debt financing not in existence on the Issuance Date or (ii) sell or transfer shares of Avant Common
Stock owned by the Company to a third party, the Company shall deliver a written notice (the “Company Transaction Notice”)
to Holder notifying Holder of the material terms of such proposed financing or sale of Avant Common Stock.

 

(b)       After
receiving a Company Transaction Notice, Holder shall have the right (the “Right of Refusal”) to provide additional
debt financing to the Company or to purchase such Avant Common Stock in the applicable Holder Pro-Rata Amount, as the case may
be, upon terms and conditions mutually agreeable to Holder and the Company (provided, however, that such terms shall
be no less favorable to Company than the terms identified in the Company Transaction Notice), within 10 days after the Company
Debt Notice has been delivered to Holder (the “Right of Refusal Election Period”). Holder may elect to exercise
its Right of Refusal by delivering a written notice to the Company of such election setting forth the amount of debt financing
it desires to provide or the amount of Avant Common Stock it wishes to purchase, in response to the Company Transaction Notice.

 

(c)       Upon
the expiration of the Right of Refusal Election Period, to the extent that Holder does not notify the company of its intent to
exercise its Right of Refusal, then Holder’s Right of Refusal shall terminate.

 

7.       VOTING
RIGHTS. The Holder shall have no voting rights as the holder of this Note, except as required by law (including, without limitation,
Chapter 78 of the Nevada Revised Statute) and as expressly provided in this Note.

 

8.       COVENANTS.
Until all of the Notes have been converted, redeemed or otherwise satisfied in accordance with their terms:

 

(a)       Rank.
All payments due under this Note (a) shall rank pari passu with all Other Notes.

 

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(b)       Change
in Nature of Business. The Company shall not, and the Company shall cause each of its Subsidiaries to not, directly or indirectly,
engage in any material line of business substantially different from those lines of business conducted by or publicly contemplated
to be conducted by the Company and each of its Subsidiaries on the Subscription Date. The Company shall not, and the Company shall
cause each of its Subsidiaries to not, directly or indirectly, modify its or their corporate structure or purpose.

 

(c)       Preservation
of Existence, Etc. The Company shall maintain and preserve, and cause each of its Subsidiaries to maintain and preserve, its
existence, rights and privileges, and become or remain, and cause each of its Subsidiaries to become or remain, duly qualified
and in good standing in each jurisdiction in which the character of the properties owned or leased by it or in which the transaction
of the Business makes such qualification necessary.

 

(d)       Restricted
Issuances. The Company shall not, directly or indirectly, without the prior written consent of the holders of a majority in
aggregate principal amount of the Notes then outstanding, (i) issue any Notes (other than as contemplated by the Securities Purchase
Agreement and the Notes) or (ii) issue any other securities that would cause a breach or default under the Notes.

 

9.       SECURITY.
This Note and the Other Notes are secured to the extent and in the manner set forth in the Transaction Documents (including, without
limitation, the Security Agreement, the other Security Documents).

 

10.       AMENDING
THE TERMS OF THIS NOTE. The prior written consent of the Holder shall be required for any change, waiver or amendment to this
Note.

 

11.       TRANSFER.
This Note and any shares of Company Common Stock or Avant Common Stock issued upon conversion of this Note may be offered, sold,
assigned or transferred by the Holder without the consent of the Company, subject only to the provisions of Section 2(g) of the
Securities Purchase Agreement.

 

12.       REISSUANCE
OF THIS NOTE.

 

(a)       Transfer.
If this Note is to be transferred, the Holder shall surrender this Note to the Company, whereupon the Company will forthwith issue
and deliver upon the order of the Holder a new Note, registered as the Holder may request, representing the outstanding Principal
being transferred by the Holder and, if less than the entire outstanding Principal is being transferred, a new Note to the Holder
representing the outstanding Principal not being transferred. The Holder and any assignee, by acceptance of this Note, acknowledge
and agree that, by reason of the provisions of Section 3(c)(iii) following conversion or redemption of any portion of this Note,
the outstanding Principal represented by this Note may be less than the Principal stated on the face of this Note.

 

(b)       Lost,
Stolen or Mutilated Note. Upon receipt by the Company of evidence reasonably satisfactory to the Company of the loss, theft,
destruction or mutilation of this Note (as to which a written certification and the indemnification contemplated below shall suffice
as such evidence), and, in the case of loss, theft or destruction, of any indemnification undertaking by the Holder to the Company
in customary and reasonable form and, in the case of mutilation, upon surrender and cancellation of this Note, the Company shall
execute and deliver to the Holder a new Note (in accordance with Section 12(d)) representing the outstanding Principal.

 

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(c)       Note
Exchangeable for Different Denominations. This Note is exchangeable, upon the surrender hereof by the Holder at the principal
office of the Company, for a new Note or Notes and in principal amounts of at least $1,000) representing in the aggregate the
outstanding Principal of this Note, and each such new Note will represent such portion of such outstanding Principal as is designated
by the Holder at the time of such surrender.

 

(d)       Issuance
of New Notes. Whenever the Company is required to issue a new Note pursuant to the terms of this Note, such new Note (i) shall
be of like tenor with this Note, (ii) shall represent, as indicated on the face of such new Note, the Principal remaining outstanding
(or in the case of a new Note being issued pursuant to Section 12(a) or Section 12(c), the Principal designated by the Holder
which, when added to the principal represented by the other new Notes issued in connection with such issuance, does not exceed
the Principal remaining outstanding under this Note immediately prior to such issuance of new Notes), (iii) shall have an issuance
date, as indicated on the face of such new Note, which is the same as the Issuance Date of this Note, (iv) shall have the same
rights and conditions as this Note, and (v) shall represent accrued and unpaid Interest and Late Charges on the Principal and
Interest of this Note, from the Issuance Date.

 

13.       REMEDIES,
CHARACTERIZATIONS, OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. The remedies provided in this Note shall be cumulative
and in addition to all other remedies available under this Note and any of the other Transaction Documents at law or in equity
(including a decree of specific performance and/or other injunctive relief). The Company covenants to the Holder that there shall
be no characterization concerning this instrument other than as expressly provided herein. Amounts set forth or provided for herein
with respect to payments, conversion and the like (and the computation thereof) shall be the amounts to be received by the Holder
and shall not, except as expressly provided herein, be subject to any other obligation of the Company (or the performance thereof).
The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Holder and that the
remedy at law for any such breach may be inadequate. The Company therefore agrees that, in the event of any such breach or threatened
breach, the Holder shall be entitled, in addition to all other available remedies, to an injunction restraining any such breach
or any such threatened breach, without the necessity of showing economic loss and without any bond or other security being required.

 

14.       PAYMENT
OF COLLECTION, ENFORCEMENT AND OTHER COSTS. If (a) this Note is placed in the hands of an attorney for collection or enforcement
or is collected or enforced through any legal proceeding or the Holder otherwise takes action to collect amounts due under this
Note or to enforce the provisions of this Note or (b) there occurs any bankruptcy, reorganization, receivership of the Company
or other proceedings affecting Company creditors’ rights and involving a claim under this Note, then the Company shall pay
the costs incurred by the Holder for such collection, enforcement or action or in connection with such bankruptcy, reorganization,
receivership or other proceeding, including, without limitation, attorneys’ fees and disbursements. The Company expressly
acknowledges and agrees that no amounts due under this Note shall be affected, or limited, by the fact that the purchase price
paid for this Note was less than the original Principal amount hereof.

 

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15.       CONSTRUCTION;
HEADINGS. This Note shall be deemed to be jointly drafted by the Company and the initial Holder and shall not be construed
against any such Person as the drafter hereof. The headings of this Note are for convenience of reference and shall not form part
of, or affect the interpretation of, this Note. Unless the context clearly indicates otherwise, each pronoun herein shall be deemed
to include the masculine, feminine, neuter, singular and plural forms thereof. The terms “including,” “includes,”
“include” and words of like import shall be construed broadly as if followed by the words “without limitation.”
The terms “herein,” “hereunder,” “hereof” and words of like import refer to this entire Agreement
instead of just the provision in which they are found. Unless expressly indicated otherwise, all section references are to sections
of this Note. Terms used in this Note and not otherwise defined herein, but defined in the other Transaction Documents, shall
have the meanings ascribed to such terms on the Closing Date in such other Transaction Documents unless otherwise consented to
in writing by the Holder.

 

16.       NOTICES;
CURRENCY; PAYMENTS.

 

(a)       Notices.
Whenever notice is required to be given under this Note, unless otherwise provided herein, such notice shall be given in accordance
with Section 9(f) of the Securities Purchase Agreement.

 

(b)       Currency.
All dollar amounts referred to in this Note are in United States Dollars (“U.S. Dollars”), and all amounts
owing under this Note shall be paid in U.S. Dollars. All amounts denominated in other currencies (if any) shall be converted into
the U.S. Dollar equivalent amount in accordance with the Exchange Rate on the date of calculation. “Exchange Rate”
means, in relation to any amount of currency to be converted into U.S. Dollars pursuant to this Note, the U.S. Dollar exchange
rate as published in the Wall Street Journal on the relevant date of calculation (it being understood and agreed that where an
amount is calculated with reference to, or over, a period of time, the date of calculation shall be the final date of such period
of time).

 

17.       CANCELLATION.
After all Principal, accrued Interest, Late Charges and other amounts at any time owed on this Note have been paid in full, this
Note shall automatically be deemed canceled, shall be surrendered to the Company for cancellation and shall not be reissued.

 

18.       WAIVER
OF NOTICE. To the extent permitted by law, the Company hereby irrevocably waives demand, notice, presentment, protest and
all other demands and notices in connection with the delivery, acceptance, performance, default or enforcement of this Note and
the Securities Purchase Agreement.

 

    10

     

    

 

19.       GOVERNING
LAW. This Note shall be construed and enforced in accordance with, and all questions concerning the construction, validity,
interpretation and performance of this Note shall be governed by, the internal laws of the State of New York. THE COMPANY HEREBY
IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER
OR IN CONNECTION WITH OR ARISING OUT OF THIS NOTE OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

20.       SEVERABILITY.
If any provision of this Note is prohibited by law or otherwise determined to be invalid or unenforceable by a court of competent
jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended to apply to the
broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such provision shall not affect
the validity of the remaining provisions of this Note so long as this Note as so modified continues to express, without material
change, the original intentions of the parties as to the subject matter hereof and the prohibited nature, invalidity or unenforceability
of the provision(s) in question does not substantially impair the respective expectations or reciprocal obligations of the parties
or the practical realization of the benefits that would otherwise be conferred upon the parties. The parties will endeavor in
good faith negotiations to replace the prohibited, invalid or unenforceable provision(s) with a valid provision(s), the effect
of which comes as close as possible to that of the prohibited, invalid or unenforceable provision(s).

 

21.       MAXIMUM
PAYMENTS. Nothing contained herein shall be deemed to establish or require the payment of a rate of interest or other charges
in excess of the maximum permitted by applicable law. In the event that the rate of interest required to be paid or other charges
hereunder exceed the maximum permitted by such law, any payments in excess of such maximum shall be credited against amounts owed
by the Company to the Holder and thus refunded to the Company.

 

22.       CERTAIN
DEFINITIONS. For purposes of this Note, the following terms shall have the following meanings:

 

(a)       “1933
Act” means the Securities Act of 1933, as amended, and the rules and regulations thereunder.

 

(b)       “1934
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder.

 

(c)       “Affiliate”
means, with respect to any Person, any other Person that directly or indirectly controls, is controlled by, or is under common
control with, such Person, it being understood for purposes of this definition that “control” of a Person means the
power directly or indirectly either to vote 10% or more of the stock having ordinary voting power for the election of directors
of such Person or direct or cause the direction of the management and policies of such Person whether by contract or otherwise.

 

    11

     

    

 

(d)       “Attribution
Parties” means, collectively, the following Persons and entities: (i) any investment vehicle, including, any funds,
feeder funds or managed accounts, currently, or from time to time after the Issuance Date, directly or indirectly managed or advised
by the Holder’s investment manager or any of its Affiliates or principals, (ii) any direct or indirect Affiliates of the
Holder or any of the foregoing, (iii) any Person acting or who could be deemed to be acting as a Group together with the Holder
or any of the foregoing and (iv) any other Persons whose beneficial ownership of the Company’s Common Stock would or could
be aggregated with the Holder’s and the other Attribution Parties for purposes of Section 13(d) of the 1934 Act. For clarity,
the purpose of the foregoing is to subject collectively the Holder and all other Attribution Parties to the Maximum Percentage.

 

(e)       “Business
Day” means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized
or required by law to remain closed.

 

(f)       “Change
of Control” means any Fundamental Transaction other than (i) any merger of the Company or any of its, direct or indirect,
wholly-owned Subsidiaries with or into any of the foregoing Persons, (ii) any reorganization, recapitalization or reclassification
of the shares of Common Stock in which holders of the Company’s voting power immediately prior to such reorganization, recapitalization
or reclassification continue after such reorganization, recapitalization or reclassification to hold publicly traded securities
and, directly or indirectly, are, in all material respects, the holders of the voting power of the surviving entity (or entities
with the authority or voting power to elect the members of the board of directors (or their equivalent if other than a corporation)
of such entity or entities) after such reorganization, recapitalization or reclassification, or (iii) pursuant to a migratory
merger effected solely for the purpose of changing the jurisdiction of incorporation of the Company or any of its Subsidiaries.

 

(g)       “Closing
Date” shall have the meaning set forth in the Securities Purchase Agreement, which date is the date the Company initially
issued Notes pursuant to the terms of the Securities Purchase Agreement.

 

(h)       “Company
Common Stock” means (i) the Company’s shares of common stock, $0.001 par value per share, and (ii) any capital
stock into which such common stock shall have been changed or any share capital resulting from a reclassification of such common
stock.

 

(i)       “Eligible
Market” means The New York Stock Exchange, the NYSE MKT, the Nasdaq Capital Market, the Nasdaq Global Select Market,
the Nasdaq Global Market or the Principal Market.

 

    12

     

    

 

(j)       “Fundamental
Transaction” means (A) that the Company shall, directly or indirectly, including through subsidiaries, Affiliates or
otherwise, in one or more related transactions, (i) consolidate or merge with or into (whether or not the Company is the surviving
corporation) another Subject Entity, or (ii) sell, assign, transfer, convey or otherwise dispose of all or substantially all of
the properties or assets of the Company or any of its “significant subsidiaries” (as defined in Rule 1-02 of Regulation
S-X) to one or more Subject Entities, or (iii) make, or allow one or more Subject Entities to make, or allow the Company to be
subject to or have its Common Stock be subject to or party to one or more Subject Entities making, a purchase, tender or exchange
offer that is accepted by the holders of at least either (x) 50% of the outstanding shares of Common Stock, (y) 50% of the outstanding
shares of Common Stock calculated as if any shares of Common Stock held by all Subject Entities making or party to, or Affiliated
with any Subject Entities making or party to, such purchase, tender or exchange offer were not outstanding; or (z) such number
of shares of Common Stock such that all Subject Entities making or party to, or Affiliated with any Subject Entity making or party
to, such purchase, tender or exchange offer, become collectively the beneficial owners (as defined in Rule 13d-3 under the 1934
Act) of at least 50% of the outstanding shares of Common Stock, or (iv) consummate a stock or share purchase agreement or other
business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with
one or more Subject Entities whereby all such Subject Entities, individually or in the aggregate, acquire, either (x) at least
50% of the outstanding shares of Common Stock, (y) at least 50% of the outstanding shares of Common Stock calculated as if any
shares of Common Stock held by all the Subject Entities making or party to, or Affiliated with any Subject Entity making or party
to, such stock purchase agreement or other business combination were not outstanding; or (z) such number of shares of Common Stock
such that the Subject Entities become collectively the beneficial owners (as defined in Rule 13d-3 under the 1934 Act) of at least
50% of the outstanding shares of Common Stock, or (v) reorganize, recapitalize or reclassify its Common Stock, (B) that the Company
shall, directly or indirectly, including through subsidiaries, Affiliates or otherwise, in one or more related transactions, allow
any Subject Entity individually or the Subject Entities in the aggregate to be or become the “beneficial owner” (as
defined in Rule 13d-3 under the 1934 Act), directly or indirectly, whether through acquisition, purchase, assignment, conveyance,
tender, tender offer, exchange, reduction in outstanding shares of Common Stock, merger, consolidation, business combination,
reorganization, recapitalization, spin-off, scheme of arrangement, reorganization, recapitalization or reclassification or otherwise
in any manner whatsoever, of either (x) at least 50% of the aggregate ordinary voting power represented by issued and outstanding
Common Stock, (y) at least 50% of the aggregate ordinary voting power represented by issued and outstanding Common Stock not held
by all such Subject Entities as of the date of this Note calculated as if any shares of Common Stock held by all such Subject
Entities were not outstanding, or (z) a percentage of the aggregate ordinary voting power represented by issued and outstanding
shares of Common Stock or other equity securities of the Company sufficient to allow such Subject Entities to effect a statutory
short form merger or other transaction requiring other shareholders of the Company to surrender their shares of Common Stock without
approval of the shareholders of the Company or (C) directly or indirectly, including through subsidiaries, Affiliates or otherwise,
in one or more related transactions, the issuance of or the entering into any other instrument or transaction structured in a
manner to circumvent, or that circumvents, the intent of this definition in which case this definition shall be construed and
implemented in a manner otherwise than in strict conformity with the terms of this definition to the extent necessary to correct
this definition or any portion of this definition which may be defective or inconsistent with the intended treatment of such instrument
or transaction.

 

(k)       
“GAAP” means United States generally accepted accounting principles, consistently applied.

 

    13

     

    

 

(l)       “Group”
means a “group” as that term is used in Section 13(d) of the 1934 Act and as defined in Rule 13d-5 thereunder.

 

(m)       “Holder
Pro Rata Amount” means a fraction (i) the numerator of which is the original Principal amount of this Note on the Closing
Date and (ii) the denominator of which is the aggregate original principal amount of all Notes issued to the initial purchasers
pursuant to the Securities Purchase Agreement on the Closing Date.

 

(n)       
“Indebtedness” shall have the meaning ascribed to such term in the Securities Purchase Agreement.

 

(o)       “Major
Market” means The New York Stock Exchange, the NYSE MKT, the Nasdaq Capital Market, the Nasdaq Global Select Market
or the Nasdaq Global Market.

 

(p)       
“Maturity Date” shall mean October 6, 2017.

 

(q)       “Permitted
Indebtedness” means (i) Indebtedness evidenced by this Note and the Other Notes, (ii) Indebtedness set forth on Schedule
3(s) to the Securities Purchase Agreement, as in effect as of the Subscription Date and (iii) Indebtedness secured by Permitted
Liens or unsecured but as described in clauses (iv) and (v) of the definition of Permitted Liens.

 

(r)       “Permitted
Liens” means (i) any Lien for taxes not yet due or delinquent or being contested in good faith by appropriate proceedings
for which adequate reserves have been established in accordance with GAAP, (ii) any statutory Lien arising in the ordinary course
of business by operation of law with respect to a liability that is not yet due or delinquent, (iii) any Lien created by operation
of law, such as materialmen’s liens, mechanics’ liens and other similar liens, arising in the ordinary course of business
with respect to a liability that is not yet due or delinquent or that are being contested in good faith by appropriate proceedings,
(iv) Liens (A) upon or in any equipment acquired or held by the Company or any of its Subsidiaries to secure the purchase price
of such equipment or Indebtedness incurred solely for the purpose of financing the acquisition or lease of such equipment, or
(B) existing on such equipment at the time of its acquisition, provided that the Lien is confined solely to the property so acquired
and improvements thereon, and the proceeds of such equipment, in either case, with respect to Indebtedness in an aggregate amount
not to exceed $200,000, (v) Liens incurred in connection with the extension, renewal or refinancing of the Indebtedness secured
by Liens of the type described in clause (iv) above, provided that any extension, renewal or replacement Lien shall be limited
to the property encumbered by the existing Lien and the principal amount of the Indebtedness being extended, renewed or refinanced
does not increase, (vi) Liens in favor of customs and revenue authorities arising as a matter of law to secure payments of custom
duties in connection with the importation of goods, and (vii) Liens arising from judgments, decrees or attachments in circumstances
not constituting an Event of Default under Section 4(a)(iv).

 

    14

     

    

 

(s)       
“Person” means an individual, a limited liability company, a partnership, a joint venture, a corporation, a
trust, an unincorporated organization, any other entity or a government or any department or agency thereof.

 

(t)       “Principal
Market” means the OTCQB.

 

(u)       
“SEC” means the United States Securities and Exchange Commission or the successor thereto.

 

(v)       “Securities
Purchase Agreement” means that certain securities purchase agreement, dated as of the Subscription Date, by and among
the Company and the initial holders of the Notes pursuant to which the Company issued the Notes, as may be amended from time to
time.

 

(w)       “Security
Agreement” shall have the meaning as set forth in the Securities Purchase Agreement.

 

(x)       “Subscription
Date” means April 6, 2017.

 

(y)       “Subsidiaries”
shall have the meaning as set forth in the Securities Purchase Agreement

 

(z)       “Subject
Entity” means any Person, Persons or Group or any Affiliate or associate of any such Person, Persons or Group.

 

(aa)      “Trading
Day” means, as applicable, (x) with respect to all price or trading volume determinations relating to the Common Stock,
any day on which the Common Stock is traded on the Principal Market, or, if the Principal Market is not the principal trading
market for the Common Stock, then on the principal securities exchange or securities market on which the Common Stock is then
traded, provided that “Trading Day” shall not include any day on which the Common Stock is scheduled to trade on such
exchange or market for less than 4.5 hours or any day that the Common Stock is suspended from trading during the final hour of
trading on such exchange or market (or if such exchange or market does not designate in advance the closing time of trading on
such exchange or market, then during the hour ending at 4:00:00 p.m., New York time) unless such day is otherwise designated as
a Trading Day in writing by the Holder or (y) with respect to all determinations other than price determinations relating to the
Common Stock, any day on which The New York Stock Exchange (or any successor thereto) is open for trading of securities.

 

23.       DISCLOSURE.
Upon receipt or delivery by the Company of any notice in accordance with the terms of this Note, unless the Company has in good
faith determined that the matters relating to such notice do not constitute material, non-public information relating to the Company
or any of its Subsidiaries, the Company shall within one (1) Business Day after any such receipt or delivery publicly disclose
such material, non-public information on a Current Report on Form 8-K or otherwise. In the event that the Company believes that
a notice contains material, non-public information relating to the Company or any of its Subsidiaries, the Company so shall indicate
to the Holder contemporaneously with delivery of such notice, and in the absence of any such indication, the Holder shall be allowed
to presume that all matters relating to such notice do not constitute material, non-public information relating to the Company
or any of its Subsidiaries. If the Company or any of its Subsidiaries provides material non-public information to the Holder that
is not simultaneously filed in a Current Report on Form 8-K and the Holder has not agreed to receive such material non-public
information, the Company hereby covenants and agrees that the Holder shall not have any duty of confidentiality to the Company,
any of its Subsidiaries or any of their respective officers, directors, employees, affiliates or agents with respect to, or a
duty to any of the foregoing not to trade on the basis of, such material non-public information. Nothing contained in this Section
23 shall limit any obligations of the Company, or any rights of the Holder, under Section 4(i) of the Securities Purchase Agreement.

 

[signature
page follows]

 

    15

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Note to be duly executed as of the Issuance Date set out above.

 

	 	AMARANTUS
    BIOSCIENCE HOLDINGS, INC.
	 	 
	 	By:	           
	 	Name: 	 
	 	Title:	 

 

 

Senior Convertible Note - Signature Page

 

     

     

    

 

EXHIBIT
I

 

AMARANTUS
BIOSCIENCE HOLDINGS, INC.

CONVERSION NOTICE

 

Reference
is made to the Convertible Note (the “Note”) issued to the undersigned by Amarantus Bioscience Holdings, Inc.,
a Nevada corporation (the “Company”). In accordance with and pursuant to the Note, the undersigned hereby elects
to convert the Conversion Amount (as defined in the Note) of the Note indicated below into shares of Avant Common Stock or Company
Common Stock as indicated below, as of the date specified below. Capitalized terms not defined herein shall have the meaning as
set forth in the Note.

 

	Date
    of Conversion:	 
	 	 
	Aggregate
    Principal to be converted:	 
	 	 
	Aggregate
    accrued and unpaid Interest with respect to such portion of the Aggregate Principal and such Aggregate Interest to be converted:	 
	 	 
	AGGREGATE
    CONVERSION AMOUNT

    TO BE CONVERTED:	 
	 	 
	Please
    confirm the following information:
	 
	Conversion
    Price:	 
	 	 
	Number
    of shares of Avant Common Stock to be issued:	 
	 	 
	Number
    of shares of Company Common Stock to be issued:	 
	 	 
	Please
                                         issue either Avant Common Stock or Company Common Stock into which the Note is being
                                         converted to Holder, or for its benefit, as follows:

         

        ☐       Check
here if requesting delivery as a certificate to the following name and to the following address:

         

	Issue
    to:	 
	 	 
	 	 
	 	 	 	 	 	 

	Date:
_____________ __, _____

        
	 
	____________________________	 
	Name of Registered Holder	 

 

	By:
	 	 
	Name:	 	 
	Title:
	 	 
	 	 	 
	Tax
    ID:	_____________________

        
	 
	 	 	 
	Facsimile: 	_____________________
	 

 

	E-mail Address:	 	 

 

     

     

    

 

ACKNOWLEDGMENT

 

The
Company hereby acknowledges this Conversion Notice and hereby directs _________________ to issue the above indicated number of
shares of Common Stock in accordance with the Transfer Agent Instructions dated _____________, 20__ from the Company and acknowledged
and agreed to by ________________________.

 

	 	AMARANTUS
    BIOSCIENCE HOLDINGS, INC.
	 	 
	 	By:	           
	 	Name: 	 
	 	Title:EXHIBIT
10.62

 

THIS
NOTE AND THE SHARES OF COMMON STOCK ISSUABLE UPON CONVERSION OF THE NOTE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED, OR ANY APPLICABLE STATE SECURITIES LAWS. NEITHER THE NOTE NOR SUCH SHARES OF COMMON STOCK MAY BE OFFERED FOR
SALE, SOLD, TRANSFERRED, PLEDGED OR HYPOTHECATED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND UNDER
ANY APPLICABLE STATE SECURITIES LAWS, OR AN OPINION OF COUNSEL, SATISFACTORY TO THE COMPANY, THAT AN EXEMPTION FROM SUCH REGISTRATION
IS AVAILABLE.

 

INFINITY
ENERGY RESOURCES, INC.

 

8%
CONVERTIBLE PROMISSORY NOTE

 

$200,000

 

FOR
VALUE RECEIVED, Infinity Energy Resources, Inc., a Delaware corporation (the “Company”), promises to pay to ___________
or registered assigns (the “Holder”), the sum of two hundred thousand dollars ($200,000) in lawful money of the
United States of America on or before the Maturity Date as defined herein, with all Interest thereon as defined and specified
herein.

 

    	 

    	 	 	 

    

 

1.
Interest and Fees. This Note shall bear
interest (“Interest”) equal to eight percent (8%) per annum. Interest will be calculated on a three hundred sixty-five
(365) day year. The Company shall pay the Interest on or before the Maturity Date, as defined below. In no event shall the rate
of Interest payable on this Note exceed the maximum rate of interest permitted to be charged under applicable law.

 

2.
Payments. All payments under this
Note shall be made by the Company hereunder, whether on account of principal or Interest, without set-off or counterclaim and
shall first be credited against costs and expenses provided for in this Note, second to the payment of any penalties, third to
the payment of accrued and unpaid Interest, if any, and the remainder shall be credited against principal. All payments due hereunder
shall be payable in legal tender of the United States of America, and in same day funds delivered to Holder by cashier’s
check, certified check, or bank wire transfer to the mailing address provided below, or at such other place as Holder shall designate
in writing for such purpose from time to time made prior to noon, Kansas City, Kansas time, on the Maturity Date. If a payment
under this Note otherwise would become due and payable on a Saturday, Sunday or legal holiday (any other day being a “Business
Day”), the due date of the payment shall be extended to the next succeeding Business Day, and Interest, if any, shall be
payable thereon during such extension.

 

3.
Maturity Date. This Note shall be due
and payable in full, including all accrued Interest thereon, on November 7, 2017 (the “Maturity Date”), subject
to Paragraph 4, “Pre-Payments.”

 

4.
Pre-Payments. At any time prior to the
Maturity Date, the Company shall have the right to prepay this Note, in whole or in part without penalty, on ten (10) days’
advance notice to Holder. On such prepayment date, the Company will pay in respect of this Note cash equal to the face amount
plus accrued Interest on the Note (or portion thereof) being prepaid.

 

5.
Conversion of Note

 

5.1
Conversion of Note/Conversion Price. This Note is convertible as to principal and any accrued Interest, at the option of
Holder, into shares of the company’s Common Stock (the “Common Stock”) at any time after the issue Date and
prior to the close of business on the Business Day preceding the Maturity Date at the rate of Five dollars and no Cents ($5.00)
per share (the “Conversion Price”). The Company will provide written notice of its intent to prepay the Note in
whole or in part prior to the Maturity Date. In such case, Holder will have five (5) Business Days following the date on which
Holder receives such written notice to determine whether Holder will convert all or part of the Note into Common Stock. No fractional
shares will be issued. In lieu thereof, the Company will pay cash for fractional share amounts equal to the fair market value
of the Common Stock as quoted as the closing bid price of the Common Stock on the date of conversation.

 

5.2
Adjustment to Conversion Price. The Conversion Price shall be adjusted if the Company shall at any time (i) pay a stock
dividend on the Common Stock; (ii) subdivide its outstanding Common Stock into a greater number of shares; (iii) combine its outstanding
Common Stock into a smaller number of shares; (iv) issue by reclassification of its Common Stock any other special capital stock
of the Company; or (v) distribute to all holders of Common Stock evidences of indebtedness or assets (excluding cash dividends)
or rights or warrants to subscribe for Common Stock (other than those mentioned above). No adjustment of the Conversion Price
will be required until cumulative adjustments amount to One Dollar ($1.00) per Note or more. Upon the occurrence of an event requiring
adjustment of the Conversion Price, and thereafter, Holder, upon surrender of this Note for conversion, shall be entitled to receive
the number of shares of Common Stock or other capital stock of the Company that Holder would have owned or have been entitled
to receive after the happening of any of the events described above had this Note been converted immediately prior to the happening
of such event.

 

    	 

    	 	 	 

    

 

5.3
Adjustment Based Upon Merger or Consolidation. In case of any consolidation or merger to which the Company is a party (other
than a merger in which the Company is the surviving entity and which does not result in any reclassification of or change in the
outstanding Common Stock of the Company), or in case of any sale or conveyance to another person, firm, or corporation of the
property of the Company as an entirety or substantially as an entirety, Holder shall have the right to convert this Note into
the kind and amount of securities and property (including cash) receivable upon such consolidation, merger, sale or conveyance
by Holder of the number of shares of Common Stock into which such Note might have been converted immediately prior thereto.

 

5.4
Exercise of Conversion Privilege.

 

5.4.1
The Conversion Privilege provided for in this Note shall be exercisable by Holder by written notice to the Company or its successor
and the surrender of this Note in exchange for the number of shares (or other securities and property, including cash, in the
event of an adjustment of the Conversion Price) into which this Note is convertible based upon the Conversion Price.

 

5.4.2
Holder’s conversion right set forth in this Paragraph 5.4 may be exercised at any time and from time to time but prior to
payment in full of the principal amount of the accrued interest on this Note. Conversion rights will expire at the close of business
on the Business Day prior to the Maturity Date or redemption date of this Note.

 

5.4.3
Holder may exercise the right to convert all or any portion of the principal amount and accrued Interest on this Note by delivery
of (i) this Note and (ii) a completed Conversion Notice in the form attached as Exhibit A on a Business Day to the Company’s
principal executive offices. Such conversion shall be deemed to have been made immediately prior to the close of business on the
Business Day of such delivery a conversion notice (the “Conversion Date”), and Holder shall be treated for all purposes
as the record holder of the shares of Common Stock into which this Note is converted as of such date.

 

5.4.4
Upon conversion of the entire principal amount and accrued Interest of this Note and the delivery of shares of Common Stock upon
conversion of this Note, except as otherwise provided in Paragraph 21, “Representations and Warranties to Survive Closing,”
the Company shall be forever released from all of its obligations and liabilities under this Note.

 

    	 

    	 	 	 

    

 

5.5
Corporate Status of Common Stock to be Issued. All Common Stock (or other securities in the event of an adjustment of the
Conversion Price) which may be issued upon the conversion of this Note shall, upon issuance, be fully paid and nonassessable.

 

5.6
Issuance of Certificates. Upon the conversion of this Note, the Company shall, within five (5) Business Days of such conversion,
issue to Holder a certificate or certificates representing the number of shares of the Common Stock (or other securities in the
event of an adjustment of the Conversion Price) to which the conversion relates.

 

6.
Unsecured Indebtedness. This Note is unsecured.

 

7.
Status of Holder of Note. This Note shall
not entitle Holder to any voting rights or other rights as a shareholder of the Company or to any rights whatsoever except the
rights herein expressed, and no dividends shall be payable or accrue in respect of this Note or the securities issuable upon the
conversion hereof unless and until this Note shall be converted. Upon the conversion of this Note, Holder shall, to the extent
permitted by law, be deemed to be the holder of record of the shares of Common Stock issuable upon such conversion, notwithstanding
that the stock transfer books of the Company shall then be closed or that the certificates representing such shares of Common
Stock shall not then be actually delivered.

 

8.
Reserve of Shares of Common Stock. The
Company shall reserve out of its authorized shares of Common Stock, and other securities in the event of an adjustment of the
Conversion Price, a number of shares sufficient to enable it to comply with its obligation to issue shares of Common Stock, and
other securities in the event of an adjustment of the Conversion Price, upon the conversion of this Note.

 

9.
Transfer Restrictions; Exemption from Registration.

 

9.1
Holder is an Accredited Investor, as such term is defined Rule 501(a) of Regulation D under the Securities Act of 1933, as amended
(the “Act”). Holder has conducted its own due diligence regarding this investment and the Company. Holder understands
and can bear the risks associated with this investment, including the loss of its entire investment in the Note and the underlying
Common Stock. Holder agrees that (i) this Note and the shares of Common Stock issuable in payment of Interest and upon conversion
have not been registered under the Act and may not be sold or transferred without registration under the Act or unless an exemption
from such registration is available; (ii) Holder has acquired this Note and will acquire the Common Stock for its own account
for investment purposes only and not with a view toward resale or distribution; and (iii) if a registration statement that includes
the Common Stock is not effective at the time Common Stock is issued to Holder upon conversion under this Note, and the Common
Stock is not exempt from registration under Rule 144, then the Common Stock shall be inscribed with the following legend:

 

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 HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR
ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
OR APPLICABLE STATE SECURITIES LAWS, OR AN OPINION OF HOLDER’S COUNSEL, IN A CUSTOMARY FORM, THAT REGISTRATION IS NOT REQUIRED
UNDER SAID ACT OR APPLICABLE STATE SECURITIES LAWS OR UNLESS SOLD PURSUANT TO RULE 144 UNDER SAID ACT.

 

    	 

    	 	 	 

    

 

9.2
If an opinion of counsel of Holder provides that registration is not required for the proposed conversion or transfer of this
Note or the proposed transfer of the shares of Common Stock issuable upon conversion and that the proposed conversion or transfer
in the absence of registration would require the Company to take any action including executing and filing forms or other documents
with the Securities and Exchange Commission (the “SEC”) or any state securities agency, or delivering to Holder any
form or document in order to establish the right of Holder to effectuate the proposed conversion or transfer, the Company agrees
promptly, at its expense, to take any such action; and provided, further, that the Company will reimburse Holder in full for any
expenses (including but not limited to the fees and disbursements of such counsel, but excluding brokers’ commissions) incurred
by Holder or owner of shares of Common Stock on his, her or its behalf in connection with such conversion or transfer of the Note
or transfer of the shares of Common Stock.

 

10.
Rule 144.

 

If the Company has registered
a class securities under Section 12 of the Exchange Act and has filed reports under Section 13 or 15(d) of the Exchange Act. At
the request of Holder, when Holder proposes to sell securities in compliance with Rule 144 of the SEC, the Company will (i) forthwith
furnish to Holder a written statement of compliance with the filing requirements of the SEC as set forth in Rule 144, as such rules
may be amended from time to time and (ii) make available to the public and Holder such information and take such other action as
is requested by Holder to enable Holder to make sales pursuant to Rule 144.

 

11.
Representations and Warranties of the Company. The Company represents and warrants as follows:

 

11.1 The Company is duly
existing and in good standing as a corporation in its jurisdiction of formation and is qualified and licensed to do business and
is in good standing in any other jurisdiction in which the conduct of its business or ownership of property requires that it to
be qualified, except where the failure to do so could not reasonably be expected to have a material adverse effect on the Company’s
business.

 

11.2 The execution, delivery
and performance by the Company of this Note has been duly authorized, and do not (i) conflict with any of the Company’s organizational
documents; (ii) contravene, conflict with, constitute a default under or violate any material law applicable to the Company; (iii)
contravene, conflict or violate any applicable order, writ, judgment, injunction, decree, determination or award of any governmental
authority by which the Company or any of its Subsidiaries or any of their property or assets may be bound or affected; (iv) require
any action by, filing, registration, or qualification with, or governmental approval from any governmental authority (except such
governmental approvals which have already been obtained and are in full force and effect); or (v) constitute an event of default
under any material agreement by which the Company is bound.

 

    	 

    	 	 	 

    

 

11.3 There are no material
actions or proceedings pending or threatened by or against the Company, except as set forth in the Company’s annual report
on Form 10-K for the year ended December 31, 2015, its report on Form 10-Q for the quarter ended June 30, 2016 and any Form
8-K filed with the Securities and Exchange Commission (the “SEC Reports”).

 

11.4 All financial statements
of the Company contained in its SEC Reports fairly present in all material respects the Company’s financial position and
the Company’s results of operations as of the dates thereof, and for the periods indicated therein, subject in the case of
the unaudited financial statements to normal year-end audit adjustments.

 

11.5 The Company’s
SEC Reports, as of their respective dates or, if amended, as of the date of the last such amendment, did not contain any untrue
statement of a material fact or omit 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.

 

12.
Covenants of the Company. The Company
will use the proceeds it receives from this Note for general working capital and such other purposes as the Company may deem appropriate.

 

13.
Default. The Company shall perform its
obligations and covenants hereunder and in each and every other agreement between the Company and Holder pertaining to the Indebtedness
evidenced hereby. The following provisions shall apply upon failure of the Company so to perform.

 

13.1
Event of Default. Any of the following events shall constitute an “Event of Default” hereunder:

 

13.1.1
Failure by the Company to pay principal of the Note when due and payable on the Maturity Date, provided that if the Note is not
otherwise in default, the Company shall have a one (1) day extension of the Maturity Date (the “Extension Period”)
to pay the Note in full. If not paid within such Extension Period, such failure to pay will be an Event of Default and the date
of the Event of Default under this Paragraph 13.1.1 shall be as of the Maturity Date;

 

13.1.2
Failure of the Company to pay Interest when due hereunder, which failure continues for a period of one (1) day after the due date
of the amount involved; or

 

13.1.3
Except for Events of Default set forth in Paragraphs 13.1.1 and 13.1.2, failure of the Company to perform any of the other covenants,
conditions, provisions or agreements contained herein, which failure continues for a period of one (1) day after notice of default
has been given to the Company by Holder; provided, however, that if the nature of the Company’s obligation is such that
more than one (1) day is required for performance, then an Event of Default shall not occur if the Company commences performance
within such one (1) day period and thereafter diligently prosecutes the same to completion; or

 

    	 

    	 	 	 

    

 

13.1.4
The entry of an order for relief under Federal Bankruptcy Code as to the Company or entry of any order appointing a receiver or
trustee for the Company or approving a petition in reorganization or other similar relief under bankruptcy or similar laws in
the United States of America or any other competent jurisdiction, and if such order, if involuntary, is not satisfied or withdrawn
within sixty (60) days after entry thereof; or the filing of a petition by the Company seeking any of the foregoing, or consenting
thereto; or the filing of a petition to take advantage of any debtor’s act; or making a general assignment for the benefit
of creditors; or admitting in writing inability to pay debts as they mature.

 

13.2
Acceleration. Upon any Event of Default (in addition to any other rights or remedies provided for under this Note), at
the option of Holder, all sums evidenced hereby, including all principal, Interest, fees and all other amounts due hereunder,
shall become immediately due and payable. If an Event of Default in the payment of principal or Interest should occur and be continuing
with respect to the Note, Holder may declare the principal, Interest, fees and all other amounts due hereunder to be immediately
due and payable.

 

13.3
Notice by Company. Upon the happening of any Event of Default specified in this paragraph that is not cured within the
respective periods prescribed above, the Company will give prompt written notice thereof to Holder of this Note. Notice may also
be emailed to either party using their confirmed email address and with confirmation of delivery.

 

13.4
No Waiver. Failure of Holder to exercise any option hereunder shall not constitute a waiver of the right to exercise the
same in the event of any subsequent Event of Default, or in the event of continuance of any existing Event of Default after demand
or performance thereof.

 

13.5
Default Interest and Fees. Default Interest will accrue on an unpaid principal or Interest due hereunder at the rate of
sixteen percent (16%) per annum upon the occurrence of any Event of Default until the Event of Default is cured. Default Interest
shall be payable monthly basis commencing thirty (30) days after the Default Interest has begun accruing. Default Interest will
be computed on a three hundred sixty-five (365) day year.

 

14.
Assignment, Transfer or Loss of the Note.

 

14.1
Holder may not assign, transfer, hypothecate or sell all or any part of this Note or in any way alienate or encumber the Note
without the express written consent of the Company, the granting or denial of which shall be within the absolute discretion of
the Company; provided, however, the Holder may assign all or any portion of this Note to any of its Affiliates.
Any attempt to effect such transfer without the consent of the Company shall be null and void. The Company has not registered
this Note under the Act or the applicable securities laws of any state in reliance on exemptions from registration. Such exemptions
depend upon the investment intent of Holder at the time he acquires his Note. Holder is acquiring this Note for his own account
for investment purposes only and not with a view toward distribution or resale of such Note within the meaning of the Act and
the applicable securities laws of any state. The Company shall be under no duty to register the Note or to comply with an exemption
in connection with the sale, transfer or other disposition under the applicable laws and regulations of the Act or the applicable
securities laws of any state. The Company may require Holder to provide, at his expense, an opinion of counsel satisfactory to
the Company to the effect that any proposed transfer or other assignment of the Note will not result in a violation of the applicable
federal or state securities laws or any other applicable federal or state laws or regulations.

 

    	 

    	 	 	 

    

 

14.2
Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of any Note and,
in the case of any such loss, theft or destruction of any Note, upon delivery of an indemnity bond in such reasonable amount as
the Company may determine (or, in the case of any Note held by the original Noteholder, of an indemnity agreement reasonably satisfactory
to the Company), or, in the case of any such mutilation, upon the surrender of such Note to the Company at is principal office
for cancellation, the Company at its expense will execute and deliver, in lieu thereof, a new Note of like tenor, dated the date
to which interest hereunder shall have been paid on such lost, stolen, destroyed or mutilated Note.

 

14.3
Subject to Subparagraph 9.1 above, Holder may, at his option, either in person or by duly authorized attorney, surrender this
Note for registration of transfer at the principal office of the Company and, upon payment of any expenses associated with the
transfer, receive in exchange therefor a Note or Notes, dated as of the date to which interest has been paid on the Note so surrendered,
each in the principal amount of $1,000 or any multiple thereof, for the same aggregate unpaid principal amount as the Note so
surrendered and registered as payable to such person or persons as may be designated by Holder. Every Note surrendered for registration
of transfer shall be duly endorsed or shall be accompanied by a written instrument of transfer duly executed by Holder or his
attorney duly authorized in writing. Every Note, so made and delivered by the Company in exchange for any Note surrendered, shall
in all other respects be in the same form and have the same terms as the Note surrendered. No transfer of any Note shall be valid
unless made in such manner at the principal office of the Company.

 

14.4
The Company may treat the person in whose name this Note is registered as the owner and Holder of this Note for the purpose of
receiving payment of all principal of and all Interest on this Note, and for all other purposes whatsoever, whether or not such
Note shall be overdue and, except for transfers effected in accordance with this subparagraph, the Company shall not be affected
by notice to the contrary.

 

15.
Notices. All notices provided for herein
shall be validly given if in writing and delivered personally or sent by certified mail, postage prepaid, or sent via an express
delivery service, such as Federal Express or United Parcel Service, to the office of the Company or such other address as the
Company may from time to time designate in writing sent by certified mail, postage prepaid, to Holder at his address set forth
below or such other address as Holder may from time to time designate in writing to the Company by certified mail, postage prepaid
or otherwise as designated in writing by Holder. Notices may also be emailed to either party using their confirmed email address
and with confirmation of delivery.

 

16.
Usury. All Interest, Default Interest,
fees, charges, goods, things in action or any other sums or things of value, or other contractual obligations (collectively, the
“Additional Sums”) paid by the Company hereunder, whether pursuant to this Note or otherwise, with respect to the
Indebtedness evidenced hereby, or any other document or instrument in any way pertaining to the Indebtedness, which, under the
laws of the State of Delaware may be deemed to be Interest with respect to such loan or Indebtedness, shall, for the purpose of
any laws of the State of Delaware, which may limit the maximum amount of Interest to be charged with respect to such loan or Indebtedness,
be payable by the Company as, and shall be deemed to be, Interest and for such purposes only, the agreed upon and contracted rate
of Interest shall be deemed to be increased by the Additional Sums. Notwithstanding any provision of this Note to the contrary,
the total liability for payments in the nature of Interest under this Note shall not exceed the limits imposed by applicable law.
The Company shall not assert a claim, and shall actively resist any attempts to compel it to assert a claim, respecting a benefit
under any present or future usury laws against any Holder of this Note.

 

    	 

    	 	 	 

    

 

17.
Binding Effect. This Note shall be binding
upon the parties hereto and their respective heirs, executors, administrators, representatives, successors and permitted assigns.

 

18.
Collection Fees. The Company shall pay
all costs of collection, including reasonable attorneys’ fees and all costs of suit and preparation for such suit (and whether
at trial or appellate level), in the event the unpaid principal amount of this Note, or any payment of Interest is not paid when
due, or in the event Holder is made party to any litigation because of the existence of the Indebtedness evidenced by this Note,
or if at any time Holder should incur any attorneys’ fees in any proceeding under the Federal Bankruptcy Code (or other
similar laws for the protection of debtors generally) in order to collect any Indebtedness hereunder or to preserve, protect or
realize upon any security for, or guarantee or surety of, such Indebtedness whether suit be brought or not, and whether through
courts of original jurisdiction, as well as in courts of appellate jurisdiction, or through a bankruptcy court or other legal
proceedings.

 

19.
Construction. This Note shall be governed
as to its validity, interpretation, construction, effect and in all other respects by and in accordance with the laws and interpretations
thereof of the State of Delaware. Unless the context otherwise requires, the use of terms in singular and masculine form shall
include in all instances singular and plural number and masculine, feminine and neuter gender.

 

20.
Severability. In the event any one or
more of the provisions contained in this Note or any future amendment hereto shall for any reason be held to be invalid, illegal
or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision of this
Note or such other agreement, and in lieu of each such invalid, illegal or unenforceable provision there shall be added automatically
as a part of this Note a provision as similar in terms to such invalid, illegal or unenforceable provision as may be possible
and be valid, legal and enforceable.

 

21.
Entire Agreement. This Note represents
the entire agreement and understanding between the parties concerning the subject matter hereof and supersede all prior and contemporaneous
agreements, understandings, representations and warranties with respect thereto.

 

    	 

    	 	 	 

    

 

22.
Governing Law; Jurisdiction; Jury Trial. All
questions concerning the construction, validity, enforcement and interpretation of this Note shall be governed by the internal
laws of the State of Delaware, without giving effect to any choice of law or conflict of law provision or rule (whether of the
State of Delaware or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the
State of Delaware. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting
in Kansas City, Kansas for the adjudication of any dispute hereunder or in connection herewith or therewith, or with any transaction
contemplated hereby or discussed herein, or in any manner arising in connection with or related to the transactions contemplated
hereby or involving the parties hereto whether at law or equity and under any contract, tort or any other claim whatsoever and
hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject
to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue
of such suit, action or proceeding is improper. Each party hereby irrevocably waives personal service of process and consents
to process being served in any such suit, action or proceeding by mailing or faxing a copy thereof to such party at the address
for such notices as listed in 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 HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION
OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS NOTE OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

23.
Representations and Warranties to Survive
Closing. All representations, warranties and covenants contained herein shall survive the execution and delivery of this Note
and the issuance of any Conversion Shares upon the conversion hereof.

 

24.
Headings. The headings used in this Note
are used for convenience only and are not to be considered in construing or interpreting this Note.

 

25.
Definitions.

 

“Affiliate”
of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect
common control with such specified Person. For the purposes of this definition, “control” when used with respect to
any specified Person means the power to direct the management and policies of such Person directly or indirectly, whether through
the ownership of Voting Stock, by contract or otherwise; and the terms “controlling” and “controlled”
have meanings correlative to the foregoing.

 

“Board
of Directors” means, with respect to any Person, the Board of Directors of such Person or any committee of the Board
of Directors of such Person duly authorized to act on behalf of the Board of Directors of such Person.

 

“Capital
Stock” means, with respect to any Person, any and all shares, interests, equity participations or other equivalents
(however designated) of corporate stock or partnership interests and any and all warrants, options and rights with respect thereto
(whether or not currently exercisable), including each class of common stock and preferred stock of such Person.

 

“GAAP”
means generally accepted accounting principles as in effect in the United States of America as of the Issue Date.

 

“Holder”
means a Person in whose name a Note is registered on the Company’s books.

 

    	 

    	 	 	 

    

 

“Indebtedness”
means, without duplication, with respect to any Person, (a) all obligations of such Person (i) in respect of borrowed money
(whether or not the recourse of the lender is to the whole of the assets of such person or only to a portion thereof); (ii) evidenced
by bonds, notes, debentures or similar instruments; (iii) representing the balance deferred and unpaid of the purchase price of
any property or services (other than accounts payable or other obligations arising in the ordinary course of business); (iv) evidenced
by bankers’ acceptances or similar instruments issued or accepted by banks, (v) for the payment of money relating to a capitalized
lease obligation under GAAP; or (vi) evidenced by a letter of credit or a reimbursement obligation of such Person with respect
to any letter of credit; (b) all net obligations of such Person under interest rate swap obligations and foreign currency hedges;
(c) all liabilities of others of the kind described in the preceding clauses (a) or (b) that such Person has guaranteed or that
are otherwise its legal liability; (d) Indebtedness (as otherwise defined in this definition) of another Person secured by lien
on any asset of such Person, whether or not such Indebtedness is assumed by such Person, the amount of such obligations being
deemed to be the lesser of (1) the full amount of such obligations so secured, and (2) the fair market value of such asset, as
determined in good faith by the Board of Directors of such Person, which determination shall be evidenced by a board resolution;
and (e) any and all deferrals, renewals, extensions, refinancings and refundings (whether direct or indirect) of, or amendments,
modifications or supplements to, any liability of the kind described in any of the preceding clauses (a), (b), (c), (d) or this
clause (e), whether or not between or among the same parties.

 

“Insolvency
Proceeding” is any proceeding by or against any Person under the United States Bankruptcy Code, or any other bankruptcy
or insolvency law, including assignments for the benefit of creditors, compositions, extensions generally with its creditors,
or proceedings seeking reorganization, arrangement, or other relief.

 

“Issue
Date” means the date on which the Note is originally issued.

 

“Maturity
Date” means November 7, 2017, or a later date if the original Maturity Date is extended by the Company under
the terms of this Note.

 

“Person”
means any individual, corporation, partnership, joint venture, trust, estate, unincorporated organization or government or
any agency or political subdivision thereof.

 

A
“subsidiary” of any Person means (i) a corporation a majority of whose Voting Stock is at the time, directly
or indirectly, owned by such Person, by one or more subsidiaries of such Person or by such Person and one or more subsidiaries
of such Person, (ii) a partnership in which such Person or a subsidiary of such Person is, at the date of determination, a general
or limited partner of such partnership, but only if such Person or its subsidiary is entitled to receive more than fifty percent
(50%) of the assets of such partnership upon its dissolution, or (iii) any other Person (other than a corporation or partnership)
in which such Person, directly or indirectly, at the date of determination thereof, has (x) at least a majority ownership interest
or (y) the power to elect or direct the election of a majority of directors or other governing body of such Person.

 

“Subsidiary”
means any subsidiary of the Company.

 

“Voting
Stock” means, with respect to any Person, securities of any class or classes of Capital Stock in such Person entitling
the holders thereof, whether at all times or only so long as no senior class of stock has voting power by reason of any contingency
to vote in the election of members of the Board of Directors or other governing body of such Person.

 

26.
Miscellaneous. Except as otherwise provided
herein, the Company waives demand, diligence, presentment for payment and protest, notice of extension, dishonor, maturity and
protest. Time is of the essence with respect to the performance of each and every covenant, condition, term and provision hereof.
This Note may be executed by facsimile signature, which signature shall be deemed to be binding upon the Company.

 

    	 

    	 	 	 

    

 

IN
WITNESS WHEREOF, this Note has been issued on the 7th day of November, 2016.

 

	 	 	INFINITY
    ENERGY RESOURCES, INC.
	 	 	 
	 	 	By	 
	 	 	 	Stanton
    E. Ross
	 	 	 	Its
    President and Chief Executive Officer
	 	 	 	 
	Mailing
    Address of Holder:	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	Mailing
    Address of Company:	 	 	 
	Infinity
    Energy Resources, Inc.	 	 	 
	11900
    College Blvd.	 	 	 
	Suite
    310	 	 	 
	Overland
    Park, Kansas 66210	 	 	 

 

    	 

    	 	 	 

    

 

EXHIBIT
A

 

CONVERSION
NOTICE

 

(To
be signed only upon conversion of this Note)

 

TO:
INFINITY ENERGY RESOURCES, INC.

 

The
undersigned, the registered holder of the Convertible Note (the “Note”) of INFINITY ENERGY RESOURCES, INC. (the
“Company”), hereby surrenders the Note for conversion into shares of Common Stock of the Company (the “Common
Stock”) to the extent of $_______ unpaid principal amount of the Note and $_______ unpaid accrued Interest due under the
Note, all in accordance with the provisions of such Note. The undersigned requests (i) that a certificate representing shares
of Common Stock, bearing the appropriate legends, be issued to the undersigned, and (ii) if the unpaid principal amount so converted
is less than the entire unpaid principal amount of the Note, that a new substitute note representing the portion of said unpaid
principal amount that is not so converted be issued in accordance with the provisions of the Note.

 

	 	 
	(Signature
    and name of the registered holder)	 

 

	 	 
	Print
    Name	 

 

	Dated:

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