Document:

Exhibit
10.1

 

NOTE
CONVERSION AGREEMENT

 

This
Note Conversion Agreement (“Agreement”) is entered into as of October 26, 2020 by and between PetVivo Holdings, Inc.
(the “Company”) and RedDiamond Partners, LLC (“RedDiamond”).

 

RECITALS

 

WHEREAS,
the Company issued to RedDiamond that certain 15% OID Convertible Promissory Note, dated June 15, 2020, in the aggregate principal
amount of $352,941.17 (as amended, restated, supplemented or otherwise modified from time to time, the “Note”); and

 

WHEREAS,
the parties desire to enter into this Agreement to memorialize the conversion of all amounts outstanding under the Note (the “Conversion
Amount”) into shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”).

 

NOW,
THEREFORE, in consideration of the mutual promises and covenants contained herein, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Company and Masters agree as follows:

 

	1.	Conversion
    of Note. The number of shares of Common Stock to be issued pursuant to the conversion of the Note contemplated by this
    Agreement shall be determined by dividing the Conversion Amount by $0.35.
	 	 
	2.	Agreement.
    RedDiamond acknowledges and agrees that the certificates, if any, evidencing the Common Stock shall bear a restrictive legend
    in the following form:
	 	 
	 	“THE
    ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
    AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED
    (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
    OR (B) AN OPINION OF COUNSEL, IN A GENERALLY ACCEPTABLE FORM TO THE COMPANY, THAT REGISTRATION IS NOT REQUIRED UNDER SAID
    ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144 UNDER SAID ACT.”
	 	 
	3.	Amendment.
    This Agreement may not be amended except by an instrument in writing signed by each of the parties.

 

    	 

     

    

 

	4.	Waiver.
    No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provision
    hereof (whether or not similar), nor shall such waiver constitute a continuing waiver unless otherwise expressly provided.
	 	 
	5.	Assignment
    and Binding Effect. Neither this Agreement nor any of the rights or obligations hereunder may be assigned by either party
    without the prior written consent of the other party. Subject to the foregoing, this Agreement shall be binding upon and inure
    to the benefit of the parties and their respective successors, transferees and assigns, and no other Person shall have any
    right, benefit or obligation hereunder.
	 	 
	6.	Governing
    Law. This Agreement shall be governed by, and construed in accordance with, the internal laws of State of Minnesota, without
    regard to the conflict of law provisions thereof.
	 	 
	7.	Entire
    Agreement. This Agreement constitutes the entire agreement between the parties pertaining to the subject matter hereof
    and supersedes all prior agreements, understandings, negotiations and discussions, whether oral or written, of the parties
    with respect to the subject matter hereof.
	 	 
	8.	Severability.
    In the event that any one or more of the provisions contained in this Agreement or in any other instrument referred to
    herein, shall, for any reason, be held to be invalid, illegal or unenforceable in any respect, then to the maximum extent
    permitted by law, such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement or
    any other such instrument.
	 	 
	9.	Multiple
    Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but
    all of which shall constitute one and the same instrument.
	 	 
	10.	Notices.
    Unless applicable law requires a different method of giving notice, any and all notices, demands or other communications
    required or desired to be given hereunder by any party shall be in writing. Assuming that the contents of a notice meet the
    requirements of the specific Section of this Agreement which mandates the giving of that notice, a notice shall be validly
    given or made to another party if served either personally or if deposited in the United States mail, certified or registered,
    postage prepaid, or if transmitted by telegraph, telecopy or other electronic written transmission device or if sent by overnight
    courier service, and if addressed to the applicable party as set forth below. If such notice, demand or other communication
    is served personally, service shall be conclusively deemed given at the time of such personal service. If such notice, demand
    or other communication is given by mail, service shall be conclusively deemed given seventy-two (72) hours after the deposit
    thereof in the United States mail. If such notice, demand or other communication is given by overnight courier, or electronic
    transmission, service shall be conclusively deemed given at the time of confirmation of delivery. The addresses for the parties
    are as follows:

 

If
to PetVivo Holdings, Inc.:

 

PetVivo
Holdings, Inc.

5251
Edina Industrial Blvd.

Edina,
MN 55439

Attn:
John Lai

Email:
jlai@petvivo.com

 

If
to RedDiamond, to the address set forth on RedDiamond’s signature page hereto.

 

Any
party may change such party’s address for the purpose of receiving notices, demands and other communications as herein provided,
by a written notice given in the aforesaid manner to the other parties.

 

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

 

    	 

     

    

 

IN
WITNESS WHEREOF, this Agreement has been duly executed by the parties as of the date first written above.

 

	PETVIVO
    HOLDINGS, INC.	 	REDDIAMOND
    PARTNERS, LLC:
	 	 	 	 	 
	By:	/s/
    John Lai	 	By:	/s/
    Alan Uryniak
	Name:	John
    Lai	 	Name:	Alan
    Uryniak
	Title:
    	CEO	 	Title:	Manager

 

	 	Entire
    unpaid amount owed pursuant to the Note:
	 	 
	 	$368,995.08
    (Principal of $352,941.17 + Accrued Interest of $16,053.91)
	 	 
	 	Number
    of Shares issuable upon conversion of the Note pursuant to Section 1:
	 	 
	 	1,054,271
    Shares
	 	 
	 	Address
    for Notice:
	 	 
	 	RedDiamond
    Partners LLC
	 	156
    West Saddle River Road
	 	Saddle
    River, NJ 07458Document

EXHIBIT 10.1

Schedule of Executive Officers who are Parties
to the Amended and Restated Severance Agreements in the Forms Filed as
Exhibit 10(e) to the Company’s Annual Report on Form 10-K
For the Fiscal Year Ended December 31, 2010 

Form A of Severance Agreement

John G. Morikis

Form B of Severance Agreement

Joel D. Baxter
Peter J. Ippolito

Form C of Severance Agreement

Jane M. Cronin
Aaron M. Erter
Mary L. Garceau
Thomas P. Gilligan
James R. Jaye
Allen J. Mistysyn
Heidi G. Petz
David B. SewellExhibit 10.1

 

AMENDED AND
RESTATED PROMISSORY NOTE

 

THIS AMENDED AND
RESTATED PROMISSORY NOTE (“Note”) is executed this 18th day of May, 2017 (“Effective
Date”);

 

		BY:	Neogames
                                         S.a r.L., a company incorporated under the laws of the Grand Duchy of Luxembourg,
                                         Company No. Bl 86309, with address at 64, rue Principale, L-5367 Schuttrange, Luxembourg
                                         (“Debtor”);

 

IN FAVOUR OF:

 

AG Software Limited,
a company incorporated in Malta Company No. C41837, with address at 135 High St., Sliema SLM 1548, Malta (“Holder”)

 

(the Debtor and Holder, together the “Parties”
and each, a “Party”)

 

WHEREAS:

 

		(A)	The Parties have
                                         executed a promissory note, dated as of 24 April 2015, with effect as of 30 April 2014,
                                         in connection with the sale, conveyance and assignment by the Holder to the Debtor of
                                         certain rights and title in and to assets and rights required to operate iLotteries business
                                         and the provision of services in connection therewith (the “Original Promissory
                                         Note”); and

 

		(B)	Pursuant to
                                         the Investment and Framework Shareholders' Agreement, dated as of 6 August 2015,
                                         between Debtor, Aharon Aran, Barak Matalon, Eliyahu Azur, Oded Gottfried and Pinhas Zehavi
                                         (together, the “Individual Shareholders”), which Individual Shareholders
                                         are the shareholders of Holder, and William Hill Organization Limited (“WH”)
                                         (the “Shareholder Agreement”),the parties thereto agreed to amend
                                         and restate the Original Promissory Note in order to provide for additional and revised
                                         terms and conditions as set forth herein.

 

NOW THEREFORE, THE DEBTOR HEREBY
DECLARES AND THE ORIGINAL PROMISSORY NOTE IS HEREBY AMENDED AND RESTATED AS FOLLOWS:

 

		1.	PRINCIPAL

 

This Note shall evidence indebtedness
of the Debtor in favour of the Holder, in the principal sum of US$ 5,508,000 (“Principal”).

 

		2.	INTEREST

 

		(a)	Interest shall accrue on the outstanding Principal and
any accrued unpaid interest from the Effective Date until the date of payment in practice at a rate of one percent (1%) per annum.

 

     

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Interest shall be computed
on the basis of a 360-day year for the actual number of days outstanding, compounded semi-annually.

 

		(b)	Interest shall be payable
on a quarterly basis in arrears, commencing as of the Effective Date.

 

		(c)	For the avoidance of doubt, any value added tax imposed on the Interest shall be borne solely by
the Debtor.

 

		3.	MATURITY

 

		(a)	The Principal will be payable
                                         in full on the earliest of the following dates, in which the applicable condition precedent
                                         is met (each, the “Maturity Date”), as follows:

 

		a.	31 December 2019, provided that, WH exercises, during the calendar year 2019, its option
to purchase the shares of Debtor held by the Individual Shareholders;

 

		b.	31 December 2021, provided
                                         that, WH exercises, during the calendar year 2021, its option to purchase the shares
                                         of Debtor held by the Individual Shareholders; or

 

		c.	A date agreed upon by the Debtor and WH, immediately after it becomes evident pursuant to the terms
of the Shareholder Agreement, that WH has not exercised its call options, provided that, such date is not later than 31
March 2022.

 

		(b)	On the Maturity Date any other amounts (including any as yet unpaid Interest) payable under this
Note shall be immediately due and payable in full.

 

		4.	APPLICATION OF PAYMENTS

 

		(a)	All payments hereunder
may, at the option of the Holder, be applied in the following manner:

 

First: To the then outstanding
charges and expenses incurred by the Holder in the enforcement of his rights under this Note or in the collection of any amount
due hereunder;

Second: To the payment
of late charges, penalties and other such charges;

Third: To the payment
of interest on any balance of Principal remaining due and unpaid; and

Fourth: The balance
therefrom, if any, to be applied on account of the reduction of Principal.

 

		(b)	In the event that any portion of any payment due hereunder is not made within fifteen (15) days
after the date such payment became payable, such nonpayment shall constitute a Default and, without derogation from any other remedy
available to Holder hereunder or under applicable law, the Debtor shall pay to the Holder, on demand, a late payment charge in
an amount equal to five percent (5%) per annum of the unpaid amount.

 

		5.	EVENTS OF DEFAULT

 

This Note shall become due and payable
immediately upon the happening of any of the following events of default (a “Default”):

 

		(a)	if any payment of principal or interest or any sum due under this Note is not paid within fifteen
(15) days after the date when such sum is due and payable;

 

		(b)	if the Debtor shall suspend operations, make or send a notice of bulk transfer, suffer or permit
the filing by or against it of any petition for bankruptcy, relief, adjudication, arrangement, reorganization or the like under
any bankruptcy or insolvency law, make an assignment for the benefit of creditors
or suffer or permit the appointment of a receiver for any part of its property;

 

     

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		(c)	the insolvency of the Debtor, or application made by any judgment creditor for an order directing
the Holder to pay over any money;

 

		(d)	if the Debtor shall fail to maintain any of the covenants set forth herein or in any other document
or instrument relating to the indebtedness evidenced by this Note;

 

		(e)	if the Holder in good faith deems the ability of the Debtor to perform the obligation evidenced
by this Note to be impaired for any reason;

 

		(f)	the Debtor (directly and/or by way of one or more of its subsidiaries) shall (a) undergo a
Change of Control, (b) merge or consolidate with any other entity in circumstances in which the Debtor is not the sole surviving
entity, (c) dissolve or terminate its legal existence, (d) sell, lease, transfer or otherwise dispose of any substantial
part of its assets or any of its assets essential to the conduct of its business or operations, as now or hereafter conducted,
or (e) enter into any agreement to do any of the foregoing.

 

“Change
of Control” shall mean that any person or persons acting in concert shall acquire the right, by contract or otherwise,
to direct the management and activities of the Debtor, insofar as such person or persons did not have such right as of the date
hereof.

 

		6.	REMEDIES

 

In addition to
any other remedies provided by law or otherwise available to the Holder, upon the failure to pay any sum due hereunder on the due
date or within any applicable grace period, or upon the occurrence of a Default hereunder, the Holder may, at its option, and without
giving notice, declare the entire principal balance and all accrued but unpaid interest and all other sums due hereunder to be
immediately due and payable in full.

 

		7.	PREPAYMENT

 

Principal and interest hereunder may
be prepaid in whole or in part at any time without penalty.

 

		8.	WAIVER, CHANGE, MODIFICATION
OR DISCHARGE

 

This Note may
not be waived, changed, modified or discharged orally, but only by agreement in writing, signed by the Holder and the Debtor. No
delay or omission on the part of the Holder in exercising any right hereunder shall operate as a waiver of such right or any other
rights under this Note. This Note constitutes the entire agreement among the Debtor and the Holder concerning the subject matter
hereof.

 

		9.	BINDING EFFECT

 

The Debtor represents
to the Holder that it has full power, authority and legal right to execute and deliver this Note and that the debt hereunder constitutes
a valid and binding obligation of the Debtor. The covenants contained on this Note shall bind the Debtor and the Debtor's personal
representatives, successors and assigns.

 

     

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		10.	MISCELLANEOUS

 

		(a)	This Note is subject to the express condition that at no time shall the Debtor be obligated or
required to pay interest on the principal balance of this Note at a rate which would subject the Holder to either civil or criminal
liability as a result of being in excess of the maximum rate which the Debtor is permitted by law to contract for or agree to pay.
If, by the terms of this Note, the Debtor is at any time required or obligated to pay interest at a rate in excess of such maximum
legal rate, the rate of interest under this Note shall be deemed to be immediately reduced to such maximum rate and interest payable
hereunder shall be computed at such maximum rate and the portion of all prior interest payments in excess of the maximum rate set
by law shall be applied and shall be deemed to have been payments in the reduction of the principal balance of this Note.

 

		(b)	Neither the Debtor nor the Holder shall assign any of their rights or obligations under this Agreement
without the prior written consent of the other party.

 

		(c)	This Note amends, restates and replaces the Original Promissory Note for all intents and purposes.

 

		(d)	The Debtor hereby waives diligence, demand, notice of demand, presentment for payment, notice of
non-payment, protest and notice of protest, and notice of any renewals or extensions of this Note.

 

		(e)	Debtor hereby agrees to pay all reasonable expenses incidental to or in any way related to the
Holder's enforcement of the obligations of the Debtor, including, but not limited to, reasonable attorneys' fees incurred by the
Holder.

 

		(f)	This Agreement shall be governed by and construed in accordance with English law. Any dispute arising
out of or in connection with this Agreement, including any question regarding its existence, validity or termination, shall be
referred to and finally resolved by arbitration under the rules of the London Court of International Arbitration (LCIA Rules),
which rules are deemed to be incorporated by reference into this clause. The number of arbitrators shall be one. The seat,
or legal place, of arbitration shall be London. The language to be used in the arbitral proceedings shall be English.

 

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blank]

 

     

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[Signature Page –
Promissory Note]

 

EXECUTED BY THE DEBTOR on
the date first mentioned above.

 

	NEOGAMES S.A R.L.	 
	 	 
	 	 
	By:	                    	 
	Name:	 
	Title:	 
	 	 
	Acknowledged by the Holder:	 
	 	 
	AG SOFTWARE LIMITED	 
	 	 
	 	 
	By:	 	 
	Name:	 
	Title:	 
	 	 
	Acknowledged by:	 
	 	 
	WILLIAM HILL ORGANIZATION LIMITED	 
	 	 
	 	 
	By:	/s/ Luke Thomas	 
	Name: Luke Thomas	 
	Title: Director

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