Document:

Certificate No. 2017-A1

 

 

 

 

 

 

 

 

CONVERTIBLE DEBENTURE

OF

ZAZU METALS CORPORATION

 

 

 

 

 

 

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TABLE OF CONTENTS

	Article 1 INTERPRETATION	 	 	6	 
	1.1   Definitions	 	 	6	 
	1.2   Meaning of Outstanding	 	 	8	 
	1.3   Non-Business Days	 	 	8	 
	1.4   Currency	 	 	9	 
	1.5   Headings	 	 	9	 
	1.6   Governing Law	 	 	9	 
	1.7   Singular, Gender, Legislation, Etc.	 	 	9	 
	1.8   Severability	 	 	9	 
	1.9   Binding Effect	 	 	9	 
	1.10   Time	 	 	9	 
	Article 2 The debenture	 	 	10	 
	2.1   Indebtedness.	 	 	10	 
	2.2   Calculation and Payment of Interest, etc.	 	 	10	 
	2.3   Non-Transferable	 	 	10	 
	2.4   Prepayment	 	 	10	 
	Article 3 CONVERSION OF DEBENTURE	 	 	11	 
	3.1   Conversion Privilege and Conversion Price	 	 	11	 
	3.2   Conversion Procedure	 	 	11	 
	3.3   No Fractional Shares	 	 	11	 
	3.4   Adjustment to Conversion Price	 	 	12	 
	3.5   Certificate as to Adjustment	 	 	14	 
	3.6   Reclassifications, Reorganizations, etc.	 	 	14	 
	3.7   Notice to Debentureholder of Certain Events	 	 	14	 
	3.8   Legend on Share Certificate Issued upon Conversion	 	 	15	 
	3.9   Cancellation of Debenture	 	 	15	 
	Article 4 Security interest and subordination	 	 	15	 
	4.1   Security Interest	 	 	15	 
	Article 5 Covenants of the Corporation	 	 	15	 
	5.1   Representations and Warranties	 	 	15	 
	5.2   General Covenants	 	 	18	 
	Article 6 Default and Enforcement	 	 	20	 
	6.1   Acceleration of Maturity on Default	 	 	20	 
	6.2   Waiver of Default	 	 	21	 
	6.3   Remedies Cumulative	 	 	21	 
	Article 7 Consolidation and Amalgamation	 	 	21	 
	7.1   Successor Corporation	 	 	21	 
	7.2   Successor to Possess Powers of the Corporation	 	 	22	 
	Article 8 Notices	 	 	22	 
	8.1   Notice	 	 	22	 
	Article 9 Supplement to Debenture	 	 	23	 
	9.1   Supplement to Debenture	 	 	23	 
	Article 10 Satisfaction and Discharge	 	 	23	 
	10.1   Discharge	 	 	23	 

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UNLESS PERMITTED UNDER SECURITIES
LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE AUGUST 27, 2017.

THE SECURITIES REPRESENTED HEREBY,
OR THAT MAY BE ACQUIRED UPON CONVERSION HEREOF, (THE “SECURITIES”) HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “ACT”), OR ANY STATE SECURITIES LAWS AND MAY NOT BE SOLD, ASSIGNED, TRANSFERRED, PLEDGED,
ENCUMBERED, HYPOTHECATED, EXCHANGED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE ACT AND UNDER APPLICABLE STATE SECURITIES
LAWS OR THE COMPANY SHALL HAVE RECEIVED AN OPINION OF COUNSEL FOR THE HOLDER, REASONABLY SATISFACTORY TO THE COMPANY AND ITS COUNSEL,
THAT REGISTRATION OF SUCH SECURITIES UNDER THE ACT AND UNDER THE PROVISIONS OF APPLICABLE STATE SECURITIES LAWS IS NOT REQUIRED.

series
a CONVERTIBLE debenture

ZAZU METALS CORPORATION

(a company existing
under the federal laws of Canada)

SERIES A CONVERTIBLE
DEBENTURE DUE April 26, 2019

WHEREAS the
Holder has agreed to subscribe for the Debenture issued by the Corporation;

NOW THEREFORE
it is hereby covenanted, agreed and declared as follows:

Article 1

INTERPRETATION

1.1             
Definitions

In this Debenture,
unless something in the subject matter or context is inconsistent therewith:

"Arrangement
Agreement" means the arrangement agreement dated April 26, 2017 between the Corporation and the Holder;

"Business
Day" means any day other than a Saturday, Sunday, legal holiday or a day on which banking institutions are closed in Toronto,
Ontario;

"Change of
Control" means, other than in connection with the transaction with the Holder contemplated in the Arrangement Agreement,
where any person, including a group acting jointly or in concert, acquires or becomes the beneficial owner of, or a combination
of persons acting jointly or in concert acquire or become the beneficial owner of, either directly or indirectly, more than fifty
(50) percent of the voting securities of the Corporation, whether through the acquisition of previously issued and outstanding
voting securities, or voting securities that have not been previously issued, or any combination thereof, or any other transaction
having a similar effect;

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"Common Shares"
or "Shares" means the common shares of the Corporation as such shares were constituted on the date hereof and
shares of any other class resulting from the reclassification or change of such Shares;

"Conversion
Price" means the price per Common Share at which the portion of the Principal Sum outstanding under this Debenture shall
from time to time be convertible into Common Shares, being $0.22 per Common Share;

"Corporation"
means Zazu Metals Corporation, a corporation existing under the federal laws of the Canada and its successors and assigns;

"Credit Documents"
means collectively, the Debenture, the Security Agreement, and any other loan or security document relating hereto;

"Debenture,"
the "Debenture," "herein," "hereby," "hereof," "hereto,"
"hereunder" and similar expressions mean or refer to this interest bearing and secured series A convertible debenture
and any debenture, deed or instrument supplemental or ancillary thereto and any schedules hereto or thereto and not to any particular
article, section, subsection, clause, subclause or other portion hereof;

"Date of Issue"
means the date as of which this Debenture is issued;

"Director"
means a director of the Corporation for the time being, and reference without more to action by the Directors means action by the
Directors as a board or, whenever duly empowered, by the executive committee of the board;

"Event of
Default" means any of the events specified in Article 6 hereof;

"Holder"
or "Debentureholder" has the meaning set out in Section 2.1;

"Lien"
means any security interest, mortgage, deed of trust, pledge, lien, charge, encumbrance, title retention agreement or analogous
instrument or device, including the interest of each lessor under any capitalized lease and the interest of any bondsman under
any payment or performance bond, in, of or on any assets or properties of a Person, whether now owned or hereafter acquired and
whether arising by agreement or operation of law;

“Material
Adverse Effect” means:

		(a)	a material adverse effect on the business, operations, properties,
assets, condition (financial or otherwise), or prospects of the Corporation;

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		(b)	an adverse effect on the legality, validity, or enforceability of
the Debenture that could reasonably be considered material (including the validity, enforceability, perfection, or priority of
any Lien created or intended to be created under any Credit Document that could reasonably be considered material);

		(c)	an adverse effect on the right, entitlement, or ability of the Corporation
to pay or perform any of its obligations under any Credit Document that could reasonably be considered material; or

		(d)	an adverse effect on the Holder’s right, entitlement, or ability
to enforce any of the obligations of the Corporation that could reasonably be considered material or to exercise or enforce any
of its rights, entitlements, benefits, or remedies under any Credit Document.

"Maturity
Date" means April 26, 2019;

"Person"
means an individual, corporation, partnership, unincorporated syndicate, unincorporated organization, trust, trustee, executor,
administrator, or other legal representative, or any group or combination thereof;

"Principal
Sum" shall be the principal amount owing hereunder from time to time, which shall initially be $1,500,000;

"Property"
means, with respect to any Person, all or any portion of that Person's undertaking, property and assets, both real and personal,
including, for greater certainty, any share in the capital of a corporation or ownership interest in any other Person;

"Security
Agreement" means the general security agreement dated the Date of Issue between the Corporation and the Holder creating
a first ranking security interest in all of the present and after-acquired Property of the Corporation;

"Secured Assets"
shall have the meaning ascribed to such term in Section 4.1;

"TSXV"
means the TSX Venture Exchange;

1.2             
Meaning of Outstanding

This Debenture shall
be deemed to be outstanding until it is cancelled or delivered to the Corporation for cancellation and money for the payment thereof
has been set aside, provided that:

		(1)	where a new Debenture has been issued in substitution for a Debenture that has been mutilated,
lost, stolen or destroyed, only one of such Debentures shall be counted for the purpose of determining the aggregate principal
amount of Debenture outstanding; and

		(2)	if this Debenture shall have been partially converted, redeemed or purchased it shall be deemed
to be outstanding only to the extent of the unredeemed, or unpurchased part of the Principal Sum.

1.3             
Non-Business Days

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Whenever any payment
to be made hereunder shall be stated to be due, any period of time would begin or end, any calculation is to be made or any other
action to be taken hereunder shall be stated to be required to be taken on a day other than a Business Day, such payment, period
of time, or other action shall be taken on the next succeeding Business Day and an extension of time shall be included for the
purposes of computation of interest thereon. Any payment made after 3:00 p.m. (Vancouver time) on a Business Day shall be deemed
to be made on the following Business Day.

1.4             
Currency

All references to
currency herein are to lawful money of the United States of America and all payments towards the Principal Sum shall be made in
such currency.

1.5             
Headings

The headings of
all the Articles and Sections hereof and the table of contents are inserted for convenience of reference only and shall not affect
the construction or interpretation of this Debenture.

1.6             
Governing Law

This Debenture shall
be governed by and construed in accordance with the laws of the Province of British Columbia, and the federal laws of Canada applicable
therein and shall be treated in all respects as a British Columbia contract.

1.7             
Singular, Gender, Legislation, Etc.

Words importing
the singular number only include the plural and vice versa, words importing any gender include any other gender and words importing
persons include individuals, partnerships, associations, trusts, unincorporated organizations and corporations and any reference
to any statute or other legislation shall be deemed to be a reference to such legislation as now enacted or as the same may from
time to time be amended, re-enacted or replaced.

1.8             
Severability

If any one or more
of the provisions or parts thereof contained in this Debenture should be or become invalid, illegal or unenforceable, the remaining
provisions or parts thereof contained herein shall be and shall be conclusively deemed to be, severable therefrom and the validity,
legality or enforceability of such remaining provisions or parts thereof shall not in any way be affected or impaired by the severance
of the provisions or parts thereof severed.

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1.9             
Binding Effect

This Debenture and
all of its provisions shall enure to the benefit of the Holder, its successors and assigns, and shall be binding upon the Corporation
and its successors and permitted assigns. The expression the "Holder" as used herein shall include the Holder's assigns
whether immediate or derivative

1.10         
Time

Time shall be of
the essence of this Debenture.

Article 2

The debenture

2.1             
Indebtedness.

The Corporation,
for value received, and in consideration of the premises hereby acknowledges itself indebted and promises and covenants to pay
to SOLITARIO EXPLORATION & ROYALTY CORP.,
the registered holder hereof for the time being (the "Holder"):

		(1)	the Principal Sum on the Maturity Date or sooner upon the occurrence of an Event of Default or
upon such other date as specified herein at the principal office of the Holder in the city of Wheat Ridge, Colorado;

		(2)	interest on any monies owing by the Corporation to the Holder hereunder, all as specifically calculated
hereunder; and

		(3)	all other monies which may be owing by the Corporation to the Holder pursuant to this Debenture.

		2.2	Calculation and Payment of Interest, etc.

The Corporation
shall pay interest on that portion of the Principal Sum outstanding from time to time from the date hereof up to and including
the date of payment of the Principal Sum at the rate of 5% per annum (simple interest not compounded), in like money at the said
place, calculated and payable quarterly in arrears (less any tax required by law to be deducted).

2.3             
Non-Transferable

This Debenture shall
be non-transferable.

2.4             
Prepayment

		(1)	Subject to Section 2.4(2), the Corporation shall have the right to prepay any outstanding
                                                               Principal Sum or accrued and unpaid interest thereon by providing the Holder with a minimum of 10 Business Days prior written notice during which time the Holder
shall have the right to exercise its conversion privilege pursuant to Article 3.

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		(2)	If the Corporation terminates the Arrangement Agreement pursuant to Section 6.1(d)(i) of the Arrangement
Agreement, the Corporation shall no longer have the right to prepay any outstanding Principal Sum or accrued and unpaid interest
thereon, provided that the prepayment right provided for in Section 2.4(1) hereto shall be reinstated if:

		(i)	such Superior Proposal is not completed; or

		(ii)	the Holder does not convert the Principal Sum in full prior to the completion of such Superior
Proposal.

Article 3

CONVERSION OF DEBENTURE

3.1             
Conversion Privilege and Conversion Price

Subject to and upon
compliance with the provisions of this Article 3, the Debenture or any portion of the Principal Sum which is $1,000 or an
integral multiple of $1,000 may, at the option of the Holder, at any time up to, but not after, the close of business on the last
Business Day immediately prior to the Maturity Date be converted into Common Shares at the Conversion Price.

3.2             
Conversion Procedure

		(1)	In order to exercise the conversion privilege, the Holder will provide written notice (the "Conversion
Notice") to the Corporation stating that the Holder elects to convert such Debenture or a stated portion of the Principal
Sum, constituting an integral multiple of $1,000, into Common Shares. The Conversion Notice shall constitute a contract between
the Holder and the Corporation. The Holder upon conversion agrees that the Corporation will be automatically released of all liability
thereon or from all liability with respect to that portion of the Principal Sum converted, as the case may be. The date of the
Conversion Notice is herein referred to as the "Date of Conversion" of such Debenture.

		(2)	As promptly as practicable after the Date of Conversion, the Corporation shall issue or cause to
be issued and deliver to the Holder certificate(s) in the name of the Holder of the Debenture for the number of Common Shares deliverable
upon the conversion of such Debenture (or specified portion thereof). Such conversion shall be deemed to have been effected immediately
prior to the close of business on the Date of Conversion.

		(3)	The Common Shares issued upon such conversion shall rank only in respect of dividends declared
in favour of shareholders of record on and after the Date of Conversion or
such later date as such holder shall become the holder of record of such Common Shares pursuant to this Section 3.2.

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		(4)	Upon surrender to the Corporation of any Debenture which is to be converted in part only, the Holder
thereof shall be entitled to receive, without expense to the Holder, one or more Debentures for the unconverted portion of the
Principal Sum of the Debenture so surrendered.

3.3             
No Fractional Shares

Notwithstanding
anything herein contained, the Corporation shall in no case be required to issue fractional Common Shares upon the conversion of
any Debenture. If any fractional interest in a Common Share would, except for the provisions of this Section 3.3, be deliverable
upon the conversion of any Debenture, the aggregate number of Common Shares to which such holder shall be entitled shall be rounded
down to the nearest whole number if the fraction is less than 0.5 and rounded up to the nearest whole number if the fraction is
0.5 or greater.

3.4             
Adjustment to Conversion Price

The Conversion Price
shall be subject to adjustment from time to time as follows:

		(1)	If and whenever at any time the outstanding Common Shares of the Corporation shall be subdivided,
redivided or changed into a greater or consolidated into a lesser number of shares or reclassified into different shares, the Holder
who has not exercised his right of conversion prior to the effective date of such event shall be entitled to receive and shall
accept, upon the exercise of such right at any time on such effective date or thereafter, in lieu of the number of Common Shares
to which he was theretofore entitled upon conversion, the aggregate number of Common Shares of the Corporation that such Debentureholder
would have been entitled to receive as a result of any such event had he been the registered holder of the number of common shares
to which he was theretofore entitled upon conversion.

		(2)	In case the Corporation shall fix a record date for the issuance of additional Common Shares (or
securities convertible into additional Shares) to the holders of all or substantially all of its outstanding Common Shares by way
of a stock dividend or otherwise (other than an issue of additional Common Shares to holders of Common Shares who have elected
to receive dividends in Common Shares in lieu of receiving cash dividends paid in the ordinary course), the Conversion Price shall
be adjusted immediately after the record date for such stock dividend. The Conversion Price shall be adjusted by multiplying the
current Conversion Price in effect on such record date by a fraction of which the numerator shall be the total number of Common
Shares outstanding on the record date and of which the denominator shall be the total number of Common Shares outstanding on the record
date plus the number of additional Common Shares which shall result from such issuance (assuming for this purpose that all additional
Common Shares issuable upon the exercise of the conversion rights of the securities convertible into additional Common Shares had
been issued).

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		(3)	In case the Corporation shall fix a record date for the issuance of rights, options or warrants
to all or substantially all the holders of its outstanding Common Shares entitling them to subscribe for or purchase additional
Common Shares or shares of any other class of the Corporation or securities convertible into Common Shares or shares of any other
class of the Corporation, and if such issuance has or is likely to have a material adverse effect on the conversion privilege or
right of the Debentureholder hereunder, then the Conversion Price shall be adjusted appropriately as determined by the Directors,
acting reasonably. If all such rights, options or warrants are not so issued or if all such rights, options or warrants are not
exercised prior to the expiration thereof, the Conversion Price shall be readjusted to the Conversion Price which would then be
in effect if such record date had not been fixed, and the Conversion Price shall be further adjusted as aforesaid based upon the
number of additional Common Shares (or securities convertible into additional Common Shares) actually issued upon the exercise
of such rights, options or warrants, as the case may be.

		(4)	No adjustments of the Conversion Price shall be made pursuant to Sections 3.4(2) or 3.4(3) if the
Holder is permitted (with the prior written consent of the TSXV) to participate in such issuance by way of stock dividend or in
the issue of such options, rights or warrants or such distribution, as the case may be, as though and to the same effect as if
it had converted its Convertible Debenture into Common Shares prior to the applicable record date or effective date for such issuance
by way of stock dividend or the issue of such options, rights or warrants or such distribution, as the case may be.

		(5)	In any case in which this Article shall require that an adjustment to the Conversion Price shall
become effective immediately after a record date for an event, the Corporation may defer until the occurrence of such event (i)
issuing to the Holder converted after such record date and before the occurrence of such event the additional Common Shares issuable
upon such conversion by reason of the adjustment required by such event and (ii) paying to the Holder cash in lieu of any fractional
interest to which he is entitled pursuant to Section 3.3. Notwithstanding the foregoing, the Corporation shall deliver to the Holder
an appropriate instrument evidencing the Holder's rights to receive such additional Common Shares and such cash upon the occurrence
of the event requiring such adjustment and the right to receive any distributions made on such additional Common Shares declared in favour
of holders of record of Common Shares on or after the Date of Conversion.

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		(6)	The adjustments provided for in this Section 3.4 are cumulative and shall be computed to the nearest
one-tenth of one cent and will be made successively whenever an event referred to therein occurs. Notwithstanding the foregoing,
no adjustment of the Conversion Price shall be made in any case in which the resulting increase or decrease in the Conversion Price
would be less than one percent of the then prevailing Conversion Price. Any adjustment that would otherwise have been required
to be made, but for the minimum percentage threshold, shall be carried forward and made at the time of and together with the next
subsequent adjustment to the Conversion Price which, together with any and all such adjustments so carried forward, shall result
in an increase or decrease in the Conversion Price by not less than one percent.

3.5             
Certificate as to Adjustment

The Corporation
shall from time to time immediately after the occurrence of any event which requires an adjustment in the Conversion Price, prepare
an Officers' Certificate specifying the nature of the event requiring the adjustment, the amount of the adjustment necessitated
and the method of calculation and the facts relied upon in making such calculation. The Corporation shall forthwith give notice,
in the manner specified in Section 8.1, of such adjustment to the Holder, which notice shall specify the Conversion Price after
such adjustment and the event requiring such adjustment.

3.6             
Reclassifications, Reorganizations, etc.

In case of any amalgamation
of the Corporation with, or merger of the Corporation into, any other corporation with the result that the Corporation ceases to
exist in its present capacity, or in case of any sale, transfer or other disposition of all or substantially all of the assets
of the Corporation, the successor Corporation or holder of the Corporation's assets as the case may be shall give notice in the
manner specified in Section 8.1 to the Debentureholder. Such notice shall confirm that the Holder shall have the right to convert
the Debenture into the kind and amount of shares and other securities and property receivable upon such amalgamation, merger or
sale by a holder of the number of Common Shares into which such Debenture might have been converted immediately prior to such event.
Such notice shall confirm adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided for
in this Article. The above provisions of this Section shall similarly apply to successive amalgamations, mergers, sales, transfers
or other dispositions.

3.7             
Notice to Debentureholder of Certain Events

In the event that

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		(1)	any of the events referred to in subparagraphs 3.4(1), 3.4(2), 3.4(3), or 3.6 shall occur; or

		(2)	there shall be a voluntary or involuntary dissolution, liquidation or winding-up of the Corporation;

the Corporation shall
give notice, in the manner specified in Section 8.1, to the Debentureholder, of the action proposed to be taken and the date on
which the books of the Corporation shall close or a record shall be taken for such event. The Corporation shall only be required
to specify in such notice such particulars of such action as shall have been fixed and determined at the date on which such notice
is given. Such notice shall also specify the date as of which the holder of Debentures and Common Shares of record shall participate
in such event, or shall be entitled to exchange their Debenture or Common Shares for securities or other property deliverable upon
such event. Such written notice shall be given not less than seven (7) Business Days prior to the record date or the date on which
the Corporation's transfer books are to be closed with respect thereto.

3.8             
Legend on Share Certificate Issued upon Conversion

The Holder
acknowledges that, if the Holder provides a Conversion Notice prior to August 27, 2017, the certificate(s) representing the
Common Shares issued upon the conversion shall bear a legend as follows:

“UNLESS
PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE AUGUST 27, 2017.”

In addition, the
Holder acknowledges that the certificate(s) representing the Common Shares issued upon conversion shall bear the following legend:

"THE SECURITIES REPRESENTED
HEREBY, OR THAT MAY BE ACQUIRED UPON CONVERSION HEREOF, (THE “SECURITIES”) HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY STATE SECURITIES LAWS AND MAY NOT BE SOLD, ASSIGNED, TRANSFERRED, PLEDGED,
ENCUMBERED, HYPOTHECATED, EXCHANGED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE ACT AND UNDER APPLICABLE STATE SECURITIES
LAWS OR THE COMPANY SHALL HAVE RECEIVED AN OPINION OF COUNSEL FOR THE HOLDER, REASONABLY SATISFACTORY TO THE COMPANY AND ITS COUNSEL,
THAT REGISTRATION OF SUCH SECURITIES UNDER THE ACT AND UNDER THE PROVISIONS OF APPLICABLE STATE SECURITIES LAWS IS NOT REQUIRED."

3.9             
Cancellation of Debenture

A Debenture surrendered
for conversion in full shall be cancelled by the Corporation and no Debenture shall be issued in substitution therefor.

 

Article 4

Security interest and subordination

4.1             
Security Interest

As general and continuing
security for the due payment of the Debenture by the Corporation to the Holder, the Holder shall enter into the Security Agreement,
constituting a Lien on all of the present and future Property of the Corporation (the "Secured Assets"). Such
Lien shall be a first charge, subject only to those permitted encumbrances, if any, set out in the Security Agreement executed
and delivered by the Corporation to the Holder.

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Article 5

Covenants of the Corporation

5.1             
Representations and Warranties

The Corporation
makes the following representations and warranties to the Holder, and acknowledges and
confirms that the Holder is relying upon these representations and warranties.

		(1)	The Corporation has been duly incorporated, amalgamated, merged, or continued, as the case may
be, and is validly subsisting under the laws of its jurisdiction of formation, amalgamation, merger, or continuance, as the case
may be, and is duly qualified to carry on its business in each jurisdiction in which the nature of its business requires qualification.

		(2)	The Corporation has the power and authority to enter into, and to exercise its rights and perform
its obligations under, each Credit Document to which it is a party and all other instruments and agreements that it delivers under
any Credit Document, and to own its property and carry on its business as currently conducted and as currently proposed to be conducted
by it.

		(3)	The execution, delivery, and performance of each of the Credit Documents to which the Corporation
is a party, and every other instrument or agreement that it delivers under any Credit Document, has been duly authorized, and each
such document has been duly executed and delivered.

		(4)	None of the execution or delivery of, the consummation of the transactions contemplated in, or
compliance with the terms, conditions, and provisions of any of the Credit Documents, any of the agreements or documents delivered
in connection the Credit Documents, or any of the agreements by the Corporation (i) conflicts with or will conflict with, results
in or will result in any breach of, or constitutes a default under, or contravention of any applicable law, organizational document,
material contract, or material licence, (ii) results or will result in the creation or imposition of any Lien upon any of its Property
(other than in favour of the Holder).

		(5)	The Corporation has obtained, made, or taken all consents, approvals, authorizations, declarations,
registrations, filings, notices, and other actions required in connection with the execution and delivery by it of each of the
Credit Documents to which it is a party and the consummation of the transactions contemplated in the Credit Documents.

		(6)	This Debenture and the other Credit Documents have been duly executed and delivered and
                                                               constitute legal, valid, and binding obligations of the Corporation (with regard to each agreement or instrument to which it
                                                               is a party) enforceable in accordance with their respective terms, except as may be limited by bankruptcy, reorganization,
                                                               moratorium, or insolvency laws or similar laws affecting creditors’
rights generally and by general equitable principles.

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		(7)	Except as disclosed to the Holder, the Corporation has duly and timely filed, or caused to be duly
and timely filed, all material tax returns relating to taxes required to be filed by it with the appropriate governmental authority.
The Corporation has duly and timely paid all taxes that are due and payable by it, except for taxes that are not material in amount
or that are being contested diligently and in good faith through appropriate proceedings. The Corporation has made adequate provision
in its financial statements or its books and records, as applicable, for the payment of all material taxes that it owes. There
is no material inquiry, action, suit, dispute, objection, appeal, investigation, audit, claim, or other proceeding either in progress,
pending, or to the knowledge of the Corporation threatened by any governmental authority regarding any taxes or tax returns. The
Corporation has not requested, offered to enter into, entered into any agreement or arrangement, or executed any waiver providing
for any extension of time within which the Corporation is required to pay, remit, or collect any taxes, file any tax returns, or
under which any governmental authority may assess, reassess, or collect taxes for which the Corporation is or may be liable.

		(8)	The Corporation is not subject to any judgment, order, writ, injunction, decree, or award, or to
any restriction, rule, or regulation (other than customary or ordinary course restrictions, rules, and regulations consistent or
similar with those imposed on other Persons engaged in similar businesses) that has not been stayed or for which enforcement has
not been suspended, which has a Material Adverse Effect on the Corporation, its Property, or its business.

		(9)	There are no actions, suits, or proceedings pending or, to the knowledge of the Corporation, threatened
against or affecting the Corporation or the Property of the Corporation.

		(10)	The Corporation has disclosed to the Holder all contingent liabilities as at the date hereof, and
as at the date hereof it has not incurred any debt which is not disclosed on or reflected in the financial statements provided
to the Holder, other than debt or contingent liabilities incurred by it or credit extended to it in the ordinary course of business
after the date of such financial statements.

		(11)	The Corporation has good and marketable title to all of its material Property, in each case subject
to no Liens (other than in favour of the Holder).

    	 	14	 

     

    
		(12)	The Corporation has not violated or failed to comply with any applicable law applicable to its
business, except where such violations or failures to comply could not reasonably be expected
to have a Material Adverse Effect. The Corporation has not received any notice to the effect that, or has otherwise been advised
that, it is not in compliance with any applicable law and the Corporation does not know of any currently existing circumstances
that are likely to result in the violation of any applicable law, the non-compliance or violation of which could reasonably be
expected to have a Material Adverse Effect.

		(13)	No Event of Default has occurred and no event has occurred that (with the giving of notice, the
lapse of time, or both) would constitute an Event of Default. The Corporation is not in default under any agreement, guarantee,
indenture, or instrument to which it is a party or by which it is bound, the breach of which could reasonably be expected to cause
a Material Adverse Effect or affect its ability to perform any of its obligations under any Credit Document to which it is a party.

		(14)	All information provided by or on behalf of the Corporation to the Holder for purposes of, or in
connection with, any Credit Document or any other transaction contemplated by this Debenture (including any information provided
in the future) is or will be true and accurate in all material respects as of the date on which that information is dated or certified
and not incomplete by omitting to state any material fact necessary to make that information not misleading at that time in light
of the then-current circumstances. There is no fact now known to the Corporation that has had, or could reasonably be expected
to have, a Material Adverse Effect.

5.2             
General Covenants

The Corporation
hereby covenants that, so long as this Debenture is in force and except as otherwise permitted with the Holder's prior written
consent:

		(1)	it will duly and punctually pay to the Holder the Principal Sum, the interest thereon and all other
sums payable hereunder on the dates and at the places, and in the manner provided for herein;

		(2)	it will at all times maintain its corporate existence; will carry on and conduct, and will cause
to be carried on and conducted, its business in a proper, efficient and businesslike manner and in accordance with good business
practice;

		(3)	it will at all times reserve and keep available out of its authorized but unissued capital such
number of Common Shares as shall from time to time be sufficient to effect the conversion of this Debenture;

    	 	15	 

     

    
		(4)	it will fully and effectually maintain and keep maintained
the security granted to the Holder as a valid and effective first charge at all times;

		(5)	it will do, observe and perform all of its obligations and
all matters and things necessary or expedient to be done, observed or performed under or by virtue of any lease agreement, joint
venture agreement, license, or other contract, so long as the same is, in the opinion of the directors of the Corporation, of commercial
value, in order to preserve, protect and maintain the rights of the Corporation, and will not suffer or permit any default for
which any such lease, agreement, joint venture agreement, license, or contract might be terminated or for which any other party
thereto might be relieved of any of its obligations thereunder or for which any obligations of any such party might be reduced;

		(6)	it will not sell or otherwise dispose of by conveyance, transfer,
lease or otherwise any of its assets or undertaking;

		(7)	it will promptly provide the Holder with all information
normal for an investment of this type that the Holder reasonably requests from time to time concerning its financial condition
and Property;

		(8)	it will permit the Lender’s representatives, during normal business hours and from time to
time upon reasonable notice, to inspect any of its Property, to examine and take extracts from its financial books, accounts, and
records (including accounts and records stored in computer data banks and computer software systems), and to discuss its financial
condition with its senior officers and (in the presence of such of its representatives as it may designate) its auditors;

		(9)	it will pay or discharge, or cause to be paid or discharged, before they become delinquent, all
taxes that are due and payable by it, all lawful claims for labour, materials, and supplies, all required payments under any of
its debt, and all other obligations;

		(10)	it will promptly notify the Holder of any Event of Default;

		(11)	it will promptly notify the Holder of any Material Adverse Effect that would apply to it or any
event or circumstance that is likely to give rise to a Material Adverse Effect;

		(12)	it will promptly notify the Holder of the occurrence or threatened occurrence of any litigation,
dispute, arbitration, proceeding, or other circumstance the result of which, if determined adversely, would be a judgement or award
against it in excess of $50,000, or would result in a Material Adverse Effect to it, and from time to time will provide the Holder
with all information that the Holder requests concerning any such proceeding;

		(13)	it will promptly pay all reasonable fees and disbursements that the Holder incurs or pays in
                                                                connection with the enforcement (including any workouts in connection with or in lieu of any enforcement) of the Credit Documents (including all court costs
and all reasonable fees and disbursements of lawyers, auditors, consultants, and accountants);

    	 	16	 

     

    
		(14)	it will not change its name without providing the Holder with 30 days’ prior written
notice;

		(15)	other than in connection with (i) the proposed transaction contemplated by the Arrangement Agreement
or (ii) a Superior Proposal as such term is defined in the Arrangement Agreement it will not consolidate, amalgamate, or merge
with any other Person, enter into any corporate reorganization or other transaction intended to effect or otherwise permit a change
in its existing corporate or capital structure, liquidate, wind-up, or dissolve itself, or permit any liquidation, winding-up,
or dissolution;

		(16)	it will not amend any of its organizational documents in a manner that would be prejudicial to
the Holder’s interests under the Credit Documents; and

		(17)	it will, prior to the Issue Date, provide the Holder with evidence that it has made all necessary
filings in order to perfect the security interest created by the Security Agreement against the Corporation and its Property.

Article 6

Default and Enforcement

6.1             
Acceleration of Maturity on Default

Each of the following
shall constitute an event of default (hereinafter referred to as an "Event of Default"):

		(1)	if the Corporation does not pay when due any amount of the Principal Sum or interest or other amount
payable by it under the Debenture at the place and in the currency in which such amount is expressed to be payable;

    	 	17	 

     

    
		(2)	if the Corporation makes a general assignment for the benefit of creditors; or any proceeding is
instituted by it seeking relief as debtor, or to adjudicate it a bankrupt or insolvent, or seeking liquidation, winding-up, reorganization,
arrangement, adjustment or composition of it or its debts or for an order for similar relief under any law relating to bankruptcy,
insolvency, reorganization or relief of debtors (including under any statutes relating to the incorporation of companies) or seeking
appointment of a receiver or trustee, or other similar official for it or for any substantial part of its properties or assets;
or any corporate or partnership action is taken to authorize any of the actions referred to in this Section 6.1(2);

		(3)	if any proceedings are instituted against the Corporation seeking to adjudicate it a bankrupt or
insolvent, or seeking liquidation, winding-up, reorganization, arrangement, adjustment or composition of it or its debts or an
order for similar relief under any law relating to bankruptcy, insolvency, reorganization or relief of debtors (including under
any statutes relating to the incorporation of companies) or seeking appointment of a receiver, trustee or other similar official
for it or for any substantial part of its properties or assets;

		(4)	if any proceedings with respect to the Corporation are commenced under the Companies' Creditors
Arrangement Act (Canada);

		(5)	if the Corporation takes any corporate proceedings for its dissolution, liquidation or amalgamation
with any other company or if the corporate existence of the Corporation shall be terminated by expiration, forfeiture or otherwise,
or if the Corporation ceases or threatens to cease, to carry on all or a substantial part of its business;

		(6)	if the Corporation defaults in the performance or observance
of any term, condition, covenant, representation or warranty contained in any of the Credit Documents;

		(7)	a Change of Control occurs; or

		(8)	if a Material Adverse Effect occurs.

Should an Event
of Default occur, the Debentureholder may in its sole discretion declare the Principal Sum and any accrued interest thereon of
this Debenture to be due and payable on demand, and the same shall forthwith become immediately due and payable. Notwithstanding
anything herein contained to the contrary, the Corporation shall, on such demand, forthwith pay to the Debentureholder, the Principal
Sum and any accrued interest thereon of this Debenture. Such payment when made shall be deemed to have been made in discharge of
the Corporation's obligations hereunder.

6.2             
Waiver of Default

The Holder shall
have the power to waive any default or to cancel any declaration made by the Holder upon such terms and conditions as the Debentureholder
shall prescribe.

6.3             
Remedies Cumulative

No remedy herein
conferred upon or to the Debentureholder is intended to be exclusive of any other remedy, but each and every other remedy shall
be cumulative and shall be in addition to every other remedy given hereunder or now existing or hereafter to exist by law or by
statute.

    	 	18	 

     

    

Article 7

Consolidation and Amalgamation

7.1             
Successor Corporation

Except in connection
with a transaction that is a Superior Proposal, as defined in the Arrangement Agreement, in which case this Section 7.1 shall not
apply, the Corporation shall not enter into any transaction whereby all or substantially all of its undertaking, property and assets
would become the property of any other corporation (herein called a "successor corporation") whether by way of reorganization,
reconstruction, consolidation, amalgamation, merger, transfer, sale or otherwise, unless prior to or contemporaneously with the
consummation of such transaction, the Holder's written consent has been obtained and, the Corporation and the successor corporation
shall have executed such instruments and done such things as, in the opinion of the Holder's solicitor, are necessary or advisable
to establish that upon the consummation of such transaction:

		(1)	the successor corporation will have assumed all the covenants and obligations of the Corporation
under this Debenture; and

		(2)	this Debenture will be a valid and binding obligation of the successor corporation entitling the
Holder, as against the successor corporation, to all the rights of the Debentureholder under this Debenture.

7.2             
Successor to Possess Powers of the Corporation

Whenever the conditions
of Section 7.1 hereof shall have been duly observed and performed, the successor corporation shall possess and from time to time
may exercise each and every right and power of the Corporation under this Debenture in the name of the Corporation or otherwise
and any act or proceeding by any provision hereof required to be done or performed by any Director or officer of the Corporation
may be done and performed with like force and effect by the like directors or officers of the successor corporation.

Article 8

Notices

8.1             
Notice

Any notice by one
party to the other party under the provisions hereof shall be valid and effective if delivered, sent by e-mail or mailed by prepaid
registered mail to the other party at:

    	 	19	 

     

    

In the case
of the Corporation:

Zazu Metals Corporation.

Suite 500 Park Place

666 Burrard Street

Vancouver, British Columbia

V6C 3P6

Attention: Gil
Atzmon, CEO

E-mail: gilatzmon@zazumetals.com

In the case
of the Holder:

Solitario Exploration
& Royalty Corp.

4251 Kipling Street, Suite 390

Wheat Ridge, Colorado 8003

Attention: Chris
Herald, CEO

E-mail: cherald@aol.com

and, subject as provided
in this Section 8.1, shall be deemed to have been given at the time of delivery or sending by facsimile or electronic transmission
or on the tenth Business Day after mailing. Any delivery made or facsimile or electronic transmission sent on a day other than
a Business Day or after 4:00 p.m. (Vancouver time) on a Business Day, shall be deemed to be received on the next following Business
Day. In the case of disruption in postal services, any notice shall be delivered or sent by facsimile or electronic transmission.
Either party may from time to time notify the other party of a change in address or facsimile number which thereafter, until changed
by like notice, shall be the address or facsimile number of such party giving notice for all purposes of this Debenture.

Article 9

Supplement to Debenture

9.1             
Supplement to Debenture

From time to time
the Corporation shall, when so directed by the Holder, execute, acknowledge and deliver by their proper officers deeds or instruments
supplemental hereto, which thereafter shall form part hereof, for any one or more of the following purposes:

		(1)	making such provisions not inconsistent with this Debenture as may be necessary or desirable with
respect to matters or questions arising hereunder, including the making of any modifications in the form of the Debenture which
do not affect the substance thereof and which provisions and modifications will not, in the opinion of the Holder's solicitor,
be prejudicial to the interests of the Debentureholder;

    	 	20	 

     

    
		(2)	evidencing the succession or the successive successions of other corporations to the Corporation
and the covenants of and obligations assumed by any such successor in accordance with the provisions of this Debenture; and

		(3)	for any other purpose not inconsistent with the terms of this Debenture.

The Corporation
may correct any typographical or other manifest errors in this Debenture, provided that in the opinion of the Holder's solicitor
such corrections will not prejudice the rights of the Debentureholder hereunder and may execute all such documents as may be necessary
to correct such errors.

Article 10

Satisfaction and Discharge

10.1         
Discharge

Upon the Principal
Sum and interest (including interest on amounts in default, if any) on this Debenture and all other money payable hereunder having
been paid or satisfied, the Debentureholder shall, at the request of the Corporation, release and discharge this Debenture. Upon
such request, the Debentureholder shall execute and deliver such instruments as it shall be advised by the Corporation's counsel
are requisite to release the Corporation from its covenants herein contained.

IN WITNESS
WHEREOF the Corporation has caused this Debenture to be signed by its Chief Executive Officer as of the Date of Issue,
being April 26, 2017.

 

	 	 	ZAZU METALS CORPORATION
	Per:	
	 	Name: Gil Atzmon

Title:   Chief Executive Officer
	I have authority to bind the Corporation

    	 	21Blueprint

  Exhibit 4.18

 

THE
SECURITIES REPRESENTED BY THIS NOTE HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED, AND HAVE BEEN ACQUIRED FOR
INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE
OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISTRIBUTION MAY BE
EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED
THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE
COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED.

 

SECURED CONVERTIBLE PROMISSORY NOTE

 

	
$__________

	
 _________,
2016

	
 

	
 New York , New
York

 

For
value received, root9B Holdings, Inc. (f/k/a root9B Technologies,
Inc.), a Delaware corporation (the “Company”), promises to
pay to ____________ (the “Holder”), or its
registered assigns, in lawful money of the United States of America
the principal amount of [●] Dollars ($[●]). Interest
shall accrue from the date of this Secured Convertible Promissory
Note (this “Note”) on the unpaid
principal amount at a rate equal to 10.00% per annum simple
interest. Interest on this Note shall accrue and, unless otherwise
converted in accordance with Section 2 below, shall be payable upon
the Maturity Date (as defined below). This Note is one of a series
of Notes issued pursuant to that certain Securities Purchase
Agreement, dated as of September 9, 2016 (the “Purchase Agreement”), by
and among the Company and the investors (the “Holders”) referred to
therein, as amended from time to time. Capitalized terms used but
not defined herein shall have the meaning set forth in the Purchase
Agreement. This Note is subject to the following terms and
conditions:

 

1. Payments.

 

(a) Repayment.

 

(i) Repayment upon Maturity Date.
If this Note is not earlier converted pursuant to Section 2, the
entire then-outstanding and unpaid principal amount of this Note,
together with any accrued but unpaid interest thereon (the
“Outstanding
Amount”), shall be due and payable upon the earlier to
occur of (i) _________, 2019 (the “Maturity Date”), and (ii)
following the occurrence of an Event of Default (as defined below),
when such amounts are declared due and payable by the Holder in
accordance with the terms hereof. All payments shall be made, at
the Holder’s option, in either (i) lawful money of the United
States of America at such place as the Holder hereof may from time
to time designate in writing to the Company or (ii) shares of the
Company’s common stock, par value $0.001 (the
“Common
Stock”) pursuant to Section 2(b) below. Subject to
Section 2 below, interest shall accrue on this Note but shall not
be due and payable until the Maturity Date.

 

 

 

(ii) Optional
Repayment Upon a Minimum Threshold Sale. In the event that
the Company consummates a Minimum Threshold Sale (as defined
below), then Holder shall have the one-time right, exercisable by
delivering to the Company written notice (the “Optional Repayment
Notice”)at any time during the Option Period (as
defined below), to demand repayment of an amount equal to up to
twenty-five percent (25%) of the Outstanding Amount (which amount
shall be specified in the Optional Repayment Notice) (the
“Minimum Threshold
Repayment”), in cash at such place as the Holder
hereof may designate in writing to the Company, with such payment
to be made within three (3) business days of receipt of the
Optional Repayment Notice. Notwithstanding anything to the contrary
contained herein, including, but not limited to, Section 1(c)
below, any such Optional Repayment shall not be subject to any
prepayment penalty. For the avoidance of doubt, the right to demand
the Minimum Threshold Repayment shall expire upon the expiration of
the Option Period.

 

(iii) Optional
Repayment Upon a Maximum Threshold Sale. In the event that
the Company consummates a Maximum Threshold Sale (as defined
below), then Holder shall have the one-time right, exercisable by
delivering to the Company an Optional Repayment Notice during the
Option Period, to demand repayment of an amount equal to up to
fifty percent (50%) of the Outstanding Amount (which amount shall
be specified in the Optional Repayment Notice) (the
“Maximum Threshold
Repayment”), in cash at such place as the Holder
hereof may designate in writing to the Company, with such payment
to be made within three (3) business days of receipt of the
Optional Repayment Notice. Notwithstanding anything to the contrary
contained herein, including, but not limited to, Section 1(c)
below, any such Optional Repayment shall not be subject to any
prepayment penalty. For the avoidance of doubt, the right to demand
the Maximum Threshold Repayment shall expire upon the expiration of
the Option Period.

 

(b) Interest
Payment. The Interest Payment shall be paid by the Company
on each Payment Date. The Interest Payment shall be payable in, at
the option of the Holder, either (i) lawful money of the United
States of America at such place as the Holder hereof may from time
to time designate in writing to the Company or (ii) such number of
shares of Common Stock (the “Interest Shares”) equal
to the quotient obtained by dividing (i) the Interest Payment by
(ii) Interest Conversion Rate (the “Interest Payment Type”).
Notwithstanding the foregoing, Holder may not request the Interest
Payment to be paid in Interest Shares if such issuance shall result
in a Share Reserve Failure. Holder shall notify the Company in
writing no fewer than three (3) business days prior to the
applicable Payment Date the Interest Payment Type such
Holder’s Interest Payment shall be payable in on the
applicable Payment Date.

 

(c) Prepayment.
The Company shall have the right at any time prior to the twelve
month anniversary (the “Anniversary Date”) of the
date of issuance of this Note, with the prior written consent of
the Holder, to prepay all or some of the outstanding Principal
Amount of this Note together with accrued interest then due (the
"Prepayment
Amount") by paying to the Holder an amount equal to (1) the
unpaid principal to be repaid plus (2) any accrued but unpaid
interest plus (3) an amount
equal to the interest which has not accrued as of the Optional
Prepayment Date but would accrue on the principal to be repaid
during the period beginning on the Optional Prepayment Date and
ending on the Anniversary Date (the “Early Prepayment Price”).
Following the Anniversary Date, the Company shall have the right,
exercisable on not less than three (3) Trading Days prior written
notice to the Holder of the Note, to prepay all or some of the
outstanding Principal Amount of this Note together with accrued
interest then due by paying to the Holder an amount equal to (1)
the unpaid principal to be repaid plus (2) any accrued but unpaid
interest plus (3) an amount
equal to one-half of the interest which has not accrued as of the
Optional Prepayment Date (as defined below) but would accrue on the
principal to be repaid during the period beginning on the Optional
Prepayment Date and ending on the Maturity Date (the
“Subsequent
Prepayment Price” and, together with the Early
Prepayment Price, the "Prepayment Price"). Any notice
of prepayment hereunder (an “Optional Prepayment
Notice”) shall be delivered to the Holder at its
registered address and shall state: (1) that the Company is
exercising its right to prepay the Note, (2) the Prepayment Amount,
(3) the applicable Prepayment Price and (4) the date of prepayment
which shall be not more than three (3) Trading Days from the date
of the Optional Prepayment Notice. On the date fixed for prepayment
(the “Optional
Prepayment Date”), the Company shall make payment of
the applicable Prepayment Price to or upon the order of the Holder
as specified by the Holder in writing to the Company at least one
(1) business day prior to the Optional Prepayment Date. The Company
covenants and agrees that it will honor all Notices of Conversion
(as defined below) tendered from the time of delivery of the
Optional Prepayment Notice through the date all amounts owing
thereon are due and paid in full..

 

 

 

(d) Security.
The payment obligations arising under this Note are secured
pursuant to the terms of that certain Security Agreement made
effective as of the date of the Purchase Agreement by and between
the Company and the Holder (as amended from time to time, the
“Security
Agreement”). Reference hereby is made to the Security
Agreement for a description of the nature and extent of the
collateral serving as security for this Note and the rights of the
Holder with respect to such security.

 

(e) Ranking. The
Note shall rank senior in all respect to all indebtedness,
liabilities or obligations of the Company to other parties
outstanding as of the date of the Purchase Agreement.

 

(f) Definitions.

 

(i) “Interest Conversion Rate”
means a per share price equal to 85% of the quotient of the sum of
the VWAP of the Common Stock as of each Trading Day during the five
(5) consecutive Trading Day period ending and including the
Trading Day ended immediately prior to the Additional Closing Date,
divided by five (5), but in no event less than $0.80 per
share.

 

(ii)  “Interest
Payment” means an amount equal to any accrued but
unpaid interest under this Note as of each Payment
Date.

 

(iii) “IPSA
Sale” means a sale of substantially all of the assets
of IPSA (as defined below).

 

 

 

(iv) “Maximum
Threshold Sale” means an IPSA Sale from which the
Company receives cash proceeds of not less than $10,000,000 at the
closing of such transaction (exclusive of any earn out amounts,
milestone payments or similar contingent payments).

 

(v) “Minimum Threshold Sale”
means an IPSA Sale from which the Company receives cash proceeds of
not less than $8,000,000 and not greater than $9,999,999 at the
closing of such transaction (exclusive of any earn out amounts,
milestone payments or similar contingent payments).

 

(vi) “Option
Period” means the 30 calendar day period following
either a Minimum Threshold Sale or Maximum Threshold Sale, as
applicable.

 

(vii) “Payment
Date” means each March 31, June 30, September 30 and
December 31, commencing December 31, 2016 or, in each case, if such
day is not a business day, the first business day immediately
thereafter until the earlier of (i) the Outstanding Amount is
repaid pursuant to Section
1(a) or (ii) the Outstanding Amount is converted pursuant to
Section
2.

 

(viii) “Trading
Day” means a day on which the principal Trading Market
is open for trading.

 

(ix) “Trading
Market” means any of the following markets or
exchanges on which the Common Stock is listed or quoted for trading
on the date in question: the NYSE MKT, the Nasdaq Capital Market,
the Nasdaq Global Market, the Nasdaq Global Select Market, the New
York Stock Exchange, the OTC Bulletin Board or the “Pink
Sheets” published by Pink OTC Markets, Inc. (or a similar
organization or agency succeeding to its functions of reporting
prices) (or any successors to any of the foregoing).

 

(x) “VWAP” means, for any
date, the price determined by the first of the following clauses
that applies: (a) if the Common Stock is then listed or quoted
on a Trading Market, the daily volume weighted average price of the
Common Stock for such date (or the nearest preceding date) on the
Trading Market on which the Common Stock is then listed or quoted
as reported by Bloomberg L.P. (based on a Trading Day from 9:30
a.m. (New York City time) to 4:02 p.m. (New York City time)),
(b) if the OTC Bulletin Board is not a Trading Market, the
volume weighted average price of the Common Stock for such date (or
the nearest preceding date) on the OTC Bulletin Board, (c) if
the Common Stock is not then listed or quoted for trading on the
OTC Bulletin Board and if prices for the Common Stock are then
reported in the “Pink Sheets” published by Pink OTC
Markets, Inc. (or a similar organization or agency succeeding to
its functions of reporting prices), the most recent bid price per
share of the Common Stock so reported, or (d) in all other
cases, the fair market value of a share of Common Stock as
determined by an independent appraiser selected in good faith by
the Holders of a majority in interest of the Securities then
outstanding and reasonably acceptable to the Company, the fees and
expenses of which shall be paid by the Company.

 

 

 

2. Conversion.

 

(a) Conversion.
Subject to the limitations set forth in Section 2(d) and Section 3 below, at any time on
or after February ___, 2017, unless the Outstanding Amount has
previously been repaid or converted as provided herein, the Holder
may elect to convert, in whole or in part, the Outstanding Amount
into fully paid and non-assessable shares of Common Stock. The
number of shares of Common Stock to be issued upon conversion of
this Note pursuant to this Section 2(a) shall be equal to
the quotient obtained by dividing (i) the Outstanding Amount
elected by the Holder to be converted, by (ii) $0.80 (subject to
appropriate adjustment in the event of any stock dividend, stock
split, combination or similar recapitalization affecting such
shares) (the "Conversion
Price"), rounded down to the nearest whole
share.

 

(b) Rights, Preferences
and Privileges of Common Stock. Upon conversion of this Note
pursuant to this Section
2, the Company shall issue shares of Common Stock (the
“Conversion
Shares”) which shall have the rights, preferences and
privileges set forth in the Company’s Certificate of
Incorporation, as amended from time to time and then in
effect.

 

(c) Mechanics and
Effect of Conversion.
This Note may be converted by the Holder in whole or in part
pursuant to Section
2(a), on any Trading Day, by submitting to the Company a
notice (by facsimile, e-mail or other reasonable means of
communication dispatched on the Conversion Date prior to 4:00 p.m.,
New York, New York time) specifying the Outstanding Amount to be so
converted (the “Notice of Conversion”).
Any Notice of Conversion submitted after 4:00 p.m., New York, New
York time, shall be deemed to have been delivered and received on
the next Trading Day.No fractional shares of the Common Stock will
be issued upon conversion of this Note. In lieu of any fractional
share to which the Holder would otherwise be entitled, the Company
will pay to the Holder in cash the amount of the unconverted
outstanding and unpaid principal amount of this Note that would
otherwise be converted into such fractional share. Upon conversion
of this Note pursuant to this Section 2, the Holder
shall surrender this Note, duly endorsed, at the principal offices
of the Company or any transfer agent of the Company. At its
expense, the Company will, as soon as practicable thereafter, issue
and deliver to such Holder, at such principal office, a certificate
or certificates for the number of shares to which such Holder is
entitled upon such conversion, together with any other securities
and property to which the Holder is entitled upon such conversion
under the terms of this Note, including a check payable to the
Holder for any cash amounts payable as described herein. Upon
conversion of this Note, the Company will be forever released from
all of its obligations and liabilities under this Note with regard
to that portion of the principal amount being converted including
without limitation the obligation to pay such portion of the
principal amount.

 

 

 

(d) Limitations on
Exercise. This Note shall not be converted by the Holder to
the extent (but only to the extent) that, following such
conversion, the Holder or any of its affiliates would beneficially
own in excess of 9.99% (the “Maximum Percentage”) of
the Outstanding Shares of Common Stock (as defined below). No prior
limitation on the number of shares of Common Stock subject to this
Note or the inability to convert this Note pursuant to this
Section 2 shall
have any effect on the applicability of the provisions of this
Section 2 with
respect to any subsequent determinations of the number of shares
subject to the Note or the conversion hereof. For the purpose of
this Section 2(e),
beneficial ownership and all determinations and calculations
(including, without limitation, with respect to calculations of
percentage ownership) shall be determined in accordance with
Section 13(d) of the Exchange Act. For clarification, the foregoing
calculation of beneficial ownership shall take into account all
securities which give rise to beneficial ownership by the Holder or
its Affiliates of such Common Stock under such rules and
regulations and not solely this Note. The provisions of this
Section 2(e) shall
be implemented in a manner otherwise than in strict conformity with
the terms of this Section
2(e) in order to correct this Section 2(e) or any portion
hereof which may be defective or inconsistent with the intended
Maximum Percentage beneficial ownership limitation herein contained
or to make changes or supplements necessary or desirable to
properly give effect to such Maximum Percentage limitation. The
limitations contained in this Section 2(e) shall apply to a
successor holder of this Note. “Affiliate” means, with
respect to any Person, any other Person that, directly or
indirectly through one or more intermediaries, Controls, is
controlled by or is under common control with such Person, as such
terms are used in and construed under Rule 405 under the Securities
Act. With respect to the Holder, any investment fund or managed
account that is managed on a discretionary basis by the same
investment manager Holder will be deemed to be an Affiliate of
Holder. “Person” means any
individual, firm, corporation, partnership, limited liability
company, joint venture, association, joint stock company, trust,
unincorporated organization or government or any agency or
political subdivision thereof, or other entity of any kind and
includes any successor (by merger or otherwise) of such entity.
“Outstanding Shares
of Common Stock” means, as of any particular
measurement time, the sum of (i) the total number of outstanding
shares of Common Stock of the Company as of such time, and (ii) the
total number of shares of Common Stock which Holder has the right
to acquire beneficial ownership of within sixty days of such
measurement time (to the extent not included in (i)), including but
not limited to any right to acquire shares of Common Stock through
the exercise of any option, warrant or right or through the
conversion of another security (including this Note).
“Exchange
Act” means the Securities Exchange Act of 1934, as
amended, and the rules and regulations of the Securities and
Exchange Commission thereunder.

 

(e) No Rights as
Stockholder. This Note does not by itself entitle the Holder
to any voting rights or other rights as a stockholder of the
Company. In the absence of conversion of this Note, no provisions
of this Note, and no enumeration herein of the rights or privileges
of the Holder shall cause the Holder to be a stockholder of the
Company for any purpose.

 

3. Share
Reserve.

 

(a) Notwithstanding
anything herein to the contrary, the Holder acknowledges and agrees
that this Note may not be converted nor any shares issued in
payment of accrued interest pursuant to Section 1(b), if, at the time
of such conversion or share payment, as applicable, the Company
does not have a sufficient number of authorized shares of Common
Stock pursuant to the Company’s Certificate of Incorporation
(the “Certificate of
Incorporation”), as in effect as of such date, to
cover such issuance. Notwithstanding anything herein to the
contrary, the Company shall hold a Special Meeting of Stockholders
prior to December 31, 2016 (the “Meeting”), in order to
seek stockholder approval (the “Approval”) to amend its
Certificate of Incorporation (the “Amendment”) in order to,
among other thing, to provide for a number of authorized shares of
Common Stock such that, following the effectiveness of the
Amendment, sufficient shares of Common Stock will be available to
provide for the conversion of the Notes in full without regard to
any limitation on conversion set forth in the Notes, as well as any
possible payment of interest on the Notes in shares of Common Stock
as provided in Section
1(b), and the exercise in full of the Warrants without
regard to any limitation on exercise set forth in the
Warrants.

 

 

 

(b) If the Company does
not receive the Approval on or prior to December 31, 2016, then the
Holder shall have the right at any time through January 31, 2017,
at its option, to require the Company to repurchase all or any
portion of its Notes, or any portion of the Outstanding Amount
thereunder at a price equal to the Outstanding Amount elected by
the Holder to be redeemed hereunder.

 

4. Events of
Default. Promptly following the Company becoming aware of an
occurrence of any Event of Default, the Company shall furnish to
the Holder written notice of the occurrence thereof. The occurrence
of any of the following shall constitute an “Event of Default” under
this Note:

 

(a) Failure to
Pay. The Company shall fail to pay (i) when due any
outstanding and unpaid principal amount on any due date hereunder
or (ii) any other payment required under the terms of this
Note on the date due, and in either such case of (i) and (ii), such
payment shall not have been made within five (5) business days
following the Company’s receipt of Holder’s written
notice to the Company of such failure to pay; or

 

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

 

(c) Involuntary
Bankruptcy or Insolvency Proceedings. Proceedings for the appointment of a
receiver, trustee, liquidator or custodian of the Company or of all
or a substantial part of the property thereof, or an involuntary
case or other proceedings seeking liquidation, reorganization or
other relief with respect to the Company or the debts thereof under
any bankruptcy, insolvency or other similar law now or hereafter in
effect shall be commenced and an order for relief entered or such
proceeding shall not be challenged, dismissed or discharged within
sixty (60) days of commencement;

 

 

 

(d) Dissolution.
The dissolution or winding up of the Company;

 

(e) Cessation or
Suspension of Trading. The Common Stock is (i) no longer
listed for trading or authorized for quotation (as the case may be)
on a Trading Market or (ii) suspended from trading on a Trading
Market for a period of five (5) consecutive Trading Days or for
more than an aggregate of ten (10) Trading Days in any 365-day
period;

 

(f) Failure to Deliver
Shares. The Company shall fail to timely deliver any shares
of Common Stock when so required pursuant to the terms of this
Note;

 

(g) Cross-Default.
There shall have occurred an “Event of Default” (or
other comparable event) under any currently or future existing
indebtedness of the Company and such “Event of Default”
(or other comparable event) shall be continuing and not subject to
forbearance; or

 

(h) Breach of
Representations, Warranties or Covenants. Any representation
or warranty of the Company in the Purchase Agreement, this Note or
any other document or agreement delivered by the Company to the
Holder shall not be true and complete, or the Company shall fail to
observe or perform any other covenant, obligation, condition or
agreement contained in this Note or any other Purchase Agreement or
any other document or agreement delivered by the Company to the
Holder, and such failure, to the extent curable, shall continue for
five (5) Trading Days.

 

5. Rights of Holder
upon Default. Upon the occurrence or existence of any Event
of Default (other than an Event of Default referred to in
Sections 4(b)
or 4(c)) and at any
time thereafter during the continuance of such Event of Default,
following the applicable cure or grace period, the Holder, may, by
written notice to the Company, declare all Outstanding Amounts
hereunder to be immediately due and payable without presentment,
demand, protest or any other notice of any kind, all of which are
hereby expressly waived, anything contained herein to the contrary
notwithstanding. Upon the occurrence or existence of any Event of
Default described in Sections 4(b) or
4(c), immediately
and without notice, all Outstanding Amounts payable by the Company
hereunder shall automatically become immediately due and payable,
without presentment, demand, protest or any other notice of any
kind, all of which are hereby expressly waived, anything contained
herein to the contrary notwithstanding. In addition to the
foregoing remedies, upon the occurrence or existence of any Event
of Default, and following the applicable cure or grace period,
Holder may exercise any other right power or remedy granted to it
by this Note or otherwise permitted to it by law, either by suit in
equity or by action at law, or both.

 

 

 

6. Rights Upon a
Fundamental Transaction. As a condition of the consummation
of any Fundamental Transaction occurring at any time prior to the
repayment or conversion in full of the Outstanding Amount, the
Company shall cause any Successor Entity in a Fundamental
Transaction to assume in writing all of the obligations of the
Company under this Note in accordance with the provisions of this
Section 6 pursuant to written agreements in form and
substance reasonably satisfactory to the Holder, including
agreements to deliver to the Holder in exchange for this Note a
security of the Successor Entity evidenced by a written instrument
substantially similar in form and substance to this Note,
including, without limitation, which is, at the time of
consummation of the Fundamental Transaction, convertible into a
corresponding number of shares of capital stock equivalent to the
shares of Common Stock acquirable and receivable upon conversion of
this Note (without regard to any limitations on the conversion of
this Note) prior to such Fundamental Transaction, and with a
conversion price equal to the Conversion Price (but taking into
account the relative value of the shares of Common Stock pursuant
to such Fundamental Transaction and the value of such shares of
capital stock, such adjustments to the number of shares of capital
stock and such exercise price being for the purpose of protecting
the economic value of this Note immediately prior to the
consummation of such Fundamental Transaction). Upon the
consummation of each Fundamental Transaction, the Successor Entity
shall succeed to, and be substituted for (so that from and after
the date of the applicable Fundamental Transaction, the provisions
of this Note referring to the “Company” shall refer
instead to the Successor Entity), and may exercise every right and
power of the Company and shall assume all of the obligations of the
Company under this Note with the same effect as if such Successor
Entity had been named as the Company herein. Notwithstanding
anything to the contrary, the Company or any Successor Entity
shall, at the Holder’s option, exercisable at any time
concurrently with, or within 30 days after, the consummation of the
Fundamental Transaction, purchase all or any portion of the
Outstanding Amount under this Note from the Holder by paying to the
Holder an amount of cash equal to the applicable Prepayment Amount
set forth is Section
1(c) above. The foregoing provisions of this Section 6 shall
similarly apply to successive Fundamental
Transactions.

 

(a) Definitions.

 

(i) “Fundamental Transaction" means
that the Company shall, directly or indirectly, in one or more
related transactions, (i) consolidate or merge with or into
(whether or not the Company is the surviving corporation) another
Person or Persons, if the holders of the Voting Stock (not
including any shares of Voting Stock held by the Person or Persons
making or party to, or associated or affiliated with the Persons
making or party to, such consolidation or merger) immediately prior
to such consolidation or merger shall hold or have the right to
direct the voting of less than 50% of the Voting Stock or such
voting securities of such other surviving Person immediately
following such transaction, or (ii) sell, assign, transfer, convey
or otherwise dispose of all or substantially all of the properties
or assets of the Company (other than the sale of IPSA
International, Inc., the Company’s wholly-owned subsidiary
(“IPSA”), or any assets
related to IPSA) to another Person, or (iii) allow another Person
to make a purchase, tender or exchange offer that is accepted by
the holders of more than the 50% of the outstanding shares of
Voting Stock of the Company (not including any shares of Voting
Stock held by the Person or Persons making or party to, or
associated or affiliated with the Persons making or party to, such
purchase, tender or exchange offer) (other than the acquisition of
the Voting Stock of IPSA), or (iv) consummate a stock purchase
agreement or other business combination (including, without
limitation, a reorganization, recapitalization, spin-off or scheme
of arrangement) with another Person whereby such other Person
acquires more than the 50% of the outstanding shares of Voting
Stock of the Company (not including any shares of Voting Stock held
by the other Person or other Persons making or party to, or
associated or affiliated with the other Persons making or party to,
such stock purchase agreement or other business combination) (other
than a sale of the Voting Stock of IPSA), (v) reorganize,
recapitalize or reclassify its Common Stock (other than pursuant to
the Amendment, if approved) or (vi) any "person" or "group" (as
these terms are used for purposes of Sections 13(d) and 14(d) of
the Securities Exchange Act of 1934, as amended) is or shall become
the "beneficial owner" (as defined in Rule 13d-3 under the
Securities Exchange Act of 1934, as amended), directly or
indirectly, of 50% of the aggregate ordinary voting power
represented by issued and outstanding Common Stock.

 

 

 

(ii) “Successor
Entity” means the Person formed by, resulting from or
surviving any Fundamental Transaction or the Person with which such
Fundamental Transaction shall have been entered into.

 

(iii) “Voting
Stock" of a Person means capital stock of such Person of the
class or classes pursuant to which the holders thereof have the
general voting power to elect, or the general power to appoint, at
least a majority of the board of directors, managers or trustees of
such Person (irrespective of whether or not at the time capital
stock of any other class or classes shall have or might have voting
power by reason of the happening of any contingency).

 

7. Negative
Covenants. Until the Note has been converted, redeemed or
otherwise satisfied in accordance with their terms, the Company
shall not and, the Company shall not permit any of its
subsidiaries, without the prior written consent of the Holder to,
directly or indirectly

 

(a) incur or guarantee,
assume or suffer to exist any indebtedness senior or pari passu to the Note;

 

(b) allow or suffer to
exist any mortgage, lien, pledge, charge, security interest or
other encumbrance upon or in any property or assets (including
accounts and contract rights) owned by the Company or any of its
subsidiaries (collectively, "Liens") other than (i) the
Liens contemplated by the Security Agreement (as defined in the
Purchase Agreement), (ii) 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 United States generally accepted accounting
principles, consistently applied during the periods involved, (iii)
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, (iv) any Liens created by that certain Factoring and
Security Agreement by and between IPSA and Advance Payroll Funding
Ltd., as amended, and any similar agreements and (v) 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, (v) 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, (vi) Liens incurred in connection with
the extension, renewal or refinancing of the indebtedness secured
by Liens of the type described in clause (v) 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, (vii) leases or subleases and licenses and sublicenses
granted to others in the ordinary course of the Company's business,
not interfering in any material respect with the business of the
Company and its subsidiaries taken as a whole, (viii) 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 (ix) Liens arising from judgments,
decrees or attachments in circumstances;

 

 

 

(c) redeem, defease,
repurchase, repay or make any payments in respect of, by the
payment of cash or cash equivalents (in whole or in part, whether
by way of open market purchases, tender offers, private
transactions or otherwise), all or any portion of (i) any
indebtedness of the Company which is junior in priority to the Note
or (ii) any indebtedness if at the time such payment is due or is
otherwise made or, after giving effect to such payment, an event
constituting, or that with the passage of time and without being
cured would constitute, an Event of Default has occurred and is
continuing, in each case, whether by way of payment in respect of
principal of (or premium, if any) or interest on, such
indebtedness;

 

(d) redeem or
repurchase for cash the Common Stock;

 

(e) declare or pay any
cash dividend on the Common Stock; or

 

(f) enter into any
agreement that conflicts with any provision set forth in the
Purchase Agreement or this Note and/or restricts or prohibits the
Company's compliance with any provision of the Purchase Agreement
or this Note.

 

8. Transfer;
Successors and Assigns. The terms and conditions of this Note
shall inure to the benefit of and be binding upon the respective
successors and permitted assigns of the parties. Notwithstanding
the foregoing, neither the Company nor the Holder may assign or
transfer any of its obligations or rights under this Note without
the prior written approval of the other party hereto. Subject to
the preceding sentence, this Note may be transferred only upon
surrender of the original Note for registration of transfer, duly
endorsed, or accompanied by a duly executed written instrument of
transfer in form satisfactory to the Company. Thereupon, a new note
for the same principal amount and interest will be issued to, and
registered in the name of, the transferee. Interest and principal
are payable only to the Holder of this Note. The Company shall
maintain at its offices a register for the recordation of the names
and addresses of each Holder and assignee or transferee of such
Holder, and the principal amounts (and stated interest) under the
Note owing to, the Holder or any such assignee or transferee
pursuant to the terms hereof from time to time (the
“Register”). The entries
in the Register shall be conclusive absent manifest error, and the
Company, the Holder and any such assignee or transferee shall treat
each Person whose name is recorded in the Register pursuant to the
terms hereof as a Holder for all purposes hereunder.

 

9. Governing
Law. This Note and
all acts and transactions pursuant hereto and the rights and
obligations of the parties hereto shall be governed, construed and
interpreted in accordance with the laws of the State of Delaware,
without giving effect to principles of conflicts of
law.

 

10. Notices.
All notices and other communications given or made pursuant to this
Note shall be in writing and shall be deemed effectively given upon
the earlier of actual receipt or: (i) personal delivery to the
party to be notified, (ii) when sent, if sent by electronic mail or
facsimile during normal business hours of the recipient, and if not
sent during normal business hours, then on the recipient’s
next business day, provided that in either case it is followed
promptly by a confirming copy of the notice given via another
authorized means for that recipient, (iii) two (2) business days
after deposit with a nationally recognized overnight courier,
freight prepaid for delivery, specifying next business day
delivery, with written verification of receipt, addressed to the
party to be notified at such party’s address as set forth on
the signature page hereto, or as subsequently modified by written
notice, and if to the Company, with a copy to DLA Piper LLP (US),
4365 Executive Drive, Suite 1100, San Diego, CA, 92121, Attention:
Randy Socol.

 

11. Amendments and
Waivers. Any term of
this Note may be amended only with the written consent of the
Company and the Holder. Any amendment or waiver effected in
accordance with this Section 11 shall be binding
upon the Company, the Holder and each transferee of the Note. No
consideration shall be offered or paid to the Holder or any holder
of any Secured Convertible Promissory Note (other than this Note)
issued by the Company pursuant to the Purchase Agreement (the
"Other Notes") to
amend or consent to a waiver or modification of any provision of
this Note and/or the Other Notes unless the same consideration is
also offered to the Holder and all holders of Other
Notes.

 

12. Counterparts;
Electronic Delivery.
This Note may be executed in two (2) counterparts, each of which
shall be deemed an original, but both of which together shall
constitute one and the same instrument. Counterparts may be
executed electronically and delivered via facsimile, electronic
mail (including pdf or any electronic signature complying with the
U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other
transmission method and any counterpart so delivered shall be
deemed to have been duly and validly delivered and be valid and
effective for all purposes.

 

13. Stockholders,
Officers and Directors Not Liable. In no event shall any stockholder,
officer or director of the Company be liable for any amounts due or
payable pursuant to this Note.

 

[Remainder
of Page Intentionally Left Blank]

 

 

 

The
Company has caused this Note to be issued as of the date first
written above.

 

COMPANY:

 

ROOT9B
TECHNOLOGIES, INC.

 

 

By:            

__________________________

Name:

Title:

 

Address:

 

 

 

AGREED TO AND ACCEPTED:

 

______________________________

 

 

 

By:                                                        

Name:

Title:

 

Address:

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