Document:

EXHIBIT 10.59

 

OPTION GRANT LETTER

(Incentive Stock Option)

 

Grandparents.com, Inc.,
a Delaware corporation (the “Company”), hereby grants to the individual listed below (the “Grantee”)
an option (the “Option”), subject to the terms, conditions and restrictions of the Grandparents.com, Inc. 2012
Stock Incentive Plan (the “Plan”), this Option Grant Letter, including the attached Appendix A (the Option
Grant Letter and Appendix A are collectively referred to as the “Grant Letter”) and his Employment Agreement,
                     (the “Employment Agreement”).
The capitalized terms not specifically defined in this Grant Letter shall have the meanings specified in the Plan, a copy of which
is attached hereto as Exhibit A.

 

	Name of Grantee:	 	 	 	 
	 	 	 	 	 
	Number of shares subject to the Option:	 	 	 	 
	 	 	 	 	 
	Grant Date:	 	 	 	 
	 	 	 	 	 
	Option Price (per share):	 	$	 	 
	 	 	 	 	 
	Term/Expiration Date:	 	 	 	 
	 	 	 	 	 
	Vesting Schedule:	 	.	 	 
	 	 	 	 	 
	Special Provisions/Restrictions	 	 	 	 
	Not Stated in the Plan (if any):	 	None	 	 

 

By accepting this Grant
Letter as indicated below, the Grantee agrees to be bound by the terms and conditions of the Plan (as presently in effect or later
amended), the rules and regulations under the Plan adopted from time to time (if any), this Grant Letter and the Employment Agreement.
The Grantee has reviewed the Plan and this Grant Letter in their entirety, has had an opportunity to obtain the advice of counsel
prior to executing this Grant Letter and is familiar with the terms and provisions of the Plan and this Grant Letter. The Grantee
hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Plan Administrator upon any questions
arising under the Plan or this Grant Letter. The Grantee acknowledges and agrees that the exercise of any portion of this Option
and the sales of Common Stock will be subject to applicable laws and regulations and the Company’s policy regulating trading
by Employees (if any). The Grantee further agrees to notify the Company upon any change in his or her residence address.

 

[SIGNATURES APPEAR ON FOLLOWING PAGE]

 

    	 

    	 

    

 

	GRANDPARENTS.COM, INC.	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 	 
	GRANTEE	 
	 	 	 
	 	 	 
	 	(Signature)	 
	 	 	 
	 	 	 
	 	(Print Name)	 
	 	 	 
	 	 	 
	 	(Date of Execution)	 

 

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APPENDIX A

TERMS AND CONDITIONS OF THE OPTION

 

ARTICLE
I

GRANT
OF OPTION

 

1.1           Grant
of Option. In consideration of your employment with the Company, your entry into the Employment Agreement and for other good
and valuable consideration, effective as of the Grant Date set forth in this Grant Letter (the “Grant Date”),
the Company grants to you an Option to purchase any part or all of the number of shares of Common Stock set forth in this Grant
Letter, upon the terms and conditions set forth in the Plan and this Grant Letter.

 

1.2           Nature
of the Option. This Option is intended to be an Incentive Stock Option.

 

1.3           Option
Price. The Option Price of the shares of Common Stock subject to the Option shall be as set forth in this Grant Letter, without
commission or other charge.

 

ARTICLE
II

PERIOD
OF EXERCISABILITY

 

2.1           Vesting.
The Option shall become vested and exercisable in such amounts and at such times as are set forth in this Grant Letter. The vesting
of the Option requires your continued employment with the Company or a parent or Subsidiary of the Company through each applicable
vesting date as a condition to the vesting of the applicable installment of the Option and the rights and benefits under this Grant
Letter. Employment for only a portion of the vesting period, even if a substantial portion, will not entitle you to any proportionate
vesting or avoid or mitigate a termination of rights and benefits upon or following a termination of employment. Notwithstanding
anything contained herein to the contrary, in the event of Termination Event by the Company without “Cause” or by you
with “Good Reason” (as such terms are defined in the Employment Agreement), the portion of the Option that is at the
time unvested shall automatically accelerate so that the Option shall, immediately prior to the specified effective date of such
Termination Event, become 100% vested and exercisable.

 

2.2           Forfeiture
and Cancelation. Subject to Section 2.5 of this Grant Letter, any portion of the Option that has not vested at or before the
date on which you have a Termination Event shall be canceled and forfeited, unless otherwise determined by the Plan Administrator.
“Termination Event” means the cessation of the employee-employer relationship between you and the Company or a parent
or a Subsidiary of the Company for any reason, including, but not by way of limitation, a termination by resignation, discharge,
death, Disability or the disaffiliation of a parent or Subsidiary of the Company, but excluding any such termination where there
is a simultaneous reemployment by the Company or a parent or a Subsidiary of the Company.

 

2.3           Duration
of Exercisability. The vesting schedule installments of the Option provided for in the vesting schedule of this Grant Letter
are cumulative. Each such installment which becomes vested and exercisable in accordance with the vesting schedule shall remain
vested and exercisable until it ceases to be exercisable in accordance with Section 2.4 of this Grant Letter.

 

    	 

    	 

    

 

2.4           Expiration
of Option. The vested portion of the Option may not be exercised to any extent by anyone after the earliest occurrence of any
one of the following: (a) the Expiration Date specified in this Grant
Letter; (b) in the event of a Termination Event by the Company without “Cause” or by you with “Good Reason”
(as such terms are defined in the Employment Agreement), the third anniversary of the date of the Termination Event; or (c) in
the event of a Termination Event by the Company with “Cause” or by you without “Good Reason” (as such terms
are defined in the Employment Agreement), ninety (90) days from the date of the Termination Event.

 

2.5           Consequence
of a Corporate Transaction. If a Corporate Transaction occurs, the provisions of Section 11.2 of the Plan shall apply to this
Option.

 

ARTICLE
III

EXERCISE OF OPTION

 

3.1           Persons
Eligible to Exercise Option. During your lifetime only you (or, in the event of your legal incapacity or incompetency, your
guardian or legal representative) may exercise the Option or any portion of the Option. After your death, but prior to the time
the Option ceases to be exercisable, any exercisable portion of the Option may be exercised by your personal representative or
by any person empowered to do so under your will or under the then applicable laws of descent and distribution.

 

3.2           Partial
Exercise. Any exercisable portion of the Option or the entire Option, if then wholly exercisable, may be exercised at any time
prior to the time the Option (or that portion of the Option) ceases to be exercisable in accordance with Section 2.4 of this Grant
Letter. An exercise of the Option in part will not exhaust or terminate the Option as to any remaining shares of Common Stock subject
to the Option.

 

3.3         Manner
of Exercise. The Option, or any exercisable portion of such Option, may be exercised as set forth below, or as may otherwise
be prescribed by the Plan Administrator in the future:

 

(a)          delivery
to the Company’s designated outsourced administrator of a notice of exercise on any business day, such notice to be delivered
in the form attached as Exhibit B, to reflect (i) the election to exercise some or all of the then-exercisable portion of
the Option, and (ii) the number of shares of Common Stock in respect of which the Option is being exercised; and

 

(b)          payment
in full of the Option Price with respect to the shares of Common Stock for which the Option is being exercised, together with the
amount (if any) of federal and/or other taxes which the Company may, in its judgment, be required to withhold with respect to the
exercise of the Option (or the portion of the Option being exercised).

 

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3.4         Form
of Payment Upon Exercise of Option. The Option Price applicable to the exercise of the Option (or any portion of the Option),
together with any withholding taxes (as described in Section 3.5 of this Grant Letter), shall be paid to the Company by any of
the following methods, at your election:

 

(a)          in
cash or cash equivalents acceptable to the Company;

 

(b)          by
a net exercise of the Option, such that you shall be entitled to the number of shares of Common Stock in accordance with the following
formula:

 

		X	=	     Y(A-B)    
	 	 	 	       A
	 	 	 	 
	where:	X	=	the number of shares of Common Stock to be issued to you*
	 	Y	=	the number of shares of Common Stock with respect to which the Option is to be exercised, as designated in the notice of exercise
	 	A	=	the Fair Market Value of the Common Stock on the date of exercise
	 	B	=	the Option Price

 

		*	The actual number of shares of Common Stock to be issued will be reduced by the amount of any withholding taxes with respect
to the exercise of the Option (with any shares held back to cover payment of such taxes being valued at the Fair Market Value on
the date of exercise), if arrangements are not made to pay such taxes in cash or otherwise outside of the net exercise of the Option.

 

Any fractional amount resulting from application
of this subsection shall be settled in cash equal to such fraction multiplied by the Fair Market Value of a share of Common Stock
on the date of exercise or

 

(c)          by
any other method approved or accepted by the Plan Administrator in its sole discretion, subject to such rules and regulations as
the Plan Administrator may establish.

 

In the event the Option
(or any portion thereof) is exercised by any person or persons other than you, the Company may require appropriate proof of the
right of such person(s) to exercise the Option. No Common Stock will be issued pursuant to the exercise of an Option unless such
issuance and such exercise have complied with all relevant provisions of law and requirements of any stock exchange upon which
the Common Stock may then be listed. As a condition to the exercise of the Option, the Company may require you to make any representation
or warranty to the Company as may be required under any applicable law or regulation.

 

3.5           Tax
Withholding. The Company will assess its requirements regarding federal, state and local income taxes, FICA taxes, and other
applicable taxes in connection with the Option. The Company’s obligation to issue shares of Common Stock upon exercise of
any portion of the Option shall be conditioned upon your payment, or making provision satisfactory to the Company for the payment,
of any taxes which the Company is obligated to withhold or collect with respect to such exercise or otherwise respect to the Option.
The Company will withhold any such taxes as required by law. Regardless of the Company’s actions in this regard, you acknowledge
and agree that the ultimate liability for any such taxes is your responsibility.

 

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3.6         Certain
Tax Matters.

 

(a)          Section
422 Requirement. The Option granted hereby is intended to qualify as an “incentive stock option” under Section
422 of the Code. Notwithstanding the foregoing, the Option will not qualify as an “incentive stock option,” if, among
other events, (i) you dispose of the shares of Common Stock acquired upon exercise of this Option within two years from the Grant
Date or one year after such shares were acquired pursuant to exercise of this Option; (ii) except in the event of your death or
Disability, you are not employed by the Company, a parent or a Subsidiary at all times during the period beginning on Grant Date
and ending on the day that is three (3) months before the date of exercise of this Option; or (iii) to the extent the aggregate
fair market value of the shares subject to “incentive stock options” held by you which become exercisable for the first
time in any calendar year (under all plans of the Company, a parent or a subsidiary) exceeds $100,000.

 

(b)          Disqualifying
Disposition. To the extent that this Option or any portion thereof does not qualify as an “incentive stock option,”
it shall not affect the validity of such Option and shall constitute a separate Nonqualified Stock Option. In the event that you
dispose of the shares acquired upon exercise of this Option within two years from the Grant Date or one year after such shares
were acquired pursuant to exercise of this Option, you must deliver to the Company, within seven (7) days following such disposition,
a written notice specifying the date on which such shares were disposed of, the number of shares so disposed, and, if such disposition
was by a sale or exchange, the amount of consideration received.

 

ARTICLE
IV

RESTRICTIONS ON TRANSFER OF THE OPTION

 

4.1           Restrictions
on Transfer. The Option may not be sold, assigned, transferred pledged or otherwise disposed of, alienated or encumbered, either
voluntarily or involuntarily, by you other than by will or by the applicable laws of descent and distribution. During your lifetime,
only you (or, in the event of your legal incapacity or incompetency, your guardian or legal representative) may exercise the Option
or any portion of the Option. After your death, but prior to the time the Option ceases to be exercisable, any exercisable portion
of the Option may be exercised by your personal representative or by any person empowered to do so under your will or under the
then applicable laws of descent and distribution.

 

ARTICLE
V

ACKNOWLEDGEMENTS AND UNDERTAKINGS BY GRANTEE

 

5.1           No
Acquired Rights. You acknowledge and agree that:

 

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(a)          The
grant of this Option is voluntary and occasional and does not create any contractual or other right to receive future grants of
Awards or benefits in lieu of any Awards, even if Awards have been granted repeatedly in the past and regardless of any reasonable
notice period mandated under local law;

 

(b)          The
future value of the shares of Common Stock that may be purchased by exercise of this Option is unknown and cannot be predicted;

 

(c)          No
claim or entitlement to compensation or damages arises from the expiration or termination of this Option, or the diminution in
value of this Option (or any shares of Common Stock issued upon exercise of this Option), and you irrevocably release the Company
from any such claim; and

 

(d)          Participation
in the Plan shall not create a right to further employment with the Company or any Subsidiary and shall not interfere with the
ability of the Company to terminate the Employment Agreement at any time, as contemplated in the Employment Agreement.

 

5.2         Conformity
to Securities Laws.

 

(a)          You
acknowledge that the Plan and this Grant Letter are intended to conform to the extent necessary with all provisions of the Securities
Act and the Exchange Act, and any and all regulations and rules promulgated under such Acts by the Securities and Exchange Commission
(“SEC”) and state securities laws and regulations. Notwithstanding anything in this Grant Letter to the contrary,
the Plan shall be administered, and this Option is granted and may be exercised, only in such a manner as to conform to such laws,
rules and regulations. To the extent permitted by applicable law, the Plan and the Grant Letter shall be deemed amended to the
extent necessary to conform to such laws, rules and regulations.

 

(b)          The
Company intends to file (or may already have on file) an effective registration statement with the SEC with respect to the shares
of Common Stock underlying the Option granted under the terms of this Option. The Company intends to maintain this registration
statement but has no obligation to do so. If the registration statement ceases to be effective, you will not be able to transfer
or sell shares issued upon exercise of the Option unless an exemption from registration under applicable securities laws is available.
You agree that any resale by you of the shares of Common Stock issued under this Option will comply in all respects with the requirements
of applicable securities laws, rules and regulations (including, without limitation, the provisions of the Securities Act, the
Exchange Act, and the respective rules and regulations promulgated under such Acts) and any other law, rule or regulation applicable
thereto. The Company will not be obligated either to issue the shares or permit the resale of any shares if such issuance or resale
would violate any such laws, rules or regulations.

 

5.3           Compliance
with Company Insider Trading and Other Applicable Policies. You agree to be bound by the Company’s policies regarding
the purchase and transfer of the Company’s securities and understand that there may be certain times during the year in which
you will be prohibited from selling, transferring, pledging, donating, assigning, hypothecating or encumbering any shares of Common
Stock received upon exercise of this Option.

 

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5.4         Potential
Termination of Option; Forfeiture of Any Gain Realized.

 

(a)          You
acknowledge that the Employment Agreement and the grant of the Option herein is sufficient consideration for this Grant Letter,
including, without limitation, the restrictions imposed upon you by this Section 5.4.

 

(b)          You
acknowledge that the Company retains the right to cause a forfeiture of the gain realized by you in connection with this Option,
including its exercise, on account of actions you take that are in violation of or in conflict with the provisions of (1) this
Grant Letter, (2) the Employment Agreement, or (3) any confidentiality obligation with respect to the Company or any parent or
Subsidiary of the Company.

 

(c)          In
addition, in accordance with the Plan, if (i) the Company is required to prepare an accounting restatement due to the material
noncompliance of the Company, as a result of misconduct, with any financial reporting requirement under applicable securities laws,
and (ii) you are either an individual who is subject to the automatic forfeiture provisions of Section 304 of the Sarbanes-Oxley
Act of 2002 or are determined by the Plan Administrator to have knowingly engaged in or failed to prevent the misconduct or have
been grossly negligent in engaging in or failing to prevent the misconduct, you shall be obligated to reimburse the Company for
(1) any equity-based compensation you have received from the Company during the 12-month period following the first public issuance
or filing with the SEC of the financial document(s) embodying the financial reporting requirement, and (2) any profits realized
from the sale of securities of the Company during that 12-month period. Any determination by the Plan Administrator with respect
to the foregoing shall be final, conclusive and binding on all interested persons.

 

ARTICLE
VI

LIMITATIONS APPLICABLE TO EXCHANGE ACT SECTION 16 PERSONS

 

6.1           Limitations
Applicable to Exchange Act Section 16 Persons. Notwithstanding any provision of the Plan or any other provision of this Grant
Letter to the contrary, if you are subject to Section 16 of the Exchange Act, the Plan, this Grant Letter and the Option shall
be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including
any amendment to Rule 16b-3 under the Exchange Act) that are requirements for the application of such exemptive rule. To the extent
permitted by applicable law, this Grant Letter shall be deemed amended to the extent necessary to conform to such applicable exemptive
rule.

 

ARTICLE
VII

MISCELLANEOUS

 

7.1           Designation
of Beneficiary. You may, from time to time, designate any beneficiary or beneficiaries to whom any benefit under this Grant
Letter is to be paid in case of your death prior to the receipt of all such benefits. Each designation shall revoke all prior designations,
shall be in a form prescribed by the Plan Administrator or its designee, and will be effective only when filed with the Plan Administrator
or its designee. In the absence of any such designation, any benefits remaining unpaid at the time of your death shall be paid
to your estate.

 

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7.2           Notices.
Except as may be otherwise provided in the Plan, any written notices provided for in the Plan or this Grant Letter shall be in
writing and shall be deemed sufficiently given if either hand-delivered or if sent by fax or overnight courier, or by postage-paid
first-class mail. Notices sent by mail shall be deemed received three (3) business days after mailed but in no event later than
the date of actual receipt. Notice may also be provided by electronic submission, if and to the extent permitted by the Plan Administrator.
Notices shall be directed, if to you, at your address indicated by the Company’s records, or, if to the Company, at the Company’s
principal office, attention: Secretary.

 

7.3           Data
Privacy. By entering into this Grant Letter, you: (a) authorize the Company and any agent of the Company administering the
Plan or providing Plan recordkeeping services to disclose to the Company or any Subsidiary such information and data as the Company
or any such Subsidiary shall request in order to facilitate the grant of options and the administration of the Plan; (b) waive
any data privacy rights you may have with respect to such information; and (c) authorize the Company to store and transmit such
information in electronic form.

 

7.4           Waiver.
The waiver by the Company or a Subsidiary of any provision of this Grant Letter shall not operate as or be construed to be a subsequent
waiver of the same provision or waiver of any other provision hereof.

 

7.5           Severability.
The provisions of this Grant Letter are severable and if any one or more provisions may be determined to be illegal or otherwise
unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable.

 

7.6           Counterparts;
Further Instruments. This Grant Letter may be executed in two or more counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument. The parties to this Grant Letter agree to execute such
further instruments and to take such further action as may be reasonably necessary to carry out the purposes and intent of this
Grant Letter.

 

7.7           Amendment,
Suspension and Termination. To the extent permitted by the Plan, this Grant Letter may be wholly or partially amended or otherwise
modified, suspended or terminated at any time or from time to time by the Plan Administrator, provided, that, except as may otherwise
be provided in the Plan, no amendment, modification, suspension or termination of this Grant Letter shall adversely affect the
Option in any material way without your prior written consent.

 

7.8           Entire
Agreement. The Plan and this Grant Letter constitute the entire agreement of the parties with respect to the subject matter
hereof and supersede in their entirety all prior undertakings and agreements of the Company and you with respect to the subject
matter hereof. In the event of any contradiction, distinction or difference between this Grant Letter and the terms of the Plan,
the terms of the Plan will control.

 

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7.9           Governing
Law. This Grant Letter shall be administered, interpreted and enforced under the laws of the State of Delaware, without regard
to the conflicts of law principles of the State of Delaware.

 

7.10         Captions.
Captions provided in this Grant Letter are for convenience only and are not to serve as a basis for interpretation or construction
of this Grant Letter.

 

7.11         Successors
and Assigns. The Company may assign any of its rights under this Grant Letter to single or multiple assignees, and this Grant
Letter shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth
in the Plan and/or this Grant Letter, this Grant Letter shall be binding upon you and your heirs, executors, administrators, successors
and assigns.

 

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EXHIBIT A

 

GRANDPARENTS.COM, INC.

2012 STOCK INCENTIVE PLAN

 

    	 

    	 

    

 

EXHIBIT B

 

NOTICE OF EXERCISE OF STOCK OPTION

 

Grandparents.com, Inc.

589 Eight Avenue, Sixth Floor

New York, New York 10018

Attn: Secretary

 

		1.	Notice of Exercise. The undersigned (“Purchaser”) hereby notifies Grandparents.com,
Inc., a Delaware corporation (the “Company”), of his / her election to exercise his / her option to purchase
_____________ shares of the Company’s common stock, $0.01 par value (the “Common Stock”), pursuant to
that Option Grant Letter (the “Agreement”) between the undersigned and the Company dated _______________, 20__.

 

		2.	Payment of Exercise Price. Accompanying this Notice is (a) a certified or a cashier’s
check (or other check acceptable to the Company) in the amount of $__________ payable to the Company, and/or (b) such any other
form of payment, together with appropriate documentation, which is acceptable to the Company or as otherwise specified in the Agreement.

 

		3.	Payment of Withholdings Taxes. Purchaser acknowledges that he / she is responsible for paying
or providing for any applicable federal or state tax withholdings as a result of this Option exercise.

 

		(a)	Accompanying this Notice is my check in the amount of $__________, in payment of federal and state
income withholding and employment taxes applicable to this exercise. The amount of such payment is based on advice received from
appropriate officials of the Company responsible for the administration of its payroll and employment tax obligations.

 

		(b)	Alternatively, or in addition, to avoid earnings charges or other adverse consequences to the Company
under applicable accounting or tax rules or regulations, in full or partial payment of such taxes: (i) I deliver herewith an additional
___________ shares of the Common Stock presently owned by me, having an aggregate fair market value as of the date hereof of $__________;
or (ii) I hereby authorize the Company to withhold, from the shares of Common Stock otherwise issuable to me pursuant to this exercise,
__________ such shares having an aggregate fair market value at the date hereof of $____________.

 

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		4.	Title to Shares. The exact spelling of the name(s) under which Purchaser desires to take
title to the shares of Common Stock is: ______________________________. Purchaser desires to take title to the shares of Common
Stock as follows:

 

	 ̈	Individual, as separate property
	 ̈	Husband and wife, as community property
	 ̈	Joint Tenants
	 ̈	Alone or with spouse as trustee(s) of the following trust (including date):

	 	 	 
	 	 	 
	 	 	 

	 ̈	Other; please specify:	 	 
	 	 	 	 

 

		5.	Tax Consequences. PURCHASER UNDERSTANDS THAT THERE MAY BE ADVERSE FEDERAL OR STATE TAX CONSEQUENCES
AS A RESULT OF PURCHASER’S PURCHASE OR DISPOSITION OF THE SHARES OF COMMON STOCK. PURCHASER ACKNOWLEDGES THAT SHE / HE HAS
BEEN ADVISED TO CONSULT WITH HER / HIS TAX ADVISER IN CONNECTION WITH THE PURCHASE OR DISPOSITION OF THE SHARES OF COMMON STOCK
AND THAT PURCHASER HAS HAD AN OPPORTUNITY TO DO SO. PURCHASER IS NOT RELYING ON THE COMPANY FOR ANY TAX ADVICE.

 

		6.	Compliance with Laws and Regulations. Purchaser acknowledges that the issuance and transfer
of the shares of Common Stock will be subject to and conditioned upon compliance by the Company and Purchaser with all applicable
state and federal laws and regulations and with all applicable requirements of any stock exchange or automated quotation system
on which the Company’s Common Stock may be listed or quoted at the time of such issuance or transfer.

 

		7.	Governing Law. This Agreement shall be governed
by and construed in accordance with the internal laws of the State of Delaware, without regard to conflicts of laws.

 

EXECUTED as of the ____
day of _____________, 20__.

 

	 	 
	 	(Signature)
	 	 
	 	 
	 	(Print name)
	 	 

 

	 	SSN:	 
	 	 	 
	 	Address:	 
	 	 	 
	 	 	 

 

    	3THIS
NOTE AND THE SECURITIES ISSUABLE UPON CONVERSION OF THIS NOTE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “ACT”), OR UNDER THE SECURITIES LAWS OF APPLICABLE STATES. THIS NOTE IS SUBJECT TO RESTRICTIONS ON TRANSFERABILITY
AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE ACT AND THE APPLICABLE STATE SECURITIES LAWS PURSUANT
TO REGISTRATION OR EXEMPTION THEREFROM.

 

CONVERTIBLE PROMISSORY NOTE

OF

eFLEETS Corporation

 

 

	$50,000.00	April 4, 2014

 

For
Value Received , eFLEETS CORPORATION, a Nevada corporation, (the “Company”), with principal
offices located at 7660 Pebble Drive, Fort Worth, Texas 76118, hereby promises to pay to the order of Zeus Corp  (the “Holder”),
upon the earlier to occur of (i) the Maturity Date or (ii) when declared due and payable by the Holder after the occurrence
and during the continuance of an Event of Default (as defined below), the principal amount of fifty Thousand Dollars and No
Cents ($50,000.00), plus interest from and including the date hereof on the principal balance at a rate per annum equal to
eight percent (8.0%) payable at the Maturity Date. All payments by the Company under this Note shall be made in immediately available
funds.

 

Nothing in this Note
shall require the Company to pay interest at a rate in excess of the maximum rate permitted by applicable law. Any interest payable
hereunder or under any other instrument relating to the indebtedness evidenced hereby that is in excess of the maximum rate permitted
by applicable law shall, in the event of acceleration of maturity, late payment, prepayment, or otherwise, be applied to a reduction
of the then outstanding indebtedness evidenced hereby and not to the payment of interest. If such excessive interest exceeds the
unpaid balance of the outstanding indebtedness, such excess shall be refunded to the Company. To the extent not prohibited by applicable
law, determination of the maximum rate permitted by applicable law shall at all times be made by amortizing, prorating, allocating
and spreading in equal parts during the full term of the indebtedness evidenced hereby, all interest at any time contracted for,
charged or received from the Company in connection with the indebtedness evidenced hereby, so that the actual rate of interest
on account of such indebtedness is uniform throughout the term thereof.

 

The following is a
statement of the rights of Holder and the conditions to which this Note is subject, and to which the Company and the Holder hereof,
by the acceptance of this Note, agrees:

 

1.           Definitions.
The following definitions shall apply for all purposes of this Note:

 

1.1           “Business
Day” means any day other than a Saturday or Sunday or a day on which banks in Fort Worth, Texas are authorized or
required by law to be closed.

 

1.2           “Common
Stock” means the $0.001 par value common stock of the Company.

 

    	 

    	 

    

 

1.3           “Company”
means the “Company” as defined above and includes any corporation or Person which shall succeed to or assume the obligations
of the Company under this Note.

 

1.4           “Conversion
Stock” means the shares of capital stock of the Company issuable upon conversion of this Note in accordance
with Section 3 hereof.

 

1.5           “Convertible
Securities” means any evidence of indebtedness, shares (other than Common Stock) or other securities convertible
into or exchangeable for Common Stock.

 

1.6           “Event
of Default” shall have the meaning as set forth in Section 5.1 hereof.

 

1.7           “Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

1.8           “Holder”
means the “Holder” as defined above or any Person who shall become the registered holder of this Note on the books
of the Company.

 

1.9           “Options”
means options, rights or warrants to subscribe for, purchase, or otherwise acquire Common Stock or any other capital stock of the
Company, or Convertible Securities.

 

1.10           “Outstanding
Balance” means the unpaid principal amount due under this Note together with any then unpaid accrued interest.

 

1.11           “Person”
means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust,
a joint venture, an unincorporated organization or any other business entity.

 

1.12           “Purchase
Price” means the per share price of $0.60, post-split price or $1.51, pre-split price.

 

1.13           “Reverse
Merger” means the merger of the Company with a so-called “public shell company” as a result of which
the Company becomes subject to the public reporting requirements of the Exchange Act.

 

1.14           “Warrants”
means the warrants to purchase Common Stock issued in conjunction with this Note on even date herewith pursuant to the terms of
this Note and the Warrant Certificate.

 

2.           Repayment.
Subject to the other provisions of this Note, the Outstanding Balance shall be due and payable in cash on the first annual anniversary
date of this Note.

 

3.           Conversion.

 

3.1           Conversion
at Holder’s Option. For so long as this Note is outstanding, the Holder shall have the option and right to convert
all or a portion of the Outstanding Balance of this Note into the Company’s Common Stock at the Purchase Price (the “Conversion
Right”).

 

3.2           Required
Notice. The Holder may exercise its option to convert the Outstanding Balance of this Note into shares of the Company’s
Common Stock by (a) surrendering this Note for cancellation (or a notice to the effect that the original Note has been lost,
stolen or destroyed and an agreement acceptable to the Company whereby the Holder agrees to indemnify the Company from any loss
incurred by it in connection with this Note) and (b) giving not less than five (5) Business Days’ written notice to
the Company at its principal corporate office of the election to convert the same
pursuant to Section 3.1, including the amount of the unpaid principal amount of this Note to be converted. Such conversion
shall be deemed to have been made immediately prior to the close of business on the date of such surrender of this Note.

 

    	-2-

    	 

    

 

3.3           Anti-Dilution
Adjustments. The anti-dilution adjustments described in this Section 3.3 shall be made in the manner herein provided with
respect to the “Conversion Right”.

 

(a)           Reclassification,
Consolidation or Merger. In case of any reclassification or change of outstanding securities issuable upon exercise of the
Conversion Right, or in case of any consolidation or merger of the Company with or into another corporation or a partnership (other
than a merger with another corporation or a partnership in which the Company is the surviving corporation and which does not result
in any reclassification or change of outstanding securities issuable upon exercise of such Conversion Right), or in case of any
sale or transfer to another corporation of the property of the Company as an entirety or substantially as an entirety, then the
Company, or such successor or purchasing corporation, as the case may be, shall, without payment of any additional consideration
therefor, issue new securities of the Company or of the successor or purchasing corporation, as the case may be (the "Substitute
Securities"), to Holder on the terms set forth in this Section 3.3. Such Substitute Securities shall be convertible on terms
as nearly equivalent as practical to the terms set forth herein for the exercise of the Conversion Right into the kind and amount
of shares of stock, other securities, money and property that such Holder would have received at the time of such reclassification,
change, consolidation, merger, sale or transfer, if such Holder had exercised the Conversion Right of such Holder immediately prior
to such reclassification, change, consolidation, merger, sale or transfer. Such Substitute Securities shall provide for adjustments
which shall be as nearly equivalent as may be practicable to the adjustments provided for in this Section 3.3. The provisions of
this Section 3.3 shall similarly apply to successive reclassifications, changes, consolidations, mergers, sales and transfers.

 

(b)           Subdivision
or Combination of Shares. If the Company at any time while any of this Note is outstanding, shall subdivide or combine its
Common Stock, the Purchase Price shall be proportionately decreased, in case of subdivision of shares, as of the effective date
of such subdivision, or if the Company shall take a record of holders of its Common Stock for the purpose of so subdividing, as
of such record date, whichever is earlier, or shall be proportionately increased, in the case of combination of shares, as of the
effective date of such combination or, if the Company shall take a record of holders of its Common Stock for the purpose of so
combining, as of such record date, whichever is earlier.

 

(c)           Stock
Dividends. If the Company, at any time while this Note is outstanding, shall pay a dividend or make any other distribution
to holders of Common Stock payable in Common Stock, the Purchase Price shall be adjusted, as of the date the Company shall take
a record of the holders of its Common Stock for the purpose of receiving such dividend or other distribution (or if no such record
is taken, as of the date of such payment or other distribution), to that price determined by dividing the Purchase Price in effect
immediately prior to such record or distribution date by a fraction of which (i) the numerator shall be the total number of shares
of Common Stock outstanding immediately after such dividend or distribution and (ii) the denominator shall be the total number
of shares of Common Stock outstanding immediately prior to such dividend or distribution.

 

    	-3-

    	 

    

 

(d)           Company’s
Report as to Adjustments. In each case of any adjustment in the Purchase Price, the Company, at its sole expense, shall promptly
(i) compute such adjustment in accordance with the terms of this Agreement; (ii) prepare a report setting forth such adjustment
and showing in reasonable detail the method of calculation thereof and the facts upon which such adjustment is based (including,
without limitation, (a) the event or events giving rise to such adjustment; (b) the method by which any such adjustment was calculated;
and (c) the Purchase Price in effect immediately prior to such event or events and as adjusted); (iii) mail a copy of each such
report to the Holder; and (iv) keep copies of all such reports available at its principal place of business for inspection during
normal business hours by the Holder or any prospective purchaser of this Note, and upon request by the Holder provide copies thereof
to such Investor or any such prospective purchaser.

 

4.           Surrender;
Issuance of Conversion Stock; Termination of Rights. Concurrently with any conversion of this Note, the Holder shall surrender
this Note to the Company for cancellation, or deliver an executed affidavit of loss, damage or mutilation and agreement to indemnify
the Company therefrom, in form reasonably requested by the Company. Concurrently with the surrender of this Note (or affidavit),
the Company at its expense, will cause to be issued in the name of and delivered to the Holder, the number of shares of Conversion
Stock to which the Holder shall be entitled upon such conversion (bearing such legends as may be required by applicable state and
federal securities laws in the reasonable opinion of legal counsel of the Company, or by any written agreement between the Company
and the Holder) and any other securities and property to which the Holder is entitled upon such conversion under the terms of this
Note. Such stock shall be reserved first as satisfaction of the accrued interest under the Note. If upon any conversion of this
Note, a fraction of a share would otherwise result, then in lieu of such fractional share, the Company will pay to the Holder the
cash value thereof, calculated on the basis of the applicable Purchase Price. Notwithstanding the foregoing, all rights with respect
to this Note shall terminate immediately after the conversion of this Note (and corresponding payment of interest in stock) in
accordance with the terms hereof, whether or not this Note has been surrendered, and this Note shall represent only the right to
receive one or more stock certificates from the Company representing the applicable number of shares of Conversion Stock. The Company
shall have 15 days after surrender of a Note for conversion to issue certificates evidencing Conversion Stock.

 

5.           Default.

 

5.1           Events
of Default. Each of the following shall constitute an event of default (each an “Event of Default”):

 

(a)           the
Company fails to make any payment under this Note when the same becomes due and payable and such default shall continue for a period
of twelve (12) days;

 

(b)           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) be unable, or admit in writing its inability, to pay its debts generally as
they mature, (iii) make a general assignment for the benefit of it or any of its creditors, (iv) be dissolved or liquidated,
(v) become insolvent (as such term may be defined or interpreted under any applicable statute), (vi) 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 (vii) take any action
for the purpose of effecting any of the foregoing; or

 

    	-4-

    	 

    

 

(c)           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 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 dismissed or discharged within thirty (30) days of commencement.

 

5.2           Remedies
upon Event of Default. Upon the occurrence of an Event of Default, the entire Outstanding Balance shall, after five days written
notice from Holder, automatically become immediately due and payable to the Holder without presentment, demand, protest or notice
of any kind, all of which are hereby expressly waived and the Company shall promptly pay to Holder all such amounts. In addition,
the Company hereby agrees to pay to Holder all reasonable out-of-pocket costs and expenses incurred by Holder in any effort to
collect any amount due under this Note.

 

6.           Affirmative
Covenants. So long as any of the Notes remain outstanding, the Company shall:

 

6.1           Compliance
with Laws. Comply in all material respects with applicable laws, rules, regulations and orders, such compliance to include,
without limitations, paying before the same become delinquent all taxes, assessments, and governmental charges imposed upon it
or upon its property except for good faith contests for which adequate reserves are maintained.

 

6.2           Continuance
of Business. Maintain its corporate existence and licenses necessary to conduct its business as presently conducted or proposed
to be conducted, in good standing under, and in material compliance with, all applicable laws and continue to operate the business
conducted by the Company and its subsidiaries in accordance with its operating plan, as approved by its Board of Directors from
time to time.

 

6.3           Reservation
of Shares. At all times have authorized and reserved, and will keep available solely for delivery upon the conversion of this
Note, Common Stock and other securities and property as from time to time shall be receivable upon the conversion of this Note,
free and clear of all restrictions on issuance, sale or transfer other than those imposed by law and free and clear of all pre-emptive
rights.

 

7.           Warrants.
In conjunction with Holder making this loan to the Company, the Company agrees to contemporaneously issue the Warrants to Holder
for the purchase of 41,667 post-split, otherwise stated as16,556 pre-split shares of the Company’s Common Stock at the Purchase
Price (the “Warrants”), at any time or from time to time prior to 5:00 P.M., Central Standard Time, April 4, 2019 (such
date, the “Expiration Date”). If the anti-dilution provisions under Section 3.3 of this Note result in an adjustment
in Holder’s Conversion Right, then a similar adjustment will be made to the number of shares of Common Stock or other property
that Holder is entitled to, and the price payable for same, pursuant to the Warrants. The Warrants may be exercised in whole or
part in the same manner provided for a conversion under Section 3.2 and Section 4.

 

8.           No
Rights or Liabilities as Equity Holder.  This Note does not by itself entitle the Holder to any voting rights or other
rights as a holder of stock 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 holder of stock of the Company for any purpose.

 

    	-5-

    	 

    

 

9.           Prepayment.
The Company may prepay (in whole or in part) the Outstanding Balance of this Note after giving the Holder 10 Business Days notice
of such intent so as to provide the Holder an opportunity to convert this Note into Common Stock.

 

10.          Waivers
and Amendments. No delay or omission on the part of the Holder in exercising any right hereunder shall operate as a waiver
of such right or of any other right of the Holder, nor shall any such delay, omission or waiver on any one occasion be deemed a
bar to or waiver of the same or any other right on any future occasion. This Note may not be amended, waived or modified except
by a written instrument signed by the Holder and the Company.

 

11.          Assignment.
The rights, interests or obligations hereunder may not be assigned, by operation of law or otherwise, in whole or in part, by the
Company without the prior written consent of the Holder. Subject to the preceding sentence, the terms and conditions of this Agreement
shall inure to the benefit of and be binding upon the respective successors and assigns of the parties. Nothing in this document,
expressed or implied, is intended to confer upon any third party any rights, remedies, obligations, or liabilities under or by
reason of this document, except as expressly provided in this document.

 

12.          Governing
Law. This Note shall be governed by and construed under the internal laws of the State of Texas without reference to principles
of conflict of laws or choice of laws.

 

13.          Headings.
The headings and captions used in this Note are used only for convenience and are not to be considered in construing or interpreting
this Note. All references in this Note to sections and exhibits shall, unless otherwise provided, refer to sections hereof and
exhibits attached hereto, all of which exhibits are incorporated herein by this reference.

 

14.          Severability.
 In the event that any provision of this Note becomes void or is declared by a court of competent jurisdiction to be illegal,
unenforceable or void, portions of such provision, or such provision in its entirety, to the extent necessary, shall be severed
from this Agreement, and such court (or the parties hereto, pursuant to Section 11 hereof, if such court declines to do so) shall
replace such illegal, void or unenforceable provision of this Note with a valid and enforceable provision that will achieve, to
the greatest extent possible, the same economic, business and other purposes of the illegal, void or unenforceable provision. The
balance of this Note shall remain enforceable in accordance with its terms.

 

    	-6-

    	 

    

 

IN WITNESS WHEREOF,
the Company has caused this Convertible Promissory Note to be executed in its name as of the date first above written.

 

 

COMPANY:

 

eFLEETS CORPORATION

 

	By:	 	 
	 	James R. Emmons,
	 	President

 

 

AGREED AND ACKNOWLEDGED:

 

HOLDER:

 

ZEUS CORP

 

 

By:__________________________________

Name:______________________

Title:____________________

 

 

	Address:	_________________________
	 	_________________________
	 	_________________________

 

 

 

    	-7-

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