Document:

Exhibit
10.1

 

 

 

THE
SECURITIES OFFERED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAW.
NO SALE, TRANSFER OR OTHER DISPOSITION OF THESE SECURITIES MAY BE MADE EXCEPT PURSUANT TO A REGISTRATION STATEMENT FILED WITH
THE SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT OF 1933 AND APPLICABLE STATE SECURITIES LAWS OR AFTER HAVING PROVIDED
THE COMPANY WITH AN OPINION OF COUNSEL IN FORM AND FROM COUNSEL ACCEPTABLE TO THE COMPANY OBTAINED AT THE EXPENSE OF THE TRANSFEREE
THAT SUCH SALE, TRANSFER OR DISPOSITION IS PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS UNDER FEDERAL AND STATE
SECURITIES LAWS.

 

 

 

Algae
Dynamics Corp. 

 

CONVERSION
AGREEMENT

 

This
conversion agreement (the “Agreement”) is dated December 21, 2016 (the “Effective Date”) by and between
Algae Dynamics Corp., a Canadian corporation (the “Company”), and ___________, a Canadian resident (“Investor”).

 

WHEREAS,
Investor has or intends to provide goods or services to the Company as described in Exhibit A hereto in the amount of $________
(the “Payable”); and

 

WHEREAS,
Investor and the Company desire to convert the Payable into shares of common stock of the Company as provided herein;

 

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Investors and the
Company agree as follows:

 

1.       Payable
Conversion.

 

Effective
as of the date hereof the Investor hereby agrees, subject to the conditions set forth herein, to convert the Payable into shares
of common stock at a price per share of $0.3959.

 

    	 

    	 		 

    

 

2.       Company’s
Representations. The Company hereby makes the following representations, warranties and covenants in favor of Investor:

 

(a)       The
common stock constitutes duly authorized common stock of the Company, the issuance of which to Investor has been duly authorized
by the board of directors of the Company.

 

(b)       The
common stock shall be validly issued and outstanding, fully paid, nonassessable and free and clear of all liens and encumbrances
arising through the actions of the Company or its directors, officers, employees or agents.

 

3.       Investor’s
Representations. The Company is issuing the common stock to Investor in reliance upon the following representations made by
Investor:

 

(a)       Investor
is familiar with investments in corporations and understands that Investor will become a shareholder of the Company. 

 

(b)       Investor
possesses adequate financial and business knowledge and experience, either alone or with an advisor, to evaluate the merits and
risks associated with investing in the Company. Investor is aware of the Company’s business affairs and financial condition
and has acquired sufficient information about the Company to reach an informed and knowledgeable decision to acquire shares of
common stock of the Company. 

 

(c)       Investor
has had the opportunity to conduct an independent investigation of the Company and has reviewed, and is familiar with, all information
pertaining to the Company, and its business that Investor believes would be material to any investment decision; and, to the extent
Investor deemed necessary or appropriate, has independently consulted professional, legal, and accounting advisors on such matters
relating to this investment.

 

(d)       Investor
has had the opportunity (i) to review all documents, records and books pertaining to this investment, requested by it; (ii) to
obtain any additional information that Investor requested; (iii) ask questions of, and receive answers from, the Company or any
person authorized to act on its behalf concerning the business of Company, the terms and conditions of this investment and any
additional information requested by and provided to Investor.

 

(e)       Investor
acknowledges and understands that the business of the Company inherently involves a high degree of risk. Investor, therefore,
recognizes that an investment in the Company involves substantial risk and has taken full cognizance of and understands all of
the risks related to the purchase of the common stock.

 

(f)       Investor
can bear the economic risk of losing its entire investment and understands that the common stock cannot readily be sold and is
not suitable for investment unless Investor has available other personal liquid assets to assure that the investment in the Company
will not cause any undue financial difficulties or affect Investor’s ability to provide for current needs and possible personal
financial contingencies; and Investor is able to bear the economic risks of the investment for an indefinite period.

 

    	 

    	 		 

    

 

(g)       Investor
is the sole party in interest as to its investment in the Company and is acquiring the common stock solely for investment for
its own account and has no agreement, understanding or arrangement to subdivide, sell, assign, transfer, pledge or otherwise dispose
of all or any part of its interest to any other person, trust, corporation, partnership, limited partnership, limited liability
company, unincorporated association or other entity.

 

(h)       Investor
is a resident of the Province of Ontario set forth below and is an “accredited investor” as such term is defined
under the rules and regulations promulgated by the Securities and Exchange Commission under the Securities Act of 1933, as amended
(the “Act”).

 

(i)       Investor
is executing this Agreement relying upon an independent investigation of the Company and its economic prospects without relying
on any representations or warranties made by the Company or any person on its behalf, or information other than information requested
by and provided to Investor by the Company.

 

(j)       Investor
understands that the common stock to be issued under the Agreement has not been registered under the Act or any state securities
law; and issuance of the common stock is being conducted in reliance upon exemptions from such registration and that these securities
have not been approved or disapproved by the Securities and Exchange Commission nor any state securities agency.

 

(k)       Investor
further understands and acknowledges that the common stock is subject to certain resale limitations imposed under the securities
regulations; and cannot be sold, transferred or otherwise disposed of by Investor unless such sale is subsequently registered
under the Act, and applicable state securities laws or unless an exemption from such registration is available at the time of
the desired sale. Investor acknowledges that it has no right to require registration of the common stock under federal or state
securities laws. Without limiting the foregoing, Investor agrees not to sell, pledge or otherwise transfer or dispose of any interests
or any portion thereof except in compliance with all applicable laws. Investor acknowledges and agrees that on the certificates
evidencing the common stock will include a legend reading substantially as follows:

 

“THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S.
SECURITIES ACT”) OR ANY STATE SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING OR OTHERWISE HOLDING SUCH SECURITIES, AGREES
FOR THE BENEFIT OF XFIT BRANDS, INC. (THE “CORPORATION”) THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED ONLY (A) TO THE CORPORATION, (B) PURSUANT TO THE EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT PROVIDED
BY RULE 144 OR RULE 144A THEREUNDER, IF AVAILABLE, AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS OF THE UNITED STATES,
OR (C) IN ANOTHER TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES
LAW OF THE UNITED STATES, AFTER THE HOLDER HAS, IN THE CASE OF (B) OR (C) ABOVE, FURNISHED TO THE CORPORATION AT ITS EXPENSE AN
OPINION OF COUNSEL OR OTHER EVIDENCE OF EXEMPTION, IN EITHER CASE REASONABLY SATISFACTORY TO THE CORPORATION. HEDGING TRANSACTIONS
INVOLVING THE COMMON STOCK OF THE COMPANY MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE U.S. SECURITIES ACT.”

 

    	 

    	 		 

    

 

(l)       Notwithstanding
any of the representations, warranties, acknowledgments or agreements made herein by the parties, the parties do not thereby or
in any other manner waive any rights granted to them under federal or state securities laws.

 

4.       Miscellaneous.

 

(a)       The
Agreement shall be construed and enforced in accordance with the laws of the Province of Ontario.

 

(b)       Captions
in the Agreement are for convenience of reference only and will not limit or otherwise affect the interpretation or effect of
any term or provision hereof.

 

(c)       Except
as expressly set forth otherwise, this Agreement and the rights, powers and duties set forth herein will bind and inure to the
heirs, executors, administrators, legal representatives, successors and assigns of the parties hereto. Notwithstanding anything
contained herein to the contrary, the rights and duties of Investor are not assignable.

 

(d)       Each
party to this Agreement hereby represents and warrants to the other parties that it has had an opportunity to seek the advice
of its own independent legal counsel with respect to the provisions of the Agreement and that its decision to execute the Agreement
is not based on any reliance upon the advice of any other party or its legal counsel. Each party represents and warrants to the
other party that in executing the Agreement such party has completely read the Agreement and that such party understands the terms
of the Agreement and its significance. This Agreement shall be construed neutrally, without regard to the party responsible for
its preparation.

 

    	 

    	 		 

    

 

(e)       Each
party to this Agreement hereby represents and warrants to the other party that (i) the execution, performance and delivery
of this Agreement has been authorized by all necessary action by such party; (ii) the representative executing this Agreement
on behalf of such party has been granted all necessary power and authority to act on behalf of such party with respect to the
execution, performance and delivery of this Agreement; and (iii) the representative executing this Agreement on behalf of
such party is of legal age and capacity to enter into agreements which are fully binding and enforceable against such party.

 

(f)       This
Agreement may be executed in any number of counterparts and delivered by facsimile or by email, all of which taken together shall
constitute a single instrument.

 

5.       Indemnification.
The Investor agrees to indemnify and hold harmless the Company, its officers, members, employees, nominees, and agents against
any damages, claim or liability and the costs of any action or proceeding brought as the result of any untrue representation,
warranty or agreement made herein. 

 

6.       Integration.
The Agreement may be amended or modified only by an instrument signed by the Investor and the Company. A waiver of any provision
of the Agreement must be in writing, designated as such, and signed by the party against whom enforcement of that waiver is sought.
The waiver by a party or a breach of any provision of the Agreement will not operate or be construed as a waiver of any subsequent
or other breach thereof. The Agreement supersedes any earlier agreements or understandings between the Investor and the Company.

 

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

 

Algae Dynamics Corp., a Canadian corporation

 

	By:
    		 
	Name:
    	 	 
	Title:
    	 	 

 

	[Investor]	 
	 	 	 
	By:	 	 
	Address:	 	 
	 	 	 

 

    	 

    	 		 

    

 

EXHIBIT
A

 

Amounts
as per the September 30, 2016 – Financial Statements filed with the SEC:Blueprint

 

Exhibit 4.1

 

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE "SECURITIES ACT"), OR ANY STATE SECURITIES LAW AND
MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS
REGISTERED UNDER THE SECURITIES ACT AND UNDER APPLICABLE STATE
SECURITIES LAWS OR THE COMPANY SHALL HAVE RECEIVED AN OPINION OF
ITS COUNSEL THAT REGISTRATION OF SUCH SECURITIES UNDER THE
SECURITIES ACT AND UNDER THE PROVISIONS OF APPLICABLE STATE
SECURITIES LAWS IS NOT REQUIRED.

 

FLUOROPHARMA MEDICAL, INC.

 

PROMISSORY NOTE

 

	
U.S.
$50,000

	
 New York, New
York

	
 

	
 December 22,
2016

 

FOR VALUE RECEIVED, the undersigned,
FLUOROPHARMA MEDICAL, INC., a Nevada corporation (the "Borrower"), hereby promises to
pay to the order of Lewis Bosher or any future permitted holder of
this promissory note (the "Lender"), at the principal
office of the Lender set forth herein, or at such other place as
the holder may designate in writing to the Borrower, the principal
sum of up to FIFTY THOUSAND DOLLARS (U.S. $50,000), or such other
amount as may be outstanding hereunder, together with all accrued
but unpaid interest, in such coin or currency of the United States
of America as at the time shall be legal tender for the payment of
public and private debts and in immediately available funds, as
provided in this promissory note (the "Note").

1.
Principal and Interest
Payments.

(a) The
Company shall repay in full the entire principal balance plus
accrued interest then outstanding under this Note in cash on the
"Maturity Date" of
January 31, 2017.

(b)
Interest on the outstanding principal balance of this Note shall
accrue at a rate of (i) ten percent (10%) per annum in the event
this Note is repaid on or before the Maturity Date and (ii) fifteen
percent (15%) per annum in the event this Note is not repaid on or
before the Maturity Date. Interest on the outstanding principal
balance of the Note shall be computed on the basis of the actual
number of days elapsed and a year of three hundred and sixty (360)
days and shall be payable by the Borrower in cash.

2.
Payment on Non-Business
Days. Whenever any payment to be made shall be due on a
Saturday, Sunday or a public holiday under the laws of the State of
New York, such payment may be due on the next succeeding business
day and such next succeeding day shall be included in the
calculation of the amount of accrued interest payable on such
date.

3.
Events of Default;
Remedies. The occurrence of any of the following events of
default (“Event of
Default”) shall, at the option of the Lender hereof,
make all sums of principal then remaining unpaid hereon and all
other amounts payable hereunder immediately due and payable, upon
demand, without presentment or grace period, all of which hereby
are expressly waived, except as set forth below:

3.1           Failure
to Pay Principal. The Borrower fails to pay any installment
of principal under this Note within ten (10) days after such
amounts are due.

3.2           Breach
of Covenant. The Borrower breaches any material covenant or
other term or condition of this Note, except for a breach of
payment, in any material respect and such breach, if subject to
cure, continues for a period of twenty (20) days after written
notice to the Borrower from the Lender.

3.3           Liquidation.
Any dissolution, liquidation or winding up by Borrower or a
Subsidiary of a substantial portion of their business.

 

 

3.4           Cessation
of Operations. Any cessation of operations by Borrower or a
Subsidiary.

3.5           Judgments.
Any money judgment, writ or similar final process shall be entered
or made in a non-appealable adjudication against Borrower or any
Subsidiary or any of its property or other assets for more than
$250,000 in excess of the Borrower’s insurance coverage,
unless stayed vacated or satisfied within 60 days.

3.6           Bankruptcy.

(a)           Borrower
files any petition or action for relief under any bankruptcy,
reorganization, insolvency or moratorium law or any other law for
the relief of, or relating to, debtors, now or hereafter in effect,
or makes any assignment for the benefit of creditors or takes any
corporate action in furtherance of any of the foregoing;
and

(b) An
involuntary petition is filed against Borrower under any bankruptcy
statute now or hereafter in effect, and such petition is not
dismissed or discharged within 60 days, or a custodian, receiver,
trustee, assignee for the benefit of creditors (or other similar
official) is appointed to take possession, custody or control of
any property of Borrower.

4.
Replacement. Upon
receipt of a duly executed, notarized and unsecured written
statement from the Lender with respect to the loss, theft or
destruction of this Note (or any replacement hereof), and without
requiring an indemnity bond or other security, or, in the case of a
mutilation of this Note, upon surrender and cancellation of such
Note, the Borrower shall issue a new Note, of like tenor and
amount, in lieu of such lost, stolen, destroyed or mutilated
Note.

5.
Parties in Interest,
Transferability. This Note shall be binding upon the
Borrower and its successors and assigns and the terms hereof shall
inure to the benefit of the Lender and its successors and permitted
assigns. This Note may be transferred or sold, subject to the
provisions of Section 7 of this Note, or pledged, hypothecated or
otherwise granted as Security by the Lender.

6.
Remedies,
Characterizations, Other Obligations, Breaches and Injunctive
Relief. Upon an Event of Default, the Lender shall have all
the rights and remedies contained herein. The remedies provided in
this Note shall be cumulative and in addition to all other remedies
available under this Note, at law or in equity (including, without
limitation, a decree of specific performance and/or other
injunctive relief), and no remedy contained herein shall be deemed
a waiver of compliance with the provisions giving rise to such
remedy and nothing herein shall limit a Lender's right to pursue
actual damages for any failure by the Borrower to comply with the
terms of this Note. Amounts set forth or provided for herein with
respect to payments and the like (and the computation thereof)
shall be the amounts to be received by the Lender and shall not,
except as expressly provided herein, be subject to any other
obligation of the Borrower (or the performance thereof). The
Borrower acknowledges that a breach by it of its obligations
hereunder will cause irreparable and material harm to the Lender
and that the remedy at law for any such breach may be inadequate.
Therefore the Borrower agrees that, in the event of any such breach
or threatened breach, the Lender shall be entitled, in addition to
all other available rights and remedies, at law or in equity, to
seek and obtain such equitable relief, including but not limited to
an injunction restraining any such breach or threatened breach,
without the necessity of showing economic loss and without any bond
or other security being required.

 

 

 

7.
Compliance with Securities
Laws. The Lender of this Note acknowledges that this Note is
being acquired solely for the Lender's own account and not as a
nominee for any other party, and for investment, and that the
Lender shall not offer, sell or otherwise dispose of this Note
other than in compliance with the laws of the United States of
America and as guided by the rules of the Securities and Exchange
Commission. This Note and any Note issued in substitution or
replacement therefore shall be stamped or imprinted with a legend
in substantially the following form:

"THIS
NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE "SECURITIES ACT"), OR ANY STATE SECURITIES LAW AND MAY
NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED
UNDER THE SECURITIES ACT AND UNDER APPLICABLE STATE SECURITIES LAWS
OR THE COMPANY SHALL HAVE RECEIVED AN OPINION OF ITS COUNSEL THAT
REGISTRATION OF SUCH SECURITIES UNDER THE SECURITIES ACT AND UNDER
THE PROVISIONS OF APPLICABLE STATE SECURITIES LAWS IS NOT
REQUIRED."

 

8.
Borrower Waivers.
Except as otherwise specifically provided herein, the Borrower and
all others that may become liable for all or any part of the
obligations evidenced by this Note, hereby waive presentment,
demand, notice of nonpayment, protest and all other demands and
notices in connection with the delivery, acceptance, performance
and enforcement of this Note, and do hereby consent to any number
of renewals of extensions of the time or payment hereof and agree
that any such renewals or extensions may be made without notice to
any such persons and without affecting their liability herein and
do further consent to the release of any person liable hereon, all
without affecting the liability of the other persons, firms or
Borrower liable for the payment of this Note, AND DO HEREBY WAIVE
TRIAL BY JURY.

(a) No
delay or omission on the part of the Lender in exercising its
rights under this Note, or course of conduct relating hereto, shall
operate as a waiver of such rights or any other right of the
Lender, nor shall any waiver by the Lender of any such right or
rights on any one occasion be deemed a waiver of the same right or
rights on any future occasion.

(b) THE
BORROWER ACKNOWLEDGES THAT THE TRANSACTION OF WHICH THIS NOTE IS A
PART IS A COMMERCIAL TRANSACTION, AND TO THE EXTENT ALLOWED BY
APPLICABLE LAW, HEREBY WAIVES ITS RIGHT TO NOTICE AND HEARING WITH
RESPECT TO ANY PREJUDGMENT REMEDY WHICH THE LENDER OR ITS
SUCCESSORS OR ASSIGNS MAY DESIRE TO USE.

9.
Governing
Law. This Agreement shall be
governed by and construed in accordance with the laws of the State
of New York without giving effect to the choice of law
provisions. This Agreement shall not be interpreted or construed
with any presumption against the party causing this Note to be
drafted.

 

 

 

10.
Notices.
Any notices, demands or waivers
required or permitted to be given under the terms of this Note
shall be in writing and shall be sent by certified or registered
mail (return receipt requested) or delivered personally or by
courier (including a recognized overnight delivery service) or by
facsimile and shall be effective five (5) days after being placed
in the mail, if mailed, or upon receipt, if delivered personally or
by courier, or by facsimile (if received during normal business
hours), in each case to the address of the party to receive such
notice, demand or waiver as set forth below:

If
to the Borrower:

 

FluoroPharma
Medical, Inc.

8 Hillside Avenue,
Suite 108

Montclair, NJ
07042

Attention: CEO and
President

Telephone No.:
(973) 744-1565

Facsimile No. (973)
744-7617

 

If to the Lender:

 

At the
address of such Lender set forth in the Company’s books and
records.

 

 

[signature page follows]

 

 

 

 

IN WITNESS WHEREOF, the Borrower has
executed and delivered this Note as of the date first written
above.

 

 

	
 

	
FLUOROPHARMA
MEDICAL, INC.

 

 

 

By:                                                                           

    
  Name: Thomas H. Tulip

    
  Title: President & CEO

 

 

Lewis
C. Bosher

 

 

By:                                                                           

      
Name: Lewis C. Bosher

    
  Title: Private Investor

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