Document:

Exhibit 10.2

 

NEITHER THIS DEBENTURE NOR THE SECURITIES
INTO WHICH THIS DEBENTURE IS CONVERTIBLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION
OF ANY STATE. THESE SECURITIES HAVE BEEN SOLD IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO,
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.

 

Q
BIOMED INC.

 

Convertible
Debenture

 

Principal
Amount:     $500,000

Debenture Issuance Date: February 12,
2021

Debenture Number:   QBIO – 10

 

FOR
VALUE RECEIVED, Q BIOMED INC., a Nevada corporation (the "Company"), hereby promises to pay to the
order of YA II PN, Ltd., or its registered assigns (the "Holder") the amount set out above as the Principal
Amount (as reduced pursuant to the terms hereof pursuant to redemption, conversion or otherwise, the "Principal")
when due, whether upon the Maturity Date (as defined below), acceleration, redemption or otherwise (in each case in accordance
with the terms hereof) and to pay interest ("Interest") on any outstanding Principal at the applicable Interest
Rate from the date set out above as the Debenture Issuance Date (the "Issuance Date") until the same becomes due
and payable, whether upon an Interest Date (as defined below), the Maturity Date or acceleration, conversion, redemption or otherwise
(in each case in accordance with the terms hereof). This Convertible Debenture (including all debentures issued in exchange, transfer
or replacement hereof, this "Debenture") was issued pursuant to the Securities Purchase Agreement dated February 12,
2021 (the “Securities Purchase Agreement”) between the Company and the Buyers listed on the Schedule of Buyers
attached thereto. Certain capitalized terms used herein are defined in Section 16.

 

(1)            GENERAL
TERMS

 

(a)            Maturity
Date. On the Maturity Date, the Company shall pay to the Holder an amount in cash representing all outstanding Principal, accrued
and unpaid Interest, and any other amounts outstanding pursuant to the terms of this Debenture. The "Maturity Date"
shall be February 12, 2022, or as may be extended at the option of the Holder. Other than as specifically permitted by this
Debenture, the Company may not prepay or redeem any portion of the outstanding Principal and accrued and unpaid Interest.

 

    

     

    

 

(b)            Interest
Rate and Payment of Interest. Interest shall accrue on the outstanding Principal balance hereof at an annual rate equal to
5.5% (“Interest Rate”). Interest shall be calculated on the basis of a 365-day year and the actual number of
days elapsed, to the extent permitted by applicable law.

 

(c)            Redemption.
The Company at its option shall have the right to redeem (“Optional Redemption”) a portion or all amounts outstanding
under this Debenture prior to the Maturity Date provided that the trading price of the Common Stock is less than the Fixed Conversion
Price. The Company shall pay an amount equal to the Principal amount being redeemed plus the applicable Redemption Premium, and
accrued Interest, (collectively referred to as the “Redemption Amount”). In order to make a redemption pursuant
to this Section, the Company shall first provide written notice to the Holder of its intention to make a redemption (the “Redemption
Notice”) setting forth the amount of Principal it desires to redeem. After receipt of the Redemption Notice the Holder
shall have 5 Business Days to elect to convert all or any portion of this Debenture, subject to the limitations set forth herein.
On the 6th Business Day after the Redemption Notice, the Company shall deliver to the Holder the Redemption Amount with respect
to the Principal amount redeemed after giving effect to conversions effected during the 5 Business Day period. Unless waived by
the Investor, the Debenture shall be required to redeem this Debenture upon the closing of the next Qualified Financing at an amount
equal to the Principal amount being redeemed plus the applicable Redemption Premium, and accrued Interest.

 

(2)            EVENTS
OF DEFAULT.

 

(a)            An
 “Event of Default,” wherever used herein, means any one of the following events (whatever the reason and whether
it shall be voluntary or involuntary or effected by operation of law or pursuant to any judgment, decree or order of any court,
or any order, rule or regulation of any administrative or governmental body):

 

(i)            the
Company's failure to pay to the Holder any amount of Principal, Interest, or other amounts when and as due under this Debenture
or any other Transaction Document within five (5) Business Days after such payment is due;

 

(ii)           The
Company or any subsidiary of the Company shall commence, or there shall be commenced against the Company or any subsidiary of the
Company under any applicable bankruptcy or insolvency laws as now or hereafter in effect or any successor thereto, or the Company
or any subsidiary of the Company commences any other proceeding under any reorganization, arrangement, adjustment of debt, relief
of debtors, dissolution, insolvency or liquidation or similar law of any jurisdiction whether now or hereafter in effect relating
to the Company or any subsidiary of the Company or there is commenced against the Company or any subsidiary of the Company any
such bankruptcy, insolvency or other proceeding which remains undismissed for a period of 61 days; or the Company or any subsidiary
of the Company is adjudicated insolvent or bankrupt; or any order of relief or other order approving any such case or proceeding
is entered; or the Company or any subsidiary of the Company suffers any appointment of any custodian, private or court appointed
receiver or the like for it or any substantial part of its property which continues undischarged or unstayed for a period of sixty
one (61) days; or the Company or any subsidiary of the Company makes a general assignment for the benefit of creditors; or the
Company or any subsidiary of the Company shall fail to pay, or shall state that it is unable to pay, or shall be unable to pay,
its debts generally as they become due; or the Company or any subsidiary of the Company shall call a meeting of its creditors with
a view to arranging a composition, adjustment or restructuring of its debts; or the Company or any subsidiary of the Company shall
by any act or failure to act expressly indicate its consent to, approval of or acquiescence in any of the foregoing; or any corporate
or other action is taken by the Company or any subsidiary of the Company for the purpose of effecting any of the foregoing;

 

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(iii)          The
Company or any subsidiary of the Company shall default in any of its obligations under any other debenture or any mortgage, credit
agreement or other facility, indenture agreement, factoring agreement or other instrument under which there may be issued, or by
which there may be secured or evidenced any indebtedness for borrowed money or money due under any long term leasing or factoring
arrangement of the Company or any subsidiary of the Company in an amount exceeding $200,000, whether such indebtedness now exists
or shall hereafter be created and such default shall result in such indebtedness becoming or being declared due and payable and
such default is not cured within five (5) Business Days;

 

(iv)          The
Common Stock shall cease to be quoted or listed for trading, fail to have a bid price or VWAP, or fail to maintain a trading market
on any Primary Market, for a period of 10 consecutive Trading Days;

 

(v)          The
Company or any subsidiary of the Company shall be a party to any Change of Control Transaction (as defined in Section 16)
unless in connection with such Change of Control Transaction this Debenture is retired;

 

(vi)         the
Company's (A) failure to cure a Conversion Failure by delivery of (I) the required number of shares of Common Stock or
(II) the Buy-In Price within five (5) Business Days after the applicable Conversion Failure or (B) notice, written
or oral, to any holder of the Debentures, including by way of public announcement, at any time, of its intention not to comply
with a request for conversion of any Debentures into shares of Common Stock that is tendered in accordance with the provisions
of the Debentures, other than pursuant to Section 4(c);

 

(vii)        The
Company shall fail for any reason to deliver the payment in cash pursuant to a Buy-In (as defined herein) within five (5) Business
Days after such payment is due;

 

(viii)        The
Company shall fail to observe or perform any other material covenant, agreement or warranty contained in, or otherwise commit any
material breach or default of any provision of this Debenture (except as may be covered by Section 2(a)(i) through 2(a)(vii) hereof)
or any Transaction Document (as defined in Section 16) which is not cured within the time prescribed.

 

(ix)          any
Event of Default (as defined in the Other Debentures) occurs with respect to any Other Debentures.

 

(b)            During
the time that any portion of this Debenture is outstanding, if any Event of Default has occurred and is continuing, the full unpaid
Principal amount of this Debenture, together with interest and other amounts owing in respect thereof, to the date of acceleration
shall become at the Holder's election, immediately due and payable in cash. Furthermore, in addition to any other remedies, the
Holder shall have the right (but not the obligation) to convert this Debenture (subject to the beneficial ownership limitations
set out in Section 3(d)) at any time after (x) an Event of Default (provided that such Event of Default is continuing)
or (y) the Maturity Date at the Conversion Price. The Holder need not provide and the Company hereby waives any presentment,
demand, protest or other notice of any kind, (other than required notice of conversion) and the Holder may immediately enforce
any and all of its rights and remedies hereunder and all other remedies available to it under applicable law. Such declaration
may be rescinded and annulled by Holder at any time prior to payment hereunder. No such rescission or annulment shall affect any
subsequent Event of Default or impair any right consequent thereon.

 

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(3)           CONVERSION
OF DEBENTURE.     This Debenture shall be convertible into
shares of the Company's Common Stock, on the terms and conditions set forth in this Section 3.

 

(a)            Conversion
Right. Subject to the provisions of Section 3(c), at any time or times on or after the Issuance Date, the Holder shall
be entitled to convert any portion of the outstanding and unpaid Conversion Amount (as defined below) into fully paid and nonassessable
shares of Common Stock in accordance with Section 3(b), at the Conversion Rate (as defined below). The number of shares of
Common Stock issuable upon conversion of any Conversion Amount pursuant to this Section 3(a) shall be determined by dividing
(x) such Conversion Amount by (y) the Conversion Price (the "Conversion Rate"). The Company shall not
issue any fraction of a share of Common Stock upon any conversion. All calculations under this Section (3) shall be rounded
to the nearest $0.0001. If the issuance would result in the issuance of a fraction of a share of Common Stock, the Company shall
round such fraction of a share of Common Stock up to the nearest whole share. The Company shall pay any and all transfer, stamp
and similar taxes that may be payable with respect to the issuance and delivery of Common Stock upon conversion of any Conversion
Amount.

 

(i)            "Conversion
Amount" means the portion of the Principal and accrued Interest to be converted, redeemed or otherwise with respect to
which this determination is being made.

 

(ii)           "Conversion
Price" means, as of any Conversion Date (as defined below) or other date of determination the lower of (i) $1.15
(the “Fixed Conversion Price”), (ii) 93% of the average of the 4 lowest daily VWAPs during the 10 consecutive
Trading Days immediately preceding the Conversion Date or other date of determination, but not lower than the Floor Price or (iii) a
price agreed to by the Company and the Holder (as applicable, the “Conversion Price”). The Conversion Price
shall be adjusted from time to time pursuant to the other terms and conditions of this Debenture.

 

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(b)            Mechanics
of Conversion.

 

(i)            Optional
Conversion. To convert any Conversion Amount into shares of Common Stock on any date (a "Conversion Date"),
the Holder shall (A) transmit by facsimile (or otherwise deliver), for receipt on or prior to 11:59 p.m., New York Time, on
such date, a copy of an executed notice of conversion in the form attached hereto as Exhibit I (the "Conversion
Notice") to the Company and (B) if required by Section 3(b)(iv), surrender this Debenture to a nationally recognized
overnight delivery service for delivery to the Company (or an indemnification undertaking reasonably satisfactory to the Company
with respect to this Debenture in the case of its loss, theft or destruction). On or before the third Business Day following the
date of receipt of a Conversion Notice (the "Share Delivery Date"), the Company shall (X) if legends are
not required to be placed on certificates of Common Stock and provided that the Transfer Agent is participating in the Depository
Trust Company's ("DTC") Fast Automated Securities Transfer Program, credit such aggregate number of shares of
Common Stock to which the Holder shall be entitled to the Holder's or its designee's balance account with DTC through its Deposit
Withdrawal Agent Commission system or (Y) if the Transfer Agent is not participating in the DTC Fast Automated Securities
Transfer Program, issue and deliver to the address as specified in the Conversion Notice, a certificate, registered in the name
of the Holder or its designee, for the number of shares of Common Stock to which the Holder shall be entitled which certificates
shall not bear any restrictive legends unless required pursuant to rules and regulations of the Commission. If this Debenture
is physically surrendered for conversion and the outstanding Principal of this Debenture is greater than the Principal portion
of the Conversion Amount being converted, then the Company shall as soon as practicable and in no event later than three (3) Business
Days after receipt of this Debenture and at its own expense, issue and deliver to the holder a new Debenture representing the outstanding
Principal not converted. The Person or Persons entitled to receive the shares of Common Stock issuable upon a conversion of this
Debenture shall be treated for all purposes as the record holder or holders of such shares of Common Stock upon the transmission
of a Conversion Notice.

 

(ii)           Company's
Failure to Timely Convert. If within three (3) Trading Days after the Company's receipt of the facsimile copy of a Conversion
Notice the Company shall fail to issue and deliver a certificate to the Holder or credit the Holder's balance account with DTC
for the number of shares of Common Stock to which the Holder is entitled upon such holder's conversion of any Conversion Amount
(a "Conversion Failure"), and if on or after such Trading Day the Holder purchases (in an open market transaction
or otherwise) Common Stock to deliver in satisfaction of a sale by the Holder of Common Stock issuable upon such conversion that
the Holder anticipated receiving from the Company (a "Buy-In"), then the Company shall, within three (3) Business
Days after the Holder's request and in the Holder's discretion, either (i) pay cash to the Holder in an amount equal to the
Holder's total purchase price (including brokerage commissions and other out of pocket expenses, if any) for the shares of Common
Stock so purchased (the "Buy-In Price"), at which point the Company's obligation to deliver such
certificate (and to issue such Common Stock) shall terminate, or (ii) promptly honor its obligation to deliver to the Holder
a certificate or certificates representing such Common Stock and pay cash to the Holder in an amount equal to the excess (if any)
of the Buy-In Price over the product of (A) such number of shares of Common Stock, times (B) the Closing Bid Price on
the Conversion Date.

 

(iii)          Book-Entry.
Notwithstanding anything to the contrary set forth herein, upon conversion of any portion of this Debenture in accordance with
the terms hereof, the Holder shall not be required to physically surrender this Debenture to the Company unless (A) the full
Conversion Amount represented by this Debenture is being converted or (B) the Holder has provided the Company with prior written
notice (which notice may be included in a Conversion Notice) requesting reissuance of this Debenture upon physical surrender of
this Debenture. The Holder and the Company shall maintain records showing the Principal and Interest converted and the dates of
such conversions or shall use such other method, reasonably satisfactory to the Holder and the Company, so as not to require physical
surrender of this Debenture upon conversion.

 

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(c)            Limitations
on Conversions.

 

(i)            Beneficial
Ownership. The Holder shall not have the right to convert any portion of this Debenture or otherwise receive shares of Common
Stock hereunder (including pursuant to section (1)(c) or (3)(e)) to the extent that after giving effect to such conversion
or receipt of such shares, the Holder, together with any affiliate thereof, would beneficially own (as determined in accordance
with Section 13(d) of the Exchange Act and the rules promulgated thereunder) in excess of 4.99% of the number of
shares of Common Stock outstanding immediately after giving effect to such conversion or receipt of shares as payment of interest.
Since the Holder will not be obligated to report to the Company the number of shares of Common Stock it may hold at the time of
a conversion hereunder, unless the conversion at issue would result in the issuance of shares of Common Stock in excess of 4.99%
of the then outstanding shares of Common Stock without regard to any other shares which may be beneficially owned by the Holder
or an affiliate thereof, the Holder shall have the authority and obligation to determine whether the restriction contained in this
Section will limit any particular conversion hereunder and to the extent that the Holder determines that the limitation contained
in this Section applies, the determination of which portion of the Principal amount of this Debenture is convertible shall
be the responsibility and obligation of the Holder. If the Holder has delivered a Conversion Notice for a Principal amount of this
Debenture that, without regard to any other shares that the Holder or its affiliates may beneficially own, would result in the
issuance in excess of the permitted amount hereunder, the Company shall notify the Holder of this fact and shall honor the conversion
for the maximum Principal amount permitted to be converted on such Conversion Date in accordance with Section 3(a) and,
any Principal amount tendered for conversion in excess of the permitted amount hereunder shall remain outstanding under this Debenture.
The provisions of this Section may be waived by a Holder (but only as to itself and not to any other Holder) upon not less
than 65 days prior notice to the Company. Other Holders shall be unaffected by any such waiver.

 

(d)            Other
Provisions.

 

(i)            The
Company shall at all times reserve and keep available out of its authorized Common Stock the full number of shares of Common Stock
issuable upon conversion of all outstanding amounts under this Debenture; and within three (3) Business Days following the
receipt by the Company of a Holder's notice that such minimum number of Underlying Shares is not so reserved, the Company shall
promptly reserve a sufficient number of shares of Common Stock to comply with such requirement.

 

(ii)          All
calculations under this Section 3 shall be rounded to the nearest $0.0001 or whole share.

 

(iii)          The
Company covenants that it will at all times reserve and keep available out of its authorized and unissued shares of Common Stock
solely for the purpose of issuance upon conversion of this Debenture and payment of interest on this Debenture, each as herein
provided, free from preemptive rights or any other actual contingent purchase rights of persons other than the Holder, not less
than such number of shares of the Common Stock as shall be issuable (taking into account the adjustments and restrictions set forth
herein) upon the conversion of the outstanding Principal amount of this Debenture and payment of interest hereunder. The Company
covenants that all shares of Common Stock that shall be so issuable shall, upon issue, be duly and validly authorized, issued and
fully paid, nonassessable and, if the Underlying Shares Registration Statement has been declared effective under the Securities
Act, registered for public sale in accordance with such Underlying Shares Registration Statement.

 

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(iv)         Nothing
herein shall limit a Holder's right to pursue actual damages or declare an Event of Default pursuant to Section 2 herein for
the Company’s failure to deliver certificates representing shares of Common Stock upon conversion within the period specified
herein and such Holder shall have the right to pursue all remedies available to it at law or in equity including, without limitation,
a decree of specific performance and/or injunctive relief, in each case without the need to post a bond or provide other security.
The exercise of any such rights shall not prohibit the Holder from seeking to enforce damages pursuant to any other Section hereof
or under applicable law.

 

(4)            Adjustments
to Conversion Price

 

(a)            Adjustment
of Conversion Price upon Subdivision or Combination of Common Stock. If the Company, at any time while this Debenture is outstanding,
shall (a) pay a stock dividend or otherwise make a distribution or distributions on shares of its Common Stock or any other
equity or equity equivalent securities payable in shares of Common Stock, (b) subdivide outstanding shares of Common Stock
into a larger number of shares, (c) combine (including by way of reverse stock split) outstanding shares of Common Stock into
a smaller number of shares, or (d) issue by reclassification of shares of the Common Stock any shares of capital stock of
the Company, then each of the Fixed Conversion Price and the Floor Price shall be multiplied by a fraction of which the numerator
shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding before such event and of which the
denominator shall be the number of shares of Common Stock outstanding after such event. Any adjustment made pursuant to this Section shall
become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution
and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

 

(b)            Other
Events. If any event occurs of the type contemplated by the provisions of this Section (4) but not expressly provided
for by such provisions (including, without limitation, the granting of stock appreciation rights, phantom stock rights or other
rights with equity features, or issuing Convertible Securities with a variable conversion formula that is more favorable than this
Debenture), then the Company's Board of Directors will make an appropriate adjustment in the Conversion Price so as to protect
the rights of the Holder under this Debenture; provided that no such adjustment will increase the Conversion Price as otherwise
determined pursuant to this Section 5.

 

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(c)            Other
Corporate Events. In addition to and not in substitution for any other rights hereunder, prior to the consummation of any Fundamental
Transaction pursuant to which holders of shares of Common Stock are entitled to receive securities or other assets with respect
to or in exchange for shares of Common Stock (a "Corporate Event"), the Company shall make appropriate provision
to insure that the Holder will thereafter have the right to receive upon a conversion of this Debenture, at the Holder's option,
(i) in addition to the shares of Common Stock receivable upon such conversion, such securities or other assets to which the
Holder would have been entitled with respect to such shares of Common Stock had such shares of Common Stock been held by the Holder
upon the consummation of such Corporate Event (without taking into account any limitations or restrictions on the convertibility
of this Debenture) or (ii) in lieu of the shares of Common Stock otherwise receivable upon such conversion, such securities
or other assets received by the holders of shares of Common Stock in connection with the consummation of such Corporate Event in
such amounts as the Holder would have been entitled to receive had this Debenture initially been issued with conversion rights
for the form of such consideration (as opposed to shares of Common Stock) at a conversion rate for such consideration commensurate
with the Conversion Rate. Provision made pursuant to the preceding sentence shall be in a form and substance satisfactory to the
Required Holders. The provisions of this Section shall apply similarly and equally to successive Corporate Events and shall
be applied without regard to any limitations on the conversion or redemption of this Debenture.

 

(d)           Whenever
the Conversion Price is adjusted pursuant to Section 4 hereof, the Company shall promptly mail to the Holder a notice setting
forth the Conversion Price after such adjustment and setting forth a brief statement of the facts requiring such adjustment.

 

(e)            In
case of any (1) merger or consolidation of the Company or any subsidiary of the Company with or into another Person, or (2) sale
by the Company or any subsidiary of the Company of more than one-half of the assets of the Company in one or a series of related
transactions, a Holder shall have the right to (A) exercise any rights under Section 2(b), (B) convert the aggregate
amount of this Debenture then outstanding into the shares of stock and other securities, cash and property receivable upon or deemed
to be held by holders of Common Stock following such merger, consolidation or sale, and such Holder shall be entitled upon such
event or series of related events to receive such amount of securities, cash and property as the shares of Common Stock into which
such aggregate Principal amount of this Debenture could have been converted immediately prior to such merger, consolidation or
sales would have been entitled, or (C) in the case of a merger or consolidation, require the surviving entity to issue to
the Holder a convertible Debenture with a Principal amount equal to the aggregate Principal amount of this Debenture then held
by such Holder, plus all accrued and unpaid interest and other amounts owing thereon, which such newly issued convertible Debenture
shall have terms identical (including with respect to conversion) to the terms of this Debenture, and shall be entitled to all
of the rights and privileges of the Holder of this Debenture set forth herein and the agreements pursuant to which this Debentures
were issued. In the case of clause (C), the conversion price applicable for the newly issued shares of convertible preferred stock
or convertible Debentures shall be based upon the amount of securities, cash and property that each share of Common Stock would
receive in such transaction and the Conversion Price in effect immediately prior to the effectiveness or closing date for such
transaction. The terms of any such merger, sale or consolidation shall include such terms so as to continue to give the Holder
the right to receive the securities, cash and property set forth in this Section upon any conversion or redemption following
such event. This provision shall similarly apply to successive such events.

 

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(5)            REISSUANCE
OF THIS DEBENTURE.

 

(a)            Transfer.
If this Debenture is to be transferred, the Holder shall surrender this Debenture to the Company, whereupon the Company will forthwith
issue and deliver upon the order of the Holder a new Debenture (in accordance with Section 5(d)), registered in the name of
the registered transferee or assignee, representing the outstanding Principal being transferred by the Holder (along with any accrued
and unpaid interest thereof) and, if less then the entire outstanding Principal is being transferred, a new Debenture (in accordance
with Section 5(d)) to the Holder representing the outstanding Principal not being transferred. The Holder and any assignee,
by acceptance of this Debenture, acknowledge and agree that, by reason of the provisions of Section 3(b)(iii) following
conversion or redemption of any portion of this Debenture, the outstanding Principal represented by this Debenture may be less
than the Principal stated on the face of this Debenture.

 

(b)            Lost,
Stolen or Mutilated Debenture. Upon receipt by the Company of evidence reasonably satisfactory to the Company of the loss,
theft, destruction or mutilation of this Debenture, and, in the case of loss, theft or destruction, of any indemnification undertaking
by the Holder to the Company in customary form and, in the case of mutilation, upon surrender and cancellation of this Debenture,
the Company shall execute and deliver to the Holder a new Debenture (in accordance with Section 5(d)) representing the outstanding
Principal.

 

(c)            Debenture
Exchangeable for Different Denominations. This Debenture is exchangeable, upon the surrender hereof by the Holder at the principal
office of the Company, for a new Debenture or Debentures (in accordance with Section 5(d)) representing in the aggregate the
outstanding Principal of this Debenture, and each such new Debenture will represent such portion of such outstanding Principal
as is designated by the Holder at the time of such surrender.

 

(d)            Issuance
of New Debentures. Whenever the Company is required to issue a new Debenture pursuant to the terms of this Debenture, such
new Debenture (i) shall be of like tenor with this Debenture, (ii) shall represent, as indicated on the face of such
new Debenture, the Principal remaining outstanding (or in the case of a new Debenture being issued pursuant to Section 5(a) or
Section 5(c), the Principal designated by the Holder which, when added to the Principal represented by the other new Debentures
issued in connection with such issuance, does not exceed the Principal remaining outstanding under this Debenture immediately prior
to such issuance of new Debentures), (iii) shall have an issuance date, as indicated on the face of such new Debenture, which
is the same as the Issuance Date of this Debenture, (iv) shall have the same rights and conditions as this Debenture, and
(v) shall represent accrued and unpaid Interest from the Issuance Date.

 

(6)           NOTICES.             Any
notices, consents, waivers or other communications required or permitted to be given under the terms hereof must be in writing
and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent
by email (provided confirmation of transmission is electronically generated and kept on file by the sending party); or (iii) one
(1) Trading Day after deposit with a nationally recognized overnight delivery service, in each case properly addressed to
the party to receive the same. The addresses and email for such communications shall be:

 

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	If to the Company, to:	Q Biomed Inc.
	 	c/o Ortoli Rosenstadt LLP

 366 Madison Avenue, 3rd Floor 

New York, NY 10017
	 	Attn:      William Rosenstadt
	 	Telephone:  (212) 588-0022
	 	Email:     wsr@orllp.legal
	   	 
	If to the Holder:	YA II PN, Ltd.
	 	c/o Yorkville Advisors Global, LLC 

1012 Springfield Avenue
	 	Mountainside, NJ 07092
	 	Attention: Mark Angelo
	 	Telephone: 201-985-8300
	 	Email:  Legal@yorkvilleadvisors.com

 

or at such other address and/or email and/or
to the attention of such other person as the recipient party has specified by written notice given to each other party three (3) Business
Days prior to the effectiveness of such change. Written confirmation of receipt (i) given by the recipient of such notice,
consent, waiver or other communication, (ii) electronically generated by the sender's email service provider containing the
time, date, recipient email address or (iii) provided by a nationally recognized overnight delivery service, shall be rebuttable
evidence of personal service, receipt by facsimile or receipt from a nationally recognized overnight delivery service in accordance
with clause (i), (ii) or (iii) above, respectively.

 

(7)            Except
as expressly provided herein, no provision of this Debenture shall alter or impair the obligations of the Company, which are absolute
and unconditional, to pay the Principal of, interest and other charges (if any) on, this Debenture at the time, place, and rate,
and in the coin or currency, herein prescribed. This Debenture is a direct obligation of the Company. As long as this Debenture
is outstanding, the Company shall not and shall cause their subsidiaries not to, without the consent of the Holder, (i) amend
its certificate of incorporation, bylaws or other charter documents so as to adversely affect any rights of the Holder; (ii) repay,
repurchase or offer to repay, repurchase or otherwise acquire shares of its Common Stock or other equity securities; or (iii) enter
into any agreement with respect to any of the foregoing.

 

(8)           This
Debenture shall not entitle the Holder to any of the rights of a stockholder of the Company, including without limitation, the
right to vote, to receive dividends and other distributions, or to receive any notice of, or to attend, meetings of stockholders
or any other proceedings of the Company, unless and to the extent converted into shares of Common Stock in accordance with the
terms hereof.

 

(9)           No
indebtedness of the Company is senior to this Debenture in right of payment, whether with respect to interest, damages or upon
liquidation or dissolution or otherwise. Without the Holder’s consent, the Company will not and will not permit any of their
subsidiaries to, directly or indirectly, enter into, create, incur, assume or suffer to exist any indebtedness of any kind, on
or with respect to any of its property or assets now owned or hereafter acquired or any interest therein or any income or profits
there from that is senior in any respect to the obligations of the Company under this Debenture.

 

    10

     

    

 

(10)          This
Debenture shall be governed by and construed in accordance with the laws of the State of New Jersey, without giving effect to conflicts
of laws thereof. Each of the parties consents to the jurisdiction of the Superior Courts of the State of New Jersey sitting in
Hudson County, New Jersey and the U.S. District Court for the District of New Jersey sitting in Newark, New Jersey in connection
with any dispute arising under this Debenture and hereby waives, to the maximum extent permitted by law, any objection, including
any objection based on forum non conveniens to the bringing of any such proceeding in such jurisdictions.

 

(11)          If
the Company fails to strictly comply with the terms of this Debenture, then the Company shall reimburse the Holder promptly for
all fees, costs and expenses, including, without limitation, attorneys’ fees and expenses incurred by the Holder in any action
in connection with this Debenture, including, without limitation, those incurred: (i) during any workout, attempted workout,
and/or in connection with the rendering of legal advice as to the Holder’s rights, remedies and obligations, (ii) collecting
any sums which become due to the Holder, (iii) defending or prosecuting any proceeding or any counterclaim to any proceeding
or appeal; or (iv) the protection, preservation or enforcement of any rights or remedies of the Holder.

 

(12)          Any
waiver by the Holder of a breach of any provision of this Debenture shall not operate as or be construed to be a waiver of any
other breach of such provision or of any breach of any other provision of this Debenture. The failure of the Holder to insist upon
strict adherence to any term of this Debenture on one or more occasions shall not be considered a waiver or deprive that party
of the right thereafter to insist upon strict adherence to that term or any other term of this Debenture. Any waiver must be in
writing.

 

(13)         If
any provision of this Debenture is invalid, illegal or unenforceable, the balance of this Debenture shall remain in effect, and
if any provision is inapplicable to any person or circumstance, it shall nevertheless remain applicable to all other persons and
circumstances. If it shall be found that any interest or other amount deemed interest due hereunder shall violate applicable laws
governing usury, the applicable rate of interest due hereunder shall automatically be lowered to equal the maximum permitted rate
of interest. The Company covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead,
or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other law which would
prohibit or forgive the Company from paying all or any portion of the Principal of or interest on this Debenture as contemplated
herein, wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance of this indenture,
and the Company (to the extent it may lawfully do so) hereby expressly waives all benefits or advantage of any such law, and covenants
that it will not, by resort to any such law, hinder, delay or impeded the execution of any power herein granted to the Holder,
but will suffer and permit the execution of every such as though no such law has been enacted.

 

(14)         Whenever
any payment or other obligation hereunder shall be due on a day other than a Business Day, such payment shall be made on the next
succeeding Business Day.

 

    11

     

    

 

(15)         THE
PARTIES HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT ANY OF THEM MAY HAVE TO A TRIAL BY JURY IN RESPECT
OF ANY LITIGATION BASED HEREON OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY TRANSACTION DOCUMENT OR ANY
COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY. THIS PROVISION IS A MATERIAL
INDUCEMENT FOR THE PARTIES’ ACCEPTANCE OF THIS AGREEMENT.

 

(16)         CERTAIN
DEFINITIONS     For purposes of this Debenture, the following
terms shall have the following meanings:

 

(a)            “Approved
Stock Plan” means a stock option plan that has been approved by the Board of Directors of the Company, pursuant to which
the Company’s securities may be issued only to any employee, officer, or director for services provided to the Company.

 

(b)            "Bloomberg"
means Bloomberg Financial Markets.

 

(c)            “Business
Day” means any day except Saturday, Sunday and any day which shall be a federal legal holiday in the United States or
a day on which banking institutions are authorized or required by law or other government action to close.

 

(d)            “Change
of Control Transaction” means the occurrence of (a) an acquisition after the date hereof by an individual or legal
entity or “group” (as described in Rule 13d-5(b)(1) promulgated under the Exchange Act) of effective control
(whether through legal or beneficial ownership of capital stock of the Company, by contract or otherwise) of in excess of fifty
percent (50%) of the voting securities of the Company (except that the acquisition of voting securities by the Holder or any other
current holder of convertible securities of the Company shall not constitute a Change of Control Transaction for purposes hereof),
(b) a replacement at one time or over time of more than one-half of the members of the board of directors of the Company (other
than as due to the death or disability of a member of the board of directors) which is not approved by a majority of those individuals
who are members of the board of directors on the date hereof (or by those individuals who are serving as members of the board of
directors on any date whose nomination to the board of directors was approved by a majority of the members of the board of directors
who are members on the date hereof), (c) the merger, consolidation or sale of fifty percent (50%) or more of the assets of
the Company or any subsidiary of the Company in one or a series of related transactions with or into another entity, or (d) the
execution by the Company of an agreement to which the Company is a party or by which it is bound, providing for any of the events
set forth above in (a), (b) or (c). No transfer to a wholly-owned subsidiary shall be deemed a Change of Control Transaction
under this provision.

 

(e)            “Closing
Bid Price” means the price per share in the last reported trade of the Common Stock on a Primary Market or on the exchange
which the Common Stock is then listed as quoted by Bloomberg.

 

(f)            “Convertible
Securities” means any stock or securities (other than Options) directly or indirectly convertible into or exercisable
or exchangeable for Common Stock.

 

    12

     

    

 

(g)            “Commission”
means the Securities and Exchange Commission.

 

(h)            “Common
Stock” means the common stock, par value $0.001, of the Company and stock of any other class into which such shares may
hereafter be changed or reclassified.

 

(i)            “Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

(j)            “Floor
Price” means $1.00 per share.

 

(k)            “Fundamental
Transaction” means any of the following: (1) the Company effects any merger or consolidation of the Company
with or into another Person and the Company is the non-surviving company (other than a merger or consolidation with a wholly owned
subsidiary of the Company for the purpose of redomiciling the Company), (2) the Company effects any sale of all or substantially
all of its assets in one or a series of related transactions, (3) any tender offer or exchange offer (whether by the Company
or another Person) is completed pursuant to which holders of Common Stock are permitted to tender or exchange their shares for
other securities, cash or property, or (4) the Company effects any reclassification of the Common Stock or any compulsory
share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property.

 

(l)            “Options”
means any rights, warrants or options to subscribe for or purchase shares of Common Stock or Convertible Securities

 

(m)           “Other
Debentures” means any other debentures issued pursuant to the Securities Purchase Agreement and any other debentures,
notes, or other instruments issued in exchange, replacement, or modification of the foregoing.

 

(n)           “Original
Issue Date” means the date of the first issuance of this Debenture regardless of the number of transfers and regardless
of the number of instruments, which may be issued to evidence such Debenture.

 

(o)           “Person”
means a corporation, an association, a partnership, organization, a business, an individual, a government or political subdivision
thereof or a governmental agency.

 

(p)            “Primary
Market” means any of the New York Stock Exchange, the NYSE MKT, the Nasdaq Global Market, the Nasdaq Global Select Market,
or the OTC QB, and any successor to any of the foregoing markets or exchanges.

 

(q)            “Qualified
Financing” means a financing transaction, or series or transactions, pursuant to which the Company raising net proceeds
of at least $1,000,000.

 

(r)            “Redemption
Premium” means (a) if applicable during the first 90 days from the date of issuance of this Convertible Debenture,
10% of the Principal amount being redeemed and (b) if applicable thereafter, 20% of the Principal amount being redeemed.

 

    13

     

    

 

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

 

(t)            “Trading
Day” means a day on which the shares of Common Stock are quoted or traded on a Primary Market on which the shares of
Common Stock are then quoted or listed; provided, that in the event that the shares of Common Stock are not listed or quoted, then
Trading Day shall mean a Business Day.

 

(u)           “Transaction
Document(s)” shall mean this Debenture, along with the Securities Purchase Agreement, and any other documents or agreements
entered into in connection with the foregoing.

 

(v)           “Underlying
Shares” means the shares of Common Stock issuable upon conversion of this Debenture or as payment of interest in accordance
with the terms hereof.

 

(w)           “Underlying
Shares Registration Statement” means a registration statement covering among other things the resale of the Underlying
Shares and naming the Holder as a “selling stockholder” thereunder.

 

(x)            "VWAP"
means, for any security as of any date, the daily dollar volume-weighted average price for such security on the Primary Market
as reported by Bloomberg through its “Historical Prices – Px Table with Average Daily Volume” functions, or,
if no dollar volume-weighted average price is reported for such security by Bloomberg.

 

[Signature Page Follows]

 

    14

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Convertible Debenture to be duly executed by a duly authorized officer
as of the date set forth above.

 

	 	COMPANY:
	 	Q BIOMED INC.
	 	 
	 	By:	                   
	 	Name:
	 	Title:

 

    

     

    

 

EXHIBIT I

CONVERSION NOTICE

 

(To be executed by the Holder in order
to Convert the Debenture)

 

TO: Q BIOMED INC.

 

Via
Email: dcorin@qbiomed.com; wsr@orllp.legal

 

The undersigned hereby
irrevocably elects to convert a portion of the outstanding and unpaid Conversion Amount of Debenture No. QBIO-10 into
Shares of Common Stock of Q BIOMED INC., according to the conditions stated therein, as of the Conversion Date written below.

 

Conversion
Date:

Principal
Amount to be Converted:  

Accrued
Interest to be Converted:  

Total
Conversion Amount to be converted:  

Fixed
Conversion Price:   

Variable Conversion Price: 

Applicable Conversion Price: 

Number of shares of Common Stock to be issued:

 

Please
issue the shares of Common Stock in the following name and to the following address:

Issue to:

 

 

 

	Authorized Signature:	 
	Name:	 
	Title:	 
	Broker DTC Participant Code:
	Account Number:ck0000096271-ex1015_153.htm

 

Exhibit 10.15

AMENDMENT NO. 1

AMENDMENT NO. 1 dated as of January 29, 2021 (this “Amendment No. 1”) to the Credit Agreement referred to below, among TAMPA ELECTRIC COMPANY, a Florida corporation (the “Borrower”), the Lenders and WELLS FARGO BANK, NATIONAL ASSOCIATION, as administrative agent for the Lenders (in such capacity, the “Administrative Agent”).

The Borrower, the Lenders and the Administrative Agent are parties to a Credit Agreement dated as of February 6, 2020 (the “Credit Agreement”).  The Borrower and the Lenders wish to amend the Credit Agreement in certain respects, and accordingly, the parties hereto hereby agree as follows:

Section 1.  Definitions.  Capitalized terms used in this Amendment No. 1 and not otherwise defined are used herein as defined in the Credit Agreement.

Section 2.  Amendments.  Subject to the satisfaction of the conditions precedent specified in Section 4 hereof, but effective as of the date hereof, the Credit Agreement shall be amended as follows:

(a)  References in the Credit Agreement (including references to the Credit Agreement as amended hereby) to “this Agreement” and “the Credit Agreement” (and indirect references such as “hereunder”, “hereby”, “herein” and “hereof”) shall be deemed to be references to the Credit Agreement as amended hereby.

(b)  The below definition as set forth in Exhibit A to the Credit Agreement is hereby amended and restated in its entirety as follows:

““Maturity Date” means April 29, 2021.”

Section 3.  Representations and Warranties.  The Borrower represents and warrants to the Lenders that (a) its representations and warranties set forth in Article IV of the Credit Agreement are true and complete on the date hereof as if made on and as of the date hereof and as if each reference in said Article IV to “this Agreement” included reference to this Amendment No. 1 (unless such representation and warranty relates solely to another time, in which event such representation or warranty is true and correct as of such other time) and (b) no Event of Default or Inchoate Default shall have occurred and be continuing.

Section 4.  Conditions Precedent to Effectiveness.  This Amendment No. 1 including the amendments set forth in Section 2 hereof shall become effective, as of the date hereof, upon the occurrence of the following conditions precedent (such date, the “Amendment No. 1 Effective Date”):

(a) Amendment.  Delivery to Administrative Agent of one or more counterparts of this Amendment No. 1 duly executed by the Borrower and each of the Lenders (or written evidence satisfactory to Administrative Agent of the execution thereof by the parties thereto).

(b) Payment of Fees.  All amounts required to be paid by the Borrower to the Lenders and the Administrative Agent under Section 8.4 of the Credit Agreement (including the fees and expenses of Milbank LLP) in connection with the execution and delivery of the Amendment No. 1, and all fees and other costs payable in connection with the execution and delivery of the documents and instruments referred to in this Section 4 (or incorporated herein by reference) shall have been paid in full.

 

1

 

(c) Representations and Warranties. (i) Each representation and warranty set forth in Article IV of the Credit Agreement shall be true and correct as if made on and as of the Amendment No. 1 Effective Date, before and after giving effect thereto, unless such representation or warranty relates solely to another time, in which event such representation or warranty shall be true and correct as of such other time, and (ii) no Event of Default or Inchoate Default shall have occurred and is continuing or will result from the occurrence of the Amendment No. 1 Effective Date.

(d) Certificate of the Borrower.  Administrative Agent shall have received (i) a certificate, dated as of the Amendment No. 1 Effective Date, signed by a Responsible Officer of the Borrower, in substantially the form of Exhibit G but modified to reflect Amendment No. 1 and the transactions contemplated hereby and (ii) secretary certificates of the Borrower, substantially consistent with the one delivered on the Closing Date, in form and substance reasonably satisfactory to the Administrative Agent.

(e) Beneficial Ownership Certification.  To the extent the Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, at least four days prior to the Amendment No. 1 Effective Date, any Lender that has requested, in a written notice to the Borrower at least 8 days prior to the Amendment No. 1 Effective Date, a Beneficial Ownership Certification in relation to the Borrower shall have received such Beneficial Ownership Certification (provided that, upon the execution and delivery by such Lender of its signature page to this Agreement, the condition set forth in this Section 4(e) shall be deemed to be satisfied).

Section 5.  Miscellaneous.  Except as herein provided, the Credit Agreement shall remain unchanged and in full force and effect.  This Amendment No. 1 may be executed in any number of counterparts, all of which taken together shall constitute one and the same agreement and any of the parties hereto may execute this Amendment No. 1 by signing any such counterpart.  This Amendment No. 1 shall be governed by, and construed in accordance with, the law of the State of New York.

Section 6.  Credit Facility Document.  The execution, delivery and effectiveness of this Amendment No. 1 shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under any of the Credit Facility Documents, nor constitute a waiver or novation of any provision of any of the Credit Facility Documents. On and after the effectiveness of this Amendment No. 1, this Amendment No. 1 shall for all purposes constitute a Credit Facility Document.

 [Signature pages follow]

 

2

 

 

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 1 to be duly executed and delivered as of the day and year first above written.

 

TAMPA ELECTRIC COMPANY

 

 

By: /s/ Gregory W. Blunden

  Name: Gregory W. Blunden

Title:  Treasurer and Chief Financial Officer

 

 

By: /s/ Jeffrey S. Chronister

  Name: Jeffrey S. Chronister

Title:  Vice President – Finance and Controller

 

 

 

 

 

 

 

[Signature Page – Amendment No. 1]

 

LENDERS

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Administrative Agent and Lender

By:  /s/ Gregory R. Gredvig
Name: Gregory R. Gredvig
Title:  Director

 

 

 

[Signature Page – Amendment No. 1]

 

JPMORGAN CHASE BANK, N.A. 

as Lender

 

 

By:  /s/ Nancy R. Barwig
Name:  Nancy R. Barwig
Title: Executive Director

[Signature Page – Amendment No. 1]

ROYAL BANK OF CANADA,
as Lender

 

 

By:  /s/ David Gazley

Name: David Gazley  
Title: Authorized Signatory

 

 

 

‎[Signature Page – Amendment No. 1]‎

MUFG BANK, LTD., CANADA BRANCH, 

as Lender

 

 

By:  /s/ Nirushan Thambirajah
Name: Nirushan Thambirajah 
Title: Director

‎[Signature Page – Amendment No. 1]‎

THE BANK OF NOVA SCOTIA,
as Lender

 

 

By:  /s/ David Dewar
Name:  David Dewar
Title: Director

 

‎[Signature Page – Amendment No. 1]‎

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