Document:

Exhibit 10.26

 

NEITHER
THIS SECURITY NOR THE SECURITIES INTO WHICH THIS SECURITY IS CONVERTIBLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION
OR THE SECURITIES COMMISSION OF ANY STATE 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 AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR
TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. THIS SECURITY AND THE SECURITIES ISSUABLE UPON
CONVERSION OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

Original
Issue Date: April 11, 2022

 

$1,111,111.11

 

10%
ORIGINAL ISSUE DISCOUNT SENIOR SECURED NOTE

 

Due
April 11, 2023

 

THIS
10% ORIGINAL ISSUE DISCOUNT SENIOR SECURED NOTE is one of a series of duly authorized and validly issued 10% Original Issue Discount
Senior Secured Notes of Jupiter Neurosciences, Inc., a Delaware corporation (the “Company”), having its principal place of
business at 1001 North US Hwy 1, Suite 504, Jupiter, Florida 33477, designated as its 10% Original Issue Discount Senior Secured Note
due April 11, 2023 (this Note, the “ Note” and, collectively with the other Notes of such series, the “Notes”).
The Notes shall be convertible into shares of common stock of in the Company in accordance with the terms of the Notes.

 

This
Note is entered into pursuant to a Securities Purchase Agreement by and between the Company, and the Holder, dated as of the Original
Issue Date (the “Purchase Agreement”) and is subject to the terms and conditions herein and therein.

 

FOR
VALUE RECEIVED, the Company promises to pay to PURITAN PARTNERS LLC, a New York limited liability company, or its registered assigns
(the “ Holder”), or shall have paid pursuant to the terms hereunder, the principal sum of $ 1,111,111.11 on April
11, 2023 (the “Maturity Date”) or such earlier date as this Note is required or permitted to be repaid as provided
hereunder, and to pay interest to the Holder on the aggregate then outstanding principal amount of this Note in accordance with the provisions
hereof. This Note is subject to the following additional provisions:

 

Section
1. Definitions. For the purposes hereof, in addition to the terms defined elsewhere in this Note, (a) capitalized terms not
otherwise defined herein shall have the meanings set forth in the Purchase Agreement, and (b) the following terms shall have the following
meanings below.

 

    	 	-1-	 

     

    

 

	 	(a)	“Bankruptcy
    Event” means any of the following events: (a) the Company or any Significant Subsidiary (as such term is defined in Rule
    1-02(w) of Regulation S-X) thereof commences a case or other proceeding under any bankruptcy, reorganization, arrangement, adjustment
    of debt, relief of debtors, dissolution, insolvency or liquidation or similar law of any jurisdiction relating to the Company or
    any Significant Subsidiary thereof , (b) there is commenced against the Company or any Significant Subsidiary thereof any such case
    or proceeding that is not dismissed within 60 days after commencement, (c) the Company or any Significant Subsidiary thereof is adjudicated
    insolvent or bankrupt or any order of relief or other order approving any such case or proceeding is entered, (d) the Company or
    any Significant Subsidiary thereof suffers any appointment of any custodian or the like for it or any substantial part of its property
    that is not discharged or stayed within 60 calendar days after such appointment, (e) the Company or any Significant Subsidiary thereof
    or makes a general assignment for the benefit of creditors, (f) the Company or any Significant Subsidiary thereof calls a meeting
    of its creditors with a view to arranging a composition, adjustment or restructuring of its debts or (g) the Company or any Significant
    Subsidiary thereof , by any act or failure to act, expressly indicates its consent to, approval of or acquiescence in any of the
    foregoing or takes any corporate or other action for the purpose of effecting any of the foregoing.
	 	 	 
	 	(b)	“Beneficial
    Ownership Limitation” shall have the meaning set forth in Section 4(c).
	 	 	 
	 	(c)	“Business
    Day” means any day except any Saturday, any Sunday, any day which shall be a federal legal holiday in the United States
    or any day on which banking institutions in the State of New York are authorized or required by law or other governmental action
    to close.
	 	 	 
	 	(d)	“Buy-In”
    shall have the meaning set forth in Section 4(d)(v).
	 	 	 
	 	(e)	“Change
    of Control” means the occurrence of any of (i) 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) other than a group including Christer Rosén
    of effective control (whether through legal or beneficial ownership of capital stock of the Company, by contract or otherwise) of
    in excess of 50% of the voting securities of the Company, or (ii) the Company merges into or consolidates with any other Person,
    or any Person merges into or consolidates with the Company and, after giving effect to such transaction, the stockholders of the
    Company immediately prior to such transaction own less than 50% of the aggregate voting power of the Company or the successor entity
    of such transaction, or (iii) the Company sells or transfers all or substantially all of its assets to another Person and the stockholders
    of the Company immediately prior to such transaction own less than 50% of the aggregate voting power of the acquiring entity immediately
    after the transaction, (iv) a replacement at one time or within a three year period of more than one-half of the members of the Company’s
    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 on the date hereof), (v) either Christer Rosén
    or Marshall Hayward shall no longer be employed by the Company as Chief Executive Officer or Chief Scientific Officer, respectively,
    on a full time basis, or (vi)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 (i) through (v) above.1

 

    	 	-2-	 

     

    

 

	 	(f)	“Closing
    Bid Price” means on any particular date (a) the last reported closing bid price per share of Common Stock on such date
    on the Trading Market (as reported by Bloomberg L.P. at 4:15 p.m. (New York City time)), or (b) if there is no such price on such
    date, then the closing bid price on the Trading Market on the date nearest preceding such date (as reported by Bloomberg L.P. at
    4:15 p.m. (New York City time)), or (c) if the Common Stock is not then listed or quoted on a Trading Market and if prices for the
    Common Stock are then reported in the “pink sheets” published by Pink Sheets LLC (or a similar organization or agency
    succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) if
    the shares of Common Stock are not then publicly traded the fair market value of a share of Common Stock as determined by an independent
    appraiser selected in good faith by the Holder and reasonably acceptable to the Company, the fees and expenses of which shall be
    paid by the Company.
	 	 	 
	 	(g)	“Conversion
    Date” shall have the meaning set forth in Section 4(a).
	 	 	 
	 	(h)	“Conversion
    Shares” means, collectively, the shares of common stock, of the Company issuable upon conversion of this Note in accordance
    with the terms hereof.
	 	 	 
	 	(i)	“Event
    of Default” shall have the meaning set forth in Section 7(a).
	 	 	 
	 	(j)	“Interest
    Payment Date” shall have the meaning set forth in Section 2(a).
	 	 	 
	 	(k)	“Late
    Fees” shall have the meaning set forth in Section 2(c).
	 	 	 
	 	(l)	“Mandatory
    Default Amount” means the sum of (a) 125% of the then outstanding principal amount of the Note, (b) accrued but unpaid
    interest through maturity and (c) all liquidated damages and other amounts due in respect of the Note.
	 	 	 
	 	(m)	“Monthly
    Redemption” means the redemption of this Note pursuant to Section 5(b).
	 	 	 
	 	(n)	“Monthly
    Redemption Amount” means, as to a Monthly Redemption, one seventh of the original principal amount at 110% of such principal
    amount, plus accrued but unpaid interest, liquidated damages and any other amounts then owing to the Holder in respect of this Note.
	 	 	 
	 	(o)	“Monthly
    Redemption Date” means the eleventh of each month, commencing immediately upon October 11, 2022 and terminating upon the
    full redemption of this Note.
	 	 	 
	 	(p)	“New
    York Courts” shall have the meaning set forth in Section 8(d).
	 	 	 
	 	(q)	“Note
    Register” shall have the meaning set forth in Section 2(b).
	 	 	 
	 	(r)	“Notice
    of Conversion” shall have the meaning set forth in Section 4(a).
	 	 	 
	 	(s)	“Optional
    Redemption” shall have the meaning set forth in Section 5(a).
	 	 	 
	 	(t)	“Optional
    Redemption Amount” means at 120% of the principal amount thereof plus any unpaid accrued interest to the date of repayment
    and all other liquidated and other amounts due if paid within the first six months, or at 125% of the principal amount thereof plus
    any unpaid accrued interest to the date of repayment and all other liquidated and other amounts due if paid between six and twelfth
    months of the term.

 

    	 	-3-	 

     

    

 

	 	(u)	“Optional
    Redemption Date” shall have the meaning set forth in Section 5(a).
	 	 	 
	 	(v)	“Optional
    Redemption Notice” shall have the meaning set forth in Section 5(a).
	 	 	 
	 	(w)	“Optional
    Redemption Notice Date” shall have the meaning set forth in Section 5(a).
	 	 	 
	 	(x)	“Optional
    Redemption Period” shall have the meaning set forth in Section 5(a).
	 	 	 
	 	(y)	“Original
    Issue Date” means the date of the first issuance of the Notes, regardless of any transfers of any Note and regardless of
    the number of instruments which may be issued to evidence such Notes.
	 	 	 
	 	(z)	“Permitted
    Indebtedness” means (a) the indebtedness evidenced by the Notes (excluding any Notes issued pursuant to most favored nations
    or similar provisions), (b) lease obligations and purchase money indebtedness of up to $50,000, in the aggregate, incurred in connection
    with the acquisition of capital assets and lease obligations with respect to newly acquired or leased assets; (c) indebtedness outstanding
    on the Issue Date as disclosed in the Disclosure Schedules to the Purchase Agreement; and (d) unsecured indebtedness incurred in
    the ordinary course of business not to exceed $50,000 at any one time outstanding that is not senior or pari passu in right of payment
    with the Notes. 
	 	 	 
	 	(aa)	“Permitted
    Lien” means the individual and collective reference to the following: (a) Liens for taxes, assessments and other governmental
    charges or levies not yet due or Liens for taxes, assessments and other governmental charges or levies being contested in good faith
    and by appropriate proceedings for which adequate reserves (in the good faith judgment of the management of the Company) have been
    established in accordance with GAAP; (b) Liens imposed by law which were incurred in the ordinary course of the Company’s business,
    such as carriers’, warehousemen’s and mechanics’ Liens, statutory landlords’ Liens, and other similar Liens
    arising in the ordinary course of the Company’s business, and which (x) do not individually or in the aggregate materially
    detract from the value of such property or assets or materially impair the use thereof in the operation of the business of the Company
    or (y) are being contested in good faith by appropriate proceedings, which proceedings have the effect of preventing for the foreseeable
    future the forfeiture or sale of the property or asset subject to such Lien; and (c) Liens incurred in connection with Permitted
    Indebtedness under clauses (a) and (b) thereunder, provided in the case of clause (b) that such Liens are not secured by assets of
    the Company other than the assets so acquired or leased.
	 	 	 
	 	(bb)	“Purchase
    Agreement” means the Securities Purchase Agreement, dated as of April 11, 2022 between the Company, and the original Holder,
    as amended, modified or supplemented from time to time in accordance with its terms.
	 	 	 
	 	(cc)	“Securities
    Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

    	 	-4-	 

     

    

  

	 	(dd)	“Share
    Delivery Date” shall have the meaning set forth in Section 4(d)(ii).
	 	 	 
	 	(ee)	“Subsidiary”
    shall have the meaning set forth in the Purchase Agreement.
	 	 	 
	 	(ff)	“Trading
    Day” means a day on which the New York Stock Exchange is open for business.

 

Section
2. Interest.

 

	 	(a)	Payment
    of Interest in Cash. The Company shall pay interest to the Holder on the aggregate unconverted and then outstanding principal
    amount of this Note at the rate of 10% per annum, payable monthly, commencing on the 11th calendar day of each month, beginning on
    May 11, 2022, on each Monthly Redemption Date (as to that principal amount then being redeemed), each Optional Redemption Date (as
    to that principal amount then being redeemed) and on the Maturity Date (each such date, an “Interest Payment Date”)
    (if any Interest Payment Date is not a Business Day, then the applicable payment shall be due on the next succeeding Business Day),
    in cash.
	 	 	 
	 	(b)	Interest
    Calculations. Interest shall be calculated on the basis of a 360-day year, consisting of twelve 30 calendar day periods, and
    shall accrue daily commencing on the Original Issue Date until payment in full of the outstanding principal, together with all accrued
    and unpaid interest, liquidated damages and other amounts which may become due hereunder, has been made. Interest hereunder will
    be paid to the Person in whose name this Note is registered on the records of the Company regarding registration and transfers of
    this Note (the “Note Register”).
	 	 	 
	 	(c)	Late
    Fee. In addition to all other amounts required to be paid to Holder hereunder, all overdue accrued and unpaid principal and interest
    to be paid hereunder shall entail a late fee at an interest rate equal to the lesser of 18% per annum or the maximum rate permitted
    by applicable law (the “Late Fees”) which shall accrue daily from the date such principal and interest is due
    hereunder through and including the date of actual payment in full.

 

Section
3. Registration of Transfers and Exchanges.

 

	 	(a)	Different
    Denominations. This Note is exchangeable for an equal aggregate principal amount of Notes of different authorized denominations,
    as requested by the Holder surrendering the same. No service charge will be payable for such registration of transfer or exchange.
	 	 	 
	 	(b)	Investment
    Representations. This Note has been issued subject to certain investment representations of the original Holder set forth in
    the Purchase Agreement and may be transferred or exchanged only in compliance with the Purchase Agreement and applicable federal
    and state securities laws and regulations.
	 	 	 
	 	(c)	Reliance
    on Note Register. Prior to due presentment for transfer to the Company of this Note, the Company and any agent of the Company
    may treat the Person in whose name this Note is duly registered on the Note Register as the owner hereof for the purpose of receiving
    payment as herein provided and for all other purposes, whether or not this Note is overdue, and neither the Company nor any such
    agent shall be affected by notice to the contrary.

 

    	 	-5-	 

     

    

  

Section
4. Conversion.

 

	 	(a)	Voluntary
    Conversion. The provisions of this Section 4 shall only apply to conversions made after an Event of Default pursuant to Section
    7(b) hereof. Upon an Event of Default, this Note shall be convertible, in whole or in part, into shares of common stock of the Company
    (the “Common Stock”) at the option of the Holder, at any time and from time to time (subject to the conversion limitations
    set forth in Section 4(c) hereof). The Holder shall effect conversions by delivering to the Company a Notice of Conversion, the form
    of which is attached hereto as Annex A (each, a “Notice of Conversion”), specifying therein the principal
    amount of this Note to be converted and the date on which such conversion shall be effected (such date, the “Conversion
    Date”). If no Conversion Date is specified in a Notice of Conversion, the Conversion Date shall be the date that such Notice
    of Conversion is deemed delivered hereunder. To effect conversions hereunder, the Holder shall not be required to physically surrender
    this Note to the Company unless the entire principal amount of this Note, plus all accrued and unpaid interest thereon, has been
    so converted. Conversions hereunder shall have the effect of lowering the outstanding principal amount of this Note in an amount
    equal to the applicable conversion. The Holder and the Company shall maintain records showing the principal amount(s) converted and
    the date of such conversion(s). The Company may deliver an objection to any Notice of Conversion within 1 Business Day of delivery
    of such Notice of Conversion. In the event of any dispute or discrepancy, the records of the Holder shall be controlling and determinative
    in the absence of manifest error. The Holder, and any assignee by acceptance of this Note, acknowledge and agree that, by reason
    of the provisions of this paragraph, following conversion of a portion of this Note, the unpaid and unconverted principal amount
    of this Note may be less than the amount stated on the face hereof.
	 	 	 
	 	(b)	Conversion
    Price. The conversion price of any conversions pursuant to this Note shall be as set forth in Section 7(b) hereof.
	 	 	 
	 	(c)	Conversion
    Limitations. The Company shall not effect any conversion of this Note, and a Holder shall not have the right to convert any portion
    of this Note, to the extent that after giving effect to the conversion set forth on the applicable Notice of Conversion, the Holder
    (together with the Holder’s Affiliates, and any other person or entity acting as a group together with the Holder or any of
    the Holder’s Affiliates) would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes
    of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its Affiliates shall include
    the number of shares of Common Stock issuable upon conversion of this Note with respect to which such determination is being made,
    but shall exclude the number of shares of Common Stock which are issuable upon (A) conversion of the remaining, unconverted principal
    amount of this Note beneficially owned by the Holder or any of its Affiliates and (B) exercise or conversion of the unexercised or
    unconverted portion of any other securities of the Company subject to a limitation on conversion or exercise analogous to the limitation
    contained herein (including, without limitation, any other Notes) beneficially owned by the Holder or any of its Affiliates. Except
    as set forth in the preceding sentence, for purposes of this Section 4(c), beneficial ownership shall be calculated in accordance
    with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. To the extent that the limitation contained
    in this Section 4(c) applies, the determination of whether this Note is convertible (in relation to other securities owned by the
    Holder together with any Affiliates) and of which principal amount of this Note is convertible shall be in the sole discretion of
    the Holder, and the submission of a Notice of Conversion shall be deemed to be the Holder’s determination of whether this Note
    may be converted (in relation to other securities owned by the Holder together with any Affiliates) and which principal amount of
    this Note is convertible, in each case subject to the Beneficial Ownership Limitation. To ensure compliance with this restriction,
    the Holder will be deemed to represent to the Company each time it delivers a Notice of Conversion that such Notice of Conversion
    has not violated the restrictions set forth in this paragraph and the Company shall have no obligation to verify or confirm the accuracy
    of such determination. In addition, a determination as to any group status as contemplated above shall be determined in accordance
    with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 4(c), in
    determining the number of outstanding shares of Common Stock, the Holder may rely on the number of outstanding shares of Common Stock
    as stated in the most recent of the following: (A) the Company’s most recent periodic or annual report, as the case may be;
    (B) a more recent public announcement by the Company; or (C) a more recent notice by the Company or the Company’s transfer
    agent setting forth the number of shares of Common Stock outstanding. Upon the written or oral request of a Holder, the Company shall
    within two Trading Days confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding. In any
    case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities
    of the Company, including this Note, by the Holder or its Affiliates since the date as of which such number of outstanding shares
    of Common Stock was reported. The “Beneficial Ownership Limitation” shall be 4.99% of the number of shares of
    the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon conversion of
    this Note held by the Holder. The Holder, upon not less than 61 days’ prior notice to the Company , may increase or decrease
    the Beneficial Ownership Limitation provisions of this Section 4(c), provided that the Beneficial Ownership Limitation in no event
    exceeds 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of
    Common Stock upon conversion of this Note held by the Holder and the Beneficial Ownership Limitation provisions of this Section 4(c)
    shall continue to apply. Any such increase or decrease will not be effective until the 61st day after such notice is delivered
    to the Company. The Beneficial Ownership Limitation provisions of this paragraph shall be construed and implemented in a manner otherwise
    than in strict conformity with the terms of this Section 4(c) to correct this Section 4(c) (or any portion hereof) which may be defective
    or inconsistent with the intended Beneficial Ownership Limitation contained herein or to make changes or supplements necessary or
    desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder
    of this Note.

 

    	 	-6-	 

     

    

 

		(d)	Mechanics
                                            of Conversion.

 

	 	(i)	Conversion
    Shares Issuable Upon Conversion of Principal Amount. Subject to Section 4(d)(vii) the number of Conversion Shares issuable upon
    a conversion hereunder shall be determined by the quotient obtained by dividing (x) the outstanding principal amount of this Note
    to be converted by (y) the Conversion Price.
	 	 	 
	 	(ii)	Delivery
    of Certificate Upon Conversion.  Not later than two Trading Days after each Conversion Date (the “Share Delivery Date”),
    the Company shall deliver, or cause to be delivered, to the Holder (A) a certificate or certificates representing the Conversion
    Shares which, on or after the time that the Conversion Shares are registered for resale pursuant to the provisions of the Purchase
    Agreement shall be free of restrictive legends and trading restrictions, representing the number of Conversion Shares being acquired
    upon the conversion of this Note. Such shares shall also be delivered by the Share Delivery Date free of restrictive legends and
    trading restrictions if (1) such Conversion Shares are registered for sale under an effective registration statement filed under
    the Securities Act or otherwise may be sold pursuant to Rule 144, Rule 144A, Regulation S, or other applicable exemption without
    any restriction as to the number of securities as of a particular date that can then be immediately sold, or (2) the Holder provides
    to Company (at the expense of the Company) a customary legal opinion letter of its counsel to the effect that the resale of the Conversion
    Shares by the Holder is exempt from the registration requirements of the Securities Act pursuant to Rule 144 (provided the requirements
    of Rule 144 are satisfied and provided the Conversion Shares are not then registered under the Securities Act for resale pursuant
    to an effective registration statement) or other applicable exemption (provided the requirements of such other applicable exemption
    are satisfied), which opinion shall be accepted by the Company so that the sale or transfer is effected. On or after the time that
    the Conversion Shares are registered for resale pursuant to the provisions of the Purchase Agreement, the Company shall use its best
    efforts to deliver any certificate or certificates required to be delivered by the Company under this Section 4(d) electronically
    through the Depository Trust Company or another established clearing corporation performing similar functions.
	 	 	 
	 	(iii)	Failure
    to Deliver Certificates. If in the case of any Notice of Conversion such certificate or certificates are not delivered to or
    as directed by the applicable Holder by the second Trading Day after the Conversion Date, the Holder shall be entitled to elect by
    written notice to the Company at any time on or before its receipt of such certificate or certificates, to rescind such Conversion,
    in which event the Company shall promptly return to the Holder any original Note delivered to the Company and the Holder shall promptly
    return to the Common Stock certificates representing the principal amount of this Note unsuccessfully tendered for conversion to
    the Company.

 

    	 	-7-	 

     

    

 

	 	(iv)	Obligation
    Absolute; Partial Liquidated Damages. If the Company fails for any reason to deliver to the Holder such certificate or certificates
    pursuant to Section 4(d)(ii) by the third Trading Day after the Conversion Date, the Company shall pay to such Holder, in cash, as
    liquidated damages and not as a penalty, of $1,000 for each Trading Day after such third Trading Day until such certificates are
    delivered. In addition, if the Company fails to deliver instructions to the Transfer Agent by the day required above, the Company
    shall be required to pay an additional amount in cash, as liquidated damages and not as a penalty, of $1,000 for each date until
    such notice is given to the Transfer Agent as required. The Company’s obligations to issue and deliver the Conversion Shares
    upon conversion of this Note in accordance with the terms hereof are absolute and unconditional, irrespective of any action or inaction
    by the Holder to enforce the same, any waiver or consent with respect to any provision hereof, the recovery of any judgment against
    any Person or any action to enforce the same, or any setoff, counterclaim, recoupment, limitation or termination, or any breach or
    alleged breach by the Holder or any other Person of any obligation to the Company or any violation or alleged violation of law by
    the Holder or any other Person, and irrespective of any other circumstance which might otherwise limit such obligation of the Company
    to the Holder in connection with the issuance of such Conversion Shares; provided, however, that such delivery shall not operate
    as a waiver by the Company of any such action the Company may have against the Holder. In the event a Holder of this Note shall elect
    to convert any or all of the outstanding principal amount hereof, the Company may not refuse conversion based on any claim that the
    Holder or any one associated or affiliated with the Holder of has been engaged in any violation of law, agreement or for any other
    reason, unless, an injunction from a court, on notice, restraining and or enjoining conversion of all or part of this Note shall
    have been sought and obtained and the Company posts a surety bond for the benefit of the Holder in the amount of 150% of the principal
    amount of this Note outstanding, which is subject to the injunction, which bond shall remain in effect until the completion of arbitration/litigation
    of the dispute and the proceeds of which shall be payable to such Holder to the extent it obtains judgment. In the absence of an
    injunction precluding the same, the Company shall issue Conversion Shares or, if applicable, cash, upon a properly noticed conversion.
    Nothing herein shall limit a Holder’s right to pursue actual damages or declare an Event of Default pursuant to Section 7 herein
    for the Company’s failure to deliver Conversion Shares 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. The exercise of any such rights shall not prohibit the Holders from seeking to enforce damages pursuant to any
    other Section hereof or under applicable law. In the absence of such injunction, the Company shall issue Conversion Shares or, if
    applicable, cash, upon a properly noticed conversion. If the Company fails for any reason to deliver to the Holder such certificate
    or certificates pursuant to Section 4(d)(ii) by the third Trading Day after the Conversion Date, the Company shall pay to the Holder,
    in cash, as liquidated damages and not as a penalty, for each $1,000 of principal amount being converted, $10 per Trading Day (increasing
    to $20 per Trading Day on the fifth (5th) Trading Day after such liquidated damages begin to accrue) for each Trading Day after such
    third (3rd) Trading Day until such certificates are delivered. Nothing herein shall limit a Holder’s right to pursue actual
    damages or declare an Event of Default pursuant to Section 7 hereof for the Company’s failure to deliver Conversion Shares
    within the period specified herein and the Holder shall have the right to pursue all remedies available to it hereunder, at law or
    in equity including, without limitation, a decree of specific performance and/or injunctive relief. 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.

 

    	 	-8-	 

     

    

 

	 	(v)	Compensation
    for Buy-In on Failure to Timely Deliver Certificates Upon Conversion. In addition to any other rights available to the Holder,
    if the Company fails for any reason to deliver to the Holder such certificate or certificates by the Share Delivery Date pursuant
    to Section 4(d)(ii), and if after such Share Delivery Date the Holder is required by its brokerage firm to purchase (in an open market
    transaction or otherwise), or the Holder’s brokerage firm otherwise purchases, shares of Common Stock to deliver in satisfaction
    of a sale by the Holder of the Conversion Shares which the Holder was entitled to receive upon the conversion relating to such Share
    Delivery Date (a “Buy-In”), then the Company shall (A) pay in cash to the Holder (in addition to any other remedies available
    to or elected by the Holder) the amount by which (x) the Holder’s total purchase price (including any brokerage commissions)
    for the Common Stock so purchased exceeds (y) the product of (1) the aggregate number of shares of Common Stock that the Holder was
    entitled to receive from the conversion at issue multiplied by (2) the actual sale price at which the sell order giving rise to such
    purchase obligation was executed (including any brokerage commissions) and (B) at the option of the Holder, either reissue (if surrendered)
    this Note in a principal amount equal to the principal amount of the attempted conversion or deliver to the Holder the number of
    shares of Common Stock that would have been issued if the Company had timely complied with its delivery requirements under Section
    4(d)(ii). For example, if the Holder purchases Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect
    to an attempted conversion of this Note with respect to which the actual sale price of the Conversion Shares (including any brokerage
    commissions) giving rise to such purchase obligation was a total of $10,000 under clause (A) of the immediately preceding sentence,
    the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts
    payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein
    shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without
    limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver
    certificates representing shares of Common Stock upon conversion of this Note as required pursuant to the terms hereof.
	 	 	 
	 	(vi)	Reservation
    of Shares Issuable Upon Conversion. The Company covenants that it will at all times reserve and keep available out of its authorized
    and unissued shares of Common Stock for the sole purpose of issuance upon conversion of this Note , as herein provided, free from
    preemptive rights or any other actual contingent purchase rights of Persons other than the Holder (and the other holders of the Notes),
    not less than three times the aggregate number of shares of the Common Stock as shall (subject to the terms and conditions set forth
    in the Purchase Agreement) issuable (taking into account the adjustments and restrictions thereunder ) upon the conversion of the
    outstanding principal amount of this Note and payment of interest hereunder. The Company covenants that all shares of Common Stock
    that shall be so issuable shall, upon issue, be duly authorized, validly issued, fully paid and nonassessable and, if the Registration
    Statement is then effective under the Securities Act, shall be registered for public sale in accordance with such Registration Statement.
	 	 	 
	 	(vii)	Fractional
    Shares. No fractional shares or scrip representing fractional shares shall be issued upon the conversion of this Note. As to any
    fraction of a share which Holder would otherwise be entitled to purchase upon such conversion, the Company shall at its election,
    either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the Conversion Price
    or round up to the next whole share.
	 	 	 
	 	(viii)	Transfer
    Taxes. The issuance of certificates for shares of the Common Stock on conversion of this Note shall be made without charge to the
    Holder hereof for any documentary stamp or similar taxes that may be payable in respect of the issue or delivery of such certificates,
    provided that, the Company shall not be required to pay any tax that may be payable in respect of any transfer involved in the issuance
    and delivery of any such certificate upon conversion in a name other than that of the Holder of this Note so converted and the Company
    shall not be required to issue or deliver such certificates unless or until the person or persons requesting the issuance thereof
    shall have paid to the Company the amount of such tax or shall have established to the satisfaction of the Company that such tax
    has been paid. The Company shall be responsible for all charges of the Transfer Agent in connection with the conversion of the Notes
    as well as charges incurred for legal opinions in connection with such conversions.

 

    	 	-9-	 

     

    

 

Section
5. Redemption; Automatic Conversion.

 

	 	(a)	Optional
    Redemption at Election of Company. Subject to the provisions of this Section 5(a), at any time after the Original Issue Date,
    the Company may, deliver a written notice to the Holder (an “Optional Redemption Notice” and the date such notice
    is deemed delivered hereunder, the “Optional Redemption Notice Date”) of its irrevocable election to redeem all
    of the then outstanding principal amount of this Note for cash in an amount equal to the Optional Redemption Amount on the 20th
    Trading Day following the Optional Redemption Notice Date (such date, the “Optional Redemption Date”, such
    20 Trading Day period, the “Optional Redemption Period” and such redemption, the “Optional Redemption”).
    The Optional Redemption Amount is payable in full on the Optional Redemption Date. The Company’s determination to pay an Optional
    Redemption in cash shall be applied ratably to all of the holders of the then outstanding Notes based on their (or their predecessor’s)
    initial purchases of Notes pursuant to the Purchase Agreement. 
	 	 	 
	 	(b)	Monthly
    Redemption. On each Monthly Redemption Date, the Company shall redeem a portion of the Note equal to the Monthly Redemption Amount
    (the “Monthly Redemption”) at 110% of the principal amount thereof plus accrued and unpaid interest and all other
    amounts to the redemption date. The Monthly Redemption Amount payable on each Monthly Redemption Date shall be paid in cash.
	 	 	 
	 	(c)	Redemption
    Procedure. The payment of cash pursuant to an Optional Redemption or a Monthly Redemption shall be payable on the Optional Redemption
    Date and Monthly Redemption Date, as applicable. If any portion of the payment pursuant to an Optional Redemption or Monthly Redemption
    shall not be paid by the Company by the applicable due date, an Event of Default shall be deemed to have occurred under this Note.
    Notwithstanding anything to the contrary in this Section 5, the Company’s determination to redeem in cash shall be applied
    ratably among the Holders of Notes. 
	 	 	 
	 	(d)	Fractional
    Shares. No fractional shares are to be issued upon the conversion of this Note, but rather the number of shares of Common Stock
    to be issued shall be rounded to the nearest whole number. To the extent that rounding up to the nearest whole number would result
    in a violation of Section 4(d)(vi), the Company shall pay the applicable converting Holder an amount in cash equal to the
    fractional share amount multiplied by the Closing Bid Price for the Common Stock on the such date of conversion. 
	 	 	 
	 	(e)	Mandatory
    Prepayment. The Company shall be required to offer to prepay in cash the aggregate principal amount of the Notes at 120%
    of the principal amount thereof plus any unpaid accrued interest to the prepayment date if within the first six months or at 125%
    of the principal amount thereof plus accrued interest to the prepayment date if on or after the six month anniversary, on the sale
    of all or substantially all of the assets of the Company or its subsidiaries, taken as a whole, or upon a Change of Control, on upon
    a Qualified Offering, and at Maturity. Such payment shall be made on the date of each of the events specified above and in each case
    the Company shall if practical have provided 20 days’ notice to Holders. 

 

    	 	-10-	 

     

    

 

Section
6. Negative Covenants. As long as any portion of this Note remains outstanding, unless the Holder shall have otherwise given
prior written consent, the Company shall not, and shall not permit any of its Subsidiaries (whether or not a Subsidiary on the Original
Issue Date) to, directly or indirectly:

 

	 	(a)	other
    than Permitted Indebtedness, enter into, create, incur, assume, guarantee or suffer to exist any indebtedness for borrowed money
    of any kind, including, but not limited to, a guarantee, 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 therefrom;
	 	 	 
	 	(b)	other
    than Permitted Liens, enter into, create, incur, assume or suffer to exist any Liens of any kind, on or with respect to any of its
    property or assets now owned either individually or jointly or hereafter acquired or any interest therein or any income or profits
    therefrom, including without limitation any of its intellectual property or otherwise pledge, dispose of or sublicense or consent
    to the assignment any of its intellectual property;
	 	 	 
	 	(c)	amend
    its charter documents, including, without limitation, its certificate of incorporation and bylaws, in any manner that materially
    and adversely affects any rights of the Holder;
	 	 	 
	 	(d)	repay,
    repurchase or offer to repay, repurchase or otherwise acquire more than a de minimis number of shares of its Common Stock
    or Common Stock Equivalents of the Company or its Subsidiaries other than as to (i) the Conversion Shares as permitted or required
    under the Transaction Documents and (ii) repurchases of Common Stock or Common Stock Equivalents of Company departing officers and
    directors of the Company, provided that such repurchases shall not exceed an aggregate of $100,000 for all officers and directors
    during the term of this Note;
	 	 	 
	 	(e)	repay,
    repurchase or offer to repay, repurchase or otherwise acquire, or make any principal, interest or amortization payment on any Indebtedness
    (including the Company’s Convertible Promissory Notes due July 2022), other than the Notes if on a pro-rata basis; provided
    that the foregoing shall not prevent the Company from repaying indebtedness incurred in the ordinary course business pursuant to
    clause (c) or (d) of Permitted Indebtedness (other than indebtedness owing to officers, directors, employees or affiliates of the
    Company and its Subsidiaries and other than the existing convertible notes) in accordance with its terms;
	 	 	 
	 	(f)	pay
    cash dividends or distributions on any equity securities of the Company or its subsidiaries;
	 	 	 
	 	(g)	other
    than payment of customary salaries, bonuses benefits, to officers, directors or employees of the Company and its Subsidiaries pursuant
    to agreements in effect on the Issue Date, enter into any transaction with any Affiliate of the Company, unless such transaction
    is made on an arm’s-length basis and expressly approved by a majority of the disinterested directors of the Company (even if
    less than a quorum otherwise required for board approval), provided, that any transaction in excess of $50,000 shall require the
    approval of the Holder;
	 	 	 
	 	(h)	commence
    a case or other proceeding under any bankruptcy, reorganization, arrangement, adjustment of debt, relief of debtors, dissolution,
    insolvency or liquidation or similar law of any jurisdiction relating to the Company or any Significant Subsidiary thereof, or (ii)
    make a general assignment for the benefit of creditors, (iii) call a meeting of its creditors with a view to arranging a composition,
    adjustment or restructuring of its debts or (g) indicates its consent to, approval of or acquiescence in any of the foregoing or
    takes any corporate or other action for the purpose of effecting any of the foregoing; or

 

    	 	-11-	 

     

    

 

 

	 	(i)	enter
    into any agreement with respect to any of the foregoing.

 

Section
7. Events of Default.

 

	 	(a)	“Event
    of Default” means, wherever used herein, any of the following events occurring on or after the issuance of this Note (whatever
    the reason for such event and whether such event 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)	any
    default in the payment of (A) the principal amount of any Note or (B) interest, liquidated damages and other amounts owing to a Holder
    on any Note, as and when the same shall become due and payable (whether on a Conversion Date or the Maturity Date or by acceleration
    or otherwise) which default, solely in the case of an interest payment or other default under clause (B) above, is not cured within
    5 Trading Days;
	 	 	 
	 	(ii)	the
    Company, any of its Subsidiaries shall fail to observe or perform any other covenant or agreement contained in the Notes (other than
    a breach by the Company of its obligations to deliver shares of Common Stock to the Holder upon conversion, which breach is addressed
    in clause (xi) below) which failure is not cured, if possible to cure, within the earlier to occur of (A) 5 Trading Days after notice
    of such failure sent by the Holder or by any other Holder to the Company and (B) 10 Trading Days after the Company has become or
    should have become aware of such failure;
	 	 	 
	 	(iii)	a
    default or event of default (subject to any grace or cure period provided in the applicable agreement, document or instrument) shall
    occur under (A) any of the Transaction Documents or (B)) any other material agreement, lease, document or instrument to which the
    Company or any Subsidiary is obligated or (C) any indebtedness for borrowed money in excess of $100,000;
	 	 	 
	 	(iv)	any
    representation or warranty made in this Note, any other Transaction Documents, any written statement pursuant hereto or thereto or
    any other report, financial statement or certificate made or delivered to the Holder or any other Holder shall be untrue or incorrect
    in any material respect as of the date when made or deemed made;
	 	 	 
	 	(v)	the
    Company or any Significant Subsidiary (as such term is defined in Rule 1-02(w) of Regulation S-X) shall be subject to a Bankruptcy
    Event;
	 	 	 
	 	(vi)	after
    the Qualified Offering, the Common Stock shall not be eligible for listing or quotation for trading on a Trading Market and shall
    not be eligible to resume listing or quotation for trading thereon within five Trading Days;

 

    	 	-12-	 

     

    

 

	 	(vii)	after
    the Qualified Offering, the Company does not meet the current public information requirements under Rule 144 and/or the Investor
    is not able to sell and of the shares underlying the Note pursuant to Rule 144 or otherwise as a result of any actions or inactions
    of the Company;
	 	 	 
	 	(viii)	any
    monetary judgment, writ or similar final process shall be entered or filed against the Company, any subsidiary, or any of their respective
    property or other assets for more than $100,000, and such judgment, writ or similar final process shall remain unvacated, unbonded
    or unstayed for a period of 45 calendar days; or
	 	 	 
	 	(ix)	any
    of the worldwide license agreement with Aquanova AG, the agreement with Murdoch Children’s Research Institute in Melbourne
    Australia, or the agreement with the National Institute on Aging shall have been modified in a manner materially adversely to the
    Holder. 

 

	 	(b)	Remedies
    Upon Event of Default. If any Event of Default occurs, the outstanding principal amount of this Note, plus accrued but unpaid
    interest, liquidated damages and other amounts owing in respect thereof through the date of acceleration, shall become, at the Holder’s
    election, immediately due and payable in cash at the Mandatory Default Amount. Commencing 5 days after the occurrence of any Event
    of Default that results in the eventual acceleration of this Note, the interest rate on this Note shall accrue at an interest rate
    equal to the lesser of 18% per annum or the maximum rate permitted under applicable law. At Holder’s option, it shall be entitled
    to be paid all such amounts due including late fees, if any, in cash or from time to time after the Qualified Offering in common
    stock with the conversion price of the common stock equal to a 30% discount to the lowest closing price of the common stock for the
    20 prior Trading Days. Upon the payment in full of the Mandatory Default Amount, the Holder shall promptly surrender this Note to
    or as directed by the Company. In connection with such acceleration described herein, the Holder need not provide, and the Company
    hereby waives, any presentment, demand, protest or other notice of any kind, and the Holder may immediately and without expiration
    of any grace period enforce any and all of its rights and remedies hereunder and all other remedies available to it under applicable
    law. Such acceleration may be rescinded and annulled by Holder at any time prior to payment hereunder and the Holder shall have all
    rights as a holder of the Note until such time, if any, as the Holder receives full payment pursuant to this Section 7(b). No such
    rescission or annulment shall affect any subsequent Event of Default or impair any right consequent thereon.

 

Section
8. Miscellaneous.

 

	 	(a)	Notices.
    Any and all notices or other communications or deliveries to be provided by the Holder hereunder, including, without limitation,
    any Notice of Conversion, shall be in writing and delivered personally, by facsimile or email, or sent by a nationally recognized
    overnight courier service, addressed to the Company or the Holder in accordance with the notice provisions of the Purchase Agreement.
	 	 	 
	 	(b)	Absolute
    Obligation. Except as expressly provided herein, no provision of this Note shall alter or impair the obligation of the Company,
    which is absolute and unconditional, to pay the principal of, liquidated damages and accrued interest, as applicable, on this Note
    at the time, place, and rate, and in the coin or currency, herein prescribed. This Note is a direct debt obligation of the Company.
    This Note ranks pari passu with all other Notes now or hereafter issued under the terms set forth herein.

 

    	 	-13-	 

     

    

  

	 	(c)	Lost
    or Mutilated Note. If this Note shall be mutilated, lost, stolen or destroyed, the Company shall execute and deliver, in exchange
    and substitution for and upon cancellation of a mutilated Note, or in lieu of or in substitution for a lost, stolen or destroyed
    Note, a new Note for the principal amount of this Note so mutilated, lost, stolen or destroyed, but only upon receipt of evidence
    of such loss, theft or destruction of such Note, and of the ownership hereof, reasonably satisfactory to the Company.
	 	 	 
	 	(d)	Governing
    Law. All questions concerning the construction, validity, enforcement and interpretation of this Note shall be governed by and
    construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflict
    of laws thereof, except to the extent that the laws of the State of Delaware are required by the Delaware General Corporation Law
    to apply to the issuance of any shares of Common Stock, in which case such laws shall apply. Each party agrees that all legal proceedings
    concerning the interpretation, enforcement and defense of the transactions contemplated by any of the Transaction Documents (whether
    brought against a party hereto or its respective Affiliates, directors, officers, shareholders, employees or agents) shall be commenced
    in the state and federal courts sitting in the City of New York, Borough of Manhattan (the “New York Courts”).
    Each party hereto hereby irrevocably submits to the exclusive jurisdiction of the New York Courts for the adjudication of any dispute
    hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the
    enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any suit, action or
    proceeding, any claim that it is not personally subject to the jurisdiction of such New York Courts, or such New York Courts are
    improper or inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents
    to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight
    delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Note and agrees that such
    service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit
    in any way any right to serve process in any other manner permitted by applicable law. Each party hereto hereby irrevocably waives,
    to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating
    to this Note or the transactions contemplated hereby. If the Holder shall commence an action or proceeding to enforce any provisions
    of this Note, then it shall be reimbursed by the Company for its attorney’s fees and other costs and expenses incurred in the
    investigation, preparation and prosecution of such action or proceeding.
	 	 	 
	 	(e)	Waiver;
    Amendment. Any waiver by the Company, or the Holder of a breach of any provision of this Note 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 Note. The failure of the Company,
    or the Holder to insist upon strict adherence to any term of this Note 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 Note. Any waiver
    by the Company, or the Holder must be in writing. No provision of this Agreement may be waived or amended except in a written instrument
    signed, in the case of amendments, by the Company and the Holder or, in the case of a waiver, by the party against whom enforcement
    of any such waiver is sought.

 

    	 	-14-	 

     

    

 

	 	(f)	Severability.
    If any provision of this Note is invalid, illegal or unenforceable, the balance of this Note 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 violates the applicable law governing usury, the
    applicable rate of interest due hereunder shall automatically be lowered to equal the maximum rate of interest permitted under applicable
    law. 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 Note 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 impede 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.
	 	 	 
	 	(g)	Next
    Business Day. 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.
	 	 	 
	 	(h)	Headings.
    The headings contained herein are for convenience only, do not constitute a part of this Note and shall not be deemed to limit or
    affect any of the provisions hereof.
	 	 	 
	 	(i)	Assumption.
    Any successor to the Company or any surviving entity of a merger with the Company shall (i) assume, prior to such merger, all of
    the obligations of the Company under this Note and the other Transaction Documents pursuant to written agreements in form and substance
    satisfactory to the Holder (such approval not to be unreasonably withheld or delayed) and (ii) issue to the Holder a new Note of
    such successor entity evidenced by a written instrument substantially similar in form and substance to this Note, including, without
    limitation, having a principal amount and interest rate equal to the principal amount and the interest rate of this Note and having
    similar ranking to this Note, which shall be satisfactory to the Holder (any such approval not to be unreasonably withheld or delayed).
    The provisions of this Section 8(i) shall apply similarly and equally to successive mergers and shall be applied without regard to
    any limitations of this Note.
	 	 	 
	 	(j)	Senior
    Secured Obligation. The Note is a senior obligation of the Company. The obligations of the Company under this Note are secured
    by a first lien on all of the current and future assets of the Company, in each case pursuant to the Security Agreement, dated as
    of the date hereof between the Company and Holder and the IP Security Agreement between the Company and the Holder.

 

*********************

 

(Signature
Pages Follow)

 

    	 	-15-	 

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Note to be duly executed by a duly authorized officer as of the date first above indicated.

 

	 	JUPITER
    NEUROSCIENCES, INC.
	 	 
	 	By:
    	/s/
    Christer Rosén
	 	Name:
    	Christer
    Rosén
	 	Title:
    	CEO
    
	 	 	 
	 	Facsimile No. for delivery of Notices: 

 

    	 	-16-	 

     

    

 

ANNEX A

 

NOTICE
OF CONVERSION

 

The
undersigned hereby elects to convert principal under the 10% Senior Secured Note of Jupiter Neurosciences, Inc., a Delaware corporation
(the “Company”), due on April 11, 2023, into shares of common stock, of the Company (the “Common Stock”),
according to the conditions hereof, as of the date written below. If shares are to be issued in the name of a person other than the undersigned,
the undersigned will pay all transfer taxes payable with respect thereto and is delivering herewith such certificates and opinions as
reasonably requested by the Company in accordance therewith. No fee will be charged to the holder for any conversion, except for such
transfer taxes, if any.

 

By
the delivery of this Notice of Conversion the undersigned represents and warrants to the Company that its ownership of the Common Stock
does not exceed the amounts determined in accordance with Section 13(d) of the Exchange Act, specified under Section 4(c) of this Note.

 

The
undersigned agrees to comply with the prospectus delivery requirements under the applicable securities laws in connection with any transfer
of the aforesaid shares of Common Stock.

 

Conversion
calculations:

 

Date
to Effect Conversion:

 

Principal
Amount of Notes to be Converted:

 

Payment
of Interest in Common Stock __ yes __ no

 

If
yes, $_____________of Interest Accrued on Account of Conversion at Issue.

 

Number
of shares of Common Stock to be issued:

 

Signature:

 

Name:

 

Address:

 

Delivery
Instructions:

  

    	 	-17-	 

     

    

 

Schedule
1

 

CONVERSION
SCHEDULE

 

The
10% Original Issue Discount Senior Secured Note due on April 11, 2023 in the original principal amount of $1,111,111.11 is issued by
Jupiter Neurosciences, Inc., a Delaware corporation. This Conversion Schedule reflects conversions made under Section 4 of the above
referenced Note.

 

Dated:

 

	Date
    of Conversion (or for first entry, Original Issue Date)	 	Amount
    of Conversion	 	Aggregate
    Principal Amount Remaining Subsequent To Conversion (or original Principal Amount)	 	Company
    Attest
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

    	 	-18-Exhibit
10.27

 

SECURITY
AGREEMENT

 

SECURITY
AGREEMENT, dated as of April 11, 2022 (this “Agreement”), between Jupiter Neurosciences, Inc., a Delaware corporation
(the “Company” or the “Debtor” and collectively with any other Debtor from time to time hereunder,
the “Debtors”) and the holders of the Company’s 10% Senior Secured Notes due April 11, 2023 in aggregate principal
amount of $1,111,111.11 (the “Notes”), signatory hereto, its endorsees, transferees and assigns (individually referred
to as, the “Secured Party” and collectively referred to as, the “Secured Parties”).

 

W
I T N E S S E T H:

 

WHEREAS,
pursuant to the Notes, the Secured Party agreed to extend the loan to the Company evidenced by the Notes;

 

WHEREAS,
in order to induce the Secured Party to extend the loan evidenced by the Notes, each Debtor has agreed to execute and deliver to the
Secured Party this Agreement and to grant the Secured Party a perfected security interest in all of the property of the Debtors to secure
the prompt payment, performance and discharge in full of all of the Debtors’ obligations under the Note and the other Transaction
Documents and the documents entered into in connection therewith;

 

NOW,
THEREFORE, in consideration of the agreements herein contained and for other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the parties hereto hereby agree as follows:

 

Section
1. Certain Definitions. As used in this Agreement, the following terms shall have the meanings set forth in this Section 1. Terms
used but not otherwise defined in this Agreement that are defined in Article 9 of the UCC (such as “account”, “chattel
paper”, “commercial tort claim”, “deposit account”, “document”, “equipment”, “fixtures”,
“general intangibles”, “goods”, “instruments”, “inventory”, “investment property”,
“letter-of-credit rights”, “proceeds” and “supporting obligations”) shall have the respective meanings
given such terms in Article 9 of the UCC.

 

	 	(a)	“Collateral”
    means the collateral in which the Secured Party is granted a security interest by this Agreement and which shall include the following
    personal property of the Debtor, whether presently owned or existing or hereafter acquired or coming into existence, wherever situated,
    and all additions and accessions thereto and all substitutions and replacements thereof, and all proceeds, products and accounts
    thereof, including, without limitation, all proceeds from the sale or transfer of the Collateral and of insurance covering the same
    and of any tort claims in connection therewith, and all dividends, interest, cash, notes, securities, equity interest or other property
    at any time and from time to time acquired, receivable or otherwise distributed in respect of, or in exchange for, any or all of
    the Pledged Securities (as defined below):

 

	 	(i)	All
    goods, including, without limitations, (A) all machinery, equipment, computers, motor vehicles, trucks, tanks, boats, ships, appliances,
    furniture, special and general tools, fixtures, test and quality control devices and other equipment of every kind and nature and
    wherever situated, together with all documents of title and documents representing the same, all additions and accessions thereto,
    replacements therefor, all parts therefor, and all substitutes for any of the foregoing and all other items used in connection with
    any Debtor’s businesses and all improvements thereto; and (B) all inventory;

 

    		Page 1 of 26	 

     

    

 

	 	(ii)	All
    contract rights and other general intangibles, including, without limitation, all partnership interests, stock or other securities,
    rights under any of the Organizational Documents, agreements related to the Pledged Securities, licenses, distribution and other
    agreements, computer software (whether “off-the-shelf”, licensed from any third party or developed by any Debtor), computer
    software development rights, leases, franchises, customer lists, quality control procedures, grants and rights, goodwill, trademarks,
    service marks, trade styles, trade names, patents, patent applications, copyrights, Intellectual Property, and income tax refunds;
	 	 	 
	 	(iii)	All
    accounts, together with all instruments, all documents of title representing any of the foregoing, all rights in any merchandising,
    goods, equipment, motor vehicles and trucks which any of the same may represent, and all right, title, security and guaranties with
    respect to each account, including any right of stoppage in transit;
	 	 	 
	 	(iv)	All
    documents, letter-of-credit rights, instruments and chattel paper;
	 	 	 
	 	(v)	All
    commercial tort claims or other litigation claims of any Debtor of any type, including against parties covered by directors’
    and officers’ insurance of any Debtor;
	 	 	 
	 	(vi)	All
    deposit accounts and all cash (whether or not deposited in such deposit accounts);
	 	 	 
	 	(vii)	All
    investment property;
	 	 	 
	 	(viii)	All
    supporting obligations;
	 	 	 
	 	(ix)	All
    files, records, books of account, business papers, and computer programs;
	 	 	 
	 	(x)	All
    accounts receivable; and
	 	 	 
	 	(xi)	the
    products and proceeds of all of the foregoing Collateral set forth in Section 1(a)(i) through Section 1(a)(x).

 

    		Page 2 of 26	 

     

    

  

Without
limiting the generality of the foregoing, the “Collateral” shall include all investment property and general intangibles
respecting ownership and/or other equity interests in the Company and each Subsidiary, including, without limitation, the shares of capital
stock and the other equity interests (including LLC interests) listed on Schedule H hereto (as the same may be modified from time
to time pursuant to the terms hereof), and any other shares of capital stock and/or other equity interests (including LLC interests)
of any other direct or indirect subsidiary of any Debtor obtained in the future, and, in each case, all certificates representing such
shares and/or equity interests and, in each case, all rights, options, warrants, stock, other securities and/or equity interests (including
LLC interests) that may hereafter be received, receivable or distributed in respect of, or exchanged for, any of the foregoing (all of
the foregoing being referred to herein as the “Pledged Securities”) and all rights arising under or in connection
with the Pledged Securities, including, but not limited to, all dividends, interest and cash.

 

Notwithstanding
the foregoing, nothing herein shall be deemed to constitute an assignment of any asset which, in the event of an assignment, becomes
void by operation of applicable law or the assignment of which is otherwise prohibited by applicable law (in each case to the extent
that such applicable law is not overridden by Sections 9-406, 9-407 and/or 9-408 of the UCC or other similar applicable law); provided,
however, that to the extent permitted by applicable law, this Agreement shall create a valid security interest in such asset and, to
the extent permitted by applicable law, this Agreement shall create a valid security interest in the proceeds of such asset.

 

	 	(b)	“Intellectual
    Property” means the collective reference to all rights, priorities and privileges relating to intellectual property, whether
    arising under United States, multinational or foreign laws or otherwise, including, without limitation, (i) all copyrights arising
    under the laws of the United States, any other country or any political subdivision thereof, whether registered or unregistered and
    whether published or unpublished, all registrations and recordings thereof, and all applications in connection therewith, including,
    without limitation, all registrations, recordings and applications in the United States Copyright Office, (ii) all letters patent
    of the United States, any other country or any political subdivision thereof, all reissues and extensions thereof, and all applications
    for letters patent of the United States or any other country and all divisions, continuations and continuations-in-part thereof,
    (iii) all trademarks, trade names, corporate names, company names, business names, fictitious business names, trade dress, service
    marks, logos, domain names and other source or business identifiers, and all goodwill associated therewith, now existing or hereafter
    adopted or acquired, all registrations and recordings thereof, and all applications in connection therewith, whether in the United
    States Patent and Trademark Office or in any similar office or agency of the United States, any State thereof or any other country
    or any political subdivision thereof, or otherwise, and all common law rights related thereto, (iv) all trade secrets arising under
    the laws of the United States, any other country or any political subdivision thereof, (v) all rights to obtain any reissues, renewals
    or extensions of the foregoing, (vi) all licenses for any of the foregoing, and (vii) all causes of action for infringement of the
    foregoing.

 

    		Page 3 of 26	 

     

    

 

	 	(c)	“Necessary
    Endorsement” shall mean undated stock powers endorsed in blank or other proper instruments of assignment duly executed
    and such other instruments or documents as the Secured Parties may reasonably request.
	 	 	 
	 	(d)	“Obligations”
    means all of the Debtors’ obligations under this Agreement, the other Transaction Documents and any other instruments, agreements
    or other documents executed and/or delivered in connection herewith or therewith, in each case, whether now or hereafter existing,
    voluntary or involuntary, direct or indirect, absolute or contingent, liquidated or unliquidated, whether or not jointly owed with
    others, and whether or not from time to time decreased or extinguished and later increased, created or incurred, and all or any portion
    of such obligations or liabilities that are paid, to the extent all or any part of such payment is avoided or recovered directly
    or indirectly from the Secured Party as a preference, fraudulent transfer or otherwise as such obligations may be amended, supplemented,
    converted, extended or modified from time to time. Without limiting the generality of the foregoing, the term “Obligations”
    shall include, without limitation: (i) principal of, and interest on the Notes and the loans extended pursuant thereto; (ii) any
    and all other fees, indemnities, costs, obligations and liabilities of the Debtor from time to time under or in connection with this
    Agreement, the other Transaction Documents and any other instruments, agreements or other documents executed and/or delivered in
    connection herewith or therewith; and (iii) all amounts (including but not limited to post-petition interest) in respect of the foregoing
    that would be payable but for the fact that the obligations to pay such amounts are unenforceable or not allowable due to the existence
    of a bankruptcy, reorganization or similar proceeding involving any Debtor.
	 	 	 
	 	(e)	“Organizational
    Documents” means with respect to any Debtor, the documents by which such Debtor was organized (such as a certificate of
    incorporation, certificate of limited partnership or articles of organization, and including, without limitation, any certificates
    of designation for preferred stock or other forms of preferred equity) and which relate to the internal governance of such Debtor
    (such as bylaws, a partnership agreement or an operating, limited liability or members’ agreement).
	 	 	 
	 	(f)	“UCC”
    means the Uniform Commercial Code of the State of New York and or any other applicable law of any state or states which has jurisdiction
    with respect to all, or any portion of, the Collateral or this Agreement, from time to time. It is the intent of the parties that
    defined terms in the UCC should be construed in their broadest sense so that the term “Collateral” will be construed
    in its broadest sense. Accordingly, if there are, from time to time, changes to defined terms in the UCC that broaden the definitions,
    they are incorporated herein and if existing definitions in the UCC are broader than the amended definitions, the existing ones shall
    be controlling.

 

Section
2. Grant of Perfected Security Interest. As an inducement for the Secured Party to extend the loan as evidenced by the Note and
to secure the complete and timely payment, performance and discharge in full, as the case may be, of all of the Obligations, each Debtor
hereby unconditionally and irrevocably pledges, grants and hypothecates to the Secured Party a continuing and perfected first priority
security interest in and to, a lien upon and a right of set-off against all of their respective right, title and interest of whatsoever
kind and nature in and to, the Collateral (the “Security Interest”).

 

    		Page 4 of 26	 

     

    

 

Section
3. Delivery of Certain Collateral. Contemporaneously or prior to the execution of this Agreement, each Debtor shall deliver or
cause to be delivered to the Secured Party (a) any and all certificates and other instruments representing or evidencing the Pledged
Securities, and (b) any and all certificates and other instruments or documents representing any of the other Collateral, in each case,
together with all Necessary Endorsements. The Debtors are, contemporaneously with the execution hereof, delivering to the Secured Party,
or have previously delivered to the Secured Party a true and correct copy of each Organizational Document governing any of the Pledged
Securities.

 

Section
4. Representations, Warranties, Covenants and Agreements of the Debtors. Each Debtor represents and warrants to, and covenants
and agrees with, the Secured Party as follows:

 

	 	(a)	Each
    Debtor has the requisite corporate, partnership, limited liability company or other power and authority to enter into this Agreement
    and otherwise to carry out its obligations hereunder. The execution, delivery and performance by each Debtor of this Agreement and
    the filings contemplated therein have been duly authorized by all necessary action on the part of such Debtor and no further action
    is required by such Debtor. This Agreement has been duly executed by each Debtor. This Agreement constitutes the legal, valid and
    binding obligation of each Debtor, enforceable against each Debtor in accordance with its terms except as such enforceability may
    be limited by applicable bankruptcy, insolvency, reorganization and similar laws of general application relating to or affecting
    the rights and remedies of creditors and by general principles of equity.
	 	 	 
	 	(b)	The
    Debtors have no place of business or offices where their respective books of account and records are kept (other than temporarily
    at the offices of its attorneys or accountants) or places where Collateral is stored or located, except as set forth on Schedule
    A attached hereto. Except as specifically set forth on Schedule A, each Debtor is the record owner of the real property
    where such Collateral is located, and there exist no mortgages or other liens on any such real property. Except as disclosed on Schedule
    A, none of such Collateral is in the possession of any consignee, bailee, warehouseman, agent or processor.
	 	 	 
	 	(c)	Except
    as set forth on Schedule B attached hereto, the Debtors are the sole owner of the Collateral, free and clear of any liens,
    security interests, encumbrances, rights or claims, and are fully authorized to grant the Security Interest. Except as set forth
    on Schedule B, there is not on file in any governmental or regulatory authority, agency or recording office an effective financing
    statement, security agreement, license or transfer or any notice of any of the foregoing (other than those that will be filed in
    favor of the Secured Party pursuant to this Agreement) covering or affecting any of the Collateral. So long as this Agreement shall
    be in effect, the Debtors shall not execute and shall not knowingly permit to be on file in any such office or agency any such financing
    statement or other document or instrument (except to the extent filed or recorded as of the date hereof or in favor of the Secured
    Party pursuant to the terms of this Agreement).

 

    		Page 5 of 26	 

     

    

 

	 	(d)	No
    written claim has been received that any Collateral or Debtor’s use of any Collateral violates the rights of any third party.
    There has been no adverse decision to any Debtor’s claim of ownership rights in or exclusive rights to use the Collateral in
    any jurisdiction or to any Debtor’s right to keep and maintain such Collateral in full force and effect, and there is no proceeding
    involving said rights pending or, to the best knowledge of any Debtor, threatened before any court, judicial body, administrative
    or regulatory agency, arbitrator or other governmental authority.
	 	 	 
	 	(e)	Each
    Debtor shall at all times maintain its books of account and records relating to the Collateral at its principal place of business
    and its Collateral at the locations set forth on Schedule A attached hereto and may not relocate such books of account and
    records or tangible Collateral unless it delivers to the Secured Party at least 30 days prior to such relocation (i) written notice
    of such relocation and the new location thereof (which must be within the United States) and (ii) evidence that appropriate financing
    statements under the UCC and other necessary documents have been filed and recorded and other steps have been taken to perfect the
    Security Interest to create in favor of the Secured Party a valid, perfected and continuing perfected lien in the Collateral.
	 	 	 
	 	(f)	This
    Agreement creates in favor of the Secured Party a valid, first security interest in the Collateral, securing the payment and performance
    of the Obligations. Upon making the filings described in the immediately following paragraph, all security interests created hereunder
    in any Collateral which may be perfected by filing Uniform Commercial Code financing statements and requisite Intellectual Property
    filings shall have been duly perfected. Except for the filing of the Uniform Commercial Code financing statements referred to in
    the immediately following paragraph and the making of the requisite Intellectual Property filings, no action is necessary to create,
    perfect or protect the security interests created hereunder. Without limiting the generality of the foregoing, except for the filing
    of said financing statements and Intellectual Property filings, no consent of any third parties and no authorization, approval or
    other action by, and no notice to or filing with, any governmental authority or regulatory body is required for (i) the execution,
    delivery and performance of this Agreement, (ii) the creation or perfection of the Security Interests created hereunder in the Collateral
    or (iii) the enforcement of the rights of the Secured Parties hereunder.
	 	 	 
	 	(g)	Each
    Debtor hereby authorizes the Secured Parties, or any of them, to file one or more financing statements under the UCC, with respect
    to the Security Interest and to make the requisite Intellectual Property filings with the proper filing and recording agencies in
    any jurisdiction deemed proper by them.

 

    		Page 6 of 26	 

     

    

 

	 	(h)	The
    execution, delivery and performance of this Agreement by the Debtors does not (i) violate any of the provisions of any Organizational
    Documents of any Debtor or any judgment, decree, order or award of any court, governmental body or arbitrator or any applicable law,
    rule or regulation applicable to any Debtor or (ii) conflict with, or constitute a default (or an event that with notice or lapse
    of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation
    (with or without notice, lapse of time or both) of, any agreement, credit facility, debt or other instrument (evidencing any Debtor’s
    debt or otherwise) or other understanding to which any Debtor is a party or by which any property or asset of any Debtor is bound
    or affected. No consent (including, without limitation, from stockholders or creditors of any Debtor) is required for any Debtor
    to enter into and perform its obligations hereunder.
	 	 	 
	 	(i)	The
    capital stock and other equity interests or member interests listed on Schedule H hereto represent all of the capital stock
    and other equity of the Company and its Subsidiaries, and represents all capital stock and other equity interests owned, directly
    or indirectly, by the Company. All of the Pledged Securities are validly issued, fully paid and nonassessable, the Company is the
    legal and beneficial owner of the Pledged Securities, free and clear of any lien, security interest or other encumbrance except for
    the security interests created by this Agreement.
	 	 	 
	 	(j)	The
    ownership and other equity interests in partnerships and limited liability companies (if any) included in the Collateral (the “Pledged
    Interests”) by their express terms do not provide that they are securities governed by Article 8 of the UCC and are not
    held in a securities account or by any financial intermediary.
	 	 	 
	 	(k)	Each
    Debtor shall at all times maintain the liens and Security Interest provided for hereunder as valid and perfected first priority liens
    and security interests in the Collateral in favor of the Secured Parties until this Agreement and the Security Interest hereunder
    shall be terminated pursuant to Section 14 hereof. Each Debtor hereby agrees to defend the same against the claims of any and all
    persons and entities. Each Debtor shall safeguard and protect all Collateral for the account of the Secured Party. At the request
    of the Secured Party, each Debtor will sign and deliver to the Secured Party at any time or from time to time one or more financing
    statements pursuant to the UCC and the requisite Intellectual Property filings in form reasonably satisfactory to the Secured Party
    and will pay the cost of filing the same in all public offices wherever filing is, or is deemed by the Secured Party to be, necessary
    or desirable to effect the rights and obligations provided for herein. Without limiting the generality of the foregoing, each Debtor
    shall pay all fees, taxes and other amounts necessary to maintain the Collateral and the Security Interest hereunder, and each Debtor
    shall obtain and furnish to the Secured Party from time to time, upon demand, such releases and/or subordinations of claims and liens
    which may be required to maintain the priority of the applicable Security Interest hereunder.
	 	 	 
	 	(l)	No
    Debtor will transfer, pledge, hypothecate, encumber, license, sell or otherwise dispose of any of the Collateral without the prior
    written consent of the Secured Party.

 

    		Page 7 of 26	 

     

    

 

	 	(m)	Each
    Debtor shall keep and preserve its equipment, inventory and other tangible Collateral in good condition, repair and order (ordinary
    wear and tear excepted) and shall not operate or locate any such Collateral (or cause to be operated or located) in any area excluded
    from insurance coverage.
	 	 	 
	 	(n)	Each
    Debtor shall maintain with financially sound and reputable insurers, insurance with respect to the Collateral against loss or damage
    of the kinds and in the amounts customarily insured against by entities of established reputation having similar properties similarly
    situated and in such amounts as are customarily carried under similar circumstances by other such entities and otherwise as is prudent
    for entities engaged in similar businesses but in any event sufficient to cover the full replacement cost thereof. Each Debtor shall
    cause each insurance policy issued in connection herewith to provide, and the insurer issuing such policy to certify to the Secured
    Party that (a) the Secured Party will be named as lender loss payee and additional insured under each such insurance policy; (b)
    if such insurance be proposed to be cancelled or materially changed for any reason whatsoever, such insurer will promptly notify
    the Secured Party and such cancellation or change shall not be effective as to the Secured Party for at least thirty (30) days after
    receipt by the Secured Party of such notice, unless the effect of such change is to extend or increase coverage under the policy;
    and (c) the Secured Party will have the right (but no obligation) at its election to remedy any default in the payment of premiums
    within thirty (30) days of notice from the insurer of such default. If no Event of Default (as defined in the Note) exists and if
    the proceeds arising out of any claim or series of related claims do not exceed $50,000, loss payments in each instance will be applied
    by the applicable Debtor to the repair and/or replacement of property with respect to which the loss was incurred to the extent reasonably
    feasible, and any loss payments or the balance thereof remaining, to the extent not so applied, shall be payable to the applicable
    Debtor, provided, however, that payments received by any Debtor after an Event of Default occurs and is continuing or in excess of
    $50,000 for any occurrence or series of related occurrences shall be paid to the Secured Party and, if received by such Debtor, shall
    be held in trust for and immediately paid over to the Secured Party unless otherwise directed in writing by the Secured Party. Copies
    of such policies or the related certificates, in each case, naming the Secured Party as lender loss payee and additional insured
    shall be delivered to the Secured Party at least annually and at the time any new policy of insurance is issued.
	 	 	 
	 	(o)	Each
    Debtor shall, within ten (10) days of obtaining knowledge thereof, advise the Secured Party in sufficient detail, of any material
    change in the Collateral, and of the occurrence of any event which would have a material adverse effect on the value of the Collateral
    or on the Secured Party’s security interest therein.

 

    		Page 8 of 26	 

     

    

 

	 	(p)	Each
    Debtor shall promptly execute and deliver to the Secured Party such further deeds, mortgages, assignments, security agreements, financing
    statements or other instruments, documents, certificates and assurances and take such further action as the Secured Parties may from
    time to time request and may in its sole discretion deem necessary to perfect, protect or enforce its security interest in the Collateral
    including, without limitation, if applicable, the execution and delivery of a separate security agreement with respect to (i) each
    Debtor’s Intellectual Property (“Intellectual Property Security Agreement”) and (ii) Accounts (“Account
    Control Agreement”), in which the Secured Party have been granted a security interest hereunder, substantially in a form acceptable
    to the Secured Parties, which Intellectual Property Security Agreement and Account Control Agreement, other than as stated therein,
    shall be subject to all of the terms and conditions hereof.
	 	 	 
	 	(q)	Each
    Debtor shall permit the Secured Party and their representatives and agents to, inspect the Collateral at any time during normal business
    hours and upon reasonable notice, and to make copies of records pertaining to the Collateral as may be requested by a Secured Party
    from time to time.
	 	 	 
	 	(r)	Each
    Debtor shall take all steps reasonably necessary to diligently pursue and seek to preserve, enforce and collect any rights, claims,
    causes of action and accounts receivable in respect of the Collateral.
	 	 	 
	 	(s)	Each
    Debtor shall promptly notify the Secured Party in sufficient detail upon becoming aware of any attachment, garnishment, execution
    or other legal process levied against any Collateral and of any other information received by such Debtor that may materially affect
    the value of the Collateral, the Security Interest or the rights and remedies of the Secured Parties hereunder.
	 	 	 
	 	(t)	All
    information heretofore, herein or hereafter supplied to the Secured Party by or on behalf of any Debtor with respect to the Collateral
    is accurate and complete in all material respects as of the date furnished.
	 	 	 
	 	(u)	The
    Debtors shall at all times preserve and keep in full force and effect their respective valid existence and good standing and any
    rights and franchises material to its business.
	 	 	 
	 	(v)	No
    Debtor will change its name, type of organization, jurisdiction of organization, organizational identification number (if it has
    one), legal or corporate structure, or identity, or add any new fictitious name unless it provides at least 30 days prior written
    notice to the Secured Parties of such change and, at the time of such written notification, such Debtor provides any financing statements
    or fixture filings necessary to perfect and continue perfected the perfected security Interest granted and evidenced by this Agreement.
	 	 	 
	 	(w)	No
    Debtor may consign any of its Inventory or sell any of its Inventory on bill and hold, sale or return, sale on approval, or other
    conditional terms of sale without the consent of a Majority in Interest which shall not be unreasonably withheld, except to the extent
    such consignment or sale does not exceed 15% of the total value of all of the Debtor’s finished goods in Inventory.
	 	 	 
	 	(x)	No
    Debtor may relocate its chief executive office to a new location without providing 30 days’ prior written notification thereof
    to the Secured Party and so long as, at the time of such written notification, such Debtor provides any financing statements or fixture
    filings necessary to perfect and continue perfected the perfected security Interest granted and evidenced by this Agreement.

 

    		Page 9 of 26	 

     

    

 

	 	(y)	Each
    Debtor was organized and remains organized solely under the laws of the state set forth next to such Debtor’s name in the first
    paragraph of this Agreement. Schedule D attached hereto sets forth each Debtor’s organizational identification number
    or, if any Debtor does not have one, states that one does not exist.
	 	 	 
	 	(z)	(i)
    The actual name of each Debtor is the name set forth in the preamble above; (ii) no Debtor has any trade names except as set forth
    on Schedule E attached hereto; (iii) no Debtor has used any name other than that stated in the preamble hereto or as set forth on
    Schedule E for the preceding five years; and (iv) no entity has merged into any Debtor or been acquired by any Debtor within the
    past five years except as set forth on Schedule E.
	 	 	 
	 	(aa)	At
    any time and from time to time that any Collateral consists of instruments, certificated securities or other items that require or
    permit possession by the secured party to perfect the security interest created hereby, the applicable Debtor shall deliver such
    Collateral to the Secured Party.
	 	 	 
	 	(bb)	Each
    Debtor, in its capacity as issuer, hereby agrees to comply with any and all orders and instructions of the Secured Party regarding
    the Pledged Interests consistent with the terms of this Agreement without the further consent of any Debtor as contemplated by Section
    8-106 (or any successor section) of the UCC. Further, each Debtor agrees that it shall not enter into a similar agreement (or one
    that would confer “control” within the meaning of Article 8 of the UCC) with any other person or entity.
	 	 	 
	 	(cc)	Each
    Debtor shall cause all tangible chattel paper constituting Collateral to be delivered to the Secured Party, or, if such delivery
    is not possible, then to cause such tangible chattel paper to contain a legend noting that it is to the security interest created
    by this Agreement. To the extent that any Collateral consists of electronic chattel paper, the applicable Debtor shall cause the
    underlying chattel paper to be “marked” within the meaning of Section 9-105 of the UCC (or successor section thereto).
	 	 	 
	 	(dd)	If
    there is any investment property or deposit account included as Collateral that can be perfected by “control” through
    an account control agreement, the applicable Debtor shall cause such an account control agreement, in form and substance in each
    case satisfactory to the Secured Party, to be entered into and delivered to the Secured Party.
	 	 	 
	 	(ee)	To
    the extent that any Collateral consists of letter-of-credit rights, the applicable Debtor shall cause the issuer of each underlying
    letter of credit to consent to an assignment of the proceeds thereof to the Secured Party.
	 	 	 
	 	(ff)	To
    the extent that any Collateral is in the possession of any third party, the applicable Debtor shall join with the Secured Party in
    notifying such third party of the Secured Party’s security interest in such Collateral and shall use its best efforts to obtain
    an acknowledgement and agreement from such third party with respect to the Collateral, in form and substance reasonably satisfactory
    to the Secured Party.

 

    		Page 10 of 26	 

     

    

 

	 	(gg)	If
    any Debtor shall at any time hold or acquire a commercial tort or other claim, such Debtor shall promptly notify the Secured Party
    in a writing signed by such Debtor of the particulars thereof and grant to the Secured Party in such writing a security interest
    therein and in the proceeds thereof, all upon the terms of this Agreement, with such writing to be in form and substance satisfactory
    to the Secured Party.
	 	 	 
	 	(hh)	Each
    Debtor shall immediately provide written notice to the Secured Party of any and all accounts which arise out of contracts with any
    governmental authority and, to the extent necessary to perfect or continue the perfected status of the Security Interest in such
    accounts and proceeds thereof, shall execute and deliver to the Secured Party an assignment of claims for such accounts and cooperate
    with the Secured Party in taking any other steps required, in their judgment, under the Federal Assignment of Claims Act or any similar
    federal, state or local statute or rule to perfect or continue the perfected status of the Security Interest in such accounts and
    proceeds thereof.
	 	 	 
	 	(ii)	Each
    Debtor shall cause each subsidiary of such Debtor to immediately become a party hereto (an “Additional Debtor”), by executing
    and delivering an Additional Debtor Joinder in substantially the form of Annex A attached hereto and comply with the provisions hereof
    applicable to the Debtors. Concurrent therewith, the Additional Debtor shall deliver replacement schedules for, or supplements to
    all other Schedules to (or referred to in) this Agreement, as applicable, which replacement schedules shall supersede, or supplements
    shall modify, the Schedules then in effect. The Additional Debtor shall also deliver such opinions of counsel, authorizing resolutions,
    good standing certificates, incumbency certificates, organizational documents, financing statements and other information and documentation
    as the Secured Party may reasonably request. Upon delivery of the foregoing to the Secured Party, the Additional Debtor shall be
    and become a party to this Agreement with the same rights and obligations as the Debtors, for all purposes hereof as fully and to
    the same extent as if it were an original signatory hereto and shall be deemed to have made the representations, warranties and covenants
    set forth herein as of the date of execution and delivery of such Additional Debtor Joinder, and all references herein to the “Debtors”
    shall be deemed to include each Additional Debtor.
	 	 	 
	 	(jj)	Each
    Debtor shall vote the Pledged Securities to comply with the covenants and agreements set forth herein and in the Notes.

 

    		Page 11 of 26	 

     

    

 

	 	(kk)	Each
    Debtor shall register the pledge of the applicable Pledged Securities on the books of such Debtor. Each Debtor shall notify each
    issuer of Pledged Securities to register the pledge of the applicable Pledged Securities in the name of the Secured Party on the
    books of such issuer. Further, except with respect to certificated securities delivered to the Secured Party, the applicable Debtor
    shall deliver to the Secured Party an acknowledgement of pledge (which, where appropriate, shall comply with the requirements of
    the relevant UCC with respect to perfection by registration) signed by the issuer of the applicable Pledged Security, which acknowledgement
    shall confirm that: (a) it has registered the pledge on its books and records; and (b) at any time directed by the Secured Party
    during the continuation of an Event of Default, such issuer will transfer the record ownership of such Pledged Security into the
    name of any designee of the Secured Party, will take such steps as may be necessary to effect the transfer, and will comply with
    all other instructions of the Secured Party regarding such Pledged Securities without the further consent of the applicable Debtor.
	 	 	 
	 	(ll)	In
    the event that, upon an occurrence of an Event of Default, the Secured Party shall sell all or any of the Pledged Securities to another
    party or parties (herein called the “Transferee”) or shall purchase or retain all or any of the Pledged Securities, each
    Debtor shall, to the extent applicable: (i) deliver to the Secured Party or the Transferee, as the case may be, the articles of incorporation,
    bylaws, minute books, stock certificate books, corporate seals, deeds, leases, indentures, agreements, evidences of indebtedness,
    books of account, financial records and all other Organizational Documents and records of the Debtors and their direct and indirect
    subsidiaries; (ii) use its best efforts to obtain resignations of the persons then serving as officers and directors of the Debtors
    and their direct and indirect subsidiaries, if so requested; and (iii) use its best efforts to obtain any approvals that are required
    by any governmental or regulatory body in order to permit the sale of the Pledged Securities to the Transferee or the purchase or
    retention of the Pledged Securities by the Secured Party and allow the Transferee or the Secured Party to continue the business of
    the Debtors and their direct and indirect subsidiaries.
	 	 	 
	 	(mm)	Without
    limiting the generality of the other obligations of the Debtors hereunder, each Debtor shall promptly (i) cause to be registered
    at the United States Copyright Office all of its material copyrights, (ii) cause the security interest contemplated hereby with respect
    to all Intellectual Property registered at the United States Copyright Office or United States Patent and Trademark Office to be
    duly recorded at the applicable office, and (iii) give the Secured Parties notice whenever it acquires (whether absolutely or by
    license) or creates any additional material Intellectual Property.
	 	 	 
	 	(nn)	Each
    Debtor will from time to time, at the joint and several expense of the Debtors, promptly execute and deliver all such further instruments
    and documents, and take all such further action as may be necessary or desirable, or as the Secured Party may reasonably request,
    in order to perfect and protect any security interest granted or purported to be granted hereby or to enable the Secured Party to
    exercise and enforce their rights and remedies hereunder and with respect to any Collateral or to otherwise carry out the purposes
    of this Agreement.

 

    		Page 12 of 26	 

     

    

 

	 	(oo)	Schedule
    F attached hereto lists all of the patents, patent applications, trademarks, trademark applications, registered copyrights, and domain
    names owned by any of the Debtors as of the date hereof. Schedule F lists all material licenses in favor of any Debtor for the use
    of any patents, trademarks, copyrights and domain names as of the date hereof. All material patents and trademarks of the Debtors
    have been duly recorded at the United States Patent and Trademark Office and all material copyrights of the Debtors have been duly
    recorded at the United States Copyright Office.
	 	 	 
	 	(pp)	Except
    as set forth on Schedule G attached hereto, none of the account debtors or other persons or entities obligated on any of the Collateral
    is a governmental authority covered by the Federal Assignment of Claims Act or any similar federal, state or local statute or rule
    in respect of such Collateral.

 

Section
5. Effect of Pledge on Certain Rights. If any of the Collateral subject to this Agreement consists of nonvoting equity or ownership
interests (regardless of class, designation, preference or rights) that may be converted into voting equity or ownership interests upon
the occurrence of certain events (including, without limitation, upon the transfer of all or any of the other stock or assets of the
issuer), it is agreed that the pledge of such equity or ownership interests pursuant to this Agreement or the enforcement of any of the
Secured Party’s rights hereunder shall not be deemed to be the type of event which would trigger such conversion rights notwithstanding
any provisions in the Organizational Documents or agreements to which any Debtor is subject or to which any Debtor is party.

 

Section
6. Defaults. The following events shall be “Events of Default”:

 

	 	(a)	The
    occurrence of an Event of Default (as defined in the Notes) under the Notes;
	 	 	 
	 	(b)	Any
    representation or warranty of any Debtor in this Agreement shall prove to have been incorrect in any material respect when made;
	 	 	 
	 	(c)	The
    failure by any Debtor to observe or perform any of its obligations hereunder for five (5) days after delivery to such Debtor of notice
    of such failure by or on behalf of a Secured Party unless such default is capable of cure but cannot be cured within such time frame
    and such Debtor is using best efforts to cure same in a timely fashion; or
	 	 	 
	 	(d)	If
    any provision of this Agreement shall at any time for any reason be declared to be null and void, or the validity or enforceability
    thereof shall be contested by any Debtor, or a proceeding shall be commenced by any Debtor, or by any governmental authority having
    jurisdiction over any Debtor, seeking to establish the invalidity or unenforceability thereof, or any Debtor shall deny that any
    Debtor has any liability or obligation purported to be created under this Agreement.

 

    		Page 13 of 26	 

     

    

 

Section
7. Duty To Hold In Trust.

 

	 	(a)	Upon
    the occurrence of any Event of Default and at any time thereafter, each Debtor shall, upon receipt of any revenue, income, dividend,
    interest or other sums subject to the Security Interest, whether payable pursuant to the Notes or otherwise, or of any check, draft,
    note, trade acceptance or other instrument evidencing an obligation to pay any such sum, hold the same in trust for the Secured Party
    and shall forthwith endorse and transfer any such sums or instruments, or both, to the Secured Party.
	 	 	 
	 	(b)	If
    any Debtor shall become entitled to receive or shall receive any securities or other property (including, without limitation, shares
    of Pledged Securities or instruments representing Pledged Securities acquired after the date hereof, or any options, warrants, rights
    or other similar property or certificates representing a dividend, or any distribution in connection with any recapitalization, reclassification
    or increase or reduction of capital, or issued in connection with any reorganization of such Debtor or any of its direct or indirect
    subsidiaries) in respect of the Pledged Securities (whether as an addition to, in substitution of, or in exchange for, such Pledged
    Securities or otherwise), such Debtor agrees to (i) accept the same as the agent of the Secured Party; (ii) hold the same in trust
    on behalf of and for the benefit of the Secured Party; and (iii) to deliver any and all certificates or instruments evidencing the
    same to the Secured Party on or before the close of business on the fifth business day following the receipt thereof by such Debtor,
    in the exact form received together with the Necessary Endorsements, to be held by the Secured Party subject to the terms of this
    Agreement as Collateral.

 

Section
8. Rights and Remedies Upon Default.

 

	 	(a)	Upon
    the occurrence of any Event of Default and at any time thereafter, the Secured Party, acting through any agent appointed by them
    for such purpose, shall have the right to exercise all of the remedies conferred hereunder and under the Notes, and the Secured Party
    shall have all the rights and remedies of a secured party under the UCC. Without limitation, the Secured Party shall have the following
    rights and powers:

 

	 	(i)	The
    Secured Party shall have the right to take possession of the Collateral and, for that purpose, enter, with the aid and assistance
    of any person, any premises where the Collateral, or any part thereof, is or may be placed and remove the same, and each Debtor shall
    assemble the Collateral and make it available to the Secured Party at places which the Secured Party shall reasonably select, whether
    at such Debtor’s premises or elsewhere, and make available to the Secured Party, without rent, all of such Debtor’s respective
    premises and facilities for the purpose of the Secured Party taking possession of, removing or putting the Collateral in saleable
    or disposable form.
	 	 	 
	 	(ii)	Upon
    notice to the Debtors by the Secured Party, all rights of each Debtor to exercise the voting and other consensual rights which it
    would otherwise be entitled to exercise and all rights of each Debtor to receive the dividends and interest which it would otherwise
    be authorized to receive and retain, shall cease. Upon such notice, the Secured Party shall have the right to receive any interest,
    cash dividends or other payments on the Collateral and, at the option oft, to exercise in such the Secured Party’s discretion
    all voting rights pertaining thereto. Without limiting the generality of the foregoing, the Secured Party shall have the right (but
    not the obligation) to exercise all rights with respect to the Collateral as it were the sole and absolute owners thereof, including,
    without limitation, to vote and/or to exchange, at its sole discretion, any or all of the Collateral in connection with a merger,
    reorganization, consolidation, recapitalization or other readjustment concerning or involving the Collateral or any Debtor or any
    of its direct or indirect subsidiaries.

 

    		Page 14 of 26	 

     

    

 

		(iii)	The
                                            Secured Party shall have the right to operate the business of each Debtor using the Collateral
                                            and shall have the right to assign, sell, lease or otherwise dispose of and deliver all or
                                            any part of the Collateral, at public or private sale or otherwise, either with or without
                                            special conditions or stipulations, for cash or on credit or for future delivery, in such
                                            parcel or parcels and at such time or times and at such place or places, and upon such terms
                                            and conditions as the Secured Party may deem commercially reasonable, all without (except
                                            as shall be required by applicable statute and cannot be waived) advertisement or demand
                                            upon or notice to any Debtor or right of redemption of a Debtor, which are hereby expressly
                                            waived. Upon each such sale, lease, assignment or other transfer of Collateral, the Secured
                                            Party may, unless prohibited by applicable law which cannot be waived, purchase all or any
                                            part of the Collateral being sold, free  from and discharged of all trusts, claims, right of redemption and equities of any Debtor, which are hereby waived and released.

 

	 	(iv)	The
    Secured Party shall have the right (but not the obligation) to notify any account debtors and any obligors under instruments or accounts
    to make payments directly to the Secured Party and to enforce the Debtors’ rights against such account debtors and obligors.
	 	 	 
	 	(v)	The
    Secured Party may (but are not obligated to) direct any financial intermediary or any other person or entity holding any investment
    property to transfer the same to the Secured Party or their designee.
	 	 	 
	 	(vi)	The
    Secured Party may (but are not obligated to) transfer any or all Intellectual Property registered in the name of any Debtor at the
    United States Patent and Trademark Office and/or Copyright Office into the name of the Secured Parties or any designee or any purchaser
    of any Collateral.

 

	 	(b)	The
    Secured Party may comply with any applicable law in connection with a disposition of Collateral and such compliance will not be considered
    adversely to affect the commercial reasonableness of any sale of the Collateral. The Secured Party may sell the Collateral without
    giving any warranties and may specifically disclaim such warranties. If the Secured Party sells any of the Collateral on credit,
    the Debtors will only be credited with payments actually made by the purchaser. In addition, each Debtor waives any and all rights
    that it may have to a judicial hearing in advance of the enforcement of any of the Secured Party’s rights and remedies hereunder,
    including, without limitation, its right following an Event of Default to take immediate possession of the Collateral and to exercise
    its rights and remedies with respect thereto.

 

    		Page 15 of 26	 

     

    

 

	 	(c)	For
    the purpose of enabling the Secured Party to further exercise rights and remedies under this Section 8 or elsewhere provided by agreement
    or applicable law, each Debtor hereby grants to the Secured Party an irrevocable, nonexclusive license (exercisable without payment
    of royalty or other compensation to such Debtor) to use, license or sublicense following an Event of Default, any Intellectual Property
    now owned or hereafter acquired by such Debtor, and wherever the same may be located, and including in such license access to all
    media in which any of the licensed items may be recorded or stored and to all computer software and programs used for the compilation
    or printout thereof.

 

Section
9. Applications of Proceeds. The proceeds of any such sale, lease or other disposition of the Collateral hereunder shall be applied
first, to the expenses of retaking, holding, storing, processing and preparing for sale, selling, and the like (including, without limitation,
any taxes, fees and other costs incurred in connection therewith) of the Collateral, to the reasonable attorneys’ fees and expenses
incurred by the Secured Party in enforcing their rights hereunder and in connection with collecting, storing and disposing of the Collateral,
and then to satisfaction of the Obligations, and to the payment of any other amounts required by applicable law, after which the Secured
Party shall pay to the applicable Debtor any surplus proceeds. If, upon the sale, license or other disposition of the Collateral, the
proceeds thereof are insufficient to pay all amounts to which the Secured Party is legally entitled, the Debtors will be liable for the
deficiency, together with interest thereon, at the rate of 18% per annum or the lesser amount permitted by applicable law (the “Default
Rate”), and the reasonable fees of any attorneys employed by the Secured Party to collect such deficiency. To the extent permitted
by applicable law, each Debtor waives all claims, damages and demands against the Secured Party arising out of the repossession, removal,
retention or sale of the Collateral, unless due solely to the gross negligence or willful misconduct of the Secured Party as determined
by a final judgment (not subject to further appeal) of a court of competent jurisdiction.

 

Section
10. Securities Law Provision. Each Debtor recognizes that the Secured Party may be limited in its ability to effect a sale to
the public of all or part of the Pledged Securities by reason of certain prohibitions in the Securities Act of 1933, as amended, or other
federal or state securities laws (collectively, the “Securities Laws”), and may be compelled to resort to one or more
sales to a restricted group of purchasers who may be required to agree to acquire the Pledged Securities for their own account, for investment
and not with a view to the distribution or resale thereof. Each Debtor agrees that sales so made may be at prices and on terms less favorable
than if the Pledged Securities were sold to the public, and that the Secured Party has no obligation to delay the sale of any Pledged
Securities for the period of time necessary to register the Pledged Securities for sale to the public under the Securities Laws. Each
Debtor shall cooperate with the Secured Party in its attempt to satisfy any requirements under the Securities Laws (including, without
limitation, registration thereunder if requested by the Secured Parties) applicable to the sale of the Pledged Securities by the Secured
Party.

 

    		Page 16 of 26	 

     

    

 

Section
11. Costs and Expenses. Each Debtor agrees to pay all reasonable out-of-pocket fees, costs and expenses incurred in connection
with any filing required hereunder, including without limitation, any financing statements pursuant to the UCC, continuation statements,
partial releases and/or termination statements related thereto or any expenses of any searches reasonably required by the Secured Party.
The Debtors shall also pay all other claims and charges which in the reasonable opinion of the Secured Party might prejudice, imperil
or otherwise affect the Collateral or the Security Interest therein. The Debtors will also, upon demand, pay to the Secured Party the
amount of any and all reasonable expenses, including the reasonable fees and expenses of its counsel and of any experts and agents, which
the Secured Party may incur in connection with (i) the enforcement of this Agreement, (ii) the custody or preservation of, or the sale
of, collection from, or other realization upon, any of the Collateral, or (iii) the exercise or enforcement of any of the rights of the
Secured Party under the Notes, the other Transaction Documents and the other documents entered into in connection therewith. Until so
paid, any fees payable hereunder shall be added to the principal amount of the Notes and shall bear interest at the Default Rate.

 

Section
12. Responsibility for Collateral. The Debtors assume all liabilities and responsibility in connection with all Collateral, and
the Obligations shall in no way be affected or diminished by reason of the loss, destruction, damage or theft of any of the Collateral
or its unavailability for any reason. Without limiting the generality of the foregoing, (a) no Secured Party (i) has any duty (either
before or after an Event of Default) to collect any amounts in respect of the Collateral or to preserve any rights relating to the Collateral,
or (ii) has any obligation to clean-up or otherwise prepare the Collateral for sale, and (b) each Debtor shall remain obligated and liable
under each contract or agreement included in the Collateral to be observed or performed by such Debtor thereunder. No Secured Party shall
have any obligation or liability under any such contract or agreement by reason of or arising out of this Agreement or the receipt by
any Secured Party of any payment relating to any of the Collateral, nor shall the any Secured Party be obligated in any manner to perform
any of the obligations of any Debtor under or pursuant to any such contract or agreement, to make inquiry as to the nature or sufficiency
of any payment received by any Secured Party in respect of the Collateral or as to the sufficiency of any performance by any party under
any such contract or agreement, to present or file any claim, to take any action to enforce any performance or to collect the payment
of any amounts which may have been assigned to any Secured Party may be entitled at any time or times.

 

    		Page 17 of 26	 

     

    

 

Section
13. Security Interest Absolute. All rights of the Secured Party and all obligations of the Debtors hereunder, shall be absolute
and unconditional, irrespective of: (a) any lack of validity or enforceability of this Agreement, the Notes or any agreement entered
into in connection with the foregoing, or any portion hereof or thereof; (b) any change in the time, manner or place of payment or performance
of, or in any other term of, all or any of the Obligations, or any other amendment or waiver of or any consent to any departure from
the Notes or any other agreement entered into in connection with the foregoing; (c) any exchange, release or non-perfection of any of
the Collateral, or any release or amendment or waiver of or consent to departure from any other collateral for, or any guaranty, or any
other security, for all or any of the Obligations; (d) any action by the Secured Party to obtain, adjust, settle and cancel in its sole
discretion any insurance claims or matters made or arising in connection with the Collateral; or (e) any other circumstance which might
otherwise constitute any legal or equitable defense available to a Debtor, or a discharge of all or any part of the Security Interest
granted hereby. Until the Obligations shall have been paid and performed in full, the rights of the Secured Parties shall continue even
if the Obligations are barred for any reason, including, without limitation, the running of the statute of limitations or bankruptcy.
Each Debtor expressly waives presentment, protest, notice of protest, demand, notice of nonpayment and demand for performance. In the
event that at any time any transfer of any Collateral or any payment received by the Secured Party hereunder shall be deemed by final
order of a court of competent jurisdiction to have been a voidable preference or fraudulent conveyance under the bankruptcy or insolvency
laws of the United States, or shall be deemed to be otherwise due to any party other than the Secured Party, then, in any such event,
each Debtor’s obligations hereunder shall survive cancellation of this Agreement, and shall not be discharged or satisfied by any
prior payment thereof and/or cancellation of this Agreement, but shall remain a valid and binding obligation enforceable in accordance
with the terms and provisions hereof. Each Debtor waives all right to require the Secured Party to proceed against any other person or
entity or to apply any Collateral which the Secured Parties may hold at any time, or to marshal assets, or to pursue any other remedy.
Each Debtor waives any defense arising by reason of the application of the statute of limitations to any obligation secured hereby.

 

Section
14. Term of Agreement. This Agreement and the Security Interest shall terminate on the date on which all payments under the Notes
have been indefeasibly paid in full and all other Obligations have been paid or discharged; provided, however, that all indemnities of
the Debtors contained in this Agreement shall survive and remain operative and in full force and effect regardless of the termination
of this Agreement.

 

Section
15. Power of Attorney; Further Assurances.

 

	 	(a)	Each
    Debtor authorizes the Secured Party, and does hereby make, constitute and appoint the Secured Party and its respective officers,
    agents, successors or assigns with full power of substitution, as such Debtor’s true and lawful attorney-in-fact, with power,
    in the name of the various Secured Party or such Debtor, to, after the occurrence and during the continuance of an Event of Default,
    (i) endorse any note, checks, drafts, money orders or other instruments of payment (including payments payable under or in respect
    of any policy of insurance) in respect of the Collateral that may come into possession of the Secured Party; (ii) to sign and endorse
    any financing statement pursuant to the UCC or any invoice, freight or express bill, bill of lading, storage or warehouse receipts,
    drafts against debtors, assignments, verifications and notices in connection with accounts, and other documents relating to the Collateral;
    (iii) to pay or discharge taxes, liens, security interests or other encumbrances at any time levied or placed on or threatened against
    the Collateral; (iv) to demand, collect, receipt for, compromise, settle and sue for monies due in respect of the Collateral; (v)
    to transfer any Intellectual Property or provide licenses respecting any Intellectual Property; and (vi) generally, at the option
    of the Secured Party, and at the expense of the Debtors, at any time, or from time to time, to execute and deliver any and all documents
    and instruments and to do all acts and things which the Secured Party deems necessary to protect, preserve and realize upon the Collateral
    and the Security Interest granted therein in order to effect the intent of this Agreement and the Notes and the other Transaction
    Documents all as fully and effectually as the Debtors might or could do; and each Debtor hereby ratifies all that said attorney shall
    lawfully do or cause to be done by virtue hereof. This power of attorney is coupled with an interest and shall be irrevocable for
    the term of this Agreement and thereafter as long as any of the Obligations shall be outstanding. The designation set forth herein
    shall be deemed to amend and supersede any inconsistent provision in the Organizational Documents or other documents or agreements
    to which any Debtor is subject or to which any Debtor is a party. Without limiting the generality of the foregoing, after the occurrence
    and during the continuance of an Event of Default, the Secured Party is specifically authorized to execute and file any applications
    for or instruments of transfer and assignment of any patents, trademarks, copyrights or other Intellectual Property with the United
    States Patent and Trademark Office and the United States Copyright Office.

 

    		Page 18 of 26	 

     

    

 

	 	(b)	On
    a continuing basis, each Debtor will make, execute, acknowledge, deliver, file and record, as the case may be, with the proper filing
    and recording agencies in any jurisdiction, including, without limitation, the jurisdictions indicated on Schedule C attached
    hereto, all such instruments, and take all such action as may reasonably be deemed necessary or advisable, or as reasonably requested
    by the Secured Party, to perfect the Security Interest granted hereunder and otherwise to carry out the intent and purposes of this
    Agreement, or for assuring and confirming to the Secured Party the grant or perfection of a perfected security interest in all the
    Collateral under the UCC.
	 	 	 
	 	(c)	Each
    Debtor hereby irrevocably appoints the Secured Party as such Debtor’s attorney-in-fact, with full authority in the place and
    instead of such Debtor and in the name of such Debtor, from time to time in the Secured Party’s discretion, to take any action
    and to execute any instrument which the Secured Party may deem necessary or advisable to accomplish the purposes of this Agreement,
    including the filing, in its sole discretion, of one or more financing or continuation statements and amendments thereto, relative
    to any of the Collateral without the signature of such Debtor where permitted by law, which financing statements may (but need not)
    describe the Collateral as “all assets” or “all personal property” or words of like import, and ratifies
    all such actions taken by the Secured Party. This power of attorney is coupled with an interest and shall be irrevocable for the
    term of this Agreement and thereafter as long as any of the Obligations shall be outstanding.

 

Section
16. Notices. All notices, requests, demands and other communications hereunder shall be subject to the notice provision of the
Purchase Agreement (as such term is defined in the Note).

 

Section
17. Other Security. To the extent that the Obligations are now or hereafter secured by property other than the Collateral or by
the guarantee, endorsement or property of any other person, firm, corporation or other entity, then the Secured Party shall have the
right, in its sole discretion, to pursue, relinquish, subordinate, modify or take any other action with respect thereto, without in any
way modifying or affecting any of the Secured Party’s rights and remedies hereunder.

 

    		Page 19 of 26	 

     

    

 

Section
18. Miscellaneous.

 

	 	(a)	No
    course of dealing between the Debtors and the Secured Party, nor any failure to exercise, nor any delay in exercising, on the part
    of the Secured Party, any right, power or privilege hereunder or under the Notes shall operate as a waiver thereof; nor shall any
    single or partial exercise of any right, power or privilege hereunder or thereunder preclude any other or further exercise thereof
    or the exercise of any other right, power or privilege.
	 	 	 
	 	(b)	All
    of the rights and remedies of the Secured Party with respect to the Collateral, whether established hereby or by the Note or by any
    other agreements, instruments or documents or by law shall be cumulative and may be exercised singly or concurrently.
	 	 	 
	 	(c)	This
    Agreement constitutes the entire agreement of the parties with respect to the subject matter hereof and is intended to supersede
    all prior negotiations, understandings and agreements with respect thereto. Except as specifically set forth in this Agreement, no
    provision of this Agreement may be modified or amended except by a written agreement specifically referring to this Agreement and
    signed by the Debtor and the Secured Party.
	 	 	 
	 	(d)	In
    the event any provision of this Agreement is held to be invalid, prohibited or unenforceable in any jurisdiction for any reason,
    unless such provision is narrowed by judicial construction, this Agreement shall, as to such jurisdiction, be construed as if such
    invalid, prohibited or unenforceable provision had been more narrowly drawn so as not to be invalid, prohibited or unenforceable.
    If, notwithstanding the foregoing, any provision of this Agreement is held to be invalid, prohibited or unenforceable in any jurisdiction,
    such provision, as to such jurisdiction, shall be ineffective to the extent of such invalidity, prohibition or unenforceability without
    invalidating the remaining portion of such provision or the other provisions of this Agreement and without affecting the validity
    or enforceability of such provision or the other provisions of this Agreement in any other jurisdiction.
	 	 	 
	 	(e)	No
    waiver of any breach or default or any right under this Agreement shall be considered valid unless in writing and signed by the party
    giving such waiver, and no such waiver shall be deemed a waiver of any subsequent breach or default or right, whether of the same
    or similar nature or otherwise.
	 	 	 
	 	(f)	This
    Agreement shall be binding upon and inure to the benefit of each party hereto and its successors and assigns.
	 	 	 
	 	(g)	Each
    party shall take such further action and execute and deliver such further documents as may be necessary or appropriate in order to
    carry out the provisions and purposes of this Agreement.

 

    		Page 20 of 26	 

     

    

 

	 	(h)	All
    questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by and construed
    and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law
    thereof. Each Debtor agrees that all proceedings concerning the interpretations, enforcement and defense of the transactions contemplated
    by this Agreement and the Notes (whether brought against a party hereto or its respective affiliates, directors, officers, shareholders,
    partners, members, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of New
    York, Borough of Manhattan. Each Debtor hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts
    sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith or
    with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any proceeding,
    any claim that it is not personally subject to the jurisdiction of any such court, that such proceeding is improper. Each party hereto
    hereby irrevocably waives personal service of process and consents to process being served in any such proceeding by mailing a copy
    thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect
    for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice
    thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law.
    Each party hereto hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury
    in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. If any party shall
    commence a proceeding to enforce any provisions of this Agreement, then the prevailing party in such proceeding shall be reimbursed
    by the other party for its reasonable attorney’s fees and other costs and expenses incurred with the investigation, preparation
    and prosecution of such proceeding.
	 	 	 
	 	(i)	This
    Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and, all
    of which taken together shall constitute one and the same Agreement. In the event that any signature is delivered by facsimile transmission,
    such signature shall create a valid binding obligation of the party executing (or on whose behalf such signature is executed) the
    same with the same force and effect as if such facsimile signature were the original thereof.
	 	 	 
	 	(j)	All
    Debtors shall jointly and severally be liable for the obligations of each Debtor to the Secured Party hereunder.
	 	 	 
	 	(k)	Each
    Debtor shall indemnify, reimburse and hold harmless the Secured Party and their respective partners, members, shareholders, officers,
    directors, employees and agents (collectively, “Indemnitees”) from and against any and all losses, claims, liabilities,
    damages, penalties, suits, costs and expenses, of any kind or nature, (including fees relating to the cost of investigating and defending
    any of the foregoing) imposed on, incurred by or asserted against such Indemnitee in any way related to or arising from or alleged
    to arise from this Agreement or the Collateral, except any such losses, claims, liabilities, damages, penalties, suits, costs and
    expenses which result from the gross negligence or willful misconduct of the Indemnitee as determined by a final, non-appealable
    decision of a court of competent jurisdiction. This indemnification provision is in addition to, and not in limitation of, any other
    indemnification provision in the Notes, the Purchase Agreement (as such term is defined in the Notes) or any other agreement, instrument
    or other document executed or delivered in connection herewith or therewith.

 

    		Page 21 of 26	 

     

    

 

	 	(l)	Nothing
    in this Agreement shall be construed to subject any Secured Party to liability as a partner in any Debtor or any if its direct or
    indirect subsidiaries that is a partnership or as a member in any Debtor or any of its direct or indirect subsidiaries that is a
    limited liability company, nor any Secured Party be deemed to have assumed any obligations under any partnership agreement or limited
    liability company agreement, as applicable, of any such Debtor or any if its direct or indirect subsidiaries or otherwise, unless
    and until any such Secured Party exercises its right to be substituted for such Debtor as a partner or member, as applicable, pursuant
    hereto.
	 	 	 
	 	(m)	To
    the extent that the grant of the security interest in the Collateral and the enforcement of the terms hereof require the consent,
    approval or action of any partner or member, as applicable, of any Debtor or any direct or indirect subsidiary of any Debtor or compliance
    with any provisions of any of the Organizational Documents, the Debtors hereby grant such consent and approval and waive any such
    noncompliance with the terms of said documents.

 

[SIGNATURE
PAGES FOLLOW]

 

    		Page 22 of 26	 

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Security Agreement to be duly executed on the day and year first above written.

 

	Jupiter
    Neurosciences, Inc.	 
	 	 
	By:
    	/s/
    Christer Rosén	 
	Name:
    	Christer
    Rosén 	 
	Title:
    	CEO
    	 

 

[SIGNATURE
PAGE OF HOLDERS FOLLOWS]

 

    		Page 23 of 26	 

     

    

 

[SIGNATURE
PAGE OF HOLDER]

 

Name
of Investing Entity: PURITAN PARTNERS LLC

 

	Signature
    of Authorized Signatory of Investing entity: 	/s/
    Richard Smithline

 

Name
of Authorized Signatory: Richard Smithline

 

Title
of Authorized Signatory: Managing Member

 

    		Page 24 of 26	 

     

    

 

ANNEX
A to

 

SECURITY
AGREEMENT

 

FORM
OF ADDITIONAL DEBTOR JOINDER

 

Security
Agreement dated as of April 11, 2022 made by Jupiter Neurosciences, Inc. (“Jupiter”), and the Purchasers party thereto from
time to time, as Debtors to and in favor of the Secured Parties identified therein (the “Security Agreement”)

 

Reference
is made to the Security Agreement as defined above; capitalized terms used herein and not otherwise defined herein shall have the meanings
given to such terms in, or by reference in, the Security Agreement.

 

The
undersigned hereby agrees that upon delivery of this Additional Debtor Joinder to the Secured Parties referred to above, the undersigned
shall (a) be an Additional Debtor under the Security Agreement, (b) have all the rights and obligations of the Debtors under the Security
Agreement as fully and to the same extent as if the undersigned was an original signatory thereto and (c) be deemed to have made the
representations and warranties set forth therein as of the date of execution and delivery of this Additional Debtor Joinder. WITHOUT
LIMITING THE GENERALITY OF THE FOREGOING, THE UNDERSIGNED SPECIFICALLY GRANTS TO THE SECURED PARTIES A SECURITY INTEREST IN THE COLLATERAL
AS MORE FULLY SET FORTH IN THE SECURITY AGREEMENT AND ACKNOWLEDGES AND AGREES TO THE WAIVER OF JURY TRIAL PROVISIONS SET FORTH THEREIN.

 

Attached
hereto are supplemental and/or replacement Schedules to the Security Agreement, as applicable.

 

An
executed copy of this Joinder shall be delivered to the Secured Parties, and the Secured Parties may rely on the matters set forth herein
on or after the date hereof. This Joinder shall not be modified, amended or terminated without the prior written consent of the Additional
Debtor and the Secured Parties.

 

[Signatures
appear on following page]

 

    		Page 25 of 26	 

     

    

 

IN
WITNESS WHEREOF, the undersigned has caused this Joinder to be executed in the name and on behalf of the undersigned.

 

	 	[Name
    of Additional Debtor]
	 	 	 
	 	By:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 
	 	 	 
	 	Address:	 

 

Dated:

 

    		Page 26 of 26

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00344-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00344-of-00352.parquet"}]]