Document:

Exhibit
10.2

 

SECURITIES
PURCHASE AGREEMENT

 

THIS
PURCHASE AGREEMENT (“Agreement”) is made as of the 2nd day of May, 2016 by and between THINSPACE TECHNOLOGY, INC.,
a Delaware corporation (the “Company”), and the Investor set forth on the signature page affixed hereto (the “Investor”).

 

Recitals

 

A.        The
Company and the Investor are executing and delivering this Agreement in reliance upon the exemption from securities registration
afforded by the provisions of Section 4(a)(2) and/or Regulation D (“Regulation D”), as promulgated by the U.S. Securities
and Exchange Commission (the “SEC”) under the Securities Act of 1933, as amended; and

 

B.        The
Investor wishes to purchase from the Company, and the Company wishes to sell and issue to the Investor, upon the terms and conditions
stated in this Agreement, an up to $360,000 principal amount of 8% Convertible Debentures due May 2, 2018, in the form attached
hereto as Exhibit A (the “Debenture”).

 

In
consideration of the mutual promises made herein and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto agree as follows:

 

1.        Definitions.
In addition to those terms defined above and elsewhere in this Agreement, for the purposes of this Agreement, the following terms
shall have the meanings set forth below:

 

“Affiliate”
means, with respect to any Person, any other Person which directly or indirectly through one or more intermediaries Controls,
is controlled by, or is under common control with, such Person.

 

“Business
Day” means a day, other than a Saturday or Sunday, on which banks in New York City are open for the general transaction
of business.

 

“Common
Stock Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof to
acquire at any time Common Stock, including without limitation, any debt, preferred stock, rights, options, warrants or other
instrument that is at any time convertible into or exchangeable for, or otherwise entitles the holder thereof to receive, Common
Stock.

 

“Company’s
Knowledge” means the actual knowledge of the executive officers (as defined in Rule 405 under the 1933 Act) of the Company,
after due inquiry.

 

“Confidential
Information” means trade secrets, confidential information and know-how (including but not limited to ideas, formulae,
compositions, processes, procedures and techniques, research and development information, computer program code, performance specifications,
support documentation, drawings, specifications, designs, business and marketing plans, and customer and supplier lists and related
information).

 

“Control”
(including the terms “controlling”, “controlled by” or “under common control with”) means
the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person,
whether through the ownership of voting securities, by contract or otherwise.

 

     

     

    

 

“Intellectual
Property” means all of the following: (i) patents, patent applications, patent disclosures and inventions (whether or
not patentable and whether or not reduced to practice); (ii) trademarks, service marks, trade dress, trade names, corporate names,
logos, slogans and Internet domain names, together with all goodwill associated with each of the foregoing; (iii) copyrights and
copyrightable works; (iv) registrations, applications and renewals for any of the foregoing; and (v) proprietary computer software
(including but not limited to data, data bases and documentation).

 

“Material
Adverse Effect” means a material adverse effect on (i) the assets, liabilities, results of operations, condition (financial
or otherwise), business, or prospects of the Company and its Subsidiaries taken as a whole, or (ii) the ability of the Company
to perform its obligations under the Transaction Documents.

 

“Person”
means an individual, corporation, partnership, limited liability company, trust, business trust, association, joint stock company,
joint venture, sole proprietorship, unincorporated organization, governmental authority or any other form of entity not specifically
listed herein.

 

“Purchase
Price” means up to Three Hundred Sixty Thousand Dollars ($360,000.00).

 

“SEC
Filings” has the meaning set forth in Section 4.6.

 

“SEC”
means the United States Securities and Exchange Commission.

 

“Securities”
means the Debentures and the Shares.

 

“Shares”
means the shares of Common Stock issuable upon conversion of the Debentures.

 

“Subsidiary”
of any Person means another Person, an amount of the voting securities, other voting ownership or voting partnership interests
of which is sufficient to elect at least a majority of its Board of Directors or other governing body (or, if there are no such
voting interests, 50% or more of the equity interests of which) is owned directly or indirectly by such first Person.

 

“Transaction
Documents” means this Agreement, the Debentures and the Transfer Agent Letter.

 

“Transfer
Agent Letter” means the letter dated May 2, 2016 from the Company to Olde Monmouth Stock Transfer & Trust setting
forth certain instructions as to the reserve and conversion of the Debentures.        

 

“1933
Act” means the Securities Act of 1933, as amended, or any successor statute, and the rules and regulations promulgated
thereunder.

 

“1934
Act” means the Securities Exchange Act of 1934, as amended, or any successor statute, and the rules and regulations
promulgated thereunder.

 

2.        Purchase
and Sale of the Debenture. Subject to the terms and conditions of this Agreement, the Company shall sell and issue to the
Investor and the Investor shall purchase from the Company, a Debenture in the principal amount of up to $360,000.Subject to the
satisfaction of the terms hereof, including the Company not being in default or Event of Default under the Debentures, payments
for the Debenture shall be made as follows: (1) one hundred thirty thousand dollars ($130,000) shall be payable by wire transfer
to the Company on the Closing Date (as defined); and(2) an additional amount of up to two hundred thirty thousand dollars ($230,000)
may be paid by the Investor at its sole discretion by wire transfer to the Company during the 180-day period commencing after
the Closing Date.

 

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3.        Closing.
Upon confirmation that the other conditions to closing specified herein have been satisfied or duly waived by the Investor, the
Company shall deliver to the Investor, a Debenture registered the name of the Investor (the “Closing Date”). The closing
of the purchase and sale of the Debenture shall take place at the offices of Thinspace Technology, Inc.1925 E. Belt Line Road,
Suite 349, Carrollton, Texas 75006, or at such other location and on such other date as the Company and the Investor shall mutually
agree.

 

4.        Representations
and Warranties of the Company. The Company hereby represents and warrants to the Investor that, except as set forth in the
schedules delivered herewith (collectively, the “Disclosure Schedules”):

 

4.
1      Organization, Good Standing and Qualification. Each of the Company and
its Subsidiaries is a corporation duly organized, validly existing and in good standing under the laws of the jurisdiction of
its incorporation and has all requisite corporate power and authority to carry on its business as now conducted and to own its
properties. Each of the Company and its Subsidiaries is duly qualified to do business as a foreign corporation and is in good
standing in each jurisdiction in which the conduct of its business or its ownership or leasing of property makes such qualification
or leasing necessary unless the failure to so qualify has not and could not reasonably be expected to have a Material Adverse
Effect. The Company’s Subsidiaries are listed on Schedule 4.1 hereto.

 

4.2       Authorization.
The Company has full power and authority and, has taken all requisite action on the part of the Company, its officers, directors
and stockholders necessary for (i) the authorization, execution and delivery of the Transaction Documents, (ii) authorization
of the performance of all obligations of the Company hereunder or thereunder, and (iii) the authorization, issuance (or reservation
for issuance) and delivery of the Securities. The Transaction Documents constitute the legal, valid and binding
obligations of the Company, enforceable against the Company in accordance with their terms, subject to bankruptcy, insolvency,
fraudulent transfer, reorganization, moratorium and similar laws of general applicability, relating to or affecting creditors’
rights generally.

 

4.3       Capitalization.
Schedule 4.3 sets forth (a) the authorized capital stock of the Company on the date hereof; (b) the number of shares of
capital stock issued and outstanding; (c) the number of shares of capital stock issuable pursuant to the Company’s stock
plans; and (d) the number of shares of capital stock issuable and reserved for issuance pursuant to securities (other than the
Securities) exercisable for, or convertible into or exchangeable for any shares of capital stock of the Company. All of the issued
and outstanding shares of the Company’s capital stock have been duly authorized and validly issued and are fully paid, non-assessable
and free of pre-emptive rights.

 

Except
as described on Schedule 4.3, all of the issued and outstanding shares of capital stock of each Subsidiary have been duly
authorized and validly issued and are fully paid, non-assessable and free of pre-emptive rights, were issued in full compliance
with applicable state and federal securities law and any rights of third parties and are owned by the Company, beneficially and
of record, subject to no lien, encumbrance or other adverse claim.

 

Except
as described on Schedule 4.3, no Person is entitled to pre-emptive or similar statutory or contractual rights with respect
to any securities of the Company.

 

Except
as described on Schedule 4.3, there are no outstanding warrants, options, convertible securities or other rights, agreements
or arrangements of any character under which the Company or any of its Subsidiaries is or may be obligated to issue any equity
securities of any kind and except as contemplated by this Agreement, neither the Company nor any of its Subsidiaries is currently
in negotiations for the issuance of any equity securities of any kind.

 

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Except
as described on Schedule 4.3, the issuance and sale of the Securities hereunder will not obligate the Company to issue
shares of Common Stock or other securities to any other Person (other than the Investor) and will not result in the adjustment
of the exercise, conversion, exchange or reset price of any outstanding security.

 

Except
as described on Schedule 4.3, the Company does not have outstanding stockholder purchase rights or “poison pill”
or any similar arrangement in effect giving any Person the right to purchase any equity interest in the Company upon the occurrence
of certain events.

 

4.4       Valid
Issuance. The Debenture has been duly and validly authorized and, when issued and paid for pursuant to this Agreement, shall
be free and clear of all encumbrances and restrictions (other than those created by the Investor), except for restrictions on
transfer set forth in the Transaction Documents or imposed by applicable securities laws. Upon the due conversion of the Debenture,
the Shares will be validly issued, fully paid and non-assessable free and clear of all encumbrances and restrictions, except for
restrictions on transfer set forth in the Transaction Documents or imposed by applicable securities laws and except for those
created by the Investor. The Company shall reserve a sufficient number of shares of Common Stock for issuance upon the exercise
of the Debenture, free and clear of all encumbrances and restrictions, except for restrictions on transfer set forth in the Transaction
Documents or imposed by applicable securities laws and except for those created by the Investor.

 

4.5       Consents.
The execution, delivery and performance by the Company of the Transaction Documents, and the offer, issuance and sale of the Securities
require no consent of, action by or in respect of, or filing with, any Person, governmental body, agency, or official other than
filings that have been made pursuant to applicable state securities laws, and post-sale filings pursuant to applicable state and
federal securities laws which the Company undertakes to file within the applicable time periods. Subject to the accuracy of the
representations and warranties of the Investor set forth in Section 5 hereof, the Company has taken all action necessary to exempt
(i) the issuance and sale of the Securities, (ii) the issuance of the Shares upon due conversion of the Debenture, and (iii) the
other transactions contemplated by the Transaction Documents from the provisions of any shareholder rights plan or other “poison
pill” arrangement, any anti-takeover, business combination or control share law or statute binding on the Company or to
which the Company or any of its assets and properties may be subject and any provision of the Company’s Articles of Incorporation
or By-laws that is or could reasonably be expected to become applicable to the Investor as a result of the transactions contemplated
hereby, including without limitation, the issuance of the Securities and the ownership, disposition or voting of the Securities
by the Investor or the exercise of any right granted to the Investor pursuant to this Agreement or the other Transaction Documents.

 

4.6       Delivery
of SEC Filings; Business. The Company has made available to the Investor through the EDGAR system, true and complete copies
of the Company’s most recent Annual Report on Form 10-K for its last fiscal year (the “10-K”), and all other
reports filed by the Company pursuant to the 1934 Act since the filing of the 10-K and prior to the date hereof (collectively,
the “SEC Filings”). The SEC Filings are the only filings required of the Company pursuant to the 1934 Act for such
period. The Company and its Subsidiaries are engaged in all material respects only in the business described in the SEC Filings
and the SEC Filings contain a complete and accurate description in all material respects of the business of the Company and its
Subsidiaries, taken as a whole.

 

4.7       Use
of Proceeds. The net proceeds of the sale of the Debenture hereunder shall be used by the Company for software development,
marketing, investor relations and general operating expenses.

 

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4.8        No
Conflict, Breach, Violation or Default. The execution, delivery and performance of the Transaction Documents by the Company
and the issuance and sale of the Securities will not conflict with or result in a breach or violation of any of the terms and
provisions of, or constitute a default under (i) the Company’s Articles of Incorporation or the Company’s Bylaws,
both as in effect on the date hereof (true and complete copies of which have been made available to the Investor through the EDGAR
system), or (ii)(a) any statute, rule, regulation or order of any governmental agency or body or any court, domestic or foreign,
having jurisdiction over the Company, any Subsidiary or any of their respective assets or properties, or (b) any agreement or
instrument to which the Company or any Subsidiary is a party or by which the Company or a Subsidiary is bound or to which any
of their respective assets or properties is subject. Holders of the Company’s other outstanding debt securities have been
notified of the Company’s need for capital and offered the right to finance the Company’s needs. Except for the Investor,
none of such other holders has offered to invest capital in the Company on any terms.

 

4.9       Brokers
and Finders. No Person will have, as a result of the transactions contemplated by the Transaction Documents, any valid right,
interest or claim against or upon the Company, any Subsidiary or an Investor for any commission, fee or other compensation pursuant
to any agreement, arrangement or understanding entered into by or on behalf of the Company.

 

4.10     No
Directed Selling Efforts or General Solicitation. Neither the Company nor any Person acting on its behalf has conducted any
general solicitation or general advertising (as those terms are used in Regulation D) in connection with the offer or sale of
any of the Securities.

 

4.11     No
Integrated Offering. Neither the Company nor any of its Affiliates, nor any Person acting on its or their behalf has, directly
or indirectly, made any offers or sales of any Company security or solicited any offers to buy any security, under circumstances
that would adversely affect reliance by the Company on Section 4(a)(2) for the exemption from registration for the transactions
contemplated hereby or would require registration of the Securities under the 1933 Act.

 

4.12     Private
Placement. The offer and sale of the Securities to the Investor as contemplated hereby is exempt from the registration requirements
of the 1933 Act.

 

5.        Representations
and Warranties of the Investor. The Investor hereby represents and warrants to the Company that:

 

5.1       Organization
and Existence. Such Investor is a validly existing corporation, limited partnership or limited liability company and has all
requisite corporate, partnership or limited liability company power and authority to invest in the Securities pursuant to this
Agreement.

 

5.2       Authorization.
The execution, delivery and performance by such Investor of the Transaction Documents to which such Investor is a party have been
duly authorized and will each constitute the valid and legally binding obligation of such Investor, enforceable against such Investor
in accordance with their respective terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium
and similar laws of general applicability, relating to or affecting creditors’ rights generally.

 

5.3       Purchase
Entirely for Own Account. The Securities to be received by such Investor hereunder will be acquired for such Investor’s
own account, not as nominee or agent, and not with a view to the resale or distribution of any part thereof in violation of the
1933 Act, and such Investor has no present intention of selling, granting any participation in, or otherwise distributing the
same in violation of the 1933 Act without prejudice, however, to such Investor’s right at all times to sell or otherwise
dispose of all or any part of such Securities in compliance with applicable federal and state securities laws. Nothing
contained herein shall be deemed a representation or warranty by such Investor to hold the Securities for any period of time.
Such Investor is not a broker-dealer registered with the SEC under the 1934 Act or an entity engaged in a business that would
require it to be so registered.

 

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5.4       Investment
Experience. Such Investor acknowledges that it can bear the economic risk and complete loss of its investment in the Securities
and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of
the investment contemplated hereby.

 

5.5       Disclosure
of Information. Such Investor has had an opportunity to receive all information related to the Company requested by it and
to ask questions of and receive answers from the Company regarding the Company, its business and the terms and conditions of the
offering of the Securities. Such Investor acknowledges receipt of copies of the SEC Filings. Neither such inquiries nor any other
due diligence investigation conducted by such Investor shall modify, amend or affect such Investor’s right to rely on the
Company’s representations and warranties contained in this Agreement.

 

5.6       Restricted
Securities. Such Investor understands that the Securities are characterized as “restricted securities” under the
U.S. federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering
and that under such laws and applicable regulations such securities may be resold without registration under the 1933 Act only
in certain limited circumstances.

 

5.7       Legends.
It is understood that, except as provided below, certificates evidencing the Securities may bear the following or any similar
legend:

 

(a)        “The
securities represented hereby and the securities into which such securities are convertible may not be transferred unless (i)
such securities have been registered for sale pursuant to the Securities Act of 1933, as amended, (ii) such securities may be
sold pursuant to Rule 144, or (iii) the Company has received an opinion of counsel reasonably satisfactory to it that such transfer
may lawfully be made without registration under the Securities Act of 1933 or qualification under applicable state securities
laws.”

 

(b)        If
required by the authorities of any state in connection with the issuance of sale of the Securities, the legend required by such
state authority.

 

5.8       Accredited
Investor. Such Investor is an accredited investor as defined in Rule 501(a) of Regulation D, as amended, under the 1933 Act.

 

5.9       No
General Solicitation. Such Investor did not learn of the investment in the Securities as a result of any public advertising
or general solicitation.

 

5.10     Brokers
and Finders. No Person will have, as a result of the transactions contemplated by the Transaction Documents, any valid right,
interest or claim against or upon the Company, any Subsidiary or an Investor for any commission, fee or other compensation pursuant
to any agreement, arrangement or understanding entered into by or on behalf of such Investor.

 

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6.        Conditions to Closing.

 

6.1       Conditions
to the Investor’s Obligations. The obligation of the Investor to purchase the Debenture on the Closing Date or subsequent
closing dates is subject to the fulfillment to such Investor’s satisfaction, on or prior to the Closing Date, of the following
conditions, any of which may be waived by the Investor:

 

(a)        The
representations and warranties made by the Company in Section 4 hereof qualified as to materiality shall be true and correct at
all times prior to and on the Closing Date or subsequent closing date, except to the extent any such representation or warranty
expressly speaks as of an earlier date, in which case such representation or warranty shall be true and correct as of such earlier
date, and, the representations and warranties made by the Company in Section 4 hereof not qualified as to materiality shall be
true and correct in all material respects at all times prior to and on the Closing Date or subsequent closing date, except to
the extent any such representation or warranty expressly speaks as of an earlier date, in which case such representation or warranty
shall be true and correct in all material respects as of such earlier date. The Company shall have performed in all material respects
all obligations and conditions herein required to be performed or observed by it on or prior to the Closing Date or subsequent
closing date.

 

(b)        The
Company shall have obtained any and all consents, permits, approvals, registrations and waivers necessary or appropriate for consummation
of the purchase and sale of the Securities, and the consummation of the other transactions contemplated by the Transaction Documents,
all of which shall be in full force and effect.

 

(c)        No
judgment, writ, order, injunction, award or decree of or by any court, or judge, justice or magistrate, including any bankruptcy
court or judge, or any order of or by any governmental authority, shall have been issued, and no action or proceeding shall have
been instituted by any governmental authority, enjoining or preventing the consummation of the transactions contemplated hereby
or in the other Transaction Documents.

 

(d)        No
stop order or suspension of trading shall have been imposed by Nasdaq, the SEC or any other governmental or regulatory body with
respect to public trading in the Common Stock.

 

(e)        The
Investor shall have received an executed copy of this Agreement, the Debenture, the Transfer Agent Letter and other Transaction
Documents and any closing documents reasonably requested.

 

6.2        Conditions
to Obligations of the Company. The Company's obligation to sell and issue the Debenture on the Closing Date and subsequent
closing dates is subject to the fulfillment to the satisfaction of the Company on or prior to the Closing Date or subsequent closing
date of the following conditions, any of which may be waived by the Company:

 

(a)        The
representations and warranties made by the Investor in Section 5 hereof, other than the representations and warranties contained
in Sections 5.3, 5.4, 5.5, 5.6, 5.7, 5.8, 5.9 and 5.10 (the “Investment Representations”), shall be true and correct
in all material respects when made, and shall be true and correct in all material respects on the Closing Date or subsequent closing
date with the same force and effect as if they had been made on and as of said date. The Investment Representations shall be true
and correct in all respects when made, and shall be true and correct in all respects on the Closing Date or subsequent closing
date with the same force and effect as if they had been made on and as of said date. The Investor shall have performed in all
material respects all obligations and conditions herein required to be performed or observed by them on or prior to the Closing
Date or subsequent closing date.

 

(b)        The
Investor shall have executed this Agreement and paid the purchase price for the portion of Debenture to be purchased on such date.

 

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6.3        Termination
of Obligations to Effect Closing; Effects.

 

(a)        The
obligations of the Company, on the one hand, and the Investor, on the other hand, to effect the Closing or subsequent closings
shall terminate as follows:

 

(i)        Upon
the mutual written consent of the Company and the Investor;

 

(ii)        By
the Company if any of the conditions set forth in Section 6.2 shall have become incapable of fulfillment, and shall not have been
waived by the Company;

 

(iii)        By
the Investor if any of the conditions set forth in Section 6.1 shall have become incapable of fulfillment, and shall not have
been waived by the Investor; or

 

(iv)        By
either the Company or the Investor if the Closing has not occurred on or prior to May 6, 2016; provided, however, that, except
in the case of clause (i) above, the party seeking to terminate its obligation to effect the Closing shall not then be in breach
of any of its representations, warranties, covenants or agreements contained in this Agreement or the other Transaction Documents
if such breach has resulted in the circumstances giving rise to such party’s seeking to terminate its obligation to effect
the Closing.

 

7.        Survival,
Indemnification and Other Covenants.

 

7.1        Survival.
The representations, warranties, covenants and agreements contained in this Agreement shall survive the Closing of the transactions
contemplated by this Agreement.

 

7.2        Indemnification.
The Company agrees to indemnify and hold harmless the Investor and its Affiliates and their respective directors, officers, employees
and agents from and against any and all losses, claims, damages, liabilities and expenses (including without limitation reasonable
attorneys’ fees and disbursements and other expenses incurred in connection with investigating, preparing or defending any
action, claim or proceeding, pending or threatened and the costs of enforcement thereof) (collectively, “Losses”)
to which such Person may become subject as a result of any breach of representation, warranty, covenant or agreement made by or
to be performed on the part of the Company under the Transaction Documents, and will reimburse any such Person for all such amounts
as they are incurred by such Person.

 

7.3        Conduct
of Indemnification Proceedings. Promptly after receipt by any Person (the “Indemnified Person”)
of notice of any demand, claim or circumstances which would or might give rise to a claim or the commencement of any action, proceeding
or investigation in respect of which indemnity may be sought pursuant to Section 7.2, such Indemnified Person shall promptly notify
the Company in writing and the Company shall assume the defense thereof, including the employment of counsel reasonably satisfactory
to such Indemnified Person, and shall assume the payment of all fees and expenses; provided, however, that the failure of any
Indemnified Person so to notify the Company shall not relieve the Company of its obligations hereunder except to the extent that
the Company is materially prejudiced by such failure to notify. In any such proceeding, any Indemnified Person shall have the
right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Person
unless: (i) the Company and the Indemnified Person shall have mutually agreed to the retention of such counsel; or (ii) in the
reasonable judgment of counsel to such Indemnified Person representation of both parties by the same counsel would be inappropriate
due to actual or potential differing interests between them. The Company shall not be liable for any settlement of any proceeding
effected without its written consent, which consent shall not be unreasonably withheld, but if settled with such consent, or if
there be a final judgment for the plaintiff, the Company shall indemnify and hold harmless such Indemnified Person from and against
any loss or liability (to the extent stated above) by reason of such settlement or judgment. Without the prior written consent
of the Indemnified Person, which consent shall not be unreasonably withheld, the Company shall not effect any settlement of any
pending or threatened proceeding in respect of which any Indemnified Person is or could have been a party and indemnity could
have been sought hereunder by such Indemnified Party, unless such settlement includes an unconditional release of such Indemnified
Person from all liability arising out of such proceeding.

 

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7.4        Acknowledgment
of Dilution. The Company acknowledges that the issuance of the Securities may result in dilution of the outstanding shares
of Common Stock, which dilution may be substantial under certain market conditions. The Company further acknowledges that its
obligations under the Transaction Documents, including without limitation its obligation to issue the Common Shares underlying
the Debentures pursuant to the Transaction Documents, are unconditional and absolute and not subject to any right of set off,
counterclaim, delay or reduction, regardless of the effect of any such dilution or any claim the Company may have against any
Investor and regardless of the dilutive effect that such issuance may have on the ownership of the other stockholders of the Company.

 

7.5        Furnishing
of Information; Rule 144 Availability. As long as any Investor owns Securities, the Company covenants to timely file (or obtain
extensions in respect thereof and file within the applicable grace period) all reports required to be filed by the Company after
the date hereof pursuant to the Exchange Act. As long as any Investor owns Securities, if the Company is not required to file
reports pursuant to the Exchange Act, it will prepare and furnish to such Investor and make publicly available in accordance with
Rule 144(c) such information as is required for such Investor to sell the Securities under Rule 144. Notwithstanding the foregoing,
the parties agree that the Company shall have 180 days to regain compliance with its Exchange Act reporting requirements. The
Company further covenants that it will take such further action as any holder of Securities may reasonably request, all to the
extent required from time to time to enable such Person to sell such Securities without registration under the Securities Act
within the limitation of the exemptions provided by Rule 144. Additionally, the Company covenants to make reasonable efforts to
market the Company and hire an appropriate investor relations firm.

 

At all times from the
date hereof through and including the date none of the conversion shares are outstanding (the “Required Period”) the
Company shall ensure the Investor can sell the pursuant to and in accordance with Rule 144 under the Securities Act. If, (i) at
any time during the Required Period, the Company shall fail for any reason to satisfy the current public information requirement
under Rule 144(c) under the Securities Act (a “Public Information Failure”), or (ii) the Company shall fail to take
such action as is reasonably requested by the Investor to enable the Investor to sell any of the shares received in connection
with the Debentures pursuant to Rule 144 under the Securities Act (including, without limitation, delivering all such legal opinions,
consents, certificates, resolutions and instructions to the Company’s transfer agent as may be reasonably requested from
time to time by the Purchaser and otherwise fully cooperate with Investor and Investor’s broker to effect such sale of the
shares of common stock received in connection with the Debentures pursuant to Rule 144 under the Securities Act) (a “Process
Failure”) then, in either case, in addition to the Investor’s other available remedies, the Company shall pay to Investor,
as liquidated damages and not as a penalty, by reason of any such delay in or reduction of its ability to sell the Conversion
Shares, an amount in cash equal to two (2.0%) percent of the $360,000 aggregate principal amount of the Debentures on the day
of a Public Information Failure or Process Failure, as applicable, and on every thirtieth (30th) day (prorated for periods totaling
less than thirty (30) days), thereafter, until (a) in the case of a Process Failure, the date such Process Failure is cured, or
(b) in the case of a Public Information Failure, the date such Public Information Failure is cured. Notwithstanding anything to
the contrary provided herein, liquidated damages for each Process Failure or Public Information Failure shall not be applicable
or commence to accrue until such time as 180 days shall have elapsed since the signing of the up to $360,000 principal amount
of 8% Convertible Debentures due May 2 , 2018, in the form attached hereto as Exhibit A, and shall not (i) commence to accrue
for a period of 5 days from the date of any such Process Failure and/or Public Information Failure, and (ii) shall not exceed
ten (10%) percent of $360,000 in the aggregate for all such Process Failures or Public Information Failures. The payments to which
the Purchaser shall be entitled pursuant to this Section 7.5 are referred to herein as “Rule 144 Failure Payments”.
Rule 144 Failure Payments shall be paid on the earlier of (i) the last day of the calendar month during which such Rule 144 Failure
Payments are incurred and (ii) the third (3rd) Trading Day after the event or failure giving rise to the Rule 144 Failure Payments
is cured.

 

    9

     

    

 

7.6        Non-Public
Information. The Company covenants and agrees that neither it nor any other Person acting on its behalf will provide any Investor
or its agents or counsel with any information that the Company believes constitutes material non-public information, unless prior
thereto such Investor shall have executed a written agreement regarding the confidentiality and use of such information. The Company
understands and confirms that such Investor shall be relying on the foregoing representations in effecting transactions in securities
of the Company.

 

7.7        Reservation
and Listing of Securities. At all times and as long as the Investor owns any Debentures, the Company shall take all action
necessary (and/or reasonably requested by the Investor) to at all times have authorized, and reserved out of its authorized but
unissued shares of Common Stock for the purpose of issuance to the Investor upon conversions or in respect of interest on the
Debentures by the Investor, no less than two hundred (200%) percent of the sum of the maximum number of conversion shares issuable
(including interest, and without taking into account any limitations on the issuance thereof pursuant to the terms of the Debentures)
(the “Required Reserved Amount”). If at any time the number of shares of Common Stock authorized and reserved for
issuance is not sufficient to meet the Required Reserved Amount, the Company will promptly take all corporate action necessary
to authorize and reserve a sufficient number of shares, including, without limitation, calling a special meeting of stockholders
to authorize additional shares to meet the Company’s obligations under this Agreement and the Transaction Documents, in
the case of an insufficient number of authorized shares, obtain stockholder approval of an increase in such authorized number
of shares, and voting the management shares of the Company in favor of an increase in the authorized shares of the Company to
ensure that the number of authorized shares is sufficient to meet the Required Reserved Amount. The Company shall initially reserve
shares of Common Stock on its own books and records (the “Reserve”) for the issuance of Conversion Shares and any
other shares of Common Stock required to be issued by the Company to the Investor pursuant to the Transaction Documents, which
initial reservation shall be authorized by the unanimous written consent of the Company’s Board of Directors delivered at
Closing. From and after the date of this Agreement through and including the date all of the Company’s and each of its Subsidiaries’
indebtedness and all other obligations owed to the Investor pursuant to this Agreement and the other Transaction Documents, including,
but not limited to, the Debentures is paid and performed in full, confirmation of which must be obtained by in writing from the
Investor, the Company shall (a) issue or cause its Transfer Agent to issue the shares received on conversion or in respect of
interest and all other shares of Common Stock required to be issued to the Investor or its broker only (subject to the immediately
following clause (b)), (b) issue or cause its Transfer Agent to issue shares of Common Stock to the Investor or its broker under
the Debentures from sources other than the Reserve, unless the Investor delivers to the Company written pre-approval of such issuance
from the Reserve, and (c) not reduce the Reserve under any circumstances, unless the Investor delivers to the Company written
pre-approval of such reduction. The Company shall immediately add shares of Common Stock to the Reserve to ensure that the greater
of (i) 2,117,647,059 shares of Common Stock and (ii) Required Reserve Amount (the greater of (i) and (ii) being the “Reserve
Minimum”) are in the Reserve at all times. The Company shall increase the amount of shares of Common Stock in the Reserve
upon receipt of written notice, which may be in email form, by the Investor (and/or its assigns) in order to ensure that the Reserve
contains the Reserve Minimum and/or at any time the number of shares in the Reserve is less than the Reserve Minimum. Notwithstanding
to the contrary provided herein or elsewhere, if at any time the number of shares of Common Stock in the Reserve, is less than
the Required Reserved Amount, the Investor may send written notice to the Company’s then Transfer Agent to increase out
of the Borrower’s authorized but unissued shares of Common Stock such number of additional shares of Common Stock so the
Reserve consists of at least the Required Reserve Amount, provided, that the number of shares of Common Stock in the Reserve shall
never be decreased or used for any other purposes other than for issue to the Holder upon each conversion by the Investor of the
Debenture into shares of common stock. As a condition to Closing, all actions required by the Company in this Section 7.7 shall
be approved by the unanimous written consent of the Company’s Board of Directors which shall be delivered to the Investor
at Closing.

 

    10

     

    

 

7.8        Subsequent
Equity Sales. In addition to the limitations set forth herein, from the date hereof until such time as no Investor holds any
of the Securities, the Company shall be prohibited from effecting or entering into an agreement to effect any Subsequent Financing
involving a “Variable Rate Transaction” or an “MFN Transaction” (each as defined below). The term “Variable
Rate Transaction” shall mean a transaction in which the Company issues or sells (i) any debt or equity securities that are
convertible into, exchangeable or exercisable for, or include the right to receive additional shares of Common Stock either (A)
at a conversion, exercise or exchange rate or other price that is based upon and/or varies with the trading prices of or quotations
for the shares of Common Stock at any time after the initial issuance of such debt or equity securities, or (B) with a conversion,
exercise or exchange price that is subject to being reset at some future date after the initial issuance of such debt or equity
security or upon the occurrence of specified or contingent events directly or indirectly related to the business of the Company
or the market for the Common Stock or (ii) enters into any agreements, including but not limited to an equity line of credit,
whereby the Company may sell securities at a future determined price tied to the market price of the Common Stock. The term “MFN
Transaction” shall mean a transaction in which the Company issues or sells any securities in a capital raising transaction
or series of related transactions which grants to an investor the right to receive additional shares based upon future transactions
of the Company on terms more favorable than those granted to such investor in such offering. Any Investor shall be entitled to
obtain injunctive relief against the Company to preclude any such issuance, which remedy shall be in addition to any right to
collect damages.

 

8.        Miscellaneous.

 

8.1        Successors
and Assigns. This Agreement may not be assigned by a party hereto without the prior written consent of the Company. The Investor
may assign its rights and delegate its duties hereunder in whole or in part to an Affiliate or to a third party acquiring some
or all of its Securities in a private transaction without the prior written consent of the Company, after notice duly given by
such Investor to the Company. The provisions of this Agreement shall inure to the benefit of and be binding upon the respective
permitted successors and assigns of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any
party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities
under or by reason of this Agreement, except as expressly provided in this Agreement.

 

8.2        Counterparts;
Faxes. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument. This Agreement may also be executed via facsimile, which shall be deemed
an original.

 

8.3        Titles
and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered
in construing or interpreting this Agreement.

 

    11

     

    

 

8.4.        Notices.
Unless otherwise provided, any notice required or permitted under this Agreement shall be given in writing and shall be deemed
effectively given as hereinafter described (i) if given by personal delivery, then such notice shall be deemed given upon such
delivery, (ii) if given by email, telex or telecopier, then such notice shall be deemed given upon receipt of confirmation of
complete transmittal, (iii) if given by mail, then such notice shall be deemed given upon the earlier of (A) receipt of such notice
by the recipient or (B) three days after such notice is deposited in first class mail, postage prepaid, and (iv) if given by an
internationally recognized overnight air courier, then such notice shall be deemed given one business day after delivery to such
carrier. All notices shall be addressed to the party to be notified at the address as follows, or at such other address as such
party may designate by ten days’ advance written notice to the other party:

 

If
to the Company:

 

THINSPACE
TECHNOLOGY, INC.

1925
E. Belt Line Road Suite 349

Carrollton, Texas 75006

 

If
to the Investor:

 

Rockwell
Capital Partners Inc

919
N Market St Ste 1401

Wilmington,
DE 19801

 

8.5        Expenses.
The parties hereto shall pay their own costs and expenses in connection herewith. In the event that legal proceedings are commenced
by any party to this Agreement against another party to this Agreement in connection with this Agreement or the other Transaction
Documents, the party or parties which do not prevail in such proceedings shall severally, but not jointly, pay their pro rata
share of the reasonable attorneys’ fees and other reasonable out-of-pocket costs and expenses incurred by the prevailing
party in such proceedings.

 

8.6        Amendments
and Waivers. Any term of this Agreement may be amended only with the written consent of the Company and the Investor. Any
term of this agreement may be waived (either generally or in a particular instance and either retroactively or prospectively)
only in writing by the party against whom such provision is sought to be enforced against. Any amendment or waiver effected in
accordance with this paragraph shall be binding upon each holder of any Securities purchased under this Agreement at the time
outstanding, each future holder of all such Securities, and the Company.

 

8.7        Severability.
Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof but shall be interpreted
as if it were written so as to be enforceable to the maximum extent permitted by applicable law, and any such prohibition or unenforceability
in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. To the extent permitted
by applicable law, the parties hereby waive any provision of law which renders any provision hereof prohibited or unenforceable
in any respect.

 

8.8        Entire
Agreement. This Agreement, including the Exhibits and the Disclosure Schedules, and the other Transaction Documents constitute
the entire agreement among the parties hereof with respect to the subject matter hereof and thereof and supersede all prior agreements
and understandings, both oral and written, between the parties with respect to the subject matter hereof and thereof.

 

8.9        Further
Assurances. The parties shall execute and deliver all such further instruments and documents and take all such other actions
as may reasonably be required to carry out the transactions contemplated hereby and to evidence the fulfillment of the agreements
herein contained.

 

    12

     

    

 

8.10      Governing
Law; Consent to Jurisdiction; Waiver of Jury Trial. This Agreement and the rights and obligations of the parties hereto shall
be governed, construed and interpreted in accordance with the laws of the State of New York, without giving effect to principles
or conflicts of law and any proceedings arising among the parties in any manner pertaining or relating to this Agreement shall
be heard solely in the state and/or federal courts located in New York. Each party agrees that all legal proceedings concerning
the transactions contemplated hereby 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 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, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that
is not personally subject to the jurisdiction of any court, 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 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 hereunder 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 hereto. If either party shall commence an
action or proceeding to enforce any provisions hereof, then the prevailing party in such action or proceeding shall be reimbursed
by the other party for its attorneys’ fees and other costs and expenses incurred with the investigation, preparation and
prosecution of such action or proceeding.

 

[signature
page follows]

 

    13

     

    

 

IN
WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized officers to execute this Agreement as
of the date first above written.

 

	The Company:	THINSPACE TECHNOLOGY, INC.
	 	 	 
	 	By:	/s/            
	 	Name:    	 
	 	Title:      	 
	 	 	 
	The Investor:	ROCKWELL CAPITAL PARTNERS, INC.
	 	 	 
	 	By: 	/s/
	 	Name:  	 
	 	Title:	 

 

 

 14Exhibit
10.3

 

NEITHER
THIS NOTE NOR THE SECURITIES INTO WHICH THIS NOTE 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.

 

	November
    18,  2015	$125,000

 

THINSPACE
TECHNOLOGY, INC.

 

8%
Convertible Debenture

 

Due
November 18, 2017

 

FOR
VALUE RECEIVED, Thinspace Technology, Inc. a Delaware corporation (hereinafter called the “Borrower” or the
“Company”), hereby promises to pay to Rockwell Capital Partners, Inc.., a Delaware Corporation (the
“Holder”), or order, without demand, the sum of up to ONE HUNDRED, TWENTY-FIVE THOUSAND Dollars ($125,000),
with simple interest accruing at the rate described below, on November 18, 2017(the "Maturity Date").

 

NOW
THEREFORE, the following terms shall apply to this Debenture:

 

ARTICLE
I

GENERAL
PROVISIONS

 

1.1        Payments.
The entire unpaid principal amount (such amount to be equal to the amount actually paid by Holder to Borrower during the one hundred
twenty day period commencing on the date of this Debenture, it being acknowledged that no amounts have been paid by the Holder
to the Borrower as of the date of this Debenture, and any such amounts (up to $125,000) may be paid by Holder to Borrower in its
discretion during the 120 pay period commencing on the date of this Debenture)due under this Debenture (the “Principal”)
shall be due and payable on the Maturity Date. Interest on this Debenture (the
“Interest”) will be payable annually. Interest shall be payable in cash or, at the Company’s option,
in shares of the Company’s common stock, par value $0.001 per share (the "Common Stock").

 

Upon
any conversion in part by the Holder in accordance with Article II, the Holder and the Borrower shall in good faith recalculate
the outstanding principal balance. Upon any full conversion by the Holder in accordance with Article II of all of the Interest
and the Principal due hereunder, all of the Borrower's payment obligations shall terminate. All payments in respect of the indebtedness
evidenced hereby shall be applied in the following order: to accrued Interest, Principal, and charges and expenses owing under
or in connection with this Debenture.

 

If
any payment of interest is paid in Common Stock, the number of shares issuable will be determined utilizing the conversion ratio
as set forth in Article II. Notwithstanding the foregoing, the Company’s right to pay this Debenture, including any Interest
due thereunder, in shares of Common Stock upon the Maturity Date is subject to the condition that: (i) the Common Stock is trading
on the OTC Markets, OTC Bulletin Board, New York Stock Exchange, NYSE MKT or Nasdaq; and (ii) there is an effective Registration
Statement on the Maturity Date or the shares are otherwise eligible for resale pursuant to Rule 144.

 

     

     

    

 

1.2         Interest.
Interest shall accrue on the outstanding principal balance hereof at an annual rate equal to eight percent (8%) from the date
Principal was advanced in connection with this Debenture and shall be payable annually unless otherwise converted earlier at the
election of the Holder as further described below. Interest shall be calculated on the basis of a 360-day year and the actual
number of days elapsed, to the extent permitted by applicable law. Interest hereunder will be paid to the Holder or its assignee
in whose name this Debenture is registered on the records of the Borrower regarding registration and transfers of Debentures (the
“Debenture Register”). However, should the Company fail to maintain current public information as defined in
Rule 144 of the Securities Act of 1933, the interest rate shall increase to 18% per annum for that period when the Company’s
filings are not up-to-date and the failure to timely file shall constitute a default allowing for acceleration of the Debenture.

 

1.3         Payment
Grace Period. From and after the 10th day after an Event of Default under Section 3.1, the Interest Rate applicable
to any unpaid amounts owed hereunder shall be increased to eighteen percent (18%) per annum.

 

1.4         Conversion
Privileges. The conversion privileges set forth in Article II shall remain in full force and effect immediately from the date
hereof and until the Debenture is paid in full regardless of the occurrence of an Event of Default. This
Debenture shall be payable in full on the Maturity Date, unless previously converted into Common Stock in accordance with
Article II hereof; provided, that if an Event of Default has occurred, the Holder may elect to extend the Maturity Date by the
amount of days of the pendency of the Event of Default.

 

1.5         Corporate
Existence. So long as this Debenture remains outstanding, the Company shall not directly or indirectly consummate any
merger, reorganization, restructuring, reverse stock split, consolidation, sale of all or substantially all of the Company's
assets or any similar transaction or related transactions (each such transaction, a “Fundamental Change”)
where the Company is not the surviving entity unless, prior to the consummation a Fundamental Change, the Company shall
have given the Holder not less than fourteen (14) days prior written notice to the Holder. In any such case, the
Holder will have the right to put this Debenture to the Company up
to the time of the effectiveness of the Fundamental Change at 150% of the then outstanding Principal plus any unpaid
and accrued Interest.

 

This
Debenture is subject to the following additional provisions:

 

ARTICLE
II

CONVERSION
RIGHTS AND REDEMPTION RIGHTS

 

The
Holder shall have the right to convert the principal and accrued and unpaid interest due under this Debenture into Shares of the
Borrower's Common Stock as set forth below.

 

2.1         Conversion
into the Borrower's Common Stock.

 

(a)         The
Holder shall have the right from and after the date of the issuance of this Debenture and then at any time until this Debenture
is fully paid, to convert any outstanding and unpaid principal portion of this Debenture, and accrued Interest, at the election
of the Holder (the date of giving of such notice of conversion being a "Conversion Date") into fully paid and
non-assessable shares of Common Stock as such stock exists on the date of issuance of this Debenture (such shares, the “Conversion
Shares”), or any shares of capital stock of Borrower into which such Common Stock shall hereafter be changed or reclassified
(the “Other Securities”), at the conversion price as defined in Section 2.1(b) hereof (the "Conversion
Price"), determined as provided herein. Upon delivery to the Borrower of a completed Notice of Conversion, a form of
which is attached hereto as Exhibit A, Borrower shall issue and deliver to the Holder within three (3) business
days from the Conversion Date (such third day being the “Delivery Date”) that number of Conversion Shares for
the portion of the Debenture converted in accordance with the foregoing. At the election of the Holder, the Borrower will deliver
accrued but unpaid interest on the principal amount of the Debenture being converted in the manner provided in Section 1.1 through
the Conversion Date directly to the Holder on or before the Delivery Date. The number of Conversion Shares to be issued upon each
conversion of this Debenture shall be determined by dividing that portion of the principal of thisDebenture
and accrued interest to be converted, by the Conversion Price.

 

(b)         Subject to adjustment as provided in Section 2.1(c) hereof, the Conversion Price per share shall be 65% of the lowest closing
bid price as of 4 pm (New York Time) for the Company’s stock during the previous 20 trading days.

 

    2

     

    

 

(c)         
The Conversion Price and number and kind of shares or other securities to be issued upon conversion determined pursuant to Section
2.1(a), shall be subject to adjustment from time to time upon the happening of the following certain events while this conversion
right remains outstanding:

 

A.         Reorganization,
Consolidation, Merger, etc.; Reclassification. In case at any time or from time to time, the Company shall, subject to Section
1.5 hereof, effect a Fundamental Change, then, in each such case, as a condition to the consummation of such a transaction, proper
and adequate provision shall be made by the Company whereby the Holder of this Debenture, on the conversion hereof as provided
in Article II, at any time after the consummation of such Fundamental Change, shall receive, in lieu of the Conversion Shares
(or Other Securities) issuable on such conversion prior to such consummation or such effective date, the stock and other securities
and property (including cash) to which such Holder would have been entitled upon such consummation of a Fundamental Change if
such Holder had so converted this Debenture, immediately prior thereto, all subject to further adjustment thereafter as provided
in Section 2.1(c)(E).

 

If
the Borrower at any time shall, by reclassification or otherwise, change the Common Stock into the same or a different number
of securities of any class or classes that may be issued or outstanding, this Debenture, as to the unpaid principal portion thereof
and accrued interest thereon, shall thereafter be deemed to evidence the right to purchase an adjusted number of such securities
and kind of securities as would have been issuable as the result of such change with respect to the Common Stock immediately prior
to such reclassification or other change.

 

B.         Dissolution.
In the event of any dissolution of the Company following the transfer of all or substantially all of its properties or assets,
the Company, prior to such dissolution, shall at its expense deliver or cause to be delivered the stock and other securities and
property (including cash, where applicable) receivable by the Holder of this Debenture
after the effective date of such dissolution pursuant to this Article II to a bank or trust company (a “Trustee”)
having its principal office in New York, NY, as trustee for the Holder of the Debentures.

 

C.         Continuation
of Terms. Upon any Fundamental Change or transfer (and any dissolution following any transfer) referred to in this Article
II, this Debenture shall continue in full force and effect and the terms hereof shall be applicable to the Other Securities and
property receivable on the conversion of this Debenture after the consummation of such Fundamental Change or transfer or the effective
date of dissolution following any such transfer, as the case may be, and shall be binding upon the issuer of any other securities,
including, in the case of any such transfer, the person acquiring all or substantially all of the properties or assets of the
Company, whether or not such person shall have expressly assumed the terms of this Debenture as provided in Section 2.1(c)(E).
In the event this Debenture does not continue in full force and effect after the consummation of the transaction described in
this Article II, then only in such event will the Company's securities and property (including cash, where applicable) receivable
by the Holder of this Debenture be delivered to the Trustee as contemplated
by Section 2.1(c)(B).

 

D.
         Share Issuance. If at any time this Debenture is outstanding the
Company shall offer, issue or agree to issue any common stock or securities convertible into or exercisable for shares of common
stock (or modify any of the foregoing which may be outstanding) to any person or entity at a price per share or conversion or
exercise price per share which shall be less than the then applicable Conversion Price in respect of the Shares, without the consent
of the Holders of this Debenture, except with respect to Excepted Issuances,
then the Company shall issue, for each such occasion, additional shares of Common Stock to each Holder so that the average per
share purchase price of the shares of Common Stock issued to the Holder (of only the Conversion Shares still owned by the Holder)
is equal to such other lower price per share and the Conversion Price shall automatically be reduced to such other lower price
per share. For the purposes hereof, "Excepted Issuances" means any offer,
issuance or agreement to issue any common stock or securities convertible into or exercisable for shares of common stock (or modify
any of the foregoing which may be outstanding) in connection with (i) full or partial consideration in connection with a strategic
merger, consolidation or purchase of substantially all of the securities or assets of corporation or other entity, (ii) the Company’s
issuance of securities in connection with strategic license agreements and other partnering arrangements so long as such issuances
are not for the purpose of raising capital, (iii) the Company’s issuance of Common Stock or the issuance or grants of options
to purchase Common Stock pursuant to the Company’s stock option plans and employee stock purchase plans, (iv) the conversion
of any of the Debentures, (v) the payment of any interest on the Debentures, and (vi) as has been described in the Reports filed
with the Commission or delivered to the Holder prior to the issuance of this Debenture (collectively, the “Excepted Issuances”).
The delivery to the Holder of the additional shares of Common Stock shall be not later than the closing date of the transaction
giving rise to the requirement to issue additional shares of Common Stock. For purposes of the issuance and adjustment described
in this paragraph, the issuance of any security of the Company carrying the right to convert such security into shares of Common
Stock or of any warrant, right or option to purchase Common Stock shall result in the issuance of the additional shares of Common
Stock upon the issuance of such convertible security, warrant, right or option and again at any time upon any subsequent issuances
of shares of Common Stock upon exercise of such conversion or purchase rights if such issuance is at a price lower than the Conversion
Price in effect upon such issuance. The rights of the Holder set forth in this Section 2.1 (c)(D),
arein addition to any other rights the Holder has pursuant to this Debenture, any Transaction Document and any other
agreement referred to or entered into in connection herewith.

 

    3

     

    

 

E.         Extraordinary
Events Regarding Common Stock. In the event that the Company shall (a) issue additional shares of the Common Stock as a dividend
or other distribution on outstanding Common Stock, (b) subdivide its outstanding shares of Common Stock, or (c) subject to Section
1.5 hereof, combine its outstanding shares of the Common Stock into a smaller number of shares of the Common Stock, then, in each
such event, the Conversion Price shall, simultaneously with the happening of such event, be adjusted by multiplying the then Conversion
Price by a fraction, the numerator of which shall be the number of shares of Common Stock outstanding immediately prior to such
event and the denominator of which shall be the number of shares of Common Stock outstanding immediately after such event, and
the product so obtained shall thereafter be the Conversion Price then in effect. The Conversion Price, as so adjusted, shall be
readjusted in the same manner upon the happening of any successive event or events described herein in this Section 2.1(c)(E).
The number of Conversion Shares that the Holder of this Debenture shall thereafter, on the conversion hereof as provided in Article
II, be entitled to receive shall be adjusted to a number determined by multiplying the number of Conversion Shares that would
otherwise (but for the provisions of this Section 2.1(c)(E)) be issuable on such conversion by a fraction of which (a) the numerator
is the Conversion Price that would otherwise (but for the provisions of this Section 2.1(c)(E)) be in effect, and (b) the denominator
is the Conversion Price in effect on the date of such conversion.

 

F.         Certificate
as to Adjustments. In each case of any adjustment or readjustment in the shares of Common Stock (or Other Securities) issuable
on the conversion of the Debentures, the Company at its expense will promptly cause its Chief Financial Officer or other appropriate
designee to compute such adjustment or readjustment in accordance with the terms of the Debenture and prepare a certificate setting
forth such adjustment or readjustment and showing in detail the facts upon which such adjustment or readjustment is based, including
a statement of (a) the consideration received or receivable by the Company for any additional shares of Common Stock (or Other
Securities) issued or sold or deemed to have been issued or sold, (b) the number of shares of Common Stock (or Other Securities)
outstanding or deemed to be outstanding, and (c) the Conversion Price and the number of Conversion Shares to be received upon
conversion of this Debenture, in effect immediately prior to such adjustment or readjustment and as adjusted or readjusted as
provided in this Debenture. The Company will forthwith mail a copy of each such certificate to the Holder of the Debenture and
any transfer agent of the Company.

 

G.         Delay
in Clearing. The Company shall issue shares to the Holder as set forth in 2.1(b) (“Initial Conversion Price”).
However if the conversion price for the common stock on the Clearing Date (defined below) is lower than the Initial Conversion
Price, then the Initial Conversion Price shall be adjusted such that the Discount shall be taken based on the Clearing Date, and
the Company shall issue additional shares to Purchaser to reflect such adjusted Conversion Price, with such additional issuance
being subject to the limitation on conversion as set forth in 2.11, below.  For purposes of this Agreement, the Clearing
Date shall be on the date in which the conversion shares are deposited into the Purchaser’s brokerage account and Purchaser’s
broker has confirmed with Purchaser that the Purchaser may execute trades of the conversion shares. The Holder shall represent
and warrant that the shares were promptly tendered to the Holder’s broker and that the delay is not the result of the Holder
failing to provide the Broker or Clearing Firm with appropriate documentation to clear such shares including but not limited to
this Debenture.

 

    4

     

    

 

2.2         Method
of Conversion. This Debenture may be converted by the Holder in whole or in part as described in Section 2.1(a) hereof and
the Securities Purchase Agreement, dated on or about the date hereof, between the Company and the Holder (the “Purchase
Agreement”). Upon partial conversion of this Debenture, a new Debenture containing the same date and provisions of this
Debenture shall, at the request of the Holder, be issued by the Borrower to the Holder for the principal balance of this Debenture
and interest which shall not have been converted or paid.

 

2.3         Issuance
Below Par. The Parties hereto agree that Delaware Law allows for the issuance of conversion shares under this section even
if such conversion price is less than the shares’ stated par value, and that such shares shall be issued in response to
a Conversion Request regardless of Conversion Price.

 

2.4         Intentionally
Left Blank. 

 

2.5         Conversion
of Debenture.

 

(a)         Upon
the conversion of this Debenture or part thereof, the Company shall, at its
own cost and expense, take all necessary action, including obtaining and delivering, an opinion of counsel to assure that the
Company's transfer agent shall issue stock certificates in the name of Holder (or its nominee) or such other persons as
designated by Holder and in such denominations to be specified at conversion representing the number of Conversion Shares
issuable upon such conversion. The Company warrants that no instructions other than these instructions have been or will be
given to the transfer agent of the Company's Common Stock and that, unless waived by the Holder, the Conversion Shares will
be free-trading, and freely transferable, and will not contain a legend restricting the resale or transferability of the
Conversion Shares provided the Conversion Shares are being sold pursuant to an effective registration statement covering the
Conversion Shares or are otherwise exempt from registration.

 

(b)         Holder
will give notice of its decision to exercise its right to convert this
Debenture or part thereof by telecopying an executed and completed Notice of Conversion (a form of which is attached as Exhibit
A to the Debenture) to the Company via confirmed telecopier transmission, email, or overnight courier or
otherwise pursuant to Section 4.2 of this Debenture. The Holder will not be required to surrender this
Debenture until this Debenture has been fully converted or satisfied, with
each date on which a Notice of Conversion is telecopied to the Company in accordance with the provisions hereof shall be
deemed a Conversion Date (as defined above). The Company will itself or cause the Company’s transfer agent to transmit
the Company's Common Stock certificates representing the Conversion Shares issuable upon conversion of this
Debenture to the Holder via express courier for receipt by such Holder on or before the Delivery Date (as defined above).
In the event the Conversion Shares are electronically transferable, then delivery of the Conversion Shares must be made by
electronic transfer provided request for such electronic transfer has been made by the Holder and the Holder has complied
with all applicable securities laws in connection with the sale of the Common Stock, including, without limitation, the
prospectus delivery requirements. A Debenture representing the balance of this
Debenture not so converted will be provided by the Company to the Holder if requested by Holder, provided the Holder delivers
the original Debenture to the Company.

 

(c)         The
Company understands and agrees that a delay in the delivery of the Conversion Shares in the form required pursuant to
Section 2.5(a) hereof, after the Delivery Date (as hereinafter defined) could result in economic loss to the Holder. As
compensation to the Holder for such loss, the Company agrees to pay (as liquidated damages and not as a penalty) to the
Holder for late issuance of Conversion Shares upon Conversion of the Debenture in the amount of $500 per business day after
the Delivery Date for each $10,000 of Debenture principal amount being converted of the corresponding Conversion Shares which
are not timely delivered. The Company shall pay any payments incurred under this Section in immediately available funds upon
demand. Furthermore, in addition to any other remedies which may be available to the Holder, in the event that the Company
fails for any reason to effect delivery of the Conversion Shares by the Delivery Date the Holder will be entitled to revoke
all or part of the relevant Notice of Conversion by delivery of a notice to such effect to the Company whereupon the Company
and the Holder shall each be restored to their respective positions immediately prior to the delivery of such notice, except
that the liquidated damages described above shall be payable through the date notice of revocation or rescission is given to
the Company.

 

(d)         Nothing
contained herein or in any document referred to herein or delivered in connection herewith shall be deemed to establish or require
the payment of a rate of interest or other charges in excess of the maximum permitted by applicable law. In the event that the
rate of interest or dividends required to be paid or other charges hereunder exceed the maximum permitted by such law, any payments
in excess of such maximum shall be credited against amounts owed by the Company to the Holder and thus refunded to the Company.

 

    5

     

    

 

2.6         Injunction
Posting of Bond. In the event a Holder shall elect to convert a Debenture or part thereof in whole or in part, the Company
may not refuse conversion based on any claim that such Holder or any one associated or affiliated with such Holder has been engaged
in any violation of law, or for any other reason, unless an injunction from a court, on notice, restraining and or enjoining conversion
of all or part of such Debenture shall have been sought and obtained by the Company and the Company has posted a surety bond for
the benefit of such Holder in the amount of 120% of the amount of the Debenture, 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 Holder obtains
judgment.

 

2.7         No
Optional Redemption.

 

(a)         The
Company may not prepay this Debenture without the written consent of the Holder.

 

2.8         Mandatory
Redemption at Holder’s Election. In the event the Company is prohibited from issuing Conversion Shares, or fails to
timely deliver Shares on a Delivery Date, or upon the occurrence of any other Event of Default (as defined in this Debenture or
in the Purchase Agreement) or for any reason other than pursuant to the limitations set forth in Section 2.3 hereof, then at the
Holder's election, the Company must pay to the Holder ten (10) business days after request by the Holder, at the Holder's election,
a sum of money in immediately available terms equal to the greater of (i) the product of the outstanding principal amount of the
Debenture designated by the Holder multiplied by 150%, or (ii) the product of the number of Conversion Shares otherwise deliverable
upon conversion of an amount of Debenture principal and/or interest designated by the Holder (with the date of giving of such
designation being a “Deemed Conversion Date”) at the then Conversion Price that would be in effect on the Deemed
Conversion Date multiplied by the average of the closing bid prices for the Common Stock for the five consecutive trading days
preceding either: (1) the date the Company becomes obligated to pay the Mandatory Redemption Payment, or (2) the date on which
the Mandatory Redemption Payment is made in full, whichever is greater, together with accrued but unpaid interest thereon and
any liquidated damages then payable (“Mandatory Redemption Payment”). The Mandatory Redemption Payment must
be received by the Holder on the same date as the Company Shares otherwise deliverable or within ten (10) business days after
request, whichever is sooner (“Mandatory Redemption Payment Date”). Upon receipt of the Mandatory Redemption
Payment, the corresponding Debenture principal and interest will be deemed paid and no longer outstanding. Liquidated damages
calculated pursuant to Section 2.5(c) hereof, that have been paid or accrued for the twenty (20) day period prior to the actual
receipt of the Mandatory Redemption Payment by the Holder shall be credited against the Mandatory Redemption Payment.

 

2.9         Buy-In.
In addition to any other rights available to the Holder, but without any
duplicative recovery by the Holder, if the Company fails to deliver to the Holder the Conversion Shares issuable upon
conversion of this Debenture by the Delivery Date and if after five (5)
business days after the Delivery Date the Holder purchases (in an open market transaction or otherwise) shares of Common
Stock to deliver in satisfaction of a sale by such Holder of the Common Stock which the Holder was entitled to receive upon
such conversion (a “Buy-In”), then the Company shall pay in cash to the Holder (in addition to any
remedies available to or elected by the Holder) the amount by which (A) the Holder's total purchase price (including
brokerage commissions, if any) for the shares of Common Stock so purchased exceeds (B) the aggregate principal and/or
interest amount of the Debenture for which such conversion was not timely honored, together with interest thereon at a rate
of 15% per annum, accruing until such amount and any accrued interest thereon is paid in full (which amount shall be paid as
liquidated damages and not as a penalty). For example, if the Holder purchases shares of Common Stock having a total purchase
price of $11,000 to cover a Buy-In with respect to an attempted conversion of $10,000 of note principal and/or interest, the
Company shall be required to pay the Holder $1,000, plus interest. The Holder shall provide the Company written notice
indicating the amounts payable to the Holder in respect of the Buy-In.

 

    6

     

    

 

2.10       Reservation.
Upon the Borrower increasing the number of shares of common stock available for issuance and during the period the conversion
right exists, Borrower will reserve and instruct its Transfer Agent to reserve from its authorized and unissued Common Stock
a number of shares of Common Stock equal to 500% of the amount of Common Stock issuable upon the full conversion of this
Debenture. Borrower represents that upon issuance, such shares will be duly and validly issued, fully paid and
non-assessable. Borrower agrees that its issuance of this Debenture shall constitute full authority to its officers, agents,
and transfer agents who are charged with the duty of executing and issuing stock certificates to execute and issue the
necessary certificates for shares of Common Stock upon the conversion of this Debenture.

 

2.11       Maximum
Conversion

 

(a)         Notwithstanding anything to the contrary contained herein, the number of Conversion Shares that may be acquired by the Holder
upon conversion of this Debenture (or otherwise in respect hereof) shall be limited to the extent necessary to ensure that, following
such conversion (or other issuance), the total number of shares of Common Stock then beneficially owned by such Holder and its
affiliates and any other persons whose beneficial ownership of Common Stock would be aggregated with the Holder’s for purposes
of Section 13(d) of the 1934 Act, does not exceed 4.999% of the total number of issued and outstanding shares of Common Stock
(including for such purpose the shares of Common Stock issuable upon such conversion). For such purposes, beneficial ownership
shall be determined in accordance with Section 13(d) of the 1934 Act and the rules and regulations promulgated thereunder. By
written notice to the Company, a Holder may waive the provisions of this Section 2.3(a) as to itself but any such waiver will
not be effective until the 61st day after delivery thereof and such waiver shall have no effect on any other Holder.

 

(b)         Notwithstanding
anything to the contrary contained herein, the number of Conversion Shares that may be acquired by the Holder upon conversion
of this Debenture (or otherwise in respect hereof) shall be limited to the extent necessary to ensure that, following such conversion
(or other issuance), the total number of shares of Common Stock then beneficially owned by such Holder and its affiliates and
any other persons whose beneficial ownership of Common Stock would be aggregated with the Holder’s for purposes of Section
13(d) of the 1934 Act, does not exceed 9.999% of the total number of issued and outstanding shares of Common Stock (including
for such purpose the shares of Common Stock issuable upon such conversion). For such purposes, beneficial ownership shall be determined
in accordance with Section 13(d) of the 1934 Act and the rules and regulations promulgated thereunder. This provision may not
be waived.

 

2.12
      Short sales. The Holder shall not sell short the common shares of the Company without first having sent a conversion
request to the Company or having such shares available to cover such short sale prior to entering into such short sale.

 

ARTICLE
III

EVENTS
OF DEFAULT

 

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

 

3.1         Failure
to Pay Principal or Interest. The Borrower fails to pay any installment of Principal, Interest or other sum due under this
Debenture when due and payable.

 

3.2         Breach
of Covenant. The Borrower breaches any other covenant or other term or condition of the Purchase Agreement or this Debenture
in any material respect and such breach, if subject to cure, continues for a period of ten (10) business days after written notice
to the Borrower from the Holder.

 

3.3         Breach
of Representations and Warranties. Any representation or warranty of the Borrower made herein, in the Purchase Agreement,
or in any agreement, statement or certificate given in writing pursuant hereto or in connection therewith shall be false or misleading
in any material respect as of the date made and the Closing Date.

 

3.4         Receiver
or Trustee. The Borrower shall make an assignment for the benefit of creditors, or apply for or consent to the appointment
of a receiver or trustee for it or for a substantial part of its property or business; or such a receiver or trustee shall otherwise
be appointed.

 

    7

     

    

 

3.5         Judgments.
Any money judgment, writ or similar final process shall be entered or filed against Borrower or any of its property or other assets
for more than $1,000,000, and shall remain unvacated, unbonded or unstayed for a period of thirty (30) days.

 

3.6         Bankruptcy.
Bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings or relief under any bankruptcy law or any
law, or the issuance of any notice in relation to such event, for the relief of debtors shall be instituted by or against the
Borrower and if instituted against Borrower are not dismissed within thirty (60) days of initiation.

 

3.7         Non-Payment.
A default by the Borrower under any one or more obligations in an aggregate monetary amount in excess of $200,000 for more than
forty-five (45) days after the due date. Any obligations in default prior to November 18, 2015 are not an “Event of Default”
under this agreement.

 

3.8         Stop
Trade. An SEC or judicial stop trade order or trading suspension on any trading market on which such Common Stock may be listed
or quoted, that lasts for five or more consecutive trading days.

 

3.9         Failure
to Deliver Common Stock or Replacement Debenture. Borrower's failure to timely deliver Common Stock to the Holder pursuant
to and in the time required by this Debenture.

 

3.10       Failure
to Maintain Current Public Information. The Company’s failure to maintain current public information as defined in Rule
144 of the Securities Act of 1933 or failure to timely file its reports as required by Securities Exchange Act of 1934.

 

3.11       Reverse
Splits. The Borrower effectuates a reverse split of its Common Stock without the prior written consent of the
Holder.

 

3.12       Reservation
Default. Failure by the Borrower to have reserve for issuance upon conversion of the Debenture the amount of Common stock
as set forth in the Purchase Agreement.

 

3.13       Cross
Default. A default by the Borrower of a material term, covenant, warranty or undertaking of any other agreement to which the
Borrower and Holder are parties.

 

3.14       Change
in Control. A change in control of the Company without at least fourteen (14) days
prior written notice to Holder. A change in control shall mean that more
than 30% of the shares of common stock are consolidated in one person or entity so that the person or entity (other
than any one or more of the Holders) may control the election of the board of directors or the passage of a proposal that
would normally require a shareholder vote without such shareholder vote and that such person or entity was not a holder of shares
of the Company at the date of execution hereof.

 

3.15       Asset
Sales. Any instance, undertaken without written consent of the Holder, whereby the Company or any of its subsidiaries, sells,
transfers, leases or otherwise disposes (including pursuant to a merger) of substantially all of the Company’s assets, including
any asset constituting an equity interest in any other person, except sales, transfers, leases and other dispositions of inventory,
used, obsolete or surplus equipment or other property, in each case in the ordinary course of the Company’s business and
consistent with past practice.

 

3.16       Delisting.  Delisting of the Common Stock from on any trading market on which such Common Stock may be listed or quoted.

 

During
the time that any portion of this Debenture is outstanding, if any Event of Default has occurred, the remaining principal
amount of this Debenture, together with interest and other amounts owing in respect hereof, to the date of acceleration shall
become, at the Holder's election, immediately due and payable in cash, provided however, the Holder may request (but shall
have no obligation to request) payment of such amounts in Common Stock of the Borrower. In addition to any other remedies,
the Holder shall have the right (but not the obligation) to convert this Debenture at any time after (x) an Event of Default
or (y) the Maturity Date at the Conversion Price then in effect. For an Event of Default to be deemed to have occurred, the
Holder must provide written notice notifying the Holder when an Event of Default occurs or at the Maturity Date of the
Debenture. Such declaration may be rescinded and annulled by Holder at any time prior to payment hereunder. No such
rescission or annulment shall affect any subsequent Event of Default or impair any right consequent thereon. Upon an Event of
Default, notwithstanding any other provision of this Debenture or any Transaction Document, the Holder shall have no
obligation to comply with or adhere to any limitations, if any, on the conversion of this Debenture or the sale of the
Conversion Shares, Shares or Other Securities.

 

    8

     

    

 

ARTICLE
IV

MISCELLANEOUS

 

4.1         Failure
or Indulgence Not Waiver. No failure or delay on the part of Holder hereof in the exercise of any power, right or privilege
hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude
other or further exercise thereof or of any other right, power or privilege. All rights and remedies existing hereunder are cumulative
to, and not exclusive of, any rights or remedies otherwise available.

 

4.2         Notices.
All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be in writing
and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered or certified, return
receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid, or (iv) transmitted
by hand delivery, telegram, or facsimile, addressed as set forth below or to such other address as such party shall have specified
most recently by written notice. Any notice or other communication required or permitted to be given hereunder shall be deemed
effective (a) upon hand delivery or delivery by facsimile, with accurate confirmation generated by the transmitting facsimile
machine, at the address or number designated below (if delivered on a business day during normal business hours where such notice
is to be received), or the first business day following such delivery (if delivered other than on a business day during normal
business hours where such notice is to be received) or (b) on the second business day following the date of mailing by express
courier service, fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first occur.
The addresses for such communications shall be: (i) if to the Borrower to:Thinspace Technology, Inc.,12555 Orange Drive, Suite
216, Davie, FL 33330and (ii) if to the Holder, to Rockwell Capital Partners, Inc. 919 N Market St Ste 1401, Wilmington, DE 19801

 

4.3         Amendment
Provision. The term "Debenture" and all reference thereto, as used throughout this instrument, shall mean this instrument
as originally executed, or if later amended or supplemented, then as so amended or supplemented.

 

4.4         Assignability.
This Debenture shall be binding upon the Borrower and its successors and assigns, and shall inure to the benefit of the Holder
and its successors and assigns.

 

4.5         Cost
of Collection. If default is made in the payment of this Debenture, Borrower shall pay the Holder hereof reasonable costs
of collection, including reasonable attorneys' fees.

 

4.6         Governing
Law. This Debenture shall be governed by and construed in accordance with the laws of the State of Delaware. Any action brought
by either party against the other concerning the transactions contemplated by this Agreement shall be brought only in the state
courts of Florida or in the federal courts located in the state of Florida located in Broward County, Florida. Both parties and
the individual signing this Agreement on behalf of the Borrower agree to submit to the jurisdiction of such courts. The prevailing
party shall be entitled to recover from the other party its reasonable attorney's fees and costs.

 

4.7         Maximum
Payments. Nothing contained herein shall be deemed to establish or require the payment of a rate of interest or other charges
in excess of the maximum permitted by applicable law. In the event that the rate of interest required to be paid or other charges
hereunder exceed the maximum permitted by such law, any payments in excess of such maximum shall be credited against amounts owed
by the Borrower to the Holder and thus refunded to the Borrower.

 

    9

     

    

 

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

 

4.9         Redemption.
This Debenture may not be redeemed or paid without the consent of the Holder except as described in this Debenture or in the Purchase
Agreement.

 

4.10       Shareholder
Status. The Holder shall not have rights as a shareholder of the Borrower with respect to unconverted portions of this Debenture.
However, the Holder will have all the rights of a shareholder of the Borrower with respect to the shares of Common Stock to be
received by Holder after delivery by the Holder of a Conversion Notice to the Borrower.

  

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE
PAGE FOLLOWS]

 

    10

     

    

 

IN
WITNESS WHEREOF, Borrower has caused this Debenture to be signed in its name by an authorized officer as of the 18th
day of November 2015.

 

	 	THINSPACE TECHNOLOGY, INC.
	 	 	 
	 	By:	/s/ 
	 	 	Name: J. Christopher Bautista
	 	 	Title: Chief Executive Officer 

 

    11

     

    

 

Exhibit
A

 

NOTICE
OF CONVERSION

(To
be executed by the Holder in order to Convert the Debenture originally issued November 18, 2015)

 

TO:

 

The
undersigned hereby irrevocably elects to convert $_________________ of the principal amount of the above Debenture into Shares
of Common Stock of ________________________., according to the conditions stated therein, as of the Conversion Date written below.

 

	Conversion
Date: 	 		 
	 	 	 	 
	Applicable
Conversion Price: 	 		 
	 	 	 	 
	Signature:	 		 
	 	 	 	 
	Name:	 		 
	 	 	 	 
	Amount
to be converted:	$		 
	 	 	 	 
	Amount
of Debenture unconverted:	$		 
	 	 	 	 
	Conversion
Price per share: 	$		 
	 	 	 	 
	Number
of shares to be issued: 	 		 
	 	 	 	 
	Amount
    of Interest Converted: 	$		 
	 	 	 	 
	Conversion
    Price per share: 	$		 
	 	 	 	 
	Number
    of Interest shares of to be issued: 	 	 	 
	 	 	 	 
	Total
    Number of shares of to be issued:  	 	 	 
	 	 	 	 
	Issue
to: 	 	 	
	 	 	 	 
	Broker
DTC Participant Code:  		 	 
	 	 	 	 
	Account
Number:  	 		 
	 	 	 	 
	If
    to be issued in Certificate form, send to:

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