Document:

Exhibit 10.1

 

FOURTH AMENDMENT TO CREDIT AGREEMENT

 

THIS FOURTH AMENDMENT TO CREDIT AGREEMENT
(this “Amendment”), dated as of June 30, 2016, is among SAMSON OIL AND GAS USA, INC., a Colorado
corporation (“Borrower”), SAMSON OIL & GAS LIMITED, an Australian public company (the “Parent”),
SAMSON OIL AND GAS USA MONTANA, INC., a Colorado corporation (“Samson Montana”, and together with
the Parent, collectively, the “Guarantors”, and each, individually, a “Guarantor”),
the Lenders party hereto, and MUTUAL OF OMAHA BANK, as Administrative Agent for the Lenders (in such capacity, “Administrative
Agent”) and as L/C Issuer.

 

R E C I
T A L S

 

A.Borrower, the financial institutions
party thereto, and Administrative Agent are parties to a Credit Agreement dated as of January 27, 2014, as amended by that
certain First Amendment to Credit Agreement, dated as of November 24, 2014, and that certain Second Amendment to Credit
Agreement, dated as of May 13, 2015, and that certain Third Amendment to Credit Agreement dated as of March 31, 2016 (collectively,
the “Original Credit Agreement”).

 

B.The parties desire
to amend the Original Credit Agreement as hereinafter provided.

 

NOW, THEREFORE, in consideration of these
premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
hereto agree as follows:

 

1.Same Terms. All terms
used herein which are defined in the Original Credit Agreement shall have the same meanings when used herein, unless the context
hereof otherwise requires or provides. In addition, (a) all references in the Loan Documents to the “Credit Agreement”
or the “Agreement” shall mean the Original Credit Agreement, as amended by this Amendment, as the same
shall hereafter be amended from time to time, and (b) all references in the Loan Documents to the “Loan Documents”
shall mean the Loan Documents, as amended by this Amendment and the Modification Papers, as the same shall hereafter be amended
from time to time. In addition, the following terms have the meanings set forth below:

 

“Designated Event”
means the first to occur of August 31, 2016, or the closing/funding of the sale of Borrower’s Bakken based assets for a purchase
price of approximately $15,000,000.

 

“Effective
Date” means the date when (a) all Lenders have executed this Amendment, and (b) the conditions set forth
in Section 4 of this Amendment have been complied with to the satisfaction of the Administrative Agent, unless waived
in writing by the Administrative Agent.

 

“Modification
Papers” means this Amendment and all of the other documents and agreements executed in connection with the transactions
contemplated by this Amendment.

 

    
FOURTH AMENDMENT TO CREDIT AGREEMENT – Page 1
 

     

    

 

2.Amendment to Original Credit
Agreement. On the Effective Date, the definition of “Maturity Date” in Section 1.01 of the Original
Credit Agreement shall be deemed to be amended as follows:

 

“‘Maturity Date’
means October 31, 2017; provided however that, if such date is not a Business Day, the Maturity Date shall be the next preceding
Business Day.”

 

3.Borrowing Base. As of
the Effective Date, the Borrowing Base shall remain at $30,500,000 until the occurrence of the Designated Event at which time the
Borrowing Base shall automatically reduce to $19,000,000 (the “Automatic Reduction”). The Automatic Reduction
shall not count against the number of special determinations permitted under Section 4.03 of the Original Credit Agreement.
Further, the Automatic Reduction shall be in addition to the scheduled redeterminations of the Borrowing Base per Section 4.02
of the Original Credit Agreement, regardless of whether any scheduled redetermination occurs prior to, concurrently with or after
this Borrowing Base reduction.

 

4.Conditions Precedent.
The obligations, agreements and waivers of Lenders as set forth in this Amendment are subject to the satisfaction (in the opinion
of Administrative Agent), unless waived in writing by Administrative Agent, of each of the following conditions (and upon such
satisfaction, this Amendment shall be deemed to be effective as of the Effective Date):

 

A.Fourth Amendment to
Credit Agreement. This Amendment shall be in full force and effect.

 

B.Fees and Expenses.
Administrative Agent shall have received payment of all out-of-pocket fees and expenses (including reasonable attorneys’
fees and expenses) incurred by Administrative Agent in connection with the preparation, negotiation and execution of the Modification
Papers.

 

5.Certain Representations.
Each of Borrower and Guarantors represents and warrants that, as of the Effective Date: (a) each Loan Party has full power
and authority to execute the Modification Papers to which it is a party and such Modification Papers constitute the legal, valid
and binding obligation of such Loan Party enforceable in accordance with their terms, except as enforceability may be limited by
general principles of equity and applicable bankruptcy, insolvency, reorganization, moratorium, and other similar laws affecting
the enforcement of creditors’ rights generally; and (b) no authorization, approval, consent or other action by, notice
to, or filing with, any Governmental Authority or other Person is required for the execution, delivery and performance by each
Loan Party thereof. In addition, each of Borrower and Guarantors represents that after giving effect to this Amendment all representations
and warranties contained in the Original Credit Agreement and the other Loan Documents to which such Person is a party are true
and correct in all material respects (provided that any such representations or warranties that are, by their terms, are requalified
by reference to materiality shall be true and correct without regard to such materiality standard) on and as of the Effective Date
as if made on and as of such date except to the extent that any such representation or warranty expressly relates solely to an
earlier date, in which case such representation or warranty is true and correct in all material respects (or true and correct without
regard to such materiality standard, as applicable) as of such earlier date.

 

6.No Further Amendments.
Except as previously amended in writing or as amended hereby, the Original Credit Agreement shall remain unchanged and all provisions
shall remain fully effective between the parties hereto.

 

7.Acknowledgments and Agreements.
Each of Borrower and Guarantors (a) acknowledges that on the date hereof all outstanding Obligations are payable in accordance
with their terms, and (b) waives any defense, offset, counterclaim or recoupment with respect thereto. Borrower, Guarantors, Administrative
Agent, L/C Issuer and each Lender do hereby adopt, ratify and confirm the Original Credit Agreement, as previously amended
in writing and as amended hereby, and acknowledge and agree that the Original Credit Agreement, as previously amended in writing
and as amended hereby, is and remains in full force and effect. Each of Borrower and Guarantors acknowledges and agrees that its
liabilities and obligations under the Original Credit Agreement, as previously amended in writing and as amended hereby, and under
the other Loan Documents, are not impaired in any respect by this Amendment. Any breach of any representations, warranties and
covenants under this Amendment shall be Default or an Event of Default, as applicable, under the Original Credit Agreement.

 

    
FOURTH AMENDMENT TO CREDIT AGREEMENT – Page 2
 

     

    

 

8.Limitation on Agreements.
The modifications set forth herein are limited precisely as written and shall not be deemed (a) to be a consent under or a
waiver of or an amendment to any other term or condition in the Original Credit Agreement or any of the Loan Documents, or (b) to
prejudice any right or rights that Administrative Agent now has or may have in the future under or in connection with the Original
Credit Agreement and the other Loan Documents, each as amended hereby, or any of the other documents referred to herein or therein.
The Modification Papers shall constitute Loan Documents for all purposes.

 

9.Confirmation of Security.
Each of Borrower and Guarantors hereby confirms and agrees that all of the Collateral Documents that presently secure the Obligations
shall continue to secure, in the same manner and to the same extent provided therein, the payment and performance of the Obligations
as described in the Original Credit Agreement as modified by this Amendment.

 

10.Counterparts. This
Amendment may be executed in any number of counterparts, each of which when executed and delivered shall be deemed an original,
but all of which constitute one instrument. In making proof of this Amendment, it shall not be necessary to produce or account
for more than one counterpart thereof signed by each of the parties hereto. Delivery of an executed counterpart of this Amendment
by facsimile or other electronic means shall be deemed effective as delivery of a manually executed counterpart.

 

11.Incorporation of Certain Provisions
by Reference. The provisions of Section 11.15 of the Original Credit Agreement captioned “Governing Law,
Jurisdiction; Etc.” and Section 11.16 of the Original Credit Agreement captioned “Waiver of Right to Trial
by Jury” are incorporated herein by reference for all purposes.

 

12.Entirety, Etc. This
Amendment and the other Modification Papers and all of the other Loan Documents embody the entire agreement between the parties.
THIS AMENDMENT AND ALL OF THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED
BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG
THE PARTIES.

 

 

[This space is left intentionally
blank. Signature pages follow.]

 

    
FOURTH AMENDMENT TO CREDIT AGREEMENT – Page 3
 

     

    

 

IN WITNESS WHEREOF, the parties hereto have
executed this Amendment to be effective as of the date and year first above written.

 

	 	BORROWER:
	 	 	 
	 	SAMSON OIL AND GAS USA, INC.
	 	 	 
	 	By:  	/s/ Robyn Lamont
	 	 	Robyn Lamont
	 	 	Vice President and Chief Financial Officer
	 	 	 
	 	GUARANTORS:
	 	 	 
	 	SAMSON OIL & GAS LIMITED
	 	 	 
	 	By:	/s/ Robyn Lamont
	 	 	Robyn Lamont
	 	 	Chief Financial Officer
	 	 	 
	 	SAMSON OIL AND GAS USA MONTANA, INC.
	 	 	 
	 	By:	/s/ Robyn Lamont
	 	 	Robyn Lamont
	 	 	Vice President and Chief Financial Officer

 

    FOURTH AMENDMENT
                                         TO CREDIT AGREEMENT
                                         – Signature Page –S-4
 

     

    

 

	 	ADMINISTRATIVE AGENT:
	 	 	 
	 	MUTUAL OF OMAHA BANK,
	 	as Administrative Agent
	 	 	 
	 	By:	/s/ Keith Miller
	 	 	J. Keith Miller
	 	 	Senior Energy Lender
	 	 	 
	 	 	 
	 	LENDERS:
	 	 	 
	 	MUTUAL OF OMAHA BANK
	 	 	 
	 	By:  	/s/ Keith Miller
	 	 	J. Keith Miller
	 	 	Senior Energy Lender

 

    FOURTH AMENDMENT
                                         TO CREDIT AGREEMENT
                                         – Signature Page –S-5Exhibit 4.1

 

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”), NOR UNDER ANY STATE SECURITIES LAW AND MAY NOT BE SOLD, PLEDGED, OFFERED FOR
SALE, ASSIGNED OR TRANSFERRED UNLESS (a) A REGISTRATION STATEMENT WITH RESPECT THERETO IS EFFECTIVE UNDER THE SECURITIES ACT, AND
ANY APPLICABLE STATE SECURITIES LAW REQUIREMENTS HAVE BEEN MET OR (B) EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS UNDER THE SECURITIES
ACT AND THE REGISTRATION OR QUALIFICATION REQUIREMENTS OF APPLICABLE STATE SECURITIES LAWS ARE AVAILABLE.

 

CONVERTIBLE NOTE

 

	$25,000.00	Issue Date: July 15, 2016
	 	New York, New York
	 	 	 

FOR VALUE RECEIVED,
Newtown Lane Marketing, Incorporated, a Delaware corporation (the “Company”), promises to pay to the order of Ironbound
Partners Fund, LLC (“Holder”), at c/o Graubard Miller, 405 Lexington Avenue, 11th Floor, New York, New York
10174 or such other address as instructed by Holder, the principal sum of twenty five thousand (US$25,000.00) dollars with interest
thereon at the rate of five percent (5%) per annum. Interest as aforesaid shall be calculated on the basis of actual number of
days elapsed over a year of 360 days.

 

The principal amount
and all accrued interest of this Note is due on August 31, 2017 (the “Maturity Date”).

 

This Note is subject
to the following additional provisions:

 

Section 1.           Definitions.
For the purposes hereof, in addition to the terms defined elsewhere in this Note, the following terms shall have the following
meanings:

 

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

 

“Common Stock” means
the common stock, par value $0.001 per share, of the Company and stock of any other class into which such shares may hereafter
have been reclassified or changed.

 

“Conversion Date” shall
have the meaning set forth in Section 3(a) hereof.

 

“Conversion Price” shall
have the meaning set forth in Section 3(b).

 

“Conversion Shares”
means the shares of Common Stock issuable upon conversion of this Note or as payment of interest, all in accordance with the terms
hereof.

 

“Event of Default” shall
have the meaning set forth in Section 5.

 

“Fundamental Transaction” shall have the
meaning set forth in Section 3(a) hereof.

 

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

 

     

     

    

 

Section 2.           Registration
of Transfers and Exchanges.

 

(a)           Different
Denominations. This Note is exchangeable for an equal aggregate principal amount of Notes of different authorized denominations
as requested by the Holder surrendering the same, No service charge will be made for such registration of transfer or exchange.

 

(b)           Reliance
on Note Register. Prior to due presentment to the Company for transfer of this Note, the Company and any agent of the Company
may treat the Person in whose name this Note is duly registered on the Note Register as the owner hereof for the purpose of receiving
payment as herein provided and for all other purposes, whether or not this Note is overdue, and neither the Company nor any such
agent shall be affected by notice to the contrary.

 

Section 3.           Conversion.

 

(a)           Optional
Conversion. From and after the consummation of a “Qualified Financing” (as defined below),or upon the consummation
of a business combination transaction (by merger, asset purchase, stock-swap or otherwise) with an entity that is engaged in an
active trade or business (a “Fundamental Transaction”), then, upon the election of the Holder, the principal and accrued
but unpaid interest payable hereunder may be converted into shares of Common Stock in accordance with the provisions of Section
3(b) and (c) hereof. The “Conversion Date” shall be deemed to be (a) in the event of an election to convert subsequent
to a Qualified Financing, the date of delivery by the Holder of a conversion notice, or (b) in the event of the consummation of
a Fundamental Transaction, the date such transaction is consummated. At least ten (10) days prior to the consummation of a Fundamental
Transaction, the Company shall give the Holder written notice of the proposed consummation of a Fundamental Transaction. Within
five (5) days of receipt of written notice of the proposed consummation of a Fundamental Transaction, Holder shall advise the Company
if he elects to convert this Note in accordance with the provisions of Section 3(b) and (c) hereof. If Holder fails to deliver
a conversion notice within such period, upon the closing of the Fundamental Transaction, the principal amount and all accrued interest
of this Note shall be due and payable. For the purposes of the provision, a “Qualified Financing” shall mean the first
sale of equity to an unaffiliated party yielding gross proceeds to the Company of at least $100,000.

 

(b)           Conversion
Price. The conversion price shall be equal to the per share price attributable to the Company’s Common Stock in a Qualified
Financing, or if no Qualified Financing shall have been consummated, the per share price in the Fundamental Transaction as determined
in good faith by the Board of Directors of the Company (the “Conversion Price”).

 

(c)           Mechanics
of Conversion

 

i.           Conversion
Shares Issuable Upon Conversion of Principal Amount. The number of shares of Common Stock issuable upon a conversion
hereunder shall be determined by the quotient obtained by dividing (x) the amount of this Note (including both principal and accrued
but unpaid interest) to be converted by (y) the Conversion Price.

 

ii.           Delivery
of Certificate Upon Conversion. Not later than five (5) Business Days after any Conversion Date, the Company will deliver to
the Holder at an address in the United States (A) a certificate or certificates representing the Conversion Shares representing
the number of shares of Common Stock being acquired upon the conversion of Note.

 

iii.           Reservation
of Shares Issuable Upon Conversion. The Company covenants that it will at all times reserve and keep available out of its authorized
and unissued shares of Common Stock solely for the purpose of issuance upon conversion of this Note (after taking into account
all existing issued and outstanding shares of Common Stock and all shares reserved for issuance under the Company’s issued
and outstanding convertible securities), free from preemptive rights or any other actual contingent purchase rights of persons
other than the Holder, not less than such number of shares of the Common Stock as shall be issuable upon the conversion of the
outstanding principal amount and accrued interest under this Note. The Company covenants that all shares of Common Stock that are
issuable upon conversion of this Note shall, upon issuance, be duly and validly authorized, issued and fully paid and nonassessable.

 

     

     

    

 

iv.           Fractional
Shares. Upon a conversion hereunder the Company shall not be required to issue stock certificates representing fractions of
shares of the Common Stock, but may if otherwise permitted, make a cash payment in respect of any final fraction of a share based
on the fair market value of a share at such time. If the Company elects not, or is unable, to make such a cash payment, the Holder
shall be entitled to receive, in lieu of the final fraction of a share, one whole share of Common Stock.

 

v.           Transfer
Taxes. The issuance of certificates for shares of the Common Stock on conversion of this Note shall be made without charge
to the Holder for any documentary stamp or similar taxes that may be payable in respect of the issue or delivery of such certificate,
provided that the Company shall not be required to pay any tax that may be payable in respect of any transfer involved in the issuance
and delivery of any such certificate upon conversion in a name other than that of the Holder of such Notes so converted and the
Company shall not be required to issue or deliver such certificates unless or until the person or persons requesting the issuance
thereof shall have paid to the Company the amount of such tax or shall have established to the satisfaction of the Company that
such tax has been paid.

 

Section 4.           Events
of Default.

 

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

 

i.           any
default in the payment of (A) the principal, or (B) interest on this Note as and when the same shall become due and payable which
default is not cured within two (2) Trading Days after written notice from the Holder;

 

ii.           any
representation or warranty made herein shall be untrue or incorrect in any material respect as of the date when made or deemed
made; or

 

iii.           (i)
there is commenced against the Company thereof a case under any applicable bankruptcy or insolvency laws as now or hereafter in
effect or any successor thereto, or any other proceeding under any reorganization, arrangement, adjustment of debt, relief of debtors,
dissolution, insolvency or liquidation or similar law of any jurisdiction whether now or hereafter in effect relating to the Company
thereof which remains undismissed for a period of 60 days or a voluntary petition is made by the Company under the provisions of
the Federal Bankruptcy Code or any state statute for the relief of debtors; or (ii) the Company thereof is adjudicated by a court
of competent jurisdiction insolvent or bankrupt; or any order of relief or other order approving any such case or proceeding is
entered; or (iii) the Company suffers any appointment of any custodian or the like for it or any substantial part of its property
which continues undischarged or unstayed for a period of 60 days.

 

(b)           Remedies
Upon Event of Default. Upon the occurrence of an Event of Default specified in Sections 4(a)(i) or 4(a)(ii), Holder may, by
written notice to the Company, declare this Note to be due and payable, whereupon the principal amount of this Note, together with
accrued interest thereon and all other amounts payable thereunder, shall become immediately due and payable without presentment,
demand, protest or other notice of any kind, all of which are hereby expressly waived, anything contained herein or in the documents
evidencing the same to the contrary notwithstanding. Upon the occurrence of an Event of Default specified in Section 4(a)(iii),
the unpaid principal balance of, all accrued, unpaid interest thereon, and all other sums payable with regard to, this Note shall
automatically and immediately become due and payable, in all cases without any action on the part of Holder. If an Event of Default
occurs, the rate of interest applicable to the unpaid principal amount shall be adjusted to eighteen percent (18%) per annum from
the Maturity Date (or such earlier date if the obligation to repay this Note is accelerated) until the date of repayment; provided,
that in no event shall the interest rate exceed the maximum rate permitted by law.

 

     

     

    

 

Section 5.           Miscellaneous.

 

(a)           Notices.
Any and all notices or other communications or deliveries to be provided by the Holder hereunder, shall be in writing and delivered
personally, by facsimile, sent by a nationally recognized overnight courier service, addressed to the Company, at c/o Graubard
Miller, 405 Lexington Avenue, 11th Floor, New York, New York 10174, or such other address or facsimile number as the
Company may specify for such purposes by notice to the Holder delivered in accordance with this Section. Any and all notices or
other communications or deliveries to be provided by the Company hereunder shall be in writing and delivered personally, by email,
at the email address of such Holder appearing on the books of the Company, by facsimile, sent by a nationally recognized overnight
courier service addressed to the Holder at the facsimile, telephone number or address of such Holder appearing on the books of
the Company, or if no such facsimile telephone number or address appears, at the principal place of business of the Holder. Any
notice or other communication or deliveries hereunder shall be deemed given and effective on the earliest of (i) the date of transmission,
if such notice or communication is delivered via facsimile at the facsimile telephone number specified in this Section prior to
5:30 p.m. (New York City time), (ii) the date after the date of transmission, if such notice or communication is delivered via
facsimile at the facsimile telephone number specified in this Section later than 5:30 p.m. (New York City time) on any date and
earlier than 11:59 p.m. (New York City time) on such date, (iii) the second Business Day following the date of mailing, if sent
by nationally recognized overnight courier service, or (iv) upon actual receipt by the party to whom such notice is required to
be given.

 

(b)           Absolute
Obligation. Except as expressly provided herein, no provision of this Note shall alter or impair the obligation of the Company,
which is absolute and unconditional, to pay the principal of, interest and liquidated damages (if any) on, this Note at the time,
place, and rate, and in the coin or currency, herein prescribed. This Note is a direct debt obligation of the Company.

 

(c)           Lost
or Mutilated Note. If this Note shall be mutilated, lost, stolen or destroyed, the Company shall execute and deliver, in exchange
and substitution for and upon cancellation of a mutilated Note, or in lieu of or in substitution for a lost, stolen or destroyed
Note, a new Note for the principal amount of this Note so mutilated, lost, stolen or destroyed but only upon receipt of evidence
of such loss, theft or destruction of such Note, and of the ownership hereof; and indemnity, if requested, all reasonably satisfactory
to the Company.

 

(d)           Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of this Note, and any claim, controversy
or dispute arising under or related to this Note, the relationship of the parties, and/or the interpretation and enforcement of
the rights and duties of the parties hereunder shall be governed by and construed and enforced in accordance with the internal
laws of the State of New York, without regard to the principles of conflicts of law thereof. Each party agrees that all legal proceedings
concerning the interpretations, enforcement and defense of the transactions contemplated by any of the Transaction Documents (whether
brought against a party hereto or its respective affiliates, directors, officers, shareholders, employees or agents) shall be commenced
in the state or federal courts sitting in the City of New York, Borough of Manhattan (the “New York Courts”). Each
party hereto hereby irrevocably submits to the exclusive jurisdiction of the New York Courts for the adjudication of any dispute
hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to
the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any suit, action
or proceeding, any claim that it is not personally subject to the jurisdiction of any such 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 such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery
(with evidence of delivery) to such party at the address in effect for notices to it under this Note and agrees that such service
shall constitute good and sufficient service of process and notice thereof Nothing contained herein shall be deemed to limit in
any way any right to serve process in any manner permitted by law. Each party hereto hereby irrevocably waives, to the fullest
extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this
Note or the transactions contemplated hereby. If either party shall commence an action or proceeding to enforce any provisions
of this Note, then the prevailing party in such action or proceeding shall be reimbursed by the other party for its attorney’s
fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding.

 

     

     

    

 

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

 

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

 

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

 

(h)           Headings.
The headings contained herein are for convenience only, do not constitute a part of this Note and shall not be deemed to limit
or affect any of the provisions hereof.

 

(i)           Application
of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of any sum due
under this Note, including (without limitation) reasonable attorneys’ fees, then to the payment in full of any accrued, unpaid
interest and finally to the reduction of the unpaid principal balance of this Note

 

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

 

	 	NEWTOWN LANE MARKETING, INCORPORATED
	 	 	 
	 	 	 
	 	By:	/s/ Jonathan J. Ledecky	 
	 	 	Jonathan J. Ledecky, President

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