Document:

Exhibit 4.1

 

NEITHER THIS CONVERTIBLE PROMISSORY NOTE
NOR THE SECURITIES ISSUABLE UPON CONVERSION OF THIS NOTE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”) OR THE SECURITIES LAWS OF ANY STATE. NO SALE OR DISPOSITION MAY BE EFFECTED EXCEPT IN COMPLIANCE WITH RULE 144
UNDER THE ACT OR AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN APPLICABLE EXEMPTION THEREFROM.

 

CONVERTIBLE
PROMISSORY NOTE

 

	 	 	Issuance Date:	February 15, 2017
	 	 	 	 
	 	 	Maturity Date:	Six months from Issuance Date

 

For value received, Sevion
Therapeutics, Inc., a Delaware corporation (the “Company”) hereby promises to pay the Purchaser the Principal
Amount (as set forth on the signature page hereto), plus any accrued but unpaid Interest (as defined below). This Note is one of
a series of Notes issued to certain investors (this Note, together with such other Notes, shall be collectively referenced herein
as the “Notes”) by the Company in an aggregate principal amount of Five Hundred Thousand Dollars ($500,000).

 

1.          Interest;
Payments.

 

1.1           Simple
interest on the unpaid Principal Amount shall accrue at the rate of 6% per annum (“Interest”) and will begin
to accrue upon the Issuance Date. Interest shall be calculated based on a 365-day year and charged for the actual number of days
elapsed.

 

1.2           All
payments of the Principal Amount and Interest shall be in lawful money of the United States of America. All payments shall be applied
first to accrued Interest, and thereafter to the Principal Amount. If any payments on this Note become due on a Saturday, Sunday
or a federal public holiday, such payment shall be made on the next succeeding business day and such extension of time shall be
included in computing Interest in connection with such payment.

 

2.          Conversion.

 

2.1           Mandatory
Conversion.

 

(a)          Qualified
Financing. If, at any time prior to the repayment or conversion of this Note (as provided herein), the Company issues and sells
shares of its capital stock to investors (the “Investors”) in a Qualified Financing (as defined herein), then,
subject to Section 2.5, the outstanding principal balance of this Note and accrued but unpaid Interest thereon shall convert into
the capital stock sold at the first closing of the Qualified Financing at a conversion price equal to the lesser of (i) the price
per share (or conversion price) paid by the Investors purchasing such stock at such first closing of the Qualified Financing or
(ii) the Conversion Price. For purposes of this Note the term “Qualified Financing” shall mean the sale of the
Company’s capital stock, in one transaction or series of related transactions after the date hereof, for an aggregate sales
price of at least One Million Dollars ($1,000,000), paid in cash and/or by conversion of indebtedness of the Company, excluding
conversion of the Notes. Any such conversion with regard to this Note shall be implemented only if all of the Notes are simultaneously
being converted.

 

    	 	 	 

     

    

 

(b)          Change
in Control. In the event of a “Change in Control” (as defined below) of the Company prior to the repayment or conversion
of this Note (as provided herein), all outstanding principal and unpaid accrued Interest due on this Note shall, subject to Section
2.5, convert into that number of shares (the “Shares”) of common stock, par value $0.01 per share, of the Company
(“Common Stock”) as is determined by dividing such outstanding Principal Amount and accrued Interest by $0.10
per share (adjusted to reflect subsequent stock dividends, stock splits, combinations or recapitalizations) (the “Conversion
Price”), or such other securities on terms and conditions agreed upon by the Company and the Requisite Purchasers (as
defined below). For purposes of this Note, a “Change in Control” shall be deemed to be occasioned by, and to
include, (i) a merger or consolidation in which (x) the Company is a constituent party or (y) a subsidiary of the Company is a
constituent party and, in each case, the Company issues shares of its capital stock pursuant to such merger or consolidation, except
any such merger or consolidation involving the Company or a subsidiary in which the shares of capital stock of the Company outstanding
immediately prior to such merger or consolidation continue to represent, or are converted into or exchanged for shares of capital
stock that represent, immediately following such merger or consolidation, at least a majority, by voting power, of the capital
stock of (1) the surviving or resulting corporation or (2) if the surviving or resulting corporation is a wholly owned subsidiary
of another corporation immediately following such merger or consolidation, the parent corporation of such surviving or resulting
corporation, or (ii) a sale of all or substantially all of the assets of the Company. Notwithstanding the above, a financing or
reincorporation transaction for purposes of changing the Company’s state of incorporation shall not be deemed a Change in
Control transaction. Any such conversion with regard to this Note shall be implemented only if all of the Notes are simultaneously
being converted.

 

2.2           Optional
Conversion. At any time on or prior to the Maturity Date, all or any portion of the outstanding Principal Amount of
and all accrued Interest under this Note may be converted, subject to Section 2.5, at the option of the Purchaser, into that number
of Shares as is determined by dividing such outstanding Principal Amount and accrued Interest by the Conversion Price. To convert
this Note, the Purchaser shall deliver written notice substantially in the form attached to this Note (the “Conversion
Notice”), to the Company at its address as set forth herein. The date upon which the conversion shall be effective (the
“Conversion Date”) shall be deemed to be the date set forth in the Conversion Notice.

 

2.3           Fraction
Shares. No fractional shares of the Company’s capital stock will be issued upon conversion of this Note. In lieu of any
fractional share to which Purchaser would otherwise be entitled, the Company will pay to Purchaser in cash the amount of the unconverted
Principal Amount and Interest balance of this Note that would otherwise be converted into such fractional share.

 

2.4           Effect
of Conversion. Upon conversion of this Note pursuant to this Section 2, Purchaser shall surrender this Note, duly endorsed,
at the principal offices of the Company. Upon conversion of this Note pursuant to Section 2.1, this Note will be deemed
converted on the date that is immediately prior to the close of business on the date of the surrender of this Note, otherwise,
the Note will be deemed converted on the Conversion Date. At its expense, the Company will, as soon as practicable thereafter,
issue and deliver to Purchaser, at Purchaser’s address as set forth on the signature page hereto or such other address requested
by Purchaser, a certificate or certificates for the number of shares to which Purchaser is entitled upon such conversion (bearing
such legends as are required by any agreement entered into in connection with the any such conversion or applicable state and federal
securities laws), together with a replacement Note (if any Principal Amount is not converted) and any other securities and property
to which Purchaser is entitled upon such conversion under the terms of this Note, including a check payable to Purchaser for any
cash amounts payable as a result of any fractional shares as described herein.

 

    	 	 	 

     

    

 

2.5           Limitation
on Beneficial Ownership. Notwithstanding anything to the contrary contained herein, the Purchaser shall not be entitled to
to convert this Note in accordance with this Section 2 to the extent (but only to the extent) that such conversion would cause
the Purchaser to become, directly or indirectly, a “beneficial owner” (within the meaning of Section 13(d) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”) of a number of shares of capital stock of a class that
is registered under the Exchange Act which exceeds 4.99% (the “Maximum Percentage”) of the shares of capital
stock of such class that are outstanding at such time. This limitation on beneficial ownership (a) may be increased (but only up
to 9.99% of the shares of capital stock of such class that are outstanding at such time), decreased or terminated, in the Purchaser’s
sole discretion, upon sixty-one (61) days’ notice to the Company by the Purchaser and (b) shall terminate automatically on
the date that is fifteen (15) days' prior to the Maturity Date. Any purported delivery of shares of capital stock in connection
with this Section 2.5 prior to the termination of this restriction in accordance herewith shall be void and have no effect to the
extent (but only to the extent) that such delivery would result in the Purchaser becoming the beneficial owner of more than the
Maximum Percentage of shares of capital stock of a class that is registered under the Exchange Act that is outstanding at such
time. If any delivery of shares of capital stock owed to the Purchaser following the conversion of this Note is not made, in whole
or in part, as a result of this limitation, the Company’s obligation to make such delivery shall not be extinguished and
the Company shall deliver such shares of capital stock as promptly as practicable after the Purchaser gives notice to the Company
that such delivery would not result in such limitation being triggered or upon termination of the restriction in accordance with
the terms hereof. To the extent limitations contained in this Section 2.5 apply, the determination of whether this Note is convertible
and of which portion of this Note is convertible shall be the sole responsibility and in the sole determination of the Purchaser
and the submission of a Conversion Notice shall be deemed to constitute the Purchaser’s determination that the issuance of
the full number of shares requested in the Conversion Notice is permitted hereunder, and the Company shall not have any obligation
to verify or confirm the accuracy of such determination. For any reason at any time, upon written or oral request of the Purchaser,
the Company shall, within one (1) Trading Day of such request, confirm orally and in writing to the Purchaser the number of shares
of capital stock of any class then outstanding, it being understood that the Purchaser may rely on such confirmation from the Company
for purposes of the Purchaser’s determination referenced in the preceding sentence. The provisions of this paragraph Section
2.5 shall be construed, corrected and implemented in a manner so as to effectuate the intended beneficial ownership limitation
herein contained.

 

3.          Representations
and Warranties of the Company.

 

3.1           Organization
and Good Standing. The Company is a corporation duly organized, validly existing and in good standing under the laws of the
State of Delaware. The Company has the requisite corporate power to own and operate its properties and assets and to carry on its
business as now conducted and as proposed to be conducted.

 

3.2           Corporate
Power. The Company has all requisite corporate power to execute, deliver and to carry out and perform its obligations under
the terms of this Note.

 

3.3           Capitalization.
The capitalization of the Company is as set forth in its public filings with the U.S. Securities and Exchange Commission from time
to time.

 

    	 	 	 

     

    

 

4.          Representations
And Warranties Of The Purchaser.

 

4.1           Purchase
for Own Account. The Purchaser understands that the Note and the Shares (collectively, the “Securities”),
have not been registered under the Act on the basis that no distribution or public offering of the stock of the Company is to be
effected. The Purchaser realizes that the basis for the exemption may not be present if, notwithstanding its representations, the
Purchaser has a present intention of acquiring the Securities for a fixed or determinable period in the future, selling (in connection
with a distribution or otherwise), granting any participation in, or otherwise distributing the Securities. The Purchaser represents
that it is acquiring the Securities solely for its own account and beneficial interest for investment and not for sale or with
a view to distribution of the Securities or any part thereof, has no present intention of selling (in connection with a distribution
or otherwise), granting any participation in, or otherwise distributing the same, and does not presently have reason to anticipate
a change in such intention. Except for those parties described on the signature page, the Purchaser is not a member of a group
(as defined in Section 13(d)(3) of the Exchange Act) with any of the other purchasers of Notes in this financing.

 

4.2           Information
and Sophistication. The Purchaser hereby: (i) acknowledges that it has received all the information it has requested from the
Company and it considers necessary or appropriate for deciding whether to acquire the Securities, (ii) represents that it has had
an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering of the
Securities and to obtain any additional information necessary to verify the accuracy of the information given the Purchaser and
(iii) further represents that it has such knowledge and experience in financial and business matters that it is capable of evaluating
the merits and risk of this investment.

 

4.3           Ability
to Bear Economic Risk. The Purchaser acknowledges that investment in the Securities involves a high degree of risk, and represents
that it is able, without materially impairing its financial condition, to hold the Securities for an indefinite period of time
and to suffer a complete loss of its investment.

 

4.4           Rule
144. The Purchaser is aware that none of the Securities may be sold pursuant to Rule 144 adopted under the Act unless certain
conditions are met, including, among other things, the existence of a public market for the shares, the availability of certain
current public information about the Company, the resale following the required holding period under Rule 144 and the number of
shares being sold during any three month period not exceeding specified limitations. Purchaser is aware that the conditions for
resale set forth in Rule 144 have not been satisfied and that the Company presently has no plans to satisfy these conditions in
the foreseeable future.

 

4.5           Accredited
Investor Status. The Purchaser is an “Accredited Investor” as such term is defined in Rule 501 under the Act.

 

4.6           Further
Limitations on Disposition. Without in any way limiting the representations set forth above, the Purchaser further agrees not
to make any disposition of all or any portion of the Securities unless and until:

 

(a)          There
is then in effect a Registration Statement under the Act covering such proposed disposition and such disposition is made in accordance
with such Registration Statement; or

 

(b)          The
Purchaser shall have notified the Company of the proposed disposition and shall have furnished the Company with a detailed statement
of the circumstances surrounding the proposed disposition, and if reasonably requested by the Company, such Purchaser shall have
furnished the Company with an opinion of counsel, reasonably satisfactory to the Company, that such disposition will not require
registration under the Act or any applicable state securities laws.

 

(c)          Notwithstanding
the provisions of paragraphs (a) and (b) above, no such registration statement or opinion of counsel shall be necessary
for a transfer by the Purchaser to (i) any shareholder, partner, retired partner, member or former member of the Purchaser for
no additional consideration, (ii) any affiliate, including affiliated funds, for no additional consideration or (iii) transfers
by gift, will or intestate succession to any spouse or lineal descendants or ancestors, if all transferees agree in writing to
be subject to the terms hereof to the same extent as if they were Purchasers hereunder.

 

    	 	 	 

     

    

 

4.7           No
“Bad Actor”. No “bad actor” disqualifying event described in Rule 506(d)(1) of the Act (a “Disqualification
Event”) is applicable to the Purchaser.

 

5.          Default;
Remedies.

 

5.1           Each
of the following shall constitute an event of default (each, an “Event of Default”) under this Note:

 

(a)          The
Company shall fail to pay (i) when due any Principal Amount or Interest payment on the due date hereunder or (ii) any
other payment required under the terms of this Note on the date due and such payment shall not have been made within five days
of the Company’s receipt of the Purchaser’s written notice to the Company of such failure to pay;

 

(b)          The
Company shall fail to observe or perform any other covenant, obligation, condition or agreement contained this Note and (i) such
failure shall continue for 15 days, or (ii) if such failure is not curable within such 15-day period, but is reasonably capable
of cure within 30 days, either (A) such failure shall continue for 30 days or (B) the Company shall not have commenced
a cure in a manner reasonably satisfactory to Purchaser within the initial 15-day period;

 

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

 

(d)          An
involuntary petition is filed against the Company (unless such petition is dismissed or discharged within thirty (30) days) under
any bankruptcy statute now or hereafter in effect, or a custodian, receiver, trustee, assignee for the benefit of creditors (or
other similar official) is appointed to take possession, custody or control of any property of the Company;

 

(e)          
The disposition or encumbrance of the Company’s assets, including, but not limited to, the grant of a license with regard
to the Company’s intellectual property; or

 

(f)          The
Company’s stockholders or board of directors affirmatively vote to liquidate, dissolve, or wind up the Company or the Company
otherwise ceases to carry on its ongoing business operations.

 

5.2           Upon
the occurrence and during the continuance of any Event of Default, all unpaid Principal Amount on this Note, accrued and unpaid
Interest thereon and all other amounts owing hereunder shall, at the option of the Purchaser, and, upon the occurrence of any Event
of Default pursuant to Sections 5.1 (c), (d), (e) or (f) of this Note, automatically, be immediately due, payable and collectible
by Purchaser pursuant to applicable law. Purchaser shall have all rights and may exercise all remedies available to it under law,
successively or concurrently.

 

6.          Ranking;
Covenants. The Notes shall be unsecured and rank on parity with all unsecured indebtedness of the Company existing as of the
Issuance Date. At all times while this Note remains outstanding, the Company shall not incur any indebtedness for borrowed money
which is either (a) not subordinated to this Note or (b) secured by the assets of the Company.

 

    	 	 	 

     

    

 

7.          Prepayment.
The Company may prepay the outstanding Principal Amount and any accrued by unpaid Interest under this Note prior to the Maturity
Date and prior to a conversion set forth in Section 2 of this Note without the consent of the Purchaser.

 

8.          Waiver;
Payment Of Fees And Expenses. The Company waives presentment and demand for payment, notice of dishonor, protest and notice
of protest of this Note, and shall pay all costs of collection when incurred, including, without limitation, reasonable attorneys’
fees, costs and other expenses. The right to plead any and all statutes of limitations as a defense to any demands hereunder is
hereby waived to the full extent permitted by law. No delay by Purchaser shall constitute a waiver, election or acquiescence by
it.

 

9.          Transaction
Fees and Expenses. The Company and the Purchaser shall pay their own costs and expenses in connection with the preparation,
execution and delivery of this Note and the other transaction documents.

 

10.         Cumulative
Remedies. Purchaser’s rights and remedies under this Note shall be cumulative. Purchaser shall have all other rights
and remedies not inconsistent herewith as provided under the UCC, by law or in equity. No exercise by Purchaser of one right or
remedy shall be deemed an election, and no waiver by Purchaser of any Event of Default shall be deemed a continuing waiver of such
Event of Default or the waiver of any other Event of Default.

 

11.         Miscellaneous.

 

11.1         Governing
Law. The terms of this Note shall be construed in accordance with the laws of the State of Delaware, as applied to contracts
entered into by Delaware residents within the State of Delaware, and to be performed entirely within the State of Delaware.

 

11.2         Successors
and Assigns; Assignment. The terms and conditions of this Note shall inure to the benefit of and be binding upon the respective
successors and assigns of the parties. Neither party may assign this Note or delegate any of its rights or obligations hereunder
without the written consent of the other party.

 

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

 

11.4         Notices.
All notices or other communications required or permitted hereunder shall be in writing and faxed, e-mailed, mailed or delivered
to each party at the respective addresses of the parties as set forth in this Section 11.4. All such notices and communications
will be deemed effectively given the earlier of (i) when received, (ii) when delivered personally, (iii) one business
day after being delivered by facsimile or electronic mail (with receipt of appropriate confirmation), (iv) one business day
after being deposited with an overnight courier service of recognized standing or (v) four days after being sent by registered
or certified mail, return receipt requested. All communications shall be sent to the Purchaser at the address, facsimile number,
or e-mail address set forth on the signature page hereto, or if to the Company, to it at 10210 Campus Point Drive, Suite 150, San
Diego, California 92121, Attn: David Rector (or to such other address or e-mail address as the Purchaser or the Company by notice
to the other party) with a copy (which shall not constitute notice) to Morgan, Lewis & Bockius LLP, 502 Carnegie Center, Princeton,
NJ 08540, Attn: Emilio Ragosa, Esq.

 

    	 	 	 

     

    

 

11.5         Amendment;
Modification; Waiver. This Note (and the other Notes) may be amended, modified or waived with the written consent of the Company
and the holders of a majority of the outstanding principal amount of the Notes (the “Requisite Purchasers”).
Notwithstanding the foregoing, no amendment or waiver of any provision of any Notes (i) shall be affected unless all Notes are
treated similarly and not disproportionately, and (ii) shall not be binding on the Company (unless consented to in writing by the
Company) if such amendment or waiver would increase the financial obligations of the Company under this Note (regardless of whether
such amendment or waiver applies identically to all other Notes).

 

11.6         Usury.
In the event any Interest is paid on this Note which is deemed to be in excess of the then legal maximum rate, then that portion
of the Interest payment representing an amount in excess of the then legal maximum rate shall be deemed a payment of the Principal
Amount and applied against the Principal Amount of this Note.

 

11.7         Counterparts.
This Note 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.

 

[SIGNATURE PAGE TO FOLLOW]

 

    	 	 	 

     

    

 

IN WITNESS WHEREOF, the
parties hereto have executed this Convertible Promissory Note as of the day and year first written above.

 

	PURCHASER	 	SEVION THERAPEUTICS, INC.
	 	 	 
	 	 	 
	Signature	 	Signature
	 	 	 
	 	 	David Rector
	Printed Name	 	Printed Name
	 	 	 
	 	 	Chief Executive Officer
	Address Line 1	 	Title
	 	 
	Address line 2	 

 

	$	 	 
	Principal Amount	 	 
	 	 	 
	Group Members (in accordance with Section 4.1 of this Note):	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

    	 	 	 

     

    

 

NOTICE OF CONVERSION

(To be executed by the Purchaser in order to
convert the Note)

 

The undersigned hereby irrevocably elects to
convert as identified below the Convertible Promissory Note issued by Sevion Therapeutics, Inc. (the “Company”) into
shares of Common Stock of the Company according to the conditions of conversion stated therein, as of the Conversion Date written
below:

 

Select One:

 

	 ̈	All of the Principal and Interest accrued through the date of the conversion

 

	 ̈	$ ___________________ of principal and accrued interest

 

	 
	 
	Conversion Date:  ____________________

 

	PURCHASER	 
	 	 
	 	 
	Signature	 
	 	 
	 	 
	SHARES TO BE REGISTERED AND DELIVERED AS FOLLOWS:	 
	 	 
	 	 
	Printed Name	 
	 	 
	 	 
	Address Line 1	 
	 	 
	 	 
	Address line 2	 
	 	 
	 	 
	Address line 3	 
	 	 
	 	 
	Phone number	 
	 	 
	 	 
	Email addressExhibit 4.2

 

NEITHER THIS CONVERTIBLE PROMISSORY NOTE
NOR THE SECURITIES ISSUABLE UPON CONVERSION OF THIS NOTE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”) OR THE SECURITIES LAWS OF ANY STATE. NO SALE OR DISPOSITION MAY BE EFFECTED EXCEPT IN COMPLIANCE WITH RULE 144
UNDER THE ACT OR AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN APPLICABLE EXEMPTION THEREFROM.

 

AMENDED AND
RESTATED 

 

CONVERTIBLE
PROMISSORY NOTE

 

	 	 	 	Issuance Date:	November 10, 2016
	 	 	 	Maturity Date:	November 10, 2017

 

This is to certify that
for value received, Sevion Therapeutics, Inc., a Delaware corporation (the “Company”) hereby promises to pay
the Purchaser the Principal Amount (as set forth on the signature page hereto), plus any accrued but unpaid Interest (as defined
below). This Amended and Restated Convertible Promissory Note is dated as of February 15, 2017 (the “Effective Date”)
and is one of a series of Amended and Restated Convertible Promissory Notes issued to certain investors (this Note, together with
such other Notes, shall be collectively referenced herein as the “Notes”) by the Company in an aggregate principal
amount of Three Hundred Thousand Dollars ($300,000).

 

This Note amends, restates
and supersedes in all respects those certain notes issued to certain investors during November, 2016 (collectively referred to
as, the “November Notes”). The November Notes are henceforth void and shall be of no further force or effect
as of the Effective Date.

 

1.          Interest;
Payments.

 

1.1           Simple
interest on the unpaid Principal Amount shall accrue at the rate of 6% per annum (“Interest”) and will begin
to accrue upon the Issuance Date. Interest shall be calculated based on a 365-day year and charged for the actual number of days
elapsed.

 

1.2           All
payments of the Principal Amount and Interest shall be in lawful money of the United States of America. All payments shall be applied
first to accrued Interest, and thereafter to the Principal Amount. If any payments on this Note become due on a Saturday, Sunday
or a federal public holiday, such payment shall be made on the next succeeding business day and such extension of time shall be
included in computing Interest in connection with such payment.

 

2.          Conversion.

 

2.1           Mandatory
Conversion.

 

(a)          Qualified
Financing. If, at any time prior to the repayment or conversion of this Note (as provided herein), the Company issues and sells
shares of its capital stock to investors (the “Investors”) in a Qualified Financing (as defined herein), then,
subject to Section 2.5, the outstanding principal balance of this Note and accrued but unpaid Interest thereon shall convert into
the capital stock sold at the first closing of the Qualified Financing at a conversion price equal to the lesser of (i) the price
per share (or conversion price) paid by the Investors purchasing such stock at such first closing of the Qualified Financing or
(ii) the Conversion Price. For purposes of this Note the term “Qualified Financing” shall mean the sale of the
Company’s capital stock, in one transaction or series of related transactions after the Effective Date, for an aggregate
sales price of at least One Million Dollars ($1,000,000), paid in cash and/or by conversion of indebtedness of the Company, excluding
conversion of the Notes. Any such conversion with regard to this Note shall be implemented only if all of the Notes are simultaneously
being converted.

 

    	 	 	 

     

    

 

(b)          Change
in Control. In the event of a “Change in Control” (as defined below) of the Company prior to the repayment or conversion
of this Note (as provided herein), all outstanding principal and unpaid accrued Interest due on this Note shall, subject to Section
2.5, convert into that number of shares (the “Shares”) of common stock, par value $0.01 per share, of the Company
(“Common Stock”) as is determined by dividing such outstanding Principal Amount and accrued Interest by $0.10
per share (adjusted to reflect subsequent stock dividends, stock splits, combinations or recapitalizations) (the “Conversion
Price”), or such other securities on terms and conditions agreed upon by the Company and the Requisite Purchasers (as
defined below). For purposes of this Note, a “Change in Control” shall be deemed to be occasioned by, and to
include, (i) a merger or consolidation in which (x) the Company is a constituent party or (y) a subsidiary of the Company is a
constituent party and, in each case, the Company issues shares of its capital stock pursuant to such merger or consolidation, except
any such merger or consolidation involving the Company or a subsidiary in which the shares of capital stock of the Company outstanding
immediately prior to such merger or consolidation continue to represent, or are converted into or exchanged for shares of capital
stock that represent, immediately following such merger or consolidation, at least a majority, by voting power, of the capital
stock of (1) the surviving or resulting corporation or (2) if the surviving or resulting corporation is a wholly owned subsidiary
of another corporation immediately following such merger or consolidation, the parent corporation of such surviving or resulting
corporation, or (ii) a sale of all or substantially all of the assets of the Company. Notwithstanding the above, a financing or
reincorporation transaction for purposes of changing the Company’s state of incorporation shall not be deemed a Change in
Control transaction. Any such conversion with regard to this Note shall be implemented only if all of the Notes are simultaneously
being converted.

 

2.2           Optional
Conversion. At any time on or prior to the Maturity Date, all or any portion of the outstanding Principal Amount of
and all accrued Interest under this Note may be converted, subject to Section 2.5, at the option of the Purchaser, into that number
of Shares as is determined by dividing such outstanding Principal Amount and accrued Interest by the Conversion Price. To convert
this Note, the Purchaser shall deliver written notice substantially in the form attached to this Note (the “Conversion
Notice”), to the Company at its address as set forth herein. The date upon which the conversion shall be effective (the
“Conversion Date”) shall be deemed to be the date set forth in the Conversion Notice.

 

2.3           Fraction
Shares. No fractional shares of the Company’s capital stock will be issued upon conversion of this Note. In lieu of any
fractional share to which Purchaser would otherwise be entitled, the Company will pay to Purchaser in cash the amount of the unconverted
Principal Amount and Interest balance of this Note that would otherwise be converted into such fractional share.

 

2.4           Effect
of Conversion. Upon conversion of this Note pursuant to this Section 2, Purchaser shall surrender this Note, duly endorsed,
at the principal offices of the Company. Upon conversion of this Note pursuant to Section 2.1, this Note will be deemed
converted on the date that is immediately prior to the close of business on the date of the surrender of this Note, otherwise,
the Note will be deemed converted on the Conversion Date. At its expense, the Company will, as soon as practicable thereafter,
issue and deliver to Purchaser, at Purchaser’s address as set forth on the signature page hereto or such other address requested
by Purchaser, a certificate or certificates for the number of shares to which Purchaser is entitled upon such conversion (bearing
such legends as are required by any agreement entered into in connection with the any such conversion or applicable state and federal
securities laws), together with a replacement Note (if any Principal Amount is not converted) and any other securities and property
to which Purchaser is entitled upon such conversion under the terms of this Note, including a check payable to Purchaser for any
cash amounts payable as a result of any fractional shares as described herein.

 

    	 	 	 

     

    

 

2.5           Limitation
on Beneficial Ownership. Notwithstanding anything to the contrary contained herein, the Purchaser shall not be entitled to
to convert this Note in accordance with this Section 2 to the extent (but only to the extent) that such conversion would cause
the Purchaser to become, directly or indirectly, a “beneficial owner” (within the meaning of Section 13(d) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”) of a number of shares of capital stock of a class that
is registered under the Exchange Act which exceeds 4.99% (the “Maximum Percentage”) of the shares of capital
stock of such class that are outstanding at such time. This limitation on beneficial ownership (a) may be increased (but only up
to 9.99% of the shares of capital stock of such class that are outstanding at such time), decreased or terminated, in the Purchaser’s
sole discretion, upon sixty-one (61) days’ notice to the Company by the Purchaser and (b) shall terminate automatically on
the date that is fifteen (15) days' prior to the Maturity Date. Any purported delivery of shares of capital stock in connection
with this Section 2.5 prior to the termination of this restriction in accordance herewith shall be void and have no effect to the
extent (but only to the extent) that such delivery would result in the Purchaser becoming the beneficial owner of more than the
Maximum Percentage of shares of capital stock of a class that is registered under the Exchange Act that is outstanding at such
time. If any delivery of shares of capital stock owed to the Purchaser following the conversion of this Note is not made, in whole
or in part, as a result of this limitation, the Company’s obligation to make such delivery shall not be extinguished and
the Company shall deliver such shares of capital stock as promptly as practicable after the Purchaser gives notice to the Company
that such delivery would not result in such limitation being triggered or upon termination of the restriction in accordance with
the terms hereof. To the extent limitations contained in this Section 2.5 apply, the determination of whether this Note is convertible
and of which portion of this Note is convertible shall be the sole responsibility and in the sole determination of the Purchaser
and the submission of a Conversion Notice shall be deemed to constitute the Purchaser’s determination that the issuance of
the full number of shares requested in the Conversion Notice is permitted hereunder, and the Company shall not have any obligation
to verify or confirm the accuracy of such determination. For any reason at any time, upon written or oral request of the Purchaser,
the Company shall, within one (1) Trading Day of such request, confirm orally and in writing to the Purchaser the number of shares
of capital stock of any class then outstanding, it being understood that the Purchaser may rely on such confirmation from the Company
for purposes of the Purchaser’s determination referenced in the preceding sentence. The provisions of this paragraph Section
2.5 shall be construed, corrected and implemented in a manner so as to effectuate the intended beneficial ownership limitation
herein contained.

 

3.          Representations
and Warranties of the Company.

 

3.1           Organization
and Good Standing. The Company is a corporation duly organized, validly existing and in good standing under the laws of the
State of Delaware. The Company has the requisite corporate power to own and operate its properties and assets and to carry on its
business as now conducted and as proposed to be conducted.

 

3.2           Corporate
Power. The Company has all requisite corporate power to execute, deliver and to carry out and perform its obligations under
the terms of this Note.

 

3.3           Capitalization.
The capitalization of the Company is as set forth in its public filings with the U.S. Securities and Exchange Commission from time
to time.

 

    	 	 	 

     

    

 

4.          Representations
And Warranties Of The Purchaser.

 

4.1           Purchase
for Own Account. The Purchaser understands that the Note and the Shares (collectively, the “Securities”),
have not been registered under the Act on the basis that no distribution or public offering of the stock of the Company is to be
effected. The Purchaser realizes that the basis for the exemption may not be present if, notwithstanding its representations, the
Purchaser has a present intention of acquiring the Securities for a fixed or determinable period in the future, selling (in connection
with a distribution or otherwise), granting any participation in, or otherwise distributing the Securities. The Purchaser represents
that it is acquiring the Securities solely for its own account and beneficial interest for investment and not for sale or with
a view to distribution of the Securities or any part thereof, has no present intention of selling (in connection with a distribution
or otherwise), granting any participation in, or otherwise distributing the same, and does not presently have reason to anticipate
a change in such intention. Except for those parties described on the signature page, the Purchaser is not a member of a group
(as defined in Section 13(d)(3) of the Exchange Act) with any of the other purchasers of Notes in this financing.

 

4.2           Information
and Sophistication. The Purchaser hereby: (i) acknowledges that it has received all the information it has requested from the
Company and it considers necessary or appropriate for deciding whether to acquire the Securities, (ii) represents that it has had
an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering of the
Securities and to obtain any additional information necessary to verify the accuracy of the information given the Purchaser and
(iii) further represents that it has such knowledge and experience in financial and business matters that it is capable of evaluating
the merits and risk of this investment.

 

4.3           Ability
to Bear Economic Risk. The Purchaser acknowledges that investment in the Securities involves a high degree of risk, and represents
that it is able, without materially impairing its financial condition, to hold the Securities for an indefinite period of time
and to suffer a complete loss of its investment.

 

4.4           Rule
144. The Purchaser is aware that none of the Securities may be sold pursuant to Rule 144 adopted under the Act unless certain
conditions are met, including, among other things, the existence of a public market for the shares, the availability of certain
current public information about the Company, the resale following the required holding period under Rule 144 and the number of
shares being sold during any three month period not exceeding specified limitations. Purchaser is aware that the conditions for
resale set forth in Rule 144 have not been satisfied and that the Company presently has no plans to satisfy these conditions in
the foreseeable future.

 

4.5           Accredited
Investor Status. The Purchaser is an “Accredited Investor” as such term is defined in Rule 501 under the Act.

 

4.6           Further
Limitations on Disposition. Without in any way limiting the representations set forth above, the Purchaser further agrees not
to make any disposition of all or any portion of the Securities unless and until:

 

(a)          There
is then in effect a Registration Statement under the Act covering such proposed disposition and such disposition is made in accordance
with such Registration Statement; or

 

(b)          The
Purchaser shall have notified the Company of the proposed disposition and shall have furnished the Company with a detailed statement
of the circumstances surrounding the proposed disposition, and if reasonably requested by the Company, such Purchaser shall have
furnished the Company with an opinion of counsel, reasonably satisfactory to the Company, that such disposition will not require
registration under the Act or any applicable state securities laws.

 

    	 	 	 

     

    

 

(c)          Notwithstanding
the provisions of paragraphs (a) and (b) above, no such registration statement or opinion of counsel shall be necessary
for a transfer by the Purchaser to (i) any shareholder, partner, retired partner, member or former member of the Purchaser for
no additional consideration, (ii) any affiliate, including affiliated funds, for no additional consideration or (iii) transfers
by gift, will or intestate succession to any spouse or lineal descendants or ancestors, if all transferees agree in writing to
be subject to the terms hereof to the same extent as if they were Purchasers hereunder.

 

4.7           No
“Bad Actor”. No “bad actor” disqualifying event described in Rule 506(d)(1) of the Act (a “Disqualification
Event”) is applicable to the Purchaser.

 

5.          Default;
Remedies.

 

5.1           Each
of the following shall constitute an event of default (each, an “Event of Default”) under this Note:

 

(a)          The
Company shall fail to pay (i) when due any Principal Amount or Interest payment on the due date hereunder or (ii) any
other payment required under the terms of this Note on the date due and such payment shall not have been made within five days
of the Company’s receipt of the Purchaser’s written notice to the Company of such failure to pay;

 

(b)          The
Company shall fail to observe or perform any other covenant, obligation, condition or agreement contained this Note and (i) such
failure shall continue for 15 days, or (ii) if such failure is not curable within such 15-day period, but is reasonably capable
of cure within 30 days, either (A) such failure shall continue for 30 days or (B) the Company shall not have commenced
a cure in a manner reasonably satisfactory to Purchaser within the initial 15-day period;

 

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

 

(d)          An
involuntary petition is filed against the Company (unless such petition is dismissed or discharged within thirty (30) days) under
any bankruptcy statute now or hereafter in effect, or a custodian, receiver, trustee, assignee for the benefit of creditors (or
other similar official) is appointed to take possession, custody or control of any property of the Company;

 

(e)          
The disposition or encumbrance of the Company’s assets, including, but not limited to, the grant of a license with regard
to the Company’s intellectual property; or

 

(f)          The
Company’s stockholders or board of directors affirmatively vote to liquidate, dissolve, or wind up the Company or the Company
otherwise ceases to carry on its ongoing business operations.

 

5.2           Upon
the occurrence and during the continuance of any Event of Default, all unpaid Principal Amount on this Note, accrued and unpaid
Interest thereon and all other amounts owing hereunder shall, at the option of the Purchaser, and, upon the occurrence of any Event
of Default pursuant to Sections 5.1 (c), (d), (e) or (f) of this Note, automatically, be immediately due, payable and collectible
by Purchaser pursuant to applicable law. Purchaser shall have all rights and may exercise all remedies available to it under law,
successively or concurrently.

 

    	 	 	 

     

    

 

6.          Ranking;
Covenants. The Notes shall be unsecured and rank on parity with all unsecured indebtedness of the Company existing as of the
Issuance Date. At all times while this Note remains outstanding, the Company shall not incur any indebtedness for borrowed money
which is either (a) not subordinated to this Note or (b) secured by the assets of the Company.

 

7.          Prepayment.
The Company may prepay the outstanding Principal Amount and any accrued by unpaid Interest under this Note prior to the Maturity
Date and prior to a conversion set forth in Section 2 of this Note without the consent of the Purchaser.

 

8.          Waiver;
Payment Of Fees And Expenses. The Company waives presentment and demand for payment, notice of dishonor, protest and notice
of protest of this Note, and shall pay all costs of collection when incurred, including, without limitation, reasonable attorneys’
fees, costs and other expenses. The right to plead any and all statutes of limitations as a defense to any demands hereunder is
hereby waived to the full extent permitted by law. No delay by Purchaser shall constitute a waiver, election or acquiescence by
it.

 

9.          Transaction
Fees and Expenses. The Company and the Purchaser shall pay their own costs and expenses in connection with the preparation,
execution and delivery of this Note and the other transaction documents.

 

10.         Cumulative
Remedies. Purchaser’s rights and remedies under this Note shall be cumulative. Purchaser shall have all other rights
and remedies not inconsistent herewith as provided under the UCC, by law or in equity. No exercise by Purchaser of one right or
remedy shall be deemed an election, and no waiver by Purchaser of any Event of Default shall be deemed a continuing waiver of such
Event of Default or the waiver of any other Event of Default.

 

11.         Miscellaneous.

 

11.1         Governing
Law. The terms of this Note shall be construed in accordance with the laws of the State of Delaware, as applied to contracts
entered into by Delaware residents within the State of Delaware, and to be performed entirely within the State of Delaware.

 

11.2         Successors
and Assigns; Assignment. The terms and conditions of this Note shall inure to the benefit of and be binding upon the respective
successors and assigns of the parties. Neither party may assign this Note or delegate any of its rights or obligations hereunder
without the written consent of the other party.

 

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

 

11.4         Notices.
All notices or other communications required or permitted hereunder shall be in writing and faxed, e-mailed, mailed or delivered
to each party at the respective addresses of the parties as set forth in this Section 11.4. All such notices and communications
will be deemed effectively given the earlier of (i) when received, (ii) when delivered personally, (iii) one business
day after being delivered by facsimile or electronic mail (with receipt of appropriate confirmation), (iv) one business day
after being deposited with an overnight courier service of recognized standing or (v) four days after being sent by registered
or certified mail, return receipt requested. All communications shall be sent to the Purchaser at the address, facsimile number,
or e-mail address set forth on the signature page hereto, or if to the Company, to it at 10210 Campus Point Drive, Suite 150, San
Diego, California 92121, Attn: David Rector (or to such other address or e-mail address as the Purchaser or the Company by notice
to the other party) with a copy (which shall not constitute notice) to Morgan, Lewis & Bockius LLP, 502 Carnegie Center, Princeton,
NJ 08540, Attn: Emilio Ragosa, Esq.

 

    	 	 	 

     

    

 

11.5         Amendment;
Modification; Waiver. This Note (and the other Notes) may be amended, modified or waived with the written consent of the Company
and the holders of a majority of the outstanding principal amount of the Notes (the “Requisite Purchasers”).
Notwithstanding the foregoing, no amendment or waiver of any provision of any Notes (i) shall be affected unless all Notes are
treated similarly and not disproportionately, and (ii) shall not be binding on the Company (unless consented to in writing by the
Company) if such amendment or waiver would increase the financial obligations of the Company under this Note (regardless of whether
such amendment or waiver applies identically to all other Notes).

 

11.6         Usury.
In the event any Interest is paid on this Note which is deemed to be in excess of the then legal maximum rate, then that portion
of the Interest payment representing an amount in excess of the then legal maximum rate shall be deemed a payment of the Principal
Amount and applied against the Principal Amount of this Note.

 

11.7         Counterparts.
This Note 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.

 

[SIGNATURE PAGE TO FOLLOW]

 

    	 	 	 

     

    

 

IN WITNESS WHEREOF, the
parties hereto have executed this Amended and Restated Convertible Promissory Note as of the Effective Date.

 

	PURCHASER	 	SEVION THERAPEUTICS, INC.
	 	 	 
	 	 	 
	Signature	 	Signature
	 	 	 
	 	 	David Rector
	Printed Name	 	Printed Name
	 	 	 
	 	 	Chief Executive Officer
	Address Line 1	 	Title
	 	 	 
	 	 
	Address line 2	 
	 	 
	$	 
	Principal Amount	 
	 	 
	Group Members (in accordance with Section 4.1 of this Note):	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 

 

    	 	 	 

     

    

 

NOTICE OF CONVERSION

(To be executed by the Purchaser in order to
convert the Note)

 

The undersigned hereby irrevocably elects to
convert as identified below the Convertible Promissory Note issued by Sevion Therapeutics, Inc. (the “Company”) into
shares of Common Stock of the Company according to the conditions of conversion stated therein, as of the Conversion Date written
below:

 

Select One:

 

	 ̈	All of the Principal and Interest accrued through the date of the conversion

 

	 ̈	$ ___________________ of principal and accrued interest

 

	 
	 
	Conversion Date:  ____________________

 

 

	PURCHASER	 	 
	 	 	 
	 	 	 
	Signature	 	 
	 	 	 
	SHARES TO BE REGISTERED AND DELIVERED AS FOLLOWS:	 	 
	 	 	 
	 	 	 
	Printed Name	 	 
	 	 	 
	 	 	 
	Address Line 1	 	 
	 	 	 
	 	 	 
	Address line 2	 	 
	 	 	 
	 	 	 
	Address line 3	 	 
	 	 	 
	 	 	 
	Phone number	 	 
	 	 	 
	 	 	 
	Email address

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