Document:

Exhibit
4.20

 

ARKADOS
group, INC.

 

AMENDMENT
TO PROMISSORY NOTE

 

THIS AMENDMENT TO PROMISSORY
NOTE (this “Agreement”) is made and entered into as of April 20, 2017 (the “Effective Date”),
by and among Arkados Group, Inc., a Delaware corporation (the “Company”), and __________ (“Holder”).

 

RECITALS

 

A.       The
Company issued Holder a promissory note on March 7, 2017 (the “Note”), which provides that the Note shall be
due and payable on March 31, 2017 (the “Maturity Date”).

 

B.       
Pursuant to the terms of the Note, the Note may be amended only by an instrument in writing signed by the Company and the Holder.

 

C.       The
undersigned parties desire to amend the Note to extend the Maturity Date as set forth below.

 

AGREEMENT

 

In consideration of
the foregoing recitals and the mutual promises and covenants contained herein, the parties, intending to be legally bound, hereby
agree as follows:

 

1.       Amendment
of “Maturity Date” Definition. The definition of “Maturity Date” set forth in the introductory paragraph
of the Note shall be amended to mean April 21, 2017, and any and all references to the “Maturity Date” or the date
the Note is due shall mean April 21, 2017.

 

2.       Reaffirmation.
Except as expressly provided herein, the undersigned agree that all of the terms, covenants, conditions, restrictions and other
provisions contained in the Note shall remain in full force and effect.

 

3.       Counterparts.
This Amendment 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.

 

[remainder of page intentionally blank]

 

     

     

    

 

IN WITNESS WHEREOF, the
parties have caused this Agreement to be duly executed as of the date and year first above written.

 

	 	COMPANY
	 	 	 
	 	Arkados Group, Inc.,
	 	a Delaware corporation
	 	 	 
	 	By: 	 
	 	Name: Terrence DeFranco
	 	Title: President and Chief Executive Officer
	 	 
	 	HOLDER
	 	 
	 	(signature)
	 	 
	 	Name:Exhibit 10.15

 

DEBT SETTLEMENT AGREEMENT AND RELEASE

 

This DEBT SETTLEMENT
AGREEMENT AND RELEASE (this “Agreement”) is dated April [28], 2017 (the “Effective Date”),
by and between _____ (“Holder”), and Arkados Group, Inc., a Delaware corporation (“AKDS”).
AKDS and the Holder may be referred to herein as the “Parties.”

 

R E C I T A L S:

 

WHEREAS, Holder
is the beneficial owner of a convertible note, in the principal amount of $38,500.00, issued by AKDS on October 28, 2016, as amended
by that First Amendment to Promissory Note dated January 27, 2017 and Amendment #2 to the Securities Purchase Agreement and $38,500
Promissory Note dated March 31, 2017 (collectively the “Note”), of which approximately $[40,035.78] of principal
and interest remains outstanding on the date hereof, issued pursuant to the terms and conditions set forth in the Securities Purchase
Agreement dated October 28, 2016, as amended by that Amendment #2 to the Securities Purchase Agreement and $38,500 Promissory Note
dated March 31, 2017 (collectively the “Purchase Agreement”).

 

WHEREAS, the
Holder and AKDS desire to make a payment of cash and an issuance of shares of its common stock in exchange for the settlement,
cancellation and termination of all obligations and rights under the Note and under the Purchase Agreement, including the payment
of any penalties and interest and obligations to issue any additional shares of common stock of AKDS, accrued and owing under the
Note and the Purchase Agreement (collectively, the “Note Obligations”) and a release of all claims related thereto
by Holder, as provided herein.

 

NOW, THEREFORE,
in consideration of the foregoing Recitals, the mutual promises, covenants, and undertakings contained herein, and for other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally
bound, hereby agree as follows

 

1. Settlement of the Note Obligations.

 

1.1           As
full and complete settlement of all Note Obligations and in consideration for the fulfillment of the covenants and promises set
forth herein, AKDS agrees to issue to Holder, on the same date: (i) a cash payment of $35,000.00 pursuant to the wire transfer
instructions provided in Exhibit A attached hereto (the “Cash Payment”) and (ii) 30,000 (thirty thousand)
shares of common stock (the “Shares”) of AKDS (the “Share Issuance” and, together with the
Cash Payment, the “Settlement Payment”). Upon the issuance to Holder of the Settlement Payment, all Note Obligations
shall be deemed fully satisfied and paid in full and the Note and the Purchase Agreement shall terminate immediately thereon. The
date and time that the Settlement Payment is delivered to the Holder (the “Closing Date”) shall be on or about
April [28], 2017, or such other date as is mutually agreed upon by the Parties. The closing of the transactions contemplated by
this Agreement (the “Closing”) shall occur on the Closing Date at such location as may be agreed to by the Parties.

 

1.2           The
Parties expressly acknowledge and agree that the Settlement Payment (a) is the result of good faith negotiations conducted by and
between the Parties; (b) resolves all claims by Holder relating to the Note Obligations; and (c) constitutes fair and reasonable
consideration for the general release of claims set forth below. Holder shall be solely responsible for any federal, state and
local taxes due on the Settlement Payment, and specifically agrees to indemnify and hold AKDS harmless for any claims involving
federal, state or local taxes resulting from such responsibility.

 

     

     

    

 

2. General Release and
Waiver

 

2.1           Except
as expressly set forth in this Agreement, for and in consideration of the mutual covenants set forth herein, which are hereby
excluded from and survive this general release and waiver, Holder, on his own behalf, and on behalf of his respective
grantees, agents, spouses, children, beneficiaries, successors, attorneys, heirs, devisees, trustees, assigns, attorneys,
entities in which Holder has an interest, and any other person claiming through or on behalf of him (collectively, the
“Releasing Parties”), hereby fully, irrevocably and unconditionally releases, acquits, and discharges AKDS
and each of its direct or indirect parents, wholly or majority- owned subsidiaries, affiliated and related entities,
predecessors, successors and assigns, partners, privities, and any of its present and former directors, officers, employees,
shareholders, partners, agents, alter egos, representatives, attorneys, accountants, insurers, receivers, heirs, executors,
administrators, conservators, and all persons acting by, through, under or in concert with it, or any of them (collectively
“Released Parties”) from all manner of actions, causes of action, complaints, claims, demands, liens,
suits, obligations, controversies, contracts, agreements, promises, charges, penalties, losses, debts, costs,
attorneys’ fees, expenses, damages, judgments, orders, and liabilities of whatever kind, whether in law or in equity,
now known or unknown, suspected or unsuspected, fixed or contingent, and whether or not concealed, latent or hidden, which
have existed or may have existed, or which do exist or which hereafter can, shall, or may exist, whether contractual, common
law, statutory, federal, state, or otherwise, which Holder or any of the Releasing Parties have or could have against AKDS or
the Released Parties relating to the Note, the Purchase Agreement or the Note Obligations (collectively, the
“Released Claims”). Holder and the Releasing Parties hereby acknowledge and agree that, except as
expressly set forth in this Agreement, the Released Parties have no other liabilities or obligations, of any kind or nature,
owed to the Releasing Parties, in connection with or relating to the Released Claims or otherwise.

 

2.2           Holder,
on behalf of himself, as well as the Releasing Parties, expressly acknowledges that the releases provided in this Agreement are
intended to include in their effect, without limitation, any and all claims, complaints, charges or suits, including those claims,
complaints, charges or suits which he does not know or suspect to exist in his favor at the time of execution hereof, which if
known or suspected, could materially affect his decision to execute this Agreement. This Agreement contemplates the extinguishment
of any such claims, complaints, charges or suits and Holder hereby expressly and knowingly waives and relinquishes any and all
rights that he has or might have relating to the Released Claims under California Civil Code §1542 (and under other
statutes or common law principles of similar effect) which provides:

 

A
GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME
OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.

 

Holder
acknowledges that he may hereafter discover facts different from, or in addition to, those which he now believes to be true with
respect to the Released Claims above. On his own behalf and on behalf of the Releasing Parties, Holder agrees that the foregoing
release and waiver shall be and remain effective in all respects notwithstanding such different or additional facts or discovery
thereof, and that this Agreement contemplates the extinguishment of all such Released Claims. By executing this Agreement, Holder
acknowledges the following: (a) he is represented by counsel; (b) he has read and fully understands the provisions of California
Civil Code §1542; and (c) he has been specifically advised by his counsel of the consequences of the above waiver and this
Agreement generally. Holder acknowledges and agrees that this waiver is an essential and material term of this release and the
settlement that underlies it and that without such waiver the Agreement would not have been accepted.

 

     

     

    

 

3. Representations and Warranties
of AKDS. AKDS hereby represents and warrants to the Holder as of the date hereof and the date of the Closing, as follows:

 

3.1           Authorization.
The execution, delivery and performance by AKDS of this Agreement and the performance of all of AKDS’s obligations hereunder
have been duly authorized by all necessary corporate action, and this Agreement has been duly executed and delivered by AKDS.

 

3.2           No Conflicts. The
execution and performance of the transactions contemplated by this Agreement and compliance with its provisions by AKDS will not
conflict with or result in any breach of any of the terms, conditions, or provisions of, or constitute a default under, its Certificate
of Incorporation or Bylaws or any agreement to which AKDS is a party or by which it or any of its properties is bound.

 

3.3           Binding
Obligation. Assuming the due execution and delivery of this Agreement, this Agreement constitutes the valid and binding obligation
of AKDS, enforceable against AKDS in accordance with its terms, subject, as to enforcement, (i) to bankruptcy, insolvency, reorganization,
arrangement, moratorium and other laws of general applicability relating to or affecting creditors’ rights and (ii) to general
principles of equity, whether such enforceability is considered in a proceeding in equity or at law.

 

4. Representations and Warranties
of the Holder. The Holder hereby represents and warrants to AKDS as of the date hereof and the date of the Closing, as
follows:

 

4.1           Authorization. Each of
the Holder has full power and authority to enter into this Agreement, to perform its obligations hereunder and thereunder and to
consummate the transactions contemplated hereby and thereby. This Agreement constitutes a valid and legally binding obligation
of each of the Holder, enforceable in accordance with their respective terms.

 

4.2           No Conflicts. The
execution and performance of the transactions contemplated by this Agreement and compliance with its provisions by the Holder will
not conflict with or result in any breach of any of the terms, conditions, or provisions of any agreement to which the Holder is
a party or by which the Holder or the Holder’s assets or properties is bound.

 

4.3           Binding
Obligation. Assuming the due execution and delivery of this Agreement, this Agreement constitutes the valid and binding obligation
of the Holder, enforceable against the Holder in accordance with its terms.

 

4.4           Investment
Representations.

 

(a)       This
Agreement is made in reliance upon the Holder’s representation to AKDS, which by its acceptance hereof Holder hereby confirms,
that the Shares to be received by it will be acquired for investment for its own account, not as a nominee or agent, and not with
a view to the sale or distribution of any part thereof, and that it has no present intention of selling, granting participation
in, or otherwise distributing the same, but subject nevertheless to any requirement of law that the disposition of its property
shall at all times be within its control.

 

     

     

    

 

(b)       The
Holder understands that the Shares are not registered under the Securities Act of 1933, as amended (the “1933 Act”),
on the basis that the sale provided for in this Agreement and the issuance of securities hereunder is exempt from registration
under the 1933 Act pursuant to Section 4(a)(2) thereof, and that AKDS’s reliance on such exemption is predicated on the Holder’s
representations set forth herein. The Holder realizes that the basis for the exemption may not be present if, notwithstanding such
representations, the Holder has in mind merely acquiring Shares for a fixed or determinable period in the future, or for a market
rise, or for sale if the market does not rise. The Holder does not have any such intention.

 

(c)       The
Holder represents and warrants to the Company that it is an “accredited investor” within the meaning of Securities
and Exchange Commission Rule 501 of Regulation D, as presently in effect and, for the purpose of Section 25102(f) of the California
Corporations Code, he or she is excluded from the count of “purchasers” pursuant to Rule 260.102.13 thereunder.

 

5. Conditions Precedent to the Obligations
of the Holder. The Holder’s obligations to effect the Closing is conditioned upon the fulfillment of each of the
following events:

 

5.1           Representations
and Warranties. The representations and warranties of AKDS contained herein shall be true and correct in all material respects
as of the date when made and as of the Closing Date as though made on and as of such date.

 

5.2           Performance.
AKDS shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions required
by this Agreement to be performed, satisfied or complied with by it at or prior to the Closing.

 

6. Conditions Precedent to the Obligations
of AKDS. AKDS’s obligations to effect the Closing is conditioned upon the fulfillment of each of the following events:

 

6.1           Representations
and Warranties. The representations and warranties of the Holder contained herein shall be true and correct in all material
respects as of the date when made and as of the Closing Date as though made on and as of such date.

 

6.2           Performance.
The Holder shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions
required by this Agreement to be performed, satisfied or complied with by it at or prior to the Closing, including the delivery
of an Accredited Investor Questionnaire, attached hereto as Exhibit B.

 

7. Miscellaneous.

 

7.1           No
Third Party Beneficiaries. Other than as expressly set forth herein, this Agreement shall not confer any rights or remedies
upon any person other than the parties and their respective successors and permitted assigns.

 

7.2           Entire
Agreement. This Agreement (including the documents referred to herein) constitutes the entire agreement among the parties and
supersedes any prior understandings, agreements, or representations by or among the parties, written or oral, to the extent they
related in any way to the subject matter hereof.

 

     

     

    

 

7.3           Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument.

 

7.4           Governing Law. This Agreement
shall be governed by and construed in accordance with the laws of the State of California (without regard to conflict of laws).

 

7.5           No
Waiver/Amendments. Any waiver by any party to this Agreement of any provision of this Agreement shall not be construed as a
waiver of any other provision of this Agreement, nor shall such waiver be construed as a waiver of such provision respecting any
future event or circumstance. No amendment of any provision of this Agreement shall be valid unless the same shall be in writing
and signed by both the Holder and AKDS.

 

7.6           Severability.
Any term or provision of this Agreement that is invalid or unenforceable in any situation in any jurisdiction shall not affect
the validity or enforceability of the remaining terms and provisions hereof or the validity or enforceability of the offending
term or provision in any other situation or in any other jurisdiction.

 

7.7           Costs. Each party will
bear the costs and expenses incurred by it in connection with this Agreement and the transaction contemplated thereby.

 

7.8           Survival
of Terms. All representations, warranties and covenants contained in this Agreement or in any certificates or other instruments
delivered by or on behalf of the parties hereto shall be continuous and survive the execution of this Agreement and the Closing.

 

7.9           Assignment.
AKDS may not assign this Agreement. This Agreement will be binding upon AKDS and its successors and will inure to the benefit of
the Holder and its successors and assigns and may be assigned by the Holder to anyone of its choosing without Company’s approval.

 

7.10         Notices.
Notices hereunder shall be given only by personal delivery, registered or certified mail, return receipt requested, overnight courier
service, or telex, telegram, facsimile or other form of electronic mail and shall be deemed transmitted when personally delivered
or deposited in the mail or delivered to a courier service or a carrier for electronic transmittal or electronically transmitted
by facsimile (as the case may be), postage or charges prepaid, and properly addressed to the particular party to whom the
notice is to be sent at the address on the signature page hereto (or at such other addresses as such party may designate by five
(5) calendar days’ advance written notice similarly given to each of the other parties hereto).

 

7.11         Headings.
The headings used in this Agreement are for convenience only and shall not by themselves determine the interpretation, construction
or meaning of this Agreement.

 

7.12         Attorneys’
Fees and Costs. In the event any party to this Agreement shall be required to initiate legal proceedings to enforce performance
of any term or condition of this Agreement, including, but not limited to, the interpretation of any term or provision hereof,
the payment of moneys or the enjoining of any action prohibited hereunder, the prevailing party shall be entitled to recover such
sums in addition to any other damages or compensation received, as will reimburse the prevailing party for reasonable attorneys’
fees and court costs incurred on account thereof (including, without limitation, the costs of any appeal) notwithstanding the nature
of the claim or cause of action asserted by the prevailing party.

 

     

     

    

 

[signature page to follow]

 

     

     

    

 

IN WITNESS WHEREOF,
the Holder and AKDS have caused this Agreement to be executed as of the date first above written.

 

	 	HOLDER:
	 	 	 
	 	By: 	 
	 	Name:
	 	 	 
	 	Address:

 

	 	ARKADOS GROUP, INC.
	 	 	 
	 	By: 	 
	 	Name: Terrence DeFranco
	 	Title: Chief Executive
Officer
	 	 	 
	 	Address:
	 	211 Warrant Street, Suite
320
	 	Newark, NJ 07103
	 	tmdefranco@arkadosgroup.com

 

     

     

    

 

Exhibit A

 

Wire Instructions

 

     

     

    

 

Exhibit B

 

Accredited Investor Quetionnaire

 

	Initial _______	I am an accredited investor, as indicated in the Accredited Investor Certification below.  (If this option is selected, complete and return the Accredited Investor Certification below by initialing all that apply.  If none apply, you are an unaccredited investor.)

 

	Initial _______	I am an unaccredited investor with such knowledge and experience in financial and business matters that I am capable of evaluating the merits and risks of the Offering.  (If this option is selected, you will need to complete and return an Investor Questionnaire, to be provided by the Company.)

 

	Initial _______	I am an unaccredited investor, and my purchaser representative has such knowledge and experience in financial and business matters that my purchaser representative is capable of evaluating the merits and risks of the Offering. (If this option is selected, you will need to complete an Investor Acknowledgment and your purchaser representative will need to complete a Purchaser Representative Questionnaire, both as to be provided by the Company.

 

ACCREDITED INVESTOR CERTIFICATION

 

For Individual Investors Only

(INITIAL where appropriate):

 

	Initial _______ 	I have a net worth of at least US$1 million either individually or through aggregating my individual holdings and those in which I have a joint, community property or other similar shared ownership interest with my spouse. (For purposes of calculating your net worth under this paragraph, (a) your primary residence shall not be included as an asset; (b) indebtedness secured by your primary residence, up to the estimated fair market value of your primary residence at the time of your purchase of the securities, shall not be included as a liability (except that if the amount of such indebtedness outstanding at the time of your purchase of the securities exceeds the amount outstanding 60 days before such time, other than as a result of the acquisition of your primary residence, the amount of such excess shall be included as a liability); and (c) indebtedness that is secured by your primary residence in excess of the estimated fair market value of your primary residence at the time of your purchase of the securities shall be included as a liability.)
	 	 
	Initial _______	I have had an annual gross income for the past two years of at least US$200,000 (or US$300,000 jointly with my spouse) and expect my income (or joint income, as appropriate) to reach the same level in the current year.
	 	 
	Initial _______	I am a director or executive officer of Arkados Group, Inc.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00274-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00274-of-00352.parquet"}]]