Document:

Exhibit 4.5 

Rayonier Advanced Materials Inc.

 

2022 Leveraged Performance Unit Award
Agreement

 

 

This agreement ("Award
Agreement") is entered into by and between Rayonier Advanced Materials Inc., a corporation organized under the laws of the State
of Delaware, with its principal office at 1301 Riverplace Boulevard, Suite 2300, Jacksonville, FL 32207 (the "Company"), and
the undersigned qualified individual ("Participant"), pursuant to the Rayonier Advanced Materials Inc. 2021 Incentive Stock
Plan, as amended (the "Plan"), as of this 1st day of January, 2022 (the "Effective Date").

 

WITNESSETH:

 

 

WHEREAS, the Compensation
and Management Development Committee of the Company's Board of Directors, in its capacity as the Committee under the Plan (the "Committee"),
desires to advance the best interests of the Company by recognizing the achievements of Participant and Participant's continued responsibilities;

 

WHEREAS, the Committee
has expressed an intention to grant a performance-based stock award to Participant which shall be in the form of Restricted Stock Units,
as defined in the Plan ("Leveraged Performance Units"), with such Leveraged Performance Units to vest as provided in this Award
Agreement, provided Performance Objectives are achieved, Participant remains continuously employed by the Company from the date hereof
through the Vesting Date, and otherwise subject to all terms and conditions of this Award Agreement, including Schedule A, the Plan and
any appendix hereto (collectively, the "Award"); and

 

WHEREAS, this
Award Agreement is being entered into to convey the Award of Leveraged Performance Units to Participant.

 

NOW THEREFORE,
in consideration of the mutual promises made herein, the parties agree as follows:

 

1.       Definitions

 

All capitalized terms not expressly
defined in this Award Agreement and used herein shall have the same meaning set forth in the Plan, a copy of which has been provided to
Participant.

 

2.       Award
of Stock; Vesting

 

(a) Stock Awarded. Participant
is hereby awarded 252,526 Leveraged Performance Units, representing Participant's Target Award, subject in all respects to the terms of
this Award Agreement, including Schedule A, and the Plan, as of the Effective Date. Each Leveraged Performance Unit represents the right
to receive one share of Stock, if earned.

 

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(b)  Vesting.
Participant shall become vested with respect to, and thereupon have a non-forfeitable right to, the shares of Stock underlying the
Leveraged Performance Units granted pursuant to Section 2(a), subject to the terms of this Award Agreement and based on achievement of
the Performance Objectives measured over the specified Performance Period, as set forth in Schedule A, which is incorporated into and
made part of this Award Agreement. Any Leveraged Performance Units earned based on achievement of Performance Objectives will vest on
December 6, 2024, or if later upon the certification of performance results and the number of earned shares of Stock, if any (the "Vesting
Date"); provided that, Participant shall have remained continuously in the employ of the Company (or any Participating Company)
from the Effective Date through the Vesting Date, except as provided in Section 2(c).

 

(c)  Termination
of Employment. Except as provided (i) in Schedule A with respect to Participant's termination of employment due to death, Disability
or Retirement, (ii) in Section 10 of the Plan in connection with a Change in Control or (iii) by the Committee in accordance with Section
6(b) of the Plan, if Participant's employment with the Company or any Participating Company, as applicable, is terminated for any reason
before the Vesting Date, then all of the Performance Share Units subject to this Award Agreement, and all dividend equivalents and accrued
earnings thereon, if any, shall immediately be forfeited to the Company, and Participant shall have no further rights to such Leveraged
Performance Units, the underlying shares of Stock or any dividend equivalents or accrued earnings thereon from and after the date of
such termination.

 

(d)  Withholding
Taxes. On the Vesting Date, or at any other time when withholding is required under the Internal Revenue Code of 1986, as amended
(the "Code"), or under the applicable provisions of any Applicable Law, including any federal, provincial, state or local law,
relating to the withholding of tax or other required deductions, including on the amount, if any, includable in the income of Participant,
the Company shall have the right to require Participant to pay to the Company the amount of taxes that the Company is required to withhold
as a condition precedent to the payment of the Award. In the Committee's discretion, the Company shall have the right to retain, or sell
without notice, a sufficient number of shares of Stock underlying the then vesting Leveraged Performance Units held by Participant to
cover the amount required to be withheld, or to withhold such amount from any other amounts due to Participant by the Company, subject
to Applicable Law. The Committee may, in its discretion, require or permit Participant to elect, subject to such conditions as the Committee
shall impose, (i) to have shares of Stock otherwise issuable pursuant to the Award withheld by the Company or (ii) to deliver to the
Company previously acquired shares of Stock (through actual tender or attestation), in either case for the greatest number of whole shares
having a Fair Market Value on the date immediately preceding the Vesting Date not in excess of the amount to be used for tax withholding,
in the Committee's discretion, subject to Applicable Law. The Company may deduct from all dividend equivalents paid with respect to vested
Leveraged Performance Units granted hereunder, and from any earnings deemed accrued thereon as hereinafter provided, the amount of taxes,
if any, that the Company is required to withhold with respect to such amounts.

 

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3. Restrictions; Stockholder Rights; Dividends

 

(a) Sale; Exchange, etc. Participant
acknowledges and agrees that prior to the Vesting Date the Leveraged Performance Units are subject to a restriction against sale, exchange,
hypothecation, assignment, transfer (including by gift), pledge or other encumbrance (each, a "Transfer"), except as provided
in Section 17(f) of the Plan with the prior written consent of the Committee, which consent shall require of the proposed transferee an
undertaking to be bound by the terms of this Award Agreement, including forfeiture upon the termination of the employment of Participant
before the Vesting Date. Any Transfer of vested Leveraged Performance Units shall only be undertaken in compliance with Applicable Law,
including applicable securities laws and Company policies. Participant acknowledges that Participant will continue to be subject to any
applicable provisions of the Plan, including without limitation Sections 15 and 16, notwithstanding the vesting or Transfer of any such
Leveraged Performance Units.

 

(b)  Stockholder Rights.
Participant, as the owner of Leveraged Performance Units granted hereunder, shall not have any rights of a stockholder, including
but not limited to, the right to vote or, subject to Section 3(c) below, the right to receive dividends until the issuance of Stock to
Participant in respect of such Award.

 

(c)  Dividend
Equivalents.

 

(i)  Dividends.
In the event a cash dividend is declared and paid with respect to the Stock while the Leveraged Performance Units are outstanding
and unvested, then following the Vesting Date, Participant shall be entitled to payment of (a) dividend equivalents with respect to any
shares of Stock earned and paid pursuant to this Award Agreement, and (b) accrued interest with respect to any such dividend equivalents,
with such payment calculated in accordance with Schedule A. Any dividend equivalents, plus any accrued interest, that are earned pursuant
to this Award shall be paid in cash on the Payout Date (as provided in Section 3(c)(ii) below). For purposes of clarity, dividend equivalents
shall only be paid to the extent any shares of Stock are earned and paid pursuant to the terms of this Award Agreement, and in the event
no shares of Stock are so earned or paid, then Participant will not be entitled to payment of any dividend equivalents or accrued earnings
with respect to this Award.

 

(ii)  Payout
Date. The date of payment to Participant (the "Payout Date") of dividend equivalents and accrued earnings thereon, if any,
shall be not later than fifteen (15) days following the Vesting Date.

 

(iii)  Unfunded
Obligation. Insofar as this Section 3(c) provides for payments to Participant in cash, this obligation shall be unfunded.

 

4. Conformity with Securities Laws 

 

The grant of Leveraged Performance Units
hereunder (and any transfers thereof) is subject to compliance with all applicable securities laws. Participant hereby represents to the
Company that Participant is acquiring the Leveraged Performance Units, and any underlying shares of Stock to which Participant may become
entitled upon vesting of such Leveraged Performance Units, for investment purposes only and not with a view to the distribution thereof.
The book entries or certificates, as applicable, representing Stock issued by the Company pursuant to this Award Agreement may reflect
or bear a legend describing the restrictions on resale thereof under applicable securities laws, and stop transfer orders with respect
to any such shares may be entered in the stock transfer records of the Company.

 

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5. Miscellaneous

 

(a)  Assignments and
Transfers. The rights and interests of Participant under this Award Agreement may not be assigned, encumbered or transferred, except
as provided for in this Award Agreement and the Plan.

 

(b)  No Right to Employment.
Neither this Award Agreement nor any action taken hereunder shall be construed as giving Participant any right to be retained in
the employ of any Participating Company.

 

(c)  Headings. The
headings contained in this Award Agreement are inserted for convenience of reference only and are not intended to be part of or to affect
the meaning or interpretation of this Award Agreement.

 

(d)  Consistency with
the Plan. The provisions of the Plan are incorporated herein by reference and shall govern as to all matters not expressly provided
for in this Award Agreement. This Award Agreement, including Schedule A, is subject to all the provisions of the Plan. It is expressly
agreed and understood that in the case of any inconsistency between the provisions of this Award Agreement and the Plan, the provisions
of the Plan shall control, as determined in the sole judgment of the Committee.

 

(e)  Code
Section 409A. Although the Company does not guarantee to Participant any particular tax treatment relating to the Award, it is intended
that the Award be exempt from Code Section 409A and the regulations and guidance promulgated thereunder, specifically including the short-term
deferral exception set forth in Treasury Regulation Section 1.409A-1(b)(4), and this Award Agreement shall be construed and interpreted
in a manner consistent with the requirements for avoiding taxes or penalties under Code Section 409A. Notwithstanding anything herein
to the contrary, in no event shall the Company be liable for any additional tax, interest or penalties that may be imposed on Participant
by virtue of Code Section 409A or any damages for failing to comply with Code Section 409A.

 

(f)  Choice of Law;
Venue. This Award and Award Agreement will be interpreted and construed in accordance with and governed by the laws of the State
of Florida (other than its conflict of law principles). Participant consents to the exclusive venue and jurisdiction of the state and
federal courts located in Florida and waives any objection based on lack of jurisdiction or inconvenient forum.

 

(g)  Clawback. The
Award and any shares of Stock delivered pursuant to the Award are subject to forfeiture, recovery by the Company or other similar action
pursuant to applicable Plan provisions and any applicable clawback or recoupment policy of the Company, as may be in effect from time
to time, or as otherwise required by law.

 

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(h)  Amendment;
Waiver. This Award Agreement may be amended or modified at any time by an instrument in writing signed by the parties to this Agreement.
The failure of the Company to enforce at any time any provision of this Award Agreement shall in no way be construed to be a waiver of
such provision or of any other provision hereof.

 

(i)  Electronic
Delivery and Acceptance. The Company may, in its sole discretion, elect to deliver any documents related to current or future participation
in the Plan by electronic means. Participant hereby consents to receive such documents by electronic delivery and agrees to participate
in the Plan through an on-line or electronic system established and maintained by the Company or a third party designated by the Company.

 

(j)  No Advice
Regarding Award. The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding
Participant's participation in the Plan, or Participant's acquisition or sale of the underlying shares of Stock. Participant is hereby
advised to consult with his or her personal tax, legal and financial advisors regarding participation in the Plan before taking any action
related to the Plan.

 

(k)  Applicable
Law; Appendix. Notwithstanding any provisions in this Award Agreement, the Award shall be subject to Applicable Law and any special
terms and conditions set forth in any appendix to this Agreement specific to any country outside of the U.S., which appendix shall constitute
part of this Award Agreement. Moreover, if Participant relocates to a different country, any special terms and conditions in the applicable
appendix for such other country will apply to Participant, to the extent the Company determines that the application of such terms and
conditions is necessary or advisable in order to comply with Applicable Law or facilitate the administration of the Plan in such country.

 

IN WITNESS WHEREOF, the undersigned
have caused this Award Agreement to be executed and delivered on the Effective Date first above written.

 

 

 

 

	PARTICIPANT	 	RAYONIER ADVANCED MATERIALS INC.
	 	 	 
	 	 	 
	/s/ Vito Consiglio	 	/s/ Jay Posze
	 	 
	 	 	Jay Posze
	 	 
	 	 
	Name: Vito Consiglio	 	 
	 	 	Chief Administrative Officer

 

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Schedule A

 

January 2022 Leveraged Performance Units

 

This Schedule A is part of,
and subject to the terms and conditions of, an Award Agreement evidencing this Award of Leveraged Performance Units ("LPUs").
The Award Agreement, including this Schedule A, is subject to the terms and conditions of the Rayonier Advanced Materials Inc. 2021 Incentive
Stock Plan, as amended.

 

 

		·	The target number of LPUs
awarded will be determined based on the average market closing price of RYAM stock on the 20 trading days preceding the grant date (the
"grant date share price"). The actual number of LPUs earned will be based on share price growth from the "grant date share
price" compared against the "measurement date share price" determined based on the average of the closing market price
of RYAM stock on the last 20 trading days of the three-year measurement period.

 

		·	Objective and Payout Ranges

 

The following table reflects the payout range of these LPUs:

 

	Performance Requirement	Stock Price Growth from Grant	% of LPUs Target Earned
	 	 	 
	Threshold	10%	50%
	Target	25%	100%
	Maximum	100%	250%

 

 

		·	Results are interpolated
between threshold and target, and target and maximum. Any result lower than 10% stock price growth will result in no payout. Earned LPUs
are paid out in RYAM common stock and are subject to a one-year holding period post-vesting. The LPUs are subject to a value cap of 15x
the initial grant value.

 

Dividend Equivalents

 

		·	Dividend equivalents and
interest will be paid in cash on the number of RYAM shares of stock earned under the Program.

 

Dividend equivalents and interest
will be calculated by taking the dividends paid on one share of RYAM stock during the performance period times the number of shares of
stock awarded at the end of the period. Interest on such dividends will be earned at a rate equal to the prime rate as reported in the
Wall Street Journal, adjusted and compounded annually; from the date such cash dividends were paid by the Company.

 

 

1Exhibit
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

 

	$____	Issue
    Date: May 16, 2022
	 	New
    York, New York

 

FOR
VALUE RECEIVED, Yale Transaction Finders, Inc., a Delaware corporation (the “Company”), promises to pay to the order
of _____ (“Holder”), at _________ or such other address as instructed by Holder, the principal sum of __________ dollars
and no cents (US$_____) 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 June 30, 2023 (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 $0.0001 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 $500,000.

 

(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.

 

	 	YALE
    TRANSACTION FINDERS, INC.
	 	 	                       
	 	By:

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