Document:

THIS
SECURITY HAS NOT BEEN REGISTERED WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY
STATE OR UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THIS SECURITY IS RESTRICTED AND MAY NOT BE OFFERED, RESOLD, PLEDGED OR
TRANSFERRED EXCEPT AS PERMITTED UNDER THE ACT PURSUANT TO REGISTRATION OR EXEMPTION OR SAFE HARBOR THEREFROM.

 

	No.
    _________________ 	US
    $75,000.00

 

2050
MOTORS, INC.

 

PROMISSORY
NOTE DUE JUNE 24, 2017

 

THIS
Note is a duly authorized issuance of 2050 MOTORS, INC., a Delaware corporation (the “Company”) designated
as its June 2016 Note.

 

FOR
VALUE RECEIVED, the Company promises to pay to SOUTHRIDGE ADVISORS II LLC, the registered holder hereof (the “Holder”),
the principal sum of Seventy Five Thousand and 00/100 Dollars (US $75,000.00), plus accrued interest in the amount of ten percent
(10%) per annum on all outstanding principal on June 24, 2017 (the “Maturity Date”). The Company will pay the outstanding
principal amount of this Note, plus accrued interest, in cash on the Maturity Date to the registered holder of this Note. The
wire transfer of such amount shall constitute a payment hereunder and shall satisfy and discharge the liability for principal
on this Note to the extent of the sum represented by wire transfer plus any amounts so deducted.

 

This
Note is subject to the following additional provisions:

 

1.[RESERVED]

 

2.This
Note may be transferred or exchanged only in compliance with the Securities Act of 1933, as amended (the “Act”), and
other applicable state and foreign securities laws.

 

3.No
provision of this Note shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal
of this Note plus accrued interest, at the time and place herein prescribed. This Note is a direct obligation of the Company.

 

4.Presentment.
Except as set forth herein, the Company waives presentment, demand and presentation for payment, notice of nonpayment and dishonor,
protest and notice of protest and expressly agrees that this Note or any payment hereunder may be extended from time to time by
the Holder without in any way affecting the liability of the Company.

 

    	 	1	 

     

    

 

5.Maximum
Rate. All provisions herein made are expressly limited so that in no event whatsoever, whether by reason of advancement of proceeds
hereof, acceleration of maturity of the unpaid balance hereof or otherwise, shall the amount paid or agreed to be paid to Holder
for the use of the money advanced or to be advanced hereunder exceed the maximum rate of interest allowed to be charged under
applicable law (the “Maximum Rate”), regardless of whether or not there has been an acceleration of the payment of
principal as set forth herein. If, from any circumstances whatsoever, the fulfillment of any provision of this Note or any other
agreement or instrument now or hereafter evidencing, securing or in any way relating to the indebtedness evidenced hereby shall
involve the payment of interest in excess of the Maximum Rate, then, ipso facto, the obligation to pay interest hereunder
shall be reduced to the Maximum Rate; and if from any circumstance whatsoever, Holder shall ever receive interest, the amount
of which would exceed the amount collectible at the Maximum Rate, such amount as would be excessive interest shall be applied
to the reduction of the principal balance remaining unpaid hereunder and not to the payment of interest. This provision shall
control every other provision in any and all other agreements and instruments existing or hereafter arising between the Maker
and Holder with respect to the indebtedness evidenced hereby.

 

6.This
Note shall be governed by and construed in accordance with the laws of the State of New York. Each of the parties consents to
the jurisdiction of the federal courts whose districts encompass any part of the City of New York or the state courts of the State
of New York sitting in the City of New York in connection with any dispute arising under this Note and hereby waives, to the maximum
extent permitted by law, any objection, including any objection based on forum non coveniens, to the bringing of any such
proceeding in such jurisdictions. Each of the parties hereby waives the right to a trial by jury in connection with any dispute
arising under this Note.

 

7.The
following shall constitute an “Event of Default”:

 

	 	a.	The
    Company shall default in the payment of principal and interest on this Note and same shall continue for a period of five (5)
    days; or
	 	 	 
	 	b.	Any
    of the representations or warranties made by the Company herein, in any certificate or financial or other written statements
    heretofore or hereafter furnished by the Company in connection with the execution and delivery of this Note shall be false
    or misleading in any material respect at the time made; or
	 	 	 
	 	c.	The
    Company shall fail to perform or observe, in any material respect, any other covenant, term, provision, condition, agreement
    or obligation of any Note and such failure shall continue uncured for a period of thirty (30) days after written notice from
    the Holder of such failure; or

 

    	 	2	 

     

    

 

	 	d.	The
    Company shall (1) admit in writing its inability to pay its debts generally as they mature; (2) make an assignment for the
    benefit of creditors or commence proceedings for its dissolution; or (3) apply for or consent to the appointment of a trustee,
    liquidator or receiver for its or for a substantial part of its property or business; or
	 	 	 
	 	e.	A
    trustee, liquidator or receiver shall be appointed for the Company or for a substantial part of its property or business without
    its consent and shall not be discharged within sixty (60) days after such appointment; or
	 	 	 
	 	f.	Any
    governmental agency or any court of competent jurisdiction at the instance of any governmental agency shall assume custody
    or control of the whole or any substantial portion of the properties or assets of the Company and shall not be dismissed within
    sixty (60) days thereafter; or
	 	 	 
	 	g.	Any
    money judgment, writ or warrant of attachment, or similar process in excess of One Hundred Fifty Thousand ($150,000) Dollars
    in the aggregate shall be entered or filed against the Company or any of its properties or other assets and shall remain unpaid,
    unvacated, unbonded or unstayed for a period of sixty (60) days or in any event later than five (5) days prior to the date
    of any proposed sale thereunder; or
	 	 	 
	 	h.	Bankruptcy,
    reorganization, insolvency or liquidation proceedings or other proceedings for relief under any bankruptcy law or any law
    for the relief of debtors shall be instituted by or against the Company and, if instituted against the Company, shall not
    be dismissed within sixty (60) days after such institution or the Company shall by any action or answer approve of, consent
    to, or acquiesce in any such proceedings or admit the material allegations of, or default in answering a petition filed in
    any such proceeding; or

 

Then,
or at any time thereafter, and in each and every such case, unless such Event of Default shall have been waived in writing by
the Holder (which waiver shall not be deemed to be a waiver of any subsequent default) at the option of the Holder and in the
Holder’s sole discretion, the Holder may consider all obligations under this Note immediately due and payable within five
(5) days of notice, without presentment, demand, protest or notice of any kinds, all of which are hereby expressly waived, anything
herein or in any note or other instruments contained to the contrary notwithstanding, and the Holder may immediately enforce any
and all of the Holder’s rights and remedies provided herein or any other rights or remedies afforded by law.

 

Collection.
In the event this Note is placed by Holder in the hands of an attorney for collection, or if Holder incurs any costs incident
to the collection of the indebtedness evidenced hereby, the Company agrees to pay to Holder an amount equal to all such costs,
including without limitation all reasonable attorneys’ fees and all court costs.

 

    	 	3	 

     

    

 

IN
WITNESS WHEREOF, the Company has caused this instrument to be duly executed by an officer thereunto duly authorized.

 

Dated:
June 24, 2016

 

	 	2050
    MOTORS, INC.
	 	 	 
	 	By:	/s/
    Michael Hu
	 	 	 
	 	 	Michael
    Hu
	 	 	(Print
    Name)
	 	 	 
	 	 	President
	 	 	Title:

 

	ATTESTOR	 
	 	 	 
	By:	 	 

 

    	 	4Exhibit 10.1

 

AMENDMENT NO. 2 TO

EMPLOYMENT AGREEMENT

 

This Amendment No. 2 to Employment Agreement
(the “Amendment”), dated as of June 27, 2016, is entered into by and between FORM Holdings Corp. f/k/a Vringo,
Inc. (the “Company”), and David L. Cohen (the “Employee”), for purposes of amending the terms
of that certain Employment Agreement dated May 7, 2013 and as amended October 13, 2015 (the “Agreement”).

 

WHEREAS, Employee is the Chief Intellectual
Property Officer of Company with duties, responsibilities and a place of employment delineated in the Agreement, and Company desires
to continue to Employee’s employment in manner consist with such duties, responsibilities and place of employment for the
Employment Term (as defined below); and

 

WHEREAS, the Company and Employee desire
to amend the expiration of the Agreement and the Company desires to amend certain other provisions of the Agreement related to
Employee’s bonus and incentive compensation, severance, and restrictive covenants.

 

NOW, THEREFORE, for good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the parties amend the Agreement and agree as follows:

 

		1.	All capitalized terms not defined herein shall have the same meaning ascribed to them in the Agreement.

 

		2.	The following shall replace and amend and restate in its entirety Section 1(c) of the Agreement:

 

“The Company hereby agrees
to continue to employ Employee upon the terms set forth in this Agreement until June 30, 2017, unless sooner terminated in accordance
with the provisions of Section 7 below (the “Employment Term”). At the end of the Employment Term this Agreement
shall terminate except as otherwise provided herein.”

 

		3.	The following shall replace and amend and restate in its entirety Section 4 of the Agreement:

 

“Bonuses
and Incentive Compensation. The Company will pay to the Employee a one-time bonus in the amount of $75,000, less applicable
taxes, including income tax, FICA and FUTA, and other appropriate deductions (the “Bonus”). This Bonus shall
be paid to the Employee on the first regularly scheduled payroll date following June 30, 2016.”

 

		4.	The following shall replace and amend and restate in its entirety the first sentence of Section
7(a) of the Agreement:

 

“The Employee’s employment
hereunder shall terminate upon the earliest to occur of: (i) Employee’s death, (ii) a termination by reason of Employee’s
Disability, (iii) a termination by the Company with or without Cause, or (iv) a termination by Employee.”

 

     

     

    

 

		5.	The following shall replace and amend and restate in its entirety Sections 7(e), (f), (g), and
(h) of the Agreement:

 

		“(e)	By the Employee. The Employee shall be entitled to terminate this Agreement and the Employee’s
employment with the Company at any time by providing prior written notice to the Company of 2 calendar days; provided, however,
that the Company shall maintain the discretion to terminate the Employee at any time during the notice period set forth in this
Section 7(e) (with such earlier termination deemed to be the effective date of termination). Upon termination by the Employee of
this Agreement and the Employee’s employment with the Company, the Company shall have no further obligations or liability
to the Employee or his heirs, administrators or executors with respect to compensation and benefits thereafter, except for the
obligation to pay the Employee the Accrued Obligations through the effective date of termination of Employee’s employment
with the Company. The Company shall deduct, from all payments made hereunder, all applicable taxes, including income tax, FICA
and FUTA, and other appropriate deductions.

 

		(f)	By the Company without Cause. The Company shall be entitled to terminate this Agreement
and the Employee’s employment with the Company at any time without Cause upon written notice to the Employee. Upon termination
by the Company of this Agreement and the Employee’s employment with the Company without Cause in accordance with the Company’s
notice of termination, the Company shall pay or provide to the Employee at the time the Company has in fact terminated the Employee
(or, following his death, to the Employee’s heirs, administrators or executors) the amounts and benefits described below:

 

		(A)	The Accrued Obligations through the date of termination of employment.

 

		(B)	Subject to Sections 7(g) and (h) below, an amount of Base Salary (at the rate of Base Salary in
effect immediately prior to the Employee’s termination hereunder) that would be payable from the date of termination of employment
until June 30, 2017 (the “Severance”). Except as otherwise provided in this Agreement, the Company shall pay
to Employee the Severance in substantially equal installments commencing on the Company’s next regular payroll date following
the date the Release (referenced in Section 7(h) below) becomes irrevocable and enforceable; provided, however, that if the 30
day period referenced in Section 7(h) below begins in one calendar year and ends in the following calendar year, the Company shall
pay to Employee the Severance in substantially equal installments commencing on the Company’s first eligible regular payroll
date occurring in the following calendar year. The Company shall deduct, from all payments made hereunder, all applicable taxes,
including income tax, FICA and FUTA, and other appropriate deductions.

 

    	 	2	 

     

    

 

		(C)	Subject to Sections 7(g) and (h) below, COBRA continuation coverage paid in full by the Company,
so long as Employee has not become actually covered by the medical plan of a subsequent employer during any such month and is otherwise
entitled to COBRA continuation coverage, with such payments to continue for coverage ending June 30, 2017. After such period, Employee
is responsible for paying the full cost for any additional COBRA continuation coverage to which Employee is then entitled. If the
Company’s payment of the COBRA premiums on the Employee’s behalf would violate the nondiscrimination rules or cause
the reimbursement of claims to be taxable under the Patient Protection and Affordable Care Act of 2010, together with the Health
Care and Education Reconciliation Act of 2010 (collectively, the “Act”) or Section 105(h) of the Code, the Company
paid premiums shall be treated as taxable payments and be subject to imputed income tax treatment to the extent necessary to eliminate
any discriminatory treatment or taxation under the Act or Section 105(h) of the Code.

 

		(D)	The Company shall deduct, from all payments made hereunder, all applicable taxes, including income
tax, FICA and FUTA, and other appropriate deductions.

 

		(g)	Acceptance of Alternative Employment. Employee agrees to notify the Company in writing of
Employee’s acceptance of any written, bona fide offer of employment or engagement from another employer (an “Acceptance”)
within 2 days of such Acceptance. If the Acceptance occurs during the Employment Term, it shall be deemed a termination by the
Employee under Section 7(e) and the effective date of the termination shall be the Acceptance notification date.

 

		(h)	Release of Claims. It is agreed that an express condition of the payment or provision by
the Company of any severance amount or post-termination benefit called for under Section 7(f) of this Agreement (other than the
payment of any Accrued Obligations) shall be subject to the Company’s concurrent receipt of a general release of all claims
against the Company and its affiliates by Employee in the form reasonably acceptable to the Company and Employee, and such release
must be effective and irrevocable prior to the 30th day following the termination of the Employee’s employment (the “Release”).”

 

		6.	The following shall replace and amend and restate in its entirety Section 8(c) of the Agreement:

 

“The term “Restricted
Period,” as used in this Section 8, shall mean during the period of time the Employee is employed with the Company.”

 

		7.	Section 8(f) of the Agreement is deleted in its entirety.

 

    	 	3	 

     

    

 

		8.	Company has granted Employee certain restricted stock units
(“RSUs”) in grants dated July 26, 2012 and February 11, 2013, and stock option awards (“Options”) in grants
dated July 26, 2012, August 8, 2012, February 11, 2013 and February 20, 2014 that have vested and continue to vest over time. All
RSUs and Options that Company has granted to Employee and relevant exercise price and vesting schedule are included in Exhibit
A to the Amendment.

 

		9.	Employee acknowledges that this Amendment, the execution thereof, and any communications or negotiations
between Employee and the Company related to this Amendment or otherwise, do not constitute a Good Reason termination (as formerly
defined in the Agreement) under the Agreement.

 

		10.	This Amendment shall be governed by and construed in accordance with the domestic laws of the State
of New York, without giving effect to any choice of law or conflict of law provision or rule (whether the State of New York or
any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of New York.

 

		11.	This Amendment may be executed in one or more counterparts, any one of which may be by facsimile,
and all of which taken together shall constitute one and the same instrument.

 

IN WITNESS WHEREOF, the parties have executed
this Amendment as of the date first above written.

 

FORM Holdings Corp.

 

By:/s/ Andrew D Perlman

Name: Andrew D Perlman

Its: Chief Executive Officer

 

/s/ David L. Cohen

David L. Cohen

Dated: June 27, 2016

 

    	 	4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00259-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00259-of-00352.parquet"}]]