Document:

Exhibit 10.1

 

EXHIBIT A TO UNANIMOUS WRITTEN CONSENT

 

EMMAUS LIFE SCIENCES, INC.

Promissory Note

 

	Principal Amount:  $1,668,751.00	Loan Date: August 16, 2022
	 	 
	Interest Rate:  10% per year	Loan Due Date: August 16, 2027
	 	 
	Lender:  Yutaka and Soomi Niihara	 

 

Address for Payment:

 

FOR VALUE RECEIVED, Emmaus Life Sciences, Inc.,
a Delaware corporation, located at 21250 Hawthorne Blvd., Suite 800 Torrance, CA 90503 (“Borrower”), agrees to pay to Lender
or his or her registered assigns (the “Holder”) the Principal Amount, together with accrued interest at the stated Interest
Rate, on the following terms of this Promissory Note (this “Note”).

 

Terms of Repayment: Simple interest at
the stated Interest Rate will accrue on the outstanding Principal Amount hereof commencing on the stated Loan Date until this Note is
paid in full. Accrued interest shall be payable monthly on or before the last day of each month. The entire unpaid Principal Amount hereof
and accrued and unpaid interest hereon shall become immediately due and payable upon the stated Loan Due Date.

 

2. Prepayment: This Note may be prepaid
in whole or in part at any time after the Loan Date without premium or penalty. All prepayments shall first be applied to accrued interest
and then to principal.

 

3. Place of Payment: All payments due under
this Note shall be made by check of Borrower sent to the Lender’s address set forth above, or at such other place as the Holder
may designate in writing to Borrower. At Borrower’s request, the Holder shall furnish Borrower with the Holder’s taxpayer
ID number or Social Security number to facilitate the Borrower’s tax reporting.

 

4. Default: In the event of default hereunder,
Borrower agrees to pay all costs and expenses, including reasonable attorney’s fees, incurred by the Holder in connection therewith.

 

5. Acceleration of Debt: If Borrower (i)
fails to make any payment due under the terms of this Note or seeks relief under the U.S. Bankruptcy Code, (ii) suffers an involuntary
petition in bankruptcy or receivership that is not vacated within 60 days, (iii) consents to the appointment of a receiver, trustee, assignee,
liquidator or similar official or such appointment is not discharged or stayed within 60 days, (iv) makes a general assignment for the
benefit of its creditors or (v) admits in writing that it is generally unable to pay its debts as they become due, the entire outstanding
Principal Amount and any accrued and unpaid interest hereon shall be immediately due and payable to the Holder upon demand therefor by
Lender.

 

     

     

    

 

6. Modification: No modification or waiver
of any of the terms of this Note shall be effective unless set forth in a writing signed by Borrower and the Holder. No waiver of any
breach or default hereunder shall be deemed a waiver of any subsequent breach or default of the same or similar nature.

 

7. Complete Note: This Note is the complete
and exclusive statement of agreement of the parties with respect to the subject matter hereof. This Note replaces and supersedes all prior
written or oral agreements or statements by and among the parties with respect to the same subject matter. No representation, statement,
condition or warranty is made by the parties in connection with this Note except as expressly set forth herein.

 

8. Transfer of the Note: This Note may
be transferred, in whole or in part, at any time or from time to time, by the Lender upon surrender of this Note to Borrower, whereupon
the Borrower will forthwith issue and deliver a new Note registered as the Holder may request, representing the outstanding Principal
Amount hereof being transferred and, if less than the entire outstanding Principal Amount is being transferred, a new Note to the Holder
representing the outstanding Principal Amount not being transferred. Prior to due presentment for transfer to Borrower of this Note, Borrower
and its agents may treat the Holder in whose name this Note is duly registered on Borrower’s books and records 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 Borrower
nor any such agent shall be affected by notice to the contrary.

 

9. Lost, Stolen or Mutilated Note: Upon
receipt by Borrower of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Note, and, in the
case of loss, theft or destruction, a written undertaking by the Holder in customary form and content to indemnify Borrower and, in the
case of mutilation, upon surrender and cancellation of this Note, the Borrower shall execute and deliver to the Holder a new promissory
note of like tenor representing the outstanding Principal Amount hereof and accrued and unpaid interest hereon.

 

10. Severability of Provisions: If any
provision of this Note is deemed unenforceable, all other provisions of this Note shall remain in full force and effect.

 

11. Choice of Law: This Note shall be construed
and interpreted under the internal laws of California without regard to conflict of law principles.

 

(Signature Page Follows)

 

    2

     

    

 

	Signed this 16th day of August 2022.	 
	 	 
	Emmaus Life Sciences, Inc.	 
	 	 	 
	By: 	/s/ WILLIS C. LEE
	 
	 	Willis C. Lee, Chief Operating Officer	 

 

 

3Exhibit 10.2

 

EXHIBIT A TO UNANIMOUS WRITTEN CONSENT

 

EMMAUS LIFE SCIENCES, INC.

Promissory Note

 

	Principal Amount: $250,000.00	Loan Date: August 16, 2022
	 	 
	Interest Rate: 10% per year	Loan Due Date: August 16, 2027
	 	 
	Lender: Yutaka and Soomi Niihara	 

 

Address for Payment:

 

FOR VALUE RECEIVED, Emmaus Life Sciences, Inc., a Delaware corporation,
located at 21250 Hawthorne Blvd., Suite 800 Torrance, CA 90503 (“Borrower”), agrees to pay to Lender or his or her registered
assigns (the “Holder”) the Principal Amount, together with accrued interest at the stated Interest Rate, on the following
terms of this Promissory Note (this “Note”).

 

Terms of Repayment: Simple interest at the stated Interest Rate
will accrue on the outstanding Principal Amount hereof commencing on the stated Loan Date until this Note is paid in full. Accrued interest
shall be payable monthly on or before the last day of each month. The entire unpaid Principal Amount hereof and accrued and unpaid interest
hereon shall become immediately due and payable upon the stated Loan Due Date.

 

2. Prepayment: This Note may be prepaid in whole or in part
at any time after the Loan Date without premium or penalty. All prepayments shall first be applied to accrued interest and then to principal.

 

3. Place of Payment: All payments due under this Note shall
be made by check of Borrower sent to the Lender’s address set forth above, or at such other place as the Holder may designate in
writing to Borrower. At Borrower’s request, the Holder shall furnish Borrower with the Holder’s taxpayer ID number or Social
Security number to facilitate the Borrower’s tax reporting.

 

4. Default: In the event of default hereunder, Borrower agrees
to pay all costs and expenses, including reasonable attorney’s fees, incurred by the Holder in connection therewith.

 

5. Acceleration of Debt: If Borrower
(i) fails to make any payment due under the terms of this Note or seeks relief under the U.S. Bankruptcy Code, (ii) suffers an
involuntary petition in bankruptcy or receivership that is not vacated within 60 days, (iii) consents to the appointment of a
receiver, trustee, assignee, liquidator or similar official or such appointment is not discharged or stayed within 60 days, (iv)
makes a general assignment for the benefit of its creditors or (v) admits in writing that it is generally unable to pay its debts as
they become due, the entire outstanding Principal Amount and any accrued and unpaid interest hereon shall be immediately due and
payable to the Holder upon demand therefor by Lender.

 

    

    	

    

 

6. Modification: No modification or waiver of any of the terms
of this Note shall be effective unless set forth in a writing signed by Borrower and the Holder. No waiver of any breach or default hereunder
shall be deemed a waiver of any subsequent breach or default of the same or similar nature.

 

7. Complete Note: This Note is the complete and exclusive statement
of agreement of the parties with respect to the subject matter hereof. This Note replaces and supersedes all prior written or oral agreements
or statements by and among the parties with respect to the same subject matter. No representation, statement, condition or warranty is
made by the parties in connection with this Note except as expressly set forth herein.

 

8. Transfer of the Note: This Note may be transferred, in whole
or in part, at any time or from time to time, by the Lender upon surrender of this Note to Borrower, whereupon the Borrower will forthwith
issue and deliver a new Note registered as the Holder may request, representing the outstanding Principal Amount hereof being transferred
and, if less than the entire outstanding Principal Amount is being transferred, a new Note to the Holder representing the outstanding
Principal Amount not being transferred. Prior to due presentment for transfer to Borrower of this Note, Borrower and its agents may treat
the Holder in whose name this Note is duly registered on Borrower’s books and records 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 Borrower nor any such agent shall
be affected by notice to the contrary.

 

9. Lost, Stolen or Mutilated Note: Upon receipt by Borrower
of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Note, and, in the case of loss, theft
or destruction, a written undertaking by the Holder in customary form and content to indemnify Borrower and, in the case of mutilation,
upon surrender and cancellation of this Note, the Borrower shall execute and deliver to the Holder a new promissory note of like tenor
representing the outstanding Principal Amount hereof and accrued and unpaid interest hereon.

 

10. Severability of Provisions: If any provision of this Note
is deemed unenforceable, all other provisions of this Note shall remain in full force and effect.

 

11. Choice of Law: This Note shall be construed and interpreted
under the internal laws of California without regard to conflict of law principles.

 

(Signature Page Follows)

 

    2

    	

    

 

Signed this 16th day of August 2022.

 

	Emmaus Life Sciences, Inc.
	 
	By: 	/s/ WILLIS C. LEE
	 
	 	Willis C. Lee, Chief Operating Officer	 

 

 

3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00348-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00348-of-00352.parquet"}]]