Document:

Exhibit 10.1

 

NEITHER
THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE
HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED
FOR SALE, SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER), IN A GENERALLY ACCEPTABLE FORM,
THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA
FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.

 

	Principal
Amount: $43,750.00	Issue Date: September 1, 2021

Purchase Price: $43,750.00

 

CONVERTIBLE
PROMISSORY NOTE

 

FOR
VALUE RECEIVED, CYBER APPS WORLD INC., a Nevada corporation (hereinafter called the “Borrower”), hereby promises
to pay to the order of GENEVA ROTH REMARK HOLDINGS, INC., a New York corporation, or registered assigns (the “Holder”)
the sum of $43,750.00 together with any interest as set forth herein, on September 1, 2022 (the “Maturity Date”), and to
pay interest on the unpaid principal balance hereof at the rate of ten percent (10%) (the “Interest Rate”) per annum from
the date hereof (the “Issue Date”) until the same becomes due and payable, whether at maturity or upon acceleration or by
prepayment or otherwise. This Note may not be prepaid in whole or in part except as otherwise explicitly set forth herein. Any amount
of principal or interest on this Note which is not paid when due shall bear interest at the rate of twenty two percent (22%) per annum
from the due date thereof until the same is paid (“Default Interest”). Interest shall be computed on the basis of a 365 day
year and the actual number of days elapsed. Interest shall commence accruing on the Issue Date. All payments due hereunder (to the extent
not converted into common stock, $0.00075 par value per share (the “Common Stock”) in accordance with the terms hereof) shall
be made in lawful money of the United States of America. All payments shall be made at such address as the Holder shall hereafter give
to the Borrower by written notice made in accordance with the provisions of this Note. Each capitalized term used herein, and not otherwise
defined, shall have the meaning ascribed thereto in that certain Securities Purchase Agreement dated the date hereof, pursuant to which
this Note was originally issued (the “Purchase Agreement”).

 

This
Note is free from all taxes, liens, claims and encumbrances with respect to the issue thereof and shall not be subject to preemptive
rights or other similar rights of shareholders of the Borrower and will not impose personal liability upon the holder thereof.

 

     

     

    

 

The
following terms shall apply to this Note:

 

ARTICLE
I. CONVERSION RIGHTS

 

1.1 
Conversion Right. The Holder shall have the right from time to time, and at any time during the period beginning on the date which
is one hundred eighty (180) days following the date of the funding of this Note (the “Funding Date”)and ending on the later
of: (i) the Maturity Date and (ii) the date of payment of the Default Amount (as defined in Article III), each in respect of the remaining
outstanding amount of this Note to convert all or any part of the outstanding and unpaid amount of this Note into fully paid and non-assessable
shares of Common Stock, as such Common Stock exists on the Issue Date, or any shares of capital stock or other securities of the Borrower
into which such Common Stock shall hereafter be changed or reclassified at the conversion price (the “Conversion Price”)
determined as provided herein (a “Conversion”); provided, however, that in no event shall the Holder be entitled
to convert any portion of this Note in excess of that portion of this Note upon conversion of which the sum of (1) the number of shares
of Common Stock beneficially owned by the Holder and its affiliates (other than shares of Common Stock which may be deemed beneficially
owned through the ownership of the unconverted portion of the Notes or the unexercised or unconverted portion of any other security of
the Borrower subject to a limitation on conversion or exercise analogous to the limitations contained herein) and (2) the number of shares
of Common Stock issuable upon the conversion of the portion of this Note with respect to which the determination of this proviso is being
made, would result in beneficial ownership by the Holder and its affiliates of more than 4.99% of the outstanding shares of Common Stock.
For purposes of the proviso to the immediately preceding sentence, beneficial ownership shall be determined in accordance with Section
13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Regulations 13D-G thereunder, except as
otherwise provided in clause (1) of such proviso. The beneficial ownership limitations on conversion as set forth in the section may
NOT be waived by the Holder. The number of shares of Common Stock to be issued upon each conversion of this Note shall be determined
by dividing the Conversion Amount (as defined below) by the applicable Conversion Price then in effect on the date specified in the notice
of conversion, in the form attached hereto as Exhibit A (the “Notice of Conversion”), delivered to the Borrower by the Holder
in accordance with Section 1.4 below; provided that the Notice of Conversion is submitted by facsimile or e-mail (or by other means resulting
in, or reasonably expected to result in, notice) to the Borrower before 6:00 p.m., New York, New York time on such conversion date (the
“Conversion Date”); however, if the Notice of Conversion is sent after 6:00pm, New York, New York time the Conversion Date
shall be the next business day. The term “Conversion Amount” means, with respect to any conversion of this Note, the sum
of (1) the principal amount of this Note to be converted in such conversion plus (2) at the Holder’s option, accrued and
unpaid interest, if any, on such principal amount at the interest rates provided in this Note to the Conversion Date, plus (3)
at the Holder’s option, Default Interest, if any, on the amounts referred to in the immediately preceding clauses (1) and/or (2)
plus (4) at the Holder’s option, any amounts owed to the Holder pursuant to Sections 1.4 hereof.

 

1.2 Conversion
Price. The conversion price (the “Conversion Price”) shall equal the Variable Conversion Price (as defined herein)
(subject to equitable adjustments by the Borrower relating to the Borrower’s securities or the securities of any subsidiary of
the Borrower, combinations, recapitalization, reclassifications, extraordinary distributions and similar events). The
“Variable Conversion Price” shall mean 61% multiplied by the Market Price (as defined herein) (representing a discount
rate of 39%). “Market Price” means the lowest Trading Price (as defined below) for the Common Stock during the twenty
(20) Trading Day period ending on the latest complete Trading Day prior to the Conversion Date. “Trading Price” means,
for any security as of any date, the closing bid price on the OTCQB, OTCQX, Pink Sheets electronic quotation system or applicable
trading market (the “OTC”) as reported by a reliable reporting service (“Reporting Service”) designated by
the Holder (i.e. Bloomberg) or, if the OTC is not the principal trading market for such security, the closing bid price of such
security on the principal securities exchange or trading market where such security is listed or traded or, if no closing bid price
of such security is available in any of the foregoing manners, the average of the closing bid prices of any market makers for such
security that are listed in the “pink sheets”. If the Trading Price cannot be calculated for such security on such date
in the manner provided above, the Trading Price shall be the fair market value as mutually determined by the Borrower and the
holders of a majority in interest of the Notes being converted for which the calculation of the Trading Price is required in order
to determine the Conversion Price of such Notes. “Trading Day” shall mean any day on which the Common Stock is tradable
for any period on the OTC, or on the principal securities exchange or other securities market on which the Common Stock is then
being traded.

 

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1.3 Authorized
Shares. The Borrower covenants that during the period the conversion right exists, the Borrower will reserve from its authorized
and unissued Common Stock a sufficient number of shares, free from preemptive rights, to provide for the issuance of Common Stock upon
the full conversion of this Note issued pursuant to the Purchase Agreement. The Borrower is required at all times to have authorized
and reserved eight times the number of shares that is actually issuable upon full conversion of the Note (based on the Conversion Price
of the Note in effect from time to time initially 143,442,622 shares)(the “Reserved Amount”). The Reserved Amount shall be
increased from time to time in accordance with the Borrower’s obligations hereunder. The Borrower represents that upon issuance,
such shares will be duly and validly issued, fully paid and non-assessable. In addition, if the Borrower shall issue any securities or
make any change to its capital structure which would change the number of shares of Common Stock into which the Notes shall be convertible
at the then current Conversion Price, the Borrower shall at the same time make proper provision so that thereafter there shall be a sufficient
number of shares of Common Stock authorized and reserved, free from preemptive rights, for conversion of the outstanding Note. The Borrower
(i) acknowledges that it has irrevocably instructed its transfer agent to issue certificates for the Common Stock issuable upon conversion
of this Note, and (ii) agrees that its issuance of this Note shall constitute full authority to its officers and agents who are charged
with the duty of executing stock certificates to execute and issue the necessary certificates for shares of Common Stock in accordance
with the terms and conditions of this Note.

 

If, at any time the Borrower
does not maintain the Reserved Amount it will be considered an Event of Default under Section 3.2 of the Note.

 

1.4 Method of Conversion.

 

(a) Mechanics
of Conversion. As set forth in Section 1.1 hereof, from time to time, and at any time during the period beginning on the date which
is one hundred eighty (180) days following the Funding Date and ending on the later of: (i) the Maturity Date and (ii) the date of payment
of the Default Amount, this Note may be converted by the Holder in whole or in part at any time from time to time after the Issue Date,
by (A) submitting to the Borrower a Notice of Conversion (by facsimile, e-mail or other reasonable means of communication dispatched
on the Conversion Date prior to 6:00 p.m., New York, New York time) and (B) subject to Section 1.4(b), surrendering this Note at the
principal office of the Borrower (upon payment in full of any amounts owed hereunder).

 

(b) Surrender
of Note Upon Conversion. Notwithstanding anything to the contrary set forth herein, upon conversion of this Note in accordance
with the terms hereof, the Holder shall not be required to physically surrender this Note to the Borrower unless the entire unpaid
principal amount of this Note is so converted. The Holder and the Borrower shall maintain records showing the principal amount so
converted and the dates of such conversions or shall use such other method, reasonably satisfactory to the Holder and the Borrower,
so as not to require physical surrender of this Note upon each such conversion.

 

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(c) Delivery
of Common Stock Upon Conversion. Upon receipt by the Borrower from the Holder of a facsimile transmission or e-mail (or other reasonable
means of communication) of a Notice of Conversion meeting the requirements for conversion as provided in this Section 1.4, the Borrower
shall issue and deliver or cause to be issued and delivered to or upon the order of the Holder certificates for the Common Stock issuable
upon such conversion within three (3) business days after such receipt (the “Deadline”) (and, solely in the case of conversion
of the entire unpaid principal amount hereof, surrender of this Note) in accordance with the terms hereof and the Purchase Agreement.
Upon receipt by the Borrower of a Notice of Conversion, the Holder shall be deemed to be the holder of record of the Common Stock issuable
upon such conversion, the outstanding principal amount and the amount of accrued and unpaid interest on this Note shall be reduced to
reflect such conversion, and, unless the Borrower defaults on its obligations hereunder, all rights with respect to the portion of this
Note being so converted shall forthwith terminate except the right to receive the Common Stock or other securities, cash or other assets,
as herein provided, on such conversion. If the Holder shall have given a Notice of Conversion as provided herein, the Borrower’s
obligation to issue and deliver the certificates for Common Stock shall be absolute and unconditional, irrespective of the absence of
any action by the Holder to enforce the same, any waiver or consent with respect to any provision thereof, the recovery of any judgment
against any person or any action to enforce the same, any failure or delay in the enforcement of any other obligation of the Borrower
to the holder of record, or any setoff, counterclaim, recoupment, limitation or termination, or any breach or alleged breach by the Holder
of any obligation to the Borrower, and irrespective of any other circumstance which might otherwise limit such obligation of the Borrower
to the Holder in connection with such conversion.

 

(d) Delivery
of Common Stock by Electronic Transfer. In lieu of delivering physical certificates representing the Common Stock issuable upon conversion,
provided the Borrower is participating in the Depository Trust Company (“DTC”) Fast Automated Securities Transfer (“FAST”)
program, upon request of the Holder and its compliance with the provisions set forth herein, the Borrower shall use its best efforts
to cause its transfer agent to electronically transmit the Common Stock issuable upon conversion to the Holder by crediting the account
of Holder’s Prime Broker with DTC through its Deposit and Withdrawal at Custodian (“DWAC”) system.

 

(e) Failure
to Deliver Common Stock Prior to Deadline. Without in any way limiting the Holder’s right to pursue other remedies,
including actual damages and/or equitable relief, the parties agree that if delivery of the Common Stock issuable upon conversion of
this Note is not delivered by the Deadline due to action and/or inaction of the Borrower, the Borrower shall pay to the Holder
$2,000 per day in cash, for each day beyond the Deadline that the Borrower fails to deliver such Common Stock (the “Fail to
Deliver Fee”); provided; however that the Fail to Deliver Fee shall not be due if the failure is a result of a third party
(i.e., transfer agent; and not the result of any failure to pay such transfer agent) despite the best efforts of the Borrower to
effect delivery of such Common Stock. Such cash amount shall be paid to Holder by the fifth day of the month following the month in
which it has accrued or, at the option of the Holder (by written notice to the Borrower by the first day of the month following the
month in which it has accrued), shall be added to the principal amount of this Note, in which event interest shall accrue thereon in
accordance with the terms of this Note and such additional principal amount shall be convertible into Common Stock in accordance
with the terms of this Note. The Borrower agrees that the right to convert is a valuable right to the Holder. The damages resulting
from a failure, attempt to frustrate, interference with such conversion right are difficult if not impossible to qualify.

 

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Accordingly,
the parties acknowledge that the liquidated damages provision contained in this Section 1.4(e) are justified.

 

1.5 Concerning
the Shares. The shares of Common Stock issuable upon conversion of this Note may not be sold or transferred unless: (i) such shares
are sold pursuant to an effective registration statement under the Act or (ii) the Borrower or its transfer agent shall have been furnished
with an opinion of counsel (which opinion shall be in form, substance and scope customary for opinions of counsel in comparable transactions)
to the effect that the shares to be sold or transferred may be sold or transferred pursuant to an exemption from such registration (such
as Rule 144 or a successor rule) (“Rule 144”); or (iii) such shares are transferred to an “affiliate” (as defined
in Rule 144) of the Borrower who agrees to sell or otherwise transfer the shares only in accordance with this Section 1.5 and who is
an Accredited Investor (as defined in the Purchase Agreement).

 

Any
restrictive legend on certificates representing shares of Common Stock issuable upon conversion of this Note shall be removed and the
Borrower shall issue to the Holder a new certificate therefore free of any transfer legend if the Borrower or its transfer agent shall
have received an opinion of counsel from Holder’s counsel, in form, substance and scope customary for opinions of counsel in comparable
transactions, to the effect that (i) a public sale or transfer of such Common Stock may be made without registration under the Act, which
opinion shall be accepted by the Company so that the sale or transfer is effected; or (ii) in the case of the Common Stock issuable upon
conversion of this Note, such security is registered for sale by the Holder under an effective registration statement filed under the
Act; or otherwise may be sold pursuant to an exemption from registration. In the event that the Company does not reasonably accept the
opinion of counsel provided by the Holder with respect to the transfer of Securities pursuant to an exemption from registration (such
as Rule 144), at the Deadline, it will be considered an Event of Default pursuant to Section 3.2 of the Note.

 

 1.6 Effect of Certain Events.

 

(a) Effect
of Merger, Consolidation, Etc. At the option of the Holder, the sale, conveyance or disposition of all or substantially all of the
assets of the Borrower, the effectuation by the Borrower of a transaction or series of related transactions in which more than 50% of
the voting power of the Borrower is disposed of, or the consolidation, merger or other business combination of the Borrower with or into
any other Person (as defined below) or Persons when the Borrower is not the survivor shall be deemed to be an Event of Default (as defined
in Article III) pursuant to which the Borrower shall be required to pay to the Holder upon the consummation of and as a condition to
such transaction an amount equal to the Default Amount (as defined in Article III). “Person” shall mean any individual, corporation,
limited liability company, partnership, association, trust or other entity or organization.

 

(b) Adjustment
Due to Merger, Consolidation, Etc. If, at any time when this Note is issued and outstanding and prior to conversion of all of
the Note, there shall be any merger, consolidation, exchange of shares, recapitalization, reorganization, or other similar event, as
a result of which shares of Common Stock of the Borrower shall be changed into the same or a different number of shares of another
class or classes of stock or securities of the Borrower or another entity, or in case of any sale or conveyance of all or
substantially all of the assets of the Borrower other than in connection with a plan of complete liquidation of the Borrower, then
the Holder of this Note shall thereafter have the right to receive upon conversion of this Note, upon the basis and upon the terms
and conditions specified herein and in lieu of the shares of Common Stock immediately theretofore issuable upon conversion, such
stock, securities or assets which the Holder would have been entitled to receive in such transaction had this Note been converted in
full immediately prior to such transaction (without regard to any limitations on conversion set forth herein), and in any such case
appropriate provisions shall be made with respect to the rights and interests of the Holder of this Note to the end that the
provisions hereof (including, without limitation, provisions for adjustment of the Conversion Price and of the number of shares
issuable upon conversion of the Note) shall thereafter be applicable, as nearly as may be practicable in relation to any securities
or assets thereafter deliverable upon the conversion hereof. The Borrower shall not affect any transaction described in this Section
1.6(b) unless (a) it first gives, to the extent practicable, ten (10) days prior written notice (but in any event at least five (5)
days prior written notice) of the record date of the special meeting of shareholders to approve, or if there is no such record date,
the consummation of, such merger, consolidation, exchange of shares, recapitalization, reorganization or other similar event or sale
of assets (during which time the Holder shall be entitled to convert this Note) and (b) the resulting successor or acquiring entity
(if not the Borrower) assumes by written instrument the obligations of this Note. The above provisions shall similarly apply to
successive consolidations, mergers, sales, transfers or share exchanges.

 

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(c) Adjustment
Due to Distribution. If the Borrower shall declare or make any distribution of its assets (or rights to acquire its assets) to holders
of Common Stock as a dividend, stock repurchase, by way of return of capital or otherwise (including any dividend or distribution to
the Borrower’s shareholders in cash or shares (or rights to acquire shares) of capital stock of a subsidiary (i.e., a spin-off))
(a “Distribution”), then the Holder of this Note shall be entitled, upon any conversion of this Note after the date of record
for determining shareholders entitled to such Distribution, to receive the amount of such assets which would have been payable to the
Holder with respect to the shares of Common Stock issuable upon such conversion had such Holder been the holder of such shares of Common
Stock on the record date for the determination of shareholders entitled to such Distribution.

 

1.7 Prepayment.
Notwithstanding anything to the contrary contained in this Note, at any time during the periods set forth on the table immediately following
this paragraph (the “Prepayment Periods”), the Borrower shall have the right, exercisable on not more than three (3) Trading
Days prior written notice to the Holder of the Note to prepay the outstanding Note (principal and accrued interest), in full, in accordance
with this Section 1.7. Any notice of prepayment hereunder (an “Optional Prepayment Notice”) shall be delivered to the Holder
of the Note pursuant to Section 4.2 hereof and shall state: (1) that the Borrower is exercising its right to prepay the Note, and (2)
the date of prepayment which shall be not more than three (3) Trading Days from the date of the Optional Prepayment Notice. On the date
fixed for prepayment (the “Optional Prepayment Date”), the Borrower shall make payment of the Optional Prepayment Amount
(as defined below) to Holder, or upon the direction of the Holder as specified by the Holder in a writing to the Borrower (which shall
direction to be sent to Borrower by the Holder at least one (1) business day prior to the Optional Prepayment Date). If the Borrower
exercises its right to prepay the Note, the Borrower shall make payment to the Holder of an amount in cash equal to the percentage (“Prepayment
Percentage”) as set forth in the table immediately following this paragraph opposite the applicable Prepayment Period, multiplied
by the sum of: (w) the then outstanding principal amount of this Note plus (x) accrued and unpaid interest on the unpaid principal
amount of this Note to the Optional Prepayment Date plus (y) Default Interest, if any, on the amounts referred to in clauses (w)
and (x) plus (z) any amounts owed to the Holder pursuant to Section 1.4 hereof (the “Optional Prepayment Amount”).

 

	Prepayment
    Period	Prepayment
    Percentage
	The
    period beginning on the Issue Date and ending on the date which is one hundred eighty (180) days following the Funding Date.	130%

 

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After
the expiration of one hundred eighty (180) days following the Funding Date, the Borrower shall have no right of prepayment.

 

ARTICLE
II. CERTAIN COVENANTS

 

2.1
Sale of Assets. So long as the Borrower shall have any obligation under this Note, the Borrower shall not, without the Holder’s
written consent, sell, lease or otherwise dispose of any significant portion of its assets outside the ordinary course of business. Any
consent to the disposition of any assets may be conditioned on a specified use of the proceeds of disposition.

 

ARTICLE
III. EVENTS OF DEFAULT

 

If
any of the following events of default (each, an “Event of Default”) shall occur:

 

3.1 Failure
to Pay Principal and Interest. The Borrower fails to pay the principal hereof or interest thereon when due on this Note, whether
at maturity or upon acceleration and such breach continues for a period of five (5) days after written notice from the Holder.

 

3.2 Conversion
and the Shares. The Borrower fails to issue shares of Common Stock to the Holder (or announces or threatens in writing that it will
not honor its obligation to do so) upon exercise by the Holder of the conversion rights of the Holder in accordance with the terms of
this Note, fails to transfer or cause its transfer agent to transfer (issue) (electronically or in certificated form) any certificate
for shares of Common Stock issued to the Holder upon conversion of or otherwise pursuant to this Note as and when required by this Note,
the Borrower directs its transfer agent not to transfer or delays, impairs, and/or hinders its transfer agent in transferring (or issuing)
(electronically or in certificated form) any certificate for shares of Common Stock to be issued to the Holder upon conversion of or
otherwise pursuant to this Note as and when required by this Note, or fails to remove (or directs its transfer agent not to remove or
impairs, delays, and/or hinders its transfer agent from removing) any restrictive legend (or to withdraw any stop transfer instructions
in respect thereof) on any certificate for any shares of Common Stock issued to the Holder upon conversion of or otherwise pursuant to
this Note as and when required by this Note (or makes any written announcement, statement or threat that it does not intend to honor
the obligations described in this paragraph) and any such failure shall continue uncured (or any written announcement, statement or threat
not to honor its obligations shall not be rescinded in writing) for three (3) business days after the Holder shall have delivered a Notice
of Conversion. It is an obligation of the Borrower to remain current in its obligations to its transfer agent. It shall be an event of
default of this Note, if a conversion of this Note is delayed, hindered or frustrated due to a balance owed by the Borrower to its transfer
agent. If at the option of the Holder, the Holder advances any funds to the Borrower’s transfer agent in order to process a conversion,
such advanced funds shall be paid by the Borrower to the Holder within forty-eight (48) hours of a demand from the Holder.

 

3.3 Breach
of Covenants. The Borrower breaches any material covenant or other material term or condition contained in this Note and any collateral
documents including but not limited to the Purchase Agreement and such breach continues for a period of twenty (20) days after written
notice thereof to the Borrower from the Holder.

 

3.4 Breach
of Representations and Warranties. Any representation or warranty of the Borrower made herein or in any agreement, statement or
certificate given in writing pursuant hereto or in connection herewith (including, without limitation, the Purchase Agreement),
shall be false or misleading in any material respect when made and the breach of which has (or with the passage of time will have) a
material adverse effect on the rights of the Holder with respect to this Note or the Purchase Agreement.

 

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3.5 Receiver
or Trustee. The Borrower or any subsidiary of the Borrower shall make an assignment for the benefit of creditors, or apply for or
consent to the appointment of a receiver or trustee for it or for a substantial part of its property or business, or such a receiver
or trustee shall otherwise be appointed.

 

3.6 Bankruptcy.
Bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings, voluntary or involuntary, for relief under any
bankruptcy law or any law for the relief of debtors shall be instituted by or against the Borrower or any subsidiary of the Borrower.

 

3.7 Delisting
of Common Stock. The Borrower shall fail to maintain the listing of the Common Stock on at least one of the OTC (which specifically
includes the quotation platforms maintained by the OTC Markets Group) or an equivalent replacement exchange, the Nasdaq National Market,
the Nasdaq SmallCap Market, the New York Stock Exchange, or the American Stock Exchange.

 

3.8 Failure
to Comply with the Exchange Act. The Borrower shall fail to comply with the reporting requirements of the Exchange Act; and/or the
Borrower shall cease to be subject to the reporting requirements of the Exchange Act. The filing of a Form 15 is an immediate Event of
Default.

 

3.9 Liquidation.
Any dissolution, liquidation, or winding up of Borrower or any substantial portion of its business.

 

3.10 Cessation
of Operations. Any cessation of operations by Borrower or Borrower admits it is otherwise generally unable to pay its debts as such
debts become due, provided, however, that any disclosure of the Borrower’s ability to continue as a “going concern”
shall not be an admission that the Borrower cannot pay its debts as they become due.

 

3.11Financial
Statement Restatement.The restatement of any financial statements filed by the Borrower with the SEC at any time after 180 days
after the Issuance Date for any date or period until this Note is no longer outstanding, if the result of such restatement would, by
comparison to the un-restated financial statement, have constituted a material adverse effect on the rights of the Holder with respect
to this Note or the Purchase Agreement.

 

3.12 
Replacement of Transfer Agent. In the event that the Borrower proposes to replace its transfer agent, the Borrower fails to provide,
prior to the effective date of such replacement, a fully executed Irrevocable Transfer Agent Instructions in a form as initially delivered
pursuant to the Purchase Agreement (including but not limited to the provision to irrevocably reserve shares of Common Stock in the Reserved
Amount) signed by the successor transfer agent to Borrower and the Borrower.

 

3.13 Cross-Default.
Notwithstanding anything to the contrary contained in this Note or the other related or companion documents, a breach or default by
the Borrower of any covenant or other term or condition contained in any of the Other Agreements, after the passage of all
applicable notice and cure or grace periods, shall, at the option of the Holder, be considered a default under this Note and the
Other Agreements, in which event the Holder shall be entitled (but in no event required) to apply all rights and remedies of the
Holder under the terms of this Note and the Other Agreements by reason of a default under said Other Agreement or hereunder.
“Other Agreements” means, collectively, all agreements and instruments between, among or by: (1) the Borrower, and, or
for the benefit of, (2) the Holder and any affiliate of the Holder, including, without limitation, promissory notes; provided,
however, the term “Other Agreements” shall not include the related or companion documents to this Note. Each of the loan
transactions will be cross-defaulted with each other loan transaction and with all other existing and future debt of Borrower to the
Holder.

 

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Upon
the occurrence and during the continuation of any Event of Default specified in Section 3.1 (solely with respect to failure to pay the
principal hereof or interest thereon when due at the Maturity Date), the Note shall become immediately due and payable and the Borrower
shall pay to the Holder, in full satisfaction of its obligations hereunder, an amount equal to the Default Amount (as defined herein).
UPON THE OCCURRENCE AND DURING THE CONTINUATION OF ANY EVENT OF DEFAULT SPECIFIED IN SECTION 3.2, THE NOTE SHALL BECOME IMMEDIATELY DUE
AND PAYABLE AND THE BORROWER SHALL PAY TO THE HOLDER, IN FULL SATISFACTION OF ITS OBLIGATIONS HEREUNDER, AN AMOUNT EQUAL TO: (Y) THE
DEFAULT AMOUNT (AS DEFINED HEREIN); MULTIPLIED BY (Z) TWO (2). Upon the occurrence and during the continuation of any Event of Default
specified in Sections 3.1 (solely with respect to failure to pay the principal hereof or interest thereon when due on this Note upon
a Trading Market Prepayment Event pursuant to Section 1.7 or upon acceleration), 3.3, 3.4, 3.7, 3.8, 3.10, 3.11, 3.12, 3.13, and/or 3.14
exercisable through the delivery of written notice to the Borrower by such Holders (the “Default Notice”), and upon the occurrence
of an Event of Default specified the remaining sections of Articles III (other than failure to pay the principal hereof or interest thereon
at the Maturity Date specified in Section 3,1 hereof), the Note shall become immediately due and payable and the Borrower shall pay to
the Holder, in full satisfaction of its obligations hereunder, an amount equal to 150% times the sum of (w) the then outstanding
principal amount of this Note plus (x) accrued and unpaid interest on the unpaid principal amount of this Note to the date of
payment (the “Mandatory Prepayment Date”) plus (y) Default Interest, if any, on the amounts referred to in clauses
(w) and/or (x) plus (z) any amounts owed to the Holder pursuant to Sections 1.3 and 1.4(g) hereof (the then outstanding principal
amount of this Note to the date of payment plus the amounts referred to in clauses (x), (y) and (z) shall collectively be known
as the “Default Amount”) and all other amounts payable hereunder shall immediately become due and payable, all without demand,
presentment or notice, all of which hereby are expressly waived, together with all costs, including, without limitation, legal fees and
expenses, of collection, and the Holder shall be entitled to exercise all other rights and remedies available at law or in equity.

 

If
the Borrower fails to pay the Default Amount within five (5) business days of written notice that such amount is due and payable, then
the Holder shall have the right at any time, so long as the Borrower remains in default (and so long and to the extent that there are
sufficient authorized shares), to require the Borrower, upon written notice, to immediately issue, in lieu of the Default Amount, the
number of shares of Common Stock of the Borrower equal to the Default Amount divided by the Conversion Price then in effect.

 

ARTICLE
IV. MISCELLANEOUS

 

4.1 Failure
or Indulgence Not Waiver. No failure or delay on the part of the Holder in the exercise of any power, right or privilege hereunder
shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude other or further
exercise thereof or of any other right, power or privileges. All rights and remedies existing hereunder are cumulative to, and not exclusive
of, any rights or remedies otherwise available.

 

    9

     

    

 

4.2 Notices.
All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be in writing
and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered or certified, return
receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid, or (iv) transmitted by
hand delivery, email, telegram, or facsimile, addressed as set forth below or to such other address as such party shall have
specified most recently by written notice. Any notice or other communication required or permitted to be given hereunder shall be
deemed effective (a) upon hand delivery, email or delivery by facsimile, with accurate confirmation generated by the transmitting
facsimile machine, at the address or number designated below (if delivered on a business day during normal business hours where such
notice is to be received), or the first business day following such delivery (if delivered other than on a business day during
normal business hours where such notice is to be received) or (b) on the second business day following the date of mailing by
express courier service, fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first
occur. The addresses for such communications shall be:

  

If
to the Borrower, to:

 

CYBER
APPS WORLD INC.

9436
W. Lake Mead Blvd., Suite 5-53

Las Vegas, Nevada 89134

Attn:
Mohammed Irfan Rafimiya Kazi, President and Chief Executive Officer

Fax:

Email:
info@cyberworldapps.com; with copy to greg@yankelaw.com

 

If
to the Holder:

 

GENEVA
ROTH REMARK HOLDINGS, INC.

111
Great Neck Road, Suite 214

Great Neck, NY 11021

Attn:
Curt Kramer, President

e-mail:
genevarothremark@gmail.com

 

With
a copy by fax only to (which copy shall not constitute notice):

 

Naidich
Wurman LLP

111
Great Neck Road, Suite 216

Great Neck, NY 11021

Attn:
Allison Naidich

facsimile: 516-466-3555

e-mail:
allison@nwlaw.com

 

4.3 Amendments.
This Note and any provision hereof may only be amended by an instrument in writing signed by the Borrower and the Holder. The term “Note”
and all reference thereto, as used throughout this instrument, shall mean this instrument (and the other Notes issued pursuant to the
Purchase Agreement) as originally executed, or if later amended or supplemented, then as so amended or supplemented.

 

    10

     

    

 

4.4 Most
Favored Nation. During the period where any monies are owed to the Holder pursuant to this Note, if the Borrower engages in any
future financing transactions with a third party investor, the Borrower will provide the Holder with written notice (the “MFN
Notice”) thereof promptly but in no event less than 10 days prior to closing any financing transactions. Included with the MFN
Notice shall be a copy of all documentation relating to such financing transaction and shall include, upon written request of the
Holder, any additional information related to such subsequent investment as may be reasonably requested by the Holder. In the event
the Holder determines that the terms of the subsequent investment are preferable to the terms of the securities of the Borrower
issued to the Holder pursuant to the terms of the Purchase Agreement, the Holder will notify the Borrower in writing. Promptly after
receipt of such written notice from the Holder, the Borrower agrees to amend and restate the Securities (which may include the
conversion terms of this Note), to be identical to the instruments evidencing the subsequent investment. Notwithstanding the
foregoing, this Section 4.4 shall not apply in respect of (i) an Exempt Issuance, or (ii) an underwritten public offering of Common
Stock. “Exempt Issuance” means the issuance of: (a) shares of Common Stock or options to employees, officers,
consultants, advisors or directors of the Borrower pursuant to any stock or option plan duly adopted for such purpose by a majority
of the members of the Board of Directors or a majority of the members of a committee of directors established for such purpose, (b)
securities upon the exercise or exchange of or conversion of this Note and/or other securities exercisable or exchangeable for or
convertible into shares of Common Stock issued and outstanding on the date hereof, and (c) securities issued pursuant to
acquisitions or strategic transactions approved by a majority of the disinterested directors of the Borrower, provided that any such
issuance shall only be to a Person which is, itself or through its subsidiaries, an operating company in a business synergistic with
the business of the Borrower and in which the Borrower receives benefits in addition to the investment of funds, but shall not
include a transaction in which the Borrower is issuing securities primarily for the purpose of raising capital or to an entity whose
primary business is investing in securities.

 

4.5 Assignability.
This Note shall be binding upon the Borrower and its successors and assigns, and shall inure to be the benefit of the Holder and its
successors and assigns. Each transferee of this Note must be an “accredited investor” (as defined in Rule 501(a) of the Securities
and Exchange Commission). Notwithstanding anything in this Note to the contrary, this Note may be pledged as collateral in connection
with a bona fide margin account or other lending arrangement; and may be assigned by the Holder without the consent of the Borrower.

 

4.6 Cost
of Collection. If default is made in the payment of this Note, the Borrower shall pay the Holder hereof costs of collection, including
reasonable attorneys’ fees.

 

4.7 Governing
Law. This Note shall be governed by and construed in accordance with the laws of the State of New York without regard to principles
of conflicts of laws. Any action brought by either party against the other concerning the transactions contemplated by this Note shall
be brought only in the state courts of New York or in the federal courts located in the Eastern District of New York. The parties to
this Note hereby irrevocably waive any objection to jurisdiction and venue of any action instituted hereunder and shall not assert any
defense based on lack of jurisdiction or venue or based upon forum non conveniens. The Borrower and Holder waive trial by jury.
The prevailing party shall be entitled to recover from the other party its reasonable attorney’s fees and costs. In the event that
any provision of this Note or any other agreement delivered in connection herewith is invalid or unenforceable under any applicable statute
or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified
to conform with such statute or rule of law. Any such provision which may prove invalid or unenforceable under any law shall not affect
the validity or enforceability of any other provision of any agreement. Each party hereby irrevocably waives personal service of process
and consents to process being served in any suit, action or proceeding in connection with this Note, any agreement or any other document
delivered in connection with this Note 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 other manner permitted by law.

 

    11

     

    

 

4.8 Purchase
Agreement. By its acceptance of this Note, each party agrees to be bound by the applicable terms of the Purchase Agreement.

 

4.9 Remedies.
The Borrower acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Holder, by vitiating the
intent and purpose of the transaction contemplated hereby. Accordingly, the Borrower acknowledges that the remedy at law for a breach
of its obligations under this Note will be inadequate and agrees, in the event of a breach or threatened breach by the Borrower of the
provisions of this Note, that the Holder shall be entitled, in addition to all other available remedies at law or in equity, and in addition
to the penalties assessable herein, to an injunction or injunctions restraining, preventing or curing any breach of this Note and to
enforce specifically the terms and provisions thereof, without the necessity of showing economic loss and without any bond or other security
being required.

 

    12

     

    

 

IN
WITNESS WHEREOF, Borrower has caused this Note to be signed in its name by its duly authorized officer this on September 1, 2021

 

CYBER
APPS WORLD INC. 

 

By:
/s/ Mohammed Irfan Rafimiya Kazi                       

       Mohammed Irfan Rafimiya Kazi

       President and Chief Executive Officer

 

    13

     

    

 

EXHIBIT
A -- NOTICE OF CONVERSION

 

The
undersigned hereby elects to convert
$                           
principal amount of the Note (defined below) into that number of shares of Common Stock to be issued pursuant to the conversion of
the Note (“Common Stock”) as set forth below, of CYBER APPS WORLD INC., a Nevada corporation (the
“Borrower”) according to the conditions of the convertible note of the Borrower dated as of September 1, 2021 (the
“Note”), as of the date written below. No fee will be charged to the Holder for any conversion, except for transfer
taxes, if any.

 

Box
Checked as to applicable instructions:

 

		☐	The
Borrower shall electronically transmit the Common Stock issuable pursuant to this Notice of Conversion to the account of the undersigned
or its nominee with DTC through its Deposit Withdrawal Agent Commission system (“DWAC Transfer”).

 

Name
of DTC Prime Broker:

Account
Number:

 

		☐	The
undersigned hereby requests that the Borrower issue a certificate or certificates for the number of shares of Common Stock set forth
below (which numbers are based on the Holder’s calculation attached hereto) in the name(s) specified immediately below or, if additional
space is necessary, on an attachment hereto:

 

GENEVA
ROTH REMARK HOLDINGS, INC.

111
Great Neck Road, Suite 214

Great Neck, NY 11021

Attention: Certificate Delivery

e-mail:
genevarothremark@gmail.com

 

Date
of conversion:                      

Applicable
Conversion Price:$                   

Number of shares of common stock to be issued

pursuant
to conversion of the Notes:                      

Amount of Principal Balance due remaining

under
the Note after this conversion:                      

 

GENEVA
ROTH REMARK HOLDINGS, INC.

 

By:
                                                                                    

Name: Curt Kramer

Title:
President

Date:
                     

 

    14EXHIBIT 4.1

 

SUBORDINATED NOTE

 

CHOICEONE
FINANCIAL SERVICES, INC.

3.25%
FIXED TO FLOATING Subordinated Note due September 3, 2031

THE INDEBTEDNESS EVIDENCED BY THIS SUBORDINATED
NOTE IS SUBORDINATED AND JUNIOR IN RIGHT OF PAYMENT TO SENIOR INDEBTEDNESS (AS DEFINED IN SECTION 3 OF THIS SUBORDINATED NOTE)
OF CHOICEONE FINANCIAL SERVICES, INC. (THE “COMPANY”) AND DEPOSITORS OF CHOICEONE BANK, INCLUDING OBLIGATIONS OF THE
COMPANY TO ITS GENERAL AND SECURED CREDITORS AND IS UNSECURED. IT IS INELIGIBLE AS COLLATERAL FOR ANY EXTENSION OF CREDIT BY THE COMPANY
OR ANY OF ITS SUBSIDIARIES.

IN THE EVENT OF LIQUIDATION ALL HOLDERS OF
SENIOR INDEBTEDNESS OF THE COMPANY SHALL BE ENTITLED TO BE PAID IN FULL WITH SUCH INTEREST AS MAY BE PROVIDED BY LAW BEFORE ANY PAYMENT
SHALL BE MADE ON ACCOUNT OF PRINCIPAL OF OR INTEREST ON THIS SUBORDINATED NOTE. AFTER PAYMENT IN FULL OF ALL SUMS OWING TO SUCH HOLDERS
OF SENIOR INDEBTEDNESS, THE HOLDER OF THIS SUBORDINATED NOTE, TOGETHER WITH THE HOLDERS OF ANY OBLIGATIONS OF THE COMPANY RANKING ON A
PARITY WITH THE SUBORDINATED NOTES, SHALL BE ENTITLED TO BE PAID FROM THE REMAINING ASSETS OF THE COMPANY THE UNPAID PRINCIPAL AMOUNT
OF THIS SUBORDINATED NOTE PLUS ACCRUED AND UNPAID INTEREST THEREON BEFORE ANY PAYMENT OR OTHER DISTRIBUTION, WHETHER IN CASH, PROPERTY
OR OTHERWISE, SHALL BE MADE (I) WITH RESPECT TO ANY OBLIGATION THAT BY ITS TERMS EXPRESSLY IS JUNIOR IN THE RIGHT OF PAYMENT TO THE SUBORDINATED
NOTES OR (II) ON ACCOUNT OF ANY SHARES OF CAPITAL STOCK OF THE COMPANY.

THE INDEBTEDNESS EVIDENCED BY THIS SUBORDINATED
NOTE IS NOT A DEPOSIT AND IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION (THE “FDIC”) OR ANY OTHER GOVERNMENT
AGENCY OR FUND.

THIS SUBORDINATED NOTE WILL BE ISSUED AND MAY
BE TRANSFERRED ONLY IN MINIMUM DENOMINATIONS OF $1,000 AND MULTIPLES OF $1,000 IN EXCESS THEREOF.
ANY ATTEMPTED TRANSFER OF THIS SUBORDINATED NOTE IN A DENOMINATION OF LESS THAN $1,000 SHALL BE DEEMED TO BE VOID AND OF NO LEGAL EFFECT
WHATSOEVER. ANY SUCH PURPORTED TRANSFEREE SHALL BE DEEMED NOT TO BE THE HOLDER OF THIS SUBORDINATED NOTE FOR ANY PURPOSE, INCLUDING, BUT
NOT LIMITED TO, THE RECEIPT OF PAYMENTS ON THIS SUBORDINATED NOTE, AND SUCH PURPORTED TRANSFEREE SHALL BE DEEMED TO HAVE NO INTEREST WHATSOEVER
IN THIS SUBORDINATED NOTE.

THIS SUBORDINATED NOTE MAY BE SOLD ONLY IN
COMPLIANCE WITH APPLICABLE FEDERAL AND STATE SECURITIES LAWS. THIS SUBORDINATED NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY APPLICABLE STATE SECURITIES LAWS OR ANY 

    	 	1	 

     

    

OTHER APPLICABLE SECURITIES
LAWS. NEITHER THIS SUBORDINATED NOTE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED,
ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO,
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND STATE SECURITIES LAWS.

CERTAIN ERISA CONSIDERATIONS:

THE HOLDER
OF THIS SUBORDINATED NOTE, OR ANY INTEREST HEREIN, BY ITS ACCEPTANCE HEREOF OR THEREOF AGREES, REPRESENTS AND WARRANTS THAT IT
IS NOT AN EMPLOYEE BENEFIT PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER PLAN OR ARRANGEMENT SUBJECT
TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF
THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) (EACH A “PLAN”),
OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF
ANY PLAN’S INVESTMENT IN THE ENTITY, AND NO PERSON INVESTING “PLAN ASSETS” OF ANY
PLAN MAY ACQUIRE OR HOLD THIS SUBORDINATED NOTE OR ANY INTEREST HEREIN, UNLESS SUCH PURCHASER
OR HOLDER IS ELIGIBLE FOR THE EXEMPTIVE RELIEF AVAILABLE UNDER U.S. DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION
96-23, 95-60, 91-38, 90-1 OR 84-14 OR ANOTHER APPLICABLE EXEMPTION OR ITS PURCHASE AND HOLDING OF
THIS SUBORDINATED NOTE, OR ANY INTEREST HEREIN, ARE NOT PROHIBITED BY SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE WITH RESPECT
TO SUCH PURCHASE AND HOLDING. ANY PURCHASER OR HOLDER OF THIS SUBORDINATED NOTE OR ANY INTEREST
HEREIN WILL BE DEEMED TO HAVE REPRESENTED BY ITS PURCHASE AND HOLDING THEREOF THAT EITHER:
(i) IT IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN TO WHICH TITLE I OF ERISA OR SECTION 4975 OF THE CODE IS APPLICABLE, A TRUSTEE
OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH EMPLOYEE BENEFIT PLAN OR OTHER PLAN, OR ANY OTHER
PERSON OR ENTITY USING THE “PLAN ASSETS” OF ANY SUCH EMPLOYEE BENEFIT PLAN OR OTHER PLAN TO FINANCE SUCH PURCHASE OR
(ii) SUCH PURCHASE OR HOLDING WILL NOT RESULT IN A PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE FOR WHICH
FULL EXEMPTIVE RELIEF IS NOT AVAILABLE UNDER APPLICABLE STATUTORY OR ADMINISTRATIVE EXEMPTION.

ANY FIDUCIARY OF ANY PLAN WHO IS CONSIDERING
THE ACQUISITION OF THIS SUBORDINATED NOTE OR ANY INTEREST HEREIN SHOULD CONSULT WITH HIS OR HER LEGAL COUNSEL PRIOR TO ACQUIRING THIS
SUBORDINATED NOTE OR ANY INTEREST HEREIN.

 

    	 	2	 

     

    

 

	No. 2031-[●]	CUSIP 170386-AB2(8)

CHOICEONE
FINANCIAL SERVICES, INC.

3.25%
FIXED TO FLOATING Subordinated Note due September 3, 2031

1.               
Subordinated Notes. This Subordinated Note is one of an issue of notes of ChoiceOne Financial
Services, Inc., a Michigan corporation (the “Company”) designated as the 3.25% Fixed to Floating Rate Subordinated
Notes due September 3, 2031 (the “Subordinated Notes”) issued pursuant to the Subordinated Note Purchase Agreement,
dated as of the Issue Date (as defined herein), between the Company and the several purchasers of the Subordinated Notes identified on
the signature pages thereto (each, a “Purchase Agreement” and collectively, the “Purchase Agreements”).

2.               
Payment. The Company, for value received, promises to pay to ________________, or its registered
assigns, the principal sum of ___________, plus accrued but unpaid interest on September 3, 2031 (“Stated Maturity”)
and to pay interest thereon (i) from and including the original issue date of the Subordinated Notes to but excluding September 3,
2026 or the earlier redemption date contemplated by Section 4 of this Subordinated Note (the “Fixed Rate Period”),
at the rate of 3.25% per annum, computed on the basis of a 360-day year consisting of twelve 30-day months and payable semi-annually in
arrears on March 1 and September 1 of each year (each, a “Fixed Interest Payment Date”), beginning March 1, 2022, and
(ii) from and including September 3, 2026 to but excluding the Stated Maturity or the earlier redemption date contemplated by Section
4 of this Subordinated Note (the “Floating Rate Period”), at the rate per annum equal to the Benchmark (defined
in Section 2(a) below), reset quarterly, plus 255 basis points, or such other rate as determined pursuant to this Section 2,
computed on the basis of a 360-day year and the actual number of days elapsed and payable quarterly in arrears on March 1, June 1, September
1 and December 1 of each year (each, a “Floating Interest Payment Date”). In the event that the interest rate for the
Floating Rate Period is less than zero, the interest rate for such Floating Rate Period shall be deemed to be zero. An “Interest
Payment Date” is either a Fixed Interest Payment Date or a Floating Interest Payment Date, as applicable. Any payment of principal
of or interest on this Subordinated Note that would otherwise become due and payable on a day which is not a Business Day shall become
due and payable on the next succeeding Business Day, with the same force and effect as if made on the date for payment of such principal
or interest, and no interest will accrue in respect of such payment for the period after such day. 

(a)             
Definitions.

(i)              
“Administrator” means the Federal Reserve Bank (“FRB”), the
Federal Reserve Bank of New York (“FRBNY”), or a committee officially endorsed or convened by the FRB or FRBNY as the
administrator of SOFR, or any successor thereto.

(ii)            
“Benchmark” means, initially, Three-Month Term SOFR; provided that if the Company
determines on or prior to the Reference Time that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred
with respect to Three-Month Term SOFR or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement.
“Benchmark Replacement” means the Interpolated Benchmark with respect to the 

    	 	3	 

     

    

then-current Benchmark, plus the Benchmark
Replacement Adjustment for such Benchmark; provided that if (A) the Company cannot determine the Interpolated Benchmark as of the Benchmark
Replacement Date or (B) the then-current Benchmark is Three-Month Term SOFR and a Benchmark Transition Event and its related Benchmark
Replacement Date have occurred with respect to Three-Month Term SOFR (in which event no Interpolated Benchmark with respect to Three-Month
Term SOFR shall be determined), then “Benchmark Replacement” means the first of the following alternatives that can be determined
by the Company as of the Benchmark Replacement Date: (1) Compounded SOFR; (2) the sum of: (a) the alternate rate that has been selected
or recommended by the Administrator as the replacement for the then-current Benchmark for the applicable Corresponding Tenor and (b) the
Benchmark Replacement Adjustment; (3) the sum of: (a) the ISDA Fallback Rate, and (b) the Benchmark Replacement Adjustment; or (4) the
sum of: (a) the alternate rate that has been selected by the Company as the replacement for the then-current Benchmark for the applicable
Corresponding Tenor, giving due consideration to any industry-accepted rate as a replacement for the then-current Benchmark for U.S. Dollar-denominated
floating rate securities at such time, and (b) the Benchmark Replacement Adjustment.

(iii)          
 “Benchmark Replacement Adjustment” means the first of the following alternatives
that can be determined by the Company as of the Benchmark Replacement Date: (A) the spread adjustment, or method for calculating or determining
such spread adjustment (which may be a positive or negative value or zero), that has been selected or recommended by the Administrator
for the applicable Unadjusted Benchmark Replacement; (B) if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA
Fallback Rate, then the ISDA Fallback Adjustment; and (C) the spread adjustment (which may be a positive or negative value or zero) that
has been selected by the Company giving due consideration to any industry-accepted spread adjustment or method for calculating or determining
such spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement for U.S.
Dollar-denominated floating rate securities at such time.

(iv)          
“Benchmark Replacement Date” means the earliest to occur of the following events
with respect to the then-current Benchmark: (A) in the case of Section 2(a)(v)(A), the relevant Reference Time in respect of any
determination; (B) in the case of Section 2(a)(v)(B) or (C), the later of (1) the date of the public statement or publication
of information referenced therein and (2) the date on which the administrator of the Benchmark permanently or indefinitely ceases to provide
the Benchmark; or (C) in the case of Section 2(a)(v)(D), the date of the public statement or publication of information referenced
therein.

For the avoidance of doubt,
for purposes of the definitions of Benchmark Replacement Date and Benchmark Transition Event, references to the Benchmark also include
any reference rate underlying the Benchmark (for example, if the Benchmark becomes Compounded SOFR, references to the Benchmark would
include SOFR). For the avoidance of doubt, if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier
than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the
Reference Time for such determination.

(v)            
 “Benchmark Transition Event” means the occurrence of one or more of the following
events with respect to the then-current Benchmark: (A) if the Benchmark is Three-Month Term SOFR, (1) the Administrator has not selected
or recommended a forward-looking 

    	 	4	 

     

    

term rate for a tenor of three months based on SOFR, (2) the development of a forward-looking term rate
for a tenor of three months based on SOFR that has been recommended or selected by the Administrator is not complete or (3) the Company
determines that the use of a forward-looking rate for a tenor of three months based on SOFR is not administratively feasible; (B) a public
statement or publication of information by or on behalf of the administrator of the Benchmark announcing that such administrator has ceased
or will cease to provide the Benchmark, permanently or indefinitely, provided that, at the time of such statement or publication, there
is no successor administrator that will continue to provide the Benchmark; (C) a public statement or publication of information by the
regulatory supervisor for the administrator of the Benchmark, the central bank for the currency of the Benchmark, an insolvency official
with jurisdiction over the administrator for the Benchmark, a resolution authority with jurisdiction over the administrator for the Benchmark
or a court or an entity with similar insolvency or resolution authority over the administrator for the Benchmark, which states that the
administrator of the Benchmark has ceased or will cease to provide the Benchmark permanently or indefinitely, provided that, at the time
of such statement or publication, there is no successor administrator that will continue to provide the Benchmark; or (D) a public statement
or publication of information by the regulatory supervisor for the administrator of the Benchmark announcing that the Benchmark is no
longer representative.

(vi)          
 “Business Day” means any day that is not a Saturday or Sunday and that is not
a day on which banks in the State of Michigan are generally authorized or required by law or executive or other governmental order to
be closed.

(vii)        
“Compounded SOFR” means the compounded average of SOFRs for the applicable Corresponding
Tenor, with the rate, or methodology for this rate, and conventions for this rate being established by the Company in accordance with:
(A) the rate, or methodology for this rate, and conventions for this rate selected or recommended by the Administrator for determining
Compounded SOFR; provided that: (B) if, and to the extent that, the Company determines that Compounded SOFR cannot be determined in accordance
with clause (A) above, then the rate, or methodology for this rate, and conventions for this rate that have been selected by the Company
giving due consideration to any industry-accepted market practice for U.S. Dollar-denominated floating rate securities at such time. For
the avoidance of doubt, the calculation of Compounded SOFR shall exclude the Benchmark Replacement Adjustment (if applicable) and the
spread of 255 basis points per annum.

(viii)      
“Corresponding Tenor” with respect to a Benchmark Replacement means a tenor (including
overnight) having approximately the same length (disregarding business day adjustment) as the applicable tenor for the then-current Benchmark.

(ix)          
“Interpolated Benchmark” with respect to the Benchmark means the rate determined
for the Corresponding Tenor by interpolating on a linear basis between: (A) the Benchmark for the longest period (for which the Benchmark
is available) that is shorter than the Corresponding Tenor, and (B) the Benchmark for the shortest period (for which the Benchmark is
available) that is longer than the Corresponding Tenor.

(x)            
“ISDA Fallback Rate” means the rate that would apply for derivatives transactions
referencing the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. (“ISDA”)
or any successor thereto, as amended or supplemented 

    	 	5	 

     

    

from time to time, or any successor definitional booklet for interest rate derivatives
published from time to time (“ISDA Definitions”), to be effective upon the occurrence of an index cessation date with
respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment. “ISDA Fallback Adjustment”
means the spread adjustment (which may be a positive or negative value or zero) that would apply for derivatives transactions referencing
the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark for the applicable
tenor.

(xi)          
“Reference Time” with respect to any determination of the Benchmark means (A)
if the Benchmark is Three-Month Term SOFR, the time determined by the Company after giving effect to the Three-Month Term SOFR Conventions,
and (B) if the Benchmark is not Three-Month Term SOFR, the time determined by the Company after giving effect to any technical, administrative
or operational changes (including changes to the definition of “interest period,” timing and frequency of determining rates
with respect to each interest period and making payments of interest, rounding of amounts or tenors, and other administrative matters)
that the Company decides may be appropriate to reflect the adoption of such Benchmark Replacement in a manner substantially consistent
with market practice (or, if the Company decides that adoption of any portion of such market practice is not administratively feasible
or if the Company determines that no market practice for use of the Benchmark Replacement exists, in such other manner as the Company
determines is reasonably necessary) (the “Benchmark Replacement Conforming Changes”).

(xii)        
 “SOFR” means the secured overnight financing rate published by the Administrator
on the FRBNY’s website. “Term SOFR” means the forward-looking term rate based on SOFR that has been selected
or recommended by the Administrator. “Three-Month Term SOFR” means the rate for Term SOFR for a tenor of three months
that is published by the Administrator at the Reference Time for any interest period, as determined by the Company after giving effect
to the Three-Month Term SOFR Conventions. All percentages used in or resulting from any calculation of Three-Month Term SOFR shall be
rounded, if necessary, to the nearest one-hundred-thousandth of a percentage point, with 0.000005% rounded up to 0.00001%. 

(xiii)      
“Three-Month Term SOFR Conventions” means any determination, decision or election
with respect to any technical, administrative or operational matter (including with respect to the manner and timing of the publication
of Three-Month Term SOFR, or changes to the definition of “interest period,” timing and frequency of determining Three-Month
Term SOFR with respect to each interest period and making payments of interest, rounding of amounts or tenors, and other administrative
matters) that the Company decides may be appropriate to reflect the use of Three-Month Term SOFR as the Benchmark in a manner substantially
consistent with market practice (or, if the Company decides that adoption of any portion of such market practice is not administratively
feasible or if the Company determines that no market practice for the use of Three-Month Term SOFR exists, in such other manner as the
Company determines is reasonably necessary).

(xiv)       
“Unadjusted Benchmark Replacement” means the Benchmark Replacement excluding the
Benchmark Replacement Adjustment. 

    	 	6	 

     

    

 

(b)            
Effect of Benchmark Transition Event.

(i)              
If the Company determines that a Benchmark Transition Event and its related Benchmark Replacement
Date have occurred on or prior to the Reference Time in respect of any determination of the Benchmark on any date, then the Benchmark
Replacement will replace the then-current Benchmark for all purposes relating to the Subordinated Notes during the Floating Rate Period
in respect of such determination on such date and all determinations on all subsequent dates. In connection with the implementation of
a Benchmark Replacement, the Company will have the right to make Benchmark Replacement Conforming Changes from time to time.

(ii)            
Notwithstanding anything set forth in Section 2(b)(i) above, if the Company determines on
or prior to the relevant Reference Time that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with
respect to Three-Month Term SOFR, then the provisions set forth in this Section 2(b)(ii) will thereafter apply to all determinations
of the interest rate on the Notes during the Floating Rate Period. After a Benchmark Transition Event and its related Benchmark Replacement
Date have occurred, the interest rate on the Notes for each interest period during the Floating Rate Period will be an annual rate equal
to the Benchmark Replacement plus 255 basis points.

(iii)          
The Company is expressly authorized to make certain determinations, decisions and elections under
the terms of the Subordinated Notes, including with respect to the use of Three-Month Term SOFR as the Benchmark and under this Section
2(b)(iii). Any determination, decision or election that may be made by the Company under the terms of the Subordinated Notes, including
any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date
and any decision to take or refrain from taking any action or selection (A) will be conclusive and binding on the Noteholders absent manifest
error, (B) will be made in the Company’s sole discretion, and (C) notwithstanding anything to the contrary herein, shall become
effective without consent from the Noteholders or any other party. 

(iv)          
If the then-current Benchmark is Three-Month Term SOFR, the Company will have the right to establish
the Three-Month Term SOFR Conventions, and if any of the foregoing provisions concerning the calculation of the interest rate and the
payment of interest during the Floating Rate Period are inconsistent with any of the Three-Month Term SOFR Conventions determined by the
Company, then the relevant Three-Month Term SOFR Conventions will apply.

3.               
Subordination. The indebtedness of the Company evidenced by this Subordinated Note, including
the principal and interest on this Subordinated Note, shall be subordinate and junior in right of payment to the prior payment in full
of all existing claims of creditors of the Company and depositors of ChoiceOne Bank (the “Bank”), whether now outstanding
or subsequently created, assumed, guaranteed or incurred (collectively, “Senior Indebtedness”), which shall consist
of principal of (and premium, if any) and interest, if any, on: (a) all indebtedness and obligations of, or guaranteed or assumed by,
the Company for money borrowed, whether or not evidenced by bonds, debentures, securities, notes or other similar instruments, and including,
but not limited to, deposits of the Bank, and all obligations to the Company’s general and secured creditors; (b) any deferred obligations
of the Company for the payment of the purchase 

    	 	7	 

     

    

price of property or assets acquired other than in the ordinary course of business; (c)
all obligations, contingent or otherwise, of the Company in respect of any letters of credit, bankers’ acceptances, security purchase
facilities and similar direct credit substitutes; (d) any capital lease obligations of the Company; (e) all obligations of the Company
in respect of interest rate swap, cap or other agreements, interest rate future or option contracts, currency swap agreements, currency
future or option contracts, commodity contracts and other similar arrangements or derivative products; (f) any obligation of the Company
to its general creditors, as defined for purposes of the capital adequacy regulations of the Federal Reserve applicable to the Company,
as the same may be amended or modified from time to time; (g) all obligations that are similar to those in clauses (a) through (f) of
other persons for the payment of which the Company is responsible or liable as obligor, guarantor or otherwise arising from an off-balance
sheet guarantee; (h) all obligations of the types referred to in clauses (a) through (g) of other persons secured by a lien on any property
or asset of the Company, and (i) in the case of (a) through (h) above, all amendments, renewals, extensions, modifications and refundings
of such indebtedness and obligations; except “Senior Indebtedness” does not include (i) the Subordinated Notes, (ii)
any obligation ranking on parity with, or subordinated to, the Subordinated Notes, or (iii) any indebtedness between the Company and any
of its subsidiaries or Affiliates. This Subordinated Note is not secured by any assets of the Company. The term “Affiliate(s)”
means, with respect to any Person, such Person’s immediate family members, partners, members or parent and subsidiary corporations,
and any other Person directly or indirectly controlling, controlled by, or under common control with said Person and their respective
Affiliates.

In the event of liquidation
of the Company, holders of Senior Indebtedness of the Company shall be entitled to be paid in full with such interest as may be provided
by law before any payment shall be made on account of principal of or interest on this Subordinated Note. Additionally, in the event of
any insolvency, dissolution, assignment for the benefit of creditors or any liquidation or winding up of or relating to the Company, whether
voluntary or involuntary, holders of Senior Indebtedness shall be entitled to be paid in full before any payment shall be made on account
of the principal of or interest on the Subordinated Notes, including this Subordinated Note. In the event of any such proceeding, after
payment in full of all sums owing with respect to the Senior Indebtedness, the registered holders of the Subordinated Notes from time
to time (each a “Noteholder” and, collectively, the “Noteholders”), together with the holders of
any obligations of the Company ranking on a parity with the Subordinated Notes, shall be entitled to be paid from the remaining assets
of the Company the unpaid principal thereof, and the unpaid interest thereon before any payment or other distribution, whether in cash,
property or otherwise, shall be made (i) with respect to any obligation that by its terms expressly is junior to the right of payment
to the Subordinated Notes or (ii) on account of any capital stock.

If there shall have occurred
and be continuing (a) a default in any payment with respect to any Senior Indebtedness or (b) an event of default with respect to any
Senior Indebtedness as a result of which the maturity thereof is accelerated, unless and until such payment default or event of default
shall have been cured or waived or shall have ceased to exist, no payments shall be made by the Company with respect to the Subordinated
Notes. The provisions of this paragraph shall not apply to any payment with respect to which the immediately preceding paragraph of this
Section 3 would be applicable.

    	 	8	 

     

    

Nothing herein shall act
to prohibit, limit or impede the Company from issuing additional debt of the Company having the same rank as the Subordinated Notes or
which may be junior or senior in rank to the Subordinated Notes.

4.               
Redemption. 

(a)              
Redemption Prior to Fifth Anniversary. This Subordinated Note shall not be redeemable by the
Company in whole or in part prior to the fifth anniversary of the date upon which this Subordinated Note was originally issued (the “Issue
Date”), except in the event of a: (i) Tier 2 Capital Event (as defined below); (ii) Tax Event (as defined below); or (iii) Investment
Company Event (as defined below). Upon the occurrence of a Tier 2 Capital Event, a Tax Event or an Investment Company Event, the Company
may redeem this Subordinated Note in whole or in part at any time, upon giving not less than 10 days’ notice to Noteholder at an
amount equal to 100% of the outstanding principal amount being redeemed plus accrued but unpaid interest, to but excluding the redemption
date. “Tier 2 Capital Event” means the receipt by the Company of an opinion of counsel to the Company to the effect
that there is a material risk that this Subordinated Note no longer qualifies as “Tier 2” Capital (as defined by the Board
of Governors of the Federal Reserve System (the “Federal Reserve”)) (or its then equivalent) as a result of a change
in interpretation or application of law or regulation by any judicial, legislative or regulatory authority that becomes effective after
the Issue Date. “Tax Event” means the receipt by the Company of an opinion of counsel to the Company that as a result
of any amendment to, or change (including any final and adopted (or enacted) prospective change) in, the laws (or any regulations thereunder)
of the United States or any political subdivision or taxing authority thereof or therein, or as a result of any official administrative
pronouncement or judicial decision interpreting or applying such laws or regulations, there exists a material risk that interest payable
by the Company on the Subordinated Notes is not, or within 120 days after the receipt of such opinion will not be, deductible by the Company,
in whole or in part, for United States federal income tax purposes. “Investment Company Event” means the receipt by
the Company of an opinion of counsel to the Company to the effect that there is a material risk that the Company is or, within 120 days
after the receipt of such opinion will be, required to register as an investment company pursuant to the Investment Company Act of 1940,
as amended.

(b)            
Redemption on or after Fifth Anniversary. On or after the fifth anniversary of the Issue Date,
this Subordinated Note shall be redeemable at the option of and by the Company, in whole or in part, at any time and from time to time
upon any Interest Payment Date, at an amount equal to 100% of the outstanding principal amount being redeemed plus accrued but unpaid
interest, to but excluding the redemption date, but in all cases in a principal amount with integral multiples of $1,000.

(c)             
Partial Redemption. If less than the then outstanding principal amount of this Subordinated
Note is redeemed, (i) a new Subordinated Note shall be issued representing the unredeemed portion without charge to the holder thereof
and (ii) such redemption shall be effected on a pro rata basis as to the Noteholders. For purposes of clarity, upon a partial redemption,
a like percentage of the principal amount of every Subordinated Note held by every Noteholder shall be redeemed.

    	 	9	 

     

    

(d)            
No Redemption at Option of Noteholder. This Subordinated Note is not subject to redemption
at the option of the Noteholder. 

(e)             
Effectiveness of Redemption. If notice of redemption has been duly given and notwithstanding
that this Subordinated Note has been called for redemption but has not yet been surrendered for cancellation, on and after the date fixed
for redemption, interest shall cease to accrue on the portion of this Subordinated Note called for redemption, this Subordinated Note
shall no longer be deemed outstanding with respect to the portion called for redemption and all rights with respect to the portion of
this Subordinated Note called for redemption shall forthwith on such date fixed for redemption cease and terminate unless the Company
shall default in the payment of the redemption price, except only the right of Noteholder to receive the amount payable on such redemption,
without interest.

(f)             
Regulatory Approvals. Any such redemption shall be subject to receipt of any and all required
federal and state regulatory approvals, including, but not limited to, the consent of the Federal Reserve. In the case of any redemption
of this Subordinated Note pursuant to paragraph (b) of this Section 4, the Company will give the holder hereof notice of redemption,
which notice shall indicate the aggregate principal amount of Subordinated Notes to be redeemed, not less than 30 nor more than 60 calendar
days prior to the redemption date.

(g)            
Purchase and Resale of the Subordinated Notes. Subject to any required federal and state regulatory
approvals and the provisions of this Subordinated Note, the Company shall have the right to purchase any of the Subordinated Notes at
any time in the open market, private transactions or otherwise. If the Company purchases any Subordinated Notes, it may, in its discretion,
hold, resell or cancel any of the purchased Subordinated Notes.

5.               
Events of Default; Acceleration; Compliance Certificate. Each of the following events shall
constitute an “Event of Default:”

(a)                  
the entry of a decree or order for relief in respect of the Company by a
court having jurisdiction in an involuntary case or proceeding under any applicable bankruptcy,
insolvency, or reorganization law, now or hereafter in effect of the United States or any
political subdivision thereof, and such decree or order will have continued unstayed and in effect for a period of 60 consecutive
days;

(b)                 
the commencement by the Company of a voluntary case under any applicable bankruptcy, insolvency or
reorganization law, now or hereafter in effect of the United States or any political subdivision thereof, or the consent by the Company
to the entry of a decree or order for relief in an involuntary case or proceeding under any such law;

(c)             
the Company (i) becomes insolvent or is unable to pay its debts as they mature, (ii) makes an assignment
for the benefit of creditors, (iii) admits in writing its inability to pay its debts as they mature, or (iv) ceases to be a bank holding
company under the Bank Holding Company Act of 1956, as amended;

(d)            
the failure of the Company to pay any installment of interest on any of the
Subordinated Notes as and when the same will become due and payable, and the continuation of such
failure for a period of 30 days;

    	 	10	 

     

    

(e)             
the failure of the Company to pay all or any part of the principal of any of the
Subordinated Notes as and when the same will become due and payable;

(f)             
the liquidation of the Company (for the avoidance of doubt, “liquidation”
does not include any merger, consolidation, sale of equity or assets or reorganization (exclusive of a reorganization in bankruptcy) of
the Company or any of its subsidiaries); 

(g)                 
the failure of the Company to perform any other covenant or agreement on the
part of the Company contained in the Subordinated Notes, and the continuation of such failure for a period of 60 days after the
date on which notice specifying such failure, stating that such notice is a “Notice of Default”
hereunder and demanding that the Company remedy the same, will have been given, in the manner set forth in Section 20, to
the Company by the Noteholders of at least 50% in aggregate principal amount of the Subordinated
Notes at the time outstanding; or the default by the Company under
any bond, debenture, note or other evidence of indebtedness for money borrowed by the Company
having an aggregate principal amount outstanding of
at least $5,000,000, whether such indebtedness now exists or is created or incurred in the
future, which default (i) constitutes a failure to pay any portion of the principal of such
indebtedness when due and payable after the expiration of any applicable grace period or (ii) results
in such indebtedness becoming due or being declared due and payable prior to the date on which it otherwise would have become due
and payable, in the case of clause (i), without such indebtedness having been discharged or, in
the case of clause (ii), without such indebtedness having been discharged or such acceleration
having been rescinded or annulled.

If
an Event of Default described in subsections (a) or (b) above occurs, then the principal amount of all of the outstanding Subordinated
Notes, and accrued and unpaid interest, if any, on all outstanding Subordinated Notes will become and be immediately due and payable without
any declaration or other act on the part of any Noteholder, and the Company waives demand, presentment for payment, notice of nonpayment,
notice of protest, and all other notices. Notwithstanding the foregoing, because the Company will treat the Subordinated Notes as Tier
2 Capital, upon the occurrence of an Event of Default other than an Event of Default described in subsections (a) or (b) above, no Noteholder
may accelerate the Stated Maturity of the Subordinated Notes and make the principal of, and any accrued and unpaid interest on, the Subordinated
Notes, immediately due and payable. The Company, within 45 calendar days after the receipt of written notice from any Noteholder of the
occurrence of an Event of Default with respect to this Subordinated Note, shall mail to all Noteholders, at their addresses shown on the
Security Register (as defined in Section 13 below), such written notice of Event of Default, unless such Event of Default shall
have been cured or waived before the giving of such notice as certified by the Company in writing.

6.               
Failure to Make Payments. In the event of an Event of Default under subsections 5(c) or 5(d),
the Company will, upon demand of Noteholder, pay to Noteholder the amount then due and payable on this Subordinated Note for principal
and interest (without acceleration of the Note in any manner), with interest on the overdue principal and interest at the rate borne by
this Subordinated Note, to the extent permitted by applicable law. If the Company fails to pay such amount upon such demand, Noteholder
may, among other things, institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding
to judgment or 

    	 	11	 

     

    

final decree and may enforce the same against the Company and collect the amounts adjudged or decreed to be payable in
the manner provided by law out of the property of the Company.

Upon the occurrence of
a failure by the Company to make any required payment of principal or interest on this Subordinated Note, or an Event of Default, until
such Event of Default is cured by the Company or waived by Noteholders in accordance with Section 16 hereof, the Company shall
not, except as required by any federal or state governmental agency: (a) declare or pay any dividends or distributions on, or redeem,
purchase, acquire, or make a liquidation payment with respect to, any of the Company’s capital stock; (b) make any payment of principal
of or interest or premium, if any, on, or repay, repurchase or redeem any indebtedness of the Company that ranks equal with or junior
to the Subordinated Notes; or (c) make any payments under any guarantee that ranks equal with or junior to the Subordinated Notes, other
than (i) any dividends or distributions in shares of, or options, warrants or rights to subscribe for or purchase shares of, any class
of the Company’s common stock; (ii) any declaration of a non-cash dividend in connection with the implementation of a shareholders’
rights plan, or the issuance of stock under any such plan in the future, or the redemption or repurchase of any such rights pursuant thereto;
(iii) as a result of a reclassification of the Company’s capital stock or the exchange or conversion of one class or series of the
Company’s capital stock for another class or series of the Company’s capital stock; (iv) the purchase of fractional interests
in shares of the Company’s capital stock pursuant to the conversion or exchange provisions of such capital stock or the security
being converted or exchanged; or (v) purchases of any class of the Company’s common stock related to the issuance of common stock
or rights under any benefit plans for the Company’s directors, officers or employees or any of the Company’s dividend reinvestment
plans.

7.               
Affirmative Covenants of the Company.

(a)             
Notice of Certain Events. To the extent permitted by applicable statute, rule or regulation,
the Company shall provide written notice to Noteholder as soon as practicable, but in no event later than fifteen Business Days following
the Company becoming aware of the occurrence of such event:

(i)              
 the Company or Bank, or any executive officer of the Company or Bank, becomes subject to any formal,
written regulatory enforcement action (as defined by the applicable federal or state agency charged with the supervision or regulation
of depository institutions or holding companies of depository institutions, or engaged in the insurance of depository institution deposits,
or any court, administrative agency or commission or other authority, body or agency having supervisory or regulatory authority with respect
to the Company, the Bank or any of their subsidiaries); or

(ii)            
a transaction results in a change in ownership of fifty percent (50%) or more of the outstanding
securities of the Company entitled to vote for the election of directors.

(b)            
Payment of Principal and Interest. The Company
covenants and agrees for the benefit of Noteholder that it will duly and punctually pay the principal of, and interest on, this Subordinated
Note, in accordance with the terms hereof. 

    	 	12	 

     

    

(c)             
Maintenance of Office. The Company will maintain an
office or agency in the city of Sparta, Michigan where Subordinated Notes may be surrendered
for registration of transfer or for exchange and where notices and demands to or upon the Company in respect of the Subordinated Notes
may be served.

The
Company may also from time to time designate one or more other offices or agencies where
the Subordinated Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations;
provided, however, that no such designation or rescission will in any manner relieve the Company of its obligation to maintain
an office or agency in the city of Sparta, Michigan. The Company will give prompt written notice
to the Noteholders of any such designation or rescission and of any change in the location
of any such other office or agency.

(d)            
Corporate Existence. The Company will do or cause to be done all things necessary to preserve
and keep in full force and effect: (i) the corporate existence of the Company; (ii) the existence (corporate or other) of each
of its subsidiaries; and (iii) the rights (charter and statutory),
licenses and franchises of the Company and each of its subsidiaries; provided, however,
that the Company will not be required to preserve the existence (corporate or other) of any
of its subsidiaries or any such right, license or franchise of the Company or any of its subsidiaries if the Board of Directors of the
Company determines that the preservation thereof is no longer desirable in the conduct of
the business of the Company and its subsidiaries taken as a whole and that the loss thereof will not be disadvantageous in any
material respect to the Noteholders.

(e)             
Maintenance of Properties. The Company will, and will cause each of its subsidiaries to, cause
all its properties used or useful in the conduct of its business to be maintained and kept in good condition, repair and working order
and supplied with all necessary equipment and will cause to be made all necessary repairs, renewals, replacements, betterments and improvements
thereof, all as in the judgment of the Company may be necessary so that the business carried on
in connection therewith may be properly conducted at all times; provided, however, that nothing in this Section will prevent
the Company or any of its subsidiaries from discontinuing the operation and maintenance of
any of their respective properties if such discontinuance is, in the judgment of the Board of Directors of the Company or of any of
its subsidiaries, as the case may be, desirable in the conduct of its business.

(f)             
Waiver of Certain Covenants. The Company may omit in any particular instance to comply with
any term, provision or condition set forth in Section 7(a), Section 7(b),
or Section 7(c) above, with respect to this Subordinated Note
if before the time for such compliance the Noteholders of at least a majority in principal amount of the outstanding Subordinated
Notes, by act of such Noteholders, either will waive such compliance in such instance or generally
will have waived compliance with such term, provision or condition, but no such waiver will extend to or affect such term, provision or
condition except to the extent so expressly waived, and, until such waiver will become effective,
the obligations of the Company in respect of any such term, provision or condition will remain in full force and effect.

(g)            
Company Statement as to Compliance. The Company will deliver to the Noteholders, within 120
days after the end of each fiscal year, a Certificate of the President covering the preceding calendar year, stating whether or not, to
the best of his or her knowledge, 

    	 	13	 

     

    

the Company is in default in the performance and observance of any of the terms,
provisions and conditions of this Subordinated Note (without regard to notice requirements or periods of
grace) and if the Company will be in default, specifying all such defaults and the nature and status thereof of which he or she
may have knowledge.

(h)            
Tier 2 Capital. If all or any portion of the Subordinated Notes ceases to be deemed to be
Tier 2 Capital, other than due to the limitation imposed on the capital treatment of subordinated debt during the five years immediately
preceding the Stated Maturity of the Subordinated Notes, the Company will immediately notify the Noteholders and thereafter the Company
and the Noteholders will work together in good faith to execute and deliver all agreements as reasonably necessary and acceptable in order
to restructure the applicable portions of the obligations evidenced by the Subordinated Notes to qualify as Tier 2 Capital; provided,
however, that nothing contained in this Section 7(h) shall limit the Company’s right to redeem the Subordinated Notes
upon the occurrence of a Tier 2 Capital Event pursuant to Section 4(a) or Section 4(b).

(i)              
Compliance with Laws. The Company shall comply, and cause each of
its subsidiaries to comply, with the requirements of all laws, regulations, orders and decrees applicable to it or its properties,
except for such noncompliance that would not reasonably be expected to result in a Material Adverse Effect (as such term is defined in
the Purchase Agreement) (i) in the condition (financial or otherwise), or in the earnings of the Company or the respective subsidiary,
whether or not arising in the ordinary course of business, or (ii) on the ability of the Company or the respective subsidiary, to perform
its obligations under this Subordinated Note.

(j)              
Taxes and Assessments. The Company shall pay when due and discharge all material taxes, assessments,
and other governmental charges or levies imposed upon it or upon its income or upon any of its properties; provided, however, that
no such taxes, assessments or other governmental charges need be paid if they are being contested in good faith by the Company.

8.               
Negative Covenants of the Company.

(a)             
Limitation on Dividends. The Company shall not declare or pay any dividend or make any distribution
on capital stock or other equity securities of any kind of the Company if the Company is not “well capitalized” for regulatory
capital purposes under Section 225.2(r) of Regulation Y immediately prior to the declaration of and after giving effect to such dividend
or distribution, except for dividends payable solely in shares of common stock of the Company.

(b)            
Merger or Sale of Assets. The Company shall not merge into another entity, effect a Change
in Bank Control (as defined below) or convey, transfer or lease substantially all of its properties and assets to any person, unless:

(i)              
the continuing entity into which the Company is merged or the person which acquires by conveyance
or transfer or which leases substantially all of the properties and assets of the Company shall be a corporation, association or other
legal entity organized and existing under the laws of the United States of America, any State thereof or the District of Columbia and
either expressly or as a matter of law assumes the due and punctual payment of the principal of and any premium and interest on the Subordinated
Notes according to their terms, and the due and punctual 

    	 	14	 

     

    

performance of all covenants and conditions hereof on the part of the Company
to be performed or observed; and

(ii)            
immediately after giving effect to such transaction, no Event of Default, and no event which, after
notice or lapse of time or both, would become an Event of Default, shall have happened and be continuing.

“Change in Bank Control” means the
sale, transfer, lease or conveyance by the Company, or an issuance of stock by the Bank, resulting in ownership by the Company of less
than eighty percent (80%) of the Bank.

9.               
Denominations. The Subordinated Notes are issuable only in registered form without interest
coupons in minimum denominations of $1,000 and integral multiples of $1,000 in excess thereof. 

10.            
Charges and Transfer Taxes. No service charge will be made for any registration of transfer
or exchange of this Subordinated Note, or any redemption or repayment of this Subordinated Note, or any conversion or exchange of this
Subordinated Note for other types of securities or property, but the Company may require payment of a sum sufficient to pay all taxes,
assessments or other governmental charges that may be imposed in connection with the transfer or exchange of this Subordinated Note from
Noteholder requesting such transfer or exchange.

11.            
Payment Procedures. Payment of the principal and interest payable on the Stated Maturity will
be made by check or by wire transfer in immediately available funds to a bank account in the United States designated by Noteholder if
such Noteholder shall have previously provided wire instructions or by Automated Clearing House (ACH) to the Company, upon presentation
and surrender of this Subordinated Note at the Payment Office (as defined in Section 20 below) or at such other place or places
as the Company shall designate by notice to the Noteholders as the Payment Office, provided that this Subordinated Note is presented to
the Company in time for the Company to make such payments in such funds in accordance with its normal procedures. Payments of interest
(other than interest payable on the Stated Maturity) shall be made by wire transfer in immediately available funds or check mailed to
the registered Noteholder of this Subordinated Note, as such person’s address appears on the Security Register (as defined below).
Interest payable on any Interest Payment Date shall be payable to the Noteholder in whose name this Subordinated Note is registered at
the close of business on the fifteenth calendar day prior to the applicable Interest Payment Date, without regard to whether such date
is a Business Day (such date being referred to herein as the “Regular Record Date”), except that interest not paid
on the Interest Payment Date, if any, will be paid to the Noteholder in whose name this Subordinated Note is registered at the close of
business on a special record date fixed by the Company (a “Special Record Date”), notice of which shall be given to
Noteholder not less than 10 calendar days prior to such Special Record Date (the Regular Record Date and Special Record Date are referred
to herein collectively as the “Record Dates”). To the extent permitted by applicable law, interest shall accrue, at
the rate at which interest accrues on the principal of this Subordinated Note, on any amount of principal or interest on this Subordinated
Note not paid when due. All payments on this Subordinated Note shall be applied first against interest due hereunder; and then against
principal due hereunder. Noteholder acknowledges and agrees that the payment of all or any portion of the outstanding principal amount
of this Subordinated Note and all interest 

    	 	15	 

     

    

hereon shall be pari passu in right of payment and in all other respects to the other
Subordinated Notes. In the event that Noteholder of this Subordinated Note receives payments in excess of its pro rata share of the Company’s
payments to the Noteholders of all of the Subordinated Notes, then the Noteholder of this Subordinated Note shall hold in trust all such
excess payments for the benefit of the Noteholders of the other Subordinated Notes and shall pay such amounts held in trust to such other
Noteholders upon demand by such Noteholders.

12.            
Form of Payment. Payments of principal and interest on this Subordinated Note shall be made
in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and
private debts.

13.            
Registration of Transfer, Security Register. Except as otherwise provided herein, this Subordinated
Note is transferable in whole or in part, and may be exchanged for a like aggregate principal amount of Subordinated Notes of other authorized
denominations, by Noteholder in person, or by his or her attorney duly authorized in writing, at the Payment Office. The Company shall
maintain a register providing for the registration of the Subordinated Notes and any exchange or transfer thereof (the “Security
Register”). Upon surrender or presentation of this Subordinated Note for exchange or registration of transfer, the Company shall
execute and deliver in exchange therefor a Subordinated Note or Subordinated Notes of like aggregate principal amount, each in a minimum
denomination of $1,000 or any amount in excess thereof which is an integral multiple of $1,000
(and, in the absence of an opinion of counsel satisfactory to the Company to the contrary, bearing the restrictive legend(s) set forth
hereinabove) and that is or are registered in such name or names requested by Noteholder. Any Subordinated Note presented or surrendered
for registration of transfer or for exchange shall be duly endorsed and accompanied by a written instrument of transfer in such form as
is attached hereto and incorporated herein, duly executed by Noteholder or its attorney duly authorized in writing, with such tax identification
number or other information for each person in whose name a Subordinated Note is to be issued, and accompanied by evidence of compliance
with any restrictive legend(s) appearing on such Subordinated Note or Subordinated Notes as the Company may reasonably request to comply
with applicable law. No exchange or registration of transfer of this Subordinated Note shall be made on or after (i) the fifteenth day
immediately preceding the Stated Maturity or (ii) the due delivery of notice of redemption.

14.            
Priority. The Subordinated Notes rank pari passu among themselves and pari passu,
in the event of any insolvency proceeding, dissolution, assignment for the benefit of creditors, reorganization, restructuring of debt,
marshaling of assets and liabilities or similar proceeding or any liquidation or winding up of the Company, with all other present or
future unsecured subordinated debt obligations of the Company, except any unsecured subordinated debt that, pursuant to its express terms,
is senior or subordinate in right of payment to the Subordinated Notes.

15.            
Ownership. Prior to due presentment of this Subordinated Note for registration of transfer,
the Company may treat the Noteholder in whose name this Subordinated Note is registered in the Security Register as the absolute owner
of this Subordinated Note for receiving payments of principal and interest on this Subordinated Note and for all other purposes whatsoever,
whether or not this Subordinated Note be overdue, and the Company shall not be affected by any notice to the contrary.

    	 	16	 

     

    

16.            
Waiver and Consent. 

(a)             
Any consent or waiver given by the Noteholder of this Subordinated Note shall be conclusive and binding
upon such Noteholder and upon all future Noteholders of this Subordinated Note and of any Subordinated Note issued upon the registration
of transfer hereof or in exchange therefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Subordinated
Note. No delay or omission of Noteholder to exercise any right or remedy accruing upon any Event of Default shall impair such right or
remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Any insured depository institution which shall
be a Noteholder or which otherwise shall have any beneficial ownership interest in this Subordinated Note shall, by its acceptance of
such Subordinated Note (or beneficial interest therein), be deemed to have waived any right of offset with respect to the indebtedness
evidenced thereby.

(b)            
No waiver or amendment of any term, provision, condition, covenant or agreement in the Subordinated
Notes shall be effective except with the consent of the holders of more than 50% in aggregate principal amount (excluding any Subordinated
Notes held by Company or any of its Affiliates) of the Subordinated Notes at the time outstanding; provided, however, that
without the consent of each Noteholder of an affected Subordinated Note, no such amendment or waiver may: (i) reduce the principal amount
of any Subordinated Note; (ii) reduce the rate of or change the time for payment of interest on any Subordinated Note; (iii) extend the
maturity of any Subordinated Note, (iv) change the currency in which payment of the obligations of Company under the Subordinated Notes
are to be made; (v) lower the percentage of aggregate principal amount of outstanding Subordinated Notes required to approve any amendment
of the Subordinated Notes, (vi) make any changes to Section 6 (Failure to Make Payments) of the Subordinated Notes that adversely
affects the rights of any Noteholder; or (vii) disproportionately affect any of the Noteholders of the then outstanding Subordinated Notes.
Notwithstanding the foregoing, Company may amend or supplement the Subordinated Notes without the consent of the Noteholders to cure any
immaterial ambiguity, defect or inconsistency or to provide for uncertificated Subordinated Notes in addition to or in place of certificated
Subordinated Notes, or to make any change that does not adversely affect the rights of any Noteholder. No failure to exercise or delay
in exercising, by any Noteholder, of any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or
partial exercise of any right, power or privilege preclude any other or further exercise thereof, or the exercise of any other right or
remedy provided by law. The rights and remedies provided in this Subordinated Note are cumulative and not exclusive of any right or remedy
provided by law or equity. No notice or demand on Company in any case shall, in itself, entitle Company to any other or further notice
or demand in similar or other circumstances or constitute a waiver of the rights of Noteholders to any other or further action in any
circumstances without notice or demand. No consent or waiver, expressed or implied, by Noteholders to or of any breach or default by Company
in the performance of its obligations hereunder shall be deemed or construed to be a consent or waiver to or of any other breach or default
in the performance of the same or any other obligations of Company hereunder. Failure on the part of the Noteholders to complain of any
acts or failure to act or to declare an Event of Default, irrespective of how long such failure continues, shall not constitute a waiver
by the Noteholders of their rights hereunder or impair any rights, powers or remedies on account of any breach or default by Company.

    	 	17	 

     

    

17.            
Absolute and Unconditional Obligation of the Company. No provisions of this Subordinated Note
shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal and interest on this Subordinated
Note at the times, places and rate, and in the coin or currency, herein prescribed.

18.            
Successors and Assigns. This Subordinated Note shall be binding upon the Company and inure
to the benefit of the Noteholder and its respective successors and permitted assigns. The Noteholder may assign all, or any part of, or
any interest in, the Noteholder’s rights and benefits hereunder as permitted under applicable law. To the extent of any such assignment,
such assignee shall have the same rights and benefits against the Company and shall agree to be bound by and to comply with the terms
and conditions of the Purchase Agreement as it would have had if it were the Noteholder hereunder.

19.            
No Sinking Fund; Convertibility. This Subordinated Note is not entitled to the benefit of
any sinking fund. This Subordinated Note is not convertible into or exchangeable for any of the equity securities, other securities or
assets of the Company or any of its subsidiaries.

20.            
No Recourse Against Others. No recourse under or upon any obligation, covenant or agreement
contained in this Subordinated Note, or for any claim based thereon or otherwise in respect thereof, will be had against any past, present
or future shareholder, employee, officer, or director, as such, of the Company or of any predecessor or successor, either directly or
through the Company or any predecessor or successor, under any rule of law, statute or constitutional provision or by the enforcement
of any assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly waived and released by the
acceptance of this Subordinated Note by Noteholder and as part of the consideration for the issuance of this Subordinated Note. However,
nothing in this Section 19 shall operate to release, discharge or waive the obligations of all directors of the Company to perform
their respective fiduciary obligations in accordance with applicable law.

21.            
Notices. All notices to the Company under this Subordinated Note shall be in writing and addressed
to the Company at 109 East Division, Sparta, Michigan 49345, Attention: Chief
Financial Officer, or to such other address as the Company may notify to the Holder (the “Payment Office”).
All notices to the Noteholders shall be in writing and sent by first-class mail to each Noteholder at his or its address as set forth
in the Security Register.

22.            
Further Issues. The Company may, without the consent of the Noteholders of the Subordinated
Notes, create and issue additional notes having the same terms and conditions of the Subordinated Notes (except for the Issue Date and
issue price) so that such further notes shall be consolidated and form a single series with the Subordinated Notes. 

23.            
Governing Law; Interpretation. THIS SUBORDINATED NOTE WILL BE DEEMED TO BE A CONTRACT MADE
UNDER THE LAWS OF THE STATE OF MICHIGAN AND WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF MICHIGAN WITHOUT
REGARD TO CONFLICT OF LAW PRINCIPLES THEREOF. THIS SUBORDINATED NOTE IS INTENDED TO MEET THE CRITERIA FOR QUALIFICATION OF THE OUTSTANDING
PRINCIPAL AS TIER 2 CAPITAL UNDER THE REGULATORY GUIDELINES OF THE FEDERAL RESERVE, AND 

    	 	18	 

     

    

THE TERMS HEREOF SHALL BE INTERPRETED IN A MANNER
TO SATISFY SUCH INTENT.

 

[Signature Page Follows]

 

 

 

 

 

    	 	19	 

     

    

IN WITNESS WHEREOF, the
undersigned has caused this Subordinated Note to be duly executed and attested.

	 	CHOICEONE FINANCIAL SERVICES, INC.
	 	 	 	 
	 	By:	 
	 	Name:	 Kelly J. Potes	 
	 	Title:	 Chief Executive Officer

 

	ATTEST:	 
	 	 
	 	 
	Name: Adom J. Greenland	 
	Title: Chief Operating Officer  	 

 

 

    	 	20	 

     

    

PAYING
AGENT’S/REGISTRAR’S CERTIFICATE OF AUTHENTICATION

This is one of the Subordinated Notes of ChoiceOne
Financial Services, Inc. referred to in the Subordinated Note Purchase Agreement, dated as of the date upon which this Subordinated Note
was originally issued, between the Company and the several purchasers of the Subordinated Notes identified in the signature pages thereto.

UMB BANK, NATIONAL ASSOCIATION

as Paying Agent/Registrar

 

 

	By:	 	 
	Name:	Damien Daley	 
	Title:	Vice President	 
	Dated:	 	 

 

 

 

    	 	21	 

     

    

ASSIGNMENT FORM

 

To assign this Subordinated Note, fill in the
form below: (I) or (we) assign and transfer this Subordinated Note to:

	 

(Print or type assignee’s name, address and
zip code)

 

 

	 

(Insert assignee’s social security or tax I.D.
No.)

 

and irrevocably appoint _______________________ agent
to transfer this Subordinated Note on the books of the Company. The agent may substitute another
to act for him.

 

	Date: _____________________________	
    Your
    signature: _____________________________________

     (Sign
exactly as your name appears on the face of this Subordinated Note)

     

    Tax Identification No: ______________________________

 

 

	Signature Guarantee:	 

(Signatures
must be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and
loan associations and credit unions with membership in an approved signature guarantee medallion program), pursuant to Rule 17Ad-15 of
the Securities Exchange Act of 1934, as amended (the “Exchange Act”)).

 

The undersigned certifies
that it [is / is not] an Affiliate of the Company and that, to its knowledge, the proposed transferee
[is / is not] an Affiliate of the Company.

 

In
connection with any transfer or exchange of this Subordinated Note occurring prior to the date that is one year after the later
of the date of original issuance of this Subordinated Note and the last date, if any, on which this Subordinated Note was owned by the
Company or any Affiliate of the Company, the undersigned confirms that this Subordinated Note is
being:

 

 

CHECK ONE BOX BELOW

	 	(1)	 ̈	acquired for the undersigned’s own account, without transfer;
	 	 	 	 
	 	(2)	 ̈	transferred to the Company;
	 	 	 	 
	 	(3)	 ̈	transferred in accordance and in compliance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”);
	 	 	 	 
	

    	 	22	 

     

    

	 	(4)	 ̈	transferred under an effective registration statement under the Securities Act;
	 	 	 	 
	 	(5)	 ̈	transferred in accordance with and in compliance with Regulation S under the Securities Act;
	 	 	 	 
	 	(6)	 ̈	transferred to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act) or an “accredited investor” (as defined in Rule 501(a)(4) under the Securities Act), that has furnished a signed letter containing certain representations and agreements; or
	 	 	 	 
	 	(7)	 ̈	transferred in accordance with another available exemption from the registration requirements of the Securities Act.

 

Unless one of the boxes is checked, the Company
will refuse to register this Subordinated Note in the name of any person other than the registered
holder thereof; provided, however, that if box (5), (6) or (7) is checked, the Company may require, prior to registering
any such transfer of this Subordinated Note, in its sole discretion, such legal opinions, certifications
and other information as the Company may reasonably request to confirm that such transfer is being made pursuant to an exemption
from, or in a transaction not subject to, the registration requirements of the Securities Act such as the exemption provided by Rule 144
under such Act.

	Signature:	 

 

 

	Signature Guarantee:	 

(Signatures must be guaranteed by an eligible
guarantor institution (banks, stockbrokers, savings and loan associations and credit unions with membership in an approved signature guarantee
medallion program), pursuant to Exchange Act Rule 17Ad-l5).

 

TO BE COMPLETED BY PURCHASER IF BOX (1) OR (3) ABOVE
IS CHECKED.

 

The
undersigned represents and warrants that it is purchasing this Subordinated Note for its own account or an account with respect
to which it exercises sole investment discretion and that it and any such account is a “qualified institutional buyer” within
the meaning of Rule 144A under the Securities Act, and is aware that the sale to it is being made in reliance on
Rule 144A and acknowledges that it has received such information regarding the Company as the undersigned has requested pursuant
to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon the undersigned’s
foregoing representations in order to claim the exemption from registration provided by Rule 144A.

 

	Date:__________________________	Signature:____________________________________

 

 

 

    	 	23

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