Document:

EX-10.28

 Exhibit 10.28 

FIFTH AMENDMENT TO LEASE 

THIS FIFTH AMENDMENT TO LEASE (“Fifth Amendment”) is made and entered into as of the 30th day of November, 2014, by and between MULLROCK 3 TORREY PINES, LLC, a Delaware limited liability company (“Landlord”) and AUSPEX PHARMACEUTICALS, INC., a Delaware corporation
(“Tenant”). 
 R E C I T A L S:

 A. Landlord and Tenant entered into that certain Office Lease dated as of June 6, 2011 (the “Original Lease”), as
modified by (i) that certain First Amendment to Lease dated as of June 21, 2012 by and between Landlord and Tenant (“First Amendment”), (ii) that certain Second Amendment to Lease dated as of November 13, 2012,
by and between Landlord and Tenant (“Second Amendment”), (iii) that certain Third Amendment to Lease dated as of February 14, 2014 by and between Landlord and Tenant (“Third Amendment”), and (iv) that
certain Fourth Amendment to Lease dated as of July 25, 2014 by and between Landlord and Tenant (“Fourth Amendment”), whereby Landlord leased to Tenant and Tenant leased from Landlord certain space located in that certain
building located and addressed at 3333 North Torrey Pines Court, San Diego, California (the “Building”). The Original Lease, as modified by the First Amendment, the Second Amendment, the Third Amendment and the Fourth Amendment, may
be referred to herein as the “Lease.” 
 B. By this Fifth Amendment, Landlord and Tenant desire to expand the Existing
Premises (as defined below) and to otherwise modify the Lease as provided herein. 
 C. Unless otherwise defined herein, capitalized terms
as used herein shall have the same meanings as given thereto in the Lease. 
 NOW, THEREFORE, in consideration of the foregoing recitals and
the mutual covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 

A G R E E M E N T: 

1. The Existing Premises. Landlord and Tenant hereby agree that pursuant to the Lease, Landlord currently leases to Tenant and Tenant
currently leases from Landlord approximately 18,477 rentable (16,003 usable) square feet in the Building consisting of (i) approximately 13,487 rentable (11,681 usable) square feet on the fourth
(4th) floor of the Building and commonly known as Suite 400, and (ii) approximately 4,990 rentable (4,322 usable) square feet on the third
(3rd) floor of the Building and commonly known as Suite 300 (collectively, the “Existing Premises”), all as more particularly described in the Fourth Amendment. 

2. Expansion of Existing Premises; Expansion Commencement Date; Early Entry. 

2.1. Expansion Space. That certain space consisting of approximately 6,248 rentable (5,411 usable) square feet and commonly known as
Suite 350 in the Building may be referred to herein as the “Expansion Space.” Such Expansion Space is more particularly described on Exhibit “A” attached hereto. 

2.2. Expansion Commencement Date. Effective as of the earlier of (i) the date Tenant commences normal business operations in the
Expansion Space, or (ii) the date of Substantial Completion of the Expansion Space pursuant to Exhibit “B” attached hereto (“Expansion Commencement Date”), Tenant shall lease from Landlord and Landlord shall lease to
Tenant, the Expansion Space. Landlord and Tenant hereby stipulate and agree that such addition of the Expansion Space to the Existing Premises shall, effective as of the Expansion Commencement Date, increase the number of square feet leased by
Tenant in the Building to a total of 24,725 rentable (21,414 usable) square feet. Effective as of the Expansion Commencement Date, all references to the “Premises” shall mean and refer to the Existing Premises as expanded by the Expansion
Space. The anticipated Expansion Commencement Date 

 
is March 1, 2015. Within ten (10) days after Landlord’s written request, Tenant shall execute a written confirmation of the Expansion Commencement Date Term in substantially the
form of the Notice of Lease Term Dates attached to the Original Lease. 
 2.3. Early Entry. Tenant’s early entry rights are set
forth in Section 5.1 of Exhibit “B”. 
 3. Expansion Space Term. The term of the Tenant’s Lease of the Expansion
Space shall commence as of the Expansion Commencement Date and shall, subject to Section 13 below and Section 8 of the Fourth Amendment, expire conterminously with Tenant’s leasing of the Existing Premises (March 31, 2020). The period
from the Expansion Commencement Date through March 31, 2020 shall be referred to herein as the “Expansion Space Term”; provided, however, that the Expansion Space Term (and Tenant’s lease of the Existing Premises)
shall be deemed extended by one (1) month for each month (or portion thereof) beyond May 1, 2015 that the Expansion Commencement Date does not occur (for example, if the Expansion Commencement Date occurs on June 6, 2015, then the
Expansion Space Term and the Lease Term for the entire Premises shall be deemed extended by two (2) months (i.e., until May 31, 2020)). 

4. Monthly Basic Rent for the Expansion Space. Effective as of the Expansion Commencement Date, Tenant shall pay (subject to partial
abatement as described in Section 5 below), as Monthly Basic Rent for the Expansion Space, the following: 
  

									
	 Months of Expansion Space Term
	  	Monthly Basic Rent	 	  	Monthly Basic Rent
Per RSF of the
Expansion Space	 
			
	 *Expansion Commencement Date – 09/30/15
	  	$	22,805.20	  	  	$	3.65	  
			
	 10/01/15 – 09/30/16
	  	$	23,492.48	  	  	$	3.76	  
			
	 10/01/16 – 09/30/17
	  	$	24,179.76	  	  	$	3.87	  
			
	 10/01/17 – 09/30/18
	  	$	24,929.52	  	  	$	3.99	  
			
	 10/01/18 – 09/30/19
	  	$	25,679.28	  	  	$	4.11	  
			
	 10/01/19 – 03/31/20
	  	$	26,429.04	  	  	$	4.23	  

  

	*	Subject to partial abatement for months 2 – 5 as provided in Section 5 below. 

 5.
Partial Abatement of Monthly Basic Rent. Notwithstanding anything to the contrary contained in the Lease or in this Fifth Amendment, and provided that Tenant faithfully performs all of the terms and conditions of the Lease, as amended by this
Fifth Amendment, Landlord hereby agrees to abate fifty percent (50%) of Tenant’s obligation to pay Monthly Basic of Rent for the Expansion Space for the second (2nd), third (3rd), fourth (4th) and fifth (5th) full months of the Expansion Space Term
(collectively, the “Expansion Space Abated Rent”). During such abatement period, Tenant shall still be responsible for the payment of all of its other monetary obligations under the Lease, as amended by this Fifth Amendment. In the
event of a default by Tenant under the terms of the Lease, as amended by this Fourth Amendment that results in early termination pursuant to the provisions of Section 23 of the Original Lease, then as a part of the recovery set forth in
Section 23 of the Original Lease, Landlord shall be entitled to the recovery of the unamortized amount of the Monthly Basic Rent that was abated under the provisions of this Section 5. 

6. Tenant’s Percentage. Commencing as of the Expansion Commencement Date, Tenant’s Percentage for the Expansion Space shall
be 13.44%. 
 7. Right of First Refusal. During the first twelve (12) months of the Expansion Space Term only (commencing as of
the Expansion Commencement Date), Tenant shall have a continuing (subject to the terms hereof) right of first refusal with respect to available space located on the second (2nd) floor of the
Building (the “First Refusal Space”). Notwithstanding the foregoing (i) the lease term for Tenant’s lease of the First Refusal Space pursuant to Tenant’s exercise of such first refusal right of Tenant shall commence
only following the expiration or 

  
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earlier termination of any existing lease pertaining to the First Refusal Space, including any renewal or extension of any such existing lease, whether or not such renewal or extension is
pursuant to an express written provision in such lease, and regardless of whether any such renewal or extension is consummated pursuant to a lease amendment or a new lease, and (ii) such first refusal right shall be subordinate and secondary to
all rights of expansion, first refusal, first offer or similar rights granted to (x) the tenant of any such existing lease and (y) any other tenant of the Project as of the date hereof (the rights described in items (i) and (ii),
above to be known collectively as “Superior Rights”). Tenant’s right of first refusal shall be on the terms and conditions set forth in this Section 7. Section 9 of the Fourth Amendment is hereby deemed deleted in its
entirety and is of no further force or effect. 
 7.1. Procedure for Refusal. Landlord shall notify Tenant (the “First
Refusal Notice”) from time to time in writing when Landlord receives a bona fide offer from a prospective third party tenant that Landlord is willing to accept for the First Refusal Space and/or when Landlord intends to submit a bona fide
counteroffer which Landlord would be willing to accept (in each case where no holder of a Superior Right desires to lease such space). The economic terms and conditions of Tenant’s lease of such First Refusal Space shall be as provided in
Landlord’s First Refusal Notice (“First Refusal Economic Terms”). 
 7.2. Procedure for Acceptance. If Tenant
wishes to exercise Tenant’s right of first refusal with respect to the space described in the First Refusal Notice, then within ten (10) calendar days after delivery of the First Refusal Notice to Tenant, Tenant shall deliver notice to
Landlord of Tenant’s exercise of its right of first refusal with respect to the entire space described in the First Refusal Notice and on the First Refusal Economic Terms contained therein. If Tenant does not exercise its right of first refusal
within such ten (10) calendar day period (on all of the First Refusal Economic Terms), then Landlord shall be free to lease the space described in the First Refusal Notice to anyone to whom Landlord desires on any terms Landlord desires and
Tenant’s right of first refusal as to such particular space shall thereupon automatically terminate. Notwithstanding anything to the contrary contained herein, Tenant must elect to exercise its right of first refusal, if at all, with respect to
all of the space comprising the First Refusal Space offered by Landlord to Tenant at any particular time, and Tenant may not elect to lease only a portion thereof or object to any of the First Refusal Economic Terms. 

7.3. Construction of First Refusal Space. Tenant shall take the First Refusal Space in its “As-Is” condition (except as
otherwise provided in the First Refusal Notice), and Tenant shall be entitled to construct improvements in the First Refusal Space at Tenant’s expense, in accordance with and subject to the provisions of Section 12 of the Original Lease.

 7.4. Continuing Right. If the space in Landlord’s First Refusal Notice is only a portion of the First Refusal Space, then
Tenant shall retain its right of first refusal pursuant to the terms of this Section 7 with respect to the remaining portion of the First Refusal Space which has never been included in a Landlord’s First Refusal Notice when Landlord
determines that such remaining First refusal Space is available for lease as set forth above. 
 7.5. Lease of First Refusal Space.
If Tenant timely exercises Tenant’s right to lease the First Refusal Space as set forth herein, Landlord and Tenant shall execute an amendment adding such First Refusal Space to the Lease upon the First Refusal Economic Terms set forth in
Landlord’s First Refusal Notice and upon the same non-economic terms and conditions as applicable to the Expansion Space then leased by Tenant under the Lease. Tenant shall commence payment of rent for the First Refusal Space and the Lease Term
of the First Refusal Space shall commence upon the date of delivery of such First Refusal Space to Tenant. The Lease Term for the First Refusal Space shall be as provided in the First Refusal Notice. 

7.6. No Defaults. The rights contained in this Section 7 shall be personal to the Original Tenant and any Affiliate Assignee, and
may only be exercised by the Original Tenant or such Affiliate Assignee (and not any other assignee, sublessee or other transferee of the Original Tenant’s interest (or Affiliate Assignee’s interest) in the Lease) if the Original Tenant
(or such Affiliate Assignee) actually occupies at least seventy five percent (75%) of the entire Premises then leased by Original Tenant (or such Affiliate Assignee) as of the date of Tenant’s exercise of its right of first refusal. In
addition, at Landlord’s option and in addition to Landlord’s other remedies set forth in the Lease, at law and/or in equity, Tenant shall not have the right to lease the First Refusal Space as provided in this Section 7 if, as of the
date of the First Refusal Notice, or, at Landlord’s option, as of the scheduled date of delivery of such First 

  
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Refusal Space to Tenant, Tenant is in default under the Lease (as modified by this Fifth Amendment) beyond the expiration of all applicable notice and cure periods. 

8. Tenant’s Termination Consideration for Tenant’s Cancellation Right. Section 10 of the Fourth Amendment is hereby
deemed modified to provide that the “Termination Consideration” shall also include (in addition to all other components of the Termination Consideration described therein) (i) the unamortized portion of the brokerage commissions paid
or incurred by Landlord in connection with this Fifth Amendment (including in connection with any First Refusal Space leased by Tenant pursuant to Section 7 of this Fifth Amendment), if applicable; plus (ii) the unamortized portion of the
costs of the tenant improvements and tenant improvement allowance, if any, paid or provided by Landlord for the Expansion Space and any First Refusal Space leased by Tenant pursuant to Section 7 of this Fifth Amendment; plus (iii) an
amount equal to three (3) months of Monthly Basic Rent calculated at the rate that would otherwise be payable by Tenant for any First Refusal Space leased by Tenant pursuant to Section 7 of this Fifth Amendment, if applicable) for the
first three (3) months after the Termination Date had the Lease not been terminated. In addition, for purposes of the termination of Lease with respect to the Expansion Space only, the Termination Consideration shall include an amount equal to
five (5) months of Monthly Basic Rent (and not three (3) months), calculated at the rate that would be payable by Tenant for the Expansion Space for the first five (5) months after the Termination Date had the Lease not been
terminated. 
 9. Brokers. Each party represents and warrants to the other that, except for Cushman & Wakefield
(“Tenant’s Broker”) and The Muller Company (“Landlord’s Broker”) no broker, agent or finder negotiated or was instrumental in negotiating or consummating this Fifth Amendment. Each party further agrees to
defend, indemnify and hold harmless the other party from and against any claim for commission or finder’s fee by any entity (other than Tenant’s Broker and Landlord’s Broker) who claims or alleges that they were retained or engaged by
the first party or at the request of such party in connection with this Fifth Amendment. Landlord shall pay any and all commissions or finder’s fees due to Tenant’s Broker and Landlord’s Broker pursuant to separate agreements. 

10. Parking. During the Expansion Space Term, Tenant shall, at no additional cost and in lieu of Tenant’s existing parking rights
in the Lease, be entitled to a total of sixty-six (66) parking privileges, consisting of twenty-seven (27) reserved parking privileges in the parking structure adjacent to the Building and thirty-nine (39) unreserved, uncovered
parking privileges in the surface parking lot adjacent to the Building. Tenant’s use of such parking spaces shall be subject to all of the terms and conditions of the Lease. 

11. Condition of the Expansion Space and Landlord’s Work. Except as specifically set forth below, Tenant hereby agrees to accept
the Expansion Space in its “as-is” condition and Tenant hereby acknowledges that Landlord, except as provided below, shall not be obligated to provide or pay for any improvement work or services related to the improvement of the Expansion
Space. Tenant also acknowledges that Landlord has made no representation or warranty regarding the condition of the Expansion Space. Notwithstanding anything above to the contrary, promptly after full execution and delivery of this Fifth Amendment
by Landlord and Tenant, Landlord shall perform the improvement work described on Exhibit “B.” Notwithstanding anything above to the contrary, in the event that the Base, Shell and Core serving the Expansion Space (as defined in Exhibit
“B”) (including the structural portions of the Premises, roof and roof membrane, the base building HVAC, electrical, exit lighting, fire sprinklers and plumbing systems, common areas, window coverings and drapery pockets, corridors, path
of travel, elevators and restrooms) in its condition existing as of such date without regard to any of the Tenant Improvements, alterations or other improvements to be constructed or installed by or on behalf of Tenant in the Premises or
Tenant’s use of the Premises, and based solely on an unoccupied basis, (A) does not substantially comply with applicable laws in effect as of the date hereof (including laws pertaining to Title 24 (provided, however, that all Title 24
costs in connection with the Tenant Improvements shall be part of the Tenant Improvement costs and shall be deducted from the Allowance)), seismic, fire and life safety and the ADA), or (B) contains latent defects (not caused by Tenant’s
acts or omissions), then Landlord shall be responsible, at its sole cost and expense which shall not be included in Operating Expenses (except as otherwise permitted in (and not excluded in) Section 4 of the Original Lease), for correcting any
such substantial non-compliance to the extent and as and when required by applicable laws, and/or correcting any such latent defects as soon as reasonably possible after 

  
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receiving notice thereof from Tenant; provided, however, that if Tenant fails to give Landlord written notice of any such latent defects described in clause (B) hereinabove within thirty
(30) days after the Expansion Commencement Date, then the correction of any such latent defects shall, subject to Landlord’s repair obligations in Section 11.2 of the Original Lease, be Tenant’s responsibility at Tenant’s
sole cost and expense. In no event shall Tenant be obligated to remove any of the Tenant Improvements in the Expansion Space upon the expiration or sooner termination of the Lease; provided, however, that any Tenant Changes to the Expansion Space
are subject to Tenant’s surrender/restoration obligations in the Lease. 
 12. Security Deposit. Tenant has previously deposited
with Landlord Seventy Nine Thousand Seven Hundred Seventy-Six and 10/100 Dollars ($79,776.10) as a Security Deposit under the Lease. Concurrently with Tenant’s execution and delivery of this Fifth Amendment to Landlord, Tenant shall deposit
with Landlord an additional Security Deposit amount equal to Twenty Six Thousand Four Hundred Twenty-Nine and 04/100 Dollars ($26,429.04), for a total Security deposit of One Hundred Six Thousand Two Hundred Five and 14/100 Dollars ($106,205.14).
Landlord shall continue to hold the Security Deposit (as increased herein) in accordance with the terms and conditions of Section 5 of the Original Lease. 

13. Contingency and Additional Consideration. Without limiting the effectiveness of this Fifth Amendment, Landlord and Tenant
acknowledge and agree that in the event that Tenant does not obtain approval from Tenant’s Board of Directors on or before December 31, 2014 to continue this Lease in effect that Tenant shall thereafter have the right to terminate this
Fifth Amendment (but not the Lease) by providing written notice to Landlord sent (if at all) no later than January 5, 2015 (and Tenant’s failure to do so shall constitute Tenant’s waiver of such termination right). Concurrently with
Tenant’s execution and delivery of this Fifth Amendment to Landlord, Tenant shall pay to Landlord an amount equal to Forty Five Thousand Six Hundred Ten Dollars ($45,610.00) (“Additional Consideration”). In the event that
Tenant terminates this Fifth Amendment pursuant to this Section 13, then Landlord shall have the right to retain such Additional Consideration amount. In the event Tenant does not exercise its termination right pursuant to this Section 13,
then Landlord shall apply such amount toward the Monthly Basic Rent first coming due under this Fifth Amendment until such amount is fully depleted. 

14. Defaults. Tenant hereby represents and warrants to Landlord that, as of the date of this Fifth Amendment, Tenant is in full
compliance with all terms, covenants and conditions of the Lease and, to the best of Tenant’s knowledge, that there are no breaches or defaults under the Lease by Landlord or Tenant, and that Tenant knows of no events or circumstances which,
given the passage of time, would constitute a default under the Lease by either Landlord or Tenant. 
 15. Disclosures and Utility Usage
Information. Pursuant to Civil Code Section 1938, Landlord states that, as of the date hereof, the Expansion Space has not undergone inspection by a Certified Access Specialist (“CASp”) to determine whether the Expansion
Space meet all applicable construction-related accessibility standards under California Civil Code Section 55.53. If Tenant is billed directly by a public utility with respect to Tenant’s electrical usage at the Expansion Space, upon
request, Tenant shall provide monthly electrical utility usage for the Expansion Space to Landlord for the period of time requested by Landlord (in electronic or paper format) or, at Landlord’s option, provide any written authorization or other
documentation required for Landlord to request information regarding Tenant’s electricity usage with respect to Expansion Space directly from the applicable utility company. 

16. Signing Authority. Each individual executing this Fifth Amendment on behalf of Tenant hereby represents and warrants that Tenant is
a duly formed and existing entity qualified to do business in the State of California and that Tenant has full right and authority to execute and deliver this Fifth Amendment and that each person signing on behalf of Tenant is authorized to do so.

 17. No Further Modification. Except as set forth in this Fifth Amendment, all of the terms and provisions of the Lease shall
remain unmodified and in full force and effect. 

  
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 IN WITNESS WHEREOF, this Fifth Amendment has been executed as of the day and year first above
written. 
  

									
	LANDLORD:	 		 	MULLROCK 3 TORREY PINES, LLC, a Delaware limited liability company
				
		 		 	By:	 	 Mullrock 3 Torrey Pines Manager, LLC,

a Delaware limited liability company

		 		 		 	Its Non-Member Manager
				
		 		 	By:	 	 Mullrock 3, LLC,
 a Delaware limited
liability company

		 		 		 	Its Sole Member
					
		 		 		 	By:	 	 Muller-Rock 3, LLC,
 a California limited
liability company

		 		 		 		 	Its Managing Member

													
							
		 		 		 		 		 	By:	 	/s/ Jon Muller
		 		 		 		 		 		 	  

		 		 		 		 		 	Name:	 	Jon Muller
		 		 		 		 		 	Title:	 	Managing Member

  

									
	“TENANT”	 		 	AUSPEX PHARMACEUTICALS, INC.,
		 		 	a Delaware corporation
				
		 		 	By:	 	/s/ Bharatt Chowrira
		 		 		 	  

		 		 		 	Print Name:	 	 Bharatt Chowrira

		 		 		 	Print Title:	 	 COO

  
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 EXHIBIT “A” 

EXPANSION SPACE 
  

 
 This Exhibit “A” is provided for informational purposes only and is intended to be only an approximation of the
layout of the Expansion Space and shall not be deemed to constitute any representation by Landlord as to the exact layout or configuration of the Expansion Space. 

  
 EXHIBIT “A”

 -1- 

 EXHIBIT “B” 

WORK LETTER AGREEMENT 

This Work Letter Agreement (“Work Letter Agreement”) sets forth the terms and conditions relating to the construction of
improvements for the Expansion Space. All references in this Work Letter Agreement to the “Fifth Amendment” shall mean the relevant portions of the Fifth Amendment to which this Work Letter Agreement is attached as Exhibit “B.”

 SECTION 1 

BASE, SHELL AND CORE 

Landlord has constructed, through its contractor, the base, shell and core of the Expansion Space and of the Building (collectively, the
“Base, Shell and Core”). Landlord shall install in the Expansion Space certain “Tenant Improvements” (as defined below) pursuant to the provisions of this Work Letter Agreement. Except as otherwise provided in
Section 11 of the Fifth Amendment, and except for the Tenant Improvement work described in this Work Letter Agreement, Landlord shall not be obligated to make or pay for any alterations or improvements to the Expansion Space or the Building.

 SECTION 2 

CONSTRUCTION DRAWINGS FOR THE EXPANSION SPACE 

Within five (5) days of the full execution and delivery of the Fifth Amendment by Landlord and Tenant, Tenant shall meet with
Landlord’s Architect and provide Landlord’s Architect with information regarding the preliminary layout and designation of all proposed offices, rooms and other partitioning, and their intended use and equipment to be contained therein
(the “Information”). Landlord shall cause Architect to, based on such Information (subject to changes reasonably required by Landlord), prepare the final space plan for Tenant Improvements in the Premises (collectively, the
“Final Space Plan”), which Final Space Plan shall include a layout and designation of all offices, rooms and other partitioning, their intended use, and equipment to be contained therein, and to deliver the Final Space Plan to
Tenant for Tenant’s approval. Tenant shall approve or reasonably disapprove the Final Space Plan or any revisions thereto within five (5) business days after Landlord delivers the Final Space Plan or such revisions to Tenant; provided,
however, that Tenant may only disapprove the Final Space Plan to the extent the same is not (subject to changes reasonably required by Landlord) in substantial conformance with the Information provided by Tenant to Architect (“Space Plan
Design Problem”). Tenant’s failure to disapprove the Final Space Plan for any Space Plan Design Problem or any revisions thereto by written notice to Landlord (which notice shall specify in detail the reasonable reasons for
Tenant’s disapproval pertaining to any Space Plan Design Problem) within said five (5) business day period shall be deemed to constitute Tenant’s approval of the Final Space Plan or such revisions. Based upon and in conformity with
the Final Space Plan, Landlord shall cause its architect and engineers to prepare and deliver to Tenant, for Tenant’s approval, detailed specifications and engineered working drawings for the tenant improvements shown on the Final Space Plan
(the “Working Drawings”). The Working Drawings shall incorporate modifications to the Final Space Plan as necessary to comply with the floor load and other structural and system requirements of the Building. To the extent that the
finishes and specifications are not completely set forth in the Final Space Plan for any portion of the tenant improvements depicted thereon, the actual specifications and finish work shall be in accordance with the specifications for the
Building’s standard tenant improvement items, as determined by Landlord. Within five (5) business days after Tenant’s receipt of the Working Drawings, Tenant shall approve or disapprove the same, which approval shall not be
unreasonably withheld; provided, however, that Tenant may only disapprove the Working Drawings to the extent such Working Drawings are inconsistent with the Final Space Plan, and only if Tenant delivers to Landlord, within such five
(5) business days period, specific changes proposed by Tenant which are consistent with the Final Space Plan (if applicable) and do not constitute changes which would result in any of the circumstances described in items (i) through
(iv) below. If any such revisions are timely and properly proposed by Tenant, Landlord shall cause its architect and engineers to revise the Working Drawings to incorporate such revisions and submit the same for Tenant’s approval within
five (5) business days after receipt of Tenant’s revisions, in accordance with the foregoing provisions, and the parties shall follow the foregoing 

  
 EXHIBIT “B”

 -1- 

 
procedures for approving the Working Drawings until the same are finally approved by Landlord and Tenant. Upon Landlord’s and Tenant’s approval of the Working Drawings, the same shall
be known as the “Approved Working Drawings.” The tenant improvements shown on the Final Space Plan and/or Approved Working Drawings shall be referred to herein as the “Tenant Improvements.” Tenant shall make no
changes, change orders or modifications to the Final Space Plan and/or Approved Working Drawings without the prior written consent of Landlord, which consent may be withheld in Landlord’s sole discretion if such change or modification would:
(i) increase the cost of the design, permitting and construction of the Tenant Improvements depicted in the Final Space Plan; (ii) directly delay the Substantial Completion of the Expansion Space; (iii) be of a quality lower than the
quality of the standard tenant improvement items for the Building; and/or (iv) require any changes to the Base, Shell and Core or structural improvements or systems of the Building, in all cases excepting modifications necessary to satisfy
Landlord’s obligations in Section 11 of the Fifth Amendment, which Landlord acknowledges shall be made at Landlord’s sole expense and not subject to Section 3 below. The Final Space Plan, Working Drawings and Approved Working
Drawings shall be collectively referred to herein as, the “Construction Drawings.” 
 SECTION 3 

CONSTRUCTION AND PAYMENT FOR COSTS OF TENANT IMPROVEMENTS 

The contractor which shall construct the Tenant Improvements shall be a contractor selected by Landlord. The contractor selected may be
referred to herein as the “Contractor”. Landlord shall cause the Contractor to (i) obtain all applicable building permits for construction of the Tenant Improvements, and (ii) construct the Tenant Improvements as depicted
on the Approved Working Drawings, in compliance with such building permits and all applicable laws in effect at the time of construction, and in good workmanlike manner. Landlord shall pay for the cost of the design and construction of the Tenant
Improvements in an amount up to, but not exceeding Forty Dollars ($40.00) per rentable square foot of the Expansion Space (i.e., up to Two Hundred Forty-Nine Thousand Nine Hundred Twenty Dollars ($249,920.00) based on 6,248 usable square feet of the
Expansion Space) (the “Allowance”); the Allowance shall include a “test fit” amount equal to fifteen cents ($0.15) per rentable square foot of the Expansion Space and any “test fit” costs shall be deducted from
the Allowance. The cost of the design and construction of the Tenant Improvements shall include Landlord’s construction supervision and management fee in an amount equal to the product of (i) five percent (5%) and (ii) the amount
equal to the sum of the Allowance and the Over-Allowance Amount (as such term is defined below.) Tenant shall pay for all costs in excess of the Allowance (“Over-Allowance Amount”), which payment shall be made to Landlord in cash
within ten (10) days after Tenant’s receipt of invoice therefor from Landlord. In the event that Tenant requests any changes, change orders or modifications to the Approved Working Drawings (which Landlord approves pursuant to
Section 1 above) which increase the cost to construct the Tenant Improvements above the Allowance), Tenant shall pay such increased cost to Landlord immediately upon Landlord’s request therefor. In no event shall Landlord be obligated to
make disbursements pursuant to this Tenant Work Letter in a total amount which exceeds the Allowance. In no event shall Landlord be obligated to pay for any of Tenant’s furniture, computer systems, telephone systems, equipment or other personal
property which may be depicted on the Construction Drawings; such items shall be paid for by Tenant. Tenant shall not be entitled to receive in cash or as a credit against any rental or otherwise, any portion of the Allowance not used to pay for the
cost of the design and construction of the Tenant Improvements. 
 SECTION 4 

SUBSTANTIAL COMPLETION 

4.1 Substantial Completion. For purposes of the Fifth Amendment, including for purposes of determining the Expansion Commencement Date
(as set forth in Section 2.2 of the Fifth Amendment), “Substantial Completion” of the Expansion Space shall occur upon the completion of construction of the Tenant Improvements in the Expansion Space pursuant to the Final Space
Plan and/or Approved Working Drawings, with the exception of any punch list items that do not materially interfere with Tenant’s use and occupancy of the Expansion Space and any tenant fixtures, work-stations, built-in furniture, or equipment
to be installed by Tenant or under the supervision of Contractor. 

  
 EXHIBIT “B”

 -2- 

 4.2 Delay of the Substantial Completion of the Expansion Space. If there shall be a delay
or there are delays in the Substantial Completion of the Expansion Space as a direct result of any of the following (collectively, “Tenant Delays”): 

4.2.1 Tenant’s failure to timely approve the Final Space Plan or Working Drawings (if any) or any other matter requiring Tenant’s
approval; 
 4.2.2 a breach by Tenant of the terms of this Work Letter Agreement or the Lease; 

4.2.3 Tenant’s request for changes in any of the Construction Drawings, except for changes necessary to satisfy Landlord’s
obligations in Section 11 of the Fifth Amendment; 
 4.2.4 Tenant’s requirement for materials, components, finishes or
improvements which are not available in a commercially reasonable time given the March 1, 2015 anticipated date of Substantial Completion of the Expansion Space, or which are different from, or not included in, Landlord’s standard tenant
improvement items for the Building; 
 4.2.5 changes to the Base, Shell and Core, structural components or structural components or systems
of the Building required by the Final Space Plan and/or Approved Working Drawings except for changes necessary to satisfy Landlord’s obligations in Section 11 of the Fifth Amendment; 

4.2.6 any changes in the Construction Drawings and/or the Tenant Improvements required by applicable laws if such changes are directly
attributable to Tenant’s use of the Expansion Space or Tenant’s specialized tenant improvement(s) (as determined by Landlord); or 

4.2.7 any other delay (other than those described above) caused by the acts or omissions of Tenant, or its agents, or employees, which delay
continues for twenty-four (24) hours following written notice from Landlord; 
 then, notwithstanding anything to the contrary set forth in the Fifth
Amendment and regardless of the actual date of Substantial Completion, the Expansion Commencement Date (as set forth in Section 2.2 of the Fifth Amendment) shall be deemed to be the date the Expansion Commencement Date would have occurred if no
Tenant Delays, as set forth above, had occurred. 
 SECTION 5 

MISCELLANEOUS 
 5.1
Tenant’s Entry Into the Expansion Space Prior to Substantial Completion. Subject to the terms hereof and provided that Tenant and its agents do not interfere with Contractor’s work in the Building and the Expansion Space, at
Landlord’s reasonable discretion, Contractor shall allow Tenant and Tenant’s employees, agents, contractors, consultants, workmen, mechanics, suppliers and invitees access to the Expansion Space prior to the anticipated Substantial
Completion of the Expansion Space for the purpose of Tenant installing equipment, fixtures (including Tenant’s data and telephone equipment), leasehold improvements and Tenant’s furniture in the Expansion Space. Prior to Tenant’s
entry into the Expansion Space as permitted by the terms of this Section 5.1, Tenant shall submit a schedule to Landlord and Contractor, for their approval, which schedule shall detail the timing and purpose of Tenant’s entry. In
connection with any such entry, Tenant acknowledges and agrees that Tenant’s employees, agents, contractors, consultants, workmen, mechanics, suppliers and invitees shall fully cooperate, work in harmony and not, in any manner, interfere with
Landlord or Landlord’s Contractor, agents or representatives in performing work in the Building and the Expansion Space, or interfere with the general operation of the Building and/or the Project. If at any time any such person representing
Tenant shall not be cooperative or shall otherwise cause or threaten to cause any such disharmony or interference, including, without limitation, labor disharmony, and Tenant fails to institute and maintain corrective actions as directed by Landlord
within twenty-four (24) hours of notice thereof, then Landlord may revoke Tenant’s entry rights upon twenty-four (24) hours’ prior written notice to Tenant. Tenant acknowledges and agrees that any such entry into and occupancy of
the Expansion Space or any portion thereof by Tenant or any person or entity working for or on behalf of Tenant shall be deemed to be subject to all of the 

  
 EXHIBIT “B”

 -3- 

 
terms, covenants, conditions and provisions of the Lease, excluding only the covenant to pay Monthly Basic Rent, utilities, Operating Expenses or charge for use of any Building services (until
the occurrence of the Expansion Commencement Date). Tenant further acknowledges and agrees that Landlord shall not be liable for any injury, loss or damage which may occur to any of Tenant’s work made in or about the Expansion Space in
connection with such entry or to any property placed therein prior to the Expansion Commencement Date, the same being at Tenant’s sole risk and liability. Tenant shall be liable to Landlord for any damage to any portion of the Expansion Space,
including the Tenant Improvement work, caused by Tenant or any of Tenant’s employees, agents, contractors, consultants, workmen, mechanics, suppliers and invitees. In the event that the performance of Tenant’s work in connection with such
entry causes extra costs to be incurred by Landlord, Tenant shall promptly reimburse Landlord for such extra costs upon receipt of an invoice therefor setting forth such extra costs in reasonable detail. In addition, Tenant shall hold Landlord
harmless from and indemnify, protect and defend Landlord against any loss or damage to the Expansion Space or Project and against injury to any persons caused by Tenant’s actions pursuant to this Section 5.1. Tenant shall also have
reasonable access to select areas of the Building during the construction of the Tenant Improvements for storage and staging purposes, but only if Landlord determines that such staging areas are available. 

5.2 Tenant’s Representative. Tenant has designated Bharatt Chowrira as its sole representative with respect to the matters set
forth in this Work Letter Agreement, who shall have full authority and responsibility to act on behalf of the Tenant as required in this Work Letter Agreement. 

5.3 Landlord’s Representative. Landlord has designated Maya Hausmann as its sole representative with respect to the matters set
forth in this Work Letter Agreement, who, until further notice to Tenant, shall have full authority and responsibility to act on behalf of the Landlord as required in this Work Letter Agreement. 

5.4 Time of the Essence in This Work Letter Agreement. Unless otherwise indicated, all references herein to a “number of
days” shall mean and refer to calendar days. If any item requiring approval is timely disapproved by Landlord or Tenant, the procedure for preparation of the document and approval thereof shall be repeated until the document is approved by
Landlord or Tenant, as applicable. Both Landlord and Tenant shall use commercially reasonable, good faith, efforts and all due diligence to cooperate with each other to complete all phases of the Construction Drawings and the permitting process and
to receive the permits, as soon as possible after the execution of the Lease, and, in that regard, shall meet on a scheduled basis to be determined by Landlord and Tenant, to discuss progress in connection with the same. 

5.5 Tenant’s Lease Default. Notwithstanding any provision to the contrary contained in the Lease, if an event of default by Tenant
as described in the Lease or any default by Tenant under this Work Letter Agreement has occurred at any time on or before the Substantial Completion of the Expansion Space and remains after the expiration of applicable notice and cure periods, then
(i) in addition to all other rights and remedies granted to Landlord pursuant to the Lease, at law and/or in equity, Landlord shall have the right to cause Contractor to suspend the construction of the Expansion Space (in which case, Tenant
shall be responsible for any delay in the Substantial Completion of the Expansion Space caused by such work stoppage as set forth in Section 4.2 of this Work Letter Agreement), and (ii) all other obligations of Landlord under the terms of
this Work Letter Agreement shall be forgiven until such time as such default is cured pursuant to the terms of the Lease (in which case, Tenant shall be responsible for any delay in the Substantial Completion of the Expansion Space caused by such
inaction by Landlord). In addition, if the Lease is terminated prior to the Expansion Commencement Date, for any reason due to a default by Tenant as described in the Lease or under this Work Letter Agreement, in addition to any other remedies
available to Landlord under the Lease, at law and/or in equity, Tenant shall pay to Landlord, as additional rent under the Lease, within five (5) days of receipt of a statement therefor, any and all costs incurred by Landlord and not reimbursed
or otherwise paid by Tenant through the date of such termination in connection with the Tenant Improvements to the extent planned, installed and/or constructed as of such date of termination, including, but not limited to, any costs related to the
removal of all or any portion of the Tenant Improvements and restoration costs related thereto. 

  
 -4-Exhibit
10.7

 

THE
SECURITIES OFFERED HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION
OR THE SECURITIES COMMISSION OF ANY STATE PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY SECTION 3(b) OF THE
SECURITIES ACT OF 1933, AS AMENDED, AND THE RULES AND REGULATIONS PROMULGATED THEREUNDER (THE “1933 ACT”)

 

US
$22,000.00                

 

NYBD
HOLDINGS, INC.

8% CONVERTIBLE REDEEMABLE NOTE

DUE NOVEMBER 25, 2014

BACK END NOTE

 

FOR
VALUE RECEIVED, NYBD Holdings, Inc.(the "Company") promises to pay to the order of LG CAPITAL FUNDING, LLC and its authorized
successors and permitted assigns ("Holder"), the aggregate principal face amount of Twenty Two Thousand dollars
exactly (U.S. $22,000.00) on November 25, 2014 ("Maturity Date"). The Company acknowledges that as of the November
25th, 2013 (the "Funding Date"), it has received a collateralized secured promissory note from the Holder
in the amount of $22,000 and that upon full cash payment of that note it shall receive the sum of Twenty Two Thousand Dollars
($22,000) which represents a 10% original issue discount, less $1,500 in legal fees and for a net total of $18,500 to the Company.
This $25,000 payment represents a 10% original issue discount. The Company shall pay interest on the principal amount outstanding
hereunder at the rate of 8% per annum commencing on the Funding Date. The interest will be paid to the Holder in whose name this
Note is registered on the records of the Company regarding registration and transfers of this Note. The principal of, and interest
on, this Note are payable at 1218 Union Street, Suite #2, Brooklyn, NY 11225initially, and if changed, last appearing on the records
of the Company as designated in writing by the Holder hereof from time to time. The Company will pay each interest payment and
the outstanding principal due upon this Note before or on the Maturity Date, less any amounts required by law to be deducted or
withheld, to the Holder of this Note by check or wire transfer addressed to such Holder at the last address appearing on the records
of the Company. The forwarding of such check or wire transfer shall constitute a payment of outstanding principal hereunder and
shall satisfy and discharge the liability for principal on this Note to the extent of the sum represented by such check or wire
transfer. Interest shall be payable in Common Stock (as defined below) pursuant to paragraph 4(b) herein.

 

    	 

    	 

    

 

This
Note is subject to the following additional provisions:

 

1.This
Note is exchangeable for an equal aggregate principal amount of Notes of different authorized denominations, as requested by the
Holder surrendering the same. No service charge will be made for such registration or transfer or exchange, except that Holder
shall pay any tax or other governmental charges payable in connection therewith.

 

2.The
Company shall be entitled to withhold from all payments any amounts required to be withheld under applicable laws.

 

3.This
Note may be transferred or exchanged only in compliance with the Securities Act of 1933, as amended ("Act") and
applicable state securities laws. Any attempted transfer to a non-qualifying party shall be treated by the Company as void. Prior
to due presentment for transfer of this Note, the Company and any agent of the Company may treat the person in whose name this
Note is duly registered on the Company's records as the owner hereof for all other purposes, whether or not this Note be overdue,
and neither the Company nor any such agent shall be affected or bound by notice to the contrary. Any Holder of this Note electing
to exercise the right of conversion set forth in Section 4(a) hereof, in addition to the requirements set forth in Section 4(a),
and any prospective transferee of this Note, also is required to give the Company written confirmation that this Note is being
converted ("Notice of Conversion") in the form annexed hereto as Exhibit A. The date of receipt (including
receipt by telecopy) of such Notice of Conversion shall be the Conversion Date.

 

4.(a)
The Holder of this Note is entitled, at its option, at any time after 180 days, and after full cash payment for the shares
convertible hereunder, to convert all or any amount of the principal face amount of this Note then outstanding into shares of
the Company's common stock (the "Common Stock") without restrictive legend of any nature, at a price
("Conversion Price") for each share of Common Stock equal to 58% of the lowest closing bid price of the
Common Stock as reported on the National Quotations Bureau OTCQB exchange which the Company's shares are traded or any
exchange upon which the Common Stock may be traded in the future ("Exchange"), for
the twenty prior trading days including the day upon which a Notice of Conversion is received by the
Company (provided such Notice of Conversion is delivered by fax or other electronic method of communication to the Company
after 4 P.M. Eastern Standard or Daylight Savings Time if the Holder wishes to included the same day closing price). If the
shares have not been delivered within 3 business days, the Notice of Conversion may be rescinded. Such conversion shall be
effectuated by the Company delivering the shares of Common Stock to the Holder within 3 business days of receipt by the
Company of the Notice of Conversion. Once the Holder has received such shares of Common Stock, the Holder shall surrender
this Note to the Company, executed by the Holder evidencing such Holder's intention to convert this Note or a specified
portion hereof, and accompanied by proper assignment hereof in blank. Accrued but unpaid interest shall be subject to
conversion. No fractional shares or scrip representing fractions of shares will be issued on conversion, but the number of
shares issuable shall be rounded to the nearest whole share.

 

    	2

    	 

    

 

(b)
Interest on any unpaid principal balance of this Note shall be paid at the rate of 8% per annum. Interest may shall be paid
by the Company in Common Stock ("Interest Shares"). The Holder may, at any time, send in a Notice of
Conversion to the Company for Interest Shares based on the formula provided in Section 4(a) above. The dollar amount
converted into Interest Shares shall be all or a portion of the accrued interest calculated on the unpaid principal balance
of this Note to the date of such notice.

 

(c)The
Company shall have the option to redeem this Note and pay to the Holder 150% of the unpaid principal and accrued interest amount
due under this Note, in full.

 

(d)Upon
(i) a transfer of all or substantially all of the assets of the Company to any person in a single transaction or series of related
transactions, (ii) a reclassification, capital reorganization or other change or exchange of outstanding shares of the Common
Stock, or (iii) any consolidation or merger of the Company with or into another person or entity in which the Company is not the
surviving entity (other than a merger which is effected solely to change the jurisdiction of incorporation of the Company and
results in a reclassification, conversion or exchange of outstanding shares of Common Stock solely into shares of Common Stock)
(each of items (i), (ii) and (iii) being referred to as a "Sale Event"), then, in each case, the Company shall, upon
request of the Holder, redeem this Note in cash for 150% of the principal amount, plus accrued but unpaid interest through the
date of redemption, or at the election of the Holder, such Holder may convert the unpaid principal amount of this Note (together
with the amount of accrued but unpaid interest) into shares of Common Stock immediately prior to such Sale Event at the Conversion
Price.

 

(e)In
case of any Sale Event in connection with which this Note is not redeemed or converted, the Company shall cause effective provision
to be made so that the Holder of this Note shall have the right thereafter, by converting this Note, to purchase or convert this
Note into the kind and number of shares of stock or other securities or property (including cash) receivable upon such reclassification,
capital reorganization or other change, consolidation or merger by a holder of the number of shares of Common Stock that could
have been purchased upon exercise of the Note and at the same Conversion Price, as defined in this Note, immediately prior to
such Sale Event. The foregoing provisions shall similarly apply to successive Sale Events. If the consideration received by the
holders of Common Stock is other than cash, the value shall be as determined by the Board of Directors of the Company or successor
person or entity acting in good faith.

 

5.No
provision of this Note shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal
of, and interest on, this Note at the time, place, and rate, and in the form, herein prescribed.

 

6.The
Company hereby expressly waives demand and presentment for payment, notice of non-payment, protest, notice of protest, notice
of dishonor, notice of acceleration or intent to accelerate, and diligence in taking any action to collect amounts called for
hereunder and shall be directly and primarily liable for the payment of all sums owing and to be owing hereto.

 

7.The
Company agrees to pay all costs and expenses, including reasonable attorneys' fees and expenses, which may be incurred by the
Holder in collecting any amount due under this Note.

 

    	3

    	 

    

 

8.If
one or more of the following described "Events of Default" shall occur:

 

(a)The
Company shall default in the payment of principal or interest on this Note or any other note issued to the Holder by the Company;
or

 

(b)Any
of the representations or warranties made by the Company herein or in any certificate or financial or other written statements
heretofore or hereafter furnished by or on behalf of the Company in connection with the execution and delivery of this Note, or
the Securities Purchase Agreement under which this note was issued shall be false or misleading in any respect; or

 

(c)The
Company shall fail to perform or observe, in any respect, any covenant, term, provision, condition, agreement or obligation of
the Company under this Note or any other note issued to the Holder; or

 

(d)The
Company shall (1) become insolvent; (2) admit in writing its inability to pay its debts generally as they mature; (3) make an
assignment for the benefit of creditors or commence proceedings for its dissolution; (4) apply for or consent to the appointment
of a trustee, liquidator or receiver for its or for a substantial part of its property or business; (5) file a petition for bankruptcy
relief, consent to the filing of such petition or have filed against it an involuntary petition for bankruptcy relief, all under
federal or state laws as applicable; or

 

(e)A
trustee, liquidator or receiver shall be appointed for the Company or for a substantial part of its property or business without
its consent and shall not be discharged within thirty (30) days after such appointment; or

 

(f)Any
governmental agency or any court of competent jurisdiction at the instance of any governmental agency shall assume custody or
control of the whole or any substantial portion of the properties or assets of the Company; or

 

(g)One
or more money judgments, writs or warrants of attachment, or similar process, in excess of fifty thousand dollars ($50,000) in
the aggregate, shall be entered or filed against the Company or any of its properties or other assets and shall remain unpaid,
unvacated, unbonded or unstayed for a period of fifteen (15) days or in any event later than five (5) days prior to the date of
any proposed sale thereunder; or

 

(h)defaulted
on or breached any term of any other note of similar debt instrument into which the Company has entered and failed to cure such
default within the appropriate grace period; or

 

(i)The
Company shall have its Common Stock delisted from an exchange (including the OTCBB exchange) or, if the Common Stock trades on
an exchange, then trading in the Common Stock shall be suspended for more than 10 consecutive days;

 

    	4

    	 

    

 

(j)
If a majority of the members of the Board of Directors of the Company on the date hereof are no longer serving as members of
the Board;

 

(k)The
Company shall not deliver to the Holder the Common Stock pursuant to paragraph 4 herein without restrictive legend within 3 business
days of its receipt of a Notice of Conversion; or

 

(1)The
Company shall not replenish the reserve set forth in Section 12, within 3 business days of the request of the Holder; or

 

(m)The
Company's Common Stock has a closing bid price of less than $0.0015 per share for at least 5 consecutive trading days; or

 

(n)The
aggregate dollar trading volume of the Company's Common Stock is less than twenty thousand dollars ($2,000.00) in any 5 consecutive
trading days; or

 

(o)The
Company shall cease to be "current" in its filings with the Securities and Exchange Commission.

 

Then,
or at any time thereafter, unless cured (except for 8(m) and 8(n) which are incurable defaults the sole remedy of which is to
allow the Holder to cancel offsetting back end notes issued to the Company), and in each and every such case, unless such Event
of Default shall have been waived in writing by the Holder (which waiver shall not be deemed to be a waiver of any subsequent
default) at the option of the Holder and in the Holder's sole discretion, the Holder may consider this Note immediately due and
payable, without presentment, demand, protest or (further) notice of any kind (other than notice of acceleration), all of which
are hereby expressly waived, anything herein or in any note or other instruments contained to the contrary notwithstanding, and
the Holder may immediately, and without expiration of any period of grace, enforce any and all of the Holder's rights and remedies
provided herein or any other rights or remedies afforded by law. Upon an Event of Default, interest shall be accrue at a default
interest rate of 24% per annum or, if such rate is usurious or not permitted by current law, then at the highest rate of interest
permitted by law. Further, if the Note becomes due and payable, the Holder may use the outstanding principal and interest due
under the Note to offset any payment obligations it may have to the Company. In the event of a breach of 8(k) the penalty shall
be $250 per day the shares are not issued beginning on the 4th day after the conversion notice was delivered to the
Company. This penalty shall increase to $500 per day beginning on the 10th day.

 

If
the Holder shall commence an action or proceeding to enforce any provisions of this Note, including without limitation engaging
an attorney, then the Holder shall be reimbursed by the Company for its attorneys' fees and other costs and expenses incurred
in the investigation, preparation and prosecution of such action or proceeding.

 

9.In
case any provision of this Note is held by a court of competent jurisdiction to be excessive in scope or otherwise invalid or
unenforceable, such provision shall be adjusted rather than voided, if possible, so that it is enforceable to the maximum extent
possible, and, the validity and enforceability of the remaining provisions of this Note will not in any way
be affected or impaired thereby.

 

    	5

    	 

    

 

10.Neither
this Note nor any term hereof may be amended, waived, discharged or terminated other than by a written instrument signed by the
Company and the Holder.

 

11.The
Company represents that it is not a "shell" issuer and has never been a "shell" issuer or that if it previously
has been a "shell" issuer that at least 12 months have passed since the Company has reported form 10 type information
indicating it is no longer a "shell" issuer. Further. The Company will instruct its counsel to either (i) write a 144- 3(a)(9)
opinion to allow for salability of the conversion shares or (ii) accept such opinion from Holder's counsel.

 

12.Prior
to cash funding of this Note, The Company will issue irrevocable transfer agent instructions reserving 4x the number of shares
of Common Stock necessary to allow the holder to convert this note based on the discounted conversion price set forth in Section
4(a). The reserve shall be replenished as needed to allow for conversions of this Note. Upon full conversion of this Note, the
reserve representing this Note shall be cancelled.

 

13.The
Company will give the Holder direct notice of any corporate actions including but not limited to name changes, stock splits, recapitalizations
etc. This notice shall be given to the Holder as soon as possible under law.

 

14.This
Note shall be governed by and construed in accordance with the laws of New York applicable to contracts made and wholly to be
performed within the State of New York and shall be binding upon the successors and assigns of each party hereto. The Holder and
the Company hereby mutually waive trial by jury and consent to exclusive jurisdiction and venue in the courts of the State of
New York. This Agreement may be executed in counterparts, and the facsimile transmission of an executed counterpart to this Agreement
shall be effective as an original.

 

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

  

Dated:
11/25/13

 

	 	NYBD
    HOLDINGS, INC.
	 	 	 
	 	By:	/s/
    Robert Rico
	 	Title:	President

 

    	6

    	 

    

 

EXHIBIT
A

 

NOTICE
OF CONVERSION

 

(To
be Executed by the Registered Holder in order to Convert the Note)

 

The
undersigned hereby irrevocably elects to convert $ __________ of the above Note into __________ Shares of Common Stock of NYBD
Holdings, Inc.("Shares") according to the conditions set forth in such Note, as of the date written below.

 

If
Shares are to be issued in the name of a person other than the undersigned, the undersigned will pay all transfer and other taxes
and charges payable with respect thereto.

 

Date
of Conversion:___________________________________________________________

Applicable
Conversion Price:____________________________________________________

Signature:__________________________________________________________________

[Print
Name of Holder and Title of Signer]

 

Address:____________________________________________________________________

                ____________________________________________________________________

 

SSN
or EIN:_______________________________

Shares
are to be registered in the following name:_______________________________________

 

Name:______________________________________________________________________

Address:____________________________________________________________________

Tel:______________________________________

Fax:_____________________________________

SSN
or EIN:_______________________________

 

Shares
are to be sent or delivered to the following account:

 

Account
Name:______________________________________________________________

Address:
___________________________________________________________________

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