Document:

Exhibit

Exhibit 10.1

SEVERANCE AGREEMENT 
This Severance Agreement (this “Agreement”) is made as of the [•] day of [•], [•], by and between Buckeye Partners, L.P., a Delaware limited partnership (“BPL”), Buckeye Pipe Line Services Company, a Pennsylvania corporation (“BPLSC”), and [•](“Employee”). 
WHEREAS, Employee is [•] of Buckeye GP LLC (“Buckeye GP”); 
WHEREAS, pursuant to the terms of a Services Agreement, BPLSC employs and compensates certain employees on behalf of BPL and Buckeye GP, including Employee, and BPL has agreed to reimburse BPLSC for the costs and expenses incurred by BPLSC in connection with the provision of such employment and other services to Buckeye GP and BPL; and 
WHEREAS, in consideration of Employee’s employment with BPLSC and his agreement to keep information of the BPL Entities (defined below) confidential and not to compete with BPL in the event Employee’s employment is terminated, BPLSC agrees that Employee shall receive the compensation set forth in this Agreement as a cushion against the financial and career impact on Employee in the event Employee’s employment with BPLSC is terminated under the circumstances described herein. 
NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements hereinafter set forth and intending to be legally bound hereby, the parties hereto agree as follows: 
1.        Definitions. 
“Affiliate” shall have the meaning ascribed to such term in Rule 12b-2 of the General Rules and Regulations under the Exchange Act. 
“Annual Base Compensation” shall mean the annual base salary payable to the Employee as may be determined from time to time by the Compensation Committee of the Board. 
“Annual Target Bonus Opportunity” means the annual target cash bonus opportunity for which Employee is eligible for any relevant year pursuant to any BPL annual incentive compensation plan or program, as determined by the Compensation Committee of the Board. 
“BPL Entities” means Buckeye GP, BPL, BPL’s operating partnerships and other subsidiaries, and BPLSC, collectively. 
“Board” means the board of directors or similar governing body of Buckeye GP. 
“Cause” means (i) habitual insobriety or substance abuse, (ii) engaging in acts of disloyalty to BPL or BPLSC including fraud, embezzlement, theft, commission of a felony, or dishonesty, or (iii) willful misconduct by Employee in the performance of his duties, or the willful failure of Employee to perform a material function of Employee’s duties hereunder. 
“Exchange Act” means the Securities Exchange Act of 1934, as amended. 
“Internal Revenue Code” means the Internal Revenue Code of 1986, as amended. 
“Person” shall have the same meaning as in Section 13(d) and 14(d) of the Exchange Act. 
“Subsidiary” means any entity in which the BPL Entities, directly or indirectly, own at least a 50% interest or an unincorporated entity of which the BPL Entities, directly or indirectly, owns at least 50% of the profits or capital interests. 
“Termination Date” means the date of receipt of the Notice of Termination described in Section 2 hereof or any later date specified therein, as the case may be. 
“Termination of Employment” means the termination of Employee’s employment relationship with the BPL Entities, which event shall constitute a “separation from service” under section 409A of the Internal Revenue Code. 
2.        Notice of Termination. Any Termination of Employment shall be communicated by a Notice of Termination in accordance with Section 15 hereof. For purposes of this Agreement, a “Notice of Termination” means a written notice which (i) indicates the specific reasons for the termination, and (ii)  if the Termination Date is other than the date of receipt of such notice, specifies the Termination Date (which date shall not be more than 15 days after the giving of such notice). 
3.        Severance Compensation upon Termination. 

(a)        Subject to the last sentence of this paragraph, Employee shall receive severance compensation as described below upon a Termination of Employment that is either: 
         (i)    initiated by BPLSC for any reason other than (x) Employee’s continuous illness, injury or incapacity for a period of six consecutive months or (y) for “Cause;” or 
         (ii)    initiated by Employee for “Good Reason” upon one or more of the following occurrences, subject to subsection (d) below: 
(A)        any material failure of BPLSC to comply with and satisfy any of the terms of this Agreement; 
(B)        any significant reduction by BPLSC or its successor or successors (whether direct or indirect, by purchase, merger, consolidation or otherwise) of the authority, duties, or responsibilities of Employee, including in connection with a sale or transfer of equity, property, or other assets of BPLSC by which BPLSC becomes a subsidiary or division of another company; 
     (C)        any elimination of Employee from eligibility to participate in, or any exclusion of Employee from participation in, material or significant employee benefit plans or policies, other than an across-the-board elimination or exclusion that is applicable to all similarly-situated employees; 
(D)        any material reduction in Employee’s Annual Base Compensation or any material reduction in Employee’s Annual Target Bonus Opportunity (unless such reduction in Annual Target Bonus Opportunity is made in connection with similar reductions in the bonus opportunities of Buckeye GP’s named executive officers as a group); 
(E)        a transfer of Employee, without his express written consent, to a location that is more than 100 miles from Employee’s primary work location as it existed on the date of this Agreement, except for required travel substantially consistent with the Employee’s present business obligations. 
In the event of a Termination of Employment described above, and subject to the last sentence of this paragraph, BPLSC shall pay to Employee, within sixty days after the Termination Date, an amount in cash, payable in a lump sum, equal to Employee’s Annual Base Compensation plus Employee’s Annual Target Bonus Opportunity for such year. Notwithstanding the foregoing, no such payment shall be made unless Employee executes, and does not revoke, a written release, substantially in the form attached hereto as Annex 1 (the “Release”), of any and all claims against the BPL Entities, BPLSC and all related parties with respect to all matters arising out of Employee’s employment by BPLSC (other than any entitlements under the terms of this Agreement or under any other plans or programs of BPLSC in which Employee participated and under which Employee has accrued or become entitled to a benefit) or the termination thereof. Notwithstanding any provision of this Agreement to the contrary, in no event shall the timing of Employee’s execution of the Release, directly or indirectly, result in Employee designating the calendar year of payment, and if a payment that is subject to execution of the Release could be made in more than one taxable year, payment shall be made in the later taxable year. 
(b)        In the event a severance payment is made under paragraph (a) above, BPLSC will pay Employee a monthly payment on the first payroll date of each month equal to 125% of the COBRA cost of continued health and dental coverage under health and dental plans of BPLSC pursuant to section 4980B of the Internal Revenue Code, less the amount that Employee would be required to contribute for health and dental coverage if Employee were an active employee, for a period of 12 months from the Termination Date; provided, however, that this obligation shall cease upon Employee’s obtaining new employment that provides Employee with eligibility for medical benefits without a pre-existing condition limitation (such period is referred to as the “Benefit Period”). These payments will commence on BPLSC’s first payroll date after the Termination Date and will continue until the end of the Benefit Period. 
(c)        If Employee incurs a Termination of Employment other than as described in Section 3(a), Employee shall receive no severance compensation under this Agreement, and this Agreement shall terminate; provided that the obligations of Employee under Sections 10, 11, 12, 22 and 23 shall continue in effect according to their terms. 
(d)        In order for the Employee to resign for Good Reason as described in Section 3(a)(ii) above, the Employee must provide written notice of termination for Good Reason to BPLSC within 30 days after the event constituting Good Reason. BPLSC shall have a period of 30 days in which it may correct the act or failure to act that constitutes the grounds for Good Reason as set forth in the Employee’s notice of termination. If BPLSC does not correct the act or failure to act, the Employee must terminate his or her employment for Good Reason within 30 days after the end of the cure period, in order for the termination to be considered a Good Reason termination. 

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4.        Other Payments. The payment due under Section 3 hereof shall be in addition to and not in lieu of accrued but not yet paid compensation and payments or benefits due to Employee under any other plan, policy or program of BPLSC, except for severance compensation as described in Section 7 below. 
5.        Enforcement. 
(a)        In the event that BPLSC shall fail or refuse to make payment of any amounts due Employee under this Agreement, BPL agrees to make such payment on behalf of BPLSC. 
(b)        In the event that BPLSC and Employee shall disagree regarding BPLSC’s obligation to pay any amounts due Employee under Sections 3 and 4 hereof, BPLSC shall pay to an escrow agent, who shall invest such sum with interest to be paid to the prevailing party, any amount not paid under Sections 3 or 4. In such event, the parties shall engage in arbitration in the City of Houston, Texas, in accordance with the National Rules for the Resolution of Employment Disputes then in effect of the American Arbitration Association, before a panel of three arbitrators, one of whom shall be selected by BPLSC and one by Employee, and the third of whom shall be selected by the other two arbitrators. Any award entered by the arbitrators shall be final, binding, and nonappealable and judgment may be entered thereon by either party in accordance with applicable law in any court of competent jurisdiction. This arbitration provision shall be specifically enforceable. The arbitrators shall have no authority to modify any provision of this Agreement or to award a remedy for a dispute involving this Agreement other than a benefit specifically provided under or by virtue of the Agreement. 
(c)        BPLSC shall pay Employee on demand the amount necessary to reimburse Employee in full for all reasonable expenses (including reasonable attorneys’ fees and expenses) incurred by Employee in enforcing any of the obligations of BPLSC and BPL under this Agreement subject to Employee’s duty to repay such sums to BPLSC and BPL in the event that the Employee does not prevail on any material issue which is the subject of such arbitration. If Employee prevails on at least one material issue which is the subject of such arbitration, BPLSC shall be responsible for all of the fees of the American Arbitration Association and the arbitrators and any expenses relating to the conduct of the arbitration (including Employee’s reasonable attorneys’ fees and expenses). Otherwise, each party shall be responsible for his or its own expenses relating to the conduct of the arbitration (including reasonable attorneys’ fees and expenses) and shall equally share the fees of the American Arbitration Association. All reimbursements shall be made in accordance with section 409A of the Internal Revenue Code. 
6.        No Mitigation. Employee shall not be required to mitigate the amount of any payment or benefit provided for in this Agreement by seeking other employment or otherwise, nor shall the amount of any payment or benefit provided for herein be reduced by any compensation earned by other employment or otherwise. 
7.        Non-exclusivity of Rights. Nothing in this Agreement shall prevent or limit Employee’s continuing or future participation in or rights under any benefit, bonus, incentive or other plan or program provided by the BPL Entities, and for which Employee may qualify, from the date hereof through the Termination Date; provided, however, that Employee hereby waives Employee’s right to receive any payments under any severance pay plan or similar program applicable to other employees of BPLSC or the BPL Entities. 
8.        No Set-Off. Except as specifically provided for herein, the obligation of BPLSC to make the payments provided for in this Agreement and otherwise to perform their obligations hereunder shall not be affected by any circumstances, including, without limitation, any set-off, counterclaim, recoupment, defense or other right which the BPL Entities may have against Employee or others. Notwithstanding the foregoing, Employee agrees that payments provided for in this Agreement are subject to Employee’s compliance with the post-termination obligations set forth in this Agreement, including but not limited to those in Sections 10, 11, and 23, and BPL may seek to recover any payments made under this Agreement in the event of Employee’s breach of such Sections.
9.        Taxes. Any payment required under this Agreement shall be subject to all requirements of law with regard to the withholding of taxes, filing, making of reports and the like, and BPLSC shall use its best efforts to satisfy promptly all such requirements. 
10.        Confidential Information. Employee recognizes and acknowledges that, by reason of his relationship to the BPL Entities, he has had and will continue to have access to confidential information of the BPL Entities, including, without limitation, information and knowledge pertaining to products and services offered, innovations, designs, ideas, plans, trade secrets, proprietary information, distribution and sales methods and systems, sales and profit figures, customer and client lists, and relationships between the entities (“Confidential Information”). Employee acknowledges that such Confidential Information is a valuable and unique asset and covenants that, except as permitted in Section 24, he will not, either during or after his employment by BPLSC, disclose or use any such Confidential Information to any person for any reason whatsoever without the prior written authorization of the Board; unless such information is in the public domain through no fault of Employee or except as may be required by law. 
11.        Non-Competition. 

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(a)        During his employment by BPLSC and for a period of one year thereafter, Employee will not, unless acting with the prior written consent of the Board, directly or indirectly, own, manage, operate, join, control or participate in the ownership, management, operation or control, or be connected as an officer, director, manager, member, employee, partner, principal, agent, representative, consultant or otherwise with or use or permit his name to be used in connection with any business or enterprise, anywhere in the world (the “Geographic Area”), that (A) competes with any material line of business of the BPL Entities, or (B) is a customer of the BPL Entities which materially contributes to any material line of business of the BPL Entities. It is recognized by Employee that the BPL Entities’ business and Employee’s connection therewith is or will be involved in activity throughout the Geographic Area, and that more limited geographical limitations on this non-competition covenant are therefore not appropriate. Employee also shall not, directly or indirectly, during such one-year period (i) solicit or divert business from, or attempt to convert any client, account or customer of the BPL Entities, whether existing at the date hereof or acquired during Employee’s employment nor (ii) solicit or attempt to hire any employee of the BPL Entities or any person who has been an employee of the BPL Entities at any time during the year prior to such Termination of Employment. 
(b)        The foregoing restriction shall not be construed to prohibit the ownership by Employee of less than five percent (5%) of any class of securities of any corporation which is engaged in any of the foregoing businesses having a class of securities registered pursuant to the Exchange Act, provided that such ownership represents a passive investment and that neither Employee nor any group of persons including Employee in any way, either directly or indirectly, manages or exercises control of any such corporation, guarantees any of its financial obligations, otherwise takes any part in its business, other than exercising his rights as a shareholder, or seeks to do any of the foregoing. 
12.        Equitable Relief. 
(a)        Employee acknowledges that the restrictions contained in Sections 10 and 11 hereof are reasonable and necessary to protect the legitimate interests of the BPL Entities, that BPL and BPLSC would not have entered into this Agreement in the absence of such restrictions, and that any violation of any provision of those Sections will result in irreparable injury to BPL and BPLSC. Employee represents that his experience and capabilities are such that the restrictions contained in Section 11 hereof will not prevent Employee from obtaining employment or otherwise earning a living at the same general level of economic benefit as is currently the case. Employee further represents and acknowledges that (i) he has been advised by BPL and BPLSC to consult his own legal counsel in respect of this Agreement, and (ii) he has had full opportunity, prior to execution of this Agreement, to review thoroughly this Agreement with his counsel. 
(b)        Employee agrees that BPL and BPLSC shall be entitled to preliminary and permanent injunctive relief, without the necessity of proving actual damages, as well as an equitable accounting of all earnings, profits and other benefits arising from any violation of Sections 10 or 11 hereof, which rights shall be cumulative and in addition to any other rights or remedies to which BPL or BPLSC may be entitled. In the event that any of the provisions of Sections 10 or 11 hereof should ever be adjudicated to exceed the time, geographic, service, or other limitations permitted by applicable law in any jurisdiction, then such provisions shall be deemed reformed in such jurisdiction to the maximum time, geographic, service, or other limitations permitted by applicable law. 
(c)        Employee irrevocably and unconditionally (i) agrees that any suit, action or other legal proceeding arising out of Section 10 or 11 hereof, including without limitation, any action commenced by BPLSC for preliminary and permanent injunctive relief or other equitable relief, may be brought in the United States District Court for the Southern District of Texas, or if such court does not have jurisdiction or will not accept jurisdiction, in any court of general jurisdiction in Harris County, Texas, (ii) consents to the non-exclusive jurisdiction of any such court in any such suit, action or proceeding, and (iii) waives any objection which Employee may have to the laying of venue of any such suit, action or proceeding in any such court. Employee also irrevocably and unconditionally consents to the service of any process, pleadings, notices or other papers in a manner permitted by the notice provisions of Section 15 hereof. 
13.        Term of Agreement. The term of this Agreement shall continue until the effectiveness of Employee’s Termination of Employment; provided, however, that each provision of this Agreement shall remain effective until all of the obligations of each party under such provision are satisfied. 
14.        Successor Company. BPL and BPLSC shall require any successor or successors (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of BPL or BPLSC, by agreement in form and substance satisfactory to Employee, to acknowledge expressly that this Agreement is binding upon and enforceable against BPL and BPLSC, as applicable, in accordance with the terms hereof, and to become jointly and severally obligated with BPL and BPLSC, as applicable, to perform this Agreement in the same manner and to the same extent that BPL or BPLSC would be required to perform if no such succession or successions had taken place. Failure of BPL and BPLSC to obtain such agreement prior to the effectiveness of any such succession shall be a breach of this Agreement. As used in this Agreement, BPL and BPLSC shall mean BPL and BPLSC as hereinbefore defined and any such successor or successors to their business and/or assets, jointly and severally. 

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15.        Notice. All notices and other communications required or permitted hereunder or necessary or convenient in connection herewith shall be in writing and shall be delivered personally or mailed by registered or certified mail, return receipt requested, or by overnight express courier service, as follows: 
If to BPL or BPLSC, to: 
Buckeye Partners, L.P. 
Buckeye Pipe Line Services Company 
One Greenway Plaza 
Suite 600 
Houston, Texas 
Attention: General Counsel 
With a copy to: 
Morgan, Lewis & Bockius LLP 
1701 Market Street 
Philadelphia, PA 19103-2921 
Attention: Benjamin R. Wills
If to Employee, to the most recent address on file with BPLSC or to such other names or addresses as BPLSC or Employee, as the case may be, shall designate by notice to each other person entitled to receive notices in the manner specified in this Section; provided, however, that if no such notice is given by BPLSC, notice at the last address of BPLSC or to any successor pursuant to Section 14 hereof shall be deemed sufficient for the purposes hereof. Any such notice shall be deemed delivered and effective when received in the case of personal delivery, five days after deposit, postage prepaid, with the U.S. Postal Service in the case of registered or certified mail, or on the next business day in the case of overnight express courier service. 
16.        Section 409A. 
(a)        This Agreement shall be interpreted to avoid any penalty sanctions under Internal Revenue Code section 409A. If any payment or benefit cannot be provided or made at the time specified herein without incurring sanctions under section 409A, then such benefit or payment shall be provided in full at the earliest time thereafter when such sanctions will not be imposed. 
(b)        Notwithstanding anything in this Agreement to the contrary, if Employee is a “specified employee” of a publicly traded corporation under section 409A at the time of his separation from service and if payment of any amount under this Agreement is required to be delayed for a period of six months after separation from service pursuant to section 409A, payment of such amount shall be delayed as required by section 409A, and the accumulated postponed amount shall be paid in a lump sum payment within 10 days after the end of the six-month period. If Employee dies during the postponement period prior to the payment of postponed amount, the amounts withheld on account of section 409A shall be paid to the personal representative of Employee’s estate within 60 days after the date of Employee’s death. The determination of specified employees, including the number and identity of persons considered specified employees and the identification date, shall be made by the Board in accordance with the provisions of Section 409A and the regulations issued thereunder. 
(c)        This Agreement is intended to comply with section 409A and its corresponding regulations, or an exemption, and payments may only be made under this Agreement upon an event and in a manner permitted by section 409A, to the extent applicable. For purposes of section 409A, the right to a series of payments under this Agreement shall be treated as a right to a series of separate payments. All reimbursements and in kind benefits provided under this Agreement shall be made or provided in accordance with the requirements of section 409A, including, where applicable, the requirement that (i) any reimbursement shall be for expenses incurred during Employee’s lifetime (or during a shorter period of time specified in this Agreement), (ii) the amount of expenses eligible for reimbursement, or in kind benefits provided, during a calendar year may not affect the expenses eligible for reimbursement, or in kind benefits to be provided, in any other calendar year, (iii) the reimbursement of an eligible expense will be made on or before the last day of the calendar year following the year in which the expense is incurred, and (iv) the right to reimbursement or in kind benefits is not subject to liquidation or exchange for another benefit. 
17.        Governing Law. This Agreement shall be governed by and interpreted under the laws of the State of Texas without giving effect to any conflict of laws provisions. 

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18.        Contents of Agreement, Amendment and Assignment. 
(a)        This Agreement supersedes all prior agreements, sets forth the entire understanding between the parties hereto with respect to the subject matter hereof and cannot be changed, modified, extended or terminated except upon written amendment executed by Employee, BPL and BPLSC. The provisions of this Agreement may provide for payments to Employee under certain compensation or bonus plans under circumstances where such plans would not provide for payment thereof. It is the specific intention of the parties that the provisions of this Agreement shall supersede any provisions to the contrary in such plans, and such plans shall be deemed to have been amended to correspond with this Agreement without further action by BPL or BPLSC or the Board. Any equity awards held by Employee shall be governed by the terms of the equity plan and the award agreement pursuant to which they were granted.
(b)        Nothing in this Agreement shall be construed as giving Employee any right to be retained in the employ of BPLSC or any of the BPL Entities. 
(c)        All of the terms and provisions of this Agreement shall be binding upon and inure to the benefit of and be enforceable by the respective heirs, representatives, successors and assigns of the parties hereto, except that the duties and responsibilities of Employee hereunder shall not be assignable in whole or in part by the Employee. 
19.        Severability. If any provision of this Agreement or application thereof to anyone or under any circumstances shall be determined to be invalid or unenforceable, such invalidity or unenforceability shall not affect any other provisions or applications of this Agreement which can be given effect without the invalid or unenforceable provision or application. 
20.        Remedies Cumulative; No Waiver. No right conferred upon Employee by this Agreement is intended to be exclusive of any other right or remedy, and each and every such right or remedy shall be cumulative and shall be in addition to any other right or remedy given hereunder or now or hereafter existing at law or in equity. Except as provided by Section 2, no delay or omission by Employee in exercising any right, remedy or power hereunder or existing at law or in equity shall be construed as a waiver thereof. 
21.        Miscellaneous. All section headings are for convenience only. This Agreement may be executed in several counterparts, each of which is an original. It shall not be necessary in making proof of this Agreement or any counterpart hereof to produce or account for any of the other counterparts. When the context admits or requires, words used in the masculine gender shall be construed to include the feminine, the plural shall include the singular, and the singular shall include the plural. 
22.        Defense of Claims. Employee agrees that, during a period of 36 months after the Termination Date, upon request from BPLSC, Employee will cooperate with the BPL Entities in the defense of any claims or actions that may be made by or against the BPL Entities that relate to Employee’s prior areas of responsibility, except if Employee’s reasonable interests are adverse to such entities in such claim or action. BPLSC agree to pay or reimburse Employee for all of his reasonable travel and other direct expenses incurred, or to be reasonably incurred, to comply with Employee’s obligations under this Section 22. If the requirements of Employee under this Section 22 exceed ten business days, BPLSC shall compensate Employee thereafter in an amount equal to $1,000 per day. 
23.        Non-Disparagement. Except as provided in Section 24, Employee agrees that, in communications with Persons other than the BPL Entities, he shall not disparage in any way, and shall always speak well of the BPL Entities, their Affiliates or respective employees, and under no circumstances shall Employee, in communications with Persons other than the BPL Entities and their Affiliates criticize or disparage any business practice, policy, statement, valuation or report that is made, conducted or published by such entities or individuals. Similarly, BPLSC, on behalf of the BPL Entities and their Affiliates, agrees to direct its officers and directors not to disparage Employee. Notwithstanding the foregoing, this Section 23 shall not be construed to prohibit or restrain any criticism or other statements made in communications exclusively between or among the BPL Entities and their Affiliates or their respective employees, agents or representatives to the extent such communications or statements are made in the ordinary course of business or in the discharge by Employee of his duties and responsibilities on behalf of the BPL Entities. The obligations of Employee and BPLSC under this Section 23 shall continue after the termination of the employment period. Employee and BPLSC acknowledge that any violation of this Section 23 may cause irreparable injury to the other parties for which monetary damages are inadequate and difficult to compute. Accordingly, this Section 23 may be enforced by specific performance, and prospective breaches of this Section 23 may be enjoined. 
24.            Government Agency Exception. Nothing in this Agreement is intended to prohibit or restrict Employee from: (i) making any disclosure of information required by process of law; (ii) providing information to, or testifying or otherwise assisting in any investigation or proceeding brought by, any federal regulatory or law enforcement agency or legislative body, or any self-regulatory organization; or (iii) filing, testifying, participating in, or otherwise assisting in a proceeding relating to an alleged violation of any federal, state, or municipal law relating to fraud or any rule or regulation of the 

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Securities and Exchange Commission or any self-regulatory organization. In addition, this Agreement does not bar Employee’s right to file an administrative charge with the Equal Employment Opportunity Commission (“EEOC”) and/or to participate in an investigation by the EEOC.
25.            Compliance with BPL Entity  Policies. Employee agrees that Employee shall be subject to any compensation clawback or recoupment policies that may be applicable to Employee as an employee of the BPL Entities, as in effect from time to time and as approved by the Board or a duly authorized committee thereof, to comply with the Dodd-Frank Wall Street Reform and Consumer Protection Act.  Employee further agrees that Employee shall comply with all rules, regulations, policies and procedures of the BPL Entities, as in effect from time to time, including any code of conduct and insider trading policy and any rules or policies that may be adopted by the BPL Entities from time to time to restrict or prohibit actual or perceived conflicts of interest.
[Signature Page Follows] 
 

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IN WITNESS WHEREOF, the undersigned, intending to be legally bound, have executed this Agreement as of the date first above written. 
 
	
					
	 
	 
	 
	 
	 

	BUCKEYE PARTNERS, L.P.
By:  Buckeye GP LLC, its general partner

	 
	 
	 

	By:
	 
	 
	 
	 

	Name:
	 
	 

	Title:
	 
	 

	 

	BUCKEYE PIPE LINE SERVICES COMPANY

	 
	 
	 

	By:
	 
	 
	 
	 

	Name:
	 
	 

	Title:
	 
	 

	 

	EMPLOYEE

	 
	 
	 

	 
	 
	 
	 
	 

 

8Exhibit 4.1

 

THIS NOTE HAS NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), NOR UNDER ANY STATE SECURITIES LAW AND MAY NOT BE SOLD,
PLEDGED, OFFERED FOR SALE, ASSIGNED OR TRANSFERRED UNLESS (a) A REGISTRATION STATEMENT WITH RESPECT THERETO IS EFFECTIVE UNDER
THE SECURITIES ACT, AND ANY APPLICABLE STATE SECURITIES LAW REQUIREMENTS HAVE BEEN MET OR (B) EXEMPTIONS FROM THE REGISTRATION
REQUIREMENTS UNDER THE SECURITIES ACT AND THE REGISTRATION OR QUALIFICATION REQUIREMENTS OF APPLICABLE STATE SECURITIES LAWS ARE
AVAILABLE.

 

SECURED CONVERTIBLE PROMISSORY NOTE

 

	$25,000	October 30, 2015
	 	New York, New York

 

FOR VALUE RECEIVED, Atrinsic, Inc., a Delaware corporation
(the “Company”), promises to pay to the order of Iroquois Master Fund Ltd (“Holder”), at the offices of
Morse, Zelnick, Rose & Lander LLP, 825 Third Avenue, New York, New York 10022, the principal sum of Twenty Five Thousand
U.S. Dollars (U.S. $25,000) with interest thereon at the rate of five percent (5%) per annum. Any amounts that remain unpaid
when due shall thereafter bear interest at the rate of twelve percent (12%) per annum. Interest as aforesaid shall be calculated
on the basis of actual number of days elapsed over a year of 360 days.

 

The principal amount
and all accrued interest of this Note are due on August 31, 2016 (the “Maturity Date”).

 

This Note is subject
to the following additional provisions:

 

Section 1. Definitions.
For the purposes hereof the following terms shall have the following meanings:

 

“Business
Day” means any day except Saturday, Sunday and any day which shall be a federal legal holiday in the United States or
a day on which banking institutions in the State of New York are authorized or required by law or other government action to close.

 

“Common
Stock” means the common stock, par value $0.000001 per share, of the Company and stock of any other class into which
such shares may hereafter have been reclassified or changed.

 

“Conversion
Date” shall have the meaning set forth in Section 5(a) hereof.

 

“Conversion
Price” shall have the meaning set forth in Section 5(b).

 

“Conversion
Shares” means the shares of Common Stock issuable upon conversion of this Note or as payment of interest, all in accordance
with the terms hereof.

 

“Event
of Default” shall have the meaning set forth in Section 7.

 

     

     

    

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

“Fundamental
Transaction” shall have the meaning set forth in Section 3.

 

“Original
Issue Date” means the date of the first issuance of this Note regardless of the number of transfers of any Note and regardless
of the number of instruments which may be issued to evidence such Note.

 

“Person”
means a corporation, an association, a partnership, organization, a business, an individual, a government or political subdivision
thereof or a governmental agency.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Security
Agreement” means the First Amended and Restated Security Agreement dated as of December 18, 2014 by and among the Company,
the Holder and Hudson Bay Master Fund Ltd (“Hudson”), as amended by the Letter Agreements dated May 15, 2015, September
3, 2015 and an even date hereof.

 

“Subsidiary”
means any Person in which the Company owns more than 50% of the outstanding equity.

 

“Transaction
Documents” means the Security Agreement and this Note.

 

Section 2. Registration of Transfers and Exchanges.

 

a) Different
Denominations. This Note is exchangeable for an equal aggregate principal amount of Notes of different authorized denominations
as requested by the Holder surrendering the same, No service charge will be made for such registration of transfer or exchange.

 

b) Investment
Representations. This Note has been issued subject to certain investment representations of the original Holder set forth herein
and may be transferred or exchanged only in compliance with applicable federal and state securities laws and regulations.

 

c)Reliance
on Note Register. Prior to due presentment to the Company for transfer of this Note, the Company and any agent of the Company
may treat the Person in whose name this Note is duly registered on the Note Register as the owner hereof for the purpose of receiving
payment as herein provided and for all other purposes, whether or not this Note is overdue, and neither the Company nor any such
agent shall be affected by notice to the contrary.

 

Section 3.Acceleration of Maturity Date.

 

If, at any time while
this Note is outstanding the Company or any of its Subsidiaries, (A) effects any merger or consolidation of the Company with or
into another Person or (B) acquires assets of a business from any Person (in any such case, a “Fundamental Transaction”),
then, immediately prior to the occurrence of such Fundamental Transaction the principal and accrued but unpaid interest payable
hereunder shall automatically become, at the Holder’s election, immediately due and payable in cash.

 

    2 

     

    

 

Section 4.Use of Proceeds. 

 

The Company will use
the proceeds of the loan represented by this Note only to pay expenses necessary to consummate a business combination transaction
(including related public company expenses).

 

Section 5.Conversion.

 

a)Voluntary
Conversion. At all times after the Original Issue Date until this Note is no longer outstanding, the principal and accrued
interest due and payable under this Note shall be convertible into shares of Common Stock at the option of the Holder, in whole
or in part at any time and from time to time, so long and only to the extent that after taking into consideration all issued and
outstanding common stock shares and the maximum number of shares issuable under all issued and outstanding convertible securities
at the time of conversion, there remain enough authorized but unissued shares under the Company’s Certificate of Incorporation
that are not previously reserved for issuance under such convertible securities to effect conversion of this Note. The Holder shall
effect conversions by delivering to the Company the form of Notice of Conversion attached hereto as Annex A (a “Notice
of Conversion”), specifying therein the principal amount of Note to be converted and the date on which such conversion
is to be effected (a “Conversion Date”). If no Conversion Date is specified in a Notice of Conversion, the Conversion
Date shall be the date that such Notice of Conversion is provided hereunder. To effect conversions hereunder, the Holder shall
not be required to physically surrender the Note to the Company unless the entire principal amount of this Note plus all accrued
and unpaid interest thereon has been so converted. Conversions hereunder shall have the effect of lowering the outstanding principal
amount of this Note in an amount equal to the applicable conversion. The Holder and the Company shall maintain records showing
the principal amount converted and the date of such conversions. The Company shall deliver any objection to any Notice of Conversion
within 3 Business Days of receipt of such notice. In the event of any dispute or discrepancy, the records of the Holder shall be
controlling and determinative in the absence of manifest error. The Holder and any assignee, by acceptance of this Note, acknowledge
and agree that, by reason of the provisions of this paragraph, following conversion of a portion of this Note, the unpaid and unconverted
principal amount of this Note may be less than the amount stated on the face hereof. However, at the Company’s request, the
Holder shall surrender the Note to the Company within five (5) trading days following such request so that a new Note reflecting
the correct principal amount may be issued to Holder.

 

b)Conversion
Price. The conversion price in effect on any Conversion Date (subject to adjustment herein) shall initially be equal to $5.00
per share.

 

c)Mechanics
of Conversion

 

i.Conversion
Shares Issuable Upon Conversion of Principal Amount. The number of shares of Common Stock issuable upon a conversion
hereunder shall be determined by the quotient obtained by dividing (x) the amount of this Note (whether principal or accrued but
unpaid interest) to be converted by (y) the Conversion Price.

 

ii.Delivery
of Certificate Upon Conversion. Not later than five (5) trading days after any Conversion Date, the Company will deliver to
the Holder at an address in the United States (A) a certificate or certificates representing the Conversion Shares representing
the number of shares of Common Stock being acquired upon the conversion of Notes (including, if so timely elected by the Company,
shares of Common Stock representing the payment of accrued interest) and (B) a bank check or wire transfer in the amount of accrued
and unpaid interest (if the Company is required to pay accrued interest in cash).

 

    3 

     

    

 

iii.Reservation
of Shares Issuable Upon Conversion. The Company covenants that it will at all times reserve and keep available out of its authorized
and unissued shares of Common Stock solely for the purpose of issuance upon conversion of this Note (after taking into account
all existing issued and outstanding shares of Common Stock and all shares reserved for issuance under the Company’s issued
and outstanding convertible securities), free from preemptive rights or any other actual contingent purchase rights of persons
other than the Holder, not less than such number of shares of the Common Stock as shall be issuable (taking into account the adjustments
and restrictions of Section 6) upon the conversion of the outstanding principal amount and accrued interest under this Note. The
Company covenants that all shares of Common Stock that are issuable upon conversion of this Note shall, upon issuance, be duly
and validly authorized, issued and fully paid and nonassessable.

 

iv.Fractional
Shares. Upon a conversion hereunder the Company shall not be required to issue stock certificates representing fractions of
shares of the Common Stock, but may if otherwise permitted, make a cash payment in respect of any final fraction of a share based
on the fair market value of a share at such time. If the Company elects not, or is unable, to make such a cash payment, the Holder
shall be entitled to receive, in lieu of the final fraction of a share, one whole share of Common Stock.

 

v.Transfer
Taxes. The issuance of certificates for shares of the Common Stock on conversion of this Note shall be made without charge
to the Holder for any documentary stamp or similar taxes that may be payable in respect of the issue or delivery of such certificate.

 

d)Holder’s
Representations.

 

i.Own
Account. Holder understands that the Conversion Shares are “restricted securities” and have not been registered
under the Securities Act or any applicable state securities law and upon Conversion will acquire the Conversion Shares as principal
for its own account and not with a view to or for distributing or reselling the Conversion Shares or any part thereof in violation
of the Securities Act or any applicable state securities law, has no present intention of distributing the Conversion Shares in
violation of the Securities Act or any applicable state securities law and has no direct or indirect arrangement or understandings
with any other persons to distribute or regarding the distribution of the Conversion Shares in violation of the Securities Act
or any applicable state securities law (this representation and warranty not limiting Holder’s right to sell the Conversion
Shares otherwise in compliance with applicable federal and state securities laws).

 

ii.Holder
Status. On the date hereof and on each date on which Holder elects to convert all or a portion of this Note, it will be either:
(i) an “accredited investor” as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) under the Securities Act
or (ii) a “qualified institutional buyer” as defined in Rule 144A(a) under the Securities Act.

 

iii.Experience
of Holder. Holder, either alone or together with its representatives, has such knowledge, sophistication and experience in
business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment in this Note
and the Conversion Shares, and has so evaluated the merits and risks of such investment. Such Purchaser is able to bear the economic
risk of an investment in this Note and the Conversion Shares and, at the present time, is able to afford a complete loss of such
investment.

 

Section 6.Certain Adjustments.

 

 a) Adjustment Triggers.

 

    4 

     

    

 

i.Stock
Dividends and Stock Splits. If the Company, at any time after the Original Issue Date while the Note is outstanding: (A) shall
pay a stock dividend or otherwise make a distribution or distributions on shares of its Common Stock or any other equity or equity
equivalent securities payable in shares of Common Stock to all stockholders of the Company (which, for avoidance of doubt, shall
not include any shares of Common Stock issued by the Company pursuant to this Note, including as interest thereon), (B) subdivide
outstanding shares of Common Stock into a larger number of shares, or (C) combine (including by way of reverse stock split) outstanding
shares of Common Stock into a smaller number of shares, then the Conversion Price shall be multiplied by a fraction of which the
numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding before such event and of
which the denominator shall be the number of shares of Common Stock outstanding after such event. Any adjustment made pursuant
to this Section shall become effective immediately after the record date for the determination of stockholders entitled to receive
such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination
or re-classification.

 

ii.Voluntary
Adjustment By Company. The Company may at any time reduce the then current Conversion Price to any amount and for any period
of time deemed appropriate and approved by the Board in accordance with Delaware law, provided that the same voluntary adjustment
shall be made to the then current Conversion Price of all outstanding Notes (as defined in the Security Agreement).

 

b)Calculations.
All calculations under this Section 6 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be.
The number of shares of Common Stock outstanding at any given time shall not includes shares of Common Stock owned or held by or
for the account of the Company, and the description of any such shares of Common Stock shall be considered on issue or sale of
Common Stock. For purposes of this Section 6, the number of shares of Common Stock deemed to be issued and outstanding as
of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

 

c)Notice to
Holder.

 

i.Adjustment
to Conversion Price. Whenever the Conversion Price is adjusted pursuant to any of this Section 6, the Company shall promptly
mail to each Holder a notice setting forth the Conversion Price after such adjustment and setting forth a brief statement of the
facts requiring such adjustment.

 

ii.Notice
to Allow Conversion by Holder. If (A) the Company shall declare a dividend (or any other distribution) on the Common Stock;
(B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock; (C) the Company shall
authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares of capital
stock of any class or of any rights; (D) the approval of any stockholders of the Company shall be required in connection with any
reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer of all
or substantially all of the assets of the Company, of any compulsory share exchange whereby the Common Stock is converted into
other securities, cash or property; (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding
up of the affairs of the Company; then, in each case, the Company shall cause to mailed to the Holder at its last address as it
shall appear upon the stock books of the Company, at least 20 calendar days prior to the applicable record or effective date hereinafter
specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption,
rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of record to be entitled
to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification,
consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is
expected that holders of the Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities,
cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided,
that the failure to mail such notice or any defect therein or in the mailing thereof shall not affect the validity of the corporate
action required to be specified in such notice. The Holder shall be entitled to convert this Note during the 20-day period commencing
the date of such notice to the effective date of the event triggering such notice.

 

    5 

     

    

 

d)Limitation
on Beneficial Ownership.

 

(i) Except as provided otherwise in this Section 6(d)(i), the number of Conversion Shares that may be acquired by the Holder
shall be limited to the extent necessary to insure that, after giving effect to such conversion (or deemed conversion for voting
purposes), the number of shares of Common Stock then beneficially owned by the Holder and its affiliates and any other persons
or entities whose beneficial ownership of Common Stock would be aggregated with the Holder’s for purposes of Section 13(d)
of the Exchange Act (including shares held by any “group” of which the Holder is a member, but, for avoidance of doubt,
excluding shares of Common Stock issuable upon conversion or exercise of securities or rights to acquire securities that have limitations
on the right to convert, exercise or purchase similar to the limitation set forth herein) does not exceed 4.99% (the “Maximum
Percentage”) of the total number of shares of Common Stock of the Company issued and outstanding immediately after giving
effect to such conversion (or deemed conversion for voting purposes) (the “Beneficial Ownership Cap”). Upon
delivery of a written notice to the Company, the Holder may from time to time increase or decrease the Maximum Percentage to any
other percentage not in excess of 9.99% as specified in such notice; provided that (i) any such increase in the Maximum Percentage
will not be effective until the sixty-first (61st) day after such notice is delivered to the Company and (ii) any such increase
or decrease will apply only to the Holder and its Affiliates and not to any other holder of contemporaneously issued Notes that
is not an Affiliate. For purposes hereof, “group” has the meaning set forth in Section 13(d) of the Exchange Act and
applicable regulations of the Securities and Exchange Commission, and the percentage held by the Holder shall be determined in
a manner consistent with the provisions of Section 13(d) of the Exchange Act. As used herein, the term “Affiliate”
means any person or entity that, directly or indirectly through one or more intermediaries, controls or is controlled by or is
under common control with a person or entity, as such terms are used in and construed under Rule 144 under the Securities Act.
With respect to the Holder, any investment fund or managed account that is managed on a discretionary basis by the same investment
manager as the Holder will be deemed to be an affiliate of the Holder. In the event the Company is prohibited from issuing shares
of Common Stock as a result of any restrictions or prohibitions under applicable law or the rules or regulations of any stock exchange,
interdealer quotation system or other self-regulatory organization, the Company shall as soon as possible seek the approval of
its stockholders and take such other action to authorize the issuance of the full number of shares of Common Stock issuable upon
the full conversion of this Note.

 

(ii) For purposes of the foregoing, the number of shares of Common Stock beneficially owned by the Holder and its affiliates
shall include the number of shares of Common Stock issuable upon conversion of this Note with respect to which the determination
is being made, but shall exclude the number of shares of Common Stock which would be issuable upon (A) conversion of the remaining,
nonconverted shares under this Note beneficially owned by such Person or any of its affiliates and (B) exercise or conversion of
the unexercised or unconverted portion of any other securities of the Company (including, without limitation, any other notes or
warrants) subject to a limitation on conversion or exercise analogous to the limitation contained in this Section beneficially
owned by Holder or any of its affiliates. Except as set forth in the preceding sentence, for purposes of this Section 6(d), beneficial
ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange Act. For purposes of this Section 6(d),
in determining the number of outstanding shares of Common Stock, Holder may rely on the number of outstanding shares of Common
Stock as reflected in (1) the Company’s most recent Form 10-K, Form 10-Q, or Form 8-K, as the case may be, (2) a more recent
public announcement by the Company, or (3) any other notice by the Company or the Transfer Agent setting forth the number of shares
of Common Stock outstanding. For any reason at any time, upon the written request of Holder, the Company shall within one (1) Business
Day following the receipt of such notice, confirm orally and in writing to any such Holder the number of shares of Common Stock
then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the
conversion or exercise of securities of the Company, including conversions under this Note (or deemed conversion, as applicable),
by Holder and its affiliates since the date as of which such number of outstanding shares of Common Stock was reported. In the
event that the Company cannot issue any shares of Common Stock to a Holder solely by reason of this Section 6(d) (such shares,
the “Limited Shares”), notwithstanding anything to the contrary contained herein, the Company shall hold any
such Limited Shares in abeyance for such Holder until such time, if ever, that the delivery of such Limited Shares shall not cause
the Holder to exceed the Beneficial Ownership Cap, at which time such Holder shall be delivered such Limited Shares to the extent
as if there had been no such limitation. The provisions of this paragraph shall be construed and implemented in a manner otherwise
than in strict conformity with the terms of this Section 6(d) to correct this paragraph (or any portion hereof) which may be defective
or inconsistent with the intended beneficial ownership limitation herein contained or to make changes or supplements necessary
or desirable to properly give effect to such limitation.

 

    6 

     

    

 

Section 7.Events of Default.

 

a)Event of
Default. Wherever used herein, means any one of the following events (whatever the reason and whether it shall be voluntary
or involuntary or effected by operation of law or pursuant to any judgment, decree or order of any court, or any order, rule or
regulation of any administrative or governmental body):

 

i.any
default in the payment of (A) the principal, or (B) interest on this Note or any other note of the Company held by the Holder when
the same shall become due and payable (whether on the Maturity Date or by acceleration or otherwise) which default is not cured
within ten (10) Business Days after written notice from the Holder

 

ii.a
breach of any of the covenants or agreements made by the Company herein; or

 

iii.(A)
there is commenced against the Company or any Subsidiary thereof a case under any applicable bankruptcy or insolvency laws as now
or hereafter in effect or any successor thereto, or any other proceeding under any reorganization, arrangement, adjustment of debt,
relief of debtors, dissolution, insolvency or liquidation or similar law of any jurisdiction whether now or hereafter in effect
relating to the Company or any Subsidiary thereof which remains undismissed for a period of 60 days; or (B) the Company or any
Subsidiary thereof is adjudicated by a court of competent jurisdiction insolvent or bankrupt; or any order of relief or other order
approving any such case or proceeding is entered; or (C) the Company or any Subsidiary thereof suffers any appointment of any custodian
or the like for it or any substantial part of its property which continues undischarged or unstayed for a period of 60 days.

 

    7 

     

    

 

b)Remedies
Upon Event of Default. If any Event of Default occurs, the full principal amount of this Note, together with interest and any
other amounts owing in respect hereof, to the date of acceleration shall become, at the Holder’s election, immediately due
and payable in cash. The Holder need not provide and the Company hereby waives any presentment, demand, protest or other notice
of any kind, and the Holder may immediately and without expiration of any grace period enforce any and all of its rights and remedies
hereunder and all other remedies available to it under applicable law. Such declaration may be rescinded and annulled by Holder
at any time prior to payment hereunder and the Holder shall have all rights as a Note holder until such time, if any, as the full
payment under this Section shall have been received by it. No such rescission or annulment shall affect any subsequent Event of
Default or impair any right consequent thereon.

 

Section 8.Miscellaneous.

 

a)Notices.
Any and all notices or other communications or deliveries to be provided by the Holder hereunder shall be in writing and delivered
personally, by facsimile to Fax No: (212) 208-6809, or sent by a nationally recognized overnight courier service, addressed to
the Company at 65 Atlantic Avenue, Boston, Massachusetts 02110, attention: Chief Executive Officer, or such other address or facsimile
number as the Company may specify for such purposes by notice to the Holder delivered in accordance with this Section. Any and
all notices or other communications or deliveries to be provided by the Company hereunder shall be in writing and delivered personally,
by facsimile, sent by a nationally recognized overnight courier service addressed to the Holder at the facsimile, telephone number
or address of such Holder appearing on the books of the Company, or if no such facsimile telephone number or address appears, at
the principal place of business of the Holder. Any notice or other communication or deliveries hereunder shall be deemed given
and effective on the earliest of (i) the date of transmission, if such notice or communication is delivered via facsimile at the
facsimile telephone number specified in this Section prior to 5:30 p.m. (New York City time), (ii) the date after the date of transmission,
if such notice or communication is delivered via facsimile at the facsimile telephone number specified in this Section later than
5:30 p.m. (New York City time) on any date and earlier than 11:59 p.m. (New York City time) on such date, (iii) the second Business
Day following the date of mailing, if sent by nationally recognized overnight courier service, or (iv) upon actual receipt by the
party to whom such notice is required to be given.

 

b)Absolute
Obligation. Except as expressly provided herein, no provision of this Note shall alter or impair the obligation of the Company,
which is absolute and unconditional, to pay the principal of, interest and other amounts provided for herein (if any) on, this
Note at the time, place, and rate, and in the coin or currency, herein prescribed. This Note is a direct debt obligation of the
Company.

 

c)Lost or
Mutilated Note. If this Note shall be mutilated, lost, stolen or destroyed, the Company shall execute and deliver, in exchange
and substitution for and upon cancellation of a mutilated Note, or in lieu of or in substitution for a lost, stolen or destroyed
Note, a new Note for the principal amount of this Note so mutilated, lost, stolen or destroyed but only upon receipt of evidence
of such loss, theft or destruction of such Note, and of the ownership hereof; and indemnity, if requested, all reasonably satisfactory
to the Company.

 

d)Security
Interest. This Note is a direct debt obligation of the Company and, pursuant to the Security Agreement all of the Company’s
obligations hereunder are secured by a security interest in all of the assets of the Company for the benefit of the Holder. The
Holder understands, acknowledges and agrees that Hudson has made a loan to the Company in a principal amount equal to the principal
amount of this Note, and that the Company has granted Hudson a security interest in all of the assets of the Company and that the
Hudson security interest is pari passu with that of the Holder.

 

    8 

     

    

 

e)Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of this Note, and any claim, controversy
or dispute arising under or related to this Note, the relationship of the parties, and/or the interpretation and enforcement of
the rights and duties of the parties hereunder shall be governed by and construed and enforced in accordance with the internal
laws of the State of New York, without regard to the principles of conflicts of law thereof. Each party agrees that all legal proceedings
concerning the interpretations, enforcement and defense of the transactions contemplated by any of the Transaction Documents (whether
brought against a party hereto or its respective affiliates, directors, officers, shareholders, employees or agents) shall be commenced
in the state or federal courts sitting in the City of New York, Borough of Manhattan (the “New York Courts”). Each
party hereto hereby irrevocably submits to the exclusive jurisdiction of the New York Courts for the adjudication of any dispute
hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to
the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any suit, action
or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, or such New York Courts are improper
or inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents to process
being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery
(with evidence of delivery) to such party at the address in effect for notices to it under this Note and agrees that such service
shall constitute good and sufficient service of process and notice thereof Nothing contained herein shall be deemed to limit in
any way any right to serve process in any manner permitted by law. Each party hereto hereby irrevocably waives, to the fullest
extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this
Note or the transactions contemplated hereby. If either party shall commence an action or proceeding to enforce any provisions
of this Note, then the prevailing party in such action or proceeding shall be reimbursed by the other party for its attorney’s
fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding.

 

f)Waiver.
Any waiver by the Company or the Holder of a breach of any provision of this Note shall not operate as or be construed to be a
waiver of any other breach of such provision or of any breach of any other provision of this Note. The failure of the Company or
the Holder to insist upon strict adherence to any term of this Note on one or more occasions shall not be considered a waiver or
deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this Note. Any waiver
must be in writing.

 

g)Severability.
If any provision of this Note is invalid, illegal or unenforceable, the balance of this Note shall remain in effect, and if any
provision is inapplicable to any person or circumstance, it shall nevertheless remain applicable to all other persons and circumstances.
If it shall be found that any interest or other amount deemed interest due hereunder violates applicable laws governing usury,
the applicable rate of interest due hereunder shall automatically be lowered to equal the maximum permitted rate of interest. The
Company covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner
whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other law which would prohibit or forgive
the Company from paying all or any portion of the principal of or interest on this Note as contemplated herein, wherever enacted,
now or at any time hereafter in force, or which may affect the covenants or the performance of this indenture, and due Company
(to the extent it may lawfully do so) hereby expressly waives all benefits or advantage of any such law, and covenants that it
will not, by resort to any such law, binder, delay or impeded the execution of any power herein granted to the Holder, but will
suffer and permit the execution of every such as though no such law has been enacted.

 

h)Next Business
Day. Whenever any payment or other obligation hereunder shall be due on a day other than a Business Day, such payment shall
be made on the next succeeding Business Day.

 

    9 

     

    

 

i)Headings.
The headings contained herein are for convenience only, do not constitute a part of this Note and shall not be deemed to limit
or affect any of the provisions hereof.

 

IN WITNESS WHEREOF, the Company
has caused this Note to be duly executed by a duly authorized officer as of the date first above indicated.

 

	 	ATRINSIC, INC.
	 	 	 
	 	 	 
	 	By:	/s/Edward Gildea
	 	 	Edward Gildea, Chief Executive Officer

 

Agreed to and Accepted:

 

IROQUOIS MASTER FUND LTD.

 

	By:	/s/ Joshua Silverman	 
	Name: Joshua Silverman	 
	Title: Authorized Signatory	 

 

[SIGNATURE PAGE TO OCTOBER 30, 2015 CONVERTIBLE
NOTE]

 

    10 

     

    

 

ANNEX A

 

NOTICE OF CONVERSION

  

The undersigned hereby
elects to convert principal under the Convertible Note of Atrinsic, Inc., a Delaware corporation (the “Company”), due
on ___________, 20__, into shares of common stock, par value $0.000001 per share (the “Common Stock”), of the Company
according to the conditions hereof, 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 taxes payable with respect thereto and is delivering herewith such certificates
and opinions as reasonably requested by due Company in accordance therewith. No fee will be charged to the Holder for any conversion,
except for such transfer taxes, if any.

 

The undersigned agrees
to comply with the prospectus delivery requirements under the applicable securities laws in connection with any transfer of the
aforesaid shares of Common Stock.

 

Conversion calculations:

 

	 	Date to Effect Conversion:
	 	 	 
	 	Principal Amount of Note to be Converted:
	 	 	 
	 	Payment of Interest in Common Stock_ yes _  no
	 	If yes, $______ of Interest Accrued on Account of
	 	Conversion at Issue.
	 	 	 
	 	Number of shares of Common Stock to be issued:
	 	 	 
	 	 	 
	 	Signature:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Address:

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