Document:

Exhibit 10.35

 

SECURITIES PURCHASE AGREEMENT

 

This SECURITIES
PURCHASE AGREEMENT (this “Agreement”), dated as of June 4, 2020, is entered into by and between ELECTROMEDICAL
TECHNOLOGIES, INC., a Delaware corporation, (the “Company”), and VISTA CAPITAL INVESTMENTS, LLC (the “Buyer”).

 

A.            The
Company and the Buyer are executing and delivering this Agreement in reliance upon the exemption from securities registration afforded
by the rules and regulations as promulgated by the United States Securities and Exchange Commission (the “SEC”)
under the Securities Act of 1933, as amended (the “1933 Act”).

 

B.            Upon
the terms and conditions stated in this Agreement, the Buyer desires to purchase and the Company desires to issue and sell, upon
the terms and conditions set forth in this Agreement (i)  a Promissory Note of the Company, in the form attached hereto as
Exhibit  A, in the original principal amount of $110,000.00 (together with any note(s)  issued in replacement
thereof or as a dividend thereon or otherwise with respect thereto in accordance with the terms thereof, the “Note”),
(ii)  one hundred thousand (100,000) restricted common shares in the Company (“Commitment Shares”) to be
delivered to Holder, via overnight courier , within 5 busine ss days following the Closing Date, and (iii) a three -year share
purchas e warrant entitling the Buyer to acquire 250,000 com mon shares (“Common Stock” ), in the form attached
her eto as Exhibit B (the “Warrant”) (together, the “Securities”).

 

NOW
THEREFORE, the Company and the Buyer hereby agree as follows:

 

1.            Purchase
and Sale. On the Closing Date (as defined below), the Company shall issue and sell to the Buyer and the Buyer agrees to purchase
from the Company (i) the Note in the original principal amount of $110,000, and (ii) the Commitment Shares.

 

1.1.            Form of
Payment. On the Closing Date, (i) the Buyer shall pay the purchase price of $100,000 (the “Purchase Price”)
for the Securities to be issued and sold to it at the Closing (as defined below) by wire transfer of immediately available funds
to a company account designated by the Company, in accordance with the Company’s written wiring instructions, against delivery
of the Securities, and (ii) the Company shall deliver such duly executed Securities on behalf of the Company, to the Buyer,
against delivery of such Purchase Price.

 

1.2.            Closing
Date. The date and time of the issuance and sale of the Securities pursuant to this Agreement (the “Closing Date”)
shall be on or about June 4, 2020, or such other mutually agreed upon time. The closing of the transactions contemplated by
this Agreement (the “Closing”) shall occur on the Closing Date at such location as may be agreed to by the parties.

 

1.3.            Commitment
Share True-Up. If, during the period beginning on the Closing Date and ending on the later of (i) the Maturity Date, or
(ii) the date on which the Note is fully satisfied and cancelled (the “True-Up Period”), the then the greater
of (i) $0.25 and (ii) the lowest traded price (as reported by Quotestream TM, a service of Quotemedia, Inc.)
of the Company’s common stock (the “Common Stock”) for any Trading Day within the True-Up Period (the “Subsequent
Share Price”), as reported on the Company’s Principal Market, is less than the closing price of the Company’s
common stock on the Issuance Date, then the Company shall, within three (3) trading days of Holder’s provision of written
notice in the form attached hereto as Exhibit C (the “True-Up Notice”), issue and deliver to the Holder
an additional number of duly and validly issued, fully paid and non-assessable shares of Common Stock equal to (X) the quotient
of the Commitment Value (as defined below) divided by the Subsequent Share Price, multiplied by 1.5, less (Y) the Commitment
Shares, less (Z) any True-Up Shares (as defined below) previously issued. The “Commitment Value” shall mean the
product of the Commitment Shares multiplied by the closing price of the Company’s common stock on the Closing Date. Any additional
shares of Common Stock issuable pursuant to Section 1.d are referred to herein as “True-up Shares.” The Holder
shall not submit more than one True-Up Notice. The True-up Shares, if required to be issued pursuant to this Note, shall be issued
as provided in this Note, provided, however, that in no event shall the Holder be entitled to receive shares of common stock in
excess of the amount that would result in beneficial ownership by the Holder and its affiliates of 9.99% of the outstanding shares
of Common Stock at that time. For purposes of the proviso to the immediately preceding sentence, beneficial ownership shall be
determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
and Regulations 13D-G thereunder. Accordingly, the True-up Shares, if required to be issued pursuant to this Note, shall be issued
in accordance with the beneficial ownership limitations contained herein, and in successive tranches (each an “Additional
Tranche”) if the issuance of one tranche would result in the Holder’s beneficial ownership of more than 9.99% of the
outstanding shares of Common Stock at that time. The Company shall issue each respective Additional Tranche of the True-up Shares,
if required under this Note, within two (2) Trading Days of the request by Holder, subject to the beneficial ownership limitations
contained herein. If the Company fails to issue the True-up Shares or any Additional Tranche within the timeframe specified in
this Note, then the amount of Additional Shares in which Holder is entitled shall automatically be multiplied by two. The Company
shall at all times reserve shares of its Common Stock for Holder in an amount equal to 300% multiplied by (X) the quotient
of the Commitment Value divided by the lowest traded price of the Common Stock during the five Trading Days immediately preceding
the respective date of calculation, multiplied by 1.5, less (Y) the Original Shares.

 

    

     

    

 

1.4.            Registration
Rights: The Company shall, within ten (10) calendar days of the effectiveness of the S-1 Registration statement initially
filed with the SEC on November 12, 2019, file a registration statement form S-1MEF with the SEC to register 500,000 (five
hundred thousand) shares in the name of the Buyer. Failure to do so will result in an Event of Default under the Note.

 

2.            Governing
Law; Miscellaneous.

 

2.1.            Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Nevada without regard to
principles of conflicts of laws. Any action brought by either party against the other concerning the transactions contemplated
by this Agreement shall be brought only in the state courts of San Diego County, California or in the federal courts located in
San Diego County, California. The parties to this Agreement hereby irrevocably waive any objection to jurisdiction and venue of
any action instituted hereunder and shall not assert any defense based on lack of jurisdiction or venue or based upon forum
non conveniens. In the event that any provision of this Agreement or any other agreement delivered in connection herewith is
invalid or unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative to the
extent that it may conflict therewith and shall be deemed modified to conform with such statute or rule of law. Any such provision
which may prove invalid or unenforceable under any law shall not affect the validity or enforceability of any other provision of
any agreement. Each party hereby irrevocably waives personal service of process and consents to process being served in any suit,
action or proceeding in connection with this Agreement or any other Transaction Document 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 Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing
contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. THE COMPANY
HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE
HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

  

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2.2.            Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall be deemed an original but all of which shall constitute
one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other
party.

 

2.3.            Headings.
The headings of this Agreement are for convenience of reference only and shall not form part of, or affect the interpretation of,
this Agreement.

 

2.4.            Severability.
In the event that any provision of this Agreement is invalid or unenforceable under any applicable statute or rule of law,
then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform
with such statute or rule of law. Any provision hereof which may prove invalid or unenforceable under any law shall not affect
the validity or enforceability of any other provision hereof.

 

2.5.            Entire
Agreement; Amendments. This Agreement and the instruments referenced herein contain the entire understanding of the parties
with respect to the matters covered herein and therein and, except as specifically set forth herein or therein, neither the Company
nor the Buyer makes any representation, warranty, covenant or undertaking with respect to such matters. No provision of this Agreement
may be waived or amended other than by an instrument in writing signed by the Buyer.

 

2.6.            Notices.
Any notice required or permitted hereunder shall be given in writing (unless otherwise specified herein) and shall be deemed effectively
given on the earliest of:

 

(a)            the
date delivered, if delivered by personal delivery as against written receipt therefor or by e-mail to an executive officer, or
by confirmed facsimile,

 

(b)            the
fifth Trading Day after deposit, postage prepaid, in the United States Postal Service by registered or certified mail, or

 

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(c)            the
third Trading Day after mailing by domestic or international express courier, with delivery costs and fees prepaid, in each case,
addressed to each of the other parties thereunto entitled at the following addresses (or at such other addresses as such party
may designate by ten (10) calendar days’ advance written notice similarly given to each of the other parties hereto):

  

If to
the Company, to:

 

Electromedical
Technologies, Inc.

16561
N 92nd St., Suite 101

Scottsdale
AZ 85260

Attn:
Matthew Wolfson

Email:
ceo@electromedtech.com

 

If to
the Buyer:

 

VISTA CAPITAL INVESTMENTS, LLC

120 Birmingham Drive, Suite 230

Cardiff CA 92007

Attn: David Clark

Email: dclark@vci.us.com

 

2.7.            Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and assigns.
Notwithstanding anything to the contrary herein, the rights, interests or obligations of the Company hereunder may not be assigned,
by operation of law or otherwise, in whole or in part, by the Company without the prior written consent of the Buyer, which consent
may be withheld at the sole discretion of the Buyer; provided, however, that in the case of a merger, sale of substantially
all of the Company’s assets or other corporate reorganization, the Buyer shall not unreasonably withhold, condition or delay
such consent. This Agreement or any of the severable rights and obligations inuring to the benefit of or to be performed by Buyer
hereunder may be assigned by Buyer to a third party, including its financing sources, in whole or in part, without the need to
obtain the Company’s consent thereto.

 

2.8.            Third
Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective permitted successors
and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other person.

 

2.9.            Survival.
The representations and warranties of the Company and the agreements and covenants set forth in this Agreement shall survive the
Closing hereunder notwithstanding any due diligence investigation conducted by or on behalf of the Buyer. The Company agrees to
indemnify and hold harmless the Buyer and all its officers, directors, employees, attorneys, and agents for loss or damage arising
as a result of or related to any breach or alleged breach by the Company of any of its representations, warranties and covenants
set forth in this Agreement or any of its covenants and obligations under this Agreement, including advancement of expenses as
they are incurred.

 

2.10.          No
Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the parties to express
their mutual intent, and no rules of strict construction will be applied against any party.

 

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

  

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2.12.          Buyer’s
Rights and Remedies Cumulative. All rights, remedies, and powers conferred in this Agreement and the Transaction Documents
on the Buyer are cumulative and not exclusive of any other rights or remedies, and shall be in addition to every other right, power,
and remedy that the Buyer may have, whether specifically granted in this Agreement or any other Transaction Document, or existing
at law, in equity, or by statute; and any and all such rights and remedies may be exercised from time to time and as often and
in such order as the Buyer may deem expedient.

 

2.13.          Ownership
Limitation. If at any time after the Closing, the Buyer shall or would receive shares of Common Stock in payment of interest
or principal under Note, upon conversion of Note, under the Warrant, or upon exercise of the Warrant, so that the Buyer would,
together with other shares of Common Stock held by it or its Affiliates, own or beneficially own by virtue of such action or receipt
of additional shares of Common Stock a number of shares exceeding 4.99% of the number of shares of Common Stock outstanding on
such date (the “Maximum Percentage”), the Company shall not be obligated and shall not issue to the Buyer shares
of Common Stock which would exceed the Maximum Percentage, but only until such time as the Maximum Percentage would no longer be
exceeded by any such receipt of shares of Common Stock by the Buyer. The foregoing limitations are enforceable, unconditional and
non-waivable and shall apply to all Affiliates and assigns of the Buyer. Additionally, for so long as the Buyer or any of its Affiliate
own Securities, upon written request from the Buyer, the Company shall post (or cause to be posted), the then-current number of
issued and outstanding shares of its capital stock to the Company’s web page located at OTCmarkets.com (or such other
web page approved by the Buyer).

 

2.14.          Attorneys’
Fees and Cost of Collection. In the event of any action at law or in equity to enforce or interpret the terms of this Agreement
or any of the other Transaction Documents, the parties agree that the party who is awarded the most money shall be deemed the prevailing
party for all purposes and shall therefore be entitled to an additional award of the full amount of the attorneys’ fees and
expenses paid by such prevailing party in connection with the litigation and/or dispute without reduction or apportionment based
upon the individual claims or defenses giving rise to the fees and expenses. Nothing herein shall restrict or impair a court’s
power to award fees and expenses for frivolous or bad faith pleading.

 

[Remainder of page intentionally
left blank; signature page to follow]

 

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SUBSCRIPTION
AMOUNT:

 

	Original Principal Amount of Note: 	$110,000.00
	Purchase Price: 	$100,000.00 

 

IN WITNESS WHEREOF,
the undersigned Buyer and the Company have caused this Agreement to be duly executed as of the date first above written.

 

THE COMPANY:

 

Electromedical
Technologies, Inc.

	 	 	 
	By:   		 
	 	Matthew Wolfson	 
	 	Chief Executive Officer	 

 

	THE BUYER:	 
	 	 	 
	VISTA CAPITAL INVESTMENTS, LLC	 
	 	 	 
	By:   		 
	 	David J. Clark	 
	 	Managing Member	 

 

    

     

    

 

EXHIBIT A

 

NOTE

 

    

     

    

 

EXHIBIT B

 

WARRANT

 

    

     

    

 

EXHIBIT C

 

TRUE-UP NOTICE

VISTA CAPITAL INVESTORS, LLC

 

Date:                                                     

 

[Company]

     

[Address]  

 

TRUE-UP NOTICE

 

The above-captioned
Holder hereby gives notice to [Company], a Nevada corporation (the “Company”), pursuant to that certain Securities
Purchase Agreement dated _______ by and between the Company and the Holder (the “Purchase Agreement”), that
the Holder elects to receive fully paid and nonassessable True-Up Shares pursuant to Section 1.3 of the Purchase Agreement.
Such True-Up Shares shall be calculated as set forth below. In the event of a conflict between this True-Up Notice and the Purchase
Agreement, the Purchase Agreement shall govern, or, in the alternative, at the election of the Holder in its sole discretion, the
Holder may provide a new form of True-Up Notice to conform to the Purchase Agreement.

 

	 	A.	Subsequent Share Price: ______

	 	B.	Commitment Value: $_______

	 	C.	Commitment Shares: ______ *

	 	D.	Commitment Shares ______

	 	E.	Previously Issued True-Up Shares _______

 

The number of True-Up Shares
Holder is entitled to receive is calculated as follows:

 

((Commitment Value / Subsequent
Share Price) x 1.5) – (Commitment Shares) – (Previously Issued True-Up Shares) = True-Up Shares Deliverable

 

* Subject to adjustments permitted by the Transaction Documents.

 

Please transfer the Additional Origination Shares electronically
(via DWAC) to the following account:

 

	 	 	Broker:	 
	 	 	Address:	 
	 	 	 	 
	 	 	DTC#:	 

 

Account #:

Account Name:

 

	To the extent the Additional Origination Shares are not able to be delivered to the Holder electronically via the DWAC system, please deliver a certificate representing all such shares to the Holder via reputable overnight courier after receipt of this True-Up Notice (by facsimile transmission or otherwise) to:

 

_____________________________________ 

_____________________________________ 

_____________________________________

 

	Sincerely,	 
	 	 
	VISTA CAPITAL INVESTMENTS, LLC	 
	 	 
	By: 	 	 
	 	David J. Clark, President	 

 

    7Exhibit
10.36

 

NEITHER
THIS NOTE NOR THE SECURITIES INTO WHICH THIS NOTE IS CONVERTIBLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION
OR THE SECURITIES COMMISSION OF ANY STATE. THESE SECURITIES HAVE BEEN SOLD IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR
SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM,
OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE
SECURITIES LAWS.

 

Electromedical
Technologies, Inc.

 

Convertible
Note

 

	Issuance
    Date: June 4, 2020	Original
    Principal Amount:        $110,000
	Note
    No. EMED-1	Consideration
    Paid at Close:       $100,000

 

FOR
VALUE RECEIVED, Electromedical Technologies, Inc., a Delaware corporation with a par value of $0.001 per common share
(“Par Value”) (the “Company”), hereby promises to pay to the order of Vista Capital Investments,
LLC or registered assigns (the “Holder”) the amount set out above as the Original Principal Amount (as reduced
pursuant to the terms hereof pursuant to redemption, conversion or otherwise, the “Principal”) when due, whether
upon the Maturity Date (as defined below), acceleration, redemption or otherwise (in each case in accordance with the terms hereof)
and to pay interest (“Interest”) on any outstanding Principal at the applicable Interest Rate from the date set
out above as the Issuance Date (the “Issuance Date”) until the same becomes due and payable, upon the Maturity
Date or acceleration, conversion, redemption or otherwise (in each case in accordance with the terms hereof).

 

The
Original Principal Amount is $110,000 (one hundred ten thousand) plus accrued and unpaid interest and any other fees. The Consideration
is $100,000 (one hundred thousand) payable by wire transfer (there exists a $10,000 original issue discount (the “OID”)).
The Holder shall pay $100,000 of Consideration upon closing of this Note. For purposes hereof, the term “Outstanding Balance”
means the Original Principal Amount, as reduced or increased, as the case may be, pursuant to the terms hereof for conversion,
breach hereof or otherwise, plus any accrued but unpaid interest, collection and enforcements costs, and any other fees, penalties,
damages or charges incurred under this Note.

 

	 	(1)	GENERAL
    TERMS

 

(a)         
Payment of Principal. The “Maturity Date” shall be December 15, 2020, and may be extended at the
option of the Holder in the event that, and for so long as, an Event of Default (as defined below) shall not have occurred and
be continuing on the Maturity Date (as may be extended pursuant to this Section 1) or any event shall not have occurred and
be continuing on the Maturity Date (as may be extended pursuant to this Section 1) that with the passage of time and the
failure to cure would result in an Event of Default.

 

(b)         
Interest. A one-time interest charge of eight percent (8%) (“Interest Rate”) shall be applied on the Issuance
Date to the Outstanding Balance. Interest hereunder shall be paid on the Maturity Date (or sooner as provided herein) to the Holder
or its assignee in whose name this Note is registered on the records of the Company regarding registration and transfers of Notes
in cash or converted into share of common stock of the Company (“Common Stock”) at the Conversion Price provided the
Equity Conditions are satisfied.

 

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(c)          
Security. This Note shall not be secured by any collateral or any assets pledged to the Holder

 

(d)         
Moratorium on Variable Securities. For a period of 90 (ninety) days following the issuance date, the Company shall not
at any time make any Variable Security Issuances (as defined below) to anyone other than Investor without Investor’s prior
written consent, which consent may be granted or withheld in Investor’s sole and absolute discretion. “Variable Security
Issuance” shall mean any issuance of any security that (i) has or may have conversion rights of any kind, contingent,
conditional or otherwise, in which the number of shares that may be issued pursuant to such conversion right varies with the market
price of the Common Stock, or (ii) is or may become convertible into Common Stock (including without limitation convertible
debt, debentures, warrants or convertible preferred stock), with a conversion price that varies with the market price of the Common
Stock, even if such security only becomes convertible following an event of default, the passage of time, or another trigger event
or condition. For avoidance of doubt, the issuance of shares of Common Stock under, pursuant to, in exchange for or in connection
with any contract or instrument, whether convertible or not, is deemed a Variable Security Issuance for purposes hereof if the
number of shares of Common Stock to be issued is based upon or related in any way to the market price of the Common Stock, including,
but not limited to, Common Stock issued in connection with a Section 3(a)(9) exchange, a Section 3(a)(10) settlement,
or any other similar settlement or exchange.

 

	 	(2)	EVENTS
    OF DEFAULT.

 

(a)          
An “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)       The
Company’s failure to pay to the Holder any amount of Principal, Interest, or other amounts when and as due under this Note
(including, without limitation, the Company’s failure to pay any redemption payments or amounts hereunder);

 

(ii)     
A Conversion Failure as defined in section 3(b)(ii)

 

(iii)     The
Company or any subsidiary of the Company shall commence,

 

or
there shall be commenced against the Company or any subsidiary of the Company under any applicable bankruptcy or insolvency laws
as now or hereafter in effect or any successor thereto, or the Company or any subsidiary of the Company commences 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 of the Company or there is
commenced against the Company or any subsidiary of the Company any such bankruptcy, insolvency or other proceeding which remains
undismissed for a period of 61 days; or the Company or any subsidiary of the Company is adjudicated insolvent or bankrupt; or
any order of relief or other order approving any such case or proceeding is entered; or the Company or any subsidiary of the Company
suffers any appointment of any custodian, private or court appointed receiver or the like for it or any substantial part of its
property which continues undischarged or unstayed for a period of sixty one (61) days; or the Company or any subsidiary of the
Company makes a general assignment for the benefit of creditors; or the Company or any subsidiary of the Company shall fail to
pay, or shall state that it is unable to pay, or shall be unable to pay, its debts generally as they become due; or the Company
or any subsidiary of the Company shall call a meeting of its creditors with a view to arranging a composition, adjustment or restructuring
of its debts; or the Company or any subsidiary of the Company shall by any act or failure to act expressly indicate its consent
to, approval of or acquiescence in any of the foregoing; or any corporate or other action is taken by the Company or any subsidiary
of the Company for the purpose of effecting any of the foregoing;

  

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(iv)   
The Company or any subsidiary of the Company shall default in any of its obligations under any other Note or any mortgage, credit
agreement or other facility, indenture agreement, factoring agreement or other instrument under which there may be issued, or
by which there may be secured or evidenced any indebtedness for borrowed money or money due under any long term leasing or factoring
arrangement of the Company or any subsidiary of the Company in an amount exceeding $100,000, whether such indebtedness now exists
or shall hereafter be created; and

 

(v)    
The Common Stock is suspended or delisted for trading on the Over the Counter OTCQB Venture Marketplace or OTCOTCQB tier Open
Marketplace (the “Primary Market”).

 

(vi)
   The Company loses its ability to deliver shares via “DWAC/FAST” electronic transfer.

 

(vii)   
The Company loses its status as “DTC Eligible.”

 

(viii) 
 The Company shall become late or delinquent in its filing requirements as a fully-reporting issuer registered with the Securities &
Exchange Commission.

 

(ix)    
The Company shall fail to reserve and keep available out of its authorized Common Stock a number of shares equal to at least 5
(five) times the full number of shares of Common Stock issuable upon conversion of all outstanding amounts under this Note.

 

(x)      
The Company shall fail to meet all requirements to satisfy the availability of Rule 144 to the Holder or its assigns including
but not limited to timely fulfillment of its filing requirements as a fully-reporting issuer registered with the SEC, requirements
for XBRL filings, and requirements for disclosure of financial statements on its website.

 

(xi)     
Failure to comply with Section 1(d) of this Note.

  

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(xii)   
Failure to register shares as per section 1.4 of the Securities Purchase Agreement, attached hereto as Exhibit C.

 

	 	(b)	Upon
    the occurrence of any Event of Default (without the need for any party to give any notice or take any other action), the Outstanding
    Balance shall immediately and automatically increase to 120% of the Outstanding Balance immediately prior to the occurrence
    of the Event of Default (the “Default Sum”). Upon the occurrence of any Event of Default, the Note shall become
    immediately due and payable and the Borrower shall pay to the Holder, in full satisfaction of its obligations hereunder, an
    amount equal to the Outstanding Balance, all without demand, presentment or notice, all of which hereby are expressly waived,
    together with all costs, including, without limitation, legal fees and expenses, of collection, and the Holder shall be entitled
    to exercise all other rights and remedies available at law or in equity.

 

(3)
CONVERSION OF NOTE. This Note shall be convertible into shares of the Company’s Common Stock, on the terms and conditions
set forth in this Section 3.

 

(a)          
Conversion Right. Subject to the provisions of Section 3(c), at any time or times on or after the Issuance Date, the
Holder shall be entitled to convert any portion of the outstanding and unpaid Conversion Amount (as defined below) into fully
paid and nonassessable shares of Common Stock in accordance with Section 3(b), at the Conversion Price (as defined below).
The number of shares of Common Stock issuable upon conversion of any Conversion Amount pursuant to this Section 3(a) shall
be equal to the quotient of dividing the Conversion Amount by the Conversion Price. The Company shall not issue any fraction of
a share of Common Stock upon any conversion. If the issuance would result in the issuance of a fraction of a share of Common Stock,
the Company shall round such fraction of a share of Common Stock up to the nearest whole share. The Company shall pay any and
all transfer agent fees, legal fees, costs and any other fees or costs that may be incurred or charged in connection with the
issuance of shares of the Company’s Common Stock to the Holder arising out of or relating to the conversion of this Note.

 

(i)       “Conversion
Amount” means the portion of the Original Principal Amount and Interest to be converted, plus any penalties, redeemed
or otherwise with respect to which this determination is being made.

 

(ii)      “Conversion
Price” shall equal $0.35 per share.

 

	 	(b)	Mechanics
    of Conversion.

 

(i)       Optional
Conversion. To convert any Conversion Amount into

 

shares
of Common Stock on any date (a “Conversion Date”), the Holder shall (A) transmit by email, facsimile (or
otherwise deliver), for receipt on or prior to 11:59 p.m., New York, NY Time, on such date, a copy of an executed notice of conversion
in the form attached hereto as Exhibit A (the “Conversion Notice”) to the Company. On or before the
third Business Day following the date of receipt of a Conversion Notice (the “Share Delivery Date”), the Company
shall (A) if legends are not required to be placed on certificates of Common Stock pursuant to the then existing provisions
of Rule 144 of the Securities Act of 1933 (“Rule 144”) and provided that the Transfer Agent is participating
in the Depository Trust Company’s (“DTC”) Fast Automated Securities Transfer Program, credit such aggregate number
of shares of Common Stock to which the Holder shall be entitled to the Holder’s or its designee’s balance account with DTC through
its Deposit Withdrawal Agent Commission system or (B) if the Transfer Agent is not participating in the DTC Fast Automated
Securities Transfer Program, issue and deliver to the address as specified in the Conversion Notice, a certificate, registered
in the name of the Holder or its designee, for the number of shares of Common Stock to which the Holder shall be entitled which
certificates shall not bear any restrictive legends unless required pursuant the Rule 144. If this Note is physically surrendered
for conversion and the outstanding Principal of this Note is greater than the Principal portion of the Conversion Amount being
converted, then the Company shall, upon request of the Holder, as soon as practicable and in no event later than three (3) Business
Days after receipt of this Note and at its own expense, issue and deliver to the holder a new Note representing the outstanding
Principal not converted. The Person or Persons entitled to receive the shares of Common Stock issuable upon a conversion of this
Note shall be treated for all purposes as the record holder or holders of such shares of Common Stock upon the transmission of
a Conversion Notice.

  

    4

     

    

 

(ii)      Company’s
Failure to Timely Convert. If within two (2) Trading Days after the Company’s receipt of the facsimile or email copy
of a Conversion Notice the Company shall fail to issue and deliver to Holder via “DWAC/FAST” electronic transfer the
number of shares of Common Stock to which the Holder is entitled upon such holder’s conversion of any Conversion Amount (a “Conversion
Failure”), the Original Principal Amount of the Note shall increase by $2,000 per day until the Company issues and delivers
a certificate to the Holder or credit the Holder’s balance account with DTC for the number of shares of Common Stock to which
the Holder is entitled upon such holder’s conversion of any Conversion Amount (under Holder’s and Company’s expectation
that any damages will tack back to the Issuance Date). Company will not be subject to any penalties once its transfer agent
processes the shares to the DWAC system. If the Company fails to deliver shares in accordance with the timeframe stated in
this Section, resulting in a Conversion Failure, the Holder, at any time prior to selling all of those shares, may rescind any
portion, in whole or in part, of that particular conversion attributable to the unsold shares and have the rescinded conversion
amount returned to the Outstanding Balance with the rescinded conversion shares returned to the Company (under Holder’s
and Company’s expectations that any returned conversion amounts will tack back to the original date of the Note).

 

(iii)     DWAC/FAST
Eligibility. If the Company fails for any reason to deliver to the Holder the Shares by DWAC/FAST electronic transfer (such
as by delivering a physical stock certificate), or if there is a Conversion Failure as defined in Section 3(b)(ii), and if
the Holder incurs a Market Price Loss, then at any time subsequent to incurring the loss the Holder may provide the Company written
notice indicating the amounts payable to the Holder in respect of the Market Price Loss and the Company must make the Holder whole
by either of the following options at Holder’s election: Market Price Loss = [(High trade price for the period between the
day of conversion and the day the shares clear in the Holder’s brokerage account) x (Number of shares receivable from the
conversion)] – [(Net Sales price realized by Holder) x (Number of shares receivable from the conversion)].

 

    5

     

    

 

Option
A – Pay Market Price Loss in Cash. The Company must pay the Market Price Loss by cash payment, and any such cash payment
must be made by the third business day from the time of the Holder’s written notice to the Company.

 

Option
B – Add Market Price Loss to Outstanding Balance. The Company must pay the Market Price Loss by adding the Market Price
Loss to the Outstanding Balance (under Holder’s and the Company’s expectation that any Market Price Loss amounts will
tack back to the Issuance Date).

 

In
the case that conversion shares are not deliverable by DWAC/FAST electronic transfer an additional 10% discount to the Conversion
Price will apply.

 

(iv)    DTC
Eligibility & Sub-Penny. If the Company fails to maintain its status as “DTC Eligible” for any reason,
or, if the effective Conversion Price as calculated in Section 3(a)(ii) is less than $0.01 at any time (regardless of
whether or not a Conversion Notice has been submitted to the Company), the Principal Amount of the Note shall increase by ten
thousand dollars ($10,000) (under Holder’s and Company’s expectation that any Principal Amount increase will tack
back to the Issuance Date). In addition, the Conversion Price shall be permanently redefined to equal the lesser of (a) $0.01
or (b) 50% of the lowest trade occurring during the twenty five (25) consecutive Trading Days immediately preceding the applicable
Conversion Date on which the Holder elects to convert all or part of this Note, subject to adjustment as provided in this Note.

 

(v)     Default
Conversion Price. Upon the occurrence of any Event of Default (without the need for any party to give any notice or take any
other action), the Conversion Price shall be redefined to equal the Default Conversion Price. The Default conversion price shall
be defined as 60% of the lowest trade occurring during the twenty five (25) consecutive Trading Days immediately preceding the
applicable Conversion Date on which the Holder elects to convert all or part of this Note, subject to adjustment as provided in
this Note.

 

(vi)     Par
Value True-Up. In the event that the Conversion Price is less than Par Value on the Conversion Date, the Holder may elect
to submit a Conversion Notice (attached hereto as Exhibit A) with a conversion price equal to the Company’s Par Value.
In addition, upon written notice from the Holder in the form attached hereto as Exhibit B (the “True-Up Notice”),
the Holder may require the Company, at the Holder’s election, to either (A) issue and deliver to the Holder a number
of shares of Common Stock as equals (X) the Conversion Amount divided by 60% of the lowest trade occurring during the twenty
five (25) consecutive Trading Days immediately preceding the applicable Conversion Date, less (Y) the Conversion Amount divided
by the Par Value (Any additional shares of Common Stock issuable pursuant to this Section 3(b)(v) shall be referred
to herein as “True-Up Shares”), or (B) add to the Outstanding Balance a dollar amount equal to the number of
True-Up Shares (as calculated above) multiplied by the high trade price on the Conversion Date (Any dollar amount added to the
Outstanding Balance pursuant to this Section 3(b)(v) shall be referred to herein as the “True-Up Balance”)
(under Holder’s and the Company’s expectation that any True-Up Balance amounts will tack back to the Issuance Date).

 

(vii)    Book-Entry.
Notwithstanding anything to the contrary set forth herein, upon conversion of any portion of this Note in accordance with the
terms hereof, the Holder shall not be required to physically surrender this Note to the Company unless (A) the full Conversion
Amount represented by this Note is being converted or (B) the Holder has provided the Company with prior written notice (which
notice may be included in a Conversion Notice) requesting reissuance of this Note upon physical surrender of this Note. The Holder
and the Company shall maintain records showing the Principal and Interest converted and the dates of such conversions or shall
use such other method, reasonably satisfactory to the Holder and the Company, so as not to require physical surrender of this
Note upon conversion.

  

    6

     

    

 

	 	(c)	Limitations
    on Conversions or Trading.

 

(i)      
Beneficial Ownership. The Company shall not effect any conversions of this Note and the Holder shall not have the right
to convert any portion of this Note or receive shares of Common Stock as payment of interest hereunder to the extent that after
giving effect to such conversion or receipt of such interest payment, the Holder, together with any affiliate thereof, would beneficially
own (as determined in accordance with Section 13(d) of the Exchange Act and the rules promulgated thereunder) in
excess of 4.99% of the number of shares of Common Stock outstanding immediately after giving effect to such conversion or receipt
of shares as payment of interest. Since the Holder will not be obligated to report to the Company the number of shares of Common
Stock it may hold at the time of a conversion hereunder, unless the conversion at issue would result in the issuance of shares
of Common Stock in excess of 4.99% of the then outstanding shares of Common Stock without regard to any other shares which may
be beneficially owned by the Holder or an affiliate thereof, the Holder shall have the authority and obligation to determine whether
the restriction contained in this Section will limit any particular conversion hereunder and to the extent that the Holder
determines that the limitation contained in this Section applies, the determination of which portion of the principal amount
of this Note is convertible shall be the responsibility and obligation of the Holder. If the Holder has delivered a Conversion
Notice for a principal amount of this Note that, without regard to any other shares that the Holder or its affiliates may beneficially
own, would result in the issuance in excess of the permitted amount hereunder, the Company shall notify the Holder of this fact
and shall honor the conversion for the maximum principal amount permitted to be converted on such Conversion Date in accordance
with Section 3(a) and, any principal amount tendered for conversion in excess of the permitted amount hereunder shall
remain outstanding under this Note. In the event that the Market Capitalization of the Company falls below $2,500,000, the term
“4.99%” above shall be permanently replaced with “9.99%”. “Market Capitalization” shall be
defined as the product of (a) the closing price of the Common Stock of the Common stock multiplied by (b) the number
of shares of Common Stock outstanding as reported on the Company’s most recently filed Form 10-K or Form 10-Q.
The provisions of this Section may be waived by Holder upon not less than 65 days prior written notification to the Company.

 

(ii)     
Capitalization. So long as this as this Note is outstanding, upon written request of the Holder, the Company shall furnish
to the Holder the then-current number of common shares issued and outstanding, the then-current number of common shares authorized,
and the then-current number of shares reserved for third parties.

 

	 	(d)	Other
    Provisions.

 

(i)           
Share Reservation.    The Company shall at all times reserve and keep available out of its authorized
Common Stock a number of shares equal to at least 5 (five) times the full number of shares of Common Stock issuable upon conversion
of all outstanding amounts under this Note; and within 3 (three) Business Days following the receipt by the Company of a Holder’s
notice that such minimum number of shares of Common Stock is not so reserved, the Company shall promptly reserve a sufficient
number of shares of Common Stock to comply with such requirement. The Company will at all times reserve at least 5,000,000 shares
of Common Stock for conversion.

 

(ii)           
Prepayment.     At any time within the 90 day period immediately following the Issuance Date, the Company
shall have the option, upon 10 business days’ notice to Holder, to pre-pay the entire remaining outstanding principal amount
of this Note in cash, provided that (i) the Company shall pay the Holder 130% of the Outstanding Balance, (ii) such
amount must be paid in cash on the next business day following such 10 business day notice period, and (iii) the Holder may
still convert this Note pursuant to the terms hereof at all times until such prepayment amount has been received in full. Except
as set forth in this Section the Company may not prepay this Note in whole or in part.

 

    7

     

    

 

(iii)          Terms
of Future Issuances. So long as this Note is outstanding, upon any issuance by the Company or any of its subsidiaries of any
promissory note, debenture or security (each referred to as a “Security”) (or upon any amendment to or conversion
of any existing Security) with any term more favorable to the holder of such Security or with a term in favor of the holder of
such Security that was not similarly provided to the Holder in this Note, then the Company shall notify the Holder of such additional
or more favorable term and such term, at Holder’s option, shall become a part of the Note. The types of terms contained
in another Security that may be more favorable to the holder of such Security include, but are not limited to, terms addressing
conversion discounts, conversion lookback periods, conversions or exchanges of existing notes or debentures, interest rates, original
issue discounts, stock sale price, private placement price per share, and warrant coverage.

 

(iv)        
Dilutive Issuances. If the Company or any Subsidiary thereof, as applicable, at any time while this Note is outstanding,
shall sell or grant any option to purchase, or sell or grant any right to re-price, or otherwise dispose of or issue (or announce
any offer, sale, grant or any option to purchase or other disposition) any Common Stock or Common Stock Equivalents entitling
any Person to acquire shares of Common Stock, at an effective price per share less than the then Conversion Price (such lower
price, the “Base Share Price” and such issuances collectively, a “Dilutive Issuance”) (if the holder of
the Common Stock or Common Stock Equivalents so issued shall at any time, whether by operation of purchase price adjustments,
reset provisions, floating conversion, exercise or exchange prices or otherwise, or due to warrants, options or rights per share
which are issued in connection with such issuance, be entitled to receive shares of Common Stock at an effective price per share
which is less than the Conversion Price, such issuance shall be deemed to have occurred for less than the Conversion Price on
such date of the Dilutive Issuance), then the Conversion Price shall be reduced and only reduced to equal the Base Share Price.
Such adjustment shall be made whenever such Common Stock or Common Stock Equivalents are issued. The Company shall notify the
Holder in writing, no later than the Trading Day following the issuance of any Common Stock or Common Stock Equivalents subject
to this Section 3(d)(iv), indicating therein the applicable issuance price, or applicable reset price, exchange price, conversion
price and other pricing terms (such notice the “Dilutive Issuance Notice”). For purposes of clarification, whether
or not the Company provides a Dilutive Issuance Notice pursuant to this Section 3(d)(iv), upon the occurrence of any Dilutive
Issuance, after the date of such Dilutive Issuance the Holder is entitled to receive a number of shares based upon the Base Share
Price regardless of whether the Holder accurately refers to the Base Share Price in the Conversion Notice.

 

(v)         
All calculations under this Section 3 shall be rounded up to the nearest $0.00001 or whole share.

 

(vi)        
Nothing herein shall limit a Holder’s right to pursue actual damages or declare an Event of Default pursuant to Section 2
herein for the Company’s failure to deliver certificates representing shares of Common Stock upon conversion within the period
specified herein and such Holder shall have the right to pursue all remedies available to it at law or in equity including, without
limitation, a decree of specific performance and/or injunctive relief, in each case without the need to post a bond or provide
other security. The exercise of any such rights shall not prohibit the Holder from seeking to enforce damages pursuant to any
other Section hereof or under applicable law.

 

    8

     

    

 

(4)     
SECTION 3(A)(9) OR 3(A)(10) TRANSACTION. So long as this Note is outstanding, the Company shall not enter
into any transaction or arrangement structured in accordance with, based upon, or related or pursuant to, in whole or in part,
either Section 3(a)(9) of the Securities Act (a “3(a)(9) Transaction”) or Section 3(a)(10) of
the Securities Act (a “3(a)(10) Transaction”). In the event that the Company does enter into, or makes any issuance
of Common Stock related to a 3(a)(9) Transaction or a 3(a)(10) Transaction while this note is outstanding, a liquidated
damages charge of 25% of the outstanding principal balance of this Note, but not less than $25,000, will be assessed and will
become immediately due and payable to the Holder at its election in the form of cash payment or addition to the balance of this
Note.

 

(5)     
PIGGYBACK REGISTRATION RIGHTS. The Company shall include on the next registration statement the Company files with SEC
(or on the subsequent registration statement if such registration statement is withdrawn) all shares issuable upon conversion
of this Note. Failure to do so will result in liquidated damages of 25% of the outstanding principal balance of this Note, but
not less than $25,000, being immediately due and payable to the Holder at its election in the form of cash payment or addition
to the balance of this Note.

 

	(6)	REISSUANCE
    OF THIS NOTE.

 

	(a)	Assignability.
    The Company may not assign this Note. This Note will be binding upon the Company and its successors and will inure to
    the benefit of the Holder and its successors and assigns and may be assigned by the Holder to anyone of its choosing without
    Company’s approval.

 

	(b)	Lost,
    Stolen or Mutilated Note. Upon receipt by the Company of evidence reasonably satisfactory to the Company of the loss,
    theft, destruction or mutilation of this Note, and, in the case of loss, theft or destruction, of any indemnification undertaking
    by the Holder to the Company in customary form and, in the case of mutilation, upon surrender and cancellation of this Note,
    the Company shall execute and deliver to the Holder a new Note representing the outstanding Principal.

 

(7)          
NOTICES. Any notices, consents, waivers or other communications required or permitted to be given under the terms hereof
must be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon
receipt, when sent by facsimile (provided confirmation of transmission is mechanically or electronically generated and kept on
file by the sending party) (iii) upon receipt, when sent by email; or (iv) one (1) Trading Day after deposit with
a nationally recognized overnight delivery service, in each case properly addressed to the party to receive the same. The addresses
and facsimile numbers for such communications shall be those set forth in the communications and documents that each party has
provided the other immediately preceding the issuance of this Note or at such other address and/or facsimile number and/or to
the attention of such other person as the recipient party has specified by written notice given to each other party three (3) Business
Days prior to the effectiveness of such change. Written confirmation of receipt (i) given by the recipient of such notice,
consent, waiver or other communication, (ii) mechanically or electronically generated by the sender’s facsimile machine containing
the time, date, recipient facsimile number and an image of the first page of such transmission or (iii) provided by
a nationally recognized overnight delivery service, shall be rebuttable evidence of personal service, receipt by facsimile or
receipt from a nationally recognized overnight delivery service in accordance with clause (i), (ii) or (iii) above,
respectively.

 

    9

     

    

 

The
addresses for such communications shall be:

 

If
to the Company, to:

 

Electromedical
Technologies, Inc.

16561
N 92nd St., Suite 101

Scottsdale
AZ 85260

Attn:
Matthew Wolfson

Email:
ceo@electromedtech.com

 

If
to the Holder:

 

VISTA
CAPITAL INVESTMENTS, LLC

120
Birmingham Drive, Suite 230

Cardiff
by the Sea CA 92007

Attn:     David
Clark, Managing Member

Email:
dclark@vci.us.com

 

(8)           APPLICABLE
LAW AND VENUE. This Note shall be governed by and construed in accordance with the laws of the State of Nevada, without giving
effect to conflicts of laws thereof. Any action brought by either party against the other concerning the transactions contemplated
by this Agreement shall be brought only in the state courts of California or in the federal courts located in the city and county
of San Diego, in the State of California. Both parties and the individuals signing this Agreement agree to submit to the jurisdiction
of such courts.

 

(9)           WAIVER.
Any waiver by 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 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.

 

(10)         LIQUIDATED
DAMAGES. Holder and Company agree that in the event Company fails to comply with any of the terms or provisions of this Note,
Holder’s damages would be uncertain and difficult (if not impossible) to accurately estimate because of the parties’ inability
to predict future interest rates, future share prices, future trading volumes and other relevant factors. Accordingly, Holder
and Company agree that any fees, balance adjustments, default interest or other charges assessed under this Note are not penalties
but instead are intended by the parties to be, and shall be deemed, liquidated damages (under Holder’s and Company’s expectations
that any such liquidated damages will tack back to the Closing Date for purposes of determining the holding period under Rule 144).

 

(11)         ADJUSTMENTS.
Notwithstanding anything to the contrary, any references herein to share numbers or share prices shall be appropriately adjusted
for any stock dividend, stock split, stock combination or other similar transaction during such period.

 

[Signature
Page Follows]

 

    10

     

    

 

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

 

	 	COMPANY:
	 	 
	 	Electromedical Technologies, Inc.
	 	 
	 	By:  	
	 	 
	 	Name: Matthew Wolfson
	 	 
	 	Title:     Chief
    Executive Officer
	 	 
	 	HOLDER:
	 	 
	 	VISTA CAPITAL INVESTMENTS, LLC.
	 	 
	 	By:  	
	 	 
	 	Name: David Clark
	 	 
	 	Title: Managing Member

 

[Signature
Page to Convertible Note No. EMED-1]

 

    

     

    

 

EXHIBIT A
CONVERSION NOTICE

 

	[Company Contact, Position]	Electromedical Technologies, Inc.

 

[Company
Address]

 

[Contact
Email Address}

 

The
undersigned hereby elects to convert a portion of the $________ Convertible Note _______ issued to Vista Capital Investments,
LLC on ____________ into Shares of Common Stock of ____________ according to the conditions set forth in such Note as of the date
written below.

 

By
accepting this notice of conversion, you are acknowledging that the number of shares to be delivered represents less than 10%
(ten percent) of the common stock outstanding. If the number of shares to be delivered represents more than 9.99% of the common
stock outstanding, this conversion notice shall immediately automatically extinguish and debenture Holder must be immediately
notified.

 

	Date of Conversion:	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

Conversion
Amount:

 

Conversion
Price:

 

Shares
to be Delivered:

 

Shares
delivered in name of:

 

VISTA
CAPITAL INVESTMENTS, LLC

 

	Signature:	 
	 	By:
	 	Title:
	 	 
	 	Vista Capital Investments, LLC

 

    

     

    

 

EXHIBIT B
TRUE-UP NOTICE

 

[Company
Contact, Position]

 

Electromedical
Technologies, Inc.

 

[Company
Address]

 

[Contact
Email Address}

 

The
undersigned hereby gives notice to Electromedical Technologies, Inc., a ______ corporation (the “Company”),
pursuant to that certain Note dated _______ ___, 20__ by and between the Company and the Holder (the “Note”), that
the Holder elects to:

 

___
Receive fully paid and non-assessable True-Up Shares pursuant to Section 3(b)(v) of the Note (such Additional Origination
Shares shall be calculated as set forth below), or

 

___
Add to the Outstanding Balance a dollar amount equal to the True-Up Amount (such True-Up Amount shall be calculated as set forth
below).

 

The
number of True-Up Shares Holder is entitled to receive is calculated as follows:

 

Conversion
Amount ($___) / ___% of the lowest trade occurring during the _________ (__) consecutive Trading Days immediately preceding the
applicable Conversion Date ($_.__) - Conversion Amount ($___) divided by the Par Value ($_.__) =

 

____________True-Up Shares

 

The
amount of True-Up Balance to be added to the Outstanding Balance is calculated as follows:

 

Number
of True-Up Shares (_____) * high trade price on the Conversion Date ($_.__)=

 

____________True-Up Balance

 

Shares
delivered in name of:

 

VISTA
CAPITAL INVESTMENTS, LLC

 

	Signature:	 
	 	By:
	 	Title:
	 	 
	 	Vista Capital Investments, LLC

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