Document:

Exhibit 10.3

 

HILL PROMISSORY
NOTE

 

	$36,830.20	January _____, 2017

 

NOW
THEREFORE FOR VALUE RECEIVED, the undersigned, Panther Biotechnology, Inc., a Nevada corporation
(“Panther”), hereby promises to pay to the order of Hill Electric Supply, Co., Inc., a New
York Corporation (“Hill”), thirty-six thousand eight hundred thirty and 20/100 dollars ($36,830.20) (the
“Principal”), in lawful money of the United States of America, which shall be legal tender, not
bearing interest and payable as provided herein. This Hill Promissory Note (this “Hill Note”) is
entered into to evidence amounts owed to Hill by Panther under that certain Share Exchange Agreement by and between
Panther, Premier Purchasing and Marketing Alliance LLC, a New York Limited Liability Company, and Scott Schwartz, dated as of
January 1, 2017 (the “Share Exchange”). Capitalized terms used herein but not otherwise defined
have the meanings given to such terms in the Share Exchange.

 

1.       The
Principal balance amount of this Hill Note shall be payable in a single installment of $36,830.20 on March 1, 2017. This Hill Note
shall not accrue interest.

 

2.       This
Hill Note may be prepaid in whole or in part, at any time and from time to time, without premium or penalty.

 

3.       All
payments made by Panther under this Hill Note will be applied: (i) first, to late charges, costs of collection or enforcement,
and similar amounts due, if any, under the Hill Note; (ii) second, to interest that is due and payable under this Hill Note, if
any; and (iii) third, the remainder to Principal due and payable under this Hill Note.

 

4.       If
any payment of Principal on this Hill Note shall become due on a Saturday, Sunday or any other day on which national banks are
not open for business, such payment shall be made on the next succeeding business day.

 

5.       This
Hill Note shall be binding upon Panther and inure to the benefit of Hill and Hill’s respective successors and assigns. Each
holder of this Hill Note, by accepting the same, agrees to and shall be bound by all of the provisions of this Hill Note. Schwartz
may assign this Hill Note or any of its rights, interests or obligations to this Hill Note without the prior written approval of
Panther.

 

6.       No
provision of this Hill Note shall alter or impair the obligation of Panther to pay the Principal on this Hill Note at the times,
places and rates, and in the coin or currency, herein prescribed.

 

7.       Notwithstanding
anything to the contrary in this Hill Note or any other agreement entered into in connection herewith, whether now existing or
hereafter arising and whether written or oral, it is agreed that the aggregate of all charges constituting interest, or adjudicated
as constituting interest, and contracted for, chargeable or receivable under this Hill Note or otherwise in connection with this
loan transaction, shall under no circumstances exceed the Maximum Rate.

 

8.       Panther
represents and warrants to Hill as follows:

 

(a)       The
execution and delivery by Panther of this Hill Note (i) are within Panther’s power and authority, and (ii) have been duly
authorized by all necessary action.

 

 

 

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 Hill Promissory Note	 

     

    

 

 

(b)       This
Hill Note is a legally binding obligation of Panther, enforceable against Panther in accordance with the terms hereof, except to
the extent that (i) such enforceability is limited by bankruptcy, insolvency, reorganization, moratorium or other laws relating
to or affecting generally the enforcement of creditors’ rights, and (ii) the availability of the remedy of specific performance
or injunctive or other equitable relief is subject to the discretion of the court before which any proceeding therefore may be
brought.

 

9.       If
an Event of Default (as defined herein) occurs (unless all Events of Default have been cured or waived by Hill), Hill may, by written
notice to Panther, declare the Principal and all other amounts payable on, this Hill Note to be immediately due and payable (“Acceleration”).
The following events and/or any other Events of Default defined elsewhere in this Hill Note are “Events of Default”
under this Hill Note:

 

(a)       Panther
shall fail to pay, when and as due, the Principal payable hereunder within ten (10) days from the due date of such payment; or

 

(b)       Panther
shall have breached in any material respect any term, condition or covenant in this Hill Note, and, with respect to breaches capable
of being cured, such breach shall not have been cured within fifteen (15) days following the occurrence of such breach; or

 

(c)       Panther
shall: (i) become insolvent or take any action which constitutes its admission of inability to pay its debts as they mature; (ii)
make an assignment for the benefit of creditors, file a petition in bankruptcy, petition or apply to any tribunal for the appointment
of a custodian, receiver or a trustee for it or a substantial portion of its assets; (iii) commence any proceeding under any bankruptcy,
reorganization, arrangement, readjustment of debt, dissolution or liquidation or statute of any jurisdiction, whether now or hereafter
in effect; (iv) have filed against it any such petition or application in which an order for relief is entered or which remains
undismissed for a period of ninety (90) days or more; (v) indicate its consent to, approval of or acquiescence in any such petition,
application, proceeding or order for relief or the appointment of a custodian, receiver or trustee for it or a substantial portion
of its assets; or (vi) suffer any such custodianship, receivership or trusteeship to continue undischarged for a period of ninety
(90) days or more; or

 

(d)       the
dissolution or liquidation of Panther; or

 

(e)       Panther
shall take any action authorizing, or in furtherance of, any of the foregoing.

 

10.       In
case any one or more Events of Default shall occur and be continuing, Hill may proceed to protect and enforce its rights by an
action at law, suit in equity or other appropriate proceeding, whether for the specific performance of any agreement contained
herein or for an injunction against a violation of any of the terms hereof, or in aid of the exercise of any power granted hereby
or thereby or by law or otherwise. In case of a default in the payment of any Principal of or premium, if any, Panther will pay
to Hill such further amount as shall be sufficient to cover the reasonable cost and expenses of collection, including, without
limitation, reasonable attorneys’ fees, expenses and disbursements. No course of dealing and no delay on the part of Hill
in exercising any right, power or remedy shall operate as a waiver thereof or otherwise prejudice Hill’s rights, powers or
remedies. No right, power or remedy conferred by this Hill Note upon Hill shall be exclusive of any other right, power or remedy
referred to herein or therein or now or hereafter available at law, in equity, by statute or otherwise. Hill shall also have such
other rights as described herein.

 

 

 

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 Hill Promissory Note	 

     

    

 

11.       If
from any circumstance any holder of this Hill Note shall ever receive interest or any other charges constituting interest, or adjudicated
as constituting interest, the amount, if any, which would exceed the Maximum Rate shall be applied to the reduction of the Principal
amount owing on this Hill Note, and not to the payment of interest; or if such excessive interest exceeds the unpaid balance of
Principal hereof, the amount of such excessive interest that exceeds the unpaid balance of Principal hereof shall be refunded to
Panther. In determining whether or not the interest paid or payable exceeds the Maximum Rate, to the extent permitted by applicable
law (i) any non-Principal payment shall be characterized as an expense, fee or premium rather than as interest; and (ii) all interest
at any time contracted for, charged, received or preserved in connection herewith shall be amortized, prorated, allocated and spread
in equal parts during the period of the full stated term of this Hill Note. The term “Maximum Rate” shall
mean the maximum rate of interest allowed by applicable federal or state law.

 

12.       Except
as provided herein, Panther and any sureties, guarantors and endorsers of this Hill Note jointly and severally waive demand, presentment,
notice of nonpayment or dishonor, notice of intent to accelerate, notice of acceleration, diligence in collecting, grace, notice
and protest, and consent to all extensions without notice for any period or periods of time and partial payments, before or after
maturity, without prejudice to the holder. Hill shall similarly have the right to deal in anyway, at any time, with one or more
of the foregoing parties without notice to any other party, and to grant any such party any extensions of time for payment of any
of said indebtedness, or to grant any other indulgences or forbearance whatsoever, without notice to any other party and without
in any way affecting the personal liability of any party hereunder. If any efforts are made to collect or enforce this Hill Note
or any installment due hereunder, the undersigned agrees to pay all collection costs and fees, including reasonable attorneys’
fees.

 

13.       Note
or any installment due hereunder, the undersigned agrees to pay all collection costs and fees, including reasonable attorneys’
fees.

 

14.       This
Hill Note may be executed in several counterparts, each of which is an original. It shall not be necessary in making proof of this
Hill Note or any counterpart hereof to produce or account for any of the other counterparts. A copy of this Hill Note signed by
one party and faxed or scanned and emailed to another party (as a PDF or similar image file) shall be deemed to have been executed
and delivered by the signing party as though an original. A photocopy or PDF of this Hill Note shall be effective as an original
for all purposes.

 

15.       It
is the intention of the parties hereto that the terms and provisions of this Hill Note are to be construed in accordance with and
governed by the laws of the State of Texas, except as such laws may be preempted by any federal law controlling the rate of interest
which may be charged on account of this Hill Note. The parties hereby consent and agree that, in any actions predicated upon this
Hill Note, venue is properly laid in Texas and that the federal and state courts located in and for Harris County, Texas, shall
have full subject matter and personal jurisdiction over the parties to determine all issues arising out of or in connection with
the execution and enforcement of this Hill Note.

 

16.       The
term “Panther” as used herein in every instance shall include Panther’s successors, legal representatives
and assigns, including all subsequent grantees, either voluntarily by act of Panther or involuntarily by operation of law and shall
denote the singular and/or plural and the masculine and/or feminine and natural and/or artificial persons, whenever and wherever
the contexts so requires or properly applies. The term “Hill” as used herein in every instance shall
include Hill’s successors and assigns, as well as all subsequent assignees and endorsees of this Hill Note, either voluntarily
by act of the parties or involuntarily by operation of law. Captions and paragraph headings in this Hill Note are for convenience
only and shall not affect its interpretation.

 

 

 

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 Hill Promissory Note	 

     

    

 

 

17.       Anything
else in this Hill Note to the contrary notwithstanding, in any action arising out of this Agreement, the prevailing party shall
be entitled to collect from the non-prevailing party all of its attorneys’ fees. For the purposes of this Hill Note, the
party who receives or is awarded a substantial portion of the damages or claims sought in any proceeding shall be deemed the “prevailing”
party and attorneys’ fees shall mean the reasonable fees charged by an attorney or a law firm for legal services and the
services of any legal assistants, and costs of litigation, including, but not limited to, fees and costs at trial and appellate
levels.

 

18.       In
the event any one or more of the provisions contained in this Hill Note shall for any reason be held to be invalid, illegal or
unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision hereof, and
this Hill Note shall be construed as if such invalid, illegal or unenforceable provision had never been contained herein.

 

19.       No
modification, amendment, addition to, or termination of this Hill Note, nor waiver of any of its provisions, shall be valid or
enforceable unless in writing and signed by all the parties hereto.

 

20.       The
Hill Note constitutes the entire agreement of the parties regarding the matters contemplated herein, or related thereto, and supersedes
all prior and contemporaneous agreements, and understandings of the parties in connection therewith.

 

21.       Wherever
the context hereof shall so require, the singular shall include the plural, the masculine gender shall include the feminine gender
and the neuter and vice versa. The headings, captions and arrangements used in this Hill Note are for convenience only and shall
not affect the interpretation of this Hill Note.

 

 

 

 

 

 

 

[Remainder of page
left intentionally blank. Signature page follows.]

 

 

 

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 Hill Promissory Note	 

     

    

IN
WITNESS WHEREOF, Panther has duly executed this Hill Note on January _____, 2017.

 

 

	 	 “Panther”
	 	 
	 	Panther
    Biotechnology, Inc.
	 	 
	 	 
	 	By: /s/ Evan Levine
	 	Name:  Evan Levine
	 	Title:  Chief Executive Officer

 

 

 

 

 

 

 

 

 

    	 	Page 5 of 5
 Hill Promissory NoteExhibit 10.4

 

Security Agreement

 

The
payment of the Principal and accrued Interest (if any) due from time to time, under the First Promissory Note, Second Promissory
Note, and Hill Promissory Note (collectively the “Obligations”) entered into by Panther Biotechnology,
Inc. (“Panther”) in favor of Scott Schwartz and Hill Electric Supply Co., Inc., arising out of a certain
Share Exchange Agreement, effective January 1, 2017, made by and between Panther, Premier Purchasing and Marketing Alliance, LLC,
a New York limited liability company (“Premier”) and the sole member of Premier Purchasing and Marketing Alliance,
LLC, Scott Schwartz shall be secured by a security interest in, a continuing first lien upon, an unqualified right to possession
and disposition of and a right of set-off against, in each case to the fullest extent permitted by law, of 100% of the membership
interests in Premier (the “Collateral” and the “Security Interest”).

 

(a)       Upon
occurrence and continuance of any Event of Default (as defined in the First Promissory Note and Second Promissory Note and Hill
Promissory Note) and at any time thereafter, Scott Schwartz and Hill Electric Supply Co., Inc. (for the purposes of this agreement,
the “Secured Party”) shall have the right to exercise all of the remedies conferred hereunder, and the
Secured Party shall have all the rights and remedies of a secured party under the Uniform Commercial Code, as currently in effect
in the State of Texas (the “UCC”) and/or any other applicable law (including the Uniform Commercial Code
of any jurisdiction in which any Collateral is then located). Without limitation, the Secured Party shall have the following rights
and powers:

 

		i.	The Secured Party shall have the right to take possession and ownership of the Collateral, subject
to applicable law.

 

		ii.	The Secured Party shall have the right to assign, sell, lease or otherwise dispose of and deliver
all or any part of the Collateral, at public or private sale or otherwise, either with or without special conditions or stipulations,
for cash or on credit or for future delivery, in such parcel or parcels and at such time or times and at such place or places,
and upon such terms and conditions as the Secured Party may deem commercially reasonable, all without (except as shall be required
by applicable statute and cannot be waived) advertisement or demand upon or notice to Panther or right of redemption of Panther,
which are hereby expressly waived. Upon each such sale, lease, assignment or other transfer of Collateral, the Secured Party may,
unless prohibited by applicable law which cannot be waived, purchase all or any part of the Collateral being sold, free from and
discharged of all trusts, claims, right of redemption and equities of Panther, which are hereby waived and released.

 

(b)       The
proceeds of any such sale, lease or other disposition of the Collateral hereunder (and/or in the event of a taking under Section
(a)(i), above, the fair value attributed to the Collateral) shall be applied first, to the expenses of retaking, holding, storing,
processing and preparing for sale, selling, and the like (including, without limitation, any taxes, fees and other costs incurred
in connection therewith) of the Collateral, to the reasonable attorneys’ fees and expenses incurred by the Secured Party
in enforcing its rights hereunder and in connection with collecting, storing and disposing of the Collateral, and then to satisfaction
of the Obligations, and to the payment of any other amounts required by applicable law, after which the Secured Party shall pay
to Panther any surplus proceeds (or the difference between the fair value and value of the Obligations in the event of a taking
under Section (a)(i), above). If, upon the taking by Secured Party or the sale, license or other disposition of the Collateral,
the proceeds thereof are insufficient to pay all amounts to which the Secured Party is legally entitled, Panther will be liable
for the deficiency, together with interest thereon, at the rate of eighteen percent (18%) per annum (the “Default Rate”),
and the reasonable fees of any attorneys employed by the Secured Party to collect such deficiency. To the extent permitted by applicable
law, Panther waives all claims, damages and demands against the Secured Party arising out of the taking, repossession, removal,
retention or sale of the Collateral, unless due to the gross negligence or willful misconduct of the Secured Party.

 

 

 

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(c)       Panther
shall preserve and protect Secured Party’s Security Interest in the Collateral and shall cause the Security Interest to be
perfected and to continue to be perfected until the Obligations are paid and performed in full. Panther shall execute and deliver
to Secured Party (within ten days after receipt of Secured Party’s request) such other security agreements, endorsements,
pledges, assignments and other documents (including, without limitation, financing statements and continuation statements and amendments
thereto and mortgages or deeds of trust) as Secured Party may request from time to time to effectuate the grant to Secured Party
of the Security Interest and the perfection of the Security Interest, and Secured Party is authorized to file and/or record such
documents with appropriate regulatory authorities. Panther shall promptly notify Secured Party in sufficient detail upon becoming
aware of any attachment, garnishment, execution or other legal process levied against any Collateral and of any other information
received by Panther that may materially affect the value of the Collateral, the Security Interest or the rights and remedies of
Secured Party hereunder.

 

(d)       Panther
agrees to pay all out-of-pocket fees, costs and expenses incurred in connection with any filing which may be required or requested
by Secured Party hereunder, including without limitation, any financing statements, continuation statements, partial releases and/or
termination statements related thereto or any expenses of any searches reasonably required by the Secured Party. Panther shall
also pay all other claims and charges which in the reasonable opinion of the Secured Party might prejudice, imperil or otherwise
affect the Collateral or the Security Interest therein. Panther will also, upon demand, pay to the Secured Party the amount of
any and all reasonable expenses, including the reasonable fees and expenses of its counsel and of any experts and agents, which
the Secured Party may incur in connection with (i) the enforcement of this agreement and the Security Interest, (ii) the custody
or preservation of, or the sale of, collection from, or other realization upon, any of the Collateral, or (iii) the exercise or
enforcement of any of the rights of the Secured Party under the First Promissory Note, Second Promissory Note or the Hill Promissory
Note. Until so paid, any fees payable hereunder shall be added to the principal amount of the First Promissory Note and/or Second
Promissory Note and/or Hill Promissory Note, as applicable, and shall bear interest at the Default Rate.

 

(e)       Panther
hereby appoints Secured Party as its attorney-in-fact (with full power of substitution) to execute, deliver and file, effective
upon the parties’ entry into this agreement, on Panther’s behalf and at Panther’s expense, (1) any financing
statements, continuation statements or other documents required to perfect or continue the Security Interest and (2) any other
documents and instruments that Secured Party determines are necessary or appropriate in order to enable it to exercise its rights
and remedies that are provided hereunder and by applicable law upon the occurrence of an Event of Default. This power, being coupled
with an interest, shall be irrevocable until the Obligations are paid and performed in full.

 

(f)       All
rights of Secured Party and all Obligations of Panther hereunder, shall be absolute and unconditional, irrespective of: (a) any
lack of validity or enforceability of the First Promissory Note, Second Promissory Note, Hill Promissory Note or this agreement,
or any agreement entered into in connection with the foregoing, or any portion hereof or thereof; (b) any change in the time, manner
or place of payment or performance of, or in any other term of, all or any of the Obligations, or any other amendment or waiver
of or any consent to any departure from the First Promissory Note, Second Promissory Note, Hill Promissory Note or this agreement,
or any other agreement entered into in connection with the foregoing; (c) any exchange, release or non-perfection of any of the
Collateral, or any release or amendment or waiver of or consent to departure from any other collateral for, or any guaranty, or
any other security, for all or any of the Obligations; (d) any action by Secured Party or a Collateral Agent on behalf of Secured
Party to obtain, adjust, settle and cancel in its sole discretion any insurance claims or matters made or arising in connection
with the Collateral; or (e) any other circumstance which might otherwise constitute any legal or equitable defense available to
Panther, or a discharge of all or any part of the Security Interest granted hereby. Until the Obligations shall have been paid
and performed in full, the rights of Secured Party shall continue even if the Obligations are barred for any reason, including,
without limitation, the running of the statute of limitations or bankruptcy. Panther expressly waives presentment, protest, notice
of protest, demand, notice of nonpayment and demand for performance. In the event that at any time any transfer of any Collateral
or any payment received by Secured Party hereunder shall be deemed by final order of a court of competent jurisdiction to have
been a voidable preference or fraudulent conveyance under the bankruptcy or insolvency laws of the United States, or shall be deemed
to be otherwise due to any party other than Secured Party, then, in any such event, Panther’s Obligations hereunder shall
survive cancellation of this agreement, and shall not be discharged or satisfied by any prior payment thereof and/or cancellation
of this agreement, but shall remain a valid and binding obligation enforceable in accordance with the terms and provisions hereof.
Panther waives any defense arising by reason of the application of the statute of limitations to any obligation secured hereby.

 

 

 

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(g)       The
Collateral shall not be used as collateral or sold, and Panther shall not take on any debt or liabilities without the written permission
of the Secured Party, which in the case of being used for collateral, shall not be unreasonably withheld, conditioned or delayed.

 

(h)       The
powers conferred on the Secured Party hereunder are solely to protect its interest in the Collateral and shall not impose any duty
upon it to exercise any such powers. The Secured Party shall use reasonable care to maintain the Collateral in its possession.

 

(i)       Panther
shall be permitted to exercise all voting rights with respect to the Collateral, subject to Secured Party’s rights upon an
Event of Default as described herein; provided, however, that no vote shall be cast or other action taken which would impair the
security interest or which would be inconsistent with or result in any violation of any provision of this agreement. Secured Party
shall promptly provide Panther voting proxies and other materials reasonably requested from time to time in order to confirm Panther’s
voting rights hereunder.

 

(j)       Panther
shall own and control all economic rights of the Collateral, subject to Secured Party’s rights upon an Event of Default as
described herein, including, but not limited to all rights to dividends paid or payable other than in cash, in respect of, and
instruments and other property received, receivable or otherwise distributed in respect of, or in exchange for, the Collateral,
dividends and other distributions paid or payable in cash in respect of the Collateral, and cash paid, payable or otherwise distributed
in redemption of, or in exchange for, any Collateral.

 

(k)       Except
for the security interest granted to Secured Party pursuant to this agreement, Panther shall be the sole owner of the Collateral
having good and marketable title thereto, free and clear of any and all liens.

 

(l)       This
agreement, any and all security interests and any and all rights and powers granted to Secured Party under this agreement shall
automatically terminate and be of no further force and effect upon the payment in full of the amounts due Secured Party under the
First Promissory Note and Second Promissory Note and Hill Promissory Note (the “Termination Date”). Secured
Party hereby irrevocably constitutes and appoints Panther and any officer or agent thereof, with full power of substitution, as
its true and lawful attorney-in-fact with full irrevocable power and authority in place and stead of Secured Party and in the name
of Secured Party or in his own name, immediately upon the Termination Date, for the exclusive purpose of filing (a) a Termination
Statement on Form UCC 3 (or any successor form) and (b) any other documents necessary or desirable to evidence the termination
of any and all security interests held by Secured Party.

 

(m)       Within
five business days of the Termination Date, Secured Party shall transfer to Panther, all Collateral held by Secured Party, including
certificates evidencing 100% of the membership interests of Premier, together with blank stock powers, and such other documentation
as Panther or its legal counsel may reasonably request.

 

(n)       This
agreement shall be governed by and construed and enforced in accordance with the local laws of the State of Texas applicable to
agreements made and to be performed entirely within the State, without regard to conflict of laws principles. The parties hereby
irrevocably consent and submit to the jurisdiction of any Texas or Federal court located in Harris County, Texas over any action
or proceeding arising out of any dispute between the parties, and waive any right they have to bring an action or proceeding with
respect thereto in any other jurisdiction.

 

(o)       This
agreement contains the entire agreement between the parties hereto and (i) there are no agreements, warranties or representations
which are not set forth herein and (ii) all prior negotiations, agreements and understandings are superseded hereby. This agreement
may not be modified or amended except by an instrument in writing duly signed by or on behalf of the parties hereto.

 

 

 

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Dated effective: January 1, 2017

 

	Panther Biotechnology, Inc. 	Premier Purchasing and Marketing Alliance, LLC
	 	 
	By: /s/ Evan Levine	By: /s/ Scott Schwartz
	Evan Levine	Scott Schwartz, sole member
	Chief Executive Officer	 
	 	 
	 	 
	 	Hill Electric Supply Co., Inc.
	 	 
	 	 
	/s/ Scott Schwartz	By: /s/  Scott Schwartz
	Scott Schwartz	Scott Schwartz, President

 

 

 

 

 

 

 

 

 

 

 

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