Document:

Exhibit 10.1 

 

REVOLVING
CREDIT AGREEMENT

 

This
REVOLVING CREDIT AGREEMENT, dated as of April 1, 2021, between TOYOTA MOTOR CREDIT CORPORATION, a corporation under the laws of
California, as borrower (the “Borrower”), and TOYOTA MOTOR SALES, U.S.A., INC., as lender (the “Lender”),
sets forth the binding agreement of the parties.

 

ARTICLE
I

DEFINITIONS

 

SECTION
1.01Defined Terms. As used in this Agreement, the following terms have the following
meanings (terms defined in the singular to have the same meaning when used in the plural and vice versa):

 

“Agreement”
means this Revolving Credit Agreement, as it may be amended, extended, replaced, renewed, supplemented or modified from time to
time.

 

“Applicable
Rate” means, for any Interest Period, the Fixed Rate applicable to such Interest Period on the first day of such Interest
Period.

 

“Bankruptcy
Law” means the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy, assignment
for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws
of the United States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally.

 

“Borrowing
Date” means each Business Day on which a Loan is advanced.

 

“Business
Day” means any day other than a Saturday, Sunday or other day on which banks and foreign exchange markets in New York, New
York or Tokyo, Japan are authorized or obligated by Law to close.

 

“Code”
means the Internal Revenue Code of 1986, as amended, and any successor statute.

 

“Commitment”
means the obligation of the Lender to make a Loan or Loans hereunder not exceeding the Commitment Amount.

 

“Commitment
Amount” means Five Billion Dollars ($5,000,000,000) in aggregate principal amount.

 

“Commitment
Period” means the period from the date hereof until the Commitment Termination Date.

 

“Commitment
Termination Date” means April 1, 2024 (or such earlier date on which the Commitment terminates pursuant to the terms hereof).

 

    	 

    	 

    

“Consolidated
Subsidiary” means, with respect to any Person except for natural persons, at any date the accounts of which would be consolidated
with those of such Person in its consolidated financial statements if such statements were prepared as of such date.

 

“Default”
means any of the events specified in Section 5.01, whether or not any requirement for the giving of notice, the lapse of time,
or both, or any other condition, has been satisfied.

 

“Dollars,”
“U.S. Dollars,” “U.S.$,” and “$” means the lawful currency of the United States of America
at any relevant time hereunder.

 

“Event
of Default” means any of the events specified in Section 5.01.

 

“Excluded
Taxes” means any of the following Taxes imposed on or with respect to the Lender, or required to be withheld or deducted
from a payment to, the Lender: (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch
profits Taxes, in each case, (i) imposed as a result of the Lender being organized under the Laws of, or having its principal
office or its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof)
or (ii) that are Other Connection Taxes, (b) Taxes attributable to the failure of the Lender (or its successors or assigns) to
comply with Section 6.07(e), and (c) any withholding Taxes imposed under FATCA.

 

“FATCA”
means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively
comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof,
any agreement entered into pursuant to Section 1471(b)(1) of the Code, any intergovernmental agreements with respect thereto and
any other Law enacted in any other jurisdiction, or relating to an intergovernmental agreement between the United States and any
other jurisdiction, which (in either case) facilitates the implementation of the foregoing.

 

“Fixed
Rate” means, with respect to any Loan for the selected Interest Period, the fixed rate of interest per annum agreed to by
the parties as set forth on the applicable Irrevocable Loan Notice; provided, however, that, such agreed rate shall be in the
range of AFR applicable rates for the month in which the first day of such Interest Period occurs as published by the United States
Internal Revenue Service in accordance with Section 1274(d) of the Code (or any comparable successor rate or Section as mutually
reasonably determined by the Borrower and the Lender).

 

“Governmental
Authority” means any nation or government, any state, provincial or other political subdivision thereof, any agency, authority,
instrumentality, regulatory body, central bank or other entity exercising executive, legislative, taxing, regulatory or administrative
powers or functions of or pertaining to government.

 

“Indemnified
Taxes” means Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation
of the Borrower under this Agreement.

 

“Interest
Payment Date” means the last day of each Interest Period applicable to such Loan.

 

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“Interest
Period” means, with respect to each Loan, the period commencing on the Borrowing Date for such Loan and extending for any
period of time as selected by the Borrower; provided, however, that no Interest Period shall end after the Maturity Date.

 

“Irrevocable
Loan Notice” means, a notice of Loan pursuant to Section 2.02, which, when confirmed in writing, shall be substantially
in the form of Exhibit A.

 

“Law”
means, collectively, all federal, state and local statutes, executive orders, treaties, rules, guidelines, regulations, ordinances,
codes and administrative authorities, including the interpretation or administration thereof by any Governmental Authority charged
with the enforcement, interpretation or administration thereof, and all applicable administrative orders of any Governmental Authority.

 

“Loan”
shall have the meaning assigned to such term in Section 2.01.

 

“Maturity
Date” means the Commitment Termination Date.

 

“Other
Connection Taxes” means, with respect to the Lender, Taxes imposed as a result of a present or former connection between
the Lender and the jurisdiction imposing such Tax (other than connections arising from the Lender having executed, delivered,
become a party to, performed its obligations under, received payments under, or enforced this Agreement).

 

“Other
Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise
from any payment made under, from the execution, delivery, performance, enforcement or registration of, or otherwise with respect
to, this Agreement, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment of rights under
this Agreement pursuant to Section 6.01.

 

“Person”
means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental
Authority or other entity.

 

“Principal
Officer” means any of the chief executive officer, president, chief financial officer, vice president responsible for treasury,
treasurer and assistant treasurer.

 

“Regulation
U” means Regulation U of the Federal Reserve Board, as in effect from time to time.

 

“Taxes”
means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments,
fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable
thereto.

 

SECTION
1.02References to Agreements and Laws. Unless otherwise expressly provided herein,
(a) references to organizational documents, agreements (including this Agreement) and other contractual instruments shall be deemed
to include all subsequent amendments, restatements, extensions, supplements and other modifications thereto and (b) references
to any Law shall include all statutory and regulatory provisions consolidating, amending, replacing, supplementing or interpreting
such Law.

 

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ARTICLE
II

AMOUNT AND TERMS OF REVOLVING LOANS

 

SECTION
2.01Revolving Line of Credit. Subject to the terms and conditions hereof, the
Lender absolutely agrees and commits to make one or more revolving loans (each, a “Loan” and collectively the “Loans”)
available to the Borrower during the Commitment Period in an aggregate amount not to exceed the Commitment Amount. All Loans made
hereunder may be repaid and reborrowed, at any time and from time to time until the Commitment Termination Date.

 

SECTION
2.02Notice and Manner of Borrowing. For each Loan to be made hereunder, the Borrower
shall deliver an Irrevocable Loan Notice to the Lender, which may be given by telephone, not later than 12:00 Noon, Plano, Texas
time, one Business Day prior to the requested Borrowing Date. Each Irrevocable Loan Notice shall specify the principal amount
of the Loan, the duration of the Interest Period to be applicable to such Loan, the proposed Borrowing Date for such Loan and
the Applicable Rate of such Loan. Each telephonic Irrevocable Loan Notice pursuant to this section must be confirmed promptly
by delivery to the Lender of a written Irrevocable Loan Notice, appropriately completed and signed by a Principal Officer or any
other officer or representative of the Borrower authorized by the board of directors of the Borrower. The Lender will make each
Loan available to the Borrower on the respective Borrowing Date, in Dollars, in immediately available funds, by wire transfer
to an account designated by the Borrower.

 

SECTION
2.03Interest.

 

(a)       The
Borrower shall pay interest on the aggregate unpaid principal amount of each Loan from and including the applicable Borrowing
Date to but excluding the date the Loan is paid in full (whether at stated maturity, by acceleration or otherwise), at a rate
per annum equal to the Applicable Rate, payable on each Interest Payment Date and, if different, on the date each Loan
is paid or prepaid with respect to the amount so paid or prepaid. Interest shall accrue from and including the first day of an
Interest Period to but excluding the last day of such Interest Period.

 

(b)       All
computations of interest for Loans shall be made by the Lender and the Borrower on the basis of a year of 360 days for the actual
number of days (including the first day but excluding the last day) occurring in the period for which such amount is payable and
rounded to the nearest two decimal places.

 

SECTION
2.04Evidence of Debt. The Loans shall be evidenced by one or more accounts or
records maintained by the Lender in the ordinary course of business. The accounts or records maintained by the Lender shall be
conclusive evidence, absent manifest error, of the amount of the Loans and the interest and payments thereon. Any failure to so
record or any error in doing so shall not, however, limit, increase or otherwise affect the obligation of the Borrower under this
Agreement to pay any amount owing with respect to the obligations of the Borrower thereunder. Upon the request of the Lender,
the Borrower shall execute and deliver to the Lender a promissory note, which shall evidence the Loans in addition to such accounts
or records. The Lender may attach schedules to its promissory note and endorse thereon the date, amount, maturity and payments
of its Loans.

 

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SECTION
2.05Payment; Method of Payment.

 

(a)       The
Borrower shall make payments of the Loans as follows:

 

(i)       The
entire outstanding principal amount of each Loan on the last day of the Interest Period applicable to such Loan;

 

(ii)       the
entire outstanding principal amount of the Loans on the Maturity Date or such earlier date as the Loans become due and payable
pursuant to Section 5.02;

 

(iii)       interest
as provided in Section 2.03(a); and

 

(iv)       any
other obligation under this Agreement as it comes due, but in no case later than the Maturity Date (except as to obligations that,
by their express terms, survive repayment of the Loans and termination of the Commitment).

 

(b)       The
Borrower shall make each payment under this Agreement without set-off, defense, recoupment or counterclaim and (subject to Section
6.07) without deduction or withholding, in U.S. Dollars, not later than 3:00 p.m., Plano, Texas time, on the date when due to
the Lender, in immediately available funds by wire transfer to the account specified below:

 

Toyota Motor Sales, U.S.A.,
Inc.

[**]

 

 

 

 

 

 

 

SECTION
2.06Prepayment; Reduction of Commitment. The Borrower shall have the right at
any time and from time to time to prepay the Loans in whole or in part, without premium or penalty. The Borrower shall notify
the Lender by telephone (confirmed by telecopy) of any voluntary prepayment hereunder not later than 12:00 Noon, Plano, Texas
time, on the date of prepayment of a Loan. Each prepayment of the Loans shall be accompanied by accrued interest to the extent
required by Section 2.03. The Borrower may permanently reduce the amount of the undrawn Commitment, and if no Loans are then outstanding,
may terminate the Commitment in full; provided that the Borrower shall give written notice of such reduction or termination
to the Lender not later than 12:00 Noon, Plano, Texas time, on the Business Day immediately prior to the date of such reduction
or termination. Upon receipt by the Lender of a notice of reduction or termination of Commitment pursuant to this section, such
notice shall be irrevocable.

 

SECTION
2.07Mandatory Prepayment. The Borrower shall be obligated to prepay the Loans
in whole, together with all accrued and unpaid interest and any other amounts owing in connection with the Loans, upon any merger
or consolidation resulting in the Borrower ceasing to be a Consolidated Subsidiary of Toyota Motor Corporation, or the Borrower
instituting a dissolution, liquidation or similar proceeding under the Laws of any jurisdiction, ceasing its operations, or selling,
transferring or otherwise disposing of its main business, assets, rights or franchises without the prior consent of the Lender.

 

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SECTION
2.08Payments on Non-Business Days. If any payment to be made by the Borrower shall
come due on a day other than a Business Day, payment shall be made on the next following Business Day, and such extension of time
shall be reflected in computing interest or fees, as the case may be.

 

ARTICLE
III

REPRESENTATIONS AND WARRANTIES

 

As
of the date hereof, the Borrower hereby represents and warrants to the Lender as follows:

 

SECTION
3.01Corporate Existence. The Borrower is duly organized, validly existing and
in good standing under the Laws of its jurisdiction of organization.

 

SECTION
3.02Authorization; No Contravention. The execution, delivery and performance by
the Borrower of this Agreement are within the Borrower’s organizational powers, have been duly authorized by all necessary
organizational action, require no action by or in respect of, or filing with, any Governmental Authority except such as have been
obtained and do not contravene, or constitute a default under, any provision of the articles of incorporation or bylaws of the
Borrower.

 

SECTION
3.03Binding Effect. This Agreement constitutes a valid and binding agreement of
the Borrower enforceable in accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium
or similar Laws relating to or limiting creditors’ rights generally or by equitable principles relating to enforceability.

 

ARTICLE
IV

AFFIRMATIVE COVENANTS

 

So
long as the Lender’s obligations with respect to the Commitment
or any obligation or indebtedness to the Lender remains outstanding hereunder, the Borrower covenants and agrees, unless
the Lender waives compliance in writing:

 

SECTION
4.01Information. The Borrower will deliver to the Lender, within ten Business
Days after any Principal Officer of the Borrower obtains knowledge of any Default, if such Default is then continuing, a certificate
of a responsible officer of the Borrower setting forth the details thereof and the action which the Borrower is taking or proposes
to take with respect thereto.

 

SECTION
4.02 Maintenance of Existence. The Borrower will preserve, renew and keep in full
force and effect its corporate existence; provided that nothing in this section shall prohibit any merger or consolidation
involving the Borrower.

 

SECTION
4.03Use of Proceeds. The proceeds of any Loan made under this Agreement will be
used by the Borrower for its general corporate purposes. None of such proceeds will be used, directly or indirectly for the purpose,
whether immediate, incidental or ultimate, of buying or carrying any “margin stock” within the meaning of Regulation
U.

 

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ARTICLE
V

EVENTS OF DEFAULT; REMEDIES

 

SECTION
5.01Events of Default. The occurrence of any of the following events shall constitute
an Event of Default with respect to the Borrower:

 

(a)       Non-Payment.
The Borrower shall fail to pay (i) when due any principal of the Loans or (ii) within five Business Days of the due date thereof
any interest on the Loans, any fees or any other amount payable by it hereunder. Acceptance of partial payment by the Lender shall
not constitute a waiver of the Borrower’s failure to make payment in full.

 

(b)       Breach
of Other Provision. The Borrower shall fail to perform or violate any other material provision of this Agreement (and not
described in Section 5.01(a)) and such failure or violation shall continue unremedied for a period of 30 days from the date the
Lender gives notice to the Borrower with respect thereto.

 

(c)       Bankruptcy.
The Borrower shall commence or consent to the commencement of any proceeding under any Bankruptcy Law, or make an assignment
for the benefit of creditors; or apply for or consent to the appointment of any receiver, trustee, custodian, conservator, liquidator,
rehabilitator or similar officer for it or for all or any material part of its property; or any receiver, trustee, custodian,
conservator, liquidator, rehabilitator or similar officer is appointed without the application or consent of the Borrower and
the appointment continues undischarged or unstayed for 90 calendar days; or any proceeding under any Bankruptcy Law relating to
the Borrower or to all or any material part of its property is instituted without the consent of the Borrower and continues undismissed
or unstayed for 90 calendar days, or an order for relief is entered in any such proceeding.

 

SECTION
5.02Remedies. Upon the occurrence and during the continuation of any Event of
Default, the Lender may, after notice to the Borrower, (a) terminate the Commitment, whereupon the Commitment Termination Date
shall occur and the Lender’s obligations to make further loans hereunder shall end, and (b) declare the unpaid principal
amount of all outstanding Loans made to the Borrower, all interest accrued and unpaid thereon, and all other amounts owing or
payable hereunder by the Borrower to be immediately due and payable without presentment, demand, protest or other notice of any
kind, all of which are hereby expressly waived by the Borrower; provided, however, that upon the occurrence of an actual or deemed
entry of an order for relief with respect to the Borrower under the Bankruptcy Code of the United States, the obligation of the
Lender to make Loans to the Borrower shall automatically terminate, the unpaid principal amount of all outstanding Loans made
to the Borrower and all interest and other amounts as aforesaid shall automatically become due and payable.

 

ARTICLE
VI

MISCELLANEOUS

 

SECTION
6.01Successors and Assigns; Assignments. Agreement shall be binding upon and inure
to the benefit of the Borrower and the Lender and their respective successors and assigns permitted 

 

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hereby,
except that neither party may assign or transfer any of its rights hereunder without the prior written consent of the other party.

 

SECTION
6.02Entire Agreement. This Agreement integrates all the terms and conditions mentioned
herein or incidental hereto, and supersede all oral negotiations and prior writings with respect to the subject matter hereof.

 

SECTION
6.03Counterparts. This Agreement and any amendments, waivers, consents or supplements
may be executed in as many counterparts as may be deemed necessary or convenient, and by the different parties hereto on separate
counterparts, each of which, when so executed, shall be deemed an original, but all such counterparts shall constitute but one
and the same agreement. Delivery of an executed counterpart of a signature page of this Agreement and any amendments, waivers,
consents or supplements by telecopier or in electronic (i.e., “pdf” or “tif”) format shall be effective
as of delivery of a manually executed counterpart of this Agreement or such amendment, waiver, consent or supplement.

 

SECTION
6.04Amendments, Etc. No amendment, modification, termination, or waiver of any
provision of this Agreement, nor consent to any departure by the Borrower from this Agreement, shall in any event be effective
unless the same shall be in writing and signed by the Borrower and the Lender, and, with respect to any waiver or consent, such
waiver or consent shall be effective only in the specific instance and for the specific purpose for which it is given.

 

SECTION
6.05Notices, Etc.

 

(a)       General.
Unless otherwise expressly provided herein, all notices and other communications provided for hereunder shall be in writing (including
by facsimile transmission), all such written notices shall be mailed, faxed or delivered to the applicable address, facsimile
number or (subject to subsection (b) below) electronic mail address, and all notices and other communications expressly permitted
hereunder to be given by telephone shall be made to the applicable telephone number, as follows:

 

to the Borrower:

 

Toyota Motor Credit Corporation

[**]

 

to the Lender:

 

Toyota
Motor Sales, U.S.A., Inc.

[**]

 

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or, as to
each party, at such other address, facsimile number, electronic mail address or telephone number as shall be designated by such
party in a notice to the other party complying as to delivery with the terms of this section. Except as otherwise set forth herein,
all such notices and other communications shall be deemed to be given or made upon the earlier to occur of (i) actual receipt
by the relevant party hereto and (ii) (A) if delivered by hand or by courier, when signed for by or on behalf of the relevant
party hereto; (B) if delivered by mail, four Business Days after deposit in the mails, postage prepaid; (C) if delivered by facsimile,
when sent and receipt has been confirmed by telephone; and (D) if delivered by electronic mail (subject to the provisions of subsection
(c) below), when delivered; provided, however, that notices and other communications to the Lender pursuant to Article II shall
not be effective until actually received by such Person. In no event shall a voicemail message be effective as a notice, communication
or confirmation hereunder.

 

(b)       Use
of Electronic Mail. The Lender or the Borrower may, in its discretion, agree to accept notices and other communications to
it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such procedures may
be limited to particular notices or communications. As of the date hereof, the Borrower approves the delivery of electronic communication
to it hereunder, provided that, (i) such electronic communication is addressed to any of the email addresses listed above and
(ii) receipt has been confirmed by reply electronic mail or by telephone. As of the date hereof, the Lender approves the delivery
of electronic communication to it hereunder, provided that, (i) such electronic communication is addressed to any of the e-mail
addresses listed above and (ii) receipt has been confirmed by reply electronic mail or by telephone.

 

SECTION
6.06No Waiver; Remedies. No failure on the part of the Lender to exercise, and
no delay in exercising, any right, power, or remedy under this Agreement shall operate as waiver thereof; nor shall any single
or partial exercise of any right under this Agreement preclude any other or further exercise thereof or exercise of any other
right. The remedies provided in this Agreement are cumulative and not exclusive of any remedies provided by Law.

 

SECTION
6.07Taxes.

 

(a)       Defined
Terms. For the purposes of this section, the term “applicable Law” includes FATCA.

 

(b)       Payments
Free of Taxes. Any and all payments by or on account of any obligation of the Borrower under this Agreement shall be made
without deduction or withholding for any Taxes, except as required by applicable Law. If any applicable Law (as determined in
the good faith discretion of the Borrower) requires the deduction or withholding of any Tax from any such payment by the Borrower,
then the Borrower shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld
to the relevant Governmental Authority in accordance with applicable Law and, if such Tax is an Indemnified Tax, then the sum
payable by the Borrower shall be increased as necessary so that after such deduction or withholding has been made (including such
deductions and withholdings applicable to additional sums payable under this section) the Lender receives an amount equal to the
sum it would have received had no such deduction or withholding been made.

 

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(c)       Payment
of Other Taxes by the Borrower. The Borrower shall timely pay any Other Taxes to the relevant Governmental Authority in accordance
with applicable Law.

 

(d)       Indemnification
by the Borrower. The Borrower shall indemnify the Lender, within 15 Business Days after demand therefor, for the full amount
of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this section)
payable or paid by the Lender or required to be withheld or deducted from a payment to the Lender and any reasonable expenses
arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted
by the relevant Governmental Authority.

 

(e)       Status
of the Lender.

 

(i)       If
the Lender is entitled to an exemption from or reduction of withholding Tax with respect to payments made under this Agreement,
the Lender shall deliver to the Borrower, at any time or times reasonably requested by the Borrower, such properly completed and
executed forms and documentation prescribed by applicable Law or reasonably requested by the Borrower as will permit such payments
to be made without withholding or at a reduced rate of withholding.

 

(ii)       The
Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect,
it shall update such form or certification or promptly notify the Borrower in writing of its legal inability to do so.

 

(f)       Refunds.
If either party becomes aware that the Lender is entitled to claim a refund from a Governmental Authority in respect of, or remission
for, Taxes or Other Taxes as to which the Lender has received additional amounts under this section, such party shall promptly
notify the other party of the availability of such claim and, to the extent that the Lender determines in good faith that making
such claim will not have an adverse effect on its taxes or business operation, shall, within 60 days of receipt of a request by
the Borrower, make such claim. If the Lender determines, in its sole discretion exercised in good faith, that it has received
a refund of any Taxes as to which it has been indemnified pursuant to this section (including by the payment of additional amounts
pursuant to this section), it shall pay to the Borrower an amount equal to such refund (but only to the extent of indemnity payments
made under this section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes)
of the Lender and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund).
The Borrower, upon the request of the Lender, shall repay to the Lender the amount paid over pursuant to this paragraph (f) (plus
any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that the Lender is required
to repay such refund to such Governmental Authority. Nothing in this paragraph (f) shall be construed to require the Lender to
make available its tax returns or any other financial or other information that it deems confidential to the Borrower or any other
Person.

 

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(g)       Each
party’s obligations under this section shall survive the termination of the Commitment and the repayment, discharge or satisfaction
of all obligations under this Agreement.

 

SECTION
6.08Governing Law; Consent to Jurisdiction. THIS AGREEMENT SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, the LAW OF THE STATE OF TEXAS WITHOUT REGARD
TO ITS CHOICE OF LAW PRINCIPLES. ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT MAY BE BROUGHT IN THE COURTS OF
THE STATE OF TEXAS SITTING IN THE COUNTY OF DALLAS OR OF THE UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF SUCH STATE,
AND BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH OF THE BORROWER AND THE LENDER HERETO CONSENTS, FOR ITSELF AND IN RESPECT
OF ITS PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF THOSE COURTS. EACH OF THE BORROWER AND THE LENDER IRREVOCABLY WAIVES ANY
OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY
NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF THIS AGREEMENT OR OTHER DOCUMENT
RELATED THERETO. EACH OF THE BORROWER AND THE LENDER WAIVES PERSONAL SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER PROCESS, WHICH
MAY BE MADE BY ANY OTHER MEANS PERMITTED BY THE LAW OF SUCH STATE. SERVICE OF ANY AND ALL LEGAL PROCESS, SUMMONS, NOTICES AND
DOCUMENTS THAT MAY BE SERVED IN ANY ACTION OR PROCEEDING ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT MAY BE MADE BY MAILING
(BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID) OR DELIVERING A COPY OF SUCH PROCESS TO THE BORROWER AND TO THE LENDER, IN
EACH CASE, AT THE ADDRESS SPECIFIED IN SECTION 6.05. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE
PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.

 

SECTION
6.09Severability of Provisions. Any provision of this Agreement which is prohibited
or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability
without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of such provision
in any other jurisdiction.

 

SECTION
6.10Headings. Article and section headings in this Agreement are for the convenience
of reference only and shall not constitute a part of this Agreement for any other purpose.

 

SECTION
6.11Waiver of Jury Trial. EACH PARTY TO THIS AGREEMENT HEREBY EXPRESSLY WAIVES
ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING HEREUNDER OR IN ANY WAY CONNECTED WITH OR RELATED
OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO WITH RESPECT TO THIS AGREEMENT, OR THE TRANSACTIONS RELATED HERETO, IN EACH
CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES
AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY
PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY 

 

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OF
THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE SIGNATORIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL
BY JURY.

 

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    -12- 

    	 

    

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their respective officers thereunto duly authorized,
as of the date first above written.

 

	 	TOYOTA MOTOR CREDIT CORPORATION

         

         

        By:_/s/ Cindy Wang______________

        Name: Cindy Wang

        Title: Group Vice President
– Treasury

  

    Signature Page to Credit Agreement
 

    	 

    
	 	TOYOTA MOTOR SALES, U.S.A.,
        INC.

         

         

        By:/s/ Naoki Kojima______

        Name: Naoki Kojima

        Title: Treasurer

 

    Signature Page to Credit Agreement
 

    	 

    

exhibit
a

 

FORM OF
IRREVOCABLE LOAN NOTICE

 

Date: ___________,
_____

 

		To:	Toyota Motor Sales, U.S.A., Inc.

 

Ladies
and Gentlemen:

 

Reference
is made to that certain Revolving Credit Agreement, dated as of April 1, 2021 (as amended, restated, extended, supplemented or
otherwise modified in writing from time to time, the “Agreement;” the terms defined therein being used herein
as therein defined), among Toyota Motor Credit Corporation, as the Borrower, and Toyota Motor Sales, U.S.A., Inc., as the Lender.

 

The
undersigned hereby irrevocably requests a Loan to be advanced under the Agreement:

 

		1.	With a Borrowing Date
of                                  1.

 

		2.	In the principal amount
of US$                                  .

 

		3.	With an Interest Period
duration of                                  2.

 

		4.	With an Applicable Rate
of                                   3.

 

The
Loan requested herein complies with the first sentence of Section 2.01 of the Agreement.

 

	TOYOTA MOTOR CREDIT CORPORATION	 	TOYOTA MOTOR SALES, U.S.A., INC.
	 	 	 	 	 
	By: 	 	 	By: 	
	Name: 		 	Name: 	 
	Title: 	 	 	Title:  	

 

 

 

1        Telephonic
notice of the loan request must be delivered not later than 12:00 Noon, Plano, Texas time, one Business Day prior to the requested
Borrowing Date. A written confirmation of that notice in the form of this Exhibit A must be provided promptly thereafter.

2        The
Interest Period shall not end after the Maturity Date.

3        The
Applicable Rate shall be the fixed rate of interest per annum agreed to by the parties; provided, however, that,
such agreed rate shall be in the range of AFR applicable rates for the month in which the first day of such Interest Period occurs
as published by the United States Internal Revenue Service in accordance with Section 1274(d) of the Code (or any comparable successor
rate or Section as mutually reasonably determined by the Borrower and the Lender).Exhibit
10.1

 

NEITHER
THIS SECURITY NOR THE SECURITIES INTO WHICH THIS SECURITY IS CONVERTIBLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE
COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE 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 AS EVIDENCED BY A
LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.
THIS SECURITY AND THE SECURITIES ISSUABLE UPON CONVERSION OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN
ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

Original Issue
Date: September 13, 2019 

Amended and
Restated Date: December 31, 2019

Second Amended
and Restated Date: April 1, 2021

Conversion
Price (subject to adjustment herein): $4.00 per share of Common Stock 

Maturity Date:
September 30, 2029

 

 

Principal Payment:
$1,990,000.00

 

 

SECOND
AMENDED AND RESTATED

15%
SENIOR SECURED 

CONVERTIBLE
PROMISSORY NOTE

DUE
September 30, 2029

 

THIS
SECOND AMENDED AND RESTATED 15% SENIOR SECURED CONVERTIBLE PROMISSORY NOTE is a duly authorized and validly issued 15% Senior
Secured Convertible Promissory Note of Mobiquity Technologies, Inc., a New York corporation, (the “Company”),
having its principal place of business at 35 Torrington Lane, Shoreham, New York 11786, designated as its Second Amended and Restated
15% Senior Secured Convertible Promissory Note due September 30, 2029 (this Note, the “Note” and, collectively
with the other Notes of such series, the “Notes”). The Holder named in the next paragraph is loaning to the
Company an additional principal amount of $150,000.00 in accordance with the terms and conditions set forth in this Note, such
that the total principal amount under this Note is $1,990,000.00. This Note amends and restates, and supersedes and replaces,
that certain Company $1,840,000.00 15% Senior Secured Convertible Promissory Note dated September 13, 2019 payable to the Holder
named in the next paragraph in its entirety.

 

FOR
VALUE RECEIVED, the Company promises to pay to Dr. Gene Salkind and Catherine Salkind or their registered assigns (the “Holder”),
or shall have paid pursuant to the terms hereunder, the Principal Payment sum of $1,990,000.00 on September 30, 2029 (the “Maturity
Date”) or such earlier date as this Note is required or permitted to be repaid as provided hereunder, and to pay interest
to the Holder on the aggregate unconverted and then outstanding Principal Payment amount of this Note in accordance with the provisions
hereof. Additionally, the Company shall pay the Holder the sum of $200,000.00 (the “Interim Payment”) on December
31, 2021 (the “Interim Payment Date”) or such earlier date as this Note is required or permitted to be repaid
as provided hereunder. This Note is subject to the following additional provisions:

 

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

 

“Alternate
Consideration” shall have the meaning set forth in Section 5(d).

 

 

 

    	 	1	 

     

    

 

“Bankruptcy
Event” means any of the following events: (a) the Company or any Significant Subsidiary (as such term is defined in
Rule 1-02(w) of Regulation S-X) thereof commences a case or other proceeding under any bankruptcy, reorganization, arrangement,
adjustment of debt, relief of debtors, dissolution, insolvency or liquidation or similar law of any jurisdiction relating to the
Company or any Significant Subsidiary thereof, (b) there is commenced against the Company or any Significant Subsidiary thereof
any such case or proceeding that is not dismissed within 90 days after commencement, (c) the Company or any Significant Subsidiary
thereof is adjudicated insolvent or bankrupt or any order of relief or other order approving any such case or proceeding is entered,
(d) the Company or any Significant Subsidiary thereof suffers any appointment of any custodian or the like for it or any substantial
part of its property that is not discharged or stayed within 90 calendar days after such appointment, (e) the Company or any Significant
Subsidiary thereof makes a general assignment for the benefit of creditors, (f) the Company or any Significant Subsidiary thereof
calls a meeting of its creditors with a view to arranging a composition, adjustment or restructuring of its debts or (g) the Company
or any Significant Subsidiary thereof, by any act or failure to act, expressly indicates its consent to, approval of or acquiescence
in any of the foregoing or takes any corporate or other action for the purpose of effecting any of the foregoing.

 

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

 

“Buy-In”
shall have the meaning set forth in Section 4(v)(v).

 

“Change
of Control Transaction” means the occurrence after the date hereof of any of (a) an acquisition after the date hereof
by an individual or legal entity or “group” (as described in Rule 13d-5(b)(1) promulgated under the Exchange Act)
of effective control (whether through legal or beneficial ownership of capital stock of the Company, by contract or otherwise)
of in excess of 50% of the voting securities of the Company (other than by means of conversion or exercise of the Notes and the
Warrants issued together with the Notes), (b) the Company merges into or consolidates with any other Person, or any Person merges
into or consolidates with the Company and, after giving effect to such transaction, the stockholders of the Company immediately
prior to such transaction own less than 50% of the aggregate voting power of the Company or the successor entity of such transaction,
(c) the Company sells or transfers all or substantially all of its assets to another Person and the stockholders of the Company
immediately prior to such transaction own less than 50% of the aggregate voting power of the acquiring entity immediately after
the transaction, (d) a replacement at one time or within a three year period of more than one-half of the members of the Board
of Directors which is not approved by a majority of those individuals who are members of the Board of Directors on the Original
Issue Date (or by those individuals who are serving as members of the Board of Directors on any date whose nomination to the Board
of Directors was approved by a majority of the members of the Board of Directors who are members on the date hereof), or (e) the
execution by the Company of an agreement to which the Company is a party or by which it is bound, providing for any of the events
set forth in clauses (a) through (d) above.

 

“Common
Stock” means the common stock of the Company, $0.0001 par value per share.

 

“Conversion”
shall have the meaning ascribed to such term in Section 4.

 

“Conversion
Date” shall have the meaning set forth in Section 4(a).

 

“Conversion
Price” shall have the meaning set forth in Section 4(d).

 

“Conversion
Shares” means, collectively, the shares of Common Stock issuable upon conversion of this Note in accordance with the
terms hereof.

 

“DTC”
means the Depository Trust Company.

 

 

 

    	 	2	 

     

    

 

“DTC/FAST
Program” means the DTC’s Fast Automated Securities Transfer Program.

 

“DWAC”
means Deposit Withdrawal at Custodian as defined by the DTC.

 

“DWAC
Eligible” means that (a) the Common Stock is eligible at DTC for full services pursuant to DTC’s Operational Arrangements,
including without limitation transfer through DTC’s DWAC system, (b) the Company has been approved (without revocation)
by the DTC’s underwriting department, (c) the Transfer Agent is approved as an agent in the DTC/FAST Program, (d) the Conversion
Shares are otherwise eligible for delivery via DWAC, and (e) the Transfer Agent does not have a policy prohibiting or limiting
delivery of the Conversion Shares via DWAC.

 

“Equity
Conditions” means, during the period in question, (a) the Company shall have duly honored all conversions and redemptions
scheduled to occur or occurring by virtue of one or more Notices of Conversion of the Holder, if any, (b) the Company shall have
paid all liquidated damages and other amounts owing to the Holder in respect of this Note, (c) all of the Conversion Shares issuable
pursuant to the Transaction Documents (and shares issuable in lieu of cash payments of interest) may be resold pursuant to Rule
144 without volume or manner-of-sale restrictions or current public information requirements as determined by the counsel to the
Company as set forth in a written opinion letter to such effect, addressed and acceptable to the Transfer Agent and the Holder,
(d) the Common Stock is trading on a Trading Market and all of the shares issuable pursuant to the Transaction Documents are listed
or quoted for trading on such Trading Market (and the Company believes, in good faith, that trading of the Common Stock on a Trading
Market will continue uninterrupted for the foreseeable future), (e) there is a sufficient number of authorized but unissued and
otherwise unreserved shares of Common Stock for the issuance of all of the shares then issuable pursuant to the Transaction Documents,
(f) there is no existing Event of Default and no existing event which, with the passage of time or the giving of notice, would
constitute an Event of Default, (g) there has been no public announcement of a pending or proposed Fundamental Transaction or
Change of Control Transaction that has not been consummated, (h) the applicable Holder is not in possession of any information
provided by the Company that constitutes, or may constitute, material non-public information, and (i) the Company’s Common
Stock must be DTC and DWAC Eligible.

 

“Event
of Default” shall have the meaning set forth in Section 6(a).

 

“Fundamental
Transaction” shall have the meaning set forth in Section 5(d).

 

“New
York Courts” shall have the meaning set forth in Section 7(d).

 

“Note
Register” shall have the meaning set forth in Section 2(c).

 

“Notice
of Conversion” shall have the meaning set forth in Section 4(a).

 

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

 

“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

“Principal
Payment” shall have the meaning set forth in Section 2(c).

 

 

 

    	 	3	 

     

    

 

“Required
Minimum” means, as of any date, the maximum aggregate number of shares of Common Stock then issued or potentially issuable
in the future pursuant to the Transaction Documents, including any shares of Common Stock issuable upon conversion in full of
all Notes (including shares of Common Stock issuable as payment of interest on the Notes).

 

“Securities”
means the Notes, the Warrants, and the Common Stock underlying the Notes and Warrants.

 

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

 

“Share
Delivery Date” shall have the meaning set forth in Section 4(d)(ii).

 

“Subscription
Agreement” means the Subscription Agreement between the Company and the original Holder of this Note, pursuant to which
such Holder subscribed for the purchase of this Note.

 

“Subscription Agreements” means the Subscription Agreements
of all the original Holders of all the Notes.

 

“Successor
Entity” shall have the meaning set forth in Section 5(e).

 

“Trading
Day” means a day on which the principal Trading Market is open for trading.

 

“Trading
Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on
the date in question: the NYSE MKT, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the
New York Stock Exchange, OTCQB, or OTCQX (or any successors to any of the foregoing).

 

“Transaction
Documents” means the all the Subscription Agreements, the Notes, the Security Agreement, the Warrants, all exhibits
and schedules thereto and hereto and any other documents or agreements executed in connection with the transactions contemplated
hereunder.

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then
listed or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest
preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based
on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b)  if the OTCQB, OTCQX is not
a Trading Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the OTC
Bulletin Board, or (c) if the Common Stock is not then listed or quoted for trading on the OTC Bulletin Board and if prices for
the Common Stock are then reported in the “Pink Sheets” published by Pink OTC Markets Group, Inc. (or a similar organization
or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported.

 

“Warrants”
means Common Stock Purchase Warrants to purchase a number of shares of the Company’s Common Stock equal to 50% of the number
of Conversion Shares issuable in full conversion of the original Principal Payment of this Note, during an exercise period of
ten (10) years from the Original Issuance Date, at an exercise price of Twelve Cents ($0.12) per share, subject to adjustment
as set forth in the Warrant.

 

Section
2.     Principal Payment; Interest and Interim Payment.

 

a)                 
Payment of Interest in Cash or Kind. The Company shall pay interest to the Holder on the aggregate unconverted and then
outstanding Principal Payment amount of this Note at the rate of fifteen percent (15%) per annum, payable monthly in arrears by
the 15th day of month commencing in October 2019, in cash or, at the Holder’s option, in duly authorized, validly
issued, fully paid and non-assessable shares of Common Stock on the same terms as the issuance of shares of Common Stock upon
such Conversion, or a combination thereof.

 

 

 

    	 	4	 

     

    

 

b)                 
Interest Calculations. Interest shall be calculated on the basis of a 360-day year, consisting of twelve (12) thirty (30)
calendar day periods, and shall accrue daily commencing on the Original Issue Date until payment in full of the outstanding Principal,
Payment together with all accrued and unpaid interest, liquidated damages and other amounts which may become due hereunder, has
been made. The foregoing notwithstanding, interest for the period commencing on the Original Issues Date and ending on November
30, 2019 shall be deferred (the “Deferred Interest”) and included in, and as part of, the Interim Payment.
Payment of interest in shares of Common Stock shall otherwise occur pursuant to Section 4(c)(ii) herein. Interest hereunder will
be paid to the Person in whose name this Note is registered on the records of the Company regarding registration and transfers
of this Note (the “Note Register”). Except as otherwise provided herein, if at any time the Company pays interest
partially in cash and partially in shares of Common Stock to the holders of the Notes, then such payment of cash shall be distributed
ratably among the holders of the then-outstanding Notes based on their (or their predecessor’s) initial purchases of Notes.

 

c)                 
Maturity Date Payment. On the Maturity Date, the Company shall redeem one hundred percent (100%) of the face principal
amount of this Note (the “Principal Payment”) together with all accrued and unpaid interest thereon. The Principal
Payment together with all accrued and unpaid interest thereon, shall, at the option of the Holder, be made in cash or, subject
to fulfillment of the Equity Conditions on the Maturity Date, be made in Common Stock at the Conversion Price. For the avoidance
of doubt, the principal amount of this Note was $1,840,000.00 prior to Second Amended and Restated Date of this Note, and is $1,990,000.00
on and after the Second Amended and Restated Date of this Note.

 

d)                 
Interim Payment. On or before the Interim Payment Date, the Company shall pay in full the Interim Payment (which includes
the Deferred Interest). The Interim Payment shall, at the option of the Holder, be made in cash or, subject to fulfillment of
the Equity Conditions on or before the Interim Payment Date (or if all or a portion of the Interim Payment is paid prior to the
Interim Payment Date, such date(s) that such payment of the Interim Payment is made), be made in Common Stock valued at the Conversion
Price on such date. The Interim Payment shall, in part, include the Deferred Interest.

 

e)                 
Prepayment. Within the first thirty six (36) months following the Original Issue Date upon the mutual written consent of
the Holder and the Company, and thereafter at any time upon ten (10) days written notice to the Holder, the Company may prepay
any portion of the Principal Payment of this Note and any accrued and unpaid interest, and the Interim Payment (to the extent
unpaid). If the Company exercises its right to prepay the Note, the Company shall make payment to the Holder of an amount in cash
equal to the sum of the then outstanding Principal Payment amount of this Note and accrued and unpaid interest thereon, and the
Interim Payment (to the extent unpaid). The Holder may continue to convert the Note from the date notice of the prepayment is
given until the date of the prepayment. Notwithstanding anything contained herein to the contrary, a Prepayment of this Note within
three (3) Trading Days prior to the Maturity Date of the Note shall not be deemed a Prepayment.

 

Section
3.     Registration of Transfers and Exchanges.

 

a)                 
Different Denominations. This Note is exchangeable for an equal aggregate Principal Payment amount of Notes of different
authorized denominations, as requested by the Holder surrendering the same. No service charge will be payable 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 in the Subscription Agreement 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 for transfer to the Company 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.

 

 

 

    	 	5	 

     

    

 

Section
4.     Conversion.

 

a)                 
Voluntary Conversion by Holder. Subject to Section 4(b) and Section 4(f), at any time after the Original Issue Date until
this Note is no longer outstanding, this Note shall be convertible, in whole or in part, into Conversion Shares at the option
of the Holder, at any time and from time to time. The Holder shall effect conversions by delivering to the Company a Notice of
Conversion, the form of which is attached hereto as Annex A (each, a “Notice of Conversion”), specifying
therein the principal amount of this Note, and the Interim Payment (to the extent unpaid), to be converted and the date on which
such conversion shall be effected, which date may include the Maturity Date (such date, the “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 deemed delivered hereunder. No ink-original Notice of Conversion shall be required, nor shall any medallion guarantee (or other
type of guarantee or notarization) of any Notice of Conversion form be required. The Company may deliver an objection to any Notice
of Conversion within one (1) Business Day of delivery of such Notice of Conversion. 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.

 

b)                 
Right to Effect Conversion by the Company. Subject to Section 4(f), at any time after the Original Issue Date that the
trailing thirty (30) day VWAP of the Company’s Common Stock is above One Dollar ($1.00) per share, subject to adjustment
as set forth in Section 5 as applicable, until this Note is no longer outstanding, the Company may convert the entire unpaid un-converted
principal amount of this Note, plus all accrued and unpaid interest thereon, plus the Interim Payment (to the extent unpaid) into
Conversion Shares. The Company shall effect the conversion under this Section 4(b) by delivering to the Holder a notice of such
conversion (the “Company Conversion Notice”), with no further action of the Holder on the date the Company
Conversion Notice is deemed delivered in accordance with Section 8(a). In the event of a Company effected conversion pursuant
to this Section 4(b), the “Conversion Date” shall be the date of delivery of the Company Conversion Notice.

 

c)                 
Effect of Conversions on Note. To effect conversions hereunder, the Holder shall not be required to physically surrender
this Note to the Company unless the entire principal amount of this Note, plus all accrued and unpaid interest thereon, and the
Interim Payment (to the extent unpaid), has been so converted. Conversions hereunder shall have the effect of lowering the outstanding
principal amount of this Note and the Interim Payment in an amount equal to the applicable conversion. The Holder and the Company
shall maintain records showing the principal amount(s) and the Interim Payment converted and the date of such conversion(s).

 

d)                 
Conversion Price. The fixed conversion price in effect on any Conversion Date shall be equal to Four Dollars ($4.00), subject
to adjustment herein (the “Conversion Price”).

 

e)                 
Mechanics of Conversion.

 

i.                       
Conversion Shares Issuable Upon Conversion of Principal Amount. The number of Conversion Shares issuable upon a conversion
hereunder shall be determined by the quotient obtained by dividing (x) the outstanding principal amount of this Note to be converted
by (y) the Conversion Price.

 

ii.                       
Delivery of Certificate Upon Conversion. Not later than five (5) Trading Days after each Conversion Date (the “Share
Delivery Date”), the Company shall deliver, or cause to be delivered, to the Holder (A) a certificate or certificates
representing the Conversion Shares, and (B) a bank check in the amount of accrued and unpaid interest (if the Company has elected
or is required to pay accrued interest in cash). All certificate or certificates required to be delivered by the Company under
this Section 4(e) shall be delivered electronically through the Depository Trust Company or another established clearing corporation
performing similar functions. The Conversion Shares shall bear a restrictive legend in the following form, as appropriate:

 

“NEITHER
THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE
HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS.  THE SECURITIES
MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE
SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE
HOLDER), IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE
144 OR RULE 144A UNDER SAID ACT.  NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A
BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.”

 

 

 

    	 	6	 

     

    

 

iii.                       
Failure to Deliver Certificates. If, in the case of any Notice of Conversion, such certificate or certificates are not
delivered to or as directed by the applicable Holder by the Share Delivery Date, the Holder shall be entitled to elect by written
notice to the Company at any time on or before its receipt of such certificate or certificates, to rescind such Conversion, in
which event the Company shall promptly return to the Holder any original Note delivered to the Company and the Holder shall promptly
return to the Company the Common Stock certificates issued to such Holder pursuant to the rescinded Conversion Notice.

 

iv.                       
Obligation Absolute; Partial Liquidated Damages. The Company’s obligations to issue and deliver the Conversion Shares
upon conversion of this Note in accordance with the terms hereof are absolute and unconditional, irrespective of any action or
inaction by the Holder to enforce the same, any waiver or consent with respect to any provision hereof, the recovery of any judgment
against any Person or any action to enforce the same, or any setoff, counterclaim, recoupment, limitation or termination, or any
breach or alleged breach by the Holder or any other Person of any obligation to the Company or any violation or alleged violation
of law by the Holder or any other Person, and irrespective of any other circumstance which might otherwise limit such obligation
of the Company to the Holder in connection with the issuance of such Conversion Shares; provided, however, that
such delivery shall not operate as a waiver by the Company of any such action the Company may have against the Holder. In the
event the Holder of this Note shall elect to convert any or all of the outstanding principal amount hereof, the Company may not
refuse conversion based on any claim that the Holder or anyone associated or affiliated with the Holder has been engaged in any
violation of law, agreement or for any other reason, unless an injunction from a court, on notice to Holder, restraining and or
enjoining conversion of all or part of this Note shall have been sought and obtained and the Company posts a surety bond for the
benefit of the Holder in the amount of 120% of the outstanding principal amount of this Note, which is subject to the injunction,
which bond shall remain in effect until the completion of arbitration/litigation of the underlying dispute and the proceeds of
which shall be payable to the Holder to the extent it obtains judgment. In the absence of such injunction, the Company shall issue
Conversion Shares or, if applicable, cash, upon a properly noticed conversion. If the Company fails for any reason to deliver
to the Holder such certificate or certificates pursuant to Section 4(e)(ii) by the Share Delivery Date, the Company shall pay
to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of principal amount being converted, $1.00
per Trading Day (increasing to $2.00 per Trading Day on the twentieth (20th) Trading Day after such liquidated damages
begin to accrue) for each Trading Day after such Share Delivery Date until such certificates are delivered or Holder rescinds
such conversion. Nothing herein shall limit a Holder’s right to pursue actual damages or declare an Event of Default pursuant
to Section 6 hereof for the Company’s failure to deliver Conversion Shares within the period specified herein and the Holder
shall have the right to pursue all remedies available to it hereunder, at law or in equity including, without limitation, a decree
of specific performance and/or injunctive relief. 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.

 

v.                       
Compensation for Buy-In on Failure to Timely Deliver Certificates Upon Conversion. In addition to any other rights available
to the Holder, if the Company fails for any reason to deliver to the Holder such certificate or certificates by the Share Delivery
Date pursuant to Section 4(e)(ii), and if after such Share Delivery Date the Holder is required by its brokerage firm to purchase
(in an open market transaction or otherwise), or the Holder’s brokerage firm otherwise purchases, shares of Common Stock
to deliver in satisfaction of a sale by the Holder of the Conversion Shares in compliance with applicable securities laws which
the Holder was entitled to receive upon the conversion relating to such Share Delivery Date (a “Buy-In”), then
the Company shall (A) pay in cash to the Holder (in addition to any other remedies available to or elected by the Holder) the
amount, if any, by which (x) the Holder’s total purchase price (including any brokerage commissions) for the Common Stock
so purchased exceeds (y) the product of (1) the aggregate number of shares of Common Stock that the Holder was entitled to receive
from the conversion at issue multiplied by (2) the actual sale price at which the sell order giving rise to such purchase obligation
was executed (including any brokerage commissions) and (B) at the option of the Holder, either reissue (if surrendered) this Note
in a principal amount equal to the principal amount of the attempted Conversion (in which case such Conversion shall be deemed
rescinded) or deliver to the Holder the number of shares of Common Stock that would have been issued if the Company had timely
complied with its delivery requirements under Section 4(e)(ii). For example, if the Holder purchases Common Stock having a total
purchase price of $11,000 to cover a Buy-In with respect to an attempted conversion of this Note with respect to which the actual
sale price of the Conversion Shares (including any brokerage commissions) giving rise to such purchase obligation was a total
of $10,000 under clause (A) of the immediately preceding sentence, the Company shall be required to pay the Holder $1,000. The
Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon
request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder’s right to pursue any other
remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or
injunctive relief with respect to the Company’s failure to timely deliver certificates representing shares of Common Stock
upon conversion of this Note as required pursuant to the terms hereof.

 

 

 

    	 	7	 

     

    

 

vi.                       
Authorized Shares and Listing. If, on any date, the number of authorized but unissued
(and otherwise unreserved) shares of Common Stock is less than 100% of the Required Minimum on such date, then the Board of Directors
shall use commercially reasonable efforts to amend the Company’s certificate or articles of incorporation to increase the
number of authorized but unissued shares of Common Stock to at least 100% of the Required Minimum at such time, as soon as possible
and in any event not later than the 120th day after such date. The Company shall, if applicable: (A) in the time and
manner required by the principal Trading Market, prepare and file with such Trading Market an additional shares listing application
covering a number of shares of Common Stock at least equal to the Required Minimum on the date of such application; (B) take all
steps necessary to cause such shares of Common Stock to be approved for listing or quotation on such Trading Market as soon as
possible thereafter; (C) provide to the Purchasers evidence of such listing or quotation; and (D) maintain the listing or quotation
of such Common Stock on any date at least equal to the Required Minimum on such date on such Trading Market or another Trading
Market.

 

vii.                       
Fractional Shares. No fractional shares or scrip representing fractional shares shall be issued upon the conversion of
this Note. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such conversion, the Company
shall at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied
by the Conversion Price or round up to the next whole share.

 

viii.                       
Transfer Taxes and Expenses. The issuance of certificates for shares of the Common Stock on conversion of this Note shall
be made without charge to the Holder hereof for any documentary stamp or similar taxes that may be payable in respect of the issue
or delivery of such certificates, provided that, the Company shall not be required to pay any tax that may be payable in respect
of any transfer involved in the issuance and delivery of any such certificate upon conversion in a name other than that of the
Holder of this Note so converted and the Company shall not be required to issue or deliver such certificates unless or until the
Person or Persons requesting the issuance thereof shall have paid to the Company the amount of such tax or shall have established
to the satisfaction of the Company that such tax has been paid. The Company shall pay all Transfer Agent fees required for same-day
processing of any Notice of Conversion.

 

f)                  
Condition to Conversion. Notwithstanding anything to the contrary in this Note, the conversion of all or any portion of
this Note is subject to and conditioned upon the Company obtaining prior approval of the Company’s shareholders for the
issuance of the shares of Common Stock upon conversion of this Note, if and to the extent required by New York Business Corporation
Law Section 912 (Requirements relating to certain business combinations) (the “BCL 912 Shareholder Approval”), and
this Note shall not be convertible in whole or in part unless and until such BCL Shareholder Approval is obtained.

 

g)                 
Applicability to Conversion of the Interim Payment. The Provisions of this Section 4 that apply to the conversion of the
Principal Payment, shall apply in likewise manner to the conversion of the Interim Payment.

 

Section
5.     Certain Adjustments.

 

a)                 
Stock Dividends and Stock Splits. If the Company, at any time while this Note is outstanding: (i) pays a stock dividend
or otherwise makes a distribution or distributions payable in shares of Common Stock on shares of Common Stock or any Common Stock
Equivalents (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon conversion
of, or payment of interest on, the Notes), (ii) subdivides outstanding shares of Common Stock into a larger number of shares,
(iii) combines (including by way of a reverse stock split) outstanding shares of Common Stock into a smaller number of shares
or (iv) issues, in the event of a reclassification of shares of the Common Stock, any shares of capital stock of the Company,
then the Conversion Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock
(excluding any treasury shares of the Company) outstanding immediately before such event, and of which the denominator shall be
the number of shares of Common Stock outstanding immediately 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.

 

 

 

    	 	8	 

     

    

 

b)                 
Pro Rata Distributions. During such time as this Note is outstanding, if the Company shall declare or make any dividend
or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of
capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options
by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction)
(a "Distribution"), at any time after the issuance of this Note, then, in each such case, the Holder shall be
entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder
had held the number of shares of Common Stock acquirable upon complete exercise of this Note immediately before the date of which
a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of shares of
Common Stock are to be determined for the participation in such Distribution.

 

c)                 
Fundamental Transaction. If, at any time while this Note is outstanding, (i) the Company, directly or indirectly, in one
or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company,
directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially
all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange
offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell,
tender or exchange their shares for other securities, cash or property and has been accepted by the holders of more than 50% of
the outstanding Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification,
reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is
effectively converted into or exchanged for other securities, cash or property, (v) the Company, directly or indirectly, in one
or more related transactions consummates a stock or share purchase agreement or other business combination (including, without
limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person whereby such other Person
acquires 50% or more of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person
or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share
purchase agreement or other business combination) (each a “Fundamental Transaction”), then, upon any subsequent
conversion of this Note, the Holder shall have the right to receive, for each Conversion Share that would have been issuable upon
such conversion immediately prior to the occurrence of such Fundamental Transaction, the number of shares of Common Stock of the
successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the
“Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number
of shares of Common Stock for which this Note is convertible immediately prior to such Fundamental Transaction. For purposes of
any such conversion, the determination of the Conversion Price shall be appropriately adjusted to apply to such Alternate Consideration
based on the amount of Alternate Consideration issuable in respect of one (1) share of Common Stock in such Fundamental Transaction,
and the Company shall apportion the Conversion Price among the Alternate Consideration in a reasonable manner reflecting the relative
value of any different components of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities,
cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate
Consideration it receives upon any conversion of this Note following such Fundamental Transaction. The Company shall cause any
successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”)
to assume in writing all of the obligations of the Company under this Note in accordance with the provisions of this Section 5(d)
pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without
unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the holder of this Note, deliver to the
Holder in exchange for this Note a security of the Successor Entity evidenced by a written instrument substantially similar in
form and substance to this Note which is convertible for a corresponding number of shares of capital stock of such Successor Entity
(or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon conversion of this Note prior to
such Fundamental Transaction, and with a conversion price which applies the Conversion Price hereunder to such shares of capital
stock (but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the
value of such shares of capital stock, such number of shares of capital stock and such Conversion Price being for the purpose
of protecting the economic value of this Note immediately prior to the consummation of such Fundamental Transaction), and which
is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor
Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions
of this Note and the other Transaction Documents referring to the “Company” shall refer instead to the Successor Entity),
and may exercise every right and power of the Company and shall assume all of the obligations of the Company under this Note and
the other Transaction Documents with the same effect as if such Successor Entity had been named as the Company herein.

 

 

 

    	 	9	 

     

    

 

d)                 
Calculations. All calculations under this Section 5 shall be made to the nearest cent or the nearest 1/100th of a share,
as the case may be. For purposes of this Section 5, 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 any treasury shares of the Company) issued
and outstanding.

 

e)                 
Notice to the Holder.

 

i.                       
Adjustment to Conversion Price. Whenever the Conversion Price is adjusted pursuant to any provision of this Section 5,
the Company shall promptly deliver 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 in whatever form) 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 of 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, or any compulsory share
exchange whereby the Common Stock is converted into other securities, cash or property or (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 be filed at each office or agency maintained for the purpose of conversion of this Note, and shall cause to be
delivered to the Holder at its last address as it shall appear upon the Note Register, at least twenty (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 deliver such notice or any defect therein
or in the delivery thereof shall not affect the validity of the corporate action required to be specified in such notice. To the
extent that any notice provided hereunder constitutes, or contains, material, non-public information regarding the Company or
any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on
Form 8-K. The Holder shall remain entitled to convert this Note during the 20-day period commencing on the date of such notice
through the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

 

Section
6.     Events of Default.

 

a)                 
“Event of Default” means, wherever used herein, any of the following events (whatever the reason for such event
and whether such event 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 amount of any Note (B) interest, or (C)
the Interim Payment, liquidated damages and other amounts owing to a Holder on any Note, as and when the same shall become due
and payable (whether on a Conversion Date or the Maturity Date or by acceleration or otherwise) which default, solely in the case
of an interest payment or other default under clause (B) above, is not cured within fifteen (15) Trading Days;

 

ii.                       
the Company shall fail to observe or perform any other covenant or agreement contained in the Notes (other than a breach
by the Company of its obligations to deliver shares of Common Stock to the Holder upon conversion, which breach is addressed in
clause (xi) below) which failure is not cured, if possible to cure, within the earlier to occur of (A) ten (10) Trading Days after
notice of such failure sent by the Holder or by any other Holder to the Company and (B) twenty (20) Trading Days after the Company
has become or should have become aware of such failure;

 

 

 

    	 	10	 

     

    

 

iii.                       
a default or event of default (subject to any grace or cure period provided in the applicable agreement, document or instrument)
shall occur under (A) any of the Transaction Documents or (B) any other material agreement, lease, document or instrument
to which the Company or any Subsidiary is obligated except for a default set forth in Schedule 6(a)(iii) to this Note;

 

iv.                       
any representation or warranty made in this Note, any other Transaction Documents, any written statement pursuant hereto
or thereto or any other report, financial statement or certificate made or delivered to the Holder or any other Holder shall be
untrue or incorrect in any material respect as of the date when made or deemed made;

 

v.                       
the Company or any Significant Subsidiary (as such term is defined in Rule 1-02(w) of Regulation S-X) shall be subject
to a Bankruptcy Event;

 

vi.                       
the Common Stock shall not be (A) eligible for listing or quotation for trading on a Trading Market and shall not be eligible
to resume listing or quotation for trading thereon within five (5) Trading Days or (B) listed or quoted for trading on the OTC
Markets (or a similar organization or agency succeeding to its functions of reporting prices); or prices for the Common Stock
are not reported in the “Pink Sheets” published by Pink OTC Markets Group, Inc. (or a similar organization or agency
succeeding to its functions of reporting prices); or the transfer of shares of Common Stock through the Depository Trust Company
System is no longer available or “chilled”;

 

vii.                       
the Company shall fail for any reason to deliver certificates via DWAC to a Holder prior to the fifteenth (15th)
Trading Day after a Conversion Date pursuant to Section 4(e) or the Company shall provide at any time notice to the Holder, including
by way of public announcement, of the Company’s intention to not honor requests for conversions of any Notes in accordance
with the terms hereof;

 

viii.                       
the Company fails to file with the Commission any required reports under Section 13 or 15(d) of the Exchange Act such that
it is not in compliance with Rule 144(c)(1) (or Rule 144(i)(2), if applicable); however, no default shall occur unless the failure
to file is for a period of at least fifteen (15) calendar days past the SEC required filing date;

 

ix.                       
if the Company or any Significant Subsidiary shall: (i) apply for or consent to the appointment of a receiver, trustee,
custodian or liquidator of it or any of its properties, (ii) admit in writing its inability to pay its debts as they mature, (iii)
make a general assignment for the benefit of creditors, (iv) be adjudicated a bankrupt or insolvent or be the subject of an order
for relief under Title 11 of the United States Code or any bankruptcy, reorganization, insolvency, readjustment of debt, dissolution
or liquidation law or statute of any other jurisdiction or foreign country, or (v) file a voluntary petition in bankruptcy, or
a petition or an answer seeking reorganization or an arrangement with creditors or to take advantage or any bankruptcy, reorganization,
insolvency, readjustment of debt, dissolution or liquidation law or statute, or an answer admitting the material allegations of
a petition filed against it in any proceeding under any such law, or (vi) take or permit to be taken any action in furtherance
of or for the purpose of effecting any of the foregoing;

 

x.                       
if any order, judgment or decree shall be entered, without the application, approval or consent of the Company or any Significant
Subsidiary, by any court of competent jurisdiction, approving a petition seeking liquidation or reorganization of the Company
or any Subsidiary, or appointing a receiver, trustee, custodian or liquidator of the Company or any Subsidiary, or of all or any
substantial part of its assets, and such order, judgment or decree shall continue unstayed and in effect for any period of ninety
(90) days;

 

xi.                       
the occurrence of any levy upon or seizure or attachment of, or any uninsured loss of or damage to, any property of the
Company or any Subsidiary having an aggregate fair value or repair cost (as the case may be) in excess of $100,000 individually
or in the aggregate, and any such levy, seizure or attachment shall not be set aside, bonded or discharged within thirty (30)
days after the date thereof; or

 

 

 

    	 	11	 

     

    

 

xii.                       
any monetary judgment, writ or similar final process shall be entered or filed against the Company, any subsidiary or any
of their respective property or other assets for more than $50,000, and such judgment, writ or similar final process shall remain
unvacated, unbonded or unstayed for a period of 45 calendar days.

 

b)                 
Remedies Upon Event of Default. If any Event of Default occurs, then the outstanding principal amount of this Note, plus
accrued but unpaid interest, the outstanding Interim Payment, liquidated damages and other amounts owing in respect thereof through
the date of acceleration, shall become, at the Holder’s election made during the existence of the Event of Default and within
thirty (30) days following the occurrence of the Event of Default, immediately due and payable in cash at the Mandatory Default
Amount. After the occurrence of any Event of Default that results in the eventual acceleration of this Note, the interest rate
on this Note shall accrue at an additional interest rate equal to the lesser of 2% per month (24% per annum) or the maximum rate
permitted under applicable law. Upon the payment in full of the Mandatory Default Amount, the Holder shall promptly surrender
this Note to or as directed by the Company. In connection with such acceleration described herein, 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 acceleration may be rescinded and annulled by Holder at any time prior to payment hereunder and
the Holder shall have all rights as a holder of the Note until such time, if any, as the Holder receives full payment pursuant
to this Section 6(b). No such rescission or annulment shall affect any subsequent Event of Default or impair any right consequent
thereon.

 

Section
7.     Representations and Warranties of Holders.

 

a)       Organization;
Authority. Each Holder is an individual with full right, power and authority to enter into and to consummate the transactions
contemplated by this Note and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of the
Note and performance by such Purchaser of the transactions contemplated by the Note have been duly authorized by all necessary
corporate, partnership, limited liability company or similar action, as applicable, on the part of such Holder. The Note has been
duly executed by such Holder, and when delivered by such Holder in accordance with the terms hereof, will constitute the valid
and legally binding obligation of such Holder, enforceable against Holder in accordance with its terms, except: (i) as limited
by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application
affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance,
injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited
by applicable law.

 

b)       Own
Account. Such Holder understands that the Securities are “restricted securities” and have not been registered
under the Securities Act or any applicable state securities law and is acquiring the Securities as principal for its own account
and not with a view to or for distributing or reselling such Securities or any part thereof in violation of the Securities Act
or any applicable state securities law, has no present intention of distributing any of such Securities 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 such Securities in violation of the Securities Act or any applicable state securities
law (this representation and warranty not limiting such Holder’s right to sell the Securities pursuant to any registration
statement or otherwise in compliance with applicable federal and state securities laws). Such Holder is acquiring the Securities
hereunder in the ordinary course of its business.

 

c)       Holder
Status. At the time such Holder was offered the Securities, it was, and as of the date hereof it is, and on each date on which
it converts any Notes it will be an “accredited investor” as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7) or
(a)(8) under the Securities Act.

 

d)       Experience
of Such Holder. Such 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 the
Securities, and has so evaluated the merits and risks of such investment. Such Holder is able to bear the economic risk of an
investment in the Securities and, at the present time, is able to afford a complete loss of such investment.

 

 

 

    	 	12	 

     

    

 

Section
8.      Miscellaneous.

 

a)                 
Notices. Any and all notices or other communications or deliveries to be provided by the Holder hereunder, including, without
limitation, any Notice of Conversion, shall be in writing and delivered personally, by facsimile, or sent by a nationally recognized
overnight courier service, addressed to the Company, at the address set forth above, or such other facsimile number or address
as the Company may specify for such purposes by notice to the Holder delivered in accordance with this Section 8(a). 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, or sent by a nationally recognized overnight courier service addressed to each Holder at the facsimile number or
address of the Holder appearing on the books of the Company, or if no such facsimile number or address appears on the books of
the Company, at the principal place of business of such Holder, as set forth on the books and records of the Company. 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 number set forth on the signature pages attached hereto
prior to 5:30 p.m. (New York City time) on any date, (ii) the next Trading Day after the date of transmission, if such notice
or communication is delivered via facsimile at the facsimile number set forth on the signature pages attached hereto on a day
that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (iii) the second Trading Day following
the date of mailing, if sent by U.S. 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, Interim Payment of, liquidated damages and accrued
interest, as applicable, 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. This Note ranks pari passu with all other Notes now or hereafter issued under
the terms set forth herein.

 

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, reasonably satisfactory to the Company.

 

d)                 
Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Note 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 conflict of laws thereof. Each party agrees that all legal proceedings concerning the interpretation, 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 and 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 such New York Courts, 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 other manner permitted by applicable 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 any 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 attorneys’
fees and other costs and expenses incurred in the investigation, preparation and prosecution of such action or proceeding.

 

 

 

    	 	13	 

     

    

 

e)                 
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 on any other occasion. Any waiver by the Company or the Holder must be in writing.

 

f)                  
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
the applicable law governing usury, the applicable rate of interest due hereunder shall automatically be lowered to equal the
maximum rate of interest permitted under applicable law. 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
Amount of, Interim Payment 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 Note, and the 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,
hinder, delay or impede 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.

 

g)                 
Remedies, Characterizations, Other Obligations, Breaches and Injunctive Relief.  The remedies provided in this Note
shall be cumulative and in addition to all other remedies available under this Note and any of the other Transaction Documents
at law or in equity (including a decree of specific performance and/or other injunctive relief), and nothing herein shall limit
the Holder’s right to pursue actual and consequential damages for any failure by the Company to comply with the terms of
this Note.  The Company covenants to the Holder that there shall be no characterization concerning this instrument other
than as expressly provided herein. Amounts set forth or provided for herein with respect to payments, conversion and the like
(and the computation thereof) shall be the amounts to be received by the Holder and shall not, except as expressly provided herein,
be subject to any other obligation of the Company (or the performance thereof). The Company acknowledges that a breach by it of
its obligations hereunder will cause irreparable harm to the Holder and that the remedy at law for any such breach may be inadequate.
The Company therefore agrees that, in the event of any such breach or threatened breach, the Holder shall be entitled, in addition
to all other available remedies, to an injunction restraining any such breach or any such threatened breach, without the necessity
of showing economic loss and without any bond or other security being required. The Company shall provide all information and
documentation to the Holder that is requested by the Holder to enable the Holder to confirm the Company’s compliance with
the terms and conditions of this Note.

 

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.

 

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.

 

j)                  
Secured Obligation. The obligations of the Company under this Note are secured by all assets of the Company and each Subsidiary
pursuant to the Security Agreement, dated as of September 13, 2019 between the Company, the Subsidiaries of the Company and the
Secured Parties (as defined therein).

 

[Rest
of page intentionally blank. Signatures are on the next page.]

 

 

 

    	 	14	 

     

    

 

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.

 

 

	 	MOBIQUITY
        TECHNOLOGIES, INC.

         

         

	 	By: /s/ Dean Julia                       

        Name:
        Dean Julia

        Title:
        CEO

        Facsimile No. for delivery
        of Notices: 516-256-7805

	 	 
	 	 

	 	HOLDER:

         

         

	 	/s/ Dr. Gene Salkind                    

        Name: Dr. Gene Salkind

         

         

        /s/ Catherine Salkind                    

        Name: Catherine Salkind

         

         

	 	 
	 	 

 

[Mobiquity
Technologies, Inc. $1,990,000.00 Second Amended And Restated

15% Senior Secured Convertible Promissory Note Signature Page.]

 

 

 

    	 	15	 

     

    

 

 

Schedule
6(a)(iii)

 

 

 

None.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	16	 

     

    

 

 

ANNEX
A

 

NOTICE
OF CONVERSION

 

 

The
undersigned hereby elects to convert the Principal Amount or Interim Payment under the Second Amended and Restated 15% Senior
Secured Convertible Promissory Note due September 30, 2029 of Mobiquity Technologies, Inc., a New York corporation (the “Company”),
into shares of common stock (the “Common Stock”), of the Company according to the conditions hereof, as of
the date written below. If shares of Common Stock 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 the 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:
	 	 
	 	Interim
Payment 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:
	 	 
	 	DWAC
Instructions:
	 	 
	 	Broker
No:________________
	 	Account
No:______________

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	17

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