Document:

Exhibit 10.1 8% Note

    
      

    

                                                                                                Exhibit
      10.1

     

     

    8%
      NOTE

     

    No.
      PN-2

     

    $1,000,000                                                                                April
      19,
      2006

     

     

    FOR
      VALUE
      RECEIVED, the undersigned, SIGA TECHNOLOGIES, INC., a corporation duly formed
      under the laws of the State of Delaware (the “Issuer”), hereby unconditionally
      promises to pay to the order of PHARMATHENE, INC., a Delaware corporation,
      or
      its registered assigns (the “Holder”), in lawful money of the United States of
      America and in immediately available funds, the principal sum of ONE MILLION
      AND
      00/100 ($1,000,000) DOLLARS on the Maturity Date (as hereinafter defined),
      together with interest thereon calculated and payable as provided below. This
      8%
      Note (this “Note”) is issued pursuant to that certain Bridge Note Purchase
      Agreement, dated March 20, 2006, between the Issuer and the Holder (the
“Purchase Agreement”), and is entitled to the benefits of the Purchase
      Agreement. Capitalized terms used in this Note and not otherwise defined in
      this
      Note shall have the meanings given to such terms in the Purchase
      Agreement.

     

    1.  Interest
      on the outstanding principal amount of this Note shall be computed on the basis
      of a 365-day year and actual days elapsed. The principal of this Note shall
      bear
      interest at the rate of eight percent (8%) per annum. Interest on the principal
      amount of this Note shall be payable upon the Maturity Date.

     

    2.  The
      outstanding principal amount of this Note and all accrued and unpaid interest
      thereon shall be due and payable on the date (the “Maturity Date”) which is the
      earliest to occur of (x) April 19, 2008, (y) the closing of a Qualified
      Financing and (z) a Sale Event; provided, however, that the principal and
      interest hereunder may be credited towards payments due under the License
      Agreement in accordance with the terms of the Purchase Agreement.

     

    3.  Notwithstanding
      anything in this Note to the contrary, should an Event of Default occur and
      be
      continuing, interest on the outstanding principal amount of this Note shall
      be
      increased by three percent (3%) per annum, and the outstanding balance of the
      principal amount, including unpaid interest, shall continue to accrue interest
      from the date of such Event of Default at such interest rate until such Event
      of
      Default is cured or waived.

     

    4.  Notwithstanding
      anything in this Note to the contrary, in case an Event of Default shall occur,
      payment of this Note shall be accelerated and the entire unpaid principal amount
      of this Note, and all accrued and unpaid interest thereon, shall become
      immediately due and payable in full.

     

    5.  Payment
      of the principal and interest on this Note shall be made in money of the United
      States of America which at the time of payment is legal tender for the payment
      of public and private debts, by wire transfer in immediately available funds
      to
      such account as the Holder shall from time to time have designated to the Issuer
      in writing, or, if requested by the Holder, by certified or back cashier’s check
      payable to the Holder, mailed to the Holder at 175 Admiral Cochrane Drive,
      Suite
      101, Annapolis, Maryland 21401, Attn: David P. Wright, President
      and

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

     Chief
      Executive Officer, or such other address as shall be
      designated in writing by the Holder to the Issuer.

     

    6.  Any
      and
      all payments made by the Issuer in respect of this Note shall be applied first
      to payment of the fees and charges due under this Note, second to payment of
      accrued and unpaid interest, and then to payment of the outstanding principal
      amount of this Note.

     

    7.  All
      calculations and applications of amounts due on any date, whether by
      acceleration or otherwise, shall be made by the Holder, and the Issuer agrees
      that all such calculations and applications shall be conclusive and binding
      absent manifest error.

     

    8.  The
      Issuer may, at its option, at any time and from time to time, prepay all or
      any
      part of the principal balance of this Note, without penalty or premium, in
      whole
      or in part, together with accrued and unpaid interest through the date of
      prepayment.

     

    9.  This
      Note
      is secured by the Collateral and other assets, property rights and interests
      as
      described in the Security Documents.

     

    10.  The
      Issuer hereby waives presentment, notice of dishonor, protest and notice of
      protest, and any or all other notices or demands in connection with the
      delivery, acceptance, performance, default, endorsement or guarantee of this
      Note.

     

    11.  In
      case
      any principal of or interest on this Note is not paid when due, or any other
      Event of Default shall occur, the Issuer shall be liable for, and agrees to
      pay,
      in addition to principal and interest hereunder, all costs of enforcement and
      collection of this Note incurred by the Holder, including, without limitation,
      reasonable attorney’s fees, disbursements and court costs. In addition, if an
      Event of Default shall occur, the Issuer shall pay all reasonable attorney’s
      fees and disbursements incurred by the Holder in obtaining advice as to its
      rights and remedies in connection with such default.

     

    
      12.  The
        liability of the Issuer hereunder shall be unconditional and shall not be
        in any
        manner affected by any indulgence whatsoever granted or consented to by the
        Holder, including, but not limited to any extension of time, renewal, waiver
        or
        other modification. Any failure of the Holder to exercise any right hereunder
        shall not be construed as a waiver of the right to exercise the same or any
        other right at any time and from time to time thereafter. The Holder may
        accept
        late payments, or partial payments, even though marked “payment in full” or
        containing words of similar import or other conditions, without waiving any
        of
        its rights. No amendment, modification or waiver of any provision of this
        Note
        or consent to any departure by the Issuer therefrom shall be effective,
        irrespective of any course of dealing, unless the same shall be in writing
        and
        signed by the Holder, and then such waiver or consent shall be effective
        only in
        the specific instance and for the specific purpose for which given. This
        Note
        cannot be changed or terminated orally or by estoppel or waiver or by any
        alleged oral modification regardless of any claimed partial performance
        referable thereto.

       

      13.  Any
        notice from the Holder to the Issuer shall be deemed given when delivered
        in
        accordance with the Purchase Agreement.

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    14.  This
      Note
      shall be governed by and construed in accordance with the laws of the State
      of
      New York applicable to instruments made and to be performed wholly within that
      state. If any provision of this Note is held to be illegal or unenforceable
      for
      any reason whatsoever, such illegality or unenforceability shall not affect
      the
      validity of any other provision of this Note.

     

    15.  EACH
      OF
      THE ISSUER AND THE HOLDER AGREES THAT ANY ACTION, SUIT OR PROCEEDING IN RESPECT
      OF OR ARISING OUT OF THIS NOTE MAY BE INITIATED AND PROSECUTED IN THE COURTS
      OF
      THE STATE OF NEW YORK OR THE FEDERAL COURTS FOR THE SOUTHERN DISTRICT OF NEW
      YORK. EACH OF THE ISSUER AND THE HOLDER CONSENTS TO AND SUBMITS TO THE EXERCISE
      OF JURISDICTION OVER ITS PERSON BY ANY SUCH COURT HAVING JURISDICTION OVER
      THE
      SUBJECT MATTER, WAIVES PERSONAL SERVICE OF ANY AND ALL PROCESS UPON IT AND
      CONSENTS THAT ALL SUCH SERVICE OF PROCESS BE MADE BY REGISTERED MAIL DIRECTED
      TO
      THE HOLDER AT ITS ADDRESS SET FORTH ABOVE, AND TO THE ISSUER AT ITS ADDRESS
      SET
      FORTH BELOW OR TO ANY OTHER ADDRESS AS MAY APPEAR IN THE HOLDER’S RECORDS AS THE
      ADDRESS OF THE ISSUER. 

     

    16.  IN
      ANY
      ACTION, SUIT OR PROCEEDING IN RESPECT OF OR ARISING OUT OF THIS NOTE, EACH
      OF
      THE HOLDER AND THE ISSUER WAIVES TRIAL BY JURY, AND THE ISSUER ALSO WAIVES
      (I)
      ANY OBJECTION BASED ON FORUM NON CONVENIENS OR VENUE AND (II) ANY CLAIM FOR
      CONSEQUENTIAL, PUNITIVE OR SPECIAL DAMAGES.

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    

    IN
      WITNESS WHEREOF, the Issuer has caused this Note to be duly executed and
      delivered.

     

    
      	
                                                      SIGA
                TECHNOLOGIES, INC.

            
	
               

               

                                                       By: /s/
                Thomas
                Konatich                    
                   

            
	
                                                         Thomas
                Konatich

                                                         Chief
                Financial Officer

            

    

    

     

        Address
      for
      Notices:

    

        SIGA
      Technologies, Inc.

        420
      Lexington
      Avenue

        Suite
      408

        New
      York, New
      York 10170

    

        Tel:   
      212-672-9107

        Fax:   
      212-697-3130

        Attn: 
      Thomas
      KonatichHOW TO SUBSCRIBE

A. Instructions.

     Each  person  considering  subscribing  for the  Shares  should  review the
following instructions:

    Subscription Agreement:  Please complete, execute and deliver to the Company
    the enclosed copy of the Subscription Agreement. The Company will review the
    materials and, if the subscription is accepted, the Company will execute the
    Subscription  Agreement and return one copy of the materials to you for your
    records.

     The Company shall have the right to accept or reject any  subscription,  in
whole or in part.

    An acknowledgment of the acceptance of your subscription will be returned to
you promptly after acceptance.

    Payment:  Payment for the amount of the Shares  subscribed for shall be made
    by  delivery  by the  earlier of  _______________,  2006 or such date as the
    Company shall specify by written notice to  subscribers  (unless such period
    is extended in the sole  discretion of the  President of the Company),  of a
    check or wire transfer of immediately  available funds to the Company at the
    address set forth below or an account specified by the Company.  The closing
    of the  transactions  contemplated  hereby (the  "Closing")  will be held on
    _______________,  2006 or such earlier date specified in such notice (unless
    the closing date is extended in the sole  discretion of the President of the
    Company).  There is no minimum aggregate amount of Shares which must be sold
    as a condition precedent to the Closing, and the Company may provide for one
    or more Closings  while  continuing to offer the Shares that  constitute the
    unsold portion of the Offering.

B. Communications.

    All documents and cheques should be forwarded to:

     PLASMATECH, INC.
     2764 Lake Sahara Drive, Suite 111
     Las Vegas, NV 89117
     Attention: Christopher Brough

THE PURCHASE OF SHARES OF  PLASMATECH,  INC.  INVOLVES A HIGH DEGREE OF RISK AND
SHOULD BE CONSIDERED  ONLY BY PERSONS WHO CAN BEAR THE RISK OF THE LOSS OF THEIR
ENTIRE INVESTMENT.

                                      -1-
<PAGE>

                                PLASMATECH, INC.
                        2764 Lake Sahara Drive, Suite 111
                               Las Vegas, NV 89117

                             SUBSCRIPTION AGREEMENT

The undersigned (the "Subscriber") hereby irrevocably subscribes for that number
of Shares set forth  below,  upon and  subject to the terms and  conditions  set
forth in the Corporation's  SB-2 Registration  Statement dated  _______________,
2006.

Total Number of Shares to be Acquired:            _____________________________.
Amount to be Paid (price of $0.025 per Share):    _____________________________.

IN WITNESS  WHEREOF,  the undersigned has executed this  Subscription  Agreement
this ___ day of _________, 2006.

Signature:       ___________________________________

Subscriber's Social Security or Tax
Identification Number:
                        --------------
Print Name: _________________________________

Signature of Co-owners if applicable:  _________________________________________

Print Title: __________________________________

Address:          Number and Street: ___________________________________________
                  City, State, Zip: ____________________________________________

Name as it should appear on the Certificate: ___________________________________

If Joint Ownership, check one (all parties must sign above):
|_| Joint Tenants with Right of Survivorship
|_| Tenants in Common
|_| Community Property

If Fiduciary or Business Organization, check one:
|_| Trust
|_| Estate
|_| Power of Attorney
Name and Type of Business Organization: ________________________________________

                           ACCEPTANCE OF SUBSCRIPTION

The foregoing  Subscription  is hereby accepted for and on behalf of PLASMATECH,
INC. this ___ day of __________, 2006.

PLASMATECH, INC.

By ________________________________________________
     Christopher Brough, President

                                      -2-

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