Document:

Exhibit
10.33(c)

 

 

 

AMENDMENT

 

This Amendment (the "Amendment"),
dated as of September 23, 2019, is between Bank of America, N.A., a national banking association (the "Bank") and Middlesex
Water Company, a New Jersey corporation, and its subsidiaries, Tidewater Utilities, Inc., a Delaware corporation, White Marsh Environmental
Systems, Inc., a Delaware corporation, Pinelands Water Company, a New Jersey corporation, Pinelands Wastewater Company, a New Jersey
corporation, Utility Service Affiliates, Inc., a New Jersey corporation, Utility Service Affiliates (Perth Amboy) Inc., a New Jersey
corporation, and Tidewater Environmental Services, Inc., a Delaware corporation, as joint and several co-borrowers (parent and
subsidiary corporations individually and collectively referred to herein as “Borrower”).

 

RECITALS

 

A. The Bank and the Borrower
entered into a certain Letter Agreement (“Letter Agreement”) and Master Promissory Note (“Note”), each
dated September 25, 2015, evidencing an uncommitted line of credit in the maximum amount of Twenty Eight Million Dollars ($28,000,000),
increased by Amendment dated as of September 19, 2017 to maximum amount Forty Million Dollars ($40,000,000) (The Letter Agreement
and the Note as amended and extended from time to time are referred to herein as the "Loan Documents").

 

B. The Bank and the Borrower
desire to amend the Loan Documents to extend the Expiration Date and to address other changes to the Loan Documents.

 

 

AGREEMENT

 

1. Definitions.
Capitalized terms used but not defined in this Amendment shall have the meaning given to them in the Loan Documents.

 

		2.	Amendments.

 

		(a)	The Letter Agreement is hereby amended as follows:

 

		(i)	The second sentence of the first paragraph is hereby amended and restated in its entirety as follows:

 

“The aggregate
Advances outstanding under the Uncommitted Facility shall not at any time exceed Sixty Million Dollars ($60,000,000.00 the “Uncommitted
Facility Limit”).”

 

 

		(ii)	“September 18, 2020” is hereby substituted for “September 20, 2019” in
the section entitled “Expiration Date” on page one of the Letter Agreement.

 

 

    -1- 

     

    

		(b)	The Note is hereby amended as follows:

 

		(i)	All references in the Note to “Forty Million Dollars” or “($40,000,000)”
are deleted and replaced by “Sixty Million Dollars” and “($60,000,000)”.

Specifically:

		·	The reference to “$40,000,000” in the top left corner of the first page of the Note
is deleted and “$60,000,000” is substituted therefor.

		·	The first paragraph of the Note is amended and restated as follows.

“FOR
VALUE RECEIVED, the undersigned, Middlesex Water Company, a New Jersey corporation, and its subsidiaries, Tidewater Utilities,
Inc., a Delaware corporation, White Marsh Environmental Systems, Inc., a Delaware corporation, Pinelands Water Company, a New Jersey
corporation, Pinelands Wastewater Company, a New Jersey corporation, Utility Service Affiliates, Inc., a New Jersey corporation,
Utility Service Affiliates (Perth Amboy) Inc., a New Jersey corporation, and Tidewater Environmental Services, Inc., a Delaware
corporation, as joint and several co-borrowers (parent and subsidiary corporations individually and collectively referred to herein
as “Borrower”), jointly and severally, hereby promise to pay to BANK OF AMERICA, N.A.,
a national banking association (the “Bank”) or order, at such place as the Bank may designate from time to time, in
lawful money of the United States of America and in immediately available funds, the principal amount of Sixty Million Dollars
($60,000,000) or such lesser amount as shall equal the aggregate unpaid principal amount of the advances (the “Loans”)
made by the Bank to the Borrower (the “Uncommitted Facility”) under this Master Promissory Note (this “Note”),
and to pay interest on the unpaid principal amount of each such Loan at the rates per annum and on the dates specified below.”

(ii) “September
20, 2019” in subsection (b) of the second paragraph of the Note is hereby deleted and “September 18, 2020” is
substituted in its place.

 

 

3. Representations and
Warranties. When the Borrower signs this Amendment, the Borrower represents and warrants to the Bank that: (a) there is no
event which is, or with notice or lapse of time or both would be, a Notice Event under the Loan Documents, (b) this Amendment does
not conflict with any law, agreement, or obligation by which the Borrower is bound, (c) this Amendment is within the Borrower's
powers, has been duly authorized, and does not conflict with any of the Borrower's organizational papers, and (d) representations
and warranties set forth in the Note are confirmed as of the date hereof.

 

4.  Effect
of Amendment. This Amendment is effective as of September 21, 2018.  Except as provided in this Amendment, all of the
terms and conditions of the Loan Documents shall remain in full force and effect.

 

5. Counterparts.
This Amendment may be executed in counterparts, each of which when so executed shall be deemed an original, but all such counterparts
together shall constitute but one and the same instrument.

 

    -2- 

     

    

		5.	FINAL AGREEMENT. BY SIGNING THIS DOCUMENT, EACH PARTY REPRESENTS AND AGREES THAT: (A)
THIS DOCUMENT REPRESENTS THE FINAL AGREEMENT BETWEEN PARTIES WITH RESPECT TO THE SUBJECT MATTER HEREOF, (B) THERE ARE NO UNWRITTEN
ORAL AGREEMENTS BETWEEN THE PARTIES, AND (C) THIS DOCUMENT MAY NOT BE CONTRADICTED BY EVIDENCE OF ANY PRIOR, CONTEMPORANEOUS, OR
SUBSEQUENT ORAL AGREEMENTS OR UNDERSTANDINGS OF THE PARTIES.

 

 

    -3- 

     

    

 

The parties executed this
Amendment as of the date stated at the beginning of this Amendment, intending to create an instrument executed under seal.

 

	 	BANK OF AMERICA, N.A.
	 	 
	 	 
	 	By: /s/ Kristina Catlin
	 	Name: Kristina Catlin
	 	Title:    Vice President

 

 

Acknowledged and Agreed:

 

Middlesex Water Company

 

By: /s/ A. Bruce O’Connor

Name/Title: A. Bruce O’Connor, Sr. VP, Treasurer
& CFO

 

Tidewater Utilities, Inc.

 

By: /s/ A. Bruce O’Connor

Name/Title: A. Bruce O’Connor,
President

 

White Marsh Environmental Systems, Inc.

 

By: /s/ A. Bruce O’Connor

Name/Title: A. Bruce O’Connor,
President

 

Pinelands Water Company

 

By: /s/ A. Bruce O’Connor

Name/Title: A. Bruce O’Connor,
VP & Treasurer

 

Pinelands Wastewater Company

 

By: /s/ A. Bruce O’Connor

Name/Title: A. Bruce O’Connor, VP & Treasurer

 

Utility Service Affiliates, Inc.

 

By: /s/ A. Bruce O’Connor

Name/Title: A. Bruce O’Connor,
Treasurer

 

Utility Service Affiliates (Perth Amboy) Inc.

 

By: /s/ A. Bruce O’Connor

Name/Title: A. Bruce O’Connor, VP & Treasurer

 

Tidewater Environmental Services, Inc.

By: /s/ A. Bruce O’Connor

Name/Title: A. Bruce O’Connor,
President

 

    -4-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. 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 24, 2019

Commitment Amount: $2,000,000.00

 

 

10%
OID CONVERTIBLE Delayed draw DEBENTURE

 

THIS 10% ORIGINAL ISSUE
DISCOUNT CONVERTIBLE DEBENTURE is a series of duly authorized and validly issued 10% OID Convertible Delayed Draw Debentures of
BioVie Inc., a Nevada corporation, (the “Company”), having its principal place of business at 2120 Colorado
Boulevard, Suite 230, Los Angeles, California, designated as its 10% OID Convertible Delayed Draw Debenture (this debenture, the
“Debenture” and, collectively with the other debentures of such series, the “Debentures”).

 FOR VALUE RECEIVED, the Company promises
to pay to Acuitas Group Holdings, LLC. or its registered assigns (the “Holder”), or shall have paid pursuant
to the terms hereunder, the principal sum indicated on Schedule 1, as such amount may be increased or decreased from time to time
pursuant to Section 2 hereof on September 24, 2020 (the “Maturity Date”), or such earlier date as this Debenture
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 amount of this Debenture in accordance with the provisions hereof. This Debenture is subject to the
following additional provisions:

 

Section 1.     Definitions.
For the purposes hereof, in addition to the terms defined elsewhere in this Debenture, (a) capitalized terms not otherwise defined
herein shall have the meanings set forth in the Purchase Agreement and (b) the following terms shall have the following meanings:

 

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

 

“Availability
Period” means (a) in the case of the first Draw (as defined in Section 2(a)) the Original Issue Date, (b) in the case
of the second Draw, commencing October 15, 2019, (c) in the case of the third Draw, commencing November 15, 2019, and (d) in the
case of the fourth draw, commencing December 15, 2019, and, in case of each of clauses (b), (c) and (d), ending upon the Maturity
Date, provided that no Event of Default has occurred and is continuing at the time the related Draw Notice (as defined in Section
2(a)) has been delivered by the Company.

“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 60 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 60 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, (g) the Company or any Significant Subsidiary thereof admits
in writing that it is generally unable to pay its debts as they become due or (h) 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.

 

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

 

“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(c)(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 33% of the voting securities of the Company (other than by means of conversion or exercise of the Debentures and the
Securities issued together with the Debentures), excluding any acquisitions by Acuitas Group Holdings, LLC or its Affiliates, (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 66%
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 66% 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.

 

“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(b).

 

“Conversion
Schedule” means the Conversion Schedule in the form of Schedule 1 attached hereto.

 

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

 

“Debenture
Register” shall have the meaning set forth in Section 2(d).

 

“Dilutive
Issuance” shall have the meaning set forth in Section 5(b).

 

“Dilutive
Issuance Notice” shall have the meaning set forth in Section 5(b).

 

“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

    2

    

    

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 Debenture, (c)(i)
there is an effective Registration Statement pursuant to which the Holder is permitted to utilize the prospectus thereunder to
resell all of the shares of Common Stock issuable pursuant to the Transaction Documents (and the Company believes, in good faith,
that such effectiveness will continue uninterrupted for the foreseeable future) or (ii) 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) [RESERVED] , (h) there has been no public announcement of a pending or proposed Fundamental Transaction
or Change of Control Transaction that has not been consummated.

 

“Event
of Default” shall have the meaning set forth in Section 8(a).

 

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

 

“Interest
Conversion Rate” means the lesser of (a) the Conversion Price or (b) 85% of the lesser of (i) the lowest VWAP during
the 5 consecutive Trading Days ending on the Trading Day that is immediately prior to the applicable Interest Payment Date or (ii)
the lowest VWAP during the 5 consecutive Trading Days ending on the Trading Day that is immediately prior to the date the applicable
Interest Conversion Shares are issued and delivered if such delivery is after the Interest Payment Date.

 

“Interest
Conversion Shares” shall have the meaning set forth in Section 2(a).

 

“Interest
Notice Period” shall have the meaning set forth in Section 2(a).

 

“Interest
Payment Date” shall have the meaning set forth in Section 2(a).

 

“Interest
Share Amount” shall have the meaning set forth in Section 2(a).

 

“Late
Fees” shall have the meaning set forth in Section 2(e).

 

“Mandatory
Default Amount” means the sum of (a) the greater of (i) the outstanding principal amount of this Debenture, plus all
accrued and unpaid interest hereon, divided by the Conversion Price on the date the Mandatory Default Amount is either (A) demanded
(if demand or notice is required to create an Event of Default) or otherwise due or (B) paid in full, whichever has a lower Conversion
Price, multiplied by the VWAP on the date the Mandatory Default Amount is either (x) demanded or otherwise due or (y) paid in full,
whichever has a higher VWAP, or (ii) 130% of the outstanding principal amount of this Debenture (100% if actually paid within 30
calendar days after the Holder elects to accelerate the Debenture following the occurrence of any Event of Default), plus 100%
of accrued and unpaid interest hereon, and (b) all other amounts, costs, expenses and liquidated damages due in respect of this
Debenture. Notwithstanding anything herein to the contrary, clause (a)(i) hereunder shall not apply to an Event of Default if the
Holder is able (and the Company duly and timely honors the Holder’s right) to convert this Debenture into Conversion Shares
and such Event of Default does not prevent, or result in the prevention, directly or indirectly, of the Holders right to dispose
or sell the Securities at the time in question.

  

“Mandatory
Redemption Amount” means the sum of (a) 100% of the then outstanding principal amount of the Debenture (including accrued
additional principal accrued pursuant to Section 2(b)), (b)

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accrued but unpaid interest and (c)
all liquidated damages and other amounts due in respect of the Debenture.

 

“New
York Courts” shall have the meaning set forth in Section 9(d).

 

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

 

“Optional
Redemption” shall have the meaning set forth in Section 6(a).

 

“Optional
Redemption Amount” means the sum of (a) 100% of the then outstanding principal amount of the Debenture (including accrued
additional principal accrued pursuant to Section 2(b)), (b) accrued but unpaid interest and (c) all liquidated damages and other
amounts due in respect of the Debenture.

 

“Optional
Redemption Date” shall have the meaning set forth in Section 6(a).

 

“Optional
Redemption Notice” shall have the meaning set forth in Section 6(a).

 

“Optional
Redemption Notice Date” shall have the meaning set forth in Section 6(a).

 

“Optional
Redemption Period” shall have the meaning set forth in Section 6(a).

 

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

 

“Permitted
Indebtedness” means (a) the indebtedness evidenced by the Debentures, (b) the indebtedness existing on the Original Issue
Date, (c) lease obligations and purchase money indebtedness of up to $500,000, in the aggregate, incurred in connection with the
acquisition of capital assets and lease obligations with respect to newly acquired or leased assets and (d) indebtedness incurred
if the proceeds are used to simultaneously redeem this Debenture in full pursuant to Section 6(a).

 

“Permitted
Lien” means the individual and collective reference to the following: (a) Liens for taxes, assessments and other governmental
charges or levies not yet due or Liens for taxes, assessments and other governmental charges or levies being contested in good
faith and by appropriate proceedings for which adequate reserves (in the good faith judgment of the management of the Company)
have been established in accordance with GAAP, (b) Liens imposed by law which were incurred in the ordinary course of the Company’s
business, such as carriers’, warehousemen’s and mechanics’ Liens, statutory landlords’ Liens, and other
similar Liens arising in the ordinary course of the Company’s business, and which (x) do not individually or in the aggregate
materially detract from the value of such property or assets or materially impair the use thereof in the operation of the business
of the Company and its consolidated Subsidiaries or (y) are being contested in good faith by appropriate proceedings, which proceedings
have the effect of preventing for the foreseeable future the forfeiture or sale of the property or asset subject to such Lien,
(c) Liens incurred in connection with Permitted Indebtedness, provided that such Liens are not secured by assets of the Company
or its Subsidiaries other than the assets so acquired or leased and (d) Liens existing on the Original Issue Date.

 

“Purchase
Agreement” means the Securities Purchase Agreement, dated as of September 24, 2019 among the Company and the original
Holder, as amended, modified or supplemented from time to time in accordance with its terms.

 

“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(c)(ii).

 

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“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 or the OTCQX or OTCQB (or any successors to any of the foregoing).

 

“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 Common Stock is not then listed or
quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported in the over-the-counter market, the most
recent bid price per share of the Common Stock so reported, or (c) in all other cases, the fair market value of a share of
Common Stock as determined by an independent appraiser selected in good faith by the Holders of a majority in interest of the principal
amount of the Debentures then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid
by the Company.

 

Section 2.     
 Principal and Interest.

a)
Principal. Subject to the terms and conditions herein set forth, Holder agrees, during the Availability Period, from time
to time to lend to the Company as principal hereunder such amounts as shall not exceed the Commitment Amount (each such incurrence,
a “Draw”). Each such Draw shall be equal to $500,000 and shall be made upon the Company’s written notice
to Holder (a “Draw Notice”) not later than twenty (20) days prior to the requested date of such Draw, other
than in the case of the first Draw, the proceeds of which the Holder shall deliver on the Original Issue Date. On the Original
Issue Date, in the case of the first Draw, and on the requested day of such other Draws (the “Draw Date”), Holder shall
deliver the proceeds of such Draw in immediately available funds to an account designated by the Company to Holder in writing. 

b)     Accrual
of Additional Principal; Payment of Interest in Cash or Kind. This Debenture shall accrue (i) additional principal at the rate
of 6% per annum, and (ii) interest at the rate of 10% per annum, in each case compounding or payable, as the case may be, quarterly
on October 1, January 1, April 1 and July 1, beginning on the first such date after the relevant Draw Date, and shall also pay
any accrued and unpaid interest on each Mandatory Redemption Date (as to the principal amount then being redeemed), on each Conversion
Date (as to that principal amount then being converted), on each Optional Redemption Date (as to that principal amount then being
redeemed) and on the Maturity Date (each such date, an “Interest Payment Date,” provided however if any
Interest Payment Date is not a Business Day, then the applicable payment shall be due on the next succeeding Business Day). Such
interest shall be payable, in cash or, at the Company’s option, in duly authorized, validly issued, fully paid and non-assessable
shares of Common Stock at the Interest Conversion Rate (the dollar amount to be paid in shares, the “Interest Share Amount”)
or a combination thereof; provided, however, that payment in shares of Common Stock may only occur if (i) all of
the Equity Conditions have been met (unless waived by the Holder in writing) during the 5 Trading Days immediately prior to the
applicable Interest Payment Date (the “Interest Notice Period”) and through and including the date such shares
of Common Stock are actually issued to the Holder, (ii) the Company shall have given the Holder notice in accordance with the notice
requirements set forth below and (iii) as to such Interest Payment Date, prior to such Interest Notice Period (but not more than
five (5) Trading Days prior to the commencement of such Interest Notice Period), the Company shall have delivered to the Holder’s
account with The Depository Trust Company a number of shares of Common Stock to be applied against such Interest Share Amount equal
to the quotient of (x) the applicable Interest Share Amount divided by (y) the lesser of the (i) then Conversion Price and (ii)
the Interest Conversion

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Rate assuming for such purposes that
the Interest Payment Date is the Trading Day immediately prior to the commencement of the Interest Notice Period (the “Interest
Conversion Shares”).

 

c)     Company’s
Election to Pay Interest in Cash or Kind. Subject to the terms and conditions herein, the decision whether to pay interest
hereunder in cash, shares of Common Stock or a combination thereof shall be at the sole discretion of the Company. Prior to the
commencement of any Interest Notice Period, the Company shall deliver to the Holder a written notice of its election to pay interest
hereunder on the applicable Interest Payment Date either in cash, shares of Common Stock or a combination thereof and the Interest
Share Amount as to the applicable Interest Payment Date, provided that the Company may indicate in such notice that the election
contained in such notice shall apply to future Interest Payment Dates until revised by a subsequent notice. During any Interest
Notice Period, the Company’s election (whether specific to an Interest Payment Date or continuous) shall be irrevocable as
to such Interest Payment Date. Subject to the aforementioned conditions, failure to timely deliver such written notice to the Holder
shall be deemed an election by the Company to pay the interest on such Interest Payment Date in cash. The aggregate number of shares
of Common Stock otherwise issuable to the Holder on an Interest Payment Date shall be reduced by the number of Interest Conversion
Shares previously issued to the Holder in connection with such Interest Payment Date.

 

d)     Interest
Calculations. Accruals of principal and the calculation of interest shall be made on the basis of a 360-day year, consisting
of twelve 30 calendar day periods, and shall accrue daily commencing on the relevant Draw Date until payment in full of the outstanding
principal, together with all accrued and unpaid interest, liquidated damages and other amounts which may become due hereunder,
has been made. Payment of interest in shares of Common Stock (other than the Interest Conversion Shares issued prior to an Interest
Notice Period) shall otherwise occur pursuant to Section 4(c)(ii) herein and, solely for purposes of the payment of interest in
shares, the Interest Payment Date shall be deemed the Conversion Date. Interest shall cease to accrue with respect to any principal
amount converted, provided that, the Company actually delivers the Conversion Shares within the time period required by Section
4(c)(ii) herein. Interest hereunder will be paid to the Person in whose name this Debenture is registered on the records of the
Company regarding registration and transfers of this Debenture (the “Debenture 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 Debentures, then such payment of cash shall be distributed ratably among the holders of the then-outstanding Debentures
based on their (or their predecessor’s) initial purchases of Debentures pursuant to the Purchase Agreement.

 

e)     Late
Fee. All overdue accrued and unpaid interest to be paid hereunder shall entail a late fee at an interest rate equal to the
lesser of 18% per annum or the maximum rate permitted by applicable law (the “Late Fees”) which shall accrue
daily from the date such interest is due hereunder through and including the date of actual payment in full. Notwithstanding anything
to the contrary contained herein, if, on any Interest Payment Date the Company has elected to pay accrued interest in the form
of Common Stock but the Company is not permitted to pay accrued interest in Common Stock because it fails to satisfy the conditions
for payment in Common Stock set forth in Section 2(a) herein, then, at the option of the Holder, the Company, in lieu of delivering
either shares of Common Stock pursuant to this Section 2 or paying the regularly scheduled interest payment in cash, shall deliver,
within three (3) Trading Days of each applicable Interest Payment Date, an amount in cash equal to the product of (x) the number
of shares of Common Stock otherwise deliverable to the Holder in connection with the payment of interest due on such Interest Payment
Date multiplied by (y) the highest VWAP during the period commencing on the Interest Payment Date and ending on the Trading Day
prior to the date such payment is actually made. If any Interest Conversion Shares are issued to the Holder in connection with
an Interest Payment Date and are not applied against an Interest Share Amount, then the Holder shall promptly return such excess
shares to the Company.

 

f)     Prepayment.
Except as otherwise set forth in this Debenture (including Section 6(a)), the Company may not prepay any portion of the principal
amount of this Debenture without the prior written consent of the Holder.

 

Section 3.     
 Registration of Transfers and Exchanges.

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a)     Different
Denominations. This Debenture is exchangeable for an equal aggregate principal amount of Debentures 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 Debenture has been issued subject to certain investment representations of the original Holder set forth
in the Purchase Agreement and may be transferred or exchanged only in compliance with the Purchase Agreement and applicable federal
and state securities laws and regulations.

 

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

 

Section 4.    
  Conversion.

 

a)     Voluntary
Conversion. At any time after December 1, 2019 until this Debenture is no longer outstanding, this Debenture shall be convertible,
in whole or in part, into shares of Common Stock 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 Debenture to be converted
and the date on which such conversion shall be effected (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. To effect conversions hereunder, the Holder shall not be required
to physically surrender this Debenture to the Company unless the entire principal amount of this Debenture, plus all accrued and
unpaid interest thereon, has been so converted in which case the Holder shall surrender this Debenture as promptly as is reasonably
practicable after such conversion without delaying the Company’s obligation to deliver the shares on the Share Delivery Date.
Conversions hereunder shall have the effect of lowering the outstanding principal amount of this Debenture in an amount equal to
the applicable conversion. The Holder and the Company shall maintain records showing the principal amount(s) converted and the
date of such conversion(s). 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 Debenture, acknowledge and agree that,
by reason of the provisions of this paragraph, following conversion of a portion of this Debenture, the unpaid and unconverted
principal amount of this Debenture may be less than the amount stated on the face hereof.

   

b)     Conversion
Price. The conversion price in effect on any Conversion Date shall be equal to (i) prior to the closing of the Uplisting Offering,
$0.032, and (ii) following the closing of the Uplisting Offering, the lower of (x) $0.032 and 80% of IPO Offering Price,
subject to adjustment herein (the “Conversion Price”). Notwithstanding anything herein to the contrary,
at any time commencing 30 days after notice by the Holder of the occurrence of any Event of Default and provided that during such
30 day period this Debenture has not been paid off in full, the Holder may require the Company to, at such Holder’s option
and otherwise in accordance with the provisions for conversion herein, convert all or any part of this Debenture into Common Stock
at the “Alternate Conversion Price”. As used herein, “Alternate Conversion Price” means the lower
of (i) the applicable Conversion Price as in effect on the Conversion Date and (ii) 90% of the lowest VWAP during the 5 Trading
Day-period immediately prior to the applicable Conversion Date. All such determinations to be appropriately adjusted for any stock
dividend, stock split, stock combination, reclassification or similar transaction that proportionately decreases or increases the
Common Stock during such measuring period. Nothing herein shall limit a Holder’s right to pursue actual damages or declare
an Event of Default pursuant to Section 8 hereof and the Holder shall

    7

    

    

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.

 

	 	c)	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 Debenture to be
converted by (y) the Conversion Price.

  

ii.   
  Delivery of Certificate Upon Conversion. Not later than three (3) 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 which, on or after the earlier of (i) the eligibility of such Conversion Shares
under Rule 144 or (ii) the effective date of a registration statement relating to the resale of such Conversion Shares under the
Securities Act, shall be free of restrictive legends and trading restrictions (other than those which may then be required by the
Purchase Agreement or applicable requirements of the Securities Act (including judicial interpretations and pronouncements issued
by the staff of the Commission)) representing the number of Conversion Shares being acquired upon the conversion of this Debenture
(including, if the Company has given continuous notice pursuant to Section 2(b) for payment of interest in shares of Common Stock
at least 20 Trading Days prior to the date on which the Notice of Conversion is delivered to the Company, shares of Common Stock
representing the payment of accrued interest otherwise determined pursuant to Section 2(a) but assuming that the Interest Notice
Period is the 20 Trading Days period immediately prior to the date on which the Notice of Conversion is delivered to the Company
and excluding for such issuance the condition that the Company deliver Interest Conversion Shares as to such interest payment prior
to the commencement of the Interest Notice Period) and (B) a bank check or wire transfer in the amount of accrued and unpaid interest
(if the Company has elected or is required to pay accrued interest in cash). On or after the earlier of (i) the eligibility of
such Conversion Shares under Rule 144 or (ii) the effective date of a registration statement relating to the resale of such Conversion
Shares under the Securities Act,, the Company shall deliver any certificate or certificates required to be delivered by the Company
under this Section 4(c) electronically through the Depository Trust Company or another established clearing corporation performing
similar functions.  

  

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 Debenture 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.     Reserved.

 

v.   
  Reserved.

 

vi.   Reservation
of Shares Issuable Upon Conversion. The Company covenants that it will at all times reserve and keep available out of its authorized
and unissued shares of Common Stock for the sole purpose of issuance upon conversion of this Debenture and payment of interest
on this Debenture, each as herein provided, free from preemptive rights or any other actual contingent purchase rights of Persons
other than the Holder (and the other holders of the Debentures), not less than such aggregate number of shares of the Common Stock
as shall (subject to the terms and conditions set forth in the Purchase Agreement) be issuable (taking into account

    8

    

    

the adjustments and restrictions of
Section 5) upon the conversion of the then outstanding principal amount of this Debenture and payment of interest hereunder. The
Company covenants that all shares of Common Stock that shall be so issuable shall, upon issue, be duly authorized, validly issued,
fully paid and nonassessable and, if a Registration Statement is then effective under the Securities Act, shall be registered for
public resale in accordance with such Registration Statement.

  

vii.  
 Fractional Shares. No fractional shares or scrip representing fractional shares shall be issued upon the conversion
of this Debenture. 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 Debenture 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 Debenture
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 and all fees to the Depository Trust Company (or another established clearing corporation performing similar
functions) required for same-day electronic delivery of the Conversion Shares.

 

d)     Reserved

 

Section 5.      
Certain Adjustments.

 

a)     Stock
Dividends and Stock Splits. If the Company, at any time while this Debenture 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 Debentures), (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.

  

b)     Subsequent
Equity Sales. If, at any time while this Debenture is outstanding, the Company or any Subsidiary, as applicable, sells or grants
any option to purchase or sells or grants any right to reprice, or otherwise disposes of or issues (or announces any sale, grant
or any option to purchase or other disposition), any Common Stock or Common Stock Equivalents entitling any Person to acquire shares
of Common Stock at an effective price per share that is lower than the then Conversion Price (such lower price, the “Base
Conversion Price” and such issuances, collectively, a “Dilutive Issuance”) (it being understood and
agreed if the holder of the Common Stock or Common Stock Equivalents so issued shall at any time, whether by operation of purchase
price adjustments, reset provisions, floating conversion, exercise or exchange prices or otherwise, or due to warrants, options
or rights per share which are issued in connection with such issuance, be entitled to receive shares of Common Stock at an effective
price per

    9

    

    

share that is lower than the Conversion
Price, such issuance shall be deemed to have occurred for less than the Conversion Price on such date of the Dilutive Issuance),
then the Conversion Price shall be reduced to equal the Base Conversion Price. The “effective price” per share in an
issuance of a unit consisting of more than one security, shall be the gross purchase price per unit, less the Black-Scholes value
(as shown on the Company’s Commission-filed financial statements) of the option or warrant component of such unit. Such adjustment
shall be made whenever such Common Stock or Common Stock Equivalents are issued. Notwithstanding the foregoing, no adjustment will
be made under this Section 5(b) in respect of an Exempt Issuance or issuance of securities to Acuitas Group Holdings, LLC or its
Affiliates. If the Company enters into a Variable Rate Transaction, despite the prohibition set forth in the Purchase Agreement,
the Company shall be deemed to have issued Common Stock or Common Stock Equivalents at the lowest possible conversion price at
which such securities may be converted or exercised. The Company shall notify the Holder in writing, no later than the Trading
Day following the issuance of any Common Stock or Common Stock Equivalents subject to this Section 5(b), indicating therein the
applicable issuance price, or applicable reset price, exchange price, conversion price and other pricing terms (such notice, the
“Dilutive Issuance Notice”). For purposes of clarification, whether or not the Company provides a Dilutive Issuance
Notice pursuant to this Section 5(b), upon the occurrence of any Dilutive Issuance, the Holder is entitled to receive a number
of Conversion Shares based upon the Base Conversion Price on or after the date of such Dilutive Issuance, regardless of whether
the Holder accurately refers to the Base Conversion Price in the Notice of Conversion.

 

c)     Subsequent
Rights Offerings. In addition to any adjustments pursuant to Section 5(a) above, if at any time the Company grants, issues
or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property, in each case, pro rata
to the record holders of any class of shares of Common Stock (the “Purchase Rights”), then the Holder will be
entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have
acquired if the Holder had held the number of shares of Common Stock acquirable upon complete conversion of this Debenture (without
regard to any limitations on exercise hereof) immediately before the date on which a record is taken for the grant, issuance or
sale of such Purchase Rights, 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 grant, issue or sale of such Purchase Rights.

  

d)     Pro
Rata Distributions. During such time as this Debenture 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 Debenture, 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 Debenture (without regard to any limitations on exercise hereof) 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.

  

e)     Fundamental
Transaction. If, at any time while this Debenture 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 50% or more 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

    10

    

    

of arrangement) with another Person
whereby such other Person acquires more than 50% 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), excluding acquisitions by Acuitas Group Holdings,
LLC or its Affiliates (each a “Fundamental Transaction”), then, upon any subsequent conversion of this Debenture,
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 Debenture
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 Debenture 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 Debenture and the other Transaction Documents (as defined in the Purchase Agreement) in accordance
with the provisions of this Section 5(e) 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 Debenture, deliver to the Holder in exchange for this Debenture a security of the Successor Entity evidenced by a written
instrument substantially similar in form and substance to this Debenture 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 Debenture (without regard to any limitations on the conversion of this Debenture) 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 Debenture 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 Debenture 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 Debenture and the other
Transaction Documents with the same effect as if such Successor Entity had been named as the Company herein.

  

f)   
  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.

 

g)     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

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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 Debenture, and shall cause to be delivered
to the Holder at its last address as it shall appear upon the Debenture 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 Debenture 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.   
   Redemptions.

 

a)     Optional
Redemption at Election of Company. Subject to the provisions of this Section 6(a), at any time after Original Issue Date, the
Company may deliver a notice to the Holder (an “Optional Redemption Notice” and the date such notice is deemed
delivered hereunder, the “Optional Redemption Notice Date”) of its irrevocable election to redeem some or all
of the then outstanding principal amount of this Debenture for cash in an amount equal to the Optional Redemption Amount on the
20th Trading Day following the Optional Redemption Notice Date (such date, the “Optional Redemption Date”,
such 20 Trading Day period, the “Optional Redemption Period” and such redemption, the “Optional Redemption”).
The Optional Redemption Amount is payable in full on the Optional Redemption Date. The Company may only effect an Optional Redemption
if each of the Equity Conditions shall have been met (unless waived in writing by the Holder) on each Trading Day during the period
commencing on the Optional Redemption Notice Date through to the Optional Redemption Date and through and including the date payment
of the Optional Redemption Amount is actually made in full. If any of the Equity Conditions shall cease to be satisfied at any
time during the Optional Redemption Period, then the Holder may elect to nullify the Optional Redemption Notice by notice to the
Company within 3 Trading Days after the first day on which any such Equity Condition has not been met (provided that if, by a provision
of the Transaction Documents, the Company is obligated to notify the Holder of the non-existence of an Equity Condition, such notice
period shall be extended to the third Trading Day after proper notice from the Company) in which case the Optional Redemption Notice
shall be null and void, ab initio. The Company covenants and agrees that it will honor all Notices of Conversion tendered
from the time of delivery of the Optional Redemption Notice through the date all amounts owing thereon are due and paid in full.
The Company’s determination to pay an Optional Redemption in cash shall be applied ratably to all of the holders of the then
outstanding Debentures based on their (or their predecessor’s) initial purchases of Debentures pursuant to the Purchase Agreement.

  

b)     Redemption
Procedure. The payment of cash or issuance of Common Stock, as applicable, pursuant to an Optional Redemption shall be payable
on the Optional Redemption Date. If any portion of

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the payment pursuant to an Optional
Redemption shall not be paid by the Company by the applicable due date, interest shall accrue thereon at an interest rate equal
to the lesser of 18% per annum or the maximum rate permitted by applicable law until such amount is paid in full. Notwithstanding
anything herein contained to the contrary, if any portion of the Optional Redemption Amount or Mandatory Redemption remains unpaid
after such date, the Holder may elect, by written notice to the Company given at any time thereafter, to invalidate such Optional
Redemption or Mandatory Redemption, ab initio, and, with respect to the Company’s failure to honor the Optional Redemption,
the Company shall have no further right to exercise such Optional Redemption. Notwithstanding anything to the contrary in this
Section 6, the Company’s determination to redeem in cash or its elections under Section 6(b) shall be applied ratably among
the Holders of Debentures. The Holder may elect to convert the outstanding principal amount of the Debenture pursuant to Section
4 prior to actual payment in cash for any redemption under this Section 6 by the delivery of a Notice of Conversion to the Company.

 

c)     Mandatory
Redemption. Upon the consummation of the Uplisting Offering (the “Mandatory Redemption Event”), the Company
shall first use the gross proceeds (the “Proceeds”) of such public offering to redeem this Debenture and all
other then outstanding Debentures in the manner and in such amounts as are set forth herein and therein (each being a “Mandatory
Redemption”).

 

d)     Mandatory
Notices. With respect to each Mandatory Redemption Event, the Company shall deliver a written notice by confirmed facsimile,
email or overnight courier (with next day delivery specified) to all, but not less than all, of the holders of Debentures (the
“Mandatory Redemption Notice” and the date such notice is delivered to all such holders is referred to as the
“Mandatory Redemption Notice Date”) (a) stating the date on which the applicable Mandatory Redemption shall
occur (the “Mandatory Redemption Date”), which date shall be at least two (2) Trading Days immediately prior
to such Mandatory Redemption Event, (b) stating the amount of gross proceeds with respect to such Mandatory Redemption Event and
(c) contain a certification from an officer of the Company that the Company has simultaneously taken the same action with respect
to all of the Debentures.

  

e)     Calculation
and Payment of Mandatory Redemption Price. The amount to be paid to the Holder under Section 6(c) in respect of this Debenture
with respect to each Mandatory Redemption Event shall be calculated on the applicable Mandatory Redemption Date and shall be equal
to the sum of (i) such outstanding principal under this Debenture (including accrued additional principal accrued pursuant to Section
2(b)) and (ii) all other amounts due and payable with respect to such principal and interest as of the applicable Mandatory Redemption,
such that after the payment of such sum of (i) and (ii) above to the Holder in respect of such Mandatory Redemption Event and the
payment of the applicable Mandatory Redemption Prices (as defined in the other Debentures) under all the other then-outstanding
Debentures in respect of such Mandatory Redemption Event, with the payment of such amounts hereunder and thereunder being made
pro rata on the basis of then-outstanding principal amounts hereunder and thereunder, some or all Proceeds shall be utilized in
respect of such Mandatory Redemption Event under this Debenture and all other then-outstanding Debentures (such amount to be so
paid to the Holder as calculated in accordance with the foregoing shall be referred to herein as the “Mandatory Redemption
Price”). The Company shall deliver the applicable Mandatory Redemption Price to the Holder in cash by wire transfer of
immediately available funds on the applicable Mandatory Redemption Date (in the case of a Mandatory Redemption, directly out of
the closing proceeds of the applicable financing), together with a written notice containing the calculation of such Mandatory
Redemption Price that specifies each amount under clauses (i) and (ii) above. Upon receipt of the applicable Mandatory Redemption
Price by the Holder, such Mandatory Redemption Price shall be applied to the principal and other items set forth in clauses (i)
and (ii) above in accordance with such required calculation. To the extent redemptions required by Section 6(a) are deemed or determined
by a court of competent jurisdiction to be prepayments of this Debenture by the Company, such redemptions shall be deemed to be
voluntary prepayments. Notwithstanding anything to the contrary in this Section 6, until the applicable Mandatory Redemption Price
is paid in full, the principal amount subject to redemption under Section 6(c) may be converted, in whole or in part, by the Holder
into Common Stock pursuant to Section 4. In the event of the Company’s redemption of any portion of this Debenture under
Section 6(c), the Holder’s damages would be uncertain and difficult to estimate because of the parties’ inability to
predict future interest rates and the uncertainty of the availability of a suitable substitute investment opportunity for the Holder.
Accordingly, any redemption premium due under Section

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6(c) is intended by the parties to
be, and shall be deemed, a reasonable estimate of the Holder’s actual loss of its investment opportunity and not as a penalty.
In the event that the Company does not pay the applicable Mandatory Redemption Price to the Holder on the Mandatory Redemption
Date, at any time thereafter and until the Company pays such unpaid Mandatory Redemption Price in full, the Holder shall have the
option, in lieu of redemption, to require the Company to promptly return to the Holder all or any portion of this Debenture representing
the principal amount subject to redemption and for which the applicable Mandatory Redemption Price has not been paid. Upon the
Company’s receipt of such notice, (x) the applicable Mandatory Redemption Notice shall be null and void with respect to the
principal amount subject thereto and (y) the Company shall immediately return this Debenture to the Holder.

  

Section 7.  
    Negative Covenants. As long as any portion of this Debenture remains outstanding, unless the holders
of at least 67% in principal amount of the then outstanding Debentures shall have otherwise given prior written consent, the Company
shall not, and shall not permit any of the Subsidiaries to, directly or indirectly:

 

a)     other
than Permitted Indebtedness, enter into, create, incur, assume, guarantee or suffer to exist any indebtedness for borrowed money
of any kind, including, but not limited to, a guarantee, on or with respect to any of its property or assets now owned or hereafter
acquired or any interest therein or any income or profits therefrom;

 

b)     other
than Permitted Liens, enter into, create, incur, assume or suffer to exist any Liens of any kind, on or with respect to any of
its property or assets now owned or hereafter acquired or any interest therein or any income or profits therefrom;

 

c)     amend
its charter documents, including, without limitation, its articles of incorporation and bylaws, in any manner that materially and
adversely affects any rights of the Holder (provided, however, that nothing herein shall prevent the Company from amending its
charter documents to effectuate a forward or reverse stock split);

 

d)     repay,
repurchase or offer to repay, repurchase or otherwise acquire more than a de minimis number of shares of its Common Stock
or Common Stock Equivalents other than as to (i) the Conversion Shares or Warrant Shares as permitted or required under the Transaction
Documents and (ii) repurchases of Common Stock or Common Stock Equivalents of departing officers and directors of the Company,
provided that such repurchases shall not exceed an aggregate of $100,000 for all officers and directors during the term of this
Debenture (provided, however, that nothing herein shall prevent the Company from exchanging certain of its outstanding warrants
for Common Stock as described in clause (e) of the definition of Exempt Issuance;

 

e)     repay,
repurchase or offer to repay, repurchase or otherwise acquire any Indebtedness, other than the Debentures if on a pro-rata basis,
other than regularly scheduled principal and interest payments as such terms are in effect as of the Original Issue Date, provided
that such payments shall not be permitted if, at such time, or after giving effect to such payment, any Event of Default exist
or occur;

 

f)     pay
cash dividends or distributions on any equity securities of the Company;

 

g)     enter
into any transaction with any Affiliate of the Company for the sale or disposition of all or part of any assets or property (but
not the issuance of debt or equity securities of the Company) of the Company (including as part of a Bankruptcy Event) unless,
as part of such transaction, the Holder is offered the right to receive a redemption in full of this Debenture; or

  

h)     enter
into any agreement with respect to any of the foregoing.

 

Section 8.     
 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

    14

    

    

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 Debenture or (B) interest, liquidated damages and other amounts owing
to a Holder on any Debenture, 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 is not cured within 5 Trading Days;

 

ii.     the
Company shall fail to observe or perform in any material respect any other covenant or agreement contained in the Debentures (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 (x) below) which failure is not cured, if possible to cure, within the earlier to occur of (A) 5 Trading Days
after notice of such failure sent by the Holder or by any other Holder to the Company and (B) 10 Trading Days after the Company
has become or should have become aware of such failure;

 

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 (and not covered by clause (vi) below), which agreement, lease, document or instrument
is filed as an exhibit to the SEC Reports, which default is not cured within 5 Trading Days;

 

iv.   any
representation or warranty made in this Debenture, 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, which default is not cured within 5 Trading Days;

 

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
Company or any Subsidiary shall default on any of its obligations under any mortgage, credit agreement or other facility, indenture
agreement, factoring agreement or other instrument under which there may be issued, or by which there may be secured or evidenced,
any indebtedness for borrowed money or money due under any long term leasing or factoring arrangement that (a) involves an obligation
greater than $150,000, whether such indebtedness now exists or shall hereafter be created, and (b) results in such indebtedness
becoming or being declared due and payable prior to the date on which it would otherwise become due and payable;  

  

vii.  the
Common Stock shall not be 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 Trading Days;

 

viii. the
Company shall be a party to any Change of Control Transaction or Fundamental Transaction or shall agree to sell or dispose of all
or in excess of 33% of its assets in one transaction or a series of related transactions (whether or not such sale would constitute
a Change of Control Transaction);

 

ix.    the
Company does not meet the current public information requirements under Rule 144 in respect of the Conversion Shares, which default
is not cured within 5 Trading Days ;

 

x.     the
Company shall fail for any reason to deliver certificates to a Holder prior to the seventh Trading Day after a Conversion Date
pursuant to Section 4(c) or the Company shall provide at any time notice to the Holder, including by way of public announcement,
of the

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Company’s intention to not honor
requests for conversions of any Debentures in accordance with the terms hereof;

 

xi.    the
electronic transfer by the Company of shares of Common Stock through the Depository Trust Company or another established clearing
corporation is no longer available or is subject to a “chill”;

 

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 $150,000, and such judgment, writ or similar final process shall remain unvacated,
unbonded or unstayed for a period of 45 calendar days; or

 

xiii.  Reserved

 

xiv.  a
false or inaccurate certification (including a false or inaccurate deemed certification) by the Company that the Equity Conditions
are satisfied or that there has been no Equity Conditions Failure or as to whether any Event of Default has occurred.

 

b)     Remedies
Upon Event of Default. If any Event of Default occurs, the outstanding principal amount of this Debenture, plus accrued but
unpaid interest, liquidated damages and other amounts owing in respect thereof through the date of acceleration, shall become,
at the Holder’s election, immediately due and payable in cash at the Mandatory Default Amount. Commencing 5 days after the
occurrence of any Event of Default that results in the eventual acceleration of this Debenture, the interest rate on this Debenture
shall accrue at an interest rate equal to the lesser of 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 Debenture 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 Debenture until such time, if any, as the Holder receives full payment pursuant to this Section 8(b). No such rescission
or annulment shall affect any subsequent Event of Default or impair any right consequent thereon.

 

Section 9.    
  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, by email attachment, or sent by a nationally
recognized overnight courier service, addressed to the Company, at the address set forth above, or such other facsimile number,
email address, or address as the Company may specify for such purposes by notice to the Holder delivered in accordance with this
Section 9(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, by email attachment, or sent by a nationally recognized overnight courier service
addressed to each Holder at the facsimile number or email address or address of the Holder appearing on the books of the Company,
or if no such facsimile number or email attachment or address appears on the books of the Company, at the principal place of business
of such Holder, as set forth in the Purchase Agreement.  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 or email attachment to the email address 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 or email attachment to the email address 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.

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b)     Absolute
Obligation. Except as expressly provided herein, no provision of this Debenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the principal of, liquidated damages and accrued interest, as applicable,
on this Debenture at the time, place, and rate, and in the coin or currency, herein prescribed. This Debenture is a direct debt
obligation of the Company. This Debenture ranks pari passu with all other Debentures now or hereafter issued under the terms
set forth herein.     

 

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

 

d)     Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of this Debenture 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 Debenture 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 Debenture or the
transactions contemplated hereby. If any party shall commence an action or proceeding to enforce any provisions of this Debenture,
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.

  

e)     Waiver.
Any waiver by the Company or the Holder of a breach of any provision of this Debenture 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 Debenture. The failure of the
Company or the Holder to insist upon strict adherence to any term of this Debenture 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 Debenture
on any other occasion. Any waiver by the Company or the Holder must be in writing.

 

f)  
   Severability. If any provision of this Debenture is invalid, illegal or unenforceable, the balance of
this Debenture 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

    17

    

    

forgive the Company from paying all
or any portion of the principal of or interest on this Debenture as contemplated herein, wherever enacted, now or at any time hereafter
in force, or which may affect the covenants or the performance of this Debenture, 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 Debenture shall be
cumulative and in addition to all other remedies available under this Debenture 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 Debenture. 
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 Debenture.

  

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 Debenture
and shall not be deemed to limit or affect any of the provisions hereof.

 

Section 10.   Disclosure.
Upon receipt or delivery by the Company of any notice in accordance with the terms of this Debenture, unless the Company has in
good faith determined that the matters relating to such notice do not constitute material, nonpublic information relating to the
Company or its Subsidiaries, the Company shall within two (2) Business Days after such receipt or delivery publicly disclose such
material, nonpublic information on a Current Report on Form 8-K or otherwise. In the event that the Company believes that a notice
contains material, non-public information relating to the Company or its Subsidiaries, the Company so shall indicate to the Holder
contemporaneously with delivery of such notice, and in the absence of any such indication, the Holder shall be allowed to presume
that all matters relating to such notice do not constitute material, nonpublic information relating to the Company or its Subsidiaries.

 

*********************

 

 

 

(Signature Pages Follow)

 

 

 

 

    18

    

    

  

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

 

 

	
        BIOVIE inc.

         

	 
	
        By: __________________

             Name:

             Title

         

        Email address for delivery of Notices: jadams@biovieinc.com

	 
	 

  

 

	
        ACUITAS GROUP HOLDINGS,
        llc

         

	 
	
        By: __________________

             Name:

             Title

         

        Email address for delivery of Notices: terren@AcuitasGH.com

	 
	 

  

    19

    

    

 

NOTICE OF CONVERSION

 

 

The undersigned hereby
elects to convert principal under the 10% OID Convertible Delayed Draw Debenture of BioVie Inc., a Nevada 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.

 

 

If applicable, 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 Debenture to be Converted:
               

 Payment of Interest in Common Stock
__ yes __ no

If yes, $_____ of Interest Accrued on Account
of Conversion at Issue.

Number of shares of Common Stock to be issued:
               

 

Signature:                

Name:

Address for Delivery
of Common Stock Certificates:

Or

DWAC Instructions:

Broker No:               

Account No:               

    

    

    

 

 

Schedule 1

 

DELAYED DRAW AND CONVERSION SCHEDULE

 

The 10% OID Convertible Delayed Draw Debenture
in aggregate principal amount of up to $2.0 million is issued by BioVie Inc., a Nevada corporation. This Delayed Draw and Conversion
Schedule reflects principal amounts incurred under Section 2 of the above referenced Debenture and conversions made under Section
4 of the above referenced Debenture.

 

Dated:

 

 

	
         

        Date of Draw, Conversion or Quarterly Principal
        Accrual
	
         

        Amount of Draw, Conversion or Accrual
	
         

        Principal Amount Subsequent to Draw, Conversion
        or Accrual
	
         

        Company Attest

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