Document:

SECURITIES
        PURCHASE AGREEMENT

    

    

    This securities purchase agreement (this “Agreement”) is made by and between Qrons Inc., a Wyoming corporation (the "Company"),
      and __________________, a citizen and resident of the State of _________________ (the “Undersigned”) as of December ___, 2019. The Undersigned hereby irrevocably agrees to purchase the Company’s eight percent (8%) convertible promissory note, issued
      in the amount of $_____________, the form of which is attached hereto as Exhibit A (the “Note”), which Note is and shall be, at the option of the Undersigned except as
      therein stated, convertible in accordance with its terms into shares of common stock of the Company, par value $0.0001 per share, which common stock trades on the OTC Markets “OTC-QB” under the  symbol “QRON” ("Common Stock").  In addition to the
      Note, and as a material part of the Purchase Price (defined below), the Company shall issue to the Undersigned a warrant (the “Warrant”) to purchase _________ shares [one (1) share per dollar invested] of Common Stock upon the terms and conditions contained in the Warrant, attached hereto as Exhibit B. The purchase
      price for the Note and the Warrant shall be $______________ (the “Purchase Price”). The Note and the Warrant, and any shares of Common Stock into which the Note may hereafter be convertible or the Warrant exercisable, as applicable, may hereinafter
      collectively be referred to as the "Securities."

    

    

    The purchase and sale of the Securities pursuant to this Agreement is part of a sale of up to $500,000.00 in total of Notes and
      Warrants, all on substantially the same terms as contained in this Agreement. This offering is being made pursuant to exemptions available under the Securities Act of 1933, as amended (the "Act"), including without limitation Rule 506 of Regulation D
      promulgated under the Act, and under certain other laws, including the applicable securities laws of all applicable states in the United States. There is no minimum amount required for the Company to accept subscriptions and there can be no
      assurances that the entire $500,000 of Notes or any Notes will be sold. The Company is under no obligation to return any subscription amounts once accepted. except as otherwise herein stated or as required by applicable law.

    

    

    By completing, executing, and delivering this Securities Purchase Agreement to the Company, together with the Purchase Price via
      personal check or wire transfer, and subject to the Company’s acceptance of such subscription, the Undersigned will have agreed to purchase the Notes subscribed for hereunder. Within two (2) business days after the receipt by the Company of good
      funds from the Undersigned, the Company will evidence its acceptance by countersigning and mailing an original of this Agreement along with the original Note and Warrant representing the Securities to the Undersigned. Subscriptions received by the
      Company are irrevocable except as otherwise herein stated or as required by applicable law. The Company will at all times keep in reserve sufficient shares of Common Stock to permit the holder of the Note to convert the Note, and exercise the
      Warrant, in full into Common Stock in accordance with their respective terms.

    

    

    The Undersigned acknowledges that none of the Securities have been registered under the Act, or the securities laws of any
      state, that the Securities are being purchased for investment purposes and not with a view to distribution or resale, nor with the intention of selling, transferring or otherwise disposing of all or any part of such Securities for any particular
      price, or at any particular time, or upon the happening of any particular event or circumstances, except selling, transferring, or disposing of said Securities made in full compliance with all applicable provisions of the Act, the rules and
      regulations promulgated by the U.S. Securities and Exchange Commission (“SEC”) thereunder, and applicable state securities laws; and that such Securities must be held indefinitely unless they are subsequently registered under the Act, or an exemption
      from such registration is available, and will require an opinion of counsel that registration is not required under the Act or such state securities laws, and that the certificates to be issued will bear a legend indicating that transfer of the
      Securities have not been so registered and the legend may bear the following or similar words:

    
      1

      
        

    

    

    

    The Securities represented hereby have not been registered under the Securities Act of
      1933, as amended (the "Act") or the securities laws of any state. The Securities have been acquired for investment purposes and not with a view to distribution or resale, and may not be sold, assigned, made subject to a security interest, pledged,
      hypothecated, transferred or otherwise disposed of without an effective registration statement for such Securities under the Act and applicable state securities laws, or an opinion of counsel reasonably satisfactory to the Company to the effect that
      registration is not required under such Act and such state securities laws.

    

    

    The Company hereby grants, and the Undersigned shall have piggyback registration rights with respect to the shares of common
      stock convertible or exercisable, as the case may be, which may be held by the Undersigned for one registration other than a registration (i) filed in connection with any employee stock option or other benefit plan, (ii) for a dividend reinvestment
      plan,  (iii) in connection with a merger or acquisition  provided, that if the offering with respect to which a registration statement is filed is an underwritten primary or secondary offering and the managing underwriter advises the Company that in
      its opinion the number of securities requested to be included in such registration exceeds the number that can be sold in such offering without adversely affecting such underwriter’s ability to effect an orderly distribution of such securities or
      otherwise adversely effecting such offering (including, without limitation, causing a diminution in the offering price of the Company’s securities) the Company will include in such registration statement: (A) first, the securities being sold for the
      account of the Company; (B) second, the number of securities with respect to which the Company has granted rights to participate in such registration that, in the opinion of such underwriter, can be sold pro rata among the respective holders of such
      securities on the basis of the amount of such securities then owned by each such holder, or (iv) where registration rights of a third party to register its shares for resale preclude the registration of additional shares on any such registration
      statement without the approval of such third party having such registration rights. The shares removed from any such registration statement as a result of an underwriter’s determination or a “cutback comment” from the SEC shall have piggyback
      registration rights with respect to any future registration statement filed by the Company that would permit the inclusion of such shares, subject to the above provisions..

    

    

    In connection with the purchase of the Securities, the Undersigned represents and warrants that:

    

    

    (a) The Undersigned has not received any general solicitation or general advertising regarding the purchase of the Securities. The Undersigned is
        purchasing the Securities for its own account for investment only and not with a view towards, or in connection with, the public sale or distribution thereof, except pursuant to sales registered under or exempt from the 1933 Act.

    

    

    (b) To the knowledge of the Undersigned, there is no broker or finder in connection with this transaction.

     

      

    
      2

      
        

    

    (c) The Undersigned has sufficient knowledge and experience of financial and business matters so that it is able to evaluate the merits and risks of
        purchasing the Securities and it has had substan-tial experience in previous private and public purchases of securities.

    

    

    (d) The Undersigned does not require for any liquidity needs the funds being used to purchase the Securities, the Undersigned has adequate means to
        provide for any personal needs, and possesses the ability to bear the economic risk of holding the Securities purchased hereunder indefinitely, and can afford a complete loss on the purchase of these Securities.

    

    

    (e) Prior to execution of this Agreement and purchase of the Securities, the Undersigned has read and understands this Agreement, the Note and the
        Warrant, and has had full opportunity to ask questions of and receive answers from the Company and its officers and authorized representatives regarding the terms and conditions of each of the said documents, and the transactions contemplated
        hereby, as well as the affairs of the Company and related matters including the Company’s quarterly and annual reports, which can be found at www.sec.gov. The Undersigned confirms that it does not desire at this time to receive any further
        information.

    

    

    (f) A restrictive legend will be placed upon the Note and upon the Warrant, and, if converted or exercised (as applicable) prior to an applicable
        registration exemption becoming available, any stock certificates representing the Securities purchased hereunder, and that instructions will be placed upon the Company's records for the Securities prohibiting the transfer of the Securities absent
        full compliance with the Act and applicable state securities laws.

    

    

    (g) The Company intends to use the proceeds from the sale of the Securities for general working capital purposes.

    

    

    (h) The purchase price of the Securities being purchased hereby has been determined based solely on the current market price of the Common Stock, and
        bears no relationship to the assets or book value of the Company, or other customary investment criteria.

    

    

    (i) This Agreement is subject to the Company's acceptance and may be rejected by the Company, in whole or in part, at any time prior to its execution
        hereof, in its sole discretion, for any reason or no reason at all. If this subscription is rejected in whole, all funds received from the Undersigned will be returned without interest or offset, and this Agreement shall thereafter be of no further
        force or effect.

    

    

    (j) There is no contract, undertaking, agreement or arrangement by the Undersigned with any person to sell, transfer or pledge to such person or anyone
        else the Securities or any part thereof, and the Undersigned has no present plans to enter into any such contract, undertaking, agreement or arrangement.

    

    

    (k) The Undersigned is an “accredited investor” as that term is defined in Rule 501(a) of Regulation D.  The Undersigned has such knowledge and
        experience in financial and business matters that it is capable of evaluating the merits and risks of an investment made pursuant to this Agreement.  The Undersigned is aware that it may be required to bear the economic risk of an investment made
        pursuant to this Agreement for an indefinite period of time and is able to bear such risk for an indefinite period.

    
      3

      
        

    

    

    

    (l) The Undersigned agrees to offer, sell or otherwise transfer the Securities only  (i) in accordance with the terms of this Agreement and with the
        requirements of applicable law, and  (ii) pursuant to registration under the 1933 Act or to an exemption from registration under the 1933 Act and any other applicable securities laws. The Undersigned does not by its representations contained in
        this section agree to hold the Securities for any minimum or other specific term and reserves the right to dispose of the Securities at any time pursuant to a registration statement or in accordance with an exemption from registration under the
        1933 Act, in all cases in accordance with applicable state and federal securities laws. The Undersigned shall have the right to rely upon the provisions, representations and warranties of the Company pursuant to this Agreement and otherwise for
        purposes of any sales or transfers of Securities.

    

    

    No legal Advice from the Company.  The Undersigned acknowledges that it had the opportunity to review this Agreement and the transaction contemplated by this Agreement with its own legal counsel and investment and tax advisors (collectively, “Advisors”). 
        The Undersigned is relying solely on its own Advisors and not on any statements or representations of the Company or any of its representatives or agents for legal, tax or investment advice with respect to this investment in the Securities, the
        transactions contemplated by this Agreement, or the securities laws of any jurisdiction.

    

    

    Except for any rescission rights that may be provided under applicable laws, the Undersigned is not entitled to cancel,
      terminate, or revoke this Agreement once accepted and counter-signed by the Company.

    

    

    The Company agrees to provide one (1) legal opinion at its expense with respect to the removal of any restrictive legend and
      deposit of the Securities into the brokerage account of the Undersigned, upon the request of the Undersigned and once an exemption from registration under the Act is available. The Company will take all reasonable and lawful steps to assist the
      Undersigned in removing any restrictive legends on any Securities at any time after the Securities are registered, or an applicable exemption from registration is available with respect thereto.

    

    

    The Company is duly organized and existing in good standing under the laws of the State of Wyoming in which it is incorporated,
      except as would not have a Material Adverse Effect (as defined below), and has the requisite corporate power to own its properties and to carry on its business as now being conducted.  The Company and is duly qualified as a foreign corporation to do
      business and is in good standing in every jurisdiction in which the nature of the business conducted by it makes such qualification necessary and where the failure so to qualify would have a Material Adverse Effect. The Company represents and
      warrants that the execution, delivery and performance of this Agreement and the other transaction documentation by the Company and the consummation by it of the transactions contemplated hereby and thereby will not (i) result in a violation of the
      Company’s Articles of Incorporation or Bylaws or (ii) conflict with, or constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration
      or cancellation of, any agreement, indenture or instrument to which the Company is a party, or result in a violation of any law, rule, regulation, order, judgment or decree (including federal and state securities laws and regulations) applicable to
      the Company or by which any property or asset of the Company is bound or affected (except for such conflicts, defaults, terminations, amendments, accelerations, cancellations and violations as would not, individually or in the aggregate, have a
      Material Adverse Effect). “Material Adverse Effect” as used in this Agreement means any material adverse effect on the operations, properties or financial condition of the Company. The Company does not have any subsidiaries.

    
      4

      
        

    

    

    

    The Company represents and warrants that there is no action, suit, proceeding, inquiry or investigation before or by any court,
      public board or body (including without limitation the SEC) pending or, to the knowledge of the Company, threatened against or affecting the Company, wherein an unfavorable decision, ruling or finding would have a Material Adverse Effect on it, or
      which would adversely affect the validity or enforceability of, or the authority or ability of the Company to perform its obligations under, this Agreement or any of the documents contemplated herein.

    

    

    The Company represents and warrants that neither the Company  nor any officer, director or other person acting on behalf of the
      Company , in the course of his actions for or on behalf of the Company, used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity, made any direct or indirect unlawful payment
      to any foreign or domestic government official or employee from corporate funds; violated or is in violation of any provision of the U.S. Foreign Corrupt Practices Act of 1977, as amended; or made any bribe, rebate, payoff, influence payment,
      kickback or other unlawful payment to any foreign or domestic government official or employee.

    

    

    GOVERNING LAW: MISCELLANEOUS.

    

    

    
      	
              (a)

            	
               Governing Law.  This Agreement shall be governed by and
                interpreted in accordance with the laws of the State of __________, applicable to contracts to be wholly performed within said State, without regard to the principles of conflict of laws. Jurisdiction and venue for any civil action between
                the parties for any reason shall be in

                _______________________ and no other place.

            

    

    

    

    
      	
              (b)

            	
               Blue Sky Qualification.  The purchase of Securities under this Agreement is expressly conditioned upon the exemption from qualification of the offer and sale of the Securities from applicable federal and state securities laws. The Company
                  shall not be required to qualify this transaction under the securities laws of any jurisdiction and, should qualification be necessary, the Company shall be released from any and all obligations to maintain its offer, and may rescind any
                  sale contracted, in such jurisdiction, so long as the Purchase Price is immediately returned to the Undersigned via wire transfer.

            

    

    

    

    
      	
              (c)

            	
               Counterparts.  This Agreement may be executed in two or more identical counterparts, all of which shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and
                  delivered to the other party.

            

    

    

    

    
      	
              (d)

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

            

    

    

    

    
      	
              (e)

            	
               Severability. If any provision of this Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect the validity or enforceability of the remainder of this Agreement in
                  that jurisdiction or the validity or enforceability of any provision of this Agreement in any other jurisdiction.

            

    

    

    

    
      5

      
        

    

    
      	
              (f)

            	
              Entire Agreement, Amendments; Further
                  Assurances.  This Agreement supersedes all other prior oral or written agreements between the Undersigned, the Company, their respective affiliates and persons acting on their behalf with respect to
                  the matters discussed herein., This Agreement and the Warrant and Note contain the entire understanding of the parties with respect to the matters covered herein and therein.  No provision of this Agreement may be waived or amended other
                  than in writing by the parties hereto.  Each party hereto shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all such other agreements, certificates, instruments and
                  documents, as the other party may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

            

    

    
      

      

      
        
          	
                  (g)

                	
                  Facsimile or
                      Electronic Signatures. This Agreement may be executed and delivered by electronic mail delivery. A signed photocopy or digital scan of this Agreement shall be treated as an original, and shall be
                      deemed to be as binding, valid, genuine, and authentic as an originally signed agreement for all purposes.      

                      

                

        

        

        

      

    

    
      	
              (h)

            	
               Notices.  Any notices, consents, waivers, or other communications required or permitted to be given under this Agreement must be in writing and will be deemed to have been delivered (i) upon receipt, when delivered
                  personally; (ii) upon confirmation of receipt, when sent by electronic mail; (ii) five (5) days after  sent by U.S. certified mail, return receipt requested, or (iii) one (1) day after deposit with a nationally recognized overnight
                  delivery service, in each case properly addressed to the party to receive the same.  The addresses and email addresses for such communications shall be:

            

    

    

    

    If to the Company, to:

    

    

    Qrons, Inc.

    50 Battery Place, #7T

    New York, New York 10280 ___________________

    ___________________

    Telephone: (212)-945-2080

    Email: jmeer@qrons.com

    Attention: Mr. Jonah Meer, CEO

    

    

    If to the Undersigned, to its address, and email address set forth on the signature page affixed hereto. Each party shall
      provide five (5) days’ prior written notice to the other party of any change in address.

    

    

    

    

    

    

    [SIGNATURE PAGE FOLLOWS]

    
      6

      
        

    

    

    

    [SIGNATURE PAGE TO SECURITIES PURCHASE AGREEMENT]

    

    

    

    

    IN WITNESS WHEREOF, the parties have executed this Agreement as of the last date written below.

    

    

    

    

    

    

    QRONS INC.

    

    

    By: ____________________________                Date:

           Jonah Meer, Chief Executive Officer

    

    

    

    

    

    

    

    

    PURCHASER:                                     Date:

    

    

    ____________________________

    ____________________________

    

    

    

    

    [if entity]

    

    

    [Name]

    

    

    By: ________________________________

    Name:

    Title:

    

    

    

    

    Mailing and Email Address:

    

    

    _____________________

    _____________________

    _____________________

    _____________________

    

    

    

    

    

  

  7THE
      SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR APPLICABLE STATE SECURITIES LAWS (COLLECTIVELY, THE “LAWS”). THE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE OFFERED
      FOR SALE, SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF EITHER (I) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE LAWS, OR (II) AN OPINION OF COUNSEL PROVIDED TO THE ISSUER IN FORM, SUBSTANCE AND SCOPE REASONABLY ACCEPTABLE TO THE
      ISSUER TO THE EFFECT THAT REGISTRATION IS NOT REQUIRED UNDER THE LAWS DUE TO AN AVAILABLE EXCEPTION TO OR EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE LAWS.

  

  

  DECEMBER ___, 2019

   

    

  
    	NOTE # __ 

            	
             

          	
             $_____,000.00

          
	
             

          	
             

          	
             

          

  

  

  

  QRONS, INC.

  

  

  EIGHT PERCENT (8%) CONVERTIBLE PROMISSORY NOTE DUE DECEMBER 31, 2021

  

  

  THIS NOTE is one of a series of duly authorized and validly issued 8% Convertible Notes (this note, the “Note” and collectively
    with the other notes of such series, the “Notes”) of Qrons, Inc., a Wyoming corporation (the "Company"), the common stock of which, on the date of this Note, trades on the OTC Markets under the trading symbol “QRON” designated as its Eight Percent (8%)
    Convertible Notes Due December 31, 2021, in a maximum aggregate principal face value for all Notes of this series of Five Hundred Thousand and no/100 United States Dollars (US$500,000.00). This Note is issued in accordance with the terms of that
    Securities Purchase Agreement between the Company and the Holder, dated even date herewith (the “Securities Purchase Agreement”).

  

  

  FOR VALUE RECEIVED, the Company promises to pay to _______________ and its registered assigns (the “Holder”), the principal sum of $_________
    (“Principal Amount”) on December 31, 2021 (the “Maturity Date”) or such earlier date as this Note is required or permitted to be repaid as provided hereunder, and to pay interest to the Holder on the aggregate unconverted and then outstanding principal
    amount of this Note at the rate of 8% per annum on the Maturity Date in accordance with the provisions hereof.

  

  

  Accrual of interest on the outstanding principal amount shall commence on the date hereof and shall continue until payment in full of the outstanding
    principal amount has been made or duly provided for. The interest so payable will be paid to the person or entity in whose name this Note (or one or more predecessor Notes) is registered on the records of the Company regarding registration and
    transfers of the Note (the "Note Register"); this Note may be assigned by the Holder in whole or in part at any time, in accordance with the terms of this Note and with applicable law.

  
    1

    
      

  

  

  

  The Company will pay the outstanding principal of and any and all accrued and unpaid interest due upon this Note on the Maturity
    Date, in cash, less any amounts required by law to be deducted or withheld, to the record Holder of this Note. Interest may at the Holder’s option (except as stated below) be paid in Common Stock (defined below), with the number of shares of Common
    Stock to be delivered in payment of such interest determined by taking the dollar amount of interest being paid divided by the applicable Conversion Price (defined below).

  

  

  This Note is subject to the following additional provisions:

  

  

  1. Withholding.
      The Company shall be entitled to withhold from all payments of principal or interest pursuant to this Note any amounts required to be withheld under the applicable provisions of the United States income tax or other applicable laws at the time of
      such payments, but only to the extent so required. The Holder shall confirm in writing that it is not subject to any such withholding (or state that it is), if requested by the Company at any time.

  

  

  2. Transfer/Exchange of Note; Registered Holder; Opinion of Counsel; Legend. This Note has
      been issued subject to investment representations of the original purchaser hereof and may be transferred or exchanged only in compliance with the Securities Act of 1933, as amended (the “1933 Act”) and applicable state securities laws. Prior to due
      presentment for transfer of this Note, the Company and any agent of the Company may treat the person in whose name this Note is duly registered on the Company's Note Register as the owner hereof for the purpose of receiving payment as herein provided
      and for all other purposes, whether or not this Note be overdue, and neither the Company nor any such agent shall be affected or bound by notice to the contrary. This Note may be freely assigned in whole or in part by Holder at any time, so long as
      in accordance with applicable law and regulations, including federal and state securities laws.

  

  

  The Holder understands and acknowledges by its acceptance hereof that (i) this Note and the shares of common stock in the Company
    issuable upon conversion thereof as herein provided (“Conversion Shares”), and any shares of Common Stock payable as interest hereunder (“Interest Shares”) have not been and are not being registered under the 1933 Act or any state securities laws, and
    may not be offered for sale, sold, assigned or transferred unless (a) registered thereunder, or (b) the Holder shall have delivered to the Company or its transfer agent (as applicable, the “Transfer Agent”) an opinion of counsel, reasonably
    satisfactory in form, substance and scope to the Company to the effect that the securities to be sold, assigned or transferred may be sold, assigned or transferred pursuant to an exemption from such registration; (ii) any sale of such securities made
    in reliance on Rule 144 promulgated under the 1933 Act may be made only in accordance with the terms of said Rule and further, if said Rule is not applicable, any

  
    2

    
      

  

   resale of such securities under circumstances in which the seller (or the person through whom the sale is made) may be deemed to
    be an underwriter (as that term is defined in the 1933 Act) may require compliance with some other regulation and/or exemption under the 1933 Act or the rules and regulations of the United States Securities and Exchange Commission (the “SEC”)
    thereunder; and (iii) neither the Company nor any other person is under any obligation to register such securities under the 1933 Act or any state securities laws or to comply with the terms and conditions of any exemption thereunder. Notwithstanding
    the foregoing, the Holder may assign this Note in whole or in part, or any Common Stock issued or to be issued pursuant to a conversion of this Note, may be assigned freely at any time by the Holder to an affiliate of the Holder, so long as in
    accordance with all applicable laws and regulations.

  

  

  3. Conversion of Note into Common Stock; Redemption.

  

  

  The Holder of this Note is entitled, at its sole option, at any time commencing five (5) days after the date of this Note, to
    convert all or any portion of the Principal  Amount of this Note, along with accrued and unpaid interest, into shares of common stock of the Company, par value $0.0001 per share ("Common Stock"), at a conversion price (the "Conversion Price") for each
    share of Common Stock equal to the lesser of: (a) fifty cents ($.50) per share; or (b) the lowest price at which the Company has converted any convertible security of the Company (to the Holder or to any third party) within the thirty (30) trading days
    prior to the date of delivery of the applicable Notice of Conversion; or (c) so long as lower than (a) or (b), such price per share of Common Stock as the Company and the Holder may agree from time to time.

  

  

  Any conversion of this Note shall be achieved by submitting to the Company (or to the Transfer Agent) the fully completed form of
    conversion notice attached hereto as Exhibit A, (a "Notice of Conversion"), executed by the Holder of this Note evidencing such Holder's intention to convert this Note or the specified portion (as therein provided) hereof. A Notice of Conversion may be
    submitted via electronic mail to the Company, or by physical delivery of such Notice of Conversion to the Company at the address provided by the Company. Nothing herein shall operate to prohibit the parties from transmitting and receiving a Notice of
    Conversion by other means by mutual agreement. The Company and the Holder shall each keep records with respect to the portion of this Note then being converted and all portions previously converted; upon receipt by the Holder of the requisite
    Conversion Shares, the outstanding principal amount of the Note shall be reduced by the amount specified in the Notice of Conversion. Likewise, upon receipt by the Holder of the requisite number of Interest Shares, the interest owed under the Note
    shall be reduced by the appropriate amount. The Company may from time to time, but is not required to, instruct the Holder and the Holder shall surrender this Note along with the Notice of Conversion for the purposes of making a notation thereon as to
    the amount of principal being converted, or of canceling this Note and issuing a new Note in the same form with the principal amount of such Note reduced by the amount converted. Such new or notated Note shall be delivered to the Holder within three
    (3) business days after such Holder’s surrender to the Company. No fractional shares or scrip representing fractions of shares will be issued on conversion, but the number of shares issuable shall be rounded to the nearest whole share. Accrued interest
    on the converted portion of the Note shall be payable upon conversion thereof, in cash or Common Stock at the Conversion Price, at the Holder’s option. The date on which a Notice of Conversion is given (a “Conversion Date”) shall be deemed to be either
    the date on which the Company receives from the Holder a Notice of Conversion duly executed.

  
    3

    
      

  

  

  

  In all cases, the Company shall cause the Conversion Shares (and Interest Shares, if any) to be delivered to the Holder within
    five (5) business days after the Conversion Date with respect to such shares of Common Stock being delivered, and at the address specified for the Holder in the Notice of Conversion. Should the Company for any reason not deliver all Conversion Shares
    due within five (5) business days after the Conversion Date as herein specified, then in addition to all other available remedies at law or in equity, liquidated damages (and not as a penalty) (each a “Damage”) shall be levied and accrue against the
    Company in the amount of $10 per $1,000 of principal converted for which Conversion Shares (and Interest Shares, if any) are not timely delivered, for each business day past the said five (5) business day deadline until all of the required Conversion
    Shares (and Interest Shares, if any) are delivered in full to the Holder. The Damage shall at the Holder’s option either (i) be paid in cash by the Company to the Holder by wire transfer within one (1) day after the Damage accrues, or (ii) be added to
    the principal amount of the next conversion(s) and paid in additional Conversion Shares issued at the applicable Conversion Price, to be delivered to the Holder along with all Conversion Shares to be received as a result of the said next conversion(s).
    Thus, if the Holder converted $10,000 of principal, and the Conversion Shares were not delivered until eight  business days after the Notice of Conversion was delivered to the Company, then the Damage would be $10 X 10 X (8-5 = 3) = $300.00. This
    Damage would have to be either paid by the Company to the Holder in cash, or at its option the Holder could add the said $300.00 Damage to the next Notice of Conversion and receive the Damage in Conversion Shares at the Conversion Price.

  

  

  Any portion of this Note which remains unconverted on the Maturity Date shall be paid in full in cash along with all interest
    accrued but unpaid. Notwithstanding the preceding sentence, at the Holder’s sole option, all or any portion of this Note which remains unconverted on the Maturity Date shall, along with all interest accrued but unpaid, be converted into shares of
    Common Stock as of the Maturity Date, as if the Holder had converted the remaining portion of this Note according to the provisions of this Section 3, with the Conversion Date being equivalent in such event to the Maturity Date, as if the Holder had
    provided the Company with a Notice of Conversion with respect to the outstanding principal amount of this Note on the Maturity Date.

  

  

  Notwithstanding anything herein to the contrary, the Company shall have the limited right, with the Holder’s written consent, to
    redeem any unconverted portion of this Note at any time prior to conversion, or prior to the Maturity Date, at a price equal to the then outstanding principal amount of this Note (the “Redemption Premium”), plus all interest due on this Note at such
    time. For any redemption to be made pursuant to this paragraph, the Company shall give to the Holder five (5) business days’ written notice (a “Redemption Notice”) of its intention to so redeem the Note or a portion thereof, assuming that the Holder
    has not delivered to the Company a Notice of Conversion with respect to the Note (or portion thereof) 

  
    4

    
      

  

  sought to be redeemed (in which case the Redemption Notice shall be null and void). Upon notice of its intention to redeem the
    Note, so long as the Holder agrees to the redemption, the Company shall immediately, but in any event within five (5) business days after notice of its intention to so redeem is delivered, and within such five (5) business day period (unless the Holder
    agrees in writing to a later date), transfer the full redemption price to the Holder. Should the Company not timely pay to the Holder the full redemption amount described in this Note, then its redemption rights as described in this paragraph shall be
    nullified, unless the Holder consents otherwise in writing.

  

  

  Should the Company lose its listing on the OTC Market, and not restore its listing to the same or another public securities
    exchange or market within sixty (60) days thereof, then the Company must redeem this Note as stated above within ten (10) business days after the Holder’s demand therefor.

  

  

  The Company hereby represents and
    warrants that the Conversion Shares to be issued upon the conversion of the Note when issued will be fully paid and non-assessable.

  

  

  As of the date hereof, to the Company’s knowledge, there is no action, proceeding or investigation pending or threatened that
    questions the validity of the issuance of this Note or any Conversion Shares to the Holder. and there is no other agreement or understanding between the
    Holder and the Company that would preclude the Holder from selling or otherwise disposing of all of the Conversion Shares.

  

  

  4. Conversion Restrictions.  Notwithstanding anything to the contrary set forth herein, in
      no event shall any holder of this Note be entitled to convert this Note in excess of such portion of the principal of the Note that, upon giving effect to such conversion, would result in the aggregate number of shares of Common Stock beneficially
      owned by such converting holder and its affiliates to exceed 4.99% of the outstanding shares of the Common Stock following such conversion. For purposes of this Section 4(b), beneficial ownership shall be calculated in accordance with Section 13(d)
      of the Securities Exchange Act of 1934, as amended.

  

  

  5. Obligations of the Company Herein are Unconditional. No provision of this Note or any
      other agreement or understanding between the Company and the Holder shall alter or impair the obligation of the Company, which obligation is absolute and unconditional, to repay the principal amount of this Note and all interest thereon at the time,
      place and rate herein stated, to the extent not converted into Common Stock. This Note and all other Notes now or hereafter issued in replacement of this Note on the same or similar terms are direct obligations of the Company. This Note ranks at pari
      passu with all other Notes in this series of Notes. The Conversion Price and number of shares of Common Stock issuable upon conversion shall be subject to adjustment from time to time as provided in Section 6 below.

  
    5

    
      

  

  

  

  6. Adjustments.

  

  

  (a)  In the event the
      Company should at any time or from time to time, after the date of this Note, fix a record date for the effectuation of a split or subdivision of the outstanding shares of Common Stock or the determination of holders of Common Stock entitled to
      receive a dividend or other distribution payable in additional shares of Common Stock (equal to at least ten percent (10%) or more of the Company's then issued and outstanding shares of Common Stock) or other securities or rights convertible into, or
      entitling the holder thereof to receive directly or indirectly additional shares of Common Stock (hereinafter referred to as "Common Stock Equivalents") without payment of any consideration by such holder for the additional shares of Common Stock or
      the Common Stock Equivalents (including the additional shares of Common Stock issuable upon conversion or exercise thereof), then, as of such record date (or the date of such dividend, distribution, split or subdivision if no record date is fixed), 
      unless the Conversion Price is otherwise automatically adjusted in accordance with the terms of this Note, the Conversion Price shall be appropriately decreased so that the number of shares of Common Stock issuable on conversion of this Note shall be
      increased in proportion to such increase in the aggregate number of shares of Common Stock outstanding and those issuable with respect to such Common Stock Equivalents.

  

  

   (b)  If the number of
      shares of Common Stock outstanding at any time after the date of this Note is decreased by a combination of the outstanding shares of Common Stock, then, following the record date of such combination, the Conversion Price shall be appropriately
      increased if necessary so that the number of shares of Common Stock issuable upon conversion of this Note shall be decreased in proportion to such decrease in outstanding shares.

  

  

  (c) In the event the
      Company, at any time while all or any portion of this Note is outstanding, shall be consolidated with or merged into any other corporation or corporations or shall sell or lease all or substantially all of its property and business as an entirety,
      then lawful provisions shall be made as part of the terms of such consolidation, merger, sale or lease so that the holder of this Note may thereafter receive in lieu of such Common Stock otherwise issuable to such holder upon conversion of this Note,
      but at the conversion rate which would otherwise be in effect at the time of conversion, as hereinbefore provided, the same kind and amount of securities or assets as may be issuable, distributable or payable upon such consolidation, merger, sale or
      lease with respect to Common Stock of the Company.

   

    

  7. Reservation of Shares.
      The Company shall at all times reserve and keep available out of its authorized but unissued shares of Common Stock, solely for the purpose of effecting the conversion of this Note, such number of its shares of Common Stock as shall from time to time
      be sufficient to effect the conversion of all of the outstanding principal amount and accrued but unpaid interest.

  

  

  8. Note Holder Not Deemed a Stockholder. No Holder, as such, of this Note shall be entitled
      (prior to conversion of this Note into Common Stock, and only then to the extent of such conversion) to vote or receive dividends or be deemed the holder of shares of the Company for any purpose, nor shall anything contained in this Note be construed
      to confer upon the Holder hereof, as such, any of the rights of a stockholder of the Company or any right to vote, give or withhold consent to any corporate action (whether any reorganization, issue of stock, reclassification of stock, consolidation,
      merger, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise, prior to the issuance to the holder of this Note of the Conversion Shares or Interest Shares which such holder is then entitled to
      receive upon the due conversion of all or a portion of this Note.

  
    6

    
      

  

  

  

  9. No Limitation on Corporate Action. No provisions of this Note and no right or option
      granted or conferred hereunder shall in any way limit, affect or abridge the exercise by the Company of any of its corporate rights or powers to recapitalize, amend its Articles of Incorporation, reorganize, consolidate or merge with or into another
      corporation, or to transfer all or any part of its property or assets, or the exercise of any other of its corporate rights and powers.

  

  

  10. Representations of Holder. If, at the time of issuance of any Conversion Shares, no registration statement is in effect with respect to such shares under applicable provisions of the Act, the Company may at its election require that the
      Holder provide the Company with written reconfirmation of the Holder’s investment intent and that any stock certificate delivered to the Holder for Conversion Shares shall bear a legend reading substantially as follows:

  

  

  “THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 AND MAY NOT BE SOLD, TRANSFERRED, PLEDGED OR
    OTHERWISE DISPOSED OF IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE ISSUER OF THIS CERTIFICATE THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT.”

  

  

  The Holder hereby represents and warrants to the Company and upon conversion of all or a portion of this Note, if requested by the
    Company, the Holder shall confirm in writing, in a form reasonably satisfactory to the Company, that the Conversion Shares and Interest Shares are being acquired solely for the Holder's own account and not as a nominee for any other party, for
    investment and not with a view to the sale or distribution of any part thereof, and Holder has no intention of selling or engaging in any public distribution of the same except pursuant to a registration or exemption therefrom. Such Holder is an
    Accredited Investor (as defined in Rule 501(a) of Regulation D promulgated under the 1933 Act). If such Holder cannot make such representations because they would be factually incorrect, it shall be a condition to such Holder's conversion of all or a
    portion of the Note that the Company receive such other representations as the Company considers reasonably necessary to assure the Company that the issuance of its securities upon conversion of the Note will not violate any United States or state
    securities laws.

  

  

  Holder understands (i) that the Common Stock issuable upon exercise of Holder’s rights contained herein are not registered under
    the Act or qualified under applicable state securities laws on the ground that the issuance contemplated by this Note will be exempt from the registration and qualification requirements thereof, and (ii) that the Company’s reliance on such exemption is
    predicated on the representations by the Holder set forth in this Section 10.

  
    7

    
      

  

  

  

  11. Waiver of Demand, Presentment, Etc.  The Company hereby expressly waives demand and
      presentment for payment, notice of nonpayment, protest, notice of protest, notice of dishonor, notice of acceleration or intent to accelerate, bringing of suit and diligence in taking any action to collect amounts called for hereunder and shall be
      directly and primarily liable for the payment of all sums owing and to be owing hereunder, regardless of and without any notice, diligence, act or omission as or with respect to the collection of any amount called for hereunder.

  

  

  12. Attorney’s Fees.
      The Company agrees to pay all costs and expenses, including without limitation reasonable attorney's fees, which may be reasonably incurred by the Holder in collecting any amount due under this Note or in enforcing any of Holder’s conversion rights
      as described herein, if the Holder is required to pursue legal action to so collect or enforce its rights described herein, and is successful in such legal action.

  

  

  13. Default. If
      any one or more of the following described "Events of Default" shall occur:

  

  

  (a)  The Company shall
      become and continue in default in the payment of principal or interest on this Note for a period of five (5) business days; or

  

  

  (b)  (Intentionally
      Deleted.)

  

  

  (c)  The Company shall
      fail to perform, in any material respect, any of its obligations under this Note and such failure shall continue uncured for a period of five (5) business days after written notice from the Holder of such failure; or

  

  

  (d)  The Company shall
      either:  (i) become insolvent; (ii) admit in writing its inability to pay its debts generally or as they become due; (iii) make an assignment for the benefit of creditors or commence proceedings for its dissolution; or (iv) apply for, or consent to
      the appointment of, a trustee, liquidator, or receiver for its or for a substantial part of its property or business; or

  

  

  (e)  A trustee,
      liquidator or receiver shall be appointed for the Company or for a substantial part of its property or business without the Company's consent and such appointment is not discharged within sixty (60) days after such appointment; or

  

  

  (f)  Any governmental
      agency or any court of competent jurisdiction at the instance of any governmental agency shall assume custody or control of the whole or any substantial portion of the properties or assets of the Company and shall not be dismissed within sixty (60)
      days thereafter; or

  
    8

    
      

  

  

  

  (g)  Any money
      judgment, writ or Note of attachment, or similar process in excess of One Hundred Thousand United States Dollars (US$100,000.00) in the aggregate shall be entered or filed against the Company or any of its properties or assets and shall remain
      unpaid, unvacated, unbonded or unstayed for a period of fifteen (15) days or in any event later than five (5) days prior to the date of any proposed sale thereunder (this paragraph shall not include a civil action filed against the Company that is
      not reduced to judgment); or

  

  

  (h)  Bankruptcy,
      reorganization, insolvency or liquidation proceedings or other proceedings for relief under any bankruptcy law or any law for the relief of debtors shall be instituted by or against the Company and, if instituted against the Company, shall not be
      dismissed within sixty (60) days after such institution or the Company shall by any action or answer approve of, consent to, or acquiesce in any such proceedings or admit the material allegations of, or default in answering a petition filed in, any
      such proceeding; or

  

  

  (i)  The Company shall
      have its Common Stock delisted from the OTC Markets OTCQB or suspended from trading thereon, and shall not have its Common Stock relisted on the same or another national securities exchange or market, or have such suspension lifted, as the case may
      be, within sixty (60) days after such delisting or suspension;

  

  

  then, or at any time thereafter, and in any and every such case, unless such Event of Default shall have been waived in writing by the Holder (which
    waiver in one instance shall not be deemed to be a waiver in another instance or for any other prior or subsequent Event of Default) at the option of the Holder and in the Holder's sole discretion, the Holder may immediately accelerate the maturity
    hereof, whereupon all principal and interest hereunder shall be immediately due and payable, without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived by the Company, and the Holder may immediately, and upon
    the expiration of any period of grace, enforce any and all of the Holder's rights and remedies provided herein or any other rights or remedies afforded by law or equity.

  

  

  14. Enforceability; Further Assurances. In case any provision of this Note is held by a court of competent jurisdiction to be excessive in scope or otherwise invalid or unenforceable, such provision shall be adjusted rather than
      voided, if possible, so that it is enforceable to the maximum extent possible, and the validity and enforceability of the remaining provisions of this Note will not in any way be affected or impaired thereby. Each party hereto shall do and perform,
      all such further acts and things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request in order to carry out the intent and accomplish the purposes of this Note.

  

  

  15. Entire Agreement.
      This Note and the Securities Purchase Agreement constitute the full and entire understanding between the Company and the Holder with respect to the subject matter hereof and thereof. Neither this Note nor any term hereof may be amended, waived,
      discharged or terminated other than by a written instrument signed by the Company and the Holder.

  
    9

    
      

  

  

  

  16. Governing Law; Remedies  The Company and the Holder, by its acceptance hereof, hereby
      agree that any dispute which may arise between them arising out of or in connection with this Note shall be adjudicated before a court located in ___________________, and they hereby submit to the exclusive jurisdiction of the federal and state
      courts of the State of ____________ located in ______________ with respect to any action or legal proceeding commenced by any party, and irrevocably waive any objection they now or hereafter may have respecting the venue of any such action or
      proceeding brought in such a court or respecting the fact that such court is an inconvenient forum, relating to or arising out of this Note or any acts or omissions relating to the sale of the securities hereunder, and consent to the service of
      process in any such action or legal proceeding by means of registered or certified mail, return receipt requested, postage prepaid, in care of the address set forth herein or such other address as either party shall furnish in writing to the other.

  

  

  17. Headings. 
      Headings in this Note are for convenience only and shall not be used in the construction of this Note.

  

  

  IN WITNESS WHEREOF, the Company has caused this Note to be duly executed by an officer thereunto duly authorized as of the date
    first hereinabove written.

  

  

  

  

  [SIGNATURE PAGE FOLLOWS]

  
    10

    
      

  

  [SIGNATURE PAGE TO NOTE DATED NOVEMBER ___, 2019]

  

  

  

  

  

  

  

  

  

  

  QRONS, INC.

  

  

  

  

   By:
      ____________________________________________

         Jonah Meer, Chief Executive Officer

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  ASSIGNMENT FORM:

  

  

  For value received, the Holder does hereby assign all of its right, title and interest in and to ______________ of the principal
    amount of this Note, along with any accrued and unpaid interest thereon, to ______________________________________________ _____________________________________________, as of ______________, 201___.

  

  

  

  

  ACCEPTED BY NEW HOLDER:

  

  

  ___________________________________________

  [Name of New Holder]

  

  

  

  

  By: ________________________________________

         Duly Authorized Officer/Manager/Member

  
    11

    
      

  

  

  

  EXHIBIT A

  

  

  NOTICE OF CONVERSION

  

  

  (To Be Executed by the Registered Holder in Order to Convert the Note)

  

  

  The Undersigned hereby irrevocably elects to convert $______________ of the Eight Percent (8%) Convertible Note Due December 31,
    2021, No. __, into shares of Common Stock of Qrons Inc. (the "Company"), according to the terms and conditions set forth in such Note, as of the date written below. If securities are to be issued to a person other than the Undersigned, the Undersigned
    agrees to pay all applicable transfer taxes with respect thereto.

  

  

  The Undersigned represents that it, as of this date, is an "accredited investor" as such term is defined in Rule 501(a) of
    Regulation D promulgated by the SEC under the 1933 Act.

  

  

  The Undersigned also represents that the Conversion Shares are being acquired for the Holder’s own account and not as a nominee
    for any other party and for investment and not with a view toward distribution. The Undersigned represents and warrants that all offers and sales by the Undersigned of the Conversion Shares shall be made pursuant to registration of the same under the
    1933 Act, or pursuant to an exemption from registration under the 1933 Act. The Undersigned acknowledges that the Conversion Shares shall if (and only if) required by law contain the legend contained on page 1 of the Note.

  

  

  Conversion Date: _____________________

  

  

  Applicable Conversion Price: ______________________________

  

  

  Principal: _________ Interest: ________ Damage: ______  Total Converted:_______

  

  

  

  

  Holder (Print True Legal Name): ______________________________________

  

  

  __________________________________________________

  (Signature of Duly Authorized Representative of Holder)

  

  

  Address of Holder:  ___________________________

                                 ____________________________

                                 ____________________________

  

  

  

  

  

  

  

  

  12

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00307-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00307-of-00352.parquet"}]]