SEC Contract Filing

Filing Date: 2018-07-06

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>3
<FILENAME>ex_117444.htm
<DESCRIPTION>EXHIBIT 10.1
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<p style="margin-bottom: 0px; text-align: right; margin-top: 0px"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt"><b>Exhibit 10.1</b></font></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-transform:uppercase;"><b>THIS SECURED CONVERTIBLE PROMISSORY NOTE AND THE DEBT EVIDENDED HEREBY IS SUBORDINATED PURSUANT TO THE TERMS OF A SUBORDINATION AGREEMENT, DATED AS OF THE DATE HEREOF between PANACEA VENTURE MANAGEMENT COMPANY LTD. AND LPH INVESTMENTS LTD.</b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;text-transform:uppercase;"><u><b>SECURED Convertible Promissory Note</b></u></p>

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 <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">$1,500,000 Maximum Principal Amount</p>
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 <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:right;">July 2, 2018</p>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">FOR VALUE RECEIVED, Windtree Therapeutics, Inc. (the &quot;<b>Company</b>&quot;), promises to pay to the order of Panacea Venture Management Company Ltd. (the &quot;<b>Holder</b>&quot;), the aggregate principal amount of all Loans (defined below) made by the Holder to the Company pursuant to this Secured Convertible Promissory Note (this &ldquo;<b>Note</b>&rdquo;), which aggregate principal amount shall not exceed One Million Five Hundred Thousand U.S. Dollars ($1,500,000) as set forth hereinafter. This Note is issued pursuant to that certain Term Sheet between the Company and the Holder (the &ldquo;<b>Term Sheet</b>&rdquo;). Capitalized terms not defined herein shall have the meanings set forth in the Term Sheet.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Loan Tranches</u>. Simultaneously with the issuance of this Note, the Holder has made a loan to the Company in the amount of One Million U.S. Dollars ($1,000,000) (the &ldquo;<b>First Tranche Loan</b>&rdquo;). On or before July 15, 2008, the Holder shall make an additional loan to the Company in the amount of Five Hundred Thousand U.S. Dollars ($500,000) (the &ldquo;<b>Second Tranche Loan</b>&rdquo;; each of the First Tranche Loan and the Second Tranche Loan, a &ldquo;<b>Loan</b>&rdquo;).</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Principal and Interest</u>. This Note shall bear interest with respect to each Loan at the rate of fifteen percent (15%) per annum, compounding annually, during the period beginning on the date such Loan is made and shall continue to accrue interest until the earlier of (a) the repayment of such Loan in full, including all principal and accrued interest or (b) conversion of this Note according to its terms.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Maturity</u>. All unpaid principal, together with the balance of unpaid and accrued interest and other amounts payable hereunder, if not converted pursuant to the provisions of <u>Section </u><u>6</u> or <u>Section </u><u>7</u> below, will be due and payable on the Maturity Date, in accordance with <u>Section </u><u>4</u>, or when such amounts are declared due and payable by the Holder upon or after the occurrence of an Event of Default (as defined below). As used in this Note, the term &quot;<b>Maturity Date</b>&quot; means December 31, 2018<b>.</b></p>

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