Fortress Biotech, Inc. (the “ Company ”), for value received, pursuant to this Senior Secured Convertible Promissory Note (the “ Note ”), hereby promises to pay to the order of_____________(“ Holder ”) in lawful money of the United States of America, the principal amount as may be advanced from time to time by Holder as shown on Exhibit A attached hereto, with interest from the date of each advance at 12% per annum on the unpaid balance until paid. Interest shall be accrued in accordance with the Facility Agreement. Such principal and Accrued Interest Amounts shall be due and payable in accordance with the Facility Agreement. All unpaid principal and interest on this Note may be prepaid at any time without penalty.