On the terms and subject to the conditions set forth herein, on or prior to March 11, 2016 (the “ Initial Tranche Closing ” and the “ Initial Tranche Closing Date ”), the Purchaser shall purchase from the Company a Note in the principal amount of $300,000, and the Company shall issue and sell to the Purchaser such Note (the “ Initial Tranche Note ” and such amount, the “ Initial Tranche Purchase Price ”). The Company acknowledges that the Initial Tranche Purchase Price was paid on the Initial Tranche Closing Date.