PROMISSORY NOTE January 16, 2017 FOR VALUE RECEIVED, MAXIM CHURKIN, having an address at 36 East 75th Street, New York, New York 10021 (the "Borrower"), hereby promises to pay to the order of JEFFREY EPSTEIN, having an address at 6100 Red Hook Quarter, B3, St. Thomas, USVI 00802 (the "Lender"), the principal sum of Twenty Five Thousand and 00/100ths Dollars (U.S. $25,000.00), plus interest on the unpaid principal balance at the rate of one and 97/100ths percent (1.97%) per annum (the "Interest Rate"), as hereinafter provided. PAYMENT. The unpaid principal balance of this Note and all accrued but unpaid interest thereon shall be due and payable on January 15, 2026 (the "Maturity Date"), or upon earlier acceleration as hereinafter provided. PREPAYMENT. This Note may be prepaid in whole or in part, without premium or penalty, and each such prepayment shall be made together with interest accrued on the amount prepaid. APPLICATION OF PAYMENTS. All payments made by the Borrower hereunder, shall be applied first to late charges, fees, costs, expenses and all other amounts due the Lender, if any, under this Note or otherwise (including legal fees and expenses incurred in enforcing the Lender's rights), other than principal and interest, then to interest at the rate of interest then in effect (including, without limitation, any default interest due), and the balance to the principal balance due under this Note. PAYMENT CURRENCY: PLACE OF PAYMENT. All payments on this Note are to be made in lawful money of the United States of America in immediately available funds, at the office of the Lender at 6100 Red Hook Quarter, B3, St. Thomas, USVI 00802, or such other place as the Lender shall designate to the Borrower in writing. NON-BUSINESS DAYS. If any payment of principal or interest hereunder becomes due on a Saturday, Sunday or any other day which is not a business day, such payment shall be deferred to, and shall be payable on, the next business day