On December 22, 2016, FluoroPharma Medical, Inc. borrowed $50,000 in the form of a promissory note. The Note matures on January 31, 2017 and bears interest at the rate of 10% per annum if the Note is repaid on or prior to the maturity date and 15% if the Note is not repaid by the maturity date. The Note contains the event of default provisions: The Company fails to pay any installment of principal under the Note within ten days after such amounts are due; The Company breaches any material covenant or other term or condition of the Note, except for a breach of payment, in any material respect and such breach, if subject to cure, continues for a period of twenty days after written notice to the Company from the Lender; Any dissolution, liquidation or winding up by the Company or a Subsidiary of a substantial portion of their business; Any cessation of operations by the Company or a Subsidiary; Any money judgment, writ or similar final process shall be entered or made in a non-appealable adjudication against the Company or any Subsidiary or any of its property or other assets for more than $250,000 in excess of the Company's insurance coverage, unless stayed vacated or satisfied within 60 days; The Company files any petition or action for relief under any bankruptcy, reorganization, insolvency or moratorium law or any other law for the relief of, or relating to, debtors, now or hereafter in effect, or makes any assignment for the benefit of creditors or takes any corporate action in furtherance of any of the foregoing; and An involuntary petition is filed against the Company under any bankruptcy statute now or hereafter in effect, and such petition is not dismissed or discharged within 60 days, or a custodian, receiver, trustee, assignee for the benefit of creditors (or other similar official) is appointed to take possession, custody or control of any property of the Company.

Effective as of January 1, 2017, Dr. Peter Conti and Johan (Thijs) Spoor agreed to resign as directors.