Exhibit 10.3


 


It is the responsibility of any investor
purchasing these securities to satisfy itself as to full observance of the laws of any relevant territory outside the United States
in connection with any such purchase, including obtaining any required governmental or other consents or observing any other applicable
requirements. We are not making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted.


 


Pineapple
Energy, Inc.


Common Stock


 


SUBSCRIPTION AND INVESTMENT REPRESENTATION
AGREEMENT


 


THIS AGREEMENT is dated as of the date
set forth on the signature page of this Agreement by and between Pineapple Energy, Inc., a Minnesota corporation (the “Company”),
and the undersigned subscriber (the “Subscriber”). In consideration of the mutual promises contained herein,
and other good and valuable consideration, the parties hereto agree as follows:


 


1.           Agreement
of Sale. The Company agrees to sell to Subscriber, and Subscriber agrees to purchase from the Company, one share of
the Company’s common stock (the “Securities”). The purchase price will be paid by the Subscriber
in cash at the price of $4.00 per share.


 


2.           Representations
and Warranties of Subscriber. In consideration of the Company’s offer to sell the Securities, Subscriber hereby
represents and warrants to the Company as follows:


 


a.          Information
About the Company. Subscriber has reviewed the Company’s filings with the U.S. Securities and Exchange Commission.
Subscriber has had an opportunity to ask questions of, and receive answers from, the Company concerning the business, management
and financial affairs of the Company and the terms and conditions of the purchase of the Securities contemplated hereby. Subscriber
has had an opportunity to obtain, and has received, any additional information deemed necessary by the Subscriber to verify such
information in order to form a decision concerning an investment in the Company. Subscriber has been advised to seek legal counsel
concerning Subscriber’s investment in the Company.


 


b.          Restrictions
on Transfer. Subscriber represents and warrants that the Securities are being purchased for Subscriber’s own account
and for Subscriber’s investment and without the intention of reselling or redistributing the same, that Subscriber has made
no agreement with others regarding any of such Securities and that Subscriber’s financial condition is such that it is not
likely that it will be necessary to dispose of any of the Securities in the foreseeable future. Subscriber is aware that, in the
view of the Securities and Exchange Commission, a purchase of the Securities with an intent to resell by reason of any foreseeable
specific contingency or anticipated change in market values, or any change in the condition of the Company, or in connection with
a contemplated liquidation or settlement of any loan obtained for the acquisition of the Securities and for which the Securities
were pledged as security, would represent an intent inconsistent with the representations set forth above. Subscriber
understands that the Securities have not been registered under the Securities Act of 1933, as amended, or any state or foreign
securities laws in reliance on exemptions from registration under both such acts, and that, accordingly, the Securities may not
be resold by the undersigned unless they are registered under both the Securities Act of 1933, as amended, and applicable state
or foreign securities laws or are sold in transactions which are exempt from such registration. Subscriber therefore agrees not
to sell, assign, transfer or otherwise dispose of the Securities unless a registration statement relating thereto has been duly
filed and become effective under the Securities Act of 1933, as amended, and applicable state or foreign securities laws, or unless
in the opinion of counsel satisfactory to the Company no such registration is required under the circumstances. There is
not currently, and it is unlikely that in the future there will exist, a public market for the Securities; and accordingly, for
the above and other reasons, Subscriber may not be able to liquidate an investment in the Securities for an indefinite period.


 


c.          High
Degree of Risk. Subscriber realizes that an investment in the Securities involves a high degree of risk, including the risks
of receiving no return on the investment and of losing Subscriber’s entire investment in the Company. Subscriber is able
to bear the economic risk of investment in the Securities, including the total loss of such investment. The Company can make no
assurance regarding its future financial performance or as to the future profitability of the Company.


 


d.          Suitability.
Subscriber has such knowledge and experience in financial and business matters that Subscriber is capable of evaluating the merits
and risks of an investment in the Securities. Subscriber


 



     


     


    

 


has obtained, to the extent deemed necessary, Subscriber’s own personal
professional advice with respect to the risks inherent in, and the suitability of, an investment in the Securities in light of
Subscriber’s financial condition and investment needs. Subscriber believes that the investment in the Securities is suitable
for Subscriber based upon Subscriber’s investment objectives and financial needs, and Subscriber has adequate means for providing
for Subscriber’s current financial needs and personal contingencies and has no need for liquidity of investment with respect
to the Securities. Subscriber understands that no federal or state agency has made any finding or determination as to the fairness
for investment, nor any recommendation or endorsement, of the Securities.


 


e.          Tax
Liability. Subscriber has reviewed with Subscriber’s own tax advisors the federal, state, local and foreign tax consequences
of this investment and the transactions contemplated by this Agreement, and has and will rely solely on such advisors and not on
any statements or representations of the Company or any of its agents. Subscriber understands that Subscriber (and not the Company)
shall be responsible for Subscriber’s own tax liability that may arise as a result of this investment or the transactions
contemplated by this Agreement. Under penalties of perjury, Subscriber certifies that (a) the number shown on the signature
page below is Subscriber’s correct social security or taxpayer identification number and (b) Subscriber is not subject
to back-up withholding either because Subscriber has not been notified that Subscriber is subject to back-up withholding as a result
of a failure to report all interest and dividends, or because the Internal Revenue Service has notified Subscriber that Subscriber
is no longer subject to back-up withholding.


 


e.          Residence.
The location where the securities are being purchased is Subscriber’s address listed below.


 


f.           Limitation
Regarding Representations. Except as set forth in this Agreement, no representations or warranties have been made to Subscriber
by the Company or any agent, employee or affiliate of the Company and in entering into this transaction, Subscriber is not relying
on any information, other than that contained herein and the results of independent investigation by Subscriber. Subscriber agrees
it is not relying on any oral or written information not expressly included in this Agreement, including but not limited to the
information which has been provided by the Company, its directors, its officers or any affiliate of any of the foregoing.


 


g.          Authority.
The individual signing, including if on behalf of such entity, and the entity jointly and severally agree and certify that (a)
the undersigned was not organized for the specific purpose of acquiring the Securities and (b) this Agreement has been duly authorized
by all necessary action on the part of the undersigned, has been duly executed by an authorized officer or representative of the
undersigned, and is a legal, valid and binding obligation of the undersigned enforceable in accordance with its terms.


 


3.           Legend.
Subscriber consents to the inscription on the certificate or certificates representing the Securities of the following legend reciting
the above restrictions on the transferability of the Securities:


 


The Securities represented by this certificate have
not been registered under the Securities Act of 1933, as amended (the “Securities Act”), and have not been registered
under any state securities laws. These Securities may not be sold, offered for sale or transferred without first obtaining (i)
an opinion of counsel satisfactory to the Company that such sale or transfer lawfully is exempt from registration under the Securities
Act and under the applicable state securities laws or (ii) such registration.


 


4.           Accredited
Status. Subscriber represents that it does qualify as an “accredited investor” as that term is defined in
Regulation D under the Securities Act.


 


5.           Notice.
Correspondence regarding the Securities should be directed to Subscriber at the address printed below. Subscriber is a bona fide
resident of the state listed below.


 


6.           No
Assignment or Revocation; Binding Effect. Neither this Agreement, nor any interest herein, shall be assignable by Subscriber
without prior written consent of the Company. Subscriber hereby acknowledges and agrees that Subscriber is not entitled to cancel,
terminate or revoke this Agreement and that it shall survive the bankruptcy of Subscriber. The provisions of this Agreement shall
be binding upon and inure to the benefit of the parties hereto, and their respective heirs, legal representatives, successors and
assigns.


 


7.           Modifications.
This Agreement may not be changed, modified, released, discharged, abandoned or otherwise amended, in whole or in part, except
by an instrument in writing, signed by the Subscriber


 



    
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and the Company. No delay or failure of the Company in exercising any right
under this Agreement will be deemed to constitute a waiver of such right or of any other rights.


 


8.           Entire
Agreement. This Agreement and the exhibits hereto are the entire agreement between the parties with respect to the subject
matter hereto and thereto. This Agreement, including the exhibits, supersede any previous oral or written communications, representations,
understandings or agreements with the Company or with any officers or representatives of the Company.


 


9.           Severability.
In the event that any paragraph or provision of this Agreement shall be held to be illegal or unenforceable in any jurisdiction,
such paragraph or provision shall, as to that jurisdiction, be adjusted and reformed, if possible, in order to achieve the intent
of the parties, and if such paragraph or provision cannot be adjusted and reformed, such paragraph or provision shall, for the
purposes of that jurisdiction be voided and severed from this Agreement, and the entire Agreement shall not fail on account thereof
but shall otherwise remain in full force and effect.


 


10.         Governing
Law. This Agreement shall be governed by, subject to, and construed in accordance with the laws of the State of Minnesota
without regard to conflict of law principles. 


 


[Remainder
of page left blank intentionally – signature page follows]


 




    
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For good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, Subscriber hereby agrees that the terms, provisions, obligations and agreements
of this Agreement shall be binding upon Subscriber.


 





	 	By:	/s/
    James Brennan	 
	 	Name: James Brennan	 



 





	 	Address:	*** 	 
	 	 	 
	 	 	 
	 	 	 


 





	 	Federal Tax ID:	***	 


 





	 	Date:	November
    9, 2022	 


 


The
Company hereby accepts the subscription evidenced by this Subscription and Investment Representation Agreement:


 





	Date:	November
    9, 2022	 	Pineapple
    Energy, Inc.
	 	(which date shall be the
    effective date of this Agreement)	 	 	 
	 	 	 	By:	/s/ Kyle
    Udseth
	 	 	 	 	Kyle Udseth
	 	 	 	 	Chief Executive Officer



 






    
	Subscription Agreement	Page 4