Exhibit
10.34


 


STOCK
PURCHASE AGREEMENT


 


This
Stock Purchase Agreement (“Agreement”) is made and entered into this 12th day of June, 2020, by
and between ElectroMedical Technologies, Inc., a Delaware corporation, with a business address of 16561 N 92nd Street Ste.
101, Scottsdale AZ 85260 (“Seller”), and ProActive Capital Partners, LP, a Delaware limited partnership, with
a business address of 150 E. 58th St. 20th Floor, New York, NY 10155 (“Purchaser”). Both Seller and Purchaser
are referred to individually as a “Party” and jointly as the “Parties.”


 


RECITALS


 


WHEREAS,
Seller is a clinical stage a bioelectronics manufacturing and marketing company selling medical devices for pain management. Its
Wellness Pro product received FDA clearance on July 6, 2007 (FDA K062616) as a Class II Medical Device, under the 510(K) clearance
process.


 


WHEREAS,
Seller filed Regulation “A” offering on September 20, 2017 on Form 1-A. Seller has filed all required Regulation
“A” reports to maintain its offering to date. Seller filed a Form S-1 registration statement on November 12,
2019, as amended. All of Seller’s disclosures filed with the Securities and Exchange Commission (“SEC”) are
available on Seller’s SEC Edgar web site (https://www.sec.gov/cgi-bin/browse-edgar?company=Electromedical&owner=exclude&action=getcompany).
The SEC has not made the Form S-1 effective as of the date hereof. As of the date of this Agreement, Seller is not subject
to the periodic reporting requirements of the 1934 Securities and Exchange Act and the regulations implementing the Exchange Act
SEC. Seller’s common stock is quoted on the OTC Markets, Inc. OTCQB tier tier electronic listing service trading under
the symbol “EMED”; and,


 


WHEREAS,
Seller desires to sell and Purchaser desires to purchase one hundred and forty two thousand, eight hundred and fifty-seven (142,857)
restricted shares of Seller’s common stock (“Purchased Shares”) at a price of thirty five cents ($0.35)
per share on the terms and subject to the conditions set forth in this Agreement.


 


AGREEMENT


 


NOW,
THEREFORE, in consideration of the mutual covenants and agreements contained in this Agreement, the sufficiency and adequacy of
which are acknowledged by the Parties, and in order to consummate the purchase and the sale of the Purchased Shares, it is hereby
agreed as follows:


 


1.
Purchase and Sale. Subject to the terms and conditions hereinafter set forth, at the Closing (defined below), Seller
shall sell, convey, transfer, and deliver to Purchaser a certificate or book entry confirmation of the issuance representing the
Purchased Shares, in consideration of the Purchase Price. The certificates representing the Purchased Shares shall be duly issued
in the name of the Purchaser. The Purchaser’s address is 150 E. 58th Street 20th Floor, New York, NY 10155. The
Purchaser’s tax identification number is 82-3535071.


 




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2.
Amount of Purchase Price. As total consideration for the purchase of the Purchased Shares, Purchaser shall pay to
Seller at the Closing the purchase price (“Purchase Price”) of fifty thousand dollars ($50,000.00). Seller’s
wire transfer instructions are: Electromedical Technologies, Bank of America, Routing number: 122101706, Account number: 457023402995.


 


3.
Representations and Warranties of Seller. Seller hereby warrants and represents:


 


(a) Seller
has all requisite power and authority to execute, deliver, and perform its obligations under this Agreement, and, when executed
and delivered by Seller, shall constitute the valid and binding obligation of Seller, enforceable against Seller in accordance
with its terms, subject to applicable bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium or other similar
laws affecting creditors’ rights and remedies generally, and subject, as to enforceability, to general principles of equity
(regardless of whether enforcement is sought in a proceeding at law or in equity);


 


(b) The
Purchased Shares have been duly authorized and, when conveyed by Seller to Purchaser at the Closing, all in accordance with the
terms of this Agreement, will be duly and validly issued, fully paid and non-assessable;


 


(c) Neither
the execution or delivery of this Agreement, nor any other documents required to be executed and delivered by Seller hereunder,
nor the consummation of the transaction contemplated hereby: (i) conflicts with or constitutes any violation or breach, or
gives any other person any rights (including, but not limited to, any legal rights to acceleration, termination, cancellation
or recession) under any document or agreement to which Seller is a party. Neither Seller’s entry into this Agreement, nor
Seller’s representations made in this Agreement, constitute a violation of any order or applicable law that Seller or to
which Seller’s assets are bound by or subject; and


 


(d) Seller
is a corporation validly existing and in good standing under the laws of the State of Delaware.


 


4.
Representations and Warranties of Purchaser. Purchaser hereby warrants and represents:


 


(a) Purchaser
has all requisite corporate power and authority to execute, deliver and perform its obligations under the Agreement, and the execution,
delivery, and performance by Purchaser of its obligations under the Agreement has been duly authorized by all requisite action
on the part of Purchaser and the Agreement, when executed and delivered by Purchaser, shall constitute the valid and binding obligation
of Purchaser, enforceable against Purchaser in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization,
fraudulent conveyance, moratorium or other similar laws affecting creditors’ rights and remedies generally, and subject,
as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in
equity);


 




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(b) With
respect to the Purchased Shares acquired by Purchaser, Purchaser acknowledges that the Purchased Shares have not been registered
under the Securities Act of 1933, as amended (“Securities Act”) and are “Restricted Securities”
within the meaning of Rule 144 under the Securities Act. As such, the Purchased Shares may not be resold or transferred unless
Seller registers them in an SEC effective registration under Section 5 of the Securities Act, or has received an opinion
of counsel to Seller or any successor in interest thereto reasonably satisfactory to Seller that such resale or transfer is exempt
from the registration requirements of the Securities Act. Purchaser acknowledges that a no public market exists for the Purchased
Shares. Purchaser understands that no assurance can be given that such a trading market will further develop at any time, or,
if so developed, that it will continue;


 


(c) Purchaser
further acknowledges and agrees that its purchase of the Purchased Shares involves substantial risks. Purchaser: (i) either
alone or together with its representatives has such knowledge and experience in financial and business matters as to be capable
of evaluating the merits and risks of this investment, and make an informed decision to so invest, and has so evaluated the risks
and merits of such investment; (ii) has the ability to bear the economic risks of this investment for an indefinite period
and can afford a complete loss of such investment; (iii) understands the terms of, and the risks associated with the acquisition
of the Purchased Shares, including, without limitation, a lack of liquidity, price transparency or pricing availability and risks
associated with the industry in which Seller operates; (iv) has had the opportunity to review such disclosures regarding Sellers’s
business, financial condition and prospects as Purchaser has determined to be necessary in connection with the acquisition of
the Purchased Shares, including Seller’s public filings with the SEC, and the risk factors set forth therein, (v) is
an “accredited investor” as that term is defined in Regulation D promulgated under Securities Act; (vi) acknowledges
and agrees that the Purchased Shares are being offered and sold to it in reliance on specific exemptions from the registration
requirements of United States federal and state securities laws and that the Seller is relying upon the truth and accuracy of,
and such Purchaser’s compliance with, the representations, warranties, agreements, acknowledgments and understandings of
such Purchaser set forth herein in order to determine the availability of such exemptions and the eligibility of such Purchaser
to acquire the Purchased Shares; and (viii) understands and acknowledges that no United States federal or state agency or
any other government or governmental agency has passed on or made any recommendation or endorsement of the Securities or the fairness
or suitability of the investment in the Securities nor have such authorities passed upon or endorsed the merits of the offering
of the Securities.


 


(d) Purchaser
has received or has had full access to all the information Purchaser considers necessary or appropriate to make an informed investment
decision with respect to the Purchased Shares. Purchaser further has had an opportunity to ask questions of and receive answers
from the management of Seller regarding the Purchased Shares and to obtain additional information necessary to verify any information
furnished to Purchaser or to which Purchaser had access. Further, Purchaser has undertaken its own review of the business of Seller
and the wisdom of an investment in the Purchased Shares. Purchaser has had the opportunity to review all of the books, records
and all SEC filings of Seller, including all of Seller’s audited financial statements and disclosures that Seller has published
concerning its operations as a company reporting to the SEC;


 




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(e) Purchaser
is acquiring the Purchased Shares for its own account, and not with a view towards a public distribution of those Purchased Shares
as an underwriter for Seller, as that term is defined in the Securities Act. Purchaser acknowledges that it is not acquiring the
Purchased Shares as the result of any advertisement or solicitation, including any publicly issued or circulated newspaper, mail,
radio, television or other form of general advertising or solicitation in connection with the offer, sale and purchase from Seller
regarding Purchaser’s investment pursuant to this Agreement; and


 


(f) Purchaser
represents that Purchaser is familiar with the requirements of Rule 144 of the Securities Act, as presently in effect, and
understands the resale limitations imposed thereby. Purchaser understands that Seller is under no obligation to register any of
the Purchased Shares. Purchaser acknowledges that the certificates or book entry registry for the Purchased Shares, will be noted
as “Restricted” on the transfer agent’s ledger, or, if a certificate it issued, it will bear a legend substantially
in the form set forth below:


 


THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (“ACT”), OR UNDER
THE SECURITIES LAWS OF ANY OTHER JURISDICTION. THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND
MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE ACT AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT TO
REGISTRATION OR EXEMPTION THEREFROM. PURCHASERS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF
THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME.


 


(g) Purchaser
is a corporation validly existing and in good standing under the laws of the State of Delaware.


 


5.
Representations, Warranties and Covenants of Seller and Purchaser.


 


(a) Seller
and Purchaser hereby represent and warrant that there has been no act or omission by Seller or Purchaser which would give rise
to any valid claim against any of the Parties for a brokerage commission, finder’s fee or other like payment in connection with
the transaction contemplated hereby, except for such claims as shall have been waived on or before the Closing Date;


 


(b) The
representations and warranties of Seller and Purchaser contained herein or in any document furnished pursuant hereto shall survive
the Closing of this transaction. Each Party acknowledges and agrees that, except as expressly set forth in this Agreement or any
closing document, no Party has made (and no Party is relying on) any representation or warranties of any nature, express or implied,
regarding anything relating to the transaction contemplated by this Agreement that are not contained herein; and


  




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(c) Purchaser
and Seller agree that each will, at any time and from time to time after the Closing, upon the request of the other Party, do,
execute, acknowledge and deliver, or will cause to be done, executed, acknowledged and delivered, all such further acts, assignments,
transfers, conveyances, powers of attorney and assurances as may be reasonably required from time to time in order to effectuate
the provisions and purposes of this Agreement.


 


6.
Conditions to Purchaser’s Obligations at Closing.


 


(a) Representations
and Warranties. Each of the representations and warranties of Seller shall be true and complete on and as of the Closing;
and


 


(b) Performance.
Seller shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that are
required to be performed or complied with by him on or before the Closing.


 


7.
Conditions to Seller’s Obligations at Closing.


 


(a) Representations
and Warranties. Each of the representations and warranties of Purchaser shall be true and complete on and as of the Closing;
and


 


(b) Payment
of Purchase Price. Purchaser shall have delivered to Seller the Purchase Price for the Purchased Shares to be acquired by
Purchaser pursuant to this Agreement.


 


8.
The Closing. Subject to the satisfaction or waiver of the conditions in this Agreement, the closing of the sale
to the Purchaser (“Closing”) shall take place on or before June 12, 2020 (or on such other date as is
mutually agreed upon by the Parties) (“Closing Date”). On the Closing Date, Purchaser shall pay the Purchase
Price to Seller by wire transfer of immediately available funds to Seller’s account at Bank of America, with wire instructions
provided in Section 2 above. Seller’s wire transfer instructions are: Electromedical Technologies, Bank of America,
Routing number: 122101706, Account number: 457023402995.


 


9.
General Provisions.


 


(a) Entire
Agreement. This Agreement constitutes the entire agreement between the parties and supersedes all prior agreements and understandings,
oral and written, between the Parties with respect to the subject matter hereof. This Agreement may not be amended except by a
written agreement signed by Purchaser and Seller.


 


(b) Sections
and Other Headings; Interpretation. The section and other headings contained in this Agreement are for reference purposes
only and shall not affect the meaning or interpretation of this Agreement. Whenever the context requires, words used in the singular
shall be construed to mean or include the plural and vice versa, and pronouns of any gender shall be deemed to include and designate
the masculine, feminine or neuter gender.


 




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(c) Governing
Law; Jurisdiction. This Agreement shall be deemed to be a contract made under the laws of the State of New York. This Agreement
and the construction, validity, enforcement, performance and interpretation of, or any dispute or claim arising out of or in relation
to, this Agreement (whether in contract, tort or otherwise) shall be construed in accordance with the laws of the State of New
York without giving effect to the rules of the State of New York governing the conflicts of laws (other than Section 5-1401
of the General Obligations Law of the State of New York). Each Party agrees that all legal proceedings concerning the interpretations,
enforcement and defense of this Agreement and the transactions herein contemplated (“Proceedings”) (whether
brought against a Party or its respective Affiliates, employees or agents) shall be commenced exclusively in the New York Courts.
Each Party hereto hereby irrevocably submits to the exclusive jurisdiction of the New York Courts for the adjudication of any
dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably
waives, and agrees not to assert in any Proceeding, any claim that it is not personally subject to the jurisdiction of any New
York Court, or that such Proceeding has been commenced in an improper or inconvenient forum. Each Party hereby irrevocably waives
personal service of process and consents to process being served in any such Proceeding by mailing a copy thereof via registered
or certified mail or overnight delivery (with evidence of delivery) to such Party at the address in effect for notices to it under
this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing
contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. Each Party hereby
irrevocably, knowingly and voluntarily waives, to the fullest extent permitted by applicable law, any and all right to trial by
jury in any Proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. For purposes of this
Agreement, “New York Courts” means the state and federal courts sitting in the State of New York, City of New
York, Borough of Manhattan.


 


(d) Severability.
If any provision of this Agreement is determined by any court of competent jurisdiction to be invalid, illegal or unenforceable
in any respect, such provision will be enforced to the maximum extent possible given the intent of the Parties hereto. If such
clause or provision cannot be so enforced, such provision shall be stricken from this Agreement and the remainder of this Agreement
shall be enforced as if such invalid, illegal or unenforceable clause or provision had (to the extent not enforceable) never been
contained in this Agreement.


 


(e) Counterparts.
This Agreement may be executed in one or more counterparts, each of which will be deemed to be an original copy of this Agreement
and all of which, when taken together, will be deemed to constitute one and the same agreement. In the event that any signature
is delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create
a valid and binding obligation of the Party executing (or on whose behalf such signature is executed) with the same force and
effect as if such facsimile or “.pdf” signature page were an original thereof.


 




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(f) Waiver.
The rights and remedies of the Parties are cumulative and not alternative. Neither the failure nor any delay by any Party in exercising
any right, power, or privilege under this Agreement, or the documents referred to in this Agreement, will operate as a waiver
of such right, power, or privilege, and no single or partial exercise of any such right, power, or privilege will preclude any
other or further exercise of such right, power, or privilege or the exercise of any other right, power, or privilege.


 


(g) Successors
and Assigns. Except as otherwise provided in this Agreement, this Agreement, and the rights and obligations of the Parties
hereunder, will be binding upon and inure to the benefit of the Parties’ respective successors, assigns, heirs, executors,
administrators and legal representatives.


 


(h) Survival
of Warranties. The representations, warranties and covenants of Seller and Purchaser contained in or made pursuant to this
Agreement shall survive the execution and delivery of this Agreement and the Closing.


 


(i) Notices.
All notices, requests and demands (“Notice”) to or upon a Party, to be effective, shall be in writing and shall
be sent: (i) certified or registered mail, return receipt requested; (ii) by personal delivery against receipt; (iii) by
overnight courier; or (iv) by email and, unless otherwise expressly provided herein, and shall be deemed to have been validly
served, given, delivered and received: (x) on the date indicated on the receipt, when delivered by personal delivery against
receipt or by certified or registered mail; (y) one business day after deposit with an overnight courier; or (z) in
the case of email notice, when sent. Notices shall be addressed as follows:


 


To
Seller:


 


ElectroMedical
Technologies, Inc. 


Attention:
Matthew Wolfson, CEO 


16561
N 92nd Street Ste. 101 


Scottsdale
AZ 85260 


Email:
ceo@electromedtech.com


 


With
a copy to: 


Mailander
Law Office, Inc. 


4811
49th Street 


San
Diego, CA 92101 


tmailander@gmail.com


 


To
Purchaser:


 


ProActive
Capital Partners, LP


150
E. 58th Street 20th Floor


New
York, NY 10155


  




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Either
Party may change the address to which Notices shall be addressed by providing Notice of such change to the other Party in the
manner set forth in this subsection 9(i).


 


(j) Third
Parties. Nothing in this Agreement, express or implied, is intended to confer upon any person, other than the Parties hereto
and their successors and assigns, any rights or remedies under or by reason of this Agreement.


 


(k) Preparation
of Agreement. Seller prepared this Agreement solely on its behalf. Each Party to this Agreement acknowledges that: (i) the
Party had the advice of, or sufficient opportunity to obtain the advice of, legal counsel separate and independent of legal counsel
for any other Party hereto; (ii) the terms of the transactions contemplated by this Agreement are fair and reasonable to
such Party; and (iii) such Party has voluntarily entered into the transactions contemplated by this Agreement without duress
or coercion. Each Party further acknowledges that such Party was not represented by the legal counsel of the other Party in connection
with the transactions contemplated by this Agreement, nor was he or it under any belief or understanding that such legal counsel
was representing his or its interests. Each Party agrees that no conflict, omission or ambiguity in this Agreement, or the interpretation
thereof, shall be presumed, implied, or otherwise construed against the other Party on the basis that such Party was responsible
for drafting this Agreement.


 


IN
WITNESS WHEREOF, each of the undersigned has duly executed this Stock Purchase Agreement as of the date first written above.


 


SELLER  


   


ElectroMedical Technologies, Inc.  


a Delaware corporation  




 


	 	 
	By:  	 	 
	 	Printed Name: Matthew Wolfson	 
	 	Title: Chief Executive Officer	 


 


PURCHASER


 


ProActive
Capital Partners, LP 


a
Delware Limited Partnership


 


	By:  	 	 
	 	Printed Name: Jeff Ramson	 
	 	Title: Authorized Signatory	 


 






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