# EDGAR Filing Document

**Accession Number:** 0001787068
**File Stem:** 0001787068-23-000002
**Filing Date:** 2023-2
**Character Count:** 297973
**Document Hash:** fc9e91e5c7e89671292a9bfff313142d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001787068-23-000002.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0001787068-23-000002

**CONFORMED SUBMISSION TYPE**: C

**PUBLIC DOCUMENT COUNT**: 7

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NDB Inc.
- **CENTRAL INDEX KEY:** 0001787068
- **STANDARD INDUSTRIAL CLASSIFICATION:** MISCELLANEOUS ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES [3690]
- **IRS NUMBER:** 320591529
- **STATE OF INCORPORATION:** CA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** C
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 020-31871
- **FILM NUMBER:** 23665990

**BUSINESS ADDRESS:**
- **STREET 1:** 50 CALIFORNIA STREET
- **STREET 2:** SUITE 1500
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94111
- **BUSINESS PHONE:** 6502520002

**MAIL ADDRESS:**
- **STREET 1:** 50 CALIFORNIA STREET
- **STREET 2:** SUITE 1500
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94111

### Attached PDF Documents

**Attachment 1:** `offering_statement.pdf`

![img-0.jpeg](img-0.jpeg)

# OFFERING STATEMENT

**NDB Inc.**  
 50 CALIFORNIA STREET  
 SUITE 1500  
 SAN FRANCISCO, CA 94111

| 1,600 shares of preferred stock at $6.25 per share |  |  |  |
| --- | --- | --- | --- |
|  | # Of Units | Total Proceeds | Net Proceeds |
| Target Offering | 1,600 | $10,000 | $9,350 |
| Maximum Amount | 800,000 | $5,000,000 | $4,875,000 |

## THE COMPANY

1. Name of issuer: NDB, INC.

### ELIGIBILITY

2. ☑ Check this box to certify that all of the following statements are true for the issuer:

- • Organized under, and subject to, the laws of a State or territory of the United States or the District of Columbia.
- • Not subject to the requirement to file reports pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934.
- • Not an investment company registered or required to be registered under the Investment Company Act of 1940.
- • Not ineligible to rely on this exemption under Section 4(a)(6) of the Securities Act as a result of a disqualification specified in Rule 503(a) of Regulation Crowdfunding. (For more information about these disqualifications, see Question 30 of this Question and Answer format).
- • Has filed with the Commission and provided to investors, to the extent required, the ongoing annual reports required by Regulation Crowdfunding during the two years immediately preceding the filing of this offering statement (or for such shorter period that the issuer was required to file such reports).
- • Not a development stage company that (a) has no specific business plan or (b) has indicated that its business plan is to engage in a merger or acquisition with an unidentified company or companies.

3. Has the issuer or any of its predecessors previously failed to comply with the ongoing reporting requirements of Rule 202 of Regulation Crowdfunding? ☐ Yes ☑

## DIRECTORS OF THE COMPANY

4. Provide the following information about each director (and any persons occupying a similar status or performing a similar function) of the issuer:

| Name: | Nima Golsharifi | Giorgi Gogokhia |
| --- | --- | --- |
| Dates of Board Service: | 02/19/2019 - Present | 01/26/2021 - Present |
| Principal Occupation: | Chief Executive Officer, Chief Financial Officer, Director | Chief Operating Officer, Director, Secretary |
| Employer: | NDB, Inc. (Primary Position) | NDB Inc.(Primary Position) |
| Dates of Service: | 02/04/2019 - Present | Nov. 2021 - Present |
| Employer's principal business: | Energy Technology Company | Energy Technology Company |
| List all positions and offices with the issuer held and the time in which the director served in the position or office: |  |  |
| Position: | Chief Executive Officer | Chief Operating Officer |
| Dates of Service: | 02/19/2019 - Present | Nov. 2021 - Present |
| Position: | Chief Financial Officer | Secretary |
| Dates of Service: | 01/26/2021 - Present | 01/26/2021 - Present |
| Position: |  | Head of Legal Department |
| Dates of Service: |  | Mar 2020 - Oct 2020 |

pg. 1

# ndb OFFERING STATEMENT

**NDB Inc.**  
 50 CALIFORNIA STREET  
 SUITE 1500  
 SAN FRANCISCO, CA 94111

| 1,600 shares of preferred stock at $6.25 per share |  |  |  |
| --- | --- | --- | --- |
|  | # Of Units | Total Proceeds | Net Proceeds |
| Target Offering | 1,600 | $10,000 | $9,350 |
| Maximum Amount | 800,000 | $5,000,000 | $4,875,000 |

*Business Experience: List the employers, titles and dates of positions held during past three years with an indication of job responsibilities:*

| Employer: | London Centre for Nanotechnology | ORB GROUP |
| --- | --- | --- |
| Employer's principal business: | Academia | International technology conglomerate |
| Title: | Research Scientist | Legal and Business Affairs Lawyer |
| Dates of Service: | Sept. 2011 - March 2016 | 01/05/2019 - 06/01/2021 |
| Responsibilities: | Practical experience with Vacuum-based processing equipment solution. Practical experience with high temperature/high pressure equipment and synthesis procedures. Processing equipment and Metrology tools (AFM, STM, SEM, XRD, XPS, IV, TEM, BET). Actively involved in research of energy storage, supercapacitors, transistors, night vision, diamond electronics, sp2/sp3 structures. The scientist of supercapacitor project at LCN sponsored by Lockheed Martin. | Drafted and negotiated commercial contracts, including but not limited to sales contracts, NDA's, partnership agreements, and other types of contracts in accordance with the company guidelines. Assisted the legal department on a wide range of legal matters such as compliance, company secretarial, and more. Maintained the contract database and ensured best practice compliance and governance process. Ensured that completed contracts were properly edited and proofread. |
| Employer: | ORB GROUP |  |
| Employer's principal business: | International technology conglomerate |  |
| Title: | Chairmen and CEO |  |
| Dates of Service: | Oct. 2012 - April 2018 |  |
| Responsibilities: | Led an efficiency initiative, reduction of cost base using lean design thinking and OEM strategies. Drove creation and execution of strategic priorities and financial plan. Established executive operating rhythm and governance framework. Develop, monitor and direct the implementation of strategic business plans and policies. Monitor cash balances and cash forecasts, arrange for debt and equity financing, invest funds. Develop financial strategies and manage the capital request and budgeting processes. Develop performance measures that support the company's strategic direction. Oversee the company's transaction processing and implement operational best practices. Participate in key decisions as a member of the executive management team. Ensure that the company complies with all legal and regulatory requirements. |  |
| Employer: | Accubits Technologies Inc |  |
| Employer's principal business: | Full-service software provider |  |

pg. 2

![img-1.jpeg](img-1.jpeg)

# OFFERING STATEMENT

**NDB Inc.**  
50 CALIFORNIA STREET  
SUITE 1500  
SAN FRANCISCO, CA 94111

1,600 shares of preferred stock at $6.25 per share

|  | # Of Units | Total Proceeds | Net Proceeds |
| --- | --- | --- | --- |
| Target Offering | 1,600 | $10,000 | $9,350 |
| Maximum Amount | 800,000 | $5,000,000 | $4,875,000 |

| Title: | Board Member |  |
| --- | --- | --- |
| Dates of Service: | April 2020 - June 2021 |  |
| Responsibilities: | Attend board and committee meetings and functions such as special events. Review agenda and supporting materials prior to board and committee meetings. Be informed about the organization’s mission, services, policies, and programs. |  |

pg. 3

# ndb OFFERING STATEMENT

**NDB Inc.**  
 50 CALIFORNIA STREET  
 SUITE 1500  
 SAN FRANCISCO, CA 94111

| 1,600 shares of preferred stock at $6.25 per share |  |  |  |
| --- | --- | --- | --- |
|  | # Of Units | Total Proceeds | Net Proceeds |
| Target Offering | 1,600 | $10,000 | $9,350 |
| Maximum Amount | 800,000 | $5,000,000 | $4,875,000 |

## OFFICERS OF THE COMPANY

5. Provide the following information about each officer (and any persons occupying a similar status or performing a similar function) of the issuer:

| Name: | Dr. Nima Golsharifi | Mr. Giorgi Gogokhia | Sir Professor Michael Pepper |
| --- | --- | --- | --- |
| Title: | Chief Executive Officer | Chief Operating Officer | Chief Technology Officer |
| Dates of Service: | 02/19/2019 - Present | 01/26/2021 - Present | 02/01/2021 - Present |
| Responsibilities: | Strategies, participate in long term organizational strategy creation and planning. Ensure regular reporting to shareholders. Manage and coordinate with both CTO, EA, VP Marketing and Project Coordinator. Ensuring the correct resources are in place for the organization to grow. Conduct periodic meetings and performance reviews with the board of directors. Supervise mentorship process and give on-going individual support to mentors as needed. Research and Development and business planning. | Overseeing strategic business initiatives from development through successful execution. Managing daily operations through collaboration with senior management and department leaders. Improving the current processes and coordinating organizational procedures for optimized efficiency and productivity. Assisting and communicating with executives in decision-making, program management, and initiative implementation. | The CTO is responsible for establishing the NDB’s technical vision and leading all aspects of company’s technology developments and implementations. The CTO is playing an integral role in the NDB’s strategic direction, development, and future growth. The position of CTO performs supervisory duties of technology department staff and coordinates staff for coverage in all related areas of the department and assists in attaining established Company goals. |

*List any prior positions and offices with the issuer and the period of time in which the officer served in the position or office:*

| Position: | Chief Financial Officer | Secretary | Advisor |
| --- | --- | --- | --- |
| Dates of Service: | 01/26/21 - Present | 01/26/21 - Present | 04/25/2019 - 01/30/2021 |
| Responsibilities: | The CFO’s duties include tracking cash flow and financial planning as well as analyzing the company’s financial strengths and weaknesses and proposing corrective actions. The CFO ensures the company is able to meet its financial commitments and manage cash flow in the | Convening meetings, taking minutes, handling meeting correspondence. Providing legal, financial and/or strategic advice during and outside of meetings. Keeping up to date with any regulatory or statutory changes and policies that | Research and development |

pg. 4

![img-2.jpeg](img-2.jpeg)

# OFFERING STATEMENT

**NDB Inc.**  
 50 CALIFORNIA STREET  
 SUITE 1500  
 SAN FRANCISCO, CA 94111

| 1,600 shares of preferred stock at $6.25 per share |  |  |  |
| --- | --- | --- | --- |
|  | # Of Units | Total Proceeds | Net Proceeds |
| Target Offering | 1,600 | $10,000 | $9,350 |
| Maximum Amount | 800,000 | $5,000,000 | $4,875,000 |

|  | most efficient way. | might affect the organization. Providing support to the board. Collating information. |  |
| --- | --- | --- | --- |
| Position: |  | Head of Legal Department |  |
| Dates of Service: |  | Mar 2020 - Oct 2020 |  |
| Responsibilities: |  | Managed a team in the legal department, Created and maintained NDB’s datacenter for due diligence procedures. Set the strategy and goals for the legal team in alignment with the larger organizational goals. |  |
| Position: |  | Legal Associate |  |
| Dates of Service: |  | Oct 2019 - Mar 2020 |  |
| Responsibilities: |  | Drafted legal correspondence and documents related to the company’s contracts, corporate entities, corporate governance, litigation, and intellectual property. Negotiated and drafted commercial contracts in the technology and energy sectors. |  |

*Business Experience: List any other employers, titles and dates of positions held during past three years with an indication of job responsibilities:*

| Employer: | London Centre for Nanotechnology | ORB GROUP | TeraView Ltd |
| --- | --- | --- | --- |
| Employer’s principal business: | Academia | International technology conglomerate | Semiconductor Company |
| Title: | Research Scientist | Legal and Business Affairs Lawyer | Co-founder and Scientific Director |
| Dates of Service: | Sept. 2011 - March 2017 | 01/05/2019 - 06/01/2021 | 2001 - Present |

pg. 5

![img-3.jpeg](img-3.jpeg)

# OFFERING STATEMENT

**NDB Inc.**  
 50 CALIFORNIA STREET  
 SUITE 1500  
 SAN FRANCISCO, CA 94111

| 1,600 shares of preferred stock at $6.25 per share |  |  |  |
| --- | --- | --- | --- |
|  | # Of Units | Total Proceeds | Net Proceeds |
| Target Offering | 1,600 | $10,000 | $9,350 |
| Maximum Amount | 800,000 | $5,000,000 | $4,875,000 |

| Responsibilities: | Practical experience with Vacuum-based processing equipment solution. Practical experience with high temperature/high pressure equipment and synthesis procedures. Processing equipment and Metrology tools (AFM, STM, SEM, XRD, XPS, IV, TEM, BET). Actively involved in research of energy storage, supercapacitors, transistors, night vision, diamond electronics, sp2/sp3 structures, and large area flexible OLEDs. The lead scientist of supercapacitor project at LCN sponsored by Lockheed Martin. | Drafted and negotiated commercial contracts, including but not limited to sales contracts, NDA’s, partnership agreements, and other types of contracts in accordance with the company guidelines. Assisted the legal department on a wide range of legal matters such as compliance, company secretarial, and more. Maintained the contract database and ensured best practice compliance and governance process. Ensured that completed contracts were properly edited and proofread. | Developed the proprietary technology across a number of markets. These include fault analysis and quality assurance for semiconductor chips used in mobile computing and communications, as well as non-destructive inspection of high value coatings used in the automotive, pharmaceutical, food and solar industries. |
| --- | --- | --- | --- |
| Employer: | ORB GROUP | Ilia State University Public Relations Office | Toshiba Research Europe Ltd |
| Employer’s principal business: | Technology company | Academia | Academia |
| Title: | Chairmen and CEO | Internship | Managing Director |
| Dates of Service: | Oct. 2012 - April 2018 | 6 Oct 2015 - April 2016 | 1991 - 2007 |

pg. 6

# ndb OFFERING STATEMENT

**NDB Inc.**  
 50 CALIFORNIA STREET  
 SUITE 1500  
 SAN FRANCISCO, CA 94111

| 1,600 shares of preferred stock at $6.25 per share |  |  |  |
| --- | --- | --- | --- |
|  | # Of Units | Total Proceeds | Net Proceeds |
| Target Offering | 1,600 | $10,000 | $9,350 |
| Maximum Amount | 800,000 | $5,000,000 | $4,875,000 |

| Responsibilities: | Led an efficiency initiative, reduction of cost base using lean design thinking and OEM strategies. Drove creation and execution of strategic priorities and financial plan. Established executive operating rhythm and governance framework. Develop, monitor and direct the implementation of strategic business plans and policies. Monitor cash balances and cash forecasts, arrange for debt and equity financing, invest funds. Develop financial strategies and manage the capital request and budgeting processes. Develop performance measures that support the company's strategic direction. Oversee the company's transaction processing and implement operational best practices. Participate in key decisions as a member of the executive management team. Ensure that the company complies with all legal and regulatory requirements. | The key role of planning, writing, and organizing projects. Encouraged students to be more involved in student life. | Managed a company's business operations, liaised with partners, driven strategic company growth, and was responsible for the overall performance of the business. |
| --- | --- | --- | --- |
| Employer: | Accubits Technologies Inc |  | University College London |
| Employer's principal business: | Full-service software provider |  | Academia |
| Title: | Board Member |  | Pender Chair of Nanoelectronics |
| Dates of Service: | April 2020 - June 2021 |  | January 1 2009 - Present |
| Responsibilities: | Attend board and committee meetings and functions such as special events. Review agenda and supporting materials prior to board and committee meetings. Be informed about the organization's mission, services, policies, and programs. |  | He works on joint projects between UCL Electronic & Electrical Engineering and the London Centre for Nanotechnology, focusing on research into semiconductors, nanostructures, fundamental terahertz technologies and their applications. |

pg. 7

![img-4.jpeg](img-4.jpeg)

# OFFERING STATEMENT

**NDB Inc.**  
 50 CALIFORNIA STREET  
 SUITE 1500  
 SAN FRANCISCO, CA 94111

| 1,600 shares of preferred stock at $6.25 per share |  |  |  |
| --- | --- | --- | --- |
|  | # Of Units | Total Proceeds | Net Proceeds |
| Target Offering | 1,600 | $10,000 | $9,350 |
| Maximum Amount | 800,000 | $5,000,000 | $4,875,000 |

## PRINCIPAL SECURITY HOLDERS

6. Provide the name and ownership level of each person, as of the most recent practicable date, who is the beneficial owner of 20 percent or more of the issuer’s outstanding voting equity securities, calculated on the basis of voting power.

| Name of Holder | No. and Class of Securities Now Held | %Voting Power Prior to Offering |
| --- | --- | --- |
| Dr. Nima Golsharifi | 30,100,000 shares of common stock | 95.76% |

## BUSINESS AND ANTICIPATED BUSINESS PLAN

7. Describe in detail the business of the issuer and the anticipated business plan of the issuer.

NDB is an energy technology company, active in the field of clean power generation and storage to target the potential delivery of economical and pollutant-free electricity.

NDB was formed in 2019 with the aim of developing and manufacturing radioisotope generators. These solutions represent an alternative source of clean energy that can have a variety of applications in several fields, including space electronics, medical, IoT, automotive, aviation, consumer electronics, amongst many others.

The innovation will be developed in collaboration with different partners and organizations. NDB has an organizational structure that is expertly geared towards continuous business growth and prosperity with particular emphasis on communication. Therefore, this allows NDB to work cohesively with different parts of the organization whilst maintaining managerial control over its ever-growing operations.

The significant development from a business and technical perspective is shifting towards commercial prototyping stage. NDB is determined to test, prototype, and commercialize its solutions in different forms and designs. By creating a circular economy, NDB initiated innovative energy concepts, including NDB Cell, NDB Volta and NDB Chantico and related softwares to answer the power demands and scale of the applications. NDB foresees these technologies as means of creating a cleaner and greener future where innovation and environmental awareness go hand in hand.

Business development plan includes, among others, collaborations with universities and laboratories such as: Oak Ridge National Laboratory (ORNL).

We simultaneously have a global strategy including the expansion in Europe and other parts of the world.

### Products

NDB plans R&D of NDB Cell, NDB Chantico, NDB Volta and infrastructure for its products including the software.

### Potential markets and competition

The NDB Cell and Chantico product lines may target all sectors that are using conventional batteries as power sources such as space, defense, aviation, IoT, health, consumer electronics, and automotive.

The NDB Volta may target markets that need a constant power output within the megawatt range. The sectors may include remote workstations, data centers, industries and residential, and transport.

pg. 8

# ndb OFFERING STATEMENT

**NDB Inc.**  
50 CALIFORNIA STREET  
SUITE 1500  
SAN FRANCISCO, CA 94111

| 1,600 shares of preferred stock at $6.25 per share |  |  |  |
| --- | --- | --- | --- |
|  | # Of Units | Total Proceeds | Net Proceeds |
| Target Offering | 1,600 | $10,000 | $9,350 |
| Maximum Amount | 800,000 | $5,000,000 | $4,875,000 |

The battery and energy industries are subject to rapid and intense technological and regulatory changes. We face and continue to face competition in the development, marketing of our products, and services from energy companies, government agencies, and academic institutions.

## RISK FACTORS

**A crowdfunding investment involves risk. You should not invest any funds in this offering unless you can afford to lose your entire investment.**

In making an investment decision, investors must rely on their own examination of the issuer and the terms of the offering, including the merits and risks involved. These securities have not been recommended or approved by any federal or state securities commission or regulatory authority. Furthermore, these authorities have not passed upon the accuracy or adequacy of this document.

**The U.S. Securities and Exchange Commission does not pass upon the merits of any securities offered or the terms of the offering, nor does it pass upon the accuracy or completeness of any offering document or literature.**

**These securities are offered under an exemption from registration; however, the U.S. Securities and Exchange Commission has not made an independent determination that these securities are exempt from registration.**

8. Discuss the material factors that make an investment in the issuer speculative or risky:

The Corporation is still subject to all the same risks that all companies in its business, and all companies in the economy, are exposed to. These include risks relating to economic downturns, political and economic events, and technological developments. Additionally, emerging companies are inheritably riskier than more developed companies. You should consider general risks as well as specific risks when deciding whether to invest.

An investment in the Corporation is speculative in nature and involves a high degree of risk. In addition to the other information in this Offering Circular, you should carefully consider the following risk factors before you make investment decisions.

The Shares should not be purchased by any investor who cannot afford the loss of his or her entire investment. This Offering Circular contains forward-looking statements that involve risks and uncertainties. Our actual results may differ materially from the results discussed in those forward-looking statements. We discuss below some of the factors that may cause such a difference.

Moreover, the risks and uncertainties described below may not be the only ones we face. If any of the risks occur, our Corporation, financial condition, operating results and prospects could be materially and adversely affected. In that event, the value of our corporation could decline, and you could lose part or all of your investment.

**THE INCLUSION OF RISK FACTORS IN THIS OFFERING CIRCULAR SHOULD NOT BE CONSTRUED TO IMPLY THAT THEY ARE DESCRIBED IN COMPLETE DETAIL OR THAT THERE ARE NO OTHER RISK FACTORS THAT APPLY TO AN INVESTMENT IN THE CORPORATION.**

### 1.1 General risk factors

The events and risks that might affect the performance of our corporation are described in detail below:

(i) Management discretion as to use of proceeds

pg. 9

![img-5.jpeg](img-5.jpeg)

# OFFERING STATEMENT

**NDB Inc.**  
50 CALIFORNIA STREET  
SUITE 1500  
SAN FRANCISCO, CA 94111

| 1,600 shares of preferred stock at $6.25 per share |  |  |  |
| --- | --- | --- | --- |
|  | # Of Units | Total Proceeds | Net Proceeds |
| Target Offering | 1,600 | $10,000 | $9,350 |
| Maximum Amount | 800,000 | $5,000,000 | $4,875,000 |

Corporation’s success will be substantially dependent upon the discretion and judgment of its management team with respect to the application and allocation of the proceeds of this Offering.

## (ii) Market Acceptance

We are attempting to establish a new business. We do not know whether the market will accept our products.

## (iii) Creation of a solid customer base

If we fail to establish and grow our customer base, our revenue, business and operating results may suffer.

## (iv) Operating results

Our operating results may fluctuate from quarter to quarter, which makes them difficult to predict. Our operating results may fluctuate in the future. Thus, operating results may not necessarily be indicative of future performance.

Our operating results in any given period could be influenced by numerous factors, many of which we are unable to predict or are outside of our control. Given our limited operating history and the changing markets in which we compete, our operating results in the near future may not be useful in predicting our long-term operating results. In addition, domestic and global economic concerns continue to create some uncertainty and unpredictability and add risk to our future outlook.

An economic downturn in any particular region in which we do business, including the United States, Europe, Australia, Middle East, Asia, could result in reductions in revenue and other adverse effects that could help or harm our operating results.

## (v) Exchange rate fluctuations of the dollar

Exchange rate fluctuations could reduce our earnings when stated in U.S. dollars. If international sales are denominated in currencies other than the U.S. dollar, a decline in the value of those other currencies against the U.S. dollar would have the effect of decreasing our earnings when stated in U.S. dollars. We do not engage in any hedging transactions that might have the effect of minimizing the consequences of currency fluctuations; however, we may do so in the future.

## (vi) Reliance on third parties

We rely on third party vendors for various services. We rely on third party suppliers and vendors. We do not control the operations of these suppliers and vendors. If any of these third-party suppliers and vendors terminate their relationship with us, or do not provide an adequate level of products or services, it would disrupt our business and could adversely affect our operating results. We will implement a supply interruption strategy and identify redundant sources of supply in key areas.

## (vii) International environment

The international operations are subject to increased challenges and risks. We expect to expand our international operations in the future. However, we have a limited operating history, and our ability to manage our corporation and conduct our operations internationally requires considerable management attention and resources and is subject to the particular challenges of supporting a business in an environment of multiple languages, cultures, customs, legal and regulatory systems, alternative dispute systems and commercial markets. International expansion will require us to invest significant funds and other resources. Operating internationally subjects us to risks and may increase risks that we currently face. These risks could arise from political, economic, or other uncertainties, in USA, or other places, and could include problems with transportation or shipping facilities, labor conditions, environmental rules, health and consumption regulations, export or import controls, trade barriers, tariffs, taxation, fluctuation in currency rates, weather, domestic instability, expropriation, war or other events beyond the control of the Corporation and its affiliates.

pg. 10

# ndb OFFERING STATEMENT

**NDB Inc.**  
50 CALIFORNIA STREET  
SUITE 1500  
SAN FRANCISCO, CA 94111

| 1,600 shares of preferred stock at $6.25 per share |  |  |  |
| --- | --- | --- | --- |
|  | # Of Units | Total Proceeds | Net Proceeds |
| Target Offering | 1,600 | $10,000 | $9,350 |
| Maximum Amount | 800,000 | $5,000,000 | $4,875,000 |

#### (viii) Political factors

Our corporation is subject to the risk that the politics and government of the USA could face upheaval or disruption. The politics and government of the USA have been unsettled in the past.

#### (ix) Intellectual property protection

Our intellectual property rights are valuable, and any inability to protect them could reduce the value of our products, services, and brand. The trade secrets, trademarks, copyrights, patents, and other intellectual property rights that we have or acquire are important assets for us. We rely on, and expect to continue to rely on, a combination of confidentiality and license agreements with our employees, consultants and third parties with whom we have relationships, as well as trademark, trade dress, domain name, copyright, trade secret and patent laws, to protect our brand and other intellectual property rights. However, various events outside of our control could pose a threat to our intellectual property rights, as well as to our products, services, and technologies. There can be no assurance our intellectual property rights will be sufficient to protect against others offering products or services that may be perceived as substantially similar to ours and compete with our corporation. There can be no assurance that the Corporation is not infringing on the patent, trademark, or other intellectual property rights of a third party or that a third party is not infringing on the Corporation’s rights. In either event, the cost to the Corporation to defend its rights in its proprietary technology may be substantial, and the Corporation’s limited cash position may not permit an adequate defense or prosecution.

#### (x) Any type of operational delay

We face various operational risks that could undermine the launch of our products or affiliates in the USA and/or any other part of the world. Problems could arise in connection with the construction of our plant and infrastructure. Issues may also arise in negotiating and implementing sub-contracts, material and labor costs, delay or incomplete performance, timing and availability or utility of legal remedies. Problems could arise in connection with natural disasters and other acts of God beyond our control. Problems could also arise in connection with the manufacturing of NDB. These could involve, without limitation, problems with the plant itself, machinery or equipment malfunction, labor supply, supply or storage. Moreover, our strategy for marketing and selling the NDB has not been tested. While we believe this strategy will be successful, we are unable to assure you that it will be.

#### (xi) Effective recruitment of personnel

We depend on highly skilled personnel to grow and operate our corporation, and if we are unable to hire, retain and motivate our personnel, we may not be able to grow effectively. Our future success will depend upon our continued ability to identify, hire, develop, motivate, and retain highly skilled personnel, including senior management, engineers, designers and product managers. Identifying, recruiting, training, and integrating qualified individuals will require significant time, expense, and attention. Competition for highly skilled personnel can be intense. If we are not able to effectively add and retain employees, our ability to achieve our strategic objectives will be adversely impacted, and our corporation will be harmed.

#### (xii) Effective effort of our corporation employees and managers

Our ability to execute efficiently is dependent upon contributions from our employees, in particular our senior management team. In addition, from time to time, there may be changes in our senior management team that may be disruptive to our corporation. If our senior management team, including any new hires that we may make, fails to work together effectively and to execute our plans and strategies on a timely basis, our corporation could be harmed.

#### (xiii) Reasons of force majeure

The Corporation is subject to unpredictable events, such as the risks of earthquakes, fire, power outages, floods and other catastrophic events, medical epidemics such as the COVID-19 outbreak, and to interruption by man-made problems such as

pg. 11

# ndb OFFERING STATEMENT

**NDB Inc.**  
 50 CALIFORNIA STREET  
 SUITE 1500  
 SAN FRANCISCO, CA 94111

| 1,600 shares of preferred stock at $6.25 per share |  |  |  |
| --- | --- | --- | --- |
|  | # Of Units | Total Proceeds | Net Proceeds |
| Target Offering | 1,600 | $10,000 | $9,350 |
| Maximum Amount | 800,000 | $5,000,000 | $4,875,000 |

terrorism, for which we may not be insured. A significant natural disaster, such as an earthquake, fire, flood, or significant power outage could have a material adverse impact on the Corporation, operating results and financial condition. Despite any precautions we may take, the occurrence of a natural disaster or other unanticipated problems at a corporation location could result in lengthy interruptions in our services. In addition, acts of terrorism and other geopolitical unrest, particularly in certain countries, could cause disruption to our corporation.

#### (xiv) Competition

The markets we intend to enter are served by well-established firms selling a variety of batteries. In addition, new competitors, new products, and new marketing techniques may enter or be employed in our targeted markets. Many of our competitors have greater financial resources and experience than we have. We cannot assure you that we will be able to compete effectively in our targeted or other markets. Even if we are able to compete, competitive pressures might significantly impede our efforts and prevent us from reaching our financial objectives. Therefore, if we are unable to compete effectively for customers, the Corporation and operating results could be impacted.

#### (xv) Successful management of the Corporation's growth

The Corporation may not be able to expand the Corporation's products offerings, the Corporation's markets, or implement the other features of the Corporation's business strategy at the rate or to the extent presently planned. The Corporation's projected growth will place a significant strain on the Corporation's administrative, operational, and financial resources. If the Corporation is unable to successfully manage the Corporation's future growth, establish and continue to upgrade the Corporation's operating and financial control systems, recruit and hire necessary personnel, effectively manage unexpected expansion difficulties and in general, manage business, research and development, expansion, growth and operating expenses, the Corporation's consolidated financial condition and consolidated results of operations could be materially and adversely affected.

#### (xvi) Obtaining required Licenses

The Corporation may not be able to operate its facilities or obtain and maintain licenses and permits necessary for such operation, in compliance with laws, regulations and other requirements, which could adversely affect its business, results of operations or financial condition. NDB will be subject to laws and regulations affecting its operations in a number of areas, including, but not limited to, R&D activities and manufacturing processes (production, packaging, use, storage and transportation), safety, facilities, environment, intellectual property ownership and infringement, import and export requirements. The successful execution of the objectives will be dependent upon compliance with all applicable laws and regulations, as well as obtaining all necessary regulatory approvals, licenses, and registrations, which may be onerous and time-consuming and reasonably likely to have a material impact upon NDB's future financial performance.

#### (xvii) Customer complaints or litigation on behalf of our customers or employees may adversely affect our business, results of operations or financial condition.

The Corporation's business may be adversely affected by legal or governmental proceedings brought by or on behalf of their residents, customers, or employees. Regardless of whether any claims against the Corporation are valid or whether they are liable, claims may be expensive to defend and may divert time and money away from operations and hurt our financial performance. A judgment significantly in excess of their insurance coverage or not covered by insurance could have a material adverse effect on the Corporation's business, results of operations or financial condition. Also, adverse publicity resulting from these allegations may materially affect the Corporation.

### 1.2 Risks related to the securities.

pg. 12

# ndb OFFERING STATEMENT

**NDB Inc.**  
50 CALIFORNIA STREET  
SUITE 1500  
SAN FRANCISCO, CA 94111

| 1,600 shares of preferred stock at $6.25 per share |  |  |  |
| --- | --- | --- | --- |
|  | # Of Units | Total Proceeds | Net Proceeds |
| Target Offering | 1,600 | $10,000 | $9,350 |
| Maximum Amount | 800,000 | $5,000,000 | $4,875,000 |

**AN INVESTMENT IN THE PREFERRED STOCK OF THE CORPORATION (THE “SHARES”), INVOLVES AN EXTREMELY HIGH DEGREE OF RISK. THIS ANALYSIS OF THE RISK FACTORS IS TO BE READ AND CONSIDERED BY EACH PROSPECTIVE INVESTOR IN COMBINATION WITH THE SUBSCRIPTION AGREEMENT AND RELATED INVESTMENT DOCUMENTS. IN MAKING AN INVESTMENT DECISION, EACH INVESTOR SHOULD CAREFULLY CONSIDER THE IMPACT OF THE FOLLOWING FACTORS:**

# **(i) The Corporation Has Limited Tangible Assets and Its Continued Operation Requires Funding**

The Corporation has limited tangible assets and its continued operation requires funding, even beyond the Maximum Offering amount. The Corporation currently has only minimal assets and a significant portion of its funding will come from this Offering, which is unlikely to be enough to bring the Corporation to profitable operations. Further fundraising may likely be necessary in order to make the Corporation’s business plan viable. Any such fundraising (whether by future offerings of equity or debt securities, or by borrowing money) may be on terms that are better than the terms offered to investors in this Offering. Our ability to obtain additional financing, if and when required, will depend on a variety of factors, including demand for NDB, our operating performance, the condition of the capital markets and other factors. Ultimately, if we are unable to raise sufficient debt and equity financing, our ability to continue to support our operations could be significantly impaired and our operating results may be harmed.

# **(ii) Financial projections**

Any financial projections and assumptions in the Corporation’s business plan are provided for illustrative purposes only, are based on assumptions that may or may not occur and must not be relied upon. To the extent that the assumptions are inaccurate or incomplete, the financial condition of the Corporation may be adversely affected. There can be no assurance that any of the assumptions in the projections will be accurate. In the event that the assumptions are inaccurate or incomplete, the Corporation’s profitability would be materially affected. There can be no assurance that actual results will correspond with the financial projections.

# **(iii) Substantial dilution**

To the extent that any future financing requirements are satisfied through the issuance of equity securities, investors may experience significant dilution in the net tangible book value per share of their securities. The amount and timing of the Corporation’s future capital requirements will depend upon a number of factors, many of which are not within the Corporation’s control, including capital costs, marketing expenses, staffing levels and competitive conditions. Furthermore, future investors may require preferred stock issued to them to contain provisions more favorable than those contained in the offering of the Shares, thereby reducing the value of the Shares.

# **(iv) Dependence on key personnel**

The Corporation is dependent on the continued services of its chief executive officer Doctor Nima Golsharifi and the chief technology officer Professor Sir Michael Pepper. The Corporation would be adversely affected by the loss of either of the foregoing individuals if qualified replacements could not be found without undue delay, an event that should be considered unlikely.

# **(v) Limitation on transferability and marketability**

Prior to the filing of this Offering Circular, there is no public market for the Shares offered through under this Offering Statement through which an investor may resell them. Moreover, it is impossible to predict the extent to which investor interest in our Corporation could lead to the development of a trading market, or its liquidity. The offering price for the Shares of our Preferred Stock in this Offering has been arbitrarily determined and may not be indicative of the price that will prevail in any

pg. 13

# ndb OFFERING STATEMENT

**NDB Inc.**  
50 CALIFORNIA STREET  
SUITE 1500  
SAN FRANCISCO, CA 94111

| 1,600 shares of preferred stock at $6.25 per share |  |  |  |
| --- | --- | --- | --- |
|  | # Of Units | Total Proceeds | Net Proceeds |
| Target Offering | 1,600 | $10,000 | $9,350 |
| Maximum Amount | 800,000 | $5,000,000 | $4,875,000 |

trading market following this Offering, if any. The market price for our Common or Preferred Stock may decline below the Offering price, and our stock price is likely to be volatile.

Even though we intend to list our Common Stock for trading on a securities exchange in the future, such as the NASDAQ and/or NASDAQ Private Market, it is uncertain when our Common Stock will be listed on an exchange for trading, if ever. As a result, our Preferred Stock or the converted Common stock sold in this Offering may not be listed on a securities exchange for an extended period of time, if at all. In such a case, it may be difficult to sell or trade in our Common Stock, thus affecting the liquidity of our Shares.

#### (vi) Absence of registration of the shares

The Shares have not been registered under the Securities Act of 1933, in reliance upon exemptions from registration provided by 17 CFR § 230.251 (Scope of exemption) Regulation A, pursuant to section 3(b) of the 1933 Securities Act. Prospective investors must recognize that they do not have the same protections afforded by fully registered offerings, despite the Offering Statement prior review by regulatory authorities. The Shares will not be registered under any state securities laws in reliance on exemptions from registration. Moreover, the Corporation does not intend to engage in any activities that would cause the Corporation to be deemed an “investment company” under the Investment Company Act of 1940 as amended and will not be registered as an investment Corporation under the Investment Corporation Act of 1940 (the “Investment Company Act”). Consequently, purchasers of the Shares will not be afforded certain of the protections of the Investment Corporation Act. Accordingly, prospective investors must judge the adequacy of disclosure, and the fairness of the terms of this Offering on their own. A prospective investor should consult with an attorney, accountant, or other qualified investment adviser prior to subscribing for the Shares.

#### (vii) Uninsured losses; hazards beyond the corporation’s control

There may be types of insurance that the Corporation has not obtained. If a claim should occur, the Corporation could lose its invested capital and be forced to discontinue its business operations. The occurrence of some unforeseen catastrophe, natural or manmade, such as a computer virus, could substantially damage the Corporation’s property and the market potential of its products. If some unforeseen catastrophe should occur which would render it impossible for the Corporation to implement its business plan, or if the Corporation should experience a labor shortage or work stoppage, the Corporation would be adversely affected.

#### (viii) No plan for dividends

The Corporation has no obligation to pay dividends to shareholders and the Shares issuable upon conversion thereof do not and will not require payment of dividends. We have not paid any cash dividends on our shares of Common Stock to date. The payment of cash dividends on our Common or Preferred Stock in the future will be dependent upon our revenues and earnings, if any, capital requirements and general financial condition and will be within the discretion of our Board of Directors. It is the present intention of our Board of Directors to retain all earnings, if any, for the development, operation, and expansion of our business and, accordingly, our Board of Directors does not anticipate declaring any dividends on our Common or Preferred Stock in the foreseeable future. As a result, any gain you will realize on our Common or Preferred Stock will result solely from the appreciation of your Shares.

#### (ix) Our business involves the use, transmission and storage of confidential information, and the failure to properly safeguard such information could result in significant reputational harm.

We may at times collect, store, and transmit information of, or on behalf of, our clients that may include certain types of confidential information that may be considered personal or sensitive, and that are subject to laws that apply to data breaches. We believe that we take reasonable steps to protect the security, integrity, and confidentiality of the information we collect and store, but there is no guarantee that inadvertent or unauthorized disclosure will not occur or that third parties will not gain

pg. 14

# ndb OFFERING STATEMENT

**NDB Inc.**  
 50 CALIFORNIA STREET  
 SUITE 1500  
 SAN FRANCISCO, CA 94111

| 1,600 shares of preferred stock at $6.25 per share |  |  |  |
| --- | --- | --- | --- |
|  | # Of Units | Total Proceeds | Net Proceeds |
| Target Offering | 1,600 | $10,000 | $9,350 |
| Maximum Amount | 800,000 | $5,000,000 | $4,875,000 |

unauthorized access to this information despite our efforts to protect this information, including through a cyber-attack that circumvents existing security measures and compromises the data that we store. If such unauthorized disclosure or access does occur, we may be required to notify persons whose information was disclosed or accessed. Most states have enacted data breach notification laws and, in addition to federal laws that apply to certain types of information, such as financial information, federal legislation has been proposed that would establish broader federal obligations with respect to data breaches. We may also be subject to claims of breach of contract for such unauthorized disclosure or access, investigation and penalties by regulatory authorities and potential claims by persons whose information was disclosed. The unauthorized disclosure of information, or a cyber-security incident involving data that we store, may result in the termination of one or more of our commercial relationships or a reduction in client confidence and usage of our services. We may also be subject to litigation alleging the improper use, transmission or storage of confidential information, which could damage our reputation among our current and potential clients and cause us to lose business and revenue.

# **(x) Voting control is in the hands of the Corporation's founder.**

Voting control is concentrated in the hands of the Corporation’s founder, Dr. Nima Golsharifi (the “Founder”), who owns more than 85% of the voting Common Stock. You will not be able to influence our policies or any other corporate matter, including the election of directors, changes to our corporation’s governance documents, expanding any employee equity or option pool, and any merger, consolidation, sale of all or substantially all of our assets, or other major action requiring shareholder approval. The Founder will make all major decisions regarding the Corporation. As a minority shareholder, you will not have a say in these decisions.

# **(xi) The purchase prices for the Series Interests have been arbitrarily determined.**

The purchase price for the Stock has been arbitrarily determined by the Corporation and bears no relationship to the Corporation’s assets, book value, earnings, or other generally accepted criteria of value. In determining pricing, the Corporation considered factors such as the Corporation’s limited financial resources, the nature of its assets, estimates of its business potential, the degree of equity or control desired to be retained by the existing unit holders, general economic conditions and official 409A Carta Valuation.

# **(xii) Investors in this offering may not be entitled to a jury trial with respect to claims arising under the subscription agreement, which could result in less favorable outcomes to the plaintiff(s) in any action under the agreement.**

Investors in this offering will be bound by the subscription agreement, which includes a provision under which investors waive the right to a jury trial of any claim they may have against the Corporation arising out of or relating to the agreement, including any claims made under the federal securities laws. By signing the agreement, the investor warrants that the investor has reviewed this waiver with his or her legal counsel, and knowingly and voluntarily waives the investor’s jury trial rights following consultation with the investor’s legal counsel.

If you bring a claim against the Corporation in connection with matters arising under the agreement, including claims under the federal securities laws, you may not be entitled to a jury trial with respect to those claims, which may have the effect of limiting and discouraging lawsuits against the Corporation. If a lawsuit is brought against the Corporation under the agreement, it may be heard only by a judge or justice of the applicable trial court, which would be conducted according to different civil procedures and may result in different outcomes than a trial by jury would have had, including results that could be less favorable to the plaintiff(s) in such an action.

Nevertheless, if the jury trial waiver provision is not permitted by applicable law, an action could proceed under the terms of the agreement with a jury trial. No condition, stipulation or provision of the subscription agreement serves as a waiver by any

pg. 15

# ndb OFFERING STATEMENT

NDB Inc.  
50 CALIFORNIA STREET  
SUITE 1500  
SAN FRANCISCO, CA 94111

| 1,600 shares of preferred stock at $6.25 per share |  |  |  |
| --- | --- | --- | --- |
|  | # Of Units | Total Proceeds | Net Proceeds |
| Target Offering | 1,600 | $10,000 | $9,350 |
| Maximum Amount | 800,000 | $5,000,000 | $4,875,000 |

holder of the Corporation’s securities or by the Corporation compliance with any substantive provision of the federal securities laws and the rules and regulations promulgated under those laws.

In addition, when the shares are transferred, the transferee is required to agree to all the same conditions, obligations, and restrictions applicable to the shares or to the transferor with regard to ownership of the shares, that were in effect immediately prior to the transfer of the shares, including but not limited to the subscription agreement.

## NOTICE TO FOREIGN INVESTORS

**IF THE INVESTOR LIVES OUTSIDE THE UNITED STATES, IT IS THE INVESTOR’S RESPONSIBILITY TO FULLY OBSERVE THE LAWS OF ANY RELEVANT TERRITORY OR JURISDICTION OUTSIDE THE UNITED STATES IN CONNECTION WITH ANY PURCHASE OF THE SECURITIES, INCLUDING OBTAINING REQUIRED GOVERNMENTAL OR OTHER CONSENTS OR OBSERVING ANY OTHER REQUIRED LEGAL OR OTHER FORMALITIES. THE CORPORATION RESERVES THE RIGHT TO DENY THE PURCHASE OF THE SECURITIES BY ANY FOREIGN INVESTOR.**

**We have used an arbitrary offering price.** The offering price per unit was arbitrarily determined by the Company and is unrelated to specific investment criteria, such as the assets or past results of the Company’s operations. In determining the offering price, the Company considered such factors as the prospects, if any, of similar companies, the previous experience of management, the Company’s anticipated results of operations, and the likelihood of acceptance of this offering. Please review any financial or other information contained in this offering with qualified persons to determine its suitability as an investment before purchasing any shares in this offering.

**Management has broad discretion as to the use of proceeds.** The net proceeds from this Securities Offering will be used for the purposes described under “USE OF PROCEEDS.” The Company reserves the right to use the funds obtained from this Offering for other similar purposes not presently contemplated, which it deems to be in the best interests of the Company in order to address changed circumstances or opportunities. This poses a risk to an investor should they be relying on current use of proceeds forecasts for the investment as business conditions may require a change of the use of these funds.

**Public health epidemics or outbreaks could adversely impact our business.** In December 2019, a novel strain of coronavirus (COVID-19) emerged in Wuhan, Hubei Province, China. While initially the outbreak was largely concentrated in China and caused significant disruptions to its economy, it has now spread to several other countries and infections have been reported globally. The extent to which the coronavirus impacts our operations will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the duration of the outbreak, new information which may emerge concerning the severity of the coronavirus and the actions to contain the coronavirus or treat its impact, among others. In particular, the continued spread of the coronavirus globally could adversely impact our operations, and could have an adverse impact on our business and our financial results.

**If we make mistakes or have unforeseen things happen to us, our suppliers, partners, vendors, etc., or the world, we can make little or no profit and can be driven out of business.**

### THE BOTTOM LINE:

Investment in the securities of smaller companies can involve greater risk than is generally associated with investment in larger, more established companies. All investments can result in significant or total loss of your loan and/or investment. If we do well, the stock should do well also, yet life offers no guarantees and neither can we. If we make mistakes or have unforeseen things happen to us, our suppliers or the world, we can make little or no profit and can be driven out of business. We cannot guarantee success, return on investment, or repayment of loans.

Please only invest what you can afford to lose.

pg. 16

# ndb OFFERING STATEMENT

**NDB Inc.**  
 50 CALIFORNIA STREET  
 SUITE 1500  
 SAN FRANCISCO, CA 94111

| 1,600 shares of preferred stock at $6.25 per share |  |  |  |
| --- | --- | --- | --- |
|  | # Of Units | Total Proceeds | Net Proceeds |
| Target Offering | 1,600 | $10,000 | $9,350 |
| Maximum Amount | 800,000 | $5,000,000 | $4,875,000 |

## THE OFFERING

9. What is the purpose of this offering?

To raise capital for R&D, paying salaries for new hires, marketing, purchase of building and equipment for operations.

10. How does the issuer intend to use the proceeds of this offering?

|  | If Target Offering Amount Sold | If Maximum Offering Amount Sold |
| --- | --- | --- |
| Total Proceeds | $10,000.00 | $5,000,000.00 |
| Less: Portal Success Fee of 6.5% for the funds raised up to 1 million USD | $650.00 | $65,000.00 |
| Less: Portal Success Fee of 1.5% for the funds raised above 1 million to 5 million USD | $0.00 | $60,000.00 |
| Net Proceeds | $9,350.00 | $4,875,000.00 |
| Use of Net Proceeds |  |  |
| Reg CF Marketing | $9,350.00 | $175,000.00 |
| Equipment & Facilities Capital | $0.00 | $1,978,000.00 |
| Research & Development | $0.00 | $2,530,000.00 |
| Working Capital | $0.00 | $192,000.00 |
| Total Use of Net Proceeds | $9,350.00 | $4,875,000.00 |

The above figures are estimates and may change due to strategic, economic, and/or other factors.

11. (a) Did the issuer make use of any written communication or broadcast script for testing the waters either (i) under the authorization of Rule 241 within 30 days of the initial filing of the offering statement, or (ii) under the authorization of Rule 206? If so, provide copies of the materials used.

NO

(b) How will the issuer complete the transaction and deliver securities to the investors?

The Company has set a minimum offering proceeds figure (the “minimum offering proceeds”) for this Offering of $10,000. After the Minimum Offering Proceeds, have been reached, and the company decides to close the offerings, the company has engaged Securities Transferred Corporation to act as transfer agent and provide transfer services for the Securities to the newly acquired security holders.

12. How can an investor cancel an investment commitment?

**NOTE: Investors may cancel an investment commitment until 48 hours prior to the deadline identified in these offering materials.**

pg. 17

# ndb
OFFERING STATEMENT

NDB Inc.
50 CALIFORNIA STREET
SUITE 1500
SAN FRANCISCO, CA 94111

| 1,600 shares of preferred stock at $6.25 per share |  |  |  |
| --- | --- | --- | --- |
|  | # Of Units | Total Proceeds | Net Proceeds |
| Target Offering | 1,600 | $10,000 | $9,350 |
| Maximum Amount | 800,000 | $5,000,000 | $4,875,000 |

The intermediary will notify investors when the target offering amount has been met.

If the issuer reaches the target offering amount prior to the deadline identified in the offering materials, it may close the offering early if it provides notice about the new offering deadline at least five business days prior to such new offering deadline (absent a material change that would require an extension of the offering and reconfirmation of the investment commitment).

If an investor does not cancel an investment commitment before the 48-hour period prior to the offering deadline, the funds will be released to the issuer upon closing of the offering and the investor will receive securities in exchange for his or her investment.

If an investor does not reconfirm his or her investment commitment after a material change is made to the offering, the investor's investment commitment will be cancelled, and the committed funds will be returned.

If the sum of the investment commitments does not equal or exceed the target offering amount at the offering deadline, no securities will be sold in the offering, investment commitments will be cancelled and committed funds will be returned.

## OWNERSHIP AND CAPITAL STRUCTURE

### The Offering

13. Describe the terms of the securities being offered.

Preferred Stock, $6.25 per share with a minimum investment of $625.

Bonus shares.

Investors can qualify to earn bonus shares of Preferred Stock under this offering based on the size of their investment based on the following tiers:

#### Existing Shareholders

Existing Shareholders ("Existing Shareholders") of record as of February 15, 2023 43% Bonus shares up to 340,400 shares.

#### Amount Based

Non Existing Shareholders Investments between $5,000 and $9,999 qualify for 5% bonus shares in addition to the shares purchased.

Non Existing Shareholders Investments of $10,000 and higher qualify for 10% bonus shares in addition to the shares purchased.

14. Do the securities offered have voting rights? ☑ Yes ☐ No
15. Are there any limitations on any voting or other rights identified above? ☐ Yes ☑ No
16. How may the terms of the securities being offered be modified?

pg. 18

# ndb
OFFERING STATEMENT

NDB Inc.
50 CALIFORNIA STREET
SUITE 1500
SAN FRANCISCO, CA 94111

| 1,600 shares of preferred stock at $6.25 per share |  |  |  |
| --- | --- | --- | --- |
|  | # Of Units | Total Proceeds | Net Proceeds |
| Target Offering | 1,600 | $10,000 | $9,350 |
| Maximum Amount | 800,000 | $5,000,000 | $4,875,000 |

# Restrictions on Transfer of the Securities Being Offered

The securities being offered may not be transferred by any purchaser of such securities during the one-year period beginning when the securities were issued, unless such securities are transferred:

(1) to the issuer;
(2) to an accredited investor;
(3) as part of an offering registered with the U.S. Securities and Exchange Commission; or
(4) to a member of the family of the purchaser or the equivalent, to a trust controlled by the purchaser, to a trust created for the benefit of a member of the family of the purchaser or the equivalent, or in connection with the death or divorce of the purchaser or other similar circumstance.

NOTE: The term “accredited investor” means any person who comes within any of the categories set forth in Rule 501(a) of Regulation D, or who the seller reasonably believes comes within any of such categories, at the time of the sale of the securities to that person.

The term “member of the family of the purchaser or the equivalent” includes a child, stepchild, grandchild, parent, stepparent, grandparent, spouse or spousal equivalent, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law of the purchaser, and includes adoptive relationships. The term “spousal equivalent” means a cohabitant occupying a relationship generally equivalent to that of a spouse.

# Description of Issuer’s Securities

17. What other securities or classes of securities of the issuer are outstanding? Describe the material terms of any other outstanding securities or classes of securities of the issuer.

| Class of Security | Securities (or Amount) Authorized | Securities (or Amount) Outstanding | Voting Rights | Other Rights |
| --- | --- | --- | --- | --- |
| Common | 50,000,000 | 31,434,260 | YES | All common is equal |
| Preferred Class A | 2,000,000 | -0- | Yes | Yes. See below. |
| Each share of Class A Preferred Stock is convertible into one share of Common stock. Each share of Class A Preferred Stock is entitled to one vote. The Class A Preferred will rank senior to Common only if the issuer liquidates or dissolves its business in accordance with state law. The Class A Preferred shall convert automatically, without any further action on the part of either the Company or the Investor, to Common shares with the same rights as other Common shareholders upon a Qualified Equity Filing. A Qualified Equity Filing shall mean the first filing of any registration statement or notice filed under the Securities Act of 1933, including but not limited to a filing under Form 10, S-1, Regulation 1-A or new Regulation CF priced round with a share price greater than $6.25. The Preferred has been authorized by the Board of Directors. No Preferred will be issued until published in the State of Wyoming. |  |  |  |  |

pg. 19

# ndb
OFFERING STATEMENT

NDB Inc.
50 CALIFORNIA STREET
SUITE 1500
SAN FRANCISCO, CA 94111

| 1,600 shares of preferred stock at $6.25 per share |  |  |  |
| --- | --- | --- | --- |
|  | # Of Units | Total Proceeds | Net Proceeds |
| Target Offering | 1,600 | $10,000 | $9,350 |
| Maximum Amount | 800,000 | $5,000,000 | $4,875,000 |

| SAFE Note | There is a SAFE note for $51,000. The SAFE will be converted at the close of this offering. |
| --- | --- |

18. How may the rights of the securities being offered be materially limited, diluted or qualified by the rights of any other class of security identified above?

Investors should understand the potential for dilution. The investor's stake in a company could be diluted due by the company issuing additional shares. In other words, when the company issues more shares, the percentage of the company that you own will go down, even though the value of the company may go up. You will own a smaller piece of a larger company. This increase in number of shares outstanding could result from a stock offering (such as an initial public offering, another crowdfunding round, a venture capital round, angel investment), employees exercising stock options, or by conversion of certain instruments (e.g., convertible bonds, preferred shares or warrants) into stock. If the company decides to issue more shares, an investor could experience value dilution, with each share being worth less than before, and control dilution, with the total percentage an investor owns being less than before. There may also be earnings dilution, with a reduction in the amount earned per share (though this typically occurs only if the company offers dividends, and most early-stage companies are unlikely to offer dividends, preferring to invest any earnings into the company).

19. Are there any differences not reflected above between the securities being offered and each other class of security of the issuer? ☐ Yes ☒ No
20. How could the exercise of rights held by the principal shareholders identified in Question 6 above affect the purchasers of the securities being offered?

As the holder of a majority of the voting rights in the company, our majority shareholder may make decisions with which you disagree, or that negatively affect the value of your investment in the company, and you will have no recourse to change those decisions. Your interests may conflict with the interests of other investors, and there is no guarantee that the company will develop in a way that is advantageous to you. For example, the majority shareholder may decide to issue additional shares to new investors, sell convertible debt instruments with beneficial conversion features, or make decisions that affect the tax treatment of the company in ways that may be unfavorable to you. Based on the risks described above, you may lose all or part of your investment in the securities that you purchase, and you may never see positive returns.

21. How are the securities being offered being valued? Include examples of methods for how such securities may be valued by the issuer in the future, including during subsequent corporate actions.

As is mentioned in section 8, above, the Company has used an arbitrary offering price. The offering price per unit was arbitrarily determined by the Company and is unrelated to specific investment criteria, such as the assets or past results of the Company's operations. In determining the offering price, the Company considered such factors as the prospects, if any, of similar companies, the previous experience of management, the Company's anticipated results of operations, and the likelihood of acceptance of this offering. Please review any financial or other information contained in this offering with qualified persons to determine its suitability as an investment before purchasing any shares in this offering.

22. What are the risks to purchasers of the securities relating to minority ownership in the issuer?

pg. 20

# ndb OFFERING STATEMENT

**NDB Inc.**  
50 CALIFORNIA STREET  
SUITE 1500  
SAN FRANCISCO, CA 94111

| 1,600 shares of preferred stock at $6.25 per share |  |  |  |
| --- | --- | --- | --- |
|  | # Of Units | Total Proceeds | Net Proceeds |
| Target Offering | 1,600 | $10,000 | $9,350 |
| Maximum Amount | 800,000 | $5,000,000 | $4,875,000 |

**The right to demand current distributions from an operating business is limited.** A majority owner, if he is committed to avoiding any distributions to a minority owner, can usually avoid making any distributions of profits. By establishing generous reserves for future expenses, paying a salary to herself or her relatives at the high range of what is reasonable, pre-paying expenses, investing in new business or new equipment, leasing expensive cars, etc., a majority owner can spend enough that there are rarely any profits to be distributed. So long as the expenses are not grossly unreasonable, the investor, probably, won't be able to force the company to allow you to share in any of the current income of the company.

**No right to participate in any management decisions of the company.** The majority owner may make a decision that the investor think is bad and puts your interest in the company at risk. The investor may see the majority owner running the company into the ground. The investor can try to convince him that it is the wrong decision, but he doesn't have to take your calls.

**The investor has limited rights, if any, to have your interest bought out.** You may want to cash out your interest and do other things with the money. State law may give you the right to force the company to buy you out, but these rights are limited.

While the investor would be entitled to a share of any profits on sale of the entire business, a sale can be structured in a way to avoid any payout to minority owners, such as a sale of assets over time with the proceeds reinvested in another business.

23. What are the risks to purchasers associated with corporate actions including:

# - • **Additional issuances of securities:**

Following the investor's investment in the Company, the Company may sell interest to additional investors, which will dilute the percentage interest of the investor in the Company. The Investor might have the opportunity to increase its investment in the Company in such transaction, but such opportunity cannot be assured. The amount of additional capital needed by the Company, if any, will depend upon the maturity and the objectives of the Company.

# - • **Issuer repurchases of securities:**

The Company may have the authority to repurchase its securities from shareholders, which may serve to decrease any liquidity in the market for such securities, decrease the percentage interests held by other similarly situated investors to the Investor, and create pressure on the investor to sell its securities to the Company concurrently.

# - • **A sale of the issuer or of assets of the issuer:**

As a minority owner of the Company, the Investor will have limited or no ability to influence a potential sale of the Company or a substantial portion of its assets. Thus, the investor will rely upon the executive management of the Company and the Board of Directors of the Company to manage the Company so as to maximize value for shareholders.

# - • **Transactions with related parties:**

The Investor should be aware that there will be occasions when the Company may encounter potential conflicts of interest in its operations. On any issue involving conflicts of interest, the executive management and the Board of Directors of the Company will be guided by their good faith judgement as to the Company's best interests. The Company may engage in transactions with affiliates, subsidiaries or other related parties, which may be on terms which are not arm's-length, but will be in all cases consistent with the duties of the management of the Company to its shareholders. By acquiring and interest in the company, the investor will be deemed to have acknowledged the existence of any such actual or potential conflicts of interest and to have waived any claim with respect to any liability arising from the existence of any such conflict of interest.

pg. 21

# ndb OFFERING STATEMENT

**NDB Inc.**  
 50 CALIFORNIA STREET  
 SUITE 1500  
 SAN FRANCISCO, CA 94111

| 1,600 shares of preferred stock at $6.25 per share |  |  |  |
| --- | --- | --- | --- |
|  | # Of Units | Total Proceeds | Net Proceeds |
| Target Offering | 1,600 | $10,000 | $9,350 |
| Maximum Amount | 800,000 | $5,000,000 | $4,875,000 |

24. Describe the material terms of any indebtedness of the issuer:

| Creditor Name(s) | Amount Outstanding | Interest Rate | Maturity Date | Other Material Terms |
| --- | --- | --- | --- | --- |
| Accrued Salaries - owed to Employees | $37,200.65 | 0% | 06/30/2023 |  |
| Paid by the Management on behalf of NDB - owed to management | $8,855.23 | 0% | 06/30/2023 |  |
| Due to vendors and contractors | $10,546.78 | 0% | Already Paid | Since the date of the financial statements, this debt has been paid and is no longer owed. |
| Accrued Pay - owed to contractors | $7,476.77 | 0% | 06/30/2023 |  |
| Consilio LLC | $11,469.68 | 0% | 01/31/2021 |  |
| Morrison & Forrester | $22,809.10 | 0% | 01/23/2023 |  |

25. What other exempt offerings has the issuer conducted within the past three years?

| Date of Offering | Exemption Relied Upon | Securities Offered | Amount Sold | Use of Proceeds |
| --- | --- | --- | --- | --- |
| August 8, 2020 | Reg D 506 (b)* | Common Stock | 170,200 shares = $740,370 | R&D and General Operating Capital |
| August 8, 2020 | Reg S* | Common Stock | 145,380 shares = $632,403 | R&D and General Operating Capital |
| May 6, 2022 | Reg D 506 (b) | Common Stock | 19,200 shares = $83,520 | R&D and General Operating Capital |

* These 2 exemptions were part of the same offering. These are listed as separate line-items to differentiate the amount sold to the specific investors qualified under each exemption.

We are offering, at no cost, to our existing Accredited holders, that not officers or directors of common stock, par value $.00001 per share (the 'Common Stock'), nontransferable subscription rights (the 'Rights') as of 5:00 p.m., New York City time, on January 31, 2023, or the 'record date' (the 'Rights Offering'). We are distributing to the Rights Holders as of the record date one (1) Right for every outstanding share of Common Stock held or deemed to be held by such Rights Holder, as determined herein, along with over-subscription rights as described below. Each Right will entitle the holder thereof to purchase, at the holder's election, at the subscription price of four dollars and thirty-five cents ($4.35) (the 'Subscription Price'), one (1) Share (each, a 'Share'), of Common Stock. Holders may only purchase whole Shares in the Rights Offering. Rights may only be exercised by Accredited Investors as defined in Rule 501 under Regulation D pursuant to the Securities Act of 1933, as amended, and whose accredited status has been verified by a third party as required by Rule 506(c) under Regulation D

The Company shall have the absolute right to reject any defective exercise of Rights or to waive any defect in exercise. Unless requested to do so by the Company, the Company shall not be under any duty to give notification to holders of Subscription Certificates of any defects or irregularities in subscriptions. Subscriptions will not be deemed to have been made until any such defects or irregularities have been cured or waived within such time as the Company shall determine. The Company shall as soon as practicable return Subscription Certificates that contain defects or irregularities which have not been cured or waived to the holder of the Rights. If any Subscription Certificate is alleged to have been lost, stolen or

pg. 22

# ndb
OFFERING STATEMENT

NDB Inc.
50 CALIFORNIA STREET
SUITE 1500
SAN FRANCISCO, CA 94111

| 1,600 shares of preferred stock at $6.25 per share |  |  |  |
| --- | --- | --- | --- |
|  | # Of Units | Total Proceeds | Net Proceeds |
| Target Offering | 1,600 | $10,000 | $9,350 |
| Maximum Amount | 800,000 | $5,000,000 | $4,875,000 |

destroyed, the Company shall follow the same procedures followed for lost stock certificates representing Common Stock it uses in its capacity as transfer agent for the Company's Common Stock.

We have offered to a limited number of Accredited Purchasers a maximum of 1,334,346 Shares. Commitments have been received, but no sales are official pending the accredited verification. We will consummate Rights exercises immediately after the verification with no minimum. There is no assurance we will sell any Shares exercised by Rights described above. We retain the right to terminate the Rights Offering before it is fully subscribed.

The Offering now expires at 5:00 PM Eastern Time on March 15, 2023, unless terminated earlier at the Company's discretion.

26. Was or is the issuer or any entities controlled by or under common control with the issuer a party to any transaction since the beginning of the issuer's last fiscal year, or any currently proposed transaction, where the amount involved exceeds five percent of the aggregate amount of capital raised by the issuer in reliance on Section 4(a)(6) of the Securities Act during the preceding 12-month period, including the amount the issuer seeks to raise in the current offering, in which any of the following persons had or is to have a direct or indirect material interest:

(1) any director or officer of the issuer;
(2) any person who is, as of the most recent practicable date, the beneficial owner of 20 percent or more of the issuer's outstanding voting equity securities, calculated on the basis of voting power;
(3) if the issuer was incorporated or organized within the past three years, any promoter of the issuer; or
(4) any immediate family member of any of the foregoing persons.

No to all

# FINANCIAL CONDITION OF THE ISSUER

27. Does the issuer have an operating history? ☑ Yes ☐ No
28. Describe the financial condition of the issuer, including, to the extent material, liquidity, capital resources, and historical results of operations.

You should read the following discussion and analysis of our financial condition and results of our operations together with our financial statements and the notes thereto appearing elsewhere in this Offering Circular. This discussion contains forward-looking statements reflecting our current expectations, the actual outcomes of which involve risks and uncertainties. Actual results and the timing of events may differ materially from those stated in or implied by such forward-looking statements due to a number of factors, including those discussed in the sections entitled "Error! Reference source not found.", "Error! Reference source not found." and elsewhere in this Offering Circular.

# 1.1 Liquidity and financial resources

We had net cash of $11,282.74 and $655,325.70 on December 31, 2019 and 2020, respectively. During the years ended December 31, 2019 and 2020, we used cash flows in operations in the amounts of $30,744.67 and $287,502.20, respectively.

Cash was not used in investing activities during the years ended December 31, 2019 and 2020. Cash provided by financing activities during the years ended December 31, 2019 and 2020 was $42,027.41 and $932,482.37, respectively. Since inception, the Corporation has been dependent upon the sale of common stock.

pg. 23

![img-0.jpeg](img-0.jpeg)

# OFFERING STATEMENT

**NDB Inc.**  
50 CALIFORNIA STREET  
SUITE 1500  
SAN FRANCISCO, CA 94111

| 1,600 shares of preferred stock at $6.25 per share |  |  |  |
| --- | --- | --- | --- |
|  | # Of Units | Total Proceeds | Net Proceeds |
| Target Offering | 1,600 | $10,000 | $9,350 |
| Maximum Amount | 800,000 | $5,000,000 | $4,875,000 |

Liquidity and capital resources available to continuously grow the Corporation is of the utmost importance. NDB has devised various structures around how, when and by whose support the Corporation will be growing throughout its life cycle. NDB is observant to investors who are visionary, strategically valuable, and have experience in taking high-quality products/services to commercial scale including agnel investors, family offices, institutional investors, corporate investors or government aid and support. Strong values and experience are highly recommended.

## FINANCIAL INFORMATION

29. Include the financial information specified below covering the two most recently completed fiscal years or the period(s) since inception, if shorter:

pg. 24

![img-1.jpeg](img-1.jpeg)

# **NDB, INC.**  
**FINANCIAL STATEMENTS**  
For the year ended 2021

# **Financial Statements**

For the Years ended 2020 and 2021
Index to Audited Financial Statements

| Audit Report | Page 3 |
| --- | --- |
| Balance Sheet | Page 5 |
| Income Statement | Page 6 |
| Changes in Equity Statement | Page 7 |
| Cash Flow Statement | Page 8 |
| Notes to the Financial Statements | Page 9 |

2

ndb NDB, Inc.

June 30, 2022

![img-2.jpeg](img-2.jpeg)

# INDEPENDENT AUDITORS' REPORT

The Board of Directors

NDB, Inc.
50 California Street, Suite 1500
San Francisco, California 94111
USA

# REPORT ON FINANCIAL STATEMENTS

I have audited the accompanying balance sheets of NDB, Inc. as of December 30, 2020 and 2021 and the related statements of operations, changes in owner's equity and cash flows for the years then ended. These financial statements are the responsibility of the Company's management.

# MANAGEMENT'S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

Management is responsible for the preparation and fair presentation of these financial statements in accordance with principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

# AUDITOR'S RESPONSIBILITY

My responsibility is to express an opinion on these financial statements based on my audits. I conducted my audits in accordance with generally accepted auditing standards as accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.

An audit includes performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of risks of material misstatements of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Accordingly, I express no such opinion.

3

ndb NDB, Inc.

An audit also includes evaluating appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. Examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.

An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.

I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my audit opinion.

# OPINION

In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of NDB Inc. as of December 31, 2020 and 2021, and the results of operations, changes in owner's equity and cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.

# EMPHASIS OF MATTER PARAGRAPH

The accompanying financial statements have been prepared assuming that the company will continue as going concern. As discussed in note 2 the company has accumulated deficit that raises substantial doubt about the company's ability to continue as going concern. Management plan is also explained in note 2. Our opinion is not modified with respect to this matter.

Amjad N I Abu Khamis

Certified Public Accountant, NH 08224
CF Audits LLC
159 Main St. STE 100
Nashua NH 03060
603-607-7600
cpa@cfaudits.com

4

NDB, Inc.

# **Balance Sheet Statement**
As of 30 December 2020, and 2021

| ASSETS | 2020 | 2021 |
| --- | --- | --- |
| Current Assets |  |  |
| Checking Accounts | 646,390.50 | 4,441.45 |
| Fixed Deposit | 9,000.00 | 9,000.00 |
| Other Receivables | - | 25,178.78 |
| Total Current Assets | 655,390.50 | 38,620.23 |
| Fixed Assets |  |  |
| Digital Assets | - | 289,456.41 |
| Total Fixed Assets | 655,390.50 | 289,456.41 |
| TOTAL ASSETS | 655,390.50 | 328,076.64 |

# **LIABILITIES AND EQUITY**

| Liabilities |  |  |
| --- | --- | --- |
| Current Liabilities |  |  |
| Credit Cards | 8,596.66 | 1,992.44 |
| Paycheck Protection Program (PPP) Loan | 129,050.00 | - |
| Accounts Payables | 5,276.23 | 47,587.43 |
| Total Current Liabilities | 142,922.89 | 49,579.87 |
| Total Liabilities |  |  |
| Equity |  |  |
| Common Stock | 972,224.65 | 1,357,319.09 |
| Retained Earnings | (39,342.71) | (459,757.04) |
| Net Income | (420,414.33) | (619,065.28) |
| Total Equity | 512,467.61 | 278,496.77 |
| TOTAL LIABILITIES AND EQUITY | 655,390.50 | 328,076.64 |

5

NDB, Inc.

# **Income Statement**

For the years ended 30 December 2020 and 2021

|  | 2020 | 2021 |
| --- | --- | --- |
| Total Revenues | - | - |
| Less Operating Expenses |  |  |
| Salaries & Wages | 64,274.22 | 247,200.00 |
| Contractors | 107,364.92 | 188,979.52 |
| Professional Fees | 15,180.90 | 53,039.55 |
| Legal Fees | 80,435.97 | 34,516.14 |
| Software Expense | 11,742.70 | 30,326.15 |
| Travel Expenses | 51,448.46 | 55,195.68 |
| General Administrative Expenses | 27,277.42 | 47,806.74 |
| Marketing Expenses | 27,173.40 | 4,213.67 |
| Training Expense | 33,252.00 | 1,800.12 |
| Bank Fees | 2,267.00 | 3,652.91 |
| Total Operating Expenses | 420,416.99 | 666,730.48 |
| Net Operating Income (Loss) | (420,416.99) | (666,730.48) |
| Other Non-Operating Income |  |  |
| PPP Loan Forgiveness | - | 129,050.00 |
| Interest Income | 2.65 | 15.80 |
| Exchange Gain or (Loss) | - | 2,046.83 |
| (Loss) from Digital Assets |  | (83,447.43) |
| Total Non-Operating Income | 2.65 | 47,665.20 |
| Net Income (Loss) | (420,414.33) | (619,065.28) |

6

NDB, Inc.

# **Statement of Changes in Equity**

For the period January 1, 2020, to December 30, 2021

|  | Paid in Capital | Retained Earnings | Equity Balance |
| --- | --- | --- | --- |
| Beginning Balance as of January 1, 2020 | 41,542.45 | (39,342.71) | 2,199.74 |
| Stocks Issued During 2020 | 930,682.20 | - | 932,881.94 |
| Net Loss During 2020 | - | (420,414.33) | 512,467.61 |
| Equity Ending Balance as of December 31, 2020 | 972,224.65 | (459,757.04) | 512,467.61 |
| Stocks Issued During 2021 | 385,094.44 | - | 897,562.05 |
| Net Loss During 2021 | - | (619,065.28) | 278,496.77 |
| Equity Ending Balance as of December 31, 2021 | 1,357,319.09 | (1,078,822.32) | 278,496.77 |

7

NDB, Inc.

# **Statement of Cash Flow**

For the year ended 2021

| OPERATING ACTIVITIES | 2020 | 2021 |
| --- | --- | --- |
| Net Income (Loss) | (420,414.33) | (619,065.28) |
| Adjustments to Reconcile Net Income to Net Cash provided by operations: |  |  |
| Increase in Accounts Payables | 5,276.23 | 42,311.20 |
| Increase in Accounts Receivables | - | (25,178.78) |
| Decrease in Digital Assets Value |  | 83,447.43 |
| Net cash used by operating activities | (415,138.10) | (518,485.43) |
| FINANCING ACTIVITIES |  |  |
| Issuance of Shares | 930,682.20 | 385,094.44 |
| Credit Card Financing | 425.84 | (6,604.22) |
| PPP Loan | 129,050.00 | (129,050.00) |
| Net cash provided by financing activities | 1,060,158.04 | 249,440.22 |
| INVESTING ACTIVITIES |  |  |
| Purchase of Digital Assets | - | (372,903.84) |
| Net cash used for investing activities | - | (372,903.84) |
| NET CASH INCREASE (DECREASE) FOR PERIOD |  |  |
|  | 645,019.94 | (641,949.05) |
| Cash at the beginning of the period | 10,370.56 | 655,390.50 |
| CASH AT END OF PERIOD | 655,390.50 | 13,441.45 |

8

ndb NDB, Inc.

# **Notes to the Financial Statements:**

As of December 30, 2021

# **1. DESCRIPTION OF THE BUSINESS**

NDB, INC. was incorporated in the State of California in February 2019. DB, INC. is authorised to issue one class of stock, with a total of 50,000,000 shares authorised to be issued.

NDB, INC. is focused on developing the NDB, a battery powered by recycled nuclear waste and radioisotopes. Compared to conventional batteries, it is expected to produce stable power throughout its lifetime (generally many years) as an independent power source until the end of its used isotopic lifetime, making it a sustainable, versatile energy solution globally growing energy demand.

For more information about the business, visit the NDB website: https://ndb.technology/

# **2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

# **2.1. Basis of Presentation**

The Company has earned no revenues from limited principal operations. Accordingly, the Company's activities have been accounted for as those of a "Development Stage Enterprise" as set forth in Financial Accounting Standards Board Statement No. 7 ("SFAS 7"). Among the disclosures required by SFAS 7 are that the Company's financial statements be identified as those of a development stage company and that the statements of operations, stockholders' equity (deficit), and cash flows disclose activity since the date of the Company's inception.

# **2.2. Basis of Accounting**

The accompanying financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States.

# **2.3. Going Concern**

The Company is a start-up and funding its operational expenses from the financing activities. Management plans to raise additional equity financing. However, there can be no assurance that the Company will successfully obtain sufficient equity financing on acceptable terms, if at all.

Failure to generate sufficient revenues, achieve planned gross margins, control operating costs, or raise adequate additional financing may require the Company to modify, delay or abandon some of its future planned expenditures, which could have a material adverse effect on the Company's business, operating results, financial condition and ability to achieve its intended business objectives. These circumstances raise substantial doubt about the Company's ability to continue as a going concern for a reasonable period of time.

9

NDB, Inc.

## Notes to the Financial Statements (Continued)

As of December 30, 2021

### 2.4. Use of Estimates

The preparation of financial statements in conformity with the U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Management evaluates the estimates and assumptions based on historical experience and believes those estimates and assumptions are reasonable based on the information available to them.

### 2.5. Stock Options

The NDB board of directors approved a stock option in April 2019, which allows the board to grant stock options for NDB's and its subsidiaries' employees with a specific limitation of not exceeding $100,000 of the market value of granted shares. Ownership of each employee shall not exceed 10% of the total shares before or after the exercise date.

### 2.6. Cash

The Company deposits its cash with financial institutions that the management believes are of high credit quality. The Company's cash consists primarily of cash deposited in U.S. dollar-denominated investment accounts.

### 2.7. PayCheck Protection Program (PPP) Loan

The Company got the benefit from Pay-check Protection Program (PPP) Loan by the Small Business Administration (SBA) as part of the Coronavirus Aid Relief and Economic Security (CARES) Act. The total amount of the loan was 129,050, which was forgiven on April 7, 2021, by SBA.

### 2.8. Other Receivables

The Company has other receivables balance of $25,178.78 as of December 30, 2021. However, the amount was fully settled in 2022.

### 2.9. Digital Assets

The Company's management purchases digital assets to pay its employees, contractors, and vendors. By the end of 2021, the management marked the value of the digital assets to market and recognized a loss of $83,447.43.

10

ndb NDB, Inc.

# **Notes to the Financial Statements (Continued)**

As of December 30, 2021

# **2.10. Common Stock**

NDB is authorized to sell 50,000,000 shares. The par value was 0.001 USD per share at the date of incorporation. During 2020 and 2021, the Company had issued 31,390,560 fully diluted shares. 291,000 shares were sold at 4.35 USD for 1,265,850 USD. As per Carta 409A valuation (05/25/2021) the fair market value (FMV) was $4.35 per share.

# **2.11. Accounts Payables**

The balance of A/P is related to accrued salaries and some expenses paid on behalf of the Company by its executives.

# **2.12. Travel Expense**

Travel expenses are those expenses paid for the contractors and employees of the business related to their business travels, such as air tickets, visa processing fees, hotels reservation, meals, etc.

11

30. With respect to the issuer, any predecessor of the issuer, any affiliated issuer, any director, officer, general partner or managing member of the issuer, any beneficial owner of 20 percent or more of the issuer's outstanding voting equity securities, calculated in the same form as described in Question 6 of this Question and Answer format, any promoter connected with the issuer in any capacity at the time of such sale, any person that has been or will be paid (directly or indirectly) remuneration for solicitation of purchasers in connection with such sale of securities, or any general partner, director, officer or managing member of any such solicitor, prior to May 16, 2016:

(1) Has any such person been convicted, within 10 years (or five years, in the case of issuers, their predecessors and affiliated issuers) before the filing of this offering statement, of any felony or misdemeanor:
(i) in connection with the purchase or sale of any security? ☐ Yes ☑ No
(ii) involving the making of any false filing with the Commission? ☐ Yes ☑ No
(iii) arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser, funding portal or paid solicitor of purchasers of securities? ☐ Yes ☑ No

(2) Is any such person subject to any order, judgment or decree of any court of competent jurisdiction, entered within five years before the filing of the information required by Section 4A(b) of the Securities Act that, at the time of filing of this offering statement, restrains or enjoins such person from engaging or continuing to engage in any conduct or practice:
(i) in connection with the purchase or sale of any security? ☐ Yes ☑ No
(ii) involving the making of any false filing with the Commission? ☐ Yes ☑ No
(iii) arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser, funding portal or paid solicitor of purchasers of securities? ☐ Yes ☑ No

(3) Is any such person subject to a final order of a state securities commission (or an agency or officer of a state performing like functions); a state authority that supervises or examines banks, savings associations or credit unions; a state insurance commission (or an agency or officer of a state performing like functions); an appropriate federal banking agency; the U.S. Commodity Futures Trading Commission; or the National Credit Union Administration that:
(i) at the time of the filing of this offering statement bars the person from:
(A) association with an entity regulated by such commission, authority, agency or officer? ☐ Yes ☑ No
(B) engaging in the business of securities, insurance or banking? ☐ Yes ☑ No
(C) engaging in savings association or credit union activities? ☐ Yes ☑ No
(ii) constitutes a final order based on a violation of any law or regulation that prohibits fraudulent, manipulative or deceptive conduct and for which the order was entered within the 10-year period ending on the date of the filing of this offering statement? ☐ Yes ☑ No

(4) Is any such person subject to an order of the Commission entered pursuant to Section 15(b) or 15B(c) of the Exchange Act or Section 203(e) or (f) of the Investment Advisers Act of 1940 that, at the time of the filing of this offering statement:
(i) suspends or revokes such person's registration as a broker, dealer, municipal securities dealer, investment adviser or funding portal? ☐ Yes ☑ No
(ii) places limitations on the activities, functions or operations of such person? ☐ Yes ☑ No
(iii) bars such person from being associated with any entity or from participating in the offering of any penny stock? ☐ Yes ☑ No

(5) Is any such person subject to any order of the Commission entered within five years before the filing of this offering statement that, at the time of the filing of this offering statement, orders the person to cease and desist from committing or causing a violation or future violation of:
(i) any scienter-based anti-fraud provision of the federal securities laws, including without limitation Section 17(a)(1) of the Securities Act, Section 10(b) of the Exchange Act, Section 15(c)(1) of the Exchange Act and Section 206(1) of the Investment Advisers Act of 1940 or any other rule or regulation thereunder? ☐ Yes ☑ No
(ii) Section 5 of the Securities Act? ☐ Yes ☑ No

(6) Is any such person suspended or expelled from membership in, or suspended or barred from association with a member of, a registered national securities exchange or a registered national or affiliated securities association for any act or omission to act constituting conduct inconsistent with just and equitable principles of trade? ☐ Yes ☑ No

(7) Has any such person filed (as a registrant or issuer), or was any such person or was any such person named as an underwriter in, any registration statement or Regulation A offering statement filed with the Commission that, within five years before the filing of this offering statement, was the subject of a refusal order, stop order, or order suspending the Regulation A exemption, or is any such person, at the time of such filing, the subject of an investigation or proceeding to determine whether a stop order or suspension order should be issued? ☐ Yes ☑ No

(8) Is any such person subject to a United States Postal Service false representation order entered within five years before the filing of the information required by Section 4A(b) of the Securities Act, or is any such person, at the time of filing of this offering

statement, subject to a temporary restraining order or preliminary injunction with respect to conduct alleged by the United States Postal Service to constitute a scheme or device for obtaining money or property through the mail by means of false representations? ☐ Yes ☑ No

If you would have answered “Yes” to any of these questions had the conviction, order, judgment, decree, suspension, expulsion or bar occurred or been issued after May 16, 2016, then you are NOT eligible to rely on this exemption under Section 4(a)(6) of the Securities Act.

# OTHER MATERIAL INFORMATION

31. In addition to the information expressly required to be included in this Form, include:

(1) any other material information presented to investors; and
(2) such further material information, if any, as may be necessary to make the required statements, in the light of the circumstances under which they are made, not misleading.

# Updating offering to meet new regulations.

If the rules of Regulation Crowdfunding are changed while this offering is live, we may amend the offering to be in line with the new rules.

# ONGOING REPORTING

The issuer will file a report electronically with the Securities & Exchange Commission annually and post the report on its website, no later than: April 30

(120 days after the end of each fiscal year covered by the report).

Once posted, the annual report may be found on the issuer’s website at: https://ndb.technology

The issuer must continue to comply with the ongoing reporting requirements until:

(1) the issuer is required to file reports under Section 13(a) or Section 15(d) of the Exchange Act;
(2) the issuer has filed at least one annual report pursuant to Regulation Crowdfunding and has fewer than 300 holders of record and has total assets that do not exceed $10,000,000;
(3) the issuer has filed at least three annual reports pursuant to Regulation Crowdfunding;
(4) the issuer or another party repurchases all of the securities issued in reliance on Section 4(a)(6) of the Securities Act, including any payment in full of debt securities or any complete redemption of redeemable securities; or
(5) the issuer liquidates or dissolves its business in accordance with state law.

* * * * *

# PART 240 - GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934

9. The authority citation for part 240 continues to read, in part, as follows: Authority: 15 U.S.C. 77c, 77d, 77g, 77j, 77s, 77z-2, 77z-3, 77eee, 77ggg, 77nnn, 77sss, 77ttt, 78c, 78c-3, 78c-5, 78d, 78e, 78f, 78g, 78i, 78j, 78j-1, 78k, 78k-1, 78l, 78m, 78n, 78n-1, 78o, 78o-4, 78o-10, 78p, 78q, 78q-1, 78s, 78u-5, 78w, 78x, 78ll, 78mm, 80a-20, 80a-23, 80a-29, 80a-37, 80b-3, 80b-4, 80b-11, 7201 et. seq., and 8302; 7 U.S.C. 2(c)(2)(E); 12 U.S.C. 5221(e)(3); 18 U.S.C. 1350; and Pub. L. 111-203, 939A, 124 Stat. 1376, (2010), unless otherwise noted.
10. Add § 240.12g-6 to read as follows:

# § 240.12g-6 Exemption for securities issued pursuant to section 4(a)(6) of the Securities Act of 1933.

(a) For purposes of determining whether an issuer is required to register a security with the Commission pursuant to Section 12(g)(1) of the Act (15 U.S.C. 78l(g)(1)), the definition of held of record shall not include securities issued pursuant to the offering exemption under section 4(a)(6) of the Securities Act (15 U.S.C. 77d(a)(6)) by an issuer that:

(1) Is current in filing its ongoing annual reports required pursuant to § 227.202 of this chapter;
(2) Has total assets not in excess of $25 million as of the end of its most recently completed fiscal year; and
(3) Has engaged a transfer agent registered pursuant to Section 17A(c) of the Act to perform the function of a transfer agent with respect to such securities.

(b) An issuer that would be required to register a class of securities under Section 12(g) of the Act as a result of exceeding the asset threshold in paragraph (2) may continue to exclude the relevant securities from the definition of “held of record” for a transition period ending on the penultimate day of the fiscal year two years after the date it became ineligible. The transition period terminates immediately upon the failure of an issuer to timely file any periodic report due pursuant to § 227.202 at which time the issuer must file a registration statement that registers that class of securities under the Act within 120 days.

# NDB

![img-0.jpeg](img-0.jpeg)

NDB's mission is to create and implement secure, cost-effective, and commercially competitive nuclear energy systems, including the necessary hardware, fuel, execution, and operational know-how. Like solar cells, the Nano Diamond Battery produces power by harnessing the radiation released during radioactive decay instead of sunlight.

![img-1.jpeg](img-1.jpeg)

Company Website

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Virtual Business Pitch

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About

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Funding Raised

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Funding Goal

$10,000-$5,000,000

Days Remaining

126 Days

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## Business Description

NDB's mission is to create and implement secure, cost-effective, and commercially competitive nuclear energy systems, including the necessary hardware, fuel, execution, and operational know-how.

Like solar cells, the Nano Diamond Battery produces power by harnessing the radiation released during radioactive decay instead of sunlight.

NDB is a viable climate-independent renewable energy option.

![img-2.jpeg](img-2.jpeg)

![img-3.jpeg](img-3.jpeg)

![img-4.jpeg](img-4.jpeg)

![img-5.jpeg](img-5.jpeg)

![img-6.jpeg](img-6.jpeg)

Problem

Security Type:

Equity Security

Price Per Share

$6.25

Shares For Sale

800,000

Post Money Valuation:

210,464,125 USD

Investment Bonuses!

Invest $5,000+

Can get 5% more shares than those they buy

Invest $10,000+

Can get 10% more shares than those they buy

Existing shareholders

43% Bonus shares up to 340,400 shares.

Regulatory Exemption:

Regulation Crowdfunding - Section 4(a)(6)

Deadline:

June 30, 2023

## Problem

The NDB will be able to address the energy crisis and climate change, two of the most pressing issues of our time.

The energy crisis is a global issue that significantly impacts individuals and businesses. In the past few months, the prices of utilities and fuel have gone through the roof. This has resulted in global inflation, a recession, and significant damage to the stock market.

Finding a solution to the problem of climate change is significant for the whole world. Due to the limited availability of energy resources, the recent switch to coal energy has made this problem even more dangerous.

Renewable energy and other alternatives fall short of meeting the world's ever-increasing energy needs because they rely on the climate.

![img-7.jpeg](img-7.jpeg)

At the moment, nearly no battery technology possesses the potential to perpetuate typical power applications during the devices' lifetimes, much less do so in an environmentally friendly manner.

NDB is a perpetual and efficient energy source that will meet growing demand while remaining sustainable and environmentally friendly throughout the device's lifetime.

When given a choice between an NDB-powered device that does not require charging and a Li-ion-powered device that does, the consumer will opt for the NDB-powered solution for obvious reasons.

NDB-powered devices are safer and more efficient than typical battery-powered ones because they don't need to be charged or refueled and come in tamper-proof packaging.

If current batteries are replaced with NDB, fewer resources will be used to make them, and less greenhouse gas will be released when they are thrown away.

During the production phase, the company will also focus on using technologies to reduce the use of fossil fuels, materials, and machines that are bad for the environment.

Decarbonization is something that we take into consideration.

![img-8.jpeg](img-8.jpeg)

June 30, 2023

## Minimum Investment Amount:

$625

## Target Offering Range:

$10,000-$5,000,000

*If the sum of the investment commitments does not equal or exceed the minimum offering amount at the offering deadline, no securities will be sold and investment commitments will be cancelled returned to investors.

Form C Submission

![img-9.jpeg](img-9.jpeg)

## Solution

NDB can be used in almost any battery-powered electric device because it is modular, scalable from chipsets to industrial applications, and cost-effective.

Devices that run on NDB don't need to be charged because NDB keeps making electricity for as long as the device works. In contrast, Li-ion batteries in smartphones may lose their charge after a day.

People who use NDB-powered devices won't need dozens of different cables and won't have to worry about their devices running out of power.

![img-10.jpeg](img-10.jpeg)

## Business Model

It is anticipated that revenue will come from a variety of markets.

(1) Market for batteries;
(2) Market for microreactors;
(3) Market for nuclear waste recycling;
(3) Market for utility infrastructure;
(3) Licensing and royalties;
(4) Service and consulting.

NDB will be a major player in the battery business because our technology has the potential to be used in almost any product that needs a battery, such as the Internet of Things, space electronics, medical devices, and aviation.

#NDB introduces Curio - its new strategic #partner.

Read the article to know more about how two companies are going to fight the #nuclear waste problem.

Curio Welcomes NDB as a Customer in Using Recycled Nuclear Waste to Power Advanced Batteries https://t.co/laml4C5BWw

- NDB (@ndbtechnology) July 28, 2022

Concerning recycling revenue, nuclear waste is the NDB's raw material. Recently, it was estimated that the cost of storing nuclear waste around the world would be $100 billion per year. NDB hopes to profit from this trend by expanding into the recycling industry.

![img-11.jpeg](img-11.jpeg)

## Market Projection

Increased energy consumption directly results from technological progress brought about by the proliferation of microprocessors and transistors.

Battery technology evolved to tackle these problems and is now worth $92 billion.

The already enormous battery market is expected to rise due to a higher number of battery-dependent devices. Smartphones, LCDs, tablets, and fitness bands are becoming more popular, which is expected to increase demand for lithium-ion batteries over the next few years. Growth in these areas is expected to propel the battery market's growth.

![img-12.jpeg](img-12.jpeg)

High power intends a fixed installation, so we might be able to think of something like a street or a small village.

- Professor Sir Michael Pepper, Chief Technology Officer NDB Inc.

The market is also expected to see technological progress, such as new products, better efficiency, and lower costs.

By 2025, the global nuclear energy industry, in which NDB Volta could play a part, is expected to be worth USD 49 billion.

The considerable increase in revenue and the sizable profit margins are the primary factors contributing to the company's discounted cash flow valuation.

It is anticipated that there will be a constant rise in revenues.

NDB Inc. is revolutionising the way we think about energy storage and generation.

As a winner of the Thinking Critical South Australia challenge, NDB Inc. is leading the way in innovative solutions for the semiconductor, energy, and battery industries: https://t.co/MEKKDTQob7 pic.twitter.com/t6wEq3mPTI

- Unearthed (@Unearthed_S) January 9, 2023

NDB may be helpful in a diverse variety of applications. Thus, expanding the business into new areas drives revenue growth.

NBD may move into several new markets every year. The business's move into these new markets is expected to be a big step forward, leading to a sharp rise in both the number of employees and the revenue.

Our product lines are made for industries that use regular batteries as a power source or for companies that provide power to other businesses.

**Space:** The need for long-lasting power sources has given our products a great market. Since NDB's proposed energy solutions don't depend on external conditions, they can be used for satellites and other space electronics.

**Defense:** Most defense systems use miniature batteries to power the sensors embedded within them. They need to be monitored and replaced once it is discharged. Replacing them with NDB would be beneficial in cutting the maintenance costs of the systems.

**Aviation:** The aviation industry uses many sensors. These sensors consume little energy, but they must be consistent and reliable. NDB can play a role in powering applications in the aviation industry.

**Internet of Things:** IoT devices are either powered by batteries that need to be replaced once they are completely discharged, or they need to be connected to the electrical grid. NDB may transform them into remote devices.

**Health:** NDB may power invasive medical devices like pacemakers and non-invasive ones like hearing aids, so patients don't have to constantly charge their devices. Exoskeletons and bionic prostheses are two further examples, besides intrusive devices.

**Consumer electronics:** NDB may open up new possibilities in the consumer electronics market because they can give devices like cell phones, laptops, and more a longer charge life.

**Remote workstations:** NDB, particularly its Volta product line, can power remote places that aren't connected to the power grid.

**Data centers:** Data centers are becoming the most energy-consuming structures, and the demand will increase exponentially. As a result, a stable energy supply is required. NDB, particularly its Volta product line, has an excellent opportunity to be the source.

**Industrial or residential power generation:** One of the cities' extensive causes of high population density is access to electricity. Living off the grid may disperse the population density worldwide. NDB, particularly its Volta product line, can help in achieving this.

## Market by 2028

![img-13.jpeg](img-13.jpeg)

## Competition

The battery and energy industries are subject to rapid and intense technological and regulatory changes.

We face and will continue to face competition in the development and marketing of our products and services from energy companies, research institutions, government agencies, and academic institutions.

![img-14.jpeg](img-14.jpeg)

NDB's innovative battery approach will provide stable power capturing the energy released through the decay of radioactive material. South Australia is a leading center for innovation, startups and R&D in the green energy and critical mineral supply chain.

Attracting NDB to work with our best and brightest and join this driving ecosystem is something we very much look forward to.

- Alex Blood, Executive director, Mineral Resources Department for Energy and Mining
Government of South Australia

Our ability to obtain and maintain a competitive position in these markets will depend on the level of competition in the markets in which we operate, other battery development technologies, and environmentally friendly production processes.

NDB currently has several competitors in the battery industry, many with proprietary technology.

Competitors will include startups and manufacturers of Li-ion batteries and fossil fuel-based technologies. NDB can outcompete them through the technological advances that it strives to achieve.

In theory, the charge density of our product is what sets it apart from other batteries and energy technologies. The ability of the NDB Cell to generate power throughout its lifetime differentiates it from conventional batteries.

For example, Li-ion batteries may run out of charge in smartphones after a day. NDB, on the other hand, is a perpetual battery solution during the device's lifetime.

The world's top companies are taking action now to reach net-zero carbon by 2040

![img-15.jpeg](img-15.jpeg)

![img-16.jpeg](img-16.jpeg)

Founded by Amazon
& OutrageOptimism

The position of the NDB on environmental sustainability is essential. The fast growth of NDB may be a good sign that the company has the potential to become a leader in its field.

Welcome to the Pledge! We're so glad to have you on board.

- The Climate Pledge (@climatepledge) October 29, 2021

NDB requires more in-depth knowledge of its base material for the transducer compared to the current Li-ion workaround. There are fewer talents capable of developing it.

Also, this technology was made possible by the improvement of nanofabrication techniques that were not available before, such as chemical vapor deposition and metallization.

Li-ion is made from a toxic base material and has many problems that people don't have with fossil fuels, like short battery life. In other words, consumers are forced to go backward regarding convenience and capability.

Disclaimer: The information contained in the diagram below does not suggest or imply and should not be construed, in any manner, as a guarantee of future performance. All pictures and diagrams shown are for illustration purposes only. The actual product varies.

![img-17.jpeg](img-17.jpeg)

## Traction & Customers

Because the NDB has the potential to be a new, sustainable energy source, some of the best research institutions and companies in the world have expressed their interest in helping bridge the gap between the prototype and the finished product.

![img-18.jpeg](img-18.jpeg)

NDB became the grand winner of the Orano International Startup Call for providing the most innovative and practical energy solution out of 8,000 competitors from all around the world. As a result, NDB was granted a highly selective accreditation from Orano (formerly Areva), a French nuclear power giant.

A #nuclearwaste battery that never runs out?

Celebrating #NationalBatteryDay, we're proud supporters of

@ndbtechnology's Diamond Nuclear Voltaic battery converting #radiation to electricity. #itsonlywasteifyouwasteit https://t.co/Bpj4WRfDGI https://t.co/K4LKO3K14s

- Orano U.S. (@Orano_usa) February 18, 2021

In 2020, NDB joined the Alchemist Accelerator because it has helped grow companies like Skype, Tesla, and Baidu that have changed the game. NDB was selected as one of the top candidates among 800+ applicants.

NDB became part of Polihub in Italy to expand its activities in Europe. The UBI Index 2019-2020 says that Polihub is one of the top five university incubators in the world. Its primary focus areas are the automotive industry, aerospace, and medical applications. Polihub is the ideal place to grow innovative ideas into high-profile businesses in technology.

NDB was recently recognized by the government of South Australia and won the Thinking Critical South Australia challenge as a possible solution to the world's energy problem. As a winner, the company's expansion to South Australia is supported by several organizations, such as the Government of South Australia, the Department for Energy and Mining, the Department for Trade and Investment, the University of Adelaide, and the University of South Australia.

![img-19.jpeg](img-19.jpeg)

Nano Diamond Battery (NDB) was selected as the energy/energy technology business of 2022 by the International Trade Council. The Go Global Award is given to companies, organizations, and individuals who, despite difficult circumstances, are committed to innovation and perseverance.

![img-20.jpeg](img-20.jpeg)

![img-21.jpeg](img-21.jpeg)

## Investors

We have raised $1,646,832 from previous offerings and now have 83 existing shareholders, including Alchemist Accelerator.

I've invested in a number of startup companies that are developing products to improve the world. The people at NDB are working to not just improve but literally transform the world for everyone.

Bringing any new technology to market involves risk and the Nano Diamond Battery is no different, but the benefits to humanity itself will be enormous if successful. So far, everyone I have interacted with at NDB Inc. has imparted confidence that they have the vision, have the realism, and have the determination to bring this to market.

As one of their earliest investors I look forward to their continuing progress. If successful, NDB won't be compared as the next Google, Uber, Facebook, or Airbnb but rather as the next fire or wheel.

- Brent W. Weeks from Seattle WA

The Nuclear Diamond Battery is a paradigm shifting product that will change all of our lives!

-Frederick Dembowski from Florida

This product will be revolutionary. I think NDB will write an important page in the history of technology, and I am proud of being a word in that page.

- Davide Brunesso from Italy

NDB has the potential to revolutionize the battery industry and to turn the rather hazardous nuclear fuel waste handling into a safe circular economy.

Nano diamond batteries can make the annoying and time consuming need for charging a thing of the past for a lot of the small hand-held devices and appliances we use in our daily life as well as the sometimes cumbersome and 'potential-source-of-failure' power cable requirement for critical and remote sensing devices used in many industries.

Not only as a proud investor but also as a consumer, I can't really wait to see the first NDB products on the market.

- Safak Okay Barutcu from Dubai

## Use of the proceeds

The figures below are estimates and may change due to strategic, economic, and/or other factors.

## Use of the proceeds

The figures below are estimates and may change due to strategic, economic, and/or other factors.

![img-22.jpeg](img-22.jpeg)

## Terms

The minimum amount the Company is trying to raise in this offering, our 'target amount', is $10,000 of Preferred Class A Shares at $6.25 per share.

If we have not raised at least the target amount by June 30th, 2023, our 'offering deadline' - then we will terminate the offering and return all the money to investors.

Investments made by our principals and affiliates will count toward reaching the target amount.

If we do raise the target amount by the offering deadline then we will take the money raised and begin to use it. We will also continue trying to raise money up to our $5,000,000 maximum.

## Risks

Please be sure to read and review the Offering Statement. A crowdfunding investment involves risk. You should not invest any funds in this offering unless you can afford to lose your entire investment.

In making an investment decision, investors must rely on their examination of the issuer and the terms of the offering, including the merits and risks involved. These securities have not been recommended or approved by any federal or state securities commission or regulatory authority. The U.S. Securities and Exchange Commission does not pass upon the merits of any securities offered or the terms of the offering, nor does it pass upon the accuracy or completeness of any offering document or literature.

These securities are offered under an exemption from registration; however, the U.S. Securities and Exchange Commission has not made an independent determination that these securities are exempt from registration.

Neither PicMi Crowdfunding nor any of its directors, officers, employees, representatives, affiliates, or agents shall have any liability whatsoever arising from any error or incompleteness of fact or opinion in, or lack of care in the preparation or publication of, the materials and communication herein or the terms or valuation of any securities offering.

The information contained herein includes forward-looking statements. These statements relate to future events or future financial performance and involve known and unknown risks, uncertainties, and other factors that may cause actual results to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties, and other factors, which are, in some cases, beyond the company's control and which could, and likely will materially affect actual results, levels of activity, performance, or achievements. Any forward-looking statement reflects the current views with respect to future events and is subject to these and other risks, uncertainties, and assumptions relating to operations, results of operations, growth strategy, and liquidity. No obligation exists to publicly update or revise these forward-looking statements for any reason or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

Virtual Business Pitch Team About Communication Channel Updates

**Dr. Nima Golsharifi**

CEO

Background

Dr. Nima Golsharifi is a serial entrepreneur who has consistently transferred his leadership skills to grow companies by implementing fresh ideas since the age of 17. His expertise in nanotechnology, specifically energy storage devices, diamond electronics, and semiconductors, led to several publications and presentations at various international symposiums and conferences. As a technical leader, he worked on projects such as Lockheed's energy storage program, among others, during his career. Dr. Nima Golsharifi understands what it takes to lead and build critical deep-technology products. Have three patent applications for original intellectual property contributions and received 17+ citations to his scholarly publications.

**Sir Prof. Michael Pepper**

CTO

Background

Sir Prof. Michael Pepper is a physicist notable for his work in semiconductor nanostructures. He was one of three authors on the paper that eventually brought a Nobel prize for the quantum Hall effect to Klaus von Klitzing. Sir Michael formed the Semiconductor Physics research group at the Cavendish Laboratory in 1984, and was appointed as Professorship of Physics. In 1991, he was appointed managing director of the newly established Toshiba Cambridge Research Centre. In 2001, he was appointed Scientific Director of TeraView. He became the Pender Chair of Nanoelectronics at UCL in 2009. He was sitting on the Scientific Advisory Committee of Australia's ARC Centre of Excellence in Future Low-Energy Electronics Technologies.

**Giorgi Gogokhia**

COO

Background

Mr. Giorgi Gogokhia brings with him a wealth of knowledge in both law and management from his previous roles. He is an excellent communicator, a strong leader, and a goal-oriented businessman who can keep vital operations running smoothly, develop innovative methods, and oversee all aspects of day-to-day operations. Hence, it is no surprise that his exceptional demeanor gained him a solid reputation among team members. Giorgi graduated from top-tier law schools, where he earned a double master's degree in law. Over the years, Giorgi has traveled the world for both management workshops and conferences. He also had the chance to gain actual working experience through his previous management roles. Giorgi is skilled in management, IP law, corporate law, and contracts. Strong leadership, organizational, and managerial skills were honed when he led multiple projects for the ORB conglomerate in the fields of software development and the medical sector. Giorgi has established legal knowledge, professional abilities, and a capacity for critical thinking.

**Toktam Nezakati**

BDA

Background

Dr. Toktam Nezakati is a Silicon Valley-based researcher and executive. As business development advisor at NDB, she utilizes her interdisciplinary skills in bridging technology and business. Toktam was a researcher at Stanford, a hardware Scientist at NASA's Ames Research, and an engineer at Google. Dr. Nezakati, in addition to her hardware R&D skills, is also enthusiastic about AI and ML for business, fintech, biotech, satellite, and aerospace technology. Dr. Nezakati holds several publications and patents.

Virtual Business Pitch Team About Communication Channel Updates

**Legal Company Name**

**NDB**

**Location**

**50 California Street**
**Suite 1500**
**San Francisco, California 94111**

**Number of Employees**

**17**

**Incorporation Type**

**C-Corp**

**State of Incorporation**

**Wyoming**

**Date Founded**

**February 4, 2019**

# Exhibit B

### *Subscription Agreement*

#### NDB, Inc. Class A Convertible Preferred Stock Subscription Agreement

The undersigned ('**Subscriber**') hereby tenders this subscription ('**Subscription Agreement**') to NDB, Inc. a Wyoming Corporation (the '**Company**'), on the terms and conditions set forth below:

1.  **Subscription.** Subject to the terms and conditions of this Subscription Agreement, Subscriber hereby: (a) subscribes to purchase from the Company the number of shares of Class A Convertible Preferred Stock of the Company (the '**Preferred Stock**') set forth on the signature page of this Subscription Agreement (the '**Shares**'); and (b) agrees to pay to the Company, upon Subscriber's execution of this Subscription Agreement, an amount equal to $6.25 per Share (the '**Purchase Price**'), via check, wire transfer, ACH, or Debit/Credit Card to the Company.

a.  By executing this Subscription agreement, Subscriber acknowledges that Subscriber has received this Subscription agreement, a copy of the Offering Statement filed with the SEC and any other information required by the Subscriber to make an investment decision.

b.  The aggregate number of Securities sold shall not exceed 800,000 shares (the 'Oversubscription Offering'). The Company may accept subscriptions until June 30th, 2023, (the 'Offering Deadline'). Provided that subscriptions for 1,600 shares ($10,000 in investments) are received (the 'Target Offering Amount'), the Company may elect at any time to close all or any portion of this offering, on various dates at or prior to the Offering Deadline (each a 'Closing Date').

2.  **Acceptance.** The Company has the right to accept or reject Subscriber's subscription in its sole and absolute discretion. The subscription will be accepted only when the Company countersigns this Subscription Agreement. Subscriber understands and agrees that, if this Subscription Agreement is accepted, it may not be cancelled, revoked or withdrawn by Subscriber. If this offer to buy Shares is rejected by the Company or is withdrawn by Subscriber in writing prior to acceptance by the Company, such portion of the Purchase Price as has been received by the Company in connection with this Subscription Agreement will be returned to Subscriber without interest, and Subscriber will cease to have any interest in, or rights with respect to, the Shares.

3.  **Purchase Procedure.**

a.  **Payment.** The purchase price for the Securities shall be paid simultaneously with the execution and delivery to the Company of the signature page of this Subscription Agreement, which signature and delivery may take place through digital online means. Subscriber shall deliver a signed copy of this Subscription Agreement, along with payment for the aggregate purchase price of the Securities in accordance with the online payment process established by the intermediary.

b.  **Escrow arrangements.** Payment for the Securities shall be received by Enterprise Bank & Trust (the '**Escrow Agent**') from the undersigned by transfer of immediately available funds or other means approved by the Company prior to the applicable closing. Upon such Closing, the

Escrow Agent shall release such funds to the Company. The undersigned shall receive notice upon Closing.

4.  **Representations, Warranties and Agreements.** Subscriber makes the following representations, warranties, acknowledgments and agreements in order to induce the Company to accept this subscription:

(a) **Authorization.** Subscriber has full power and authority to enter into this Subscription Agreement, and when executed and delivered by Subscriber, will constitute valid and legally binding obligations of Subscriber, enforceable in accordance with their terms, except as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and any other laws of general application affecting enforcement of creditors' rights generally, and as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies.

(b) **Purchase Entirely for Own Account.** This Subscription Agreement is made with Subscriber in reliance upon Subscriber's representation to the Company, which by Subscriber's execution of this Subscription Agreement, Subscriber

hereby confirms, that the Shares to be acquired by Subscriber will be acquired for investment for Subscriber's own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and that Subscriber has no present intention of selling, granting any participation in, or otherwise distributing the same in violation of applicable securities laws. By executing this Subscription Agreement, Subscriber further represents that Subscriber does not presently have any contract, undertaking, agreement or arrangement with any person or entity to sell, transfer or grant participations to such person or entity or to any third person or entity, with respect to any of the Shares. In an entity, Subscriber has not been formed for the specific purpose of acquiring the Shares.

(c) Disclosure of Information. Subscriber and his, her or its attorneys and/or advisors have had an opportunity to obtain information concerning the Company and have had an opportunity to ask questions of and receive answers from authorized representatives of the Company concerning the Company, the offering and sale of the Shares and any other relevant matters pertaining to this investment, and in all instances have been afforded the opportunity to obtain such additional information as necessary to verify the accuracy of the information that was otherwise provided.

Subscriber has read the Offering Statement. Subscriber understands that the Company is subject to all the risks that apply to early-stage companies, whether or not those risks are explicitly set out in the Offering Statement. Subscriber acknowledges that except as set forth herein, no representations or warranties have been made to Subscriber, or to Subscriber's advisors or representative, by the Company or others with respect to the business or prospects of the Company or its financial condition.

(d) Restricted Securities. Subscriber understands that the Shares have not been, and will not be, registered under the Securities Act, by reason of a specific exemption from the registration provisions of the Securities Act which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of Subscriber's representations as expressed herein.

Subscriber understands that the Shares are "restricted securities" under applicable U.S. federal and state securities laws and that, pursuant to these laws, Subscriber must hold the Shares indefinitely unless they are registered with the Securities and Exchange Commission and qualified by state authorities, or an exemption from such registration and qualification requirements is available. Subscriber acknowledges that the Company has no obligation to register or qualify the Shares for resale. Subscriber further acknowledges that if an exemption from registration or qualification is available, it may be conditioned on various requirements including, but not limited to, the time and manner of sale, the holding period for the Shares, and on requirements relating to the Company which are outside of Subscriber's control, and which the Company is under no obligation and may not be able to satisfy.

(e) Illiquidity and Continued Economic Risk. Subscriber acknowledges and agrees that there is no ready public market for the Securities and that there is no guarantee that a market for their resale will ever exist. Subscriber must bear the economic risk of this investment indefinitely and the Company has no obligation to list the Securities on any market or take any steps (including registration under the Securities Act or the Securities Exchange Act of 1934, as amended) with respect to facilitating trading or resale of the Securities. Subscriber acknowledges that Subscriber is able to bear the economic risk of losing Subscriber's entire investment in the Securities. Subscriber also understands that an investment in the Company involves significant risks and has taken full cognizance of and understands all of the risk factors relating to the purchase of Securities.

Subscriber is aware of the adoption of Rule 144 by the Securities and Exchange Commission under the Securities Act, which permits limited public resales of securities acquired in a non- public offering, subject to the satisfaction of certain conditions, including (without limitation) the availability of certain current public information about the issuer, the resale occurring only after the holding period required by Rule 144 has been satisfied, the sale occurring through an unsolicited "broker's transaction," and the amount of securities being sold during any three- month period not exceeding specified limitations. Subscriber acknowledges and understands that the conditions for resale set forth in Rule 144 have not been satisfied and that the Company has no plans to satisfy these conditions in the foreseeable future.

Subscriber agrees that during the one-year period beginning on the date on which it acquired Securities pursuant to this Subscription Agreement, it shall not transfer such Securities except:

- (i) To the Company;
- (ii) To an "accredited investor" within the meaning of Rule 501 of Regulation D under the Securities Act
- (iii) As a part of an offering registered under the Securities Act with the SEC; or
- (iv) To a member of the Subscriber's family or the equivalent, to a trust controlled by the Subscriber, to a trust created for the benefit of a member of the family of the Subscriber or equivalent, or in connection with the death or divorce of the

Subscriber or other similar circumstance.

(f) **No Violations.** Subscriber will not sell, transfer, or otherwise dispose of the Shares in violation of this Subscription Agreement, the Securities Act, the Securities 3 Exchange Act of 1934, or the rules promulgated thereunder, including Rule 144 under the Securities Act.

(g) **Securities Law Restrictions.** Regardless of whether the offering and sale of Shares under this Subscription Agreement have been registered under the Securities Act or have been registered or qualified under the securities laws of any state, the Company at its discretion may impose restrictions upon the sale, pledge or other transfer of the Shares (including the placement of appropriate legends on stock certificates, if any, or the imposition of stop-transfer instructions) if, in the judgment of the Company, such restrictions are necessary or desirable in order to achieve compliance with the Securities Act, the securities laws of any state or any other law.

(h) **Rights of the Company.** The Company shall not be required to (i) transfer on its books any Shares that have been sold or transferred in contravention of this Subscription Agreement or (ii) treat as the owner of Shares, or otherwise to accord voting, dividend or liquidation rights to, any transferee to whom Shares have been transferred in contravention of this Subscription Agreement.

(i) **No Public Market.** Subscriber understands that no public market now exists for the Shares, and that the Company has made no assurances that a public market will ever exist for the Shares.

(j) **Legends.** Subscriber understands that the Shares are issued and issuable in uncertificated form, but that the Board of Directors of the Company may authorize the issuance of stock certificates at any time, and if so authorized, such stock certificates representing the Shares will bear such legend as the Board of Directors of the Company then determines appropriate, including the following example legend:

'THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH TRANSFER MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933.'

(k) **Investor Limits.** Subscriber is either an accredited investor as defined in Rule 501(a) of Regulation D promulgated under the Securities Act or is investing within their investor limits as defined in 4(a)(6) of Regulation CF.

(l) **Speculative Investment.** Subscriber is aware that an investment in the Shares is highly speculative and Subscriber could lose his, her or its entire investment and Subscriber's financial condition is such that Subscriber is able to bear the economic risks of investment in the Shares, including the risk of loss of Subscriber's entire investment in the Shares should the Shares become worthless, taking into consideration the limitations on resale of the Shares.

(m) **Financial Experience.** Subscriber, by reason of his, her or its business or financial experience or by reason of the business or financial experience of his, her or its 4 financial advisor is capable of evaluating the risks and merits of an investment in the Shares and of protecting his, her or its own interests in connection with this investment.

(n) **Residence.** If Subscriber is an individual, then Subscriber resides in the state identified in the address of Subscriber set forth on the signature page of this Subscription Agreement; if Subscriber is a partnership, corporation, limited liability company or other entity, then the office or offices of Subscriber in which its principal place of business is identified in the address or addresses of Subscriber set forth on the signature page of this Subscription Agreement.

(o) **Indemnification.** Subscriber agrees to indemnify, defend and hold harmless the Company and its shareholders, directors, officers, employees, agents and representatives from and against all damages, losses, costs and expenses (including reasonable attorneys' fees) which they may incur by reason of the failure of Subscriber to fulfill any of the terms or conditions of this Subscription Agreement, or by reason of or attributable to any breach of the representations and warranties made by Subscriber herein, or in any document provided by Subscriber to the Company or the fact that any of such representations and warranties or acknowledgments and understandings set forth herein or therein are untrue or without adequate factual basis to be considered true and not misleading.

(p) **Choice of Law.** This Subscription Agreement, its construction and the determination of any rights, duties or remedies

of the parties arising out of, or relating to, this Subscription Agreement shall be governed by the internal laws of the State of Wyoming.

(q) **Entire Agreement.** The terms of this Subscription Agreement are intended by the parties as the final expression of their agreement with respect to the terms included in this Subscription Agreement and may not be contradicted by evidence of any prior or contemporaneous agreement, arrangement, understanding, representations, warranties, covenants, or negotiations (whether oral or written).

(r) **No Waiver.** No waiver or modification of any of the terms of this Subscription Agreement shall be valid unless in writing. No waiver of a breach of, or default under, any provision of this Subscription Agreement shall be deemed a waiver of such provision or of any subsequent breach or default of the same or similar nature or of any other provision or condition of this Subscription Agreement.

(s) **Counterparts.** This Subscription Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

(t) **Electronic Execution.** A signed copy of this Subscription Agreement, including in Portable Digital Format (.pdf) or other digital format, delivered by facsimile, e-mail or other means of electronic transmission shall be deemed to have the same legal effect as delivery of an original signed copy of this Subscription Agreement.

(u) **Expenses.** Each party shall pay all of the costs and expenses that it incurs with respect to the negotiation, execution, delivery, and performance of this Subscription Agreement.

(v) **Survival.** All representations, warranties and covenants contained in this Subscription Agreement shall survive acceptance of the subscription.

(w) **Gender and Number.** Terms used in this Subscription Agreement in any gender or in the singular or plural include other genders and the plural or singular, as the context may require. If Subscriber is an entity, all reference to 'him' and 'his' or 'her' and 'hers' shall be deemed to include 'it' or 'its' and vice versa.

(x) **Foreign Investors.** If Subscriber is not a United States person (as defined by Section 7701(a)(30) of the Internal Revenue Code of 1986, as amended), Subscriber hereby represents that it has satisfied itself as to the full observance of the laws of its jurisdiction in connection with any invitation to subscribe for the Securities or any use of this Subscription Agreement, including (i) the legal requirements within its jurisdiction for the purchase of the Securities, (ii) any foreign exchange restrictions applicable to such purchase, (iii) any governmental or other consents that may need to be obtained, and (iv) the income tax and other tax consequences, if any, that may be relevant to the purchase, holding, redemption, sale, or transfer of Securities. Subscriber's subscription and payment for and continued beneficial ownership of the Securities will not violate any applicable securities or other laws of the Subscriber's jurisdiction.

Subscriber maintains Subscriber's domicile (and is not a transient or temporary resident) at the address shown on the signature page.

# **NDB, Inc.**

# **SUBSCRIPTION AGREEMENT SIGNATURE PAGE**

The undersigned, desiring to purchase Preferred of NDB, Inc. by executing this signature page, hereby executes, adopts and agrees to all terms, conditions and representations of the Subscription Agreement.

The Securities being subscribed for will be owned by, and should be recorded on the Corporation's books as follows:

Full legal name of Subscriber
(including middle name(s), for individuals):

Number of securities: **Preferred**
Aggregate Subscription Price: **$0.00 USD**

(Name of Subscriber)

# **TYPE OF OWNERSHIP:**

By:
(Authorized Signature)

If the Subscriber is individual:
*Individual*
*Joint Tenant*
*Tenants in Common*
*Community Property*

(Official Capacity or Title, if the Subscriber is not an individual): If the Subscriber is not an individual:

Name of individual whose signature appears above if different than the name of the Subscriber printed above.)

(Subscriber's Residential Address, including Province/State and Postal/Zip Code)

Taxpayer Identification Number (Telephone Number)

# **(Offline Investor)**

(E-Mail Address)

If interests are to be jointly held:

Name of the Joint Subscriber:

Social Security Number of the Joint Subscriber:

Check this box is the securities will be held in a custodial account: ☐

Type of account:

EIN of account:

Address of account provider:

# **ACCEPTANCE**

The Corporation hereby accepts the subscription as set forth above on the terms and conditions contained in this Subscription Agreement.

Dated as of

By: **NDB, Inc.**

Authorized Signing Officer

# **U.S. INVESTOR QUESTIONNAIRE**

EITHER (i) The undersigned is an accredited investor (as that term is defined in Regulation D under the Securities Act because the undersigned meets the criteria set forth in the following paragraph(s) of Appendix A attached hereto: ☐

OR (ii) The aggregate subscription amount of 0.00 USD (together with any previous investments in the Securities pursuant to this offering) does not exceed the Investor's limit of 0.00 in this offering, not the Investor's total limit for investment in offerings under rule Section 4(a)(6) of the Securities Act of 1933, as amended, being Regulation CF. in the last 12 months.

**Aggregate subscription amount invested in this offering: 0.00 USD**

**The Investor either has ☐ or has not ☐ invested in offerings under Section 4(a)(6) of the Securities Act of 1933, as amended, being Regulation CF. in the last 12 months prior to this offering. If yes, the total amount the Investor has invested in offerings under Section 4(a)(6) of the Securities Act of 1933, as amended, being Regulation CF in the last 12 months prior to this offering is: USD**

**The Investor's investment limit for this offering is: 0.00USD**

**The Investor's investment limit for all offerings under Section 4(a)(6) of the Securities Act of 1933, as amended, being Regulation CF. in the last 12 months, including this offering is: 0.00USD**

**The Investor's net worth (if not an accredited investor): USD The Investor's income (if not an accredited investor):**

**USD**

If selected (a) above, the Investor hereby represents and warrants that that the Investor is an Accredited Investor, as defined by Rule 501 of Regulation D under the Securities Act of 1933, and Investor meets at least one (1) of the following criteria (initial all that apply) or that Investor is an unaccredited investor and meets none of the following criteria (initial as applicable):

☐ The Investor is a natural person (individual) whose own net worth, taken together with the net worth of the Investor's spouse or spousal equivalent, exceeds US$1,000,000, excluding equity in the Investor's principal residence unless the net effect of his or her mortgage results in negative equity, the Investor should include any negative effects in calculating his or her net worth.

☐ The Investor is a natural person (individual) who had an individual income in excess of US$200,000 (or joint income with the Investor spouse or spousal equivalent in excess of US$300,000) in each of the two previous years and who reasonably expects a gross income of the same this year.

☐ The Investor is an entity as to which all the equity owners are Accredited Investors. If this paragraph is initialed, the Investor represents and warrants that the Investor has verified all such equity owners' status as an Accredited Investor.

☐ The Investor is either (i) a corporation, (ii) an organization described in Section 501(c)(3) of the Internal Revenue Code, (iii) a trust, or (iv) a partnership, in each case not formed for the specific purpose of acquiring the securities offered, and in each case with total assets in excess of US$5,000,000.

The Investor is not an Accredited Investor and does not meet any of the above criteria.

DATED:

INVESTOR:

(Print Full Name of Entity or Individual)

By: (Signature)

Name: (If signing on behalf of entity) Title: (If signing on behalf of entity)

# INTERNATIONAL INVESTOR CERTIFICATE

## FOR SUBSCRIBERS RESIDENT OUTSIDE OF CANADA AND THE UNITED STATES

**TO: NDB, Inc.** (the '**Corporation**')

The undersigned (the '**Subscriber**') represents covenants and certifies to the Corporation that:

1. i. the Subscriber (and if the Subscriber is acting as agent for a disclosed principal, such disclosed principal) is not resident in Canada or the United States or subject to applicable securities laws of Canada or the United States;
2. ii. the issuance of the securities in the capital of the Corporation under this agreement (the '**Securities**') by the Corporation to the Subscriber (or its disclosed principal, if any) may be effected by the Corporation without the necessity of the filing of any document with or obtaining any approval from or effecting any registration with any governmental entity or similar regulatory authority having jurisdiction over the Subscriber (or its disclosed principal, if any);
3. iii. the Subscriber is knowledgeable of, or has been independently advised as to, the applicable securities laws of the jurisdiction which would apply to this subscription, if there are any;
4. iv. the issuance of the Securities to the Subscriber (and if the Subscriber is acting as agent for a disclosed principal, such disclosed principal) complies with the requirements of all applicable laws in the jurisdiction of its residence;
5. v. the applicable securities laws do not require the Corporation to register the Securities, file a prospectus or similar document, or make any filings or disclosures or seek any approvals of any kind whatsoever from any regulatory authority of any kind whatsoever in the international jurisdiction;
6. vi. the purchase of the Securities by the Subscriber, and (if applicable) each disclosed beneficial subscriber, does not require the Corporation to become subject to regulation in the Subscriber's or disclosed beneficial subscriber's jurisdiction, nor does it require the Corporation to attorn to the jurisdiction of any governmental authority or regulator in such jurisdiction or require any translation of documents by the Corporation;
7. vii. the Subscriber will not sell, transfer or dispose of the Securities except in accordance with all applicable laws, including applicable securities laws of Canada and the United States, and the Subscriber acknowledges that the Corporation shall have no obligation to register any such purported sale, transfer or disposition which violates applicable Canadian or United States securities laws; and
8. viii. the Subscriber will provide such evidence of compliance with all such matters as the Corporation or its counsel may request.

The Subscriber acknowledges that the Corporation is relying on this certificate to determine the Subscriber's suitability as a purchaser of securities of the Corporation. The Subscriber agrees that the representations, covenants and certifications contained to this certificate shall survive any issuance of Securities and warrants of the Corporation to the Subscriber.

The statements made in this Form are true and accurate as of the date hereof. DATED:

INVESTOR:

(Print Full Name of Entity or Individual)

By:

(Signature) Name:

(If signing on behalf of entity) Title:

(If signing on behalf of entity)

# AML CERTIFICATE

By executing this document, the client certifies the following:

## If an Entity:

1. 1. I am the of the Entity, and as such have knowledge of the matters certified to herein;
2. 2. the Entity has not taken any steps to terminate its existence, to amalgamate, to continue into any other jurisdiction or to change its existence in any way and no proceedings have been commenced or threatened, or actions taken, or resolutions passed that could result in the Entity ceasing to exist;
3. 3. the Entity is not insolvent and no acts or proceedings have been taken by or against the Entity or are pending in connection with the Entity, and the Entity is not in the course of, and has not received any notice or other communications, in each case, in respect of, any amalgamation, dissolution, liquidation, insolvency, bankruptcy or reorganization involving the Entity, or for the appointment of a receiver, administrator, administrative receiver, trustee or similar officer with respect to all or any of its assets or revenues or of any proceedings to cancel its certificate of incorporation or similar constating document or to otherwise terminate its existence or of any situation which, unless remedied, would result in such cancellation or termination;
4. 4. the Entity has not failed to file such returns, pay such taxes, or take such steps as may constitute grounds for the cancellation or forfeiture of its certificate of incorporation or similar constating document;
5. 5. **if required, the documents uploaded to the DealMaker portal** are true certified copies of the deed of trust, articles of incorporation or organization, bylaws and other constating documents of the Entity including copies of corporate resolutions or by-laws relating to the power to bind the Entity;
6. 6. The Client is the following type of Entity:
7. 7. The names and personal addresses as applicable for the entity in **Appendix 1** are accurate.

## All subscribers:

DealMaker Account Number: (Offline Investor)

If I elect to submit my investment funds by an electronic payment option offered by DealMaker, I hereby agree to be bound by DealMaker's Electronic Payment Terms and Conditions (the 'Electronic Payment Terms'). I acknowledge that the Electronic Payment Terms are subject to change from time to time without notice.

Notwithstanding anything to the contrary, an electronic payment made hereunder will constitute unconditional acceptance of the Electronic Payment Terms, and by use of the credit card or ACH/EFT payment option hereunder, I: (1) authorize the automatic processing of a charge to my credit card account or debit my bank account for any and all balances due and payable under this agreement; (2) acknowledge that there may be fees payable for processing my payment; (3) acknowledge and agree that I will not initiate a chargeback or reversal of funds on account of any issues that arise pursuant to this investment and I may be liable for any and all damages that could ensue as a result of any such chargebacks or reversals initiated by myself.

DATED:

INVESTOR:

(Print Full Name of Investor)

By:

(Signature)

Name of Signing Officer (if Entity):

Title of Signing Officer (if Entity):

# Appendix 1 - Subscriber

## Information For the Subscriber and Joint Holder (if applicable)

| Name | Address | Date of Birth (if an Individual) | Taxpayer Identification Number |
| --- | --- | --- | --- |

## For a Corporation or entity other than a Trust (Insert names and addresses below or attach a list)

1. One Current control person of the Organization:

| Name | Address | Date of Birth | Taxpayer Identification Number |
| --- | --- | --- | --- |

2. Unless the entity is an Estate or Sole Proprietorship, list the Beneficial owners of, or those exercising direct or indirect control or direction over, more than 25% of the voting rights attached to the outstanding voting securities or the Organization:

| Name | Address | Date of Birth | Taxpayer Identification Number |
| --- | --- | --- | --- |

## For a Trust (Insert names and addresses or attach a list)

1. Current trustees of the Organization:

| Name | Address | Date of Birth | Taxpayer Identification Number |
| --- | --- | --- | --- |

**Attachment 2:** `incoporationndb.pdf`

Wyoming

Wyoming Secretary of State

Herschler Building East, Suite 101

122 W 25th Street

Cheyenne, WY 82002-0020

Ph. 307.777.7311

Email: Business@wyo.gov

WY Secretary of State

FILED: 09/16/2022 11:08 AM

ID: 2022-001160880

## Foreign Profit Corporation
Articles of Continuance

Pursuant to W.S. 17-16-1810 the undersigned hereby submits the following Articles of Continuance:

1. Corporation name:

NDB INC.

2. Incorporated under the laws of: California

(State or country)

3. Date of incorporation: 02/04/2019

(Date - mm/dd/yyyy)

4. Period of duration: Perpetual

(This is referring to the length of time the corporation intends to exist and not the length of time it has been in existence. The most common term used is "perpetual.")

5. Mailing address of the corporation:

36 Shadow Brook Lane

Lander, WY 82520

6. Principal office address:

36 Shadow Brook Lane

Lander, WY 82520

![img-0.jpeg](img-0.jpeg)

7. Name and physical address of its registered agent:

(The registered agent may be an individual resident in Wyoming or a domestic or foreign business entity authorized to transact business in Wyoming. The registered agent must have a physical address in Wyoming. If the registered office includes a suite number, it must be included in the registered office address. A Drop Box is not acceptable. A PO Box is acceptable if listed in addition to a physical address.)

Name:

Wyoming Discount Registered Agent, Inc.

Address:

36 Shadow Brook Lane

Lander, WY 82520

(If mail is received at a Post Office Box, please list above in addition to the physical address.)

FP-ArticlesContinuance - Revised June 2021

8. Purpose of the corporation which it proposes to pursue in the transaction of business in this state:

Any legal purpose.

9. Names and respective addresses of its officers and directors:

| Office | Name | Address |
| --- | --- | --- |
| President | Giorgi Gogokhia | 36 Shadow Brook Lane Lander, WY 82520 |
| Vice President | Nima Golsharifi | 36 Shadow Brook Lane Lander, WY 82520 |
| Secretary |  |  |
| Treasurer |  |  |
| Director | Nima Golsharifi | 36 Shadow Brook Lane Lander, WY 82520 |
| Director | Giorgi Gogokhia | 36 Shadow Brook Lane Lander, WY 82520 |
| Director |  |  |

10. Aggregate number of shares or other ownership units which it has the authority to issue.

(Itemize by classes, par value of shares, shares without par value and series, if any, within a class.)

50,000,000 Authorized Shares

11. Aggregate number of issued shares or other ownership units.

(Itemize by classes, par value of shares, shares without par value and series, if any, within a class.)

50,000,000 Authorized Shares

12. The corporation accepts the constitution of the state of Wyoming in compliance with the requirement of Article 10, Section 5 of the Wyoming Constitution.

FP-ArticlesContinuance - Revised June 2021

13. Certification. (Please check the box to complete the required certification.)

☑ I consent on behalf of the business entity to accept electronic service of process at the required email address provided on the form under the circumstances specified in W.S. 17-28-104(e).

Signature: [Signature]

(Shall be executed by an officer or director of the corporation.)

Print Name: Jacob Heskett

Title: Attorney/officer

Daytime Phone Number: (775) 782-6587

Date: 8/25/2022

(mm/dd/yyyy)

Contact Person: Mary P. Stankuviene

Email: office@stankus.com

(An email address is required. Email(s) provided will receive important reminders, notices and filing evidence.)

State of Oklahoma County of Washington

The foregoing instrument was acknowledged before me by Jacob Heskett

Signatory's Printed Name

J Heskett

Notary Public's Signature

11/13/22

Notary Date (mm/dd/yyyy)

14010393

Notary's Commission Expiration

Notarial Seal

### REQUIRED ATTACHMENT TO INCLUDE WITH THE FILING

- ☑ A certified copy of its original Articles of Incorporation and all amendments currently certified within the last six (6) months by the proper officer of the state or nation of formation.
- ☑ A copy of the company resolution authorizing continuance of the Profit Corporation into Wyoming.

Note: Please provide evidence showing the entity has been dissolved after the continuation into Wyoming has been completed. Copies of the dissolution are acceptable and can be emailed to business@wyo.gov or mailed in.

FP-ArticlesContinuance - Revised June 2021

![img-1.jpeg](img-1.jpeg)

Wyoming Secretary of State
Herschler Building East, Suite 101
122 W 25th Street
Cheyenne, WY 82002-0020
Ph. 307.777.7311
Email: Business@wyo.gov

## Consent to Appointment by Registered Agent

I, Wyoming Discount Registered Agent, Inc.
(name of registered agent), registered office located at

36 Shadow Brook Lane
Lander, Wyoming 82520

voluntarily consent to serve

*(registered office physical address, city, state, & zip)

as the registered agent for NDB Inc.

(name of business entity)

I hereby certify that I am in compliance with the requirements of W.S. 17-28-101 through W.S. 17-28-111.

Signature:

Date: 09/06/2022

(mm/dd/yyyy)

Print Name: Mary Pauline Stankuviene

Daytime Phone: (775) 782-6587

Title: Director

Email: Office@Stankus.com

(An email address is required. Email(s) provided will receive important reminders, notices and filing evidence.)

Registered Agent Mailing Address
(if different than above):

1111 S Roop Street #100
Carson City, Nevada 89702

**IMPORTANT:** If you are an existing registered agent and your existing address on record does not match what is provided on this form, a **Registered Agent Information Update** form is also required.

RAConsent - Revised June 2021

# WRITTEN CONSENT OF DIRECTORS OF
NDB, INC.
#4240954
A CALIFORNIA CORPORATION

August 16, 2022

The undersigned, being all of the Directors of NDB, Inc., a California corporation entity number #4240954 (the "Company"), do hereby adopt by this Written Consent, pursuant to the General Corporation Laws of the State of California and in lieu of a meeting of the Board of Directors of the Company, the Resolutions set forth below, effective immediately.

WHEREAS, the Board of Directors (the "Board") of the Company deem it advisable and in the Company's best interest that the Company complete the domiciliary move from California to Wyoming; and

WHEREAS, the Board of Directors of the Company have determined that it is advisable and in the best interests of the respective shareholders to complete the domiciliary move to Wyoming; and

WHEREAS, the Board of Directors of the Company have received the consent of the majority shareholders of the Company to execute the redomicile.

NOW, THEREFORE, BE IT RESOLVED that the Company be, and it hereby is, authorized to complete the redomicile by filing Articles of Continuation with the Wyoming Secretary of State, together with such other necessary documentation, changes and modifications as the officers of this Company shall, in their sole and absolute discretion, deem appropriate and in the best interest of this Company; and

BE IT FURTHER RESOLVED that the Company will be a Wyoming corporation upon the filing of the Articles of Continuation with its Articles of Incorporation reflecting 50,000,000 shares of authorizes stock, with its registered agent being Wyoming Discount Registered Agent, Inc. Further, the Bylaws shall be updated to reflect the state of incorporation of Wyoming; and

BE IT FURTHER RESOLVED that the Company authorizes its corporate council of Heskett & Heskett, specifically Jacob Heskett, to sign on behalf of the Company such documents required to be original documents by the Wyoming Secretary of State for the sole purpose of effectuating the redomicile. Said authorization shall terminate upon the completion of the redomicile; and

BE IT FURTHER RESOLVED that each and all of the actions of the officers of this Company taken to date in connection with the negotiation, execution and delivery of each document and instrument contemplated herein or related thereto and each of the other actions of such officers associated with the transactions contemplated therein, is hereby ratified and confirmed; and

EXECUTED as of the date set forth above.

\_\_\_\_\_  
Nima Golsharifi, Director

\_\_\_\_\_  
Giorgi Gogokhia, Director

State of Texas County of Dallas

This instrument was acknowledged before me by means of an interactive two-way audio and video communication on August 16, 2022 by NIMA GOLSHARIFI. This notarial act was an online notarization.

GEORGE W POLETES
Notary Public
STATE OF TEXAS
Notary I.D. 13174447-9
My Comm. Exp. Oct. 2, 2022

This notarial act was an online notarization

State of Missouri

County of St. Louis

On August 17, 2022, before me, the undersigned notary, personally appeared by remote online means GIORGI GOGOKHIA,

☐ personally known to me

☑ proved to me through identification documents, which were Georgian Passport

☐ proved to me on the oath or affirmation of _______________, whose identities have been proven to me through identification documents and who have stated to me that they personally know the document signer and are unaffected by the document

to be the person whose name is signed on the preceding or attached document, and acknowledged to me that they signed it voluntarily for its stated purpose

☐ as partner for _________________________, a partnership.)

☐ as _________________________ for _________________________, a corporation.

☐ as attorney in fact for _________________________, the principal.)

☐ as _________________________ for _________________________, (a)(the) _________________________.)

Tonika Nicole Westbrook-Ruiz

Official signature of notary

TONIKA NICOLE WESTBROOK-RUIZ
ELECTRONIC NOTARY PUBLIC - NOTARY SEAL
ST. LOUIS COUNTY - STATE OF MISSOURI
MY COMMISSION EXPIRES: DECEMBER 21, 2024
ID #20652834

EACH SIGNER PERSONALLY APPEARED BY REMOTE ONLINE MEANS

Seal (above)

[LOGO]

# California Secretary of State

Business Programs Division

1500 11th Street, Sacramento, CA 95814

Request Type: Certified Copies

Entity Name: NDB INC.

Formed In: CALIFORNIA

Entity No.: 4240954

Entity Type: Stock Corporation - CA - General

Issuance Date: 08/17/2022

Copies Requested: 1

Receipt No.: 002385473

Certificate No.: 038109126

Document Listing

| Reference # | Date Filed | Filing Description | Number of Pages |
| --- | --- | --- | --- |
| 17081876-1 | 02/04/2019 | Initial Filing | 1 |
| B0819-3137 | 06/11/2022 | Statement of Information | 2 |
|  | ** *** *** | *** End of list *** *** *** ** |  |

I, SHIRLEY N. WEBER, PH.D., California Secretary of State, do hereby certify on the Issuance Date, the attached document(s) referenced above are true and correct copies and were filed in this office on the date(s) indicated above.

![img-2.jpeg](img-2.jpeg)

IN WITNESS WHEREOF, I execute this certificate and affix the Great Seal of the State of California on August 17, 2022.

Shirley N. Weber

SHIRLEY N. WEBER, PH.D.

Secretary of State

To verify the issuance of this Certificate, use the Certificate No. above with the Secretary of State Certification Verification Search available at bizfileOnline.sos.ca.gov.

Page 1 of 4

Certificate Verification No.: 038109126 Date: 08/11/2022

![img-3.jpeg](img-3.jpeg)

![img-4.jpeg](img-4.jpeg)

BA20220359474

![img-5.jpeg](img-5.jpeg)

# STATE OF CALIFORNIA

Office of the Secretary of State

# STATEMENT OF INFORMATION

# CORPORATION

California Secretary of State

1500 11th Street

Sacramento, California 95814

(916) 653-3516

For Office Use Only

# -FILED-

File No.: BA20220359474

Date Filed: 6/11/2022

| Entity Details |  |  |  |
| --- | --- | --- | --- |
| Corporation Name |  | NDB INC. |  |
| Entity No. |  | 4240954 |  |
| Formed In |  | CALIFORNIA |  |
| Street Address of Principal Office of Corporation |  |  |  |
| Principal Address |  | 50 CALIFORNIA STREET SUITE 1500 SAN FRANCISCO, CA 94111 |  |
| Mailing Address of Corporation |  |  |  |
| Mailing Address |  | 50 CALIFORNIA STREET SUITE 1500 SAN FRANCISCO, CA 94111 |  |
| Attention |  |  |  |
| Street Address of California Office of Corporation |  |  |  |
| Street Address of California Office |  | 50 CALIFORNIA STREET SUITE 1500 SAN FRANCISCO, CA 94111 |  |
| Officers |  |  |  |
| Officer Name | Officer Address |  | Position(s) |
| NIMA GOLSHARIFI | 50 CALIFORNIA STREET, SUITE 1500 SAN FRANCISCO, CA 94111 |  | Chief Executive Officer, Chief Financial Officer |
| ☑ Giorgi Gogokhia | 50 CALIFORNIA STREET, SUITE 1500 San Francisco, CA 94111 |  | Secretary |
| Additional Officers |  |  |  |
| Officer Name | Officer Address | Position | Stated Position |
| None Entered |  |  |  |
| Directors |  |  |  |
| Director Name |  | Director Address |  |
| Nima Golsharifi |  | 50 California Street, Suite 1500 San Francisco, CA 94111 |  |
| Giorgi Gogokhia |  | 50 California Street, Suite 1500 San Francisco, CA 94111 |  |
| ☑ Roberto Luca Saldi |  | 50 California Street, Suite 1500 San Francisco, CA 94111 |  |
| The number of vacancies on Board of Directors is: 0 |  |  |  |
| Agent for Service of Process |  |  |  |
| California Registered Corporate Agent (1505) |  | LEGALINC REGISTERED AGENTS, INC. Registered Corporate 1505 Agent |  |
| Type of Business |  |  |  |
| Type of Business |  | NANOTECHNOLOGY |  |

B0819-313/ 06/11/2022 4:12 PM Received by California Secretary of State

Page 1 of

Certificate Verification No.: 038109126 Date: 08/11/2022

| Email Notifications Opt-in Email Notifications Yes, I opt-in to receive entity notifications via email. |  |
| --- | --- |
| Labor Judgment No Officer or Director of this Corporation has an outstanding final judgment issued by the Division of Labor Standards Enforcement or a court of law, for which no appeal therefrom is pending, for the violation of any wage order or provision of the Labor Code. |  |
| Electronic Signature ☑ By signing, I affirm that the information herein is true and correct and that I am authorized by California law to sign. |  |
| Nima Golsharifi Signature | 06/12/2022 Date |

B0819-3138 06/11/2022 4:12 PM Received by California Secretary of State

Page 2 of

Certificate Verification No.: 038109126 Date: 08/17/2022

4240954

# STATE of CALIFORNIA
ARTICLES of INCORPORATION
A STOCK CORPORATION

FILED

Secretary of State
State of California

FEB 04 2019

# ARTICLE I.

The name of this corporation is NDB INC..

# ARTICLE II.

The purpose of the corporation is to engage in any lawful act or activity for which a corporation may be organized under the General Corporation Law of California other than the banking business, the trust company business or the practice of a profession permitted to be incorporated by the California Corporations Code.

# ARTICLE III.

The name of the initial agent for service of process in the State of California for the corporation is LEGALINC CORPORATE SERVICES INC.

# ARTICLE IV.

The initial street address of the corporation is 4900 HOPYARD RD, PLEASANTON, CALIFORNIA 94588.

# ARTICLE V.

This corporation is authorized to issue only one class of shares of stock, and the total number of shares which this corporation is authorized to issue is 50000000.

# ARTICLE VI.

The liability of the directors of the corporation for monetary damages shall be eliminated to the fullest extent permissible under California Law. The corporation is authorized to provide indemnification of agents (as defined in Section 317 of the California Corporations Code) for breach of duty to the corporation and shareholders through bylaw provisions or through agreements with the agents, or both, in excess of the indemnification otherwise permitted by Section 317 of the California Corporations Code, subject to the limits on such excess indemnification set forth in Section 204 of the California Corporations Code.

Dated: Feb 01, 2019

![img-0.jpeg](img-0.jpeg)

| Secretary of State Certificate of Election to Wind Up and Dissolve (California Stock Corporation ONLY) | ELEC STK |
| --- | --- |
| IMPORTANT - Read Instructions before completing this form. There is No Fee for filing a Certificate of Election to Wind Up and Dissolve - Stock Copy Fees - First page $1.00; each attachment page $0.50; Certification Fee - $5.00 plus copy fees |  |
| 1. Corporate Name (Enter the exact name of the corporation as it is recorded with the California Secretary of State.) NDB INC. | This Space For Office Use Only 2. 7-Digit Secretary of State Entity Number 4240954 |

### 3. Election

(Check the applicable statement. Only one box may be checked. If the first box is checked, enter the number of shares (do not enter the percentage of shares). Note: This Form ELEC STK is not required when the vote to dissolve was made by all of the shareholders and that fact is noted on the Certificate of Dissolution (Form DISS STK).)

- ☑ The election was made by the vote of 99% shares of the corporation, and representing at least 50 percent of the voting power.
- ☐ The corporation has not issued any shares; the election was made by the board of directors of the corporation.

### 4. Required Statement (This Statement is required. Do not alter.)

The corporation has elected to wind up and dissolve.

### 5. Signatory Authority (Check the applicable statement. Only one box may be checked.)

The undersigned is/are the:

- ☑ Sole director or a majority of the directors now in office of the above-named corporation.
- ☐ Chairperson of the board, president or vice president and the secretary, chief financial officer, treasurer, assistant secretary or assistant treasurer of the above-named corporation.
- ☐ Shareholder(s) authorized to sign this certificate by shareholders holding shares representing at least 50 percent of the voting power of the above-named corporation.

### 6. Read, Verify, Date and Sign Below (See Instructions for signature requirements.)

I declare under penalty of perjury under the laws of the State of California that the matters set forth in this certificate are true and correct of my own knowledge.

Aug 26, 2022

Date

Nima Golsharifi
Signature

Nima Golsharifi

Type or Print Name

Aug 26, 2022

Date

Giorgi Gogokhia
Signature

Giorgi Gogokhia

Type or Print Name

Date

Signature

Type or Print Name

ELEC STK (REV 12/2020)

2020 California Secretary of State

bizfile.sos.ca.gov

# **STATE OF WYOMING**
**Office of the Secretary of State**

I, KAREN L. WHEELER, Deputy Secretary of State of the State of Wyoming, do hereby certify that

**NDB INC.**

an entity originally organized under the laws of California on February 4, 2019, did on September 16, 2022 apply for a Certificate of Registration and filed Articles of Continuance in the office of the Secretary of State of Wyoming.

I further certify that **NDB INC.** renounced its jurisdiction of formation and is now formed under the laws of the State of Wyoming in accordance with Wyoming statutes.

I have affixed hereto the Great Seal of the State of Wyoming and duly executed this official certificate at Cheyenne, Wyoming on this **16th** day of **September, 2022**.

![img-1.jpeg](img-1.jpeg)

Filed Date: 09/16/2022

Handwritten signature of Karen L. Wheeler, the Deputy Secretary of State.

Deputy Secretary of State

By: Anneleisa Renner

**Attachment 3:** `incorporationca.pdf`

4240954

# STATE of CALIFORNIA
ARTICLES of INCORPORATION
A STOCK CORPORATION

# ARTICLE I.

The name of this corporation is NDB INC.

# ARTICLE II.

The purpose of the corporation is to engage in any lawful act or activity for which a corporation may be organized under the General Corporation Law of California other than the banking business, the trust company business or the practice of a profession permitted to be incorporated by the California Corporations Code.

# ARTICLE III.

The name of the initial agent for service of process in the State of California for the corporation is LEGALINC CORPORATE SERVICES INC.

# ARTICLE IV.

The initial street address of the corporation is 4900 HOPYARD RD, PLEASANTON, CALIFORNIA 94588.

# ARTICLE V.

This corporation is authorized to issue only one class of shares of stock, and the total number of shares which this corporation is authorized to issue is 50000000.

# ARTICLE VI.

The liability of the directors of the corporation for monetary damages shall be eliminated to the fullest extent permissible under California Law. The corporation is authorized to provide indemnification of agents (as defined in Section 317 of the California Corporations Code) for breach of duty to the corporation and shareholders through bylaw provisions or through agreements with the agents, or both, in excess of the indemnification otherwise permitted by Section 317 of the California Corporations Code, subject to the limits on such excess indemnification set forth in Section 204 of the California Corporations Code.

Dated: Feb 01, 2019

![img-0.jpeg](img-0.jpeg)

FILED

Secretary of State

State of California

FEB 04 2019

**Attachment 4:** `bylaws.pdf`

# **CERTIFICATE OF ADOPTION OF**

**THE BYLAWS OF NDB INC.**

I hereby certify that:

I am the duly elected President of NDB Inc, a Wyoming corporation (the “**Corporation**”).

That these Bylaws are amended only to the extent to reflect the current state of incorporation.

The attached Bylaws constitute in substance the Bylaws of the Corporation as duly previously adopted by the majority shareholders of the Corporation on October 28, 2020 while the Corporation was a California company.

IN WITNESS WHEREOF, I have hereunder subscribed my name this 16th of August 2022.

Nima Golsharifi, President

State of Texas County of Dallas

This instrument was acknowledged before me by means of an interactive two-way audio and video communication on August 16, 2022 by NIMA GOLSHARIFI. This notarial act was an online notarization.

GEORGE W POLETES
Notary Public
STATE OF TEXAS
Notary I.D. 13174447-9
My Comm. Exp. Oct. 2, 2022

This notarial act was an online notarization

28.

**Attachment 5:** `bylawsca.pdf`

DocuSign Envelope ID: B6830C04-3AAC-42BF-8DE2-ED294791B688

BYLAWS

OF

NDB INC.

(A CALIFORNIA CORPORATION)

DocuSign Envelope ID: B6830C04-3AAC-42BF-8DE2-ED294791B688

# ARTICLE I

## OFFICES

**Section 1. Registered Office.** The registered office of the corporation in the State of California shall be 4900 Hopyard Rd, Suite 100, Pleasanton, California, 94588, USA or in such other location as the Board of Directors of the corporation (the “*Board of Directors*”) may from time to time determine or the business of the corporation may require.

**Section 2. Other Offices.** The corporation shall also have and maintain an office or principal place of business at such place as may be fixed by the Board of Directors, and may also have offices at such other places, both within and without the State of California, as the Board of Directors may from time to time determine or the business of the corporation may require.

# ARTICLE II

## CORPORATE SEAL

**Section 3. Corporate Seal.** The Board of Directors may adopt a corporate seal. Said seal may be used by causing it or a facsimile thereof to be impressed or affixed or reproduced or otherwise.

# ARTICLE III

## SHAREHOLDERS’ MEETINGS

### Section 4. Place of Meetings.

(a) Meetings of the shareholders of the corporation may be held at such place, either within or without the State of California, as may be determined from time to time by the Board of Directors. The Board of Directors may, in its sole discretion, determine that the meeting shall not be held at any place, but may instead be held solely by means of remote communication as provided under the California General Corporation Law (the “*CGCL*”). In the absence of a designation by the board, shareholders’ meetings will be held at the corporation’s principal executive office. If authorized by the board of directors, in its sole discretion, and subject to the consent requirement in California Corporations Code section 20(b) and any guidelines and procedures adopted by the board of directors, shareholders not physically present in person or by proxy at a meeting of shareholders may, by electronic transmission by and to the corporation or by electronic video screen communication, participate in a meeting of shareholders, be deemed present in person or by proxy, and vote, whether the meeting is to be held at a designated place or in whole or in part by means of electronic transmission by and to the corporation or by electronic video screen communication.

(b) A meeting of the shareholders may be conducted in whole or in part, by electronic transmission by and to the Corporation or by electronic video screen communication if:

the Corporation implements reasonable measures to provide shareholders (in person or by proxy) a reasonable opportunity to participate in the meeting and to vote on matters submitted to the shareholders; and

the Corporation maintains a record of the vote or action and any shareholder votes or other shareholder action is taken at the meeting by means of electronic transmission to the Corporation or electronic video screen communication.

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(c) Any request by the Corporation to a shareholder under Section 20(b) of the Code for consent to conduct a meeting of shareholders by electronic transmission must include a notice that absent consent of the shareholder, the meeting will be held at a physical location.

## Section 5. Annual Meeting

(a) The annual meeting of the shareholders of the corporation, for the purpose of election of directors and for such other business as may lawfully come before it, shall be held on such date and at such time as may be designated from time to time by the Board of Directors. Nominations of persons for election to the Board of Directors of the corporation and the proposal of business to be considered by the shareholders may be made at an annual meeting of shareholders: (i) pursuant to the corporation’s notice of meeting of shareholders; (ii) by or at the direction of the Board of Directors; or (iii) by any shareholder of the corporation who was a shareholder of record at the time of giving of notice provided for in the following paragraph, who is entitled to vote at the meeting and who complied with the notice procedures set forth in this Section.

(b) At an annual meeting of the shareholders, only such business shall be conducted as shall have been properly brought before the meeting. For nominations or other business to be properly brought before an annual meeting by a shareholder pursuant to clause (iii) of paragraph (a) of this Section, (i) the shareholder must have given timely notice thereof in writing to the Secretary of the corporation, (ii) such other business must be a proper matter for shareholder action under the CGCL and applicable law, (iii) if the shareholder, or the beneficial owner on whose behalf any such proposal or nomination is made, has provided the corporation with a Solicitation Notice (as defined in this paragraph), such shareholder or beneficial owner must, in the case of a proposal, have delivered a proxy statement and form of proxy to holders of at least the percentage of the corporation’s voting shares required under applicable law to carry any such proposal, or, in the case of a nomination or nominations, have delivered a proxy statement and form of proxy to holders of a percentage of the corporation’s voting shares reasonably believed by such shareholder or beneficial owner to be sufficient to elect the nominee or nominees proposed to be nominated by such shareholder, and must, in either case, have included in such materials the Solicitation Notice, and (iv) if no Solicitation Notice relating thereto has been timely provided pursuant to this Section, the shareholder or beneficial owner proposing such business or nomination must not have solicited a number of proxies sufficient to have required the delivery of such a Solicitation Notice under this Section. To be timely, a shareholder’s notice shall be delivered to the Secretary at the principal executive offices of the corporation not later than the close of business on the ninetieth (90th) day nor earlier than the close of business on the one hundred twentieth (120th) day prior to the first anniversary of the preceding year’s annual meeting; *provided, however*, that in the event that the date of the annual meeting is advanced more than thirty (30) days prior to or delayed by more than thirty (30) days after the anniversary of the preceding year’s annual meeting, notice by the shareholder to be timely must be so delivered not earlier than the close of business on the one hundred twentieth (120th) day prior to such annual meeting and not later than the close of business on the later of the ninetieth (90th) day prior to such annual meeting or the tenth (10th) day following the day on which public announcement of the date of such meeting is first made. In no event shall the public announcement of an adjournment of an annual meeting commence a new time period for the giving of a shareholder’s notice as described above. Such shareholder’s notice shall set forth: (A) as to each person whom the shareholder proposed to nominate for election or reelection as a director all information relating to such person that is required to be disclosed in solicitations of proxies for election of directors in an election contest, or is otherwise required, in each case pursuant to Regulation 14A under the Securities Exchange Act of 1934, as amended (the “*1934 Act*”), and Rule 14a-4(d) thereunder (including such person’s written consent to being named in the proxy statement as a nominee and to serving as a director if elected); (B) as to any other business that the shareholder proposes to bring before the meeting, a brief description of the business desired to be brought before the meeting, the reasons for conducting such business at the meeting and any material interest in such business of such shareholder and the beneficial

2.

DocuSign Envelope ID: B6830C04-3AAC-42BF-8DE2-ED294791B688

owner, if any, on whose behalf the proposal is made; and (C) as to the shareholder giving the notice and the beneficial owner, if any, on whose behalf the nomination or proposal is made (i) the name and address of such shareholder, as they appear on the corporation’s books, and of such beneficial owner, (ii) the class and number of shares of the corporation that are owned beneficially and of record by such shareholder and such beneficial owner, and (iii) whether either such shareholder or beneficial owner intends to deliver a proxy statement and form of proxy to holders of, in the case of the proposal, at least the percentage of the corporation’s voting shares required under applicable law to carry the proposal or, in the case of a nomination or nominations, a sufficient number of holders of the corporation’s voting shares to elect such nominee or nominees (an affirmative statement of such intent, a “*Solicitation Notice*”).

(c) Notwithstanding anything in the second sentence of paragraph (b) of this Section to the contrary, in the event that the number of directors to be elected to the Board of Directors of the corporation is increased and there is no public announcement naming all of the nominees for director or specifying the size of the increased Board of Directors made by the corporation at least one hundred (100) days prior to the first anniversary of the preceding year’s annual meeting, a shareholder’s notice required by this Section shall also be considered timely, but only with respect to nominees for any new positions created by such increase, if it shall be delivered to the Secretary at the principal executive offices of the corporation not later than the close of business on the tenth (10th) day following the day on which such public announcement is first made by the corporation.

(d) Only such persons who are nominated in accordance with the procedures set forth in this Section (or elected or appointed pursuant to Article IV of these Bylaws) shall be eligible to serve as directors and only such business shall be conducted at a meeting of shareholders as shall have been brought before the meeting in accordance with the procedures set forth in this Section. Except as otherwise provided by law, the Chairman of the meeting shall have the power and duty to determine whether a nomination or any business proposed to be brought before the meeting was made, or proposed, as the case may be, in accordance with the procedures set forth in these Bylaws and, if any proposed nomination or business is not in compliance with these Bylaws, to declare that such defective proposal or nomination shall not be presented for shareholder action at the meeting and shall be disregarded.

(e) Notwithstanding the foregoing provisions of this Section, in order to include information with respect to a shareholder proposal in the proxy statement and form of proxy for a shareholders’ meeting, shareholders must provide notice as required by the regulations promulgated under the 1934 Act. Nothing in these Bylaws shall be deemed to affect any rights of shareholders to request inclusion of proposals in the corporation proxy statement pursuant to Rule 14a-8 under the 1934 Act.

(f) For purposes of this Section, “public announcement” shall mean disclosure in a press release reported by the Dow Jones News Service, Associated Press or comparable national news service or in a document publicly filed by the corporation with the Securities and Exchange Commission (the “*SEC*”) pursuant to Section 13, 14 or 15(d) of the 1934 Act.

## Section 6. Special Meetings.

(a) A special meeting of the shareholders, for any purpose or purposes, may be called at any time by the board of directors, by the chairman of the board, by the President or Vice President, or by one or more shareholders holding shares that in the aggregate are entitled to cast 10 percent or more of the votes at that meeting.

At any time or times that the corporation is subject to Section 2115(b) of the California General Corporation Law (the “*CGCL*”), shareholders holding five percent (5%) or more of the outstanding shares shall have the right to call a special meeting of shareholders as set forth in Section 23 of these Bylaws.

3.

DocuSign Envelope ID: B6830C04-3AAC-42BF-8DE2-ED294791B688

(b) If a special meeting is called by anyone other than the board of directors, the person or persons calling the meeting will make a request in writing, delivered personally or sent by registered mail, or by electronic transmission to the corporation, to the chair of the board or the president, vice president, or secretary, specifying the time and date of the meeting (which is not less than 35 nor more than 60 days after receipt of the request) and the general nature of the business proposed to be transacted. Within 20 days after receipt, the officer receiving the request will cause notice to be given to the shareholders entitled to vote, in accordance with the provisions of sections 7 and 8 of this Bylaws, stating that a meeting will be held at the time requested by the person(s) calling the meeting, and stating the general nature of the business proposed to be transacted. If notice is not given within 20 days after receipt of the request, the person or persons requesting the meeting may give the notice. Nothing contained in this paragraph (b) shall be construed as limiting, fixing, or affecting the time when a meeting of shareholders called by action of the Board of Directors may be held.

**Section 7. Notice of Meetings.** Notice of any meeting of shareholders, given in writing or by electronic transmission, shall be given not less than ten (10) nor more than sixty (60) days before the date of the meeting to each shareholder entitled to vote thereat. The notice shall to state the place, if any, date and hour of the meeting, and (1) in the case of special meetings, the general nature of the business to be transacted, and no other business may be transacted, or (2) in the case of the annual meeting, those matters which the Board, at the time of the mailing of the notice, intends to present for action by the shareholders, but subject to the provisions of the General Corporation Law. The notice of any meeting at which directors are to be elected shall include the names of nominees intended at the time of the notice to be presented by management for election.

If the meeting is to be held in whole or in part by electronic transmission, the notice shall state the means of electronic transmission by and to the corporation or electronic video screen communication, if any, by which shareholders may participate in that meeting.

**Section 8. Manner of Giving Notice; Affidavit of Notice.** Notice of any shareholders' meeting will be given either personally or by first-class mail or other written communication (including electronic transmission by the corporation), charges prepaid, addressed to the shareholder at the physical or electronic address appearing on the corporation's books or given by the shareholder to the corporation for purposes of notice. If no address appears on the corporation's books or has been given as specified above, notice will be either (1) sent by first-class mail addressed to the shareholder at the corporation's principal executive office, or (2) published at least once in a newspaper of general circulation in the county where the corporation's principal executive office is located. Notice is deemed to have been given at the time when delivered personally or deposited in the mail or sent by other means of written communication.

If any notice or report mailed to a shareholder at the address appearing on the corporation's books is returned marked to indicate that the United States Postal Service is unable to deliver the document to the shareholder at that address, all future notices or reports will be deemed to have been duly given without further mailing if the corporation holds the document available for the shareholder on written demand at the corporation's principal executive office for a period of one year after the date the notice or report was given to all other shareholders.

Notice shall not be given by electronic transmission by the corporation after either of the following: (1) The corporation is unable to deliver two consecutive notices to the shareholder by that means, or (2) the inability to so deliver such notices to the shareholder becomes known to the secretary, any assistant secretary, the transfer agent, or other person responsible for the giving of the notice.

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An affidavit of the mailing, or other authorized means of transmitting, of any notice of shareholders' meeting, report, or other document sent to shareholders, may be executed by the corporation's secretary, assistant secretary, or transfer agent and, if executed, will be filed and maintained in the minute book of the corporation.

**Section 9. Quorum.** At all meetings of shareholders, except where otherwise provided by statute or by the Certificate of Incorporation, or by these Bylaws, the presence, in person, by remote communication, if applicable, or by proxy duly authorized, of the holders of a majority of the outstanding shares of stock entitled to vote shall constitute a quorum for the transaction of business. In the absence of a quorum, any meeting of shareholders may be adjourned, from time to time, either by the chairman of the meeting or by vote of the holders of a majority of the shares represented thereat, but no other business shall be transacted at such meeting. The shareholders present at a duly called or convened meeting, at which a quorum is present, may continue to transact business until adjournment, notwithstanding the withdrawal of enough shareholders to leave less than a quorum. Except as otherwise provided by statute, or by the Certificate of Incorporation or these Bylaws, the affirmative vote of a majority of shares present in person, by remote communication, if applicable, or represented by proxy duly authorized at the meeting and entitled to vote generally on the subject matter shall be the act of the shareholders.

**Section 10. Adjournment and Notice of Adjourned Meetings.** Any meeting of shareholders, whether annual or special, may be adjourned from time to time either by the chairman of the meeting or by the vote of a majority of the shares present in person, by remote communication, if applicable, or represented by proxy.

When a meeting is adjourned to another time or place, if any, notice need not be given of the adjourned meeting if the time and place, if any, thereof are announced at the meeting at which the adjournment is taken. At the adjourned meeting, the corporation may transact any business which might have been transacted at the original meeting pursuant to the Certificate of Incorporation, these Bylaws or applicable law. If the adjournment is for more than forty-five (45) days or if after the adjournment a new record date is fixed for the adjourned meeting, a notice of the adjourned meeting shall be given to each shareholder of record entitled to vote at the meeting. Notice of any such adjourned meeting, if required, will be given to each shareholder of record entitled to vote at the adjourned meeting, in accordance with sections 7 and 8 of these Bylaws.

**Section 11. Voting Rights.** For the purpose of determining those shareholders entitled to vote at any meeting of the shareholders, except as otherwise provided by law, only persons in whose names shares stand on the stock records of the corporation on the record date shall be entitled to vote at any meeting of shareholders. Every person entitled to vote or execute consents shall have the right to do so either in person, by remote communication, if applicable, or by an agent or agents authorized by a proxy granted in accordance with California law. An agent so appointed need not be a shareholder.

The shareholders' vote may be by voice vote or by ballot, provided, however, that any election for directors must be by ballot if demanded by any shareholder before the voting has begun. On any matter other than the election of directors, any shareholder may vote part of the shares the shareholder is to vote in favor of the proposal and refrain from voting the remaining shares or vote them against the proposal, but, if the shareholder fails to specify the number of shares that the shareholder is voting affirmatively, it will be conclusively presumed that the shareholder's approving vote is with respect to all shares that the shareholder is entitled to vote. If a quorum is present (or if a quorum has been present earlier at the meeting but some shareholders have withdrawn), the affirmative vote of a majority of the shares represented and voting, provided such shares voting affirmatively also comprise a majority of the number of shares required

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for a quorum, will constitute an act of the shareholders unless the vote of a greater number or a vote by classes is required by law or by the articles of incorporation.

At a shareholders' meeting at which directors are to be elected, no shareholder will be entitled to cumulate votes (i.e., cast for any candidate a number of votes greater than the number of votes which that shareholder normally would be entitled to cast), unless the candidates' names have been placed in nomination before commencement of the voting and a shareholder has given notice at the meeting, prior the voting has begun, of the shareholder's intention to cumulate votes. If any shareholder has given such a notice, then all shareholders entitled to vote may cumulate their votes for candidates in nomination. Thus, each such shareholder may give one candidate a number of votes equal to the number of directors to be elected multiplied by the number of votes to which that shareholder's shares are normally entitled, or may distribute the shareholder's votes on the same principle among any or all of the candidates. The candidates receiving the highest number of votes, up to the number of positions to be filled, will be elected.

**Section 12. Joint Owners of Stock.** If shares or other securities having voting power stand of record in the names of two (2) or more persons, whether fiduciaries, members of a partnership, joint tenants, tenants in common, tenants by the entirety, or otherwise, or if two (2) or more persons have the same fiduciary relationship respecting the same shares, unless the Secretary is given written notice to the contrary and is furnished with a copy of the instrument or order appointing them or creating the relationship wherein it is so provided, their acts with respect to voting (including giving consent pursuant to Section 15) shall have the following effect: (a) if only one (1) votes, his or her act binds all; (b) if more than one (1) votes and the vote is not evenly split, the act of the majority so voting binds all; (c) if more than one (1) votes, but the vote is evenly split on any particular matter, each faction may vote the securities in question proportionally, or may apply to the California Court of Chancery for relief as provided in the CGCL, Section 704. If the instrument filed with the Secretary shows that any such tenancy is held in unequal interests, a majority or even-split for the purpose of subsection (c) shall be a majority or even-split in interest.

**Section 13. Waiver of Notice or Consent by Absent Shareholders.** The transactions of any meeting of shareholders, either annual or special, however called and noticed and wherever held, will be as valid as though they were had at a meeting duly held after regular call and notice, if a quorum is present either in person or by proxy, and if each person entitled to vote who was not present in person or by proxy, either before or after the meeting, signs a written waiver of notice or a consent to holding the meeting or an approval of the minutes of the meeting. The waiver of notice or consent need not specify either the business to be transacted or the purpose of any annual or special meeting of the shareholders, except that, if action is taken or proposed to be taken for approval of any of those matters.

The waiver of notice or consent is required to state the general nature of the action or proposed action. All waivers, consents, and approvals will be filed with the corporate records or made a part of the minutes of the meeting.

A shareholder's attendance at a meeting also constitutes a waiver of notice of that meeting, unless the shareholder at the beginning of the meeting objects to the transaction of any business on the ground that the meeting was not lawfully called or convened. In addition, attendance at a meeting does not constitute a waiver of any right to object to consideration of matters required by law to be included in the notice of the meeting which were not so included, if that objection is expressly made at the meeting.

**Section 14. List of Shareholders.** The Secretary shall prepare and make, at least ten (10) days before every meeting of shareholders, a complete list of the shareholders entitled to vote at said meeting, arranged in alphabetical order, showing the address of each shareholder and the number of shares registered in the name of each shareholder. Such list shall be open to the examination of any shareholder, for any purpose germane to the meeting, on a reasonably accessible electronic network, provided that the

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information required to gain access to such list is provided with the notice of the meeting, or during ordinary business hours, at the principal place of business of the corporation. In the event that the corporation determines to make the list available on an electronic network, the corporation may take reasonable steps to ensure that such information is available only to shareholders of the corporation. The list shall be open to examination of any shareholder during the time of the meeting as provided by law.

### **Section 15. Action Without Meeting.**

(a) Unless otherwise provided in the Articles of Incorporation, any action required by statute to be taken at any annual or special meeting of the shareholders, or any action which may be taken at any annual or special meeting of the shareholders, may be taken without a meeting, without prior notice and without a vote, if a consent in writing, or by electronic transmission setting forth the action so taken, shall be signed by the holders of outstanding shares having not less than the minimum number of votes that would be necessary to authorize or take action at a meeting at which all shares entitled to vote thereon were present and voted.

(b) Directors may be elected by written consent of the shareholders without a meeting only if the written consents of all outstanding shares entitled to vote are obtained, except that vacancies on the board (other than vacancies created by removal) not filled by the board may be filled by the written consent of the holders of a majority of the outstanding shares entitled to vote

(c) Unless the consents of all shareholders entitled to vote have been solicited in writing, prompt notice will be given of any corporate action approved by shareholders without a meeting by less than unanimous consent, to those shareholders entitled to vote who have not consented in writing. As to approvals required by California Corporations Code section 310 (transactions in which a director has a financial interest), section 317 (indemnification of corporate agents), section 1201 (corporate reorganization), or section 2007 (certain distributions on dissolution), notice of the approval will be given at least ten days before the consummation of any action authorized by the approval. Notice will be given in the manner specified in section 7 and 8 of these Bylaws.

### **Section 16. Record Date for Shareholder Notice of Meeting, Voting, and Giving Consents.**

(a) For purposes of determining the shareholders entitled to receive notice of and vote at a shareholders' meeting or give written consent to corporate action without a meeting, the board may fix in advance a record date that is not more than 60 nor less than 10 days before the date of a shareholders' meeting, or not more than 60 days before any other action.

(b) If no record date is fixed:

(i) The record date for determining shareholders entitled to receive notice of and vote at a shareholders' meeting will be the business day next preceding the day on which notice is given, or, if notice is waived as provided in these Bylaws, the business day next preceding the day on which the meeting is held.

(ii) The record date for determining shareholders entitled to give consent to corporate action in writing without a meeting, if no prior action has been taken by the board, will be the day on which the first written consent is given.

(iii) The record date for determining shareholders for any other purpose will be as set forth in Section 40 of these bylaws.

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(c) A determination of shareholders of record entitled to receive notice of and vote at a shareholders' meeting will apply to any adjournment of the meeting unless the board fixes a new record date for the adjourned meeting. However, the board will fix a new record date if the adjournment is to a date more than 45 days after the date set for the original meeting.

(d) Only shareholders of record on the corporation's books at the close of business on the record date will be entitled to any of the notice and voting rights listed in subsection (a) of this section, notwithstanding any transfer of shares on the corporation's books after the record date, except as otherwise required by law.

**Section 17. Proxies.** Every person entitled to vote for directors or on any other matter will have the right to do so either in person or by one or more agents authorized by a written proxy signed by the person and filed with the secretary of the corporation.

A proxy will be deemed signed if the shareholder's name is placed on the proxy (whether by manual signature, electronic signature, or otherwise) by the shareholder or the shareholder's attorney in fact. A validly executed proxy that does not state that it is irrevocable will continue in full force and effect unless: (i) revoked by the person executing it, before the vote pursuant to that proxy, by a writing delivered to the corporation stating that the proxy is revoked, or by attendance at the meeting and voting in person by the person executing the proxy or by a subsequent proxy executed by the same person and presented at the meeting; or (ii) written notice of the death or incapacity of the maker of that proxy is received by the corporation before the vote pursuant to that proxy is counted; provided, however, that no proxy will be valid after the expiration of 11 months from the date of the proxy, unless otherwise provided in the proxy. The revocability of a proxy that states on its face that it is irrevocable will be governed by the provisions of the California Corporations Code sections 705(e) and 705(f).

**Section 18. Inspectors of Election.** Before any meeting of shareholders, the board of directors may appoint any persons other than nominees for office to act as inspectors of election at the meeting or its adjournment. If no inspectors of election are so appointed, the chair of the meeting may, and on the request of any shareholder or a shareholder's proxy will, appoint inspectors of election at the meeting. The number of inspectors will be either one or three. If inspectors are appointed at a meeting on the request of one or more shareholders or proxies, the holders of a majority of shares or their proxies present at the meeting will determine whether one or three inspectors are to be appointed. If any person appointed as inspector fails to appear or fails or refuses to act, the chair of the meeting may, and upon the request of any shareholder or a shareholder's proxy will, appoint a person to fill that vacancy.

These inspectors will: (a) determine the number of shares outstanding and the voting power of each, the shares represented at the meeting, the existence of a quorum, and the authenticity, validity, and effect of proxies; (b) receive votes, ballots, or consents; (c) hear and determine all challenges and questions in any way arising in connection with the right to vote; (d) count and tabulate all votes or consents; (e) determine when the polls will close; (f) determine the result; and (g) do any other acts that may be proper to conduct the election or vote with fairness to all shareholders.

#### **Section 19. Organization.**

(a) At every meeting of shareholders, the Chairman of the Board of Directors, or, if a Chairman has not been appointed or is absent, the Chief Executive Officer, or, if the Chief Executive Officer is absent, a chairman of the meeting chosen by a majority in interest of the shareholders entitled to vote, present in person or by proxy, shall act as chairman. The Secretary, or, in his or her absence, an Assistant Secretary directed to do so by the Chief Executive Officer, shall act as secretary of the meeting.

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(b) The Board of Directors shall be entitled to make such rules or regulations for the conduct of meetings of shareholders as it shall deem necessary, appropriate or convenient. Subject to such rules and regulations of the Board of Directors, if any, the chairman of the meeting shall have the right and authority to prescribe such rules, regulations and procedures and to do all such acts as, in the judgment of such chairman, are necessary, appropriate or convenient for the proper conduct of the meeting, including, without limitation, establishing an agenda or order of business for the meeting, rules and procedures for maintaining order at the meeting and the safety of those present, limitations on participation in such meeting to shareholders of record of the corporation and their duly authorized and constituted proxies and such other persons as the chairman shall permit, restrictions on entry to the meeting after the time fixed for the commencement thereof, limitations on the time allotted to questions or comments by participants and regulation of the opening and closing of the polls for balloting on matters which are to be voted on by ballot. The date and time of the opening and closing of the polls for each matter upon which the shareholders will vote at the meeting shall be announced at the meeting. Unless and to the extent determined by the Board of Directors or the chairman of the meeting, meetings of shareholders shall not be required to be held in accordance with rules of parliamentary procedure.

## ARTICLE IV

### DIRECTORS

**Section 20. Number and Term of Office.** The authorized number of directors of the corporation shall be fixed by the Board of Directors from time to time. Directors need not be shareholders and/or residents of the state of incorporation unless so required by the Certificate of Incorporation. If for any cause, the directors shall not have been elected at an annual meeting, they may be elected as soon thereafter as convenient.

**Section 21. Powers.** The business and affairs of the corporation shall be managed by or under the direction of the Board of Directors, except as may be otherwise provided by statute or by the Certificate of Incorporation.

#### Section 22. Term of Directors.

(a) Subject to the rights of the holders of any series of Preferred Stock to elect additional directors under specified circumstances, directors shall be elected at each annual meeting of shareholders to serve until the next annual meeting of shareholders and his or her successor is duly elected and qualified or until his or her death, resignation or removal. No decrease in the number of directors constituting the Board of Directors shall shorten the term of any incumbent director.

(b) No person entitled to vote at an election for directors may cumulate votes to which such person is entitled, unless, at the time of such election, the corporation is subject to Section 2115(b) of the CGCL. During such time or times that the corporation is subject to Section 2115(b) of the CGCL, every shareholder entitled to vote at an election for directors may cumulate such shareholder's votes and give one candidate a number of votes equal to the number of directors to be elected multiplied by the number of votes to which such shareholder's shares are otherwise entitled, or distribute the shareholder's votes on the same principle among as many candidates as such shareholder thinks fit. No shareholder, however, shall be entitled to so cumulate such shareholder's votes unless (i) the names of such candidate or candidates have been placed in nomination prior to the voting and (ii) the shareholder has given notice at the meeting, prior to the voting, of such shareholder's intention to cumulate such shareholder's votes. If any shareholder has given proper notice to cumulate votes, all shareholders may cumulate their votes for any candidates who have been properly placed in nomination. Under cumulative voting, the candidates receiving the highest number of votes, up to the number of directors to be elected, are elected.

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## Section 23. Vacancies.

(a) A vacancy in the board of directors will be deemed to exist: (1) if a director dies, resigns, or is removed by the shareholders or an appropriate court, as provided in the California Corporations Code Section 303 or section 304; (2) if the board of directors declares vacant the office of a director who has been convicted of a felony or declared of unsound mind by an order of court; (3) if the authorized number of directors is increased; or (4) if at any shareholders' meeting at which one or more directors are elected the shareholders fail to elect the full authorized number of directors to be voted for at that meeting.

(b) Except for a vacancy caused by the removal of a director, vacancies on the board may be filled by approval of the board or, if the number of directors then in office is less than a quorum, by: (1) the affirmative vote of a majority of the directors then in office at a meeting held pursuant to notice or waivers of notice complying with Corporations Code section 307; or (2) a sole remaining director.

(c) A vacancy on the board caused by the removal of a director may be filled only by the shareholders, except that a vacancy created when the board declares the office of a director vacant as provided in clause (2) of the first paragraph of this section of the bylaws may be filled by the board of directors.

(d) The shareholders may elect a director at any time to fill a vacancy not filled by the board of directors.

(e) The term of office of a director elected to fill a vacancy will run until the next annual meeting of the shareholders, and such a director will hold office until a successor is elected and qualified.

(f) At any time or times that the corporation is subject to Section 2115(b) of the CGCL, if, after the filling of any vacancy, the directors then in office who have been elected by shareholders shall constitute less than a majority of the directors then in office, then

any holder or holders of an aggregate of five percent (5%) or more of the total number of shares at the time outstanding having the right to vote for those directors may call a special meeting of shareholders; or

the Superior Court of the proper county shall, upon application of such shareholder or shareholders, summarily order a special meeting of the shareholders, to be held to elect the entire board, all in accordance with Section 305(c) of the CGCL, the term of office of any director shall terminate upon that election of a successor.

## Section 24. Resignation and Removal.

(a) **Resignation.** Any director may resign at any time by delivering his or her notice in writing or by electronic transmission to the chair of the board, the president, the secretary, or the board of directors, such resignation to specify whether it will be effective at a particular time, upon receipt by the said individual(s), or at the pleasure of the Board of Directors. Unless otherwise specified in the notice, acceptance of the resignation is not necessary to make it effective. Any resignation is without prejudice to the rights, if any, of the corporation to monetary damages under any contract of employment to which the officer is a party. If the resignation is effective at a future time, the board may elect a successor to take office when the resignation becomes effective.

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**(b) Removal.** Subject to any limitations imposed by applicable law, the Board of Directors or any director may be removed from office at any time (i) with cause by the affirmative vote of the holders of a majority of the voting power of all then-outstanding shares of capital stock of the corporation entitled to vote generally at an election of directors or (ii) without cause by the affirmative vote of the holders of a majority of the voting power of all then-outstanding shares of capital stock of the corporation, entitled to elect such director.

**(i)** During such time or times that the corporation is subject to Section 2115(b) of the CGCL, the Board of Directors or any individual director may be removed from office at any time without cause by the affirmative vote of the holders of a majority of the outstanding shares entitled to vote on such removal; *provided, however*, that unless the entire Board of Directors is removed, no individual director may be removed when the votes cast against such director's removal, or not consenting in writing to such removal, would be sufficient to elect that director if voted cumulatively at an election in which the same total number of votes were cast (or, if such action is taken by written consent, all shares entitled to vote were voted) and the entire number of directors authorized at the time of such director's most recent election were then being elected.

## Section 25. Meetings

**(a) Regular Meetings.** Unless otherwise restricted by the Certificate of Incorporation, regular meetings of the Board of Directors may be held at least two times per year (the first Monday of July and the 3rd Friday of October) at any place within or without the State of California which has been designated by the Board of Directors and publicized among all directors, either orally or in writing, including a voice-messaging system or other system designated to record and communicate messages, facsimile, or by electronic mail or other electronic means. No further notice shall be required for a regular meeting of the Board of Directors.

**(b) Special Meetings.** Unless otherwise restricted by the Certificate of Incorporation, special meetings of the Board of Directors may be held at any time and place within or without the State of California whenever called by the Chairman of the Board of Directors, the Chief Executive Officer (if a director), the President (if a director), any vice president, the secretary or any two directors.

**(c) Meetings by Electronic Communications Equipment.** Any member of the Board of Directors, or of any committee thereof, may participate in a meeting by means of conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other, and participation in a meeting by such means shall constitute presence in person at such meeting.

**(d) Notice of Special Meetings.** Special meetings will be held on 4 days' notice by mail or 48 hours' notice delivered personally or by telephone, including a voice messaging system or other system or technology designed to record and communicate messages, facsimile, electronic mail, or other electronic means. Oral notice given personally or by telephone, or written notice given by electronic mail or facsimile, may be transmitted either to the director or to a person at the director's office who can reasonably be expected to communicate it promptly to the director. Written notice, if used, will be addressed to each director at the address shown on the corporation's records. The notice need not specify the purpose of the meeting, nor need it specify the place if the meeting is to be held at the principal executive office of the corporation.

**(e) Waiver of Notice.** The transaction of all business at any meeting of the Board of Directors, or any committee thereof, however called or noticed, or wherever held, shall be as valid as though

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had at a meeting duly held after regular call and notice, if a quorum be present and if, either before or after the meeting, each of the directors not present who did not receive notice shall sign a written waiver of notice or shall waive notice by electronic transmission. All such waivers shall be filed with the corporate records or made a part of the minutes of the meeting.

## Section 26. Quorum and Voting.

(a) A majority of the authorized number of directors shall constitute a quorum of the board for the transaction of business.; *provided, however*, that such number shall never be less than one-third (1/3) of the total number of directors authorized except that when one director is authorized, then one director shall constitute a quorum. Every act or decision done or made by a majority of the directors present at a meeting duly held at which a quorum is present will be regarded as the act of the board of directors, subject to the provisions of Corporations Code section 310 (concerning approval of contracts or transactions in which a director has a direct or indirect material financial interest), section 311 (concerning appointment of committees), and section 317(e) (concerning indemnification of directors). A meeting at which a quorum is initially present may continue to transact business, despite a withdrawal of directors, if any action taken is approved by at least a majority of the required quorum for that meeting.

(b) At any meeting, whether a quorum be present or otherwise, a majority of the directors present may adjourn from time to time until the time fixed for the next regular meeting of the Board of Directors, without notice other than by announcement at the meeting. If the meeting is adjourned for more than 24 hours, notice of an adjournment to another time or place shall be given prior to the time of the adjourned meeting to the directors who were not present at the time of the adjournment. Notice need not be given in any case to directors who were present at the time of adjournment.

(c) At each meeting of the Board of Directors at which a quorum is present, all questions and business shall be determined by the affirmative vote of a majority of the directors present, unless a different vote be required by law, the Certificate of Incorporation or these Bylaws.

## Section 27. Action Without Meeting.

Unless otherwise restricted by the Certificate of Incorporation or these Bylaws, any action required or permitted to be taken at any meeting of the Board of Directors or of any committee thereof may be taken without a meeting, if all members of the Board of Directors or committee, as the case may be, consent thereto in writing or by electronic transmission, and such writing or writings or transmission or transmissions are filed with the minutes of proceedings of the Board of Directors or committee. Such filing shall be in paper form if the minutes are maintained in paper form and shall be in electronic form if the minutes are maintained in electronic form.

## Section 28. Fees and Compensation.

Directors shall be entitled to such compensation for their services as may be approved by the Board of Directors, including, if so approved, by resolution of the Board of Directors, a fixed sum and expenses of attendance, if any, for attendance at each regular or special meeting of the Board of Directors and at any meeting of a committee of the Board of Directors. Nothing herein contained shall be construed to preclude any director from serving the corporation in any other capacity as an officer, agent, employee, or otherwise and receiving compensation therefor.

## Section 29. Organization.

At every meeting of the directors, the Chairman of the Board of Directors, or, if a Chairman has not been appointed or is absent, the Chief Executive Officer (if a director), or if the Chief Executive Officer is not a director or is absent, the President (if a director), or if the President is not a director or is absent, the most senior Vice President (if a director) or, in the absence of any such person, a chairman of the meeting chosen by a majority of the directors present, shall preside over the meeting. The Secretary, or in his or her absence, any Assistant Secretary directed to do so by the Chief Executive Officer or President, shall act as secretary of the meeting.

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## COMMITTEES

### Section 30. Committees.

**(a) Executive Committee.** The Board of Directors may appoint an Executive Committee to consist of one (1) or more members of the Board of Directors. The Executive Committee, to the extent permitted by law and provided in the resolution of the Board of Directors, shall have and may exercise all the powers and authority of the Board of Directors in the management of the business and affairs of the corporation, and may authorize the seal of the corporation to be affixed to all papers which may require it; but no such committee shall have the power or authority in reference to (i) approving or adopting, or recommending to the shareholders, any action or matter expressly required by the CGCL to be submitted to shareholders for approval, or (ii) adopting, amending or repealing any bylaw of the corporation; (iii) filling vacancies on the board of directors or any committee of the board; (iv) Adopting, amending, or repealing bylaws; or (v) Appointing other committees of the board or their members.

**(b) Other Committees.** The Board of Directors may, from time to time, appoint such other committees as may be permitted by law. Such other committees appointed by the Board of Directors shall consist of one (1) or more members of the Board of Directors and shall have such powers and perform such duties as may be prescribed by the resolution or resolutions creating such committees, but in no event shall any such committee have the powers denied to the Executive Committee in these Bylaws.

**(c) Term.** The Board of Directors, subject to any requirements of any outstanding series of Preferred Stock and the provisions of paragraphs (a) or (b) of this Section may at any time increase or decrease the number of members of a committee or terminate the existence of a committee. The membership of a committee member shall terminate on the date of his or her death or voluntary resignation from the committee or from the Board of Directors. The Board of Directors may at any time for any reason remove any individual committee member and the Board of Directors may fill any committee vacancy created by death, resignation, removal or increase in the number of members of the committee. The Board of Directors may designate one or more directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee, and, in addition, in the absence or disqualification of any member of a committee, the member or members thereof present at any meeting and not disqualified from voting, whether or not he or they constitute a quorum, may unanimously appoint another member of the Board of Directors to act at the meeting in the place of any such absent or disqualified member.

**(d) Meetings and Actions of Committees.** Meetings and action of committees will be governed by, and held and taken in accordance with, bylaw provisions applicable to meetings and actions of the board of directors in regard to the following matters: place of meetings, regular meetings, special meetings and notice, quorum, waiver of notice, adjournment, notice of adjournment, and action without meeting, with such changes in the context of those bylaws as are necessary to substitute the committee and its members for the board of directors and its members, except that; (1) the time of regular meetings of committees may be determined either by resolution of the board of directors or by resolution of the committee and (2) special meetings of committees may also be called by resolution of the board of directors. The board of directors may adopt rules for the governance of any committee not inconsistent with these bylaws.

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# ARTICLE VI

## OFFICERS

**Section 31. Officers Designated.** The officers of the corporation shall include, if and when designated by the Board of Directors, the Chief Executive Officer, the Chairperson, the President, one or more Vice Presidents, the Secretary, the Chief Financial Officer, the Treasurer and the Controller, all of whom shall be elected or appointed from time to time by the Board of Directors. The Board of Directors may also appoint one or more Assistant Secretaries, Assistant Treasurers, Assistant Controllers and such other officers and agents with such powers and duties as it shall deem necessary. The Board of Directors may assign such additional titles to one or more of the officers as it shall deem appropriate. Any one person may hold any number of offices of the corporation at any one time unless specifically prohibited therefrom by law. The salaries and other compensation of the officers of the corporation shall be fixed by or in the manner designated by the Board of Directors.

### Section 32. Tenure and Duties of Officers.

**(a) General.** All officers shall hold office at the pleasure of the Board of Directors and until their successors shall have been duly elected or appointed and qualified, unless sooner removed. Any officer elected or appointed by the Board of Directors may be removed at any time by the Board of Directors. If the office of any officer becomes vacant for any reason, the vacancy may be filled by the Board of Directors, or by the Chief Executive Officer or other officer if so authorized by the Board of Directors.

**(b) Duties of Chairman of the Board of Directors.** The Chairman of the Board of Directors, when present, shall preside at all meetings of the shareholders and the Board of Directors. The Chairman of the Board of Directors shall perform other duties commonly incident to the office and shall also perform such other duties and have such other powers as the Board of Directors shall designate from time to time. If there is no Chief Executive Officer and no President, then the Chairman of the Board of Directors shall also serve as the Chief Executive Officer of the corporation and shall have the powers and duties prescribed in paragraph (c) of this Section.

**(c) Duties of Chief Executive Officer.** The Chief Executive Officer shall preside at all meetings of the shareholders and (if a director) at all meetings of the Board of Directors, unless the Chairman of the Board of Directors has been appointed and is present. The Chief Executive Officer shall be the chief executive officer of the corporation and shall, subject to the control of the Board of Directors, have general supervision, direction and control of the business and officers of the corporation. The Chief Executive Officer shall perform other duties commonly incident to the office and shall also perform such other duties and have such other powers as the Board of Directors shall designate from time to time.

**(d) Duties of President.** In the absence or disability of the Chief Executive Officer or if the office of Chief Executive Officer is vacant, the President shall preside at all meetings of the shareholders and (if a director) at all meetings of the Board of Directors, unless the Chairman of the Board of Directors has been appointed and is present. If the office of Chief Executive Officer is vacant, the President shall be the chief executive officer of the corporation (including for purposes of any reference to Chief Executive Officer in these Bylaws) and shall, subject to the control of the Board of Directors, have general supervision, direction and control of the business and officers of the corporation. The President shall perform other duties commonly incident to the office and shall also perform such other duties and have such other powers as the Board of Directors shall designate from time to time.

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(e) **Duties of Vice Presidents.** The Vice Presidents may assume and perform the duties of the President in the absence or disability of the President or whenever the office of President is vacant. The Vice Presidents shall perform other duties commonly incident to their office and shall also perform such other duties and have such other powers as the Board of Directors or the President shall designate from time to time.

(f) **Duties of Secretary.** The Secretary shall attend all meetings of the shareholders and of the Board of Directors and shall record all acts and proceedings thereof in the minute book of the corporation. The Secretary shall give notice in conformity with these Bylaws of all meetings of the shareholders and of all meetings of the Board of Directors and any committee thereof requiring notice. The Secretary shall perform all other duties provided for in these Bylaws and other duties commonly incident to the office and shall also perform such other duties and have such other powers as the Board of Directors shall designate from time to time. The Chief Executive Officer may direct any Assistant Secretary to assume and perform the duties of the Secretary in the absence or disability of the Secretary, and each Assistant Secretary shall perform other duties commonly incident to the office and shall also perform such other duties and have such other powers as the Board of Directors or the Chief Executive Officer shall designate from time to time.

The secretary will keep, or cause to be kept, at the principal executive office or such other place as designated by the board of directors, a book of minutes of all meetings and actions of the shareholders, of the board of directors, and of committees of the board. The minutes of each meeting will state the time and place the meeting was held; whether it was regular or special; if special, how it was called or authorized; the names of directors present at board or committee meetings; the number of shares present or represented at shareholders' meetings; an accurate account of the proceedings; and when it was adjourned.

Record of Shareholders. The secretary will keep, or cause to be kept, at the principal executive office or at the office of the transfer agent or registrar, a record or duplicate record of shareholders. This record will show the names of all shareholders and their addresses, the number and classes of shares held by each, the number and date of share certificates issued to each shareholder, and the number and date of cancellation of any certificates surrendered for cancellation.

(g) **Duties of Chief Financial Officer.** The Chief Financial Officer shall keep or cause to be kept the books of account of the corporation in a thorough and proper manner and shall render statements of the financial affairs of the corporation in such form and as often as required by the Board of Directors or the Chief Executive Officer. The Chief Financial Officer, subject to the order of the Board of Directors, shall have the custody of all funds and securities of the corporation. The Chief Financial Officer shall perform other duties commonly incident to his or her office and shall also perform such other duties and have such other powers as the Board of Directors or the Chief Executive Officer shall designate from time to time. The Chief Executive Officer may direct the Treasurer or any Assistant Treasurer, or the Controller or any Assistant Controller to assume and perform the duties of the Chief Financial Officer in the absence or disability of the Chief Financial Officer, and each Treasurer and Assistant Treasurer and each Controller and Assistant Controller shall perform other duties commonly incident to the office and shall also perform such other duties and have such other powers as the Board of Directors or the Chief Executive Officer shall designate from time to time.

Unless the board of directors has elected a separate treasurer, the chief financial officer will be deemed to be the treasurer for purposes of giving any reports or executing any certificates or other documents.

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**Section 33. Delegation of Authority.** The Board of Directors may from time to time delegate the powers or duties of any officer to any other officer or agent, notwithstanding any provision hereof.

# **Section 34. Resignation and removal**

(a) **Resignation.** Any officer may resign at any time by giving notice in writing or by electronic transmission notice to the Board of Directors or to the Chief Executive Officer or to the President or to the Secretary. Any such resignation shall be effective when received by the person or persons to whom such notice is given, unless a later time is specified therein, in which event the resignation shall become effective at such later time. Unless otherwise specified in such notice, the acceptance of any such resignation shall not be necessary to make it effective. Any resignation shall be without prejudice to the rights, if any, of the corporation under any contract with the resigning officer.

(b) **Removal.** Any officer chosen by the board of directors may be removed at any time, with or without cause or notice, by the board of directors by the affirmative vote of a majority of the directors in office at the time, or by the unanimous written or electronic consent of the directors in office at the time, or by any committee or superior officers upon whom such power of removal may have been conferred by the Board of Directors.

# **ARTICLE VII**

# **EXECUTION OF CORPORATE INSTRUMENTS**

**Section 35. Execution of Corporate Instruments.** The Board of Directors may, in its discretion, determine the method and designate the signatory officer or officers, or other person or persons, to execute on behalf of the corporation any corporate instrument or document, or to sign on behalf of the corporation the corporate name, or to enter into contracts on behalf of the corporation, except where otherwise provided by law or these Bylaws, and such execution or signature shall be binding upon the corporation. All checks and drafts drawn on banks or other depositaries of funds to the credit of the corporation or on special accounts of the corporation shall be signed by such person or persons as the Board of Directors shall authorize so to do. Unless authorized or ratified by the Board of Directors or within the agency power of an officer, no officer, agent or employee shall have any power or authority to bind the corporation by any contract or engagement or to pledge its credit or to render it liable for any purpose or for any amount.

# **ARTICLE VIII**

# **VOTING OF SECURITIES OWNED BY THE CORPORATION**

**Section 36. Voting of Securities Owned by the Corporation.** All stock and other securities of other corporations owned or held by the corporation for itself, or for other parties in any capacity, shall be voted, and all proxies with respect thereto shall be executed, by the person authorized so to do by resolution of the Board of Directors, or, in the absence of such authorization, by the Chairman of the Board of Directors, the Chief Executive Officer, the President, or any Vice President.

# **ARTICLE IX**

# **SHARES OF STOCK**

**Section 37. Form and Execution of Certificates.** The shares of the corporation shall be represented by certificates or shall be uncertificated. Certificates for the shares of stock, if any, of the

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corporation shall be in such form as is consistent with the Certificate of Incorporation and applicable law. Every holder of shares of stock in the corporation represented by certificate shall be entitled to have a certificate signed by or in the name of the corporation by, any two authorized officers of the corporation, (1) the Chief Executive Officer, the chairperson or vice chairperson of the board or the president or a vice president and (2) by the chief financial officer or an assistant treasurer or the secretary or any assistant secretary, certifying the number of shares owned by him or her in the corporation. Any or all of the signatures on the certificate may be facsimiles. In case any officer, transfer agent, or registrar who has signed or whose facsimile signature has been placed upon a certificate shall have ceased to be such officer, transfer agent, or registrar before such certificate is issued, it may be issued with the same effect as if he or she were such officer, transfer agent, or registrar at the date of issue.

**Section 38. Lost Certificates.** A new certificate or certificates shall be issued in place of any certificate or certificates theretofore issued by the corporation alleged to have been lost, stolen, or destroyed, upon the making of an affidavit of that fact by the person claiming the certificate of stock to be lost, stolen, or destroyed. The corporation may require, as a condition precedent to the issuance of a new certificate or certificates, the owner of such lost, stolen, or destroyed certificate or certificates, or the owner's legal representative, to agree to indemnify the corporation in such manner as it shall require or to give the corporation a surety bond in such form and amount as it may direct as indemnity against any claim that may be made against the corporation with respect to the certificate alleged to have been lost, stolen, or destroyed.

## ARTICLE X

### RESTRICTIONS ON TRANSFER

#### Section 39. Restrictions on Transfer.

(a) No holder of any of the shares of stock of the corporation may sell, transfer, assign, pledge, or otherwise dispose of or encumber any of the shares of stock of the corporation or any right or interest therein, whether voluntarily or by operation of law, or by gift or otherwise (each, a '*Transfer*') if, as determined by the Board of Directors: (i) such Transfer to individuals, companies or any other form of entity identified by the corporation is a potential competitor or considered by the corporation to be unfriendly; or (ii) such Transfer increases the risk of the corporation having a class of security held of record by two thousand (2,000) or more persons, or five hundred (500) or more persons who are not accredited investors (as such term is defined by the SEC), as described in Section 12(g) of the 1934 Act and any related regulations, or otherwise requiring the corporation to register any class of securities under the 1934 Act; or (iii) such Transfer would result in the loss of any federal or state securities law exemption relied upon by the corporation in connection with the initial issuance of such shares or the issuance of any other securities; or (iv) such Transfer is facilitated in any manner by any public posting, message board, trading portal, internet site, or similar method of communication, including without limitation any trading portal or internet site intended to facilitate secondary transfers of securities; or (v) such Transfer is to be effected in a brokered transaction; or (vi) such Transfer represents a Transfer of less than all of the shares then held by the shareholder and its affiliates or is to be made to more than a single transferee.

(b) If a shareholder desires to Transfer any shares, then the shareholder shall first give written notice thereof to the corporation. The notice shall name the proposed transferee and state the number of shares to be transferred, the proposed consideration, and all other terms and conditions of the proposed transfer. Any shares proposed to be transferred to which Transfer the corporation has consented pursuant to paragraph (a) of this Section will first be subject to the corporation's right of first refusal located in Section 46 of these Bylaws.

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(c) Any Transfer, or purported Transfer, of shares not made in strict compliance with this Section shall be null and void, shall not be recorded on the books of the corporation and shall not be recognized by the corporation.

(d) The foregoing restriction on Transfer shall terminate upon the date securities of the corporation are first offered to the public pursuant to a registration statement filed with, and declared effective by, the SEC under the Securities Act of 1933, as amended (the “*1933 Act*”).

(e) The certificates representing shares of stock of the corporation shall bear on their face the following legend so long as the foregoing Transfer restrictions are in effect:

“THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A TRANSFER RESTRICTION, AS PROVIDED IN THE BYLAWS OF THE CORPORATION.”

#### **Section 40. Record Date for Purposes other Than Notice and Voting.**

(a) For purposes of determining the shareholders entitled to receive payment of dividends or other distributions or allotment of rights, or entitled to exercise any rights in respect of any other lawful action (other than voting at and receiving notice of shareholders’ meetings and giving written consent of the shareholders without a meeting), the board of directors may fix in advance a record date, which will be not more than 60 nor less than 10 days before the date of the dividend payment, distribution, allotment, or other action. If a record date is so fixed, only shareholders of record at the close of business on that date will be entitled to receive the dividend, distribution, or allotment of rights, or to exercise the other rights, as the case may be, despite any transfer of shares on the corporation’s books after the record date, except as otherwise provided by statute.

(b) If the board of directors does not so fix a record date in advance, the record date will be at the close of business on the later of: (1) the day on which the board of directors adopts the applicable resolution; or (2) the 60th day before the date of the dividend payment, distribution, allotment of rights, or other action.

**Section 41. Registered Shareholders.** The corporation shall be entitled to recognize the exclusive right of a person registered on its books as the owner of shares to receive dividends, and to vote as such owner, and shall not be bound to recognize any equitable or other claim to or interest in such share or shares on the part of any other person whether or not it shall have express or other notice thereof, except as otherwise provided by the laws of California.

### **ARTICLE XI**

#### **OTHER SECURITIES OF THE CORPORATION**

**Section 42. Execution of Other Securities.** All bonds, debentures and other corporate securities of the corporation, other than stock certificates (covered in Section 37 of these Bylaws), may be signed by the Chairman of the Board of Directors, the Chief Executive Officer, the President or any Vice President, or such other person as may be authorized by the Board of Directors, and the corporate seal impressed thereon or a facsimile of such seal imprinted thereon and attested by the signature of the Secretary or an Assistant Secretary, or the Chief Financial Officer or Treasurer or an Assistant Treasurer; *provided, however*, that where any such bond, debenture or other corporate security shall be authenticated by the manual signature, or where permissible facsimile signature, of a trustee under an indenture pursuant to which such bond, debenture or other corporate security shall be issued, the signatures of the persons signing

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and attesting the corporate seal on such bond, debenture or other corporate security may be the imprinted facsimile of the signatures of such persons. Interest coupons appertaining to any such bond, debenture or other corporate security, authenticated by a trustee as aforesaid, shall be signed by the Treasurer or an Assistant Treasurer of the corporation or such other person as may be authorized by the Board of Directors, or bear imprinted thereon the facsimile signature of such person. In case any officer who shall have signed or attested any bond, debenture or other corporate security, or whose facsimile signature shall appear thereon or on any such interest coupon, shall have ceased to be such officer before the bond, debenture or other corporate security so signed or attested shall have been delivered, such bond, debenture or other corporate security nevertheless may be adopted by the corporation and issued and delivered as though the person who signed the same or whose facsimile signature shall have been used thereon had not ceased to be such officer of the corporation.

## ARTICLE XII

### DIVIDENDS

**Section 43. Declaration of Dividends.** Dividends upon the capital stock of the corporation, subject to the provisions of the Certificate of Incorporation and applicable law, if any, may be declared by the Board of Directors pursuant to law at any regular or special meeting. Dividends may be paid in cash, in property, or in shares of the capital stock, subject to the provisions of the Certificate of Incorporation and applicable law.

**Section 44. Dividend Reserve.** Before payment of any dividend, there may be set aside out of any funds of the corporation available for dividends such sum or sums as the Board of Directors from time to time, in their absolute discretion, think proper as a reserve or reserves to meet contingencies, or for equalizing dividends, or for repairing or maintaining any property of the corporation, or for such other purpose as the Board of Directors shall think conducive to the interests of the corporation, and the Board of Directors may modify or abolish any such reserve in the manner in which it was created.

## ARTICLE XIII

### INDEMNIFICATION

#### Section 45. Indemnification of Directors, Executive Officers, Employees and Other Agents.

(a) **Directors and Executive Officers.** The corporation shall indemnify its directors and executive officers (for the purposes of this Article, “executive officers” shall have the meaning defined in Rule 3b-7 promulgated under the 1934 Act) to the fullest extent permitted by the California General Corporate Law; *provided, however*, that the corporation may modify the extent of such indemnification by individual contracts with its directors and executive officers; and, *provided, further*, that the corporation shall not be required to indemnify any director or executive officer in connection with any proceeding (or part thereof) initiated by such person unless (i) such indemnification is expressly required to be made by law, (ii) the proceeding was authorized by the Board of Directors of the corporation, (iii) such indemnification is provided by the corporation, in its sole discretion, pursuant to the powers vested in the corporation under the CGCL or any other applicable law or (iv) such indemnification is required to be made under paragraph (d) of this Section.

(b) **Other Officers, Employees and Other Agents.** The corporation shall have power to indemnify its other officers, employees and other agents as set forth in the CGCL or any other applicable law. The Board of Directors shall have the power to delegate the determination of whether indemnification

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shall be given to any such person except executive officers to such officers or other persons as the Board of Directors shall determine.

(c) **Expenses.** Expenses incurred in defending any proceeding may be advanced by the corporation prior to the final disposition of the proceeding upon receipt of an undertaking by or on behalf of the agent to repay that amount if it shall be determined ultimately that the agent is not entitled to be indemnified as authorized in this section.

(d) No indemnification shall be made under this subdivision for any of the following:

(i) In respect of any claim, issue or matter as to which the person shall have been adjudged to be liable to the corporation in the performance of that person’s duty to the corporation and its shareholders, unless and only to the extent that the court in which the proceeding is or was pending shall determine upon application that, in view of all the circumstances of the case, the person is fairly and reasonably entitled to indemnity for expenses and then only to the extent that the court shall determine.

(ii) Of amounts paid in settling or otherwise disposing of a pending action without court approval.

(iii) Of expenses incurred in defending a pending action which is settled or otherwise disposed of without court approval.

(e) **Non-Exclusivity of Rights.** The indemnification authorized by this section shall not be deemed exclusive of any additional rights to indemnification for breach of duty to the corporation and its shareholders while acting in the capacity of a director or officer of the corporation to the extent the additional rights to indemnification are authorized in an article provision adopted pursuant to paragraph (11) of subdivision (a) of Section 204.

(f) **Survival of Rights.** The rights conferred on any person by this Section shall continue as to a person who has ceased to be a director or executive officer and shall inure to the benefit of the heirs, executors and administrators of such a person.

(g) **Insurance.** To the fullest extent permitted by the CGCL, or any other applicable law, the corporation, upon approval by the Board of Directors, may purchase insurance on behalf of any person required or permitted to be indemnified pursuant to this Section.

(h) **Amendments.** Any repeal or modification of this Section shall only be prospective and shall not affect the rights under this Bylaw in effect at the time of the alleged occurrence of any action or omission to act that is the cause of any proceeding against any agent of the corporation.

(i) **Saving Clause.** If this Section or any portion hereof shall be invalidated on any ground by any court of competent jurisdiction, then the corporation shall nevertheless indemnify each director and executive officer to the full extent not prohibited by any applicable portion of this Bylaw that shall not have been invalidated, or by any other applicable law. If this Section shall be invalid due to the application of the indemnification provisions of another jurisdiction, then the corporation shall indemnify each director and executive officer to the full extent under applicable law.

(j) **Certain Definitions.** For the purposes of this Section, the following definitions shall apply:

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(i) The term “proceeding” shall be broadly construed and shall include, without limitation, the investigation, preparation, prosecution, defense, settlement, arbitration and appeal of, and the giving of testimony in, any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative.

(ii) The term “expenses” shall be broadly construed and shall include, without limitation, court costs, attorneys’ fees, witness fees, fines, amounts paid in settlement or judgment and any other costs and expenses of any nature or kind incurred in connection with any proceeding.

(iii) The term the “corporation” shall include, in addition to the resulting corporation, any constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger which, if its separate existence had continued, would have had power and authority to indemnify its directors, officers, and employees or agents, so that any person who is or was a director, officer, employee or agent of such constituent corporation, or is or was serving at the request of such constituent corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, shall stand in the same position under the provisions of this Section with respect to the resulting or surviving corporation as he would have with respect to such constituent corporation if its separate existence had continued.

(iv) References to a “director,” “executive officer,” “officer,” “employee,” or “agent” of the corporation shall include, without limitation, situations where such person is serving at the request of the corporation as, respectively, a director, executive officer, officer, employee, trustee or agent of another corporation, partnership, joint venture, trust or other enterprise.

(v) References to “other enterprises” shall include employee benefit plans; references to “fines” shall include any excise taxes assessed on a person with respect to an employee benefit plan; and references to “serving at the request of the corporation” shall include any service as a director, officer, employee or agent of the corporation which imposes duties on, or involves services by, such director, officer, employee, or agent with respect to an employee benefit plan, its participants, or beneficiaries; and a person who acted in good faith and in a manner he reasonably believed to be in the interest of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner “not opposed to the best interests of the corporation” as referred to in this Section.

## ARTICLE XIV

### RIGHT OF FIRST REFUSAL

**Section 46. Right of First Refusal.** No shareholder shall Transfer any of the shares of stock of the corporation, except by a Transfer which meets the requirements set forth in Section 39 and below:

(a) If the shareholder desires to Transfer any of his shares of stock, then the shareholder shall first give the notice specified in Section 39(b) of these Bylaws and comply with the provisions therein.

(b) For thirty (30) days following receipt of such notice, the corporation shall have the option to purchase of the shares specified in the notice at the price and upon the terms set forth in such notice; *provided, however*, that, with the consent of the shareholder, the corporation shall have the option to purchase a lesser portion of the shares specified in said notice at the price and upon the terms set forth therein. In the event of a gift, property settlement or other Transfer in which the proposed transferee is not paying the full price for the shares, and that is not otherwise exempted from the provisions of this Section, the price shall be deemed to be the fair market value of the stock at such time as determined in good faith

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by the Board of Directors. In the event the corporation elects to purchase all of the shares or, with consent of the shareholder, a lesser portion of the shares, it shall give written notice to the transferring shareholder of its election and settlement for said shares shall be made as provided below in paragraph (d) of this Section.

(c) The corporation may assign its rights hereunder.

(d) In the event the corporation and/or its assignee(s) elect to acquire any of the shares of the transferring shareholder as specified in said transferring shareholder's notice, the Secretary of the corporation shall so notify the transferring shareholder and settlement thereof shall be made in cash within thirty (30) days after the Secretary of the corporation receives said transferring shareholder's notice; provided that if the terms of payment set forth in said transferring shareholder's notice were other than cash against delivery, the corporation and/or its assignee(s) shall pay for said shares on the same terms and conditions set forth in said transferring shareholder's notice.

(e) In the event the corporation and/or its assignees(s) do not elect to acquire all of the shares specified in the transferring shareholder's notice, said transferring shareholder may, subject to the corporation's approval and all other restrictions on Transfer located in Section 39 of these Bylaws, within the sixty-day period following the expiration or waiver of the option rights granted to the corporation and/or its assignees(s) herein, Transfer the shares specified in said transferring shareholder's notice which were not acquired by the corporation and/or its assignees(s) as specified in said transferring shareholder's notice. All shares so sold by said transferring shareholder shall continue to be subject to the provisions of this bylaw in the same manner as before said Transfer.

(f) Anything to the contrary contained herein notwithstanding, the following transactions shall be exempt from the right of first refusal in paragraph (a) of this Section:

(i) A shareholder's Transfer of any or all shares held either during such shareholder's lifetime or on death by will or intestacy to such shareholder's immediate family or to any custodian or trustee for the account of such shareholder or such shareholder's immediate family or to any limited partnership or limited liability company of which the shareholder, members of such shareholder's immediate family or any trust for the account of such shareholder or such shareholder's immediate family will be the general or limited partner(s) of such partnership or the controlling member(s) of such limited liability company. 'Immediate family' as used herein shall mean spouse, lineal descendant, father, mother, brother, or sister of the shareholder making such Transfer;

(ii) A shareholder's bona fide pledge or mortgage of any shares with a commercial lending institution, provided that any subsequent Transfer of said shares by said institution shall be conducted in the manner set forth in this bylaw;

(iii) A shareholder's Transfer of any or all of such shareholder's shares to the corporation or to any other shareholder of the corporation;

(iv) A shareholder's Transfer of any or all of such shareholder's shares to a person who, at the time of such Transfer, is an officer or director of the corporation;

(v) A corporate shareholder's Transfer of any or all of its shares pursuant to and in accordance with the terms of any merger, consolidation, reclassification of shares or capital reorganization of the corporate shareholder, or pursuant to a sale of all or substantially all of the stock or assets of a corporate shareholder;

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(vi) A corporate shareholder’s Transfer of any or all of its shares to any or all of its shareholders; or

(vii) A Transfer by a shareholder which is a limited or general partnership to any or all of its partners or former partners in accordance with partnership interests.

In any such case, the transferee, assignee, or other recipient shall receive and hold such stock subject to the provisions of this Section and the transfer restrictions in Section 39, and there shall be no further Transfer of such stock except in accord with this Section and the transfer restrictions in Section 39.

(g) The provisions of this bylaw may be waived with respect to any Transfer either by the corporation, upon duly authorized action of its Board of Directors, or by the shareholders, upon the express written consent of the owners of a majority of the voting power of the corporation (excluding the votes represented by those shares to be transferred by the transferring shareholder). This bylaw may be amended or repealed either by a duly authorized action of the Board of Directors or by the shareholders, upon the express written consent of the owners of a majority of the voting power of the corporation.

(h) Any Transfer, or purported Transfer, of securities of the corporation shall be null and void unless the terms, conditions, and provisions of this bylaw are strictly observed and followed.

(i) The foregoing right of first refusal shall terminate upon the date securities of the corporation are first offered to the public pursuant to a registration statement filed with, and declared effective by, the SEC under the Securities Act of 1933, as amended.

(j) The certificates representing shares of stock of the corporation shall bear on their face the following legend so long as the foregoing right of first refusal remains in effect:

“THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A RIGHT OF FIRST REFUSAL OPTION IN FAVOR OF THE CORPORATION AND/OR ITS ASSIGNEE(S), AS PROVIDED IN THE BYLAWS OF THE CORPORATION.”

(k) To the extent this Section conflicts with any written agreements between the Company and the shareholder attempting to Transfer shares, such agreement shall control.

## ARTICLE XV

### COMPULSORY TRANSFER

**Section 47. Compulsory Transfer.** The purpose of the compulsory transfer of the shares is to ensure that the shares in the corporation remain with the founder(s) and the current employees of the corporation. Therefore, the provisions for the “good leaver” and “bad leaver” are as follows:

(a) Shareholder will be deemed as good leaver and will be considered if the shareholder of the corporation:

(iii) Becomes disable.

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(b) For the purposes of Section 47(a), the shareholder will be deemed to have given notice to the corporation and other shareholders on the day the event occurred.

(c) Shareholder will be deemed as a bad leaver upon occurrence of any of the events defined in section 47 (c) (i) to (x). In case of a bad leaver, the corporation shall have the right to purchase, and the bad leaver shall be obliged to sell, all, but not less than all, of the shares of the corporation owned by the bad leaver at that time. This right shall be exercised if the bad leaver:

(i) Commits persistent breaches of these Bylaws;

(ii) breaches of the director's service agreement, employment contract or shareholders agreement;

(iii) is also a director, officer or employee and his/her directorship/duties or employment is terminated due to dishonesty, gross misconduct or neglect, fraud or illegal activities or any other ground for summary dismissal which is not constructive or unfair;

(iv) exceeds limits of his/her authority;

(v) is disqualified as a director/officer;

(vi) failures to achieve targets specified in the shareholder's employment agreement before voluntarily leaving position;

(vii) is dismissed by the corporation because the shareholder has failed to meet certain performance expectations;

(viii) resigns within an initial minimum period of 24 months after the incorporation of the corporation for any reason whatsoever;

(ix) is officer and/or director and is absent from his/her position for 30 working days, excluding Saturday, Sunday and public holidays, in two consecutive months; *provided, however*, such absence is not the result of removal of officer and/or director from his/her position by the board of director or such absence is caused by the medical treatment or serious illness.

(x) intentionally or in a grossly negligent manner breaches an obligation under the articles of association/bylaws of the corporation, rules of procedures or the policies of the company. Actions that are deemed to be gross misconduct and therefore justify summary dismissal are deemed to be serious violations of acceptable workplace conduct. The gross misconduct includes but is not limited to:

(1) actions against the business such as theft, vandalism, sabotage, and fraud;

(2) actions against employees and related persons such as physical violence, bullying and intimidation, indecent behavior, and sexist or racist abuse;

(3) actions that endanger the business, such as gross negligence, serious breaches of health and safety, bribery and other illegal activity;

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(4) actions that employment impossible, including gross insubordination and intoxication (any drugs including alcohol); other actions that are deemed to break the implied trust and confidentiality between Officer/Employee/Shareholder and employer may also be gross conduct.

(d) For the purposes of Section 47(c), the shareholder will be deemed to have given notice of the occurrence of an event specified in subsection c to the corporation and other shareholders on the day the event occurred.

(e) The price to be paid for each share to be purchased in accordance with the good leaver notice shall be the fair market value.

(f) The price to be paid for each share to be purchased in accordance with the bad leaver notice shall be the nominal value. The nominal value for this section shall mean the value that has been paid originally for the shares.

(g) Payment for the shares to be purchased hereunder shall be made in cash within 30 days of the date of notice.

## ARTICLE XVI

### NOTICES

**Section 48. Notices to Person with Whom Communication is Unlawful.** Whenever notice is required to be given, under any provision of law or of the Certificate of Incorporation or Bylaws of the corporation, to any person with whom communication is unlawful, the giving of such notice to such person shall not be required and there shall be no duty to apply to any governmental authority or agency for a license or permit to give such notice to such person. Any action or meeting which shall be taken or held without notice to any such person with whom communication is unlawful shall have the same force and effect as if such notice had been duly given. In the event that the action taken by the corporation is such as to require the filing of a certificate under any provision of the CGCL, the certificate shall state, if such is the fact and if notice is required, that notice was given to all persons entitled to receive notice except such persons with whom communication is unlawful.

## ARTICLE XVII

### AMENDMENTS

**Section 49. Amendments.** The Board of Directors is expressly empowered to adopt, amend or repeal Bylaws of the corporation. The shareholders shall also have power to adopt, amend or repeal the Bylaws of the corporation; *provided, however*, that, in addition to any vote of the holders of any class or series of stock of the corporation required by law or by the Certificate of Incorporation, such action by shareholders shall require the affirmative vote of the holders of a majority of the voting power of all of the then-outstanding shares of the capital stock of the corporation entitled to vote generally in the election of directors, voting together as a single class.

## ARTICLE XVIII

### FISCAL YEAR

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**Section 50. Fiscal Year.** The fiscal year of the corporation shall be fixed by resolution of the Board of Directors.

## ARTICLE XIX

### LOANS TO OFFICERS

**Section 51. Loans to Officers.** Except as otherwise prohibited under applicable law, the corporation may lend money to, or guarantee any obligation of, or otherwise assist any officer or other employee of the corporation or of its subsidiaries, including any officer or employee who is a Director of the corporation or its subsidiaries, whenever, in the judgment of the Board of Directors, such loan, guarantee or assistance may reasonably be expected to benefit the corporation. The loan, guarantee or other assistance may be with or without interest and may be unsecured, or secured in such manner as the Board of Directors shall approve, including, without limitation, a pledge of shares of stock of the corporation. Nothing in these Bylaws shall be deemed to deny, limit or restrict the powers of guaranty or warranty of the corporation at common law or under any statute.

## ARTICLE XX

### MISCELLANEOUS

#### Section 52. Annual Report.

(a) Subject to the provisions of paragraph (b) of this Section, during such time or times that the corporation is subject to Section 1501 of the CGCL, the Board of Directors shall cause an annual report to be sent to each shareholder of the corporation not later than one hundred twenty (120) days after the close of the corporation’s fiscal year. This report will be sent at least 15 days (if third-class mail is used, 35 days) before the annual meeting of shareholders to be held during the next fiscal year and in the manner specified for giving notice to shareholders in section 7 of these bylaws. Such report shall include a balance sheet as of the end of such fiscal year and an income statement and a statement of cashflows for that fiscal year, accompanied by any report thereon of independent accountants or, if there is no such report, the certificate of an authorized officer of the corporation that such statements were prepared without audit from the books and records of the corporation. When there are more than 100 shareholders of record of the corporation’s shares, as determined by Section 605 of the CGCL, additional information as required by Section 1501(b) of the CGCL shall also be contained in such report, provided that if the corporation has a class of securities registered under Section 12 of the 1934 Act, the 1934 Act shall take precedence. Such report shall be sent to shareholders at least fifteen (15) days prior to the next annual meeting of shareholders after the end of the fiscal year to which it relates.

(b) If and so long as there are fewer than one hundred (100) holders of record of the corporation’s shares, the requirement of sending of an annual report to the shareholders of the corporation is hereby expressly waived.

**Section 53. Forum.** Unless the corporation consents in writing to the selection of an alternative forum, the Court of Chancery of the State of California shall be the sole and exclusive forum for (i) any derivative action or proceeding brought on behalf of the corporation; (ii) any action asserting a claim of breach of a fiduciary duty owed by any director, officer or other employee of the corporation to the corporation or the corporation’s shareholders; (iii) any action asserting a claim against the corporation or any director or officer or other employee of the corporation arising pursuant to any provision of the CGCL, the certificate of incorporation or the Bylaws of the corporation; or (iv) any action asserting a claim against

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the corporation or any director or officer or other employee of the corporation governed by the internal affairs doctrine.

#### **Section 54. Construction and Definitions.**

(a) Unless the context requires otherwise, the general provisions, rules of construction, and definitions in California Corporations Code sections 1-195 govern the construction of these bylaws. Without limiting the generality of this provision, the singular number includes the plural, the plural number includes the singular, and the term “person” includes both a corporation and a natural person.

(b) Unless otherwise provided in these bylaws, and subject to any guidelines and procedures that the board may adopt from time to time, the terms “written” and “in writing” as used in these bylaws include any form of recorded message in the English language capable of comprehension by ordinary visual means and may include electronic transmissions such as facsimile or e-mail provided that: (i) for electronic transmissions from this corporation, this corporation has obtained an unrevoked written consent from the recipient to the use of those means of communication; (ii) for electronic transmissions to this corporation, this corporation has in effect reasonable measures to verify that the sender is the individual purporting to have sent the transmission; and (iii) the transmission creates a record that can be retained, retrieved, reviewed, and rendered into clearly legible tangible form.

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# CERTIFICATE OF ADOPTION OF

# **THE BYLAWS OF**

# **NDB INC.**

I hereby certify that:

I am the duly elected President of NDB Inc, a California corporation (the “**Corporation**”).

The attached Bylaws constitute the Bylaws of the Corporation as duly adopted by the majority shareholders of the Corporation on October 28, 2020.

IN WITNESS WHEREOF, I have hereunder subscribed my name this 28th of October 2020.

DocuSigned by:  
C98F000C65C248E...

Nima Golsharifi, President

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**Attachment 6:** `financials.pdf`

![img-0.jpeg](img-0.jpeg)

# **NDB, INC.**  
**FINANCIAL STATEMENTS**  
For the year ended 2021

ndb NDB, Inc.

# **Financial Statements**

For the Years ended 2020 and 2021

Index to Audited Financial Statements

| Audit Report | Page 3 |
| --- | --- |
| Balance Sheet | Page 5 |
| Income Statement | Page 6 |
| Changes in Equity Statement | Page 7 |
| Cash Flow Statement | Page 8 |
| Notes to the Financial Statements | Page 9 |

2

NDB, Inc.

June 30, 2022

![img-1.jpeg](img-1.jpeg)

## **INDEPENDENT AUDITORS' REPORT**

The Board of Directors

NDB, Inc.  
50 California Street, Suite 1500  
San Francisco, California 94111  
USA

### **REPORT ON FINANCIAL STATEMENTS**

I have audited the accompanying balance sheets of NDB, Inc. as of December 30, 2020 and 2021 and the related statements of operations, changes in owner’s equity and cash flows for the years then ended. These financial statements are the responsibility of the Company’s management.

### **MANAGEMENT’S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS**

Management is responsible for the preparation and fair presentation of these financial statements in accordance with principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

### **AUDITOR’S RESPONSIBILITY**

My responsibility is to express an opinion on these financial statements based on my audits. I conducted my audits in accordance with generally accepted auditing standards as accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.

An audit includes performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of risks of material misstatements of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. Accordingly, I express no such opinion.

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NDB, Inc.

An audit also includes evaluating appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. Examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.

An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.

I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my audit opinion.

## **OPINION**

In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of NDB Inc. as of December 31, 2020 and 2021, and the results of operations, changes in owner's equity and cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.

## **EMPHASIS OF MATTER PARAGRAPH**

The accompanying financial statements have been prepared assuming that the company will continue as going concern. As discussed in note 2 the company has accumulated deficit that raises substantial doubt about the company's ability to continue as going concern. Management plan is also explained in note 2. Our opinion is not modified with respect to this matter.

Amjad N I Abu Khamis

Certified Public Accountant, NH 08224
CF Audits LLC
159 Main St. STE 100
Nashua NH 03060
603-607-7600
cpa@cfaudits.com

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NDB, Inc.

# **Balance Sheet Statement**

As of 30 December 2020, and 2021

| ASSETS | 2020 | 2021 |
| --- | --- | --- |
| Current Assets |  |  |
| Checking Accounts | 646,390.50 | 4,441.45 |
| Fixed Deposit | 9,000.00 | 9,000.00 |
| Other Receivables | - | 25,178.78 |
| Total Current Assets | 655,390.50 | 38,620.23 |
| Fixed Assets |  |  |
| Digital Assets | - | 289,456.41 |
| Total Fixed Assets | 655,390.50 | 289,456.41 |
| TOTAL ASSETS | 655,390.50 | 328,076.64 |
| LIABILITIES AND EQUITY |  |  |
| Liabilities |  |  |
| Current Liabilities |  |  |
| Credit Cards | 8,596.66 | 1,992.44 |
| Paycheck Protection Program (PPP) Loan | 129,050.00 | - |
| Accounts Payables | 5,276.23 | 47,587.43 |
| Total Current Liabilities | 142,922.89 | 49,579.87 |
| Total Liabilities |  |  |
| Equity |  |  |
| Common Stock | 972,224.65 | 1,357,319.09 |
| Retained Earnings | (39,342.71) | (459,757.04) |
| Net Income | (420,414.33) | (619,065.28) |
| Total Equity | 512,467.61 | 278,496.77 |
| TOTAL LIABILITIES AND EQUITY | 655,390.50 | 328,076.64 |

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NDB, Inc.

# **Income Statement**

For the years ended 30 December 2020 and 2021

|  | 2020 | 2021 |
| --- | --- | --- |
| Total Revenues | - | - |
| Less Operating Expenses |  |  |
| Salaries & Wages | 64,274.22 | 247,200.00 |
| Contractors | 107,364.92 | 188,979.52 |
| Professional Fees | 15,180.90 | 53,039.55 |
| Legal Fees | 80,435.97 | 34,516.14 |
| Software Expense | 11,742.70 | 30,326.15 |
| Travel Expenses | 51,448.46 | 55,195.68 |
| General Administrative Expenses | 27,277.42 | 47,806.74 |
| Marketing Expenses | 27,173.40 | 4,213.67 |
| Training Expense | 33,252.00 | 1,800.12 |
| Bank Fees | 2,267.00 | 3,652.91 |
| Total Operating Expenses | 420,416.99 | 666,730.48 |
| Net Operating Income (Loss) | (420,416.99) | (666,730.48) |
| Other Non-Operating Income |  |  |
| PPP Loan Forgiveness | - | 129,050.00 |
| Interest Income | 2.65 | 15.80 |
| Exchange Gain or (Loss) | - | 2,046.83 |
| (Loss) from Digital Assets |  | (83,447.43) |
| Total Non-Operating Income | 2.65 | 47,665.20 |
| Net Income (Loss) | (420,414.33) | (619,065.28) |

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NDB, Inc.

# **Statement of Changes in Equity**

For the period January 1, 2020, to December 30, 2021

|  | Paid in Capital | Retained Earnings | Equity Balance |
| --- | --- | --- | --- |
| Beginning Balance as of January 1, 2020 | 41,542.45 | (39,342.71) | 2,199.74 |
| Stocks Issued During 2020 | 930,682.20 | - | 932,881.94 |
| Net Loss During 2020 | - | (420,414.33) | 512,467.61 |
| Equity Ending Balance as of December 31, 2020 | 972,224.65 | (459,757.04) | 512,467.61 |
| Stocks Issued During 2021 | 385,094.44 | - | 897,562.05 |
| Net Loss During 2021 | - | (619,065.28) | 278,496.77 |
| Equity Ending Balance as of December 31, 2021 | 1,357,319.09 | (1,078,822.32) | 278,496.77 |

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NDB, Inc.

# **Statement of Cash Flow**
For the year ended 2021

**OPERATING ACTIVITIES**

|  | 2020 | 2021 |
| --- | --- | --- |
| Net Income (Loss) | (420,414.33) | (619,065.28) |
| Adjustments to Reconcile Net Income to Net Cash provided by operations: |  |  |
| Increase in Accounts Payables | 5,276.23 | 42,311.20 |
| Increase in Accounts Receivables | - | (25,178.78) |
| Decrease in Digital Assets Value |  | 83,447.43 |
| Net cash used by operating activities | (415,138.10) | (518,485.43) |

**FINANCING ACTIVITIES**

| Issuance of Shares | 930,682.20 | 385,094.44 |
| --- | --- | --- |
| Credit Card Financing | 425.84 | (6,604.22) |
| PPP Loan | 129,050.00 | (129,050.00) |
| Net cash provided by financing activities | 1,060,158.04 | 249,440.22 |

**INVESTING ACTIVITIES**

| Purchase of Digital Assets | - | (372,903.84) |
| --- | --- | --- |
| Net cash used for investing activities | - | (372,903.84) |

**NET CASH INCREASE (DECREASE) FOR PERIOD**

|  | 645,019.94 | (641,949.05) |
| --- | --- | --- |
| Cash at the beginning of the period | 10,370.56 | 655,390.50 |
| CASH AT END OF PERIOD | 655,390.50 | 13,441.45 |

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NDB, Inc.

# **Notes to the Financial Statements:**

As of December 30, 2021

# **1. DESCRIPTION OF THE BUSINESS**

NDB, INC. was incorporated in the State of California in February 2019. DB, INC. is authorised to issue one class of stock, with a total of 50,000,000 shares authorised to be issued.

NDB, INC. is focused on developing the NDB, a battery powered by recycled nuclear waste and radioisotopes. Compared to conventional batteries, it is expected to produce stable power throughout its lifetime (generally many years) as an independent power source until the end of its used isotopic lifetime, making it a sustainable, versatile energy solution globally growing energy demand.

For more information about the business, visit the NDB website:

# **2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

# **2.1. Basis of Presentation**

The Company has earned no revenues from limited principal operations. Accordingly, the Company's activities have been accounted for as those of a 'Development Stage Enterprise' as set forth in Financial Accounting Standards Board Statement No. 7 ('SFAS 7'). Among the disclosures required by SFAS 7 are that the Company's financial statements be identified as those of a development stage company and that the statements of operations, stockholders' equity (deficit), and cash flows disclose activity since the date of the Company's inception.

# **2.2. Basis of Accounting**

The accompanying financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States.

# **2.3. Going Concern**

The Company is a start-up and funding its operational expenses from the financing activities. Management plans to raise additional equity financing. However, there can be no assurance that the Company will successfully obtain sufficient equity financing on acceptable terms, if at all.

Failure to generate sufficient revenues, achieve planned gross margins, control operating costs, or raise adequate additional financing may require the Company to modify, delay or abandon some of its future planned expenditures, which could have a material adverse effect on the Company's business, operating results, financial condition and ability to achieve its intended business objectives. These circumstances raise substantial doubt about the Company's ability to continue as a going concern for a reasonable period of time.

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NDB, Inc.

## Notes to the Financial Statements (Continued)

As of December 30, 2021

### 2.4. Use of Estimates

The preparation of financial statements in conformity with the U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Management evaluates the estimates and assumptions based on historical experience and believes those estimates and assumptions are reasonable based on the information available to them.

### 2.5. Stock Options

The NDB board of directors approved a stock option in April 2019, which allows the board to grant stock options for NDB's and its subsidiaries' employees with a specific limitation of not exceeding $100,000 of the market value of granted shares. Ownership of each employee shall not exceed 10% of the total shares before or after the exercise date.

### 2.6. Cash

The Company deposits its cash with financial institutions that the management believes are of high credit quality. The Company's cash consists primarily of cash deposited in U.S. dollar-denominated investment accounts.

### 2.7. PayCheck Protection Program (PPP) Loan

The Company got the benefit from Pay-check Protection Program (PPP) Loan by the Small Business Administration (SBA) as part of the Coronavirus Aid Relief and Economic Security (CARES) Act. The total amount of the loan was 129,050, which was forgiven on April 7, 2021, by SBA.

### 2.8. Other Receivables

The Company has other receivables balance of $25,178.78 as of December 30, 2021. However, the amount was fully settled in 2022.

### 2.9. Digital Assets

The Company's management purchases digital assets to pay its employees, contractors, and vendors. By the end of 2021, the management marked the value of the digital assets to market and recognized a loss of $83,447.43.

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NDB, Inc.

## Notes to the Financial Statements (Continued)

As of December 30, 2021

### 2.10. Common Stock

NDB is authorized to sell 50,000,000 shares. The par value was 0.001 USD per share at the date of incorporation. During 2020 and 2021, the Company had issued 31,390,560 fully diluted shares. 291,000 shares were sold at 4.35 USD for 1,265,850 USD. As per Carta 409A valuation (05/25/2021) the fair market value (FMV) was $4.35 per share.

### 2.11. Accounts Payables

The balance of A/P is related to accrued salaries and some expenses paid on behalf of the Company by its executives.

### 2.12. Travel Expense

Travel expenses are those expenses paid for the contractors and employees of the business related to their business travels, such as air tickets, visa processing fees, hotels reservation, meals, etc.

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### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM C

### UNDER THE SECURITIES ACT OF 1933

### Issuer Information

**Name of Issuer:** NDB Inc.

**Legal Status:** Corporation

**Jurisdiction of Incorporation/Organization:** WY

**Date of Organization:** 02-04-2019

**Physical Address:** 50 CALIFORNIA STREET, SAN FRANCISCO, CA, 94111

**Issuer Website:** https://ndb.technology/

**Is there a Co-Issuer?:** No

**Intermediary Name:** PicMii Crowdfunding LLC

**Intermediary CIK:** 0001817013

**Intermediary File Number:** 007-00246

**Intermediary CRD Number:** 310171

### Offering Information

**Compensation to Intermediary:** Issuer to pay intermediary a $1,250 upfront fee. Issuer will pay 6.5% of the funds raised from $0-$1,000,000 and 1.5% of the funds raised from $1,000,001-$5,000,000.

**Financial Interest in Issuer:** N/A

**Type of Security Offered:** Preferred Stock

**Number of Securities Offered:** 1600

**Price per Security:** $6.25

**Method for Determining Price:** At issuers discretion.

**Target Offering Amount:** $10,000.00

**Oversubscription Accepted:** Yes

**Oversubscription Allocation Type:** First-come, first-served basis

**Maximum Offering Amount:** $5,000,000.00

**Deadline to Reach Target Amount:** 06-30-2023

### Annual Report Disclosure Requirements

**Current Number of Employees:** 17.00

**Total Assets (Most Recent Fiscal Year):** $328,076.64

**Total Assets (Prior Fiscal Year):** $655,390.50

**Cash & Cash Equivalents (Most Recent Fiscal Year):** $4,441.45

**Cash & Cash Equivalents (Prior Fiscal Year):** $646,390.50

**Accounts Receivable (Most Recent Fiscal Year):** $25,178.78

**Accounts Receivable (Prior Fiscal Year):** $0.00

**Short-Term Debt (Most Recent Fiscal Year):** $49,579.87

**Short-Term Debt (Prior Fiscal Year):** $13,872.89

**Long-Term Debt (Most Recent Fiscal Year):** $0.00

**Long-Term Debt (Prior Fiscal Year):** $0.00

**Revenues/Sales (Most Recent Fiscal Year):** $0.00

**Revenues/Sales (Prior Fiscal Year):** $0.00

**Cost of Goods Sold (Most Recent Fiscal Year):** $0.00

**Cost of Goods Sold (Prior Fiscal Year):** $0.00

**Taxes Paid (Most Recent Fiscal Year):** $0.00

**Taxes Paid (Prior Fiscal Year):** $0.00

**Net Income (Most Recent Fiscal Year):** $-619,065.28

**Net Income (Prior Fiscal Year):** $-420,414.33

**Jurisdictions Offered:**

ALABAMA, ALASKA, ARIZONA, ARKANSAS, CALIFORNIA, COLORADO, CONNECTICUT, DELAWARE, DISTRICT OF COLUMBIA, FLORIDA, GEORGIA, HAWAII, IDAHO, ILLINOIS, INDIANA, IOWA, KANSAS, KENTUCKY, LOUISIANA, MAINE, MARYLAND, MASSACHUSETTS, MICHIGAN, MINNESOTA, MISSISSIPPI, MISSOURI, MONTANA, NEBRASKA, NEVADA, NEW HAMPSHIRE, NEW JERSEY, NEW MEXICO, NEW YORK, NORTH CAROLINA, NORTH DAKOTA, OHIO, OKLAHOMA, OREGON, PENNSYLVANIA, PR, RHODE ISLAND, SOUTH CAROLINA, SOUTH DAKOTA, TENNESSEE, TEXAS, UTAH, VERMONT, VIRGINIA, WASHINGTON, WEST VIRGINIA, WISCONSIN, WYOMING, ALBERTA, BRITISH COLUMBIA, MANITOBA, NEW BRUNSWICK, NEWFOUNDLAND, NOVA SCOTIA, ONTARIO, PRINCE EDWARD ISLAND, QUEBEC, SASKATCHEWAN, YUKON TERRITORY, ISRAEL

### Signatures

**Issuer:** NDB Inc.

**Signature:** Nima Golsharifi

**Title:** President

---

**Signature:** Nima Golsharifi

**Title:** President

**Date:** 02-24-2023