Document:

Exhibit
10.34 

 

SECURITIES
PURCHASE AGREEMENT

 

THIS
SECURITIES PURCHASE AGREEMENT, dated as of [_________], [__] (this “Agreement”), is entered into by and among SQL
Technologies Corp., a Florida corporation (the “Company”), and the undersigned investor (the “Investor”).
The Company and the Investor are each a “Party” and collectively, the “Parties”.

 

RECITALS

 

WHEREAS,
On the terms and subject to the conditions set forth herein and pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended
(the “Securities Act”), and Rule 506 promulgated thereunder, the Investor is willing to purchase from the Company,
and the Company is willing to sell to the Investor, a 3-Year Subordinated Convertible Balloon Promissory Note in the principal face amount
of [__________] Dollars ($[___]). Interest shall accrue at the rate of six percent (6%) per annum and payable in cash or Common Stock
of the Company, in the sole and absolute discretion of the Investor, quarterly in arrears. For a period of three (3) years from the first
date appearing on this Agreement (the “Conversion Period”), the Investor may, in its sole and absolute discretion, convert
the Note into shares of the Company’s common stock (the “Common Stock”) at $15.00 per share; and

 

WHEREAS,
Capitalized terms not otherwise defined herein shall have the meaning set forth in the form of Note (as defined below) attached hereto
as Exhibit A.

 

AGREEMENT

 

NOW
THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration, the
receipt and adequacy of which are hereby acknowledged, the Company and each Investor agree as follows:

 

 1.
The Note.

 

Issuance
of the Note. Subject to all of the terms and conditions hereof, the Company agrees to issue and sell to the Investor, and the Investor
agrees to purchase, a three (3) year Subordinated Convertible Balloon Promissory Note in the principal face amount of [_________] ($[__]) (the “Note”). The Note shall be convertible in the sole and absolute discretion of the Investor into shares of Common
Stock at $15.00 per share, shall bear interest at the rate of six percent (6%) per annum and interest shall be payable annually in arrears
in cash or Common Stock of the Company, in the sole and absolute discretion of the Investor, with deemed value of $15.00 per share. The
Note and shares of Common Stock of the Company issuable upon conversion thereof, as the case may be, are referred to collectively as
the “Securities”.

 

(a)
Closing. The sale and purchase of the Note shall take place at a closing (the “Closing”) to be held on or before
[_____] ([  ]) business days from the date of this Agreement and at such place as the Company and the Investor may determine
(the “Closing Date”). At the Closing, the Company will deliver to the Investor the Note to be purchased by the Investor,
against receipt by the Company of the corresponding principal amount (the “Purchase Price”). The Note will be registered
in the Investor’s name in the Company’s records. This Agreement and the Note shall hereinafter be the “Transaction
Documents”. In the event the Company provides photocopies of the Transaction Documents, it will provide the original documents
within five (5) business days of the Closing.

 

    	 	-1-	 

     

    

 

(b)       Deliveries:

 

(i)       By
the Company.  On or prior to the Closing (except as noted), the Company shall deliver or cause to be delivered to the Investor
the following:

 

a.       this
Agreement duly executed by the Company; and

 

b.       the
Note, or a photocopy thereof, with a principal amount equal to the Investor’s Purchase Price, registered in the name of the Investor.

 

In
the event photocopies are provided in lieu of original Note, the Company will cause to be delivered the original document within five
(5) business days of the Closing.

 

(ii)       By
the Investor. On or prior to the Closing (except as noted), the Investor shall deliver or cause to be delivered to (or received by
the Investor per Sections (b)(ii)(b) and (b)(ii)(c) below) the Company the following:

 

a.       this
Agreement duly executed by the Investor;

 

b.       a
copy of the Note provided by the Company per Section (b)(i)(b) above; and

 

c.       such
Investor’s Purchase Price payable by wire transfer to SQL Technologies Corp. pursuant to the following wire instructions:

 

	 	Account
    Title:	[*]	 
	 	Account
    Number:	[*]	 
	 	Bank
    Routing Number:	[*]	 
	 	 	[*]	 
	 	Bank
    Swift Code:	[*]	 
	 	Bank
    Address:	[*]	 
	 	 	[*]	 
	 	 	[*]	 

 

Uses
of Proceeds. The proceeds of the sale and issuance of the Notes shall be used for general corporate purposes.

 

2.
Representations and Warranties of the Company. The Company represents and warrants to Investor that:

 

(a)       Due
Incorporation, Qualification, etc. The Company (i) is a corporation duly organized, validly existing and in good standing under the
laws of the state of its incorporation; (ii) has the power and authority to own, lease and operate its properties and carry on its business
as now conducted; and (iii) is duly qualified, licensed to do business and in good standing as a foreign corporation in each jurisdiction
where the failure to be so qualified or licensed could reasonably be expected to have a material adverse effect on the Company.

 

(b)       Authority.
The execution, delivery and performance by the Company of each Transaction Document to be executed by the Company and the consummation
of the transactions contemplated thereby (i) are within the power of the Company and (ii) have been duly authorized by all necessary
actions on the part of the Company.

 

(c)       Enforceability.
Each Transaction Document executed, or to be executed, by the Company has been, or will be, duly executed and delivered by
the Company and constitutes, or will constitute, a legal, valid and binding obligation of the Company, enforceable against the Company
in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of general application relating to or affecting
the enforcement of creditors’ rights generally and general principles of equity.

 

    	 	-2-	 

     

    

 

(d)       Non-Contravention.
The execution and delivery by the Company of the Transaction Documents executed by the Company and the performance and consummation
of the transactions contemplated thereby do not and will not (i) violate the Company’s certificate of incorporation, as amended
and restated, or bylaws (as amended, the “Charter Documents”) or any material judgment, order, writ, decree, statute,
rule or regulation applicable to the Company; (ii) violate any provision of, or result in the breach or the acceleration of, or
entitle any other Person to accelerate (whether after the giving of notice or lapse of time or both), any material mortgage, indenture,
agreement, instrument or contract to which the Company is a party or by which it is bound; or (iii) result in the creation or imposition
of any lien upon any property, asset or revenue of the Company or the suspension, revocation, impairment, forfeiture, or nonrenewal of
any material permit, license, authorization or approval applicable to the Company, its business or operations, or any of its assets or
properties.

 

(e)       Approvals.
No consent, approval, order or authorization of, or registration, declaration or filing with, any governmental authority or other
Person (including, without limitation, the stockholders of any Person) is required in connection with the execution and delivery of the
Transaction Documents executed by the Company and the performance and consummation of the transactions contemplated thereby, other than
(i) such as have been obtained and remain in full force and effect; (ii) such qualifications or filings under applicable securities laws
as may be required in connection with the transactions contemplated by this Agreement; and (iii) other than the necessary corporate approvals
for the authorization of any shares of capital stock of the Company into which the Notes may be converted.

 

(f)       No
Violation or Default. To the knowledge of the Company, it is not in violation of or in default with respect to (i) its Charter Documents
or any material judgment, order, writ, decree, statute, rule or regulation applicable to such Person; or (ii) any material mortgage,
indenture, agreement, instrument or contract to which the Company is a party or by which it is bound (nor is there any waiver in effect
which, if not in effect, would result in such a violation or default), where, in each case, such violation or default, individually,
or together with all such violations or defaults, could reasonably be expected to have a material adverse effect on the Company.

 

(g)       Intellectual
Property. To its knowledge, the Company owns or possesses (or can obtain on commercially reasonable terms) sufficient legal rights
to all patents, trademarks, service marks, trade names, copyrights, trade secrets, licenses, information, processes and other intellectual
property rights necessary for its business as now conducted and as proposed to be conducted, without any conflict with, or infringement
of the rights of, others.

 

(h)       Accuracy
of Information Furnished. None of the Transaction Documents and none of the other certificates, statements or information furnished
to Investor by or on behalf of the Company in connection with the Transaction Documents or the transactions contemplated thereby contains
or will contain any untrue statement of a material fact or omits or will omit to state a material fact necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading.

 

(i)       No
“Bad Actor” Disqualification. The Company has exercised reasonable care, in accordance with applicable law and Securities
and Exchange Commission rules and guidance, to determine whether any Covered Person (as hereinafter defined) is subject to any of the
“bad actor” disqualifications described in Rule 506(d)(l)(i) to (viii) under the Securities Act (“Disqualification
Events”). To the Company’s knowledge, no Covered Person is subject to a Disqualification Event, except for Disqualification
Events covered by Rule 506(d)(2)(ii) or (iii) under the Securities Act. The Company has complied, to the extent applicable, with any
disclosure obligations under Rule 506(e) under the Securities Act. “Covered Persons” are those persons specified in Rule
506(d)(1) under the Securities Act, including the Company; any predecessor or affiliate of the Company; any director, executive officer,
other officer participating in the offering, general partner or managing member of the Company; any beneficial owner of 20% or more of
the Company’s outstanding voting equity securities, calculated on the basis of voting power; any promoter (as defined in Rule 405
under the Securities Act) connected with the Company in any capacity at the time of the sale of the Notes; and any person that has been
or will be paid (directly or indirectly) remuneration for solicitation of purchasers in connection with the sale of the Notes (a “Solicitor”),
any general partner or managing member of any Solicitor, and any director, executive officer or other officer participating in the offering
of any Solicitor or general partner or managing member of any Solicitor.

 

(j)       Investor
Status. The Company confirms that the Investor is a director, officer, or employee of the Company as of the date of this Agreement
and the Company acknowledges that the Investor is being offered the Securities as additional compensation and/or incentive for such role/services.

 

    	 	-3-	 

     

    

 

3.
Representations and Warranties of Investor. The Investor represents and warrants to the Company upon the acquisition of
a Note as follows:

 

(a)       Organization;
Authority. The Investor is an entity duly incorporated or formed, validly existing and in good standing under the laws of the jurisdiction
of its incorporation or formation with full right, corporate, partnership, limited liability company or similar power and authority to
enter into and to consummate the transactions contemplated by the Transaction Documents and otherwise to carry out its obligations hereunder
and thereunder. The execution and delivery of the Transaction Documents and performance by the Investor of the transactions contemplated
by the Transaction Documents have been duly authorized by all necessary corporate, partnership, limited liability company or similar
action, as applicable, on the part of the Investor. Each Transaction Document to which it is a party has been duly executed by the Investor,
and when delivered by the Investor in accordance with the terms hereof, will constitute the valid and legally binding obligation of the
Investor, enforceable against it in accordance with its terms, except: (i) as limited by general equitable principles and applicable
bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights
generally, or (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies
and (iii) insofar as indemnification and contribution provisions may be limited by applicable law.

 

(b)       Own
Account. The Investor understands that the Securities are “restricted securities” and have not been registered
under the Securities Act or any applicable state securities law and is acquiring the Securities as principal for its own account
and not with a view to or for distributing or reselling such Securities or any part thereof in violation of the Securities Act or any
applicable state securities law, has no present intention of distributing any of such Securities in violation of the Securities
Act or any applicable state securities law and has no direct or indirect arrangement or understandings with any other persons to distribute
or regarding the distribution of such Securities in violation of the Securities Act or any applicable state securities law (this representation
and warranty not limiting such Investor’s right to sell the Securities in compliance with applicable federal and state securities
laws). The Investor is acquiring the Securities hereunder in the ordinary course of its business.

 

(c)       Investor
Status. At the time the Investor was offered the Securities, it was, and as of the date hereof it is, and on each date on which it
converts, in whole or in part, the Note it will be an “accredited investor” as defined in Rule 501(a)(1), (a)(2), (a)(3),
(a)(7) or (a)(8) under the Securities Act. In addition, the Investor confirms that it is a director, officer, or employee of the Company
as of the date of this Agreement and the Investor acknowledges it is being offered the Securities as additional compensation and/or incentive
for such role/services.

 

(d)       Experience
of Such Investor. The Investor, either alone or together with its representatives, has such knowledge, sophistication and experience
in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment in the Securities,
and has so evaluated the merits and risks of such investment. Such Investor is able to bear the economic risk of an investment in the
Securities and, at the present time, is able to afford a complete loss of such investment.

 

(e)       General
Solicitation. The Investor is not purchasing the Securities as a result of any advertisement, article, notice or other communication
regarding the Securities published in any newspaper, magazine or similar media or broadcast over television or radio or presented at
any seminar or any other general solicitation or general advertisement.

 

(f)       Transfer
Restrictions.

 

(i)
The Investor acknowledges that the Securities may only be disposed of in compliance with state and federal securities laws. In connection
with any transfer of Securities other than pursuant to an effective registration statement or Rule 144, to the Company or to an Affiliate
of a Purchaser, the Company may require the transferor thereof to provide to the Company an opinion of counsel selected by the transferor
and reasonably acceptable to the Company, the form and substance of which opinion shall be reasonably satisfactory to the Company, to
the effect that such transfer does not require registration of such transferred Securities under the Securities Act. As a condition of
transfer, any such transferee shall agree in writing to be bound by the terms of this Agreement and shall have the rights and obligations
of an Investor under this Agreement.

 

    	 	-4-	 

     

    

 

(ii)       The
Investor agrees to the imprinting of a legend on any of the Securities in the following form:

 

[NEITHER]
THIS SECURITY [NOR THE SECURITIES INTO WHICH THIS SECURITY IS [EXERCISABLE] [CONVERTIBLE]] HAS |NOT] BEEN REGISTERED WITH THE SECURITIES
AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO,
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION
OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.

 

(g)       Access
to Information, The Investor acknowledges that it has had the opportunity to review the Transaction Documents (including all exhibits
and schedules thereto) and has been afforded (i) the opportunity to ask such questions as it has deemed necessary of, and to receive
answers from, representatives of the Company concerning the terms and conditions of the offering of the Securities and the merits and
risks of investing in the Securities; (ii) access to information about the Company and its financial condition, results of operations,
business, properties, management and prospects sufficient to enable it to evaluate its investment; and (iii) the opportunity to obtain
such additional information that the Company possesses or can acquire without unreasonable effort or expense that is necessary to make
an informed investment decision with respect to the investment. Notwithstanding this Section 3(g), for so long as the Note remains outstanding,
but in no event longer than three (3) years from the Closing Date, the Company’s Chief Executive Officer and/or executive management
team shall conduct regular (frequency to be determined) telephone calls with Investor or Investor’s representatives.

 

4.
Conditions to Closing of the Investor. The Investor’s obligations at the Closing are subject to the fulfillment,
on or prior to the Closing Date, of all of the following conditions, any of which may be waived in whole or in part by all of the Investor: 

 

(a)       Representations
and Warranties. The representations and warranties made by the Company in Section 2 hereof shall have been true and correct
when made and shall be true and correct on the Closing Date.

 

(b)       Governmental
Approvals and Filings. Except for any notices required or permitted to be filed after the Closing Date with certain federal and state
securities commissions, the Company shall have obtained all governmental approvals required in connection with the lawful sale
and issuance of the Notes.

 

(c)       Transaction
Documents. The Company shall have duly executed and delivered to the Investors this Agreement and the Note.

 

5.
Conditions to Obligations of the Company. The Company’s obligation to issue and sell the Note at the Closing is subject
to the fulfillment, on or prior to the Closing Date, of the following conditions, any of which may be waived in whole or in part by the
Company:

 

    	 	-5-	 

     

    

 

(a)       Representations
and Warranties. The representations and warranties made by the Investor in Section 3 hereof shall be true and correct when
made and shall be true and correct on the Closing Date.

 

(b)       Governmental
Approvals and Filings. Except for any notices required or permitted to be filed after the Closing Date with certain federal and state
securities commissions, the Company shall have obtained all governmental approvals required in connection with the lawful sale and issuance
of the Notes.

 

(c)       Purchase
Price. The Investor shall have delivered to the Company the Purchase Price in respect of the Note being purchased by such Investor
referenced in Section 1(b) hereof.

 

6.       Miscellaneous

 

(a)       Waivers
and Amendments. Any provision of this Agreement and the Note may be amended, waived or modified only upon the written consent of
the Company and the Investor. Any amendment or waiver effected in accordance with this paragraph shall be binding upon all of the Parties
hereto.

 

(b)       Governing
Law. This Agreement and all actions arising out of or in connection with this Agreement shall be governed by and construed in accordance
with the laws of the State of Florida, without regard to the conflicts of law provisions of the State of Florida or of any other state.

 

(c)       Survival.
The representations, warranties, covenants and agreements made herein shall survive the execution and delivery of this Agreement.

 

(d)       Entire
Agreement. This Agreement together with the other Transaction Documents constitute and contain the entire agreement among the Company
and Investors and supersede any and all prior agreements, negotiations, correspondence, understandings and communications among the parties,
including, but not limited to the Term Sheet, whether written or oral, respecting the subject matter hereof.

 

(e)       Notices.
All notices, requests, demands, consents, instructions or other communications required or permitted hereunder shall be in writing
and faxed, emailed, mailed or delivered to each party as follows:

 

(i)
if to Investor:

 

____________________________

 

____________________________

 

____________________________

 

or

(ii)
if to the Company:

 

SQL
Technologies Corp.

4400
North Point Parkway, Suite 265

Alpharetta, GA 30022

Attention:
John P. Campi, CEO

 

    	 	-6-	 

     

    

 

All
such notices and communications will be deemed effectively given the earlier of (i) when received, (ii) when delivered personally,
(iii) one business day after being delivered by email or facsimile (with receipt of appropriate confirmation), (iv) one business day
after being deposited with an overnight courier service of recognized standing or (v) four days after being deposited in the U.S.
mail, first class with postage prepaid.

 

(f)       Severability
of this Agreement. If any provision of this Agreement shall be judicially determined to be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

(g)       Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf) or other transmission
method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

 

************************************************************

 

The
parties have caused this Agreement to be duly executed and delivered by their proper and duly authorized officers as of the date first
written above.

 

	COMPANY	 	INVESTOR
	 	 	 	 	 
	SQL TECHNOLOGIES CORP.	 	By:	 
	 	 	 	Name:	 
	 	 	 	Title:	 
	 	 	 	 	 
	 	 	Address:	      
	Name:	 	 	 	 
	Title:	                    	 	 	 

 

    	-7-

     

    

 

EXHIBIT
“A” 

 

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

 

SQL
TECHNOLOGIES CORP.

 

SUBORDINATED
CONVERTIBLE BALLOON PROMISSORY NOTE

 

Dated
as of: [______], [__]

 

FOR
VALUE RECEIVED, SQL TECHNOLOGIES CORP. (the “Company”), a Florida corporation, hereby promises to pay to the
order of the undersigned, or permitted assigns of the undersigned, (“Holder”) of this Subordinated Convertible Balloon Promissory
Note (the “Note”), in lawful money of the United States at the address of Holder set forth below, the principal amount of
[]($[]) (the “Principal Amount”) plus interest thereon in the manner and at the rate provided herein.

 

1.       Principal.
Unless sooner converted in accordance with Section 3, the principal on this Note is due and payable on the three (3) year
anniversary of the date first set forth above (the “Maturity Date”). Upon payment in full of all principal and interest payable
hereunder or conversion of this Note pursuant to the terms hereof, this Note shall be surrendered to the Company for cancellation.

 

2.       Interest.
Except as otherwise provided herein, this Note shall bear interest (the “Interest”) on the outstanding balance of principal
and interest from the date hereof until this Note is converted or paid in full, at the annual rate of six percent (6.0%) (computed on
the basis of a 360-day year). Accrued interest is payable annually in arrears in cash or Common Stock of the Company (rounding to the
nearest whole share), in the sole and absolute discretion of the Holder, at a deemed value of $15.00 per share; provided however, that
if this Note is converted in accordance with Section 3, accrued and unpaid interest at the time of such conversion shall
be converted as set forth in Section 3. Moreover, that if this Note is converted in accordance with Section 3, accrued
and unpaid interest at the time of such conversion shall be converted as set forth in Section 3.

 

3.
Conversion.

 

(a)       This
Note shall be convertible into shares of the Company’s common stock (“Common Stock”) in the sole and absolute discretion
of the Holder prior to or on the Maturity Date and shall convert into that number of Common Stock as shall equal (i) the principal amount
of the Note plus accrued and unpaid interest as of the conversion date divided by (ii) $15.00 per share of Common Stock.

 

(b)       Upon
conversion of the Note, the outstanding principal and accrued interest shall be converted without any further action by the Holder and
whether or not the Note is surrendered to the Company or its transfer agent. The Company shall not be obligated to issue certificates
evidencing the shares of the securities issuable upon such conversion unless such Note is either delivered to the Company or its transfer
agent, or the Holder notifies the Company or its transfer agent that such Note has been lost, stolen or destroyed and executes an agreement
reasonably satisfactory to the Company to indemnify the Company from any loss incurred by it in connection with such Note. The Company
shall, as soon as practicable, but in any event within ten (10) days after such delivery, or such agreement and indemnification, issue
and deliver at such office to such Holder of such Note, a certificate or certificates for the securities to which the Holder shall be
entitled and any cash amounts payable as the result of a conversion into fractional shares of the securities. Such conversion shall be
deemed to have been made immediately prior to the close of business on the date of closing of the transaction causing conversion. The
person or persons entitled to receive securities issuable upon such conversion shall be treated for all purposes as the record Holder
or Holders of such securities on such date.

 

    	-8-

     

    

 

(c)       If
at any time the number of shares of equity securities issuable upon conversion of this Note shall not be sufficient to effect the conversion
of this Note, the Company will use all commercially reasonable efforts to effect such corporate action as may, in the opinion of its
counsel, be necessary to increase its authorized but unissued shares of equity securities issuable upon conversion of this Note as shall
be sufficient for such purpose.

 

(d)       Consolidation;
Merger; Reclassification:

 

(i)       In
case of any consolidation with or merger of the Company with or into another corporation (other than a merger or consolidation in which
the Company is the surviving or continuing corporation), or in case of any sale, lease, or conveyance to another corporation of substantially
all of the property and assets of any nature of the Company, such successor, leasing, or purchasing corporation, as the case may be,
shall (i) execute with Holder an agreement providing that Holder shall have the right thereafter to receive upon conversion of this Note
solely the kind and amount of Common Shares of stock and other securities, property, cash, or any combination thereof receivable upon
such consolidation, merger, sale, lease, or conveyance by a holder of the number of shares of Common Stock into which this Note might
have been converted immediately prior to such consolidation, merger, sale, lease, or conveyance and (ii) make effective provision
in its certificate of incorporation or otherwise, if necessary, to effect such agreement.

 

(ii)       In
case of any reclassification or change of the shares of Common Stock issuable upon conversion of this Note in accordance with this Section
3 hereof (other than a change in par value or from no par value to a specified par value), or in case of any consolidation or merger
of another corporation into the Company in which the Company is the continuing corporation and in which there is a reclassification or
change (including a change to the right to receive cash or other property) of the shares of Common Stock issuable upon the conversion
of this Note in accordance with this Section 3 hereof (other than a change in par value, or from no par value to a specified par value),
Holder shall have the right thereafter to receive upon conversion of this Note solely the kind and amount of shares of stock and
other securities, property, cash, or any combination thereof receivable upon such reclassification, change, consolidation, or merger
by a holder of the number of shares of Common Stock into which this Note might have been converted immediately prior to such reclassification,
change, consolidation, or merger.

 

(iii)       The
above provisions of this Section 3 shall similarly apply to successive reclassifications and changes of shares of Common Stock and to
successive consolidations, mergers, sales, leases, or conveyances.

 

4.       Acceleration.

 

(a)
This Note shall, at the option of the Holder, become immediately due and payable, and until paid in full, shall bear interest on the
outstanding balance of principal at the annual rate of twelve percent (12%) (computed on the basis of a 360-day year), upon written notice
from the Holder to the Company upon the occurrence and during the continuance of any of the following events:

 

(i)       failure
to make any payment of principal or interest when due which failure has continued for a period of ten (10) business days after written
notice thereof shall have been received by the Company from the Holder hereof;

 

(ii)       default
in the payment or performance of any material obligation, agreement, representation, warranty or covenant of the Company contained in
this Note, and such default shall continue for a period of ten (10) days after written notice of such default shall have been received
by the Company from the Holder hereof;

 

    	-9-

     

    

 

(iv)       if
the Company shall make a general assignment for the benefit of creditors or shall admit in writing its inability to pay its debts as
they become due;

 

(iv)       if
the Company shall file a voluntary petition in bankruptcy, or shall be adjudicated a bankrupt or insolvent, or shall file any petition
or answer seeking any reorganization arrangement, composition, readjustment, liquidation, dissolution, or similar relief under the present
or any future federal bankruptcy code or other applicable federal, state or similar statute, law or regulation, or shall seek or consent
to or acquiesce in the appointment of any trustee, receiver or liquidator of the Company or of all or any substantial part of its properties;
or

 

(v)       if
within sixty (60) days after the commencement of any proceedings against the Company seeking any reorganization, arrangement, composition,
readjustment, liquidation, dissolution or similar relief under the present or any future federal bankruptcy code or other applicable
federal, state or similar statute, law or regulation, such proceeding shall not have been dismissed or if, within sixty (60) days after
the appointment, without the consent or acquiescence of the Company, of any trustee, receiver or liquidator of the Company or of all
or any substantial part of its properties, such appointment shall not have been vacated.

 

5.       Liabilities
as Stockholder. In the absence of conversion of this Note, no provisions of this Note, and no enumeration herein of the rights or
privileges of the Holder, shall cause the Holder to be deemed a stockholder of the Company for any purpose solely based on this Note.

 

6.       Prepayment.
The Company shall have the right to repay in whole or in part the unpaid balance of this Note prior to the Maturity Date. The Holder
shall have the right to convert this Note pursuant to the terms hereof in lieu of prepayment. Notice the Company’s prepayment must
be provided to the Holder and the Holder shall the right within 5 days from the date of such notice to elect to convert this Note pursuant
to the terms hereof.

 

7.       Amendments
and Waivers. Subject to this Section 7, no term of this Note may be amended without the written consent of the Company and the Holder.
The observance of any term of this Note may be waived (either generally or in a particular instance and either retroactively or prospectively),
including, any waiver that has the effect of extending the Maturity Date, only with the written consent of the Company and the Holder
of this Note. Any waiver or amendment effected in accordance with this Section shall be binding upon the Holder of this Note.

 

8.       Governing
Law. This Note is being delivered in and shall be construed in accordance with the laws of the State of Florida, without regard to
the conflicts of laws provisions thereof. 

 

9.       Attorneys’
Fees. If the indebtedness represented by this Note or any part thereof is collected in bankruptcy, receivership or other judicial
proceedings or if this Note is placed in the hands of attorneys for collection after default, the Company agrees to pay, in addition
to the principal and interest payable hereunder, reasonable attorneys’ fees and costs incurred by Holder.

 

10.       Notices.
Unless otherwise provided, any notice required or permitted under this Note shall be given in writing and shall be deemed effectively
given (i) at the time of personal delivery, if delivery is in person; (ii) one (1) business day after deposit with an express overnight
courier for United States deliveries, or three (3) business days after such deposit for deliveries outside of the United States, with
proof of delivery from the courier requested; or (iii) three (3) business days after deposit in the United States mail by certified mail
(return receipt requested) for United States deliveries, in each case addressed as follows, or at such other address as any party or
the Company may designate by giving ten (10) days advance written notice to all other parties:

 

    	-10-

     

    

 

(i)       If
to the Company to:

 

SQL
Technologies Corp.

4400
North Point Parkway, Suite 265 Alpharetta, GA 30022

Attention:
John P. Campi, Chief Executive Office

 

(ii)       If
to the Holder, to:

 

____________________________

____________________________

____________________________

 

	EXECUTED
    as of the date first set forth above.	 
	 	 
	COMPANY:
    SQL TECHNOLOGIES CORP.	 
	 	 	 
	By:	 	 
	Name:	 	 
	Title	                     	 

 

    	-11-Exhibit
10.35 

 

	Payment
  Protection Program Term Note 	 

 

	$269,500.00	April
  13, 2020

 

FOR
VALUE RECEIVED, SQL TECHNOLOGIES CORP. (the “Borrower”), with an address at 4400 NORTH POINT PARKWAY SUITE
265, ALPHARETTA, GEORGIA 30022-2429, promises to pay to the order of PNC BANK, NATIONAL ASSOCIATION (the “Bank”),
in lawful money of the United States of America in immediately available funds at its offices located at 222 Delaware Avenue, Wilmington,
Delaware 19801, Attn: Business Banking, or at such other location as the Bank may designate from time to time, the principal sum of $269,500.00
(the “Facility”), together with interest accruing on the outstanding principal balance from the date hereof, all
as provided below. This Note is being issued pursuant to the Coronavirus Aid, Relief, and Economic Security (CARES) Act’s Paycheck
Protection Program (the “Program”).

 

1.
Rate of Interest. Amounts outstanding under this Note will bear interest at a rate per annum (“Fixed Rate”)
which is at all times equal to 1.00%. Interest will be calculated based on the actual number of days that principal is outstanding over
a year of 360 days. In no event will the rate of interest hereunder exceed the maximum rate allowed by law.

 

2.
Structure; Payment Terms. During the period (the “Deferral Period”) beginning on the date of this Note
and ending on the 6 month anniversary of the date of this Note (the “Deferral Expiration Date”), interest on the outstanding
principal balance will accrue at the Fixed Rate, but neither principal nor interest shall be due and payable during the Deferral Period.
On the Deferral Expiration Date, the outstanding principal of the Facility that is not forgiven under the Program (the “Conversion
Balance”) shall convert to an amortizing term loan payable as set forth below.

 

On
the 15th day of the 7th month following the date of this Note (the “First Payment Date”), all
accrued interest that is not forgiven under the Program shall be due and payable. Additionally, on the First Payment Date, and continuing
on the 15th day of each month thereafter until the 2nd anniversary of the date of this Note (the “Maturity Date”),
equal installments of principal shall be due and payable, each in an amount determined by dividing the Conversion Balance by 18 (the
“Monthly Principal Amount”). Interest shall be payable at the same times as the Monthly Principal Amount. Any outstanding
principal and accrued interest shall be due and payable in full on the Maturity Date.

 

If
any payment under this Note shall become due on a day other than a Business Day, such payment shall be made on the next succeeding Business
Day and such extension of time shall be included in computing interest in connection with such payment. “Business Day”
shall mean any day other than a Saturday or Sunday or a legal holiday on which commercial banks are authorized or required by law to
be closed for business in the State of Delaware. The Borrower hereby authorizes the Bank to charge the Borrower’s deposit account
at the Bank for any payment when due. Payments received will be applied to charges, fees and expenses (including attorneys’ fees),
accrued interest and principal in any order the Bank may choose, in its sole discretion.

 

3.
Forgiveness of the Facility. The Borrower may apply to the Bank for forgiveness of the amount due on this Facility in an amount
based on the sum of the following costs incurred by the Borrower during the 8-week period beginning on the date of first disbursement
of this Facility: (a) payroll costs; (b) any payment of interest on a covered mortgage obligation (which shall not include any prepayment
of or payment of principal on a covered mortgage obligation); (c) any payment on a covered rent obligation; and (d) any covered utility
payment.

 

The
amount of forgiveness shall be calculated (and may be reduced) in accordance with the requirements of the Program, including the provisions
of Section 1106 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) (P.L. 116-136). Not more than 25% of the amount
forgiven can be attributable to non-payroll costs. If the Borrower has received an EIDL (as defined in the attached Certification), the
amount of such loan shall be subtracted from the loan forgiveness amount.

 

    	 	 	PPP – Term Note April 2020

    	 

    

 

4.
Late Payments; Default Rate. If the Borrower fails to make any payment of principal, interest or other amount coming due pursuant
to the provisions of this Note within fifteen (15) calendar days of the date due and payable, the Borrower also shall pay to the Bank
a late charge equal to the lesser of five percent (5%) of the amount of such payment or $100.00 (the “Late Charge”).
Such fifteen (15) day period shall not be construed in any way to extend the due date of any such payment. Upon maturity, whether by
acceleration, demand or otherwise, and at the Bank’s option upon the occurrence of any Event of Default (as hereinafter defined)
and during the continuance thereof, each advance outstanding under this Note shall bear interest at a rate per annum (based on the actual
number of days that principal is outstanding over a year of 360 days) which shall be five percentage points (5.00%) in excess of the
interest rate in effect from time to time under this Note but not more than the maximum rate allowed by law (the “Default Rate”).
The Default Rate shall continue to apply whether or not judgment shall be entered on this Note. Both the Late Charge and the Default
Rate are imposed as liquidated damages for the purpose of defraying the Bank’s expenses incident to the handling of delinquent
payments, but are in addition to, and not in lieu of, the Bank’s exercise of any rights and remedies hereunder, under the other
Loan Documents (as defined below) or under applicable law, and any fees and expenses of any agents or attorneys which the Bank may employ.
In addition, the Default Rate reflects the increased credit risk to the Bank of carrying a loan that is in default. The Borrower agrees
that the Late Charge and Default Rate are reasonable forecasts of just compensation for anticipated and actual harm incurred by the Bank,
and that the actual harm incurred by the Bank cannot be estimated with certainty and without difficulty. As used in this Note, “Loan
Documents” means, individually and collectively, this Note, together with all other agreements and documents executed and/or
delivered in connection with this Note or referred to in this Note, as amended, modified or renewed from time to time.

 

5.
Prepayment. The Borrower shall have the right to prepay any amounts outstanding under this Note at any time and from time
to time, in whole or in part, without penalty.

 

6.
Increased Costs; Yield Protection. On written demand, together with written evidence of the justification therefor, the Borrower
agrees to pay the Bank all direct costs incurred, any losses suffered or payments made by the Bank as a result of any Change in Law (hereinafter
defined), imposing any reserve, deposit, allocation of capital or similar requirement (including without limitation, Regulation D of
the Board of Governors of the Federal Reserve System) on the Bank, its holding company or any of their respective assets relative to
the Facility. “Change in Law” means the occurrence, after the date of this Note, of any of the following: (a) the
adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration,
interpretation, implementation or application thereof by any governmental authority or (c) the making or issuance of any request, rule,
guideline or directive (whether or not having the force of law) by any governmental authority; provided that notwithstanding anything
herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives
thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International
Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory
authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the
date enacted, adopted or issued.

 

7.
Representations, Warranties and Covenants.

 

(a)
The Borrower hereby represents and warrants that, if not a natural person, the Borrower is duly organized, validly existing and in good
standing under the laws of the state of its incorporation or organization and has the power and authority to own and operate its assets
and to conduct its business as now or proposed to be carried on, and is duly qualified, licensed and in good standing to do business
in all jurisdictions where its ownership of property or the nature of its business requires such qualification or licensing. The Borrower
further hereby represents and warranties that it was duly organized, validly existing and in good standing as of February 15, 2020 and
had employees for whom it paid salaries and payroll taxes or paid independent contractors, as reported on a Form 1099-MISC.

 

    	 	-2-	PPP – Term Note April 2020

    	 

    

 

(b)
The Borrower certifies, acknowledges and agrees that the certifications contained in the Paycheck Protection Program Certification and
the Program application delivered to the Bank are true and correct, which certifications are hereby incorporated herein by this reference
as if set forth herein.

 

(c)
The Borrower covenants and agrees that the Borrower will do all things necessary to (i) maintain, renew and keep in full force and effect
its organizational existence and all rights, permits and franchises necessary to enable it to continue its business as currently conducted;
(ii) continue in operation in substantially the same manner as at present, to the extent permitted by applicable law (including without
limitation any statute, ordinance, rule or regulation relating to employment practices, pension benefits or environmental, occupational
and health standards and controls); and (iii) comply with all laws applicable to the Borrower and to the operation of its business (including
without limitation any statute, ordinance, rule or regulation relating to employment practices, pension benefits or environmental, occupational
and health standards and controls).

 

(d)
The Borrower covenants and agrees that, without the Bank’s prior written consent, the Borrower shall not make or permit any change
in (i) the composition of its current executive management; (ii) its ownership or equity structure; or (iii) its form of organization,
including a division into two or more entities. The Borrower will not make any distribution of company assets that would adversely affect
its financial condition, or transfer (including pledging) or dispose of any assets, except in the ordinary course of business.

 

(e)
The Borrower represents and warrants that (i) the Borrower has full power and authority to enter into the transactions provided for in
this Note and the other Loan Documents; (ii) all necessary action to authorize the execution and delivery of this Note and the other
Loan Documents has been properly taken; (iii) this Note and the other Loan Documents, when executed and delivered by the Borrower, will
constitute the legal, valid and binding obligations of the Borrower enforceable in accordance with their terms; (iv) the Borrower is
and will continue to be duly authorized to perform all of the terms and provisions of this Note and the other Loan Documents; (v) there
does not exist, either before or after giving effect to the terms of this Note, any default or violation by the Borrower of or under
any of the terms, conditions or obligations of any of its governing documents or under any indenture, mortgage, deed of trust, franchise,
permit, contract, agreement or other instrument to which it is a party or by which it is bound; and (vi) the Borrower does not require
the consent of any party with respect to this Note, the other Loan Documents or the Facility except for such consents that have been
obtained.

 

(f)
The Borrower covenants and agrees to take all such additional actions and promptly provide to the Bank all additional documents, statements
and information as the Bank may require from time to time, in its discretion, in connection with the SBA’s requirements or requests
under or in respect of the Program or the general standard operating procedures of the SBA.

 

(g)
The Borrower authorizes and directs the Bank to disburse the proceeds of the Facility and to direct payments due under the Facility in
accordance with the Disbursement and Payment Authorization Instructions attached to this Note as Exhibit A.

 

8.
Other Loan Documents. Notwithstanding any provision to the contrary in any Loan Document or any other collateral security
documents that may have been or may in the future be executed and delivered to the Bank, or an agent acting on behalf of the Bank, to
secure any obligations of the Borrower to the Bank, this Note is not intended to be secured by real property, and the applicability of
any lien on such real property to secure this Note is expressly disclaimed by the Bank.

 

    	 	-3-	PPP – Term Note April 2020

    	 

    

 

9.
Events of Default. The occurrence of any of the following events will be deemed to be an “Event of Default”
under this Note: (i) the nonpayment of any principal, interest or other indebtedness under this Note when due; (ii) the occurrence of
any event of default or any default and the lapse of any notice or cure period, or the Borrower’s failure to observe or perform
any covenant or other agreement, under or contained in any Loan Document or any other document now or in the future evidencing or securing
any debt, liability or obligation of the Borrower to the Bank; (iii) the filing by or against the Borrower of any proceeding in bankruptcy,
receivership, insolvency, reorganization, liquidation, conservatorship or similar proceeding (and, in the case of any such proceeding
instituted against the Borrower, such proceeding is not dismissed or stayed within 30 days of the commencement thereof, provided that
the Bank shall not be obligated to advance additional funds hereunder during such period); (iv) any assignment by the Borrower for the
benefit of creditors, or any levy, garnishment, attachment or similar proceeding is instituted against any property of the Borrower held
by or deposited with the Bank; (v) a default with respect to any other indebtedness of the Borrower for borrowed money, if the effect
of such default is to cause or permit the acceleration of such debt; (vi) the commencement of any foreclosure or forfeiture proceeding,
execution or attachment against any collateral securing the obligations of the Borrower to the Bank; (vii) the entry of a final judgment
against the Borrower and the failure of the Borrower to discharge the judgment within ten (10) days of the entry thereof; (viii) any
merger, consolidation, division or other reorganization of, with or by the Borrower, or the sale or other transfer of all or any substantial
part of the Borrower’s property or assets; (ix) any change in the Borrower’s business, assets, operations, financial condition
or results of operations or equity ownership that has or could reasonably be expected to have any material adverse effect on the Borrower;
(x) the Borrower ceases doing business as a going concern; (xi) any representation or warranty made by the Borrower to the Bank in any
Loan Document or any other documents now or in the future evidencing or securing the obligations of the Borrower to the Bank, is false,
erroneous or misleading in any material respect; (xii) the death, incarceration, indictment or legal incompetency of any individual Borrower
or, if the Borrower is a partnership or limited liability company, the death, incarceration, indictment or legal incompetency of any
individual general partner or member; or (xiii) failure of the Borrower to notify the Bank within ten (10) days of any change of the
Borrower’s address.

 

Upon
the occurrence of an Event of Default: (a) the Bank shall be under no further obligation to make advances hereunder; (b) if an Event
of Default specified in clause (iii) or (iv) above shall occur, the outstanding principal balance and accrued interest hereunder together
with any additional amounts payable hereunder shall be immediately due and payable without demand or notice of any kind; (c) if any other
Event of Default shall occur, the outstanding principal balance and accrued interest hereunder together with any additional amounts payable
hereunder, at the Bank’s option and without demand or notice of any kind, may be accelerated and become immediately due and payable;
(d) at the Bank’s option, this Note will bear interest at the Default Rate from the date of the occurrence of the Event of Default;
and (e) the Bank may exercise from time to time any of the rights and remedies available under the Loan Documents or under applicable
law. The Borrower acknowledges that upon the occurrence of an Event of Default, SBA, as defined below, may be required to pay the Lender
under the SBA guarantee, and SBA may then seek recovery on the Facility (to the extent any balance remains after loan forgiveness).

 

10.
Right of Setoff. In addition to all liens upon and rights of setoff against the Borrower’s money, securities or other
property given to the Bank by law, the Bank shall have, with respect to the Borrower’s obligations to the Bank under this Note
and to the extent permitted by law, a contractual possessory security interest in and a contractual right of setoff against, and the
Borrower hereby grants the Bank a security interest in, and hereby assigns, conveys, delivers, pledges and transfers to the Bank, all
of the Borrower’s right, title and interest in and to, all of the Borrower’s deposits, moneys, securities and other property
now or hereafter in the possession of or on deposit with, or in transit to, the Bank or any other direct or indirect subsidiary of The
PNC Financial Services Group, Inc., whether held in a general or special account or deposit, whether held jointly with someone else,
or whether held for safekeeping or otherwise, excluding, however, all IRA, Keogh, and trust accounts. Every such security interest and
right of setoff may be exercised without demand upon or notice to the Borrower. Every such right of setoff shall be deemed to have been
exercised immediately upon the occurrence of an Event of Default hereunder without any action of the Bank, although the Bank may enter
such setoff on its books and records at a later time.

 

11.
Financial and Other Information. Within forty five (45) days after the Bank’s request, the Borrower agrees to deliver
any financial and other business and ownership information concerning the Borrower that the Bank may request from time to time, such
as annual and interim financial statements (all of which shall be prepared in accordance with generally accepted accounting principles),
federal income tax returns. The Borrower also agrees to deliver to the Bank, promptly upon the Bank’s request, certification(s)
of beneficial owners in the form requested by the Bank (as executed and delivered to the Bank on or prior to the date of this Note and
updated from time to time, the “Certification of Beneficial Owners”). If the Borrower was required to execute and
deliver to the Bank a Certification of Beneficial Owners, (a) the Borrower represents and warrants, as of the date of this Note and as
of the date each updated Certification of Beneficial Owners is provided to the Bank, that the information in the Certification of Beneficial
Owners is true, complete and correct, and (b) the Borrower agrees to provide confirmation of the accuracy of the information set forth
in the Certification of Beneficial Owners, or deliver a new Certification of Beneficial Owners in form and substance acceptable to the
Bank, as and when requested by the Bank and/or when any individual identified on the most recent Certification of Beneficial Owners provided
to the Bank as a controlling party and/or a direct or indirect individual owner has changed. The Borrower further agrees to provide such
other information and documentation as may reasonably be requested by the Bank from time to time for purposes of compliance by the Bank
with applicable laws (including without limitation the USA PATRIOT Act and other “know your customer” and anti-money laundering
rules and regulations), and any policy or procedure implemented by the Bank to comply therewith. Additionally, the Borrower will keep
books and records in a manner satisfactory to the Bank and allow the Bank and SBA to inspect and audit books, records and papers relating
to the Borrower’s financial or business condition.

 

    	 	-4-	PPP – Term Note April 2020

    	 

    

 

12.
Anti-Money Laundering/International Trade Law Compliance. The Borrower represents and warrants to the Bank, as of the date
of this Note, the date of each advance of proceeds under the Facility, the date of any renewal, extension or modification of the Facility,
and at all times until the Facility has been terminated and all amounts thereunder have been indefeasibly paid in full, that: (a) no
Covered Entity (i) is a Sanctioned Person; (ii) has any of its assets in a Sanctioned Country or in the possession, custody or control
of a Sanctioned Person; or (iii) does business in or with, or derives any of its operating income from investments in or transactions
with, any Sanctioned Country or Sanctioned Person in violation of any law, regulation, order or directive enforced by any Compliance
Authority; (b) the proceeds of the Facility will not be used to fund any operations in, finance any investments or activities in, or,
make any payments to, a Sanctioned Country or Sanctioned Person in violation of any law, regulation, order or directive enforced by any
Compliance Authority; (c) the funds used to repay the Facility are not derived from any unlawful activity; and (d) each Covered Entity
is in compliance with, and no Covered Entity engages in any dealings or transactions prohibited by, any laws of the United States, including
but not limited to any Anti-Terrorism Laws. Borrower covenants and agrees that it shall immediately notify the Bank in writing upon the
occurrence of a Reportable Compliance Event.

 

As
used herein: “Anti-Terrorism Laws” means any laws relating to terrorism, trade sanctions programs and embargoes, import/export
licensing, money laundering, or bribery, all as amended, supplemented or replaced from time to time; “Compliance Authority”
means each and all of the (a) U.S. Treasury Department/Office of Foreign Assets Control, (b) U.S. Treasury Department/Financial Crimes
Enforcement Network, (c) U.S. State Department/Directorate of Defense Trade Controls, (d) U.S. Commerce Department/Bureau of Industry
and Security, (e) U.S. Internal Revenue Service, (f) U.S. Justice Department, and (g) U.S. Securities and Exchange Commission; “Covered
Entity” means the Borrower, its affiliates and subsidiaries, all guarantors, pledgors of collateral, all owners of the foregoing,
and all brokers or other agents of the Borrower acting in any capacity in connection with the Facility; “Reportable Compliance
Event” means that any Covered Entity becomes a Sanctioned Person, or is indicted, arraigned, investigated or custodially detained,
or receives an inquiry from regulatory or law enforcement officials, in connection with any Anti-Terrorism Law or any predicate crime
to any Anti-Terrorism Law, or self-discovers facts or circumstances implicating any aspect of its operations with the actual or possible
violation of any Anti-Terrorism Law; “Sanctioned Country” means a country subject to a sanctions program maintained
by any Compliance Authority; and “Sanctioned Person” means any individual person, group, regime, entity or thing listed
or otherwise recognized as a specially designated, prohibited, sanctioned or debarred person or entity, or subject to any limitations
or prohibitions (including but not limited to the blocking of property or rejection of transactions), under any order or directive of
any Compliance Authority or otherwise subject to, or specially designated under, any sanctions program maintained by any Compliance Authority.

 

13.
Indemnity. The Borrower agrees to indemnify each of the Bank, each legal entity, if any, who controls, is controlled by or
is under common control with the Bank, and each of their respective directors, officers and employees (the “Indemnified Parties”),
and to defend and hold each Indemnified Party harmless from and against any and all claims, damages, losses, liabilities and expenses
(including all fees and charges of internal or external counsel with whom any Indemnified Party may consult and all expenses of litigation
and preparation therefor) which any Indemnified Party may incur or which may be asserted against any Indemnified Party by any person,
entity or governmental authority (including any person or entity claiming derivatively on behalf of the Borrower), in connection with
or arising out of or relating to the matters referred to in this Note or in the other Loan Documents or the use of any advance hereunder,
whether (a) arising from or incurred in connection with any breach of a representation, warranty or covenant by the Borrower, or (b)
arising out of or resulting from any suit, action, claim, proceeding or governmental investigation, pending or threatened, whether based
on statute, regulation or order, or tort, or contract or otherwise, before any court or governmental authority; provided, however,
that the foregoing indemnity agreement shall not apply to any claims, damages, losses, liabilities and expenses solely attributable to
an Indemnified Party’s gross negligence or willful misconduct. The indemnity agreement contained in this Paragraph shall survive
the termination of this Note, payment of any advance hereunder and the assignment of any rights hereunder. The Borrower may participate
at its expense in the defense of any such action or claim.

 

    	 	-5-	PPP – Term Note April 2020

    	 

    

 

14.
Miscellaneous. All notices, demands, requests, consents, approvals and other communications required or permitted hereunder
(“Notices”) must be in writing (except as may be agreed otherwise above with respect to borrowing requests or as otherwise
provided in this Note) and will be effective upon receipt. Notices may be given in any manner to which the parties may agree. Without
limiting the foregoing, first-class mail, postage prepaid, facsimile transmission and commercial courier service are hereby agreed to
as acceptable methods for giving Notices. In addition, the parties agree that Notices may be sent electronically to any electronic address
provided by a party from time to time. Notices may be sent to a party’s address as set forth above or to such other address as
any party may give to the other for such purpose in accordance with this paragraph. No delay or omission on the Bank’s part to
exercise any right or power arising hereunder will impair any such right or power or be considered a waiver of any such right or power,
nor will the Bank’s action or inaction impair any such right or power. The Bank’s rights and remedies hereunder are cumulative
and not exclusive of any other rights or remedies which the Bank may have under other agreements, at law or in equity. No modification,
amendment or waiver of, or consent to any departure by the Borrower from, any provision of this Note will be effective unless made in
a writing signed by the Bank, and then such waiver or consent shall be effective only in the specific instance and for the purpose for
which given. Notwithstanding the foregoing, the Bank may modify this Note for the purposes of completing missing content or correcting
erroneous content, without the need for a written amendment, provided that the Bank shall send a copy of any such modification to the
Borrower (which notice may be given by electronic mail). The Borrower agrees to pay on demand, to the extent permitted by law, all costs
and expenses incurred by the Bank in the enforcement of its rights in this Note and in any security therefor, including without limitation
reasonable fees and expenses of the Bank’s counsel. If any provision of this Note is found to be invalid, illegal or unenforceable
in any respect by a court, all the other provisions of this Note will remain in full force and effect. The Borrower and all other makers
and indorsers of this Note hereby forever waive presentment, protest, notice of dishonor and notice of non-payment. The Borrower also
waives all defenses based on suretyship or impairment of collateral. If this Note is executed by more than one Borrower, the obligations
of such persons or entities hereunder will be joint and several. This Note shall bind the Borrower and its heirs, executors, administrators,
successors and assigns, and the benefits hereof shall inure to the benefit of the Bank and its successors and assigns; provided,
however, that the Borrower may not assign this Note in whole or in part without the Bank’s written consent and the Bank
at any time may assign this Note in whole or in part.

 

This
Note has been delivered to and accepted by the Bank and will be deemed to be made in the State of Delaware. THIS
NOTE WILL BE INTERPRETED AND THE RIGHTS AND LIABILITIES OF THE BANK AND THE BORROWER DETERMINED IN ACCORDANCE WITH (I) FEDERAL REGULATIONS,
AND (II) TO THE EXTENT NOT PREEMPTED BY FEDERAL LAWS OR REGULATIONS, THE LAWS OF THE STATE OF DELAWARE, EXCLUDING ITS CONFLICT OF LAWS
RULES, INCLUDING WITHOUT LIMITATION THE ELECTRONIC TRANSACTIONS ACT (OR EQUIVALENT) IN EFFECT IN THE STATE OF DELAWARE
(OR, TO THE EXTENT CONTROLLING, THE LAWS OF THE UNITED STATES OF AMERICA, INCLUDING WITHOUT LIMITATION THE ELECTRONIC SIGNATURES IN GLOBAL
AND NATIONAL COMMERCE ACT). The Borrower hereby irrevocably consents to the exclusive jurisdiction of any state or federal court
in the State of Delaware; provided that nothing contained in this Note will prevent the Bank from bringing any action, enforcing any
award or judgment or exercising any rights against the Borrower individually, against any security or against any property of the Borrower
within any other county, state or other foreign or domestic jurisdiction. The Borrower acknowledges and agrees that the venue provided
above is the most convenient forum for both the Bank and the Borrower. The Borrower waives any objection to venue and any objection based
on a more convenient forum in any action instituted under this Note.

 

    	 	-6-	PPP – Term Note April 2020

    	 

    

 

15.
Commercial Purpose. The Borrower represents that the indebtedness evidenced by this Note is being incurred by the Borrower
solely for the purpose of acquiring or carrying on a business, professional or commercial activity, and not for personal, family or household
purposes.

 

16.
USA PATRIOT Act Notice. To help the government fight the funding of terrorism and money laundering activities, Federal law
requires all financial institutions to obtain, verify and record information that identifies each Borrower that opens an account. What
this means: when the Borrower opens an account, the Bank will ask for the business name, business address, taxpayer identifying number
and other information that will allow the Bank to identify the Borrower, such as organizational documents. For some businesses and organizations,
the Bank may also need to ask for identifying information and documentation relating to certain individuals associated with the business
or organization.

 

17.
Authorization to Obtain Credit Reports. By signing below, each person, who is signing in his or her individual capacity, requests
and provides written authorization to the Bank or its designee (and any assignee or potential assignee hereof) to obtain such individual’s
personal credit profile from one or more national credit bureaus. This authorization extends to obtaining a credit profile in (i) considering
an application for credit that is evidenced, guaranteed or secured by this document, (ii) assessing creditworthiness and (iii) considering
extensions of credit, including on an ongoing basis, as necessary for the purposes of (a) update, renewal or extension of such credit
or additional credit, (b) reviewing, administering or collecting the resulting account and (c) reporting on the repayment and satisfaction
of such credit obligations. By signing below, such individual further ratifies and confirms his or her prior requests and authorizations
with respect to the matters set forth herein. For the avoidance of doubt, this provision does not apply to persons signing below in their
capacities as officers or other authorized representatives of entities, organizations or governmental bodies.

 

18.
Electronic Signatures and Records. Notwithstanding any other provision herein, the Borrower agrees that this Note, the Loan
Documents, any amendments thereto, and any other information, notice, signature card, agreement or authorization related thereto (each,
a “Communication”) may, at the Bank’s option, be in the form of an electronic record. Any Communication may,
at the Bank’s option, be signed or executed using electronic signatures. For the avoidance of doubt, the authorization under this
paragraph may include, without limitation, use or acceptance by the Bank of a manually signed paper Communication which has been converted
into electronic form (such as scanned into PDF format) for transmission, delivery and/or retention.

 

19.
Depository. Unless the Bank otherwise agrees, the Borrower will establish and maintain with the Bank the Borrower’s
primary depository accounts.

 

20.
Federal Law. When the U.S. Small Business Administration (“SBA”) is the holder, this Note will be interpreted
and enforced under federal law, including SBA regulations. The Bank or SBA may use state or local procedures for filing papers, recording
documents, giving notice, foreclosing liens, and other purposes. By using such procedures, SBA does not waive any federal immunity from
state or local control, penalty, tax, or liability. As to this Note, the Borrower may not claim or assert against SBA any local or state
law to deny any obligation, defeat any claim of SBA, or preempt federal law.

 

21.
Non-Recourse. The Borrower and SBA shall have no recourse against any individual shareholder, member or partner of the Borrower
for non-payment of the Facility, except to the extent that such shareholder, member or partner uses the loan proceeds for an unauthorized
purpose.

 

22.
DISPUTE RESOLUTIONS.

 

(a)
WAIVER OF JURY TRIAL. FOR ANY DISPUTE THAT IS NOT ARBITRATED, AND TO THE EXTENT PERMITTED BY APPLICABLE LAW, THE BORROWER AND
THE BANK IRREVOCABLY WAIVES ANY AND ALL RIGHTS THE BORROWER OR THE BANK MAY HAVE TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR CLAIM
OF ANY NATURE RELATING TO THIS NOTE, ANY DOCUMENTS EXECUTED IN CONNECTION WITH THIS NOTE OR ANY TRANSACTION CONTEMPLATED IN ANY OF SUCH
DOCUMENTS. THE BORROWER ACKNOWLEDGES THAT THE FOREGOING WAIVER IS KNOWING AND VOLUNTARY.

 

    	 	-7-	PPP – Term Note April 2020

    	 

    

 

(b)
ARBITRATION OF DISPUTES. The Borrower or the Bank may elect to submit any and all disputes arising out of or relating to the
Loan Documents or any breach thereof (a “Dispute”) to binding arbitration

 

(i)
Arbitration. Any arbitration shall be conducted pursuant to and in accordance with the AAA Commercial Arbitration Rules and, where
applicable, the Supplementary Rules for Large, Complex Commercial Disputes, and judgment upon the award rendered by the arbitrator may
be entered in any court having jurisdiction thereof. Such arbitration shall be conducted in a mutually acceptable location. Except as
expressly set forth below, the procedures specified herein shall be the sole and exclusive procedures for the resolution of Disputes;
provided, however, that the Borrower or the Bank may seek provisional or ancillary remedies, such as preliminary injunctive relief, from
a court having jurisdiction, before, during or after the pendency of any arbitration proceeding. The institution and maintenance of any
action for such judicial relief, or pursuit of provisional or ancillary remedies, shall not constitute a waiver of the right or obligation
of any party to submit any claim or dispute to arbitration. Nothing herein shall in any way limit or modify any remedies available to
the Bank under the Loan Documents or otherwise at law or in equity.

 

(ii)
Motion Practice. In any arbitration hereunder, the arbitrator(s) shall decide any prehearing motions which are substantially similar
to pre-hearing motions to dismiss for failure to state a claim or motions for summary adjudication.

 

(iii)
Discovery. Discovery shall be limited to the pre-hearing exchange of all documents which the Borrower and the Bank intend to introduce
at the hearing and any expert reports prepared by any expert who will testify at the hearing.

 

(iv)
Sequential Hearing Days. At the administrative conference conducted by the AAA, the Borrower and the Bank and the AAA shall determine
how to ensure that the hearing is started and completed on sequential hearing days. Potential arbitrators shall be informed of the anticipated
length of the hearing and they shall not be subject to appointment unless they agree to abide by the parties’ intent that, absent
exigent circumstances, the hearing shall be conducted on sequential days.

 

(v)
Award. The award of the arbitrator(s) shall be accompanied by a statement of the reasons upon which such award is based.

 

(vi)
Fees and Expenses. The Borrower and the Bank shall each bear equally all fees and costs and expenses of the arbitration, and each
shall bear its own legal fees and expenses and the costs of its experts and witnesses; provided, however, that if the arbitration panel
shall award to a party substantially all relief sought by such party, then, notwithstanding any applicable governing law provisions,
the other party shall pay all costs, fees and expenses incurred by the prevailing party and such costs, fees and expenses shall be included
in such award.

 

(vii)
Confidentiality of Disputes. The entire procedure shall be confidential and none of the parties nor arbitrator(s) may disclose
the existence, content, or results of any arbitration hereunder without the written consent of all parties to the Dispute, except (i)
to the extent disclosure is required to enforce any applicable arbitration award or may otherwise be required by law and (ii) that either
party may make such disclosures to its regulators, auditors, accountants, attorneys and insurance representatives. No conduct, statements,
promises, offers, views, or opinions of any party involved in an arbitration hereunder shall be discoverable or admissible for any purposes
in litigation or other proceedings involving the parties to the Dispute and shall not be disclosed to anyone not an agent, employee,
expert, witness, or representative for any of such parties.

 

    	 	-8-	PPP – Term Note April 2020

    	 

    

 

(viii)
CLASS ACTION WAIVER. THE BORROWER HEREBY WAIVES, WITH RESPECT TO ANY DISPUTE: (I) THE RIGHT TO PARTICIPATE IN A CLASS ACTION,
PRIVATE ATTORNEY GENERAL ACTION OR OTHER REPRESENTATIVE ACTION IN COURT OR IN ARBITRATION, EITHER AS A CLASS REPRESENTATIVE OR CLASS
MEMBER; AND (II) THE RIGHT TO JOIN OR CONSOLIDATE CLAIMS WITH CLAIMS OF ANY OTHER PERSON. The foregoing waiver is referred to herein
as the “class action waiver”. The Bank and the Borrower agree that no arbitrator shall have authority to conduct any
arbitration in violation of the class action waiver or to issue any relief that applies to any person or entity other than the Borrower
and/or the Bank individually. The parties acknowledge that this class action waiver is material and essential to the arbitration of any
claims and is non-severable from this Dispute Resolution section. If the class action waiver is voided, found unenforceable, or limited
with respect to any claim for which the Borrower seeks class-wide relief, then this Dispute Resolution section (except for this sentence)
shall be null and void with respect to such claim, subject to the right to appeal the limitation or invalidation of the class action
waiver. However, this Dispute Resolution section shall remain valid with respect to all other claims and Disputes. The parties acknowledge
and agree that under no circumstances will a class action be arbitrated.

 

(ix)
Applicability of Federal Arbitration Act. This Note evidences transaction(s) in interstate commerce, and thus the Federal Arbitration
Act governs the interpretation and enforcement of this Dispute Resolution section.

 

REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK

 

    	 	-9-	PPP – Term Note April 2020

    	 

    

 

If
the Borrower is a legal entity, the undersigned certifies to the Bank that the undersigned (individually and collectively if more than
one, the “Authorized Representative”) is and was authorized and directed to (i) execute and deliver, including to electronically
execute and deliver, in the name of and on behalf of the Borrower, this Note and any other documents executed in connection with this
Note or the Facility, all in such form as may be requested by the Bank or required under the Program and any of which may contain a provision
waiving the right to trial by jury; (ii) execute and deliver to or in favor of, including to electronically execute and deliver to or
in favor of, the Bank any amendments, modifications, renewals or supplements of or to any of the foregoing agreements, documents or instruments;
(iii) take any other action requested, required or deemed advisable by the Bank in order to effectuate the foregoing; and (iv) delegate
the foregoing duties to other representatives of the Borrower. The undersigned further certifies that the Authorized Representative holds
the office, title or status with the Borrower specified below the Authorized Representative’s signature.

 

The
Borrower acknowledges that it has read and understands all the provisions of this Note, including the waiver of jury trial, arbitration
and class action waiver, and has been advised by counsel as necessary or appropriate, or has elected not to seek the advice of counsel.

 

WITNESS
the due execution hereof as a document under seal, as of the date first written above, with the intent to be legally bound hereby.

 

	 	SQL TECHNOLOGIES CORP.
	 	 	 
	 	 	 
	 	By:	/s/ John
    P. Campi
	 	 	(SEAL)
	 	John P. Campi, President and Chief Executive
    Officer
	 	 	 
	 	 	 
	 	By:	 /s/
    Patricia A. Barron
	 	 	(SEAL)
	 	Patricia A. Barron, Chief Operating Officer

  

    	 	-10-	PPP – Term Note April 2020

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