Document:

Exhibit 10.3

 

FIRST
AMENDMENT TO LOAN AND SECURITY AGREEMENT

 

FIRST
AMENDMENT TO LOAN AND SECURITY AGREEMENT (this “Amendment”), dated as of April 2, 2019, is entered into by
and between ONDAS HOLDINGS INC., fka Zev Ventures Incorporated, a Nevada corporation (together with its subsidiaries hereinafter
referred to as the "Borrower"), and ENERGY CAPITAL, LLC, a Florida limited liability company, and its successors and
assigns (hereinafter referred to as "Lender").

 

W
I T N E S S E T H

 

WHEREAS
the Borrower and the Lender have entered into that certain Loan and Security Agreement dated as of October 1, 2018 (the "Loan
Agreement");

 

WHEREAS
the Borrower has requested that the Lender agree to (i) amend the notice provisions of an Advance Request, (ii) increase the monthly
Advance, and (iii) extend the Maturity Date; and

 

WHEREAS
the Lender is willing to make such amendments to the Loan Agreement upon the terms and conditions set forth herein;

 

NOW,
THEREFORE, in consideration of the agreements hereinafter set forth, and for other good and valuable consideration, the receipt
and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

 

Article
I.

DEFINITIONS

 

1.1       Definitions.
Unless otherwise defined herein or the context otherwise requires, terms used in this Amendment, including its preamble and recitals,
have the meanings provided in the Loan Agreement.

 

Article
II.

AMENDMENTS

 

2.1       Amendments.
Upon satisfaction of the conditions set forth in Article III hereof, the Loan Agreement is hereby amended as follows:

 

(a)       Section
1.1 (Definitions) of the Loan Agreement is hereby amended by adding, or amending and restating in their entirety, as
applicable, the following definitions in alphabetical order:

 

"Maturity
Date" means September 30, 2020."

 

The
definition for "Underwritten Public Offering" is deleted in its entirety, as well as all references thereto throughout
the Loan Documents.

 

     

    

    

 

(b)       Section
2.1(a) (Advances) of the Loan Agreement is hereby amended and restated in its entirety as follows:

 

"(a)
Advances. Subject to the terms and conditions of this Agreement, Lender will make an Advance of up to $1,000,000 after
the Closing Date of the Merger upon request of the Borrower ("First Advance"); provided that (i) the $10,000,000 Loan
to Ondas from Steward Capital Holdings, LLC has been fully funded, (ii) the Borrower's cash on hand is less than $250,000, and
(iii) no Event of Default shall have occurred and is continuing. Borrower may request additional Advances in an amount up to $1,500,000
per month under the same terms as mentioned hereinabove in this paragraph ("Advance")."

 

(c)       Section
2.1(b) (Advance Request) of the Loan Agreement is hereby amended and restated in its entirety as follows:

 

"(b)
Advance Request. To obtain an Advance, Borrower shall complete, sign and deliver an Advance Request (at least one (1) business
day before the Advance Date) to Lender; provided that the Advance Request related to the First Advance may be delivered on the
Closing Date related thereto. Lender shall fund the Advance in the manner requested by the Advance Request provided that each
of the conditions precedent to such Advance is satisfied as of the requested Advance Date."

 

(d)       Section
2.3 (Underwritten Public Offering) of the Loan Agreement is hereby deleted in its entirety and replaced as follows:

 

"Section
2.3 [Reserved.]"

 

(e)
       Section 7.1(a) and (b) (Financial Reports) of the Loan Agreement –
all references to "the Underwritten Public Offering" and "such Underwritten Public Offering" in Section 7.1
(a) and (b) (Financial Reports) of the Loan Agreement are hereby deleted and replaced with "an underwritten public
offering of Borrower’s common stock."

 

Article
III.

CONDITIONS TO EFFECTIVENESS

 

This
Amendment shall become effective (the “Closing”) on the date (the "First Amendment Effective Date")
all of the conditions set forth in this Article III shall have been satisfied (or waived by the Lender in its sole
discretion):

 

3.1       Representations
and Warranties. Both prior to and after giving effect to this Amendment, each representation and warranty by each Party hereto
or in any other Loan Document to which such Party is a party, shall be true and correct in all material respects on and as of
the First Amendment Effective Date.

 

3.2       Event
of Default. Both prior to and giving effect to this Amendment, no Default or Event of Default shall have occurred and be continuing,
and no Default or Event of Default shall result from the execution and delivery of this Amendment and the consummation of the
transactions contemplated herein.

 

    2 

    

    

 

3.3       No
Material Adverse Effect. Since October 1, 2018, no event or occurrence shall have occurred that has resulted or could reasonably
be expected to result in a Material Adverse Effect.

 

Article
IV.

REPRESENTATIONS AND WARRANTIES

 

4.1       Representations
and Warranties of Loan Parties. In order to induce the Lender to enter into this Amendment, the Borrower hereby represents
and warrants to the Lender that as of the date hereof, both prior to and after giving effect to this Amendment:

 

(a)       Organization.
Borrower is a corporation validly existing and in good standing under the laws of the State of Nevada; and each of its Subsidiaries
is duly organized, validly existing and in good standing (as applicable) under the laws of the jurisdiction of its incorporation
or organization. Borrower has all power and authority and all material governmental approvals required for the ownership and operation
of its properties and the conduct of its business as now conducted and as proposed to be conducted and is qualified to do business,
and is in good standing (as applicable), in every jurisdiction where, because of the nature of its activities or properties, such
qualification is required, except for such jurisdictions where the failure to so qualify could not reasonably be expected to have
a Material Adverse Effect.

 

(b)       Due
Authorization. The execution, delivery and performance of this Amendment, and the performance of its obligations under the
Loan Agreement as amended hereby, have been duly authorized by all necessary action on the part of each Party that is a party
hereto.

 

(c)       No
Conflict. The execution, delivery and performance of this Amendment by each Party that is a party hereto and the consummation
of the transactions contemplated hereby do not and will not (a) require any consent or approval of, or registration or filing
with or any other action by, any Governmental Authority (other than any consent or approval which has been obtained and is in
full force and effect), (b) conflict with (i) any provision of material Applicable Law, (ii) the charter, by-laws, limited liability
company agreement, partnership agreement or other organizational documents of any Party or (iii) any material agreement, indenture,
instrument or other document, or any judgment, order or decree, which is binding upon any Party or any of their respective properties
or (c) require, or result in, the creation or imposition of any Lien on any asset of the Borrower or any other Party (other than
Liens in favor of Steward Capital created pursuant to that certain Loan and Security Agreement dated March 9, 2018).

 

(d)       Incorporation
of Representations and Warranties from Loan Documents. Each representation and warranty by each Party hereto contained in
the Loan Agreement or in any other Loan Document to which such Party is a party, is true and correct in all material respects
(without duplication of any materiality qualifier contained therein) as of the date hereof (or as of a specific earlier date if
such representation or warranty expressly relates to an earlier date).

 

    3 

    

    

 

(e)       No
Default. Both prior to and after giving effect to this Amendment, no Default or Event of Default has occurred and is continuing,
and no Default or Event of Default will result from the execution and delivery of this Amendment and the consummation of the transactions
contemplated herein.

 

(f)       No
Material Adverse Effect. Since October 1, 2018, no event or occurrence has occurred that has resulted or could reasonably
be expected to result in a Material Adverse Effect.

 

(g)       Validity;
Binding Nature. This Amendment has been duly executed by each Party hereto, and each of (i) this Amendment and (ii) the Loan
Agreement as amended hereby is the legal, valid and binding obligation of each Party hereto, enforceable against such Party in
accordance with its terms, subject to bankruptcy, insolvency and similar laws affecting the enforceability of creditors’
rights generally and to general principles of equity.

 

Article
V.

MISCELLANEOUS

 

5.1       Loan
Document. This Amendment is a Loan Document executed pursuant to the Loan Agreement and shall (unless otherwise expressly
indicated therein) be construed, administered and applied in accordance with the terms and provisions of the Loan Agreement.

 

5.2       Effect
of Amendment. Except as expressly set forth herein, this Amendment shall not by implication or otherwise limit, impair, constitute
a waiver of, or otherwise affect, the rights and remedies of the parties to the Loan Agreement and shall not alter, modify, amend
or in any way affect any of the terms or conditions contained therein, all of which are ratified and affirmed in all respects
and shall continue in full force and effect. Nothing herein shall be deemed to entitle any Party to any future consent with respect
to, or waiver, amendment, modification or other change of, any of the terms or conditions contained in the Loan Agreement in similar
or different circumstances. Except as expressly stated herein, the Lender reserves all rights, privileges and remedies under the
Loan Documents. All references in the Loan Agreement and the other Loan Documents to the Loan Agreement shall be deemed to be
references to the Loan Agreement as modified hereby.

 

5.3       Reaffirmation.
The Borrower hereby reaffirms its obligations under each Loan Document to which it is a party and further ratifies and reaffirms
the validity and enforceability of all of the liens and security interests heretofore granted, pursuant to and in connection with
the Loan Agreement or any other Loan Document, to the Lender, as collateral security for the obligations under the Loan Documents
in accordance with their respective terms, and acknowledges that all of such liens and security interests, and all Collateral
heretofore pledged as security for such obligations, continue to be and remain collateral for such obligations from and after
the date hereof.

 

5.4       Counterparts.
This Amendment may be executed by the parties hereto in several counterparts, each of which shall be deemed to be an original
and all of which shall constitute together but one and the same agreement. Delivery of an executed signature page of this Amendment
by facsimile transmission or electronic transmission shall be as effective as delivery of a manually executed counterpart hereof.

 

    4 

    

    

 

5.5       Construction;
Captions. Each party hereto hereby acknowledges that all parties hereto participated equally in the negotiation and drafting
of this Amendment and that, accordingly, no court construing this Amendment shall construe it more stringently against one party
than against the other. The captions and headings of this Amendment are for convenience of reference only and shall not affect
the interpretation of this Amendment.

 

5.6       Successors
and Assigns. This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors
and assigns (as permitted under the Loan Agreement).

 

5.7       Governing
Law. This Amendment, the rights and obligations of the parties hereto, and any claims or disputes relating thereto shall be
governed by and construed in accordance with THE INTERNAL LAWS OF THE STATE OF FLORIDA WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES.

 

5.8       Severability.
The illegality or unenforceability of any provision of this Amendment or any instrument or agreement required hereunder shall
not in any way affect or impair the legality or enforceability of the remaining provisions of this Amendment or any instrument
or agreement required hereunder.

 

5.9       Release
of Claims. In consideration of the Lender’s agreements contained in this Amendment, Borrower hereby releases and discharges
the Lender and its affiliates, subsidiaries, successors, assigns, employees, agents, consultants and attorneys (each, a “Released
Person”) of and from any and all other claims, suits, actions, investigations, proceedings or demands, whether based
in contract, tort, implied or express warranty, strict liability, criminal or civil statute or common law of any kind or character,
known or unknown, which Borrower ever had or now has against Lender or any other Released Person which relates, directly or indirectly,
to any acts or omissions of the Lender or any other Released Person relating to the Loan Agreement or any other Loan Document
on or prior to the date hereof.

 

[Signature
page follows]

 

    5 

    

    

IN
WITNESS WHEREOF, each of the parties hereto has caused this Amendment to be duly executed and delivered as of the date first above
written.

 

	 	BORROWER:
	 	 	 
	 	ONDAS HOLDINGS INC.,
	 	a Nevada corporation
	 	 	 
	 	By: 	/s/ Eric A. Brock
	 	Name:       Eric A. Brock
	 	Title:         Chief Executive Officer
	 	 	 
	 	LENDER:
	 	 	 
	 	ENERGY CAPITAL, LLC
	 	 	 
	 	By: 	/s/ Robert J. Smith
	 	Name:        Robert J. Smith
	 	Title:          Sole Managing MemberExhibit 10.4

 

FIRST
AMENDMENT TO SECURED TERM PROMISSORY NOTES

 

FIRST
AMENDMENT TO SECURED TERM PROMISSORY NOTES (this “Amendment”), dated as of April 2, 2019, is entered into by
ONDAS HOLDINGS INC., fka Zev Ventures Incorporated, a Nevada corporation (together with its subsidiaries hereinafter referred
to as the "Borrower"), in favor of ENERGY CAPITAL, LLC, a Florida limited liability company, and its successors
and assigns (hereinafter referred to as "Lender").

 

W
I T N E S S E T H

 

WHEREAS
the Borrower and the Lender have entered into that certain Loan and Security Agreement dated as of October 1, 2018 and that certain
First Amendment to the Loan and Security Agreement, dated as of the date hereof (collectively, the "Loan Agreement");

 

WHEREAS,
in connection with the Loan Agreement, the Borrower has executed in favor of Lender (i) that certain Secured Term Promissory Note,
dated as of January 29, 2019, in the original principal amount of $1,000,000; (ii) that certain Secured Term Promissory Note,
dated as of February 11, 2019, in the original principal amount of $650,000; (iii) that certain Secured Term Promissory Note,
dated as of February 27, 2019, in the original principal amount of $750,000; (iv) that certain Secured Term Promissory Note, dated
as of March 14, 2019, in the original principal amount of $900,000; and (v) that certain Secured Term Promissory Note, dated as
of March 28, 2019, in the original principal amount of 800,000; (collectively, the "Notes");

 

WHEREAS
the Borrower has requested that the Lender agree to extend the Maturity Date of each of the Notes upon the terms set forth herein;
and

 

NOW,
THEREFORE, in consideration of the agreements hereinafter set forth, and for other good and valuable consideration, the receipt
and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

 

1.1       Amendment.
Each Note is hereby amended so that the Maturity Date for each Note shall be September 30, 2020.

 

1.2       Effect
of Amendment. Except as expressly set forth herein, this Amendment shall not by implication or otherwise limit, impair, constitute
a waiver of, or otherwise affect, the rights and remedies of the parties to the Notes and shall not alter, modify, amend or in
any way affect any of the terms or conditions contained therein, all of which are ratified and affirmed in all respects and shall
continue in full force and effect. Nothing herein shall be deemed to entitle any Party to any future consent with respect to,
or waiver, amendment, modification or other change of, any of the terms or conditions contained in the Notes in similar or different
circumstances. Except as expressly stated herein, the Lender reserves all rights, privileges and remedies under the Notes. All
references in the Loan Agreement and the other Loan Documents to the Notes shall be deemed to be references to the Notes as modified
hereby.

 

1.3       Counterparts.
This Amendment may be executed by the parties hereto in several counterparts, each of which shall be deemed to be an original
and all of which shall constitute together but one and the same agreement. Delivery of an executed signature page of this Amendment
by facsimile transmission or electronic transmission shall be as effective as delivery of a manually executed counterpart hereof.

 

[Signature
page follows]

 

     

    

    

IN
WITNESS WHEREOF, each of the parties hereto has caused this Amendment to be duly executed and delivered as of the date first above
written.

	 	 	 
	 	BORROWER:
	 	 	 
	 	ONDAS HOLDINGS INC.,
	 	a Nevada corporation
	 	 	 
	 	By: 	/s/ Eric A. Brock
	 	Name:         Eric A. Brock
	 	Title:           Chief Executive Officer
	 	 	 
	 	LENDER:
	 	 	 
	 	ENERGY CAPITAL, LLC
	 	 	 
	 	By: 	/s/ Robert J. Smith
	 	Name:         Robert J. Smith
	 	Title:           Sole Managing Member

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