Document:

Exhibit 10.1

 

PROMISSORY
NOTE

 

Dated:
November 13, 2020

 

FOR
VALUE RECEIVED, and intending to be legally bound, Laffin Acquisition Corp., a Delaware corporation (the “Maker”),
with an address at 2255 Glades Road, Suite 324A, Boca Raton, Florida 33431, hereby unconditionally and irrevocably promises to
pay to the order of Mark Tompkins, an individual (the “Payee”) with an address at Apt. 1, Via Guidino 23, 6900
Lugano, Paradiso, Switzerland, in lawful money of the United States of America, the sum of any and all amounts that the Payee
may advance to the Maker or any other third parties on behalf of the Maker as set forth on Schedule A attached hereto,
which may be amended from time to time as funds are advanced (the “Principal Amount”) on or before the date
(the “Maturity Date”) that the Maker (or a wholly owned subsidiary of the Maker) consummates a business combination
with a private company in a reverse merger or reverse takeover transaction or other transaction after which the Maker would cease
to be a shell company (as defined in Rule 12b-2 under the Securities Exchange Act of 1934, as amended) (“Transaction”).
In the event a Transaction is consummated, the proceeds received by the Maker or a subsidiary of the Maker shall first be used
to repay the entire outstanding unpaid Principal Amount and then any accrued unpaid interest on this Note.

 

Interest
shall not accrue on the outstanding Principal Amount of this Promissory Note unless as set forth below in the event of an Event
of Default (as defined below). This Promissory Note may be prepaid in whole or in part at any time or from time to time prior
to the Maturity Date.

 

For
purposes of this Promissory Note, an “Event of Default” shall occur if the Maker shall: (i) fail to pay the
entire Principal Amount of this Promissory Note when due and payable, (ii) admit in writing its inability to pay any of its monetary
obligations under this Promissory Note, (iii) make a general assignment of its assets for the benefit of creditors, or (iv) allow
any proceeding to be instituted by or against it seeking relief from or by creditors, including, without limitation, any bankruptcy
proceedings.

 

In
the event that an Event of Default has occurred, the Payee or any other holder of this Promissory Note may, by notice to the Maker,
declare this entire Promissory Note to be forthwith immediately due and payable, without presentment, demand, protest or further
notice of any kind, all of which are hereby expressly waived by the Maker. In the event that an Event of Default consisting of
a voluntary or involuntary bankruptcy filing has occurred, then this entire Promissory Note shall automatically become due and
payable without any notice or other action by Payee. Commencing five days after the occurrence of any Event of Default, interest
shall accrue on the outstanding Principal Amount of this Promissory Note and any other amounts payable hereunder (including costs
of collection) at the rate of eighteen percent (18%) per annum on the basis of a 360-day year.

 

The
non-exercise or delay by the Payee or any other holder of this Promissory Note of any of its rights hereunder in any particular
instance shall not constitute a waiver thereof in that or any subsequent instance. No waiver of any right shall be effective unless
in writing signed by the Payee, and no waiver on one or more occasions shall be conclusive as a bar to or waiver of any right
on any other occasion.

 

Should
any part of the indebtedness evidenced hereby be collected by law or through an attorney-at-law, the Payee or any other holder
of this Promissory Note shall, if permitted by applicable law, be entitled to collect from the Maker all reasonable costs of collection,
including, without limitation, attorneys’ fees.

 

     

     

    

 

All
notices and other communications must be in writing to the address of the party set forth in the first paragraph hereof and shall
be deemed to have been received when delivered personally (which shall include via an overnight courier service) or, if mailed,
three (3) business days after having been mailed by registered or certified mail, return receipt requested, postage prepaid. The
parties may designate by notice to each other any new address for the purpose of this Promissory Note.

 

Maker
hereby forever waives presentment, demand, presentment for payment, protest, notice of protest, and notice of dishonor of this
Promissory Note and all other demands and notices in connection with the delivery, acceptance, performance and enforcement of
this Promissory Note.

 

This
Promissory Note shall be binding upon the successors and assigns of the Maker, and shall be binding upon, and inure to the benefit
of, the successors and assigns of the Payee.

 

This
Promissory Note shall be governed by and construed in accordance with the internal laws of the State of Delaware.

 

 

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IN
WITNESS WHEREOF, the undersigned Maker has executed this Promissory Note as of the date first written above.

 

	 	MAKER:
	 	 	 
	 	LAFFIN
    ACQUISITION CORP.
	 	 	 
	 	By:	 
	 	 	Ian
    Jacobs
	 	 	President

 

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Schedule
A

 

(as
of November 13, 2020)

 

	 	 	Amount	 	Date of Advance
	Advanced	 	$10,000	 	November 13, 2020
	 	 	 	 	 
	Aggregate Principal Amount	 	$10,000	 	 

 

    Sch A-1Exhibit 10.2

 

COMMON STOCK PURCHASE
AGREEMENT

 

AGREEMENT
(this “Agreement”) entered into as of the 13th day of November, 2020, by and between Laffin Acquisition
Corp., a Delaware corporation (the “Company”), and Mark Tompkins, an individual (the “Purchaser”).

 

WHEREAS,
the Purchaser desires to purchase, and the Company desires to sell, an aggregate of 4,750,000 shares (the “Shares”)
of the Company’s common stock, par value $0.0001 per share (the “Common Stock”) upon the terms and conditions
hereof.

 

NOW,
THEREFORE, in consideration of the premises and the mutual agreements herein contained, the Purchaser and the Company hereby agree
as follows:

 

SECTION 1: SALE OF THE
SHARES

 

1.1
Sale of the Shares. Subject to the terms and conditions hereof, the Company will sell to the Purchaser and the Purchaser
will purchase from the Company, upon the execution and delivery of this Agreement, the Shares for a purchase price equal to $475
(the “Purchase Price”).

 

SECTION 2: CLOSING DATE;
DELIVERY

 

2.1
Closing Date. The closing of the purchase and sale of the Shares hereunder (the “Closing”) shall be held immediately
following the execution and delivery of this Agreement.

 

2.2
Delivery at Closing. At the Closing, the Company will record the issuance of the Shares in the Company’s stock ledger
with respect to the Common Stock of the Company in the Purchaser’s name, against payment of the Purchase Price therefore
as indicated above.

 

SECTION 3: REPRESENTATIONS
AND WARRANTIES OF PURCHASER

 

The undersigned Purchaser hereby
represents and warrants to the Company as follows:

 

3.1
Restricted Securities. None of the Shares are registered under the Securities Act of 1933, as amended (the “Securities
Act”), or any state securities laws. The Purchaser acknowledges that the Shares have not been recommended by any US Federal
or State securities commission or regulatory authority and have not confirmed the accuracy or determined the adequacy of this Agreement.
The Purchaser understands that the offering and sale of the Shares is intended to be exempt from registration under the Securities
Act, by virtue of Section 4(a)(2) thereof and, if deemed advisable by the Company, the provisions of Regulation D promulgated thereunder,
based, in part, upon the representations, warranties and agreements of the Purchaser contained in this Agreement. The Purchaser
understands that the Shares may not be sold, transferred or otherwise disposed of without registration under the Securities Act
or an exemption therefrom.

 

3.2 Experience.
The Purchaser has such knowledge and experience in financial and business matters that the Purchaser is capable of evaluating
the merits and risks of investment in the Company and of making an informed investment decision. The Purchaser has adequate
means of providing for the Purchaser’s current needs and possible future contingencies and the Purchaser has no need,
and anticipates no need in the foreseeable future, to sell the Shares for which the Purchaser subscribes. The Purchaser is
able to bear the economic risks of this investment and, consequently, without limiting the generality of the foregoing, the
Purchaser is able to hold the Shares for an indefinite period of time and has sufficient net worth to sustain a loss of the
Purchaser’s entire investment in the Company in the event such loss should occur. Except as otherwise indicated herein,
the Purchaser is the sole party in interest as to its investment in the Company, and it is acquiring the Shares solely for
investment for the Purchaser’s own account and has no present agreement, understanding or arrangement to subdivide,
sell, assign, transfer or otherwise dispose of all or any part of the Shares subscribed for to any other person.

 

     

     

    

 

3.3
Investment; Access to Data. The Purchaser has carefully reviewed and understands the risks of, and other considerations
relating to, a purchase of the Shares and an investment in the Company. The Purchaser has been furnished materials relating to
the Company, the private placement of the Common Stock or anything else that it has requested and has been afforded the opportunity
to ask questions and receive answers concerning the terms and conditions of the offering and obtain any additional information
which the Company possesses or can acquire without unreasonable effort or expense. Representatives of the Company have answered
all inquiries that the Purchaser has made of them concerning the Company, or any other matters relating to the formation and operation
of the Company and the offering and sale of the Common Stock. The Purchaser has not been furnished any offering literature other
than the materials that the Company may have provided at the request of the Purchaser; and the Purchaser has relied only on such
information furnished or made available to the Purchaser by the Company as described in this Section. The Purchaser is acquiring
the Shares for investment for the Purchaser’s own account, not as a nominee or agent and not with the view to, or for resale
in connection with, any distribution thereof. The Purchaser acknowledges that the Company is a start-up company with no current
operations, assets or operating history, which may possibly cause a loss of Purchaser’s entire investment in the Company.

 

3.4 Authorization.
(a) This Agreement, upon execution and delivery thereof, will be a valid and binding obligation of Purchaser, enforceable in accordance
with its terms, subject to applicable bankruptcy, insolvency, reorganization and moratorium laws and other laws of general application
affecting enforcement of creditors’ rights generally.

 

(b) The
execution, delivery and performance by Purchaser of this Agreement and compliance therewith and the purchase and sale of the Shares
will not result in a violation of and will not conflict with, or result in a breach of, any of the terms of, or constitute a default
under, any provision of state or Federal law to which Purchaser is subject, or any mortgage, indenture, agreement, instrument,
judgment, decree, order, rule or regulation or other restriction to which the Purchaser is a party or by which the Purchaser is
bound, or result in the creation of any mortgage, pledge, lien, encumbrance or charge upon any of the properties or assets of Purchaser
pursuant to any such term.

 

3.5 Accredited
Investor. Purchaser is an accredited investor as defined in Rule 501(a) of Regulation D under the Securities Act of 1933, as
amended and has executed the statement of accredited investor annexed hereto as Exhibit A.

 

SECTION 4: MISCELLANEOUS

 

4.1 Governing
Law. This Agreement shall be governed in all respects by the laws of the State of Delaware, without regard to conflicts of
laws principles thereof.

 

4.2 Survival.
The terms, conditions and agreements made herein shall survive the Closing.

 

4.3
Successors and Assigns. Except as otherwise expressly provided herein, the provisions hereof shall inure to the benefit
of, and be binding upon, the successors, assigns, heirs, executors and administrators of the parties hereto.

 

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4.4
Entire Agreement; Amendment; Waiver. This Agreement constitutes the entire and full understanding and agreement between
the parties with regard to the subject matter hereof. Neither this Agreement nor any term hereof may be amended, waived, discharged
or terminated, except by a written instrument signed by all the parties hereto.

 

4.5 Counterparts;
Electronic Signature. This Agreement may be executed in any number of counterparts, each of which shall be an original, but
all of which together, shall constitute one instrument. This Agreement may be executed by facsimile or pdf signature by any party
and such signature will be deemed binding for all purposes hereof without delivery of an original signature being thereafter required.

 

 

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IN WITNESS WHEREOF,
the undersigned have hereunto set their hands as of the day and year first written above

 

	 	LAFFIN ACQUISITION CORP.
	 	 	 
	 	By:	
	 	 	Ian Jacobs
	 	 	President, Secretary, Chief Executive Officer,
	 	 	and Chief Financial Officer

 

 

	 	PURCHASER
	 	 	 
	 	
	 	Mark Tompkins

 

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