Document:

Exhibit 10.3

 

ONDAS HOLDINGS INC.

 

STOCK OPTION AGREEMENT

 

THIS STOCK OPTION
AGREEMENT (this “Agreement”), is made and effective as of this ___ day of ________, 2020 (the “Grant Date”),
by and between Ondas Holdings Inc. (f/k/a Zev Ventures Incorporated) (the “Company”), and ____________________________________
(“Participant”).

 

W I T N E S S E T H:

 

WHEREAS, the
Company is desirous of increasing the incentive of Participant whose contributions are important to the continued success of the
Company;

 

NOW, THEREFORE,
in consideration of the foregoing, and for other good and valuable consideration, the Company hereby grants Participant options
to purchase shares of Common Stock of the Company pursuant to the Zev Ventures Incorporated 2018 Incentive Stock Plan (the “Plan”),
upon the following terms and conditions. Capitalized terms not defined herein shall have the meaning ascribed thereto in the Plan.

 

1. GRANT
OF OPTION

 

Subject to the terms
and conditions of this Agreement and the Plan, the Company hereby grants to the Participant an Option to purchase an aggregate
of ___________________________ (_____________) shares of the Company’s Common Stock.

 

2. EXERCISE
PRICE

 

The Exercise Price
of this Option shall be $______ per share of Common Stock of the Company

 

3. TERM
AND VESTING OF OPTION

 

(a) Option
Period. This Option shall terminate and all rights to purchase shares hereunder shall cease on the tenth anniversary of the
Grant Date.

 

(b) Vesting.
Subject to Section 5 and 6 hereof, this Option shall become vested upon the dates described in the following schedule:

 

	Date	 	
        Incremental Percentage 

of Vested
Option Shares
	 	Cumulative Percentage of 

Vested Option Shares
	 	 	 	 	 
	 	 	 	 	 

 

There shall be no proportionate or partial
vesting in the periods between the vesting dates and all vesting shall occur only on the aforementioned vesting dates.

 

     

     

    

 

4. EXERCISE
AND PAYMENT

 

(a) General.
When the Option has vested and any other conditions to the exercise of an Option have been satisfied, Participant may exercise
the Option only in accordance with the following provisions. Participant shall deliver to the Company a written notice stating
that Participant is exercising the Option and specifying the number of shares of Common Stock which are to be purchased pursuant
to the Option, and such notice shall be accompanied by payment in full of the Exercise Price of the shares for which the Option
is being exercised, by one or more of the methods provided for in the Plan. An attempt to exercise any Option granted hereunder
other than as set forth in the Plan shall be invalid and of no force and effect.

 

(b) Payment
of the Exercise Price. Payment of the Exercise Price for the shares of Common Stock purchased pursuant to the exercise of an
Option shall be made by cash, certified or cashier’s check, bank draft or money order, or by any other method which the Committee,
in its sole and absolute discretion and to the extent permitted by the Plan and applicable law, may permit.

 

5. TERMINATION
OF EMPLOYMENT

 

(a) General.
Upon Participant’s termination of employment or other service with the Company for any reason, the unvested portion of the
Option shall expire.

 

(b) Termination
Without Cause. In the event that Participant's termination of employment or other service with the Company for any reason other
than for Cause of because of the Participant's death or disability, the Participant shall have ninety (90) days to exercise the
Option, or if earlier, until the expiration of the term of the Option.

 

(c) Termination
Due to Death or Disability. In the event that Participant's termination of employment or other service with the Company is
due to the death or disability of the Participant, the Participant shall have one year to exercise the Option, or if earlier, until
the expiration of the term of the Option.

 

(d) Termination
for Cause. In the event the termination is for Cause, any Option held by Participant at the time of such termination shall
be deemed to have terminated and expired upon the date of such termination.

 

6. MISCELLANEOUS

 

(a) Controlling
Law. This Agreement and all questions relating to its validity, interpretation, performance, and enforcement (including, without
limitation, provisions concerning limitations of actions), shall be governed by, and construed in accordance with the laws of the
State of Nevada.

 

(b) Binding
Nature of Agreement. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective
heirs, personal representatives, successors and permitted assigns.

 

    2

     

    

 

(c) Provisions
of Plan Control. This Agreement is subject to all the terms, conditions and provisions of the Plan, including, without limitation,
the amendment provisions thereof, and to such rules, regulations and interpretations relating to the Plan as may be adopted by
the Board and as may be in effect from time to time. The Plan is incorporated herein by reference. If and to the extent that this
Agreement conflicts or is inconsistent with the terms, conditions and provisions of the Plan, the Plan shall control, and this
Agreement shall be deemed to be modified accordingly.

 

(d) Withholding.
In connection with the exercise of the Option, the Participant agrees (a) to pay to the Company, or make arrangements satisfactory
to the Company regarding payment of, any federal, state or local, domestic or foreign taxes of any kind required by law to be withheld
with respect to such exercise, and (b) that the Company shall, to the extent permitted by law, have the right to deduct from any
payment of any kind otherwise due to the Participant any federal, state or local taxes of any kind required by law to be withheld
with respect to the exercise of the Option.

 

(e) Number
of Days. In computing the number of days for purposes of this Agreement, all days shall be counted, including Saturdays, Sundays
and holidays; provided, however that if the final day of any time period falls on a Saturday, Sunday or holiday on
which federal banks are or may elect to be closed, then the final day shall be deemed to be the next day which is not a Saturday,
Sunday or such holiday.

 

(f) No
Third-Party Beneficiaries. This Agreement shall not confer any rights or remedies upon any person other than the parties and
their respective successors and permitted assigns.

 

(g) Entire
Agreement; Amendments. This Agreement (including the documents and exhibits referred to herein) constitutes the entire agreement
among the parties and supersedes any prior understandings, agreements, or representations by or among the parties, written or oral,
that may have related in any way to the subject matter hereof. This Agreement may not be amended, supplemented, or modified in
whole or in part except by an instrument in writing signed by the party or parties against whom enforcement of any such amendment,
supplement, or modification is sought.

 

(h) No
Rights to Continued Employment. Nothing contained herein shall give the Participant the right to be retained in the employment
or service of the Company or any of its subsidiaries or affiliates or affect the right of any such employer to terminate the Participant.

 

(i) Counterparts.
This Agreement may be executed in one or more counterparts, each of which will be deemed an original and all of which together
will constitute one and the same instrument.

 

    3

     

    

 

 

IN WITNESS WHEREOF,
the parties have executed this Agreement as of the day and year first above written.

 

	 	ONDAS HOLDINGS INC.
	 	 	 
	 	By:	                    
	 	Name:	 
	 	Title:	 
	 	 	 
	 	PARTICIPANT:
	 	 
	 	 	 
	 	Name:	               
	 	Address:	 
	 	 	 

 

 

4Exhibit

Exhibit 10.3
[EXECUTION VERSION]

AMENDMENT NO. 1 dated as of December 9, 2019 (this “Amendment”), to the CREDIT AGREEMENT dated as of November 19, 2019 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among GANNETT CO., INC. (formerly New Media Investment Group Inc.), a Delaware corporation (“Holdings”), GANNETT HOLDINGS LLC (formerly Arctic Holdings LLC), a Delaware limited liability company (the “Borrower”), each Guarantor party thereto, the Lenders from time to time party thereto, Cortland Products Corp. (“Cortland”), as Collateral Agent for the Lenders, and Cortland, as Administrative Agent for the Lenders.  Capitalized terms used in this Amendment but not otherwise defined shall have the meanings assigned to such terms in the Credit Agreement.
WHEREAS pursuant to the Credit Agreement, the Lenders have extended credit to the Borrower on the terms and subject to the conditions set forth therein;
WHEREAS Holdings and the Borrower have requested that certain provisions of the Credit Agreement be amended as set forth herein; and
WHEREAS the undersigned Lenders are willing to amend such provisions of the Credit Agreement, as applicable, in each case on the terms and subject to the conditions set forth herein.
NOW, THEREFORE, in consideration of the mutual agreements herein contained and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, and subject to the conditions set forth herein, the parties hereto hereby agree as follows:
SECTION 1.  Amendment.
(a)      The definition of the term “Permitted Restricted Payments” in Section 1.01 of the Credit Agreement is hereby amended by (i) replacing the text “and” at the end of clause (d) of such definition with a comma, (ii) replacing the period at the end of clause (e) of such definition with the text “, and” and (iii) adding the following new clause (f) to such definition in the appropriate alphabetical order:
(f)    Detroit Newspaper Partnership, L.P., a Michigan limited partnership (the “Detroit Partnership”), to Detroit News, Inc., a Michigan corporation and a wholly owned subsidiary of Media News Group, Inc. (“Detroit News”), as required pursuant to the Amended and Restated Joint Operating Agreement dated as of August 3, 2005 (as amended as of February 6, 2009), by and between Detroit Free Press, Incorporated, a Michigan corporation, and Detroit News, as such agreement is in effect as 

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of the Closing Date, and in an amount not to exceed $2,000,000 in any Fiscal Year.
SECTION 2.      Representations and Warranties.  The Borrower represents and warrants to each Agent and to each of the Lenders that:
(a)      This Amendment has been duly authorized, executed and delivered by the Borrower and constitutes a legal, valid and binding obligation of the Borrower, enforceable against the Borrower in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.
(b)      The representations and warranties of each Loan Party set forth in the Loan Documents are true and correct in all material respects (or, in the case of representations and warranties qualified as to materiality, in all respects) on and as of the date hereof (other than with respect to any representation and warranty that expressly relates to a prior date, in which case such representation and warranty is true and correct in all material respects (or in all respects, as applicable) as of such earlier date).
(c)      At the time of and immediately after giving effect to this Amendment, no Default shall have occurred and be continuing.
SECTION 3.      Effectiveness.  This Amendment shall become effective as of the date first above written (the “Amendment Effective Date”) when (a) the Administrative Agent shall have received counterparts of this Amendment that, when taken together, bear the signatures of Holdings, the Borrower and the Required Lenders and (b) to the extent that the Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, the Administrative Agent shall have received, on behalf of each Lender that has requested a Beneficial Ownership Certification (as defined in Section 1) in relation to the Borrower, such Beneficial Ownership Certification; provided, however, that if the Borrower cannot provide to the Administrative Agent such Beneficial Ownership Certification on or prior to the Amendment Effective Date, then (i) the requirement in this clause (b) shall not be a condition precedent to the effectiveness of this Amendment and (ii) the Borrower shall deliver to the Administrative Agent such Beneficial Ownership Certification no later than the date that is five Business Days after the Amendment Effective Date (or such later date as the Administrative Agent may agree in its sole discretion).
SECTION 4.      Effects on the Loan Documents; No Novation.  (a)  Except as expressly set forth herein, this Amendment shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other provision of the Credit Agreement or of any other Loan Document, all of which shall continue to be in full force and effect and are hereby in all respects ratified and confirmed.

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(a)      The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of any Lender or Agent under any of the Loan Documents, nor constitute a waiver of any provision of the Loan Documents or in any way limit, impair or otherwise affect the rights and remedies of the Lenders or the Agents under the Loan Documents, except as expressly provided herein.  Nothing herein shall be deemed to entitle the Borrower or any other Loan Party to a consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document in similar or different circumstances.
(b)      On and after the Amendment Effective Date, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import, and each reference to the Credit Agreement “thereunder”, “thereof”, “therein” or words of like import in any other Loan Document, shall be deemed a reference to the Credit Agreement as amended hereby.
(c)      This Amendment shall constitute a “Loan Document” for all purposes of the Credit Agreement and the other Loan Documents.
(d)      This Amendment shall not extinguish the obligations for the payment of money outstanding under the Credit Agreement or discharge or release the Lien or priority of any Loan Document or any other security therefor or any guarantee thereof.  Nothing herein contained shall be construed as a substitution or novation of the Obligations outstanding under the Credit Agreement or any other Loan Document, all of which shall remain in full force and effect, except as modified hereby.  Nothing expressed or implied in this Amendment or any other document contemplated hereby shall be construed as a release or other discharge of any Loan Party under any Loan Document from any of its obligations and liabilities thereunder.
SECTION 5.      Governing Law; Jurisdiction; Waiver of Jury Trial.  The provisions of Sections 12.09, 12.10 and 12.11 of the Credit Agreement are hereby incorporated by reference herein, mutatis mutandis.
SECTION 6.      Counterpart.  This Amendment may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.  Delivery by electronic transmission of an executed counterpart of a signature page to this Amendment shall be effective as delivery of an original executed counterpart of this Amendment.
SECTION 7.      Expenses.  The Borrower agrees to reimburse the Agents for its reasonable, documented and invoiced out-of-pocket expenses in connection with this Amendment to the extent required under Section 12.04 of the Credit Agreement.
SECTION 8.      Headings.  Section headings used herein are for convenience of reference only, are not part of this Amendment and shall not affect the construction of, or be taken into consideration in interpreting, this Amendment.

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[Signature Pages Follow]
SECTION 9.      

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective authorized officers as of the day and year first written above.

	
		
	GANNETT HOLDINGS LLC

	By

	 
	 

	 
	Name:   

	 
	Title:   

                                                                    [Signature Page to Amendment No. 1 to Credit Agreement]
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	CORTLAND PRODUCTS CORP., as Administrative Agent and Collateral Agent,

	By

	 
	 

	 
	Name:   

	 
	Title:   

                                                                    [Signature Page to Amendment No. 1 to Credit Agreement]
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LENDER SIGNATURE PAGE TO AMENDMENT NO. 1 TO THE CREDIT AGREEMENT DATED AS OF NOVEMBER 19, 2019, AMONG GANNETT CO., INC. (FORMERLY NEW MEDIA INVESTMENT GROUP INC.), GANNETT HOLDINGS LLC (FORMERLY ARCTIC HOLDINGS LLC), THE GUARANTORS PARTY THERETO, THE LENDERS FROM TIME TO TIME PARTY THERETO, CORTLAND PRODUCTS CORP., AS COLLATERAL AGENT, AND CORTLAND PRODUCTS CORP., AS ADMINISTRATIVE AGENT

Lender Name

By:_________________________________
      Name:
      Title:

For Lenders that require an additional signature:

By:_________________________________
     Name:
     Title:

                                                                    [Signature Page to Amendment No. 1 to Credit Agreement]
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