Document:

SECURITY AGREEMENT

 

 

This SECURITY
AGREEMENT (this “Agreement”) is executed as of September [14
], 2018, by GREENWAY TECHNOLOGIES, INC., a Texas corporation (the “Debtor”), in favor of MABERT, LLC, a Texas
limited liability company (the “Secured Party”), as agent for the lenders under that certain Loan Agreement
of even date herewith, by and among the Debtor, the lenders party thereto (the “Lenders”) and the Secured Party
(the “Loan Agreement”). Capitalized terms used but not defined herein shall have the meanings set forth in the
Loan Agreement.

1.                 
Grant. The Debtor, for valuable consideration, receipt whereof is hereby acknowledged,
hereby grants to the Secured Party, as agent for the Lenders, a security interest in the following described property and interests
in property of the Debtor (the “Collateral”) whether now owned or hereafter acquired:

 

		(a)	All assets;

 

		(b)	All personal
property;

 

(c)               
All “accounts”,
“general intangibles”, “chattel paper”, “contract rights”, “documents”, “goods”,
“instruments”, “deposit accounts”, “inventory”, “farm
products”, “fixtures” and “equipment”,
as such terms are defined in Article
9 of the Texas Uniform Commercial Code (the “UCC”)
in effect on the date hereof;

 

(d)               
All general
intangibles of every kind, including without limitation,
federal, state and local tax refunds and claims of all kinds;
all rights as a licensee or any kind; all customer
lists, telephone numbers, and purchase orders, and all rights to purchase,
lease sell, or otherwise acquire
or deal with real or personal property and
all rights relating thereto;

 

(e)               
All returned
and repossessed goods and all rights
as a seller of goods of the Debtor; all
collateral securing any of the foregoing; all
deposit accounts, special and general, whether
on deposit with the Secured Party
or others;

 

(f)                
All life
and other insurance policies, claims in contract,
tort or otherwise, and all judgments now
or hereafter arising therefrom;

 

(g)               
All right,
title, and interest of the Debtor,
and all of the Debtor’s rights, remedies, security, and liens,
in, to and in respect of all accounts
and other collateral, including, without limitation, rights of stoppage
in transit, replevin, repossession, and reclamation
and other rights and remedies of an unpaid
vendor, lienor, or secured party, and all guarantees
and other contracts of suretyship with
respect to any accounts and other collateral,
and all deposits and other security for any
accounts and other collateral, and all
credit and other insurance;

 

(h)               
All notes,
drafts, letters of credit, contract rights, and
things in action; all drawings, specifications,
blueprints and catalogs; and all raw materials,
work in process, materials used or consumed
in the Debtor’s business, goods, finished goods, returned goods
and all other goods and inventory of whatsoever
kind or nature, any and all wrapping,
packaging, advertising and shipping materials, and all documents
relating thereto, and all labels
and other devices, names and marks affixed or
to be affixed thereto for purposes of
selling or identifying

 

 

    	1 

    	 

    

the same or the seller or manufacturer thereof;

 

(i)                
All inventory,
raw materials and work
in progress wherever located; all present
and future claims against any
supplier of any of the foregoing, including
claims for defective goods or overpayments
to or undershipments by suppliers; all
proceeds arising from the lease or rental
of any of the foregoing; inventory returned
by the Debtor to its suppliers shall
remain subject to the Secured Party’s
security interest;

 

(j)                
All equipment
and fixtures, including without limitation all machinery,
machine tools, motors, controls, parts, vehicles, workstations, tools,
dies, jigs, furniture, furnishings, and fixtures;
and all attachments, accessories, accessions and property
now or hereafter affixed to or used in
connection with any of the foregoing,
and all substitutions and replacements
for any of the foregoing; all warranty
and other claims against any vendor or
lessor of any of the foregoing;

 

		(k)	All investment
property;

 

(l)                
All books,
records, ledger cards, computer data, and programs
and other property and general intangibles
at any time evidencing or relating to any or all of the foregoing;
and

 

(m)            
All cash and non-cash
products and proceeds of any of the foregoing,
in whatever form, including proceeds in the form
of inventory, equipment, or any other form of personal
property, including proceeds of proceeds and proceeds
of insurance, and all claims by the Debtor
against third parties for loss or damage
to, or destruction of, or otherwise relating
to, any or all of the foregoing;

 

to secure payment of the obligations
of the Debtor to the Secured Party and the Lenders under the Loan Agreement and the Notes (as defined in the Loan Agreement) (the
“Obligations”):

 

 

2.                 
Remedies. UPON AN EVENT OF DEFAULT AND AT ANY TIME THEREAFTER, THE SECURED PARTY
MAY DECLARE ALL OBLIGATIONS SECURED HEREBY IMMEDIATELY DUE AND PAYABLE AND SHALL HAVE THE REMEDIES OF A SECURED PARTY UNDER THE
UCC. The requirements of reasonable notice shall be met if delivered in accordance with
Section 3 at least ten (10) days before the time of the sale or disposition. The Secured Party may buy the Collateral at
any public sale.

 

The
remedies of the Secured Party hereunder are cumulative and the exercise of any one or more of the remedies provided for herein
or under the UCC shall not be construed as a waiver of any of the other remedies of the Secured Party so long as any part of the
Debtor’s Obligation remains unsatisfied.

 

3.                 
Notice. All notices and other communications under this Agreement shall be in accordance
with Section 8.4 of the Loan Agreement.

 

4.                 
General. No waiver by the Secured Party of any default shall operate as a waiver
of any other default or of the same default on a future occasion. All rights of the Secured Party hereunder shall inure to the
benefit of its successors and assigns; and all obligations of the Debtor shall bind its successors or assigns. This Agreement shall
become effective when it is signed by the Debtor.

    	2 

    	 

    

The
Debtor irrevocably authorizes the Secured Party at any time and from time to time to file in any jurisdiction any financing statements
and amendments that: (a) name Collateral as collateral thereunder (including a collateral description of “all assets”),
regardless of whether any particular Collateral falls within the scope of the UCC; and (b) contain any other information required
by the UCC for sufficiency or filing office acceptance. The Debtor ratifies any such filings made prior to the date hereof.

 

If
any of the provisions of this Agreement, or the application thereof to any person, party or circumstances, shall, to any extent,
be invalid or unenforceable, the remainder of this Agreement, or the application of such provision or provisions to persons, parties
or circumstances other than those as to whom or which it is held invalid or unenforceable, shall not be affected thereby, and every
provision of this Agreement shall be valid and enforceable to the fullest extent permitted by Law.

 

IRRESPECTIVE
OF THE PLACE OF EXECUTION AND/OR DELIVERY, THIS AGREEMENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF TEXAS.

 

[Signature page follows.]

    	3 

    	 

    

IN WITNESS WHEREOF, the
undersigned has executed this Agreement to be effective as of the date first written above.

 

DEBTOR:

 

GREENWAY TECHNOLOGIES, INC.

 

 

		By:/s/ Ransom Jones

		Name: Ransom Jones

		Title:  Chief Financial Officer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Security Agreement]Capitol Services Inc

PO
Box 1831

Austin, TX 78767 -

Office of the Secretary of State

100-131

October 11, 2018

Page 1 of 1

Filing Fee:$30.00

 

 

Total Filing Fee:$30.00

 

 

 

Re: Texas
UCC Initial Filing Acknowledgment

 

The Texas Secretary
of State's Office has received and filed your document. The information below reflects the data that was indexed into our system.

 

Initial
Filing Type: Financing Statement

	Initial Filing Nmnber: 18-0035922050	Filing Date: 10/10/2018	Filing Time: 4:37 p.m.
	Lapse Date: 10/10/2023	

Document Number: 842043100025

	 

		 	 

 

 

 

 

	Party Type	Party Name and Address
	Debtor	GREENWAY TECHNOLOGIES, INC.

                                                       8850 CAMP BOWIE WEST BLVD., SUITE 240, FORT WORTH,
TX, USA, 76116

 

MABERT,
LLC, AS AGENT

	Secured Party	 
		878 MEADOW HILL ROAD, SUITE 104, FORT WORTH, TX, USA, 76108

 

 

 

 

 

Please feel free to contact
us at 512-475-2703 if you have any questions regarding the above information. User ID: MCENTENO

 

 

 

 

 

 

 

 

 

 

 

 

 

 

	Phone: 512-475-2703	Come visit us on the Intemet@http://www.sos.state.tx.us!	Fax: 512-463-1423Dial 7-1-1 for Relay ServicesEX-10.1

 Exhibit 10.1 

THIS PROMISSORY NOTE (“NOTE”) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THIS NOTE HAS
BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY
THAT SUCH REGISTRATION IS NOT REQUIRED. 
 PROMISSORY NOTE 

April 18, 2019                 

Principal Amount: $261,015.5 
 GigCapital,
Inc., a Delaware corporation and blank check company (the “Maker”), promises to pay to the order of Cowen Investments II LLC, a Delaware limited liability company, or its registered assigns or successors in interest (the
“Payee”), or order, the principal sum of up to two hundred sixty-one thousand fifteen and 57/100 ($261,015.57) in lawful money of the United States of America, on the terms and conditions
described below. All payments on this Note shall be made by check or wire transfer of immediately available funds or as otherwise determined by the Maker to such account as the Payee may from time to time designate by written notice in accordance
with the provisions of this Note. 
 1.    Principal. The principal balance of this Note shall be payable by the Maker on
the earlier of: (i) the date on which Maker consummates its initial business combination or (ii) the date that the winding up of the Maker is effective (such date, the “Maturity Date”). The principal balance may be prepaid
at any time, at the election of Maker. Under no circumstances shall any individual, including but not limited to any executive officer, director, employee or stockholder of the Maker, be obligated personally for any obligations or liabilities of the
Maker hereunder. 
 2.    Interest. No interest shall accrue on the unpaid principal balance of this Note. 

3.    Application of Payments. All payments shall be applied first to payment in full of any costs incurred in the
collection of any sum due under this Note, including (without limitation) reasonable attorney’s fees, then to the payment in full of any late charges and finally to the reduction of the unpaid principal balance of this Note. 

4.    Events of Default. The following shall constitute an event of default (“Event of Default”): 

(a)    Failure to Make Required Payments. Failure by Maker to pay the principal amount due pursuant to this Note
within five (5) business days of the Maturity Date. 
 (b)    Voluntary Bankruptcy, Etc. The commencement by
Maker of a voluntary case under any applicable bankruptcy, insolvency, reorganization, rehabilitation or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian,
sequestrator (or other similar official) of Maker or for any substantial part of its property, or the making by it of any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts become due, or the
taking of corporate action by Maker in furtherance of any of the foregoing. 
 (c)    Involuntary Bankruptcy, Etc.
The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of Maker in an involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee,
custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of its property, or ordering the winding-up or liquidation of its affairs, and the continuance of any such decree or
order unstayed and in effect for a period of 60 consecutive days. 
  

 5.    Remedies. 

(a)    Upon the occurrence of an Event of Default specified in Section 4(a) hereof, Payee may, by written notice to
Maker, declare this Note to be due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable hereunder, shall become immediately due and payable without presentment, demand, protest or other notice of
any kind, all of which are hereby expressly waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding. 

(b)    Upon the occurrence of an Event of Default specified in Sections 4(b) and 4(c), the unpaid principal balance of this
Note, and all other sums payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without any action on the part of Payee. 

6.    Waivers. Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand,
notice of dishonor, protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by Payee under the terms of this Note, and all benefits that might accrue to Maker by virtue of any
present or future laws exempting any property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution, or providing for any stay of execution, exemption from civil
process, or extension of time for payment; and Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof or any writ of execution issued hereon, may be sold upon any such writ in whole or in part in
any order desired by Payee. 
 7.    Unconditional Liability. Maker hereby waives all notices in connection with the
delivery, acceptance, performance, default, or enforcement of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other party, and shall not be affected in any manner by any
indulgence, extension of time, renewal, waiver or modification granted or consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by Payee with respect to the payment or other
provisions of this Note, and agrees that additional makers, endorsers, guarantors, or sureties may become parties hereto without notice to Maker or affecting Maker’s liability hereunder. 

8.    Notices. All notices, statements or other documents which are required or contemplated by this Note shall be made in
writing and delivered: (i) personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission to the address designated in writing, (ii) by facsimile to the number most
recently provided to such party or such other address or fax number as may be designated in writing by such party or (iii) by electronic mail, to the electronic mail address most recently provided to such party or such other electronic mail
address as may be designated in writing by such party. Any notice or other communication so transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the business day following receipt of written
confirmation, if sent by facsimile or electronic transmission, one (1) business day after delivery to an overnight courier service or five (5) days after mailing if sent by mail. 

9.    Construction. THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF DELAWARE, WITHOUT REGARD TO
CONFLICT OF LAW PROVISIONS THEREOF. 
 10.    Severability. Any provision contained in this Note which is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 11.    Trust
Waiver. Notwithstanding anything herein to the contrary, the Payee hereby waives any and all right, title, interest or claim of any kind (“Claim”) in or to any distribution of or from the trust account (the “Trust
Account”) established in connection with Maker’s initial public offering (the “IPO”), and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the Trust Account for any
reason whatsoever; provided however that upon the consummation of the initial business combination, Maker shall repay the principal balance of this Note out of the proceeds released to Maker from the Trust Account. 

12.    Amendment; Waiver. Any amendment hereto or waiver of any provision hereof may be made with, and only with, the
written consent of the Maker and the Payee. 

  
 2 

 13.    Assignment. No assignment or transfer of this Note or any rights or
obligations hereunder may be made by any party hereto (by operation of law or otherwise) without the prior written consent of the other party hereto and any attempted assignment without the required consent shall be void; provided, however,
that the foregoing shall not apply to an affiliate of Payee who agrees to be bound to the terms of this Note. 
 [Signature page follows]

  

  
 3 

 IN WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this Note
to be duly executed by the undersigned as of the day and year first above written. 
  

	
	GIGCAPITAL, INC.
	
	/s/ Dr. Avi S. Katz
	 Dr. Avi S. Katz, Chairman of the Board

and Chief Executive Officer

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