Document:

Exhibit 10.2

 

AGreement
And PLan Of MErger

 

This AGREEMENT AND
PLAN OF MERGER (this “Agreement”), dated as of July 11, 2018 (the “Effective Date”), is entered
into by and between Lectrefy Inc., a Florida corporation (“Lectrefy Florida”) and Lectrefy Inc., a Delaware
corporation (“Lectrefy Delaware”).

 

Recitals

 

Whereas,
Lectrefy Delaware is a corporation duly organized and existing under the laws of the State of Delaware and has an authorized
capital of 15,000,000 shares of common stock, $0.0001 par value (“Common Stock”). As of the Effective Date,
1,000 shares of Lectrefy Delaware’s Common Stock were issued and outstanding, all of which are held by Lectrefy Florida.
Lectrefy Delaware was formed solely for the purposes contemplated by this Agreement, and prior to becoming the Surviving Corporation
(as defined below) shall have had no operations, assets or liabilities;

 

Whereas,
Lectrefy Florida is a corporation duly organized and existing under the laws of the State of Florida and has an authorized
capital of 100,000,000 shares of common stock. As of the Effective Date, 2,500,000 shares of Lectrefy Florida’s common stock
were issued and outstanding;

 

Whereas,
Lectrefy Delaware is a wholly-owned subsidiary of Lectrefy Florida;

 

Whereas,
the parties hereto desire to effect a reorganization in which Lectrefy Florida will be merged with and into Lectrefy Delaware
(the “Merger”), as a result of which the separate existence of Lectrefy Florida shall cease, and Lectrefy Delaware
shall be the surviving corporation (sometimes referred to herein as the “Surviving Corporation”) and shall
continue its existence under the laws of the State of Delaware;

 

Whereas,
the Merger shall be accomplished by the filing of a certificate of merger with the Secretary of State of the State of Delaware
(the “Certificate of Merger”) and the filing of the Articles of Merger and this Agreement with the Secretary
of State of the State of Florida (the “Articles of Merger”), each of which contain such provisions as are required
by applicable law, consistent with the terms specified herein; and

 

Whereas,
the Merger is intended to qualify as a transaction governed by Section 368(a) of the Internal Revenue Code of 1986, as amended.

 

Agreement

 

Now,
therefore, in consideration of the foregoing premises and the representations,
warranties, covenants and agreements herein contained, and intending to be legally bound hereby, the parties hereby agree as follows:

 

ARTICLE I.

 

The
merger

 

Section
1.01 Filing of the Certificate of Merger; Effective Time. The Merger will become effective on July 11, 2018 (the
 “Effective Time”) following the filing of the Certificate of Merger with the Delaware Secretary of State and
the filing of the Articles of Merger and this Agreement with the Florida Secretary of State in accordance with applicable Delaware
and Florida law.

 

    1 

     

    

 

Section
1.02 The Merger. At the Effective Time, the separate existence of Lectrefy Florida shall cease and Lectrefy
Delaware, as the Surviving Corporation, shall: (i) continue to possess all assets, rights, powers and property (real,
personal and mixed) of Lectrefy Florida as constituted immediately prior to the Effective Time; (ii) be subject to all
actions previously taken by the Board of Directors and officers of Lectrefy Florida; (iii) succeed, without other transfer,
to all of the assets, rights, powers and property (real, personal and mixed) of Lectrefy Florida, in the manner more fully
set forth in Section 259 of the Delaware General Corporation Law (the “DGCL”); and (iv) succeed, without
other transfer, to all of the debts, liabilities and obligations of Lectrefy Florida in the same manner as if Lectrefy
Delaware had itself incurred them, as more fully provided under the applicable provisions of the DGCL.

 

Section
1.03 Charter Documents; Directors and Officers. At the Effective Time: (i) the corporate name of the Surviving
Corporation shall be “Lectrefy Inc.”; (ii) the Certificate of Incorporation of Lectrefy Delaware in effect immediately
prior to the Effective Time shall be the Certificate of Incorporation of the Surviving Corporation following the Merger unless
and until the same shall be amended or repealed in accordance with the provisions thereof; (iii) the Bylaws of Lectrefy Delaware
in effect immediately prior to the Effective Time shall be the Bylaws of the Surviving Corporation following the Merger unless
and until the same shall be amended or repealed in accordance with the provisions thereof; (iv) the officers of the Surviving Corporation
following the Merger shall be those persons who were the officers of Lectrefy Florida immediately prior to the Effective Time,
and such persons shall serve as officers for the terms provided by law or in the bylaws or until their respective successors are
elected or appointed, as applicable; and (v) the directors of the Surviving Corporation following the Merger shall be Paul Antonio
Pereira, John M. Cook II and Carlos D. Heredia, and such persons shall serve as directors for the terms provided by law or in the
bylaws or until their respective successors are elected or appointed, as applicable.

 

Section
1.04 Conversion of Shares and Interests. At the Effective Time, by virtue of the Merger and without any action
by the owners of the outstanding shares of capital stock, or any other person: (i) all of the issued and outstanding shares of
capital stock of Lectrefy Delaware shall be cancelled; (ii) each issued and outstanding share of capital stock of Lectrefy Florida
shall be converted into and become one fully paid and non-assessable share of Common Stock of the Surviving Corporation; and (iii)
with respect to any securities to acquire, or convertible into, Lectrefy Florida common stock, each such option, warrant, purchase
right, unit or other security issued and outstanding immediately prior to the Effective Time (if any) shall be converted into the
right to acquire the same number of shares of Lectrefy Delaware Common Stock on the same terms as the number of shares of Lectrefy
Florida common stock that were acquirable pursuant to such security. The same number of shares of the Surviving Corporation’s
Common Stock shall be reserved for purposes of the exercise of any such options, warrants, purchase rights, units or other securities
as is equal to the number of shares of Lectrefy Florida common stock so reserved immediately prior to the Effective Time, if any.
Each certificate representing Common Stock of the Surviving Corporation issued in the Merger shall bear the same legends, if any,
with respect to the restrictions on transferability as the certificates of Lectrefy Florida so converted and given in exchange
therefor, unless otherwise determined by the Board of Directors of the Surviving Corporation in compliance with applicable laws.
Each share of Common Stock of Lectrefy Delaware owned by Lectrefy Florida shall no longer be outstanding and shall be cancelled
and retired and shall cease to exist at the Effective Time.

 

ARTICLE II.

 

RElated
MAtters; TErmination

 

Section
2.01 Cooperation; Best Efforts. Each of the parties will use its respective best efforts to consummate the transactions
contemplated by this Agreement, the Certificate of Merger and the Articles of Merger, and will cooperate in any action necessary
or advisable to facilitate such consummation including, without limitation, making all filings required in order to obtain any
necessary consents or comply with law and providing any information required in connection therewith.

 

    2 

     

    

 

Section
2.02 Change in Structure of Transactions. Notwithstanding anything in this Agreement to the contrary, if at any
time after the Effective Date, it shall appear that a change in the structure of the transaction contemplated hereby shall be necessary
or desirable in order to comply with applicable law or the requirements of regulatory authorities having jurisdiction over the
transaction or for any other reason, the parties hereto agree to cooperate in making such changes in this Agreement, the Certificate
of Merger, the Articles of Merger and other documents contemplated hereby and in taking such other actions as may be required to
effectuate such changes.

 

Section
2.03 Termination of Agreement and Abandonment of Merger. Anything herein contained to the contrary notwithstanding,
this Agreement, the Certificate of Merger and the Articles of Merger may be terminated at any time before the filing of the Certificate
of Merger, whether before or after approval by the Boards of Directors or shareholders of Lectrefy Florida or Lectrefy Delaware,
upon the written consent of the parties hereto.

 

Section
2.04 Reorganization for Tax Purposes. The Merger is intended to be treated for U.S. federal income tax purposes
as a “reorganization” described in Section 368(a)(1)(F) of the Internal Revenue Code of 1986, as amended, and by executing
this agreement the parties intend to adopt a “plan of reorganization” within the meaning of Sections 1.368-2(g) and
1.368-3(a) of the Treasury Regulations.

 

ARTICLE III.

 

GEneral
PRovisions

 

Section
3.01 Amendments. Subject to applicable law, this Agreement, the Certificate of Merger or the Articles of Merger
may be amended in writing executed by both parties hereto, whether before or after the relevant approvals of the Board of Directors
or shareholders.

 

Section
3.02 Governing Law. This Agreement and the legal relations between the parties shall be governed by and construed
in accordance with the internal laws of the State of Delaware without taking into account provisions regarding choice of law and,
as far as applicable, the merger provisions of the Florida Statutes.

 

Section
3.03 Notices. Any notices or other communications required or permitted hereunder shall be sufficiently given
if sent by registered or certified mail, postage prepaid, to the applicable address set forth on the signature page hereto or such
other address as shall be furnished in writing by any such party, and any such notice or communication shall be deemed to have
been given two business days after the date of such mailing (except that a notice of change of address shall not be deemed to have
been given until received by the addressee). Notices may also be sent by facsimile, telegram, telex or hand delivery and in such
event shall be deemed to have been given as of the date received.

 

Section
3.04 Registered Office. The registered office of the Surviving Corporation in the State of Delaware is located
at 1300 South Farm View Drive, #J-35, Dover, DE 19904, County of Kent and Telos Legal Corp. is the registered agent of the Surviving
Corporation at such address.

 

Section
3.05 No Assignment. Neither this Agreement, the Certificate of Merger nor the Articles of Merger may be assigned
by the parties hereto, by operation of law or otherwise.

 

Section
3.06 Headings. The description headings of the Articles and Sections of this Agreement are inserted for convenience
only and do not constitute a part of this Agreement.

 

Section
3.07 Counterparts. This Agreement may be executed by facsimile or other electronic means in two or more counterparts,
all of which shall be considered one and the same agreement and shall become effective when one or more counterparts have been
signed by each of the parties and delivered to each of the other parties hereto.

 

    3 

     

    

 

Section
3.08 Entire Agreement. This Agreement and any certificates required to be delivered hereunder and any amendments
hereafter executed and delivered in accordance with Section 3.1, constitute the entire agreement of the parties hereto pertaining
to the transaction contemplated hereby. This Agreement is not intended to confer upon any other person any rights or remedies hereunder.

 

Section
3.09 Waiver. Any party hereto may waive any of the conditions to its obligations. No waiver of a condition shall
constitute a waiver of any of such party’s other rights or remedies, at law or in equity, or of any other conditions to such
party’s obligations.

 

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    4 

     

    

 

IN WITNESS WHEREOF, each of the parties has caused this Agreement to be executed on its behalf by its officers thereunto duly authorized,
all as of the Effective Date.

 

	 	LECTREFY INC.,
	 	a Florida corporation
	 	 
	 	By:	 
	 	Name:	 Paul Antonio Pereira
	 	Title:	 Chief Executive Officer
	 	 	 
	 	Address:	350 Lincoln Road, Ste. 5050
	 	 	Miami Beach, FL 33139
	 	 
	 	LECTREFY INC.,
	 	a Delaware corporation
	 	 
	 	By:	 
	 	Name:	Paul Antonio Pereira
	 	Title:	 Chief Executive Officer
	 	Address:	350 Lincoln Road, Ste. 5050 
	 	 	Miami Beach, FL 33139

 

[SIGNATURE PAGE TO AGREEMENT AND PLAN
OF MERGER]

 

    5Exhibit
10.3

 

LECTREFY INC.

 

SERIES SEED PREFERRED STOCK INVESTMENT
AGREEMENT

 

This Series Seed
Preferred Stock Investment Agreement (this “Agreement”) is dated as of the Agreement Date and is
between and among the Company, the Purchasers and the Key Holders.

 

The parties agree as follows:

 

1.           
DEFINITIONS. Capitalized terms used and not otherwise defined in this Agreement or the Exhibit and Schedules
thereto have the meanings set forth in Exhibit A.

 

2.           
INVESTMENT. Subject to the terms and conditions of this Agreement, including the Agreement Terms set forth in
Exhibit B, (i) each Purchaser shall purchase at the applicable Closing and the Company shall sell and issue to each Purchaser
at such Closing that number of shares of Series Seed Preferred Stock set forth opposite such Purchaser’s name on Schedule
1, at a price per share equal to the Purchase Price (subject to any applicable discounts when all or a portion of such Purchase
Price is being paid by cancellation of indebtedness of the Company to such Purchaser) and (ii) each Purchaser, the Company, and
each Key Holder agrees to be bound by the obligations set forth in this Agreement and to grant to the other parties hereto the
rights set forth in this Agreement.

 

3.            
ENTIRE AGREEMENT. This Agreement (including the Exhibits and Schedules hereto) together with the Restated Charter
(as defined below) constitute the full and entire understanding and agreement between the parties with respect to the subject matter
hereof, and any other written or oral agreement relating to the subject matter hereof existing between the parties is expressly
canceled.

 

[REmainder
Of PAge INtentionally LEft
BLank]

 

     

     

    

 

EXHIBIT A

 

DEFINITIONS

1. 
OVERVIEW DEFINITIONS.

 

“Agreement
Date” means August 1, 2018.

 

“Company”
means Lectrefy Inc.

 

“Governing
Law” means the laws of the State of Delaware.

 

“Dispute
Resolution Jurisdiction” means the federal and state courts located in Miami, Florida.

 

“Stock
Plan” means the Lectrefy Inc. 2018 Stock Incentive Plan.

 

2. 
BOARD COMPOSITION DEFINITIONS.

 

“Common
Board Member Count” means two (2) or four (4), as applicable, in accordance with
the Restated Charter.

 

“Mutual
Consent Board Member Count” means one (1).

 

“Series
Seed Board Member Count” means two (2) or zero (0), as applicable, in accordance with
the Restated Charter.

 

“Common
Control Holders” means the Key Holders.

 

3. 
TERM SHEET DEFINITIONS.

 

“Major
Purchaser Dollar Threshold” means $1,000,000.

 

“Purchase
Price” means $1.00 per share of Series Seed Preferred Stock.

 

“Total
Series Seed Investment Amount” means $2,500,000.

 

“Unallocated
Post-Money Option Pool Percent” means 20%.

 

4. 
RESULTING CAP TABLE DEFINITIONS.

 

“Common
Shares Issued and Outstanding Pre-Money” means 2,500,000 shares of Common Stock.

 

“Total
Post-Money Shares Reserved for Option Pool” means 1,250,000 shares of Common Stock.

 

“Number
of Issued and Outstanding Options” means zero (0).

 

“Unallocated
Post-Money Option Pool Shares” means 1,250,000 shares of Common Stock.

 

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    A-1

     

    

 

SCHEDULE 1

 

SCHEDULE
OF PURCHASERS & KEY HOLDERS

PURCHASERS:

 

	 	 	Shares of 
 Series Seed	 	 	 	 	 	 	 	 	 
	 	 	Preferred	 	 	 	 	 	 	 	Total	 
	Name, Address and E-Mail of	 	Stock	 	 	Purchase	 	Cash	 	 	Purchase	 
	Purchaser	 	Purchased	 	 	Date	 	Payment	 	 	Amount	 
	Lee Aerospace, Inc.1 

                                                                                9323 E 34th St N, Wichita, KS

                                                                                67226
	 	 	500,000	 	 	 Agreement

Date	 	$	500,000	2	 	$	500,000	 

 

1 Lee Aerospace, Inc.,
a Kansas corporation (“LAI”), is a “Purchaser” hereunder and shall purchase additional shares
of Series Seed Preferred Stock at the Purchase Price, as follows: (i) 500,000 shares of Series Seed Preferred Stock on or before
August 1, 2018; and (ii) after August 1, 2018, up to an aggregate of 1,500,000 additional shares of Series Seed Preferred Stock
from time to time upon LAI’s receipt from the Company of a written notice (including by email) (each an “Investment
Request Notice”), describing the requested investment amount (each a “Requested Investment Amount”),
the corresponding number of shares of Series Seed Preferred Stock and the related use of funds in reasonable detail. LAI and the
Company each acknowledge and agree that\ any of the following items shall constitute a “Series Seed Failure to Invest”
for purposes of this Agreement and the Restated Charter: (a) LAI’s failure to notify the Company in writing (including by
email) on or before 5:00 PM (Pacific) on the third (3rd) business day following LAI’s receipt of an Investment
Request Notice or Financial Commitment Notice, indicating, as applicable, whether LAI intends to fund the corresponding Requested
Investment Amount or provide its corresponding Financial Commitment Consent; or (b) LAI’s failure to fund to the Company
in immediately available funds a Requested Investment Amount within ten (10) business days following LAI’s receipt of the
corresponding Investment Request Notice; or (c) LAI’s failure to fund or pay in immediately available funds any future payable
or other financial obligation when scheduled or due, in each case as previously agreed to in writing by the Company and LAI; or
(d) LAI’s delivery of written notice (including by email) to the Company indicating that LAI will not provide additional
funding to the Company hereunder.

 

2 LAI and the Company each
acknowledge and agree that: (i) the Multiple Advance Partner Contribution Note, dated April 24, 2018 and issued by the Company
to LAI (the “Note”), is hereby terminated in its entirety (including, without limitation, all of the
rights and obligations under the Note), with no further legal force or effect; and (ii) the aggregate indebtedness under the Note
as of the Amendment Date equals $500,000, and the cancellation of such indebtedness constitutes full consideration for the Company’s
issuance of 500,000 shares of Series Seed Preferred Stock to LAI as of the Amendment Date.

 

    S-1

     

    

 

KEY HOLDERS:

 

	Name, Address and E-Mail of Key Holder	 	 	Shares of Common Stock Held	 
	Paul Antonio Pereira

                                                                                350 Lincoln Road, Suite 5050, Miami Beach, FL 33139

                                                                                paul@lectrefy.com
	 	 	1,125,000	 
	John M. Cook II

                                                                           350 Lincoln Road, Suite 5050, Miami Beach, FL 33139

                                                                           jcook@lectrefy.com
	 	 	1,125,000	 
	Charles Raglan Pereira	 	 	250,000	 
	350 Lincoln Road, Suite 5050, Miami Beach, FL 33139	 	 		 
	charles@lectrefy.com	 	 	 	 

 

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    S-2

     

    

 

EXHIBIT B

 

AGREEMENT TERMS

 

1.       PURCHASE
AND SALE OF SERIES SEED PREFERRED STOCK.

 

1.1       Sale
and Issuance of Series Seed Preferred Stock.

 

1.1.1 The
Company shall adopt and file the Company’s Restated Certificate of Incorporation, in substantially the form of Exhibit
C attached to this Agreement (as the same may be amended, restated, supplemented or otherwise modified from time to time, the
 “Restated Charter”), with the Secretary of State of the State of Delaware on or before the Initial Closing.

 

1.1.2 Subject
to the terms and conditions of this Agreement, each investor listed as a “Purchaser” on Schedule 1 (each, a
 “Purchaser” and collectively, the “Purchasers”) shall purchase at the applicable
Closing, and the Company agrees to sell and issue to each Purchaser at such Closing, that number of shares of Series Seed Preferred
Stock of the Company (“Series Seed Preferred Stock”) set forth opposite such Purchaser’s name on
Schedule 1, at a purchase price per share equal to the Purchase Price.

 

1.2       Closing;
Delivery.

 

1.2.1 The
initial purchase and sale of the shares of Series Seed Preferred Stock hereunder shall take place remotely via the exchange of
documents and signatures on the Agreement Date or the subsequent date on which one or more Purchasers execute counterpart signature
pages to this Agreement and deliver the Purchase Price to the Company (which date is referred to herein as the “Initial
Closing”).

 

1.2.2 At
any time and from time to time during the one hundred twenty (120) day period immediately following the Initial Closing (the “Additional
Closing Period”), the Company may, at one or more additional closings (each an “Additional Closing”
and together with the Initial Closing, each, a “Closing”), without obtaining the signature, consent or
permission of any of the Purchasers in the Initial Closing or any prior Additional Closing, offer and sell to other investors (the
 “New Purchasers”), at a per share purchase price equal to the Purchase Price, up to that number of shares
of Series Seed Preferred Stock that is equal to that number of shares of Series Seed Preferred Stock equal to the quotient of (x)
Total Series Seed Investment Amount divided by (y) the Purchase Price, rounded up to the next whole share (the “Total
Shares Authorized for Sale”), less the number of shares of Series Seed Preferred Stock actually issued and sold by
the Company at the Initial Closing and any prior Additional Closings. New Purchasers may include persons or entities who are already
Purchasers under this Agreement. The Company and each of the New Purchasers purchasing shares of Series Seed Preferred Stock at
each Additional Closing will execute counterpart signature pages to this Agreement and each New Purchaser will, upon delivery by
such New Purchaser and acceptance by the Company of such New Purchaser’s signature page and delivery of the Purchase Price
by such New Purchaser to the Company, become a party to, and bound by, this Agreement to the same extent as if such New Purchaser
had been a Purchaser at the Initial Closing and each such New Purchaser shall be deemed to be a Purchaser for all purposes under
this Agreement as of the date of the applicable Additional Closing.

 

1.2.3
Promptly following each Closing, if required by the Company’s governing documents, the Company shall deliver to each
Purchaser participating in such Closing a certificate representing the shares of Series Seed Preferred Stock being purchased
by such Purchaser at such Closing against payment of the aggregate Purchase Price therefor by check payable to the Company,
by wire transfer to a bank account designated by the Company, by cancellation or conversion of indebtedness of the Company to
Purchaser or by any combination of such methods.

 

    B-1

     

    

 

2.         REPRESENTATIONS
AND WARRANTIES OF THE COMPANY. The Company hereby represents and warrants to each Purchaser that the following representations
are true and complete in all material respects as of the Agreement Date, except as otherwise indicated.

 

2.1       Organization,
Good Standing, Corporate Power and Qualification. The Company is a corporation duly organized, validly existing and in
good standing under the laws of the State of Delaware and has all corporate power and corporate authority required (a) to carry
on its business as presently conducted and as presently proposed to be conducted and (b) to execute, deliver and perform its obligations
under this Agreement. The Company is duly qualified to transact business as a foreign corporation and is in good standing under
the laws of each jurisdiction in which the failure to so qualify or be in good standing would have a material adverse effect on
the business, assets (including intangible assets), liabilities, financial condition, property, or results of operations of the
Company.

 

2.2       Capitalization.

 

2.2.1 The
authorized capital of the Company consists, immediately prior to the Agreement Date (unless otherwise noted), of the following:

 

(a)               
The common stock of the Company (the “Common Stock”), of which that number of shares of Common
Stock equal to (a) the Common Shares Issued and Outstanding Pre-Money are issued and outstanding as of immediately prior to the
Agreement Date, (b) the number of shares of Common Stock which are issuable on conversion of shares of the Series Seed Preferred
Stock have been reserved for issuance upon conversion of the Series Seed Preferred Stock and (c) the Total Post-Money Shares Reserved
for Option Pool have been reserved for issuance pursuant to the Stock Plan, and of such Total Post-Money Shares Reserved for Option
Pool, that number of shares of Common Stock equal to the Number of Issued and Outstanding Options are currently subject to outstanding
options and that number of shares of Common Stock equal to the Unallocated Post-Money Option Pool Shares remain available for future
issuance to officers, directors, employees and consultants pursuant to the Stock Plan. The ratio determined by dividing (x) the
Unallocated Post-Money Option Pool Shares by (y) the Fully-Diluted Share Number (as defined below) is equal to the Unallocated
Post-Money Option Pool Percent. All of the outstanding shares of Common Stock are duly authorized, validly issued, fully paid and
nonassessable and were issued in material compliance with all applicable federal and state securities laws. The Stock Plan has
been duly adopted by the Board of Directors of the Company (the “Board”) and approved by the Company’s
stockholders. For purposes of this Agreement, the term “Fully-Diluted Share Number” shall mean that number
of shares of the Company’s capital stock equal to the sum of (i) all shares of the Company’s capital stock (on an as-converted
basis) issued and outstanding, assuming exercise or conversion of all options, warrants and other convertible securities and (ii)
all shares of the Company’s capital stock reserved and available for future grant under any equity incentive or similar plan.

 

(b)               
The shares of the preferred stock of the Company (the “Preferred Stock”), all of which is designated
as Series Seed Preferred Stock, none of which is issued and outstanding immediately prior to the Agreement Date.

 

2.2.2
There are no outstanding preemptive rights, options, warrants, conversion privileges or rights (including, but not limited
to, rights of first refusal or similar rights), orally or in writing, to purchase or acquire any securities from the Company
including, without limitation, any shares of Common Stock, or Preferred Stock, or any securities convertible into or
exchangeable or exercisable for shares of Common Stock or Preferred Stock, except for (a) the conversion privileges of the
Series Seed Preferred Stock pursuant to the terms of the Restated Charter and (b) the securities and rights described in this
Agreement.

 

    B-2

    

    

 

2.2.3 The
Key Holders set forth in Schedule 1 (each a “Key Holder”) hold that number of shares of Common
Stock set forth opposite each such Key Holder’s name in Schedule 1 (such shares, the “Key Holders’
Shares”). Except as specified in Schedule 1, the Key Holders do not own or have any other rights to any other
securities of the Company.

 

2.3     Subsidiaries.
The Company does not currently own or control, directly or indirectly, any interest in any other corporation, partnership,
trust, joint venture, limited liability company, association, or other business entity. The Company is not a participant in
any joint venture, partnership or similar arrangement.

 

2.4     Authorization.
All corporate action has been taken, or will be taken prior to the applicable Closing, on the part of the Board and
stockholders that is necessary for the authorization, execution and delivery of this Agreement by the Company and the
performance by the Company of the obligations to be performed by the Company as of the date hereof under this Agreement. This
Agreement, when executed and delivered by the Company, shall constitute the valid and legally binding obligation of the
Company, enforceable against the Company in accordance with its terms, except (a) as limited by applicable bankruptcy,
insolvency, reorganization, moratorium, fraudulent conveyance, or other laws of general application relating to or affecting
the enforcement of creditors’ rights generally, or (b) as limited by laws relating to the availability of specific
performance, injunctive relief, or other equitable remedies.

 

2.5      Valid
Issuance of Shares. The shares of Series Seed Preferred Stock, when issued, sold and delivered in accordance with the
terms and for the consideration set forth in this Agreement, will be duly authorized, validly issued, fully paid and
nonassessable and free of restrictions on transfer other than restrictions on transfer under this Agreement, applicable state
and federal securities laws and liens or encumbrances created by or imposed by a Purchaser. Based in part on the accuracy of
the representations of the Purchasers in Section 3 of this Agreement and subject to filings pursuant to Regulation D of the
Securities Act of 1933, as amended (the “Securities Act”), and applicable state securities laws,
the offer, sale and issuance of the shares of Series Seed Preferred Stock to be issued pursuant to and in conformity with the
terms of this Agreement and the issuance of the Common Stock, if any, to be issued upon conversion thereof for no additional
consideration and pursuant to the Restated Charter, will be issued in compliance with all applicable federal and state
securities laws. The Common Stock issuable upon conversion of the shares of Series Seed Preferred Stock has been duly
reserved for issuance, and upon issuance in accordance with the terms of the Restated Charter, will be duly authorized,
validly issued, fully paid and nonassessable and free of restrictions on transfer other than restrictions on transfer under
this Agreement, applicable federal and state securities laws and liens or encumbrances created by or imposed by a Purchaser.
Based in part upon the representations of the Purchasers in Section 3 of this Agreement, and subject to filings pursuant to
Regulation D of the Securities Act and applicable state securities laws, the Common Stock issuable upon conversion of the
shares of Series Seed Preferred Stock will be issued in compliance with all applicable federal and state securities laws.

 

2.6     Litigation.
There is no pending action, suit, proceeding, arbitration, mediation, complaint, claim, charge or investigation before any
court, arbitrator, mediator or governmental body or, to the Company’s knowledge, currently threatened in writing (a)
against the Company or (b) against any consultant, officer, director or key employee of the Company arising out of his or her
consulting, employment or board relationship with the Company or that could otherwise materially impact the Company.

 

    B-3

     

    

 

2.7     Compliance
with Other Instruments. The Company is not in violation or default (a) of any provisions of the Restated Charter or
the Company’s bylaws, (b) of any judgment, order, writ or decree of any court or governmental entity, (c) under the
materials terms of any agreement, instrument, contract, lease, note, indenture, mortgage or purchase order to which it is a
party, or, (d) to its knowledge, of any provision of federal or state statute, rule or regulation materially applicable to
the Company. The execution, delivery and performance of this Agreement and the consummation of the transactions contemplated
by this Agreement will not result in any such violation or default, or constitute, with or without the passage of time and
giving of notice, either (i) a default under any such judgment, order, writ, decree, agreement, instrument, contract, lease,
note, indenture, mortgage or purchase order or (ii) an event which results in the creation of any lien, charge or encumbrance
upon any assets of the Company or the suspension, revocation, forfeiture, or nonrenewal of any material permit or license
applicable to the Company.

 

2.8     Title
to Property and Assets. The Company owns its properties and assets free and clear of all mortgages, deeds of trust,
liens, encumbrances and security interests except for statutory liens for the payment of current taxes that are not yet
delinquent and liens, encumbrances and security interests which arise in the ordinary course of business and which do not
affect material properties and assets of the Company. With respect to the property and assets it leases, the Company is in
material compliance with each such lease.

 

3.   REPRESENTATIONS
AND WARRANTIES AND COVENANTS OF THE PURCHASERS. Each Purchaser hereby represents and warrants to the Company, severally
and not jointly, as follows.

 

3.1     Authorization.
The Purchaser has full power and authority to enter into this Agreement. This Agreement, when executed and delivered by the
Purchaser, will constitute a valid and legally binding obligation of the Purchaser, enforceable in accordance with their
terms, except (a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, and any
other laws of general application relating to or affecting the enforcement of creditors’ rights generally, or (b) the
effect of rules of law governing the availability of equitable remedies.

 

3.2     Purchase
Entirely for Own Account. This Agreement is made with the Purchaser in reliance upon the Purchaser’s
representation to the Company, which by the Purchaser’s execution of this Agreement, the Purchaser hereby confirms,
that the shares of Series Seed Preferred Stock to be acquired by the Purchaser will be acquired for investment for the
Purchaser’s own account, not as a nominee or agent, and not with a view to the resale or distribution of any part
thereof, and that the Purchaser has no present intention of selling, granting any participation in, or otherwise distributing
the same. By executing this Agreement, the Purchaser further represents that the Purchaser does not presently have any
contract, undertaking, agreement or arrangement with any person to sell, transfer or grant participations to such person or
to any third person, with respect to any of the shares of Series Seed Preferred Stock. The Purchaser has not been formed for
the specific purpose of acquiring the shares of Series Seed Preferred Stock.

 

3.3     Disclosure
of Information. The Purchaser has had an opportunity to discuss the Company’s business, management, financial
affairs and the terms and conditions of the offering of the shares of Series Seed Preferred Stock with the Company’s
management. Nothing in this Section 3, including the foregoing sentence, limits or modifies the representations and
warranties of the Company in Section 2 of this Agreement or the right of the Purchasers to rely thereon.

 

    B-4

     

    

 

3.4     Restricted
Securities. The Purchaser understands that the shares of Series Seed Preferred Stock have not been, and will not be,
registered under the Securities Act, by reason of a specific exemption from the registration provisions of the Securities Act
which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of the
Purchaser’s representations as expressed herein. The Purchaser understands that the shares of Series Seed Preferred
Stock are “restricted securities” under applicable United States federal and state securities laws and that,
pursuant to these laws, the Purchaser must hold the shares of Series Seed Preferred Stock indefinitely unless they are
registered with the Securities and Exchange Commission and qualified by state authorities or an exemption from such
registration and qualification requirements is available. The Purchaser acknowledges that the Company has no obligation to
register or qualify the shares of Series Seed Preferred Stock, or the Common Stock into which it may be converted, for
resale. The Purchaser further acknowledges that if an exemption from registration or qualification is available, it may be
conditioned on various requirements including, but not limited to, the time and manner of sale, the holding period for the
shares of Series Seed Preferred Stock, and on requirements relating to the Company which are outside of the Purchaser’s
control, and which the Company is under no obligation and may not be able to satisfy.

 

3.5     No
Public Market. The Purchaser understands that no public market now exists for the shares of Series Seed Preferred
Stock, and that the Company has made no assurances that a public market will ever exist for the shares of Series Seed
Preferred Stock.

 

3.6     Legends.
The Purchaser understands that the shares of Series Seed Preferred Stock and any securities issued in respect of or exchange
for the shares of Series Seed Preferred Stock, may bear any one or more of the following legends: (a) any legend set forth
in, or required by, this Agreement; (b) any legend required by the securities laws of any state to the extent such laws are
applicable to the shares of Series Seed Preferred Stock represented by the certificate so legended; and (c) the following
legend:

 

“THE SHARES REPRESENTED
BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND HAVE BEEN ACQUIRED FOR INVESTMENT
AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO TRANSFER MAY BE EFFECTED WITHOUT AN EFFECTIVE
REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION
IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.”

 

3.7     Accredited
and Sophisticated Purchaser. The Purchaser is an accredited investor as defined in Rule 501(a) of Regulation D
promulgated under the Securities Act. The Purchaser is an investor in securities of companies in the development stage and
acknowledges that Purchaser is able to fend for itself, can bear the economic risk of its investment, and has such knowledge
and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in
the shares of Series Seed Preferred Stock. If other than an individual, Purchaser also represents it has not been organized
for the purpose of acquiring the shares of Series Seed Preferred Stock.

 

3.8      No
General Solicitation. Neither the Purchaser nor any of its officers, directors, employees, agents, stockholders or
partners has either directly or indirectly, including through a broker or finder (a) engaged in any general solicitation with
respect to the offer and sale of the shares of Series Seed Preferred Stock, or (b) published any advertisement in connection
with the offer and sale of the shares of Series Seed Preferred Stock.

 

3.9     Exculpation
Among Purchasers. The Purchaser acknowledges that it is not relying upon any person, other than the Company and its
officers and directors, in making its investment or decision to invest in the Company. The Purchaser agrees that neither any
Purchaser nor the respective controlling persons, officers, directors, partners, agents, or employees of any Purchaser shall
be liable to any other Purchaser for any action heretofore taken or omitted to be taken by any of them in connection with the
purchase of the shares of Series Seed Preferred Stock.

 

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3.10     Residence.
If the Purchaser is an individual, then the Purchaser resides in the state identified in the address of the Purchaser set forth
on the signature page hereto and/or on Schedule 1; if the Purchaser is a partnership, corporation, limited liability company
or other entity, then the office or offices of the Purchaser in which its principal place of business is identified in the address
or addresses of the Purchaser set forth on the signature page hereto and/or on Schedule 1. In the event that the Purchaser
is not a resident of the United States, such Purchaser hereby agrees to make such additional representations and warranties relating
to such Purchaser’s status as a non-United States resident as reasonably may be requested by the Company and to execute and
deliver such documents or agreements as reasonably may be requested by the Company relating thereto as a condition to the purchase
and sale of any shares of Series Seed Preferred Stock by such Purchaser.

 

4.       COVENANTS
OF THE COMPANY.

 

4.1       Information
Rights.

 

4.1.1 Basic
Financial Information. The Company shall furnish to each Purchaser holding that number of shares equal to or in excess of the
quotient determined by dividing (x) the Major Purchaser Dollar Threshold by (y) the Purchase Price, rounded up to the next whole
share (a “Major Purchaser”), and any entity that requires such information pursuant to its organizational
documents when available (1) annual unaudited financial statements for each fiscal year of the Company, including an unaudited
balance sheet as of the end of such fiscal year, an unaudited income statement, and an unaudited statement of cash flows, all prepared
in accordance with generally accepted accounting principles and practices, and (2) quarterly unaudited financial statements for
each fiscal quarter of the Company (except the last quarter of the Company’s fiscal year), including an unaudited balance
sheet as of the end of such fiscal quarter, an unaudited income statement, and an unaudited statement of cash flows, all prepared
in accordance with generally accepted accounting principles and practices, subject to changes resulting from normal year-end audit
adjustments. If the Company has audited records of any of the foregoing, then it shall provide those in lieu of the unaudited versions.
In addition to and without limiting the foregoing, and prior to the occurrence of any Series Seed Failure to Invest, the Company
shall: (i) provide to one (1) authorized representative of LAI (initially Ed Dunn), at the frequency reasonably requested by such
representative, all financial information reasonably necessary for such representative to analyze and manage the Company’s
payables, financial commitments and cash flow; (ii) provide to the Series Seed Board Designees (as defined below) monthly financial
updates concerning the Company; and (iii) notify LAI in writing (including by email) (each a “Financial Commitment
Notice”), and seek LAI’s written consent (including by email) (e.g., from either Ed Dunn, Jim Lee, Justin Elkouri
or another authorized representative of LAI), before the Company commits to pay any contractual or financial obligation with an
aggregate value in excess of $50,000 (each a “Financial Commitment Consent”).

 

4.1.2 Confidentiality.                         Anything
in this Agreement to the contrary notwithstanding, no Purchaser by reason of this Agreement shall have access to any trade
secrets or confidential information of the Company. The Company shall not be required to comply with any information rights
of any Purchaser whom the Company reasonably determines to be a competitor or an officer, employee, director, or holder of
ten percent (10%) or more of a competitor. Each Purchaser shall keep confidential and shall not disclose, divulge, or use for
any purpose (other than to monitor its investment in the Company) any confidential information obtained from the Company
pursuant to the terms of this Agreement other than to any of the Purchaser’s attorneys, accountants, consultants, and
other professionals, to the extent necessary to obtain their services in connection with monitoring the Purchaser’s
investment in the Company.

 

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4.1.3 Inspection
Rights. The Company shall permit each Major Purchaser to visit and inspect the Company’s properties, to examine its books
of account and records and to discuss the Company’s affairs, finances and accounts with its officers, all at such reasonable
times as may be requested by such Major Purchaser.

 

4.2       [Intentionally
Omitted.] 

 

4.3       Reservation
of Common Stock. The Company shall at all times reserve and keep available, solely for issuance and delivery upon the conversion
of the Series Seed Preferred Stock, all Common Stock issuable from time to time upon conversion of that number of shares of Series
Seed Preferred Stock equal to the Total Shares Authorized for Sale, regardless of whether or not all such shares have been issued
at such time.

 

5.       RESTRICTIONS
ON TRANSFER; DRAG ALONG.

 

5.1       Limitations
on Disposition. Each person owning of record shares of Common Stock of the Company issued or issuable pursuant to the conversion
of the shares of Series Seed Preferred Stock and any shares of Common Stock of the Company issued as a dividend or other distribution
with respect thereto or in exchange therefor or in replacement thereof (collectively, the “Securities”)
or any assignee of record of Securities (each such person, a “Holder”) shall not make any disposition
of all or any portion of any Securities unless:

 

(a)               
there is then in effect a registration statement under the Securities Act, covering such proposed disposition and such disposition
is made in accordance with such registration statement; or

 

(b)               
such Holder has notified the Company of the proposed disposition and has furnished the Company with a statement of the circumstances
surrounding the proposed disposition, and, at the expense of such Holder or its transferee, with an opinion of counsel, reasonably
satisfactory to the Company, that such disposition will not require registration of such securities under the Securities Act.

 

Notwithstanding
the provisions of Sections 5.1(a) and (b), no such registration statement or opinion of counsel will be required: (i) for any transfer
of any Securities in compliance with the Securities and Exchange Commission’s Rule 144 or Rule 144A, or (ii) for any transfer
of any Securities by a Holder that is a partnership, limited liability company, a corporation, or a venture capital fund to (A)
a partner of such partnership, a member of such limited liability company, or stockholder of such corporation, (B) an affiliate
of such partnership, limited liability company or corporation (including, any affiliated investment fund of such Holder), (C) a
retired partner of such partnership or a retired member of such limited liability company, (D) the estate of any such partner,
member, or stockholder, or (iii) for the transfer without additional consideration or at no greater than cost by gift, will, or
intestate succession by any Holder to the Holder’s spouse or lineal descendants or ancestors or any trust for any of the
foregoing; provided that, in the case of clauses (ii) and (iii), the transferee agrees in writing to be subject to the terms
of this Agreement to the same extent as if the transferee were an original Purchaser under this Agreement.

 

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5.2       “Market
Stand-Off” Agreement. To the extent requested by the Company or an underwriter of securities of the Company,
each Holder shall not sell or otherwise transfer or dispose of any Securities or other shares of stock of the Company then
owned by such Holder (other than to donees or partners of the Holder who agree to be similarly bound) for up to 180 days
following the effective date of any registration statement of the Company filed under the Securities Act; provided
however that, if during the last 17 days of the restricted period the Company issues an earnings release or material news
or a material event relating to the Company occurs, or before the expiration of the restricted period the Company announces
that it will release earnings results during the 16-day period beginning on the last day of the restricted period, and if the
Company’s securities are listed on the Nasdaq Stock Market and Rule 2711 thereof applies, then the restrictions
imposed by this Section 5.2 will continue to apply until the expiration of the 18-day period beginning on the issuance of the
earnings release or the occurrence of the material news or material event; provided, further, that such
automatic extension will not apply to the extent that the Financial Industry Regulatory Authority has amended or repealed
NASD Rule 2711(f)(4), or has otherwise provided written interpretive guidance regarding such rule, in each case, so as to
eliminate the prohibition of any broker, dealer, or member of a national securities association from publishing or
distributing any research report, with respect to the securities of an “emerging growth company” (as defined in
the Jumpstart Our Business Startups Act of 2012) before or after the expiration of any agreement between the broker, dealer,
or member of a national securities association and the emerging growth company or its stockholders that restricts or
prohibits the sale of securities held by the emerging growth company or its stockholders after the initial public offering
date. In no event will the restricted period extend beyond 215 days after the effective date of the registration statement.
For purposes of this Section 5.2, “Company” includes any wholly-owned subsidiary of the Company into which the
Company merges or consolidates. The Company may place restrictive legends on the certificates representing the shares subject
to this Section 5.2 and may impose stop transfer instructions with respect to the Securities and such other shares of stock
of each Holder (and the shares or securities of every other person subject to the foregoing restriction) until the end of
such period. Each Holder shall enter into any agreement reasonably required by the underwriters to implement the foregoing
within any reasonable timeframe so requested.

 

5.3     Drag
Along Right. If a Deemed Liquidation Event (as defined in the Restated Charter) is approved by each of (i) the
holders of a majority of the shares of Common Stock then-outstanding (other than those issued or issuable upon conversion of
the shares of Series Seed Preferred Stock), (ii) to the extent that no prior Series Seed Failure to Invest has occurred, the
holders of a majority of the shares of Common Stock then issued or issuable upon conversion of the shares of Series Seed
Preferred Stock then-outstanding and (iii) the Board, then each Stockholder shall vote (in person, by proxy or by action by
written consent, as applicable) all shares of capital stock of the Company now or hereafter directly or indirectly owned of
record or beneficially by such Stockholder (collectively, the “Shares”) in favor of, and adopt,
such Deemed Liquidation Event and to execute and deliver all related documentation and take such other action in support of
the Deemed Liquidation Event as may reasonably be requested by the Company to carry out the terms and provision of this
Section 5.3, including executing and delivering instruments of conveyance and transfer, and any purchase agreement, merger
agreement, indemnity agreement, escrow agreement, consent, waiver, governmental filing, share certificates duly endorsed for
transfer (free and clear of impermissible liens, claims and encumbrances) and any similar or related documents. The
obligation of any party to take the actions required by this Section 5.3 will not apply to a Deemed Liquidation Event if the
other party involved in such Deemed Liquidation Event is an affiliate or stockholder of the Company holding more than 10% of
the voting power of the Company. “Stockholder” means each Holder and Key Holder, and any transferee
thereof.

 

5.4      Exceptions
to Drag Along Right. Notwithstanding the foregoing, a Stockholder need not comply with Section 5.3 above in
connection with any proposed Sale of the Company (the “Proposed Sale”) unless:

 

(a)       any
representations and warranties to be made by the Stockholder in connection with the Proposed Sale are limited to
representations and warranties related to authority, ownership and the ability to convey title to such Shares, including
representations and warranties that (i) the Stockholder holds all right, title and interest in and to the Shares the
Stockholder purports to hold, free and clear of all liens and encumbrances, (ii) the obligations of the Stockholder in
connection with the transaction have been duly authorized, if applicable, (iii) the documents to be entered into by the
Stockholder have been duly executed by the Stockholder and delivered to the acquirer and are enforceable against the
Stockholder in accordance with their respective terms and, (iv) neither the execution and delivery of documents to be entered
into in connection with the transaction, nor the performance of the Stockholder’s obligations thereunder, will cause a
breach or violation of the terms of any agreement, law, or judgment, order, or decree of any court or governmental
agency;

 

    B-8

     

    

 

 

(b)               
the Stockholder will not be liable for the inaccuracy of any representation or warranty made by any other Person in connection
with the Proposed Sale, other than the Company (except to the extent that funds may be paid out of an escrow established to cover
breach of representations, warranties, and covenants of the Company as well as breach by any stockholder of any identical representations,
warranties and covenants provided by all stockholders);

 

(c)               
the liability for indemnification, if any, of the Stockholder in the Proposed Sale and for the inaccuracy of any representations
and warranties made by the Company or its Stockholders in connection with such Proposed Sale, is several and not joint with any
other Person (except to the extent that funds may be paid out of an escrow established to cover breach of representations, warranties
and covenants of the Company as well as breach by any stockholder of any identical representations, warranties, and covenants provided
by all stockholders), and except as required to satisfy the liquidation preference of the Series Seed Preferred Stock, if any,
is pro rata in proportion to, and does not exceed, the amount of consideration paid to such Stockholder in connection with such
Proposed Sale;

 

(d)               
liability will be limited to the Stockholder's applicable share (determined based on the respective proceeds payable to
each Stockholder in connection with the Proposed Sale in accordance with the provisions of the Restated Charter) of a negotiated
aggregate indemnification amount that applies equally to all Stockholders but that in no event exceeds the amount of consideration
otherwise payable to the Stockholder in connection with the Proposed Sale, except with respect to claims related to fraud by the
Stockholder, the liability for which need not be limited as to the Stockholder; and

 

(e)               
upon the consummation of the Proposed Sale, (i) each holder of each class or series of the Company’s stock will receive
the same form of consideration for their shares of such class or series as is received by other holders in respect of their shares
of such same class or series of stock unless the holders of at least a majority of Series Seed Preferred Stock elect otherwise,
(ii) each holder of a series of Series Seed Preferred Stock will receive the same amount of consideration per share of such series
of Series Seed Preferred Stock as is received by other holders in respect of their shares of such same series, (iii) each holder
of Common Stock will receive the same amount of consideration per share of Common Stock as is received by other holders in respect
of their shares of Common Stock, and (iv) unless the holders of at least a majority of the Series Seed Preferred Stock elect to
receive a lesser amount, the aggregate consideration receivable by all holders of the Preferred Stock and Common Stock shall be
allocated among the holders of Preferred Stock and Common Stock on the basis of the relative liquidation preferences to which the
holders of each respective series of Preferred Stock and the holders of Common Stock are entitled in a Deemed Liquidation Event
(assuming for this purpose that the Proposed Sale is a Deemed Liquidation Event) in accordance with the Company’s Restated
Charter in effect immediately prior to the Proposed Sale.

 

6.       PARTICIPATION
RIGHT.

 

6.1       General.
Each Major Purchaser has the right of first refusal to purchase the Major Purchaser’s Pro Rata Share of any New Securities
(as defined below) that the Company may from time to time issue after the date of this Agreement, provided, however,
the Major Purchaser will have no right to purchase any such New Securities if the Major Purchaser cannot demonstrate to the Company’s
reasonable satisfaction that such Major Purchaser is at the time of the proposed issuance of such New Securities an “accredited
investor” as such term is defined in Regulation D under the Securities Act. A Major Purchaser’s

 

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“Pro Rata Share”
for means the ratio of (a) the number of shares of the Company’s Common Stock issued or issuable upon conversion of the shares
of Series Seed Preferred Stock owned by such Major Purchaser, to (b) the Fully-Diluted Share Number.

 

6.2       New
Securities. “New Securities” means any Common Stock or Preferred Stock, whether now authorized
or not, and rights, options or warrants to purchase Common Stock or Preferred Stock, and securities of any type whatsoever that
are, or may become, convertible or exchangeable into Common Stock or Preferred Stock; provided, however, that “New
Securities” does not include: (a) shares of Common Stock issued or issuable upon conversion of any outstanding shares
of Preferred Stock; (b) shares of Common Stock or Preferred Stock issuable upon exercise of any options, warrants, or rights to
purchase any securities of the Company outstanding as of the Agreement Date and any securities issuable upon the conversion thereof;
(c) shares of Common Stock or Preferred Stock issued in connection with any stock split or stock dividend or recapitalization;
(d) shares of Common Stock (or options, warrants or rights therefor) granted or issued after the Agreement Date to employees, officers,
directors, contractors, consultants or advisers to, the Company or any subsidiary of the Company pursuant to incentive agreements,
stock purchase or stock option plans, stock bonuses or awards, warrants, contracts or other arrangements that are approved by the
Board; (e) shares of the Company’s Series Seed Preferred Stock issued pursuant to this Agreement; (f) any other shares of
Common Stock or Preferred Stock (and/or options or warrants therefor) issued or issuable primarily for other than equity financing
purposes and approved by the Board; and (g) shares of Common Stock issued or issuable by the Company to the public pursuant to
a registration statement filed under the Securities Act.

 

6.3       Procedures.
If the Company proposes to undertake an issuance of New Securities, it shall give notice to each Major Purchaser of its intention
to issue New Securities (the “Notice”), describing the type of New Securities and the price and the general
terms upon which the Company proposes to issue the New Securities. Each Major Purchaser will have (10) days from the date of notice,
to agree in writing to purchase such Major Purchaser’s Pro Rata Share of such New Securities for the price and upon the general
terms specified in the Notice by giving written notice to the Company and stating therein the quantity of New Securities to be
purchased (not to exceed such Major Purchaser’s Pro Rata Share).

 

6.4       Failure
to Exercise. If the Major Purchasers fail to exercise in full the right of first refusal within the 10-day period, then
the Company will have one hundred twenty (120) days thereafter to sell the New Securities with respect to which the Major Purchasers’
rights of first refusal hereunder were not exercised, at a price and upon general terms not materially more favorable to the purchasers
thereof than specified in the Company’s Notice to the Major Purchasers. If the Company has not issued and sold the New Securities
within the 120-day period, then the Company shall not thereafter issue or sell any New Securities without again first offering
those New Securities to the Major Purchasers pursuant to this Section 6.

 

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7.       ELECTION
OF BOARD OF DIRECTORS.

 

7.1       Voting;
Board Composition. Subject to the rights of the stockholders to remove a director for cause in accordance with applicable
law, during the term of this Agreement, each Stockholder shall vote (or consent pursuant to an action by written consent of the
stockholders) all shares of capital stock of the Company now or hereafter directly or indirectly owned of record or beneficially
by the Stockholder (the “Voting Shares”), or to cause the Voting Shares to be voted, in such manner as
may be necessary to elect (and maintain in office) as the members of the Board:

 

(a)                 that
number of individuals, if any, equal to the Common Board Member Count (collectively, the “Common Board Designees”)
designated from time to time in a writing delivered to the Company and signed by Common Control Holders who then hold shares of
issued and outstanding Common Stock of the Company representing a majority of the voting power of all issued and outstanding shares
of Common Stock then held by all Common Control Holders;

 

(b)               
that number of individuals, if any, equal to the Series Seed Board Member Count (collectively, the “Series Seed
Board Designees”) designated from time to time in a writing delivered to the Company and signed by Purchasers who
then hold a majority of the then-outstanding shares of Series Seed Preferred Stock issued pursuant to this Agreement;

 

(c)               
that number of individuals, if any, equal to the Mutual Consent Board Member Count (collectively, the “Mutual
Consent Board Designees” and, together with any Common Board Designee and any Seed Board Designee, each a “Board
Designee”) designated from time to time in a writing delivered to the Company and signed by (a) Purchasers who then
hold a majority of the then-outstanding shares of Series Seed Preferred Stock issued pursuant to this Agreement and (b) Common
Control Holders who then hold shares of issued and outstanding Common Stock of the Company representing a majority of the voting
power of all issued and outstanding shares of Common Stock of the Company then held by all Common Control Holders.

 

Subject to the rights of the
stockholders of the Company to remove a director for cause in accordance with applicable law, during the term of this Agreement,
a Stockholder shall not take any action to remove an incumbent Board Designee or to designate a new Board Designee unless such
removal or designation of a Board Designee is approved in a writing signed by the parties entitled to designate the Board Designee.
Each Stockholder hereby appoints, and shall appoint, the then-current Chief Executive Officer of the Company, as the Stockholder’s
true and lawful proxy and attorney, with the power to act alone and with full power of substitution, to vote all shares of the
Company’s capital stock held by the Stockholder as set forth in this Agreement and to execute all appropriate instruments
consistent with this Agreement on behalf of the Stockholder if, and only if, the Stockholder (a) fails to vote or (b) attempts
to vote (whether by proxy, in person or by written consent), in a manner which is inconsistent with the terms of this Agreement,
all of the Stockholder’s Voting Shares or execute such other instruments in accordance with the provisions of this Agreement
within five days of the Company’s or any other party’s written request for the Stockholder’s written consent
or signature. The proxy and power granted by each Stockholder pursuant to this Section are coupled with an interest and are given
to secure the performance of the Stockholder’s duties under this Agreement. Each such proxy and power will be irrevocable
for the term of this Agreement. The proxy and power, so long as any Stockholder is an individual, will survive the death, incompetency
and disability of such Stockholder and, so long as any Stockholder is an entity, will survive the merger or reorganization of the
Stockholder or any other entity holding Voting Shares.

 

8.       GENERAL
PROVISIONS.

 

8.1       Successors
and Assigns. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective
successors and assigns of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other
than the parties to this Agreement or their respective successors and assigns any rights, remedies, obligations, or liabilities
under or by reason of this Agreement, except as expressly provided in this Agreement. No Stockholder may transfer Shares unless
each transferee agrees to be bound by the terms of this Agreement.

 

8.2       Governing
Law. This Agreement is governed by the Governing Law, regardless of the laws that might otherwise govern under applicable
principles of choice of law.

 

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8.3       Counterparts; Facsimile or
Electronic Signature. This Agreement may be executed and delivered by facsimile or electronic signature and in two or
more counterparts, each of which will be deemed an original, but all of which together will constitute one and the same
instrument.

 

8.4       Titles
and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be
considered in construing or interpreting this Agreement. References to sections or subsections within this set of Agreement
Terms shall be deemed to be references to the sections of this set of Agreement Terms contained in Exhibit B to the
Agreement, unless otherwise specifically stated herein.

 

8.5       Notices. All notices and
other communications given or made pursuant to this Agreement must be in writing and will be deemed to have been given upon
the earlier of actual receipt or: (a) personal delivery to the party to be notified, (b) when sent, if sent by facsimile or
electronic mail during normal business hours of the recipient, and if not sent during normal business hours, then on the
recipient’s next business day, (c) five (5) days after having been sent by registered or certified mail, return receipt
requested, postage prepaid, or (d) one (1) business day after deposit with a nationally recognized overnight courier, freight
prepaid, specifying next business day delivery, with written verification of receipt. All communications must be sent to the
respective parties at their address as set forth on the signature page or Schedule 1, or to such address, facsimile
number or electronic mail address as subsequently modified by written notice given in accordance with this Section 8.5.

 

8.6       No Finder’s Fees.
Each party severally represents to the other parties that it neither is nor will be obligated for any finder’s fee or
commission in connection with this transaction. Each Purchaser shall indemnify, defend, and hold harmless the Company from
any liability for any commission or compensation in the nature of a finder’s or broker’s fee arising out of this
transaction (and the costs and expenses of defending against such liability or asserted liability) for which the Purchaser or
any of its officers, employees, or representatives is responsible. The Company shall indemnify, defend, and hold harmless
each Purchaser from any liability for any commission or compensation in the nature of a finder’s or broker’s fee
arising out of this transaction (and the costs and expenses of defending against such liability or asserted liability) for
which the Company or any of its officers, employees or representatives is responsible.

 

8.7       Attorneys’ Fees. If
any action at law or in equity (including arbitration) is necessary to enforce or interpret the terms of this Agreement, the
prevailing party will be entitled to reasonable attorneys’ fees, costs, and necessary disbursements in addition to any
other relief to which the party may be entitled. Each party shall pay all costs and expenses that it incurs with respect to
the negotiation, execution, delivery, and performance of the Agreement.

 

8.8       Amendments and Waivers.
Except as specified in Section 1.2.2, any term of this Agreement may be amended, terminated or waived (either generally or in
a particular instance and either retroactively or prospectively) only with the written consent of the Company and the
Purchasers holding a majority of the then-outstanding shares of Series Seed Preferred Stock (or Common Stock issued on
conversion thereof); provided, however, that any amendment to Section 7.1(a) or Section 7.1(c) will also
require the additional written consent of the holders of a majority of the outstanding shares of the Company’s Common
Stock then held by all of the Common Control Holders. Notwithstanding the foregoing, the addition of a party to this
Agreement pursuant to a transfer of Shares in accordance with Section 8.1 will not require any further consent. Any amendment
or waiver effected in accordance with this Section 8.8 will be binding upon the Purchasers, the Key Holders, each transferee
of the shares of Series Seed Preferred Stock (or the Common Stock issuable upon conversion thereof) or Common Stock from a
Purchaser or Key Holders, as applicable, and each future holder of all such securities, and the Company.

 

    B - 12

     

    

 

8.9       Severability.
The invalidity or unenforceability of any provision of this Agreement will in no way affect the validity or enforceability of
any other provision.

 

8.10     Delays or
Omissions. No delay or omission to exercise any right, power or remedy accruing to any party under this Agreement, upon
any breach or default of any other party under this Agreement, will impair any such right, power or remedy of such non-breaching
or non-defaulting party nor will it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of
or in any similar breach or default thereafter occurring; nor will any waiver of any single breach or default be deemed a waiver
of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character
on the part of any party of any breach or default under this Agreement, or any waiver on the part of any party of any provisions
or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing.
All remedies, either under this Agreement or by law or otherwise afforded to any party, are cumulative and not alternative.

 

8.11     Termination.
Unless terminated earlier pursuant to the terms of this Agreement, (x) the rights, duties and obligations under Sections 4,
6 and 7 will terminate immediately prior to the closing
of the Company’s initial public offering of Common Stock pursuant to an effective registration statement filed under the
Securities Act, (y) notwithstanding anything to the contrary herein, this Agreement (excluding any then-existing obligations)
will terminate upon the closing of a Deemed Liquidation Event as defined in the Company’s Restated Charter, as amended from
time to time and (z) notwithstanding anything to the contrary herein, Section 1, Section 2, Section 3, Section 4.1.2 and this
Section 8 will survive any termination of this Agreement.

 

8.12     Dispute Resolution.
Each party: (a) hereby irrevocably and unconditionally submits to the personal jurisdiction of the Dispute Resolution Jurisdiction
for the purpose of any suit, action, or other proceeding arising out of or based upon this Agreement; (b) shall not commence any
suit, action or other proceeding arising out of or based upon this Agreement except in the Dispute Resolution Jurisdiction; and
(c) hereby waives, and shall not assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding,
any claim that it is not subject to the personal jurisdiction of the Dispute Resolution Jurisdiction, that its property is exempt
or immune from attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue
of the suit, action or proceeding is improper or that this Agreement, or the subject matter hereof and thereof may not be enforced
in or by the Dispute Resolution Jurisdiction.

 

[REMAINDER
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    B - 13

     

    

 

IN WITNESS WHEREOF, the parties
hereto have executed and delivered this Agreement as of the Agreement Date.

 

THE COMPANY:

 

Lectrefy Inc.

 

	Name: 	 	 
	 	 	 
	By: 	John M. Cook II	 
	 	 	 
	Title: 	Chief Financial Officer	 

 

[SIGNATURE
PAGES TO SERIES SEED PREFERRED STOCK INVESTMENT AGREEMENT]

 

    

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed and delivered this Agreement as of the Agreement Date.

 

KEY HOLDERS:

 

	Name: 	Dr. Paul Antonio Pereira	 	Name: 
	John M. Cook II

	 	 	 	 	 
	By:	 	 	By:	 
	 	 	 	 	 
	Name:	Charles Pereira	 	 	 
	 	 	 	 	 
	By:	 	 	 	 

 

[SIGNATURE PAGES
TO SERIES SEED PREFERRED STOCK INVESTMENT AGREEMENT]

 

    

     

    

 

IN WITNESS WHEREOF, the parties hereto
have executed this Agreement as of the Agreement Date.

 

PURCHASERS:

 

Lee Aerospace,
Inc.:

 

	 	 	 
	 	 	 
	Name: 	James Lee	 
	 	 	 
	Title:	Chief Executive Officer 	 

 

[SIGNATURE PAGES TO SERIES SEED PREFERRED
STOCK INVESTMENT AGREEMENT]

 

    

     

    

 

EXHIBIT C

 

FORM OF RESTATED CHARTER

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