Document:

EX-10.6

 Exhibit 10.6 

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 
  

			
	Principal Amount: up to $300,000	  	Dated as of February 19, 2021
	(as set forth on the Schedule of Borrowings attached hereto)	  	

 Big Sky Growth Partners, Inc., a Delaware corporation and blank check company (the “Maker”),
promises to pay to the order of Big Sky Growth Partners, LLC, Delaware limited liability company, or its registered assigns or successors in interest (the “Payee”), or order, the principal sum of up to three hundred thousand U.S.
dollars ($300,000) (as set forth on the Schedule of Borrowings attached hereto) 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 on the earlier of: (i) December 31, 2021 or (ii) the
date on which Maker consummates an initial public offering of its securities (the “IPO”). The principal balance may be prepaid at any time. 

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 date specified above. 
 (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 thereunder, 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, on 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 Agreement shall be: (i) in
writing and delivered 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 and (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 NEW YORK, 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 to be established in which the proceeds of the IPO conducted by the Maker (including the deferred
underwriters discounts and commissions) and the proceeds of the sale of the warrants issued in a private placement to occur prior to the consummation of the IPO are to be deposited, as described in greater detail in the registration statement and
prospectus to be filed with the Securities and Exchange Commission in connection with the IPO, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the trust account for any reason whatsoever. 

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. 
 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. 

[Signature page follows] 

 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. 
  

			
	BIG SKY GROWTH PARTNERS, INC.,
	a Delaware corporation
		
	By:	 	 /s/ Lauren Neiswender

		 	Name: Lauren Neiswender
		 	 Title: Chief Financial Officer and Chief Legal

          Officer

 [Signature Page to Promissory Note] 

 SCHEDULE OF BORROWINGS 

The following increases or decreases in this Promissory Note have been made: 
  

							
	 Date of Increase or Decrease
	  	 Amount of decrease in Principal
Amount of this Promissory
Note
	  	 Amount of increase in Principal
Amount of this Promissory
Note
	  	 Principal Amount of this
Promissory Note following
such
decrease or increaseByrna Technologies, Inc. 10-K

Exhibit 4.1

 

 

DESCRIPTION
OF BYRNA TECHNOLOGIES, INC. CAPITAL STOCK

The following
description of Byrna’s capital stock is a summary of the material terms of Byrna’s charter and bylaws, as amended.
Reference is made to the more detailed provisions of and the descriptions are qualified in their entirety by reference to, these
documents, forms of which are filed with the SEC as exhibits to the Annual Report on Form 10-K for the fiscal year ended November
30, 2020, and applicable law.

The following description
of Byrna capital stock is a summary only and is not a complete description of such terms. This description is subject to the detailed
provisions of, and is qualified in its entirety by reference to, Delaware law, the Byrna charter and the Byrna bylaws, as amended.
The Byrna charter and bylaws are filed with the SEC as exhibits to the Annual Report on Form 10-K for the fiscal year ended November
30, 2020, and will be sent to our shareholders free of charge upon written or telephonic request.

General

Byrna’s authorized
capital stock consists of 300,000,000 shares of common stock, par value $0.001 per share, which we have referred to herein as
the “Byrna common stock” and 5,000,000 shares of preferred stock, par value $0.001 per share, which we refer to as
the “Byrna preferred stock.” To date the Company has authorized 1500 shares of Convertible Preferred Series A stock.
As of February 23, 2021, there were 149,201,088 shares of Byrna common stock issued and outstanding, and 1,391 shares of preferred
stock, consisting of Series A Convertible Preferred Stock, issued and outstanding. Subject to the rights and preferences granted
to holders of Byrna’s preferred stock, if any, the authorized but unissued shares of the Byrna capital stock are available
for future issuance without stockholder approval, unless otherwise required by applicable law or the rules of any applicable securities
exchange. All of Byrna’s issued and outstanding shares of capital stock are validly issued, fully paid and non-assessable.

Byrna Common Stock

Subject to the rights
and preferences granted to holders of Byrna’s preferred stock then outstanding, if any, and except with respect to voting
rights, conversion rights and certain distributions of Byrna’s capital stock, holders of Byrna common stock will rank equally
with respect to distributions and have identical rights, preferences, privileges and restrictions, including the right to attend
meetings and receive any information distributed by Byrna with respect to such meetings.

Dividends

 

Holders of Byrna common stock are
entitled to receive ratably such dividends as may be authorized by the Byrna board and declared by Byrna from time to time out
of legally available funds. In no event will any stock dividends or stock splits or combinations of stock be authorized, declared
or made on common stock unless the shares of common stock are treated equally and identically.

 

The ability of the Byrna board to
authorize, and our ability to declare and pay, dividends on Byrna common stock is subject to the laws of the State of Delaware
and the terms of any senior securities (including the terms of Byrna preferred stock) Byrna may then have outstanding.

     

     

    

Voting
Rights

Each
holder of Byrna common stock is entitled to one vote for each share of record held on all matters submitted to a vote of shareholders,
except as otherwise required by law and subject to the rights and preferences of the holders of any outstanding shares of Byrna
preferred stock. Directors are elected by a majority of the votes cast at the meeting of the stockholders, provided, however,
that if the Secretary determines that the number of nominees for director exceeds the
number of directors to be elected, directors shall be elected by a plurality of the votes of the shares represented in person
or by proxy at any meeting of stockholders held to elect directors and entitled to vote on such election of directors.

 

Unless otherwise required by law,
the Certificate of Incorporation, or the Bylaws, any matter, other than the election of directors, brought before any meeting
of stockholders shall be decided by the affirmative vote of the majority of shares present in person or represented by proxy at
the meeting and entitled to vote on the matter.

 

Liquidation Rights

 

In the event of Byrna’s liquidation,
dissolution or winding up, holders of Byrna common stock are entitled to share ratably in all of Byrna’s assets remaining
after payment of liabilities, including but not limited to the liquidation preference of any then outstanding Byrna preferred
stock.

 

Preferred Stock

 

Byrna’s
charter authorizes the Byrna board to establish one or more series of preferred stock. Unless required by law or any stock exchange
and subject to the rights and preferences of the holders of any outstanding shares of the Byrna preferred stock, the authorized
shares of Byrna preferred stock are available for issuance without further action by the stockholders. The Byrna board is authorized
to divide the preferred stock into series and, with respect to each series, is required by the laws of the State of Delaware to
fix and determine the preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends, qualifications
and terms or conditions of redemption of each such series. The number of authorized shares of preferred stock may be increased
or decreased (but not below the number of shares then outstanding) by the affirmative vote of the holders of a majority of Byrna
common stock, without a vote of the holders of the preferred stock, unless a vote of the holders of the preferred stock is required
by law or pursuant to the terms of such preferred stock. Without stockholder approval, Byrna could issue preferred stock that
could impede or discourage an acquisition attempt or other transaction that some, or a majority, of Byrna’s stockholders
may believe is in their best interests or in which they may receive a premium for their common stock over the market price of
the common stock.

 

The particular
terms of the Series A Convertible Preferred Stock include:

 

•A dividend
right which entitles the holders to receive on a semi-annual basis, as when, and if declared by the Board of Directors, out of
funds legally available therefor, dividends at an annual rate equal to 10.0% of the original Series A price per share for each
share outstanding. Such dividends accrue and accumulate from the date of issuance. So long as any accumulated dividend payments
for shares of Series A Stock are outstanding, no dividends shall be paid or declared and set apart for payment upon any other
capital stock;

 

•A liquidation
right which entitles the holders to receive a payment of $5,000 for each share of Series A stock outstanding plus an amount equal
to all accrued but unpaid dividends; and

 

•A conversion
right which grants each holder of Series A Stock the option to convert to common stock at any time at a conversion price of $0.15,
subject to adjustments.

     

     

    

 

Authorized but Unissued Byrna
Capital Stock

 

The DGCL does not generally require
shareholder approval for the issuance of authorized shares, and the Byrna board may issue new shares from time to time without
further approval of the holders of Byrna common stock. These additional shares may be used for a variety of corporate purposes,
including future public offerings, to raise additional capital or to facilitate acquisitions.

 

One of the effects of the existence
of unissued and unreserved Byrna common stock or preferred stock may be to enable the Byrna board to issue shares to persons friendly
to current management, which issuance could render more difficult or discourage an attempt to obtain control of Byrna by means
of a merger, tender offer, proxy contest or otherwise, and thereby protect the continuity of Byrna’s management and possibly
deprive Byrna’s shareholders of opportunities they may believe are in their best interests or in which they may receive
a premium for their Byrna common stock over the market price of the common stock.

 

Anti-Takeover Effects of Provisions
of Applicable Law and the Byrna Charter and Byrna Bylaws

 

Certain provisions
of the DGCL may have the effect of delaying, deterring or preventing a transaction or a change in the control that might otherwise
be in the best interests of Byrna shareholders.

 

Delaware Anti-Takeover Statute

We
are subject to Section 203 of the DGCL regulating corporate takeovers. In general, Section 203 prohibits a publicly-held
Delaware corporation from engaging, under certain circumstances, in a business combination with an interested stockholder for
a period of three years following the date the person became an interested stockholder unless:

 

	 	•	 	prior to the date of the transaction, the Board of Directors
    of the corporation approved either the business combination or the transaction which resulted in the stockholder becoming
    an interested stockholder;

 

	 	•	 	upon completion of the transaction that resulted in the stockholder
    becoming an interested stockholder, the stockholder owned at least 85% of the voting stock of the corporation outstanding
    at the time the transaction commenced, excluding for purposes of determining the number of shares outstanding (1) shares
    owned by persons who are directors and also officers and (2) shares owned by employee stock plans in which employee participants
    do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or
    exchange offer; or

 

	 	•	 	on or subsequent to the date of the transaction, the business
    combination is approved by the Board of Directors and authorized at an annual or special meeting of stockholders, and not
    by written consent, by the affirmative vote of at least 66 2⁄3% of the outstanding voting
    stock which is not owned by the interested stockholder.

Generally,
a business combination includes a merger, asset or stock sale, or other transaction resulting in a financial benefit to the interested
stockholder. An interested stockholder is a person who owns 15% or more of a corporation’s outstanding voting securities,
or is an affiliate or associate of the corporation and within three years prior to the determination of interested stockholder
status, did own 15% or more of a corporation’s outstanding voting securities, and affiliates and associates of such person.
The existence of this provision may have an anti-takeover effect with respect to transactions our Board of Directors does not
approve in advance. Section 203 may also discourage attempts that might result in a premium over the market price for the
shares of capital stock held by stockholders.

     

     

    

 

Annual Meetings; Limits on
Special Meetings

 

Byrna holds an annual meeting of
stockholders each year. Byrna’s 2020 annual and special meeting of stockholders was held on November 19, 2020. Subject to
the rights of the holders of any series of preferred stock, special meetings of the shareholders may be called only by (i) Byrna’s
president, (ii) the Byrna board, or (iii) Byrna’s secretary upon the written request of the holders of a majority of all
shares outstanding and entitled to vote on the business to be transacted at the meeting.

 

Listing

 

The Byrna common stock is listed
in the United States on the OTCQB market and in Canada on the Canadian Securities Exchange under the symbol “BYRN.”

 

Transfer Agent and Registrar

 

The primary transfer agent and registrar
for Byrna common stock is Transhare Corp., and the co-transfer agent in Canada is TSX Trust Company.

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