Document:

Exhibit
10.15

 

THIS UNSECURED CONVERTIBLE PROMISSORY NOTE
AND ANY SECURITIES INTO WHICH THIS UNSECURED CONVERTIBLE PROMISSORY NOTE IS CONVERTIBLE HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR QUALIFIED UNDER ANY STATE SECURITIES LAWS. SUCH
SECURITIES MAY NOT BE SOLD OR OFFERED FOR SALE OR OTHERWISE DISTRIBUTED EXCEPT (I) IN CONJUNCTION WITH AN EFFECTIVE REGISTRATION STATEMENT
FOR THE SECURITIES UNDER THE ACT, (II) IN COMPLIANCE WITH RULE 144, OR (III) PURSUANT TO AN OPINION OF COUNSEL, REASONABLY SATISFACTORY
TO THE COMPANY, THAT SUCH REGISTRATION OR COMPLIANCE IS NOT REQUIRED AS TO SAID SALE, OFFER OR DISTRIBUTION. THIS UNSECURED CONVERTIBLE
PROMISSORY NOTE AND ANY SECURITIES INTO WHICH THIS UNSECURED CONVERTIBLE PROMISSORY NOTE IS CONVERTIBLE ARE SUBJECT TO RESTRICTIONS ON
TRANSFER CONTAINED IN THAT CERTAIN NOTE PURCHASE AGREEMENT, DATED JUNE 17, 2021, WHICH RESTRICTIONS ON TRANSFER ARE INCORPORATED HEREIN
BY REFERENCE.

 

UNSECURED CONVERTIBLE PROMISSORY NOTE

 

	 	, 2021	$	 

 

FOR VALUE RECEIVED, TIVIC HEALTH
SYSTEMS, INC., a Delaware corporation (the “Company”), promises to pay to the order of ________________, or his, her
or its permitted registered assigns (“Holder”) the principal sum of ________________ Dollars ($__________.00) (the
 “Principal Amount”) with simple interest thereon at the rate of the lesser of (i) 3.0% per annum (computed on the basis
of actual calendar days elapsed and a year of 365 days) or (ii) the highest rate of interest then permitted under applicable law. Interest
shall commence with the date hereof and shall continue on the outstanding Principal Amount of this Unsecured Convertible Promissory Note
(this “Note”) until paid or converted in accordance with the provisions hereof.

 

The Principal Amount consists
of the purchase price paid at closing of $_________ and a ___% original issue discount (“OID”) of $________.

 

The following is a statement
of the rights of Holder and the conditions to which this Note is subject, and to which the Holder, by the acceptance of this Note, agrees:

 

1.            Definitions.
For purposes of this Note, capitalized terms used herein but not otherwise defined herein shall have the meaning set forth in this Section
1:

 

1.1         
“Business Day” means any day which is not a Saturday or Sunday or a legal holiday on which banks are
authorized or required to be closed in California.

 

1.2          “Cap” means an amount of $40,000,000.

 

1.3          “Change
in Control” means, unless otherwise determined by the Company and the holders of at least a majority of the aggregate Principal
Amount of all of the then issued and outstanding Bridge Notes:

 

(a)               
The direct or indirect sale or transfer, in a single transaction or a series of related transactions, by the shareholders
of the Company of voting securities, in which the holders of the outstanding voting securities of the Company immediately prior to such
transaction or series of transactions hold, as a result of holding Company securities prior to such transaction, in the aggregate, securities
possessing less than fifty percent (50%) of the total combined voting power of all outstanding voting securities of the Company or of
the acquiring entity immediately after such transaction or series of related transactions;

 

     

     

    

 

(b)               
A merger or consolidation in which the Company is not the surviving entity, except for a transaction in which the holders
of the outstanding voting securities of the Company immediately prior to such merger or consolidation hold as a result of holding Company
securities prior to such transaction, in the aggregate, securities possessing more than fifty percent (50%) of the total combined voting
power of all outstanding voting securities of the surviving entity (or the parent of the surviving entity) immediately after such merger
or consolidation;

 

(c)               
A reverse merger in which the Company is the surviving entity but in which the holders of the outstanding voting securities
of the Company immediately prior to such merger hold as a result of holding Company securities prior to such transaction, in the aggregate,
securities possessing less than fifty percent (50%) of the total combined voting power of all outstanding voting securities of the Company
or of the acquiring entity immediately after such merger; or

 

(d)               
The sale, transfer or other disposition (in one transaction or a series of related transactions) of all or substantially
all of the assets of the Company, except for a transaction in which the holders of the outstanding voting securities of the Company immediately
prior to such transaction(s) receive as a distribution with respect to securities of the Company, in the aggregate, securities possessing
more than fifty percent (50%) of the total combined voting power of all outstanding voting securities of the acquiring entity immediately
after such transaction(s), provided however, that the term “Change in Control” shall not include, for the purposes of this
Note, (A) a merger of the Company effected exclusively for the purpose of changing the domicile of the Company, or (B) the transfer of
more than fifty percent (50%) of the total combined voting power of all outstanding voting securities in an equity financing for bona
fide capital raising purposes.

 

1.4          “Common Stock” means the Common Stock of the Company.

 

1.5          “Conversion” means any conversion of this Note in connection with a Qualified Financing, Change in Control,
Mandatory Conversion or IPO Conversion, as the case may be, in accordance with the provisions hereof.

 

1.6          “Convertible
Securities” means evidences of convertible indebtedness, shares of Preferred Stock of the Company, or other securities or instruments
(other than Options) which are, directly or indirectly, convertible into or exchangeable for shares of Common Stock, either immediately
or upon the arrival of a specified date or the occurrence of a specified event.

 

1.7          “Fully
Diluted Basis” means the sum of (i) the total number of shares of Common Stock issued and outstanding immediately prior to
the applicable Conversion, and (ii) the total number of shares of Common Stock issuable, directly or indirectly, upon conversion of all
outstanding Options and Convertible Securities (other than the Bridge Notes and other Convertible Securities that will convert into Qualified
Securities, Shadow Preferred or Preferred Conversion Stock, as the case may be, in connection with a Conversion), and (iii) shares of
Common Stock reserved and available for future grant under the Company’s equity incentive or similar plans, in each case, immediately
prior to such Conversion.

 

1.8          “IPO”
means the Company’s first underwritten public offering of its Common Stock under the Securities Act of 1933, as amended.

 

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1.9          “IPO Conversion Price” shall mean a conversion price per share equal to the lesser of (x) seventy-five
percent (75%) of the per share public offering price stated on the front cover of the final prospectus for the IPO (before deduction of
any underwriting commissions, expenses or other amounts), and (y) the quotient resulting from dividing (A) the Cap, by (B) the Company’s
capitalization on a Fully Diluted Basis, as of immediately prior to the IPO Closing Date.

 

1.10        “Options” means any rights, warrants, options or similar rights to subscribe for or to purchase Common
Stock or Convertible Securities, whether vested or unvested.

 

1.11        “Preferred Conversion Price” means a price per share of Preferred Conversion Stock of $1.4034, as adjusted
for as adjusted for any stock splits, stock dividends, combinations, subdivisions, recapitalizations or the like.

 

1.12        “Preferred
Conversion Stock” means, at the election of the Company, Series Seed-1 Preferred or a newly designated series of Preferred
Stock that has substantially the same rights, preferences and privileges as the Series Seed-1 Preferred.

 

1.13        “Qualified Financing” means the closing of an equity financing undertaken by the Company after the date
hereof and before the Maturity Date, principally for capital raising purposes, in which the aggregate amount of gross proceeds (not including
cancellation of the indebtedness represented by all Bridge Notes and other Convertible Securities that will convert into shares of Qualified
Securities or Shadow Preferred, as the case may be, in connection with such Conversion) received by the Company from the sale of any series
of its equity securities totals at least $2,000,000 in the aggregate.

 

1.14        “Qualified
Securities” means the securities sold by the Company, and purchased by investors, in a Qualified Financing (other than Shadow
Preferred).

 

1.15        “Series
Seed-1 Preferred” means the shares of Series Seed-1 Preferred stock of the Company.

 

1.16        “Series
Seed Transaction Documents” means, collectively (i) the Series Seed-1, Seed-2, Seed-3 and Seed-4 Preferred Stock Investment
Agreement, dated as of July 16, 2019, by and among the Company and the investors who are a party thereto, and (ii) the Voting Agreement,
dated as of July 16, 2019, by and among the Company and the investors who are a party thereto.

 

1.17        “Shadow
Preferred” means the shares of a series of Preferred Stock issued to Holder and the holders of the other Bridge Notes in the
Qualified Financing, having identical rights, privileges, preferences and restrictions as the shares of Qualified Securities, other than
with respect to: (i) the per share liquidation preference and the conversion price for purposes of price-based anti-dilution protection,
which will equal the applicable conversion price determined to effect a Conversion of this Note in accordance with the provisions hereof;
and (ii) the basis used to determine any dividend rights, which shall be the same percentage of the conversion price determined to effect
a Conversion of this Note in accordance with the provisions hereof as applied to determine the per share dividend rights of purchasers
of Qualified Securities, relative the purchase price paid by the purchasers thereof.

 

1.18        “Transaction
Documents” means the Note Purchase Agreement and the Bridge Notes.

 

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2.            Note. This Note is issued pursuant to the terms of that certain Note Purchase Agreement dated as of June 17,
2021, by and among the Company and the investors who are parties thereto (the “Note Purchase Agreement”). This Note
is one of a series of convertible promissory notes (the “Bridge Notes”) having like tenor and effect (except for variations
necessary to express the name of the holder thereof, the principal amount of each of the Bridge Notes the dates upon which each Bridge
Note is issued by the Company in accordance with the terms of the Note Purchase Agreement and such variations as may be agreed upon by
the Company and the holder of a Bridge Note).

 

3.            Maturity.
Unless sooner paid or converted in accordance with the terms hereof, the entire unpaid Principal Amount and all unpaid accrued interest
shall become fully due and payable on June 1, 2023 (the “Maturity Date”).

 

4.            Payments.

 

4.1          Form
of Payment. All payments of interest and principal (other than payment by way of conversion) shall be in lawful money of the United
States of America to Holder, at the address specified in the Note Purchase Agreement, or at such other address as may be specified from
time to time by Holder in a written notice delivered to the Company. All payments shall be applied first to accrued interest, and thereafter
to the Principal Amount.

 

4.2          Prepayment.
The Principal Amount may not be prepaid by the Company prior to the Maturity Date without the consent of Holder.

 

5.            Automatic
Conversion Upon Qualified Financing.

 

5.1          Conversion.
This Note shall be automatically canceled on the date of the initial closing of a Qualified Financing, and the outstanding Principal
Amount and all accrued but unpaid interest thereon shall be automatically converted, at the initial closing and on the same terms and
conditions of the Qualified Financing (including compliance with securities laws), into shares of Qualified Securities (or Shadow Preferred,
as applicable) (which, in each case, will be rounded down to the closest whole number), at a conversion price per share equal to the
lesser of (x) seventy-five percent (75%) of the price per share of Qualified Securities sold to the investors in a Qualified Financing
(other than the holders of Bridge Notes or Convertible Securities converting into Qualified Securities or Shadow Preferred, as applicable),
and (y) the quotient resulting from dividing (A) the Cap, by (B) the Company’s capitalization on a Fully Diluted Basis, as of immediately
prior to such conversion of this Note. Notwithstanding the foregoing or anything herein contained to the contrary, in the event of a
conversion of the Notes in connection with a Qualified Financing in accordance with the provisions of this Section 5.1, the Company may,
solely at its option, elect to convert the Notes into Shadow Preferred.

 

5.2          Ancillary
Documents. In connection with any conversion of this Note pursuant to a Qualified Financing, Holder agrees to execute and deliver
to the Company any documents reasonably requested by the Company to be executed by the investors purchasing Qualified Securities (that
are not otherwise the holders of Bridge Notes), including without limitation, a stock purchase agreement, an investors’ rights
agreement, a right of first refusal and co-sale agreement and a voting agreement, thereby agreeing to be bound by all obligations and
receive all rights thereunder.

 

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6.            Conversion
Upon Change in Control. In the event of a Change in Control prior to the Maturity Date or prior to the conversion of this Note
pursuant to Section 5.1, at the election of the holders of a majority of the aggregate Principal Amount of all of the then issued and
outstanding Bridge Notes (the “Requisite Holders”), (i) the outstanding Principal Amount and all accrued but unpaid
interest thereon, as of the date of conversion pursuant to this Section 6, will be converted, immediately prior to the consummation of
the transaction constituting a Change in Control, into that number of shares of Preferred Conversion Stock (which will be rounded down
to the closest whole number) equal to the quotient obtained by dividing (x) the outstanding Principal Amount and all accrued but unpaid
interest thereon, immediately prior to such Conversion, by (y) the Preferred Conversion Price, or (ii) Holder shall receive an amount
equal to one and one half times (1.5X) the Principal Amount outstanding as of the date thereof concurrent with the consummation of the
transaction constituting a Change in Control (the “Cash Distribution”). Notwithstanding the foregoing or anything
herein contained to the contrary, to the extent that the consideration received as part of a Change in Control consists, in whole or
in part, of stock or other non-cash consideration (“Other Consideration”), and Holder elects to receive a Cash Distribution
as herein contemplated, the Company may, at its option, pay such Cash Distribution in cash or Other Consideration
in the same proportion as such Other Consideration is being paid to other holders of the Company’s securities. If any of the Company’s
securityholders are given a choice as to the form and amount of consideration to be received in a Change in Control, the Holder will
be given the same choice, provided that the Holder may not choose to receive a form of consideration that the Holder would be
ineligible to receive as a result of the Holder’s failure to satisfy any requirement or limitation generally applicable to the
Company’s securityholders, or under any applicable laws.

 

6.1          Ancillary
Agreements. In connection with a Conversion in connection with a Change in Control, other than in the case of the Cash Distribution,
Holder agrees to execute and deliver to the Company the Series Seed Transaction Documents and/or any documents reasonably requested by
the Company, including without limitation, a stock purchase agreement, an investors’ rights agreement, a right of first refusal
and co-sale agreement and a voting agreement, thereby agreeing to be bound by all obligations and receive all rights thereunder.

 

7.            Conversion
at Maturity Date; IPO.

 

7.1          Maturity
Date Conversion. In the event that neither a Qualified Financing nor a Change in Control shall have occurred on or before the Maturity
Date then, notwithstanding anything herein contained to the contrary, the outstanding Principal Amount and all accrued but unpaid interest
thereon as of the Maturity Date shall be automatically converted into shares of Preferred Conversion Stock as of the Maturity Date (the
 “Mandatory Conversion”). The number of shares (which will be rounded down to the closest whole number) of Preferred
Conversion Stock to be issued upon such conversion shall be equal to the quotient obtained by dividing (x) the outstanding Principal
Amount and all accrued but unpaid interest thereon immediately prior to the Maturity Date, by (y) the Preferred Conversion Price.

 

7.2          Ancillary
Agreements. In connection with the Mandatory Conversion, Holder agrees to execute and deliver to the Company the Series Seed Transaction
Documents and/or any documents reasonably requested by the Company, including without limitation, a stock purchase agreement, an investors’
rights agreement, a right of first refusal and co-sale agreement and a voting agreement, thereby agreeing to be bound by all obligations
and receive all rights thereunder.

 

7.3          IPO
Conversion. In the event that the Company shall consummate an IPO prior to a Qualified Financing, a Change in Control or the Maturity
Date, then, notwithstanding anything herein contained to the contrary, the outstanding Principal Amount and, at the election of the Company
all accrued but unpaid interest thereon to the date of conversion pursuant to this Section 7.3, shall be automatically converted into
shares of Common Stock as of immediately prior to the consummation of an IPO (the “IPO Closing Date”), at a per share
price equal to the IPO Conversion Price (the “IPO Conversion”). The number of shares (which will be rounded down to
the closest whole number) of Common Stock to be issued upon such conversion shall be equal to the quotient obtained by dividing (x) the
outstanding the outstanding Principal Amount and, at the election of the Company, all accrued but unpaid interest thereon (calculated
through the date that is not more than seven (7) days prior to the IPO Closing Date), by (y) the IPO Conversion Price. Accrued interest
which is not converted into Common Stock in accordance with the provisions hereof, shall be paid to Holder as soon as practicable following
the IPO Conversion.

 

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7.4          IPO Ancillary Agreements. In connection with the IPO Conversion, Holder agrees to execute and deliver to the Company
such documents and agreements as may be reasonably be requested by the Company and/or its underwriter, including, without limitation,
a lockup agreement.

 

8.            Conversion Mechanics.

 

8.1          Issuance of Certificates. As soon as is reasonably practicable after a Conversion has been effected, the Company
shall deliver to Holder a certificate or certificates representing the number of shares of capital stock (excluding any fractional share)
issuable by reason of such conversion in such name or names and such denomination or denominations as Holder has specified. In furtherance
of, and not in limitation of any of the provisions of this Note, Holder acknowledges and agrees that, upon conversion of this Note as
herein contemplated, this Note shall be cancelled, and of no further force and effect, whether or not the Company received this Note or
instructions for the cancelation of this Note from Holder and neither the Company nor any successor in interest shall have any obligations
hereunder or in respect hereof.

 

8.2          No
Fractional Shares. If any fractional share of capital stock would, except for the provisions hereof, be deliverable upon conversion
of this Note, the Company, in lieu of delivering such fractional share, shall pay an amount equal to the value of such fractional share,
as determined by the per share conversion price used to effect such conversion.

 

8.3          Compliance
with Laws and Regulations. The Company shall take all such actions as may be necessary to assure that all shares of capital stock
issued upon conversion may be so issued without violation of any applicable law or governmental regulation or any requirement of any
domestic securities exchange upon which such shares of capital stock may be listed (except for official notice of issuance which shall
be immediately delivered by the Company upon such issuance).

 

9.            Events of Default. The occurrence of any of the following shall constitute
an “Event of Default” under this Note and the other Transaction Documents:

 

9.1          Failure
to Pay. The Company shall fail to pay (i) when due any principal payment on the due date hereunder or (ii) any interest
payment or other payment required under the terms of this Note or any other Transaction Document on the date due and such payment shall
not have been made within five (5) Business Days of the Company’s receipt of written notice to the Company of such failure to pay.

 

9.2          Voluntary Bankruptcy or Insolvency Proceedings. The Company shall (i) apply
for or consent to the appointment of a receiver, trustee, liquidator or custodian of itself or of all or a substantial part of its property,
(ii) make a general assignment for the benefit of its or any of its creditors, (iii) be dissolved or liquidated, (iv) commence
a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to itself or its debts under any
bankruptcy, insolvency or other similar law now or hereafter in effect or consent to any such relief or to the appointment of or taking
possession of its property by any official in an involuntary case or other proceeding commenced against it, or (v) take any action
for the purpose of effecting any of the foregoing.

 

9.3          Involuntary Bankruptcy or Insolvency Proceedings. Proceedings for the appointment
of a receiver, trustee, liquidator or custodian of the Company, or of all or a substantial part of the property thereof, or an involuntary
case or other proceedings seeking liquidation, reorganization or other relief with respect to the Company or the debts thereof under any
bankruptcy, insolvency or other similar law now or hereafter in effect shall be commenced and an order for relief entered or such proceeding
shall not be dismissed or discharged within 45 days of commencement; or

 

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9.4          Judgments.
A final judgment or order for the payment of money in excess of $500,000 (exclusive of amounts covered by insurance) shall be rendered
against the Company and the same shall remain undischarged for a period of 30 days during which execution shall not be effectively stayed,
or any judgment, writ, assessment, warrant of attachment, or execution or similar process shall be issued or levied against a substantial
part of the property of the Company and such judgment, writ, or similar process shall not be released, stayed, vacated or otherwise dismissed
within 30 days after issue or levy.

 

10.          Rights
of Holder upon Default. Upon the occurrence of any Event of Default (other than an Event of Default described in Section 9.2
or Section 9.3) and at any time thereafter during the continuance of such Event of Default, Holder may, with the written consent of the
Requisite Holders, by written notice to the Company, declare all outstanding obligations payable by the Company hereunder to be immediately
due and payable without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, anything
contained herein or in the other Transaction Documents to the contrary notwithstanding. Upon the occurrence of any Event of Default described
in Section 9.2 and Section 9.3, immediately and without notice, all outstanding obligations payable by the Company hereunder shall automatically
become immediately due and payable, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly
waived, anything contained herein or in the other Transaction Documents to the contrary notwithstanding. In addition to the foregoing
remedies, upon the occurrence and during the continuance of any Event of Default, Holder may, with the written consent of the Requisite
Holders, exercise any other right power or remedy granted to it by the Transaction Documents or otherwise permitted to it by law, either
by suit in equity or by action at law, or both.

 

11.          Lost, Stolen, Destroyed or Mutilated Notes. Upon receipt of evidence reasonably satisfactory to the Company
of the loss, theft, destruction, or mutilation of this Note and, in the case of any such loss, theft or destruction, upon receipt of an
indemnity reasonably satisfactory to the Company, or in the case of any such mutilation, upon surrender and cancellation of such Note,
the Company, at its expense, will make and deliver a new Note, of like tenor, in lieu of the lost, stolen, destroyed or mutilated Note.

 

12.          Governing
Law; Jurisdiction; Venue. This Note and all acts and transactions pursuant hereto and the rights and obligations of the parties
hereto shall be governed, construed and interpreted in accordance with the laws of the State of California, without giving effect to
principles of conflicts of law. In addition, each of the parties hereto irrevocably and unconditionally (a) consents to submit itself
to the exclusive personal jurisdiction of the state and Federal courts located in Santa Clara County, California, in the event any dispute
arises out of this Note or any of the transactions contemplated by this Note, (b) agrees that it will not attempt to deny or defeat such
personal jurisdiction by motion or other request for leave from such court or assert that such court is an inconvenient forum, (c) agrees
that it will not bring any action relating to this Note or any of the acts and transactions contemplated by this Note in any forum other
than the state and Federal courts located in Santa Clara County, California, and (d) to the fullest extent permitted by law, consents
to service being made through the notice procedures contemplated pursuant to Section 6.4 of the Note Purchase Agreement. Each party hereto
hereby agrees that, to the fullest extent permitted by law, service of any process, summons, notice or document by U.S. registered mail
to the respective addresses contemplated pursuant to Section 6.4 of the Note Purchase Agreement shall be effective service of process
for any suit or proceeding in connection with this Note or the transactions contemplated hereby.

 

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13.          Amendment
and Waiver. Any provision of this Note may be amended, waived or modified (either generally or in a particular instance and either
retroactively or prospectively) only upon the written consent of, or a written instrument signed by, the Company and Holder; provided,
however, that this Note may be amended, together with all other Bridge Notes, by agreement of the Company, and the Requisite Holders,
so long as such amendment and/or waivers (i) are applicable to all Bridge Notes; (ii) do not modify this Section 13; or (iii) do not
reduce the Principal Amount of this Note or the rate of interest thereon.

 

14.          Unsecured,
Subordination. Holder acknowledges and agrees that this Note (i) is not secured by any of the assets of the Company, and (ii)
will be subordinate in right of payment to all current and future indebtedness, including bank (and other financial institutions of a
similar nature) indebtedness of the Company, but excluding any indebtedness convertible into equity securities of the Company. Notwithstanding
the foregoing or anything herein contained to the contrary, the Bridge Notes shall rank pari passu with all other convertible
promissory notes outstanding as of the date hereof.

 

15.          Notices.
Except as may be otherwise provided herein, all notices, requests, waivers and other communications made pursuant to this Note shall
be made in accordance with Section 6.4 of the Note Purchase Agreement.

 

16.          Severability.
In case any one or more of the provisions contained in this Note shall, for any reason, be held to be invalid, illegal or unenforceable
in any respect, (i) the remaining terms and provisions hereof shall be unimpaired and shall remain in full force and effect, and (ii)
the invalid or unenforceable provision or term shall be replaced by a term or provision that is valid and enforceable and that comes
closest to expressing the intention of such invalid or unenforceable term or provision, and, if the foregoing provision of this clause
(ii) is not permitted pursuant to applicable law, then (iii) this Note shall be construed as if such invalid, illegal or unenforceable
provision had never been contained herein.

 

17.          Remedies
Cumulative; Failure or Indulgence Not a Waiver. The remedies provided in this Note shall be cumulative and in addition to all
other remedies available under this Note and any of the other Transaction Documents. No failure or delay on the part of Holder in the
exercise of any power, right or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any
such power, right or privilege preclude other or further exercise thereof or of any other right, power or privilege.

 

18.          Entire
Agreement. This Note and the Note Purchase Agreement represents the entire agreement between the parties hereto with respect
to this Note and its terms and conditions.

 

19.          Headings;
References. All headings used herein are used for convenience only and shall not be used to construe or interpret this Note.
Except where otherwise indicated, all references herein to Sections refer to Sections hereof.

 

20.          Restrictions
on Transfer; Assignment. Except as otherwise set forth in the Note Purchase Agreement, Holder may not transfer or assign all
or any part of this Note without the approval of the Company. This Note may only be transferred in compliance with applicable state and
federal laws. Holder shall notify the Company in writing in advance of any proposed transfer. All rights and obligations of the Company
and Holder shall be binding upon and benefit the successors, assigns, heirs, and administrators of the parties. Neither this Note nor
any of the rights, interests or obligations hereunder may be assigned, by operation of law or otherwise, in whole or in part, by the
Company without the prior written consent of the Requisite Holders.

 

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21.          Excessive
Interest. Notwithstanding any other provision herein to the contrary, this Note is hereby expressly limited so that the interest
rate charged hereunder shall at no time exceed the maximum rate permitted by applicable law. If, for any circumstance whatsoever, the
interest rate charged exceeds the maximum rate permitted by applicable law, the interest rate shall be reduced to the maximum rate permitted,
and if Holder shall have received an amount that would cause the interest rate charged to be in excess of the maximum rate permitted,
such amount that would be excessive interest shall be applied to the reduction of the Principal Amount owing hereunder and not to the
payment of interest, or if such excessive interest exceeds the unpaid balance of principal, such excess shall be refunded to the Company.

 

22.          Pari Passu Notes. The Holder acknowledges and agrees that the payment of all
or any portion of the outstanding Principal Amount of this Note and all interest hereon shall be pari passu in right of payment
and in all other respects to the other Bridge Notes. In the event the Holder receives payments in excess of the Holder’s pro
rata share of the Company’s payments to the holders of all of the Bridge Notes, then the Holder shall hold in trust all such
excess payments for the benefit of the holders of the other Bridge Notes and shall pay such amounts held in trust to such other holders
upon demand by such holders.

 

23.          Waiver
of Notice. To the extent permitted by law, the Company hereby waives demand, notice, protest and all other demands and notices
in connection with the delivery, acceptance, performance, default or enforcement of this Note and the other Transaction Documents.

 

24.          Fees
and Expenses. All expenses incurred in connection with this Note, including attorneys’ fees, shall be paid by the parties
incurring such expenses.

 

[Remainder of Page Intentionally
Left Blank]

 

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IN WITNESS WHEREOF, the Company
has caused this Unsecured Convertible Promissory Note to be issued as of the date first set forth above.

 

	COMPANY:	Tivic Health Systems, Inc., 
	 	a Delaware corporation
	 	 
	 	By:	 
	 	Jennifer Ernst
	 	Chief Executive Officer

 

Agreed
and Accepted by Holder:

 

	If Holder is an Individual:	 	If
                                            Holder is a Corporation, Partnership or Other Entity:
	 	 	 
	 	 	 
	 	 	Name of Entity
	 	 	 
	 	 	 
	Signature	 	Signature of Authorized Person
	 	 	 
	 	 	 
	Print Name	 	Print Name of Authorized Person

 

		 	 

	Telephone (Day):	 	 	Title
	 	 	 	 

	Email Address:	 	 	 

		Telephone (Day):	 

	Address:	 	 

	 	 	Email Address:	 

 

	 	 	Address:	 

		 
	 	 

 

     10ex_270823.htm

 

Exhibit 10.1

 

VOTING AND SUPPORT AGREEMENT

 

This VOTING AND SUPPORT AGREEMENT (this “Agreement”) is made and entered into as of August 1, 2021, by and among Sky Harbour LLC, a Delaware limited liability company (the “Company”), Yellowstone Acquisition Company, a Delaware corporation (“Buyer”), BOC Yellowstone LLC, a Delaware limited liability company (“Sponsor I”) and BOC Yellowstone II LLC, a Delaware limited liability company (“Sponsor II” and, together with Sponsor I, “Sponsors”, and each a “Sponsor”), and as to Section 4.11, Boston Omaha Corporation, a Delaware corporation (“Boston Omaha”). The Company, Buyer, and each Sponsor are collectively referred to herein as the “Parties” and each a “Party”.

 

WHEREAS, Buyer and Company are concurrently herewith entering into an Equity Purchase Agreement (as the same may be amended, restated or supplemented, the “Business Combination Agreement”; capitalized terms used but not defined herein shall have the meaning ascribed to such terms in the Business Combination Agreement);

 

WHEREAS, each Sponsor is, as of the date of this Agreement, the sole legal owner of the number and class of shares of Buyer Common Stock and Buyer Warrants set forth opposite each such Sponsor’s name on Schedule A hereto (such Buyer Common Stock and Buyer Warrants, together with any other Buyer Common Stock the voting power over which is acquired by any Sponsor during the period from the date hereof and through the date on which this Agreement terminates in accordance with Section 4.6 hereof (the “Voting Period”), being collectively referred to herein as the “Subject Shares”); and

 

WHEREAS, in order to induce the Company to enter into the transactions contemplated in the Business Combination Agreement and the Additional Agreements (the “Transactions”) and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto hereby agree as follows.

 

NOW, THEREFORE, the Parties hereto agree as follows:

 

ARTICLE I

Representations and Warranties of Sponsors

 

Each Sponsor hereby represents and warrants to the Company and Buyer as follows:

 

1.1    Organization and Standing. Such Sponsor has been duly organized and is validly existing and in good standing under the Laws of the State of Delaware and has all requisite power and authority to own, lease and operate its properties and to carry on its business as now being conducted. Such Sponsor is duly qualified or licensed and in good standing to do business in each jurisdiction in which the character of the property owned, leased or operated by it or the nature of the business conducted by it makes such qualification or licensing necessary.

 

1.2    Authorization; Binding Agreement. Such Sponsor has all requisite power and authority to execute and deliver this Agreement, to perform its obligations hereunder and to consummate the transactions contemplated hereunder; the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby have been duly and validly authorized and no other proceedings on the part of such Sponsor are necessary to authorize the execution and delivery of this Agreement or to consummate the transactions contemplated hereby. This Agreement has been or shall be when delivered, duly and validly executed and delivered by such Sponsor and, assuming the due authorization, execution and delivery of this Agreement by the other Parties hereto, constitutes, or when delivered shall constitute, the valid and binding obligation of such Sponsor, enforceable against such Sponsor in accordance with its terms, subject to the Remedies Exception.

 

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1.3    Governmental Approvals. No consent of or with any Authority on the part of such Sponsor is required to be obtained or made in connection with the execution, delivery or performance by such Sponsor of this Agreement or the consummation by such Sponsor of the transactions contemplated hereby, other than (a) applicable requirements, if any, of the Securities Act, the Exchange Act, and/ or any state “blue sky” securities Laws, and the rules and regulations thereunder and (b) where the failure to obtain or make such consents or to make such filings or notifications has not had, and would not reasonably be expected to have, individually or in the aggregate, a material adverse effect on the ability of such Sponsor to enter into and perform this Agreement and to consummate the transactions contemplated hereby.

 

1.4    Non-Contravention. The execution and delivery of this Agreement, the consummation of the transactions contemplated hereby and compliance with any of the provisions hereof by such Sponsor will not (a) conflict with or violate any provision of the Organizational Documents of such Sponsor, (b) conflict with or violate any Law, permit, Order or Consent applicable to such Sponsor or any of its properties or assets, or (c) (i) violate, conflict with or result in a breach of, (ii) constitute a default (or an event which, with notice or lapse of time or both, would constitute a default) under, (iii) result in the termination, withdrawal, suspension, cancellation or modification of, (iv) accelerate the performance required by such Sponsor under, (v) result in a right of termination or acceleration under, (vi) give rise to any obligation to make payments or provide compensation under, (vii) result in the creation of any Lien (other than Permitted Lien) upon any of the properties or assets of such Sponsor under, (viii) give rise to any obligation to obtain any third party consent from any Person or (ix) give any Person the right to declare a default, exercise any remedy, accelerate the maturity or performance, cancel, terminate or modify any right, benefit, obligation or other term under, any of the terms, conditions or provisions of, any material Contract of such Sponsor, except for any deviations from any of the foregoing clauses (b) or (c) that has not had, and would not reasonably be expected to have, individually or in the aggregate, a material adverse effect on the ability of such Sponsor to enter into and perform this Agreement and to consummate the transactions contemplated hereby.

 

1.5    Subject Shares. As of the date of this Agreement, such Sponsor is the sole legal owner of the Buyer Common Stock and Buyer Warrants set forth opposite such Sponsor’s name on Schedule A hereto, and all such Subject Shares are owned by such Sponsor free and clear of all liens or encumbrances, other than liens or encumbrances pursuant to this Agreement, the Organizational Documents of Buyer or applicable federal or state securities laws. Such Sponsor does not legally own any shares of Buyer other than the Subject Shares. Such Sponsor has the sole right to vote the Subject Shares, and none of the Subject Shares is subject to any voting trust or other agreement, arrangement or restriction with respect to the voting of the Subject Shares, except as contemplated by this Agreement, the Letter Agreement, dated as of October 21, 2020, among Sponsor I, Buyer and certain of Buyer’s officers and directors (the “Letter Agreement”), or the Organizational Documents of Buyer.

 

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1.6    Business Combination Agreement. Such Sponsor understands and acknowledges that the Company and Buyer are entering into the Business Combination Agreement in reliance upon each such Sponsor’s execution, delivery and performance of this Agreement. Such Sponsor has received a copy of the Business Combination Agreement and is familiar with the terms thereof.

 

ARTICLE II

Representations and Warranties of Buyer

 

Buyer hereby represents and warrants to Sponsors and the Company as follows:

 

2.1    Organization and Standing. Buyer is a corporation duly incorporated, validly existing and in good standing under the Laws of the State of Delaware. Buyer has all requisite corporate power and authority to own, lease and operate its properties and to carry on its business as now being conducted. Buyer is duly qualified or licensed and in good standing to do business in each jurisdiction in which the character of the property owned, leased or operated by it or the nature of the business conducted by it makes such qualification or licensing necessary.

 

2.2    Authorization; Binding Agreement. Buyer has all requisite corporate power and authority to execute and deliver this Agreement, to perform its obligations hereunder and to consummate the transactions contemplated hereby. The execution and delivery of this Agreement and the consummation of the transactions contemplated hereby have been duly and validly authorized and no other corporate proceedings on the part of Buyer are necessary to authorize the execution and delivery of this Agreement or to consummate the transactions contemplated hereby. This Agreement has been or shall be when delivered, duly and validly executed and delivered by Buyer and, assuming the due authorization, execution and delivery of this Agreement by the other Parties hereto, constitutes, or when delivered shall constitute, the valid and binding obligation of Buyer, enforceable against Buyer in accordance with its terms, subject to the Remedies Exception.

 

2.3    Governmental Approvals. No consent of or with any Authority on the part of Buyer is required to be obtained or made in connection with the execution, delivery or performance by Buyer of this Agreement or the consummation by Buyer of the transactions contemplated hereby, other than (a) applicable requirements, if any, of the Securities Act, the Exchange Act, and/or any state “blue sky” securities Laws, and the rules and regulations thereunder and (b) where the failure to obtain or make such consents or to make such filings or notifications has not had, and would not reasonably be expected to have, individually or in the aggregate, a material adverse effect on the ability of Buyer to enter into and perform this Agreement and to consummate the transactions contemplated hereby.

 

2.4    Non-Contravention. The execution and delivery of this Agreement, the consummation of the transactions contemplated hereby and compliance with any of the provisions hereof by Buyer will not (a) conflict with or violate any provision of Organizational Documents of Buyer, (b) conflict with or violate any Law, permit, Order or Consent applicable to Buyer or any of its properties or assets, or (c) (i) violate, conflict with or result in a breach of, (ii) constitute a default (or an event which, with notice or lapse of time or both, would constitute a default) under, (iii) result in the termination, withdrawal, suspension, cancellation or modification of, (iv) accelerate the performance required by Buyer under, (v) result in a right of termination or acceleration under, (vi) give rise to any obligation to make payments or provide compensation under, (vii) result in the creation of any Lien (other than Permitted Lien) upon any of the properties or assets of Buyer under, (viii) give rise to any obligation to obtain any third party consent from any Person or (ix) give any Person the right to declare a default, exercise any remedy, accelerate the maturity or performance, cancel, terminate or modify any right, benefit, obligation or other term under, any of the terms, conditions or provisions of, any material Contract of Buyer, except for any deviations from any of the foregoing clauses (b) or (c) that has not had, and would not reasonably be expected to have, individually or in the aggregate, a material adverse effect on the ability of Buyer to enter into and perform this Agreement and to consummate the transactions contemplated hereby.

 

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ARTICLE III

Representations and Warranties of the Company

 

The Company hereby represents and warrants to Buyer and Sponsors as follows:

 

3.1    Organization and Standing. The Company is a limited liability company duly formed, validly existing and in good standing under the Laws of the State of Delaware. The Company has all requisite corporate power and authority to own, lease and operate its properties and to carry on its business as now being conducted. The Company is duly qualified or licensed and in good standing to do business in each jurisdiction in which the character of the property owned, leased or operated by it or the nature of the business conducted by it makes such qualification or licensing necessary.

 

3.2    Authorization; Binding Agreement. The Company has all requisite corporate power and authority to execute and deliver this Agreement, to perform its obligations hereunder and to consummate the transactions contemplated hereby. The execution and delivery of this Agreement and the consummation of the transactions contemplated hereby have been duly and validly authorized and no other corporate proceedings on the part of the Company are necessary to authorize the execution and delivery of this Agreement or to consummate the transactions contemplated hereby. This Agreement has been or shall be when delivered, duly and validly executed and delivered by and, assuming the due authorization, execution and delivery of this Agreement by the other Parties hereto, constitutes, or when delivered shall constitute, the valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, subject to the Remedies Exception.

 

3.3    Governmental Approvals. No consent of or with any Authority on the part of the Company is required to be obtained or made in connection with the execution, delivery or performance by the Company of this Agreement or the consummation by the Company of the transactions contemplated hereby, other than (a) applicable requirements, if any, of the Securities Act, the Exchange Act, and/ or any state “blue sky” securities Laws, and the rules and regulations thereunder and (b) where the failure to obtain or make such consents or to make such filings or notifications has not had, and would not reasonably be expected to have, individually or in the aggregate, a material adverse effect on the ability of the Company to enter into and perform this Agreement and to consummate the transactions contemplated hereby.

 

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3.4    Non-Contravention. The execution and delivery of this Agreement, the consummation of the transactions contemplated hereby and compliance with any of the provisions hereof by the Company will not (a) conflict with or violate any provision of Organizational Documents of the Company, (b) conflict with or violate any Law, permit, Order or Consent applicable to the Company or any of its properties or assets, or (c) (i) violate, conflict with or result in a breach of, (ii) constitute a default (or an event which, with notice or lapse of time or both, would constitute a default) under, (iii) result in the termination, withdrawal, suspension, cancellation or modification of, (iv) accelerate the performance required by the Company under, (v) result in a right of termination or acceleration under, (vi) give rise to any obligation to make payments or provide compensation under, (vii) result in the creation of any Lien (other than Permitted Lien) upon any of the properties or assets of the Company under, (viii) give rise to any obligation to obtain any third party consent from any Person or (ix) give any Person the right to declare a default, exercise any remedy, accelerate the maturity or performance, cancel, terminate or modify any right, benefit, obligation or other term under, any of the terms, conditions or provisions of, any material Contract of the Company, except for any deviations from any of the foregoing clauses (b) or (c) that has not had, and would not reasonably be expected to have, individually or in the aggregate, a material adverse effect on the ability of the Company to enter into and perform this Agreement and to consummate the transactions contemplated hereby.

 

ARTICLE IV

Agreement to Vote; Certain Other Covenants of Sponsor

 

Each Sponsor covenants and agrees during the term of this Agreement as follows:

 

4.1    Agreement to Vote.

 

(a)    In Favor of the Transactions. At any duly called meeting of the stockholders of Buyer called during the Voting Period to seek the approval of the stockholders of Buyer with respect to the Buyer Stockholder Approval Matters, or at any adjournment thereof, or in connection with any written consent of the stockholders of Buyer or in any other duly authorized circumstances upon which a vote, consent or other approval is properly sought with respect to the Transactions or any Buyer Stockholder Approval Matters, each Sponsor shall (i) if a meeting is held, appear at such meeting, in person or by proxy, or otherwise cause the Subject Shares to be counted as present at such meeting for purposes of establishing a quorum, and (ii) vote or cause to be voted (including by class vote and/or written consent, if applicable), in person or by proxy, the Subject Shares in favor of approving the Buyer Stockholder Approval Matters or, if there are insufficient votes in favor of approving the Buyer Stockholder Approval Matters, in favor of the adjournment such meeting of the stockholders of Buyer to a later date.

 

(b)    Against Other Transactions. At any duly called meeting of stockholders of Buyer called during the Voting Period or at any adjournment thereof, or in connection with any written consent of the stockholders of Buyer or in any other duly authorized circumstances upon which Sponsors’ vote, consent or other approval is properly sought, each Sponsor shall vote (or cause to be voted), in person or by proxy, the Subject Shares (including by withholding class vote and/or written consent, if applicable) against (i) any business combination agreement, merger agreement or merger (other than the Business Combination Agreement and the Transactions), scheme of arrangement, business combination, consolidation, combination, sale of substantial assets, reorganization, recapitalization, dissolution, liquidation or winding up of or by Buyer or any public offering of any shares of Buyer, other than in connection with the Transactions, (ii) any offer or proposal relating to an Alternative Proposal, and (iii) any amendment of Organizational Documents of Buyer or other proposal or transaction involving Buyer or any of its Subsidiaries, which, in each of cases (i) and (iii) of this sentence, would be reasonably likely to in any material respect impede, interfere with, delay, adversely affect, prevent or nullify any provision of the Business Combination Agreement or any Additional Agreement, the Transactions or change in any manner the voting rights of any class of Buyer’s share capital.

 

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(c)    Revoke Other Proxies. Each Sponsor represents and warrants that any proxies heretofore given in respect of the Subject Shares that may still be in effect are not irrevocable, and such proxies have been or are hereby revoked, other than the voting and other arrangements under the Organizational Documents of Buyer and the Letter Agreement.

 

(d)    Irrevocable Proxy. Each Sponsor hereby appoints the Company and any individual designated in writing by the Company, and each of them individually, during the Voting Period (upon expiration of which this proxy shall automatically be revoked) as such Sponsor’s proxy and attorney-in-fact (with full power of substitution), for and in the name, place and stead of such Sponsor, to vote the Subject Shares, or grant a written consent until the expiration of the Voting Period in respect of the Subject Shares in a manner consistent with Section 4.1(a). Each Sponsor understands and acknowledges that the Company is entering into the Business Combination Agreement in reliance upon such Sponsor’s execution and delivery of this Agreement. The irrevocable proxy granted hereunder shall only terminate upon the termination of this Agreement or earlier expiration of the Voting Period.

 

(e)    Other than (x) pursuant to this Agreement, (y) upon the consent of the Company and Buyer or (z) to an Affiliate of such Sponsor (provided that such Affiliate shall enter into a written agreement, in form and substance reasonably satisfactory to the Company and Buyer, agreeing to be bound by this Agreement to the same extent as such Sponsor was with respect to such transferred Subject Shares), from the date of this Agreement until the date of termination of this Agreement or earlier expiration of the Voting Period, each Sponsor shall not, directly or indirectly, grant any proxies or enter into any voting arrangement, whether by proxy, voting agreement, voting trust, voting deed or otherwise (including pursuant to any loan of Subject Shares), or enter into any other similar agreement, with respect to voting any Subject Shares, in each case, other than as set forth in this Agreement or the voting and other arrangements under the Organizational Documents of Buyer, or as otherwise agreed to by Company and Buyer.

 

4.2    No Transfer. Other than (x) pursuant to this Agreement, (y) upon the consent of the Company and Buyer or (z) to an Affiliate of such Sponsor (provided that such Affiliate shall enter into a written agreement, in form and substance reasonably satisfactory to the Company and Buyer, agreeing to be bound by this Agreement to the same extent as such Sponsor was with respect to such transferred Subject Shares), from the date of this Agreement until the date of termination of this Agreement or earlier expiration of the Voting Period, each Sponsor shall not, directly or indirectly (a) sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option, right or warrant to purchase or otherwise transfer, dispose of or agree to transfer or dispose of, directly or indirectly, or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Exchange Act, and the rules and regulations of the Securities and Exchange Commission promulgated thereunder, any Subject Share, (b) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any Subject Shares, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (c) publicly announce any intention to effect any transaction specified in clause (a) or (b) (the actions specified in clauses (a)-(c), collectively, “Transfer”), other than pursuant to the Transactions. Any action attempted to be taken in in violation of the preceding sentence will be null and void. Except as otherwise permitted, each Sponsor agrees with, and covenants to, the Company and Buyer that such Sponsor shall not request that Buyer register the Transfer (by book-entry or otherwise) of any certificated or uncertificated interest representing any of the Subject Shares.

 

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4.3    No Redemption. Such Sponsor irrevocably and unconditionally agrees that, from the date hereof and until the termination of this Agreement, such Sponsor shall not elect to cause Buyer to redeem any Subject Shares now or at any time legally or beneficially owned by such Sponsor, or submit or surrender any of its Subject Shares for redemption, in connection with the transactions contemplated by the Business Combination Agreement or otherwise.

 

4.4    New Shares. In the event that prior to the Closing (i) any Buyer Common Stock or other securities are issued or otherwise distributed to any Sponsor pursuant to any stock dividend or distribution, or any change in any of the Buyer Common Stock or other share capital of Buyer by reason of any stock split-up, recapitalization, combination, exchange of shares or the like, (ii) any Sponsor acquires legal or beneficial ownership of any Buyer Common Stock after the date of this Agreement, including upon exercise of options, settlement of restricted share units or capitalization of working capital loans or (iii) any Sponsor acquires the right to vote or share in the voting of any Buyer Common Stock after the date of this Agreement (collectively, the “New Securities”), the terms “Subject Shares” shall be deemed to refer to and include such New Securities (including all such stock dividends and distributions and any securities into which or for which any or all of the Subject Shares may be changed or exchanged into).

 

4.5    Sponsor Letter Agreement. Each of Sponsor and Buyer hereby agree to comply with, and fully perform all of its obligations, covenants and agreements set forth in the Letter Agreement; and agree that from the date hereof until the termination of this Agreement, none of them shall, or shall agree to, amend, modify or vary the Letter Agreement, except as otherwise provided for under this Agreement, the Business Combination Agreement or any Additional Agreement, unless otherwise agreed to by the parties thereto in furtherance of the transactions contemplated by the Business Combination Agreement.

 

4.6    Termination. This Agreement shall automatically terminate without any further action of the Parties, and none of the Parties shall have any rights, obligations, or liabilities hereunder other than obligations or liabilities for any willful and material breach of this Agreement or fraud by such Party occurring prior to such termination, and this Agreement shall become null and void and have no effect upon the earliest to occur of (i) the Closing (provided, however, that upon such termination, this Section 4.6, Section 4.7, Section 5.1 and Section 5.2 shall survive indefinitely), (ii) the termination of the Business Combination Agreement in accordance with its terms, and (iii) as to each Sponsor, the mutual written consent of Company and such Sponsor.

 

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4.7    Additional Matters. Each Party shall, from time to time at the other Party’s request, execute and deliver, or cause to be executed and delivered, such additional or further consents, documents and other instruments necessary or desirable to consummate the transactions contemplated by this Agreement.

 

4.8    No Inconsistent Agreement. Each Sponsor hereby represents and covenants that such Sponsor has not entered into, and shall not enter into, any agreement that would restrict, limit or interfere with the performance of such Sponsor’s obligations hereunder.

 

4.9    No Obligation as Director or Officer. Nothing in this Agreement shall be construed to impose any obligation or limitation on votes or actions taken by any director, officer, employee, agent or other representative of any Sponsor or by any direct or indirect shareholder of Sponsor that is a natural person, in each case, in his or her capacity as a director or officer of Buyer.

 

4.10    Waiver of Anti-Dilution Protection. Each Sponsor hereby waives, forfeits, surrenders and agrees not to exercise, assert or claim, to the fullest extent permitted by applicable Law, the ability to adjust the Initial Conversion Ratio (as defined in the Buyer Charter (as defined below)) set forth in Section 4.3(b) of Buyer’s Certificate of Incorporation dated as of October 21, 2020 (the “Buyer Charter”) in connection with the Business Combination Agreement. Notwithstanding the foregoing, the Company acknowledges and agrees that the number of shares of Buyer Class A Common Stock into which all of the outstanding shares of Buyer Class B Common Stock shall convert shall be 3,399,724 shares of Buyer Class A Common Stock, without further deduction or modification, other than in connection with any stock split, reverse stock, split, stock dividend or any similar adjustment.

 

4.11    Back-Stop.

 

(a)          If, at the time of the Closing, the Available Buyer Funding (disregarding clause (z) of the definition of “PIPE Financing Amount”) would be less than the Minimum Available Buyer Funding Amount, then Boston Omaha shall, or shall cause one or more of its affiliates to, purchase shares of PubCo Class A Common Stock through a combination (as determined by Boston Omaha in its discretion) of (x) cash and (y) a number of Back-Stop Shares (free and clear of all Liens) with an aggregate Share Value, (the sum of (x) and (y) being the “Back-Stop Amount”), sufficient to cause Available Buyer Funding to equal Minimum Available Buyer Funding Amount. Boston Omaha and its affiliates making such purchase shall receive in exchange for payment of the Back-Stop Amount that number of shares of PubCo Class A Common Stock equal to (xx) the Back-Stop Amount, divided by (yy) ten (10). Notwithstanding any other provision in this Section 4.11, in no event shall the Back-Stop Amount exceed the sum of $45 million.

 

(b) Any and all sums due under this Section 4.11 shall be paid in the manner as described in Section 4.11(a) at the Closing by wire transfer and/or acceptable transfer of Back-Stop Shares.

 

ARTICLE V

General Provisions.

 

5.1    Notice. All notices and other communications hereunder shall be in writing and shall be deemed given if delivered personally or sent by overnight courier (providing proof of delivery) to the Company and Buyer hereto in accordance with Section 8.1 of the Business Combination Agreement and to each Sponsor at its address set forth on Schedule A hereto (or at such other address for a Party as shall be specified by like notice).

 

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5.2    Governing Law. This Agreement, and all Actions or causes of action based upon, arising out of, or related to this Agreement or the Transactions, shall be construed and enforced in accordance with and governed by the Laws (both substantive and procedural) of the State of Delaware, without giving effect to the conflicts of Laws principles thereof.

 

5.3    Miscellaneous. The provisions of Article VII of the Business Combination Agreement are incorporated herein by reference, mutatis mutandis, as if set forth in full herein.

 

[Signature pages follow]

 

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IN WITNESS WHEREOF, each Party has duly executed this Agreement, all as of the date first written above.

 

 

SKY HARBOUR LLC

 

 

Signature: Tal Keinan                           

 

Name: Tal Keinan

 

Title: Chief Executive Officer

 

[Signature Page to Sponsor Voting and Support Agreement]

 

 

IN WITNESS WHEREOF, each Party has duly executed this Agreement, all as of the date first written above.

 

YELLOWSTONE ACQUISITION COMPANY

 

 

Signature: Alex B. Rozek                       

 

Name: Alex B. Rozek

 

Title: President

 

[Signature Page to Sponsor Voting and Support Agreement]

 

 

IN WITNESS WHEREOF, each Party has duly executed this Agreement, all as of the date first written above.

 

BOC YELLOWSTONE LLC

 

 

Signature: Alex B. Rozek                               

 

Name: Alex B. Rozek

 

Title: President

 

[Signature Page to Sponsor Voting and Support Agreement]

 

 

IN WITNESS WHEREOF, each Party has duly executed this Agreement, all as of the date first written above.

 

BOC YELLOWSTONE II LLC

 

Signature: Alex B. Rozek                               

 

Name: Alex B. Rozek

 

Title: President

 

[Signature Page to Sponsor Voting and Support Agreement]

 

 

Schedule A

 

	
			Sponsor / Address

				
			Number and Class of Buyer 

			Common Stock

				
			Number of Buyer 

			Warrants

			
	
			BOC Yellowstone LLC

				
			3,193,474  

				
			7,719,779  

			
	
			BOC Yellowstone II LLC

				
			206,250  

				
			0  

			

 

 

 

 

Schedule A

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