Document:

Exhibit 10.9 

 

LECTREFY INC.

SECURITY AGREEMENT

 

This Security
Agreement (this “Security Agreement”) is made as of January 15, 2020 (the “Effective Date”),
by and between Lectrefy Inc., a Delaware corporation (the “Company”), and Lee Aerospace, Inc., a Kansas corporation
(“Investor”). Capitalized but otherwise undefined terms used herein shall have the respective meanings provided
therefor in the Note (as defined below).

 

In consideration
of the mutual promises contained herein, and as an inducement to Investor to lend to the Company the additional aggregate principal
sum of up to One Million Nine Hundred Two Thousand Nine Hundred Nine Dollars ($1,902,909) as set forth in the Promissory Note dated
the Effective Date and issued by the Company to Investor (the “Note”), the parties hereto hereby agree as follows:

 

1.                 
Creation of a Security Interest. As security for payment of the Note to Investor when due, the Company hereby grants
to Investor a security interest in the collateral described in paragraph 2 below (the “Collateral”). To perfect
the security interest created hereby, the Company shall execute and deliver to Investor any and all documents reasonably requested
for such perfection by Investor.

 

2.                 
Collateral. The Collateral that is subject to the security interest created hereby consists of all of the intellectual
property owned and/or developed by the Company, including, without limitation, any trademarks, service marks, trade names, copyrights,
trade secrets, software, patents and patent rights of the Company. Notwithstanding anything herein to the contrary, Investor hereby
agrees to execute and deliver any subordination agreement provided by a bank, financial institution, leasing agent or similar
entity (any of which, a “Commercial Lender”) on customary terms for subordination; and if Investor elects not
to enter into such subordination agreement, then Investor hereby agrees that Investor will have no security interest in any of
the Collateral whatsoever (and acknowledges and agrees that any security interest held by Investor in any of the Collateral will
be and is, effective upon the Company entering into the commercial loan agreements with a Commercial Lender, relinquished and
terminated in its entirety and will be of no further force or effect), in order to facilitate such Commercial Lender taking a
senior security interest in any or all of the Collateral. In addition, upon the Company’s reasonable request in connection
with an equity or other financing and subject to the closing of such financing, Investor shall terminate its security interest
in the Collateral hereunder in order to facilitate the closing of such financing.

 

3.                 
The Company’s Obligation. The Company shall pay to Investor all amounts due and owing to Investor under the
Note in accordance with the terms of the Note, when and as the same become due.

 

4.                 
Protection of the Collateral. Until such time as the aggregate outstanding indebtedness under the Note has been
paid in full or unless Investor consents otherwise in writing, the Company shall:

 

(a)              
 not grant to any other person or entity a security interest in or to the Collateral except to a Commercial Lender in connection
with a commercial loan agreement or transaction;

 

     

     

    

 

 

(b)              
promptly pay when due all fees, taxes and assessments due upon the Collateral and for its use and operation; and

 

(c)              
execute and deliver from time to time any endorsements, assignments, financing statements and other documents (and pay promptly
all related filing fees or similar costs and expenses) to perfect, maintain and protect the security interests created hereunder
and the priority thereof.

 

5.                   Default.
The following events shall be considered “Events of Default” with respect to the Note:

 

(a)              
any indebtedness under the Note is not paid when and as the same shall become due and payable, whether on the applicable
maturity date, by acceleration or otherwise, and any such amount shall remain unpaid for a period of more than thirty (30) days
after the corresponding due date thereof;

 

(b)              
a default shall occur in the observance or performance of any covenant, obligation or agreement of the Company under the
Note, and, to the extent the event or circumstances giving rise to such default is amenable to being cured such that the default
would no longer exist, such default shall continue uncured for a period of more than thirty (30) days after the Company knew or
should have known, exercising reasonable diligence, of the event or circumstances giving rise to such default; or

 

(c)              
the Company shall (i) apply for or consent to the appointment of a receiver, trustee, custodian or liquidator of itself
or any part of its property, (ii) become subject to the appointment of a receiver, trustee, custodian or liquidator for itself
or any part of its property if such appointment is not terminated or dismissed within sixty (60) days, (iii) make an assignment
for the benefit of creditors, (iv) be adjudicated as bankrupt or insolvent, (v) institute any proceedings under the United States
Bankruptcy Code or any other federal or state bankruptcy, reorganization, receivership, insolvency or other similar law affecting
the rights of creditors generally, or file a petition or answer seeking a reorganization or an arrangement with creditors to take
advantage of any insolvency law, or file an answer admitting the material allegations of a bankruptcy, reorganization or insolvency
petition filed against it, or (vi) become subject to any proceedings under the United States Bankruptcy Code or any other federal
or state bankruptcy, reorganization, receivership, insolvency or other similar law affecting the rights of creditors generally,
which proceeding is not dismissed within sixty (60) days of filing, or have an order for relief entered against it in any proceeding
under the United States Bankruptcy Code.

 

    2 

     

    

 

6.                 Rights
of Investor.

 

 (a)          Upon
the occurrence of any Event of Default, Investor shall be entitled to declare the debt secured hereby immediately due and
payable. In addition to the right of acceleration and all other rights of Investor, Investor shall be entitled to any and all
remedies available under the Uniform Commercial Code in force in the State of Florida as of the date hereof, and Investor
shall be entitled to act with all of the rights and powers of Investor. Without limitation of any of the foregoing, upon an
Event of Default, Investor may, at any time and from time to time, with or without judicial process and the aid or assistance
of others: enter upon the premises of the Company and, without resistance or interference by the Company, take possession of
the Collateral or dispose of any part or all of the Collateral on any such premises; or require the Company to assemble and
make available to Investor at the expense of the Company any part or all of the Collateral at any place or time designated by
Investor, which is reasonably convenient to the Company and Investor.

 

(b)         Investor shall give to the Company notice of the time and place of any public sale of the Collateral or of the time on or
after which any private sale or other intended disposition is to be consummated, which notice shall be mailed, by first class mail,
postage prepaid, to the Company at least thirty (30) days prior to the time of such sale or other intended disposition.

 

(c)         Investor, at any sale of the Collateral, shall hold the property sold absolutely free from any claim or right on the part
of the Company, and the Company hereby waives, to the extent permitted by law, all rights of redemption, stay and/or appraisal
which it now has or may at any time in the future have under any rule of law or statute now existing or hereafter enacted and,
to the extent permitted by law, any right which it may have to demand a hearing or other judicial or administrative proceeding
prior to the enforcement by Investor, of any of its rights and remedies hereunder. Any public or private sale of the Collateral
or any part of it shall be held at such time or times within ordinary business hours and at such place or places as Investor may
fix in the notice of sale, and at any such sale the Collateral, or the portion thereof to be sold, may be sold in one lot, as an
entirety or in separate parcels, as Investor (in its sole and absolute discretion) may determine. If permitted by law, Investor
may bid (which bid may be, in whole or in part, in the form of cancellation of indebtedness) for the purchase of the Collateral.

 

(d)         Investor shall not be obligated to make any sale of the Collateral, or any part of it, if it determines not to do so, regardless
of the fact that notice of sale of the Collateral may have been given. Investor may, without notice or publication, adjourn a public
or private sale of the Collateral, or cause the same to be adjourned from time to time by announcement, at the time and place fixed
for sale, and such sale may, without further notice be made at the time and place to which the same was so adjourned.

 

7.                  Application
of the Proceeds. All proceeds of any sale of the Collateral by Investor pursuant to paragraph 6 shall be applied as follows:

 

(a)         First, to the payment of all fees and expenses incurred by Investor in connection with any such sale, including, but not
limited to, the expenses of taking, advertising, processing, preparing and storing the Collateral to be sold, all court costs and
reasonable fees of counsel for Investor in connection therewith;

 

(b)         Second, to the payment of accrued interest, if any, on the Note held by Investor, to the date of receipt of such proceeds;

 

 (c)         Third, to the payment of the outstanding principal balance of the Note;

 

    3 

     

    

 

 

(d)       Fourth,
to the Company.

 

8.          
Further Assurances. At the request of Investor, the Company will promptly make, execute, deliver, record, register
or file all such financing statements, continuation statements and amendments thereto, and other instruments, acts, pledges, assignments
and transfers (or cause the same to be done) and will deliver to Investor such instruments constituting or evidencing items of
the Collateral as may be requested by Investor to better assure it with respect to the security interests granted pursuant to
this Security Agreement. The Company will cause all security instruments, notices and financing statements to be duly registered,
recorded and filed and to be duly reregistered, rerecorded and refiled at the time and in the places now or hereafter required
by all applicable laws for the proper maintenance of the validity and priority of the security interests and liens given as described
above, and Investor will pay all fees, charges, or taxes imposed with respect to any such registration, recording or filing.

 

9.           Termination of the Security Interest. The security interest created pursuant to this Security Agreement shall terminate
upon payment in full of the Note (or upon conversion of the Note into shares of the Company’s capital stock, as applicable).

 

10.         Miscellaneous.

 

(a)         The Company waives any right to require Investor: (i) to proceed against any person, firm or corporation; (ii) to exhaust
any Collateral it may hold at any time; (iii) to apply any Collateral in any order; or (iv) to pursue any other remedy whatsoever
in Investor’s power. This Security Agreement, and any term hereof, may be amended, waived, discharged or terminated (either
generally or in a particular instance and either retroactively or prospectively) only with the written consent of the Company and
Investor. Any amendment, waiver, discharge or termination effected in accordance with this paragraph shall be binding upon the
Company and Investor.

 

(b)         All notices, requests, demands and other communications hereunder shall be made and delivered as prescribed in the Note.

 

(c)         This Security Agreement shall bind and inure to the benefit of the parties hereto, and their respective legal representatives,
successors and assigns.

 

(d)         This Security Agreement shall be governed in all respects by the internal laws of the State of Delaware. Any and all disputes
arising out of or related to this Security Agreement shall be adjudicated exclusively in the state or federal courts located in
Miami, Florida.

 

(e)         This Security Agreement may be executed in counterparts, all of which taken together shall constitute one and the same instrument
by signing any such counterpart.

 

(f)          This Security Agreement and the security interest created hereby are for the sole and exclusive benefit of Investor and
its assignees and shall not operate to the benefit of any other third party.

 

[Signature page follows.]

 

    4 

     

    

 

 

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

 

	 	COMPANY:
	 	 
	 	LECTREFY INC.
	 	 
		By:	 
	 	Name:	Paul Antonio Pereira 
	 	Title:	 Chief Executive Officer
	 	 	 
	 	Address:	 
	 	429 Lenox Avenue, Suite 547
	 	Miami Beach, Florida 33139
	 	 
	 	E-mail	Address: paul@lectrefy.com
	 	 
	 	INVESTOR:
	 	 
	 	LEE AEROSPACE, INC.
	 	 
	 	 	
	 	 
	 	By:	 
	 	Name:	James Lee
	 	Title:	Chief Executive Officer
	 	 	 
	 	Address:
		9323 E. 34th St. North
		Wichita, Kansas 67226
	 	 
	 	E-mail	Address: jlee@leeaerospace.com

 

    5Exhibit 10.10

 

BRIDGE LOAN AGREEMENT 

 

 

THIS BRIDGE LOAN
AGREEMENT (this “Agreement”) is made effective December 30, 2020, by and among the individual Lenders as
specified on the signature page below (collectively, “Lender”), and ALFI INC., a Delaware corporation,
having a business address of 429 Lenox Avenue, Suite 547, Miami Beach, Florida 33139 USA (“Borrower”).

 

RECITALS:

 

WHEREAS, Borrower,
desires to borrow from Lender to meet its immediate working capital needs; and 

 

WHEREAS,
Borrower desires to borrow an aggregate of up to $2,000,000 (the “Loan”) from the Lender in order to meet the
immediate working capital needs of the Borrower to operate its business; and

 

WHEREAS,
Borrower intends to repay the Loan out of the proceeds expected to be realized by Borrower from a debt or equity offering; and 

 

WHEREAS,
Borrower and Lender desire to outline the business arrangement between them as it relates to the funding of such Loan.

 

NOW,
THEREFORE, in consideration of the recitals, premises and the mutual agreements contained herein, and other good consideration,
the sufficiency of which is hereby acknowledged, the parties hereby agree as follows:

 

ARTICLE
1. LOAN 

 

1.1         Incorporation of Recitals. It is expressly agreed that the recitals to this Agreement are incorporated herein and
made an operative part of this Agreement.

 

1.2         Loan. Lender hereby agrees to lend funds to Borrower and Borrower hereby accepts the Loan from Lender and agrees
to repay the same plus applicable interest and costs and expenses upon terms and conditions as further set forth in this Agreement
and its exhibit (collectively, the “Loan Documentation”). The Lender shall fund to the Borrower the amounts
reasonably requested by the Borrower from time to time (each an “Installment Amount” and, collectively, the
 “Installment Amounts”); provided, however, that the aggregate sum of the Installment Amounts shall
be no less than $1,000,000 (the “Floor”), and no more than $2,000,000 (the “Ceiling”); and
provided, further, that once the aggregate sum of the Installment Amounts reach the Floor, the Lender shall have
the right (at its sole discretion), but not the obligation, to fund any Installment Amounts to the Borrower up to the Ceiling.

 

1.3         Promissory Note. As evidence of the Loan, Borrower shall execute and deliver one or more promissory notes (a "Note")
payable to Lender in substantially the same form as “Exhibit “A” (“Exhibit A”) which is hereby
incorporated by reference.

 

    Page 1 of 14

     

    

 

1.4         Interest. Borrower shall pay interest to Lender on the Loan from the Funding Date at the rate of Eighteen Percent
(18.0%) per annum (computed on the basis of actual calendar days elapsed and a year of three hundred sixty-five (365) days), or,
if less, at the highest rate of interest then permitted under applicable law, until the earlier to occur of (i) the Maturity Date
or (ii) the earlier repayment of the Note.

 

1.5         Principal. Lender shall make the Loan available to Borrower on or before December 31, 2020 (the “Funding
Date”) in lawful money of the United States of America. The Loan plus interest and any and all unpaid costs and/or expenses
shall be repaid by Borrower to Lender on or before the sooner of: (i) a debt or equity financing transaction of $7,000,000 or more,
or (ii) June 30, 2021 (the “Maturity Date”). Borrower shall not be entitled to re-borrow any prepaid Loan, interest
or other costs or charges.

 

1.6         Unsecured Loan. The Loan shall be unsecured.

 

1.7         Additional Financings. Borrower agrees that this Note is now and shall remain senior to any other subsequent debt
of Borrower. Where Borrower seeks to enter into any debt or equity financing arrangement during the Term of this Note, then this
Note and all related sums due shall immediately become due and payable in their entirety, provided however, at Lender’s sole
option, Borrower may be permitted alternate repayment terms. Lender shall not unreasonably withhold its consent from any subordination
requests reasonably made by Borrower.

 

1.8         Compliance. The parties intend that the Loan be undertaken in full compliance with state and federal laws and at
non-usurious rates. In the event the terms and conditions of this Agreement shall found to be unlawful, this Agreement shall be
voluntarily conformed/modified by the parties or by a court of competent jurisdiction, to come into compliance therewith.

 

 ARTICLE 2. RELATED LOAN PROVISIONS

 

2.1         Use of Proceeds. Borrower will use the proceeds solely for lawful business purposes, including, but not limited
to, working capital for the expansion of the Borrower’s business and other related business activities.

 

2.2         Voting Common Stock Kicker. In connection with the Note, Borrower shall issue to Lender an amount of Voting
Common Voting Stock in Borrower (the “Lender Shares”), with such Lender Shares equal to one (1) share of Voting
Common Stock for every $2 advanced under the Note (for example, if the full $2,000,000 is advanced under the Note, a total of 1,000,000
Shares of Voting Common Stock would be issued to Lender).

 

2.3         Terms of Lender Shares. The Lender Shares shall be subject to the following features:

 

    Page 2 of 14

     

    

 

		(a)	Such Lender Shares shall be subject to a 12-month, post Initial Public Offering (“IPO”)
re-sale “Lock-up” restriction.

 

		(b)	Following the term of the “Lock-up”, the Lender Shares can be sold by Lender upon the
following terms:

 

		a.	Lender shall have the right following “Lock-Up,” to a one-time sale of up to 25% of
the Lender Shares.

 

		b.	The remaining Lender Shares, which are not otherwise sold in such one-time sale (e.g., 75% of the
Lender Shares if 25% of the Equity Shares are sold in the one-time sale), may only be sold if (i) the selling price per share is
at least 110% of the IPO price per share, and (ii) if such sale combined with all other sales by such Lender during a thirty (30)
day period, represents no more than 10% of the most recent 25-day average trading volume related to Borrower’s shares purchased
and sold on the market.

 

		(c)	For a period of 36 months from the Funding Date, Borrower shall have the option, with Lender’s
consent, to buy-back any Lender Shares still held by Lender, at a purchase price of $4 per share.

 

		(d)	Further, in all cases where Borrower is not in default of this Agreement, the Lender Shares shall
under no circumstances be voted by Lender such that the Lender Shares when combined with Lender’s currently owned shares,
shall exceed fifty percent (50%) of the then voting shares of Borrower (to be evaluated on a case-by-case basis), nor shall the
Lender Shares be used to support any Written Consent pursuant to 8 Del. C. §141(f) of the Delaware General Corporation Law.
For the sake of clarification, the Lender Shares may be voted in all cases where the vote, inclusive of non-Lender shares is unanimous,
and where such approval is required to proceed with any IPO.

 

2.4         Costs and Expenses. Borrower shall be responsible for all documented out-of-pocket costs and reasonable and
documented legal expenses incurred by Lender in connection with this Loan of up to $10,000, including processing fees, attorney
fees, UCC searches, Florida Documentary Stamps, and filing fees.

 

ARTICLE 3. CLOSING

 

3.1         Closing. The Closing of the Loan shall take place on the Funding Date simultaneously with the execution of
this Agreement and the Note at such time and place as mutually agreed to between the parties (the “Closing”).

 

3.2         Lender’s Closing Deliverables. At the Closing, Lender shall deliver (i) this Agreement duly executed
by Lender; and (ii) the initial draw of the Loan Amount to Borrower via bank check or wire transfer or such other manner as shall
be mutually agreed upon between Borrower and Lender.

 

    Page 3 of 14

     

    

 

3.3          Borrower’s Closing Deliverables. At the Closing, Borrower shall deliver: (i) this Agreement duly executed
by Borrower; and (ii) the Note duly executed by Borrower.

 

3.4         Application of Payments. Unless a payment is made by Borrower and received at a time when no Default or Event
of Default exists and is earmarked for a specific purpose (e.g., a periodic interest payment), the general rule for application
of payments to the obligations shall call for application: (i) first, to accrued expense or indemnity obligations then due under
this Agreement or the Note; (ii) second, to accrued interest under the Note; and (iii) third, to any amount of principal outstanding
under the Note.

 

ARTICLE 4. REPRESENTATIONS,
WARRANTIES AND COVENANTS OF BORROWER

 

4.1         Authority. Borrower is a Delaware corporation in good standing and has the full power and legal authority to conduct
its business and to make, deliver and perform this Agreement. Borrower has taken all necessary actions to authorize the execution,
delivery and performance of this Agreement, and the borrowing on the terms and conditions of this Agreement. No consent or authorization
of, filing with, notice to or other similar act by or in respect of, any governmental authority or any other person (including
persons who are beneficiaries of obligations of Borrower) is required to be obtained or made by or on behalf of Borrower in connection
with the execution, delivery, performance, validity or enforceability of this Agreement. This Agreement has been submitted to,
ratified and approved by the Borrower in the manner required by law.

 

4.2         Effectiveness. This Agreement and the Note shall constitute the legal, valid and binding obligation of Borrower,
enforceable against Borrower in accordance with its terms except as enforceability may be limited by applicable bankruptcy, insolvency,
reorganization,, moratorium or similar laws affecting creditors' rights generally and except as enforceability may be subject to
general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).

 

4.3         No Legal or Contractual Bar. This borrowing and the use of proceeds: (a) do not and will not violate any requirement
of law or obligation of Borrower or permit the acceleration of any obligation of Borrower pursuant to any such obligation; and
(b) do not and will not result in, or require, the creation of imposition of any lien on any of Borrower's properties or revenues
pursuant to any such requirement of law or obligation other than the security interest granted to the Lender in the Collateral
as set forth in the security provisions of the Note.

 

4.4         Waiver. Borrower has waived any potential conflict of interest that could otherwise ever be asserted against Lender
arising out of matters relating to this Agreement or the Loan.

 

4.5         Information.
To the best of its knowledge, Borrower confirms that: (a) all information and written materials which Borrower has provided
or will provide to Lender in connection with the Loan are accurate in all material respects; and (b) Borrower has all the
necessary authority to disclose, provide copies and authorize the use of such information and written materials to Lender.
Lender is hereby authorized by Borrower to use such information and written materials for its evaluation of the Loan by its
officers, directors, employees, agents and representatives for internal assessment purposes and for the purpose of inclusion
of information and materials to nominees selected by Lender for purposes of syndicating the proposed Loan.

 

    Page 4 of 14

     

    

 

ARTICLE 5. REPRESENTATIONS
AND WARRANTIES OF LENDER

 

5.1         Authority. Lender has the power and authority, and the legal right, to make, deliver and perform this Agreement and
to lend funds to Borrower, and has taken all necessary action to authorize the execution, delivery and performance of this Agreement.
No consent or authorization of, filing with, notice to or other similar act by or in respect of, any governmental authority or
any other person (including persons who are beneficiaries of obligations of Borrower) is required to be obtained or made by or
on behalf of Lender in connection with the execution, delivery, performance, validity or enforceability of this Agreement. 

 

5.2         Effectiveness. Upon execution, this Agreement and its exhibit shall constitute the legal, valid and binding obligation
of Lender, enforceable against Lender in accordance with its terms except as enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting creditors' rights generally and except as enforceability may be
subject to general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at
law.

 

ARTICLE
6. CONDITIONS OF LENDING

 

6.1         Representations and Warranties. Each of the representations and warranties made by each party to the other
pursuant to this Agreement (or in any amendment, modification or supplement hereto or thereto) shall, except to the extent that
they relate to a particular date, be true and correct in all material respects on and as of such date as if made on and as of such
date.

 

6.2         Financial Condition of Borrower. Borrower has provided or will provide all material information regarding
the financial condition of Borrower as of the latest practicable date. During the term of the Loan, Borrower shall provide quarterly
financial reports and make interim financial updates for material events to Lender. Additionally, should a default occur, Borrower
shall be obligated to provide information on a weekly basis to Lender as the business develops such information and shall provide
immediate access to all financial reporting, statements, books and records upon Lender’s request. This provision for disclosure
shall be considered a material consideration for the provision of this Loan, and Borrower shall be deemed in default of this Agreement
should accurate, timely and complete disclosures not occur.

 

6.3         Approval. This Agreement has been submitted to, ratified and approved by the Borrower and by Lender in the
manner required by the law of Lender’s jurisdiction of residence. 

 

6.4         Compliance.
Borrower will maintain and operate the business in accordance with all applicable laws, regulations, industry and insurance
requirements, in each case, in all material respects. Borrower shall obtain and maintain such authorizations, licenses,
permits and other governmental or regulatory agency approvals as are required for the performance of this
Agreement. 

 

    Page 5 of 14

     

    

 

6.5         Insurance.      Borrower shall obtain and maintain liability and property and casualty insurance in such amounts,
with insurers and under policies in form and substance reasonably satisfactory to Lender.

 

6.6         No Default. Borrower shall have complied with each and every covenant and agreement applicable to it contained
in this Agreement and the Note and no Event of Default shall have occurred and be continuing on such date or after giving effect
to the Loan.

 

ARTICLE
7. EVENTS OF DEFAULT

 

7.1         Event
of Default. An "Event of Default" shall mean any of the events specified herein; provided that any requirement
for the giving of notice, the lapse of time, or both, or any other condition, has been satisfied. The following are Events of Default
under this Agreement, the Loan and the Note:

 

(a)         Borrower
shall fail to pay: (i) any amount of principal payable under the Note when due in accordance with the terms hereof of or (ii) any
interest or fees payable under the Note, in either case within then (10) business days of the date when due in accordance with
the terms hereof, in both cases after a two (2) business day email by Lender to the then CFO of Borrower; or

 

(b)         Borrower
shall default in the observance or performance of any other covenant or agreement contained in this Agreement and such default
continues for thirty (30) days after the date that Lender has given written notice to Borrower specifying such default and requiring
that it be remedied; or

 

(c)          Borrower
shall (i) commence any case, proceeding or other action (A) under any existing or future law of any jurisdiction, domestic or
foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered
with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment,
winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts, (B) seeking appointment of
a receiver, trustee, custodian, conservator or other similar official for it or for all or any substantial part of its
assets, or Borrower shall make a general assignment for the benefit of its creditors, or (C) cease doing business in the
ordinary course; or (ii) there shall be commenced against Borrower any case, proceeding or other action or a nature referred
to in clause (i) above which (A) results in the entry of an order for relief or any such adjudication or appointment or (B)
remains undismissed, undischarged, unstayed or unbonded for a period of sixty (60) days; or (iii) there shall be commenced
against Borrower any case, proceeding or other action seeking issuance of a warrant of attachment, execution or similar
process against all or any substantial part of its assets which results in the entry of an order for such relief which shall
not have been vacated, discharged, stayed or bonded pending appeal within sixty (60) days from the entry thereof; or (iv)
Borrower shall take any corporate action in furtherance of, or indicating its consent to, approval of or acquiescence in any
of the acts set forth in clause (i), (ii), or (iii) above; or (v) Borrower shall fail to comply with all applicable federal
or state securities laws, rules or regulations, or exchange rules, or generally be unable to, or shall admit in writing its
general inability to, pay its debts as they become due; or

 

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(d)         Any
representation or warranty made by Borrower under this Agreement shall be false or incorrect in any material respect on the date
such representation or warranty was made;

 

(e)          The determination by Lender, in its sole reasonable discretion, that a debt or equity financing transaction of Borrower as currently
contemplated, will not take place, or

 

(f)           This
Agreement or any Note shall, for any reason, fail or cease to be enforceable in any material respect; then, and in any such event,
(A) if such event is an Event of Default specified in clause (i) or (ii) of subsection (c) above, with respect to Borrower, automatically
the Loan hereunder (with accrued interest thereon) and all other amounts owing under this Agreement or any Note shall immediately
become due and payable, (B) if such event is any other Event of Default, Lender may, by written notice to Borrower, declare the
Loan hereunder (with accrued but unpaid interest thereon) and all other amounts owing under this Agreement or any Note to be due
and payable forthwith, whereupon the same shall immediately become due and payable, (C) Lender may exercise all rights and remedies
available to it in equity, at law, or pursuant to the provisions of this Agreement or otherwise, and (D) Lender may exercise its
privilege to collect on the entire amount of any outstanding principal and interest and any and all costs associated with collection
(including attorney fees at any level).

 

7.2         Remedies
Not Exclusive. The remedies conferred upon or reserved to Lender are intended to be in addition to, and not in limitation of,
any other remedy or remedies available to Lender.

 

ARTICLE 8. MISCELLANEOUS

 

8.1         
Amendments. This Agreement and any terms hereof may not be amended, supplemented or modified except pursuant
to a writing signed by both Lender and Borrower.

 

8.2         
Notices. All notices, requests and demands to or upon the respective parties hereto be effective shall be
in writing (including by fax and/or e-mail) and, unless otherwise expressly provided herein, shall be deemed to have been duly
given or made when delivered: (i) by hand, upon receipt or (ii) three (3) days after being deposited in the mail, postage prepaid,
or (ii) in the case of facsimile transmission notice, when received (with confirmation of receipt), or (iii) in the case of delivery
by a nationally recognized overnight courier, when received, in each case addressed to such addresses or fax number as may be hereafter
notified by the respective parties hereto.

 

8.3         
Successors and Assigns. Borrower may not assign its rights or obligations under this Agreement or any Note
without the consent of Lender. Lender may assign its interests in this Agreement or any Nate issued hereunder. This Agreement shall
be binding upon and inure to the benefit of Borrower and Lender and their respective successors and permitted assigns.

 

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8.4       Severability.
Any provision of this Agreement that is prohibited or unenforceable shall not invalidate or render enforceable such provision
in any other jurisdiction.

 

8.5       Governing Law. This Agreement and the rights and obligations of the parties hereunder shall be governed by
and interpreted in accordance with the laws of the State of Florida, without regard to any conflicts of law provisions.

 

8.6      
Dispute Resolution. In the event of a dispute the following actions shall be taken:

 

(a)     
If a claim or controversy between the parties is not resolved for any reason, Lender and Borrower shall meet within twenty
(20) days of written notice of one party to the other to attempt, in good faith, to settle or resolve the matter. Such process
shall not stay any termination permitted under this Agreement. Compliance with the provisions of this paragraph shall be a condition
precedent to any claim in any arbitration, judicial, or other dispute resolution process. 

 

(b)    
Excluding claims for injunctive relief, all controversies or disputes arising out of or relating to this Agreement that
cannot be resolved by the parties’ authorized representatives shall be resolved by binding arbitration in accordance with
the then current Commercial Arbitration Rules of the American Arbitration Association. The parties shall endeavor to select a mutually
acceptable arbitrator knowledgeable about issues relating to the subject matter of this Agreement. In the event the parties are
unable to agree to such a selection, each party will select an arbitrator and the two arbitrators shall in turn select a third
arbitrator. The arbitration shall take place in Miami-Dade County, Florida. 

 

(c)     
All documents, materials, and information in the possession of each party that are in any way relevant to the claims or
disputes shall be made available to the other party for review, inspection and copying no later than sixty (60) days after the
notice of arbitration is served.

 

(d)    
The arbitrators shall not have the authority, power, or right to alter, change, amend, modify, add, or subtract from any
provision of this Agreement. The arbitrators shall have the power to issue mandatory orders, restraining orders, and injunctions
in connection with the arbitration. The award entered by the arbitrators shall be final and binding upon the parties, and judgment
may be entered thereon in any court of competent jurisdiction. 

 

8.7     Continuing Assurances. Borrower and Lender shall, whenever and as often as reasonably requested to do so by
the other party, execute, acknowledge and deliver or cause to be executed, acknowledged or delivered, any and all agreements and
instruments as may be necessary, expedient or proper to carry out the intent and purposes of this Agreement, providing that the
requesting party shall bear the cost and expense of such further agreements or documents (except that the parties shall bear their
respective attorneys’ fees and costs).

 

[Signature page follows]

 

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IN WITNESS
WHEREOF, the parties hereto have caused this Bridge Loan Agreement and its exhibit to be duly executed and delivered on their
behalf as of the date first above written.

 

	Borrower	 	 	 
	 	 	 	 
	ALFI,
    INC.	 	 	 
	 	 	 	 	 
	By:
    	 	 	 	 
	 	 	 	 	 
	Lender	 	Lender
	 	 	 
	Lee
    Aerospace, Inc.	 	Paul
    Antonio Pereira
	 	 	 	 	 
	By:	 	 	By:
    	 
	Title:	CEO	 	Amount:
    	$250,000.00
	Amount:	$1,700,000.00	 	 	 
	 	 	 	 	 
	Lender	 	 	 
	 	 	 	 
	Dennis
    McIntosh	 	 	 
	 	 	 	 	 
	By:	 	 	 	 
	Title:	CFO	 	 	 
	Amount:	$50,000.00	 	 	 

 

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EXHIBIT A

 

PROMISSORY NOTE

 

[Attached]

 

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PROMISSORY
NOTE

 

 

	$2,000,000	Miami, Florida
	 	December
    31, 2020

 

FOR VALUE RECEIVED,
the undersigned borrower (the “Borrower”) promises to pay to pay the individual Lenders as specified on the
signature page below, and on a pro rata basis (collectively, “Lender”), at its principal office the aggregate
principal sum of up to Two Million ($2,000,000.00) (the “Maximum Principal Amount”), as updated and set forth
on the attached Schedule 1, together with interest on the outstanding principal of each Installment Amount (as defined below)
at the rate of Eighteen Percent (18.0%) per annum (computed on the basis of actual calendar days elapsed and a year of three hundred
sixty-five (365) days), or, if less, at the highest rate of interest then permitted under applicable law. Interest shall commence
respectively on the date when each Installment Amount is received by the Borrower and shall continue to accrue on the corresponding
outstanding principal until paid in accordance with the provisions hereof. If any interest is determined to be in excess of the
then legal maximum rate, then that portion of each interest payment representing an amount in excess of the then legal maximum
rate shall be deemed a payment of the applicable principal of the corresponding Installment Amount and applied against the principal
of the obligations evidenced by this Promissory Note (this “Note”).

 

1.       Maturity.
Unless sooner paid in accordance with the terms hereof, the entire unpaid principal amount as then set forth on Schedule 1
and all unpaid accrued interest of this Note shall become fully due and payable on the earlier of (i) a debt or equity financing
transaction of Borrower of $7,000,000 or more, (ii) June 30, 2021 (the “Maturity Date”), or (iii) the acceleration
of the maturity of this Note pursuant to Section 3.

 

2.       Installment
Amounts. The Lender shall fund to the Borrower the amounts reasonably requested by the Borrower from time to time for its operating
and/or capital expense purposes (each an “Installment Amount” and, collectively, the “Installment Amounts”)
and the Borrower shall update Schedule 1 accordingly; provided, however, that the aggregate sum of the Installment
Amounts set forth on Schedule 1 shall not exceed the Maximum Principal Amount; and provided, further, that
the Lender shall have the right (at its sole discretion), but not the obligation to fund any Installment Amounts to the Borrower,
up to the Maximum Principal Amount.

 

3.       Events
of Acceleration. The entire unpaid principal amount of this Note and all then accrued and unpaid interest of this Note shall
become fully due and payable upon the earliest of:

 

(i)           the filing of a petition by or against the Borrower under any provision of the Bankruptcy Reform Act (Title 11 of the United
States Code), as amended or recodified from time to time, or under any other law relating to bankruptcy, insolvency, reorganization
or other relief for debtors;

 

(ii)          the appointment of a receiver, trustee, custodian or liquidator of or for any part of these assets or property of the Borrower;

 

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(iii)          immediately prior to the closing of an acquisition of the Borrower, whether by merger or the purchase of all of its outstanding
stock or all (or substantially all) of its assets, by an unrelated third party;

 

(iv)         the execution by the Borrower of a general assignment for the benefit of creditors; or 

 

(v)          The determination by Lender, in its reasonable discretion, that a debt or equity financing transaction of Borrower as currently
contemplated, will not take place. 

 

4.       Form
of Payment; Prepayment. All payments of principal and interest on this Note shall be made without offset or deduction in lawful
tender of the United States to the Lender. All payments on this Note shall be applied first to the payment of accrued and unpaid
interest, and thereafter to the payment of principal. Prepayment of the principal balance of this Note, together with all accrued
and unpaid interest, may be made in whole or in part at any time without penalty.

 

5.       Unsecured
Loan. The Borrower’s obligations under this Note shall be unsecured.

 

6.       Default.
For purposes of this Note, the failure of the Borrower to pay when due the principal balance and accrued interest under this Note
shall constitute an “Event of Default.” If an Event of Default occurs, all indebtedness under this Note shall
become immediately due and payable without any action on the part of the Lender, and the Borrower shall immediately pay to the
Lender all such amounts.

 

7.       Collection
and Attorneys’ Fees. If any action is instituted to collect any indebtedness under this Note, then the Borrower promises
to pay all reasonable costs and expenses, including reasonable attorneys’ fees, incurred by the Lender in connection with
such action.

 

8.       Assignment.
The terms and conditions of this Note shall inure to the benefit of and be binding upon the respective successors and assigns of
the parties. Notwithstanding the foregoing, neither the Lender nor the Borrower may assign, pledge or otherwise transfer this Note
without the prior written consent of the other party.

 

9.       Governing
Law. 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 Florida, without giving effect to principles of conflicts of
law thereof.

 

10.       Conflicting
Agreements. In the event of any inconsistencies between the terms of this Note and the terms of any other document related
to the loan evidenced by this Note, the terms of this Note shall prevail.

 

11.       Amendment.
Any term of this Note may be amended and the observance of any term of this Note may be waived only with the written consent of
the Lender and the Borrower; provided, however, that the Borrower may update Schedule 1 attached hereto without
such written consent in order to reflect additional Installment Amounts received by the Borrower from time to time.

 

[Signature page follows.]

 

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IN WITNESS WHEREOF,
the Borrower has caused this Note to be duly executed and delivered as of the date first above written.

 

	 	 	BORROWER
	 	 	 	 
	 	 	AFLI INC.
	 	 	 	 
	 	 	By:	 
	 	 	Name: 	Paul Antonio Pereira
	 	 	Title: 	Chief Executive Officer

 

	Acknowledged and Agreed:	 	 
	 	 	 	 
	LENDER	 	 
	 	 	 	 
	LEE AEROSPACE, INC.	 	 
	 	 	 	 
	By:	 	 	 
	Name: 	James Lee	 	 
	Title:	Chief Executive Officer	 	 
	 	 	 	 
	LENDER	 	 
	 	 	 	 
	Paul Antonio Pereira	 	 
	 	 	 	 
	By:	 	 	 
	Name:	 	 	 
	Title:	CEO	 	 
	 	 	 	 
	LENDER	 	 
	 	 	 	 
	Dennis McIntosh	 	 
	 	 	 	 
	By:	 	 	 
	Name:	 	 	 
	Title: 	CFO	 	 

 

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SCHEDULE 1

 

In accordance with
Section 2 of this Note, the Lender has loaned to the Borrower the following Installment Amounts on the respective dates received
by the Borrower, as set forth below:

 

	Date Received by Borrower	Installment Amounts	Lender and Loan Amount
	December 30, 2020	$267,647.47*	Lee Aerospace, Inc
	January 8, 2021	$732,352.53*	Lee Aerospace, Inc.
	January 8, 2021	$250,000.00	Paul Antonio Pereira
	January 8, 2021	  $50,000.00	Dennis McIntosh
	February 4, 2021	$700,000.00**	Lee Aerospace, Inc.
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	Total	$2,000,000.00	 

*combined
total equals $1,000,000.00 (floor)

**In
accordance with Article 1.2

 

    Page 14 of 14

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