Document:

Exhibit 10.3

 

THIS MANAGEMENT AGREEMENT is dated 1st June
2020

 

BETWEEN

 

		(1)	INNOVATIVE EYEWEAR INC a Florida corporation whose office is at 12000 Biscayne Bl, Suite 216, North
Miami, FL 33181 (“Company”); and

 

		(2)	TEKCAPITAL EUROPE LTD whose registered office is at 12 New Fetter Lane, London, United Kingdom,
EC4A 1JP (“Tek”).

 

OPERATIVE PROVISIONS

 

		1.	DEFINITIONS AND INTERPRETATION

 

		1.1	In this Agreement:

 

“Commencement Date” means 1st
June 2020.

 

“Party” means a party to this Agreement.

 

“Representatives” means the employees,
officers, agents, advisers, consultants, subcontractors and other representatives of the Recipient.

 

“Services” means the services to be provided
by Tek set out in Schedule 1 (Services).

 

		1.2	Third party rights

A person who is not a Party has no right under the Contracts
(Rights of Third Parties) Act 1999 to enforce or enjoy the benefit of any term of this Agreement.

 

		2.	SERVICES

 

		2.1	The Company engages and retains Tek on the terms and conditions set out in this Agreement to provide Services
to the Company.

 

		2.2	Tek shall devote time, team members, resources and effort to the Company, shall use reasonable care and
skill in carrying out the Services, shall provide the Services in accordance with the applicable law and will not do anything to bring
the Company and/or its partners into disrepute.

 

		3.	TERM

 

This Agreement shall commence on the
Commencement Date and shall (except as expressly provided otherwise in this Agreement) continue in force until terminated in accordance
with the terms of this Agreement.

 

		4.	COMPENSATION AND EXPENSES

 

		4.1	The Company will compensate Tek for a Quarterly Retainer Fee of USD $25,000 (exclusive of any appropriate
taxes) which is effective from the Commencement Date and such other compensation as shall be determined by the Parties. The Quarterly
Retainer fee shall be payable in equal quarterly instalments on the first applicable business day commencing on the 1st June
2020. Payment date maybe extended as parties may agree.

 

		4.2	Tek shall be reimbursed all related expenses by the Company.

 

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		5.	LIABILITY

 

Tek shall have no liability and its
team members shall have no personal liability for any loss, liability, costs or expenses arising from their involvement with the Company.

 

		6.	STATUS

 

Tek will be an independent contractor
and nothing in this Agreement shall render Tek or its Representatives an employee, worker or agent of the Company.

 

		7.	TERMINATION

 

		7.1	This Agreement can be terminated with 30 calendar days written notice to the other Party with such notice
deemed to be effective as at the date of receipt.

 

		7.2	On termination of this Agreement:

 

		7.2.1	The Company shall immediately pay to Tek all outstanding unpaid amounts and, in respect of Services supplied
or due over the notice period, Tek will submit an invoice, which shall be payable upon receipt.

 

		7.2.2	The accrued rights, remedies, obligations and liabilities of the Parties as at termination shall not be
affected, including the right to claim damages in respect of any breach of the Agreement which existed at or before the date of termination.

 

		7.2.3	Clauses which expressly or by implication have effect after termination shall continue in full force and
effect, include the following Clauses: Clause 2 (Services), Clause 3 (Term), Clause 4 (Compensation and Expenses),
Clause 5 (Liability), Clause 11 (Severance) and Clause 14 (Governing Law).

 

		7.3	No failure to exercise, nor any delay in exercising, any right or remedy under this Agreement shall operate
as a waiver, nor shall any single or partial exercise of any right or remedy prevent any further or other exercise or the exercise of
any other right or remedy. The rights and remedies provided in this Agreement are cumulative and not exclusive of any rights or remedies
provided by law.

 

		8.	ENTIRE AGREEMENT

 

This Agreement constitutes the entire
agreement between the Parties and supersedes and extinguishes all previous drafts, arrangements, understandings or agreements between
them, whether written or oral, relating to the subject matter of this Agreement.

 

		9.	COSTS AND EXPENSES

 

Except as provided otherwise in this
Agreement, each Party shall pay the costs and expenses incurred by it in connection with this Agreement.

 

		10.	VARIATION

 

This Agreement may only be varied by
a document signed by both Tek and the Company.

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		11.	SEVERANCE

 

If any term or provision of this Agreement
is declared invalid, void or unenforceable, such provision shall, to the extent required, be considered severed or deemed to be deleted
from this Agreement and all other terms and provisions of this Agreement shall otherwise remain in full force and effect.

 

		12.	ASSIGNMENT

 

Either Party may assign or transfer
its rights and/or obligations under this Agreement without written consent from the other Party.

 

		13.	COUNTERPARTS

 

This Agreement may be executed in any
number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of the document.

 

		14.	GOVERNING LAW AND JURISDICTION

 

		14.1	This Agreement and any non-contractual obligations arising out of or in connection with it shall be governed by and construed in accordance
with English Law.

 

		14.2	The courts of England and Wales shall have exclusive jurisdiction to settle any dispute or claim arising out of this Agreement.

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SCHEDULE 1

 

THE SERVICES

 

Tek shall provide the services indicated below:

 

		1.	Provide support and advice to the Company in accordance with their area of expertise.

 

		2.	Undertake research, technical review, legal review, recruitment, software development, marketing, public relations and advertisement.

 

		3.	If available, to attend conference calls with identified individuals as shall be agreed between Tek and the Company.

 

		4.	Provide advice, assistance and consultation services to support the Company or in relation to any other related matter.

 

		5.	Carry out such other functions as agreed between Tek and the Company.

 

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SIGNATURES

 

INNOVATIVE EYEWEAR INC.

 

Director  

 

 

TEKCAPITAL EUROPE LIMITED

 

Director  

 

 

    - 5 -Exhibit 10.4

 

 

 

 

 

 

INNOVATIVE EYEWEAR INC

 

 

 

 

 

 

 

 

 

 

CONVERTIBLE NOTE

 

 

 

 

 

     

     

    

 

CONTENTS

 

	Clause	 	Page
	 	 	 	 
	1.	DEFINITIONS AND INTERPRETATION	 	1
	2.	LOAN NOTES	 	2
	3.	TERMS	 	2
	4.	NOTE CONVERSION	 	2
	5.	REPAYMENT AND PREPAYMENT	 	3
	6.	INTEREST	 	3
	7.	CERTIFICATES	 	4
	8.	WARRANTIES AND REPRESENTATIONS	 	4
	9.	INDEMNITY AND TAX GROSS UP	 	4
	10.	U.S. SECURITIES ACT OF 1933	 	5
	11.	HOLDER LIABILITIES	 	5
	12.	HOLDER OPTION	 	5
	13.	COSTS AND EXPENSES	 	5
	14.	COMMUNICATIONS	 	5
	15.	ENTIRE AGREEMENT	 	5
	16.	VARIATION	 	6
	17.	ASSIGNMENT	 	6
	18.	NO WAIVER	 	6
	19.	RIGHTS AND REMEDIES	 	6
	20.	SEVERANCE	 	6
	21.	ARBITRATION	 	6
	22.	GOVERNING LAW	 	6
	SCHEDULE 1 Certificate	 	8

  

     

     

    

 

THIS CONVERTIBLE NOTE is executed as a deed effective
1st December 2020.

 

PARTY

 

Innovative Eyewear Inc, a Forida based company (“Company”).

 

BACKGROUND

 

By exercising the powers conferred on them by the constitutional
documents of the Company, the Company resolved to create unsecured convertible loan notes up to the principal amount of $2,000,000 USD
and to constitute these loan notes in the manner set out in this Instrument.

 

OPERATIVE PROVISIONS

 

		1.	DEFINITIONS AND INTERPRETATION

 

		1.1	In this Instrument:

 

“Commencement Date”
means the effective date of this Instrument.

 

“Group” means in relation
to a company, that company, each and any subsidiary or holding company from time to time of that company, and each and any subsidiary
from time to time of a holding company of that company or an affiliate.

 

“Holder” means Lucyd
Ltd (09522087) or its assignees which can include group companies such as Tekcapital Europe Limited.

 

“Instrument” means
this unsecured convertible loan note, issued on the Commencement Date which is for the principal amount of $2,000,000 USD, the terms of
which are established herein.

 

“Loan Note” means
the unsecured loan notes of the Company constituted by this Instrument, or the principal amount from time to time issued or drawn down
for a facility as the case may require.

 

“Maturity Date” means
unless converted earlier in accordance with Clause 4 or delayed on mutual written agreement, the principal and accrued interest on this
Instrument shall be due and payable on the third anniversary of this Instrument.

 

“Party” means the
Company or the Holder.

 

		1.2	Construction

 

		1.2.1	Unless a contrary indication appears a reference in this Instrument to:

 

		(a)	a “person” includes any individual, firm, company, corporation, government, state or
agency of a state or any association, trust, joint venture, consortium or partnership (whether or not having separate legal personality);

 

		(b)	a “regulation” includes any regulation, rule, official directive, request or guideline
(whether or not having the force of law) of any governmental, intergovernmental or supranational body, agency, department or of any regulatory,
self-regulatory or other authority or organisation;

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		(c)	references in this Instrument to the singular include references to the plural and vice versa; and

 

		(d)	a provision of law is a reference to that provision as amended or re-enacted.

 

		1.2.2	Section, Clause and Schedule headings are for ease of reference
only.

 

		2.	LOAN NOTES

 

		2.1	The aggregate principal amount of the Loan Notes shall total
USD $2,000,000.

 

		2.2	Subject to this Instrument, the Loan Notes shall rank pari passu equally and rateably without discrimination
or preference between them and as unsecured obligations of the Company under this Instrument.

 

		2.3	Interest shall be payable on the Loan Notes in accordance with Clause 6.

 

		2.4	This Instrument may be one of a series which have the exact same financial terms except as to the date
of issuance and tenor.

 

		3.	TERMS

 

Pursuant to (i) any services agreement
which compensates a Group company of Tekcapital plc, (ii) a direction of the Board and/or (iii) receipt of any funds then the Loan Notes
shall be issued prior to the Maturity Date in denominations and integral multiples of USD $0.01 (or such other multiples or currency as
the Company shall permit) and shall be held subject to the terms set out in this Instrument.

 

		4.	NOTE CONVERSION

 

		4.1	At the election of the Holder, the Loan Notes and all interest accrued on them may be converted anytime
after the occurrence of any of the following events (the “Conversion Events”):

 

		4.1.1	in the event that the Company consummates an equity financing pursuant to which it raises an aggregate
amount of not less than $750,000 USD;

 

		4.1.2	in the event that the Company enters into a transaction pursuant to which the Company sells not less than
10% of the Company’s shares, excluding any and all convertible notes which are convertible into shares;

 

		4.1.3	in the event that the Company lists shares on a public exchange; or

 

		4.1.4	the Holder determines that it wants to convert the Note.

 

Upon the occurrence of any Conversion
Event described in Clause 4.1, the Holder may, by written notice to the Company (the “Conversion Notice”), convert
all, or a portion of, outstanding principal and accrued interest under the Note into that number of Company shares equal to the quotient
obtained by dividing the amount of all outstanding principal and interest of the Note being converted by the Holder by (i) in the case
of Clause 4.1.1 and Clause 4.1.2 above, the per share purchase price paid for by investors under the terms of such equity financing,
(ii) in the case of 4.1.3 above, the closing price of the Company’s trading shares on the relevant public exchange for the day
immediately preceding the date of conversion of the Note or (iii) in the case of 3.1.4 the valuation of the last equity investment or
a figure determined by the CFO of the Holder.

 

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		4.2	In the event that the Holder does not effect to convert the entire Note and accrued interest thereunder
before the Maturity Date, the Company shall repay in cash the full principal amount and all accrued interest on the Note.

 

		4.3	Upon conversion of the Loan Notes:

 

		4.3.1	the Company shall issue certificates evidencing the shares; and

 

		4.3.2	the Holder shall (i) have the same rights provided to a purchaser of the shares in the equity financing,
including without limitation, to the extent granted therein, information and registration rights and subject to any minimum share ownership
thresholds and (ii) join into any such agreement entered into between the Company and a purchaser of the shares in such equity financing
evidencing the rights described in Clause 4.3.2(i).

 

		4.4	The Company shall not be required to issue fractional shares upon exercise of the Note. As to any fractional
share that the Holder would otherwise be entitled to upon conversion then the Company shall pay to the Holder the difference in cash by
wire transfer of immediately available funds.

 

		5.	REPAYMENT AND PREPAYMENT

 

		5.1	Repayment

The Company shall repay in full the
principal amount and all accrued interest on the Note on or before the Maturity Date.

 

		5.2	Prepayment

The Company may with the prior written
consent of the Holder, not to be unreasonably withheld, prepay the whole of the Note at any time prior to receipt of a Conversion Notice.
There is no prepayment fee.

 

		5.3	Late Payment

In the event that the Company fails
to pay any amount due under this Instrument on the Maturity Date then it shall be liable to pay $150 USD for each day that the overdue
amount remains due and payable.

 

		6.	INTEREST

 

		6.1	The Company will pay to the Noteholders interest (less any withholding tax) on the principal amount of
the Loan Notes for the time being held by them at an annual rate equal to 10 per cent with effect from the date of issue of the Loan Notes
until the Maturity Date in accordance with this Instrument.

 

		6.2	Interest shall accrue from day-to-day and shall be calculated on the basis of a year of 365 days and the
actual number of days in the period for which it is paid.

 

		6.3	Interest shall be paid or waived (or, at the election of the Holder in its sole discretion, converted)
simultaneously with the conversion or repayment of the Loan Notes.

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		7.	CERTIFICATES

 

Each Noteholder shall be entitled without charge to a certificate
for the Loan Notes held by them.

 

		8.	WARRANTIES AND REPRESENTATIONS

 

The Company makes the representations and warranties set
out in this Clause 8 to the Holder.

 

		8.1	Binding obligations

That the obligations expressed to be assumed by it in this
Instrument are legal, valid, binding and enforceable obligations.

 

		8.2	Non-conflict with other obligations

The entry into and performance by it of, and the transactions
contemplated by this Instrument do not and will not conflict with:

 

		8.2.1	any law or regulation applicable to the Company;

 

		8.2.2	any of the Company’s organisational and constitutional documents; or

 

		8.2.3	any agreement or instrument binding upon the Company or any of its assets to the extent such conflict
might reasonably be expected to have a material adverse effect.

 

		8.3	Power and authority

		8.3.1	It has the power to enter into, perform and deliver, and has taken all necessary action to authorise its
entry into, performance and delivery of, this Instrument.

 

		8.3.2	It has duly authorised and approved the terms of this Instrument and the issuance of this Instrument,
in each case in accordance with the provisions of the law and its constitutional documents.

 

		8.4	Validity and admissibility in evidence

All Authorisations required or desirable:

 

		8.4.1	to enable it lawfully to enter into, exercise its rights and comply with its obligations; and

 

		8.4.2	to make the documents to which it is a party admissible in evidence in its jurisdiction of incorporation,

 

have been obtained or effected and are
in full force and effect.

 

		9.	INDEMNITY AND TAX GROSS UP

 

		9.1	The Company shall indemnify and hold harmless the Holder from and against and in respect of all losses
suffered or incurred by the Holder and any reduction in the value of the Notes held by the Holder, arising out of or in connection with
tax, stamp duty, registration fees or other similar costs.

 

		9.2	All amounts set out, or expressed to be payable under this
Instrument shall be deemed to be exclusive of any VAT or similar service charge (“Charge”) and if any amount is chargeable
on any supply then the Company shall pay to the Holder (in addition to and at the same time as paying the consideration) an amount equal
to the Charge.

 

    - 4 -

     

    

 

		10.	U.S. SECURITIES ACT OF 1933

 

		10.1	The Company nor any of its affiliates nor any person acting on behalf of any of them has engaged or will
engage in any directed selling efforts (as such term is defined in Regulation S promulgated under the United States Securities Act of
1933, as amended (the “Securities Act”)) with respect to the Notes.

 

		10.2	The Company nor any of its affiliates nor any person acting on behalf of any of them has made offers or
sales of securities under circumstances that would require registration of the Notes under the Securities Act.

 

		11.	HOLDER LIABILITIES

 

This Instrument does not confer upon the Holder any liabilities
as a shareholder prior to the conversion of the Note.

 

		12.	HOLDER OPTION

 

The Holder, in its sole discretion, can transfer the Note
to a member of the Group and the Company will undertake any action requested to effect the transfer.

 

		13.	COSTS AND EXPENSES

 

Except as provided otherwise in this Instrument, each Party
shall pay the costs and expenses incurred by it in connection with this Instrument.

 

		14.	COMMUNICATIONS

 

		14.1	Communications under this Instrument shall be in English in writing and delivered (i) by hand or sent
by recorded delivery post (or airmail, if the destination is outside the country of origin) to its registered address or (ii) by email
as set out below:

 

	Holder
	Email address:minglis@tekcapital.com
	Company
	Email address:info@lucyd.co

 

		14.2	No press releases or any other forms of communication to third parties, which mention both Parties, shall
be released without the prior written consent and approval of the Holder.

 

		15.	ENTIRE AGREEMENT

 

		15.1	This Instrument constitutes the entire agreement between the Parties and supersedes and extinguishes all
previous drafts, agreements, arrangements and understandings between them, whether written or oral, relating to its subject matter.

 

		15.2	Each Party acknowledges that in entering into this Instrument it does not rely on, and shall have no remedies
in respect of, any representation or warranty (whether made innocently or negligently) that is not set out in this Instrument. No Party
shall have any claim for innocent or negligent misrepresentation based upon any statement in this Instrument.

 

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		15.3	Nothing in this Clause shall limit or exclude any liability for fraud.

 

		16.	VARIATION

 

No variation, amendment or modification
of this Instrument shall be effective unless it is in writing and signed by or on behalf of each Party.

 

		17.	ASSIGNMENT

 

The Company may not assign or transfer
its rights and/or obligations under this Instrument without the prior written consent from the Holder.

 

		18.	NO WAIVER

 

No failure or delay by a Party to exercise
any right or remedy provided under this Instrument or by law shall constitute a waiver of that or any other right or remedy, nor shall
it preclude or restrict the further exercise of that or any other right or remedy. No single or partial exercise of such right or remedy
shall preclude or restrict the further exercise of that or any other right or remedy.

 

		19.	RIGHTS AND REMEDIES

 

Except as expressly provided in this
Instrument, the rights and remedies provided under this Instrument are in addition to, and not exclusive of, any rights or remedies provided
by law.

 

		20.	SEVERANCE

 

		20.1	If any court or competent authority finds that any provision of this Instrument (or part of any provision)
is invalid, illegal or unenforceable, that provision or part-provision shall, to the extent required, be deemed to be deleted, and the
validity and enforceability of the other provisions of this Instrument shall not be affected.

 

		20.2	If any invalid, unenforceable or illegal provision of this Instrument would be valid, enforceable and
legal if some part of it were deleted, the provision shall apply with the minimum modification necessary to make it legal, valid and enforceable.

 

		21.	ARBITRATION

 

Any dispute arising from or in connection
with this Instrument (including a dispute relating to the existence, exercise, validity or termination of this Instrument or the consequences
of its nullity or any non-contractual obligation arising out or in connection with this Instrument) shall be referred to and finally resolved
by arbitration under the Arbitration Rules of the London Court of International Arbitration (LCIA) by a sole arbitrator with the seat
of arbitration in London under the English language.

 

		22.	GOVERNING LAW

 

This Instrument and any non-contractual
obligations arising out of or in connection with it shall be governed by and construed in accordance with English Law.

 

    - 6 -

     

    

 

EXECUTED

 

	SIGNED as a DEED	 
	By INNOVATIVE EYEWEAR INC	 
	 	/s/ Harrison Gross

 

	Witness:	/s/ Konrad Dabrowski	 
	Name:	Konrad Dabrowski	 

 

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SCHEDULE 1

 

Certificate

 

INNOVATIVE EYEWEAR
INC (THE “COMPANY”)

 

USD $[●] UNSECURED CONVERTIBLE LOAN NOTES

 

Certificate No ............................

Amount USD $ ...................

 

Issued pursuant to the By Laws of the Company.

 

Dated [●]

 

THIS IS TO CERTIFY THAT [●]
of [●] is/are the registered holder(s) of USD $[●] of the USD $[●] Convertible Loan Notes (the “Loan Notes”)
constituted by an Instrument entered into by the Company on [●] (the “Instrument”) and issued with the benefit of,
and subject to the provisions contained in the Instrument.

 

Where the context permits, terms defined
in the Instrument shall have the same meaning when used in this Certificate.

 

This Certificate has been executed as a deed and delivered
on the date set out above.

  

	
    SIGNED as a DEED

    By INNOVATIVE EYEWEAR INC
	 	 
	 	 	 

 

	Witness:	 	 
	Name:	 	 
	Address:	 	 
	Occupation:	 	 

 

    - 8 -

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