Document:

Exhibit
10.6

 

INVESTMENT
AGREEMENT

 

This
Investment Agreement (this “Agreement”), dated as of September 6, 2022, is by and among (i) EF Hutton Acquisition
Corporation I, a Delaware Corporation (the “SPAC”), (ii) EF Hutton Partners, LLC, a Delaware limited liability company,
(the “Sponsor”), SHR Ventures, LLC (“SHR Ventures”), Paul Hodge, Jr., and Kevin M. Bush (together
with the Sponsor, the “Transferors”) and (iii) [●] (the “Investor”).

 

WHEREAS,
in connection with the initial public offering (the “IPO”) of 10,000,000 units of the SPAC, the Investor has expressed
an interest in acquiring up to 9.9% of the units offered in the IPO, or 990,000 units (with each such unit comprised of one share of
common stock, par value $0.0001 per share, of the SPAC (the “Common Stock”), one redeemable warrant entitling the
holder thereof to purchase one share of Common Stock (the “Warrants”), and one right to receive one-eighth (1/8) of
one share of Common Stock upon consummation of SPAC’s initial business combination (the “Rights”), which shall
not exceed 9.9% of the number of such units and/or the number of Common Stock underlying the units to be offered (excluding the over-allotment
option) (the “IPO Indication”), at a price of $10.00 per unit. Following the IPO, the SPAC’s Trust Account (as
defined below) shall be overfunded by at least 1%, or $0.10 per share.

 

WHEREAS,
the parties wish to enter into this Agreement pursuant to which the Investor will purchase from the Transferors shares of Common Stock
of the SPAC that the Transferors initially purchased from the SPAC pursuant to a Subscription Agreement dated March 4, 2021 (the “Founder
Shares”), pursuant to the same terms and conditions, as set out in the Registration Statement (as defined herein), at the same
price paid by the Transferors, or approximately $0.009 per Founder Share.

 

NOW,
THEREFORE, the parties hereby agree as follows:

 

	1.	Sale
                                            and Purchase. 

 

	(a)	In
                                            connection with the IPO Indication, and subject to the satisfaction of the conditions set
                                            forth in Section 1(b), the Transferors hereby agree to sell to the Investor 75,000 Founder
                                            Shares (such shares, the “Transferred Shares”) for an aggregate purchase
                                            price of $675 ($0.009 per share) (the “Transfer Price”) on the date of
                                            the closing of the IPO, free and clear of all liens, pledges, security interests, claims,
                                            options, proxies, voting agreements, charges or encumbrances of any kind (collectively, “Encumbrances”)
                                            affecting the Transferred Shares, other than any restrictions on transfer that may be imposed
                                            under applicable securities laws, and the Investor hereby agrees to purchase the Transferred
                                            Shares (the “Transfer”). The allocations of the Transferred Shares between
                                            the Transferors at the Transfer Price are set out in Schedule A attached hereto. Concurrently
                                            with the Transfer, in consideration for the transfer of the Transferred Shares, the Investor
                                            shall pay the Transfer Price to the Transferors in immediately available funds to an account
                                            designated by the Transferors in writing at least three Business Days prior to the Transfer
                                            upon request by the Transferors or underwriter.

 

	(b)	Subject
                                            to (i) the fulfillment by the Investor (but only to the extent actually allocated to the
                                            Investor by the underwriters) of the IPO Indication (which shall include the acquisition
                                            of 100% of the units of the SPAC allocated to the Investor by the underwriters in the IPO,
                                            which number of allocated units shall not be greater than 9.9% of the units offered in the
                                            IPO (exclusive of any units that may be issued pursuant to the underwriters’ over-allotment
                                            option) or greater than the IPO Indication) and (ii) the Investor’s payment of the
                                            Transfer Price as contemplated by Section 1(a) of this Agreement, the Transfer shall
                                            occur and be effective upon the closing of the IPO, automatically and without any action
                                            of any other party hereto. The parties intend that the purchase of the Transferred Shares
                                            contemplated by this Agreement be treated as a taxable sale and purchase of the Transferred
                                            Shares that is governed by Section 1001 of the Internal Revenue Code of 1986, as amended,
                                            and agree not to take any tax reporting position inconsistent with this agreed tax treatment.
                                            The Transferred Shares shall not be reduced should the Investor be allocated less than the
                                            IPO Indication. The parties hereto acknowledge that in the event the Investor or its affiliates
                                            do not submit the IPO Indication, the Transferors and the SPAC’s only remedy with respect
                                            thereto shall be the forfeiture of the Investor’s Transferred Shares.

 

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	(c)	Notwithstanding
                                            anything to the contrary herein, the number of Transferred Shares shall not be subject to
                                            share price or other vesting triggers, claw-back, cut-back, reduction, mandatory repurchase,
                                            redemption or forfeiture for any reason, including but not limited to (i) transfer by the
                                            Investor or Transferors of the Founder Shares to any person, (ii) downsizing of the IPO,
                                            (iii) failure of the underwriters to exercise their overallotment option in whole or in part,
                                            (iv) concessions or “earn-out” triggers made by the Transferors or any other
                                            holder of Founder Shares in connection with the negotiation of a Business Combination (as
                                            defined below) or otherwise, or (v) any other event or modification, without the Investor’s
                                            prior written consent.

 

	(d)	The
                                            obligations of the Investor hereunder are subject to there being no material change in the
                                            pricing of the IPO or in the structure, terms and conditions in the capital structure of
                                            the SPAC from those set forth in the Registration Statement on Form S-1 filed with the United
                                            States Securities and Exchange Commission on August 18, 2022, as amended from time to time,
                                            or as listed herein (the “Registration Statement”).

 

	(e)	In
                                            the event the IPO does not close by September 15, 2022, this Agreement shall terminate and
                                            be of no further force and effect unless agreed in writing by the parties hereto.

 

	2.	Representations
                                            and Warranties of the SPAC. The SPAC hereby represents and warrants to the Investor,
                                            as of the date hereof and as of the closing date of the IPO, as follows:

 

	(a)	The
                                            SPAC is duly organized and in good standing under the laws of the State of Delaware and has
                                            full power and authority to carry on its business as presently conducted and as proposed
                                            to be conducted and execute and deliver this Agreement, to perform its obligations hereunder
                                            and to consummate the transactions contemplated hereby.

 

	(b)	This
                                            Agreement has been duly and validly executed and delivered by the SPAC and constitutes a
                                            legal, valid and binding obligation of the SPAC enforceable against the SPAC in accordance
                                            with its terms.

 

	(c)	The
                                            execution and delivery of this Agreement, the consummation of the transactions contemplated
                                            hereby and the performance of its obligations hereunder will not conflict with, or result
                                            in any violation of or default under, the SPAC’s organizational documents, any agreement
                                            or other instrument to which the SPAC is a party or by which the SPAC is bound, or any decree,
                                            order, statute, rule or regulation applicable to the SPAC or the Transferred Shares.

 

	(d)	None
                                            of the information conveyed to the Investor in connection with the transactions contemplated
                                            by the Agreement will constitute material non-public information of the SPAC upon the effectiveness
                                            of the Registration Statement.

 

	(e)	No
                                            governmental, administrative or other third-party consents or approvals are required by or
                                            with respect to the SPAC in connection with the execution and delivery of this Agreement
                                            and the consummation of the transactions contemplated hereby.

 

	(f)	To
                                            the best of the SPAC’s knowledge all information contained in the questionnaires (“Questionnaires”)
                                            completed by each of the SPAC’s officers and directors and the Transferors (collectively,
                                            the “Insiders”) and provided to the underwriters and their counsel and
                                            the biographies of the Insiders contained in the Registration Statement and prospectus (to
                                            the extent a biography is contained) is true and correct and the SPAC has not become aware
                                            of any information which would cause the information disclosed in the Questionnaires completed
                                            by each Insider to become inaccurate, incorrect or incomplete. There is no action, suit,
                                            proceeding, inquiry, arbitration, investigation, litigation or governmental proceeding pending,
                                            or to the SPAC’s knowledge, assuming reasonable inquiry, threatened against or involving
                                            the SPAC or, to the SPAC’s knowledge, assuming reasonable inquiry, any Insider or any
                                            stockholder or member of an Insider that has not been disclosed, that is required to be disclosed,
                                            in the Registration Statement, the prospectus or the Questionnaires.

 

	(g)	The
                                            Founder Shares, when issued to the Transferors, were validly issued, fully paid and non-assessable,
                                            free and clear of all liens or other restrictions (other than those arising under applicable
                                            securities laws or as otherwise disclosed in the Registration Statement) and were not issued
                                            in violation of, or subject to, any preemptive or similar rights.

 

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	3.	Representations
                                            and Warranties of the Transferors. Each Transferor hereby represents and warrants and
                                            covenants to the Investor, severally and not jointly with the other Transferors, as of the
                                            date hereof and as of the closing date of the IPO, as follows:

 

	(a)	In
                                            the case of the Sponsor and SHR Ventures, such Transferor is duly formed and validly existing
                                            as a limited liability company in good standing under the laws of the State of Delaware and
                                            has full power and authority to execute and deliver this Agreement, to perform its obligations
                                            hereunder and to consummate the transactions contemplated hereby.

 

	(b)	This
                                            Agreement has been duly and validly executed and delivered by such Transferor and constitutes
                                            a legal, valid and binding obligation of the Transferor enforceable against the Transferor
                                            in accordance with its terms.

 

	(c)	The
                                            execution and delivery of this Agreement, the consummation of the transactions contemplated
                                            hereby and the performance of its obligations hereunder will not conflict with, or result
                                            in any violation of or default under, any of the Sponsor’s or SHR Ventures’ organizational
                                            documents or any agreement or other instrument applicable to the Transferred Shares or to
                                            which any Transferor is a party or by which any Transferor is bound, or any decree, order,
                                            statute, rule or regulation applicable to any Transferor or the Transferred Shares.

 

	(d)	No
                                            governmental, administrative or other third-party consents or approvals are required by or
                                            with respect to the Transferors in connection with the execution and delivery of this Agreement
                                            and the consummation of the transactions contemplated hereby.

 

	(e)	The
                                            terms, rights and conditions set forth in this Agreement are as favorable to the Investor
                                            as the terms, rights and conditions granted to all other investors in connection with expressing
                                            an interest in the IPO or otherwise acquiring Founder Shares in connection with the IPO (each
                                            such other investor, an “Anchor Investor”), provided that the Investor
                                            acknowledges that Founder Shares have been offered to the Transferors and to executive officers,
                                            advisors, directors and director nominees of the SPAC in connection with their service and
                                            the Sponsor expressly reserves the right to issue membership interests in the Sponsor to
                                            executive officers, advisors, directors and director nominees of the SPAC in its sole discretion.
                                            In the case that another Anchor Investor is afforded more favorable terms than the Investor,
                                            the Transferors shall promptly notify the Investor of such more favorable terms, and the
                                            Investor shall have the right to elect to have such more favorable terms, so as to be on
                                            the same terms, in which case the parties hereto shall promptly amend this Agreement to effect
                                            the same. For the avoidance of doubt, if any other Anchor Investor has an ability to purchase
                                            proportionately more Founder Shares relative to its expression of interest in the IPO than
                                            the Investor as set forth herein, then such other Anchor Investor shall be considered to
                                            have more favorable terms than the Investor.

 

	(f)	Such
                                            Transferor is the beneficial owner of the Transferred Shares to be transferred by such Transferor.
                                            Except as described in this Agreement or in the Registration Statement, there is no agreement,
                                            arrangement or understanding with any other person regarding the sale or transfer of the
                                            Transferred Shares, and there exist no Encumbrances affecting the Transferred Shares, other
                                            than any restrictions on transfer that may be imposed by applicable securities laws. Upon
                                            transfer of the Transferred Shares to the Investor in accordance with the terms hereof against
                                            payment of the Transfer Price, the Investor will acquire ownership of the Transferred Shares,
                                            free and clear of all liens, pledges, security interests, claims, options, proxies, voting
                                            agreements, charges or encumbrances of any kind affecting the Transferred Shares, other than
                                            any restrictions on transfer that may be imposed by applicable securities laws. The sale
                                            by the Transferors of the Founder Shares to the Investor will not result in a violation of
                                            Section 5 under the Securities Act of 1933, as amended (the “Securities Act”).

 

	4.	Representations
                                            and Warranties of the Investor. The Investor hereby represents and warrants to the SPAC
                                            and the Transferors, as follows:

 

	(a)	The
                                            Investor has full power and authority to execute and deliver this Agreement and to perform
                                            its obligations hereunder.

 

	(b)	This
                                            Agreement has been duly and validly executed and delivered by the Investor and constitutes
                                            a legal, valid and binding obligation of the Investor enforceable against the Investor in
                                            accordance with its terms.

 

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	(c)	The
                                            execution and delivery of this Agreement, the consummation of the transactions contemplated
                                            hereby and the performance of its obligations hereunder will not materially conflict with,
                                            or result in any material violation of or default under, any of the Investor’s organizational
                                            documents, any agreement or other instrument to which the Investor is a party or by which
                                            the Investor is bound, or any decree, order, statute, rule or regulation applicable to the
                                            Investor.

 

	(d)	The
                                            Investor is (i) a “qualified institutional buyer” as that term is defined under
                                            Rule 144A of the Securities Act or (ii) an “accredited investor” as that term
                                            is defined in Regulation D under the Securities Act.

 

	5.	Additional
                                            Agreements and Acknowledgements of the Parties. 

 

	(a)	The
                                            Investor acknowledges that the SPAC was formed for the purpose of effecting a merger, share
                                            exchange, asset acquisition, share purchase, reorganization or similar business combination
                                            with one or more businesses or entities (a “Business Combination”). The
                                            Investor agrees with the SPAC that if the SPAC seeks shareholder approval of a proposed Business
                                            Combination, then in connection with such proposed Business Combination, the Investor shall
                                            (i) vote all Founder Shares in favor of such proposed Business Combination and (ii) not redeem
                                            any of such Founder Shares owned by it, in connection with such stockholder approval. Notwithstanding
                                            the foregoing, nothing shall prevent the Investor from exercising its redemption rights and
                                            receiving distributions from the Trust Account for any Common Stock it acquires in the IPO
                                            (including the IPO Indication) or in the open market in accordance with the terms and conditions
                                            applicable to the Common Stock and the IPO described in the Registration Statement, or from
                                            voting any such common stock for or against a proposed Business Combination. Without written
                                            consent of the SPAC, the Investor agrees with the SPAC not to transfer, assign or sell any
                                            Transferred Shares or the Common Stock, issuable upon conversion of the Transferred Shares
                                            held by it, until the earlier to occur of: (A) six months after the completion of a Business
                                            Combination and (B) subsequent to a Business Combination, (x) if the reported last sale price
                                            of the Common Stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock
                                            dividends, reorganizations, recapitalizations and the like) for any 20 trading days within
                                            any 30-trading day period commencing at least 150 days after the Business Combination, or
                                            (y) the date on which the SPAC completes a liquidation, merger, capital stock exchange or
                                            other similar transaction that results in all of its stockholders having the right to exchange
                                            their common stock for cash, securities or other property; provided however, that
                                            the Investor shall be permitted to transfer, assign or sell all or a portion of the Transferred
                                            Shares to an affiliate of the Investor, who will be bound by the same terms and conditions
                                            as set forth herein. The Transferred Shares directly or indirectly owned by the Investor
                                            will not be subject to additional lock-ups than detailed in this Section 5(a) or the Registration
                                            Statement. In addition, neither the Transferors nor any other holder of Founder Shares are
                                            being afforded more favorable lockup terms than those detailed in this Section 5(a), and
                                            if the Transferors or any other holders of Founder Shares are given an early release or favorable
                                            modification of such lockup terms, whether in connection with the IPO, a proposed Business
                                            Combination or otherwise, the parties hereto agree that the Investor will receive the same
                                            treatment. For the avoidance of doubt, this Section 5 shall not restrict the Investor from
                                            transferring, assigning, redeeming or selling any Common Stock, warrants, rights or units
                                            acquired in the IPO or in the open market.

 

	(b)	Following
                                            the expiration of the transfer restrictions set forth in Section 5(a), if the Transferred
                                            Shares are eligible to be sold without restriction under, and without the SPAC being in compliance
                                            with the current public information requirements of, Rule 144 under the Securities Act, or
                                            if they have been registered for resale under the Securities Act, the SPAC will use its best
                                            efforts to cause the SPAC’s transfer agent to remove any legend(s) to which the Transferred
                                            Shares are subject, subject to compliance by the Investor with the reasonable and customary
                                            procedures for such removal required by the SPAC or its transfer agent. In connection therewith,
                                            if required by the SPAC’s transfer agent, the SPAC will use its best efforts to promptly
                                            cause an opinion of counsel to the SPAC to be delivered to and maintained with its transfer
                                            agent, together with any other authorizations, certificates and directions required by the
                                            transfer agent that authorize and direct the transfer agent to issue such Transferred Shares
                                            without any such legend(s).

 

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	(c)	The
                                            Investor acknowledges that it is aware the SPAC will establish a trust account (the “Trust
                                            Account”) for the benefit of its public shareholders upon the closing of the IPO.
                                            The Investor agrees with the SPAC that it has no right, title, interest or claim of any kind
                                            in or to any monies held in the Trust Account as a result of any liquidation of the SPAC
                                            with respect to the monies held in the Trust Account in respect of the Transferred Shares;
                                            provided that nothing herein shall limit the Investor’s rights with respect
                                            to the monies held in the Trust Account or any claims thereon in respect of Common Stock
                                            purchased by the Investor in the IPO or in the open market. With respect to the Transferred
                                            Shares, the waiver of claims on the monies held in the Trust Account shall only apply to
                                            a liquidation of the Company prior to the consummation of its initial Business Combination,
                                            and not thereafter. Notwithstanding anything to the contrary contained in this Section 5(c)
                                            or otherwise (i) nothing shall prevent the Investor from redeeming any Common Stock (including
                                            shares included in units) it purchases in the IPO or in the open market following the IPO
                                            (collectively, the “Purchased Public Unit Amount”) and (ii) the Investor
                                            does not waive any right title, interest or claim against the Trust Account (including any
                                            distributions therefrom) arising as a result of, in connection with or relating in any way
                                            to its purchase or ownership of the Purchased Public Unit Amount (including the IPO Indication,
                                            the Common Stock, the warrants and the rights included therein and the Common Stock issuable
                                            upon exercise of such warrants and rights) or any other security of the SPAC acquired in
                                            the open market (“Reserved Claims”) and is not prohibited from seeking
                                            recourse against the Trust Account with respect to any Reserved Claims.

 

	(d)	In
                                            connection with the IPO, the SPAC shall enter into a registration rights agreement (the “Registration
                                            Rights Agreement”) in a form to be agreed by the Transferors, the Investor and
                                            certain other parties thereto and filed as an exhibit to the SPAC’s Registration Statement.
                                            The Registration Rights Agreement shall provide the Investor with registration rights with
                                            respect to the Transferred Shares that are no less favorable to the Investor than the registration
                                            rights of the Transferors set forth therein. The Investor’s rights under the Registration
                                            Rights Agreement may not be subsequently terminated, amended, revised or otherwise modified
                                            without the Investor’s prior written consent.

 

	6.	Miscellaneous.

 

	(a)	Any
                                            notice or communication under this Agreement shall be in writing and given by (i) deposit
                                            in the United States mail, addressed to the party to be notified, postage prepaid and registered
                                            or certified with return receipt requested, (ii) recognized courier or overnight delivery
                                            service providing evidence of delivery, or (iii) transmission by hand delivery, electronic
                                            mail or facsimile, if to the SPAC or the Transferors, to: 24 Shipyard Drive, Suite 102, Hingham,
                                            MA 02043, Attention: Benjamin Piggott, e-mail: ben505@gmail.com; and, if to the Investor,
                                            at the Investor’s address or contact information as set forth on the signature page
                                            attached hereto.

 

	(b)	This
                                            Agreement shall be governed by the internal laws (and not the law of conflicts) of the State
                                            of New York. ANY AND ALL SUITS, LEGAL ACTIONS OR PROCEEDINGS ARISING OUT OF THIS AGREEMENT
                                            SHALL BE BROUGHT SOLELY IN A FEDERAL OR STATE COURT IN THE BOROUGH OF MANHATTAN, NEW YORK,
                                            NEW YORK, AND EACH PARTY HEREBY SUBMITS TO AND ACCEPTS THE EXCLUSIVE JURISDICTION OF ANY
                                            SUCH COURT FOR THE PURPOSE OF SUCH SUITS, LEGAL ACTIONS OR PROCEEDINGS. EACH OF THE PARTIES
                                            HERETO IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY SUIT, ACTION OR OTHER PROCEEDING
                                            INSTITUTED BY OR AGAINST SUCH PARTY IN RESPECT OF ITS OBLIGATIONS HEREUNDER OR THE TRANSACTIONS
                                            CONTEMPLATED HEREBY.

 

	(c)	This
                                            Agreement may not be amended or modified without the prior written consent of the parties
                                            hereto. No waiver of any provision of this Agreement shall be effective unless delivered
                                            in writing, signed by the waiving party.

 

	(d)	The
                                            term “affiliate” or “affiliates” as used herein shall have the meaning
                                            ascribed to such term in Rule 144 promulgated under the Securities Act.

 

	(e)	The
                                            parties hereto agree that irreparable damage may occur in the event any provision of this
                                            Agreement was not performed in accordance with the terms hereof and that the parties shall
                                            be entitled to seek specific performance of the terms hereof, without posting a bond or undertaking
                                            and without proof of damages, in addition to any other remedy at law or equity or otherwise.

 

	(f)	The
                                            rights and obligations under this Agreement may not be assigned by any party hereto without
                                            the prior written consent of the other parties. Notwithstanding the foregoing, the Investor
                                            may assign its rights and obligations under this Agreement to one or more of its affiliates,
                                            to other investment funds or accounts managed or advised by the investment manager who acts
                                            on behalf of the Investor or by an affiliate of such investment manager.

 

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	(g)	From
                                            time to time, at the reasonable request of any of the other parties hereto, each party hereto
                                            shall execute and deliver such additional documents and instruments and take such further
                                            lawful action as may be reasonably necessary to consummate and make effective, in the most
                                            expeditious manner practicable, the transactions contemplated by this Agreement.

 

	(h)	Any
                                            term or provision of this Agreement which is invalid or unenforceable shall be ineffective
                                            to the extent of such invalidity or unenforceability without rendering invalid or unenforceable
                                            the remaining rights of the person intended to be benefited by such provision or any other
                                            provisions of this Agreement.

 

	(i)	This
                                            Agreement may be executed in two or more counterparts, each of which shall constitute an
                                            original, and all of which taken together shall constitute one and the same instrument. Any
                                            signature page delivered by a facsimile machine or electronic mail shall be binding to the
                                            same extent as an original signature page.

 

	(j)	No
                                            person or entity that is not a party hereto shall have any rights or obligations pursuant
                                            to this Agreement. Notwithstanding anything to the contrary in this Agreement, Section 5(a),
                                            Section 5(b) and Section 5(c) shall only be enforceable against the Investor by the SPAC
                                            on its own behalf. For the avoidance of doubt and in accordance with their terms, Section
                                            5(a), Section 5(b) and Section 5(c) are not enforceable by the Transferors.

 

	(k)	Except
                                            as may be required by law, regulation or applicable stock exchange listing requirements or
                                            judicial or administrative order, each of the Transferors and the SPAC hereby agrees not
                                            to disclose (orally or in writing or by any other means) the name or identity of the Investor
                                            or any of the Investor’s affiliates that purchase Transferred Shares or any unit in
                                            the IPO (or any other related identifying information), nor identify the Investor or any
                                            of the Investor’s affiliates as an investor in the SPAC (including, without limitation,
                                            to any potential investors in the Sponsor or the SPAC or any potential Business Combination
                                            target), in each case without the prior written consent of the Investor, subject in any such
                                            case to the Investor’s right to review such disclosure of the Investor’s name
                                            and the SPAC’s and the Sponsor’s obligation to incorporate the Investor’s
                                            reasonable comments thereto.

 

	(l)	Except
                                            as may be required by law, regulation or applicable stock exchange listing requirements or
                                            judicial or administrative order, unless and until the transactions contemplated hereby and
                                            the terms hereof have been publicly announced or otherwise publicly disclosed by the Transferors
                                            , the parties hereto shall keep confidential and shall not publicly disclose the existence
                                            or terms of this Agreement provided, for the avoidance of doubt, that any and all
                                            such disclosures shall remain subject to the terms hereof, including Section 6(k). Notwithstanding
                                            the foregoing, the Investor shall be permitted to disclose any information to its affiliates
                                            and to its and their control persons, officers, directors, employees, advisors, direct or
                                            indirect owners, partners, agents and representatives, in each case so long as such person
                                            or entity has been advised of its obligation to comply with the confidentiality provisions
                                            hereunder, provided, the Investor shall be liable for any breach of such confidentiality
                                            obligations by any such person or entity.

 

[Signature
Pages Follow]

 

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IN
WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first written above.

 

	 	INVESTOR:
	 	 	                                                                    
	 	By:	See
    Exhibit A
	 	Name:	[●]
	 	Title:	[●]
	 	 	 
	 	Address:	[●]
	 	Phone:	[●]
	 	Email:	[●]
	 	 	 
	 	EF
    hutton acquisition corporation i
	 	 	 
	 	By:	/s/
    Benjamin Piggott
	 	Name:	Benjamin
    Piggott
	 	Title:	Chief
    Executive Officer
	 	 	 
	 	EF
    HUTTON PARTNERS, LLC
	 	 	 
	 	By:	/s/
    David Boral
	 	Name:	David
    Boral
	 	Title:	Manager
	 	 	 
	 	SHR
    VENTURES, LLC
	 	 	 
	 	By:	/s/
    Jerelyn C. Creutz
	 	Name:	Jerelyn
    C. Creutz
	 	Title:	Manager
	 	 	 
	 	PAUL
    HODGE, JR.
	 	 	 
	 	By:	/s/
    Paul Hodge, Jr.
	 	Name:	Paul
    Hodge, Jr.
	 	 	 
	 	KEVIN
    M. BUSH
	 	 	 
	 	By:	/s/
    Kevin M. Bush
	 	Name:	Kevin
    M. Bush

 

    	 

     

    

 

Schedule
A

 

9.9
% Investor

 

	Name	 	Shares Transferred to 9.9% Anchor
    Investor	 	 	Transfer Price for 9.9% Investor	 
	EF Hutton Partners, LLC	 	 	64,298	 	 	 	578.68	 
	SHR Ventures, LLC	 	 	7,135	 	 	 	64.22	 
	Paul Hodge, Jr.	 	 	2,378	 	 	 	21.40	 
	Kevin M. Bush	 	 	1,189	 	 	 	10.70	 
	Total	 	 	75,000	 	 	 	675.00	 

 

    	 

     

    

 

EXHIBIT
A

 

Investors
to the Investment Agreement

 

	Name	 	Address	 	Number
                                            of Units

    Indicated
    to be 

    Purchased
    in the IPO
	 	Number
                                            of 

                                            Founder Shares

    to
    be Purchased

	 	 	 	 	 	 	 
	Boothbay
    Fund Management, LLC	 	140
    E 45th Street, 14th Floor, New York, NY 10017	 	990,000
    Units	 	75,000
    shares of Common Stock
	Context
    Partners Master Fund, L.P.	 	7724
    Girard Ave, Third Floor, La Jolla, CA 92037	 	990,000
    Units	 	75,000
    shares of Common Stock
	Kepos
                                            Alpha Master Fund L.P.

                                                          

                                                         Kepos
    Special Opportunities Master Fund L.P.
	 	11
    Times square, 35th Flr, New York NY 10036	 	990,000
    Units	 	75,000
    shares of Common Stock
	The
    Mangrove Partners Master Fund, Ltd.	 	645
    Madison Avenue, 14th Flr, New York, NY 10022	 	990,000
    Units	 	75,000
    shares of Common Stock
	Meteora
    Strategic Capital, LLC	 	840
    Park Dr E, Boca Raton, FL 33432	 	990,000
    Units	 	75,000
    shares of Common Stock
	Oaktree
                                            Fund GP, LLC

     

    Oaktree
    Fund GP I, LP
	 	333
    S. Grand Avenue, 28th Flr, Los Angeles, CA 90071	 	990,000
    Units	 	75,000
    shares of Common Stock
	Polar
    Multi-Strategy Master Fund	 	16
    York Street, Suite 2900, Toronto, ON M5J 0E6	 	990,000
    Units	 	75,000
    shares of Common Stock
	Space
    Summit Opportunity Fund I LP.	 	15455
    Albright Street, Pacific Palisades, CA 90272	 	990,000
    Units	 	75,000
    shares of Common Stock
	Taconic
                                            Opportunity Master Fund L.P.

                                                          

                                                         Taconic
    Master Fund 1.5 L.P
	 	280
    Park Avenue, 5th Flr, New York, NY 10017 	 	990,000
    Units	 	75,000
    shares of Common Stock
	Yakira
    Capital Management, Inc.	 	1555
    Post Road East, STE 202, Westport, CT 06880	 	990,000
    Units	 	75,000
    shares of Common StockExhibit 10.19

 

 

 

FIRST
AMENDMENT TO

EXCLUSIVE LICENSE AGREEMENT

This
FIRST AMENDMENT TO EXCLUSIVE LICENSE AGREEMENT (the “First Amendment”) is made and entered into as of September 2,
2022, by and between the University of Iowa Research Foundation, a nonprofit corporation organized and existing under the laws of the
State of Iowa and having an address at 200 South Capitol Street, 2660 University Capitol Centre, Iowa City, Iowa 52242 (“UIRF”),
and Cardio Diagnostics, Inc., a Delaware corporation, with principal offices at 400 N. Aberdeen St., Suite 900, Chicago IL 60642 (“Licensee”).
Capitalized terms used but not defined in this First Amendment shall have the meanings given to such terms in that certain Exclusive
License Agreement effective as of May 2, 2017 (the “License Agreement”), by and between UIRF and Licensee.

A.       UIRF
and Cardio Diagnostics, LLC, an Iowa limited liability company (“CDLLC”), have previously entered into the License
Agreement, pursuant to which UIRF granted a license under its rights in the Invention on the terms and subject to the conditions set
forth therein.

B.       CDLLC
is a wholly owned subsidiary of Licensee and contributed and assigned its rights under this Agreement to Licensee. In connection therewith,
UIRF provided written acknowledgement of such contribution and assignment from CDLLC to Licensee. 

B.       UIRF
and Licensee desire to amend the License Agreement to modify certain financial terms set forth therein. 

NOW,
THEREFORE, in consideration of the premises and of the mutual agreements, representations, warranties, provisions and covenants herein
contained, the parties hereto, each intending to be bound hereby, agree as follows:

1.                 
Section 3.1. Section 3.1 of the License Agreement is hereby amended and restated in its entirety as follows, provided that
such amendment and restatement is contingent on the conditions to Closing under the Merger Agreement (as such terms are defined in Section
3.1 of the License Agreement, as amended and restated) having been satisfied or waived:

3.1       Contractual
Obligation in Lieu of License Fee.

(a)       Upon
the consummation of the business combination transaction (the “Closing”) pursuant to that certain Merger Agreement
and Plan of Reorganization, dated as of May 27, 2022 (the “Merger Agreement”), by and among Licensee, Mana Capital
Acquisition Corp. (“Mana”), Meeshanthini (Meesha) Dogan, PhD (as the Shareholders’ Representative) and Mana
Merger Sub Inc., Licensee shall cause Mana to issue to UIRF that number of shares of Mana common stock (the “Shares”)
equal to one percent (1%) of the Aggregate Closing Merger Consideration (as defined in the Merger Agreement).

(b)       In
addition to the Shares to be issued to UIRF under Section 3.1 (a), to the extent that there are any Stockholder Earnout Shares issued
under

Section
3.7 of the Merger Agreement, Licensee shall cause Mana to issue to UIRF at the time of each issuance of Stockholder Earnout Shares additional
Shares equal to one percent (1%) of the number of Stockholder Earnout Shares being issued at each such time under Section 3.7 of the
Merger Agreement.

 

    	 

    	 

    

 

2.                 
Confirmation and Acknowledgements. 

(a)       UIRF
hereby confirms that, as of the effective date of the First Amendment, all of Licensee’s rights under the License Agreement, including
the license granted to Licensee pursuant to Section 2 of the License Agreement, are valid and enforceable, remain in full force and effect,
and are not subject to any claims of or counterclaims by UIRF that may have arisen.

(b)       UIRF
acknowledges that, to the extent there exists any default by Licensee under the License Agreement, any such default is hereby waived
by UIRF effective immediately prior to the consummation of the Closing. Licensee is in full compliance with the License Agreement, except
for Licensee’s obligations under Section 4.2d and clause d of the Performance Milestones set forth on Exhibit B and except for
Licensee having disclosed and described the financial and other terms of the License Agreement. The License Agreement is hereby amended,
effective immediately prior to the consummation of the Closing, to delete from the License Agreement (i) Section 4.2d in its entirety,
(ii) clause d of the Performance Milestones set forth on Exhibit B of the License Agreement, and (iii) any restriction on Licensee
disclosing or describing the financial and other terms of the License Agreement; provided that such disclosure or describing of the financial
or other terms shall be limited to: 1. current and potential security holders or acquirors of the Licensee (or its business) and its
affiliates (including any new parent entity of the Licensee as a result of consummation of the Merger Agreement) or of Mana, and 2. other
actual or potential strategic relationships of Licensee, such as lenders, landlords, partners, distributors and other participants in
the sales channels of Licensee.

(c)       For
the avoidance of doubt, notwithstanding anything to the contrary in the License Agreement, Licensee and its affiliates (including any
new parent entity of the Licensee as a result of consummation of the Merger Agreement) may disclose and describe the financial and other
terms of the License Agreement in Mana’s or any successor’s filings with the Securities and Exchange Commission.

3.                 
Contribution and Assignment. UIRF hereby confirms its consent to the contribution and assignment of the Agreement by CDLLC
to Licensee. 

4.                 
Governing Law and Venue. This First Amendment shall be governed by the laws of the state of Iowa, without regard to any
choice-of-law provisions that would require the application of the laws of another jurisdiction, and any and all disputes arising hereunder
shall be resolved in the courts of the State of Iowa. Any litigation or arbitration rising out of or relating to this First Amendment
that is not barred by sovereign immunity shall be conducted by a court or tribunal of competent jurisdiction in the state of Iowa. Licensee
agrees to avail itself of such courts. Nothing herein shall be construed as a waiver of sovereign immunity.

5.                 
Counterparts; Electronic Copy. This First Amendment may be executed in counterparts, each of which shall be deemed an original,
but all of which taken together shall constitute one and the same instrument. This First Amendment may be executed and/or delivered by
electronic means (such as DocuSign).

6.                 
No Other Changes. Except as expressly set forth in this First Amendment, all of the terms and conditions of the License
Agreement shall remain in full force and effect.

 

 

[Signatures appear
on the following page.]

 

 

    	2 

    	 

    

IN
WITNESS WHEREOF, this First Amendment has been executed as of the day and year first above written.

	 	UIRF:
	 	UNIVERSITY OF IOWA RESEARCH FOUNDATION

    

    By:/s/ Marie C. Kerbeshian

    Name: Marie C. Kerbeshian, Ph.D.

    Title: Assistant Vice President and Executive Director

     

	 	Licensee:
	 	CARDIO DIAGNOSTICS, INC.

     

    By:/s/ Meesha Dogan

    Name: Meesha Dogan

    Title: Chief Executive Officer

     

     

 

 

 

    	3

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