Document:

Exhibit 10.11

 

EQUITY SUBSCRIPTION AGREEMENT

 

This Equity Subscription
Agreement (this “Agreement”) is made by and between the undersigned investor (the “Investor”)
and Clip Interactive, LLC, a Colorado limited liability company (“Clip” or the “Company”).

 

SUBSCRIPTION AGREEMENT

 

1.Subscription; Corporate Conversion;
Payment of Purchase Price.

 

Subject to the terms
and conditions hereinafter set forth in this Agreement, the Investor hereby irrevocably agrees to purchase the number of Series
1 Common Shares at the purchase price per Series 1 Common Share as set forth on Investor’s signature page hereto. Such subscription
shall become effective immediately prior to the corporate conversion (the “Corporate Conversion”) of
the Company into Auddia Inc., a Delaware corporation (the “Corporation”).

 

Upon the effectiveness
of the Corporate Conversion, the Series 1 Common Shares subscribed for shall (pursuant to the terms of the Corporate Conversion)
be automatically converted into and exchanged for 1,000,000 newly issued shares of the Corporation’s Common Stock.

 

The purchase price
of $4,000,000 shall be paid by the Investor in the form of any legally valid consideration mutually acceptable to the parties,
including payments made by Investor in order to reduce outstanding indebtedness of the Company.

 

2.Representations
and Warranties of the Investor.

 

The Investor, in order
to induce Clip to accept the Investor’s offer to purchase Series 1 Common Shares, hereby represents and warrants to Clip
as follows:

 

		(a)	Investor Bears Economic Risk. The Investor has substantial experience in evaluating and
investing in private placement transactions of securities in companies similar to Clip so that it is capable of evaluating the
merits and risks of its investment in Clip and has the capacity to protect its own interests. The Investor can bear the economic
risk of this investment indefinitely unless the Series 1 Common Shares are registered pursuant to the Securities Act of 1933 (the
“Securities Act”), or an exemption from registration is available.

 

		(b)	No Representations. The Investor acknowledges and agrees that Clip has not made any other
representations or warranties to the Investor with respect to Clip except as contained in this Agreement and has not provided any
investment advice to Investor.

 

		(c)	Acquisition for Own Account.  The Investor is acquiring the Series 1 Common Shares for the
Investor’s own account for investment only, and not with a view towards their distribution. The Investor will not dispose
of all or any part of the Series 1 Common Shares except in compliance with all applicable securities laws and with the terms and
conditions of the LLC Agreement and this Agreement.

 

		(d)	No Need for Liquidity. The Investor represents that the Investor (i) has adequate means
of providing for the Investor’s current financial needs and possible contingencies, and has no need for liquidity of an investment
in the Series 1 Common Shares; (ii) can (A) afford to hold the Series 1 Common Shares for an indefinite period of time and (B)
sustain a complete loss of the entire amount of the investment in the Series 1 Common Shares; and (iii) has not made an overall
commitment to unmarketable or illiquid investments that are disproportionate so as to cause the Investor’s overall financial
commitment to become excessive.

 

		(e)	Company Information. The Investor has had an opportunity to discuss Clip’s business,
management and financial affairs with directors, officers and management of Clip and has had the opportunity to review Clip’s
operations and facilities. The Investor has also had the opportunity to ask questions of and receive answers from, Clip and its
management regarding the terms and conditions of this investment.

 

 

 

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		(f)	Private Placement. The Investor acknowledges that the Series 1 Common Shares have not been
registered under the Securities Act or under any state securities law, in reliance on an exemption therefrom. The Investor further
understands that the Investor is purchasing the Series 1 Common Shares without being furnished any prospectus setting forth all
of the information that would be required in connection with a registered securities offering. The Investor acknowledges that this
offering has not been passed upon or the merits thereof endorsed or approved by any state or federal securities regulators. Any
representation to the contrary is a criminal offense.

		(g)	Rule 144. The Investor acknowledges and agrees that the Series 1 Common Shares are “restricted
securities” as defined in Rule 144 promulgated under the Securities Act as in effect from time to time and must be held indefinitely
unless they are subsequently registered under the Securities Act or an exemption from such registration is available. The Investor
has been advised or is aware of the provisions of Rule 144, which permits limited resale of shares purchased in a private placement
subject to the satisfaction of certain conditions, including, among other things: the availability of certain current public information
about Clip and the resale occurring following the required holding period under Rule 144.

 

		(h)	Residence.  The Investor resides in the State of Colorado.

 

		(i)	Transfer Restrictions. The Investor will not sell, transfer, pledge or otherwise dispose
of or encumber all or any part of the Series 1 Common Shares except pursuant to the rules and regulations under applicable securities
laws and pursuant to the terms of the LLC Agreement. Prior to any such sale, transfer, pledge, disposition or encumbrance, the
Investor will furnish Clip with an opinion of counsel satisfactory to Clip in form and substance that registration under applicable
securities laws is not required.

 

		(j)	Accredited Investor. The Investor represents and warrants to Clip that the Investor is an
“accredited investor” within the meaning of Rule 501 of Regulation D promulgated under the Securities Act.

 

		(k)	The Investor hereby agrees that, in the event Clip issues certificates evidencing the Series 1
Common Shares, Clip may insert the following or similar legend on such certificates:

 

“THESE
SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR APPLICABLE STATE LAW, AND NO INTEREST THEREIN MAY BE SOLD,
DISTRIBUTED, ASSIGNED, OFFERED, PLEDGED OR OTHERWISE TRANSFERRED UNLESS (1) THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER
SUCH ACT AND APPLICABLE STATE SECURITIES LAWS COVERING ANY SUCH TRANSACTION INVOLVING SAID SECURITIES OR (2) THE ISSUER RECEIVES
AN OPINION OF LEGAL COUNSEL FOR THE HOLDER OF THESE SECURITIES SATISFACTORY TO THE ISSUER STATING THAT SUCH TRANSACTION IS EXEMPT
FROM REGISTRATION OR THE ISSUER OTHERWISE SATISFIES ITSELF THAT SUCH TRANSACTION IS EXEMPT FROM REGISTRATION. IN ADDITION, THESE
SECURITIES MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE PROVISIONS OF THE ISSUER’S LIMITED LIABILITY COMPANY AGREEMENT.”

 

The Investor also authorizes
Clip to place upon any certificates evidencing the Series 1 Common Shares any restrictive legends required by applicable securities
laws.

 

The Investor certifies
that each of the foregoing representations and warranties set forth in subsections (a) through (k) of this Section
3 is true as of the date executed and delivered by the Investor and as of acceptance of the subscription by Clip, and acknowledges
that, to the extent Clip deems reasonable, it will rely on such representations and warranties in determining the Investor’s
eligibility to acquire Series 1 Common Shares and in perfecting its exemptions from registration and qualification of the Series
1 Common Shares under applicable securities laws. The Investor will immediately contact Clip if any of the foregoing representations
and warranties in this Section 3 ceases to be true in all respects.

 

3.Miscellaneous.

 

		(a)	All notices or other communications given or made hereunder shall be in writing and shall be mailed
by registered or certified mail, return receipt requested, postage prepaid, to the Investor at the address set forth below the
Investor’s signature, and to:

 

Clip Interactive, LLC

Attn: Michael Lawless, Chief Executive Officer

3100 Carbon Place

Suite 102

Boulder CO 80301

 

 

 

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		(b)	This Agreement constitutes the entire agreement among the parties hereto with respect to the subject
matter hereof and may be amended only by a writing executed by Clip and the Investor. This Agreement supersedes all prior or contemporaneous
communications, representations, or agreements, verbal or written, among the parties, relating to the subject matter of this Agreement.

 

		(c)	The provisions of this Agreement shall survive the execution hereof.

 

		(d)	The parties to this Agreement hereby expressly acknowledge and agree that time is of the essence
for each and every provision of this Agreement.

 

		(e)	Except as otherwise provided herein, this Agreement shall bind and inure to the benefit of and
be enforceable by the Investor, Clip and their respective successors and assigns (including subsequent holders of the Series 1
Common Shares); provided that the rights and obligations of an Investor under this Agreement shall not be assignable except
in connection with a transfer of Series 1 Common Shares.

 

		(f)	This Agreement may be executed in any number of counterparts, all of which when taken together
shall constitute one Subscription Agreement binding on all parties, notwithstanding that all parties are not signatories to the
same counterpart.

 

4.Governing Law; Exclusive Venue.

 

This Agreement and
all disputes arising out of or relating hereto will be governed by and construed in accordance with the laws of the State of Colorado,
without reference to any conflict of laws provisions that would cause the applications of the laws of any other jurisdiction. THE
PARTIES AGREE THAT ANY ACTION BROUGHT BY EITHER PARTY UNDER OR IN RELATION TO THIS AGREEMENT, INCLUDING WITHOUT LIMITATION ALL
DISPUTES ARISING OUT OF OR RELATING TO THIS AGREEMENT, WILL BE BROUGHT EXCLUSIVELY IN A STATE OR FEDERAL COURT LOCATED IN DENVER,
COLORADO. EACH PARTY IRREVOCABLY AGREES TO AND SUBMITS TO THE JURISDICTION AND VENUE OF ANY SUCH COURT AND WAIVES ANY OBJECTION
TO VENUE LAID THEREIN, INCLUDING ANY OBJECTION BASED ON AN ASSERTION OF INCONVENIENCE OF SUCH FORUM OR FORUM NON CONVENIENS.

 

5.Certification.

 

The Investor certifies
that the Investor has read this entire Agreement and that every statement on the Investor’s part made and set forth herein
is true and complete.

 

The Investor has executed
this Agreement to be effective on the date executed and delivered by Clip.

 

[INTENTIONALLY LEFT BLANK – SIGNATURE
PAGE FOLLOWS]

 

INVESTOR:

 

 

		Signature:	_________________________________	(Signature of individual Investor or authorized representative of entity Investor)

 

Printed Name:Jeffrey Thramann

 

Aggregate Price of Series 1 Common Shares subscribed for: $4,000,000

 

Aggregate Number of Series 1 Common Shares subscribed for: 452,523,282[1]

 

Date Executed: October __, 2020

 

 

 

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RECEIVED AND ACCEPTED:

 

 

CLIP INTERACTIVE, LLC

 

 

By:/s/ Michael Lawless

Michael Lawless

CEO

 

Date of Acceptance: October __, 2020

 

[1]
The number of LLC Series 1 Common Shares subscribed for and the price per share have been calculated in order to result in the
Investor (upon completion of the Corporate Conversion and the Corporation’s initial public offering) receiving 1,000,000
Auddia Inc. common shares, after giving effect to the reverse stock split factor (452.523282-to-1) contained in the Corporate Conversion
plan.

 

 

 

 

 

 

    	 	4Exhibit 10.14

 

AMENDMENT

 

TO

2020A SERIES

OF

BRIDGE PROMISSORY NOTES

OF

CLIP
INTERACTIVE, LLC

 

October 16, 2020

 

Reference
is made to that 2020A Series of bridge promissory notes (the “Notes”) issued by Clip
Interactive, LLC, a Colorado limited liability company (the “Company”) in a series of multiple
closings to certain persons and entities (collectively, the “Holders”).

 

A.       The
Company and the Holders desire to amend the Notes as set forth below.

 

B.       Any
terms of the Notes may be amended or waived with the written consent of the Company and the Holders of a majority of the outstanding
principal amount of the Notes (the “Majority Holders”) if such amendment or waiver applies to all Holders
of the Notes in the same fashion.

 

C.       Capitalized
terms not otherwise defined herein shall have the meanings ascribed thereto in the Notes.

 

The
Notes are hereby amended as follows:

 

1.       A
new Section 2(f) is hereby added to read as follows:

 

“(f)Automatic
Conversion upon Initial Public Offering. In the event that Auddia Inc. (“Auddia”), the successor entity of the
Company via a corporate conversion, issues and sells securities in a Qualifying IPO (as defined below), then (i) the outstanding
principal balance of this Note and any unpaid accrued interest shall automatically convert (without any further action by the parties)
into shares of Auddia common stock, and (ii) the provisions of Section 2(b) of this Note will not apply to the Qualifying IPO.
The conversion price shall be the per common share initial public offering price (before underwriting discounts and commissions)
set forth in the final prospectus for the Qualifying IPO. “Qualifying IPO” shall mean a registered initial public offering
by Auddia of its securities which (i) results in gross proceeds to Auddia of at least $4.0 million (before underwriting discounts
and commissions), and (ii) becomes effective on or before December 31, 2020. In the event that the Auddia securities sold in a
Qualifying IPO include warrants in addition to common shares, the conversion price hereunder shall be calculated without regard
to any offered warrants (as determined by the Company in good faith). By way of illustration, the Company’s current SEC filing
for its initial public offering provides for the offering of one unit (consisting of one common share and one common warrant) at
a public offering price of $4.125 per unit. In such circumstance, the Company would determine that the conversion price would be
$4.00 per common share. In the event of an automatic conversion of the Notes in connection with a Qualifying IPO, the Company shall
have the option to pay up to a maximum of 30 days of accrued interest on the Notes in cash (rather than having such accrued interest
converted into shares of Auddia common stock.”

 

2.       Except
as amended herein, all terms and conditions of the Notes shall remain the same and in full force and effect. This Amendment shall
become effective when executed and delivered by the Company and the Majority Holders.

 

3.       This
Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic
signature complying with the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act or other applicable law) or other
transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective
for all purposes.

 

 

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The
parties have executed this Amendment to Bridge Promissory Note as of the date
first noted above.

 

	 	COMPANY:
	 	 
	
         

        
	Clip Interactive, LLC
	 	 
	 	By:	 
	 	 	 
	 	 	Name:	Michael Lawless
	 	 	Title:	Chief Executive Officer
	 	 	 

 

 

 

 

 

 

 

Signature
Page for Amendment to Bridge Promissory Note

 

 

 

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The
parties have executed this Amendment to Bridge Promissory Note as of the date
first noted above.

 

	 	HOLDER (if an entity):
	 	 
	Name of Holder:  	 
	 	 
	 	By:	 
	 	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 

 

	 	HOLDER (if an individual):
	 	 
	Name of Holder: 	 
	 	 
	 	 
	Signature:  	 
	 	 
	 	 	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Signature
Page for Amendment to Bridge Promissory Note

 

 

 

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