Document:

Exhibit
10.1

 

SUBSCRIPTION
AGREEMENT

 

Healthcare
Integrated Technologies Inc.

1462
Rudder Lane

Knoxville,
Tn 37919

 

Ladies
and Gentlemen:

 

Subject
to the terms and conditions of this Subscription Agreement (the “Agreement”), undersigned subscriber (hereinafter,
the “Purchaser”) hereby irrevocably subscribes for and agrees to purchase the number of shares of common stock,
par value $0.001 per share (the “Shares”), of Healthcare Integrated Technologies Inc., a Nevada corporation
(the “Company”), on the signature page hereof at a purchase price of $.10 per Share (the “Purchase
Price”).

 

1.
Subscription. Contemporaneously with the execution of this Agreement by the Purchaser, the Purchaser tenders a check or
wire transfer in the amount of the Purchase Price to the Company.

 

2.
Acceptance of Subscription. The Purchaser acknowledges that the Company has the right (in its sole discretion) to accept
or reject this subscription, in whole or in part, for any reason, and that this subscription shall be deemed to be accepted by the Company
only when it is signed on its behalf. The Agreement either will be accepted or rejected, in whole or in part, as promptly as practical
after receipt. Upon rejection of this Agreement for any reason, all items received with this Agreement shall be returned to the Purchaser
without deduction for any fee, commission or expense and without accrued interest with respect to any money received, and this Agreement
shall be deemed to be null and void and of no further force or effect.

 

3.
Representations, Warranties and Covenants of the Purchaser. The Purchaser hereby represents, warrants to, and covenants
with the Company as follows:

 

(a)
The Shares offered hereby are not registered under the Securities Act of 1933, as amended (the “Securities Act”),
or any state securities laws. The Purchaser understands that the offering and sale of the Shares contemplated hereby is intended to be
exempt from registration under the Securities Act, by virtue of Section 4(a)(2) thereof, based, in part, upon the representations, warranties
and agreements of the Purchaser contained in this Agreement.

 

(b)
The Purchaser has not been provided any offering materials in connection with the sale of the Shares other than this Agreement. All documents,
records, and books pertaining to the investment in the Shares been made available for inspection by the Purchaser and the Purchaser’s
attorney, accountant, purchaser representative and/or tax advisor, if any (collectively, the “Advisors”), if
any. The Purchaser and its Advisors, if any, have had a reasonable opportunity to ask questions of and receive answers from a person
or persons acting on behalf of the Company concerning the offering of the Shares and the business, financial condition, and results of
operations of the Company, and all such questions have been answered by representatives of the Company to the full satisfaction of the
Purchaser and its Advisors, if any. In evaluating the suitability of an investment in the Company, the Purchaser has not relied upon
any representation or other information (oral or written) other than as stated herein or as contained in documents so furnished to the
Purchaser or its Advisors, if any, by the Company

 

(c)
Neither the Securities and Exchange Commission (the “SEC”) nor any state securities commission or other regulatory
body has approved the Shares, or passed upon or endorsed the merits of this offering or confirmed the accuracy or determined the adequacy
of this Agreement. Any representation to the contrary is a criminal offense. This Agreement has not been reviewed by any federal, state
or other regulatory authority. The Shares are subject to restrictions on transferability and resale and may not be transferred or resold
except as permitted under the Securities Act, and the applicable state securities laws, pursuant to registration or exemption therefrom.

 

    	1

     

    

 

(d)
The Purchaser is unaware of, is in no way relying on, and did not become aware of the offering of the Shares directly or indirectly through
or as a result of, any form of general solicitation or general advertising including, without limitation, any press release, article,
notice, advertisement or other communication published in any newspaper, magazine or similar media or broadcast over television, radio
or the internet (including without limitation, internet “blogs,” bulletin boards, discussion groups or social networking
sites) in connection with the offering and sale of the Shares and is not subscribing for the Shares and did not become aware of the offering
of the Shares through or as a result of any seminar or meeting to which the Purchaser was invited by, or any solicitation of a subscription
by, a person not previously known to the Purchaser in connection with investments in securities generally.

 

(e)
The Purchaser is not aware of any person and has been advised that no person, will receive from the Company any compensation as a broker,
finder, adviser or in any other capacity in connection with the purchase of the Shares.

 

(f)
The Purchaser, either alone or together with its Advisors, if any, has such knowledge and experience in financial, tax, and business
matters, and, in particular, investments in securities, so as to enable him to utilize the information made available to him in connection
with the offering of the Shares, to evaluate the merits and risks of an investment in the Shares and the Company and to make an informed
investment decision with respect thereto.

 

(g)
The Purchaser acknowledges that (i) the Company is not “current” in its reporting obligations with the SEC, and (ii) that
the Shares will not be available for resale under the provisions of Rule 144 of the Securities Act after the requisite holding period
set forth in such rule until such time, if ever, that the Company files all delinquent reports and other information with the SEC and
is considered “current” in its filing obligations. As a result, the Purchaser may be required to hold the Shares indefinitely.

 

(h)
The Purchaser is not relying on the Company or any of its employees or agents with respect to the legal, tax, economic and related considerations
of an investment in the Shares, and the Purchaser has relied on the advice of, or has consulted with, only its own Advisors, if any.

 

(i)
The Purchaser represents that the Shares are being purchased for the Purchaser’s own account, for investment purposes only and
not with a view for distribution or resale to others. The Purchaser agrees that the Purchaser will not sell or otherwise transfer the
Shares unless the Shares are registered under the Securities Act or unless in the opinion of counsel satisfactory to the Company an exemption
from such registration is available. The Purchaser understands that the Shares have not been registered under the Securities Act by reason
of a claimed exemption under the provisions of the Securities Act which depends, in part, upon the Purchaser’s investment intention.
In this connection, the Purchaser understands that it is the position of the SEC that the statutory basis for such exemption would not
be present if the Purchaser’s representation merely meant that the Purchaser’s present intention was to hold such Shares
for a short period, such as the capital gains period of tax statutes, for a deferred sale or for any other fixed period. The Purchaser
realizes that the SEC might regard a purchase with an intent inconsistent with the Purchaser’s representation to the Company, and
a sale or disposition thereof, as a deferred sale to which the exemption is not available.

 

(j)
The purchase of the Shares represents a high risk capital investment and the Purchaser is able to afford an investment in a speculative
venture having the risks and objectives of the Company. The Purchaser must bear the substantial economic risks of the investment in the
Shares indefinitely because the Shares may be sold, hypothecated or otherwise disposed of unless subsequently registered under the Securities
Act and applicable state securities laws or an exemption from such registration is available. A legend will be placed on the certificate
representing the Shares to the effect that the Shares have not been registered under the Securities Act or applicable state securities
laws and appropriate notations thereof will be made in the Company’s books. Stop transfer instructions will be placed with the
transfer agent of the Shares.

 

(k)
The Purchaser meets the requirements of at least one of the suitability standards for an “accredited investor” as that term
is defined in Regulation D under the Securities Act. The Purchaser satisfies any special suitability or other applicable requirements
of his state of residence and/or the state in which the transaction by which the Shares are purchased occurs.

 

    	2

     

    

 

(l)
The Purchaser represents that the Purchaser has reached the age of 21 and has full power and authority to execute and deliver this Agreement
and all other related agreements or certificates and to carry out the provisions hereof and thereof and the execution and delivery of
this Agreement will not violate or be in conflict with any order, judgment, injunction, agreement or controlling document to which the
Purchaser is a party or by which he is bound.

 

(m)
Any information which the Purchaser has heretofore furnished or is furnishing herewith to the Company is complete and accurate and may
be relied upon by the Company in determining the availability of an exemption from registration under Federal and state securities laws
in connection with the offering and sale of the Shares. The Purchaser further represents and warrants that it will notify and supply
corrective information to the Company immediately upon the occurrence of any change therein occurring prior to the Company’s issuance
of the certificates representing the Shares.

 

(n)
The Purchaser has significant prior investment experience, including investments in non-registered securities. The Purchaser has a sufficient
net worth to sustain a loss of its entire investment in the Company in the event such a loss should occur. The Purchaser’s overall
commitment to investments which are not readily marketable is not excessive in view of the Purchaser’s net worth and financial
circumstances and the purchase of the Shares will not cause such commitment to become excessive. The investment is a suitable one for
the Purchaser.

 

(o)
Within five (5) days after receipt of a request from the Company, the Purchaser will provide such information and deliver such documents
as may reasonably be necessary to comply with any and all laws and ordinances to which the Company is subject.

 

(p)
The Purchaser understands and agrees that all the certificate representing the Shares will contain the following restrictive legend:

 

THESE
SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (“SECURITIES ACT”), OR ANY STATE
SECURITIES LAWS AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED OR DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER
THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS, OR AN OPINION OF COUNSEL SATISFACTORY TO HEALTHCARE INTEGRATED TECHNOLOGIES
INC. THAT AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS IS AVAILABLE.

 

(q)
The Purchaser should check the Office of Foreign Assets Control (“OFAC”) website at <http://www.treas.gov/ofac>
before making the following representations. The Purchaser represents that the amounts invested by him in the Company in this offering
were not and are not directly or indirectly derived from activities that contravene federal, state or international laws and regulations,
including anti-money laundering laws and regulations. Federal regulations and Executive Orders administered by OFAC prohibit, among other
things, the engagement in transactions with, and the provision of services to, certain foreign countries, territories, entities and individuals.
The lists of OFAC prohibited countries, territories, persons and entities can be found on the OFAC website at <http://www.treas.gov/ofac>.
In addition, the programs administered by OFAC (the “OFAC Programs”) prohibit dealing with individuals1
or entities in certain countries regardless of whether such individuals or entities appear on the OFAC lists.

 

(r)
The Purchaser is not an individual named on an OFAC list, or a person prohibited under the OFAC Programs. Please be advised that the
Company may not accept any amounts from a prospective investor if such prospective investor cannot make the representations set forth
in the preceding paragraph. The Purchaser agrees to promptly notify the Company should the Purchaser become aware of any change in the
information set forth in these representations. The Purchaser understands and acknowledges that, by law, the Company may be obligated
to “freeze the account” of the Purchaser, either by prohibiting additional subscriptions from the Purchaser, declining any
redemption requests and/or segregating the assets in the account in compliance with governmental regulations. The Purchaser further acknowledges
that the Company may, by written notice to the Purchaser, suspend the redemption rights, if any, of the Purchaser if the Company reasonably
deems it necessary to do so to comply with anti-money laundering regulations applicable to the Company or any of the Company’s
other service providers. These individuals include specially designated nationals, specially designated narcotics traffickers and other
parties subject to OFAC sanctions and embargo programs.

 

 

1
These individuals include specially designated nationals, specially designated narcotics traffickers and other parties subject
to OFAC sanctions and embargo programs.

 

    	3

     

    

 

(s)
The Purchaser is not senior foreign political figure2, or any immediate family3 member or close associate4
of a senior foreign political figure, as such terms are defined in the footnotes below.

 

(t)
The Purchaser is not subject to any “Bad Actor” disqualifications described in Rule 506(d)(1)(i) to (viii) under the Securities
Act (a “Disqualifying Event”), except for a Disqualifying Event covered by Rule 506(d)(2) or (d)(3).

 

(u)
The Purchaser acknowledges and agrees that the Common Stock is publicly QUOTED on the otcpINK
TIER OF THE OTC MARKETS and that by accepting the Offering Documents the purchaser agrees with the company to maintain in strict confidence
all non-public information, including, but not limited to, the existence of the offering and any other non-public information regarding
the company obtained from the company. The company has caused these materials to be delivered to the purchaser in reliance upon such
agreement AND UPON RULE 100(b)(2)(II) OF REGULATION FD AS PROMULGATED BY THE SEC.

 

The
foregoing representations and warranties are true and accurate as of the date hereof, shall be true and accurate as of the date of delivery
of this Agreement and accompanying documents to the Company and shall survive such delivery. If, in any respect, those representations
and warranties shall not be true and accurate prior to delivery of the payment pursuant to paragraph 1, the undersigned shall immediately
give written notice to the Company specifying which representations and warranties are not true and accurate and the reason therefor.
In addition, the Purchaser agrees to notify the Company immediately in writing if the Purchaser ceases to be an “accredited investor”
within the meaning of Rule 501(a) of Regulation D under the Securities Act. Until the Purchaser provides a notice described in the preceding
two sentences, the Company may rely on the representations, warranties, covenants and agreements contained herein in connection with
any matter related to the Company. Without limiting the generality of the preceding sentence, the Company may assume that all such representations
and warranties are correct in all respects as of the date hereof and may rely on such representations and warranties in determining whether
(i) the Purchaser is suitable as a purchaser of the Shares, (ii) the Shares may be sold to the Purchaser without first registering the
Shares under the Securities Act or any other applicable securities laws, and (iii) the conditions to the acceptance of subscriptions
for Shares have been satisfied.

 

4.
Representations, Warranties and Covenants of the Company. The Company hereby represents, warrants to and covenants with
the Purchaser as follows:

 

(a)
The Company is a corporation duly organized, validly existing and in good standing under the laws of the state of Nevada.

 

(b)
The Company has all power and authority to enter into and perform its obligations under this Agreement and to issue, sell and deliver
the Shares. The execution and delivery of each of the Agreement and the issuance, sale and delivery of the Shares has been duly authorized
by all necessary corporate action. This Agreement has been duly executed and when delivered will constitute upon due execution and delivery,
will constitute, valid and binding obligations of the Company, enforceable against the Company in accordance with its terms except as
enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter
in effect relating to or affecting creditors’ rights generally, including the effect of statutory and other laws regarding fraudulent
conveyances and preferential transfers, and except that no representation is made herein regarding the enforceability of the Company’s
obligations to provide indemnification and contribution remedies under the securities laws and subject to the limitations imposed by
general equitable principles (regardless of whether such enforceability is considered in a proceeding at law or in equity).

 

 

2
                                            A “senior foreign political figure” is defined as a senior official in
                                            the executive, legislative, administrative, military or judicial branches of a foreign government
                                            (whether elected or not), a senior official of a major foreign political party, or a senior
                                            executive of a foreign government owned corporation. In addition, a “senior foreign
                                            political figure” includes any corporation, business or other entity that has been
                                            formed by, or for the benefit of, a senior foreign political figure.

 

3
“Immediate family” of a senior foreign political figure typically includes the figure’s parents, siblings, spouse,
children and in-laws.

 

4
A “close associate” of a senior foreign political figure is a person who is widely and publicly known to maintain an
unusually close relationship with the senior foreign political figure, and includes a person who is in a position to conduct substantial
domestic and international financial transactions on behalf of the senior foreign political figure.

 

    	4

     

    

 

(c)
The Shares will be duly and validly issued, fully paid and non-assessable, and free from all taxes or liens with respect to the issue
thereof and shall not be subject to preemptive rights, rights of first refusal and/or other similar rights of stockholders of the Company
and/or any other person.

 

5.
Indemnification. The Purchaser acknowledges that the Purchaser understands the meaning and legal consequences of the representations,
warranties and covenants in Section 3 hereof and that the Company has relied upon such representations, warranties and covenants,
and the Purchaser hereby agrees to indemnify and hold harmless the Company and its officers, directors, controlling persons, agents and
employees, from and against any and all losses, damages or liabilities due to or arising out of a breach of any representation, warranty
or covenant made by the Purchaser herein. Notwithstanding the foregoing, however, no representation, warranty, covenant, acknowledgment
or agreement made herein by the Purchaser shall in any manner be deemed to constitute a waiver of any rights granted to the Purchaser
under Federal or state securities laws. All representations, warranties and covenants contained in this Agreement and the indemnification
contained in this Section 5 shall survive the acceptance of this subscription.

 

6.
Irrevocability; Binding Effect. The Purchaser hereby acknowledges and agrees that the subscription hereunder is irrevocable
by the Purchaser, except as required by applicable law, and that this Agreement shall survive the death or disability of the Purchaser
and shall be binding upon and inure to the benefit of the parties and their heirs, executors, administrators, successors, legal representatives,
and permitted assigns. If the Purchaser is more than one person, the obligations of the Purchaser hereunder shall be joint and several
and the agreements, representations, warranties, and acknowledgments herein shall be deemed to be made by and be binding upon each such
person and such person’s heirs, executors, administrators, successors, legal representatives, and permitted assigns.

 

7.
Modification. Neither this Agreement nor any provision hereof shall be waived, modified, changed, discharged or terminated
except by an instrument in writing signed by the party against whom any waiver, modification, change, discharge or termination is sought.

 

8.
Notices. All notices, requests, consents and other communications hereunder shall be in writing and shall be deemed to
have been duly made when delivered, or mailed by registered or certified mail, return receipt requested:

 

(a)
If to the Purchaser, to the address set forth on the signature page of this Agreement, or at such other address as the Purchaser may
hereafter have advised the Company by written notification.

 

(b)
If to the Company, to the address set forth on the first page of this Agreement, or at such other address as the Company may hereafter
have advised the Purchaser by written notification.

 

9.
Survival of Representations and Warranties. Each party hereto covenants and agrees that the representations and warranties
of such party contained in this Agreement shall survive the Closing.

 

10.
Entire Agreement. This Agreement contains the entire agreement of the parties with respect to the matters set forth herein
and supersede all prior oral or written agreements and understandings, if any, relating to the subject matter hereof.

 

11.
Assignability. This Agreement is not transferable or assignable by the undersigned or any successor thereto.

 

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12.
Governing Law; Venue; Waiver Of Jury Trial, Etc. This Agreement shall be governed by and construed solely and exclusively
under and pursuant to the laws of the State of Nevada as applied to agreements among Nevada residents entered into and to be performed
entirely within Nevada. Each of the parties hereto expressly and irrevocably (1) agree that any legal suit, action or proceeding arising
out of or relating to this Agreement will be instituted exclusively in the United States District Court for the Eastern District of Tennessee,
(2) waive any objection they may have now or hereafter to the venue of any such suit, action or proceeding, and (3) consent to the in
personam jurisdiction of the United States District Court for the Eastern District of Tennessee in any such suit, action or proceeding.
Each of the parties hereto further agrees to accept and acknowledge service of any and all process which may be served in any such suit,
action or proceeding in the United States District Court for the Eastern District of Tennessee and agree that service of process upon
it mailed by certified mail to its address will be deemed in every respect effective service of process upon it, in any such suit, action
or proceeding. THE PARTIES HERETO AGREE TO WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR
ARISING OUT OF THIS AGREEMENT OR ANY DOCUMENT OR AGREEMENT CONTEMPLATED HEREBY. THE PARTY PREVAILING THEREIN SHALL BE ENTITLED TO PAYMENT
FROM THE OTHER PARTY HERETO OF ALL OF ITS REASONABLE COUNSEL FEES AND DISBURSEMENTS.

 

13.
Further Assurances. Each party hereto shall do and perform or cause to be done and performed all such further acts and
shall execute and deliver all such other agreements, certificates, instruments and documents as any other party hereto reasonably may
request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated
hereby.

 

14.
Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original,
and all of which shall constitute one and the same document. In the event that any signature (including a financing signature page) is
delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid
and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such
facsimile or “pdf” signature page were an original thereof.

 

15.
Use of Pronouns and Defined Terms. All pronouns and any variations thereof used herein shall be deemed to refer to the
masculine, feminine, neuter, singular or plural as the identity of the person or persons referred to may require. All terms not otherwise
defined herein shall have the same meaning as in the Offering Documents.

 

16.
Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof
but shall be interpreted as if it were written so as to be enforceable to the maximum extent permitted by applicable law, and any such
prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
To the extent permitted by applicable law, the parties hereby waive any provision of law which renders any provision hereof prohibited
or unenforceable in any respect.

 

[SIGNATURE
PAGE TO FOLLOW]

 

    	6

     

    

 

IN
WITNESS WHEREOF, the undersigned has executed this Agreement on the date his signature has been subscribed and sworn to below.

 

	No.
    of Shares: _____________________	Purchase
    Price: $_________________________
	 	 	(No.
    of Shares x $.10 per Share)
	 	 	 
	The
    Shares are to be issued in 	 	
	(check
    one box):	 	Print
    Name of Purchaser
	 	 	 
	☐ individual
    name	 	
	 	 	Print
    Name of Joint Purchaser (if applicable)
	☐
    joint tenants with rights of survivorship	 	 
	 	 	
	☐
    tenants in entirety	 	Signature
    of Purchaser
	 	 	 
	☐
    corporation (an officer must sign)	 	
	 	 	Signature
    of Joint Purchaser
	☐
                                            partnership (all general partners must sign)

     

    ☐
     trust

     

    ☐
    limited liability company
	 	 
	 	 	Print
    Name of Trust, Corporation, Partnership, LLC or other Institutional Purchaser
	email
    address: _______________________	 	 
	 	 	 
	fax
    number: _________________________	 	 
	 	By:	
	Subscriber(s)
    address:	 	 
	_________________________________________	Title:	
	_________________________________________	 	 
	 	 	
	Taxpayer
    ID No.: _____________________	 	Name
    of natural person with voting and dispositive control over the Shares being subscribed for

 

Accepted
as of this ________________ day of _______________________, 2020

 

HEALTHCARE
INTEGRATED TECHNOLOGIES INC.

 

By:
_____________________________________________

Scott
M. Boruff, Chief Executive Officer

 

    	7

     

    

 

Annex
1

 

“Bad
Actor” Disqualification

Rules
506(d)(1) and (2) of the Securities Act of 1933

 

(d)
“Bad Actor” disqualification. (1) No exemption under this section shall be available for a sale of securities if the
issuer; any predecessor of the issuer; any affiliated issuer; any director, executive officer, other officer participating in the Offering,
general partner or managing member of the issuer; any beneficial owner of 20% or more of the issuer’s outstanding voting equity
securities, calculated on the basis of voting power; any promoter connected with the issuer in any capacity at the time of such sale;
any investment manager of an issuer that is a pooled investment fund; any person that has been or will be paid (directly or indirectly)
remuneration for solicitation of purchasers in connection with such sale of securities; any general partner or managing member of any
such investment manager or solicitor; or any director, executive officer or other officer participating in the Offering of any such investment
manager or solicitor or general partner or managing member of such investment manager or solicitor:

 

(i)
Has been convicted, within ten years before such sale (or five years, in the case of issuers, their predecessors and affiliated issuers),
of any felony or misdemeanor:

 

	 	(A)	In
  connection with the purchase or sale of any security;

 

	 	(B)	Involving
  the making of any false filing with the Commission; or

 

	 	(C)	Arising
  out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser or paid solicitor
  of purchasers of securities;

 

(ii)
Is subject to any order, judgment or decree of any court of competent jurisdiction, entered within five years before such sale, that,
at the time of such sale, restrains or enjoins such person from engaging or continuing to engage in any conduct or practice:

 

	 	(A)	In connection with the purchase
  or sale of any security;

 

	 	(B)	Involving the making of any
  false filing with the Commission; or

 

	 	(C)	Arising out of the conduct
  of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser or paid solicitor of purchasers
  of securities;

 

(iii)
Is subject to a final order of a state securities commission (or an agency or officer of a state performing like functions); a state
authority that supervises or examines banks, savings associations, or credit unions; a state insurance commission (or an agency or officer
of a state performing like functions); an appropriate federal banking agency; the U.S. Commodity Futures Trading Commission; or the National
Credit Union Administration that:

 

	 	(A)	At the time of such sale,
  bars the person from:

 

(1)
Association with an entity regulated by such commission, authority, agency, or officer;

 

(2)
Engaging in the business of securities, insurance or banking; or

 

(3)
Engaging in savings association or credit union activities; or

 

	 	(B)	Constitutes a final order
  based on a violation of any law or regulation that prohibits fraudulent, manipulative, or deceptive conduct entered within ten years
  before such sale;

 

(iv)
Is subject to an order of the Commission entered pursuant to section 15(b) or 15B(c) of the Securities Exchange Act of 1934 (15 U.S.C.
78 o (b) or 78 o -4(c)) or section 203(e) or (f) of the Investment Advisers Act of 1940 (15 U.S.C. 80b-3(e) or (f)) that,
at the time of such sale:

 

    	 

     

    

 

	 	(A)	Suspends or revokes such
  person’s registration as a broker, dealer, municipal securities dealer or investment adviser;

 

	 	(B)	Places limitations on the
  activities, functions or operations of such person; or

 

	 	(C)	Bars such person from being
  associated with any entity or from participating in the Offering of any penny stock;

 

(v)
Is subject to any order of the Commission entered within five years before such sale that, at the time of such sale, orders the person
to cease and desist from committing or causing a violation or future violation of:

 

	 	(A)	Any scienter-based anti-fraud
  provision of the federal securities laws, including without limitation section 17(a)(1) of the Securities Act of 1933 (15 U.S.C. 77q(a)(1)),
  section 10(b) of the Securities Exchange Act of 1934 (15 U.S.C. 78j(b)) and 17 CFR 240.10b-5, section 15(c)(1) of the Securities Exchange
  Act of 1934 (15 U.S.C. 78 o (c)(1)) and section 206(1) of the Investment Advisers Act of 1940 (15 U.S.C. 80b-6(1)), or any other
  rule or regulation thereunder; or

 

	 	(B)	Section 5 of the Securities
  Act of 1933 (15 U.S.C. 77e).

 

(vi)
Is suspended or expelled from membership in, or suspended or barred from association with a member of, a registered national securities
exchange or a registered national or affiliated securities association for any act or omission to act constituting conduct inconsistent
with just and equitable principles of trade;

 

(vii)
Has filed (as a registrant or issuer), or was or was named as an underwriter in, any registration statement or Regulation A offering
statement filed with the Commission that, within five years before such sale, was the subject of a refusal order, stop order, or order
suspending the Regulation A exemption, or is, at the time of such sale, the subject of an investigation or proceeding to determine whether
a stop order or suspension order should be issued; or

 

(viii)
Is subject to a United States Postal Service false representation order entered within five years before such sale, or is, at the time
of such sale, subject to a temporary restraining order or preliminary injunction with respect to conduct alleged by the United States
Postal Service to constitute a scheme or device for obtaining money or property through the mail by means of false representations.

 

(2)
Paragraph (d)(1) of this section shall not apply:

 

(i)
With respect to any conviction, order, judgment, decree, suspension, expulsion or bar that occurred or was issued before September 23,
2013;

 

(ii)
Upon a showing of good cause and without prejudice to any other action by the Commission, if the Commission determines that it is not
necessary under the circumstances that an exemption be denied;

 

(iii)
If, before the relevant sale, the court or regulatory authority that entered the relevant order, judgment or decree advises in writing
(whether contained in the relevant judgment, order or decree or separately to the Commission or its staff) that disqualification under
paragraph (d)(1) of this section should not arise as a consequence of such order, judgment or decree; or

 

(iv)
If the issuer establishes that it did not know and, in the exercise of reasonable care, could not have known that a disqualification
existed under paragraph (d)(1) of this section.

 

(3)
For purposes of paragraph (d)(1) of this section, events relating to any affiliated issuer that occurred before the affiliation arose
will be not considered disqualifying if the affiliated entity is not:

 

(i)
In control of the issuer; or

 

(ii)
Under common control with the issuer by a third party that was in control of the affiliated entity at the time of such events.

 

    	2EX-10.1

 Exhibit 10.1 
 

 
 August 18, 2021 
 Brian
O’Toole 
 Via email 
 Dear Brian, 

As you know, BlackSky Holdings, Inc. (“BlackSky” or the “Company”) has entered into a merger agreement with Osprey Technology Acquisition
Corp. (“Osprey”) under which the two companies would combine (the “merger”), and the public company parent entity will be branded with the BlackSky name (“New BlackSky Parent”). 

In consideration of the promises and mutual covenants herein and for other good and valuable consideration, you and BlackSky have agreed to modify your
current terms of employment in the manner set forth in this confirmatory employment letter (“Letter”). This Letter is effective as of the date first set forth above (the “Effective Date”) and replaces in its entirety that certain
Executive Employment Agreement entered into as of January 3, 2019 (the “Executive Agreement”), between you and BlackSky (f/k/a Spaceflight Industries, Inc.). 

Positions. You will serve as President and Chief Executive Officer of the Company, reporting directly to the Company’s Board of Directors (the
“Board”). You will also continue to serve as a member of the Board, subject to applicable shareholder approvals. Consistent with your existing employment arrangement, you agree to resign from all Board and officer positions with the
Company and its subsidiaries upon termination of your employment with the Company for any reason. 
 Base Salary. As of the Effective Date, your
annual base salary will increase from $375,000 (the “Existing Base Salary”) to $465,000 (the “New Base Salary”) and will continue to be paid in regular semi-monthly installments, less applicable taxes, deductions and
withholdings. Your base salary will be subject to review and upward (but not downward) adjustment from time to time by the Board or its Compensation Committee (the “Committee”), as applicable, in its sole discretion. 

2021 Incentive Compensation. You are currently eligible to receive an annual bonus for calendar year 2021 based upon the achievement of certain Company
and individual performance objectives that were previously determined by the Company in its discretion after consultation with you, and as to which the Board in its reasonable discretion will determine whether those performance objectives have been
achieved. The Company acknowledges that those performance objectives will remain in effect for calendar year 2021, but that the target bonus amount will be prorated as follows: 

 

	 	•	 	 For the period from January 1, 2021, through the day immediately prior to the Effective Date, your target
bonus will be equal to fifty percent (50%) of your Existing Base Salary; and 

	 	•	 	 For the period from the Effective Date through December 31, 2021, your target bonus will be equal to one
hundred percent (100%) of your New Base Salary. 

 Your 2021 annual bonus (a) will be determined and, to the extent earned, paid on
an annual basis, at the time and manner in which such bonuses are normally paid to employees at your level, but in no event will such payment be made later than March 15, 2022, and (b) remains conditioned upon your continued employment
with the Company through December 31, 2021. 
 Subsequent Incentive Compensation. Commencing with calendar year 2022, you will be eligible to
participate in BlackSky’s new bonus incentive program, with an annual target bonus incentive opportunity not less than one hundred percent (100%) of your annual base salary, it being understood that: 

 

	 	•	 	 the target incentive opportunity will be subject to bonus criteria established by the Board or the Committee, as
applicable, in its sole discretion, which criteria will be memorialized in an annual letter between you and the Company that will be prepared by the Committee as an output of the annual review process and once the annual plan is set;

  

	 	•	 	 any such annual bonus will be determined and, to the extent earned, paid on an annual basis, at the time and in
the manner in which such bonuses are normally paid to employees at your level, which the Company currently anticipates generally will occur on or before March 15th of the year following the year
the applicable annual bonus is earned with the exception of circumstances in which the determination regarding extent of achievement of performance goals may be delayed (for example, due to delays in completion of the Company’s applicable
financial statements on which measurement of such goals depends); 

  

	 	•	 	 bonus eligibility is subject to your continued employment through the date that the bonus is paid to you, and no
prorated or partial bonus will be provided under the bonus incentive program in the event of your earlier separation from employment; 

  

	 	•	 	 the Board or the Committee, as applicable and in its sole discretion, may approve grants of additional
discretionary bonus amounts to you; and 

  

	 	•	 	 no amount of any bonus is guaranteed. 

Merger Bonus. You will be eligible to receive a lump sum payment of $520,000 upon closing of the merger, payable within thirty (30) days following
the date of such closing and contingent on your continued employment through the date of such closing. 
 Existing Long-Term Equity Awards. The
Company acknowledges that the termination of the Executive Agreement and entry into this Letter shall not affect any equity awards granted to you by the Company prior to the Effective Date, all of which shall continue to vest in accordance with
their award terms. 
 New Long-Term Equity Grants. Starting with BlackSky’s 2022 calendar year, you will be eligible to receive equity awards
pursuant to any plans or arrangements New BlackSky Parent may have in effect from time to time (generally, the “Equity Incentive Plan”), subject to the approval of the administrator of the Equity Incentive Plan (the
“Administrator”), which is expected to be the Board 

  
 2 

 
of Directors of New BlackSky Parent or its Compensation Committee. Subject to the next sentence, it is expected that your annual target equity grant will consist of: 

 

	 	•	 	 Restricted stock units (“RSUs”) covering shares of New BlackSky Parent’s common stock
(“Parent common shares”) with an aggregate award value of $937,500 based on the Parent common share price as of the grant date, with a vesting schedule that provides for vesting as to one-fourth of
the RSUs on the first “RSU vesting date” occurring on or after the one-year anniversary of the “vesting commencement date” (each as defined below), and on a quarterly basis thereafter as to
one-sixteenth of the RSUs, in each case subject to your continued service through the applicable vesting date; and 

  

	 	•	 	 an option (“Option”) to purchase twice the number of Parent common shares subject to the RSUs issued on
such grant date, and with a vesting schedule for the Option that provides for vesting as to one-fourth of the shares subject to the Option on the one-year anniversary of
the vesting commencement date, and on a monthly basis thereafter as to one forty-eighth (1/48th) of the shares subject to the Option on the same day of the month as the vesting commencement date
(or the last day of the month, if there is no corresponding day in a given month), in each case subject to your continued service through the applicable vesting date. 

You acknowledge that: 
  

	 	•	 	 the Administrator (of the Equity Incentive Plan, or the administrator of any successor plan, as applicable) will
determine in its sole discretion whether you will be granted any such equity awards and the terms of such equity awards in accordance with the applicable plan or arrangement that may be in effect from time to time; and 

 

	 	•	 	 no annual equity grant is guaranteed. 

For purposes of the RSUs, “RSU vesting date” with respect to any calendar year means March 10, June 10, September 10, and
December 10 unless the Administrator determines otherwise. As is customary, any such RSUs and Option will be subject to separate award agreements under the Equity Incentive Plan, which, along with the Equity Incentive Plan, would set out the
details of the awards, including the vesting schedule. No right to any stock is earned or accrued until such time that any vesting and other applicable conditions are met, nor does the grant confer any right to continue vesting or employment. 

Benefits. As an existing employee, you will continue to remain eligible to participate in the benefit plans and programs established by the Company for
its employees from time to time, subject to their applicable terms and conditions, including without limitation any eligibility requirements. The Company policy and plan documents govern the actual rules of all benefits. We reserve the right to
modify, amend, suspend or terminate the compensation and benefit plans, programs, and arrangements offered to employees at any time. 
 At-Will Employment. This Letter does not imply any right to your continued employment for any period with the Company or any parent, subsidiary, or other affiliate of the Company. Your employment with the
Company is for no specified period and constitutes at will employment. As a result, you are free to resign at any time, for any reason or for no reason. Similarly, the Company is free to conclude its employment relationship with you at any time,
with or without cause, and with or without notice. We request that, in the event of resignation, you give the Company at least ninety (90) days’ advance notice, provided that you and the Company may determine such longer or shorter notice
period as mutually agreed between the parties. 

  
 3 

 Severance. You will be eligible to participate in the Company’s Executive Change in Control and
Severance Plan (the “Severance Plan”) by entering into, concurrently with this Letter, a participation agreement under the Severance Plan applicable to you based on your position within the Company. The actual severance terms are as set
forth in the Severance Plan and your participation agreement thereunder. By way of overview, the following is a brief summary of certain severance provisions you may become entitled to receive under the Severance Plan in your role with the Company:

  

	 	•	 	 certain severance payments and benefits that may be payable in the event of a qualifying involuntary termination
that occurs other than during a specified change in control period including: 

  

	 	•	 	 a severance payment equal to 1.5x of base salary; 

 

	 	•	 	 a pro rata portion of the annual target bonus incentive; 

 

	 	•	 	 health care reimbursement aligned with the severance period; and 

 

	 	•	 	 no vesting acceleration of equity awards. 

 

	 	•	 	 certain enhanced severance payments and benefits in the event of a qualifying involuntary termination that occurs
during the specified change in control period (without duplication to the severance described above) including: 

  

	 	•	 	 a severance payment equal to 2.0x of base salary; 

 

	 	•	 	 a pro rata portion of the annual target bonus incentive; 

 

	 	•	 	 health care reimbursement aligned with the severance period; and 

 

	 	•	 	 double-trigger vesting acceleration of time-based equity awards. 

If any of the summarized terms above conflict with the terms of the Severance Plan and your participation agreement, then the terms of the Severance Plan and
your participation agreement will control. 
 Proprietary Agreement and No Conflict with Prior Agreements. As a BlackSky employee, you will continue
to have access to confidential and/or proprietary information about us, our customers, our ecosystem partners and our other stakeholders. To protect the interests of the Company, you agree to enter into a Proprietary Information and Inventions
Assignment Agreement in substantially the form attached hereto as Exhibit A (the “PIIA”). 
 Protected Activity Not Prohibited.
Notwithstanding any contrary provision of this Letter or the PIIA, nothing in this Letter or the PIIA will prohibit or impede you from engaging in any Protected Activity. For purposes of this Letter, “Protected Activity” will mean
communicating, cooperating or filing a complaint with any U.S. federal, state or local governmental or law enforcement branch, agency or entity, including, but not limited to, the Securities and Exchange Commission, the Equal Employment Opportunity
Commission, the Occupational Safety and Health Administration, and 

  
 4 

 
the National Labor Relations Board (collectively, a “Governmental Entity”) with respect to possible violations of any U.S. federal, state or local law or regulation, or otherwise making
disclosures to any Governmental Entity, in each case, that are protected under the whistleblower provisions of any such law or regulation; provided that, in each case, such communications and disclosures are consistent with applicable law.
Notwithstanding the foregoing, you agree to take all reasonable precautions to prevent any unauthorized use or disclosure of any information that may constitute Company confidential information (as defined in the PIIA or any other agreement between
you and the Company or any parent, subsidiary or other affiliate of the Company relating to the protection of confidential information) in a manner not protected by applicable law (each, a “Confidential Information Agreement”) to any
parties other than the Governmental Entities. You further understand that Protected Activity does not include disclosure of any Company attorney-client privileged communications or attorney work product. Any language in the PIIA or any Confidential
Information Agreement that conflicts with, or is contrary to, this paragraph is superseded by this Letter. You understand and acknowledge that pursuant to the Defend Trade Secrets Act of 2016 (a) an individual will not be held criminally or civilly
liable under any Federal or State trade secret law for the disclosure of a trade secret that is made (i) in confidence to a Federal, state, or local government official or to an attorney solely for the purpose of reporting or investigating a
suspected violation of law, or (ii) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal and (b) an individual who files a lawsuit for retaliation by an employer for reporting a
suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal, and does not
disclose the trade secret, except pursuant to court order. 
 Obligations. During your employment, you shall devote your full business efforts and
time to BlackSky. This obligation shall not preclude you from engaging in appropriate civic, charitable or religious activities (including serving on non-profit boards of directors) or, with the consent of the
Board, from serving on the boards of directors of for profit companies that are not competitors to BlackSky, as long as the activities do not materially interfere or conflict with your responsibilities to or your ability to perform your duties of
employment at BlackSky. Nevertheless, we acknowledge that your current status as a member of the Board of Directors of the companies set forth on Annex A, if any, is expressly permitted by this Letter, so long as such service does not create
competitive or fiduciary conflicts. Any outside activities must be in compliance with and approved if required by BlackSky’s employee conduct rules and corporate governance guidelines as in effect from time to time. As a Company employee, you
will be expected to abide by the Company’s rules and standards. You agree that in the rendering of all services to the Company and in all aspects of employment with the Company, you will comply in all material respects with all lawful
directives, policies, standards and regulations from time to time established by the Company. 

Non-competition. Consistent with the PIIA, you agree that during the term of your employment with us, you will
not engage in or undertake any other employment, occupation, consulting relationship, or commitment that is directly related to the business in which BlackSky is now involved or becomes involved or has plans to become involved, nor will you engage
in any other activities that conflict with your obligations to BlackSky. Notwithstanding the preceding sentence, you may own not more than 1% of the securities of any company whose securities are publicly traded. 

  
 5 

 Taxes. The Company (or its affiliate, as applicable) will have the right and authority to deduct from
any payments or benefits under this Agreement all applicable federal, state, and local taxes or other required withholdings and payroll deductions (“Withholdings”). Prior to the payment of any amounts or provision of any benefits under
this Agreement, the Company (and its affiliate, as applicable) is permitted to deduct or withhold, or require you to remit to the Company, an amount sufficient to satisfy any applicable Withholdings with respect to such payments and benefits.
Neither the Company nor any of its affiliates will have any responsibility, liability or obligation to pay your taxes arising from or relating to any payments or benefits under this Agreement. This Agreement and the terms herein are intended to
comply with or be exempt from the requirements of Section 409A of the Internal Revenue Code of 1986, as amended, and the Treasury Regulations and any formal guidance promulgated thereunder (“Section 409A”), so that none of the
payments and benefits to be provided hereunder will be subject to the additional tax imposed by Section 409A, and any ambiguities or ambiguous terms herein will be interpreted to so comply or be so exempt. In no event will the Company or any of
its affiliates have any responsibility, liability or obligation to reimburse or indemnify you, or hold you harmless, for any tax imposed, or other costs incurred, as a result of Section 409A. 

Indemnification; D&O Insurance. The Company acknowledges that the termination of the Executive Agreement and entry into this Letter shall not
affect that certain Indemnification Agreement previously executed by you and the Company (f/k/a Spaceflight Industries, Inc.), which agreement shall remain in effect in accordance with its terms unless and to the extent superseded by an
indemnification agreement expected to be entered into between you and New BlackSky Parent effective upon the closing of the merger. Further, the Company confirms that you shall remain eligible for coverage under the Company’s existing director
and officer liability insurance policy and any different or supplemental policy as may be entered into by the Company following the merger. 

Attorneys’ Fees. The Company will reimburse you for your reasonable attorneys’ fees incurred in the negotiation, preparation and execution of
this Letter in an amount not to exceed $10,000, which will be paid within thirty (30) days following your submission of proper documentation of the fees to be reimbursed, and in no event later than December 31, 2021. 

Entire Agreement. This Letter and the referenced documents and agreements constitute the entire agreement between you and BlackSky with respect to the
subject matter hereof and supersede any and all prior or contemporaneous oral or written representations, understandings, agreements or communications between you and BlackSky concerning those subject matters, including without limitation the
Executive Agreement. This Letter may be modified only by a written agreement signed by a duly authorized officer of the Company (other than yourself) and you. For purposes of this Letter, references to the Company or BlackSky will include any of its
successors and assigns (including without limitation, upon the closing of the merger, New BlackSky Parent). 
 [remainder of page left
blank intentionally] 

  
 6 

 Offer Acceptance. Please indicate your acceptance of this offer by signing where indicated below and
returning an executed copy to me via email at your earliest convenience. By signing below you agree that your rights and obligations under this Letter shall be governed by the laws of the state of Commonwealth of Virginia, without regard
to its internal conflict of laws rules. 
 Sincerely, 
 Will
Porteous 
 Chairman of the Board 
 BlackSky Holdings, Inc. 

I accept this confirmatory employment letter with BlackSky and agree to the terms and conditions outlined in this confirmatory employment letter. 

 

	
	 /s/ Brian O’Toole

	 Signature

  
 7 

 Exhibit A-1 

Form of Proprietary Information and Invention Assignment Agreement 

[attached] 

  
 8 

 Annex A 

Existing Board of Director Memberships 

  
 9

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