Document:

Exhibit 10.7

 

[●], 2021

 

Ladies and Gentlemen:

 

TechStackery, Inc. (“Corporation”),
a blank check company formed for the purpose of acquiring one or more businesses or entities (a “Business Combination”), intends
to register its securities under the Securities Act of 1933, as amended (“Securities Act”), in connection with its initial
public offering to be lead-managed by A.G.P./Alliance Global Partners (“IPO”). The Corporation currently anticipates selling
units in the IPO, each comprised of one share of common stock, par value $0.0001, of the Corporation (“Common Stock”) and
one-half of one warrant (“Public Warrant”), each whole warrant to purchase one share of Common Stock.

 

The undersigned hereby commits
to purchase an aggregate of 3,279,000 warrants (or up to 3,504,000 warrants if the underwriters’ over-allotment option is exercised
in full) (“Private Warrants”) at $1.00 per Private Warrant, for an aggregate purchase price of $3,279,000 (or up to $3,504,000
if the underwriters’ over-allotment option is exercised in full) (the “Purchase Price”). The Private Warrants will be
identical to the Public Warrants except as described in the Corporation’s Registration Statement on Form S-1 (File No. 333-255595)
filed in connection with the IPO (“Registration Statement”). At least 24 hours prior to the effective date (“Effective
Date”) of the Registration Statement, the undersigned will cause the Purchase Price to be delivered to Loeb & Loeb LLP, counsel
for the Corporation (“Counsel”), by wire transfer as set forth in the instructions attached as Exhibit A hereto to hold in
a non-interest bearing account until the Corporation consummates the IPO. The undersigned agrees that if the size of the IPO is increased
or decreased for any reason, the amount of the undersigned’s investment will be either increased or decreased, as applicable, so
that the undersigned’s percentage of the aggregate investment in Private Warrants made by the undersigned and other investors of
the Corporation remains the same. If the size of the offering is increased, the undersigned agrees that it will deliver the purchase price
for such additional Private Warrants to Counsel as set forth above or as promptly as is reasonably practicable following the increase
if it is on the Effective Date. If the size of the offering is decreased, the unused portion of the Purchase Price shall be returned to
the undersigned.

 

The consummation of the purchase and issuance of
the Private Warrants shall occur simultaneously with the consummation of the IPO. Simultaneously with the consummation of the IPO, Counsel
shall deposit the Purchase Price, without interest or deduction, into the trust fund (“Trust Fund”) established by the Corporation
for the benefit of the Corporation’s public stockholders as described in the Registration Statement. If the Corporation does not
complete the IPO within thirty (30) days from the Effective Date, the Purchase Price (without interest or deduction) will be returned
to the undersigned.

 

Each of the Corporation and the undersigned acknowledges
and agrees that Counsel is serving hereunder solely as a convenience to the parties to facilitate the purchase of the Private Warrants
and Counsel’s sole obligation under this letter agreement is to act with respect to holding and disbursing the Purchase Price for
the Private Warrants as described above. Counsel shall not be liable to the Corporation or the undersigned or any other person or entity
in respect of any act or failure to act hereunder or otherwise in connection with performing its services hereunder unless Counsel has
acted in a manner constituting gross negligence or willful misconduct. The Corporation shall indemnify Counsel against any claim made
against it (including reasonable attorney’s fees) by reason of it acting or failing to act in connection with this letter agreement
except as a result of its gross negligence or willful misconduct. Counsel may rely and shall be protected in acting or refraining from
acting upon any written notice, instruction or request furnished to it hereunder and believed by it to be genuine and to have been signed
or presented by the proper party or parties.

 

The Private Warrants will be identical to the Public
Warrants, except that:

 

	 	●	the Private Warrants will not be transferable by the undersigned until 30 days after the completion of a Business Combination (subject to certain exceptions as described in the Registration Statement and set forth in the warrant agreement governing the Private Warrants);

 

     

     

    

 

	 	●	the Private Warrants will be subject to customary registration rights, pursuant to a registration rights agreement on terms agreed upon by the Corporation and the underwriters to be filed as an exhibit to the Registration Statement; and

 

	 	●	the Private Warrants will include any additional terms or restrictions as is customary in other similarly structured blank check company offerings or as may be reasonably required by the underwriters in order to consummate the IPO, which terms or restrictions will be described in the Registration Statement.

 

The undersigned acknowledges and agrees that it
will execute agreements in form and substance typical for transactions of this nature necessary to effectuate the foregoing agreements
and obligations prior to the consummation of the IPO as are reasonably acceptable to the undersigned, including but not limited to (i)
an insider letter and (ii) a registration rights agreement.

 

The undersigned hereby represents and warrants that,
as applicable:

 

	 	(a)	it has been advised that the Private Warrants have not been registered under the Securities Act;

 

	 	(b)	it is acquiring the Private Warrants (and the underlying securities) for its account for investment purposes only;

 

	 	(c)	it has no present intention of selling or otherwise disposing of the Private Warrants in violation of the Securities Act;

 

	 	(d)	it is an “accredited investor” as defined by Rule 501 of Regulation D promulgated under the Securities Act;

 

	 	(e)	it has had both the opportunity to ask questions and receive answers from the officers and directors of the Corporation and all persons acting on its behalf concerning the terms and conditions of the offer made hereunder;

 

	 	(f)	it is familiar with the proposed business, management, financial condition and affairs of the Corporation;

 

	 	(g)	it has full power, authority and legal capacity to execute and deliver this letter and any documents contemplated herein or needed to consummate the transactions contemplated in this letter; and

 

	 	(h)	this letter constitutes a legal, valid and binding obligation, and is enforceable against it.

 

[signatures follow]

 

     

     

    

 

	 	Very truly yours,
	 	 	 
	 	SHIFTPIXY INVESTMENTS, INC.
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title: 

 

	Accepted and Agreed:	 
	 	 	 
	TECHSTACKERY, INC.	 
	 	 	 
	By:	 	 
	 	Name: Scott W. Absher	 
	 	Title: Chief Executive Officer	 

  

[Signature Page to Subscription Agreement]

 

     

     

    

 

Exhibit A 

 

Wire InstructionsExhibit 10.10

 

FORFEITURE
AGREEMENT

 

This
Forfeiture Agreement (this “Agreement”) is entered into as of August 2, 2021, by and between ShiftPixy Investments, Inc.
(the “Transferor”) and TechStackery, Inc. (the “Transferee”).

RECITALS

 

WHEREAS, the Transferor desires to transfer 2,075,000
shares (the “Shares”) of common stock of the Transferee back to the Transferee.

 

NOW, THEREFORE, the parties hereto, for good and
valuable consideration which each party acknowledges the receipt of, hereby agree as follows:

 

	1.	 	Transfer of the Shares.

 

The Transferor hereby transfers to the Transferee
the Shares, and the Transferee hereby cancels the Shares.

 

	2.	 	Representations and Warranties of the Transferor.

 

The Transferor represents and warrants that it
has full legal capacity and authority to enter into the Agreement and to transfer the Shares to the Transferee hereunder, and is not bound
by any agreement, instrument or governmental order prohibiting such transfer. The Transferor also represents that it is transferring such
interests free and clear of all liens and encumbrances other than those created by the terms of the Transferee’s organizational
documents or imposed by applicable federal and state securities laws.

 

	3.	 	Binding Effect.

 

This Agreement shall be binding upon and inure
to the benefit of the parties hereto and their respective legal representatives, successors and assigns.

 

	4.	 	Entire Agreement.

 

This Agreement constitutes the entire agreement
of the parties hereto.

 

	5.	 	Governing Law.

 

This Agreement shall be governed by the laws of
the State of New York without regard to its conflict of laws principles.

 

	6.	 	Modification.

 

This Agreement may not be amended or supplemented
at any time unless by a writing executed by the parties hereto.

 

	7.	 	Headings.

 

The headings in this Agreement are solely for convenience
or reference and shall not affect its interpretation.

 

	8.	 	Counterparts; Facsimile.

 

This Agreement may be executed in any number of
counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and
the same instrument. This Agreement or any counterpart may be executed via facsimile or other electronic transmission, and any such executed
facsimile or electronic copy shall be treated as an original.

 

 

[The balance of this page is intentionally left
page.]

     

     

    

 

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

 

	 	Transferor:
	 	 	 
	 	ShiftPixy Investments, Inc.
	 	 	 
	 	 	 
	 	By: 	 
	 	Name: 	 
	 	Title:	 

 

 

	 	Transferee:
	 	 	 
	 	TechStackery, Inc.
	 	 	 
	 	 	 
	 	By: 	 
	 	Name: 	Scott W. Absher
	 	Title: 	Chief Executive Officer

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