Document:

Exhibit 10.2

 

Form
of Lock-Up Agreement

 

____________,
2022

 

EF
HUTTON,

 

division
of Benchmark Investments, LLC

 

as
Representative of the Underwriters

 

590
Madison Avenue, 39th Floor

 

New
York, New York 10022

 

Ladies
and Gentlemen:

 

The
undersigned understands that EF Hutton, division of Benchmark Investments, LLC (the “Representative”) proposes to
enter into an Underwriting Agreement (the “Underwriting Agreement”) with Reborn Coffee, Inc., a Delaware corporation
(the “Company”), providing for the public offering (the “Public Offering”) of shares of common
stock of the Company, par value $0.0001 per share (the “Common Stock or the “Securities”).

 

To
induce the Representative to continue its efforts in connection with the Public Offering, the undersigned hereby agrees that, without
the prior written consent of the Representative, the undersigned will not, during the period commencing on the date hereof and ending
12 months after the date of the Underwriting Agreement (the “Lock-Up Period”), (1) offer, pledge, sell, contract to
sell, grant, lend, or otherwise transfer or dispose of, directly or indirectly, any Common Stock or any securities convertible into or
exercisable or exchangeable for the Common Stock, whether now owned or hereafter acquired by the undersigned or with respect to which
the undersigned has or hereafter acquires the power of disposition (collectively, the “Lock-Up Securities”); (2) enter
into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the
Lock-Up Securities, whether any such transaction described in clause (1) or (2) above is to be settled by delivery of Lock-Up Securities,
in cash or otherwise; (3) make any demand for or exercise any right with respect to the registration of any Lock-Up Securities; or (4)
publicly disclose the intention to make any offer, sale, pledge or disposition, or to enter into any transaction, swap, hedge or other
arrangement relating to any Lock-Up Securities. Notwithstanding the foregoing, and subject to the conditions below, the undersigned may
transfer Lock-Up Securities without the prior written consent of the Representative in connection with (a) transactions relating to Lock-Up
Securities acquired in open market transactions after the completion of the Public Offering; provided that no filing under Section 13
or Section 16(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or other public announcement
shall be required or shall be voluntarily made during the Lock-Up Period in connection with subsequent sales of Lock-Up Securities acquired
in such open market transactions; (b) transfers of Lock-Up Securities as a bona fide gift, by will or intestacy or to a family member
or trust for the benefit of a family member (for purposes of this lock-up agreement, “family member” means any relationship
by blood, marriage or adoption, not more remote than first cousin); (c) transfers of Lock-Up Securities to a charity or educational institution;
or (d) if the undersigned, directly or indirectly, controls a corporation, partnership, limited liability company or other business entity,
any transfers of Lock- Up Securities to any shareholder, partner or member of, or owner of similar equity interests in, the undersigned,
as the case may be; provided that in the case of any transfer pursuant to the foregoing clauses (b), (c) or (d), (i) it shall be a condition
to any such transfer that (i) the transferee/donee agrees to be bound by the terms of this lock-up agreement (including, without limitation,
the restrictions set forth in the preceding sentence) to the same extent as if the transferee/donee were a party hereto; (ii) each party
(donor, donee, transferor or transferee) shall not be required by law (including without limitation the disclosure requirements of the
Securities Act of 1933, as amended (the “Securities Act”), and the Exchange Act) to make, and shall agree to not voluntarily
make, any filing or public announcement of the transfer or disposition prior to the expiration of the Lock-Up Period; and (iii) the undersigned
notifies the Representative at least two (2) business days prior to the proposed transfer or disposition.

 

     

     

    

 

In
addition, the foregoing restrictions shall not apply to (i) the exercise or vesting of stock options or other equity awards granted pursuant
to the Company’s equity incentive plans; provided that it shall apply to any of the undersigned’s Common Stock issued upon
such exercise, (ii) the conversion or exercise of convertible debt or warrants; provided that it shall apply to any of the undersigned’s
Common Stock issued upon such exercise, or (iii) the establishment of any new plan (a “Plan”) that satisfies all of
the requirements of Rule 10b5-1(c)(1)(i)(B) under the Exchange Act; provided that no sales of the undersigned’s Securities shall
be made pursuant to such new Plan prior to the expiration of the Lock-Up Period (as such may have been extended pursuant to the provisions
hereof), and such a Plan may only be established if no public announcement of the establishment or existence thereof and no filing with
the Securities and Exchange Commission or other regulatory authority in respect thereof or transactions thereunder or contemplated thereby,
by the undersigned, the Company or any other person, shall be required, and no such announcement or filing is made voluntarily, by the
undersigned, the Company or any other person, prior to the expiration of the Lock-Up Period (as such may have been extended pursuant
to the provisions hereof).

 

The
undersigned also agrees and consents to the entry of stop transfer instructions with the Company’s transfer agent and registrar
against the transfer of the undersigned’s Securities subject to this lock-up agreement except in compliance with this lock-up agreement.

 

If
the undersigned is an officer or director of the Company, (i) the undersigned agrees that the foregoing restrictions shall be equally
applicable to any Securities that the undersigned may purchase in the Public Offering; (ii) the Representative agrees that, at least
three (3) business days before the effective date of any release or waiver of the foregoing restrictions in connection with a transfer
of Lock-Up Securities, the Representative will notify the Company of the impending release or waiver; and (iii) the Company has agreed
in the Underwriting Agreement to announce the impending release or waiver by press release through a major news service at least two
(2) business days before the effective date of the release or waiver. Any release or waiver granted by the Representative hereunder to
any such officer or director shall only be effective two (2) business days after the publication date of such press release. The provisions
of this paragraph will not apply if (a) the release or waiver is effected solely to permit a transfer of Lock-Up Securities not for consideration
and (b) the transferee has agreed in writing to be bound by the same terms described in this lock-up agreement to the extent and for
the duration that such terms remain in effect at the time of such transfer.

 

The
undersigned understands that the Company and the Representative are relying upon this lock-up agreement in proceeding toward consummation
of the Public Offering. The undersigned further understands that this lock-up agreement is irrevocable and shall be binding upon the
undersigned’s heirs, legal representatives, successors and assigns.

 

The
undersigned understands that, if the Underwriting Agreement does not become effective, or if the Underwriting Agreement (other than the
provisions thereof which survive termination) shall terminate or be terminated prior to payment for and delivery of the Securities to
be sold thereunder, the undersigned shall be released from all obligations under this lock-up agreement.

 

    2

     

    

 

This
lock-up agreement shall be governed by, and construed in accordance with, the laws of the State of New York.

 

	 	Very
    truly yours,
	 	 
	 	(Name
    - Please Print)
	 	 
	 	(Signature)
	 	 
	 	(Name
    of Signatory, in the case of entities - Please Print)
	 	 
	 	(Title
    of Signatory, in the case of entities - Please Print)
	 	 
	 	(Name
    - Please Print)

  

		Address:	 
	 	 	 
	 	 	 

 

 

3Dakota Gold Corp.: Exhibit 4.1 - Filed by newsfilecorp.com

    

    DESCRIPTION OF CAPITAL STOCK OF DAKOTA GOLD CORP.

    The following description of material terms of the capital stock of the Company is a summary of certain terms, does not purport to be complete and is qualified in its entirety by reference to the Articles of Incorporation of the Company, as amended, and Amended and Restated Bylaws of the Company.

    Authorized Shares of Capital Stock

    On March 8, 2022, the Company completed a reverse split of its common stock on a 1 for 35,641,667 / 49,398,602 basis. Following the reverse stock split, the Company's authorized capital stock consists of 144,302,330 shares of common stock, par value $0.001 per share.

    Common Stock

    Voting Rights

    The holders of the Company's common stock are entitled to one vote per share with respect to all matters required by law to be submitted to stockholders. The holders of common stock have the sole right to vote. Election of directors requires the affirmative vote of a plurality of shares represented at a meeting, and other general stockholder action (other than an amendment to the Articles of Incorporation of the Company) requires the affirmative vote of a majority of shares represented at a meeting in which a quorum is represented.

    Dividends

    The holders of common stock are titled to receive dividends, if declared by the board of the Company, out of funds legally available.

    Liquidation

    In the event of liquidation, dissolution or winding up of the Company's affairs, the holders of common stock are titled to share ratably in all assets remaining available for distribution to them after payment or provision for all liabilities.

    Rights and Preferences

    Holders of the Company's common stock have no preemptive, conversion, subscription or other rights, and there are no redemption or sinking fund provisions applicable to the Company's common stock. The holders of the Company's common stock will have and possess all rights pertaining to the capital stock of the Company, subject to the preferences, qualifications, limitations, voting rights and restrictions with respect to any series of preferred stock of the Company that may be issued with any preference or priority over the Company's common stock.

    Fully Paid and Nonassessable

    All of the outstanding shares of the Company's common stock to be issued in connection with the transactions will be fully paid and nonassessable. The authorized but unissued shares of the Company's common stock will be available for future issuance without stockholder approval. These additional shares may be used for a variety of corporate purposes, including future offerings to raise additional capital, corporate acquisitions and employee benefit plans. The existence of authorized but unissued shares of common stock may enable the Company board to issue shares of stock to persons friendly to existing management, which may deter or frustrate a takeover of the Company.

    

    Warrants

    As of June 28, 2022, the Company has issued and outstanding warrants to purchase 7,615,718 shares of common stock at a price of $2.08 per share expiring on March 15, 2026.

    The number of shares of common stock to be received upon the exercise of each warrant may be adjusted from time to time upon the occurrence of certain events, including but not limited to (i) a declaration of a dividend or other distribution in respect of common stock; (ii) a subdivision, redivision or change to the outstanding shares of common stock into a greater number of shares of common stock; (iii) a reduction, combination or consolidation of common stock into a lesser number of shares of common stock; and (iv) a reorganization, reclassification, consolidation, amalgamation, arrangement or merger of the Company with or into any other corporation or entity, or a sale, lease, exchange or transfer of substantially all of the undertaking of assets of the Company, or similar event.

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