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PROFESSIONAL SERVICES AGREEMENT

PROFESSIONAL SERVICES AGREEMENT, dated as of February 1, 2021, by and between LUBY’S INC., a Delaware corporation (“Luby’s”), and WINTHROP CAPITAL ADVISORS LLC, a Delaware limited liability company (“WCA”).

WITNESSETH:

WHEREAS, WCA provides certain services to Luby’s with respect to its liquidation accounting;

WHEREAS, Luby’s has requested that WCA make available to Luby’s the services of John Garilli (“Garilli”) to serve as Luby’s Interim President and Chief Executive Officer;

WHEREAS, WCA is the employer of Garilli and remains responsible for Garilli’s salary and benefits;

WHEREAS, WCA and Luby’s desire to provide for the payment of a fee by Luby’s to WCA for the services of Garilli.

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, the parties hereto, for themselves, and their respective successors and assigns, hereby agree as follows:

 1.    Interim President and Chief Executive Officer.  Subject to the terms and conditions set forth herein and during the Term (as hereinafter defined), WCA agrees that it will make available to Luby’s the services of Garilli to serve as the interim President and Chief Executive Officer of Luby’s and of its subsidiaries as the Board of Directors of Luby’s (the “Board”) may request.  Notwithstanding anything to the contrary herein, the Board may, in its sole discretion, remove Garilli as an officer of Luby’s or any of its subsidiaries at any time, with or without cause.  

2.    Term.  This Agreement shall commence on the date hereof and shall continue on a month-to-month basis until terminated by either party hereto on 30 days prior written notice (the “Term”).  During the Term, WCA shall be solely responsible for (a) compliance with all operation, administration and legal obligations in respect of Garilli relating to employment, payroll and all of the employee benefit plans, practices, policies and programs in which Garilli participates as an employee of WCA (the “WCA Plans”), (b) the payment of Garilli’s compensation through WCA’s payroll and (c) the operation and administration of the WCA Plans, including the payment and provision of all benefits and monies payable thereunder and any claims incurred pursuant to the terms and conditions of the applicable WCA Plans.  Luby’s shall have no liability, responsibility or obligations whatsoever with respect to the WCA Plans or Garilli during the Term (or any prior or subsequent period) other than the payment of the Fee described in Section 3 below to WCA.  

3.    Fee.  WCA and Luby’s acknowledge that the determination of the exact amount of Garilli’s time required in connection with his serving as interim President and Chief Executive 

Officer is highly speculative and administratively difficult to determine.  As a result, Luby’s agrees to pay to WCA (i) a one-time payment of $50,000 on the date hereof and (ii) $20,000 on the first day of each month during the Term, which amount shall be prorated for any partial month with respect to the last month of the Term (together, the “Fee”).  

4.    Independent Contractor Relationship.  WCA and Garilli are independent contractors with respect to Luby’s and its affiliates.  WCA shall (i) employ, manage, pay, supervise, discipline, direct, control and discharge Garilli, and (ii) observe and perform all obligations applicable to it under applicable law as the employer of Garilli.  In all matters relating to this Agreement, each party hereto shall be solely responsible for the acts of its employees, agents, representatives or partners, and the employees, agents, representatives or partners of one party shall not be considered, and shall not hold themselves out as, employees, agents, representatives or partners of the other party.  Neither party shall have, nor shall hold itself out as having, any right, power or authority to create any obligation, express or implied, on behalf of the other party.  

5.    Indemnification.  Luby’s hereby agrees, to the extent permitted by applicable law, to indemnify, hold harmless and defend WCA, its agents, officers, directors, members, partners, shareholders and employees (each an “Indemnified Person”) from and against any loss, expense, damage or injury (“Losses”) suffered or sustained by them (including but not limited to any judgment, award, settlement, reasonable attorneys’ fees and other out-of-pocket costs or expenses incurred in connection with the defense of any actual or threatened action, proceeding or claim) by reason of or arising out of this Agreement including making the services of Garilli available to Luby’s but excluding any Losses arising out of Garilli’s employment with WCA, including but not limited to, compensation and benefits provided to Garilli by WCA and any taxes related thereto.  

6.    Severability.    If any provision of this Agreement is invalid, illegal or unenforceable, the balance of this Agreement shall remain in effect, and if any provision is inapplicable to any person or circumstance, it shall nevertheless remain applicable to all other persons and circumstances.

7.    Assignability.  This Agreement or any part hereof may not be assigned by either party without the prior written consent of the other party hereto.  This Agreement shall be binding upon and inure to the benefit of the parties hereto, their respective successors and permitted assigns.

8.    Entire Agreement.  This Agreement sets forth the entire agreement and understanding among the parties as to the subject matter hereof and merges and supersedes all prior discussions, agreements and understandings of every kind and nature among them.

9.    Law.  This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Delaware.

10.    Section Headings.       The section headings set forth herein have been inserted for convenience of reference only and shall in no way modify or restrict any of the terms or provisions hereof.

11.    Counterparts.  This Agreement may be executed in one or more counterparts, all of which, taken together, shall constitute one and the same agreement.  The exchange of copies of this Agreement, any amendments hereto, any signature pages required hereunder or any other documents required or contemplated hereunder by facsimile or Portable Document Format (pdf) transmission shall constitute effective execution and delivery of same as to the parties thereto and may be used in lieu of the original documents for all purposes.  Signatures transmitted by facsimile or Portable Document Format shall be deemed to be original signatures for all purposes.  Following the delivery of any pdf signature page, any party may request that the applicable party deliver an original signature page with respect thereto, but the failure to deliver any such original signature page shall in no event affect in any manner the enforceability of the applicable pdf signature page. Each of Luby’s and WCA hereby waives any defense to the enforcement of the terms of this Agreement based on the form of the signature and hereby agree that electronically transmitted or signed signatures shall be conclusive proof, admissible in judicial proceedings, of their respective execution of this Agreement.

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

                                                                        LUBY’S, INC.

                                                                        By:        /s Gerald Bodzy               
                                                                        Name:  Gerald Bodzy
                                                                        Title:   Chairman of the Board

                                                                        WINTHROP CAPITAL ADVISORS LLC

                                                                        By:        /s John Garilli            
                                                                        Name: John Garilli
                                                                        Title:   PresidentExhibit 4.1

 

iPOWER INC.

 

The
undersigned, the Chief Executive Officer of iPower Inc., a Nevada corporation (the “Corporation”), does hereby
certify that, pursuant to Nevada Revised Statute 78.1955 and the authority conferred upon the Board of Directors by the Articles
of Incorporation of the Corporation, the following resolution creating a series of preferred stock to be designated as Series
A Convertible Preferred Stock, was duly adopted on November 12, 2020.

 

RESOLVED,
that pursuant to the authority expressly granted to and vested in the Board of Directors of the Corporation by provisions of the
Articles of Incorporation of the Corporation, as amended and restated on November 13, 2020, as document number NV20181256543 (the
“Articles of Incorporation”), there hereby is created out of the 20,000,000 shares of authorized preferred
stock, par value $0.001 per share (the “Preferred Stock”), of the Corporation, as authorized in Article FOURTH
of the Corporation’s Articles of Incorporation, a series of Preferred Stock of the Corporation, to be designated “Series
A Preferred Stock,” consisting of up to two hundred thousand (200,000) shares of the Corporation’s Series A voting
convertible redeemable preferred stock, par value $0.001 per share, which Series A Preferred Stock shall have the following designations,
powers, preferences and relative and other special rights and the following qualifications, limitations and restrictions:

 

TERMS OF SERIES A CONVERTIBLE PREFERRED STOCK

 

1.                  
Designation and Number.

 

(a)             
A series of Preferred Stock of the Corporation, designated as voting, convertible, redeemable Series A Preferred Stock,
par value $0.001 per share (“Series A Preferred Stock”), is hereby established. The number of authorized shares
of Series A Preferred Stock to be issued shall be two hundred thousand (200,000) shares.

 

(b)            
The stated and liquidation value of the Series A Preferred Stock shall be TEN dollars ($10.00) per share (“Stated
Value”).

 

(c)             
The Series A Preferred Stock is being issued pursuant to the terms of that certain share purchase agreement among each
of the purchasers (the “Purchasers”) and the Corporation, dated as of December [ ], 2020 (the “Purchase
Agreement”). Unless otherwise separately defined in this Certificate of Designation (this “Certificate”),
all capitalized terms, when used herein, shall have the same meaning as they are defined in the Purchase Agreement.

 

(d)             
As used in this Certificate, the term “Holders” shall mean the holder(s) of shares of Series A Preferred Stock.

 

2.                  
Rank. All shares of the Series A Preferred
Stock shall rank:

 

(a)             
senior to (i) the Corporation’s Class A voting common stock, $0.001 par value per share, of the Corporation (the
“Class A Common Stock”) and Class B super voting common stock, $0.001 par value per share, of the Corporation (the
“Class B Common Stock”); and (ii) except as set forth in Section 2(b) below, any other class of Preferred Stock
which shall be specifically designated as junior to the Series A Preferred Stock, (collectively, with the Class A Common Stock
and Class B Common Stock, the “Junior Securities”), in each case as to distribution of assets upon liquidation, dissolution
or winding up of the Corporation, whether voluntary or involuntary;

 

 

 

 

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(b)               
pari passu and on parity with any other class or series of Preferred Stock of the Corporation hereafter created specifically
ranking, by its terms, on parity with the Series A Preferred Stock (the “Pari Passu Securities”); and

 

(c)               
junior to any class or series of secured debt securities or indebtedness of the Corporation hereafter created specifically
ranking, by its terms, senior to the Series A Preferred Stock (collectively, the “Senior Securities”), in each
case as to distribution of assets upon liquidation, dissolution or winding up of the Corporation, whether voluntary or involuntary.

 

3.                  
Liquidation Preference. In the event of a merger, sale (of substantially all assets or stock), any voluntary or
involuntary liquidation, dissolution or winding up of the affairs of the Corporation, then, either (i) after any distribution
or payment on Senior Securities, (ii) simultaneous and on a pro-rata basis with any distribution or payment on Pari Passu Securities,
and (iii) before any distribution or payment shall be made to the Holders of the Common Stock or any other Junior Securities,
each Holder of Series A Preferred Stock then outstanding shall be entitled to be paid, out of the assets of the Corporation available
for distribution to its stockholders, an amount (the “Liquidation Preference”) equal to the aggregate number
of shares of Series A Preferred Stock then outstanding multiplied by ten dollars ($10.00). If the assets of the Corporation are
not sufficient to generate cash sufficient to pay in full the Liquidation Preference, then the Holders of Series A Preferred Stock
shall share ratably (together with Holders of any Pari Passu Securities) in any distribution of cash generated by such assets
in accordance with the respective amounts that would have been payable in such distribution as if the amounts to which the Holders
of outstanding shares of Series A Preferred Stock are entitled were paid in full.

 

4.                  
Dividends.The Series A Preferred Stock shall pay a dividend of nine percent (9%) per annum (the “Dividend”),
which Dividend shall be cumulative and payable in cash only in the event of Redemption of the Series A Preferred Stock referred
to in Section 7 below. In the event that the Series A Preferred Stock shall be converted into Conversion Shares in accordance
with Section 6 below, no Dividend shall accrue or be payable.

 

5.                  
Voting Rights. Except as otherwise set forth herein, the Holders of Series A Preferred Stock shall have no right
to vote as a separate class on any matter submitted to vote by the stockholders of the Corporation, excluding, however, any proposed
amendment that would adversely alter or change any preference or any relative or other right given to the Series A Preferred Stock;
in which event the Series A Preferred Stock may vote as a separate class with respect to such amendment.

 

6.                  
Conversion.

 

(a)               
Automatic Conversion. Upon the Corporation’s completion of its initial public offering and listing of the
Class A Common Stock for trading on the Nasdaq Capital Market or other national securities exchange (“IPO”),
all of the issued and outstanding shares of the Series A Preferred Stock shall automatically be converted into shares of
the Corporation’s Class A Common Stock (the “Conversion Shares”), without any action or consent on the
part of the Holder, and with such shares to be converted at the Conversion Price described in Section 6(b) below.

 

(b)               
Conversion Price. The conversion price of the Series A Preferred Stock shall be seventy percent (70%) of the initial
per share offering price of the Corporation’s Class A Common Stock sold to the public in the IPO (the “Conversion
Price”). Such Conversion Price shall be subject to adjustment pursuant to Section 8 below. Each share of Series
A Preferred Stock shall be convertible into that number of Conversion Shares as shall be determined by dividing (i) $10.00 by
(ii) the Conversion Price then in effect.

 

 

 

 

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7.                  
Redemption. In the event the IPO shall not have occurred by 5:00 p.m. (Pacific time) on [December 31], 2021, the
date that is one year following the closing of the sale of the Series A Preferred Stock, the Company shall redeem and repurchase
for cash all and not less than all of the outstanding shares of Series A Preferred Stock for a purchase price equal to (a) the
product of multiplying the $10.00 Stated Value of each outstanding share of Series A Preferred Stock by the total number of outstanding
shares of Series A Preferred Stock, plus (b) all accrued and unpaid Dividends owed thereon.

 

8.                  
Adjustment for Reclassification, Exchange, and Substitution. If at any time or from time to time after the date
upon which the first share of Series A Preferred Stock was issued by the Corporation (the “Original Issuance Date”),
the shares of the Corporation’s Class A Common Stock (which shall include the Conversion Shares issuable upon the conversion
of the Series A Preferred Stock), shall be changed into the same or a different number of shares of any class or classes of stock,
whether by forward or reverse split(s) of the outstanding Corporation Class A Common Stock, recapitalization, reclassification,
reorganization, merger, exchange, consolidation, sale of assets or otherwise, then, in any such event, each Holder of Series A
Preferred Stock shall have the right thereafter to convert such Series A Preferred Stock into the kind and amount of stock and
other securities and property receivable upon such stock split(s), recapitalization, reclassification, reorganization, merger,
exchange, consolidation, sale of assets or other change into the number of Conversion Shares into which such shares of Series
A Preferred Stock could have been converted immediately prior to such forward or reverse split(s), recapitalization, reclassification,
reorganization, merger, exchange, consolidation, sale of assets or other change, or with respect to such other securities or property
by the terms thereof.

 

9.                  
Reservation of Corporation Common Stock Issuable Upon Conversion. The Corporation shall at all times reserve and
keep available out of its authorized but unissued shares of the Corporation’s Class A Common Stock, solely for the purpose
of effecting the conversion of the shares of the Series A Preferred Stock, such number of its shares of Class A Common Stock as
shall from time to time be sufficient to effect the conversion of all outstanding shares of the Series A Preferred Stock; and
if at any time the number of authorized but unissued shares of Class A Common Stock shall not be sufficient to effect the conversion
of all then outstanding shares of the Series A Preferred Stock, the Corporation will take such corporate action as may, in the
opinion of its counsel, be necessary to increase its authorized but unissued shares of Class A Common Stock to such number of
shares as shall be sufficient for such purpose, including, without limitation, engaging in best efforts to obtain the requisite
stockholder approval of any necessary amendment to the Corporation’s Articles of Incorporation.

 

10.              
Fractional Shares. No fractional share shall be issued upon the conversion of any share or shares of Series A Preferred
Stock. All shares of Class A Common Stock of the Corporation (including fractions thereof) issuable upon conversion of more than
one share of Series A Preferred Stock by a Holder thereof shall be aggregated for purposes of determining whether the conversion
would result in the issuance of any fractional share.

 

11.              
No Reissuance of Series A Preferred Stock. No share or shares of Series A Preferred Stock acquired by the Corporation
by reason of redemption, purchase, conversion or otherwise shall be reissued, and all such shares shall be canceled, retired and
eliminated from the shares which the Corporation shall be authorized to issue.

 

12.              
Amendment. This Certificate or any provision hereof may be amended by obtaining the affirmative vote at a meeting
duly called for such purpose, or written consent without a meeting in accordance with the Nevada Revised Statutes, of (i) the
Holders of a majority of the outstanding shares of Series A Preferred Stock, voting separately as a single class, (ii) with such
other stockholder approval, if any, as may then be required pursuant to the Nevada Revised Statutes and the Articles of Incorporation,
and (iii) the Board of Directors of the Corporation.

 

 

 

 

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13.              
Protective
Provisions. So long as any shares of Series A Preferred Stock are outstanding, the Corporation shall not, nor shall it permit
any of its Subsidiaries to, take any of the following corporate actions (whether by merger, consolidation or otherwise) without
first obtaining the approval (by vote or written consent) of the Holders of a majority of the issued and outstanding shares of
Series A Preferred Stock (the “Series A Majority Holders”):

 

(a)               
alter or change the rights, preferences or privileges of the Series A Preferred Stock, or increase the authorized number
of shares of Series A Preferred Stock; or

 

(b)               
issue any additional shares of Series A Preferred Stock.

 

Notwithstanding
the foregoing, no change pursuant to this Section 12 shall be effective to the extent that, by its terms, it applies to less than
all of the Holders of shares of Series A Preferred Stock then outstanding.

 

14.              
Cancellation
of Series A Preferred Stock. If any shares of Series A Preferred Stock are converted pursuant to this Certificate, the shares
so converted shall be canceled, shall return to the status of authorized, but unissued Preferred Stock of no designated series,
and shall not be issuable by the Corporation as Series A Preferred Stock.

 

15.              
Lost or
Stolen Certificates. Upon receipt by the Corporation of (i) evidence of the lost, theft, destruction or mutilation of any
Series A Preferred Stock Certificate(s) and (ii) (y) in the case of loss, theft or destruction, indemnity (without any bond or
other security) reasonably satisfactory to the Corporation, or (z) in the case of mutilation, the Series A Preferred Stock Certificate(s)
(surrendered for cancellation), the Corporation shall execute and deliver new Series A Preferred Stock Certificate(s) of like
tenor and date. However, the Corporation shall not be obligated to reissue such lost, stolen, destroyed or mutilated Series A
Preferred Stock Certificate(s) if the Holders contemporaneously requests the Corporation to convert such Series A Preferred Stock.

 

16.              
Waiver.
Notwithstanding any provision in this Certificate to the contrary, any provision contained herein and any right of the Holders
of Series A Preferred Stock granted hereunder may be waived as to all shares of Series A Preferred Stock (and the Holders thereof)
upon the written consent of the Series A Majority Holders, unless a higher percentage is required by applicable law, in which
case the written consent of the Holders of not less than such higher percentage of shares of Series A Preferred Stock shall be
required.

 

17.               Certain
Definition. As used in this Certificate, the term “Subsidiary” shall mean, as it applies to the
Corporation, any one or more Persons, a majority of the capital stock or other equity interests of which are owned directly
or indirectly (through another Subsidiary) by the Corporation.

 

18.              
Notices. Any notices required or permitted to be given under the terms hereof shall be sent by certified or registered mail (return
receipt requested) or delivered personally, by nationally recognized overnight carriers or by confirmed facsimile transmission,
and shall be effective five days after being placed in the mail, if mailed, or upon receipt or refusal of receipt, if delivered
personally or by nationally recognized overnight carrier or confirmed facsimile transmission, in each case addressed to a party.
The addresses for such communications are as set forth in the Purchase Agreement, or such other address as may be designated in
writing hereafter, in the same manner, by such person.

 

Signature page
follows

 

 

 

 

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The undersigned declares
under penalty of perjury under the laws of the State of Nevada that the matters set forth in this certificate are true and correct
of his own knowledge.

 

The undersigned has
executed this certificate on December 31, 2020.

 

iPower Inc.

 

 

By: /s/ Chenlong Tan                                              

Name: Chenlong Tan

Title: Chief Executive Officer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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