Document:

EXHIBIT 10.6

 

FORBEARANCE
AGREEMENT

 

THIS FORBEARANCE
AGREEMENT (this “Agreement”), dated effective as of May 25, 2016, is made by and between Safety Quick Lighting
& Fans Corp., a Florida corporation (the “Company”) and the undersigned holder of the Investor Note(s)
(as hereinafter defined) (the “Investor”, and together with the Company, the “Parties”,
and each, a “Party”).

 

WHEREAS, the Company
issued to certain investors two-year Secured Convertible Promissory Notes in connection with three closings of an offering occurring
on November 26, 2013, May 8, 2014 or June 25, 2014 (each an “Offering Note” and collectively, the “Offering
Notes”, and with respect to one or more Offering Note Notes issued to the Investor in one or more closings, the “Investor
Note(s)”), pursuant to the terms and conditions of a Note Subscription Agreement, Registration Rights Agreement and
Security Purchase Agreement, each dated as of the date of the respective closing of the Offering Notes (collectively, the “Offering
Documents”);

 

WHEREAS, under the
Offering Notes, an investor can elect to convert the balance of principal and unpaid interest into shares of the Company’s
common stock as provided in the Offering Note or to receive repayment in cash upon the Maturity Date, and pursuant to an offer
made by the Company on May 24, 2016, investors can also elect to convert their respective Offering Note into convertible preferred
shares of the Company (collectively, the “Investor’s Election”);

 

WHEREAS, pursuant
to Section 8(i) of the Offering Notes, failure to make payment in full following the Maturity Date upon the Investor’s tender
of the Offering Note will constitute an Event of Default, and pursuant to Section 1 of the Offering Notes, if any Event of Default
has occurred and is continuing, the interest rate under the affected Offering Notes will increase two percent (2%) above the current
interest rate, and will continue to increase two percent (2%) above the then effective interest rate after every thirty (30) day
period thereafter in which the Company remains in default of its obligation to pay principal and interest (“Penalty Interest”);

 

WHEREAS, in connection
with the Offering Notes dated November 26, 2013, the Company and certain investors have entered into two separate Forbearance
Agreements under substantially the same terms as this Agreement, upon which investors extended their Investor’s Election
available under the Offering Notes through May 26, 2016; and

 

WHEREAS, the Company
has offered to provide to investors of all Offering Notes an additional period to consider the Investor’s Election (the
“Forbearance”), and the Investor has indicated its willingness to accept the Forbearance of the Investor Note(s)
through July 31, 2016 (the “Forbearance Date”).

 

NOW, THEREFORE, in
consideration of the promises herein contained and for other good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, the Parties agree as follows with respect all Investor Note(s):

 

1.                 
Capitalized Terms. All capitalized terms used herein (including in the introductory paragraph and recitals set forth above)
not otherwise defined herein shall have the meanings assigned to such terms in the Investor Note(s) dated November 26, 2013, May
8, 2014 and/or June 25, 2014, as the case may be.

 

2.                 
Specified Default. In the absence of an exercise of the Investor’s Election, the Company may be in default under Sections
8(i) and 8(x) of the Investor Note(s) for failure to pay the outstanding amounts due under the Investor Note(s) (the “Specified
Default”). 

 

3.                 
Agreement to Forbear. The Investor hereby agrees to forbear from declaring during the Forbearance Period (as defined
below) the Specified Default and, therefore, shall not be entitled to any Penalty Interest during the Forbearance Period. The
Investor shall also refrain from exercising any of its rights and remedies in connection with an Event of Default under the Offering
Documents or at law or in equity during the Forbearance Period.

 

    	 	
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4.                 
Continuation of Interest Under the Investor Note(s). Following the respective Maturity Date of each Investor Note(s), interest
has accrued and will continue to accrue under the Investor Note(s) in accordance with the terms therein, and shall continue through
the Forbearance Date or the Investor’s Election, whichever occurs sooner (the “Forbearance Period”).
The Company may, in its sole discretion, make payments to Investor in cash of quarterly interest accrued prior to or during the
Forbearance Period under the Investor Note(s).

 

5.                 
Investor’s Election. At any time prior to or during the Forbearance Period, the Investor may elect to convert the balance
of principal and unpaid interest into shares of the Company’s common stock or to receive repayment in cash, all in accordance
with the terms of the respective Investor Note(s).

 

6.                 
Acknowledgments, Affirmations and Representations and Warranties. 

 

(a)               
The Company acknowledges, affirms, represents and warrants that as of the date hereof, the Company is legally and validly indebted
to the Investor pursuant to the Investor Note(s) in the principal amount(s) therein, plus interest and fees accrued and accruing
thereon, as determined pursuant to the terms of the respective Investor Note(s).

 

(b)              
Other than as set forth herein, the Company acknowledges and agrees that the the Investor Note(s) shall continue in full force
and effect and that all of its obligations thereunder shall be valid and enforceable pursuant to its terms, and shall not be impaired
or limited by the execution or effectiveness of this Agreement.

 

7.                 
Confirmation of Investor Note(s); No Modification. The Parties hereby ratify and confirm all terms and provisions of
the Investor Note(s) and the Offering Documents executed in connection therewith, and agree that all of such terms and provisions
remain in full force and effect and have not been modified or amended in any respect. Nothing contained in this Agreement shall
be deemed or construed to amend, supplement or modify the Investor Note(s) or otherwise affect the rights and obligations of any
Party thereto, all of which remain in full force and effect.

 

8.                 
Miscellaneous.

 

(a)               
This Agreement is governed by, and construed in accordance with, the laws of the State of Florida, without regard to the conflict
of laws provisions of such State.

 

(b)              
This Agreement shall inure to the benefit of and be binding upon each of the Parties and each of their respective permitted successors
and permitted assigns.

 

(c)               
The headings in this Agreement are for reference only and do not affect the interpretation of this Agreement.

 

(d)              
This Agreement may be executed in counterparts, each of which is deemed an original, but all of which constitutes one and the
same agreement. Delivery of an executed counterpart of this Agreement electronically or by facsimile shall be effective as delivery
of an original executed counterpart of this Agreement.

 

    	 	
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(e)               
This Agreement constitutes the sole and entire agreement of the Parties with respect to the subject matter contained herein, and
supersedes all prior and contemporaneous understandings, agreements, representations and warranties, both written and oral, with
respect to such subject matter. This Agreement may not be modified in any manner, except by written agreement signed by all Parties
hereto.

 

(f)               
Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Agreement shall be prohibited by or invalid under such law, such provision shall be ineffective
to the extent of such prohibition or invalidity without invalidating the remainder of such provision or the remaining provisions
of this Agreement.

 

 

[Signature Page
Follows]

    	 	
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IN WITNESS WHEREOF,
the Parties have executed this Forbearance Agreement as of the date first written above, to be effective with respect to all the
Investor Note(s) issued to the undersigned Investor.

 

 

THE COMPANY:

 

SAFETY QUICK LIGHTING
& FANS CORP.

 

 

By:________________________________

John P. Campi

Chief Executive
Officer

 

 

 

INVESTOR:

 

____________________________________

(entity name,
if applicable)

 

 

By: _________________________________

Print Name:____________________________

Title:_________________________________

  

    	 	
4EXHIBIT 10.7

 

AMENDMENT NO. 1 TO

SECURED CONVERTIBLE PROMISSORY NOTE

 

THIS AMENDMENT NO. 1 TO SECURED
CONVERTIBLE PROMISSORY NOTE (the “Amendment”) is made as of August 15, 2016 (the “Effective
Date”) by and between SQL Technologies Corp. (f/k/a Safety Quick Lighting & Fans Corp.), a Florida corporation (the
“Company”), and the undersigned (the “Holder”, and together with the Company, the “Parties”,
and each, a “Party”).

 

WHEREAS, the Company issued to the
Holder one or more certain Secured Convertible Promissory Note(s), dated, as the case may be, November 26, 2013, May 8, 2014 or
June 25, 2014 (such instrument or instruments, hereinafter referred to as the “Note”);

 

WHEREAS, the Parties desire to amend
the Note to provide for conversion into shares of a class of convertible preferred stock, rather than into common stock, subject
to the conditions set forth herein; and

 

WHEREAS, pursuant to Section 13 of
the Note, the amendment contemplated hereby must also be consented to or agreed to in writing by the holders of a majority of
the currently outstanding principal amount of all similar Notes issued in the related offering by the Company.

 

NOW, THEREFORE, IN CONSIDERATION of
the mutual covenants contained in this Amendment, and for other good and valuable consideration, the receipt and adequacy of which
are hereby acknowledged, the Parties agree as follows: 

 

1.Definitions. Capitalized
terms used and not defined in this Amendment have the respective meanings assigned to them in the Note.

 

2.Amendments to the Note. 

 

(i)Reference to
the Company. Any reference in the Note to the “Company” shall hereby refer to “SQL Technologies Corp. (f/k/a
Safety Quick Lighting & Fans Corp.)”.

 

(ii)Section 3 of
the Note. Section 3 of the Note is hereby deleted in its entirety and replaced with the following:

 

“3. Conversion.

 

(i)The
Payee shall have the option to (a) convert this Note and any accrued but unpaid interest into shares of the Company’s Series
A Convertible Preferred Stock, no par value (“Preferred Stock”), at any time during the term of the Note or
(b) upon the Maturity Date, tender this Note to the Company for immediate repayment of principal and accrued and unpaid interest.
The number of shares of Preferred Stock that shall be issuable upon conversion of the Note shall equal the number derived by
dividing (x) the principal amount of the Note plus any accrued and unpaid interest thereon by (y) US $0.25 (twenty-five cents
US). No fractional shares shall be issued upon a conversion. In lieu of any fractional shares to which Payee would otherwise
be entitled, the Company shall pay cash equal to such fraction multiplied by the pre-money valuation.

 

    	 	
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In order to
convert this Note into Preferred Stock, the Holder must deliver a dated and signed notice of conversion (the “Notice
of Conversion”), a copy of which is attached to this Note as Exhibit A, stating its intention to convert the
full principal amount of this Note into Preferred Stock. Notices of Conversion shall be deemed delivered on the date sent, if
personally delivered, to the Company’s Chief Executive Officer at the Company’s principal place of business, or when
actually received if sent by another method. The Notice of Conversion shall be accompanied by the original Note.

 

(ii) As soon as possible
after the conversion has been effected, the Company or acquirer shall deliver to the converting holder a certificate or certificates
representing the shares of Preferred Stock issuable by reason of such conversion in such name or names and such denomination or
denominations as the converting holder has specified. In the event that the Payee elects to tender this Note to the Company for
immediate repayment, such payment shall be delivered to the Payee within five (5) Business Days to the address provided by the
Payee to the Company at the time of the surrender of this Note.

 

(iii) The issuance of shares
of Preferred Stock upon conversion of this Note shall be made without charge to the holder hereof in respect thereof or other
cost incurred by the Company or acquirer in connection with such conversion. Upon conversion of this Note, the Company shall take
all such actions as are necessary in order to ensure that Common Stock issuable upon conversion of the Note shall be validly issued,
fully paid and nonassessable.

 

(iv) Neither the Company
nor acquirer shall close its books against the transfer of this Note in any manner which interferes with the timely conversion
of this Note. The Company shall assist and cooperate with any holder of this Note required to make any governmental filings or
obtain any governmental approval prior to or in connection with the conversion of this Note (including, without limitation, making
any filings required to be made by the Company).

 

(v) The Company shall at
all times reserve and keep available out of its authorized but unissued shares of Preferred Stock, solely for the purpose of issuance
upon conversion hereunder, such number of shares of Preferred Stock issuable upon conversion. All shares of such capital stock
which are so issuable shall, when issued, be duly and validly issued, fully paid and nonassessable and free from all taxes, liens
and charges. The Company shall take all such actions as may be necessary to assure that all such shares of capital stock may be
so issued without violation of any applicable law or governmental regulation or any requirements of any domestic securities exchange
upon which such shares of capital stock.”

 

(iii)Exhibit A of the Note.
Exhibit A of the Note is hereby amended by changing the words “Common Stock” to “Series A Convertible Preferred
Stock, no par value,”.

 

3.Consent. For purposes
of satisfying Section 13 of the Note, the undersigned Holder hereby consents to the amendments provided in this Amendment and
further consents to the amendments associated with all other presently outstanding similar Notes issued in the related offering
by the Company, on the same terms and conditions as provided in this Amendment.

 

4.Effectiveness of Amendment.
The Parties agree that this Amendment shall only become effective upon receipt of the consents, as set forth in Section 13
of the Note and Section 3 hereof, from the holders of a majority of the currently outstanding principal amount of similar Notes
issued in the related offering by the Company.

 

    	 	
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5.Date of Effectiveness; Limited
Effect.  The amendments set forth herein shall effective on the Effective Date and be limited precisely as written and
relate solely to the provisions of Section 3 and Exhibit A of the Note in the manner and to the extent described above, and nothing
in this Amendment shall be deemed to constitute a waiver of compliance by either Party with respect to any other term, provision
or condition of the Note or any of the related offering documents or any other document or instrument issued to Holder pursuant
to the related offering by the Company. Except as set forth herein, nothing contained in this Amendment will be deemed or construed
to amend, supplement or modify the Note or otherwise affect the rights and obligations of any Party thereto, all of which remain
in full force and effect.

 

6.Representations and Warranties.
 Each Party hereby represents and warrants to the other Party that:

 

(i)It has the full right, power
and authority to enter into this Amendment and to perform its obligations hereunder and under the Note as amended by this Amendment.

 

(ii)The execution of this Amendment
by the individual whose signature is set forth at the end of this Amendment on behalf of such Party, and the delivery of this
Amendment by such Party, have been duly authorized by all necessary action on the part of such Party.

 

(iii)This Amendment has been
executed and delivered by such Party and (assuming due authorization, execution and delivery by the other Party hereto) constitutes
the legal, valid and binding obligation of such Party, enforceable against such Party in accordance with its terms.

 

7.Miscellaneous.

 

(i)This Amendment constitutes
the sole and entire agreement of the Parties with respect to the subject matter contained herein, and supersedes all prior and
contemporaneous understandings, agreements, representations and warranties, both written and oral, with respect to such subject
matter.

 

(ii)The headings in this Amendment
are for reference only and do not affect the interpretation of this Amendment.

 

(iii)This Amendment shall inure
to the benefit of and be binding upon each of the Parties and each of their respective successors and assigns.

 

(iv)This Amendment is governed
by, and construed in accordance with, the laws of the State of Florida, without regard to the conflict of laws provisions of such
State.

 

(v)This Amendment may be executed
in any number of counterparts and by electronic transmission or facsimile, each of which when so executed and delivered shall
be deemed to be an original and all of which counterparts taken together shall constitute but one and the same instrument.

 

[Signature Page Follows]

 

 

    	 	
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IN WITNESS WHEREOF, the Parties have executed
this Amendment to be effective as of the Effective Date set forth above.

 

 

By their signatures below, the Parties
hereby acknowledge that this Amendment hereby amends the one or more Notes issued by the Company to the Holder on the Issuance
Date or Issuance Dates marked below:

 

 

Issuance Date(s):[
]November 26, 2013

(please select one
or more)[ ]May 8, 2014

[ ]June 25, 2014

 

 

 

THE COMPANY:

SQL TECHNOLOGIES CORP.

(F/K/A SAFETY QUICK LIGHTING
& FANS CORP.)

 

 

By: _____________________________

John P. Campi

Chief Executive Officer

 

 

HOLDER:

_________________________________

(entity name, if applicable)

 

 

By:________________________________

Name:______________________________

Title:________________________________

 

    	 	
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