Document:

EX-10.13

   

  										Exhibit 10.13

  THIRD AMENDMENT 

  TO 

  AMENDED AND RESTATED LEASE AGREEMENT

   

  THIS THIRD AMENDMENT TO AMENDED AND RESTATED LEASE AGREEMENT (this “Third Amendment”), made as of October 1, 2021 (the “Effective Date”), is by and between Sanford Health, a South Dakota non-profit corporation, hereinafter called “Landlord,” and SAB Biotherapeutics, Inc., a Delaware corporation, hereinafter called “Tenant.”

   

  	WITNESSETH	

   

  	WHEREAS, the parties entered into an Amended and Restated Lease Agreement, dated September 1, 2019 (as amended, the “Lease”); and, 

   

  	WHEREAS, the Leased Premises currently consists of 29,248 square feet; and

   

  WHEREAS, the parties now seek, among other matters, to amend the Lease to provide Tenant with additional space, as more fully set forth below. 

   

  	NOW THEREFORE, the parties agree as follows:

   

  1.Landlord hereby leases to Tenant, and Tenant hereby leases from Landlord the additional spaces noted below: 

   

  Approximately 2,873 square feet of additional space in the North Storage Area (as depicted on Exhibit A;

   

  Approximately 597 square feet in Lab Pod 4-1A (interior and exterior) (as depicted on Exhibit A);

   

  Approximately 175 square feet of cubicles on the 2nd floor (as depicted on Exhibit A); and

   

  Approximately 390 square feet for a 78’ x 5’ buffer on the south side of the West Bay Fenced Area (as depicted on Exhibit A),

   

  the total of said space equaling 4,035 square feet and shall be included within the definition of “Leased Premises.”  As of the Effective Date, the Leased Premises consists of 33,283 square feet. 

   

  2.The parties acknowledge and agree that the Annual Rent is $25.27 per square foot and that the Annual Rent payable from and after the Effective Date until increased pursuant to the terms of the Lease includes the additional space set forth in Section 1 above, for a total of $841,061.41 annually/$70,088.45 monthly.   

   

  3.Article 6, Section 1 is hereby deleted in its entirety and the following inserted in lieu thereof:

  1

  

   

   

  	Section 1.  Landlord shall pay for all heating, air conditioning, electricity, janitorial services, gas, water and sewer charges used in the Leased Premises throughout the Term of this Lease.  Tenant shall be responsible for all other utility services, including without limitation internet and telephone services, with such telephone, internet and network equipment to be installed in currently established network closets, with Landlord to escort Tenant and/or its provider(s) for access thereto.  Tenant agrees to communicate and work with, and to cause its internet and telephone service provider to communicate and work with, Landlord’s IT Department to have such internet and telephone services properly installed and maintained on the Leased Premises as set forth above, it being understood and agreed that Tenant’s internet and telephone service shall connect to Landlord’s cable infrastructure, the cost of which is included in the Annual Rent, and that Landlord shall be engaged by Tenant and/or its provider(s) to run any new cable as part of the infrastructure.

   

  4.Exhibit A to the Lease is hereby deleted in its entirety and replaced with Exhibit A attached hereto, and incorporated fully herein by this reference. 

   

  5.Unless otherwise defined herein, all capitalized terms shall have the meanings set forth in the Lease. 

   

  6.Except as modified by this Third Amendment, the terms and conditions of the Lease remain in full force and effect.

   

  IN WITNESS WHEREOF, this Third Amendment is executed as of the Effective Date set forth above.

  	SANFORD HEALTH

   

   

  	By__/s/_Michelle Micka____________ 

  	      Michelle Micka

  	      EVP, CFO & Treasurer

   

   

  	SAB BIOTHERAPEUTICS, INC.

   

   

  	By_/s/ Eddie Sullivan_______________ 

  	   Its_President/CEO________________ 

  2

  

   

  EXHIBIT A

  
Leased PremisesEXHIBIT
4.1

 

DESCRIPTION
OF THE URBAN-GRO, INC. SECURITIES REGISTERED PURSUANT TO

SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934

 

The
following descriptions are summaries of the material terms of our certificate of incorporation and bylaws. Reference is made to the more
detailed provisions of, and the descriptions are qualified in their entirety by reference to, the certificate of incorporation and bylaws,
forms of which are filed with the SEC as exhibits to this Report, and applicable law.

 

General

 

Our
authorized capital stock consists of 100,000,000 shares of common stock, par value $0.001 per share, and 10,000,000 shares of preferred
stock, $0.10 par value per share. The outstanding shares of our common stock are fully paid and nonassessable. No shares of preferred
stock are currently outstanding.

 

Common
Stock

 

Holders
of common stock will have voting rights for the election of our directors and all other matters requiring stockholder action, except
with respect to amendments to our certificate of incorporation that alter or change the powers, preferences, rights or other terms of
any outstanding preferred stock if the holders of such affected series of preferred stock are entitled to vote on such an amendment.
There is no cumulative voting with respect to the election of directors, with the result that the holders of more than 50% of the shares
voted for the election of directors can elect all of the directors. Holders of common stock will be entitled to one vote per share on
matters to be voted on by stockholders and also will be entitled to receive such dividends, if any, as may be declared from time to time
by our Board in its discretion out of funds legally available therefor. The payment of dividends, if any, on the common stock will be
subject to the prior payment of dividends on any outstanding preferred stock, of which there is currently none. Upon our liquidation
or dissolution, the holders of common stock will be entitled to receive pro rata all assets remaining available for distribution
to stockholders after payment of all liabilities and provision for the liquidation of any shares of preferred stock outstanding at that
time. Our stockholders have no conversion, preemptive or other subscription rights and there are no sinking fund or redemption provisions
applicable to the common stock.

 

Preferred
Stock

 

Our
certificate of incorporation provides that shares of preferred stock may be issued from time to time in one or more series. Our Board
will be authorized to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or other
special rights, if any, and any qualifications, limitations and restrictions thereof, applicable to the shares of each series. Our Board
will be able to, without stockholder approval, issue preferred stock with voting and other rights that could adversely affect the voting
power and other rights of the holders of the common stock and could have anti-takeover effects. The ability of our Board to issue preferred
stock without stockholder approval could have the effect of delaying, deferring or preventing a change of control of us or the removal
of existing management. Although we do not currently intend to issue any shares of preferred stock, we cannot assure you that we will
not do so in the future.

 

    	 

    	 

    

 

Certain
Anti-takeover Provisions of Delaware Law, our Certificate of Incorporation and Bylaws

 

Section
203 of the Delaware General Corporation Law

 

As
a Delaware corporation, we are governed by the provisions of Section 203 of the Delaware General Corporation Law, which generally has
an anti-takeover effect for transactions not approved in advance by our Board. This may discourage takeover attempts that might result
in payment of a premium over the market price for the shares of common stock held by stockholders. In general, Section 203 prohibits
a publicly held Delaware corporation from engaging in a “business combination” with an “interested stockholder”
for a three-year period following the time that such stockholder becomes an interested stockholder, unless the business combination is
approved in a prescribed manner. A “business combination” includes, among other things, a merger, asset or stock sale or
other transaction resulting in a financial benefit to the interested stockholder. An “interested stockholder” is a person
who, together with affiliates and associates, owns, or did own within three years prior to the determination of interested stockholder
status, 15% or more of the corporation’s voting stock. Under Section 203, a business combination between a corporation and an interested
stockholder is prohibited unless it satisfies one of the following conditions:

 

	 	●	before
    the stockholder became interested, the board of directors approved either the business combination or the transaction which resulted
    in the stockholder becoming an interested stockholder; or
	 	 	 
	 	●	upon
    consummation of the transaction which resulted in the stockholder becoming an interested outstanding, shares owned by:

 

	 	○	persons
    who are directors and also officers, and
	 	 	 
	 	○	employee
    stock plans, in some instances; or
	 	 	 
	 	○	at
    or after the time the stockholder became interested, the business combination was approved by the board of directors of the corporation
    and authorized at an annual or special meeting of the stockholders by the affirmative vote of at least two-thirds of the outstanding
    voting stock which is not owned by the interested stockholder.

 

Special
meeting of stockholders

 

Our
bylaws further provide that special meetings of our stockholders may be only called by our Board with a majority vote of our Board, by
our chief executive officer or our chairman.

 

Requirements
for Advance Notification of Director Nominations and Stockholder Proposals

 

Our
bylaws provide that stockholders seeking to bring business before our annual meeting of stockholders, or to nominate candidates for election
as directors at our annual meeting of stockholders, must provide timely notice of their intent in writing. To be timely, a stockholder’s
notice needs to be delivered to the secretary at our principal executive offices not later than the close of business on the 45th day
nor earlier than the close of business on the 75th day prior to the first anniversary of the date on which we first mailed its proxy
materials for the preceding year’s annual meeting of stockholders; provided, however, if no proxy materials were mailed by us in
connection with the preceding year’s annual meeting, or if the date of the annual meeting is advanced more than 30 days prior to
or delayed by more than 30 days after the anniversary of the preceding year’s annual meeting, a stockholder’s notice shall
be timely if delivered to our principal executive offices not later than the 90th day prior to the scheduled date of the annual meeting
of stockholders or the 10th day following the day on which public announcement of the date of our annual meeting of stockholders is first
made or sent by us. Our bylaws also specify certain requirements as to the form and content of a stockholders’ meeting. These provisions
may preclude our stockholders from bringing matters before our annual meeting of stockholders or from making nominations for directors
at our annual meeting of stockholders.

 

Authorized
but unissued shares

 

Our
authorized but unissued shares of common stock and preferred stock are available for future issuances without stockholder approval and
could be utilized for a variety of corporate purposes, including future offerings to raise additional capital, acquisitions and employee
benefit plans. The existence of authorized but unissued and unreserved common stock and preferred stock could render more difficult or
discourage an attempt to obtain control of us by means of a proxy contest, tender offer, merger or otherwise.

 

    	 

    	 

    

 

Removal
of directors

 

Our
certificate of incorporation provides that a member of our Board may be removed from service as a director, with or without cause, only
by the affirmative vote of the holders of a majority of the shares of voting stock then outstanding and entitled to vote in an election
of directors.

 

Limitation
of Liability and Indemnification of Directors and Officers

 

Our
certificate of incorporation and bylaws provide that our directors and officers will be indemnified by us to the fullest extent authorized
by Delaware law as it now exists or may in the future be amended, against all expenses and liabilities reasonably incurred in connection
with their service for or on our behalf. In addition, our certificate of incorporation provides that our directors will not be personally
liable for monetary damages to us for breaches of their fiduciary duty as directors, except for liability (i) for any appropriation by
a director, in violation of his or her duties, of any business opportunity of the Corporation, (ii) for acts or omissions which involve
intentional misconduct or a knowing violation of the law, (iii) with respect to illegal dividends or redemptions, or (iv) for any transaction
from which the director received an improper personal benefit. Our bylaws also permit us to secure insurance on behalf of any officer,
director or employee for any liability arising out of his or her actions, regardless of whether Delaware law would permit indemnification.

 

These
provisions may discourage stockholders from bringing a lawsuit against our directors for breach of their fiduciary duty. These provisions
also may have the effect of reducing the likelihood of derivative litigation against directors and officers, even though such an action,
if successful, might otherwise benefit us and our stockholders. Furthermore, a stockholder’s investment may be adversely affected
to the extent we pay the costs of settlement and damage awards against directors and officers pursuant to these indemnification provisions.
We believe that these provisions, insurance and the indemnity agreements are necessary to attract and retain talented and experienced
directors and officers.

 

There
is no pending litigation or proceeding involving any of our directors or officers where indemnification by us would be required or permitted.
We are not aware of any threatened litigation or proceeding that might result in a claim for such indemnification. Insofar as indemnification
for liabilities arising under the Securities Act may be permitted to our directors, officers and controlling persons pursuant to the
foregoing provisions, or otherwise, we have been advised that in the opinion of the SEC such indemnification is against public policy
as expressed in the Securities Act and is, therefore, unenforceable.

 

Listing

 

Our
common stock is listed on the Nasdaq Capital Market under the symbol “UGRO.”

 

Transfer
Agent and Registrar

 

The
transfer agent and registrar for our common stock is Equiniti Trust Company (f/k/a Corporate Stock Transfer), 3200 Cherry Creek Drive
South, Suite 430, Denver, Colorado 80209, phone (303) 282-4800.

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