Document:

Exhibit
10.1

 

Stock
Purchase Agreement

 

This
Stock Purchase Agreement (this “Agreement”),
dated as of May 27, 2022, is by and among Jacqueline M. Soptick, a resident of Texas (Soptick”), and Richard Lee Fink, a resident
of Texas ( “Fink” and, jointly and severally, with Soptick “Buyers”) and Nano Magic Holdings Inc., a Delaware
corporation (“Seller”).

 

Background

 

		A.	Soptick
                                            and Fink have each worked for 20 years or more at Applied Nanotech, Inc., a Delaware corporation
                                            (“ANI”) and these individuals presently serve as officers of ANI.
	 	 	 
		B.	Seller
                                            as the owner of all the outstanding stock of ANI has agreed to sell to Buyers 70% of the
                                            stock of ANI, provided that the stock is pledged to Seller to secure the promissory note
                                            to be delivered by Buyers hereunder (the “Note”).
	 	 	 
		C.	Each
                                            of the respective boards of directors (or similar governing body) of Buyers and Seller has
                                            approved and declared the advisability of this Agreement.
	 	 	 
		D.	In
                                            order to induce Seller to enter into this Agreement, the Buyers have each agreed to provide
                                            a validity guaranty to Seller.

 

Agreement

 

Now
therefore, in consideration of the statements above,
the covenants and promises contained herein and for other good and valuable consideration, the receipt and adequacy of which are hereby
acknowledged, and intending to be legally bound, the parties agree as follows:

 

ARTICLE
I

 

Stock Purchase
and Sale

 

Section
1.1 Effective Time. The transactions described herein shall be effective at midnight on May 31, 2022 (the “Effective Time)
so long as the following have occurred on or before that time:

 

		a)	The
                                            Amended and Restated Certificate of Incorporation for ANI (the “Certificate”)
                                            has been filed with the Secretary of State of Delaware;
		b)	The
                                            parties have executed and delivered this Agreement;
		c)	Buyers
                                            have executed and delivered the Note; and
		d)	Buyers
                                            have executed and delivered to Seller a Validity Guaranty.

 

    	1

     

    

 

Section
1.2 Certificate of Incorporation and Conversion of Shares. Under the Certificate, the 13,000 shares of ANI common stock will be
converted as follows: 3,000 shares retained by Seller will be converted into Class B Common Stock; and the 7,000 shares sold to Buyers
that are pledged back to Seller and the 3,000 unissued shares will be converted into Class A Common Stock.

 

ARTICLE
II 

Representations And Warranties Of Both Parties

 

The
Buyers hereby represent and warrant to Seller and the Seller hereby represents and warrants to Buyers as follows:

 

Section
2.1 Organization. It is duly formed, validly existing and in good standing under the laws of the state of its formation.

 

Section
2.2 Capacity; Authorization. It has all requisite power and authority, and has taken all corporate or other entity action necessary,
to execute, deliver and perform this Agreement, to consummate the transactions contemplated hereby and to perform its obligations hereunder.
Its execution and delivery of this Agreement and its consummation of the transactions contemplated hereby have been duly and validly
authorized and approved by all necessary action under the law of its formation and governing documents. It has duly executed and delivered
this Agreement and, assuming the due authorization, execution and delivery by the other party, this Agreement is the valid and binding
obligation, enforceable against it in accordance with its terms, except as enforcement may be limited by the General Enforceability Exceptions
and except insofar as the availability of equitable remedies may be limited by applicable law.

 

Section
2.3 Absence of Changes. Since January 1, 2022, ANI has conducted its business only in the ordinary course, consistent with past
practice.

 

Section
2.4 No Misstatement or Omission. This Agreement does not contain any misstatement of material fact nor does this Agreement omit
to state any material fact necessary to make the statements in this Agreement not misleading. .

 

ARTICLE
III 

Additional Representations And Warranties; Limitations

 

Section
3.1 Stock Ownership. Seller represents and warrants to Buyers that Seller owns all of the outstanding capital stock of ANI.

 

Section
3.2 Stock authorization etc. Seller represents and warrants to Buyers that the stock owned by Seller has been duly authorized,
validly issued and is fully paid and nonassessable.

 

    	2

     

    

 

Section
3.3 Access to Information; No Reliance. Buyers represent and warrant to Seller that Buyers have had full and complete access to
all information regarding ANI and have conducted such independent review, investigation and analysis (financial and otherwise) of ANI
as each and any of them considered necessary. The consummation of the transactions contemplated hereby by Buyers is not done in reliance
upon any representation or warranty by, or information from Seller or its officers, directors, employees or representatives, whether
oral or written, express or implied, including any implied warranty of merchantability or of fitness for a particular purpose, except
for the representations and warranties of Seller specifically and expressly set forth in this Agreement.

 

Section
3.4 Knowledge of ANI Business. Buyers confirm to Seller that Soptick and Fink have worked for ANI for at least 20 years and that
these individuals have served as the chief accounting officer and chief executive officer of ANI since 2014 and, as a result, are knowledgeable
about the business of ANI.

 

Section
3.5 ANI Records. Buyers represent and warrant to Seller that all the corporate records of ANI are located at the ANI Austin offices
and, accordingly, will be available to Buyers after the Effective Time.

 

Section
3.6 No Other Representations. Except for the representations and warranties contained in
this AGREEMENT, Including ArticleS II AND III none of SELLER OR ITS Affiliates, employees or representatives are making or have made
any representations or warranties of any sort to or for the benefit of BUYER, whether oral or written, express or implied, including
any implied warranty of merchantability or of fitness for a particular purpose, and seller expressly disclaimS any other representations
or warranties.

 

ARTICLE
IV

 

Covenants

 

Section
4.1 ANI Obligations. Promptly following the Closing, and in any event not later than the next business day, Buyers shall cause
ANI to (a) guaranty the Note, and (b) assume all obligations of Seller or its predecessors in interest with respect to the agreements
and licenses related to the ANI Patents (as defined below). Buyers shall cause ANI to comply with its certificate of incorporation, as
amended and restated.

 

Section
4.2 Patent Assignment. Promptly following the Effective Time, Seller will instruct its counsel to file in the United States Patent
and Trademark Office the assignments to ANI of the patents identified on a letter of even date delivered by Seller to ANI (the “ANI
Patents”).

 

    	3

     

    

 

Section
4.3 Seller Assistance. Seller will cooperate and assist Buyers and ANI with respect to potential settlement of obligations to
former employees of ANI. Seller will take any further action required to transfer to ANI the URL Applied nanotech.net and to complete
the transfer of e-mail for ANI employees to new ANI mailboxes.

 

Section
4.4 Tax Matters. At Seller’s request, Buyers will cause ANI to cooperate and assist Seller with respect to any Federal tax
audits relating to any period up to the Effective Time, including, without limitation, providing copies of corporate records.

 

ARTICLE
V

 

Indemnification

 

Section
5.1 Buyers’ Indemnification. Buyers will indemnify and hold harmless Seller and its subsidiaries, and their respective
officers, directors, employees and stockholders (“Seller Beneficiaries”) from and against any liabilities, obligations
or claims relating to (a) ANI, whether arising before or after the Effective Time, or (b) the ANI Patents and the agreements assumed
under Section 4.1.

 

Section
5.2 Seller’s Indemnification. Seller will indemnify and hold harmless Buyers and its officers, directors, employees and
members (“Buyer Beneficiaries”) from and against any liabilities, obligations or claims relating to Seller or its
subsidiary Nano Magic LLC, except for claims relating to the Transferred Patents and the agreements assumed under Section 4.1.

 

Section
5.3 Notice of Claims; Settlements.

 

(a)
Any Seller Beneficiary or Buyer Beneficiary receiving notice of an indemnifiable claim or seeking indemnification shall promptly, and
in any event with 14 calendar days of receiving notice of the claim, provide the Buyers or the Seller whichever is responsible for the
indemnification (the “Indemnitor”) with a written notice (a “Claim Notice”) describing in reasonable
detail the known facts giving rise to the Claim Notice. Failure to give such written notice shall not relieve any Indemnitor of its obligations
under this Agreement, except to the extent the Indemnitor demonstrates actual prejudice by such failure.

 

(b)
The Indemnitor receiving the Claim Notice shall, not more than 7 calendar days after receiving the Claim Notice, either acknowledge its
indemnity obligation with respect to the matter described in the Claim Notice or dispute its liability by providing a notice setting
forth its objections to indemnification (a “Dispute Notice”). For a period of 30 days after the giving of any Dispute
Notice, the beneficiary delivering the Claim Notice and the Indemnitor shall negotiate in good faith to resolve the matter. In the event
that the controversy is not resolved within 30 days after the date the Dispute Notice is given, the parties may thereupon proceed to
pursue any and all available remedies at law.

 

    	4

     

    

 

(c)
If a Claim Notice relates to a claim by a third person against a beneficiary the Indemnitor shall not, except with the consent of the
affected beneficiary or beneficiaries, enter into any settlement or compromise any claim by a third person that (i) does not provide
a complete and unconditional release from all liability for the affected beneficiaries with respect to such claim or consent to entry
of any judgment, or (ii) involves any non-monetary relief or remedy binding on the beneficiary. Any consent required by this Section
8.6(c) shall not be unreasonably delayed, withheld or conditioned.

 

ARTICLE
VI 

General

 

Section
6.1 Entire Agreement; Assignment. This Agreement and the other documents referenced in this Agreement (a) are the entire
agreement between the parties with respect to the subject matter hereof and supersedes all other prior agreements and understandings,
both written and oral, between the parties with respect to the subject matter hereof and (b) shall not be assigned by operation of law
or otherwise.

 

Section
6.2 Interpretation. In this Agreement, unless otherwise specified or where the context otherwise requires:

 

(a)
the headings of particular provisions of this Agreement are inserted for convenience only and will not be construed as a part of this
Agreement or serve as a limitation or expansion on the scope of any term or provision of this Agreement;

 

(b)
references to any person include the successors and permitted assigns of such person;

 

(c)
words importing the singular only shall include the plural and vice versa;

 

the
words “include,” “includes” or “including” shall be deemed to be followed by the words “without
limitation” or “but not limited to.”

 

Section
6.3 Validity. If any provision of this Agreement or the application thereof to any person or circumstance is held invalid or unenforceable,
the remainder of this Agreement and the application of such provision to other persons or circumstances shall not be affected thereby
and, to such end, the provisions of this Agreement are agreed to be severable.

 

Section
6.4 Amendment; Waiver. This Agreement may be amended only by an instrument in writing signed on behalf of the parties. Any waiver
shall be valid only if set forth in in writing signed on behalf of the party granting the waiver. The failure of any party to assert
any of its rights under this Agreement shall not constitute a waiver of such right(s).

 

Section
6.5 Notices. All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be
given (and shall be deemed to have been duly given upon receipt) by delivery in person, by e-mail, by overnight courier or by registered
or certified mail (postage prepaid, return receipt requested) to each other party as follows:

 

    	5

     

    

 

	 	if to Buyers:	Jacqueline Soptick
	 	 	8200 Cameron Road
	 	 	Suite B160
	 	 	Austin, TX 78754
	 	 	jsoptick@appliednanotech.net
	 	 
	 	With a copy to:	Richard Lee Fink
	 	 	8200 Cameron Road
	 	 	Suite B160
	 	 	Austin, TX 78754
	 	 	rfink@appliednanotech.net
	 	 
	 	if to Seller to:	Nano Magic Holdings Inc.
 31601 Research Park Drive
 Madison Heights, MI
    48701
 Attention: President
	 	 	Tom@namomagic.com
	 	 
	 	with a copy to:	leo@nanomagic.com

 

or
to such other address as the person to whom notice is given may have previously furnished to the others in writing in the manner set
forth above.

 

Section
6.6 Governing Law; Jurisdiction; Service of Process This Agreement shall be governed by the laws of the state of Michigan without
giving effect to its principles of conflicts of laws. The Buyers waive any objection to suit in the state of Federal courts sitting in
Michigan including any objection to personal jurisdiction, venue or forum non-conveniens. Each party agrees that service of process may
be accomplished by mailing a copy of such process by registered or certified mail (or any substantially similar form of mail), postage
prepaid, to such party at its address as provided in Section 6.5.

 

Section
6.7 Waiver of Jury Trial.

 

EACH
OF THE PARTIES WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT AND THE TRANSACTIONS
CONTEMPLATED HEREBY.

 

Section
6.8 Public Announcements

 

All
press releases or other public communications of any nature whatsoever relating to the transactions contemplated by this Agreement, and
the method of the release for publication thereof, shall be subject to the prior mutual approval in writing of Buyers and Seller, except
that the Seller may make any filings and disclosures required by Federal securities laws.

 

Section
6.9 Parties in Interest This Agreement shall be binding upon and inure solely to the benefit of each party hereto and its successors
and permitted assigns and, except as specifically provided herein, nothing in this Agreement, express or implied, is intended to or shall
confer upon any other person any rights, benefits or remedies of any nature whatsoever under or by reason of this Agreement.

 

Section
6.10 Expenses Except as expressly stated herein, each party to this Agreement shall bear and pay all fees, costs and expenses
that have been incurred or that are incurred by such party in connection with the transactions contemplated by this Agreement.

 

Section
6.11 Counterparts; Effectiveness This Agreement may be executed by facsimile or other electronic format (including .pdf) in two
or more counterparts, each of which shall be deemed to be an original, but all of which shall constitute one and the same agreement.
This Agreement shall become effective when each party has received counterparts signed and delivered (by facsimile, electronic transmission
or otherwise) by the other party.

 

[Signature
Page Follows]

 

    	6

     

    

 

Each
of the parties has caused this Agreement to be duly executed on its behalf as of the day and year first above written.

 

	 	Buyers:
	 	 
	 	/s/Jacqueline
    M. Soptick
	 	Jacqueline M. Soptick
	 	 
	 	/s/ Richard Lee Fink
	 	Richard Lee Fink

 

	 	Seller:
	 	 
	 	Nano Magic
                    Holdings Inc.

	 	 
	 	By:	/s/ Tom J. Berman
	 	 	Tom J. Berman, President & CEOExhibit
10.2

 

Secured
Promissory Note

 

	$450,000.00	Austin,
    TX
	 	May
    31, 2022

 

For
value received Jacqueline M. Soptick, a resident of Texas, and Richard Lee Fink, also a resident of Texas(collectively,
the “Buyers”), hereby jointly, severally and unconditionally promise to pay to the order of Nano Magic Holdings Inc.,
a Delaware corporation (together with successors and assigns, the “Seller”), the principal sum of Four Hundred Fifty
Thousand Dollars and No Cents ($450,000.00) (the “Loan”). The principal amount due under this Note shall bear interest
at a rate of 7% per annum and accrue starting on the date hereof. Interest shall be paid quarterly, in cash, not more than 10 days after
the end of the quarter with the first payment due June 30, 2022. Principal shall be paid in cash in fourteen semi-annual payments as
set forth on Annex A. All payments in respect of this Note shall be made in lawful money of the United States of America. The Loan may
be prepaid at any time and from time to time without premium or penalty.

 

Upon
any payment default, holder will give notice to the Buyers at its address below and if the default is not cured within 10 days, all amounts
due hereunder shall be immediately due and payable; except that if the Buyers give written notice to holder before the end of
the 10-day period that ANI (as defined below) is entitled to cash payments under a then-effective government research contract which
will, under the payment and disbursement provisions of that contract, provide the cash for ANI to make the payment on a later date stated
in such notice, which date will be not later than 60 days after the due date of the missed payment, then no acceleration shall occur
until 10 days after the payment date stated in the notice. The cure provision of the preceding sentence may only be used once with respect
to any payment due hereunder.

 

This
Note is issued pursuant to a Stock Purchase Agreement of even date between the Buyers and the Seller. As security for the payment of
the Loan, the Buyers have pledged and deposited with Seller the stock of Applied Nanotech, Inc., a Delaware corporation (“ANI”)
purchased by the Buyers under the Stock Purchase Agreement. As further security, Buyers will cause ANI to guaranty this note. Any default
by ANI under any material contract of ANI, or any failure of ANI or the Buyers to comply with the provisions of the ANI certificate of
incorporation will entitle the holder, not less than 30 days after written notice to the Buyers, to accelerate the Loan. No portion of
the security shall be released until the Loan and any other obligations incurred under this Note have been paid and satisfied in full.
The Buyers have the right to exercise all voting and consent rights with respect to the pledged stock until the holder gives written
notice to the Buyers both that the Loan has been accelerated under the default provisions of this Note and that the holder claims voting
rights.

 

The
undersigned waive presentment, protest and demand, notice of protest, demand and dishonor and nonpayment of this Note and agree to pay
all costs of collection when incurred, including attorneys’ fees, and to perform and comply with each of the covenants, conditions,
provisions and agreements contained in every instrument now evidencing or securing said indebtedness. No extension of the time for the
payment of this Note or any installment thereof made by agreement with any person now or hereafter liable for the payment of this Note
shall operate to release, discharge, modify, change or affect the undersigned’s liability under this Note, either in whole or in
part, unless the undersigned shall be a party to such agreement.

 

The
Buyers’ obligations under this Note are absolute and unconditional and shall not be subject to any defense, setoff or counterclaim
that may at any time be available to or be asserted by them or either of them. The Buyers hereby waive, and agree not to assert, any
right to offset or interpose as a defense or counterclaim any claim against the Seller against its obligations under this Note.

 

    	 

     

    

 

The
Buyers shall pay all reasonable out-of-pocket expenses incurred by the Seller, including fees and disbursements of counsel for the Seller,
in connection with the enforcement of this Note.

 

The
Buyers agree that to the extent any payment on this Note which payment or payments, or any part thereof, are subsequently invalidated,
declared to be fraudulent or preferential, set aside and/or required to be repaid, their successors or assigns under any bankruptcy law,
state or federal law, common law or equitable cause, then, to the extent of such payment or repayment, the obligations, or part thereof,
under this Note that have been paid, reduced or satisfied by such amount shall be reinstated and continued in full force and effect as
of the time immediately preceding such initial payment, reduction or satisfaction.

 

This
Note shall be governed by the laws of the state of Michigan without giving effect to its principles of conflicts of laws. Buyers waive
any objection to suit in the state of Federal courts sitting in Michigan including any objection to personal jurisdiction, venue or forum
non-conveniens.

 

Should
any provision of this Note be judicially declared to be invalid, unenforceable or void, such decision will not have the effect of invalidating
or voiding the remainder of this Note, and the parties hereto agree that the provision of this Note so held to be invalid, unenforceable
or void will be deemed to have been stricken herefrom and the remainder will have the same force and effectiveness as if such provision
had never been included herein. The Buyers and the holder shall use their best efforts to replace the provision so deemed to have been
stricken herefrom with a provision that the parties reasonably believe to be valid and enforceable and which has a substantially identical
economic and legal effect as the provision so deemed to have been stricken herefrom.

 

Notwithstanding
anything to the contrary in this Note, Buyers shall not be personally liable for any amounts owing under this Note.

 

IN
WITNESS WHEREOF, this Note has been executed and delivered as a sealed instrument on the date first above written by the Buyers.

 

	 	/s/ Jacqueline M. Soptick
	 	Jacqueline
    M. Soptick
	 	 
	 	/s/ Richard Lee Fink
	 	Richard Lee Fink

 

Notice
addresses (until changed by further notice):

 

Buyers:
jsoptick@appliednanotech.net and dfink@appliednanotech.net

 

ANI:
jsoptick@appliednanotech.net and dfink@appliednanotech.net

 

Seller:
tom@nanomagic.com with a copy to leo@nanomagic.com

 

    	 

     

    

 

ANNEX
A

 

	Due Date: not more than 10 days after	 	Principal Payment
	November 30, 2022	 	$	20,000.00	 
	May 31, 2023	 	$	20,000.00	 
	November 30, 2023	 	$	20,000.00	 
	May 31, 2024	 	$	25,000.00	 
	November 30, 2024	 	$	25,000.00	 
	May 31, 2025	 	$	25,000.00	 
	November 30, 2025	 	$	25,000.00	 
	May 31, 2026	 	$	30,000.00	 
	November 30, 2026	 	$	30,000.00	 
	May 31, 2027	 	$	30,000.00	 
	November 30, 2027	 	$	30,000.00	 
	May 31, 2028	 	$	30,000.00	 
	November 30, 2028	 	$	30,000.00	 
	May 31, 2029	 	$	30,000.00	 
	December 31, 2029	 	$	80,000.00

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