Document:

EX-10.1

  Certain identified information has been omitted from this document because it is not material and would be competitively harmful if publicly disclosed, and has been marked with “[***]” to indicate where omissions have been made.

  Exhibit 10.1

  Execution Version

  AMENDMENT NO. 2
TO
SECOND AMENDED AND RESTATED
LOAN AND SECURITY AGREEMENT

  THIS AMENDMENT NO. 2 TO SECOND AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT (this “Amendment”), dated as of June 8, 2021, is entered into by and among TESLA 2014 WAREHOUSE SPV LLC, a Delaware limited liability company (the “Borrower”), TESLA FINANCE LLC, a Delaware limited liability company (“TFL”), the Lenders party hereto, the Group Agents party hereto, DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York banking corporation, as paying agent and DEUTSCHE BANK AG, NEW YORK BRANCH, as administrative agent (in such capacity, the “Administrative Agent”) and is made in respect of the Second Amended and Restated Loan and Security Agreement, dated as of August 28, 2020, as amended by that certain Amendment No. 1 to Second Amended and Restated Loan and Security Agreement, dated March 15, 2021 (as amended, the “Loan Agreement”) among the Borrower, TFL, the Lenders party thereto, the Group Agents party thereto, the Administrative Agent and the Paying Agent.  Defined terms used herein and not otherwise defined herein shall have the respective meanings given to them in the Loan Agreement as amended hereby.

  WHEREAS, the Borrower, the Lenders, the Group Agents and the Administrative Agent have agreed to amend the Loan Agreement on the terms and conditions set forth herein;

  NOW, THEREFORE, in consideration of the premises set forth above, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Borrower, the Lenders, the Group Agents and the Administrative Agent agree as follows:

  1.Amendments to Loan Agreement.  Effective as of the Amendment Effective Date (as defined below) and subject to the satisfaction of the conditions precedent set forth in Section 2 hereof:

  (a)Section 1.01 of the Loan Agreement is hereby amended by amending deleting the definition “[***] Subservicing Agreement” in its entirety. 

  (b)Section 1.01 of the Loan Agreement is hereby amended by amending the definition of “Transaction Documents” to read as follows:

  “‘Transaction Documents’ shall mean the Trust Agreement, the Warehouse SUBI Supplement, the Warehouse SUBI Servicing Agreement, the Subservicing Agreement, the eVault Letter Agreement, the Warehouse SUBI Sale Agreement, this Agreement, the Collateral Agency and Security Agreement, the Fee Letter, each Loan 

   

  

   

  Request, each Settlement Statement, each Notice of Warehouse SUBI Lease Allocation, each Interest Rate Hedge and each other agreement, report, certificate or other document delivered by any Tesla Party, Tesla, Inc. or TFL pursuant to or in connection with this Agreement.”

  (c)Section 1.01 of the Loan Agreement is hereby amended by adding, in alphabetical order, the new definition “Subservicing Agreement” as follows: 

  “‘Subservicing Agreement’ means (i) until such time the agreement terminates by its terms, the Servicing Agreement dated as of December 18, 2013 between [***] as subservicer and the Servicer, as amended, modified or supplemented from time to time and (ii) until such time the agreement terminates by its terms, the Standby Servicing Agreement, dated March 29, 2021, between [***], as standby subservicer, and the Servicer, as amended, modified or supplemented from time to time.”

  (d)Section 7.02(c) of the Loan Agreement is hereby amended by deleting it in its entirety and replacing it with the following:

  “(c)	Once during each calendar year, in the case of the Administrative Agent and one or more times during each calendar year, in the case of each Group Agent, at such times during normal business hours as are reasonably convenient to the Borrower, and upon reasonable request of the Administrative Agent or such Group Agent, and prior written notice to the Borrower, the Administrative Agent or such Group Agent (or a Person engaged by the Administrative Agent or such Group Agent) may conduct audits and/or visit and inspect any of the properties of the Borrower (including the Servicer and any subservicer) where Lease Documents are located, to examine the Lease Documents, to confirm and verify the existence, amount and status of the Warehouse SUBI Leases, to examine internal controls and procedures maintained by the Borrower, and take copies and extracts therefrom, and to discuss the Borrower’s affairs with its officers and employees, servicers, subservicers and upon prior written notice to the Borrower , independent accountants.  In addition to the audits and/or visits and inspections permitted under the preceding sentence, prior to the date that is 60 days following the Closing Date, the Group Agents (or Persons engaged by the Group Agents) may conduct an audit and/or visit and inspect any of the properties of the Borrower (including the Servicer and any subservicer) where Lease Documents are located, during normal business hours as are reasonably convenient to the Borrower, at the expense of the Borrower , to examine the Lease Documents, to confirm and verify the existence, amount and status of the Warehouse SUBI Leases, to examine internal controls and procedures maintained by the Borrower, and take copies and extracts therefrom, and to discuss the Borrower’s affairs with its officers and employees, servicers, subservicers and upon prior written notice to the Borrower, independent accountants.  The Borrower hereby authorizes such officers, employees, servicers, subservicers and independent accountants to discuss with the Administrative Agent, the Group Agents and the Back-Up Servicer, the affairs of the Borrower.  The Borrower shall reimburse the Administrative Agent, the Group Agents and the Back-Up Servicer for all reasonable out-of-pocket fees, costs and expenses incurred by or on behalf of the Administrative Agent, the Group Agents or the Back-Up Servicer in connection with the foregoing actions promptly upon receipt of a written invoice therefor in connection 

   

  

   

  with the initial post-closing audit, visit and inspection, the initial audit, visit and inspection by the Administrative Agent (or a Person engaged by the Administrative Agent) in any calendar year, and all audits, visits and inspections made after the occurrence and during the continuation of a Default or an Event of Default.  Any audit provided for herein shall be conducted in accordance with Borrower’s reasonable rules respecting safety and security on its premises and without materially disrupting operations.  Nothing in this Section 7.02(c) shall affect the obligation of the Borrower to observe any applicable law prohibiting the disclosure of information regarding the Lessees, and the failure of the Borrower to provide access to information as a result of such obligation shall not constitute a breach of this Section 7.02(c).”

  (e)Section 8.02(a) of the Loan Agreement is hereby amended by deleting clause (i) in the third sentence of Section 8.02(a) in its entirety and replacing it with the following:

  “(i) following the occurrence of an Event of Default, the Administrative Agent shall, at the request, or may with the consent, of the Group Agents, terminate TFL or any Affiliate thereof as Servicer pursuant to Section 4.1 of the Warehouse SUBI Servicing Agreement (but may, at the Administrative Agent’s option, retain the services of the then-current subservicer, if any)”.

  2.Conditions Precedent. This Amendment shall become effective as of the date hereof (the “Amendment Effective Date”) upon satisfaction or waiver of the following conditions precedent:

  (f)the receipt by the Administrative Agent or its counsel of counterpart signature pages to this Amendment and each other document and certificate to be executed or delivered in connection with this Amendment;

  (g)no Default, Event of Default or Potential Servicer Default shall have occurred or be continuing, the Termination Date shall not have occurred and no Event of Bankruptcy shall have occurred with respect to TFL or Tesla, Inc.; and

  (h)the Administrative Agent and each Group Agent shall have received such other documents, instruments and agreements as the Administrative Agent or such Group Agent may have reasonably requested.

  3.Representations and Warranties of the Borrower.  The Borrower hereby represents and warrants to the Administrative Agent, each Group Agent and each Lender as of the date hereof that:

  (i)This Amendment and the Loan Agreement, as amended hereby, constitute the legal, valid and binding obligations of the Borrower and are enforceable against the Borrower in accordance with their respective terms, except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws relating to or limiting creditors’ rights generally and by general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law).

  (j)Upon the effectiveness of this Amendment, the Borrower hereby affirms that all representations and warranties made by it in Article IV of the Loan Agreement, as 

   

  

   

  amended, are correct in all material respects on the date hereof as though made as of the effective date of this Amendment, unless and to the extent that any such representation and warranty is stated to relate solely to an earlier date, in which case such representation and warranty shall have been true and correct in all material respects as of such earlier date.

  (k)As of the date hereof, no Default, Event of Default or Potential Servicer Default shall have occurred or be continuing, the Termination Date shall not have occurred and no Event of Bankruptcy shall have occurred with respect to TFL or Tesla, Inc.

  4.Reference to and Effect on the Loan Agreement.

  (l)Upon the effectiveness of Section 1 hereof, each reference in the Loan Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import shall mean and be a reference to the Loan Agreement as amended hereby.

  (m)The Loan Agreement, as amended hereby, and all other documents, instruments and agreements executed and/or delivered in connection therewith, shall remain in full force and effect until hereafter terminated in accordance with their respective terms, and the Loan Agreement and such documents, instruments and agreements are hereby ratified and confirmed.

  (n)Except as expressly provided herein, the execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Administrative Agent, any Agent or any Lender, nor constitute a waiver of any provision of the Loan Agreement or any other documents, instruments and agreements executed and/or delivered in connection therewith.

  5.Costs and Expenses.  The Borrower agrees to pay all reasonable and actual costs, fees, and out‐of‐pocket expenses (including the reasonable attorneys’ fees, costs and expenses of Morgan, Lewis & Bockius LLP, counsel to the Administrative Agent, the Group Agents and the Lenders) incurred by the Administrative Agent, each Group Agent and each Lender in connection with the preparation, review, execution and enforcement of this Amendment.

  6.GOVERNING LAW.  THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO ITS CONFLICTS OF LAWS PROVISIONS (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

  7.Headings.  Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose.

  8.Counterparts.  This Amendment may be executed by one or more of the parties to the Amendment on any number of separate counterparts and all of said counterparts taken together shall be deemed to constitute one and the same instrument.  Delivery of an executed counterpart of a signature page to this Amendment by facsimile (transmitted by telecopier or by email) shall be effective as delivery of a manually executed counterpart of this Amendment.

   

  

   

  9.Electronic Signatures.  Each party agrees that this Amendment may be electronically signed, and that any electronic signatures appearing on this Amendment or such other documents are the same as handwritten signatures for purposes of validity, enforceability and admissibility.

   

   

  

   

  IN WITNESS WHEREOF, the parties have caused this Amendment to be duly executed and delivered by their duly authorized signatories as of the date first above written.

   

  TESLA 2014 WAREHOUSE SPV LLC,

  as Borrower

   

   

  By: _/s/ Jeffrey Munson______________

  Name:  Jeffrey Munson

  Title:  President

   

  Signature Page to Amendment No. 2 to Second Amended and Restated Loan and Security Agreement

   

   

   

  

   

  DEUTSCHE BANK AG, NEW YORK BRANCH,

  as Administrative Agent, as a Group Agent and as

  a Committed Lender

   

   

  By: _/s/ Jay Steiner____________________

  Name:  Jay Steiner

  Title:  Managing Director

   

  By: _/s/ Kevin Fagan___________________

  Name:  Kevin Fagan

  Title:  Director

   

  Signature Page to Amendment No. 2 to Second Amended and Restated Loan and Security Agreement

   

   

  

   

  CITIBANK, N.A.,

  as a Group Agent and as a Committed Lender

   

   

  By: _/s/ Peter Hext_____________________

  Name:  Peter Hext

  Title:  Vice President

   

  CAFCO, LLC,

  as Conduit Lender

   

  By:	Citibank, N.A., as Attorney-in-Fact

   

   

  By: _/s/ Peter Hext_____________________

  Name:  Peter Hext

  Title:  Vice President

   

  CHARTA, LLC,

  as Conduit Lender

   

  By:	Citibank, N.A., as Attorney-in-Fact

   

   

  By: _/s/ Peter Hext_____________________

  Name:  Peter Hext

  Title:  Vice President

   

  Signature Page to Amendment No. 2 to Second Amended and Restated Loan and Security Agreement

   

   

   

  

   

  CIESCO, LLC,

  as Conduit Lender

   

  By:	Citibank, N.A., as Attorney-in-Fact

   

   

  By: _/s/ Peter Hext_____________________

  Name:  Peter Hext

  Title:  Vice President

   

  CRC FUNDING, LLC,

  as Conduit Lender

   

  By:	Citibank, N.A., as Attorney-in-Fact

   

   

  By: _/s/ Peter Hext_____________________

  Name:  Peter Hext

  Title:  Vice President

   

  Signature Page to Amendment No. 2 to Second Amended and Restated Loan and Security Agreement

   

   

  

   

  CREDIT SUISSE AG, NEW YORK BRANCH,

  as a Group Agent

   

   

  By: __/s/ Kevin Quinn_________________

  Name:  Kevin Quinn

  Title:  Vice President

   

  By: _/s/ Enrique Flores Ruiz____________

  Name:  Enrique Flores Ruiz

  Title:  Vice President

   

  CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,

  as a Committed Lender

   

   

  By: __/s/ Kevin Quinn_________________

  Name:  Kevin Quinn

  Title:  Authorized Signatory

   

  By: _/s/ Enrique Flores Ruiz____________

  Name:  Enrique Flores Ruiz

  Title:  Authorized Signatory

   

  GIFS CAPITAL COMPANY LLC,

  as a Conduit Lender

   

   

  By: _/s/ Casey D. Fear_________________

  Name:  Casey D. Fear

  Title:  Manager

   

  Signature Page to Amendment No. 2 to Second Amended and Restated Loan and Security Agreement

   

   

  

   

  BARCLAYS BANK PLC,

  as a Group Agent

   

   

  By: __/s/ John McCarthy_______________

  Name:  John McCarthy

  Title:  Director

   

   

  SALISBURY RECEIVABLES COMPANY LLC,

  as a Conduit Lender

   

  By:  Barclays Bank PLC, as attorney-in-fact

   

   

  By: __/s/ John McCarthy_______________

  Name:  John McCarthy

  Title:  Director

   

  Signature Page to Amendment No. 2 to Second Amended and Restated Loan and Security Agreement

   

   

  

   

  WELLS FARGO BANK, NATIONAL ASSOCIATION

  as a Group Agent and as a Committed Lender

   

   

  By: __/s/ Charlie Hinkle_______________

  Name:  Charlie Hinkle

  Title:  Vice President

   

  Signature Page to Amendment No. 2 to Second Amended and Restated Loan and Security Agreementunrv_ex41.htm

EXHIBIT 4.1
  
 THIS ND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER ANY SECURITIES LAW, AND MAY NOT BE SOLD, PLEDGED, OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER ANY SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY AND ITS COUNSEL, THAT SUCH REGISTRATION IS NOT REQUIRED.
  
 WARRANT TO PURCHASE COMMON STOCK
   
 	 Company:
	 UMBRLA, Inc., a Nevada corporation

	  
 Holder:
	  
  

	  
 Number of Shares:
	  
  

	  
 Class of Stock:
	  
 Common Stock

	  
 Initial Exercise Price:
	  
 $0 per share

	  
 Issue Date:
	  
  

	  
 Expiration Date:
	  
  

    
 This Warrant certifies that, for good and valuable consideration, Holder, is entitled to purchase from the Company, until 5:00 p.m. Pacific Time, on the Expiration Date set forth above, the number of fully paid and nonassessable shares of the class of stock (the "Shares") of the Company at the Initial Exercise Price per Share (the "Warrant Price"), all as set forth above and as adjusted pursuant to Section 2 of this Warrant, subject to the provisions and upon the terms and conditions set forth in this Warrant.
  
 1. EXERCISE.
  
 1.1 Method of Exercise. Holder may exercise this Warrant by delivering a duly executed Notice of Exercise in substantially the form attached as Exhibit A to the principal office of the Company as well as a joinder agreement to such stockholder agreement or similar agreement as may be in place at the time of such exercise. This Warrant may be exercised in whole or in part and Holder shall also deliver to the Company a check or wire transfer for the aggregate Warrant Price for the Shares being purchased.
  
 1.2 Delivery of Certificate and New Warrant. Promptly after Holder exercises this Warrant, the Company shall deliver to Holder certificates for the Shares acquired and, if this Warrant has not been fully exercised or converted and has not expired, this Warrant shall automatically be reduced by the number of Shares issued and remain exercisable for such remaining Shares not so acquired, and all other terms of the Warrant shall otherwise remain in full force and effect as so adjusted. Upon final exercise of this Warrant for any such remaining number of Shares, this Warrant shall be surrendered by the Holder to the Company for cancellation.
    
 	 
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 1.3 Replacement of Warrants. On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory in form and amount to the Company or, in the case of mutilation, or surrender and cancellation of this Warrant, the Company at its expense shall execute and deliver, in lieu of this Warrant, a new warrant of like tenor.
  
 1.4 Sale, Merger, Consolidation or Liquidation of the Company. 
  
 1.4.1 "Acquisition". For the purpose of this Warrant, "Acquisition" means (a) any sale or exchange of the capital stock by the shareholders of the Company in one transaction or series of related transactions where more than 50% of the outstanding voting power of the Company is acquired by a person or entity or group of related persons or entities; or (b) any reorganization, consolidation, merger or similar transaction or series of related transactions (each, a "combination transaction") in which the Company is a constituent corporation or is a party if, as a result of such combination transaction, the voting securities of the Company that are outstanding immediately prior to the consummation of such combination transaction (other than any such securities that are held by an "Acquiring Shareholder", as defined below) do not represent, or are not converted into, securities of the surviving corporation or resulting company of such combination transaction (or such surviving corporation's parent corporation if the surviving corporation is owned by the parent corporation) that, immediately after the consummation of such combination transaction, together possess at least fifty percent (50%) of the total voting power of all securities of such surviving corporation (or its parent corporation, if applicable) that are outstanding immediately after the consummation of such combination transaction, including securities of such surviving corporation (or its parent corporation, if applicable) that are held by the Acquiring Shareholder; or (c) a sale or other transfer of all or substantially all of the assets of the Company, that is followed by the distribution of the proceeds to the Company's shareholders. For purposes of this Section 1.4.1, an "Acquiring Shareholder" means a shareholder or shareholders of the Company that (i) merges or combines with the Company in such combination transaction or (ii) owns or controls a majority of another corporation that merges or combines with the Company in such combination transaction.
  
 1.4.2 Assumption of Warrant. Upon the closing of any Acquisition where the consideration for the Acquisition to be received by the Company's shareholders consists solely or in part of stock or securities of the acquirer or an entity affiliated with the acquirer, the successor entity shall assume the obligations of this Warrant, and this Warrant shall be exercisable for the same securities as would be payable for the Shares issuable upon exercise of the unexercised portion of this Warrant as if such Shares were outstanding on the record date for the Acquisition and subsequent closing thereof. The Warrant Price shall be adjusted accordingly.
   
 	 
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 1.4.3 Termination of Warrant. In the case of (a) an Acquisition where the consideration for the Acquisition to be received by the Company's shareholders in return for their capital stock of the Company consists of cash or a combination of cash and other property (other than stock or securities of the Acquirer) or (b) the proposed liquidation and dissolution of the Company, the Company shall give Holder at least (30) days advance written notice of such event (the "Company Notice"), which notice shall include the Company's best estimate of the value of the Shares receivable upon exercise or conversion of this Warrant and the proposed date upon which such event is expected to occur. During such notice period, Holder may exercise or convert this Warrant in accordance with its terms, whether or not exercise or conversion is contingent upon the happening of such event and/or existence of a minimum value of the Shares receivable upon exercise or conversion as provided on Holder's exercise notice; provided that such minimum value shall be no greater than the per share price set forth in the Company Notice. Subject to prior exercise or conversion as provided in the preceding sentence, this Warrant will terminate at 5:00 p.m. Pacific Time on the day prior to the date such event is expected to occur as set forth in the Company Notice; provided that (a) the Company Notice of the proposed event is actually received by Holder, as evidenced by a return receipt of certified mail delivery, a certificate of delivery by hand delivery or written verification of delivery from the overnight courier, and (b) the event actually occurs within (30) days after the date it is expected to occur, as such date was specified in the Company Notice.
  
 2. ADJUSTMENTS TO THE SHARES. 
  
 2.1 Stock Dividends, Splits, Etc. If the Company declares or pays a dividend on the outstanding shares of the Company's Common Stock payable in shares of the Company's Common Stock or other securities of the Company or subdivides or combines the outstanding shares of the Company's Common Stock, then upon exercise or conversion of this Warrant, Holder shall receive, without cost to Holder, the total number and kind of securities to which Holder would have been entitled had Holder owned the Shares of record as of the date the dividend, subdivision or combination occurred.
  
 2.2 Reclassification, Exchange or Substitution. Upon any reclassification, exchange, substitution, or other event that results in a change of the number and/or class of the securities issuable upon exercise or conversion of this Warrant (other than a merger, consolidation or recapitalization described in Section 1.4 above or a stock dividend, split, etc. described in Section 2.1 above), Holder shall be entitled to receive, upon exercise or conversion of this Warrant, the number and kind of securities and property that Holder would have received for the Shares if this Warrant had been exercised immediately before such reclassification, exchange, substitution or other event. The Company or its successor shall promptly issue to Holder a new Warrant for such new securities or other property. The new Warrant shall provide for adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided for in this Section 2 including, without limitation, appropriate adjustments to the Warrant Price and to the number of securities or property issuable upon exercise or conversion of the new Warrant.
  
 2.3 Adjustments of Warrant Price. If the outstanding Shares are combined or consolidated, by reclassification or otherwise, into a lesser number of shares, the Warrant Price shall be proportionately increased. If the outstanding Shares are divided by reclassification or otherwise, into a greater number of shares, the Warrant Price shall be proportionately decreased.
    
 	 
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 2.4 Adjustment is Cumulative. The provisions of this Section 2 shall similarly apply to successive, stock dividends, stock splits or combinations, reclassifications, exchanges, substitutions, or other events.
  
 2.5 No Impairment. The Company shall not, by amendment of its organizational documents or through a reorganization, transfer of assets, consolidation, merger, dissolution, issue, or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed under this Warrant by the Company, but shall at all times in good faith assist in carrying out of all the provisions of this Section 2 and in taking all such action as may be necessary or appropriate to protect Holder's rights under this Section against impairment.
  
 2.6 Fractional Shares. No fractional Shares shall be issuable upon exercise or conversion of the Warrant and the number of Shares to be issued shall be rounded down to the nearest whole Share. If a fractional share interest arises upon any exercise or conversion of the Warrant, the Company shall eliminate such fractional Share interest by paying Holder an amount by check computed by multiplying the fractional interest by the fair market value of a full Share.
  
 2.7 Certificate as to Adjustments. Upon each adjustment of the Warrant Price, the Company at its expense shall compute such adjustment, and furnish Holder with a certificate of its Chief Financial Officer setting forth such adjustment and the facts upon which such adjustment is based. The Company shall, upon written request, furnish Holder a certificate setting forth the Warrant Price in effect upon the date thereof and the series of adjustments leading to such Warrant Price.
  
 3. REPRESENTATIONS AND COVENANTS OF THE COMPANY. 
  
 3.1 Representations and Warranties. The Company hereby represents and warrants to the Holder that all Shares which may be issued upon the exercise of the purchase right represented by this Warrant, and all securities, if any, issuable upon conversion of the Shares, shall, upon issuance, be duly authorized, validly issued, fully paid and nonassessable, and free of any liens and encumbrances except for restrictions on transfer provided for herein or under applicable securities laws.
  
 4. REPRESENTATIONS OF HOLDER: TRANSFER. 
  
 4.1 Representations. Holder hereby represents and warrants to the Company as follows. Holder is a sophisticated investor having such knowledge and experience in business and investment matters that Holder is capable of protecting Holder's own interests in connection with the acquisition, exercise or disposition of this Warrant. Holder is aware that this Warrant and the Shares are being, or will be, issued to Holder in reliance upon Holder's representation in this Section 4 and that such securities are restricted securities that cannot be publicly sold except in certain prescribed situations. Holder has received such information about the Company as Holder deems reasonable, has had the opportunity to ask questions and receive answers from the Company with respect to its business, assets, prospects and financial condition and has verified any answers Holder has received from the Company with independent third parties to the extent Holder deems necessary. The Holder of this Warrant, by acceptance hereof, acknowledges this Warrant and the Shares to be issued upon exercise hereof or conversion thereof are being acquired solely for the Holder's own account and not as a nominee for any other party, and for investment, and that the Holder will not offer, sell or otherwise dispose of this Warrant or any Shares to be issued upon exercise hereof or conversion thereof except under circumstances that will not result in a violation of the securities laws.
    
 	 
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 4.2 Legends. This Warrant the certificates representing and the Shares (and the securities issuable, directly or indirectly, upon conversion of the Shares, if any) shall be imprinted with a legend setting forth the applicable restrictions on transfers and market-standoff restrictions.
  
 4.3 Restriction on Transfer and Compliance with Securities Laws on Transfer. This Warrant shall not be transferred in whole or in part, provided, however, that Holder may transfer the Warrant in whole or in part to an Affiliate of the Holder ("Affiliate" is as defined in Rule 405 of the Securities Act of 1933, as amended). Further, this Warrant and the Shares issuable upon exercise of this Warrant (and the securities issuable, directly or indirectly, upon conversion of the Shares, if any) may not be transferred or assigned in whole or in part without compliance with applicable securities laws by the transferor and the transferee (including, without limitation, the delivery of investment representation letters and legal opinions reasonably satisfactory to the Company, as reasonably requested by the Company). The Company shall not require Holder to provide an opinion of counsel if the transfer is to the shareholders or constituent partners of Holders by way of dividend or distribution to all of the same, and the Company is provided with a copy of Holder's notice of proposed sale and/or transfer.
  
 4.4 Transfer Procedure. Subject to the provisions of Section 4.3, Holder may transfer all or part of this Warrant or the Shares issuable upon exercise of this Warrant (or the securities issuable, directly or indirectly, upon conversion of the Shares, if any) by giving the Company a written notice of the portion of the Warrant or such Shares (or such securities) being transferred, such notice setting forth the name, address and taxpayer identification number of the transferee, and, with respect to the Warrant, surrendering this Warrant to the Company for reissuance to the transferee(s) (and to the new Warrant Holder for any remaining Shares, if applicable). The Company shall have the right to refuse to transfer any portion of this Warrant to any person who directly competes with the Company.
  
 4.5 Market Standoff. The Holder agrees in connection with any registration of the Company's securities, upon the request of the underwriters managing any registered public offering of the Company's securities, Holder will not sell or otherwise dispose of any Shares or any other securities of the Company without the prior written consent of such managing underwriters, for a period of time (not to exceed one hundred eighty (180) days) after the effective date of such registration requested by such managing underwriters subject to all restrictions as the managing underwriters may specify generally. Holder further agrees to enter into any agreement reasonably required by the underwriters to implement the foregoing.
  
 In order to enforce the foregoing covenant, the Company shall have the right to place restrictive legends on the certificates representing the Shares subject to this Section and to impose stop transfer instructions with respect to the Registrable Securities and such other shares of stock of Holder until the end of such period.
   
 	 
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 5. GENERAL PROVISIONS. 
  
 5.1 Notices. Any and all notices required or permitted to be given to a party pursuant to the provisions of this Warrant will be in writing and will be effective and deemed to provide such party sufficient notice under this Warrant on the earliest of the following: (i) at the time of personal delivery, if delivery is in person; (ii) at the time of transmission by facsimile, addressed to the other party at its facsimile number specified herein (or hereafter modified by subsequent notice to the parties hereto), with confirmation of receipt made by both telephone and printed confirmation sheet verifying successful transmission of the facsimile; or (iii) two (2) business days after such deposit for, with proof of delivery from the courier requested.
  
 5.2 Attorneyfs Fees. In the event of any dispute between the parties concerning the terms and provisions of this Warrant, the party prevailing in such dispute shall be entitled to collect from the other party all costs incurred in such dispute, including reasonable attorneys' fees.
  
 5.3 Governing Law. This Warrant will be governed by and construed in accordance with the laws of the State of Nevada, without giving effect to that body of laws pertaining to conflict of laws.
  
 5.4 Further Assurances. The parties agree to execute such further documents and instruments and to take such further actions as may be reasonably necessary to carry out the purposes and intent of this Warrant.
  
 5.5 Titles and Headings. The titles, captions and headings of this Warrant are included for ease of reference only and will be disregarded in interpreting or construing this Warrant. Unless otherwise specifically stated, all references herein to "sections" and "exhibits" will mean "sections" and "exhibits" to this Warrant.
  
 5.6 Counterparts. This Warrant may be executed in any number of counterparts, each of which when so executed and delivered will be deemed an original, and all of which together shall constitute one and the same agreement.
  
 5.7 Severability. If any provision of this Warrant is determined by any court or arbitrator of competent jurisdiction to be invalid, illegal or unenforceable in any respect, such provision will be enforced to the maximum extent possible given the intent of the parties hereto. If such clause or provision cannot be so enforced, such provision shall be stricken from this Warrant and the remainder of this Warrant shall be enforced as if such invalid, illegal or unenforceable clause or provision had (to the extent not enforceable) never been contained in this Warrant. Notwithstanding the forgoing, if the value of this Warrant based upon the substantial benefit of the bargain for any party is materially impaired, which determination as made by the presiding court or arbitrator of competent jurisdiction shall be binding, then both parties agree to substitute such provision(s) through good faith negotiations.
   
 	 
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 5.8 Facsimile Signatures. This Warrant may be executed and delivered by facsimile and upon such delivery the facsimile signature will be deemed to have the same effect as if the original signature had been delivered to the other party. The original signature copy shall be delivered to the other party by express overnight delivery. The delay or failure to deliver the original signature copy and/or the nonreceipt of the original signature copy shall have no effect upon the binding and enforceable nature of this Warrant.
  
 5.9 Amendment and Waivers. This Warrant may be amended only by a written agreement executed by each of the parties hereto. No amendment of or waiver of, or modification of any obligation under this Warrant will be enforceable unless set forth in a writing signed by the party against which enforcement is sought. Any amendment effected in accordance with this section will be binding upon all parties hereto and each of their respective successors and assigns. No delay or failure to require performance of any provision of this Warrant shall constitute a waiver of that provision as to that or any other instance. No waiver granted under this Warrant as to any one provision herein shall constitute a subsequent waiver of such provision or of any other provision herein, nor shall it constitute the waiver of any performance other than the actual performance specifically waived.
  
 5.10 Entire Agreement. This Warrant and the documents referred to herein constitute the entire agreement and understanding of the parties with respect to the subject matter of this Warrant, and supersede all prior understandings and agreements, whether oral or written, between or among the parties hereto with respect to the specific subject matter hereof.
  
 [Signature page follows.]
    
 	 
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 EXHIBIT A
  
 NOTICE OF EXERCISE
  
 (TO BE SIGNED ONLY UPON EXERCISE OF WARRANT)
  
 1. The undersigned hereby elects to purchase_____________________ shares of the Common Stock (the "Shares') of UMBRLA, Inc., a Nevada corporation, pursuant to the terms of the attached Warrant to Purchase Stock with an Issue Date of ________________ , 20___ (the "Warrant'), as follows:
  
 (Initial applicable method:)
  
 	  
	a.	 The undersigned tenders herewith payment of the total purchase price of such Shares in full, pursuant to a check or wire transfer, in the amount of $.

  
 	. 	 This exercise or conversion _____ [is] _____ [is not] contingent upon the closing of the Acquisition or other event specified in the Company Notice to Holder in accordance with Section 1.4of the Warrant received by Holder on___________________ and _____ [is] _____ [is not] contingent  upon a sale price or fair market value for the Company's Common Stock in the Acquisition or other event of no less than the lesser of (a) $___________ per share or (b) the per share price set forth in the Company  Notice.

   
 2. Please issue a certificate or certificates representing said Shares in the name of the undersigned. The undersigned represents that it is acquiring the shares solely for its own account and not as a nominee for any other party and not with a view toward the resale or distribution thereof except in compliance with applicable securities laws and hereby repeats the representations and warranties of the undersigned that are set forth in Section 4.1 of the attached Warrant.
   
 	 (Printed Name of Holder) 
	  

	  
	  

	 Address:
	  

	  
	  

	  
	  

	  
	  

	  
	  

	 (Signature of Holder)
	  

   
 	 
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