Document:

Document

Exhibit 10.1

FIREEYE, INC.’S 
CONSULTING AGREEMENT

This Consulting Agreement (this “Agreement”) is entered into by and between FireEye, Inc., a Delaware corporation (collectively with its wholly owned subsidiaries, the “Company”), and Travis Reese (“Consultant”) effective as of March 3, 2020 (the “Effective Date”).
1. SERVICES; PAYMENT; NO VIOLATION OF RIGHTS OR OBLIGATIONS.

Consultant agrees to undertake and complete the Services (as defined in Exhibit A) in accordance with and on the schedule specified in Exhibit A.  As the only consideration due Consultant regarding the subject matter of this Agreement, Company will pay Consultant in accordance with Exhibit A. Unless otherwise specifically agreed upon by Company in writing (and notwithstanding any other provision of this Agreement), all activity relating to Services will be performed by and only by Consultant. Consultant agrees that he will not (and will not permit others to) violate any agreement with or rights of any third party or, except as expressly authorized by Company in writing hereafter, use or disclose at any time Consultant’s own or any third party’s confidential information or intellectual property in connection with the Services or otherwise for or on behalf of Company.

2. OWNERSHIP.

Company shall own all right, title and interest relating to any and all inventions (whether or not patentable), works of authorship, mask works, designations, designs, know-how, ideas and information made or conceived or reduced to practice, in whole or in part, by or for or on behalf of Consultant during the term of this Agreement that relate to the subject matter of or arise out of or in connection with the Services or any Proprietary Information (as defined below) (collectively, “Inventions”) and Consultant will promptly disclose and provide all Inventions to Company.  Consultant hereby makes all assignments necessary to accomplish the foregoing ownership; provided that no assignment is made that extends beyond what would be allowed under California Labor Code Section 2870 (attached as Exhibit B) if Consultant was an employee of Company.  Consultant shall assist Company, at Company’s expense, to further evidence, record and perfect such assignments, and to perfect, obtain, maintain, enforce and defend any rights assigned.  Consultant hereby irrevocably designates and appoints Company as its agents and attorneys-in-fact, coupled with an interest, to act for and on Consultant’s behalf to execute and file any document and to do all other lawfully permitted acts to further the foregoing with the same legal force and effect as if executed by Consultant and all other creators or owners of the applicable Invention.

3. CONFIDENTIALITY OBLIGATIONS.

As used in this Agreement, the term “Proprietary Information” means information pertaining to any aspects of the Company’s business, including but not limited to its research, technical data, products, services, plans for products or services, customers and potential customers, suppliers, customer lists and customers (including, but not limited to, customers of the Company on whom Consultant called or with whom Consultant became acquainted during the period of the consulting relationship with the Company), prices and costs, markets and marketing, finances, budgets, financial projections, employees (including employee compensation), trade secrets, know-how, patents, patent applications, developments, software, inventions, licenses, processes, designs, drawings, engineering, formulae, scientific information, business plans, and agreements with third parties, or other business information disclosed to Consultant by the Company either directly or indirectly in writing, orally or by drawings or observation of parts or equipment or created by Consultant during the period

of the consulting relationship with the Company (whether commenced prior to or upon the date of this Agreement).  Consultant agrees to hold in strictest confidence and not directly or indirectly to use or disclose to any third person or entity, either during or after termination of the consulting relationship with the Company, any Proprietary Information that Consultant obtains or creates during the period of the consulting relationship with the Company (whether commenced prior to or upon the date of this Agreement), whether or not during working hours, except to the extent authorized by the Company.  Consultant agrees not to make copies of such Proprietary Information except as authorized by the Company.  Consultant represents that his performance of all terms of this Agreement as a consultant of the Company has not breached and will not breach any agreement to keep in confidence proprietary information, knowledge or data acquired by Consultant prior or subsequent to the commencement of Consultant's consultant relationship with the Company, and Consultant will not disclose to the Company, or use, any inventions, confidential or non-public proprietary information or material belonging to any previous client, employer or any other party.  Consultant will not induce the Company to use any inventions, confidential or non-public proprietary information or material belonging to any previous client, employer or any other party.  Consultant acknowledges and agrees that Consultant has no expectation of privacy with respect to the Company’s telecommunications, networking or information processing systems (including, without limitation, stored company files, e-mail messages and voice messages) and that Consultant’s activity and any files or messages on or using any of those systems may be monitored at any time without notice.  Consultant agrees that, at the time of termination of Consultant’s consulting relationship with the Company, Consultant will deliver to the Company (and will not keep in Consultant’s possession, recreate or deliver to anyone else) any and all documents developed by Consultant pursuant to such relationship or otherwise belonging to the Company, its successors or assigns.

4. NON-SOLICITATION.
.  
As additional protection for Proprietary Information, Consultant agrees that during the period over which he is to be providing the Services: (i) and for one year thereafter, Consultant will not directly or indirectly encourage or solicit any employee or consultant of Company to leave Company for any reason; and (ii) Consultant will not engage in any activity that is in any way competitive with the business or demonstrably anticipated business of Company, and Consultant will not assist any other person or organization in competing or in preparing to compete with any business or demonstrably anticipated business of Company. Without limiting the foregoing, Consultant may perform services for other persons, provided that such services do not represent a conflict of interest or a breach of Consultant’s obligation under this Agreement or otherwise.

5. PUBLICITY.

To the extent allowed by law, Section 2 and any license granted Company hereunder includes all rights of paternity, integrity, disclosure and withdrawal and any other rights that may be known as or referred to as “moral rights,” “artist’s rights,” “droit moral,” or the like.  Furthermore, Consultant agrees that notwithstanding any rights of publicity, privacy or otherwise (whether or not statutory) anywhere in the world, and without any further compensation, Company may and is hereby authorized to (and to allow others to) use Consultant’s name in connection with promotion of its business, products or services.

6. WARRANTIES AND OTHER OBLIGATIONS.

Consultant represents, warrants and covenants that:  (i) the Services will be performed in a professional and workmanlike manner and that none of such Services nor any part of this Agreement is or will be inconsistent with any obligation Consultant may have to others; (ii) all work under this Agreement shall be Consultant’s original work and none of the Services or Inventions nor any development, use, production, distribution or exploitation thereof will infringe, misappropriate or violate any intellectual property or other right of any person or entity (including, without limitation, Consultant); and (iii) Consultant has the full right to allow it to provide Company with the assignments and rights provided for herein.

7. TERM; TERMINATION.

The period of the consulting relationship with the Company will have an initial term of one (1) year and may be renewed for a one-year term annually thereafter upon mutual written agreement of Consultant and the Company.

8. RELATIONSHIP OF THE PARTIES; INDEPENDENT CONTRACTOR; NO EMPLOYEE BENEFITS.

Notwithstanding any provision hereof, Consultant is an independent contractor and is not an employee, agent, partner or joint venturer of Company and shall not bind nor attempt to bind Company to any contract. Consultant shall accept any directions issued by Company pertaining to the goals to be attained and the results to be achieved by Consultant, but Consultant shall be solely responsible for the manner and hours in which the Services are performed under this Agreement.  Consultant shall not be eligible to participate in any of Company’s employee benefit plans, fringe benefit programs, group insurance arrangements or similar programs.  Company shall not provide workers’ compensation, disability insurance, Social Security or unemployment compensation coverage or any other statutory benefit to Consultant. Consultant agrees to indemnify Company from any and all claims, damages, liability, settlement, attorneys’ fees and expenses, as incurred, on account of the foregoing or any breach of this Agreement or any other action or inaction by or for or on behalf of Consultant.   Under no circumstances shall Company require that Consultant perform, or shall Consultant perform on behalf of Company, any lobbying activities.

9. EXPORT AND ANTICORRUPTION LAWS.

Consultant acknowledges that he is familiar with and understands the provisions of the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act of 2010 and agrees to comply with its terms as well as any provisions of local law or the Company’s corporate policy and procedures related thereto.

10. ASSIGNMENT.

This Agreement and the services contemplated hereunder are personal to Consultant and Consultant shall not have the right or ability to assign, transfer any rights or obligations under this Agreement without the written consent of Company.  Any attempt to do so shall be void.  Company may fully assign and transfer this Agreement in whole or in part.

11. MISCELLANEOUS.

Any breach of Section 2 or 3 will cause irreparable harm to Company for which damages would not be an adequate remedy, and therefore, Company will be entitled to injunctive relief with respect thereto in addition to any other remedies.  The failure of either party to enforce its rights under this Agreement at any time for any period shall not be construed as a waiver of such rights.  No changes or modifications or waivers to this Agreement will be effective unless in writing and signed by both parties.  In the event that any provision of this Agreement shall be determined to be illegal or unenforceable, that provision will be limited or eliminated to the minimum extent necessary so that this Agreement shall otherwise remain in full force and effect and enforceable.  This Agreement shall be governed by and construed in accordance with the laws of the State of California without regard to the conflicts of laws provisions thereof.  Headings herein are for convenience of reference only and shall in no way affect interpretation of the Agreement.

IN WITNESS WHEREOF, the undersigned have entered into this Consulting Agreement as of the Effective Date.

												
	FIREEYE, INC.		CONSULTANT	
				
	/s/ Kevin R. Mandia		/s/ Travis Reese	
	Signature		Travis Reese	
				
	Kevin R. Mandia			
	Name			
				
	CEO			
	Title			
				
	2/4/2020		2/4/2020	
	Date		Date	

EXHIBIT A

SERVICES AND PAYMENT

In return for providing ongoing advice and consulting services to the Company (the “Services”) from March 3, 2020 to March 3, 2021 (the “Performance Period”), including but not limited to:

•represent FireEye interests in a sales capacity; 
•represent FireEye interests in presentations and conferences he may attend or speak at;
•respond to inquiries from employees who would like his assistance on various FireEye-related matters; and
•assist in various projects as directed by FireEye CEO

and subject to the approval of Company’s Board of Directors or a Committee thereof, Consultant shall be granted restricted stock units convertible into 7,500 shares of the Company’s Common Stock (“RSUs”).  The RSUs shall be subject to the applicable Restricted Stock Unit Agreement and the Company’s 2013 Equity Incentive Plan (the “Plan”).  The RSUs will vest on March 3, 2021, subject to Consultant continuing to be a Service Provider (as defined in the Plan) through March 3, 2021.  

In addition, Consultant shall be paid $50,000 for his services, payable within thirty (30) days after the first year anniversary of the service commencement date, subject to Consultant continuing to be a Service Provider through such anniversary date.

Expense reimbursement is (1) limited to required, reasonable telephone expenses and long distance business class (or equivalent) travel (transportation, lodging and meals) authorized in writing by Company in advance, and (2) payable 30 days after itemized invoice and delivery of receipts).

EXHIBIT B

California Labor Code Section 2870.  Application of provision providing that employee shall assign or offer to assign rights in invention to employer.

(a) Any provision in an employment agreement which provides that an employee shall assign, or offer to assign, any of his or her rights in an invention to his or her employer shall not apply to an invention that the employee developed entirely on his or her own time without using the employer’s equipment, supplies, facilities, or trade secret information except for those inventions that either:

(1) Relate at the time of conception or reduction to practice of the invention to the employer’s business, or actual or demonstrably anticipated research or development of the employer; or

(2) Result from any work performed by the employee for his employer.

(b) To the extent a provision in an employment agreement purports to require an employee to assign an invention otherwise excluded from being required to be assigned under subdivision (a), the provision is against the public policy of this state and is unenforceable.Blueprint

 

 

Exhibit 10.1

 

FORM OF EXCHANGE AGREEMENT

 

          
THIS EXCHANGE AGREEMENT (the
“Agreement”) is
dated as of February 5, 2020, by and between DropCar, Inc., a
Delaware corporation (the “Company”), and [ ] (the
“Investor”).

 

          
WHEREAS:

A. Pursuant to that
certain Securities Purchase Agreement, dated as of December 6,
2019, by and among the Company and the investors party thereto (the
“Purchase
Agreement”), the Investor and certain other investors
(the “Other
Investors” and together with the Investor, the
“Investors”)
received shares of the Company’s Series H-5 Convertible
Preferred Stock, par value $0.0001 per share (the
“Series H-5
Shares”), which is convertible into shares of the
Company’s Common Stock, par value $0.0001 per share (the
“Common Stock”)
as set forth therein;

 

B. The Company and the
Investor desire to enter into this Agreement, pursuant to which,
among other things, at the Closing (as defined below), the Company
and the Investor shall exchange the Series H-5 Shares currently
held by the Investor for an equivalent number of shares of the
Company’s Series H-6 Convertible Preferred Stock, par value
$0.0001 per share (the “Series H-6 Shares”) created
pursuant to the Certificate of Designations, Preferences and Rights
of the Series H-6 Convertible Preferred Stock (the
“Certificate of
Designation”) to be filed prior to the Closing by the
Company with the Secretary of State of the State of Delaware, in
the form attached hereto as Exhibit A;

 

C. As a closing
condition to the transactions contemplated hereby, each of the
Other Investors are executing agreements identical to this
Agreement (other than proportional changes in the numbers
reflecting such different number of Series H-6 Shares) to be issued
to each such Other Investors pursuant to separate agreements dated
of even date herewith (the “Other Agreements,” and together
with this Agreement, the “Agreements”); and

 

D. The exchange of the
Series H-5 Shares for the Series H-6 Shares at the Closing are each
being made in reliance upon the exemption from registration
provided by Section 3(a)(9) of the Securities Act of 1933, as
amended (the “Securities
Act”).

 

          NOW,
THEREFORE, in consideration of the foregoing premises and the
mutual covenants hereinafter contained, the parties hereto agree as
follows:

 

1.

EXCHANGE.

 

(a) Exchange. Subject to the
satisfaction or waiver of the conditions with respect to the
Closing set forth in Sections 4 and 5 below, at the Closing
the Investor and the Company shall, pursuant to
Section 3(a)(9) of the Securities Act, exchange the Series H-5
Shares for the Series H-6 Shares, as follows (the “Exchange”):

 

 

1

 

   

i. Closing. The issuance of the
Series H-6 Shares (the “Closing”) shall occur at the
offices of Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C., 666
3rd
Avenue, New York, NY 10017. The date and time of the Closing shall
be 10:00 a.m., New York time, on the first (1st) Business Day on
which the conditions to the Closing set forth in Sections 4 and 5
below are satisfied or waived (or such later date as is mutually
agreed to by the Company and each Investor).

 

ii. Consideration. At the Closing,
the Series H-6 Shares shall be issued to the Investor in exchange
for the Series H-5 Shares without the payment of any additional
consideration.

 

iii. Delivery.
In exchange for the Series H-5 Shares, the Company shall, at the
Closing, (i) deliver or cause to be delivered to the Investor
certificates for the Series H-6 Shares and (ii) cause
Issuer Direct Corporation
(together with any subsequent transfer agent, the
“Transfer
Agent”) through the Depository Trust Company
(“DTC”) Fast
Automated Securities Transfer Program, to credit the Series H-6
Shares to the Investor’s or its designee’s balance
account with DTC through its Deposit/Withdrawal at Custodian
system. As of the Closing Date, all of the Investor’s rights
under the Series H-5 Shares shall be extinguished.

 

(b) Other Documents. The Company
and the Investor shall execute and/or deliver such other documents
and agreements as are reasonably necessary to effectuate the
Exchange.

 

2.

REPRESENTATIONS AND
WARRANTIES

 

(a) Investor Representations and
Warranties. The Investor hereby represents and warrants to
the Company as follows:

 

i. Organization; Authority. The Investor
is either an individual or an entity duly incorporated or formed,
validly existing and in good standing under the laws of the
jurisdiction of its incorporation or formation with full capacity,
right, corporate, partnership, limited liability company or similar
power and authority, as applicable, to enter into and to consummate
the transactions contemplated by this Agreement and otherwise to
carry out its obligations hereunder. The execution and delivery of
this Agreement and performance by the Investor of the transactions
contemplated by this Agreement have been duly authorized by all
necessary corporate, partnership, limited liability company or
similar action, as applicable, on the part of the Investor. This
Agreement has been duly executed by the Investor, and when
delivered by the Investor in accordance with the terms hereof, will
constitute the valid and legally binding obligation of the
Investor, enforceable against it in accordance with its terms,
except: (i) as limited by general equitable principles and
applicable bankruptcy, insolvency, reorganization, moratorium and
other laws of general application affecting enforcement of
creditors’ rights generally, (ii) as limited by laws relating
to the availability of specific performance, injunctive relief or
other equitable remedies and (iii) insofar as indemnification and
contribution provisions may be limited by applicable
law.

 

 

2

 

   

ii. Understandings or Arrangements. The
Investor is acquiring the Series H-6 Shares hereunder as principal
for its own account and has no direct or indirect arrangement or
understandings with any other persons to distribute or regarding
the distribution of such Series H-6 Shares (this representation and
warranty not limiting the Investor’s right to sell the Series
H-6 Shares pursuant to any effective registration statement or
otherwise in compliance with applicable federal and state
securities laws). The Investor is acquiring the Series H-6 Shares
hereunder in the ordinary course of its business.

 

iii. Reliance
on Exemptions. The Investor understands that the Series H-6
Shares are being offered and sold to in reliance upon specific
exemptions from the registration requirements of the Securities Act
and state securities laws and that the Company is relying upon the
truth and accuracy of, and the Investor’s compliance with,
the representations, warranties, covenants, agreements,
acknowledgments and understandings of the Investor contained in
this Agreement in order to determine the availability of such
exemptions and the eligibility of the Investor to acquire the
Series H-6 Shares.

 

iv. Risk of Loss. The Investor understands
that its investment in the Series H-6 Shares hereunder involves a
significant degree of risk, including a risk of total loss of the
Investor’s investment, and the Investor has full cognizance
of and understands all of the risk factors related to its purchase
of the Series H-6 Shares, including, but not limited to, those risk
factors included in all reports, schedules, forms, statements and
other documents filed by the Company under the Securities Act and
the Securities Exchange Act of 1934, as amended (the
“Exchange Act”),
including pursuant to Section 13(a) or 15(d) thereof, for the two
years preceding the date hereof, including the exhibits thereto and
documents incorporated by reference therein (the
“SEC Reports”).
The Investor understands that no representation is being made as to
the future value of the Series H-6 Shares.

 

v. Investor Status. At the time the
Investor was offered the Series H-6 Shares hereunder, it was, and
as of the date hereof it is, and on each date on which it converts
any Series H-6 Shares it will be either: (i) an “accredited
investor” as defined in Rule 501 of Regulation D promulgated
under the Securities Act or (ii) a “qualified institutional
buyer” as defined in Rule 144A under the Securities Act. The
Investor is not required to be registered as a broker-dealer under
Section 15 of the Exchange Act.

 

vi. Experience of the Investor. The
Investor, either alone or together with its representatives, has
such knowledge, sophistication and experience in business and
financial matters so as to be capable of evaluating the merits and
risks of the prospective investment in the Series H-6 Shares, and
has so evaluated the merits and risks of such investment. The
Investor is able to bear the economic risk of an investment in the
Series H-6 Shares and, at the present time, is able to afford a
complete loss of such investment.

 

 

3

 

 
 

(b)         Company
Representations and Warranties.

 

i. Organization and Qualification. The
Company is an entity duly incorporated or otherwise organized,
validly existing and in good standing under the laws of the
jurisdiction of its incorporation or organization, with the
requisite power and authority to own and use its properties and
assets and to carry on its business as currently conducted. The
Company is not in violation nor default of any of the provisions of
its respective certificate or articles of incorporation, bylaws or
other organizational or charter documents. The Company is duly
qualified to conduct business and is in good standing as a foreign
corporation or other entity in each jurisdiction in which the
nature of the business conducted or property owned by it makes such
qualification necessary, except where the failure to be so
qualified or in good standing, as the case may be, could not have
or reasonably be expected to result in a (i) a material adverse
effect on the legality, validity or enforceability of this
Agreement, (ii) a material adverse effect on the results of
operations, assets, business, prospects or condition (financial or
otherwise) of the Company and its Subsidiaries, taken as a whole,
or (iii) a material adverse effect on the Company’s ability
to perform in any material respect on a timely basis its
obligations under this Agreement (any of (i), (ii) or (iii), a
“Material Adverse
Effect”) and no action, claim, suit, investigation or
proceeding (including, without limitation, an informal
investigation or partial proceeding, such as a deposition), whether
commenced or threatened (each, a “Proceeding”) has been instituted
in any such jurisdiction revoking, limiting or curtailing or
seeking to revoke, limit or curtail such power and authority or
qualification.

 

ii. Authorization; Enforcement. The Company
has the requisite corporate power and authority to enter into and
to consummate the transactions contemplated by this Agreement and
otherwise to carry out its obligations hereunder and thereunder.
The execution and delivery of this Agreement by the Company and the
consummation by it of the transactions contemplated have been duly
authorized by all necessary action on the part of the Company and
no further action is required by the Company, the Board of
Directors of the Company or the Company’s stockholders in
connection herewith. This Agreement has been (or upon delivery will
have been) duly executed by the Company and, when delivered in
accordance with the terms hereof, will constitute the valid and
binding obligation of the Company enforceable against the Company
in accordance with its terms, except: (i) as limited by general
equitable principles and applicable bankruptcy, insolvency,
reorganization, moratorium and other laws of general application
affecting enforcement of creditors’ rights generally, (ii) as
limited by laws relating to the availability of specific
performance, injunctive relief or other equitable remedies and
(iii) insofar as indemnification and contribution provisions may be
limited by applicable law.

 

iii. No
Conflicts. The execution, delivery and performance by the
Company of this Agreement, the issuance and sale of the Series H-6
Shares hereunder and the consummation by it of the transactions
contemplated hereby do not and will not: (i) conflict with or
violate any provision of the Company’s certificate or
articles of incorporation, bylaws or other organizational or
charter documents, (ii) conflict with, or constitute a default (or
an event that with notice or lapse of time or both would become a
default) under, result in the creation of any lien upon any of the
properties or assets of the Company, or give to others any rights
of termination, amendment, acceleration or cancellation (with or
without notice, lapse of time or both) of, any agreement, credit
facility, debt or other instrument (evidencing a Company debt or
otherwise) or other understanding to which the Company is a party
or by which any property or asset of the Company is bound or
affected, or (iii) conflict with or result in a violation of any
law, rule, regulation, order, judgment, injunction, decree or other
restriction of any court or governmental authority to which the
Company is subject, or by which any property or asset of the
Company is bound or affected; except in the case of each of clauses
(ii) and (iii), such as could not have or reasonably be expected to
result in a Material Adverse Effect.

 

 

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iv. Issuance of the Series H-6 Shares. The
Series H-6 Shares to be issued hereunder are duly authorized and,
when issued and paid for in accordance with this Agreement, will be
duly and validly issued, fully paid and nonassessable, free and
clear of all liens imposed by the Company. The shares of Common
Stock underlying the Series H-6 Shares to be issued hereunder, when
issued in accordance with the terms of this Agreement, will be
validly issued, fully paid and nonassessable, free and clear of all
liens imposed by the Company. The Company has reserved from its
duly authorized capital stock a number of its shares of Common
Stock underlying the Series H-6 Shares to be issued
hereunder.

 

3.

COVENANTS.

 

(a) Commercially Reasonable
Efforts. The Company shall use its commercially reasonable
efforts to timely satisfy each of the conditions to be satisfied by
it as provided in Section 4 of this Agreement. The Investor
shall use its commercially reasonable efforts to timely satisfy
each of the conditions to be satisfied by it as provided in
Section 5 of this Agreement.

 

(b) Disclosure of Transactions and Other
Material Information. On or before 9:30 a.m., New York time,
on the first (1st) Business Day
following the date of this Agreement, the Company shall file a
Current Report on Form 8-K describing all the material terms of the
transactions contemplated by the Agreement in the form required by
the Exchange Act, and attaching this Agreement and the form of the
Certificate of Designation thereto as exhibits (including all
attachments, the “8-K
Filing”). From and after the issuance of the 8-K
Filing, the Company shall have disclosed all material, non-public
information (if any) delivered to any of the Investors by the
Company or any of its subsidiaries, or any of their respective
officers, directors, employees or agents in connection with the
transactions contemplated by this Agreement. On or before 9:30
a.m., New York time, on the Closing Date, the Company shall file a
Current Report on Form 8-K certifying that the Exchange has been
consummated.

 

(c) Holding Period. For the
purposes of Rule 144, the Company acknowledges that the
holding period of the Series H-6 Shares may be tacked onto the
holding period of the Series H-5 Shares and, and the Company agrees
not to take a position contrary to this
Section 3(c).

 

4.

CONDITIONS TO
COMPANY’S OBLIGATIONS HEREUNDER.

 

The
obligations of the Company to the Investor hereunder are subject to
the satisfaction of each of the following conditions, provided that
these conditions are for the Company’s sole benefit and may
be waived by the Company at any time in its sole discretion by
providing the Investor with prior written notice
thereof:

(a) The Investor shall
have duly executed this Agreement and delivered the same to the
Company.

 

(b) Each of the Other
Investors shall have duly executed the Other Agreement of such
Other Investor and delivered the same to the Company.

 

 

5

 

   

(c) The representations
and warranties of the Investor shall be true and correct in all
material respects as of the date when made and as of the Closing
Date as though made at that time (except for representations and
warranties that speak as of a specific date which shall be true and
correct as of such specified date), and the Investor shall have
performed, satisfied and complied in all material respects with the
covenants, agreements and conditions required by this Agreement to
be performed, satisfied or complied with by the Investor at or
prior to the Closing Date.

 

5.

     CONDITIONS
TO INVESTOR’S OBLIGATIONS HEREUNDER.

 

The
obligations of the Investor hereunder are subject to the
satisfaction of each of the following conditions, provided that
these conditions are for the Investor’s sole benefit and may
be waived by the Investor at any time in its sole discretion by
providing the Company with prior written notice
thereof:

(a) The Company shall
have duly executed and delivered this Agreement to the
Investor.

 

(b) At the Closing, the
Company shall have electronically delivered to the Investor (or its
designee) through DTC the Series H-6 Shares.

 

(c) The Company shall
have delivered to the Investor a certificate signed by the Chief
Executive Officer of the Company with the authorizing
resolutions.

 

(d) The Company shall
have delivered to the Investor a copy of each Other Agreement, duly
executed and delivered by the Company and each Other Investor party
thereto.

 

(e) The representations
and warranties of the Company shall be true and correct in all
material respects as of the date when made and as of the Closing
Date as though originally made at that time (except for
representations and warranties that speak as of a specific date,
which shall be true and correct as of such date) and the Company
shall have performed, satisfied and complied in all material
respects with the covenants, agreements and conditions required to
be performed, satisfied or complied with by the Company at or prior
to the Closing Date.

 

(f) No statute, rule,
regulation, executive order, decree, ruling or injunction shall
have been enacted, entered, promulgated or endorsed by any court or
governmental authority of competent jurisdiction that prohibits the
consummation of any of the transactions contemplated by this
Agreement.

     

6. DISPUTE
RESOLUTION. Capitalized terms used in
this Section 6 but not otherwise defined shall have the meanings
given to them in the Certificate of
Designation.

 

 

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(a) Submission to Dispute
Resolution.

 

i. In
the case of a dispute relating to a Closing Bid Price, a Closing
Sale Price, a Conversion Price or a fair market value or the
arithmetic calculation of a Conversion Rate (as the case may be)
(including, without limitation, a dispute relating to the
determination of any of the foregoing), the Company or the
applicable Investor (as the case may be) shall submit the dispute
to the other party via facsimile (A) if by the Company, within two
(2) Business Days after the occurrence of the circumstances giving
rise to such dispute or (B) if by such Investor at any time after
such Investor learned of the circumstances giving rise to such
dispute. If such Investor and the Company are unable to promptly
resolve such dispute relating to such Bid Price, such Closing Bid
Price, such Closing Sale Price, such Conversion Price, such fair
market value, or the arithmetic calculation of such Conversion Rate
(as the case may be), at any time after the second (2nd) Business
Day following such initial notice by the Company or such Investor
(as the case may be) of such dispute to the Company or such
Investor (as the case may be), then such Investor may, at its sole
option, select an independent, reputable investment bank to resolve
such dispute.

 

ii. Such
Investor and the Company shall each deliver to such investment bank
(A) a copy of the initial dispute submission so delivered in
accordance with the first sentence of this Section 6 and (B)
written documentation supporting its position with respect to such
dispute, in each case, no later than 5:00 p.m. (New York time) by
the fifth (5th) Business Day immediately following the date on
which such Investor selected such investment bank (the
“Dispute Submission
Deadline”) (the documents
referred to in the immediately preceding clauses (A) and (B) are
collectively referred to herein as the “Required Dispute
Documentation”) (it being
understood and agreed that if either such Investor or the Company
fails to so deliver all of the Required Dispute Documentation by
the Dispute Submission Deadline, then the party who fails to so
submit all of the Required Dispute Documentation shall no longer be
entitled to (and hereby waives its right to) deliver or submit any
written documentation or other support to such investment bank with
respect to such dispute and such investment bank shall resolve such
dispute based solely on the Required Dispute Documentation that was
delivered to such investment bank prior to the Dispute Submission
Deadline). Unless otherwise agreed to in writing by both the
Company and such Investor or otherwise requested by such investment
bank, neither the Company nor such Investor shall be entitled to
deliver or submit any written documentation or other support to
such investment bank in connection with such dispute (other than
the Required Dispute Documentation) .

 

iii. The
Company and such Investor shall cause such investment bank to
determine the resolution of such dispute and notify the Company and
such Investor of such resolution no later than ten (10) Business
Days immediately following the Dispute Submission Deadline. The
fees and expenses of such investment bank shall be borne solely by
the Company, and such investment bank’s resolution of such
dispute shall be final and binding upon all parties absent manifest
error.

 

 

7

 

   

(b) Miscellaneous.
The Company expressly acknowledges and agrees that the terms of the
Certificate of Designation and each other applicable Transaction
Document shall serve as the basis for the selected investment
bank’s resolution of the applicable dispute, such investment
bank shall be entitled (and is hereby expressly authorized) to make
all findings, determinations and the like that such investment bank
determines are required to be made by such investment bank in
connection with its resolution of such dispute and in resolving
such dispute such investment bank shall apply such findings,
determinations and the like to the terms of the Certificate of
Designation and any other applicable Transaction Documents, (iii)
such Investor (and only such Investor), in its sole discretion,
shall have the right to submit any dispute described in this
Section 6 to any state or federal court sitting in New York, New
York in lieu of utilizing the procedures set forth in this Section
6 and (iv) nothing in this Section 6 shall limit such Investor from
obtaining any injunctive relief or other equitable remedies
(including, without limitation, with respect to any matters
described in this Section 6).

 

7.

TERMINATION.

 

In the
event that the Closing does not occur on or before February 29,
2020 due to the Company’s or the Investor’s
failure to satisfy the conditions set forth in Sections 4 and
5 hereof (and the nonbreaching party’s failure to waive such
unsatisfied conditions(s)), the nonbreaching party shall have the
option to terminate this Agreement with respect to such breaching
party at the close of business on such date without liability of
any party to any other party. Upon such termination, the terms
hereof shall be null and void.

8.

     MISCELLANEOUS.

 

(a) No Commissions. Neither the
Company nor the Investor has paid or given, or will pay or give, to
any person, any commission or other remuneration, directly or
indirectly, in connection with the transactions contemplated by
this Agreement.

 

(b) Registration Rights. The
Company and the Investor hereby acknowledge and agree that the
Registration Rights Agreement, dated as of December 6, 2019,
between the Company and the purchasers party thereto shall apply to
the Series H-6 Shares.

 

(c) Notice. All notices, demands,
requests, consents, approvals, and other communications required or
permitted hereunder shall be in writing and, unless otherwise
specified herein, shall be (i) personally served, (ii) deposited in
the mail, registered or certified, return receipt requested,
postage prepaid, (iii) delivered by reputable air courier service
with charges prepaid, or (iv) transmitted via electronic mail, in
each case addressed as set forth below or to such other address as
such party shall have specified most recently by written notice.
Any notice or other communication required or permitted to be given
hereunder shall be deemed effective (a) upon hand delivery at the
address or number designated below (if delivered on a business day
during normal business hours where such notice is to be received),
or the first business day following such delivery (if delivered
other than on a business day during normal business hours where
such notice is to be received), (b) on the second business day
following the date of mailing by express courier service, fully
prepaid, addressed to such address, or upon actual receipt of such
mailing, whichever shall first occur or (c) on the date sent by
e-mail of a PDF document (with confirmation of transmission) if
sent during normal business hours of the recipient, and on the next
Business Day if sent after normal business hours of the recipient.
The addresses for such communications shall be: (i) if to the
Company, to: DropCar, Inc., 1412 Broadway, Suite 2105, New York,
New York 10018, Attn: Spencer Richardson, Chief Executive Officer,
E-mail: spencer@dropcar.com, with a copy by electronic mail only to
(which shall not constitute notice): Daniel Bagliebter, Esq., 666
Third Avenue, New York, New York 10017, E-mail:
dabagliebter@mintz.com, and (ii) if to the Holder, to: the
addresses indicated on the signature pages hereto.

 

[The
remainder of the page is intentionally left
blank]

 

 

8

 

 

          
IN WITNESS WHEREOF, the
Investor and the Company have caused their respective signature
pages to this Agreement to be duly executed as of the date first
written above.

 

	
 

	

COMPANY:DROPCAR, INC. 

	
 

	

By:  

	

 /s/
Spencer Richardson

	
 

	
 

	

Name:  

	

Spencer
Richardson

	
 

	
 

	

Title:  

	

Chief
Executive Officer 

 

  

 

 

9

 

      

IN WITNESS WHEREOF, the Investor and the
Company have caused their respective signature pages to this
Agreement to be duly executed as of the date first written
above.

 

	
 

	
 

	
 

	
 

	
 

	

INVESTOR: 

	
 

	

By:  

	
 

	
 

	
 

	

Name:  

	
 

	
 

	
 

	

Title:  

	
 

	
 

	
 

	
 

	
 

	
 

	

Number
of Series H-5 Shares exchanged:

	
 

	

________________________________

	
 

	
 

	
 

	
 

	
 

	

Address
for Notice:

	
 

	

________________________________

	
 

	

________________________________

	
 

	

________________________________

	
 

	

________________________________

	
 

	
 

	
 

	

E-mail
Address for Notice:

	
 

	
 

	
 

	
 

	
 

	

Facsimile
Number for Notice:

	
 

	
 

	
 

	
 

 

 

 

10

 

 

Exhibit A — Form of Certificate of
Designation

 

  

 

 

 

 

 

 

 

11

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