Document:

Exhibit 10.8

 

exchange
agreement

 

This Exchange Agreement
(this “Agreement”) is entered effective as of the 30th day of September, 2018 (the “Exchange
Date”), by and between SEQLL INC., a Delaware Corporation (the “Company”) and ST. LAURENT INVESTMENTS,
LLC (the “Exchanging Holder”).

 

Recitals:

 

WHEREAS, the Exchanging
Holder is a payee under certain promissory notes issued by the Company set forth in the attached Schedule 1 (the “Notes”);

 

WHEREAS, the Company
and the Exchanging Holder have agreed to exchange the outstanding principal amount of the Notes for the Company’s Series
A-2 Preferred Stock (“A-2 Preferred Stock”) pursuant to the terms and subject to the conditions set forth herein (the
“Note Exchange”);

 

WHEREAS, in connection
with the Note Exchange, the Company shall issue a new promissory note to the Exchanging Holder for the accrued interest under the
Notes as of the Exchange Date in the amount of $360,709.68 (the “New Note”);

 

WHEREAS, in connection
with the Note Exchange, the Company shall issue a warrant to the Exchanging Holder, in lieu of the warrants associated with the
Notes and as a replacement of the warrants thereof, equal to 6% of the principal amount of the Notes as of the Exchange Date exercisable
at $1.68 per share, subject to all regulations and requirements of applicable jurisdictions (the “Warrant I”);

 

WHEREAS, the Company
and the Exchanging Holder desire to effect the above-described Note Exchange and issuance of the New Note (the “Exchange”)
on the terms and conditions set forth herein; and

 

WHEREAS, as an inducement
to the Exchanging Holder to enter into the Exchange, the Company has agreed to issue the Exchanging Holder a warrant for 900,000
shares of the Company’s common stock pursuant to the terms and subject to the conditions set forth herein (the “Warrant
II”);

 

NOW,
THEREFORE, in consideration of the foregoing recitals and the mutual promises, representations, warranties, and covenants
hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto agree as follows:

 

1.           Note
Exchange. Subject to the terms and conditions set forth in this Agreement, the Company and the Exchanging Holder hereby agree
that the Notes shall automatically cancel and the security interests granted thereunder, together with all other rights and obligations
arising thereunder, shall be cancelled and extinguished as of the close of business on the Exchange Date. In full and complete
consideration for all of the outstanding principal amount of the Notes, the Company shall issue and deliver to the Exchanging Holder,
and the Exchanging Holder will receive 1,866,071 shares of A-2 Preferred Stock.

 

    	 		 

     

    

 

2.           Subscription
Documents. On or before the Exchange Date, the Exchanging Holder shall execute and deliver to the Company Series A-2 Preferred
subscription documents attached hereto as Exhibit A (“Subscription Documents”).

 

3.           New
Note. Subject to the terms and conditions set forth in this Agreement, the Company and the Exchanging Holder hereby agree that,
on the Exchange Date, in lieu of cash payment of the accrued interest on the Notes as of the Exchange Date, the Company shall issue
the New Note to the Exchanging Holder substantially in the form attached hereto as Exhibit B-1. The parties further Agree
that in connection with the issuance of the New Note, the parties shall enter into a Security Agreement substantially in the form
attached hereto as Exhibit B-2.

 

4.           Warrant.
The parties hereby agree that as an inducement to the Exchanging Holder to enter into the Exchange, the Company shall issue the
Exchanging Holder the Warrant I and Warrant II subject to the terms and conditions set forth therein and substantially in the form
attached hereto as Exhibits C-1 and C-2 respectively.

 

5.           Representations
of Exchanging Holder. The Exchanging Holder hereby represents and warrants as follows: (a) the Exchanging Holder has the authority
to execute and deliver this Agreement and to fulfill the Exchanging Holder’s obligations hereunder; (b) the Exchanging Holder
owns the Notes free and clear of any liens, pledges, encumbrances, security interests, or claims of any kind; (c) the Exchanging
Holder has not assigned, sold, and/or transferred (for collateral or otherwise) all or any portion of the Notes or any rights or
obligations related thereto, nor has entered into an agreement to do so and (d) the Notes set forth on Schedule 1 constitute
all of the Notes held by the Exchanging Holder.

 

6.           Miscellaneous.

 

6.1           Further
Assurances. The Exchanging Holder shall execute any other documents or take any other actions reasonably requested by the Company
to fulfill the transactions described in and contemplated by this Agreement.

 

6.2           Governing
Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State of Delaware, without
regard to its principles of conflicts of laws.

 

6.3           Entire
Agreement. This Agreement (including the Schedules and Exhibits hereto) constitutes and fully expresses the entire understanding
and agreement between the parties with respect to the subject matter hereof, superseding all prior and contemporaneous understandings,
agreements, negotiations, offers, and discussions, whether written or oral, of the parties with respect thereto, or with respect
to any other conversion, restructuring, or exchange of the Notes.

 

6.4           Delays
or Omissions. No delay or omission to exercise any right, power or remedy accruing to any party under this Agreement, upon
any breach or default of any other party under this Agreement, shall impair any such right, power or remedy of such non-breaching
or non-defaulting party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or
of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver
of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character
on the part of any party of any breach or default under this Agreement, or any waiver on the part of any party of any provisions
or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing.
All remedies, either under this Agreement or by law or otherwise afforded to any party, shall be cumulative and not alternative.

 

    	 	2	 

     

    

 

6.5           Counterparts;
Electronic Copies. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but
all of which together shall constitute one and the same instrument. It is anticipated that this Agreement may be executed, and
the transactions contemplated by this Agreement may be closed and consummated, by the transmission of documents, signature pages
of documents and funds by mail, delivery service, fax or other electronic transmission. An electronic copy of this Agreement and
any signatures on any counterpart hereof shall be considered for all purposes as originals.

 

6.6           Amendments.
This Agreement may be amended or modified and the observance of any term hereof may be waived (either generally or in a particular
instance and either retroactively or prospectively) only by a written instrument executed by the Company and the Exchanging Holder.
Any amendment or waiver so effected shall be binding upon all of the parties and all of their respective successors, personal representatives,
heirs, and permitted assigns.

 

6.7           Severability.
If any provision of this Agreement becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or
void, portions of such provision, or such provision in its entirety, to the extent necessary, shall be severed from this Agreement,
and such court will replace such illegal, void or unenforceable provision of this Agreement with a valid and enforceable provision
that will achieve, to the extent possible, the same economic, business and other purposes of the illegal, void or unenforceable
provision. The balance of this Agreement shall be enforceable in accordance with its terms.

 

[SIGNATURE PAGE FOLLOWS]

 

    	 	3	 

     

    

 

IN WITNESS WHEREOF, the
parties have executed this Exchange Agreement to be effective as of the date first above written.

 

	SEQLL INC.	 
	 	 	 
	By:	/s/ Dan Jones	 
	 	 	 
	Name: 	Daniel Jones	 
	Title:	Chief Executive Officer	 
	 	 	 
	Exchanging holder:	 
	 	 
	st. laurent INVESTMENTS, LLC	 
	 	 	 
	By:	/s/ William St. Laurent	 
	Name:	William St. Laurent	 
	Title:	Manager	 

 

[Signature Page to the Exchange Agreement]

 

    	 		 

     

    

 

Schedule 1

 

	Payee	 	Principal
 Amount of
 the Note	 	 	Note Issue
 Date	 	Interest
 Rate	 	 	Accrued Interest
 as of September
 30, 2018	 
	St. Laurent Investments, LLC	 	 	100,000.00	 	 	3/6/2018	 	 	10	%	 	$	5,694.44	 
	St. Laurent Investments, LLC	 	 	50,000.00	 	 	3/22/2018	 	 	10	%	 	$	2,625.00	 
	St. Laurent Investments, LLC	 	 	50,000.00	 	 	4/3/2018	 	 	10	%	 	$	2,458.33	 
	St. Laurent Investments, LLC	 	 	125,000.00	 	 	5/1/2018	 	 	10	%	 	$	5,208.33	 
	St. Laurent Investments, LLC	 	 	70,000.00	 	 	5/16/2018	 	 	10	%	 	$	2,625.00	 
	St. Laurent Investments, LLC	 	 	125,000.00	 	 	5/29/2018	 	 	10	%	 	$	4,270.83	 
	St. Laurent Investments, LLC	 	 	80,000.00	 	 	6/12/2018	 	 	10	%	 	$	2,400.00	 
	St. Laurent Investments, LLC	 	 	80,000.00	 	 	6/27/2018	 	 	10	%	 	$	2,066.67	 
	St. Laurent Investments, LLC	 	 	90,000.00	 	 	7/10/2018	 	 	10	%	 	$	2,025.00	 
	St. Laurent Investments, LLC	 	 	60,000.00	 	 	7/26/2018	 	 	10	%	 	$	1,083.33	 
	St. Laurent Investments, LLC	 	 	100,000.00	 	 	9/5/2018	 	 	10	%	 	$	694.44	 
	St. Laurent Investments, LLC	 	 	100,000.00	 	 	9/20/2018	 	 	10	%	 	$	277.78	 
	Total	 	$	1,030,000.00	 	 	 	 	 	 	 	 	$	31,429.15	 

 

    	 		 

     

    

 

EXHIBIT A

 

Subscription
Documents

 

    	 		 

     

    

 

eXHIBIT
B-1

 

nEW nOTE

 

    	 	2	 

     

    

 

eXHIBIT
B-2

 

SECURITY
AGREEMENT

 

    	 	3	 

     

    

 

eXHIBIT
C-1

 

wARRANT
I

 

    	 	4	 

     

    

 

eXHIBIT
C-2

 

wARRANT
II

 

    	 	5Exhibit 10.9

 

SEQLL,
Inc.

2014 Equity
INCENTIVE PLAN

Stock Option
Award

 

Dear _________,

 

You have been granted an option (an “Option”)
to purchase shares of common stock of SeqLL, Inc., a Delaware corporation (the “Company”), which is subject
to the terms of the SeqLL, Inc. 2014 Equity Incentive Plan (the “Plan”) and this Stock Option Award Agreement
(this “Agreement”). Capitalized terms used but not defined in this Agreement shall have the meanings set forth
in the Plan.

 

	Grant Date:	 	______________, 2018
	 	 	 
	Number of Option Shares:	 	_______________ 
	 	 	 
	Type of Option:	 	
         ̈ 
        Incentive Stock Option

         ̈ 
        Nonqualified Stock Option

	 	 	 
	Exercise Price per Share:	 	U.S. $____________
	 	 	 
	Vesting Schedule:	 	
        Your Option will vest according to the following
        schedule, provided that you at all times have a Service Relationship with Company or an Affiliate from the Grant Date through the
        applicable vesting date:

         

        [●]% will vest on ________________________

        [●]% will vest on ________________________

        [●]% will vest on ________________________

         

        Except as otherwise provided in this Agreement
        or in the Plan, if you experience a Termination Event prior to the date the Option is vested (as described above), you will forfeit
        the unvested portion of your Option.

	 	 	 
	Expiration:	 	
        This Option shall expire at, and
cannot be exercised after, the close of business on the tenth (10th) anniversary of the Grant Date (the “Expiration
Date”), unless terminated earlier pursuant to the terms of this Agreement or the Plan. Upon termination or expiration
of this Option, all your rights hereunder shall cease. 

	 	 	 
	Exercise:	 	You may exercise this Option only to the extent it is vested and has not expired or terminated.  To exercise your Option, you must follow the procedures established by the Company, which may include exercising by electronic means.
	 	 	 
	Issuance of Shares:	 	As soon as practical after exercise, the Company shall issue certificates in the Optionee’s name or make an appropriate book entry for such number of Shares purchased pursuant to the Option.

 

    	 		 

     

    

 

	Termination of Employment:	 	If you experience a Termination Event, your Option will be treated in accordance with Section 13 of the Plan.1
	 	 	 
	Sale Event:	 	Upon a Sale Event, your Option will be treated in accordance with Section 4 of the Plan.
	 	 	 
	Rights as Stockholder:	 	You will not be deemed for any purposes to be a stockholder of the Company with respect to any of Shares underlying your Option unless and until Shares are issued to you upon exercise of this Award.  
	 	 	 
	Restrictions on Transfer:	 	Except as provided in the Plan, during your lifetime, this Award is only exercisable by you. Any attempt to transfer this Award other than in accordance with the terms of the Plan shall be null and void.
	 	 	 
	Tax Withholding:	 	
        You understand that you (and not the Company)
        shall be responsible for your own federal, state, local, or foreign tax liability and any of your other tax consequences that may
        arise as a result of this Award, and that you should rely solely on the determinations of your tax advisors or your own determinations,
        and not on any statements or representations by the Company or any of its agents with regard to all tax matters.

         

        To the extent that the grant, vesting, or
        exercise of your Award or disposition of any Shares acquired under your Award results in income to you for national, federal, state,
        local, foreign, or other tax purposes, the Company may deduct (or require an Affiliate to deduct) from any payments of any kind
        otherwise due to you to satisfy such tax or other withholding obligations. Alternatively, the Company or its Affiliate may require
        you to pay to the Company or its Affiliate, in cash, promptly on demand, or make other arrangements satisfactory to the Company
        or its Affiliate regarding the payment of the withholding amount.

         

        At the Committee’s discretion, you may
        be able to satisfy all or a portion of the withholding obligations arising in connection with this Award by electing to (i) have
        the Company or its Affiliate withhold Shares otherwise due to you upon exercise of your Option or (ii) deliver other previously
        owned Shares, in each case having a Fair Market Value equal to the amount to be withheld; provided that the amount to be
        withheld may not exceed the maximum statutory tax rate associated with the transaction. If an election is provided, the election
        must be made on or before the date as of which the amount of tax to be withheld is determined and otherwise as the Committee requires.

	 	 	 
	Electronic Communications:	 	The Company may, in its sole discretion, decide to deliver any documents related to current or future participation in the Plan by electronic means.  By accepting this Award, you hereby consent to receive such documents by electronic delivery, and agree to participate in the Plan through an on-line or electronic system established and maintained by the Company or a third-party designated by the Company.  You also agree that all on-line acknowledgements shall have the same force and effect as a written signature.

 

 

1 Currently, this is drafted so that options will
be treated under the terms of the plan (which, is all unvested are forfeited; have 1 year to exercise in the case of death or disability,
and 3 months for all other terminations. If they are terminated for Cause, they would forfeit all options (including vested). We
can, however, revise this to provide an alternative treatment on an employee-by-employee basis.

 

 

    	 	2	 

     

    

  

	Miscellaneous:	 	
        ·    
        This Award is expressly subject to all the terms and conditions contained in this Agreement and the Plan, and the terms
        of the Plan are incorporated herein by reference.

         

        ·    
As a condition of the granting of this Award, you agree, for yourself and your legal representatives or guardians, that
this Award shall be interpreted by the Committee and that any interpretation by the Committee of the terms of this Agreement or
the Plan and any determination made by the Committee pursuant to this Award shall be final, binding and conclusive.

         

        ·    
Generally, this Agreement can only be modified or amended by a writing signed by both you and the Company. However, the
Committee may modify or amend this Award in certain circumstances without your consent as permitted by the Plan.

         

        ·    
The grant of this Award does not provide you with any right to continued employment or service with the Company or any
Affiliate.

         

        ·    
By accepting this Award, you agree not to sell any Shares acquired under this Award at a time when applicable laws, Company
policies, or an agreement between the Company and its underwriters prohibit a sale.

         

        ·    
This Award, and any compensation or benefits that you receive as a result of this Award, shall be subject to any clawback
or recoupment policy that the Company may adopt from time to time.

 

The Company has caused this Agreement to be executed by one
of its authorized officers and is effective as of the Grant Date.

 

	SeqLL, Inc.	 
	 	 
	 	 
	[Name]	 
	[Title]	 

 

    	 	3

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