Document:

Exhibit 4.3

 

NEITHER
THIS SECURITY NOR THE SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE
COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO,
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A
LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.

 

COMMON
STOCK PURCHASE WARRANT

 

AGRIFY
CORPORATION

 

	Warrant
    Shares: [_______]	Initial
    Exercise Date: [______], 2020
	Warrant
    No. [____]	 

 

THIS
COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received, [_____________] or its assigns
(the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter
set forth, at any time on or after the date hereof (the “Initial Exercise Date”) and on or prior to [______],
2025 (the “Termination Date”), but not thereafter, to subscribe for and purchase from Agrify Corporation, a
Nevada corporation (the “Company”), up to [________] shares (as subject to adjustment hereunder, the “Warrant
Shares”) of Common Stock. The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise
Price (as defined in Section 2(c) hereof).

 

Section
1. Definitions. Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain
Note and Warrant Purchase Agreement (the “Purchase Agreement”), dated [_______], 2020 among the Company and
the purchasers signatory thereto. The following definitions shall apply for purposes of this Warrant:

 

(a) “Business
Day” means any day except Saturday, Sunday, any day which is a federal legal holiday in the United States or any day
on which banking institutions in the State of New York are authorized or required by law or other governmental action to close.

 

(b) “Trading
Day” means a day on which the principal Trading Market is open for trading; provided, that in the event that the Common
Stock is not listed or quoted on a Trading Market, then Trading Day shall mean a Business Day.

 

(c) “Trading
Market” means whichever of the following markets or exchanges on which the Common Stock is listed or quoted for trading
on the date in question: the New York Stock Exchange, the NYSE MKT, the NASDAQ Global Select Market, the NASDAQ Global Market,
the NASDAQ Capital Market, the OTC Bulletin Board or any tier of the OTC Markets Group, Inc. (or any successors to any of the
foregoing).

 

     

     

    

 

Section
2. Exercise.

 

(a) Exercise
of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times
on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company (or such other office or
agency of the Company as it may designate by notice in writing to the registered Holder at the address of the Holder appearing
on the books of the Company) of a duly executed facsimile copy of the Notice of Exercise form annexed hereto and within five (5)
Trading Days of the date said Notice of Exercise is delivered to the Company, the Company shall have received payment of the aggregate
Exercise Price of the shares thereby purchased payable at the Holder’s election (i) by certified or official bank check
or by wire transfer to an account designated by the Company, or (ii) by “cashless exercise” in accordance with the
provisions of subsection (b) below. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically
surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant
has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within five
(5) Trading Days of the date the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting
in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding
number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder
and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company
shall use its commercially reasonable efforts to deliver any objection to any Notice of Exercise Form within two (2) Business
Days of receipt of such notice. The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by
reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of
Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof.

 

(b) Cashless
Exercise. Notwithstanding any provision herein to the contrary, commencing six (6) months from the Initial Exercise Date,
if the Per Share Market Value (as defined below) of one share of Common Stock is greater than the Exercise Price (at the date
of calculation as set forth below) and there is not an effective registration statement under the Securities Act providing for
the resale of the Warrant Shares, in lieu of exercising this Warrant by payment of cash, the Holder may exercise this Warrant
by a cashless exercise by surrender of this Warrant at the principal office of the Company together with the properly endorsed
Notice of Exercise, in which event the Company shall issue to the Holder a number of shares of Common Stock computed using the
following formula:

 

X
= Y -(A)(Y)

B

 

Where X
= the number of Warrant Shares to be issued to the Holder.

 

    	 	2	 

     

    

 

		Y
                                         =	the
                                         number of Warrant Shares purchasable upon exercise of all of the Warrant or, if only
                                         a portion of the Warrant is being exercised, the portion of the Warrant being exercised.

 

		A
                                         =	the
                                         Exercise Price.

 

		B
                                         =	the
                                         Per Share Market Value of one share of Common Stock.

 

For
purposes hereof, “Per Share Market Value” means (a) the average of the closing bid price per share of the Common
Stock for the five (5) Trading Days preceding such date on the OTC Bulletin Board or another registered national stock exchange
on which the Common Stock is then listed, or (b) if the Common Stock is not listed then on the OTC Bulletin Board or any registered
national stock exchange, the closing bid price for a share of Common Stock for the five (5) Trading Days preceding such date in
the over the counter market, as reported by the OTC Bulletin Board or by Pink OTC Markets Inc. or similar organization or agency
succeeding to its functions of reporting prices) at the close of business on such dates, or (c) if the Common Stock is not then
reported by the OTC Bulletin Board or by Pink OTC Markets Inc. (or similar organization or agency succeeding to its functions
of reporting prices), then the average of the “Pink Sheet” quotes for the five (5) Trading Days preceding such date
of determination, or (d) if the Common Stock is not then publicly traded the fair market value of a share of Common Stock as determined
by the Company’s board of directors.

 

(c) Exercise
Price. The exercise price per share of the Common Stock under this Warrant shall be $0.01, subject to further adjustment
hereunder pursuant to Section 3 (the “Exercise Price”).

 

(d) Mechanics
of Exercise.

 

(i) Delivery
of Certificates Upon Exercise. Certificates for shares purchased hereunder shall be transmitted by the Transfer Agent to the
Holder by crediting the account of the Holder’s prime broker with The Depository Trust Company through its Deposit or Withdrawal
at Custodian system (“DWAC”) if the Company is then a participant in such system and there is an effective
registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by the Holder and in connection
with such issuance or resale such Warrant shares are sold by the Holder, and otherwise by physical delivery to the address specified
by the Holder in the Notice of Exercise by the date that is five (5) Trading Days after the latest of (A) the delivery to the
Company of the Notice of Exercise, (B) surrender of this Warrant (if required), and (C) payment of the aggregate Exercise Price
as set forth above. The Warrant Shares shall be deemed to have been issued, and Holder or any other person so designated to be
named therein shall be deemed to have become a holder of record of such shares for all purposes, as of the date the Warrant has
been exercised, with payment to the Company of the Exercise Price and all taxes required to be paid by the Holder, if any, pursuant
to Section 2(d)(vi) prior to the issuance of such Warrant Shares, having been paid.

 

    	 	3	 

     

    

 

(ii) Delivery
of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder
and upon surrender of this Warrant certificate, at the time of delivery of the certificate or certificates representing Warrant
Shares, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called
for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant.

 

(iii) No
Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise
of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the
Company shall round up to the next whole share.

 

(iv) Charges,
Taxes and Expenses. The Company shall pay any and all issue and other taxes, excluding federal, state or local income taxes,
that may be payable in respect of any issue or delivery of the Warrant Shares upon exercise of this Warrant; provided,
however, that the Company shall not be obligated to pay any transfer taxes resulting from any transfer requested by any
holder in connection with any such exercise.

 

(v) Closing
of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise of
this Warrant, pursuant to the terms hereof.

 

Section
3. Certain Adjustments.

 

(a) Adjustments
for Stock Splits, Combinations, Certain Dividends and Distributions. If the Company shall, at any time or from time to time
after the Initial Exercise Date, effect a split of the outstanding Common Stock (or any other subdivision of its shares of Common
Stock into a larger number of shares of Common Stock), combine the outstanding shares of Common Stock into a smaller number of
shares of Common Stock, or make or issue or set a record date for the determination of holders of Common Stock entitled to receive
a dividend or other distribution payable in shares of Common Stock, then, in each event (i) the number of shares of Common Stock
for which this Warrant shall be exercisable immediately after the occurrence of any such event shall be adjusted to equal the
number of shares of Common Stock that a record holder of the same number of shares of Common Stock for which this Warrant is exercisable
immediately prior to the occurrence of such event would own or be entitled to receive after the happening of such event, and (ii)
the Exercise Price then in effect shall be adjusted to equal (A) the Exercise Price then in effect multiplied by the number of
shares of Common Stock for which this Warrant is exercisable immediately prior to the adjustment divided by (B) the number of
shares of Common Stock for which this Warrant is exercisable immediately after such adjustment.

 

    	 	4	 

     

    

 

(b) Adjustment
for Other Dividends and Distributions. If the Company shall, at any time or from time to time after the Initial Exercise Date,
make or issue or set a record date for the determination of holders of Common Stock entitled to receive a dividend or other distribution
payable in (i) cash, (ii) any evidences of indebtedness, or any other securities of the Company or any property of any nature
whatsoever, other than, in each case, shares of Common Stock; or (iii) any warrants or other rights to subscribe for or purchase
any evidences of indebtedness, or any other securities of the Company or any property of any nature whatsoever, other than, in
each case, shares of Common Stock, then, and in each event, (A) the number of shares of Common Stock for which this Warrant shall
be exercisable shall be adjusted to equal the product of the number of shares of Common Stock for which this Warrant is exercisable
immediately prior to such adjustment multiplied by a fraction (1) the numerator of which shall be the last closing bid price per
share of the Common Stock at the date of taking such record and (2) the denominator of which shall be such last closing bid price
per share of the Common Stock minus the amount allocable to one share of Common Stock of any such cash so distributable and of
the fair value (as determined in good faith by the Board) of any and all such evidences of indebtedness, shares of stock, other
securities or property or warrants or other subscription or purchase rights so distributable, and (B) the Exercise Price then
in effect shall be adjusted to equal (1) the Exercise Price then in effect multiplied by the number of shares of Common Stock
for which this Warrant is exercisable immediately prior to the adjustment divided by (2) the number of shares of Common Stock
for which this Warrant is exercisable immediately after such adjustment. A reclassification of the Common Stock (other than a
change in par value, or from par value to no par value or from no par value to par value) into shares of Common Stock and shares
of any other class of stock shall be deemed a distribution by the Company to the holders of its Common Stock of such shares of
such other class of stock within the meaning of this Section 3(b) and, if the outstanding shares of Common Stock shall be changed
into a larger or smaller number of shares of Common Stock as a part of such reclassification, such change shall be deemed a subdivision
or combination, as the case may be, of the outstanding shares of Common Stock within the meaning of Section 3(a).

 

(c) Adjustments
for Reclassification, Exchange or Substitution. If the Common Stock for which this Warrant is exercisable at any time or from
time to time after the Initial Exercise Date shall be changed to the same or different number of shares of any class or classes
of stock, whether by reclassification, exchange, substitution or otherwise (other than by way of a stock split or combination
of shares or stock dividends provided for in Section 3(a), Section 3(b), or a reorganization, merger, consolidation, or sale of
assets provided for in Section 3(d)), then, and in each event, an appropriate revision to the Exercise Price shall be made and
provisions shall be made (by adjustments of the Exercise Price or otherwise) so that, upon any subsequent exercise of this Warrant,
the Holder shall have the right to receive, in lieu of Warrant Stock, the kind and amount of shares of stock and other securities
receivable upon reclassification, exchange, substitution or other change, by holders of the number of shares of Common Stock for
which this Warrant was exercisable immediately prior to such reclassification, exchange, substitution or other change, all subject
to further adjustment as provided herein.

 

(d) Adjustments
for Reorganization, Merger, Consolidation or Sales of Assets. If at any time or from time to time after the Initial Exercise
Date there shall be a capital reorganization of the Company (other than by way of a stock split or combination of shares or stock
dividends or distributions provided for in Section 3(a), and Section 3(b), or a reclassification, exchange or substitution of
shares provided for in Section 3(c)), or a merger or consolidation of the Company with or into another corporation where the holders
of the Company’s outstanding voting securities prior to such merger or consolidation do not own over 50% of the outstanding
voting securities of the merged or consolidated entity, immediately after such merger or consolidation, or the sale of all or
substantially all of the Company’s properties or assets to any other person (an “Organic Change”), then
as a part of such Organic Change an appropriate revision to the Exercise Price shall be made if necessary and provision shall
be made if necessary (by adjustments of the Exercise Price or otherwise) so that, upon any subsequent exercise of this Warrant,
the Holder shall have the right to receive, in lieu of Warrant Stock, the kind and amount of shares of stock and other securities
or property of the Company or any successor corporation resulting from the Organic Change. In any such case, appropriate adjustment
shall be made in the application of the provisions of this Section 3(d) with respect to the rights of the Holder after the Organic
Change to the end that the provisions of this Section 3(d) (including any adjustment in the Exercise Price then in effect and
the number of shares of stock or other securities deliverable upon exercise of this Warrant) shall be applied after that event
in as nearly an equivalent manner as may be practicable.

 

    	 	5	 

     

    

 

(e) Calculations.
All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be.
For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall
be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

 

(f) Notice
to Holder.

 

(i) Adjustment
to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall
promptly deliver to the Holder a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to
the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

 

(ii) Notice
to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the
Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the
Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares
of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection
with any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer
of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Stock is converted
into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation
or winding up of the affairs of the Company, then, in each case, the Company shall cause to be mailed to the Holder at its last
address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable record
or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such
dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of
the Common Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined
or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become
effective or close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange
their shares of the Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation,
merger, sale, transfer or share exchange; provided that the failure to mail such notice or any defect therein or in the mailing
thereof shall not affect the validity of the corporate action required to be specified in such notice. The Holder shall remain
entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering
such notice except as may otherwise be expressly set forth herein.

 

    	 	6	 

     

    

 

Section
4. Transfer of Warrant.

 

(a) Transferability.
Subject to compliance with any applicable securities laws and the conditions set forth in Section 4(d) hereof, this Warrant and
all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in part, upon surrender
of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant
substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any
transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall
execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination
or denominations reasonably requested in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing
the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. The Warrant, if properly assigned in
accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

 

(b) New
Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of
the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed
by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such
division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants
to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the Initial
Exercise Date and shall be substantially identical with this Warrant except as to the number of Warrant Shares issuable pursuant
thereto.

 

(c) Warrant
Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant
Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered
Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder,
and for all other purposes, absent actual notice to the contrary.

 

(d) Transfer
Restrictions. If, at the time of the surrender of this Warrant in connection with any transfer of this Warrant, the transfer
of this Warrant shall not be either (i) registered pursuant to an effective registration statement under the Securities Act and
under applicable state securities or blue sky laws or (ii) eligible for resale without volume or manner-of-sale restrictions or
current public information requirements pursuant to Rule 144, the Company may require, as a condition of allowing such transfer,
that the Holder or transferee of this Warrant, as the case may be, comply with the provisions of the Purchase Agreement and applicable
securities laws.

 

    	 	7	 

     

    

 

(e) Representation
by the Holder. The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant and, upon any
exercise hereof, will acquire the Warrant Shares issuable upon such exercise, for its own account and not with a view to or for
distributing or reselling such Warrant Shares or any part thereof in violation of the Securities Act or any applicable state securities
law, except pursuant to sales registered or exempted under the Securities Act.

 

Section
5. Miscellaneous.

 

(a) No
Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other rights
as a stockholder of the Company prior to the exercise hereof except as expressly set forth herein.

 

(b) Loss,
Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant
Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case
of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate,
if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation,
in lieu of such Warrant or stock certificate.

 

(c) Saturdays,
Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required
or granted herein shall not be a Business Day, then, such action may be taken or such right may be exercised on the next succeeding
Business Day.

 

(d) Authorized
Shares. The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and
unissued Common Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any
purchase rights under this Warrant.

 

(e) Governing
Law; Jurisdiction. This Warrant shall be governed by and construed in accordance with the internal laws of the State of New
York, without giving effect to any of the conflicts of law principles which would result in the application of the substantive
law of another jurisdiction. Each of the Company and the Holder (i) hereby irrevocably submits to the jurisdiction of the United
States District Court sitting in the Southern District of New York and the courts of the State of New York located in New York
county for the purposes of any suit, action or proceeding arising out of or relating to this Agreement or any of the other Transaction
Documents or the transactions contemplated hereby or thereby and (ii) hereby waives, and agrees not to assert in any such suit,
action or proceeding, any claim that it is not personally subject to the jurisdiction of such court, that the suit, action or
proceeding is brought in an inconvenient forum or that the venue of the suit, action or proceeding is improper.

 

    	 	8	 

     

    

 

(f) Restrictions.
The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant will have restrictions upon resale
imposed by state and federal securities laws.

 

(g) Nonwaiver
and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate
as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies, notwithstanding the fact that
all rights hereunder terminate on the Termination Date.

 

(h) Notices.
Whenever notice is required to be given under this Warrant, unless otherwise provided herein, such notice shall be given in accordance
with the terms of the Purchase Agreement.

 

(i) Successors
and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure
to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns
of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and
shall be enforceable by the Holder or holder of Warrant Shares.

 

(j) Amendment.
This Warrant may be modified or amended or the provisions hereof waived with the prior written consent of the Company and the
holders of a majority of the then outstanding warrants issued pursuant to the Purchase Agreement.

 

(k) Severability.
Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective
to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions
of this Warrant.

 

(l) Headings.
The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of
this Warrant.

 

********************

    	 	9	 

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first
above indicated.

 

	 	AGRIFY
    CORPORATION
	 	 
	 	By	 
	 	Name:	 Raymond Chang
	 	Title:	 Chief Executive Officer

 

    	 	10	 

     

    

 

WARRANT

 

NOTICE
OF EXERCISE

 

To: AGRIFY
CORPORATION

 

(1) The
undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only
if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes,
if any.

 

(2) Please
issue a certificate or certificates representing said Warrant Shares in the name of the undersigned or in such other name as is
specified below:

 

_______________________________

 

The
Warrant Shares shall be delivered to the following DWAC Account Number or by physical delivery of a certificate to:

 

_______________________________

 

_______________________________

 

_______________________________

 

(3) Accredited
Investor. The undersigned is an “accredited investor” as defined in Regulation D promulgated under the Securities
Act of 1933, as amended.

 

(4) The
undersigned intends that payment of the Exercise Price shall be made as (check one):

 

Cash
Exercise_______

 

Cashless
Exercise_______

 

If
the Holder has elected a Cash Exercise, the Holder shall pay the sum of $________ by certified or official bank check (or via
wire transfer) to the Company in accordance with the terms of the Warrant.

 

If
the Holder has elected a Cashless Exercise, a certificate shall be issued to the Holder for the number of shares equal to the
whole number portion of the product of the calculation set forth below, which is ___________.

 

    	 	11	 

     

    

 

X
= Y -(A)(Y)

 B

 

Where: 

 

The
number of shares of Common Stock to be issued to the Holder is (“X”).

 

The
number of shares of Common Stock purchasable upon exercise of all of the Warrant or, if only a portion of the Warrant is being
exercised, the portion of the Warrant being exercised is (“Y”).

 

The
Exercise Price is (“A”).

 

The
Per Share Market Value of one share of Common Stock is (“B”).

 

[SIGNATURE
OF HOLDER]

 

Name
of Investing Entity: ________________________________________________________

 

Signature
of Authorized Signatory of Investing Entity:__________________________________

 

Name
of Authorized Signatory: ____________________________________________________

 

Title
of Authorized Signatory: _____________________________________________________

 

Date:
_________________________________________________________________________

 

    	 	12	 

     

    

 

ASSIGNMENT
FORM

 

(To
assign the foregoing warrant, execute

this form and supply required information.

Do not use this form to exercise the warrant.)

 

FOR
VALUE RECEIVED, [____ all of or [_______ shares of the foregoing Warrant and all rights evidenced thereby are hereby assigned
to

 

_______________________________________________
whose address is

 

_______________________________________________________________.

 

_______________________________________________________________

 

Dated:
______________, _______

 

Holder’s
Signature: _____________________________

 

Holder’s
Address: _____________________________

 

_____________________________Exhibit 10.1

 

OPERATING AGREEMENT

 

between/among

 

AGRIFY-VALIANT, LLC

 

and

 

THE MEMBERS NAMED HEREIN

 

dated as of

 

December 8, 2019

 

This Operating Agreement of Agrify-Valiant,
LLC, a Massachusetts limited liability company (the “Company”), is entered into as of December 8, 2019 by and
among the Company, the Initial Members executing this Agreement as of the date hereof and each other Person who after the date
hereof becomes a Member of the Company and becomes a party to this Agreement by executing a Joinder Agreement.

 

RECITALS

 

WHEREAS, The parties desire to form Agrify-Valiant,
LLC as a limited liability company under the laws of the State of Massachusetts and, to that end, have filed a Certificate of Organization
for the Company with the Massachusetts Secretary of State (the “Certificate of Organization”); and

 

WHEREAS, The parties now desire to adopt
an operating agreement to govern the respective rights and obligations as members of the Company.

 

NOW, THEREFORE, in consideration of the
mutual covenants and Agreements 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:

 

ARTICLE I. DEFINITIONS

 

Section 1.01 Definitions. Capitalized
terms used herein and not otherwise defined shall have the meanings set forth in this Section 1.01:

 

“Acceptance Notice”
has the meaning set forth in Section 9.01(d).

 

     

     

    

 

“Adjusted Capital Account Deficit”
means, with respect to any Member, the deficit balance, if any, in such Member’s Capital Account as of the end of the relevant
Fiscal Year, after giving effect to the following adjustments:

 

(a) crediting to such Capital Account any
amount which such Member is obligated to restore or is deemed to be obligated to restore pursuant to Treasury Regulations Sections
1.704-1(b)(2)(ii)(c), 1.704-2(g)(1) and 1.704-2(i); and

 

(b) debiting to such Capital Account the
items described in Treasury Regulations Section 1.704- 1(b)(2)(ii)(d)(4), (5) and (6).

 

“Affiliate” means, with
respect to any Person, any other Person who, directly or indirectly (including through one or more intermediaries), controls, is
controlled by, or is under common control with, such Person. For purposes of this definition, “control,” when used
with respect to any specified Person, shall mean the power, direct or indirect, to direct or cause the direction of the management
and policies of such Person, whether through ownership of voting securities or partnership or other ownership interests, by contract
or otherwise; and the terms “controlling” and “controlled” shall have correlative meanings.

 

“Agreement” means this
Operating Agreement, as executed and as it may be amended, modified, supplemented or restated from time to time, as provided herein.

 

“Agrify” means Agrify
Corporation, a Nevada corporation.

 

“Applicable Law” means
all Provisions of (a) constitutions, treaties, statutes, laws (including the common law), rules, regulations, decrees, ordinances,
codes, proclamations, declarations or orders of any Governmental Authority; (b) any consents or approvals of any Governmental Authority;
and (c) any orders, decisions, advisory or interpretative opinions, injunctions, judgments, awards, decrees of, or Agreements with,
any Governmental Authority.

 

“Bankruptcy” means,
with respect to a Member, the occurrence of any of the following: (a) the filing of an application by such Member for, or a consent
to, the appointment of a trustee of such Member’s assets; (b) the filing by such Member of a voluntary petition in bankruptcy
or the filing of a pleading in any court of record admitting in writing such Member’s inability to pay its debts as they
come due; (c) the making by such Member of a general assignment for the benefit of such Member’s creditors; (d) the filing
by such Member of an answer admitting the material allegations of, or such Member’s consenting to, or defaulting in answering
a bankruptcy petition filed against such Member in any bankruptcy proceeding; or (e) the expiration of sixty (60) days following
the entry of an order, judgment or decree by any court of competent jurisdiction adjudicating such Member a bankrupt or appointing
a trustee of such Member’s assets.

 

     

     

    

 

“BBA” means the Bipartisan
Budget Act of 2015.

  

“Book Depreciation”
means, with respect to any Company asset for each Fiscal Year, the Company’s depreciation, amortization, or other cost recovery
deductions determined for federal income tax purposes, except that if the Book Value of an asset differs from its adjusted tax
basis at the beginning of such Fiscal Year, Book Depreciation shall be an amount which bears the same ratio to such beginning Book
Value as the federal income tax depreciation, amortization, or other cost recovery deduction for such Fiscal Year bears to such
beginning adjusted tax basis; provided, that if the adjusted basis for federal income tax purposes of an asset at the beginning
of such Fiscal Year is zero and the Book Value of the asset is positive, Book Depreciation shall be determined with reference to
such beginning Book Value using any permitted method selected by the Board in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv)(g)(3).

 

“Book Value” means,
with respect to any Company asset, the adjusted basis of such asset for federal income tax purposes, except as follows:

 

(a) the initial Book Value of any Company
asset contributed by a Member to the Company shall be the gross Fair Market Value of such Company asset as of the date of such
contribution;

 

(b) immediately prior to the Distribution
by the Company of any Company asset to a Member, the Book Value of such asset shall be adjusted to its gross Fair Market Value
as of the date of such Distribution;

 

(c) the Book Value of all Company assets
shall be adjusted to equal their respective gross Fair Market Values, as determined by the Board, as of the following times:

 

(i) the acquisition of an additional Membership
Interest in the Company by a new or existing Member in consideration of a Capital Contribution of more than a de minimis
amount;

 

(ii) the Distribution by the Company to
a Member of more than a de minimis amount of property (other than cash) as consideration for all or a part of such Member’s
Membership Interest in the Company; and

 

(iii) the liquidation of the Company within
the meaning of Treasury Regulations Section 1.704- 1(b)(2)(ii)(g);

 

provided, that an adjustment pursuant
to clauses (i), (ii), or (iii) above need not be made if the Board reasonably determines that such adjustment is not necessary
or appropriate to reflect the relative economic interests of the Members and that the absence of such adjustment does not adversely
and disproportionately affect any Member;

 

     

     

    

 

(d) the Book
Value of each Company asset shall be increased or decreased, as the case may be, to reflect any adjustments to the adjusted
tax basis of such Company asset pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent that such
adjustments are taken into account in determining Capital Account balances pursuant to Treasury Regulations Section 1.704-
1(b)(2)(iv)(m); provided, that Book Values shall not be adjusted pursuant to this Section 1.01(d) to the extent
that an adjustment pursuant to Section 1.01(c) above is made in conjunction with a transaction that would otherwise
result in an adjustment pursuant to this Section 1.01(d) ; and

 

(e) if the Book Value of a Company asset
has been determined pursuant to Section 1.01(a) or adjusted pursuant to Section 1.01(c) orSection 1.01(d)
above, such Book Value shall thereafter be adjusted to reflect the Book Depreciation taken into account with respect to such Company
asset for purposes of computing Net Income and Net Losses.

 

“Business Day” means
a day other than a Saturday, Sunday, or other day on which commercial banks in the City of New York are authorized or required
to close.

 

“Call Purchase Price”
means the Cause Purchase Price or Fair Market Value, as applicable pursuant to Section 10.06(a) .

 

“Capital Contribution”
means, for any Member, the total amount of cash and cash equivalents and the Book Value of any property contributed to the Company
by such Member.

 

“Capital Value” means,
for any Unit at any time, the sum of the Capital Contributions attributable in respect of the acquisition of such Unit.

 

“Certificate of Organization”
has the meaning set forth in the Recitals.

 

“Change of Control”
means: (a) the sale of all or substantially all of the consolidated assets of the Company and the Company Subsidiaries to a Third
Party Purchaser; (b) a sale resulting in no less than a majority of the Units on a Fully Diluted Basis being held by a Third Party
Purchaser; or (c) a merger, consolidation, recapitalization, or reorganization of the Company with or into a Third Party Purchaser
that results in the inability of the Members to designate or elect a majority of the Managers (or the board of directors (or its
equivalent) of the resulting entity or its parent company).

 

“Code” means the Internal
Revenue Code of 1986, as amended.

 

“Common Pro Rata Portion” means:

 

(a) for purposes
of Section 9.01, with respect to any Pre-Emptive Member holding Units, on any issuance date for New Common Securities,
a fraction determined by dividing (i) the number of Units on a Fully Diluted Basis owned by such Pre-Emptive Member
immediately prior to such issuance by (ii) the total number of Units on a Fully Diluted Basis held by the Members on such
date immediately prior to such issuance; and

  

     

     

    

 

(b) for purposes
of Section 10.03, with respect to an ROFR Rightholder holding Units, on any date of a proposed Transfer by an Offering
Member, a fraction determined by dividing (i) the number of Units on a Fully Diluted Basis owned by such ROFR Rightholder immediately
prior to such Transfer by (ii) the total number of Units on a Fully Diluted Basis held by the Members on such date immediately
prior to such Transfer.

 

“Company Minimum Gain”
means “partnership minimum gain” as defined in Treasury Regulations Section 1.704-2(b)(2), substituting the term “Company”
for the term “partnership” as the context requires.

 

“Company Subsidiary”
means a Subsidiary of the Company.

 

“Delay Condition”
means any of the following conditions: (a) a default has occurred under any Financing Document and is continuing.

 

“Distribution”
means a distribution made by the Company to a Member, whether in cash, property, or securities of the Company and whether by
liquidating distribution or otherwise; provided, that none of the following shall be a Distribution: (a) any
redemption or repurchase by the Company or any Member of any Units; (b) any recapitalization or exchange of securities of the
Company; (c) any subdivision (by a split of Units or otherwise) or any combination (by a reverse split of Units or otherwise)
of any outstanding Units; or (d) any fees or remuneration paid to any Member in such Member’s capacity as a service
provider for the Company. “Distribute” when used as a verb shall have a correlative meaning.

 

“Electronic Transmission”
means any form of communication not directly involving the physical transmission of paper that creates a record that may be retained,
retrieved, and reviewed by a recipient thereof and that may be directly reproduced in paper form by such a recipient through an
automated process.

 

“Estimated Tax Amount”
of a Member for a Fiscal Year means the Member’s Tax Amount for such Fiscal Year as estimated in good faith from time to
time by the Board. In making such estimate, the Board shall take into account amounts shown on Internal Revenue Service Form 1065
filed by the Company and similar state or local forms filed by the Company for the preceding taxable year and such other adjustments
as in the reasonable business judgment of the Board are necessary or appropriate to reflect the estimated operations of the Company
for the Fiscal Year.

 

“Fair Market Value”
of any asset as of any date means the purchase price that a willing buyer having all relevant knowledge would pay a willing seller
for such asset in an arm’s length transaction, as determined in good faith by the Board based on such factors as the Board,
in the exercise of its reasonable business judgment, considers relevant.

 

“Financing
Document” means any credit Agreement, guarantee, financing, or security Agreement or other Agreements or
instruments governing indebtedness of the Company.

 

     

     

    

 

“Fiscal Year” means
the calendar year, unless the Company is required to have a taxable year other than the calendar year, in which case Fiscal Year
shall be the period that conforms to its taxable year.

 

“Fully Diluted Basis”
means, as of any date of determination, all issued and outstanding Units of the Company,

 

“GAAP”
means United States generally accepted accounting principles in effect from time to time.

 

“Governmental
Authority” means any federal, state, local, or foreign government or political subdivision thereof, or any agency
or instrumentality of such government or political subdivision, or any self-regulated organization or other non-governmental
regulatory authority or quasi- governmental authority (to the extent that the rules, regulations, or orders of such
organization or authority have the force of law), or any arbitrator, court, or tribunal of competent jurisdiction.

 

“Initial Cost” means,
with respect to any Unit, the purchase price paid to the Company with respect to such Unit by the Member to whom such Unit was
originally issued.

 

“Initial Member” means
each Person identified as a Member as of the date hereof.

 

“Joinder Agreement”
means the joinder agreement in form and substance attached hereto as Exhibit A.

 

“Massachusetts Act”
means the Massachusetts Limited Liability Company Act, Massachusetts General Laws, Chapter 156C, §§ 1-72, et seq., and
any successor statute, as it may be amended from time to time.

 

“Member”
means (a) each Person identified on the Members Schedule as of the date hereof as a Member and who has executed this
Agreement or a counterpart thereof (each, an “Initial Member”); and (b) and each Person who is hereafter
admitted as a Member in accordance with the terms of this Agreement and the Massachusetts Act, in each case so long as such
Person is shown on the Company’s books and records as the owner of one or more Units. The Members shall constitute the
“members” (as that term is defined in the Massachusetts Act) of the Company.

 

“Membership Interest”
means an interest in the Company owned by a Member, including such Member’s right, as applicable, (a) to a Distributive share
of Net Income, Net Losses and other items of income, gain, loss and deduction of the Company; (b) to a Distributive share of the
assets of the Company; (c) to vote on, consent to or otherwise participate in any decision of the Members as provided in this Agreement;
and (d) to any and all other benefits to which such Member may be entitled as provided in this Agreement or the Massachusetts Act.

 

     

     

    

 

“Net
Income” and “Net Loss” mean, for each Fiscal Year or other period specified in this Agreement,
an amount equal to the Company’s taxable income or taxable loss, or particular items thereof, determined in accordance
with Code Section 703(a)(where, for this purpose, all items of income, gain, loss, or deduction required to be stated
separately pursuant to Code Section 703(a)(1) shall be included in taxable income or taxable loss), but with the following
adjustments:

  

(a) any income realized by the Company
that is exempt from federal income taxation, as described in Code Section 705(a)(1)(B), shall be added to such taxable income or
taxable loss, notwithstanding that such income is not includable in gross income;

 

(b) any expenditures of the Company described
in Code Section 705(a)(2)(B), including any items treated under Treasury Regulations Section 1.704-1(b)(2)(iv)(i) as items described
in Code Section 705(a)(2)(B), shall be subtracted from such taxable income or taxable loss, notwithstanding that such expenditures
are not deductible for federal income tax purposes;

 

(c) any gain or loss resulting from any
disposition of Company property with respect to which gain or loss is recognized for federal income tax purposes shall be computed
by reference to the Book Value of the property so disposed, notwithstanding that the adjusted tax basis of such property differs
from its Book Value;

 

(d) any items of depreciation, amortization
and other cost recovery deductions with respect to Company property having a Book Value that differs from its adjusted tax basis
shall be computed by reference to the property’s Book Value (as adjusted for Book Depreciation) in accordance with Treasury
Regulations Section 1.704-1(b)(2)(iv)(g);

 

(e) if the Book Value of any Company property
is adjusted as provided in the definition of Book Value, then the amount of such adjustment shall be treated as an item of gain
or loss and included in the computation of such taxable income or taxable loss; and

 

(f) to the extent an adjustment to the
adjusted tax basis of any Company property pursuant to Code Sections 732(d), 734(b) or 743(b) is required, pursuant to Treasury
Regulations Section 1.704- 1(b)(2)(iv)(m), to be taken into account in determining Capital Accounts, the amount of such adjustment
to the Capital Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the
adjustment decreases such basis).

 

“Person”
means an individual, corporation, partnership, joint venture, limited liability company, Governmental Authority,
unincorporated organization, trust, association, or other entity.

 

     

     

    

 

“Pro Rata Portion” means:

 

(a) for purposes of Section 9.01,
a Member’s Pro Rata Portion of any New Securities proposed to be issued or sold by the Company; and

 

(b) for purposes of Section 10.03,
a Member’s Pro Rata Portion of any Offered Units proposed to be Transferred by an Offering Member.

 

(c) for purposes
of Section 10.03, with respect to an ROFR Rightholder, on any date of a proposed Transfer by an Offering Member, a
fraction determined by dividing (i) the number of Units on a Fully Diluted Basis owned by such ROFR Rightholder immediately
prior to such Transfer by (ii) the total number of Units on a Fully Diluted Basis held by the Members on such date
immediately prior to such Transfer.

 

“Public Offering” means
any underwritten public offering pursuant to a registration statement filed in accordance with the Securities Act.

 

“Representative” means,
with respect to any Person, any and all directors, officers, employees, consultants, financial advisors, counsel, accountants,
and other agents of such Person.

 

“Securities Act” means
the Securities Act of 1933, as amended, or any successor federal statute, and the rules and regulations thereunder, which shall
be in effect at the time.

 

“Subsidiary” means,
with respect to any Person, any other Person of which a majority of the outstanding shares or other equity interests having the
power to vote for directors or comparable managers are owned, directly or indirectly, by the first Person.

 

“Tax Rate” of a Member,
for any period, means the highest marginal blended federal, state, and local tax rate applicable to ordinary income, qualified
dividend income, or capital gains, as appropriate, for such period for an individual residing in New York, New York, taking into
account for federal income tax purposes the deduction under IRC Section 199A.

 

“Third Party Purchaser”
means any Person who, immediately prior to the contemplated transaction, (a) does not directly or indirectly own or have the right
to acquire any outstanding Units or (b) is not a Permitted Transferee of any Person who directly or indirectly owns or has the
right to acquire any Units.

 

“Transfer”
means to, directly or indirectly, sell, transfer, assign, pledge, encumber, hypothecate, or similarly dispose of, either
voluntarily or involuntarily, by operation of law or otherwise, or to enter into any contract, option, or other arrangement
or understanding with respect to the sale, transfer, assignment, pledge, encumbrance, hypothecation, or similar disposition
of, any Units owned by a Person or any interest (including a beneficial interest) in any Units owned by a Person.
“Transfer” when used as a noun shall have a correlative meaning. “Transferor” and
“Transferee” mean a Person who makes or receives a Transfer, respectively.

 

     

     

    

 

“Treasury Regulations”
means the final or temporary regulations issued by the United States Department of Treasury pursuant to its authority under the
Code, and any successor regulations.

 

“Unit”
means a unit representing a fractional part of the Membership Interests of the Members.

 

“Unreturned Capital Value”
means, for any Unit at any time, the amount of the Capital Value for such Unit, reduced by the aggregate amount of all Distributions
made by the Company in respect of such Unit pursuant to Section 7.02(b) prior to such time.

  

“Valiant” means Valiant
America, LLC, a Massachusetts limited liability company.

 

Section 1.02
Interpretation. For purposes of this Agreement, (a) the words “include,” “includes,” and
“including” shall be deemed to be followed by the words “without limitation”; (b) the word
“or” is not exclusive; and (c) the words “herein,” “hereof,” “hereby,”
“hereto,” and “hereunder” refer to this Agreement as a whole. The definitions given for any defined
terms in this Agreement shall apply equally to both the singular and plural forms of the terms defined. Whenever the context
may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. Unless the context otherwise
requires, references herein: (x) to Articles, Sections, and Exhibits mean the Articles and Sections of, and Exhibits attached
to, this Agreement; (y) to an Agreement, instrument or other document means such Agreement, instrument or other document as
amended, supplemented and modified from time to time to the extent permitted by the provisions thereof and (z) to a statute
means such statute as amended from time to time and includes any successor legislation thereto and any regulations
promulgated thereunder. This Agreement shall be construed without regard to any presumption or rule requiring construction or
interpretation against the party drafting an instrument or causing any instrument to be drafted. The Exhibits referred to
herein shall be construed with, and as an integral part of, this Agreement to the same extent as if they were set forth
verbatim herein.

 

ARTICLE II. ORGANIZATION

 

Section 2.01 Formation.

 

(a)
The Company was formed on December 12/10/2019,
pursuant to the provisions of the Massachusetts Act, upon the filing of the Certificate of Organization with the Secretary of
State of the State of Massachusetts.

 

     

     

    

 

(b) This Agreement shall constitute the
“Operating Agreement” (as that term is used in the Massachusetts Act) of the Company. The rights, powers, duties, obligations,
and liabilities of the Members shall be determined pursuant to the Massachusetts Act and this Agreement. To the extent that the
rights, powers, duties, obligations, and liabilities of any Member are different by reason of any provision of this Agreement than
they would be under the Massachusetts Act in the absence of such provision, this Agreement shall, to the extent permitted by the
Massachusetts Act, control.

 

Section 2.02 Name. The name of the
Company is “Agrify-Valiant, LLC” or such other name or names as the Board may from time to time designate; provided,
that the name shall always contain the words “Limited Liability Company” or the abbreviation “L.L.C.” or
the designation “LLC.”

 

Section 2.03 Principal Office. The
principal office of the Company is located at 101 Middlesex Turnpike, Ste 6 PMB 327, Burlington, MA 01803, or such other place
as may from time to time be determined by the Board. The Board shall give prompt notice of any such change to each of the Members.

 

Section 2.04 Registered Office; Registered
Agent.

 

(a) The registered office of the Company
shall be the office of the initial registered agent named in the Certificate of Organization or such other office (which need not
be a place of business of the Company) as the Board may designate from time to time in the manner provided by the Massachusetts
Act and Applicable Law.

 

(b) The registered agent for service of
process on the Company in the State of Massachusetts shall be the initial registered agent named in the Certificate of Organization
or such other Person or Persons as the Board may designate from time to time in the manner provided by the Massachusetts Act and
Applicable Law.

 

Section 2.05 Purpose; Powers.

 

(a) The purpose of the Company is to engage
in any lawful act or activity for which limited liability companies may be formed under the Massachusetts Act and to engage in
any and all activities necessary or incidental thereto.

 

(b) The Company shall have all the powers
necessary or convenient to carry out the purposes for which it is formed, including the powers granted by the Massachusetts Act.

 

     

     

    

 

Section 2.06 Term.
The term of the Company commenced on the date the Certificate of Organization was filed with the Secretary of State of the
State of Massachusetts and shall continue in existence perpetually until the Company is dissolved in accordance with the provisions
of this Agreement.

 

Section 2.07 No State-Law Partnership.
The Members intend that the Company shall not be a partnership (including, without limitation, a limited partnership) or joint
venture, and that no Member, Manager, or Officer of the Company shall be a partner or joint venturer of any other Member, Manager
or Officer of the Company, for any purposes other than as set forth in the first sentence of this Section 2.07.

 

Section 2.08 Reimbursement of Expenses
of Organization. The Members hereby authorize the Company to pay its expenses of organization and to reimburse any Person advancing
funds for that purpose. The Members hereby authorize the Company to pay the cost of the Members for time and materials spent on
Company administrative matters, including but not limited to this Agreement, prior to execution of this Agreement.

 

ARTICLE III. UNITS

 

Section 3.01 Units Generally. The
Membership Interests of the Members shall be represented by issued and outstanding Units. The Board shall maintain a schedule of
all Members, their respective mailing addresses, and the amount of Units held by them (the “Members Schedule”),
and shall update the Members Schedule upon the issuance or Transfer of any Units to any new or existing Member. A copy of the Members
Schedule as of the execution of this Agreement is attached hereto as Schedule A.

 

Section 3.02
Authorization and Issuance of Units. Subject to compliance with Section 9.01 and Section 10.01(b) , the
Company is hereby authorized to issue Units. As of the date hereof, NUMBER Units are issued and outstanding in the amounts
set forth on the Members Schedule opposite each Member’s name.

 

     

     

    

 

Section 3.03 Certification of Units.

 

(a) The Board in its sole discretion may,
but shall not be required to, issue certificates to the Members representing the Units held by such Member.

 

(b) In the event that the Board shall issue
certificates representing Units in accordance with Section 3.03(a) , then in addition to any other legend required by Applicable
Law, all certificates representing issued and outstanding Units shall bear a legend substantially in the following form:

 

THE UNITS
REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO AN OPERATING AGREEMENT AMONG THE COMPANY AND ITS MEMBERS, A COPY OF WHICH IS
ON FILE AT THE PRINCIPAL EXECUTIVE OFFICE OF THE COMPANY. NO TRANSFER, SALE, ASSIGNMENT, PLEDGE, HYPOTHECATION OR OTHER
DISPOSITION OF THE UNITS REPRESENTED BY THIS CERTIFICATE MAY BE MADE EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF SUCH
OPERATING AGREEMENT.

 

THE UNITS REPRESENTED BY THIS CERTIFICATE
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER ANY OTHER APPLICABLE SECURITIES LAWS AND MAY NOT
BE TRANSFERRED, SOLD, ASSIGNED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED EXCEPT (A) PURSUANT TO A REGISTRATION STATEMENT EFFECTIVE
UNDER SUCH ACT AND LAWS, OR (B) PURSUANT TO AN EXEMPTION FROM REGISTRATION THEREUNDER.

 

ARTICLE IV. MEMBERS

 

Section 4.01 Admission of New Members.

 

(a) New Members
may be admitted from time to time (i) in connection with an issuance of Units by the Company, subject to compliance with the
provisions of Section 4.06(b) , Section 9.01, and Section 10.01(b) , as applicable, and (ii) in
connection with a Transfer of Units, subject to compliance with the provisions of Article X, and in either case,
following compliance with the provisions of Section 4.01(b) .

 

(b) In order
for any Person not already a Member of the Company to be admitted as a Member, whether pursuant to an issuance or Transfer of
Units, such Person shall have executed and delivered to the Company a written undertaking substantially in the form of the
Joinder Agreement. Upon the amendment of the Members Schedule by the Board and the satisfaction of any other applicable
conditions, including, if a condition, the receipt by the Company of payment for the issuance of the applicable Units, such
Person shall be admitted as a Member and deemed listed as such on the books and records of the Company and thereupon shall be
issued his, her, or its Units. The Board shall also adjust the Capital Accounts of the Members as necessary in accordance
with Section 5.03.

 

     

     

    

 

Section 4.02 Representations and Warranties
of Members. By execution and delivery of this Agreement or a Joinder Agreement, as applicable, each of the Members, whether
admitted as of the date hereof or pursuant to Section 4.01, represents and warrants to the Company and acknowledges that:

 

(a) The Units have not been registered
under the Securities Act or the securities laws of any other jurisdiction, are issued in reliance upon federal and state exemptions
for transactions not involving a public offering and cannot be disposed of unless (i) they are subsequently registered or exempted
from registration under the Securities Act and (ii) the provisions of this Agreement have been complied with;

 

(b) Such Member is an “accredited
investor” within the meaning of Rule 501 promulgated under the Securities Act, as amended by Section 413(a) of the Dodd-Frank
Wall Street Reform and Consumer Protection Act, and agrees that it will not take any action that could have an adverse effect on
the availability of the exemption from registration provided by Rule 501 promulgated under the Securities Act with respect to the
offer and sale of the Units;

 

(c) Such Member’s Units are being
acquired for its own account solely for investment and not with a view to resale or distribution thereof;

 

(d) Such Member has conducted its own independent
review and analysis of the business, operations, assets, liabilities, results of operations, financial condition, and prospects
of the Company and the Company Subsidiaries and such Member acknowledges that it has been provided adequate access to the personnel,
properties, premises, and records of the Company and the Company Subsidiaries for such purpose;

 

(e) The determination of such Member to
acquire Units has been made by such Member independent of any other Member and independent of any statements or opinions as to
the advisability of such purchase or as to the business, operations, assets, liabilities, results of operations, financial condition,
and prospects of the Company and the Company Subsidiaries that may have been made or given by any other Member or by any agent
or employee of any other Member;

 

(f) Such Member has such knowledge and
experience in financial and business matters and is capable of evaluating the merits and risks of an investment in the Company
and making an informed decision with respect thereto;

 

     

     

    

 

(g) Such Member is able to bear the economic
and financial risk of an investment in the Company for an indefinite period of time;

 

(h) The execution, delivery, and performance
of this Agreement have been duly authorized by such Member and do not require such Member to obtain any consent or approval that
has not been obtained and do not contravene or result in a default in any material respect under any provision of any law or regulation
applicable to such Member or other governing documents or any Agreement or instrument to which such Member is a party or by which
such Member is bound;

 

(i) This Agreement is valid, binding, and
enforceable against such Member in accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization,
moratorium, and other similar laws of general applicability relating to or affecting creditors’ rights or general equity
principles (regardless of whether considered at law or in equity); and

 

(j) Neither the issuance of any Units to
any Member nor any provision contained herein will entitle the Member to remain in the employment of the Company or affect the
right of the Company to terminate the Member’s employment at any time for any reason, other than as otherwise provided in
such Member’s employment Agreement or other similar Agreement with the Company, if applicable.

 

None of the foregoing shall replace, diminish,
or otherwise adversely affect any Member’s representations and warranties made by it in any Unit Purchase Agreement.

 

Section 4.03 No Personal Liability.
Except as otherwise provided in the Massachusetts Act, by Applicable Law or expressly in this Agreement, no Member will be
obligated personally for any debt, obligation, or liability of the Company or of any Company Subsidiaries or other Members, whether
arising in contract, tort, or otherwise, solely by reason of being a Member.

  

Section 4.04
No Withdrawal. A Member shall not cease to be a Member as a result of the Bankruptcy of such Member or as a result of any
other events specified in § 18-304 of the Massachusetts Act. So long as a Member continues to hold any Units, such
Member shall not have the ability to withdraw or resign as a Member prior to the dissolution and winding up of the Company
and any such withdrawal or resignation or attempted withdrawal or resignation by a Member prior to the dissolution or winding
up of the Company shall be null and void. As soon as any Person who is a Member ceases to hold any Units, such Person shall
no longer be a Member; provided, however, that this Agreement shall continue to apply with respect to any Units
that have been called in accordance with Section 10.06 until full payment is made therefor in accordance with the
terms of this Agreement.

 

     

     

    

 

Section 4.05
Death. The death of any Member shall not cause the dissolution of the Company. In such event the Company and its business
shall be continued by the remaining Member or Members and the Units owned by the deceased Member shall automatically be
Transferred to such Member’s heirs; provided, that within a reasonable time after such Transfer, the applicable
heirs shall sign a written undertaking substantially in the form of the Joinder Agreement.

 

Section 4.06 Voting. Except as otherwise
provided by this Agreement (including Section 4.06(b) and Section 15.09) or as otherwise required by the Massachusetts
Act or Applicable Law, each Member shall be entitled to one vote per Unit on all matters upon which the Members have the right
to vote under this Agreement.

  

Section 4.07 Meetings.

 

(a) Calling the Meeting. Meetings
of the Members may be called by (i) the Board or (ii) by a Member or group of Members holding more than fifty (50)% of the Units.

 

(b) Notice. Written notice stating
the place, date, and time of the meeting and, in the case of a meeting of the Members not regularly scheduled, describing the purposes
for which the meeting is called, shall be delivered not fewer than twenty-four (24) hours and not more than thirty (30) days before
the date of the meeting to each Member, by or at the direction of the Board or the Member(s) calling the meeting, as the case may
be. The Members may hold meetings at the Company’s principal office or at such other place as the Board or the Member(s)
calling the meeting may designate in the notice for such meeting.

 

(c) Participation. Any Member may
participate in a meeting of the Members by means of conference telephone or other communications equipment by means of which all
Persons participating in the meeting can hear each other, and participation in a meeting by such means shall constitute presence
in person at such meeting.

 

(d) Vote by Proxy. On any matter
that is to be voted on by Members, a Member may vote in person or by proxy, and such proxy may be granted in writing, by means
of Electronic Transmission, or as otherwise permitted by Applicable Law. Every proxy shall be revocable in the discretion of the
Member executing it unless otherwise provided in such proxy; provided, that such right to revocation shall not invalidate
or otherwise affect actions taken under such proxy prior to such revocation.

 

     

     

    

 

(f) Conduct of Business. The business
to be conducted at such meeting need not be limited to the purpose described in the notice and can include business to be conducted
by Members. Attendance of a Member at any meeting shall constitute a waiver of notice of such meeting, except where a Member attends
a meeting for the express purpose of objecting to the transaction of any business on the ground that the meeting is not lawfully
called or convened.

 

Section 4.08
Quorum. A quorum of any meeting of the Members shall require the presence of the Members holding a majority of the Units
held by all Members. Subject to Section 4.09, no action at any meeting may be taken by the Members unless the
appropriate quorum is present. Subject to Section 4.09, no action may be taken by the Members at any meeting at which
a quorum is present without the affirmative vote of Members holding a majority of the Units held by all Members.

 

Section 4.09 Action Without Meeting.
Notwithstanding the provisions of Section 4.08, any matter that is to be voted on, consented to, or approved by Members
may be taken without a meeting, without prior notice and without a vote if consented to, in writing or by Electronic Transmission,
by a Member or Members holding not less than a majority of Units held by all Members. A record shall be maintained by the Board
of each such action taken by written consent of a Member or Members.

 

Section 4.10 Power of Members. The
Members shall have the power to exercise any and all rights or powers granted to Members pursuant to the express terms of this
Agreement and the Massachusetts Act. Except as otherwise specifically provided by this Agreement or required by the Massachusetts
Act, no Member, in its capacity as a Member, shall have the power to act for or on behalf of, or to bind, the Company.

 

Section 4.11 No Interest in Company
Property. No real or personal property of the Company shall be deemed to be owned by any Member individually, but shall be
owned by, and title shall be vested solely in, the Company. Without limiting the foregoing, each Member hereby irrevocably waives
during the term of the Company any right that such Member may have to maintain any action for partition with respect to the property
of the Company.

 

     

     

    

 

ARTICLE V. CAPITAL CONTRIBUTIONS;
CAPITAL ACCOUNTS

 

Section 5.01 Initial Capital Contributions.
Concurrently herewith, each Initial Member shall contribute to the Company the monies and/or properties which are specified
in Schedule A as that Member’s initial Capital Contribution.

 

Section 5.02 Additional Capital Contributions.

 

(a) No Member shall be required to make
any additional Capital Contributions to the Company. Any future Capital Contributions made by any Member shall only be made with
the consent of the Board and in connection with an issuance of Units made in compliance with Section 9.01.

 

(b) No Member shall be required to lend
any funds to the Company and no Member shall have any personal liability for the payment or repayment of any Capital Contribution
by or to any other Member.

 

Section 5.03 Maintenance of Capital
Accounts. The Company shall establish and maintain for each Member a separate capital account (a “Capital Account”)
on its books and records in accordance with this Section 5.03. Each Capital Account shall be established and maintained
in accordance with the following provisions:

  

(a) Each Member’s Capital Account
shall be increased by the amount of:

 

(i) such Member’s Capital Contributions,
including such Member’s initial Capital Contribution;

 

(ii) any Net Income or other item of income
or gain allocated to such Member pursuant to Article VI; and

 

(iii) any liabilities of the Company that
are assumed by such Member or secured by any property Distributed to such Member.

 

(b) Each Member’s Capital Account
shall be decreased by:

 

(i) the cash amount or Book Value of any
property Distributed to such Member pursuant to Article VII and Section 13.03(c) ;

 

(ii) the amount of any Net Loss or other
item of loss or deduction allocated to such Member pursuant to Article VI; and

 

(iii) the amount of any liabilities of
such Member assumed by the Company or which are secured by any property contributed by such Member to the Company.

 

     

     

    

 

Section 5.04 Succession Upon Transfer.
In the event that any Units are Transferred in accordance with the terms of this Agreement, the Transferee shall succeed to
the Capital Account of the Transferor to the extent it relates to the Transferred Units and, subject to Section 6.04, shall
receive allocations and Distributions pursuant to Article VI, Article VII, and Article XIII in respect of
such Units.

 

Section 5.05 Negative Capital Accounts.
In the event that any Member shall have a deficit balance in his, her or its Capital Account, such Member shall have no obligation,
during the term of the Company or upon dissolution or liquidation thereof, to restore such negative balance or make any Capital
Contributions to the Company by reason thereof, except as may be required by Applicable Law or in respect of any negative balance
resulting from a withdrawal of capital or dissolution in contravention of this Agreement.

 

Section 5.06
No Withdrawal. No Member shall be entitled to withdraw any part of his, her or its Capital Account or to receive any
Distribution from the Company, except as provided in this Agreement. No Member shall receive any interest, salary, or drawing
with respect to its Capital Contributions or its Capital Account, except as otherwise provided in this Agreement. The Capital
Accounts are maintained for the sole purpose of allocating items of income, gain, loss, and deduction among the Members and
shall have no effect on the amount of any Distributions to any Members, in liquidation or otherwise.

 

Section 5.07 Treatment of Loans from
Members. Loans by any Member to the Company shall not be considered Capital Contributions and shall not affect the maintenance
of such Member’s Capital Account, other than to the extent provided in Section 5.03(a)(iii) , if applicable.

 

Section 5.08
Modifications. The foregoing provisions and the other provisions of this Agreement relating to the maintenance of Capital
Accounts are intended to comply with Treasury Regulations Section 1.704-1(b) and shall be interpreted and applied in a manner
consistent with such Treasury Regulations. If the Board determines that it is prudent to modify the manner in which the
Capital Accounts, or any increases or decreases to the Capital Accounts, are computed to comply with such Treasury
Regulations, the Board may authorize such modifications.

 

     

     

    

 

ARTICLE VI. [RESERVED]

  

ARTICLE VII. DISTRIBUTIONS

 

Section 7.01 General.

 

(a) Subject to Section 7.01(b) ,
and Section 7.02, the Board shall have sole discretion regarding the amounts and timing of Distributions to Members, including
to decide to forego payment of Distributions in order to provide for the retention and establishment of reserves of, or payment
to third parties of, such funds as it deems necessary with respect to the reasonable business needs of the Company (which needs
may include the payment or the making of provision for the payment when due of the Company’s obligations, including, but
not limited to, present and anticipated debts and obligations, capital needs and expenses, the payment of any management or administrative
fees and expenses, and reasonable reserves for contingencies).

 

(b) Notwithstanding any provision to the
contrary contained in this Agreement, the Company shall not make any Distribution to Members if such Distribution would violate
the Massachusetts Act or other Applicable Law.

 

Section 7.02 Priority of Distributions.
After making all Distributions required for a given Fiscal Year subject to the priority of Distributions pursuant to Section
13.03(c) , if applicable, all Distributions determined to be made by the Board pursuant to Section 7.01 shall be made
in the following manner:

 

(a) first, to the Members pro rata in proportion
to their holdings of Units, until Distributions under this Section 7.02(c) equal the aggregate amount of Capital Contributions
attributable to the Members in respect of their acquisitions of Units; and

 

(d) fourth, any remaining amounts to the
Members pro rata in proportion to their holdings of Units.

 

Section 7.03 Distributions in Kind.

 

(a) The Board is hereby authorized, in
its sole discretion, to make Distributions to the Members in the form of securities or other property held by the Company; provided,
that Tax Advances shall only be made in cash. In any non-cash Distribution, the securities or property so Distributed will be Distributed
among the Members in the same proportion and priority as cash equal to the Fair Market Value of such securities or property would
be Distributed among the Members pursuant to Section 7.02.

 

(b) Any
Distribution of securities shall be subject to such conditions and restrictions as the Board determines are required or
advisable to ensure compliance with Applicable Law. In furtherance of the foregoing, the Board may require that the Members
execute and deliver such documents as the Board may deem necessary or appropriate to ensure compliance with all federal and
state securities laws that apply to such Distribution and any further Transfer of the Distributed securities, and may
appropriately legend the certificates that represent such securities to reflect any restriction on Transfer with respect to
such laws.

 

     

     

    

 

ARTICLE VIII. MANAGEMENT

 

Section 8.01 Establishment of the Board.
A board of managers of the Company (the “Board”) is hereby established and shall be comprised of natural
Persons (each such Person, a “Manager”) who shall be appointed in accordance with the provisions of Section
8.02. The business and affairs of the Company shall be managed, operated, and controlled by or under the direction of the Board,
and the Board shall have, and is hereby granted, the full and complete power, authority, and discretion for, on behalf of and in
the name of the Company, to take such actions as it may in its sole discretion deem necessary or advisable to carry out any and
all of the objectives and purposes of the Company, subject only to the terms of this Agreement.

 

Section 8.02 Board Composition; Vacancies.

 

(a) The Company and the Members shall take
such actions as may be required to ensure that the number of managers constituting the Board is at all times five (5). The Board
shall be comprised as follows:

 

(i)
Three (3) individuals designated by Agrify (the “Agrify Managers”), who shall initially be Raymond Chang,
Matt Liotta, and Mary Anne Squillace; and

 

(ii)
Two (2) individuals designated by Valiant (the “Valiant Managers”), who shall initially be Eamonn O’Kane
and Chris Tenaglia.

 

(iii)
the Chairman of the Board shall initially be Raymond Chang.

 

At all times, the composition of any board
of directors of any Company Subsidiary shall be the same as that of the Board.

 

(b) In the
event that a vacancy is created on the Board at any time due to the death, Disability, retirement, resignation or removal of
an Agrify Manager, then Agrify shall have the right to designate an individual to fill such vacancy and the Company and each
Member hereby agree to take such actions as may be required to ensure the election or appointment of such designee to fill
such vacancy on the Board. In the event that Agrify shall fail to designate in writing a representative to fill a vacant
Agrify Manager position on the Board, and such failure shall continue for more than thirty (30) days after notice from the
Company to Agrify with respect to such failure, then the vacant position shall be filled by an individual designated by the
Agrify Managers then in office; provided, that such individual shall be removed from such position if Agrify so
directs and simultaneously designate a new Agrify Manager.

 

     

     

    

 

(c) The Board shall maintain a schedule
of all Managers with their respective mailing addresses (the “Managers Schedule”), and shall update the Managers
Schedule upon the removal or replacement of any Manager in accordance with this Section 8.02 or Section 8.03. A copy
of the Managers Schedule as of the execution of this Agreement is attached hereto as Schedule B.

 

Section 8.03 Removal; Resignation.

 

(a) An Agrify Manager may be removed or
replaced at any time from the Board, without cause, upon, and only upon, the written request of Agrify. A Valiant Manager may be
removed or replaced at any time from the Board, without cause, upon, and only upon, the written request of Valiant.

 

(b) A Manager may resign at any time from
the Board by delivering his written resignation to the Board. Any such resignation shall be effective upon receipt thereof unless
it is specified to be effective at some other time or upon the occurrence of some other event. The Board’s acceptance of
a resignation shall not be necessary to make it effective.

 

Section 8.04 Meetings.

 

(a) Generally. The Board shall meet
at such time and at such place as the Board may designate. Meetings of the Board may be held either in person or by means of telephone
or video conference or other communications device that permits all Managers participating in the meeting to hear each other, at
the offices of the Company or such other place (either within or outside the State of Massachusetts) as may be determined from
time to time by the Board. Written notice of each meeting of the Board shall be given to each Manager at least 24 hours prior to
each such meeting.

 

(b) Special Meetings. Special meetings
of the Board shall be held on the call of any three (3) Managers upon at least two (2) days’ written notice (if the meeting
is to be held in person) or one (1) day’s written notice (if the meeting is to be held by telephone communications or video
conference) to the Managers, or upon such shorter notice as may be approved by all the Managers. Any Manager may waive such notice
as to himself.

 

(c) Attendance
and Waiver of Notice. Attendance of a Manager at any meeting shall constitute a waiver of notice of such meeting, except
where a Manager attends a meeting for the express purpose of objecting to the transaction of any business on the ground that
the meeting is not lawfully called or convened. Neither the business to be transacted at, nor the purpose of, any regular or
special meeting of the Board need be specified in the notice or waiver of notice of such meeting.

 

     

     

    

 

Section 8.05 Quorum; Manner of Acting.

 

(a) Quorum. A majority of the Managers
serving on the Board shall constitute a quorum for the transaction of business of the Board. At all times when the Board is conducting
business at a meeting of the Board, a quorum of the Board must be present at such meeting. If a quorum shall not be present at
any meeting of the Board, then the Managers present at the meeting may adjourn the meeting from time to time, without notice other
than announcement at the meeting, until a quorum shall be present.

 

(b) Participation. Any Manager may
participate in a meeting of the Board by means of telephone or video conference or other communications device that permits all
Managers participating in the meeting to hear each other, and participation in a meeting by such means shall constitute presence
in person at such meeting. A Manager may vote or be present at a meeting either in person or by proxy, and such proxy may be granted
in writing, by means of Electronic Transmission, or as otherwise permitted by Applicable Law.

 

(c) Binding Act. Each Manager shall
have one vote on all matters submitted to the Board or any committee thereof. With respect to any matter before the Board, the
act of a majority of the Managers constituting a quorum shall be the act of the Board.

  

Section 8.06 Action By Written Consent.
Notwithstanding anything herein to the contrary, any action of the Board (or any committee of the Board) may be taken without
a meeting if either (a) a written consent of a majority of the Managers on the Board (or committee) shall approve such action;
provided, that prior written notice of such action is provided to all Managers at least one day before such action is taken,
or (b) a written consent constituting all of the Managers on the Board (or committee) shall approve such action. Such consent shall
have the same force and effect as a vote at a meeting where a quorum was present and may be stated as such in any document or instrument
filed with the Secretary of State of Massachusetts.

 

Section 8.07 Compensation; No Employment.

 

(a) Each
Manager shall be reimbursed for his reasonable out-of-pocket expenses incurred in the performance of his duties as a Manager,
pursuant to such policies as from time to time established by the Board. Nothing contained in this Section 8.07 shall
be construed to preclude any Manager from serving the Company in any other capacity and receiving reasonable compensation for
such services.

 

     

     

    

 

(b) This Agreement does not, and is not
intended to, confer upon any Manager any rights with respect to continued employment by the Company, and nothing herein should
be construed to have created any employment Agreement with any Manager.

 

Section 8.08 Committees.

 

(a) Establishment. The Board may,
by resolution, designate from among the Managers one or more committees, each of which shall be comprised of one or more Managers;
provided, that in no event may the Board designate any committee with all of the authority of the Board. Subject to the
immediately preceding proviso, any such committee, to the extent provided in the resolution forming such committee, shall have
and may exercise the authority of the Board, subject to the limitations set forth in Section 8.08(b) . The Board may dissolve
any committee or remove any member of a committee at any time.

 

(b) Limitation of Authority. No
committee of the Board shall have the authority of the Board in reference to:

 

(i) authorizing or making Distributions
to the Members;

 

(ii) authorizing the issuance Units;

 

(iii) approving a plan of merger or sale
of the Company;

 

(iv) recommending to the Members a voluntary
dissolution of the Company or a revocation thereof;

 

(v) filling vacancies in the Board; or

 

(vi) altering or repealing any resolution
of the Board that by its terms provides that it shall not be so amendable or repealable.

 

Section 8.09 Officers.

 

(a) The Board
may appoint individuals as officers of the Company (the “Officers”) as it deems necessary or desirable to
carry on the business of the Company and the Board may delegate to such Officers such power and authority as the Board deems
advisable, subject to the limitations set forth in 8.09(b). No Officer need be a Member or Manager. Any individual may hold
two or more offices of the Company. Each Officer shall hold office until his successor is designated by the Board or until
his earlier death, resignation, or removal. Any Officer may resign at any time upon written notice to the Board. Any Officer
may be removed by the Board (acting by majority vote of all Managers other than the Officer being considered for removal, if
applicable) with or without cause at any time. A vacancy in any office occurring because of death, resignation, removal, or
otherwise, may, but need not, be filled by the Board.

 

     

     

    

 

(b) Notwithstanding anything in this Agreement
to the contrary, Valiant shall have the sole right to appoint the Chief Executive Officer. The CEO shall initially be Eamonn O’Kane.

 

(c) Notwithstanding anything in this Agreement
to the contrary, Agrify shall have the sole right to appoint the Chief Financial Officer and Treasurer. Initially, the CFO and
Treasurer will be Mary Anne Squillace.

 

(d)
Notwithstanding anything in this Agreement to the contrary, the following powers and authority are reserved solely for the
Board to determine in its discretion:

 

(i) Approval of all Company budgets;

 

(ii) Approval of any action or inaction
that would result in the Company exceeding the applicable, then-approved budget by five percent (5%) or more;

 

(iii) entering into any contract with either
or both an aggregate value equal to or exceeding Ten Thousand Dollars ($10,000), or an annualized value equal to or exceeding Ten
Thousand Dollars ($10,000);

 

(iv) assigning or pledging any Company
property with a Fair Market Value of more than Five Thousand Dollars ($5,000.00) to any Person;

 

(v) except as explicitly set forth in this
Agreement, entering into any hold harmless, indemnity, covenant not to sue, or any other similar agreement with any Manager, Member,
or other Person;

 

(vi) entering into any partnership, distribution,
marketing, channel partnership, or other similar commercial arrangement with any Person; and

 

(vii) entering into any agreement granting
any third party any interest in any Company intellectual property.

  

Section 8.10 No Personal Liability.
Except as otherwise provided in the Massachusetts Act, by Applicable Law or expressly in this Agreement, no Manager will be
obligated personally for any debt, obligation, or liability of the Company or of any Company Subsidiaries, whether arising in contract,
tort, or otherwise, solely by reason of being a Manager.

 

     

     

    

 

ARTICLE IX. PRE-EMPTIVE RIGHTS

 

Section 9.01 Pre-Emptive Right.

 

(a) Issuance of New Securities. The
Company hereby grants to each holder of Units (each, a “Pre-Emptive Member”) the right to purchase its Pro Rata
Portion of any New Securities that the Company may from time to time propose to issue or sell to any party.

 

(b) Definition
of New Securities. As used herein, “New Securities” shall mean new Units, except that such definition shall
not include Units issued or sold by the Company in connection with: (A) the conversion or exchange of any securities of the
Company into Units, or the exercise of any warrants or other rights to acquire Units; (C) any acquisition by the Company or
any Company Subsidiary of any equity interests, assets, properties, or business of any Person; (D) any merger, consolidation,
or other business combination involving the Company or any Company Subsidiary; (E) the commencement of any Public Offering or
any transaction or series of related transactions involving a Change of Control; (F) any subdivision of Units (by a split of
Units or otherwise), payment of Distributions, or any similar recapitalization; (G) any private placement of warrants to
purchase Membership Interests to lenders or other institutional investors (excluding the Members) in any arm’s length
transaction in which such lenders or investors provide debt financing to the Company or any Company Subsidiary; (H) a joint
venture, strategic alliance, or other commercial relationship with any Person (including without limitation Persons that are
customers, suppliers, and strategic partners of the Company or any Company Subsidiary) relating to the operation of the
Company’s or any Company Subsidiary’s business and not for the primary purpose of raising equity capital; or (I)
any office lease or equipment lease or similar equipment financing transaction in which the Company or any Company Subsidiary
obtains from a lessor or vendor the use of such office space or equipment for its business.

 

(c) Additional Issuance Notices. The
Company shall give written notice (an “Issuance Notice”) of any proposed issuance or sale described in Section
9.01(a) to the Pre-Emptive Members within five (5) Business Days following any meeting of the Board at which any such issuance
or sale is approved. The Issuance Notice shall, if applicable, be accompanied by a written offer from any prospective purchaser
seeking to purchase New Securities (a “Prospective Purchaser”) and shall set forth the material terms and conditions
of the proposed issuance or sale, including:

 

(i) the number and description of the New
Securities proposed to be issued and the percentage of the Company’s Units then outstanding on a Fully Diluted Basis that
such issuance would represent;

 

     

     

    

 

(ii) the proposed issuance date, which
shall be at least ten (10) Business Days from the date of the Issuance Notice;

 

(iii) the proposed purchase price per unit
of the New Securities; and

 

(iv) if the consideration to be paid by
the Prospective Purchaser includes non-cash consideration, the Board’s good-faith determination of the Fair Market Value
thereof.

 

(d) Exercise of Pre-emptive Rights.
Each Pre-Emptive Member shall for a period of five (5) Business Days following the receipt of an Issuance Notice (the “Exercise
Period”) have the right to elect irrevocably to purchase all or any portion of its Pro Rata Portion of any New Securities
at the purchase prices set forth in the Issuance Notice by delivering a written notice to the Company (an “Acceptance
Notice”) specifying the number of New Securities it desires to purchase. The delivery of an Acceptance Notice by a Pre-Emptive
Member shall be a binding and irrevocable offer by such Member to purchase the New Securities described therein. The failure of
a Pre-Emptive Member to deliver an Acceptance Notice by the end of the Exercise Period shall constitute a waiver of its rights
under this Section 9.01 with respect to the purchase of such New Securities, but shall not affect its rights with respect
to any future issuances or sales of New Securities.

 

(e) Over-Allotment. No later than
five (5) Business Days following the expiration of the Exercise Period, the Company shall notify each Pre-Emptive Member in writing
of the number of New Securities that each Pre-Emptive Member has agreed to purchase (including, for the avoidance of doubt, where
such number is zero)(the “Over-Allotment Notice”). Each Pre-Emptive Member exercising its rights to purchase
its Pro Rata Portion of the New Securities in full (an “Exercising Member”) shall have a right of over-allotment
such that if any other Pre-Emptive Member has failed to exercise its right under this Section 9.01 to purchase its full
Pro Rata Portion of the New Securities (each, a “Non-Exercising Member”), such Exercising Member may purchase
its Pro Rata Portion of such Non-Exercising Member’s allotment by giving written notice to the Company within five (5) Business
Days of receipt of the Over-Allotment Notice (the “Over-Allotment Exercise Period”).

 

(f) Sales to
the Prospective Purchaser. Following the expiration of the Exercise Period and, if applicable, the Over-allotment
Exercise Period, the Company shall be free to complete the proposed issuance or sale of New Securities described in the
Issuance Notice with respect to which Pre- Emptive Members declined to exercise the pre-emptive right set forth in this Section
9.01 on terms no less favorable to the Company than those set forth in the Issuance Notice (except that the amount of New
Securities to be issued or sold by the Company may be reduced); provided, that: (i) such issuance or sale is closed
within twenty (20) Business Days after the expiration of the Exercise Period and, if applicable, the Over-Allotment Exercise
Period (subject to the extension of such twenty (20) Business Day period for a reasonable time not to exceed forty (40)
Business Days to the extent reasonably necessary to obtain any third-party approvals); and (ii) for the avoidance of doubt,
the price at which the New Securities are sold to the Prospective Purchaser is at least equal to or higher than the purchase
price described in the Issuance Notice. In the event the Company has not sold such New Securities within such time period,
the Company shall not thereafter issue or sell any New Securities without first again offering such securities to the Members
in accordance with the procedures set forth in this Section 9.01.

  

     

     

    

 

(g) Closing of the Issuance. The
closing of any purchase by any Pre-Emptive Member shall be consummated concurrently with the consummation of the issuance or sale
described in the Issuance Notice. Upon the issuance or sale of any New Securities in accordance with this Section 9.01,
the Company shall deliver the New Securities free and clear of any liens (other than those arising hereunder and those attributable
to the actions of the purchasers thereof), and the Company shall so represent and warrant to the purchasers thereof, and further
represent and warrant to such purchasers that such New Securities shall be, upon issuance thereof to the Exercising Members and
after payment therefor, duly authorized, validly issued, fully paid, and non-assessable. The Company, in the discretion of the
Board pursuant to Section 3.03(a) , may deliver to each Exercising Member certificates evidencing the New Securities. Each
Exercising Member shall deliver to the Company the purchase price for the New Securities purchased by it by certified or bank check
or wire transfer of immediately available funds. Each party to the purchase and sale of New Securities shall take all such other
actions as may be reasonably necessary to consummate the purchase and sale including, without limitation, entering into such additional
Agreements as may be necessary or appropriate.

 

ARTICLE X. TRANSFER

 

Section 10.01 General Restrictions
on Transfer.

 

(a) Each Member acknowledges and agrees
that such Member shall not Transfer any Units except as permitted in accordance with the procedures described in this Section 10,
as applicable. Any attempted Transfer in violation of, or outside of, the procedures set forth in this Agreement shall be null
and void ab initio, and the transferee shall not become a Member.

 

Any Transfer or attempted Transfer of any
Units in violation of this Agreement shall be null and void, no such Transfer shall be recorded on the Company’s books, and
the purported Transferee in any such Transfer shall not be treated (and the purported Transferor shall continue be treated) as
the owner of such Units for all purposes of this Agreement.

 

     

     

    

 

(d) For the avoidance of doubt, any Transfer
of Units made in accordance with the procedures described in Section 10.03 through Section 10.07, as applicable,
and purporting to be a sale, transfer, assignment, or other disposal of the entire Membership Interest represented by such Units,
inclusive of all the rights and benefits applicable to such Membership Interest as described in the definition of the term “Membership
Interest,” shall be deemed a sale, transfer, assignment, or other disposal of such Membership Interest in its entirety
as intended by the parties to such Transfer, and shall not be deemed a sale, transfer, assignment, or other disposal of any less
than all of the rights and benefits described in the definition of the term “Membership Interest,” unless otherwise
explicitly agreed to by the parties to such Transfer.

 

Section 10.02 Permitted Transfers. The
provisions of Section 10.01(a) and Section 10.03 shall not apply to any of the following Transfers by any Member
of any of its Units:

 

(a) With respect to any Member, to (i)
such Member’s spouse, parent, siblings, descendants (including adoptive relationships and stepchildren), and the spouses
of each such natural persons (collectively, “Family Members”), (ii) a trust under which the distribution of
Units may be made only to such Member and/or any Family Member of such Member, (iii) a charitable remainder trust, the income from
which will be paid to such Member during his life, (iv) a corporation, partnership, or limited liability company, the stockholders,
partners, or members of which are only such Member and/or Family Members of such Member, or (v) by will or by the laws of intestate
succession, to such Member’s executors, administrators, testamentary trustees, legatees, or beneficiaries; provided,
that any Member who Transfers Units shall remain bound by the provisions of Section 11.01;

 

(b) Pursuant to a Public Offering; or

 

(c) as otherwise approved by the Board.

 

Section 10.03 Right of First Refusal.

 

(a) Offered Units.

 

(i) At any time, subject to the terms and
conditions specified in Section 10.01, Section 10.02 and this Section 10.03, the Company, first, and each
Member, second, shall have a right of first refusal if any other Member (the “Offering Member”) receives a bona
fide offer that the Offering Member desires to accept to Transfer all or any portion of the Units it owns (the “Offered
Units”).

 

(ii) As used herein, the term “ROFR
Rightholders” shall mean all Members other than the Offering Member.

 

     

     

    

 

(b) Offering; Exceptions. Each time
the Offering Member receives an offer for a Transfer of any of its Units (other than Transfers that (i) are permitted by Section
10.02, the Offering Member shall first make an offering of the Offered Units to the Company, first, and the ROFR Rightholders,
second, all in accordance with the following provisions of this Section 10.03, prior to Transferring such Offered
Units to the proposed purchaser.

 

(c) Offer Notice.

 

(i) The Offering Member shall, within five
(5) Business Days of receipt of the Transfer offer, give written notice (the “Offering Member Notice”) to the
Company and the ROFR Rightholders stating that it has received a bona fide offer for a Transfer of its Units and specifying:

 

(A) the number of Units to be Transferred
by the Offering Member;

 

(B) the proposed date, time, and location
of the closing of the Transfer, which shall not be less than 30 (thirty) days from the date of the Offering Member Notice;

 

(C) the purchase price per Offered Unit
(which shall be payable solely in cash) and the other material terms and conditions of the Transfer; and

 

(D) the name of the Person who has offered
to purchase such Offered Units.

   

(ii) The Offering Member Notice shall constitute
the Offering Member’s offer to Transfer the Offered Units to the Company and the ROFR Rightholders, which offer shall be
irrevocable until the end of the ROFR Rightholder Option Period described in Section 10.03(d)(iv) .

 

(iii) By delivering the Offering Member
Notice, the Offering Member represents and warrants to the Company and each ROFR Rightholder that:

 

(A) the Offering Member has full right,
title, and interest in and to the Offered Units;

 

(B) the Offering Member has all the necessary
power and authority and has taken all necessary action to Transfer such Offered Units as contemplated by this Section 10.03;
and

 

(C) the Offered Units are free and clear
of any and all liens other than those arising as a result of or under the terms of this Agreement.

 

(d) Exercise of
Right of First Refusal.

 

(i) Upon
receipt of the Offering Member Notice, the Company and each ROFR Rightholder shall have the right to purchase the Offered
Units in the following order of priority: first, the Company shall have the right to purchase all or any portion of
the Offered Units in accordance with the procedures set forth in Section 10.03(d)(iii) , and thereafter, the
ROFR Rightholders shall have the right to purchase the Offered Units, in accordance with the procedures set forth in Section
10.03(d)(iv) , to the extent the Company does not exercise its right in full. Notwithstanding the foregoing, the Company
and the ROFR Rightholders may only exercise their right to purchase the Offered Units if, after giving effect to all
elections made under this Section 10.03(d) , no less than all of the Offered Units will be purchased by the Company
and/or the ROFR Rightholders.

 

     

     

    

 

(ii) Reserved.

 

(iii) The initial right of the Company
to purchase any Offered Units shall be exercisable with the delivery of a written notice (the “Company ROFR Exercise Notice”)
by the Company to the Offering Member and the ROFR Rightholders within ten (10) days of receipt of the Offering Member Notice (the
“Company Option Period”), stating the number (including where such number is zero) and type of Offered Units
the Company elects irrevocably to purchase on the terms and respective purchase prices set forth in the Offering Member Notice.
The Company ROFR Exercise Notice shall be binding upon delivery and irrevocable by the Company.

 

(iv) If the Company shall have indicated
an intent to purchase any less than all of the Offered Units, the ROFR Rightholders shall have the right to purchase the remaining
Offered Units not selected by the Company. For a period of fifteen (15) Business Days following the receipt of a Company ROFR Exercise
Notice in which the Company has elected to purchase less than all the Offered Units (such period, the “ROFR Rightholder
Option Period”), each ROFR Rightholder shall have the right to elect irrevocably to purchase all or none of its Pro Rata
Portion of the remaining Offered Units by delivering a written notice to the Company and the Offering Member (a “Member
ROFR Exercise Notice”) specifying its desire to purchase its Pro Rata Portion of the remaining Offered Units, on the
terms and purchase price set forth in the Offering Member Notice. In addition, each ROFR Rightholder shall include in its Member
ROFR Exercise Notice the number of remaining Offered Units that it wishes to purchase if any other ROFR Rightholders do not exercise
their rights to purchase their entire Pro Rata Portions of the remaining Offered Units. Any Member ROFR Exercise Notice shall be
binding upon delivery and irrevocable by the ROFR Rightholder.

 

(v) The failure of the Company or any ROFR
Rightholder to deliver a Company ROFR Exercise Notice or Member ROFR Exercise Notice, respectively, by the end of the Company Option
Period or ROFR Rightholder Option Period, respectively, shall constitute a waiver of their respective rights of first refusal under
this Section 10.03 with respect to the Transfer of Offered Units, but shall not affect their respective rights with respect
to any future Transfers.

 

(e) Allocation of Offered Units. Upon
the expiration of the ROFR Rightholder Option Period, the Offered Units not selected for purchase by the Company pursuant to Section
10.03(d)(iii) shall be allocated for purchase among the ROFR Rightholders as follows:

 

(i) First, to each ROFR Rightholder having
elected to purchase its entire Pro Rata Portion of such Units, such ROFR Rightholder’s Pro Rata Portion of such Units; and

 

     

     

    

 

(ii) Second, the balance, if any, not allocated
under clause (i) above (and not purchased by the Company pursuant to Section 10.03(d)(iii) ), shall be allocated to those
ROFR Rightholders who set forth in their Member ROFR Exercise Notices a number of Offered Units that exceeded their respective
Pro Rata Portions (the “Purchasing Rightholders”), in an amount, with respect to each such Purchasing Rightholder,
that is equal to the lesser of:

 

(A) the number of Offered Units that such
Purchasing Rightholder elected to purchase in excess of its Pro Rata Portion; or

 

(B) the product of
(x) the number of Offered Units not allocated under Section 10.03(e)(i) (and not purchased by the Company pursuant to Section
10.03(d)(iii) ), multiplied by (y) a fraction, the numerator of which is the number of Offered Units that such Purchasing
Rightholder was permitted to purchase pursuant to clause (i), and the denominator of which is the aggregate number of Offered
Units that all Purchasing Rightholders were permitted to purchase pursuant to Section 10.03(e)(i).

 

The process described in Section 10.03(e)(ii)
shall be repeated until no Offered Units remain or until such time as all Purchasing Rightholders have been permitted to purchase
all Offered Units that they desire to purchase.

 

(f) Consummation
of Sale. In the event that the Company and/or the ROFR Rightholders shall have, in the aggregate, exercised their
respective rights to purchase all and not less than all of the Offered Units, then the Offering Member shall sell such
Offered Units to the Company and/or the ROFR Rightholders, and the Company and/or the ROFR Rightholders, as the case may be,
shall purchase such Offered Units, within sixty (60) days following the expiration of the ROFR Rightholder Option Period
(which period may be extended for a reasonable time not to exceed ninety (90) days to the extent reasonably necessary to
obtain required approvals or consents from any Governmental Authority). Each Member shall take all actions as may be
reasonably necessary to consummate the sale contemplated by this Section 10.03(f) , including, without limitation,
entering into Agreements and delivering certificates and instruments and consents as may be deemed necessary or appropriate.
At the closing of any sale and purchase pursuant to this Section 10.03(f) , the Offering Member shall deliver to the
Company and/or the participating ROFR Rightholders certificates (if any) representing the Offered Units to be sold, free and
clear of any liens or encumbrances (other than those contained in this Agreement), accompanied by evidence of transfer and
all necessary transfer taxes paid and stamps affixed, if necessary, against receipt of the purchase price therefor from the
Company and/or such ROFR Rightholders by certified or official bank check or by wire transfer of immediately available
funds.

 

     

     

    

 

(g) Sale to Proposed Purchaser. In
the event that the Company and/or the ROFR Rightholders shall not have collectively elected to purchase all of the Offered Units,
then the Offering Member may Transfer all of such Offered Units, at a price per Offered Unit not less than specified in the Offering
Member Notice and on other terms and conditions which are not materially more favorable in the aggregate to the proposed purchaser
than those specified in the Offering Member Notice, but only to the extent that such Transfer occurs within ninety (90) days after
expiration of the ROFR Rightholder Option Period. Any Offered Units not Transferred within such 90-day period will be subject to
the provisions of this Section 10.03 upon subsequent Transfer.

 

Section 10.04 Put Option and Call Option.
Agrify hereby grants to Valiant a put option on all of Valiant’s Units of the Company, as set forth herein (“Put
Option”). Valiant hereby grants to Agrify a call option on all of Valiant’s Units of the Company, as set forth
herein (“Call Option”).

 

(a)
The Put Option and Call Option may each only be exercised, if at all, during the Exercise Period. “Exercise Period”
means that period of time between the second and fifth anniversary of either (i) an initial Public Offering of Agrify stock, or
(ii) a reverse merger of Agrify into a publicly-listed entity;

 

(b)
In each case, the consideration for Units of the Company purchased pursuant to either the Put Option or Call Option shall
be limited to payment in Agrify common stock.

 

(c)
The Option Exercise Price shall determine the value of all of the Units transferred pursuant to either the Put Option or
Call Option. “Option Exercise Price” means, as determined at the time of such option exercise:

 

(i) Fifty Percent (50%) of the Gross Sales
of Company multiplied by the P/S Ratio of Agrify (as each term is defined herein); plus

 

(ii) Fifty Percent (50%) of the Net Earnings
of Company multiplied by the P/E Ratio of Agrify (as each term is defined herein); then

 

(iii) the resulting sum (i) and (ii) above
then multiplied by Sixty Percent (0.60).

 

(d)
“Gross Sales” means, for the then-current date, the gross sales of Agrify in the preceding year as stated
in Agrify’s audited GAAP financials for such year.

 

(e)
“Net Earnings” means, for the then-current date, the net earnings of Agrify for the preceding year, as
stated in Agrify’s audited GAAP financials for such year

 

     

     

    

 

(f)
“P/S Ratio” means, the then-current Fair Market Value of Agrify common stock multiplied by the then-current
number of all outstanding shares of Agrify, divided by the gross sales of Agrify.

 

(g)
“P/E Ratio” means, the then-current Fair Market Value of Agrify common stock multiplied by the the then-current
number of all outstanding shares of Agrify, divided by the net earnings of Agrify.

 

(h)
“Fair Market Value” means, as of the effective date of the option exercise notice, the per- share value
of Agrify common stock as determined by either (i) if there is an existing, bona-fide offer from an unrelated third party for all
shares of Agrify or substantially all of the assets of Agrify, the per-share value as either defined in such stock purchase offer
or expected to be received as a result of liquidation after such asset sale, or (ii) if there is no such bona-fide third party
offer as herein described, then by the highest per-share price for Agrify on the relevant public stock exchange.

 

(i)
Procedure. During the Exercise Period, Valiant or Agrify may exercise its respective option by delivering a written notice
to the other party. The closing of the sale of Units pursuant to such an exercise of the Call Option or Put Option (the “Closing”)
will occur within One Hundred Twenty (120) days following the delivery of such notice of exercise, except that such Closing may
be delayed for up to an additional ninety (90) days if reasonably required by Company, Valiant, or Agrify to calculate the amounts
described herein or otherwise satisfy any requirements or conditions reasonably related to the applicable option.

 

(j)
The Call Option and Put Option are each conditioned upon Valiant and Agrify executing reasonable and customary agreements
related to the contemplated transactions, including but not limited to (i) a purchase agreement for Valiant’s Units of the
Company, and (ii) stock purchase and shareholder agreements for shares of Agrify.

 

(k)
The Call Option and Put Option set forth herein shall be binding upon and inure to the benefit of each of the Initial Members’
respective successors and assigns.

 

(l)
The Call Option and Put Option include all Units of Company held by Valiant as of the date of this Agreement and any Units
hereinafter acquired by Valiant.

 

     

     

    

 

ARTICLE XI. COVENANTS

 

Section 11.01 Confidentiality.

 

(a) Each Member acknowledges that during
the term of this Agreement, he will have access to and become acquainted with trade secrets, proprietary information, and confidential
information belonging to the Company, the Company Subsidiaries, and their Affiliates that are not generally known to the public,
including, but not limited to, information concerning business plans, financial statements, and other information provided pursuant
to this Agreement, operating practices and methods, expansion plans, strategic plans, marketing plans, contracts, customer lists,
or other business documents which the Company treats as confidential, in any format whatsoever (including oral, written, electronic
or any other form or medium)(collectively, “Confidential Information”). In addition, each Member acknowledges
that: (i) the Company has invested, and continues to invest, substantial time, expense, and specialized knowledge in developing
its Confidential Information; (ii) the Confidential Information provides the Company with a competitive advantage over others in
the marketplace; and (iii) the Company would be irreparably harmed if the Confidential Information were disclosed to competitors
or made available to the public. Without limiting the applicability of any other Agreement to which any Member is subject, no Member
shall, directly or indirectly, disclose or use (other than solely for the purposes of such Member monitoring and analyzing his
investment in the Company or performing his duties as a Manager, Officer, employee, consultant, or other service provider of the
Company) at any time, including, without limitation, use for personal, commercial, or proprietary advantage or profit, either during
his association or employment with the Company or thereafter, any Confidential Information of which such Member is or becomes aware.
Each Member in possession of Confidential Information shall take all appropriate steps to safeguard such information and to protect
it against disclosure, misuse, espionage, loss, and theft.

 

(b) Nothing
contained in Section 11.01(a) shall prevent any Member from disclosing Confidential Information: (i) upon the order of
any court or administrative agency; (ii) upon the request or demand of any regulatory agency or authority having jurisdiction
over such Member; (iii) to the extent compelled by legal process or required or requested pursuant to subpoena,
interrogatories, or other discovery requests; (iv) to the extent necessary in connection with the exercise of any remedy
hereunder; (v) to other Members; (vi) to such Member’s Representatives who, in the reasonable judgment of such Member,
need to know such Confidential Information and agree to be bound by the provisions of this Section 11.01 as if a
Member; or (vii) to any potential Permitted Transferee in connection with a proposed Transfer of Units from such Member, as
long as such Transferee agrees to be bound by the provisions of this Section 11.01 as if a Member; provided,
that in the case of clause (i), (ii) or (iii), such Member shall notify the Company and other Members of the proposed
disclosure as far in advance of such disclosure as practicable (but in no event make any such disclosure before notifying the
Company and other Members) and use reasonable efforts to ensure that any Confidential Information so disclosed is accorded
confidential treatment satisfactory to the Company, when and if available.

 

     

     

    

 

(c) The
restrictions of Section 11.01(a) shall not apply to Confidential Information that: (i) is or becomes generally
available to the public other than as a result of a disclosure by a Member in violation of this Agreement; (ii) is or becomes
available to a Member or any of its Representatives on a non-confidential basis prior to its disclosure to the receiving
Member and any of its Representatives in compliance with this Agreement; (iii) is or has been independently developed or
conceived by such Member without use of Confidential Information; or (iv) becomes available to the receiving Member or any of
its Representatives on a non-confidential basis from a source other than the Company, any other Member or any of their
respective Representatives; provided, that such source is not known by the recipient of the Confidential Information
to be bound by a confidentiality Agreement with the disclosing Member or any of its Representatives.

 

Section 11.02
Other Business Activities. The parties hereto expressly acknowledge and agree that: (i) each Member and its respective
Affiliates are permitted to have, and may presently or in the future have, investments or other business relationships,
ventures, Agreements, or arrangements with entities engaged in the business of the Company, other than through the Company
and the Company Subsidiaries (an “Other Business”); (ii) each Member and its respective Affiliates have or
may develop a strategic relationship with businesses that are or may be competitive with the Company and the Company
Subsidiaries; (iii) none of any Member or its respective Affiliates will be prohibited from pursuing and engaging in any such
activities; (iv) none of any Member or its respective Affiliates will be obligated to inform the Company or any Member of any
such opportunity, relationship, or investment (a “Company Opportunity”) or to present Company Opportunity,
and the Company hereby renounces any interest in a Company Opportunity and any expectancy that a Company Opportunity will be
offered to it; (v) nothing contained herein shall limit, prohibit, or restrict any Board designee of the Initial Members from
serving on the board of directors or other governing body or committee of any Other Business; and (vi) the Members will not
acquire, be provided with an option or opportunity to acquire, or be entitled to any interest or participation in any Other
Business as a result of the participation therein of any of the Initial Members or their respective Affiliates. The parties
hereto expressly authorize and consent to the involvement of the Initial Members and/or their respective Affiliates in any
Other Business; provided, that any transactions between the Company and/or the Company Subsidiaries and an Other
Business will be on terms no less favorable to the Company and/or the Company Subsidiaries than would be obtainable in a
comparable arm’s-length transaction. The parties hereto expressly waive, to the fullest extent permitted by Applicable
Law, any rights to assert any claim that such involvement breaches any fiduciary or other duty or obligation owed to the
Company or any Member or to assert that such involvement constitutes a conflict of interest by such Persons with respect to
the Company or any Member.

 

     

     

    

 

ARTICLE XII. ACCOUNTING; TAX MATTERS

 

Section 12.01 Financial Statements.
The Company shall furnish to each Member holding 25% or more of the Units of the Company (each, a “Qualified Member”)
the following reports:

 

(a) Annual Financial Statements. As
soon as available, and in any event within one hundred twenty (120) days after the end of each Fiscal Year, consolidated balance
sheets of the Company and Company Subsidiaries as at the end of each such Fiscal Year and consolidated statements of income, cash
flows, and Members’ equity for such Fiscal Year.

 

(b) Quarterly
Financial Statements. As soon as available, and in any event within forty-five (45) days after the end of each quarterly
accounting period in each Fiscal Year (other than the last fiscal quarter of the Fiscal Year), unaudited consolidated balance
sheets of the Company and Company Subsidiaries as at the end of each such fiscal quarter and for the current Fiscal Year to
date and unaudited consolidated statements of income, cash flows, and Members’ equity for such fiscal quarter and for
the current Fiscal Year to date, all in reasonable detail and all prepared in accordance with GAAP.

 

Section 12.02
Inspection Rights. Upon reasonable notice from a Qualified Member, the Company shall, and shall cause its Managers,
Officers, and employees to, afford each Qualified Member and its Representatives reasonable access during normal business
hours to (i) the Company’s and the Company Subsidiaries’ properties, offices, plants, and other facilities, (ii)
the corporate, financial and similar records, reports, and documents of the Company and the Company Subsidiaries, including,
without limitation, all books and records, minutes of proceedings, internal management documents, reports of operations,
reports of adverse developments, copies of any management letters, and communications with Members or Managers, and to permit
each Qualified Member and its Representatives to examine such documents and make copies thereof, and (iii) the
Company’s and the Company Subsidiaries’ Officers, senior employees, and public accountants, and to afford each
Qualified Member and its Representatives the opportunity to discuss and advise on the affairs, finances, and accounts of the
Company and the Company Subsidiaries with their Officers, senior employees, and public accountants (and the Company hereby
authorizes said accountants to discuss with such Qualified Member and its Representatives such affairs, finances, and
accounts).

 

     

     

    

 

Section 12.03 Budget. Not later
than thirty (30) days after full execution of the Agreement, and thereafter no later than thirty (30) days prior to the commencement
of each Fiscal Year, the Company shall prepare, submit to, and obtain the approval of the Board of a business plan and monthly
and annual operating budgets for the Company and Company Subsidiaries in detail for the upcoming Fiscal Year, including capital
and operating expense budgets, cash flow projections, covenant compliance calculations of all outstanding and projected indebtedness,
and profit and loss projections, all itemized in reasonable detail (including itemization of provisions for Officers’ compensation)(the
“Budget”). The Company and the Subsidiaries shall use commercially reasonable efforts to operate in all material
respects in accordance with the Budget. The Company shall review the Budget periodically and shall not make any material changes
thereto without the approval of the Board.

 

Section 12.04 Tax Election.

 

(a) The Company has made an election under
Treasury Regulation Section 301.7701-3(c) to be classified as an association taxable as a corporation for U.S. federal tax purposes.
The Company shall not make an election to be classified as other than an association taxable as a corporation pursuant to Treasury
Regulation Section 701.7701-3.

 

(b) Except as otherwise provided herein,
the Board of Directors shall determine whether the Company should make, change or revoke any other elections permitted by the Code.

 

Section 12.05 Tax Matters Representative.

 

(a) Appointment. The
Members hereby appoint Agrify as the “partnership representative” as provided in Code Section 6223(a)(the
“Tax Matters Representative”). If Agrify ceases to be the Tax Matters Representative for any reason, the
Board shall appoint a new Tax Matters Representative. The Tax Matters Representative shall appoint an individual as the sole
person authorized to represent the Tax Matters Representative in audits and other proceedings.

 

     

     

    

 

(b) Tax Examinations and Audits. The
Tax Matters Representative is authorized and required to represent the Company (at the Company’s expense) in connection with
all examinations of the Company’s affairs by Taxing Authorities, including resulting administrative and judicial proceedings,
and to expend Company funds for professional services and costs associated therewith. The Tax Matters Representative shall have
sole authority to act on behalf of the Company in any such examinations and any resulting judicial proceedings, and shall have
sole discretion to determine whether the Company (either on its own behalf or on behalf of the Members) will contest or continue
to contest any tax deficiencies assessed or proposed to be assessed by any Taxing Authority. The Company and its Members shall
be bound by the actions taken by the Tax Matters Representative.

 

(c) US Federal Tax Proceedings. In
the event of an audit of the Company by any Taxing Authority, the Tax Matters Representative, in its sole discretion, shall have
the right to make any and all elections and to take any actions that are available to be made or taken by the Tax Matters Representative
or the Company under the Code or other relevant tax regulation. Each Member agrees to cooperate with the Tax Matters Representative
and to do or refrain from doing any or all things reasonably requested by the Tax Matters Representative with respect to the conduct
of such examinations by any Taxing Authority.

 

(d) Tax Returns and Tax Deficiencies.
Each Member agrees that such Member shall not treat any Company item inconsistently on such Member’s federal, state,
foreign, or other income tax return with the treatment of the item on the Company’s return. Any deficiency for taxes imposed
on any Member (including penalties, additions to tax, or interest imposed with respect to such taxes) will be paid by such Member
and if required to be paid (and actually paid) by the Company, will be recoverable from such Member as provided in Section 7.05(d)
..

 

Section 12.06
Tax Returns. At the expense of the Company, the Board (or any Officer that it may designate pursuant to Section
8.09) shall endeavor to cause the preparation and timely filing (including extensions) of all tax returns required to be
filed by the Company pursuant to the Code as well as all other required tax returns in each jurisdiction in which the Company
and the Company Subsidiaries own property or do business. As soon as reasonably possible after the end of each Fiscal Year,
the Board or designated Officer will cause to be delivered to each Person who was a Member at any time during such Fiscal
Year, IRS Schedule K-1 and such other information with respect to the Company as may be necessary for the preparation of such
Person’s federal, state and local income tax returns for such Fiscal Year.

 

     

     

    

 

Section 12.07 Company Funds. All
funds of the Company shall be deposited in its name, or in such name as may be designated by the Board, in such checking, savings,
or other accounts, or held in its name in the form of such other investments as shall be designated by the Board. The funds of
the Company shall not be commingled with the funds of any other Person. All withdrawals of such deposits or liquidations of such
investments by the Company shall be made exclusively upon the signature or signatures of such Officer or Officers as the Board
may designate.

 

ARTICLE XIII. DISSOLUTION AND LIQUIDATION

 

Section 13.01 Events of Dissolution.
The Company shall be dissolved and its affairs wound up only upon the occurrence of any of the following events:

 

(a) The determination of the Board to dissolve
the Company;

 

(b) An election to dissolve the Company
made by holders of a majority of the Units;

 

(c) The sale, exchange, involuntary conversion,
or other disposition or Transfer of all or substantially all the assets of the Company; or

 

(d) The entry of a decree of judicial dissolution
under § 44 of the Massachusetts Act.

 

Section 13.02 Effectiveness of Dissolution.
Dissolution of the Company shall be effective on the day on which the event described in Section 13.01 occurs, but the
Company shall not terminate until the winding up of the Company has been completed, the assets of the Company have been Distributed
as provided in Section 13.03 and the Certificate of Organization shall have been cancelled as provided in Section 13.04.

 

Section 13.03 Liquidation. If the
Company is dissolved pursuant to Section 13.01, the Company shall be liquidated and its business and affairs wound up in
accordance with the Massachusetts Act and the following provisions:

 

(a) Liquidator. The
Board, or, if the Board is unable to do so, a Person selected by the holders of a majority of the Units, shall act as
liquidator to wind up the Company (the “Liquidator”). The Liquidator shall have full power and authority
to sell, assign, and encumber any or all of the Company’s assets and to wind up and liquidate the affairs of the
Company in an orderly and business-like manner.

 

     

     

    

 

(b) Accounting. As promptly as possible
after dissolution and again after final liquidation, the Liquidator shall cause a proper accounting to be made by a recognized
firm of certified public accountants of the Company’s assets, liabilities, and operations through the last day of the calendar
month in which the dissolution occurs or the final liquidation is completed, as applicable.

 

(c) Distribution of Proceeds. The
Liquidator shall liquidate the assets of the Company and Distribute the proceeds of such liquidation in the following order of
priority, unless otherwise required by mandatory provisions of Applicable Law:

 

(i) First, to the payment of all
of the Company’s debts and liabilities to its creditors (including Members, if applicable) and the expenses of liquidation
(including sales commissions incident to any sales of assets of the Company);

 

(ii) Second, to the establishment
of and additions to reserves that are determined by the Board in its sole discretion to be reasonably necessary for any contingent
unforeseen liabilities or obligations of the Company; and

 

(iii) Third, to the Members in the
same manner as Distributions are made under Section 7.02.

 

(d) Discretion of Liquidator. Notwithstanding
the provisions of Section 13.03(c) that require the liquidation of the assets of the Company, but subject to the order of
priorities set forth in Section 13.03(c) , if upon dissolution of the Company the Liquidator determines that an immediate
sale of part or all of the Company’s assets would be impractical or could cause undue loss to the Members, the Liquidator
may defer the liquidation of any assets except those necessary to satisfy Company liabilities and reserves, and may, in its absolute
discretion, Distribute to the Members, in lieu of cash, as tenants in common and in accordance with the provisions of Section
13.03(c) , undivided interests in such Company assets as the Liquidator deems not suitable for liquidation. Any such Distribution
in kind will be subject to such conditions relating to the disposition and management of such properties as the Liquidator deems
reasonable and equitable and to any Agreements governing the operating of such properties at such time. For purposes of any such
Distribution, any property to be Distributed will be valued at its Fair Market Value.

 

Section 13.04
Cancellation of Certificate. Upon completion of the Distribution of the assets of the Company as provided in Section
13.03(c) hereof, the Company shall be terminated and the Liquidator shall cause the cancellation of the Certificate of
Organization in the State of Massachusetts and of all qualifications and registrations of the Company as a foreign limited
liability company in jurisdictions other than the State of Massachusetts and shall take such other actions as may be
necessary to terminate the Company.

 

     

     

    

 

Section 13.05
Survival of Rights, Duties, and Obligations. Dissolution, liquidation, winding up, or termination of the Company for any reason
shall not release any party from any Loss which at the time of such dissolution, liquidation, winding up, or termination already
had accrued to any other party or which thereafter may accrue in respect of any act or omission prior to such dissolution, liquidation,
winding up, or termination. For the avoidance of doubt, none of the foregoing shall replace, diminish, or otherwise adversely
affect any Member’s right to indemnification pursuant to Section 14.03.

 

Section 13.06 Recourse for Claims. Each
Member shall look solely to the assets of the Company for all Distributions with respect to the Company, such Member’s Capital
Account, and such Member’s share of Net Income, Net Loss, and other items of income, gain, loss, and deduction, and shall
have no recourse therefor (upon dissolution or otherwise) against the Board, the Liquidator or any other Member.

 

ARTICLE XIV. EXCULPATION AND INDEMNIFICATION

 

Section 14.01 Exculpation of Covered
Persons.

 

(a) Covered
Persons. As used herein, the term “Covered Person” shall mean (i) each Member, (ii) each officer,
director, shareholder, partner, member, controlling Affiliate, employee, agent, or representative of each Member, and each of
their controlling Affiliates, and (iii) each Manager, Officer, employee, agent, or representative of the Company.

 

(b) Standard of Care. No Covered
Person shall be liable to the Company or any other Covered Person for any loss, damage, or claim incurred by reason of any action
taken or omitted to be taken by such Covered Person in his, her, or its capacity as a Covered Person, so long as such action or
omission does not constitute fraud or willful misconduct by such Covered Person.

 

(c) Good
Faith Reliance. A Covered Person shall be fully protected in relying in good faith upon the records of the Company and
upon such information, opinions, reports, or statements (including financial statements and information, opinions, reports,
or statements as to the value or amount of the assets, liabilities, Net Income, or Net Losses of the Company or any facts
pertinent to the existence and amount of assets from which Distributions might properly be paid) of the following Persons or
groups: (i) another Manager; (ii) one or more Officers or employees of the Company; (iii) any attorney, independent
accountant, appraiser, or other expert or professional employed or engaged by or on behalf of the Company; or (iv) any other
Person selected in good faith by or on behalf of the Company, in each case as to matters that such relying Person reasonably
believes to be within such other Person’s professional or expert competence. The preceding sentence shall in no way
limit any Person’s right to rely on information to the extent provided in § 11 of the Massachusetts Act.

 

     

     

    

 

Section 14.02 Liabilities and Duties
of Covered Persons.

 

(a) Limitation of Liability. This
Agreement is not intended to, and does not, create or impose any fiduciary duty on any Covered Person. Furthermore, each of the
Members and the Company hereby waives any and all fiduciary duties that, absent such waiver, may be implied by Applicable Law,
and in doing so, acknowledges and agrees that the duties and obligation of each Covered Person to each other and to the Company
are only as expressly set forth in this Agreement. The provisions of this Agreement, to the extent that they restrict the duties
and liabilities of a Covered Person otherwise existing at law or in equity, are agreed by the Members to replace such other duties
and liabilities of such Covered Person.

 

(b) Duties. Whenever in this Agreement
a Covered Person is permitted or required to make a decision (including a decision that is in such Covered Person’s “discretion”
or under a grant of similar authority or latitude), the Covered Person shall be entitled to consider only such interests and factors
as such Covered Person desires, including its own interests, and shall have no duty or obligation to give any consideration to
any interest of or factors affecting the Company or any other Person. Whenever in this Agreement a Covered Person is permitted
or required to make a decision in such Covered Person’s “good faith,” the Covered Person shall act under such
express standard and shall not be subject to any other or different standard imposed by this Agreement or any other Applicable
Law.

 

Section 14.03 Indemnification.

 

(a) Indemnification. To
the fullest extent permitted by the Massachusetts Act, as the same now exists or may hereafter be amended, substituted, or
replaced (but, in the case of any such amendment, substitution, or replacement only to the extent that such amendment,
substitution, or replacement permits the Company to provide broader indemnification rights than the Massachusetts Act
permitted the Company to provide prior to such amendment, substitution, or replacement), the Company shall indemnify, hold
harmless, defend, pay, and reimburse any Covered Person against any and all losses, claims, damages, judgments, fines, or
liabilities, including reasonable legal fees or other expenses incurred in investigating or defending against such losses,
claims, damages, judgments, fines, or liabilities, and any amounts expended in settlement of any claims (collectively,
“Losses”) to which such Covered Person may become subject by reason of:

 

     

     

    

 

(i) Any act or omission or alleged act
or omission performed or omitted to be performed on behalf of the Company, any Member, or any direct or indirect Subsidiary of
the foregoing in connection with the business of the Company; or

 

(ii) The fact that such Covered Person
is or was acting in connection with the business of the Company as a partner, member, stockholder, controlling Affiliate, manager,
director, officer, employee, or agent of the Company, any Member, or any of their respective controlling Affiliates, or that such
Covered Person is or was serving at the request of the Company as a partner, member, manager, director, officer, employee, or agent
of any Person including the Company or any Company Subsidiary;

 

provided, that (x) such Covered
Person acted in good faith and in a manner believed by such Covered Person to be in, or not opposed to, the best interests of the
Company and, with respect to any criminal proceeding, had no reasonable cause to believe his conduct was unlawful, and (y) such
Covered Person’s conduct did not constitute fraud or willful misconduct, in either case as determined by a final, nonappealable
order of a court of competent jurisdiction. In connection with the foregoing, the termination of any action, suit, or proceeding
by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create
a presumption that the Covered Person did not act in good faith or, with respect to any criminal proceeding, had reasonable cause
to believe that such Covered Person’s conduct was unlawful, or that the Covered Person’s conduct constituted fraud
or willful misconduct.

 

(b) Reimbursement. The Company shall
promptly reimburse (and/or advance to the extent reasonably required) each Covered Person for reasonable legal or other expenses
(as incurred) of such Covered Person in connection with investigating, preparing to defend, or defending any claim, lawsuit, or
other proceeding relating to any Losses for which such Covered Person may be indemnified pursuant to this Section 14.03;
provided, that if it is finally judicially determined that such Covered Person is not entitled to the indemnification provided
by this Section 14.03, then such Covered Person shall promptly reimburse the Company for any reimbursed or advanced expenses.

 

     

     

    

 

(c) Entitlement to Indemnity. The
indemnification provided by this Section 14.03 shall not be deemed exclusive of any other rights to indemnification to which
those seeking indemnification may be entitled under any Agreement or otherwise. The provisions of this Section 14.03 shall
continue to afford protection to each Covered Person regardless of whether such Covered Person remains in the position or capacity
pursuant to which such Covered Person became entitled to indemnification under this Section 14.03 and shall inure to the
benefit of the executors, administrators, legatees, and distributees of such Covered Person.

 

(d) Insurance. To the extent available
on commercially reasonable terms, the Company may purchase, at its expense, insurance to cover Losses covered by the foregoing
indemnification provisions and to otherwise cover Losses for any breach or alleged breach by any Covered Person of such Covered
Person’s duties in such amount and with such deductibles as the Board may determine; provided, that the failure to
obtain such insurance shall not affect the right to indemnification of any Covered Person under the indemnification provisions
contained herein, including the right to be reimbursed or advanced expenses or otherwise indemnified for Losses hereunder. If any
Covered Person recovers any amounts in respect of any Losses from any insurance coverage, then such Covered Person shall, to the
extent that such recovery is duplicative, reimburse the Company for any amounts previously paid to such Covered Person by the Company
in respect of such Losses.

 

(e) Funding of Indemnification Obligation.
Notwithstanding anything contained herein to the contrary, any indemnity by the Company relating to the matters covered in
this Section 14.03shall be provided out of and to the extent of Company assets only, and no Member (unless such Member otherwise
agrees in writing) shall have personal liability on account thereof or shall be required to make additional Capital Contributions
to help satisfy such indemnity by the Company.

 

(f) Savings Clause. If this Section
14.03 or any portion hereof shall be invalidated on any ground by any court of competent jurisdiction, then the Company shall
nevertheless indemnify and hold harmless each Covered Person pursuant to this Section 14.03 to the fullest extent permitted
by any applicable portion of this Section 14.03 that shall not have been invalidated and to the fullest extent permitted
by Applicable Law.

 

     

     

    

 

(g) Amendment. The
provisions of this Section 14.03 shall be a contract between the Company, on the one hand, and each Covered Person who
served in such capacity at any time while this Section 14.03 is in effect, on the other hand, pursuant to which the
Company and each such Covered Person intend to be legally bound. No amendment, modification, or repeal of this Section 14.03
that adversely affects the rights of a Covered Person to indemnification for Losses incurred or relating to a state of facts
existing prior to such amendment, modification, or repeal shall apply in such a way as to eliminate or reduce such Covered
Person’s entitlement to indemnification for such Losses without the Covered Person’s prior written consent.

 

Section 14.04 Survival. The provisions
of this Article XIV shall survive the dissolution, liquidation, winding up, and termination of the Company.

 

ARTICLE XV. MISCELLANEOUS

 

Section 15.01 Expenses. Except as
otherwise expressly provided herein, all costs and expenses, including fees and disbursements of counsel, financial advisors, and
accountants, incurred in connection with the preparation and execution of this Agreement, or any amendment or waiver hereof, and
the transactions contemplated hereby shall be paid by the party incurring such costs and expenses.

 

Section 15.02 Further Assurances. In
connection with this Agreement and the transactions contemplated hereby, the Company and each Member hereby agrees, at the request
of the Company or any other Member, to execute and deliver such additional documents, instruments, conveyances, and assurances
and to take such further actions as may be required to carry out the provisions hereof and give effect to the transactions contemplated
hereby.

 

Section 15.03
Notices. All notices, requests, consents, claims, demands, waivers, and other communications hereunder shall be in
writing and shall be deemed to have been given: (a) when delivered by hand (with written confirmation of receipt); (b) when
received by the addressee if sent by a nationally recognized overnight courier (receipt requested); (c) on the date sent by
facsimile or email 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; or (d) on the third day after
the date mailed, by certified or registered mail, return receipt requested, postage prepaid. Such communications must be sent
to the respective parties at the following addresses (or at such other address for a party as shall be specified in a notice
given in accordance with this Section 15.03) :

 

     

     

    

 

	If to the Company:	Agrify-Valiant, LLC	 
	 	 	 
	 	101 Middlesex Turnpike	 
		Ste 6 PMB 327	 
	 	Burlington, MA 01803	 
	 	 	 
	 	E-mail: [    ]	 
	 	Attention: CFO	 

 

If to a Member, to
such Member’s respective mailing and/or email address as set forth on the Members Schedule.

 

Section 15.04 Headings. The headings
in this Agreement are inserted for convenience or reference only and are in no way intended to describe, interpret, define, or
limit the scope, extent, or intent of this Agreement or any provision of this Agreement.

 

Section 15.05 Severability. If any
term or provision of this Agreement is held to be invalid, illegal, or unenforceable under Applicable Law in any jurisdiction,
such invalidity, illegality, or unenforceability shall not affect any other term or provision of this Agreement or invalidate or
render unenforceable such term or provision in any other jurisdiction. Subject to Section 11.02(d) , upon such determination
that any term or other provision is invalid, illegal, or unenforceable, the parties hereto shall negotiate in good faith to modify
this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order
that the transactions contemplated hereby be consummated as originally contemplated to the greatest extent possible.

 

Section 15.06 Entire Agreement.

 

(a) This Agreement, together with the Certificate
of Organization, and all related Exhibits and Schedules, constitutes the sole and entire Agreement of the parties to this Agreement
with respect to the subject matter contained herein and therein, and supersedes all prior and contemporaneous understandings, Agreements,
representations, and warranties, both written and oral, with respect to such subject matter.

 

     

     

    

 

(b) In the event of an inconsistency or
conflict between the provisions of this Agreement and any provision in any other agreement to which Company is a party, the Board
shall resolve such conflict in its sole discretion.

 

Section 15.07 Successors and Assigns.
Subject to the restrictions on Transfers set forth herein, this Agreement shall be binding upon and shall inure to the benefit
of the parties hereto and their respective heirs, executors, administrators, successors, and assigns.

 

Section 15.08 No Third-party Beneficiaries.
Except as provided in Article XIV, which shall be for the benefit of and enforceable by Covered Persons as described
therein, this Agreement is for the sole benefit of the parties hereto (and their respective heirs, executors, administrators, successors,
and assigns) and nothing herein, express or implied, is intended to or shall confer upon any other Person, including any creditor
of the Company, any legal or equitable right, benefit, or remedy of any nature whatsoever under or by reason of this Agreement.

 

Section 15.09 Amendment. No provision
of this Agreement may be amended or modified except by an instrument in writing executed by the Company and Members holding a majority
of the Units. Any such written amendment or modification will be binding upon the Company and each Member; provided, that
an amendment or modification modifying the rights or obligations of any Member in a manner that is disproportionately adverse to
such Member relative to the rights of other Members. Notwithstanding the foregoing, amendments to the Members Schedule following
any new issuance, redemption, repurchase or Transfer of Units in accordance with this Agreement may be made by the Board without
the consent of or execution by the Members.

 

Section 15.10
Waiver. No waiver by any party of any of the provisions hereof shall be effective unless explicitly set forth in writing
and signed by the party so waiving. No waiver by any party shall operate or be construed as a waiver in respect of any
failure, breach, or default not expressly identified by such written waiver, whether of a similar or different character, and
whether occurring before or after that waiver. No failure to exercise, or delay in exercising, any right, remedy, power, or
privilege arising from this Agreement shall operate or be construed as a waiver thereof, nor shall any single or partial
exercise of any right, remedy, power, or privilege hereunder preclude any other or further exercise thereof or the exercise
of any other right, remedy, power, or privilege. For the avoidance of doubt, nothing contained in this Section 15.10
shall diminish any of the explicit and implicit waivers described in this Agreement, including without limitation in Section
4.07(f), Section 8.04(c) , Section 9.01(d) , and Section 10.03(d)(v) hereof.

 

     

     

    

 

Section 15.11 Arbitration. In the
event of any dispute, claim or controversy among the parties arising out of or relating to this Agreement or the Certificate of
Organization, whether in contract, tort, equity or otherwise, and whether relating to the meaning, interpretation, effect, validity,
performance or enforcement of this Agreement or the Certificate of Organization, such dispute, claim or controversy shall be resolved
by and through an arbitration proceeding to be conducted under the auspices and the commercial arbitration rules of the American
Arbitration Association (or any like organization successor thereto) at Boston, Massachusetts. The arbitrability of the dispute,
claim or controversy shall likewise be determined in the arbitration. The arbitration proceeding shall be conducted in as expedited
a manner as is then permitted by the commercial arbitration rules (formal or informal) of the American Arbitration Association.
Both the foregoing agreement of the parties to arbitrate any and all such disputes, claims and controversies, and the results,
determinations, findings, judgments and/or awards rendered through any such arbitration shall be final and binding on the parties
and may be specifically enforced by legal proceedings in any court of competent jurisdiction.

 

(b) Governing Law. The arbitrator(s) shall
follow any applicable federal law and Massachusetts state law (with respect to all matters of substantive law) in rendering an
award.

 

(c) Costs of Arbitration. The cost of the
arbitration proceeding and any proceeding in court to confirm or to vacate any arbitration award, as applicable (including, without
limitation, each party’s attorneys’ fees and costs), shall be borne by the unsuccessful party or, at the discretion
of the arbitrator(s), may be prorated between the parties in such proportion as the arbitrator(s) determines to be equitable and
shall be awarded as part of the arbitrator’s award.

 

Section 15.12
Equitable Remedies. Each party hereto acknowledges that a breach or threatened breach by such party of any of its obligations
under this Agreement would give rise to irreparable harm to the other parties, for which monetary damages would not be an adequate
remedy, and hereby agrees that in the event of a breach or a threatened breach by such party of any such obligations, each of
the other parties hereto shall, in addition to any and all other rights and remedies that may be available to them in respect
of such breach, be entitled to equitable relief, including a temporary restraining order, an injunction, specific performance
and any other relief that may be available from a court of competent jurisdiction (without any requirement to post bond).

 

     

     

    

 

Section 15.13 Offset Privilege. Any
monetary obligation owing from the Company to any Member or Manager may be offset by the Company against any monetary obligation
then owing from that Member or Manager to the Company.

 

Section 15.14 Remedies Cumulative. The
rights and remedies under this Agreement are cumulative and are in addition to and not in substitution for any other rights and
remedies available at law or in equity or otherwise, except to the extent expressly provided in Section 14.02 to the contrary.

 

Section 15.15
Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which
together shall be deemed to be one and the same Agreement. A signed copy of this Agreement delivered by facsimile, email, or
other means of Electronic Transmission shall be deemed to have the same legal effect as delivery of an original signed copy
of this Agreement.

 

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be executed as of the date first written above by their respective officers thereunto
duly authorized.

 

	The Members:	 	The Company:
	 	 	 	 	 
	Valiant America, LLC	 	Agrify-Valiant, LLC
	 	 	 	 	 
	By:	/s/Eamonn O’Kane	 	By:	/s/Raymond Chang
	Name:	Eamonn O’Kane	 	Name:	Raymond Chang 
	Title:	CEO	 	Title:	Chairman
	 	 	 	 	 
	 	 	 	 	 
	Agrify Corporation	 	 	 
	 	 	 	 	 
	By:	/s/Mary Anne Squillace	 	 	 
	Name:	Mary Anne Squillace	 	 	 
	Title:	VP Finance	 	 	 

 

     

     

    

 

EXHIBIT A

FORM OF JOINDER AGREEMENT

 

     

     

    

 

JOINDER AGREEMENT

TO LIMITED LIABILITY OPERATING AGREEMENT

 

THIS JOINDER AGREEMENT
TO OPERATING AGREEMENT of AGRIFY-VALIANT, LLC (this “Joinder
Agreement”) is executed and delivered this                 day
of                 20                 by (“[NAME]”)
and is effective as of the date hereof. All capitalized terms used but not defined herein shall have the respective meanings ascribed
to them in the Operating Agreement of Agrify-Valiant, LLC dated as of [DATE], as amended (the “Operating Agreement”),
by and among the Members of Agrify-Valiant, LLC (“Company”) as defined therein.

 

WHEREAS, [NAME] desires to purchase                  units,
each representing a member interest of the Company (a “Member’s
Interest”);

 

WHEREAS, in connection with the purchase
of the Member’s Interest, [NAME] must, among other things,
become a party to the Operating Agreement;

 

NOW, THEREFORE, in consideration of the
premises, the mutual covenants contained herein, and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto agree as follows:

 

[NAME] hereby acknowledges and agrees with
the Company that he is a signatory and party to the Operating Agreement as of the date first written above and thus subject to
all terms and conditions of the Operating Agreement applicable to each Member of the Company.

 

[Signatures on Following Page]

 

     

     

    

 

IN WITNESS WHEREOF, the parties hereto
have caused this Joinder Agreement to be executed as of the date first written above by their respective officers thereunto duly
authorized.

 

	 	 Company:
	 	Agrify-Valiant, LLC
	 	 	 
	 	By:	
	 	Name:	
	 	Title:	
	 	 	 
	 	 	 
	 	Member:
	 	 	 
	 	[NAME]
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

[EXAMPLE ONLY DO NOT EXECUTE]

 

     

     

    

 

SCHEDULE A 

MEMBERS SCHEDULE

 

	Member
    Name and Address	Units	Initial
    Capital Contribution
	
        Agrify Corporation

101 Middlesex Turnpike,

Suite 6, PMB 326,

        Burlington MA 01803

         

        Email for notice: 

[    ]
	60,000	60,000 USD
	
        Valiant America, LLC

        PO Box 87141

        S Dartmouth, MA 02748

         

        Email for notice:

        [    ]
	40,000	40,000 USD
	 	 	 
	Total:	100,000	100,000 USD

 

     

     

    

 

SCHEDULE B 

MANAGERS SCHEDULE

 

Manager Name and Address

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