Document:

Exhibit 10.8

 

L A M Y

 

LOAN AGREEMENT AND PROMISSORY NOTE

 

THIS LOAN AGREEMENT AND PROMISSORY NOTE (the “Note”), is
made this 20th day of September, 2022, by and among Mr. Dwight Witmer (hereinafter, known as “LENDER”) and LAMY, a Corporation
organized under the laws of the State of Wyoming (hereinafter, known as “BORROWER”).  BORROWER and LENDER shall collectively
be known herein as “the Parties”.  In determining the rights and duties of the Parties under this Loan Agreement, the
entire document must be read as a whole.

 

PROMISSORY NOTE

 

FOR VALUE RECEIVED, BORROWER promises to repay to the order of LENDER,
the sum of $15,100.00 dollars together with interest thereon at a rate of 10 percent (%) per annum.

 

ADDITIONAL LOAN TERMS

 

The BORROWER and LENDER, hereby further set forth their rights and
obligations to one another under this Loan Agreement and Promissory Note and agree to be legal bound as follows:

 

A.

Principal Loan Amount $15,100.00

 

B.

Loan Repayment Terms.

BORROWER will make payment(s) to LENDER in three (3) separate payments
according to the following schedule:

 

1.

$5,100 on or before September 20, 2023,

2.

$5,000.00 on or before September 20, 2024,

3.

$5,000.00 on or before September 20, 2025,  

4.

The interest amount is expected to be at $4,530; due with the final
payment thereto.  

 

C.

Collateral.

This loan is unsecured.

 

D.

Method of Loan Payment.

The BORROWER shall make all payments called for under this loan agreement
by sending check or other modern method of payment, payable to Mr. Dwight Witmer.

 

 

 

 

    	 	1	 

     

    

 

E.

Default.

The occurrence of any of the following events shall constitute a Default
by the BORROWER of the terms of this loan agreement and promissory note:

 

1)

BORROWER’S failure to pay any amount due as principal or interest
on the date required under this loan agreement.

 

2)

BORROWER seeks an order of relief under the Federal Bankruptcy laws.

 

3)

A federal tax lien is filed against the assets of BORROWER.

 

F.

Additional Provisions Regarding Default.

 

1)

Addressee and Address to which LENDER is to give BORROWER written notice
of default:

 

201
Allen Street. 

Unit
10104 

New
York City, New York 10002

 

If BORROWER gives written notice to LENDER that a different address
shall be used, LENDER shall use that address for giving notice of default (or any other notice called for herein) to BORROWER.

 

2)

Cure of Default.  Upon default, LENDER shall give BORROWER
written notice of default.  Mailing of written notice by LENDER to BORROWER via U.K. or U.S. Postal Service Certified Mail shall
constitute prima facie evidence of delivery.  BORROWER shall have 15 days after receipt of written notice of default from LENDER
to cure said default.  In the case of default due solely to BORROWER’S failure to make timely payment as called for in this
loan agreement, BORROWER may cure the default by either:  (i) making full payment of any principal and accrued interest (including
interest on these amounts) whose payment to LENDER is overdue under the loan agreement and, also, the late-payment penalty described below.

 

3)

Penalty for Late Payment.  There shall also be imposed
upon BORROWER a 2% penalty for any late payment computed upon the amount of any principal and accrued interest whose payment to
LENDER is overdue under this loan agreement and for which LENDE has delivered a notice of default to BORROWER.

 

4)

Indemnification of Attorneys Fees and Out-of-Pocket Costs.  Should
any party materially breach this agreement, the non-breaching party shall be indemnified by the breaching party for its reasonable attorneys
fees and out-of-pocket costs which in any way relate to, or were precipitated by, the breach of this agreement.  The term “out-of-pocket
costs”, as used herein, shall not include lost profits.  A default by BORROWER which is not cured within 15 days after
receiving a written notice of default from LENDER constitutes a material breach of this agreement by BORROWER.

 

G.

Parties That Are Not Individuals.

If any Party to this agreement is other than an individual (i.e., a
corporation, a Limited Liability Company, a Partnership, or a Trust), said Party, and the individual signing on behalf of said Party,
hereby represents and warrants that all steps and actions have been taken under the entity’s governing instruments to authorize
the entry into this Loan Agreement.  Breach of any representation contained in this paragraph is considered a material breach of
the Loan Agreement.

 

 

 

    	 	2	 

     

    

 

H.

Integration.

This Agreement, including the attachments mentioned in the body as
incorporated by reference, sets forth the entire agreement between the Parties with regard to the subject matter hereof.  All prior
agreements, representations and warranties, express or implied, oral or written, with respect to the subject matter hereof, are superseded
by this agreement.  This is an integrated agreement.

 

I.

Severability.

In the event any provision of this Agreement is deemed to be void,
invalid, or unenforceable, that provision shall be severed from the remainder of this Agreement so as not to cause the invalidity or unenforceability
of the remainder of this Agreement.  All remaining provisions of this Agreement shall then continue in full force and effect.  If
any provision shall be deemed invalid due to its scope or breadth, such provision shall be deemed valid to the extent of the scope and
breadth permitted by law.

 

J.

Modification.

Except as otherwise provided in this document, this agreement may be
modified, superseded, or voided only upon the written and signed agreement of the Parties.  Further, the physical destruction
or loss of this document shall not be construed as a modification or termination of the agreement contained herein.

 

K.

Exclusive Jurisdiction for Suit in Case of Breach.

The Parties, by entering into this agreement, submit to jurisdiction
in State of Wyoming for adjudication of any disputes and/or claims between the Parties under this agreement.

 

L.

State Law.

This Agreement shall be interpreted under, and governed by, the laws
of the State of Wyoming.

 

IN WITNESS WHEREOF and acknowledging acceptance and agreement of
the foregoing, BORROWER and LENDER affix their signatures hereto.

 

BORROWER:

 

/s/Dwight Witmer, CEO

LAMY

 

 

LENDER:

 

/s/ Dwight Witmer

Dated: September 20, 2022

 

 

 

 

    	 	3Exhibit 4.5
DESCRIPTION OF THE REGISTRANT’S SECURITIES REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED
​
As of June 30, 2022, Sanaby Health Acquisition Corp. I (“we,” “our,” “us,” or the “Company”) had the following three classes of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”): (i) its Units, consisting of one share of Class A common stock (as defined below) and one-half of one redeemable Warrant (as defined below), with each whole Warrant entitling the holder thereof to purchase one share of Class A common stock (the “Units”), (ii) its Class A common stock, $0.0001 par value per share (“Class A common stock”) and (iii) its Public Warrants, with each whole Warrant exercisable for one Class A ordinary share for $11.50 per share (the “Warrants” or “Public Warrants”).
​
Pursuant to our amended and restated certificate of incorporation, our authorized capital stock consists of 111,000,000 shares of capital stock, including: 100,000,000 shares of Class A common stock, $0.0001 par value per share; 10,000,000 shares of Class B common stock, $0.0001 par value per share; and, 1,000,000 shares of undesignated preferred stock, $0.0001 par value per share. The following description summarizes the material terms of our capital stock, and does not purport to be complete. It is subject to, and qualified in its entirety by reference to, our amended and restated certificate of incorporation and our warrant agreement, each of which is incorporated by reference as an exhibit to our Annual Report on Form 10-K for the year ended June 30, 2022 (the “Report”) of which this Exhibit 4.5 is a part.
​
Defined terms used herein but not otherwise defined shall have the meaning ascribed to such terms in the Report.
​
Units
​
Each unit consists of one whole share of Class A common stock and one-half of one redeemable Warrant. Each whole Warrant entitles the holder thereof to purchase one share of Class A common stock exercisable at 11.50 per full share.
​
Common Stock
​
Class A common stock – The Company is authorized to issue up to 100,000,000 shares of Class A common stock, par value $0.0001 per share. Holders of the Company’s common stock are entitled to one vote for each share held. At June 30, 2022, there were 17,250,000 shares of Class A common stock issued and outstanding, which are subject to possible redemption and classified as temporary equity.
​
Class B common stock – The Company is authorized to issue up to 10,000,000 shares of Class B common stock, par value $0.0001 per share. Holders of the Company’s common stock are entitled to one vote for each share held. At June 30, 2022 there were 5,175,000 shares of Class B common stock issued and outstanding.
​
Common stockholders of record are entitled to one vote for each share held on all matters to be voted on by stockholders. Holders of Class A common stock and holders of Class B common stock, voting together as a single class, shall have the exclusive right to vote for the election of directors and on all other matters properly submitted to a vote of the stockholders, or as required by law.
​
The shares of Class B common stock will automatically convert into shares of Class A common stock at the time of a Business Combination on a one-for-one basis, subject to adjustment for stock splits, stock dividends, reorganizations, recapitalizations and the like. In the case that additional shares of Class A common stock, or equity-linked securities, are issued or deemed issued in excess of the amounts issued in the Initial Public Offering and related to the closing of a Business Combination, the ratio at which the shares of Class B common stock will convert into shares of Class A common stock will be adjusted (unless the holders of a majority of the issued and outstanding shares of the Class B common stock agree to waive such antidilution adjustment with respect to any such issuance or deemed issuance) so that the number of shares of Class A common stock issuable upon conversion of all shares of Class B common stock will equal, in the aggregate, on an as-converted basis, 23.1% of the sum of all shares of common stock issued and outstanding upon the completion of the Initial Public
​

Offering, plus all shares of our Class A common stock and equity-linked securities issued or deemed issued in connection with a Business Combination, excluding any shares or equity-linked securities issued, or to be issued, to any seller in a Business Combination.
​
We will provide our public stockholders with the opportunity to redeem all or a portion of their shares of common stock upon the completion of our Business Combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account calculated as of two business days prior to the consummation of our Business Combination, including interest earned on the funds held in the trust account and not previously released to us to pay our taxes, if any, divided by the number of the then-outstanding shares of Class A common stock, subject to the limitations described herein. The per-share amount we will distribute to investors who properly redeem their shares will not be reduced by the deferred underwriting commissions we will pay to the underwriters. The redemption rights will include the requirement that a beneficial owner must identify itself in order to valid redeem its shares. Our initial stockholders and each member of our management team entered into an agreement with us, pursuant to which they have agreed to waive their redemption rights with respect to any Founder Shares and any shares of Class A common stock held by them in connection with (i) the completion of our Business Combination, and (ii) a stockholder vote to approve an amendment to our amended and restated certificate of incorporation (A) that would modify the substance or timing of our obligation to provide holders of our shares of Class A common stock the right to have their shares redeemed in connection with our Business Combination or to redeem 100% of our shares of Class A common stock if we do not complete our Business Combination by October 19, 2022 (or within the Extended Business Combination Period, if applicable) or (B) with respect to any other provision relating to the rights of holders of our shares of Class A common stock.
​
In the event of a liquidation, dissolution or winding up of the company after a Business Combination, our stockholders are entitled to share ratably in all assets remaining available for distribution to them after payment of liabilities and after provisions are made for each class of stock, if any, having preference over the common stock. Our stockholders have no preemptive or other subscription rights. There are no sinking fund provisions applicable to the common stock, except that we will provide our public stockholders with the opportunity to redeem their shares of Class A common stock for cash at a per share price equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to us to pay our taxes, if any, divided by the number of the then-outstanding shares of Class A common stock, upon the completion of our Business Combination, subject to the limitations described herein.
​
Preferred Stock
​
The Company is authorized to issue 1,000,000 shares of preferred stock with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors. At June 30, 2022, there were no shares of preferred stock issued or outstanding.
​
Warrants
​
Public Warrants
​
As of June 30, 2022, there were 8,625,000 whole Public Warrants outstanding. Public Warrants may only be exercised for a whole number of shares of Class A common stock. No fractional shares will be issued upon exercise of the Public Warrants. The Public Warrants will become exercisable on the later of (a) 30 days after the consummation of a Business Combination or (b) 12 months from the closing of the Initial Public Offering. The Public Warrants will expire five years from the consummation of a Business Combination or earlier upon redemption or liquidation.
​
The Company will not be obligated to deliver any shares of Class A common stock pursuant to the exercise of a Public Warrant and will have no obligation to settle such Public Warrant exercise unless a registration statement under the Securities Act covering the issuance of shares of Class A common stock underlying the
​

Public Warrants is then effective and a prospectus relating thereto is current, subject to the Company satisfying its obligations with respect to registration. No Warrant will be exercisable and the Company will not be obligated to issue shares of Class A common stock upon the exercise of a Public Warrant unless Class A common stock issuable upon such Warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the Warrants.
​
The Company has registered the shares of Class A common stock issuable upon exercise of the Public Warrants. In addition, the Company will use commercially reasonable efforts to maintain the effectiveness of the registration statement, and a current prospectus relating thereto, with the SEC for the offer and sale of the Class A common stock issuable upon exercise of the Warrants, until the expiration of the Warrants in accordance with the provisions of the warrant agreement. If a registration statement covering the shares of Class A common stock issuable upon exercise of the Warrants is not effective by the 60th business day after the closing of our Business Combination, warrantholders may, until such time as there is an effective registration statement and during any period when we will have failed to maintain an effective registration statement, exercise Warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption. If that exemption, or another exemption, is not available, holders will not be able to exercise their Warrants on a cashless basis.
Once the Warrants become exercisable, we may call the Warrants for redemption:
		●	in whole and not in part;

​
		●	at a price of $0.01 per Warrant;

​
		●	upon not less than 30 days’ prior written notice of redemption (the “30-day redemption period”) to each warrantholder; and

​
		●	if, and only if, the reported last sale price of the Class A common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period commencing once the Warrants become exercisable and ending three business days before we send the notice of redemption to the warrantholders.

​
​
If and when the Warrants become redeemable by the Company, the Company may not exercise its redemption rights if the issuance of shares of common stock upon exercise of the Warrants is not exempt from registration or qualification under applicable state blue sky laws or the Company is unable to effect such registration or qualification.
​
The exercise price and number of Class A common stock issuable upon exercise of the Public Warrants may be adjusted in certain circumstances including in the event of a share dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation. However, except as described below, the Public Warrants will not be adjusted for issuances of Class A common stock at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the Public Warrants. If the Company is unable to complete a Business Combination by October 19, 2022 (or within the Extended Business Combination Period, if applicable) and the Company liquidates the funds held in the Trust Account, holders of Public Warrants will not receive any of such funds with respect to their Public Warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with respect to such Public Warrants. Accordingly, the Public Warrants may expire worthless.
​
In addition, if (x) the Company issues additional shares of Class A common stock or equity-linked securities, for capital raising purposes in connection with the closing of its Business Combination at an issue price or effective issue price of less than $9.20 per share of Class A common stock (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the Company’s Business Combination on the date of the consummation of the Company’s Business Combination (net of redemptions), and (z) volume weighted average trading price of the Company’s common stock during the 20 trading day period starting on the trading day prior to the day on which the Company
​

consummates its initial Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the Warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price described above will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price.
​
Private Placement Warrants
​
At June 30, 2022, there were 7,232,500 Private Placement Warrants outstanding. The Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except that the Private Placement Warrants (including the Class A common stock issuable upon exercise of the Private Placement Warrants) will not be transferable, assignable or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants will not be redeemable by the Company so long as they are held by the Sponsor or its permitted transferees.
​
If the Private Placement Warrants are held by holders other than the Sponsor or its permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by the holders on the same basis as the Public Warrants.

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