Document:

simp-ex41_6.htm

 

Exhibit 4.1

 

JANUARY 18, 2022 AMENDMENT 

TO LOAN AND SECURITY AGREEMENT 

    This JANUARY 18, 2022 AMENDMENT TO LOAN AND SECURITY AGREEMENT (the “Amendment”) is dated as of the foregoing date (the “Effective Date”), and agreed to by and between SIMPLY, INC., Maryland corporation, and SIMPLY MAC, INC., a Utah corporation (together, and jointly and severally, the “Borrower”), BRAEBEACON HOLDINGS INC. (“Guarantor”), and LINE FINANCIAL CORP., a Texas corporation (the "Lender").  All capitalized terms used but not defined in this Amendment shall have the meanings ascribed to them in the Loan Agreement (defined below). 

RECITALS

WHEREAS, Borrower and Lender have entered into a Loan and Security Agreement dated as of November 23, 2021, pursuant to which Lender has extended a Loan to Borrower of up to $6,000,000 (as from time to time, amended, modified or restated, and including all exhibits and schedules thereto, the “Loan Agreement”); 

 

WHEREAS, the obligations of Borrower to Lender under the Loan Agreement are secured by substantially all present and future tangible and intangible personal property of Borrower as set forth in the Loan Agreement; 

 

WHEREAS, Guarantor has unconditionally guaranteed all Obligations of Borrower to Lender under the Loan Agreement and other Loan Documents; and  

 

WHEREAS, Borrower has requested additional Loans in the combined principal amount of $2,800,000, and Lender has agreed to make such additional Loans to Borrower, subject to and conditioned upon the terms of this Amendment, as more particularly described below. 

 

AGREEMENT

NOW, THEREFORE, in consideration of the premises and the mutual covenants hereinafter contained, the Loan Agreement and Schedule thereto are hereby modified and amended as follows:

1.Additional Loans.  Provided no Event of Default has occurred or is continuing under the Loan Agreement or under any other Loan Document, and subject at all times to the terms of the Loan Agreement, Lender agrees to make two additional Loans to Borrower, one in the principal amount of $1,000,000 to be disbursed on or around January 19, 2022, and the other in the principal amount of $1,800,000 to be disbursed on or around January 26, 2022 (the “Additional Loans”).  Each Additional Loan shall be deemed a “Loan” under Section 1 of the Schedule to the Loan Agreement.  The Additional Loans shall accrue interest pursuant to Section 2 of the Schedule to the Loan Agreement (including at the Default Rate, when applicable).  Accrued interest on the outstanding principal balance of the Additional Loans shall be payable to Lender pursuant to the terms of the Loan Agreement. 

2.Principal Repayment Terms for Additional Loans.  The outstanding principal on the Additional Loans shall be repaid by Borrower to Lender, in the amounts and on the dates set forth in the following repayment schedule: 

 

 

 

				
	
Date
	
Borrowings
	
Repayments
	
Balance

	
Jan. 19, 2022
	
$1,000,000
	
 
	
$1,000,000

	
Jan. 26, 2022
	
$1,800,000
	
 
	
$2,800,000

	
Feb. 23, 2022
	
 
	
   $475,000
	
$2,325,000

	
Mar. 02, 2022
	
 
	
   $475,000
	
$1,850,000

	
Mar. 09, 2022
	
 
	
   $475,000
	
$1,375,000

	
Mar. 16, 2022
	
 
	
   $475,000
	
   $900,000

	
Mar. 23, 2022
	
 
	
   $475,000
	
   $425,000

	
Mar. 30, 2022
	
 
	
   $425,000
	
-0-

	
Totals
	
$2,800,000
	
$2,800,000
	
 

3.Residual Inventory Value Covenant.  Upon full disbursement of the Additional Loans, Borrower covenants that, at all times, the Additional Loans shall not exceed 70% of the Residual Inventory Value plus cash on hand, tested weekly.  For purposes of this Section 3 of the Amendment, “Residual Inventory Value” shall mean and be calculated as follows:  gross Inventory (at cost) less Inventory (at cost) financed by Lender pursuant to the Loan Agreement less Indebtedness owed by Borrower to Ingram Micro Inc.  Failure to maintain the minimum Residual Inventory Value shall be an Event of Default under the Loan Agreement, and shall entitle Lender to all default remedies under the Loan Agreement, the other Loan Documents, and applicable law. 

4.Additional Reporting Requirements.  Section 7 of the Schedule to the Loan Agreement is hereby modified to add the following additional reporting requirements:

	
 
	
•
	
Weekly Inventory reports 

	
 
	
•
	
Weekly statement of account (Indebtedness) owed to Ingram Micro Inc. 

	
 
	
•
	
Weekly bank statements for all Borrower operating accounts  

5.Guarantor Provisions. The Guarantor, pursuant to that certain Guarantee and Postponement, between Guarantor and Lender, dated November 24, 2021 (the “Guarantee”) hereby (i) acknowledges receipt of the Amendment; (ii) consents to the terms and execution thereof; (iii) reaffirms Guarantor’s personal guarantee of the obligations to Lender under the Loan Agreement, as hereby amended; and (iv) acknowledges that Lender may amend, restate, extend, renew or increase the credit limit, and extend additional credit thereunder, or otherwise modify the foregoing documents and any indebtedness or agreement of Borrower, or enter into any agreement or extend additional or other credit accommodations, without notifying or obtaining the consent of Guarantor and without impairing any of Lender’s rights under the Guarantee.

6.Additional Loans Subject to Terms of Loan Agreement.  Each Additional Loan shall be subject to the terms and conditions of the Loan Agreement, as hereby amended and modified.  

7.Security.  All amounts outstanding on the Additional Loans shall constitute “Obligations” (as defined in the Loan Agreement), and such amounts are and shall continue to be secured by a first lien security interest in the Collateral, as set forth in Section 2 of the Loan Agreement.  All parties signing below acknowledge and agree that the liens created and provided for by the Loan Agreement and the other Loan Documents continue to secure, among other things, the Obligations arising under the Loan Agreement as amended hereby; and the Loan Documents and the rights and remedies of the Lender thereunder, the obligations of the Borrower and any other obligor of the Obligations, and the liens created and provided for thereunder remain in full force and effect and shall not be affected, impaired or discharged hereby. Nothing herein contained shall in any manner affect or impair the priority of the liens and security interests created and provided for by the Loan Documents, as hereby amended.

 

 

8.No Further Modifications of Loan Documents. Except as expressly set forth herein, nothing in this Amendment modifies or amends the Loan Agreement, the Schedule thereto or any other Loan Document. However, in the event of an irreconcilable conflict or inconsistency between the provisions of the Loan Agreement or any other Loan Document and the provisions of this Amendment, with respect to the Additional Loans, the provisions of this Amendment shall control.The terms of this Amendment are incorporated into and made a part of the Loan Agreement and the other Loan Documents, as applicable.  For clarity only, Loans other than the Additional Loans are governed entirely by the repayment terms contained in the Loan Agreement.  

9.Costs to Borrower. Borrower agrees to pay all costs and expenses incurred by Lender in connection with the preparation, execution and administration of this Amendment and any other documents executed in connection herewith, including any attorney’s fees incurred in the preparation of this Amendment or any documents executed in connection herewith.

10.Release. As a material inducement to Lender to enter into this Amendment, Borrower and Guarantor do hereby (a) remise, release, acquit, satisfy and forever discharge Lender, and all of the past, present and future officers, directors, employees, agents, attorneys, representatives, participants, successors and assigns of Lender, from any and all claims, demands, liabilities, obligations, expenses, damages, judgments, executions and causes of action of any nature whatsoever, whether at law or in equity, either now accrued or hereafter maturing and whether known or unknown, which Borrower or Guarantor may now have or hereafter can, shall or may have by reason of any matter, cause or thing, including specifically, but without limitation, matters arising out of, in connection with or relating to (i) the obligations evidenced by the Loan Documents, and (ii) any other relationship, agreement or transaction between Borrower, Guarantor, and Lender or any of their respective subsidiaries or affiliates; and (b) covenant and agree never to institute or cause to be instituted or continue prosecution of any suit or other form of action or proceeding of any kind or nature whatsoever against Lender or any subsidiaries or affiliates of Lender, or any of its past, present or future officers, directors, employees, agents, attorneys, representatives, participants, successors or assigns, by reason of or in connection with any of the foregoing matters, claims or causes of action, provided, however, that the foregoing release and covenant not to sue shall not apply to any claims arising after the date of this Amendment with respect to acts, occurrences or events which arise after the date of this Amendment.

11.Execution. This Amendment may be executed in multiple counterparts, each of which constitutes an original instrument, but all of which constitute the same agreement.

12.Conditions Precedent. The effectiveness of this Amendment is subject to Lender’s receipt of a fully-executed copy of this Amendment.

13.Further Assurances.   Upon Lender’s request, Borrower and Guarantor shall execute additional documents that Lender deems necessary, in its good faith business judgment, to effectuate the intent of this Amendment. 

 

 

[Execution page follows]

 

 

 

 

 

IN WITNESS WHEREOF, this Amendment has been duly executed as of the date first written above.

		
	
BORROWER: 

 

SIMPLY, INC. 

 

By:    /s/ Vernon A. LoForti 

Name: Vernon A. LoForti

Title: Chief Financial Officer

 
	
LENDER: 

 

LINE FINANCIAL CORP. 

 

By:     Robert Thompson-So

Name: Robert Thompson-So

Title:  Director 

 

	
BORROWER:

 

SIMPLY MAC, INC. 

 

By:    /s/ Vernon A. LoForti

Name: Vernon A. LoForti

Title: Chief Financial Officer

 
	
 GUARANTOR:

 

BRAEBEACON HOLDINGS INC. 

 

By:    /s/ David Scobie

Name: David Scobie

Title: Director 

 

By:    Robert Anton

Name: Robert Anton 

Title: DirectorExhibit 10.3

 

SUBSCRIPTION AGREEMENT

 

This Subscription Agreement
(this “Agreement”) is dated as of _____ ____, 2021, by and among EZRaider Co., formerly known as E-Waste Corp., a Florida
corporation (the “Company”), and each purchaser identified on the signature pages hereto (each, including its successors
and assigns, a “Purchaser” and collectively the “Purchasers”).

 

RECITALS

 

A.           The Company and each Purchaser is executing and delivering this Agreement in connection with the Company’s private
placement offering (the “Offering”) of shares of common stock, par value $0.0001 per share (“Common Stock”).
The Offering is being made on a reasonable best-efforts basis to “accredited investors,” as defined in Regulation D
(“Regulation D”) in reliance upon the exemption from securities registration afforded by Section 4(a)(2) of the Securities
Act of 1933, as amended (the “Securities Act”), and/or Rule 506 of Regulation D as promulgated by the United States
Securities and Exchange Commission (the “Commission”) under the Securities Act.

 

B.            Each Purchaser, severally and not jointly, wishes to purchase, and the Company wishes to sell, upon the terms and conditions
stated in this Agreement, such number of the Company’s shares of Common Stock (the “Shares”), as indicated on
such Purchaser’s Omnibus Signature Page to this Agreement at a purchase price of $1.50 per share.

 

C.            The Company is conducting the Offering to raise general working capital for operations of the Company;

 

NOW, THEREFORE, IN CONSIDERATION
of the mutual covenants contained in this Agreement, and for other good and valuable consideration, the receipt and adequacy of
which are hereby acknowledged, the Company and each Purchaser hereby agree as follows:

 

ARTICLE
I.

DEFINITIONS

 

1.1           Definitions. In addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement, the
following terms shall have the meanings indicated in this Section 1.1:

 

“Action”
means any action, suit, inquiry, notice of violation, Proceeding or investigation pending or, to the Company’s Knowledge,
threatened in writing against the Company, any Subsidiary or any of their respective properties or any officer, director or employee
of the Company or any Subsidiary acting in his or her capacity as an officer, director or employee before or by any federal, state,
county, local or foreign court, arbitrator, governmental or administrative agency, regulatory authority, stock market, stock exchange
or trading facility.

 

“Affiliate”
means, with respect to any Person, any other Person that, directly or indirectly through one or more intermediaries, Controls,
is controlled by or is under common control with such Person, as such terms are used in and construed under Rule 405 under the
Securities Act. With respect to a Purchaser, any investment fund or managed account that is managed on a discretionary basis by
the same investment manager as such Purchaser will be deemed to be an Affiliate of such Purchaser.

 

     

     

    

 

“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.

 

“Closing”
means the closing of the purchase and sale of the Shares pursuant to this Agreement. The purchase and sale of the Shares shall
take place in one or more closings (each of which is referred to in this Agreement as a “Closing”).

 

“Closing Date”
means the Business Day when all of the Transaction Documents have been executed and delivered by the applicable parties thereto,
and all of the conditions set forth in this Agreement in relation to Closing hereof are satisfied or waived, as the case may be,
or such other date as the parties may agree.

 

“Common Stock”
has the meaning set forth in the Recitals, and also includes any other class of securities into which the Common Stock may hereafter
be reclassified or changed into.

 

“Common Stock Equivalents”
means any securities of the Company or any Subsidiary which would entitle the holder thereof to acquire at any time Common Stock,
including, without limitation, any debt, preferred stock, rights, options, warrants or other instrument that is at any time convertible
into or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock or other securities that entitle the
holder to receive, directly or indirectly, Common Stock.

 

“Company’s
Knowledge” means with respect to any statement made to the Company’s Knowledge, that the statement is based upon the
actual knowledge of the executive officers of the Company having responsibility for the matter or matters that are the subject
of the statement.

 

“Control”
(including the terms “controlling”, “controlled by” or “under common control with”) means the
possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether
through the ownership of voting securities, by contract or otherwise.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended, or any successor statute, and the rules and regulations promulgated thereunder.

 

“GAAP” means
U.S. generally accepted accounting principles, as applied by the Company.

 

“Lien” means
any lien, charge, claim, encumbrance, security interest, right of first refusal, preemptive right or other restrictions of any
kind.

 

“Material Adverse
Effect” means a material adverse effect on the results of operations, assets, prospects, business or financial condition
of the Company and the Subsidiaries, taken as a whole, except that any of the following, either alone or in combination, shall
not be deemed a Material Adverse Effect: (i) effects caused by changes or circumstances affecting general market conditions in
the U.S. economy or which are generally applicable to the industry in which the Company operates, provided that such effects are
not borne disproportionately by the Company, (ii) effects resulting from or relating to the announcement or disclosure of the sale
of the Shares or other transactions contemplated by this Agreement, or (iii) effects caused by any event, occurrence or condition
resulting from or relating to the taking of any action in accordance with this Agreement.

 

    2 

     

    

 

“Material Contract”
means any contract of the Company that has been filed or was required to have been filed as an exhibit to the SEC Reports pursuant
to Item 601(b)(4) or Item 601(b)(10) of Regulation S-K.

 

“New York Courts”
means the state and federal courts sitting in the City of New York, Borough of Manhattan.

 

“Person”
means an individual, corporation, partnership, limited liability company, trust, business trust, association, joint stock company,
joint venture, sole proprietorship, unincorporated organization, governmental authority or any other form of entity not specifically
listed herein.

 

“Principal Trading
Market” means the Trading Market on which the Common Stock is primarily listed on and quoted for trading, which, as of the
date of this Agreement and the Closing Date, shall be the OTC Pink Market.

 

“Proceeding”
means an action, claim, suit, investigation or proceeding (including, without limitation, an investigation or partial proceeding,
such as a deposition), whether commenced or threatened.

 

“Rule 144”
means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time to time, or
any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule.

 

“SEC Reports”
has the meaning set forth in Section 3.1(g).

 

“Short Sales”
include, without limitation, (i) all “short sales” as defined in Rule 200 promulgated under Regulation SHO under the
Exchange Act, whether or not against the box, and all types of direct and indirect stock pledges, forward sale contracts, options,
puts, calls, short sales, swaps, “put equivalent positions” (as defined in Rule 16a-1(h) under the Exchange Act) and
similar arrangements (including on a total return basis), and (ii) sales and other transactions through non-U.S. broker dealers
or foreign regulated brokers (but shall not be deemed to include the location and/or reservation of borrowable shares of Common
Stock).

 

“Subscription Amount”
means, with respect to each Purchaser, the aggregate amount to be paid for the Shares purchased hereunder as indicated on such
Purchaser’s Omnibus Signature Page next to the heading “Subscription Amount” in United States dollars and in
immediately available funds.

 

    3 

     

    

 

“Subsidiary”
means any subsidiary of the Company as set forth on the SEC Reports, and shall, where applicable, include any subsidiary of the
Company formed or acquired after the date hereof.

 

“Trading Day”
means (i) a day on which the Common Stock is traded on either a national securities exchange, or (ii) if the Common Stock is not
traded on a national securities exchange, a day on which the Common Stock is quoted in the over-the-counter market as reported
by OTC Markets Group Inc. (or any similar organization or agency succeeding to its functions of reporting prices); provided, that
in the event that the Common Stock is not listed or quoted as set forth in (i) and (ii) hereof, then Trading Day shall mean a Business
Day.

 

“Trading Market”
means whichever of the New York Stock Exchange, the NYSE American, the NASDAQ Global Select Market, the NASDAQ Global Market, the
NASDAQ Capital Market or any tier on the OTC Markets on which the Common Stock is listed or quoted for trading on the date in question.

 

“Transaction Documents”
means this Agreement (including the schedules and exhibits attached hereto), and each of the other agreements and documents that
are exhibits hereto or thereto or are contemplated hereby or thereby or necessary or desirable to effect the transactions contemplated
hereby.

 

“Transfer Agent”
means Continental Stock Transfer & Trust, or any successor transfer agent for the Company.

 

ARTICLE
II. 

 

PURCHASE
AND SALE

 

2.1          
Subscription. The undersigned Purchaser hereby subscribes to purchase the number of Shares set forth on the signature
page attached hereto (the “Omnibus Signature Page”), for the aggregate Purchase Price as set forth on such Signature
Page, subject to the terms and conditions of this Agreement and on the basis of the representations, warranties, covenants and
agreements contained herein. The initial closing and any subsequent closings of the purchase and sale of the Shares shall be referred
to as a “Closing,” and the date on which such Closing occurs hereinafter referred to as the “Closing Date”,
and shall take place at the offices of the Company, or at such other locations or remotely by facsimile transmission or other electronic
means as the parties may mutually agree. Unless terminated earlier by the Company, the Offering shall continue until October 31,
2021, which period may be extended by the Company until December 31, 2021 without notice to any Purchaser, past, current or prospective.

 

2.2          
Subscription Procedure. On or before each Closing Date, the Purchaser shall review, complete and execute the Omnibus
Signature Page to this Agreement and complete the Accredited Investor Certification, attached hereto following the Omnibus Signature
Page (collectively, the “Subscription Documents”), and if applicable, additional forms and questionnaires distributed
to the Purchaser by the Company and deliver the Subscription Documents and such additional forms and questionnaires to the address
of the Company. The documents may be delivered to the Company by facsimile or .pdf sent by electronic mail (e-mail), if the Purchaser
delivers the original copies of the documents to the Company, as soon as practicable thereafter. Simultaneously with the delivery
of the Subscription Documents to the Company as provided herein, and in any event on or prior to the Closing Date, the Purchaser
shall deliver to the Company the aggregate Purchase Price (the “Subscription Amount”) for the purchase of the Shares,
by wire transfer in United States dollars and in immediately available funds, as instructed by the Company on the signature page
hereto. The Purchase Price will be returned promptly, without offset, if the Purchaser’s Subscription Amount is not accepted
by the Company or the Offering is terminated pursuant to its terms prior to the Closing.

 

    4 

     

    

 

2.3         
Company Discretion. The Purchaser understands and agrees that the Company in its sole discretion reserves the right
to accept or reject this or any other subscription for Shares, in whole or in part, notwithstanding prior receipt by the Purchaser
of notice of acceptance of this subscription. The Company shall have no obligation hereunder until the Company shall execute and
deliver to the Purchaser an executed copy of this Agreement. If this subscription is rejected in whole, or the Offering is terminated,
all funds received from the Purchaser will be returned without offset, and this Agreement shall thereafter be of no further force
or effect. If this subscription is rejected in part, the funds for the rejected portion of this subscription will be returned without
offset, and this Agreement will continue in full force and effect to the extent this subscription was accepted.

 

2.4         
Closing Deliveries. Subject to the Company’s discretion set forth in Section 2.3 above, if the Company determined
to accept the subscription in whole or in part, as applicable, from any Purchaser, and provided that such Purchaser delivered the
Subscription Documents and the Subscription Amount, prior to or on the Closing Date and fulfilled the conditions under Section
5.2.

 

(a)          the Company shall issue, deliver or cause to be delivered to each Purchaser the following (the “Company Deliverables”):

 

(i)          a certificate of the President of the Company (the “Closing Certificate”), dated as of the Closing Date, (a)
certifying the resolutions adopted by the Board of Directors of the Company approving the transactions contemplated by this Agreement
and the other Transaction Documents and the issuance of the Shares and (b) certifying to the fulfillment of the conditions specified
in Section 5.1(a).

 

(ii)         this Agreement, duly executed by the Company.

 

(iii)        the irrevocable instructions of the Company to the Transfer Agent to deliver to each Purchaser one or more stock certificates
(or evidence that the Shares have been issued in book entry form), evidencing the number of Shares such Purchaser is purchasing
as is set forth on such Purchaser’s signature page.

 

ARTICLE
III.

REPRESENTATIONS AND WARRANTIES

 

3.1         
Representations and Warranties of the Company. The Company hereby represents and warrants to the Purchaser, as of
the date hereof and on each Closing Date, the following:

 

(a)           Organization. Each of the Company and its Subsidiaries (as disclosed in the SEC reports) is an entity duly incorporated
or otherwise organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization
(as applicable), with the requisite corporate power and authority to own or lease and use its properties and assets and to carry
on its business as currently conducted. Neither the Company nor any Subsidiary is in violation or default of any of the provisions
of its respective certificate or articles of incorporation, bylaws or other organizational or charter documents. The Company and
each of its Subsidiaries are duly qualified to conduct business and is in good standing as a foreign corporation or other entity
in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary,
except where the failure to be so qualified or in good standing, as the case may be, would not have or reasonably be expected to
result, individually or in the aggregate, in a Material Adverse Effect, and no Proceeding has been instituted, is pending, or,
to the Company’s Knowledge, has been threatened in writing in any such jurisdiction revoking, limiting or curtailing or seeking
to revoke, limit or curtail such power and authority or qualification.

 

    5 

     

    

 

(b)           Authorization; Enforcement; Validity. The Company has the requisite corporate power and authority to enter into and
to consummate the transactions contemplated by each of the Transaction Documents to which it is a party and otherwise to carry
out its obligations hereunder and thereunder. The Company’s execution and delivery of each of the Transaction Documents to
which it is a party and the consummation by it of the transactions contemplated hereby and thereby (including, but not limited
to, the sale and delivery of the Shares have been duly authorized by all necessary corporate action on the part of the Company,
and no further corporate action is required by the Company, its Board of Directors or its shareholders in connection therewith
other than in connection with the Required Approvals (as defined below). Each of the Transaction Documents to which it is a party
has been (or upon delivery will have been) duly executed by the Company and is, or when delivered in accordance with the terms
hereof, will constitute the legal, valid and binding obligation of the Company enforceable against the Company in accordance with
its terms, except (i) as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation
or similar laws relating to, or affecting generally the enforcement of, creditors’ rights and remedies or by other equitable
principles of general application, or (ii) as limited by laws relating to the availability of specific performance, injunctive
relief or other equitable remedies.

 

(c)           No Conflicts. The execution, delivery and performance by the Company of the Transaction Documents to which it is
a party and the consummation by the Company of the transactions contemplated hereby or thereby (including, without limitation,
the issuance of the Shares do not and will not (i) conflict with or violate any provisions of the Company’s or any Subsidiary’s
certificate or articles of incorporation, bylaws or otherwise result in a violation of the organizational documents of the Company,
(ii) conflict with, or constitute a default (or an event that with notice or lapse of time or both would result in a default) under,
result in the creation of any Lien upon any of the properties or assets of the Company or any Subsidiary or give to others any
rights of termination, amendment, acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement,
indenture or instrument to which the Company or its Subsidiary is a party, or (iii) subject to the Required Approvals, conflict
with or result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court
or governmental authority to which the Company or a Subsidiary is subject (including federal and state securities laws and regulations
and the rules and regulations of any self-regulatory organization to which the Company or its securities are subject, including
all applicable Trading Markets), or by which any property or asset of the Company or a Subsidiary is bound or affected, except
in the case of clauses (ii) and (iii) such as would not, individually or in the aggregate, have or reasonably be expected to result
in a Material Adverse Effect.

 

    6 

     

    

 

(d)           Filings, Consents and Approvals. Neither the Company nor any of its Subsidiaries is required to obtain any consent,
waiver, authorization or order of, give any notice to, or make any filing or registration with, any court or other federal, state,
local or other governmental authority or other Person in connection with the execution, delivery and performance by the Company
of the Transaction Documents (including the issuance of the Shares), other than (i) filings required by applicable securities laws,
including without limitation, the filing of a Current Report on Form 8-K, (ii) the filing of a Notice of Sale of securities on
Form D with the Commission under Regulation D of the Securities Act, (iii) the filing of any requisite notices and/or application(s)
to the Principal Trading Market for the issuance and sale of the Securities and the listing of the Shares for trading or quotation,
as the case may be, thereon in the time and manner required thereby, (iv) the filings required in accordance with Section 4.4
of this Agreement and (v) those that have been made or obtained prior to the date of this Agreement (collectively, the “Required
Approvals”).

 

(e)           Issuance of the Shares. The Shares have been duly authorized and, when issued and paid for in accordance with the
terms of the Transaction Documents, will be duly and validly issued, fully paid and nonassessable and free and clear of all Liens,
other than restrictions on transfer provided for in the Transaction Documents or imposed by applicable securities laws, and shall
not be subject to preemptive or similar rights. Assuming the accuracy of the representations and warranties of the Purchasers in
this Agreement, the Shares will be issued in compliance with all applicable federal and state securities laws.

 

(f)            Capitalization. The authorized, issued and outstanding capital stock of the Company is as set forth in the SEC Reports.
All of the outstanding shares of capital stock of the Company are validly issued, fully paid and nonassessable, have been issued
in compliance with all applicable federal and state securities laws, and none of such outstanding shares was issued in violation
of any preemptive rights or similar rights to subscribe for or purchase securities. No further approval or authorization of any
stockholder, the Board of Directors or others is required for the issuance and sale of the Shares. Except as set forth in the SEC
Reports and as otherwise required by law, there are no restrictions upon the voting or transfer of any of the Shares or capital
stock of the Company pursuant to the Articles of Incorporation, the Bylaws or other governing documents or any agreement or other
instruments to which the Company is a party or by which the Company is bound.

 

(g)          SEC Reports. The Company has filed all reports, schedules, forms, statements and other documents required to be filed
by it under the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, for the two years preceding the date hereof
(or such shorter period as the Company was required by law or regulation to file such material) (the foregoing materials, including
the exhibits thereto and documents incorporated by reference therein, being collectively referred to herein as the “SEC Reports”)
on a timely basis or has received a valid extension of such time of filing and has filed any such SEC Reports prior to the expiration
of any such extension. As of their respective filing dates, or to the extent corrected by a subsequent restatement, the SEC Reports
complied in all material respects with the requirements of the Securities Act and the Exchange Act and the rules and regulations
of the Commission promulgated thereunder, and none of the SEC Reports, when filed, contained any untrue statement of a material
fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in
light of the circumstances under which they were made, not misleading. Each of the Material Contracts to which the Company or any
Subsidiary is a party or to which the property or assets of the Company or any of its Subsidiaries are subject has been filed as
an exhibit to the SEC Reports.

 

    7 

     

    

 

(h)          Financial Statements. The consolidated financial statements of the Company included in the SEC Reports comply in
all material respects with applicable accounting requirements and the rules and regulations of the Commission with respect thereto
as in effect at the time of filing (or to the extent corrected by a subsequent restatement). Such financial statements have been
prepared in accordance with GAAP applied on a consistent basis during the periods involved, except as may be otherwise specified
in such financial statements or the notes thereto and except that unaudited financial statements may not contain all footnotes
required by GAAP, and fairly present in all material respects the financial position of the Company and its consolidated subsidiaries
taken as a whole as of and for the dates thereof and the consolidated results of operations and cash flows for the periods then
ended, subject, in the case of unaudited statements, to normal, immaterial year-end audit adjustments.

 

(i)           Material Changes. Except as set forth in the SEC Reports, since the date of the last audited financial statements
included within the SEC Reports, (i) there have been no events, occurrences or developments that have had or would reasonably be
expected to have, either individually or in the aggregate, a Material Adverse Effect, (ii) neither the Company nor any of its Subsidiaries
has incurred any liabilities of any nature (whether accrued, absolute, contingent or otherwise) that would be required under GAAP,
as in effect on the date hereof, to be reflected on a consolidated balance sheet of the Company (including the notes thereto),
other than trade payables and accrued expenses incurred in the ordinary course of business consistent with past practice (iii)
the Company has not altered materially its method of accounting or the manner in which it keeps its accounting books and records,
(iv) the Company has not declared or made any dividend or distribution of cash or other property to its stockholders or purchased,
redeemed or made any agreements to purchase or redeem any shares of its capital stock (other than in connection with repurchases
of unvested stock issued to employees of the Company), (v) neither the Company or any Subsidiary has entered into any agreement,
arrangement or understanding, whether oral or written, whereby it has assumed or will assume or becomes responsible for any liability
of a third party that is material to the Company on a consolidated basis, (vi) the Company has not issued any equity securities
to any officer, director or Affiliate. Except for the issuance of the Shares contemplated by this Agreement, no event, liability
or development has occurred or exists with respect to the Company or its Subsidiaries or their respective business, properties,
operations or financial condition, that would be required to be disclosed by the Company under applicable securities laws at the
time this representation is made that has not been publicly disclosed at least one (1) Trading Day prior to the date that this
representation is made.

 

(j)           Litigation. There is no Action which (i) adversely affects or challenges the legality, validity or enforceability
of any of the Transaction Documents or the Shares or (ii) would, if there were an unfavorable decision, individually or in the
aggregate, have or reasonably be expected to result in a Material Adverse Effect. Neither the Company nor any Subsidiary, nor to
the Company’s Knowledge any director or officer thereof, is or has been the subject of any Action involving a claim of violation
of or liability under federal or state securities laws or a claim of breach of fiduciary duty. There has not been, and to the Company’s
Knowledge there is not pending or contemplated, any investigation by the Commission involving the Company or any current or former
director or officer of the Company. The Commission has not issued any stop order or other order suspending the effectiveness of
any registration statement filed by the Company or any of its Subsidiaries under the Exchange Act or the Securities Act.

 

    8 

     

    

 

(k)           Compliance. Neither the Company nor any of its Subsidiaries (i) is in default under or in violation of (and no event
has occurred that has not been waived that, with notice or lapse of time or both, would result in a default by the Company or any
of its Subsidiaries under), nor has the Company or any of its Subsidiaries received written notice of a claim that it is in default
under or that it is in violation of, any agreement, indenture or instrument to which the Company or its Subsidiary is a party (whether
or not such default or violation has been waived), (ii) is in violation of any order of any court, arbitrator or governmental body
having jurisdiction over the Company or its properties or assets, or (iii) is in violation of, or in receipt of written notice
that it is in violation of, any statute, rule or regulation of any governmental authority applicable to the Company, except in
each case as would not, individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect.

 

(l)            Regulatory Permits. The Company and each of its Subsidiaries possess all certificates, authorizations and permits
issued by the appropriate federal, state, local or foreign regulatory authorities necessary to conduct its respective business
as currently conducted and as described in the SEC Reports, except where the failure to possess such permits, individually or in
the aggregate, has not and would not have or reasonably be expected to result in a Material Adverse Effect (“Material Permits”),
and neither the Company nor any of its Subsidiaries has received any notice of Proceedings relating to the revocation or modification
of any such Material Permits.

 

(m)          No Registration. Assuming the accuracy of the Purchasers’ representations and warranties set forth in Section
3.2 of this Agreement and the accuracy of the information disclosed in the Subscription Documents provided by the Purchasers,
no registration under the Securities Act is required for the offer and sale of the Shares by the Company to the Purchasers under
the Transaction Documents. The issuance and sale of the Shares hereunder complies in all material respects with and does not contravene
the rules and regulations of the Trading Market.

 

(n)           Listing and Maintenance Requirements. The Common Stock is listed on the Principal Trading Market, and the Company
has taken no action designed to, or which, to the Knowledge of the Company, is reasonably likely to have the effect of, terminating
the registration of the Common Stock under the Exchange Act or delisting the Common Stock from the Principal Trading Market. The
Company has not, as of the date hereof, received written notice from any Trading Market on which the Common Stock is listed or
quoted to the effect that the Company is not in compliance with the listing or maintenance requirements of such Trading Market.
The Company has not received as of the date hereof any notification that the SEC or Principal Trading Market is contemplating terminating
such listing. The Company is in compliance with all listing and maintenance requirements of the Principal Trading Market on the
date hereof.

 

    9 

     

    

 

(o)           Disclosure. The Company confirms that it has not provided, and to the Company’s Knowledge, none of its officers
or directors nor any other Person acting on its or their behalf has provided, any Purchaser or its respective agents or counsel
with any information that it believes constitutes material, non-public information except insofar as the existence, provisions
and terms of the Transaction Documents and the proposed transactions hereunder may constitute such information, all of which may
be disclosed by the Company in the Press Release as contemplated by Section 4.4 hereof.

 

(p)           No Integrated Offering. Assuming the accuracy of the Purchasers’ representations and warranties set forth in
Section 3.2, none of the Company, its Subsidiaries nor, to the Company’s Knowledge, any of its Affiliates or any Person
acting on its behalf has, directly or indirectly, at any time within the past six (6) months, made any offers or sales of any Company
security or solicited any offers to buy any security under circumstances that would (i) eliminate the availability of the exemption
from registration under Regulation D under the Securities Act in connection with the offer and sale by the Company of the Shares
as contemplated hereby or (ii) cause the offering of the Shares pursuant to the Transaction Documents to be integrated with prior
offerings by the Company for purposes of any applicable law, regulation or stockholder approval provisions, including, without
limitation, under the rules and regulations of any Trading Market on which any of the securities of the Company are listed or designated.

 

(q)           No General Solicitation. Neither the Company nor, any of its Subsidiaries or Affiliates, nor, to the Company’s
Knowledge, any person acting on behalf of the Company has offered or sold any of the Shares by any form of general solicitation
or general advertising (within the meaning of Regulation D of the Securities Act).

 

(r)            Brokers and Finders. Neither the Company nor any of its Subsidiaries has taken any action that would give rise to
any claim by any person for brokerage commissions, finders’ fees or the like relating to this Agreement or the transactions
contemplated hereby. No Person will have, as a result of the transactions contemplated by this Agreement, any valid right, interest
or claim against or upon the Company or any Purchaser for any commission, fee or other compensation pursuant to any agreement,
arrangement or understanding entered into by or on behalf of the Company.

 

(s)           No Disqualification Events. With respect to the Shares to be offered and sold hereunder in reliance on Rule 506 under
the Securities Act, none of the Company, any of its predecessors, any affiliated issuer, any director, executive officer, other
officer of the Company participating in the offering hereunder, any beneficial owner of 20% or more of the Company’s outstanding
voting equity securities, calculated on the basis of voting power, nor any promoter (as that term is defined in Rule 405 under
the Securities Act) connected with the Company in any capacity at the time of sale, any person that has been or will be paid (directly
or indirectly) remuneration for solicitation of purchasers in connection with the sale of Shares (each, an “Issuer Covered
Person”) is subject to any of the “Bad Actor” disqualifications described in Rule 506(d)(1)(i) to (viii) under
the Securities Act (a “Disqualification Event”), except for a Disqualification Event covered by Rule 506(d)(2)(ii–iv)
or (d)(3) of the Securities Act. The Company has exercised reasonable care to determine whether any Issuer Covered Person is subject
to a Disqualification Event. The Company has complied, to the extent applicable, with its disclosure obligations under Rule 506(e)
of the Securities Act, and has furnished to the Purchasers a copy of any disclosures provided thereunder. The Company will notify
the Purchasers in writing, prior to the Closing Date of (i) any Disqualification Event relating to any Issuer Covered Person and
(ii) any event that would, with the passage of time, reasonably be expected to become a Disqualification Event relating to any
Issuer Covered Person, in each case of which it is aware.

 

    10 

     

    

 

3.2         
Representations and Warranties of the Purchasers. Each Purchaser hereby, for itself and for no other Purchaser, represents
and warrants as of the date hereof and as of the Closing Date to the Company as follows:

 

(a)           Organization; Authority. If such Purchaser is an entity, such Purchaser is duly organized, validly existing and in
good standing under the laws of the jurisdiction of its organization with the requisite corporate or partnership power and authority
to enter into and to consummate the transactions contemplated by this Agreement and otherwise to carry out its obligations hereunder.
The execution and delivery of this Agreement by such Purchaser and performance by such Purchaser of the transactions contemplated
by this Agreement have been duly authorized by all necessary corporate or, if such Purchaser is not a corporation, such partnership,
limited liability company or other applicable like action, on the part of such Purchaser. This Agreement has been duly executed
by such Purchaser, and when delivered by such Purchaser in accordance with the terms hereof, will constitute the valid and legally
binding obligation of such Purchaser, enforceable against it in accordance with its terms.

 

(b)           No Conflicts. The execution, delivery and performance by such Purchaser of this Agreement and the consummation by
such Purchaser of the transactions contemplated hereby will not (i) result in a violation of the organizational documents of such
Purchaser, (ii) conflict with, or constitute a default (or an event which with notice or lapse of time or both would become a default)
under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument
to which such Purchaser is a party, or (iii) result in a violation of any law, rule, regulation, order, judgment or decree (including
federal and state securities laws) applicable to such Purchaser.

 

(c)           Investment Intent. Such Purchaser understands that the Shares are “restricted securities” and have not
been registered under the Securities Act or any applicable state securities law and is acquiring the Shares for its own account
and not with a view to, or for distributing or reselling such Shares or any part thereof in violation of the Securities Act or
any applicable state securities laws, provided, however, that by making the representations herein, such Purchaser does not agree
to hold any of the Shares for any minimum period of time and reserves the right, subject to the provisions of this Agreement, at
all times to sell or otherwise dispose of all or any part of such Shares pursuant to an effective registration statement under
the Securities Act or under an exemption from such registration and in compliance with applicable federal and state securities
laws. Such Purchaser is acquiring the Shares hereunder in the ordinary course of its business. Such Purchaser does not presently
have any agreement, plan or understanding, directly or indirectly, with any Person to distribute or effect any distribution of
any of the Shares (or any securities which are derivatives thereof) to or through any person or entity; such Purchaser is not a
registered broker-dealer under Section 15 of the Exchange Act or an entity engaged in a business that would require it to be so
registered as a broker-dealer.

 

    11 

     

    

 

(d)           Accredited Investor Status. The Purchaser is an “accredited investor” as defined in Rule 501(a) of Regulation
D promulgated under the Securities Act, that the Accredited Investor Certification attached hereto delivered by the Purchaser in
connection with this Agreement is complete and accurate in all respects as of the date of this Agreement and will be correct as
of the Closing Date; provided, that the Purchaser shall be entitled to update such information by providing written notice thereof
to the Company.

 

(e)           General Solicitation. Such Purchaser is not purchasing the Shares as a result of any advertisement, article, notice
or other communication regarding the Shares published in any newspaper, magazine or similar media or broadcast over television
or radio or presented at any seminar or any other general advertisement.

 

(f)            High Degree of Risk. Purchaser is aware that (i) the acquisition of the Shares involves a high degree of risk and
may result in a loss of the entire Purchase Price; (ii) the Company has limited working capital and limited sources of financing
available as of the date of this Agreement; (iii) there is no assurance that the Company’s operations will be profitable
or cash flow positive at any time in the future.

 

(g)           Access to Information. Such Purchaser acknowledges that it has had the opportunity to review the SEC Reports, including
without limitation, (i) “Description of Business” and “Risk Factors,” in both
(i) the Company’s Annual Report on Form 10-K for the fiscal year ended February 28, 2021, filed with the Commission on June
11, 2021, and (ii) in the Company’s Current Report on Form 8-K following the closing of its acquisition of EZRaider Global
(“Super 8-K”), filed with the Commission on September  20, 2021, as amended, and has been afforded the opportunity
to discuss the terms and conditions of the offering of the Shares and the Company and the Subsidiaries’ respective financial
condition, results of operations, business, properties, management, with the Company’s management.

 

(h)           Brokers and Finders. The Purchaser has not taken any action that would give rise to any claim by any person for brokerage
commissions, finders’ fees or the like relating to this Agreement or the transactions contemplated hereby. No Person will
have, as a result of the transactions contemplated by this Agreement, any valid right, interest or claim against or upon the Company
or any Purchaser for any commission, fee or other compensation pursuant to any agreement, arrangement or understanding entered
into by or on behalf of the Purchaser.

 

(i)            Independent Investment Decision. Such Purchaser has independently evaluated the merits of its decision to purchase
the Shares pursuant to the Transaction Documents, and such Purchaser confirms that it has not relied on the advice of any other
Purchaser’s business and/or legal counsel in making such decision. Such Purchaser understands that nothing in this Agreement
or any other materials presented by or on behalf of the Company to the Purchaser in connection with the purchase of the Shares
constitutes legal, tax or investment advice. Such Purchaser has consulted such legal, tax and investment advisors as it, in its
sole discretion, has deemed necessary or appropriate in connection with its purchase of the Shares. Such Purchaser has not authorized
any person to act as Purchaser’s “purchaser representative” (as such term is defined in Rule 501 of Regulation
D promulgated under the Securities Act) in connection with Purchaser’s acquisition of the Shares.

 

    12 

     

    

 

(j)            Reliance on Exemptions. Such Purchaser understands that the Shares are being offered and sold to it in reliance on
specific exemptions from the registration requirements of United States federal and state securities laws and that the Company
is relying upon the truth and accuracy of the representations, warranties, agreements, acknowledgements and understandings of such
Purchaser set forth herein as part of its determination as to the availability of such exemptions and the eligibility of such Purchaser
to acquire the Shares.

 

(k)           No Governmental Review. Such Purchaser understands that no United States federal or state agency or any other government
or governmental agency has passed on or made any recommendation or endorsement of the Shares or the fairness or suitability of
the investment in the Shares nor have such authorities passed upon or endorsed the merits of the offering of the Shares.

 

(l)            Shell Status. Each Purchaser understands that the Company was previously a “shell
company” as defined in Rule 12b-2 under the Exchange Act. Pursuant to Rule 144(i), securities issued by a current or former
shell company (that is, the Shares) that otherwise meet the holding period and other requirements of Rule 144 nevertheless cannot
be sold in reliance on Rule 144 until one year after the Company (a) is no longer a shell company; and (b) has filed current “Form
10 information“ (as defined in Rule 144(i)) with the SEC reflecting that it is no longer a shell company, and provided that
at the time of a proposed sale pursuant to Rule 144, the Company is subject to the reporting requirements of Section 13 or 15(d)
of the Exchange Act and has filed all reports and other materials required to be filed by Section 13 or 15(d) of the Exchange Act,
as applicable, during the preceding 12 months (or for such shorter period that the issuer was required to file such reports and
materials), other than Form 8-K reports. As a result, the restrictive legends on certificates for the Shares cannot be removed
except in connection with an actual sale meeting the foregoing requirements or pursuant to an effective registration statement.

 

(m)          Residency. Such Purchaser’s residence (if an individual) or offices in which its investment decision with respect
to the Shares was made (if an entity) are located at the address immediately below such Purchaser’s name on its signature
page hereto.

 

The Company and each
of the Purchasers acknowledge and agree that no party to this Agreement has made, makes or shall be deemed to make any representations
or warranties with respect to the transactions contemplated hereby other than those specifically set forth in this Article III
and the Transaction Documents.

 

ARTICLE
IV.

OTHER AGREEMENTS OF THE PARTIES

 

4.1          Transfer Restrictions.

 

(a)           Compliance with Laws. Notwithstanding any other provision of this Article IV, each Purchaser covenants that
the Shares may be disposed of only pursuant to an effective registration statement under, and in compliance with the requirements
of, 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 compliance with any applicable state and federal securities laws. In connection with any transfer
of the Shares other than (i) pursuant to an effective registration statement, (ii) to the Company, (iii) pursuant to Rule 144 (provided
that the Purchaser provides the Company with reasonable assurances (in the form of a legal opinion satisfactory to the Company
and, if applicable, broker representation letters) that the securities may be sold pursuant to such rule), or (iv) in connection
with a bona fide pledge as contemplated in Section 4.1(d), the Company may require the transferor thereof to provide to
the Company an opinion of counsel selected by the transferor and reasonably acceptable to the Company, the form and substance of
which opinion shall be reasonably satisfactory to the Company, to the effect that such transfer does not require registration of
such transferred Shares under the Securities Act. As a condition of transfer, any such transferee shall agree in writing to be
bound by the terms of this Agreement and shall have the rights of a Purchaser under this Agreement with respect to such transferred
Shares.

 

    13 

     

    

 

(b)           Delivery
of Shares. The Company shall register the Purchasers as the owner of their respective subscribed Shares with the Company’s
transfer agent by book entry upon the purchase thereof (provided that prior to the Company’s appointment of a transfer agent
it shall register the Purchaser as the owner of such securities in the Company’s stock ledger upon the purchase thereof).

 

(c)           Legends. Shares, either in certificated form, or in book entry form, shall bear any legend as required by the “blue
sky” laws of any state and a restrictive legend in substantially the following form, until such time as they are not required
under Section 4.1(a):

 

NEITHER THESE SECURITIES NOR ANY SECURITIES
ISSUABLE UPON EXERCISE OF THESE SECURITIES HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I)
IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OR (B) 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 OR BLUE SKY LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY AND ITS
TRANSFER AGENT OR (II) UNLESS SOLD PURSUANT TO RULE 144 UNDER THE SECURITIES ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES
MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.

 

(d)           The Company acknowledges and agrees that a Purchaser may from time to time pledge, and/or grant a security interest in,
some or all of the legended Shares in connection with applicable securities laws, pursuant to a bona fide margin agreement in compliance
with a bona fide margin loan. Such a pledge would not be subject to approval or consent of the Company and no legal opinion of
legal counsel to the pledgee, secured party or pledgor shall be required in connection with the pledge, but such legal opinion
shall be required in connection with a subsequent transfer or foreclosure following default by the Purchaser transferee of the
pledge. No notice shall be required of such pledge, but Purchaser’s transferee shall promptly notify the Company of any such
subsequent transfer or foreclosure. Each Purchaser acknowledges that the Company shall not be responsible for any pledges relating
to, or the grant of any security interest in, any of the Shares or for any agreement, understanding or arrangement between any
Purchaser and its pledgee or secured party. At the appropriate Purchaser’s expense, the Company will execute and deliver
such reasonable documentation as a pledgee or secured party of the Shares may reasonably request in connection with a pledge or
transfer of the Shares, including the preparation and filing of any required prospectus supplement under Rule 424(b)(3) of the
Securities Act or other applicable provision of the Securities Act to appropriately amend the list of Selling Stockholders thereunder.

 

    14 

     

    

 

(e)           Removal of Legends. The legend set forth in Section 4.1(c) above shall be removed and the Company shall issue
a certificate without such legend or any other legend to the holder of the applicable Shares upon which it is stamped or issue
to such holder by electronic delivery at the applicable balance account at the Depository Trust Company (“DTC”),
if (i) such Shares are registered for resale under the Securities Act (provided that,
if the Purchaser is selling pursuant to the Registration Statement, the Purchaser agrees to only sell such Shares during
such time that such Registration Statement is effective and current and not withdrawn or suspended, and only as permitted by such
Registration Statement), (ii) such Shares are sold or transferred pursuant to Rule 144 (if the transferor is not an Affiliate of
the Company) and the Purchaser provides a legal opinion to that effect, or (iii) such Shares are eligible for sale under Rule 144,
without the requirement for the Company to be in compliance with the current public information required under Rule 144 as to such
securities and without volume or manner-of-sale restrictions.

 

4.2          
Furnishing of Information. The Company shall timely file (or obtain extensions in respect thereof and file within
the applicable grace period) all reports required to be filed by the Company after the date hereof pursuant to the Exchange Act,
and the Company shall not terminate its status as an issuer required to file those reports it is currently required to file under
the Exchange Act even if the Exchange Act or the rules and regulations thereunder would otherwise permit such termination.

 

4.3          
Integration. The Company shall not, and shall use its commercially reasonable efforts to ensure that no Affiliate
of the Company shall, sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined
in Section 2 of the Securities Act) that will be integrated with the offer or sale of the Shares in a manner that would require
the registration under the Securities Act of the sale of the Shares to the Purchasers, or that will be integrated with the offer
or sale of the Shares for purposes of the rules and regulations of any Trading Market such that it would require stockholder approval
prior to the closing of such other transaction unless stockholder approval is obtained before the closing of such subsequent transaction.

 

4.4          
Securities Laws Disclosure; Publicity. Within four (4) Trading Days after the Initial Closing (and including as exhibits
to such Current Report on Form 8-K the material Transaction Documents. (Notwithstanding the foregoing, the Company shall not publicly
disclose the name of any Purchaser or an Affiliate of any Purchaser, or include the name of any Purchaser or an Affiliate of any
Purchaser in any press release or filing with the Commission or any regulatory agency or Trading Market, without the prior written
consent of such Purchaser, except (i) as required by federal securities law. From and after the earlier of the issuance of such
Form 8-K and a press release with respect to the Transaction Documents (a “Press Release”), no Purchaser shall
be in possession of any material, non-public information received from the Company, any Subsidiary or any of their respective officers,
directors, employees or agents, that is not disclosed in the Press Release unless a Purchaser shall have executed a written agreement
after the issuance of the Press Release regarding the confidentiality and use of such information. Each Purchaser, severally and
not jointly with the other Purchasers, covenants that until such time as the transactions contemplated by this Agreement are required
to be publicly disclosed by the Company as described in this Section 4.4, such Purchaser will maintain the confidentiality
of all disclosures made to it in connection with this transaction (including the existence and terms of this transaction) and will
not trade in the Company’s securities.

 

    15 

     

    

 

4.5          
Non-Public Information. Except with respect to the material terms and conditions of the transactions contemplated
by the Transaction Documents, including this Agreement, or as expressly required by any applicable securities law, the Company
covenants and agrees that neither it, nor any other Person acting on its behalf, will provide any Purchaser or its agents or counsel
with any information regarding the Company that the Company believes constitutes material non-public information without the express
written consent of such Purchaser, unless prior thereto such Purchaser shall have executed a written agreement regarding the confidentiality
and use of such information. The Company understands and confirms that each Purchaser shall be relying on the foregoing covenant
in effecting transactions in securities of the Company.

 

4.6          
Use of Proceeds. The Company intends to use the net proceeds from the sale of the Shares hereunder in connection
with the contemplated closing of the Merger, and for working capital and other general corporate purposes.  

 

4.7           Form D; Blue Sky. The Company agrees to timely file a Form D with respect to the Shares as required under Regulation
D and to provide a copy thereof, promptly upon the written request of any Purchaser. The Company, on or before the Closing Date,
shall take such action as the Company shall reasonably determine is necessary in order to obtain an exemption for or to qualify
the Shares for sale to the Purchasers under applicable securities or “Blue Sky” laws of the states of the United States
(or to obtain an exemption from such qualification) and shall provide evidence of such actions promptly upon the written request
of any Purchaser.

 

4.8           Short Sales and Confidentiality After the Date Hereof. Each Purchaser shall not, and shall cause its broker not to,
engage, directly or indirectly, in any purchases and sales of the Company’s securities (including, without limitation, any
Short Sales involving the Company’s securities) during the period from the date hereof until the earlier of such time as
(i) the transactions contemplated by this Agreement are first publicly announced as required by and described in Section 4.4
or (ii) this Agreement is terminated in full pursuant to the terms hereof. Each Purchaser, severally and not jointly with the other
Purchasers, covenants that until such time as the transactions contemplated by this Agreement are publicly disclosed by the Company
as described in Section 4.4, such Purchaser will maintain the confidentiality of the existence and terms of this transaction
and the information included in the Transaction Documents. Notwithstanding the foregoing, no Purchaser makes any representation,
warranty or covenant hereby that it will not engage in Short Sales in the securities of the Company after the time that the transactions
contemplated by this Agreement are first publicly announced as described in Section 4.4.

 

    16 

     

    

 

4.9           Indemnification. The Company will indemnify and hold harmless the Purchaser and, where applicable, its directors,
officers, employees, agents, advisors and shareholders, from and against any and all loss, liability, claim, damage and expense
whatsoever (including, but not limited to, any and all fees, costs and expenses whatsoever reasonably incurred in investigating,
preparing or defending against any claim, lawsuit, administrative proceeding or investigation whether commenced or threatened)
(a “Loss”) arising out of or based upon any representation or warranty of the Company contained herein or in any document
furnished by the Company to the Purchaser in connection herewith being untrue in any material respect or any breach or failure
by the Company to comply with any covenant or agreement made by the Company to the Purchaser in connection therewith; provided,
however, that the Company’s liability shall not exceed the Purchase Price tendered hereunder.

 

ARTICLE
V.

CONDITIONS PRECEDENT TO CLOSING

 

5.1          Conditions Precedent to the Obligations of the Purchasers to Purchase the Shares. The obligation of each Purchaser
to acquire the Shares at the Closing is subject to the fulfillment to such Purchaser’s satisfaction, on or prior to the Closing
Date, of each of the following conditions, any of which may be waived by such Purchaser (as to itself only):

 

(a)           Representations and Warranties. The representations and warranties of the Company contained herein shall be true
and correct in all material respects (except for those representations and warranties which are qualified as to materiality, in
which case such representations and warranties shall be true and correct in all respects) as of the date when made and as of the
Closing Date, as though made on and as of such date, except for such representations and warranties that speak as of a specific
date.

 

(b)          Performance. The Company shall have performed, satisfied and complied in all material respects with all covenants,
agreements and conditions required by the Transaction Documents to be performed, satisfied or complied with by it at or prior to
the Closing.

 

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

 

(d)           Consents. The Company shall have obtained in a timely fashion any and all consents, permits, approvals, registrations
and waivers necessary for consummation of the purchase and sale of the Shares (including all Required Approvals), all of which
shall be and remain so long as necessary in full force and effect.

 

(e)           Adverse Changes. Since the date of execution of this Agreement, no event or series of events shall have occurred
that has had or would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

    17 

     

    

 

(f)           No Suspensions of Trading in Common Stock. The Common Stock shall not have been suspended, as of the Closing Date,
by the Commission or the Principal Trading Market from trading on the Principal Trading Market nor shall suspension by the Commission
or the Principal Trading Market have been threatened, as of the Closing Date, either (A) in writing by the Commission or the Principal
Trading Market or (B) by falling below the minimum listing maintenance requirements of the Principal Trading Market.

 

(g)          Company Deliverables. The Company shall have delivered the Company Deliverables in accordance with Section 2.6(a).

 

(h)          Compliance Certificate. The Company shall have delivered to each Purchaser a certificate, dated as of the Closing
Date and signed by its Chief Executive Officer, dated as of the Closing Date, certifying to the fulfillment of the conditions specified
in Section 5.1.

 

(i)           Termination. This Agreement shall not have been terminated as to such Purchaser in accordance with the terms hereof.

 

5.2         
Conditions Precedent to the Obligations of the Company to sell the Shares. The Company’s obligation to sell
and issue the Shares at the Closing to the Purchasers is subject to the fulfillment to the satisfaction of the Company on or prior
to the Closing Date of the following conditions, any of which may be waived by the Company:

 

(a)           Representations and Warranties. The representations and warranties made by the Purchasers in Section 3.2 hereof
shall be true and correct in all material respects (except for those representations and warranties which are qualified as to materiality,
in which case such representations and warranties shall be true and correct in all respects) as of the date when made, except for
representations and warranties that speak as of a specific date.

 

(b)           Performance. Such Purchaser shall have performed, satisfied and complied in all material respects with all covenants,
agreements and conditions required by the Transaction Documents to be performed, satisfied or complied with by such Purchaser at
or prior to the Closing Date.

 

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

 

(d)          Consents. The Company shall have obtained in a timely fashion any and all consents, permits, approvals, registrations
and waivers necessary for consummation of the purchase and sale of the Shares, all of which shall be and remain so long as necessary
in full force and effect.

 

(e)          Purchasers Deliverables. Each Purchaser shall have delivered its Subscription Documents in accordance with Section
2.2.

 

(f)           Termination. This Agreement shall not have been terminated as to such Purchaser in accordance with the terms hereof.

 

    18 

     

    

 

ARTICLE
VI.

MISCELLANEOUS

 

6.1           Fees and Expenses. The Company and the Purchasers shall each pay the fees and expenses of their respective advisers,
counsel, accountants and other experts, if any, and all other expenses incurred by such party in connection with the negotiation,
preparation, execution, delivery and performance of this Agreement. The Company shall pay all Transfer Agent fees, stamp taxes
and other taxes and duties levied in connection with the sale and issuance of the Shares to the Purchasers.

 

6.2           Entire Agreement. The Transaction Documents, together with the exhibits and schedules thereto, contain the entire
understanding of the parties with respect to the subject matter hereof and supersede all prior agreements, understandings, discussions
and representations, oral or written, with respect to such matters, which the parties acknowledge have been merged into such documents,
exhibits and schedules. At or after the Closing, and without further consideration, the Company and the Purchasers will execute
and deliver to the other such further documents as may be reasonably requested in order to give practical effect to the intention
of the parties under the Transaction Documents.

 

6.3           Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder
shall be in writing and shall be deemed given and effective on the earliest of (a) the date of transmission, if such notice or
communication is delivered via facsimile or email prior to 5:00 P.M., New York City time, on a Trading Day, (b) the next Trading
Day after the date of transmission on a day that is not a Trading Day or later than 5:00 P.M., New York City time, on any Trading
Day, (c) the Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service with next
day delivery specified, or (d) upon actual receipt by the party to whom such notice is required to be given. The address for such
notices and communications shall be as follows:

 

	If to the Company:	
        EZRaider Co.

        c/o EZRaider Global Inc.

        

        1303 Central Avenue S, Unit D

        

        Kent, WA 98032

        

        Attention: Moshe Azarzar

        E-mail: mozy@ezraiderus.com

         

	With a copy to:

(which shall not constitute notice)	
        The Crone Law Group, P.C.

        

        500 Fifth Ave., Suite 938

        

        New York, NY 10110

        

        Attn: Eric C. Mendelson, Esq.

        

        E-mail: emendelson@cronelawgroup.com

         

	If to a Purchaser:	
        To the address set forth under such Purchaser’s name on
        the signature page hereof; or such other address as may be designated in writing hereafter, in the same manner, by such Person.

         

 

6.4           Amendments; Waivers; No Additional Consideration. No provision of this Agreement may be waived, modified, supplemented
or amended except in a written instrument signed, in the case of an amendment, by the Company. No waiver of any default with respect
to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver
of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission
of either party to exercise any right hereunder in any manner impair the exercise of any such right.

 

    19 

     

    

 

6.5           Construction. The headings herein are for convenience only, do not constitute a part of this Agreement and shall
not be deemed to limit or affect any of the provisions hereof. The language used in this Agreement will be deemed to be the language
chosen by the parties to express their mutual intent, and no rules of strict construction will be applied against any party. This
Agreement shall be construed as if drafted jointly by the parties, and no presumption or burden of proof shall arise favoring or
disfavoring any party by virtue of the authorship of any provisions of this Agreement or any of the Transaction Documents.

 

6.6           Successors and Assigns. The provisions of this Agreement shall inure to the benefit of and be binding upon the parties
and their successors and permitted assigns. This Agreement, or any rights or obligations hereunder, may not be assigned by the
Purchaser.

 

6.7           No Third-Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective
successors and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person.

 

6.8           Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement
shall be governed by and construed and enforced in accordance with the internal laws of the State of Florida, without regard to
the principles of conflicts of law thereof. Each party agrees that all Proceedings concerning the interpretations, enforcement
and defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a party
hereto or its respective Affiliates, employees or agents) shall be commenced exclusively in the Washington Courts. Each party hereto
hereby irrevocably submits to the exclusive jurisdiction of the Washington Courts for the adjudication of any dispute hereunder
or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement
of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any Proceeding, any claim that
it is not personally subject to the jurisdiction of any such Washington Court, or that such Proceeding has been commenced in an
improper or inconvenient forum. Each party hereto hereby irrevocably waives personal service of process and consents to process
being served in any such Proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence
of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute
good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right
to serve process in any manner permitted by law. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE
TRANSACTIONS CONTEMPLATED HEREBY.

 

    20 

     

    

 

6.9           Survival. Subject to applicable statute of limitations, the representations, warranties, agreements and covenants
contained herein shall survive the Closing and the delivery of the Shares.

 

6.10         Execution. This Agreement may be executed in two or more counterparts, all of which when taken together shall be
considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered
to the other party, it being understood that both parties need not sign the same counterpart. In the event that any signature is
delivered by facsimile transmission, or by e-mail delivery of a “.pdf” format data file, such signature shall create
a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect
as if such facsimile signature page were an original thereof.

 

6.11         Severability. If any provision of this Agreement is held to be invalid or unenforceable in any respect, the validity
and enforceability of the remaining terms and provisions of this Agreement shall not in any way be affected or impaired thereby
and the parties will attempt to agree upon a valid and enforceable provision that is a reasonable substitute therefor, and upon
so agreeing, shall incorporate such substitute provision in this Agreement.

 

6.12         Independent Nature of Purchasers’ Obligations and Rights. The obligations of each Purchaser under any Transaction
Document are several and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way
for the performance of the obligations of any other Purchaser under any Transaction Document. The decision of each Purchaser to
purchase the Shares pursuant to the Transaction Documents has been made by such Purchaser independently of any other Purchaser
and independently of any information, materials, statements or opinions as to the business, affairs, operations, assets, properties,
liabilities, results of operations, condition (financial or otherwise) or prospects of the Company or any Subsidiary which may
have been made or given by any other Purchaser or by any agent or employee of any other Purchaser, and no Purchaser and any of
its agents or employees shall have any liability to any other Purchaser (or any other Person) relating to or arising from any such
information, materials, statement or opinions. Nothing contained herein or in any Transaction Document, and no action taken by
any Purchaser pursuant thereto, shall be deemed to constitute the Purchasers as a partnership, an association, a joint venture
or any other kind of entity, or create a presumption that the Purchasers are in any way acting in concert or as a group with respect
to such obligations or the transactions contemplated by the Transaction Documents. Each Purchaser acknowledges that no other Purchaser
has acted as agent for such Purchaser in connection with making its investment hereunder and that no Purchaser will be acting as
agent of such Purchaser in connection with monitoring its investment in the Shares or enforcing its rights under the Transaction
Documents. Each Purchaser shall be entitled to independently protect and enforce its rights, including without limitation the rights
arising out of this Agreement or out of the other Transaction Documents, and it shall not be necessary for any other Purchaser
to be joined as an additional party in any proceeding for such purpose. Each Purchaser has been represented by its own separate
legal counsel in its review and negotiation of the Transaction Documents.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    21 

     

    

 

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

 

	 	EZRaider Co.
	 	 	 
	 	By:	            
	 	 	Name: Moshe Azarzar
	 	 	Title: Chief Executive Officer

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    22 

     

    

 

INSTRUCTIONS

		1.	Complete, Sign and Date the Omnibus Signature Page for the Subscription Agreement.

 

		2.	Initial the Accredited Investor Certification in the appropriate place or
places.

 

		3.	Email your completed and signed
                                         Subscription Agreement and the Accredited Investor Certification to Moshe Azarzar at
                                         mozy@ezraiderus.com; copied to Eleanor Osmanoff, Esq. at eosmanoff@cronelawgroup.com.
                                         If you are paying the Purchase Price by wire transfer, you should send
                                         a wire transfer for the exact dollar amount of the Purchase Price for the number of Shares
                                         you are purchasing according to the following instructions:

 

EZRaider Co.

 

BANK OF AMERICA

1303 Central Ave S, Unit D, Kent, WA 98032 

ACC# ************

ROUTING# *********

Wire transfer# *********

 

Thank you for your interest.

 

    23 

     

    

 

EZRAIDER CO.

OMNIBUS SIGNATURE PAGE TO

SUBSCRIPTION AGREEMENT

 

The undersigned, desiring to: (i) enter
into the Subscription Agreement, dated as of ____________ ___,1
2021 (the “Subscription Agreement”),
between the undersigned, EZRaider Co., formerly known as E-Waste Corp., a Florida corporation (the “Company”),
and the Purchaser, in or substantially in the form furnished to the undersigned, , and (ii) purchase the Shares of the Company
as set forth in the Subscription Agreement, hereby agrees to purchase such Shares from the Company as set forth below and further
agrees to be bound in all respects by the terms and conditions thereof. The undersigned specifically acknowledges having read the
representations section in the Subscription Agreement entitled “Representations and Warranties of the Purchaser and hereby
represents that the statements contained therein are complete and accurate with respect to the undersigned as a Purchaser.

 

IN WITNESS WHEREOF, the Purchaser hereby
executes this Agreement.

 

Dated: ________________________, 2021

 

	 	 	 	X  	$1.50	 	=	$	 
	 	Number of Shares	 	Purchase Price per Share	 	Subscription Amount	 

 

	PURCHASER (individual)	 	PURCHASER (entity)
	 	 	 
	 	 	 
	Signature	 	Name of Entity
	 	 	 
	 	 	By:	              
	Print Name	 	Signature

 

	 	 	Print Name:  	     

	Signature (if Joint Tenants or Tenants in Common)	 	Title:	 

 

	Address of Principal Residence:	 	Address of Executive Offices:
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	Social Security Number(s):	 	IRS Tax Identification Number:
	 	 	 
	 	 	 
	Telephone Number:	 	Telephone Number:
	 	 	 
	 	 	 
	Facsimile Number:	 	Facsimile Number:
	 	 	 
	 	 	 
	E-mail Address:	 	E-mail Address:
	 	 	 

 

 

1
Will reflect the Closing Date. Not to be completed by Purchaser.

 

    24

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00338-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00338-of-00352.parquet"}]]