Document:

Exhibit 10.12

 

AKOUSTIS,
INC.

2014
STOCK PLAN 

RESTRICTED
STOCK PURCHASE AGREEMENT

 

This
Restricted Stock Purchase Agreement (this “Agreement”)
is made as of    ____________ by and between Akoustis, Inc., a Delaware corporation (the “Company”),
and _________________ (“Purchaser”) pursuant to the Company’s 2014 Stock Plan (the
“Plan”). To the extent any capitalized terms used in this Agreement are not defined, they shall have the
meaning ascribed to them in the Plan.

 

		1)	Sale of Stock.
                                                                                             Subject to the terms and conditions of this Agreement, simultaneously with the execution and delivery of this Agreement by
                                                                                             the parties or on such other date as the Company and Purchaser shall agree (the “Purchase Date”), the
                                                                                             Company will issue and sell to Purchaser, and Purchaser agrees to purchase from the Company ___  shares of the
                                                                                             Company’s Common Stock (the “Shares”) at
                                                                                             a purchase price of ____  per share for a total purchase price of  ___ (the “Aggregate Purchase
                                                                                             Price”). On the Purchase Date, Purchaser will deliver the
                                                                                             Aggregate Purchase Price to the Company and the Company will enter the Shares in Purchaser’s name as of such date in
                                                                                             the books and records of the Company or, if applicable, a duly authorized transfer agent of the Company. The Company will
                                                                                             deliver to Purchaser a stock certificate representing the Shares as soon as practicable following such date. As used
                                                                                             elsewhere herein, the term “Shares” refers
                                                                                             to all of the Shares purchased hereunder and all securities received in connection with the Shares pursuant to stock
                                                                                             dividends or splits, all securities received in replacement of the Shares in a recapitalization, merger, reorganization,
                                                                                             exchange or the like, and all new, substituted or additional securities or other property to which Purchaser is entitled by
                                                                                             reason of Purchaser’s ownership of the Shares. By Purchaser’s signature and the signature of the Company’s
                                                                                             representative below, Purchaser and the Company agree that this acquisition of Shares is governed by the terms and conditions
                                                                                             of this Agreement and the Akoustis, Inc. 2014 Stock Plan which is attached to and made a part of this
                                                                                             Agreement.

 

		2)	Consideration
                                         for Shares. Payment of the
                                         Aggregate Purchase Price shall be made by any method permitted by the Company and authorized
                                         under the Plan. In addition, Purchaser shall satisfy any applicable tax, withholding
                                         obligations, required deductions or other payments, all in accordance with the Plan.

 

		3)	Limitations
                                         on Transfer. In addition
                                         to any other limitation on transfer created by the transfer restrictions set forth in
                                         the Company’s Bylaws, Section 12 of the Plan or by Applicable Laws, Purchaser shall
                                         not assign, encumber or dispose of any interest in the Shares except to the extent permitted
                                         by, and in compliance with the provisions below and Applicable Laws.

 

		a)	Repurchase
                                         Option: Vesting.

 

		i)	In
                                         the event of the voluntary or involuntary termination of Purchaser’s Continuous
                                         Service Status for any reason (including death or Disability), with or without cause,
                                         the Company shall upon the date of such termination (the “Termination Date”)
                                         have an irrevocable, exclusive option (the “Repurchase Option”) for a period
                                         of 60 months from such date to repurchase all or any portion of the Unvested Shares (as
                                         defined below) held by Purchaser as of the Termination Date at the original purchase
                                         price per Share (adjusted for any stock splits, stock dividends and the like) specified
                                         in Section 1. As used in this Agreement, “Unvested Shares” means Shares that
                                         have not yet been released from the Repurchase Option.

 

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		ii)	Unless
                                         the Company notifies Purchaser within 3 months from the Termination Date that it does
                                         not intend to exercise its Repurchase Option with respect to some or all of the Unvested
                                         Shares, the Repurchase Option shall be deemed automatically exercised by the Company
                                         as of the end of such 3-month period following such Termination Date, provided that
                                         the Company may notify Purchaser that it is exercising its Repurchase Option as of a
                                         date prior to the end of such 3-month period. Unless Purchaser is otherwise notified
                                         by the Company pursuant to the preceding sentence that the Company does not intend to
                                         exercise its Repurchase Option as to some or all of the Unvested Shares to which it applies
                                         at the time of termination, execution of this Agreement by Purchaser constitutes written
                                         notice to Purchaser of the Company’s intention to exercise its Repurchase Option
                                         with respect to all Unvested Shares to which such Repurchase Option applies. The Company,
                                         at its choice, may satisfy its payment obligation to Purchaser with respect to exercise
                                         of the Repurchase Option by either (A) delivering a check to Purchaser in the amount
                                         of the purchase price for the Unvested Shares being repurchased, or (B) in the event
                                         Purchaser is indebted to the Company, canceling an amount of such indebtedness equal
                                         to the purchase price for the Unvested Shares being repurchased, or (C) by a combination
                                         of (A) and (B) so that the combined payment and cancellation of indebtedness equals such
                                         purchase price. In the event of any deemed automatic exercise of the Repurchase Option
                                         pursuant to this Section 3(a)(2) in which Purchaser is indebted to the Company, such
                                         indebtedness equal to the purchase price of the Unvested Shares being repurchased shall
                                         be deemed automatically canceled as of the end of the 3-month period following the Termination
                                         Date unless the Company otherwise satisfies its payment obligations. As a result of any
                                         repurchase of Unvested Shares pursuant to this Section 3(a), the Company shall become
                                         the legal and beneficial owner of the Unvested Shares being repurchased and shall have
                                         all rights and interest therein or related thereto, and the Company shall have the right
                                         to transfer to its own name the number of Unvested Shares being repurchased by the Company,
                                         without further action by Purchaser.

 

		iii)	100%
                                         of the Shares shall initially be subject to the Repurchase Option (the “Vesting
                                         Shares”). 25% of the Vesting Shares shall be released from the Repurchase Option
                                         on June 16, 2015, and an additional 1/48 of the Vesting Shares shall be released from
                                         the Repurchase Option on the last day of each month thereafter, until all Vesting Shares
                                         are released from the Repurchase Option; provided, however, that such scheduled releases
                                         from the Repurchase Option shall immediately cease as of the Termination Date. Fractional
                                         shares shall be rounded to the nearest whole share.

 

		b)	Transfer
Restrictions: Right of First Refusal. Before any Shares held by Purchaser
or any transferee of Purchaser (either being sometimes referred to herein as the “Holder”)
may be sold or otherwise transferred (including transfer by gift
or operation of law), the Holder must provide the Company or its assignee(s) with a right of first refusal to purchase the Shares
on the terms and conditions set forth in this Section 3(b) (the “Right of First Refusals”)
and the Company shall have the right to approve such transfer, in its sole and absolute discretion. If the Holder would like to
transfer any Shares the Company may either (1) exercise its Right of First Refusal and purchase the Shares as forth in this Section
3(b), (2) reject to exercise its Right of First Refusal and permit the transfer of the Shares to the Proposed Transferee (as defined
below), or (3) reject to exercise its Right of First Refusal and reject any transfer of the Shares.

 

		i)	Notice
                                         of Proposed Transfer. The
                                         Holder of the Shares shall deliver to the Company a written notice (the “Notice”)
                                         stating: (A) the Holder’s
                                         intention to sell or otherwise transfer such Shares; (B) the name of each proposed purchaser
                                         or other transferee (“Proposed Transferee”):
                                         (C) the number of Shares to be transferred to each Proposed Transferee; (D) the terms
                                         and conditions of each proposed sale or transfer, including (without limitation) the
                                         purchase price for such Shares (the “Transfer Purchase Price”):
                                         and (E) the Holder’s offer shall offer to the Company or its assignee(s) to purchase
                                         the Shares at the Transfer Purchase Price and upon the same terms (or terms as similar
                                         as reasonably possible).

 

		ii)	Exercise
                                         of Right of First Refusal.
                                         At any time within 30 days after receipt of the Notice, the Company and/or its assignee(s)
                                         may, by giving written notice to the Holder, elect to reject the proposed transfer, in
                                         full or in part, or elect to purchase any or all of the Shares proposed to be transferred
                                         to any one or more of the Proposed Transferees, at the Transfer Purchase Price, provided
                                         that if the Transfer Purchase Price consists of no legal consideration (as, for example,
                                         in the case of a transfer by gift), the purchase price will be the fair market value
                                         of the Shares as determined in good faith by the Company. If the Transfer Purchase Price
                                         includes consideration other than cash, the cash equivalent value of the non-cash consideration
                                         shall be determined by the Company in good faith.

 

		iii)	Payment.
                                         Payment of the Transfer Purchase Price shall be made, at the election of the Company
                                         or its assignee(s), in cash (by check), by cancellation of all or a portion of any outstanding
                                         indebtedness or by any combination thereof within 60 days after receipt of the Notice
                                         or in the manner and at the times mutually agreed to by the Company (or its assignee(s))
                                         and the Holder.

 

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		iv)	Holder’s
                                         Right to Transfer. If any
                                         of the Shares proposed in the Notice to be transferred to a given Proposed Transferee
                                         are both (A) not purchased by the Company and/or its assignee(s) as provided in this
                                         Section 3(b) and (B) approved by the Company to be transferred, then the Holder may sell
                                         or otherwise transfer any unpurchased Shares to the Proposed Transferee at the Transfer
                                         Purchase Price or at a higher price, provided that such sale or other transfer is consummated
                                         within 120 days after the date of the Notice and provided further that any such sale
                                         or other transfer is effected in accordance with the transfer restrictions set forth
                                         in the Company’s Bylaws, the Plan and any Applicable Laws and the Proposed Transferee
                                         agrees in writing that the provisions of this Section 3 and the waiver of statutory information
                                         rights in Section 10 shall continue to apply to the Shares in the hands of such Proposed
                                         Transferee. The Company, in consultation with its legal counsel, may require the Holder
                                         to provide an opinion of counsel evidencing compliance with Applicable Laws. If the Shares
                                         described in the Notice are not transferred to the Proposed Transferee within such period,
                                         or if the Holder proposes to change the price or other terms to make them more favorable
                                         to the Proposed Transferee, a new Notice shall be given to the Company, and the Company
                                         and/or its assignees shall again have the right to approve such transfer and be offered
                                         the Right of First Refusal.

 

		v)	Exception
                                         for Certain Family Transfers. Anything to the contrary contained in this Section
                                         3(b) notwithstanding, the transfer of any or all of the Shares during Purchaser’s
                                         lifetime or on Purchaser’s death by will or intestacy to Purchaser’s Immediate
                                         Family or to a trust for the benefit of Purchaser or Purchaser’s Immediate Family
                                         shall be exempt from the provisions of this Section 3(b). “Immediate Family”
                                         as used in this Agreement shall mean lineal descendant or antecedent, spouse (or spouse’s
                                         antecedents), father, mother, brother or sister (or their descendants), stepchild (or
                                         their antecedents or descendants), aunt or uncle (or their antecedents or descendants),
                                         brother-in-law or sister-in-law (or their antecedents or descendants) and shall include
                                         adoptive relationships. In such case, the transferee or other recipient shall receive
                                         and hold the Shares so transferred subject to the provisions of this Section 3, and there
                                         shall be no further transfer of such Shares except in accordance with the terms of this
                                         Section 3.

 

		c)	Company’s
                                         Right to Purchase upon Involuntary Transfer.
                                         In the event, at any time after the date of this Agreement, of any transfer by operation
                                         of law or other involuntary transfer (including death or divorce, but excluding a transfer
                                         to Immediate Family as set forth in Section 3(b)(v) above) of all or a portion of the
                                         Shares by the record holder thereof, the Company shall have the right to purchase any
                                         or all of the Shares transferred at the Fair Market Value of the Shares on the date of
                                         transfer (as determined by the Company in its sole discretion). Upon such a transfer,
                                         the Holder shall promptly notify the Secretary of the Company of such transfer. The right
                                         to purchase such Shares shall be provided to the Company for a period of 30 days following
                                         receipt by the Company of written notice from the Holder.

 

		d)	Assignment.
                                         The right of the Company to purchase any part of the Shares may be assigned in whole
                                         or in part to any holder or holders of capital stock of the Company or other persons
                                         or organizations.

 

		e)	Restrictions
                                         Binding on Transferees.
                                         All transferees of Shares or any interest therein will receive and hold such Shares or
                                         interest subject to the provisions of this Agreement, including, insofar as applicable,
                                         the Repurchase Option. Any sale or transfer of the Shares shall be void unless the provisions
                                         of this Agreement are satisfied.

 

		f)	Termination
                                         of Rights. The transfer
                                         restrictions set forth in Section 3(b) above and Section 12 of the Plan, the Right of
                                         First Refusal granted the Company by Section 3(b) above and the right to repurchase the
                                         Shares in the event of an involuntary transfer granted the Company by Section 3(c) above
                                         shall terminate upon (i) the first sale of Common Stock of the Company to the general
                                         public pursuant to a registration statement filed with and declared effective by the
                                         Securities and Exchange Commission under the Securities Act (other than a registration
                                         statement relating solely to the issuance of Common Stock pursuant to a business combination
                                         or an employee incentive or benefit plan) or (ii) any transfer or conversion of Shares
                                         made pursuant to a statutory merger or statutory consolidation of the Company with or
                                         into another corporation or corporations if the common stock of the surviving corporation
                                         or any direct or indirect parent corporation thereof is registered under the Exchange
                                         Act. Upon termination of such transfer restrictions, the Company will remove any stop-transfer
                                         notices referred to in Section 7(b) below and related to the restriction in Sections
                                         3(b) and 3(c) and a new stock certificate or, in the case of uncertificated securities,
                                         notice of issuance, for the Shares not repurchased shall be issued, on request, without
                                         the legend referred to in Section 7(a)(ii) below.

 

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		g)	Lock-Up
                                         Agreement. If so requested
                                         by the Company or the underwriters in connection with the initial public offering of
                                         the Company’s securities registered under the Securities Act of 1933, as amended,
                                         Purchaser shall not sell, make any short sale of, loan, grant any option for the purchase
                                         of, or otherwise dispose of any securities of the Company however or whenever acquired
                                         (except for those being registered) without the prior written consent of the Company
                                         or such underwriters, as the case may be, for 180 days from the effective date of the
                                         registration statement, plus such additional period, to the extent required by FINRA
                                         rules, up to a maximum of 216 days from the effective date of the registration statement,
                                         and Purchaser shall execute an agreement reflecting the foregoing as may be requested
                                         by the underwriters at the time of such offering.

 

		4)	Escrow
                                         of Unvested Shares. For
                                         purposes of facilitating the enforcement of the provisions of Section 3 above, Purchaser
                                         agrees, immediately upon receipt of the stock certificate(s) or, in the case of uncertificated
                                         securities, notice of issuance, for the Shares subject to the Repurchase Option, to deliver
                                         any such stock certificate(s) as well as a Stock Power in the form attached to this Agreement
                                         as Exhibit A executed
                                         by Purchaser and by Purchaser’s spouse (if required for transfer), in blank, to
                                         the Secretary of the Company, or the Secretary’s designee, to hold such Shares
                                         (and stock certificate(s), if any) and Stock Power in escrow and to take all such actions
                                         and to effectuate all such transfers and/or releases as are required in accordance with
                                         the terms of this Agreement. Purchaser hereby acknowledges that the Secretary of the
                                         Company, or the Secretary’s designee, is so appointed as the escrow holder with
                                         the foregoing authorities as a material inducement to make this Agreement and that said
                                         appointment is coupled with an interest and is accordingly irrevocable. Purchaser agrees
                                         that said escrow holder shall not be liable to any party hereof (or to any other party).
                                         The escrow holder may rely upon any letter, notice or other document executed by any
                                         signature purported to be genuine and may resign at any time. Purchaser agrees that if
                                         the Secretary of the Company, or the Secretary’s designee, resigns as escrow holder
                                         for any or no reason, the Board of Directors of the Company shall have the power to appoint
                                         a successor to serve as escrow holder pursuant to the terms of this Agreement.

 

		5)	Investment
                                         and Taxation Representations.
                                         In connection with the purchase of the Shares, Purchaser represents to the Company the
                                         following:

 

		a)	Purchaser
                                         is aware of the Company’s business affairs and financial condition and has acquired
                                         sufficient information about the Company to reach an informed and knowledgeable decision
                                         to acquire the Shares. Purchaser is purchasing the Shares for investment for Purchaser’s
                                         own account only and not with a view to, or for resale in connection with, any “distribution”
                                         thereof within the meaning of the Securities Act or under any applicable provision of
                                         state law. Purchaser does not have any present intention to transfer the Shares to any
                                         other person or entity.

 

		b)	Purchaser
                                         understands that the Shares have not been registered under the Securities Act by reason
                                         of a specific exemption therefrom, which exemption depends upon, among other things,
                                         the bona fide nature of Purchaser’s investment intent as expressed herein.

 

		c)	Purchaser
                                         further acknowledges and understands that the securities must be held indefinitely unless
                                         they are subsequently registered under the Securities Act or an exemption from such registration
                                         is available. Purchaser further acknowledges and understands that the Company is under
                                         no obligation to register the securities.

 

		d)	Purchaser
                                         is familiar with the provisions of Rule 144, promulgated under the Securities Act, which,
                                         in substance, permits limited public resale of “restricted securities” acquired,
                                         directly or indirectly, from the issuer of the securities (or from an affiliate of such
                                         issuer), in a non-public offering subject to the satisfaction of certain conditions.
                                         Purchaser understands that the Company provides no assurances as to whether he or she
                                         will be able to resell any or all of the Shares pursuant to Rule 144, which rule requires,
                                         among other things, that the Company be subject to the reporting requirements of the
                                         Exchange Act, that resales of securities take place only after the holder of the Shares
                                         has held the Shares for certain specified time periods, and under certain circumstances,
                                         that resales of securities be limited in volume and take place only pursuant to brokered
                                         transactions. Notwithstanding this Section 5(d), Purchaser acknowledges and agrees to
                                         the restrictions set forth in Section 5(e) below.

  

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		e)	Purchaser
                                         further understands that in the event all of the applicable requirements of Rule 144
                                         are not satisfied, registration under the Securities Act, compliance with Regulation
                                         A, or some other registration exemption will be required; and that, notwithstanding the
                                         fact that Rule 144 is not exclusive, the Staff of the Securities and Exchange Commission
                                         has expressed its opinion that persons proposing to sell private placement securities
                                         other than in a registered offering and otherwise than pursuant to Rule 144 will have
                                         a substantial burden of proof in establishing that an exemption from registration is
                                         available for such offers or sales, and that such persons and their respective brokers
                                         who participate in such transactions do so at their own risk.

 

		f)	Purchaser
                                         understands that Purchaser may suffer adverse tax consequences as a result of Purchaser’s purchase or disposition of the Shares. Purchaser represents that Purchaser has consulted
                                         any tax consultants Purchaser deems advisable in connection with the purchase or disposition
                                         of the Shares and that Purchaser is not relying on the Company for any tax advice.

 

		6)	Voting
                                         Provisions. As a condition
                                         precedent to entering into this Agreement, at the request of the Company, Purchaser shall
                                         become a party to any voting agreement to which the Company is a party at the time of
                                         Purchaser’s execution and delivery of this Agreement, as such voting agreement
                                         may be thereafter amended from time to time (the “Voting Agreement”), by
                                         executing an adoption agreement or counterpart signature page agreeing to be bound by
                                         and subject to the terms of the Voting Agreement and to vote the Shares in the capacity
                                         of a “Common Holder” and a “Stockholder,” as such terms may be
                                         defined in the Voting Agreement.

 

		7)	Restrictive
                                         Legends and Stop-Transfer Orders.

 

		a)	Legends.
                                         Any stock certificate or, in the case of uncertificated securities, notice of issuance,
                                         for the Shares, shall bear the following legends (as well as any legends required by
                                         applicable state and federal corporate and securities laws):

 

		i)	“THE
                                         SECURITIES REFERENCED HEREIN HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
                                         AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH,
                                         THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISTRIBUTION MAY BE EFFECTED WITHOUT
                                         AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM
                                         SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES
                                         ACT OF 1933.”

 

		ii)	“THE
                                         TRANSFER OF SECURITIES REFERENCED HEREIN IS SUBJECT TO RESTRICTIONS REQUIRING APPROVAL
                                         OF THE COMPANY PURSUANT TO AND IN ACCORDANCE WITH THE COMPANY’S BYLAWS AND STOCK
                                         PLAN, COPIES OF WHICH MAY BE OBTAINED UPON WRITTEN REQUEST TO THE COMPANY AT ITS PRINCIPAL
                                         PLACE OF BUSINESS. THE COMPANY SHALL NOT REGISTER OR OTHERWISE RECOGNIZE OR GIVE EFFECT
                                         TO ANY PURPORTED TRANSFER OF SHARES OF STOCK THAT DOES NOT COMPLY WITH THE COMPANY’S
                                         BYLAWS AND STOCK PLAN.”

 

		iii)	“THE
                                         SECURITIES REFERENCED HEREIN MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF
                                         AN AGREEMENT BETWEEN THE COMPANY AND THE STOCKHOLDER, A COPY OF WHICH IS ON FILE WITH
                                         AND MAY BE OBTAINED FROM THE SECRETARY OF THE COMPANY AT NO CHARGE.”

 

		iv)	Any
                                         legend required by the Voting Agreement, as applicable.

 

		b)	Stop-Transfer
                                         Notices. Purchaser agrees
                                         that, in order to ensure compliance with the restrictions referred to herein, the Company
                                         may issue appropriate “stop transfer” instructions to its transfer agent,
                                         if any, and that, if the Company transfers its own securities, it may make appropriate
                                         notations to the same effect in its own records.

 

		c)	Refusal
                                         to Transfer. The Company
                                         shall not be required (i) to transfer on its books any Shares that have been sold or
                                         otherwise transferred in violation of any of the provisions of this Agreement or the
                                         Plan or (ii) to treat as owner of such Shares or to accord the right to vote or pay dividends
                                         to any purchaser or other transferee to whom such Shares shall have been so transferred.

 

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		8)	No Employment
                                         Rights. Nothing in this
                                         Agreement shall affect in any manner whatsoever the right or power of the Company, or
                                         a parent, subsidiary or affiliate of the Company, to terminate Purchaser’s employment
                                         or consulting relationship, for any reason, with or without cause.

 

		9)	Section
                                         83(b) Election. Purchaser
                                         understands that Section 83(a) of the Internal Revenue Code of 1986, as amended (the
                                         “Code”),
                                         taxes as ordinary income the difference between the amount paid for the Shares and the
                                         Fair Market Value of the Shares as of the date any restrictions on the Shares lapse.
                                         In this context, “restriction”
                                         means the right of the Company to buy back the Shares pursuant to the Repurchase Option
                                         set forth in Section 3(a) above. Purchaser understands that Purchaser may elect to be
                                         taxed at the time the Shares are purchased, rather than when and as the Repurchase Option
                                         expires, by filing an election under Section 83(b) (an “83(b) Election”)
                                         of the Code with the Internal Revenue Service within 30 days from the date of purchase.
                                         Even if the Fair Market Value of the Shares at the time of the execution of this Agreement
                                         equals the amount paid for the Shares, the election must be made to avoid income under
                                         Section 83(a) in the future. Purchaser understands that failure to file such an election
                                         in a timely manner may result in adverse tax consequences for Purchaser. Purchaser further
                                         understands that an additional copy of such election form should be filed with Purchaser’s
                                         federal income tax return for the calendar year in which the date of this Agreement falls.
                                         Purchaser acknowledges that the foregoing is only a summary of the effect of United States
                                         federal income taxation with respect to purchase of the Shares hereunder, does not purport
                                         to be complete, and is not intended or written to be used, and cannot be used, for the
                                         purposes of avoiding taxpayer penalties. Purchaser further acknowledges that the Company
                                         has directed Purchaser to seek independent advice regarding the applicable provisions
                                         of the Code, the income tax laws of any municipality, state or foreign country in which
                                         Purchaser may reside, and the tax consequences of Purchaser’s death, and Purchaser
                                         has consulted, and has been fully advised by, Purchaser’s own tax advisor regarding
                                         such tax laws and tax consequences or has knowingly chosen not to consult such a tax
                                         advisor. Purchaser further acknowledges that neither the Company nor any subsidiary or
                                         representative of the Company has made any warranty or representation to Purchaser with
                                         respect to the tax consequences of Purchaser’s purchase of the Shares or of the
                                         making or failure to make an 83(b) Election. PURCHASER (AND NOT THE COMPANY, ITS AGENTS
                                         OR ANY OTHER PERSON) SHALL BE SOLELY RESPONSIBLE FOR APPROPRIATELY FILING SUCH FORM WITH
                                         THE IRS, EVEN IF PURCHASER REQUESTS THE COMPANY, ITS AGENTS OR ANY OTHER PERSON MAKE
                                         THIS FILING ON PURCHASER’S BEHALF.

 

		10)	Waiver
                                         of Statutory Information Rights.
                                         Purchaser acknowledges and understands that, but for the waiver made herein, Purchaser
                                         would be entitled, upon written demand under oath stating the purpose thereof, to inspect
                                         for any proper purpose, and to make copies and extracts from, the Company’s stock
                                         ledger, a list of its stockholders, and its other books and records, and the books and
                                         records of subsidiaries of the Company, if any, under the circumstances and in the manner
                                         provided in Section 220 of the Delaware General Corporation Law (any and all such rights,
                                         and any and all such other rights of Purchaser as may be provided for in Section 220,
                                         the “Inspection Rights”).
                                         In light of the foregoing, until the first sale of Common Stock of the Company to the
                                         general public pursuant to a registration statement filed with and declared effective
                                         by the Securities and Exchange Commission under the Securities Act of 1933, as amended,
                                         Purchaser hereby unconditionally and irrevocably waives the Inspection Rights, whether
                                         such Inspection Rights would be exercised or pursued directly or indirectly pursuant
                                         to Section 220 or otherwise, and covenants and agrees never to directly or indirectly
                                         commence, voluntarily aid in any way, prosecute, assign, transfer, or cause to be commenced
                                         any claim, action, cause of action, or other proceeding to pursue or exercise the Inspection
                                         Rights. The foregoing waiver applies to the Inspection Rights of Purchaser in Purchaser’s
                                         capacity as a stockholder and shall not affect any rights of a director, in his or her
                                         capacity as such, under Section 220. The foregoing waiver shall not apply to any contractual
                                         inspection rights of Purchaser under any written agreement with the Company.

 

		11)	Miscellaneous.

 

		a)	Governing
                                         Law. The validity, interpretation,
                                         construction and performance of this Agreement, and all acts and transactions pursuant
                                         hereto and the rights and obligations of the parties hereto shall be governed, construed
                                         and interpreted in accordance with the laws of the state of Delaware, without giving
                                         effect to principles of conflicts of law. For purposes of litigating any dispute that
                                         may arise directly or indirectly from this Agreement, the parties hereby submit and consent
                                         to the exclusive jurisdiction of the state of Delaware and agree that any such litigation
                                         shall be conducted only in the courts of Delaware or the federal courts of the United
                                         States located in Delaware and no other courts.

 

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		b)	Entire
                                         Agreement. This Agreement
                                         sets forth the entire agreement and understanding of the parties relating to the subject
                                         matter herein and supersedes all prior or contemporaneous discussions, understandings
                                         and agreements, whether oral or written, between them relating to the subject matter
                                         hereof.

 

		c)	Amendments
                                         and Waivers. No modification
                                         of or amendment to this Agreement, nor any waiver of any rights under this Agreement,
                                         shall be effective unless in writing signed by the parties to this Agreement. No delay
                                         or failure to require performance of any provision of this Agreement shall constitute
                                         a waiver of that provision as to that or any other instance.

 

		d)	Successors
                                         and Assigns. Except as otherwise
                                         provided in this Agreement, this Agreement, and the rights and obligations of the parties
                                         hereunder, will be binding upon and inure to the benefit of their respective successors,
                                         assigns, heirs, executors, administrators and legal representatives. The Company may
                                         assign any of its rights and obligations under this Agreement. No other party to this
                                         Agreement may assign, whether voluntarily or by operation of law, any of its rights and
                                         obligations under this Agreement, except with the prior written consent of the Company.

 

		e)	Notices.
                                         Any notice, demand or request required or permitted to be given under this Agreement
                                         shall be in writing and shall be deemed sufficient when delivered personally or by overnight
                                         courier or sent by email, or 48 hours after being deposited in the U.S. mail as certified
                                         or registered mail with postage prepaid, addressed to the party to be notified at such
                                         party’s address as set forth on the signature page, as subsequently modified by
                                         written notice, or if no address is specified on the signature page, at the most recent
                                         address set forth in the Company’s books and records.

 

		f)	Severability.
                                         If one or more provisions of this Agreement are
                                         held to be unenforceable under applicable law, the parties agree to renegotiate such
                                         provision in good faith. In the event that the parties cannot reach a mutually agreeable
                                         and enforceable replacement for such provision, then (i) such provision shall be excluded
                                         from this Agreement, (ii) the balance of the Agreement shall be interpreted as if such
                                         provision were so excluded and (iii) the balance of the Agreement shall be enforceable
                                         in accordance with its terms.

 

		g)	Construction.
                                         This Agreement is the result of negotiations between and has been reviewed by each of
                                         the parties hereto and their respective counsel, if any; accordingly, this Agreement
                                         shall be deemed to be the product of all of the parties hereto, and no ambiguity shall
                                         be construed in favor of or against any one of the parties hereto.

 

		h)	Counterparts.
                                         This Agreement may be executed in any number of counterparts, each of which when so executed
                                         and delivered shall be deemed an original, and all of which together shall constitute
                                         one and the same agreement.

 

		i)	Electronic
                                         Delivery. The Company may,
                                         in its sole discretion, decide to deliver any documents related to this Agreement or
                                         any notices required by applicable law or the Company’s Certificate of Incorporation
                                         or Bylaws by email or any other electronic means. Purchaser hereby consents to receive
                                         such documents and notices by such electronic delivery and agrees to participate through
                                         an on-line or electronic system established and maintained by the Company or a third
                                         party designated by the Company.

 

		j)	Imposition
                                         of Other Requirements. The
                                         Company reserves the right to impose other requirements on Purchaser’s participation
                                         in the Plan and on any Award or Shares acquired under the Plan, to the extent the Company
                                         determines it is necessary or advisable in order to comply with Applicable Law or facilitate
                                         the administration of the Plan. Purchaser agrees to sign any additional agreements or
                                         undertakings that may be necessary to accomplish the foregoing. Furthermore, Purchaser
                                         acknowledges that the laws of the country in which Purchaser is working at the time of
                                         grant of this Agreement, the purchase, vesting or sale of Shares received pursuant to
                                         this Agreement (including any rules or regulations governing securities, foreign exchange,
                                         tax, labor, or other matters) may subject Purchaser to additional procedural or regulatory
                                         requirements that Purchaser is and will be solely responsible for and must fulfill.

 

    	7

    	 

    

  

		k)	California
                                         Corporate Securities Law.
                                         THE SALE OF THE SECURITIES WHICH ARE THE SUBJECT OF THIS AGREEMENT HAS NOT BEEN QUALIFIED
                                         WITH THE COMMISSIONER OF CORPORATIONS OF THE STATE OF CALIFORNIA AND THE ISSUANCE OF
                                         THE SECURITIES OR THE PAYMENT OR RECEIPT OF ANY PART OF THE CONSIDERATION THEREFOR PRIOR
                                         TO THE QUALIFICATION IS UNLAWFUL, UNLESS THE SALE OF SECURITIES IS EXEMPT FROM QUALIFICATION
                                         BY SECTION 25100, 25102 OR 25105 OF THE CALIFORNIA CORPORATIONS CODE. THE RIGHTS OF ALL
                                         PARTIES TO THIS AGREEMENT ARE EXPRESSLY CONDITIONED UPON THE QUALIFICATION BEING OBTAINED,
                                         UNLESS THE SALE IS SO EXEMPT.

 

[Signature
Page Follows]

 

    	8

    	 

    

 

The
parties have executed this Agreement as of the date first set forth above.

 

	 	THE
    COMPANY:
	 	AKOUSTIS,
    INC.
	 	 
	 	By:	
	 	Name:	
	 	Title:	
	 	 
	 	PURCHASER:
	 	 
	 	 
	 	Name:
    	 

 

    	9

    	 

    

 

EXHIBIT
A

 

STOCK
POWER

 

FOR
VALUE RECEIVED, the undersigned (“Holder”) hereby sells, assigns and transfers unto ________________ (“Transferee”)
___ shares of the Common Stock of Akoustis, Inc., a Delaware corporation (the “Company”), standing in Holder’s
name on the Company’s books as Certificate No. CS-__ whether held in certificated or uncertificated form, and does hereby
irrevocably constitute and appoint ______________________ to transfer said stock on the books
of the Company with full power of substitution in the premises.

 

	Date:
    ____________	HOLDER:
	 	 
	 	By:
    	 
	 	(Signature)
	 	Name: 	 

 

This
Stock Power may only be used as authorized by the Restricted Stock Purchase Agreement between the Holder and the Company, dated
June 13, 2014 and the exhibits thereto.

 

Instructions:
Please do not fill in any blanks other than the signature line. The purpose
of this assignment is to enable the Company to exercise its repurchase option set forth in the Agreement without requiring
additional signatures on the part of the Holder.

 

    	10Exhibit 10.13

 

JOINT DEVELOPMENT AGREEMENT (JDA)

 

This Joint Development Agreement (this “Development
Agreement”), effective as of February 27, 2015 (the “Effective Date”), is made between the following
parties:

 

AKOUSTIS, INC., a company duly incorporated under
the laws of the State of Delaware, having its principal office located at 10602-C Bailey Road, Cornelius, NC 28031 (“AKOUSTIS”),
and

 

Global Communication Semiconductors, LLC., a company
duly incorporated under the laws of the State of California, having its principal office located at 23155 Kashiwa Court, Torrance,
California 90505 (“GCS”).

 

RECITALS

 

		A.	While AKOUSTIS is a leading developer of a certain communication product.

 

		B.	GCS is a leading foundry capable of manufacturing the communication product for AKOUSTIS.

 

The parties agree as follows:

 

1.      DEFINITIONS

 

		1.1	“Advisory Committee” means a committee of between 2 and 4 individuals involved in the day-to-day development
activities under this Agreement, comprising equal representation from each party, formed to resolve identified and escalated issues,
as further described in Section 3.2. The Advisory Committee is comprised initially of the individuals listed on Exhibit A, attached
and incorporated by reference.

 

		1.2	“Affiliate” means, with respect to a party, any person, partnership, firm, corporation, or other
business entity that controls, is controlled by, or is under common control of that party, in each case for only so long as such
control exists. For purposes of this definition, “control” means owning more than fifty percent of the controlled
entity’s ownership interest or securities or shares and possessing the power, directly or indirectly, to direct or cause
direction of the controlled entity’s management and policies.

 

		1.3	“Agreement” means this Development Agreement and any and all SOWs, which can be updated from time to time
by the parties.

 

		1.4	“Background Technology” means all information (including without limitation designs, processes, methods,
techniques, designs, structures, software, inventions, technology, and specifications) that is owned, controlled, licensed, developed,
or acquired solely outside the performance of this Agreement by a party or on behalf of that party by an entity other than the
other party, and that is disclosed to the other party under this Agreement during the Term to facilitate development activities
under this Agreement.

 

    	1

    	 

    

 

		1.5	“Change of Control” means, with respect to a party (a) any sale or exchange of the capital stock by the
shareholders that party in one transaction or series of related transactions where more than 50% of the outstanding voting power
of that party is acquired by a person or entity or group of related persons or entities; or (b) any reorganization, consolidation
or merger of that party where the outstanding voting securities of that party immediately before the transaction represent or are
converted into less than fifty percent 50% of the outstanding voting power of the surviving entity (or its parent entity) immediately
after the transaction; or (c) the consummation of any transaction or series of related transactions that results in the sale of
all or substantially all of the assets of that party, other than where the entity acquiring shares or assets, or the surviving
entity with respect to clause (b) above, is an Affiliate of that party and for the purposes of this provision an Affiliate is an
entity that, directly or indirectly, controls is controlled by or is under common control with that party. “Change of Control”
includes reverse mergers whereby that party is the surviving entity, but does not include internal reorganizations or restructurings
(e.g., for tax purposes).

 

		1.6	“Confidential Information” means information provided by either party to the other prior to or during the
term of this Agreement, for the purposes of this Agreement, including without limitation, technical, business, financial and marketing
information, and descriptions of the existence or state of progress of that information. A party’s Confidential Information
includes, without limitation, any and all prototypes, copies, notes, analyses, compilations, studies, interpretations, and summaries
of that information prepared by or for the other party.

 

		1.7	“Filing” means the submission of any documentation, application, filing, registration or other actions required
to perfect or enforce the parties’ interest in any Joint Development Works under Intellectual Property Right protection mechanisms,
including, without limitation, any correspondence or other communication with any patent or copyright office or other governmental
authority with respect thereto.

 

		1.8	“Filing Party” means the party that has the right to conduct a Filing.

 

		1.9	“Intellectual Property Rights” means worldwide common law and statutory rights associated with (i) patents
and patent applications, (ii) copyrights and all other literary property and author rights, including without limitation, copyright
applications, copyright registrations, certificates of copyrights and copyrighted interests, and “moral” rights, (iii)
all rights, title and interest in and to inventions (whether patentable or not in any country) and invention disclosures, (iv)
trade secrets, know-how, or the protection of confidential information (v) other proprietary rights related to intangible intellectual
property, (vi) analogous rights to the rights set forth in (i)-(v), and (vii) all divisions, continuations, renewals, reissuances,
and extensions of the foregoing (as applicable) now existing or hereafter filed, issued or acquired. Notwithstanding the foregoing,
Intellectual Property Rights shall not include any rights in trademarks, service marks, trade dress, logos, trade names and corporate
names, whether registered or unregistered, or in the goodwill associated therewith, or in any registrations and applications for
registration thereof (collectively, “Trademarks”).

 

    	2

    	 

    

  

		1.10	“Joint Development Work(s)” means (a) any and all inventions, discoveries, works of authorship, know-how,
drawings, technical information, data, documentation, and other information, regardless of the state of completion, in each case
that are conceived or reduced to practice by or on behalf of the parties acting jointly, in the course of their performance under
this Agreement during the Term, which express excludes all Background Technology, and (b) any Products expressly designated as
a Joint Development Work in the applicable SOW.

 

		1.11	“Product(s)” means a project deliverable, contemplated by the parties as the intended result of development
activities under an SOW.

 

		1.12	“Project Manager(s)” means an employee from a party, appointed to manage the development activities under
the applicable SOW.

 

		1.13	“Sole Development Work(s)” means any and all inventions, discoveries, works of authorship, know-how, drawings,
technical information, data, documentation, specifications, Products, and all other information, regardless of the state of completion,
in each case that are conceived or reduced to practice in the course of either party’s performance under this Agreement during
the Term, expressly excluding all Background Technology and all Joint Development Works.

 

		1.14	“Statement of Work” or “SOW” means a document signed by both parties that describes the
terms and conditions particular to a specific project between AKOUSTIS and GCS and references this Development Agreement. An SOW
may include one or more attachments, schedules, and other exhibits. An SOW will describe, without limitation, the scope of the
project to be conducted by the parties under that SOW, the responsibilities of each party, and the requirements, specifications,
manufacturing rights, prices, milestones, scheduling, ownership and license of Products, Intellectual Property Rights, whether
the parties anticipate the inclusion of any third party’s intellectual property, any period of exclusive marketing rights,
and other information necessary for that project. Exhibit B lists an initial SOW.

 

2.      Agreement
Structure

 

		2.1	Development Agreement Governs. The terms and conditions of this Development Agreement apply to and govern all SOWs,
except to the extent expressly made inapplicable to an individual SOW by the terms of that SOW.

 

		2.2	Conflicts Between Terms. If there is a conflict or inconsistency between the terms of this Development Agreement and
an SOW, the terms of the SOW prevail if such terms are explicitly indicated.

 

3.      GOVERNANCE

 

		3.1	Project Management; Escalation. Each party shall designate in each SOW one or more Project Managers. Each party may
replace or substitute its designated Project Manager from time to time upon written notice to the other party. Should either party
identify any issues requiring discussion or resolution under an SOW, the designated company representatives shall use reasonable
efforts to resolve those issues. If the designated company representatives, after reasonable efforts, are unable to resolve any
such issues, they may escalate those issues to the Advisory Committee.

 

    	3

    	 

    

  

		3.2	Advisory Committee. Each party shall provide the other party with the name, title, address, email, phone numbers, fax
numbers, and other relevant contact information for each of its Advisory Committee members. Each party may replace or substitute
a designated Advisory Committee member from time to time upon written notice to the other party. At least one senior executive
from each party must be a member of the Advisory Committee. The parties may raise to the Advisory Committee any issues under this
Agreement for discussion or resolution. Should the parties raise any issues to the Advisory Committee, or should the Project Managers
escalate any issues to the Advisory Committee, the Advisory Committee shall use reasonable efforts to resolve those issues. If
the Advisory Committee, after reasonable efforts and thirty (30) days following referral, is unable to unanimously agree on a resolution
for raised or escalated issues, then (without limiting either party’s remedies at law or otherwise) either party may terminate
this Development Agreement, the applicable SOW(s), or any combination of the preceding on thirty (30) days’ notice (given
within ten (10) days of the expiration of the referral period). In addition to resolving raised or escalated issues, the Advisory
Committee shall establish a regular review process to review the overall progress of development activities under this Agreement.
The Advisory Committee shall determine the format and timing of such meetings.

 

4.       DEVELOPMENT
ACTIVITIES

 

		4.1	Development Activities. During the Term, for each SOW, the parties will collaborate to develop one or more Products
in accordance with the requirements set forth in each SOW. Each party shall use reasonable efforts to perform its respective development
responsibilities in accordance with each SOW. Each party will bear all direct and related costs associated with its development
activities unless otherwise mutually agreed in writing.

 

		4.2	Information Exchange and Quarterly Meetings. During the Term, the parties shall share
Joint Development Works with each other to the extent necessary to allow continued enhancement of the development process in furtherance
of the development activities described under each SOW and shall, on a schedule and in a format mutually determined by the parties,
keep each other informed of development activities under each SOW. For clarity, ownership of any Intellectual Property Rights will
be governed in accordance with Section 5. The parties shall have quarterly business review
meetings concerning forecasts, technology, and other issues pertaining to the Agreement and/or SOW.

 

		4.3	Qualification. For any aspect of the Product that fails to meet the specifications set forth in the corresponding SOW,
the Project Managers will make reasonable efforts to mutually decide on a corrective action. If, after reasonable efforts, the
Project Managers are unable to agree on a corrective action after 10 business days, the Project Managers shall escalate the issue
according to the procedure set forth in Section3.1.

    	4

    	 

    

  

		4.4	Change Requests. The Project Managers may mutually agree in writing to minor modifications to an SOW that will not impact
full compliance with the parties’ responsibilities under this Agreement. However, changes impacting full compliance with
those responsibilities are only valid if escalated and approved during the escalation procedure set forth in Section 3.1.

 

		4.5	Responsibility. Although the parties will use reasonable efforts in performing their development responsibilities in
accordance with each SOW, the parties acknowledge that the results of the development work to be performed are uncertain and cannot
be guaranteed by either party. The risk of success or failure of the development work under this Agreement is shared by the parties.
If a party has exerted reasonable efforts in the performance of its responsibilities under an SOW, the failure to achieve performance
objectives or schedules within an SOW does not create liability for that party or constitute a breach of this Agreement.

 

5.      OWNERSHIP

 

		5.1	Background Technology.

 

		(a)	Retention of Rights. Except as expressly set forth in this Agreement, each party retains all rights, title, and interest
in and to its Background Technology and Intellectual Property Rights based on that Background Technology.

 

		(b)	License. Each party hereby grants the other party during the Term a worldwide, non-exclusive, non-sublicensable, non-assignable,
paid up, royalty-free, revocable, license to make, have made and use any of its Background Technology, solely to the extent necessary
to fulfill each party’s obligations under an applicable SOW (and solely for such purpose).

 

		5.2	Sole Development Works.

 

		(a)	Retention of Rights. Except as expressly set forth in this Agreement, each party retains all rights, title, and interest
in and to its Sole Development Works and Intellectual Property Rights based on those Sole Development Works.

 

		(b)	License. Each party hereby grants the other party during the Term a worldwide, non-exclusive, non-sublicensable, non-assignable,
paid up, royalty-free, revocable, license to make, have made and use any of its Sole Development Works, solely to the extent necessary
to fulfill each party’s obligations under an applicable SOW (and solely for such purpose).

 

		5.3	Joint Development Works.

 

		(a)	Ownership. Unless otherwise provided in the SOW, AKOUSTIS and GCS jointly own in equal, undivided shares, and without
rights of survivorship or accounting, all right, title and interest in and to any Joint Development Works and all Intellectual
Property Rights embodied in those Joint Development Works (other than any Intellectual Property Rights based on a party’s
Background Technology), now existing or later acquired (“Joint Intellectual Property Rights”). Each party hereby
assigns and agrees to assign to the other party an equal, undivided interest in the Joint Development Works to the extent necessary
to effectuate the foregoing joint interest. Each party shall ensure that its personnel, and personnel working on its behalf, who
work on development activities under this Agreement have agreed in writing to assign to that party all Intellectual Property Rights
created by that personnel in connection with development activities under this Agreement.

 

    	5

    	 

    

 

		(b)	Right to Exploit. Subject to any limitations in the applicable SOW and to any Intellectual Property Rights based
on a party’s Background Technology, neither party has any obligations to account to the other for profits, or any other amounts,
or to obtain the consent of the other party to license or exploit any Joint Development Works or Joint Intellectual Property Rights.

 

		5.4	Filing Procedures.

 

		(a)	Each individual SOW may indicate which party has the first option to be the Filing Party (“Initial Filing Party”)
with respect to any and all Joint Development Work resulting from that SOW. If the SOW does not specify an Initial Filing Party,
then the Parties shall mutually agree upon which Party is the Initial Filing Party. The parties shall mutually determine whether
the appropriate action to take to ensure the protection of any Joint Development Work is to maintain the Joint Development Work
as a trade secret, or to permit a Filing in relation to that Joint Development Work.

 

		(b)	The non-Filing Party shall reasonably cooperate with and assist the Filing Party and promptly reimburse the Filing Party for
one-half of the Filing Party’s expenses in connection with Filing activities as they are incurred, subject to the condition
that if the non-Filing Party notifies the Filing Party in writing that it does not wish to reimburse the Filing Party for such
expenses, then the non-Filing Party shall not be responsible for any further costs under this Section 5.3 related to the respective
Filing. If the non-Filing Party notifies the Filing Party in writing that it does not wish to reimburse the Filing Party, all right,
title, and interest in and to such documentation, application, filing, registration or other action required under that Filing,
and any resulting Intellectual Property Rights, shall be solely owned by the Filing Party and the non-Filing Party hereby assigns
all right, title, and interest in and to such documentation, application, filing, registration or other actions required under
that Filing, and any resulting Intellectual Property Rights to the Filing Party.

 

		(c)	In the event that a party assigns any documentation, application, filing, registration or other action required under a Filing,
and any resulting Intellectual Property Rights to the other party as set forth above, the assignor shall retain and is hereby granted
a worldwide, non-exclusive, perpetual, paid up, royalty free, irrevocable license to make, have made, use, sell, offer for sale,
import and sublicense (in each case, subject to any limitations in the applicable SOW) the Joint Development Works that are the
subject of such documentation, application, filing, registration or other action required under that Filing. The Filing Party shall
keep the non-Filing Party reasonably informed as to the status of such documentation, application, filing, registration or other
action pertaining to the Joint Development Works under that Filing and shall provide reasonable advance notice to the non-Filing
Party prior to discontinuing any Filing.

 

    	6

    	 

    

 

		(d)	The parties shall cooperate with each other in executing all necessary documents to give effect to the provisions of this Section
5.

 

6.       LICENSES

 

		6.1	Retaining Rights. Except for a party’s limited right to use the other party’s
information, as set forth in this Agreement, and the express allocation of rights in Section 5,
no license or rights, either express, implied, or established by operation of law, are granted under this Agreement, including
without limitation, any Intellectual Property Rights based on a party’s Background Technology, or any Intellectual Property
Rights based on a party’s technology that is owned, controlled, licensed, developed, or acquired by that party or on behalf
of that party arising out of or related to activities that are separate and apart from any development activities under this Agreement
or any SOW. The parties reserve all rights not expressly granted hereunder. 

 

7.       CONFIDENTIALITY

 

		7.1	Purpose and Handling of Confidential Information. The party receiving Confidential Information under this Agreement
(the “Recipient”) must not make use of that Confidential Information other than for the purpose of fulfilling
its obligations or exercising its rights in accordance with the terms of this Agreement. Additionally, Recipient shall keep the
other party’s Confidential Information in strict confidence. Recipient shall only disclose that Confidential Information
to its Affiliates, independent contractors, representatives, and employees, including its temporary workers provided by a staffing
agency that are under Recipient’s direct supervision and control, having: (a) a need to know that information to accomplish
the permitted purpose(s), and (b) agreed in writing to protect that information under terms at least as restrictive as those in
this Section 7. Recipient shall protect the other party’s Confidential Information with at least the same degree of care
Recipient uses to protect its own confidential information of like importance, but never less than a reasonable standard of care.
Except for any transfer of Intellectual Property Rights in accordance with Section 5.3, the party disclosing the confidential information
(the “Discloser”) retains full ownership of the disclosed information.

 

		7.2	Confidential Information Identification and Exceptions. Confidential Information entitled to protection under this Agreement
must be disclosed in a tangible format marked as “confidential” or with a similar legend, or if information is disclosed
solely by oral or visual means, it must be identified as confidential at the time of disclosure or within a reasonable time thereafter.
Confidential Information does not include any information that: (a) was already known through lawful means by Recipient without
an obligation of confidentiality before disclosure by the other party under this Agreement as evidenced by written records predating
the disclosure; (b) is readily accessible to the public on or after the date of disclosure other than through Recipient’s
breach of this Agreement (except that this exception applies only after the information becomes so readily accessible); (c) was
rightfully received by Recipient without restriction on disclosure from a third party entitled to make such a disclosure (except
that this exception applies only after Recipient receives the information from the third party); (d) was independently developed
by Recipient without using any of the other party’s Confidential Information as directly evidenced by Recipient’s written
records created concomitantly with that development; or (e) is approved for release or disclosure by written authorization of Discloser.
Recipient may comply with an order from a court or other governmental body of competent jurisdiction and disclose the other party’s
Confidential Information in compliance with that order only if Recipient: (i) gives the other party prior notice to such disclosure
if the time between that order and such disclosure reasonably permits or, if time does not permit, gives the other party notice
of such disclosure promptly after complying with that order and (ii) fully cooperates with the other party in seeking a protective
order, confidential treatment, or taking other measures to oppose or limit such disclosure. Recipient must not release any more
of the other party’s Confidential Information than necessary to comply with that order.

 

    	7

    	 

    

  

		7.3	Publicity. Neither party shall disclose the terms and conditions of this Agreement to any third party, except as may
be required (i) to implement or enforce the terms of this Agreement, or (ii) by an existing or potential investor, acquiring company,
bank, or other financial institution, under terms at least as restrictive in this Section 7 in connection with a merger, acquisition,
financing, loan agreement or similar corporate transaction, or except as may be permitted under Section 7.2(e) if such disclosure
is treated as a disclosure of the other party's Confidential Information. Neither party shall issue any press or news release,
make any public disclosure with respect to the substance of this Agreement or the relationship of the parties, or make any such
general disclosure to either party’s customers, without the other party’s prior written approval, which shall not be
unreasonably withheld.

 

8.       REPRESENTATION
AND WARRANTIES

 

		8.1	Warranties. Each party represents, warrants, and covenants to the other party that (i) it has the full right, power,
and authority to enter into this Agreement and to grant the rights granted herein, (ii) it will not knowingly grant any rights
in conflict with the rights granted herein, (iii) it has obtained all necessary approvals, if any, for entering into this Agreement,
and (iv) it will not knowingly incorporate information of any third party into any Joint Development Works under this Agreement
or use that information to perform development activities under this Agreement without express written authorization of the other
party hereto.

 

		8.2	Warranty Disclaimer. ALL INFORMATION IS FURNISHED “AS IS”. EXCEPT AS SET FORTH IN THIS SECTION 8 AND TO
THE FULLEST EXTENT PERMITTED BY LAW, BOTH PARTIES EXPRESSLY DISCLAIM ANY AND ALL TYPE OF WARRANTIES, EXPRESS, IMPLIED, OR STATUTORY,
INCLUDING WITHOUT LIMITATION ANY IMPLIED WARRANTY OF MERCHANTABILITY, NONINFRINGEMENT, AND FITNESS FOR A PARTICULAR PURPOSE, ARISING
OUT OF OR RELATED TO DEVELOPMENT ACTIVITIES UNDER THIS AGREEMENT AND WITH REGARD TO INFORMATION PROVIDED UNDER THIS AGREEMENT.

 

    	8

    	 

    

   

9.       INDEMNIFICATION

 

		9.1	GCS’s Indemnification Obligation. GCS shall defend or settle, at GCS’s option and expense, any claim, suit,
or proceeding brought by an unaffiliated third party against AKOUSTIS for infringement by AKOUSTIS’s use, as permitted by
GCS, of GCS’s Background Technology of any valid Intellectual Property Right or Trademark of that third party (each a “GCS
Claim”). GCS shall indemnify AKOUSTIS and hold AKOUSTIS harmless from all liabilities, costs, and fees (including without
limitation legal fees and expenses), and shall pay any settlement amounts or damages finally awarded by a court of competent jurisdiction
in such GCS Claim incurred by AKOUSTIS arising out of a GCS Claim, on the condition AKOUSTIS: (i) promptly notifies GCS in writing
of the GCS Claim, (ii) gives GCS sole control over the defense or settlement of the GCS Claim, and (iii) reasonably cooperates
and provides available information, assistance, and authority to defend or settle the GCS Claim.

 

		9.2	AKOUSTIS’s Indemnification Obligation. AKOUSTIS shall defend or settle, at AKOUSTIS’s option and expense,
any claim, suit, or proceeding brought by an unaffiliated third party against GCS for infringement by GCS’s use, as permitted
by AKOUSTIS, of AKOUSTIS’s Background Technology of any valid Intellectual Property Right or Trademark of that third party
(each a “AKOUSTIS Claim”). AKOUSTIS shall indemnify GCS and hold GCS harmless from all liabilities, costs, and
fees (including without limitation legal fees and expenses), and shall pay any settlement amounts or damages finally awarded by
a court of competent jurisdiction in such AKOUSTIS Claim incurred by GCS arising out of an AKOUSTIS Claim, on the condition GCS:
(i) promptly notifies AKOUSTIS in writing of the AKOUSTIS Claim, (ii) gives AKOUSTIS sole control over the defense or settlement
of the AKOUSTIS Claim, and (iii) reasonably cooperates and provides available information, assistance, and authority to defend
or settle the AKOUSTIS Claim.

 

		9.3	Joint Development Works. Each party shall at its own expense cooperate with the other party in the event that an unaffiliated
third party alleges that the use of Joint Development Works results in the infringement, violation, or misappropriation of that
third party’s Intellectual Property Rights (each an “Allegation”). Such cooperation will include without limitation,
working together to analyze the Allegation, evaluating possible solutions, meeting to determine which party will take the lead
in defending the Allegation if the parties decide to defend the Allegation, and sharing the burdens associated with resolving the
Allegation. In making such determinations, the parties will take into consideration the source of the Intellectual Property Rights
that is the subject of the Allegation.

 

10.     LIMITATION
OF LIABILITY

 

		10.1	Disclaimer of Damages. EXCEPT FOR DAMAGES ARISING UNDER SECTIONS 7, 8, OR 9, AND TO THE EXTENT NOT PROHIBITED BY APPLICABLE
LAW, IN NO EVENT SHALL EITHER PARTY BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES (INCLUDING
WITHOUT LIMITATION, LOSS OF PROFITS, REVENUE, GOODWILL, USE, DATA, OR OTHER ECONOMIC ADVANTAGE) RESULTING FROM, ARISING OUT OF,
OR IN CONNECTION WITH EITHER PARTY’S PERFORMANCE OR FAILURE TO PERFORM UNDER THIS AGREEMENT, WHETHER IN BREACH OF CONTRACT,
BREACH OF WARRANTY, IN TORT (INCLUDING NEGLIGENCE), OR OTHER LEGAL OR EQUITABLE THEORY. The limitations set forth in this Section 10
apply even if the party has been advised of the possibility of such damages. Further, liability for damages is limited and excluded
as set forth in this Section 10 even if any exclusive remedy provided in this Agreement fails of its essential purpose.

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		10.2	Limitation. Except for damages arising under Sections 7, 8, or 9, and damages for any claim arising out of either party’s
unauthorized use of the other party’s Intellectual Property Rights or Trademarks or otherwise provided under a SOW, and unless
otherwise required by law, a party’s total aggregate liability (including in respect of all losses, damages, costs, expenses
and interests suffered or incurred) for any claim or claims arising out of or relating to this Agreement shall be limited to USD
$1,000.

 

11.     TERM
AND TERMINATION

 

		11.1	Development Agreement Term. Unless otherwise terminated as described in this Development Agreement, this Development
Agreement shall commence on the Effective Date and be in full force for five (5) years from that date. This period is the “Term”.
Notwithstanding the foregoing, unless otherwise agreed to by the parties prior to expiration, this Development Agreement terminates
immediately, without further notice or action, when all SOWs governed by this Development Agreement terminate or expire.

 

		11.2	SOW Term. Each SOW will specify the date on which it begins and continue until the earliest of the date that (a) the
development work described in that SOW is fully completed, (b) the parties mutually agree that the project under that SOW is no
longer worth pursuing, or (c) a party terminates that SOW according to that SOW’s termination provisions.

 

		11.3	Termination Without Cause. Unless otherwise provided under a SOW, either party may terminate this Development Agreement,
one or more SOWs, or any combination of the preceding, with or without cause, by giving the other party ninety (90) days’
prior written notice.

 

		11.4	Termination for Breach. If either party fails to comply with any material term of this
Development Agreement, the other party may terminate this Development Agreement with thirty (30) days’ written notice to
the breaching party specifying any such breach, unless the breaching party remedies all the specified breaches within that thirty-day
period. If either party fails to materially comply with an SOW, the other party may terminate that SOW with thirty (30) days’
written notice to the breaching party specifying any such breach, unless the breaching party remedies all the specified breaches
within that thirty-day period. “Material term” includes without limitation, the obligations described in Section 7.

 

		11.5	Insolvency. Either party may immediately terminate this Development Agreement, one or more SOWs, or any combination
of the preceding with written notice to the other party if: (i) the other party becomes the subject of a voluntary or involuntary
petition in bankruptcy or any proceedings relating to insolvency, receivership, liquidation, or composition for the benefit of
creditors that are not dismissed with prejudice within sixty (60) days of the initial filing associated with such petition
or proceeding, (ii) the other party makes an assignment for the benefit of creditors, or (iii) the other party is insolvent or
unable to pay its debts as they mature in the ordinary course of business.

 

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		11.6	Change of Control. Despite any other term in this Agreement, each party reserves the right to terminate this Development
Agreement, one or more SOWs, or any combination of the preceding in writing if:

 

		(a)	the other party undergoes a Change of Control;

 

		(b)	the other party acquires or merges with a third party who is engaged in either the semiconductor integrated circuit business
(in the case where the other party is AKOUSTIS) (in the case of a termination by GCS) or acoustic resonator business (in the case
where the other party is GCS) (in the case of a termination by AKOUSTIS);

 

		(c)	provided that under this Section, the terminating party provides a thirty (30) day written notification to the other party
that must consent to such termination, which cannot be unreasonably withheld.

 

		11.7	Effect of Termination.

 

		(a)	Upon termination or expiration of an SOW, the parties will promptly: (i) provide to each other any Joint Development Works
resulting from development activities under that SOW not previously provided to each other, to the extent necessary to comply with
Section 4.2, and (ii) return to each other, according to Section 7, all of the other party’s Background Technology provided
for the purposes of that SOW.

 

		(b)	Upon termination or expiration of this Development Agreement and the termination or expiration of all SOWs, the parties will
promptly: (i) provide to each other any Joint Development Works resulting from development activities under this Agreement not
previously provided to each other, to the extent necessary to comply with Section 4.2, and (ii) return to each other, according
to Section 7, all of the other party’s Background Technology provided for the purposes of this Agreement.

 

		(c)	Mere termination or expiration of this Development Agreement does not cause any SOW to terminate. However, termination or expiration
of this Development Agreement means that no additional SOW may be executed.

 

		(d)	Mere termination or expiration of any SOW does not cause any other SOW or this Development Agreement to expire or terminate.

 

		11.8	Survival. Along with all definitions established in this Agreement, the following Sections survive any termination or
expiration of this Agreement: Sections: 1, 2, 3.1, 4.5, 5, 6, 7, 8, 9, 10, 11.7, 11.8, and 12.

 

12.     MISCELLANEOUS

 

		12.1	Controlling Law and Jurisdiction. The laws of the state of California, U.S.A.

 

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		12.2	Assignability. Neither party may assign or otherwise transfer any of its rights or obligations under this Agreement,
whether by operation of law or otherwise, without prior written notice to the other party, which shall not be unreasonably denied.
Any attempt to make an assignment or transfer in violation of this Section 12.2 will be void. This Agreement will inure to the
benefit of and be binding upon any permitted successor or assign.

 

		12.3	Severability and Waiver. If any part of this Agreement is found to be invalid or unenforceable, the remainder of this
Agreement continues in effect and will be construed in all respects as if such invalid or unenforceable part were omitted. A party
does not create a continuing waiver or any expectation of nonenforcement or delay by providing an express waiver to any default
or breach of this Agreement or failing to promptly exercise any right under this Agreement.

 

		12.4	Entire Agreement. This Agreement constitutes the entire understanding and agreement between the parties with respect
to its subject matter and supersedes and replaces all prior or contemporaneous understandings, agreements, discussions and negotiations,
whether oral or written, regarding the same subject matter. No addition, modification or alteration of this Agreement is effective
unless reduced to writing and signed by both parties.

 

		12.5	Non-solicitation. During the Term and for one (1) year following any termination or expiration of this Agreement, neither
party shall, either directly or have done on their behalf, recruit for purposes of hiring or engaging in business or solicit any
employee of the other party who is working or has worked on activities covered by this Agreement, to leave the other party or to
work for any other employer. However, neither party is in breach of this Section 12.5 with respect to any action taken toward an
employee of the other party that (i) occurs after that employee approached the party under their own initiative without engagement
by or on behalf of the party and (ii) takes place outside of the premises and without using the facilities of the other party.

 

		12.6	Export Laws.Each party agrees to take all appropriate
measures to comply with all applicable export control regulations, including without limitation, obtaining necessary export or
re-export licenses, such as U.S. export laws, the U.S. International Traffic in Arms Regulations, embargoed countries and other
laws and treaties which may be relevant through direct and indirect transfers of technology. To facilitate both GCS's and AKOUSTIS’s
compliance with applicable export control regulations, if any of the products, technology, data or information provided by either
party are classified or listed as subject to export or re-export restrictions in the context of applicable export regulations,
such party shall immediately inform the other party in writing of such export control classification identification, and if requested,
will provide other relevant exportation information and documentation (e.g., copy of export licenses). Neither party shall use
any product, technology, data or information furnished to it by the other party in any nuclear weapons-related activities, chemical
or biological weapon activities, or missile activities.

 

		12.7	Notice.All notices, requests, consents and other
communications, which are required or permitted under this Agreement, shall be in writing (“Notices”). All
Notices will be effective (i) upon delivery if delivered in person, mail, or other recognized national or international express
courier and confirmed by receipt of delivery or (ii) when sent by email as confirmed by the receiving party’s electronic
records. To be effective, a party must provide the other party with Notice by a recognized national or international express courier
with respect to all Notices under Sections 9 and 11. Notices will be addressed as set forth below or to such other address that
is designated in a written Notice conforming to this Section 12.7 by the party to receive Notice.

 

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	To AKOUSTIS, INC.:	 	To Global Communication
	10602-C Bailey Road	 	Semiconductors, LLC.:
	Cornelius, NC 28031	 	23155 Kashiwa Court,
		 	Torrance, California 90505
	 	 	 
	 	 	Attn:  Wing Yau
	Attn:  	Jeffrey Shealy	 	 
	 	 	 
	cc:  	Richard T. Ogawa	 	 
	 	OGAWA p.c.	 	 
	 	313 Bryant Court	 	 
	 	Palo Alto, CA  94301	 	 

 

		12.8	Equitable Relief. Any material breach of this Agreement (including without limitation any breach of Sections 5.3 or
7 or 9) could cause irreparable harm and significant injury that monetary damages may be inadequate to remedy. Accordingly, the
parties agrees that upon their material breach, the other party may be entitled to injunctive or equitable relief in any court
of competent jurisdiction in addition to all other rights and remedies available at law or in equity.

 

		12.9	Relationship of Parties. The parties are independent contractors under this Agreement and no other relationship is intended.
Nothing contained herein shall be construed to imply any partnership, franchise, joint venture, agency, employer/employee, fiduciary,
master/servant relationship, or other special relationship. Neither party shall have any right, power or authority to create any
obligation, express or implied, on behalf of the other in connection with the performance hereunder, and neither party shall act
in a manner which expresses or implies a relationship other than that of independent contractor, nor bind the other party. This
Agreement does not obligate either party to enter into any further agreement or business transaction with the other party or any
other entity.

 

		12.10	Independent Development. Nothing in this Agreement prevents either party from independently pursuing or engaging others
to pursue the same or similar business opportunities or technology development as long as such activities do not violate this Agreement.

 

		12.11	Force Majeure. Neither party shall be liable for its failure to perform its obligations under this Agreement or for
delay in such performance, to the extent that such failure or delay is due to events beyond its reasonable control including, but
not limited to, strikes, riots, wars, fire, acts of God, acts of terror, and acts in compliance with any applicable law, regulation,
or order of any governmental body.

 

		12.12	Foundry Agreement. Upon successful completion of SOW 1, the parties shall fulfill the obligations under a definitive
foundry agreement, which has been attached in Exhibit C. For avoidance of doubt, the parties can negotiate the terms of the agreement
before its execution.

 

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		12.13	Miscellaneous. The captions and headings appearing in this Agreement are for reference only and will not be considered
in construing this Agreement. This Agreement may be executed in counterparts, each of which is considered an original as against
any party who has signed the counterpart, and all of which constitute one agreement. Any and all rights and remedies of a party
conferred under this Agreement upon the other party’s breach of, or default under, this Agreement are cumulative with and
not exclusive of any other right or remedy at law, in equity, or conferred by this Agreement. A party’s exercise of any one
right or remedy does not preclude the exercise of any other. This Agreement represents a negotiated Agreement between the parties,
with the advice and assistance of counsel, and shall not be construed against either party as the drafter of the Agreement.

 

Signed:

 

	AKOUSTIS, INC.	 	Global Communication Semiconductors, LLC
	 	 	 	 	 
	By:	/s/ Jeffrey B. Shealy	 	By:	Brian Ann
	 	 	 	 	 
	Name:	Jeffrey B. Shealy	 	Name:	Brian Ann
	 	 	 	 	 
	Title:	President & CEO	 	Title:	President & CEO
	 	 	 	 	 
	Date:	February 27, 2015	 	Date:	February 27, 2015

 

 

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