Document:

Exhibit 10.10

 

 

MEMBERSHIP INTEREST PURCHASE AGREEMENT

 

Between

 

J. MERLIN BENNER

 

And

 

DARKPULSE, INC.

 

dated as of August 30, 2021

 

 

 

    	 	 	 

     

    

 

MEMBERSHIP INTEREST PURCHASE AGREEMENT

 

This Membership Interest
Purchase Agreement (this “Agreement”), dated as of August 30, 2021 (the “Effective Date”), is entered
into between J. Merlin Benner, a member owning a majority equity interest Wildlife Specialists, Limited Liability Company, a Pennsylvania
limited liability company (the “Seller”), and DarkPulse, Inc., a Delaware corporation (the “Buyer”
or “DarkPulse”).

 

RECITALS

 

WHEREAS, The Seller
owns 60% of the outstanding membership interests (the “Membership Interest”) in Wildlife Specialists, Limited Liability
Company, a limited liability company organized and existing under the laws of the Commonwealth of Pennsylvania (the “Company”);
and

 

WHEREAS, the Seller
wishes to sell to the Buyer, and the Buyer wishes to purchase from the Seller, the Membership Interest, subject to the terms and conditions
set forth herein.

 

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

 

ARTICLE I

DEFINITIONS

 

Section 1.01 “Action”
means a claim, action, suit, proceeding, or governmental investigation.

 

Section 1.02 “Affiliate”
of a Person means any other Person that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is
under common control with, such Person.

 

Section 1.03 “Assignment
and Assumption” shall have the meaning set forth in Section 5.01(a).

 

Section 1.04 “Business Day”
means any day of the year other than a Saturday or Sunday or any day on which banks in the State of New York are required or permitted
to be closed.

 

Section 1.05 “Cash
Consideration” shall have the meaning set forth in Section 2.02(b).

 

Section 1.06 “Certificate
of Formation” shall have the meaning set forth in Section 3.03.

 

Section 1.07 “Change
of Control Transaction” means the occurrence after the date hereof of any of (a) an acquisition from the Buyer by an individual
or legal entity or “group” (as described in Rule 13d-5(b)(1) promulgated under the Exchange Act) of in excess of 50% of the
voting securities of the Buyer (other than by the Sellers or its Affiliates), (b) the Buyer merges into or consolidates with any other
Person, or any Person merges into or consolidates with the Buyer and, after giving effect to such transaction, the stockholders of the
Buyer immediately prior to such transaction own less than 50% of the aggregate voting power of the Buyer or the successor entity of such
transaction, or (c) the Buyer sells, licenses or transfers all or substantially all of the assets of the Company.

 

Section 1.08 “Closing”
means the closing of the transactions contemplated by this Agreement.

 

Section 1.09 “Closing
Date” is the same as the Effective Date.

 

Section 1.10 “Code”
means the Internal Revenue Code of 1986, as amended.

 

Section 1.11 “Common
Stock” means the common stock of the Buyer, par value $0.0001, and any other class of securities into which such securities
may hereafter be reclassified or changed.

 

Section 1.12 “Common
Stock Consideration” shall have the meaning set forth in Section 2.02(a).

    	 	2	 

     

    

 

Section 1.13 “Common
Stock Equivalents” means any securities of the Buyer or its subsidiaries which would entitle the holder thereof to acquire at
any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is at
any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock.

 

Section 1.14 “Confidential
Information” means any information with respect to the Company, including methods of operation, customer lists, products, prices,
fees, costs, technology, inventions, trade secrets, know-how, software, marketing methods, plans, personnel, suppliers, competitors, markets
or other specialized information or proprietary matters. “Confidential Information” does not include, and there shall
be no obligation hereunder with respect to, information that (i) is generally available to the public on the date of this Agreement or
(ii) becomes generally available to the public other than as a result of a disclosure not otherwise permissible hereunder.

 

Section 1.15 “Contract”
means any contract, agreement, indenture, note, bond, mortgage, loan, instrument, lease, license, commitment or other arrangement, understanding,
undertaking, commitment or obligation, whether written or oral.

 

Section 1.16 The
term “control” (including the terms “controlled by” and “under common control with”) means
the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether
through the ownership of voting securities, by contract, or otherwise.

 

Section 1.17 “Disclosure
Schedules” means the Disclosure Schedules delivered by the Buyer concurrently with the execution and delivery of this Agreement.

 

Section 1.18 “Encumbrance”
means any mortgage, pledge, lien, charge, security interest, community property interest, claim, or other encumbrance.

 

Section 1.19 “Exchange
Act” the U.S. Securities Exchange Act of 1934, as amended.

 

Section 1.20 “Exempt
Issuance” means the issuance and sale of (a) shares of Common Stock or options to employees, officers or directors of the Buyer
pursuant to any stock or option plan duly adopted for such purpose, by a majority of the non-employee members of the Buyer’s board
of directors or a majority of the members of a committee of non-employee directors established for such purpose for services rendered
to the Buyer, (b) securities upon the exercise or exchange of securities exercisable or exchangeable for or convertible into shares of
Common Stock issued and outstanding on the date of this Agreement, and (c) securities issued pursuant to acquisitions or strategic transactions
approved by a majority of the disinterested directors of the Buyer, provided that any such issuance shall only be to a Person (or to the
equity holders of a Person) which is, itself or through its subsidiaries, an operating company or an owner of an asset in a business synergistic
with the business of the Buyer and shall provide to the Buyer significant benefits in addition to the investment of funds.

 

Section 1.21 “GAAP”
means generally accepting accounting principles in the United States of America.

 

Section 1.22 “Governing
Documents” means, with respect to an entity, the entity’s articles of incorporation, articles of organization, certificate
of incorporation, certificate of formation, charter, bylaws, operating agreement, Operating Agreement, or other certificates, instruments,
documents, or agreements adopted to govern the formation or internal affairs of the entity, as applicable, including any and all amendments
or restatements to such documents.

 

Section 1.23 “Governmental
Authorities” means any court, tribunal, arbitrator, agency, commission, department, ministry, official, authority, or other
instrumentality of any national, state, county, city, or other political subdivision.

 

Section 1.24 “Indemnified
Party” shall have the meaning set forth in Section 7.04.

 

Section 1.25 “Indemnifying
Party” shall have the meaning set forth in Section 7.04.

 

Section 1.26 “Liability”
shall have the meaning set forth in Section 4.09.

 

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Section 1.27 “Loss”
means all claims, judgments, damages, liabilities, settlements, losses, costs, and expenses, including reasonable attorneys’ fees
and disbursements.

 

Section 1.28 “Material
Adverse Effect” means any result, occurrence, fact, change, event or effect that, individually or in the aggregate, would reasonably
be expected to have a material adverse effect on the long-term projected business, operations, assets, liabilities, condition (financial
or otherwise) or results of, in each case, of the Buyer and its subsidiaries taken as a whole.

 

Section 1.29 “Operating
Agreement” shall have the meaning set forth in Section 3.03.

 

Section 1.30 “Permits”
means all permits, licenses, franchises, approvals, registrations, certificates, variances, and similar rights obtained, or required to
be obtained, from governmental authorities.

 

Section 1.31 “Person”
means an individual, corporation, partnership, joint venture, limited liability company, governmental authority, unincorporated organization,
trust, association, or other entity.

 

Section 1.32 “Purchase
Price” shall have the meaning set forth in Section 2.02.

 

Section 1.33 “Securities
Act” means the U.S. Securities Act of 1933, as amended.

 

Section 1.34 “SEC
Reports” shall have the meaning set forth in Section 4.06.

 

ARTICLE II

PURCHASE AND
SALE

 

Section 2.01 Purchase
and Sale. Subject to the terms and conditions set forth herein, at the Closing, the Seller shall sell to the Buyer, and the Buyer
shall purchase from the Seller, all of Seller’s rights, title, and interests in and to the Membership Interest, free and clear of
any Encumbrance, for the consideration specified in Section 2.02. At the Closing, the Company shall become a subsidiary of the
Buyer. For purposes of this Agreement, all of the Seller’s rights, title, and interests in and to the Membership Interest shall
include, but are not limited to: (a) Seller’s capital accounts in the Company; (b) Seller’s rights to share in the profits
and losses of the Company; (c) Seller’s rights to receive distributions from the Company; and (d) the exercise of all member rights,
including the voting rights attributable to the Membership Interest.

 

Section 2.02 Purchase
Price. The aggregate purchase price for the Membership Interest (the “Purchase Price”) is comprised of the following
payments:

 

(a)                              
Closing Date Stock Consideration. On the Closing Date, the Buyer will deliver to the Seller: 7,500,000 shares of restricted
Common Stock of the Buyer (the “Common Stock Consideration”); and

 

(b)                              
Closing Cash Consideration. Within 12 weeks of the Closing Date, the Buyer will pay to the Seller $500,000 to an account
to be designated by the Seller, in writing (the “Cash Consideration”).

 

Section 2.03 Closing.
The Closing shall take place simultaneously on the Closing Date remotely via the electronic exchange of signatures. The consummation
of the transactions contemplated by this Agreement shall be deemed to occur at 12:01 a.m. (EST) on the Closing Date.

 

Section 2.04 Transfer
Taxes. The Buyer shall pay, and shall reimburse the Seller (up to fifty percent (50%) of the proven costs) for, any sales, use, or
transfer taxes, documentary charges, recording fees, or similar taxes, charges, fees, or expenses, if any, that become due and payable
as a result of the transactions contemplated by this Agreement.

 

 

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ARTICLE III

REPRESENTATIONS AND WARRANTIES OF THE SELLER

 

The Seller represents and
warrants to the Buyer that the statements contained in this ARTICLE III are true and correct as of the Closing Date. For purposes of this
ARTICLE III, “Seller’s knowledge,” “knowledge of the Seller,” and any similar phrases shall mean the actual
or constructive knowledge of Seller, after reasonable inquiry.

 

Section 3.01 Capacity
and Authority of the Seller; Enforceability. The Seller has full capacity, power and authority to enter into this Agreement and the
documents to be delivered hereunder, to carry out its obligations hereunder, and to consummate the transactions contemplated hereby. This
Agreement and the documents to be delivered hereunder have been duly executed and delivered by the Seller, and (assuming due authorization,
execution, and delivery by the Buyer) this Agreement and the documents to be delivered hereunder constitute legal, valid, and binding
obligations of the Seller, enforceable against the Seller in accordance with their respective terms.

 

Section 3.02 Organization,
Authority, and Qualification/Organization of the Company. The Company is a limited liability company duly organized, validly existing,
and in good standing under the laws of the Commonwealth of Pennsylvania. The Company has full limited liability company power and authority
to own, operate, or lease the properties and assets now owned, operated, or leased by it and to carry on its business as it has been and
is currently conducted. The Company is duly licensed or qualified to do business and is in good standing in each jurisdiction in which
it owns or leases property, to the extent that such licensing or qualifications are necessary.

 

Section 3.03 No Conflicts;
Consents. The execution, delivery, and performance by the Seller of this Agreement and the documents to be delivered hereunder, and
the consummation of the transactions contemplated hereby, do not and will not: (a) violate or conflict with the Governing Documents of
the Company; (b) violate or conflict with any judgment, order, decree, statute, law, ordinance, rule, or regulation applicable to the
Seller or the Company; (c) conflict with, or result in (with or without notice or lapse of time or both) any violation of, or default
under, or give rise to a right of termination, acceleration, or modification of, any obligation or loss of any benefit under any contract
or other instrument to which the Seller or the Company is a party; (d) result in any violation, conflict with, or constitute a default
under the Company’s Governing Documents, including the certificate of formation of the Company filed with the Pennsylvania Secretary
of State on May 6, 2013 (as amended or restated, the “Certificate of Formation”) and the operating agreement of the
Company dated April 19, 2013 (as amended or restated, the “Operating Agreement”); or (e) result in the creation or
imposition of any Encumbrance on the Membership Interest. No consent, approval, waiver, or authorization is required to be obtained by
the Seller or the Company from any Person in connection with the execution, delivery, and performance by the Seller of this Agreement
and the consummation of the transactions contemplated hereby.

 

Section 3.04 Legal Proceedings;
No Material Adverse Effect. There is no Action of any nature pending or, to Seller’s knowledge, threatened: (a) against or
by the Seller relating to or affecting the Membership Interest; or (b)
against or by the Seller or the Company that challenges or seeks to prevent, enjoin, or otherwise delay the transactions contemplated
by this Agreement. There is no Action against any current, or to the Seller’s knowledge, former member, manager, or employee of
the Company with respect to which the Company has, or is reasonably likely to have, an indemnification obligation. No event has occurred
or circumstances exist that may give rise to, or serve as a basis for, any such Action. No circumstance or state of affairs exists that
would reasonably be expected to result in a material adverse effect on the Company’s long-term project assets, liabilities, condition
(financial or otherwise) or results of operations.

 

Section 3.05 Ownership of Membership Interest.

 

(a)                              
The Seller is the sole legal, beneficial, record, and equitable owner of the Membership Interest, free and clear of all Encumbrances
whatsoever. The Membership Interest constitutes 60% of the issued and outstanding equity interests in the Company. There are no outstanding
warrants, options, agreements or any other instruments that give any Person the right to purchase, subscribe for or otherwise acquire
any equity interests in the Company.

 

(b)                               
The Membership Interest was issued in compliance with applicable laws. The Membership Interest was not issued in violation of the
Governing Documents of the Company or any other agreement, arrangement, or commitment to which Seller or the Company are a party and are
not subject to or in violation of any preemptive or similar rights of any Person.

 

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(c)                              
Other than the Governing Documents of the Company, there are no voting trusts, proxies, or other agreements or understandings in
effect with respect to the voting or transfer of any part of the Membership Interest.

 

Section 3.06 Governing
Documents. Attached hereto as Exhibits A and B are the Certificate of Formation and the Operating Agreement
of the Company, which documents are in full force and effect and are the only documents in effect with respect to the matters described
therein.

 

Section 3.07 Brokers.
No broker, finder, or investment banker is entitled to any brokerage, finder’s, or other fee or commission in connection with the
transactions contemplated by this Agreement based upon arrangements made by or on behalf of the Seller.

 

Section 3.08 Compliance with Laws; Permits.

 

(a)                              
The Company has complied, and is now complying, in all material respects, with all statutes, laws, ordinances, regulations, rules,
codes, treaties, or other requirements of any governmental authority applicable to it or its business, properties, or assets.

 

(b)                              
All Permits that are required for the Company to conduct its business have been obtained and are valid and in full force and effect.
No event has occurred that would reasonably be expected to result in the revocation or lapse of any such Permit.

 

Section 3.09 Taxes. To
the Seller’s knowledge: (a) all tax returns (including information returns) required to be filed on or before the Closing Date by
the Company have been timely filed; (b) all such tax returns are true, complete, and correct in all respects; (c) all taxes due and owing
by the Company (whether or not shown on any tax return) have been timely paid; (d) all deficiencies asserted, or assessments made, against
the Company as a result of any examinations by any taxing authority have been fully paid; and (e) there are no known pending or threatened
actions by any taxing authority.

 

Section 3.10 Due Diligence.
The Seller is a “knowledgeable employee” (as such term is defined under Rule 501 of Regulation D under the Securities Act
and 17 CFR § 270.3c-5(a)) and has reviewed the public filings of the Buyer. The Seller and its representatives, if any, have been
given the opportunity to conduct satisfactory due diligence of the Buyer, and have been given the opportunity to speak with the Buyer’s
management during its due diligence.

 

Section 3.11 Investment
Purpose. The Seller is acquiring the Common Stock Consideration solely for its own account for investment purposes and not with a
view to, or for offer or sale in connection with, any distribution thereof. The Seller acknowledges that the Common Stock Consideration
is not registered under the Securities Act, or registered under any state securities laws, and that the Common Stock Consideration may
not be transferred or sold except pursuant to the registration provisions of the Securities Act, or pursuant to an applicable exemption
therefrom and subject to state securities laws and regulations, as applicable.

 

ARTICLE IV

REPRESENTATIONS AND WARRANTIES OF THE BUYER

 

The Buyer represents and
warrants to the Seller that the statements contained in this ARTICLE IV are true and correct as of the Closing Date. For purposes of this
ARTICLE IV, “Buyer’s knowledge,” “knowledge of the Buyer,” and any similar phrases shall mean the actual
or constructive knowledge of any director or officer of the Buyer, after reasonable inquiry.

 

Section 4.01 Capacity/Organization
and Authority of Buyer; Enforceability. The Buyer is a corporation duly organized, validly existing, and in good standing under the
laws of the State of Delaware. The Buyer has full corporate power and authority to enter into this Agreement and the documents to be
delivered hereunder, to carry out its obligations hereunder, and to consummate the transactions contemplated hereby. The execution, delivery,
and performance by the Buyer of this Agreement and the documents to be delivered hereunder and the consummation of the transactions contemplated
hereby have been duly authorized by all requisite corporate action on the part of the Buyer. This Agreement and the documents to be delivered
hereunder have been duly executed and delivered by the Buyer and, assuming due authorization, execution, and delivery by the Seller,
this Agreement and the documents to be delivered hereunder constitute legal, valid, and binding obligations of the Buyer enforceable
against the Buyer in accordance with their respective terms.

 

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Section 4.02 No Conflicts;
Consents. The execution, delivery, and performance by the Buyer of this Agreement and the documents to be delivered hereunder, and
the consummation of the transactions contemplated hereby, do not and will not: (a) violate or conflict with the certificate of incorporation,
bylaws, or other Governing Documents of the Buyer; (b) violate or conflict with any judgment, order, decree, statute, law, ordinance,
rule, or regulation applicable to the Buyer; or (c) conflict with, or result in (with or without notice or lapse of time or both) any
violation of, or default under, or give rise to a right of termination, acceleration, or modification of, any obligation or loss of any
benefit under any contract or other instrument to which the Buyer is a party. Except as stated in Schedule 4.02 of the Disclosure Schedules hereto, no consent, approval, waiver, or authorization is required to be obtained by the Buyer
from any Person in connection with the execution, delivery, and performance by the Buyer of this Agreement and the consummation of the
transactions contemplated hereby.

 

Section 4.03 Investment
Purpose. The Buyer is acquiring the Membership Interest solely for its own account for investment purposes and not with a view to,
or for offer or sale in connection with, any distribution thereof. The Buyer acknowledges that the Membership Interest is not registered
under the Securities Act, or registered under any state securities laws, and that the Membership Interest may not be transferred or sold
except pursuant to the registration provisions of the Securities Act, the terms of the Operating Agreement and Governing Documents of
Company, or pursuant to an applicable exemption therefrom and subject to state securities laws and regulations, as applicable.

 

Section 4.04 Brokers.
No broker, finder, or investment banker is entitled to any brokerage, finder’s, or other fee or commission in connection with the
transactions contemplated by this Agreement based upon arrangements made by or on behalf of the Buyer.

 

Section 4.05 Legal Proceedings.
There is no Action of any nature pending or, to the Buyer’s knowledge, threatened against or by the Buyer that (i) challenges
or seeks to prevent, enjoin, or otherwise delay the transactions contemplated by this Agreement or (ii) could result in any material liability
to the Buyer. No event has occurred or circumstances exist that may give rise to, or serve as a basis for, any such Action.

 

Section 4.06 SEC Reports;
Financial Statements. The Buyer has filed all reports, schedules, forms, statements and other documents required to be filed by the
Buyer under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, for the two years preceding
the date hereof (or such shorter period as the Buyer was required by law or regulation to file such material) (the foregoing materials,
including the exhibits thereto and documents incorporated by reference therein, together with a prospectus and a prospectus supplement,
being collectively referred to herein as the “SEC Reports”) on a timely basis or has received a valid extension of
such time of filing and has filed any such SEC Reports prior to the expiration of any such extension. As of their respective dates, the
SEC Reports complied in all material respects with the requirements of the Securities Act and the Exchange Act, as applicable, and none
of the SEC Reports, when filed, contained any untrue statement of a material fact or omitted to state a material fact required to be stated
therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.
The financial statements of the Buyer included in the SEC Reports comply in all material respects with applicable accounting requirements
and the rules and regulations of the Commission with respect thereto as in effect at the time of filing. Such financial statements have
been prepared in accordance with GAAP, except as may be otherwise specified in such financial statements or the notes thereto and except
that unaudited financial statements may not contain all footnotes required by GAAP, and fairly present in all material respects the financial
position of the Buyer and its consolidated subsidiaries as of and for the dates thereof and the results of operations and cash flows for
the periods then ended, subject, in the case of unaudited statements, to normal, immaterial, year-end audit adjustments.

 

Section 4.07 No Material
Adverse Effect. Since the date of the Buyer’s latest Quarterly Report on Form 10-Q, there has been no event, occurrence or development
that has had or that could reasonably be expected to result in a Material Adverse Effect.

 

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Section 4.08 Capitalization.

 

(a)                              
Schedule 4.08(a) of the Disclosure Schedules sets forth the outstanding capitalization of the Buyer as of the date
of this Agreement.

 

(b)                              
Except as set forth on Schedule 4.08(b) of the Disclosure Schedule, there is no: (i) outstanding subscription, option, call, warrant
or right (whether or not currently exercisable) to acquire any securities of the Buyer; (ii) outstanding security, instrument or obligation
that is or may become convertible into or exchangeable for any securities of the Buyer; (iii) condition or circumstance that is reasonably
likely to give rise to or provide a basis for the assertion of a claim by any person to the effect that such Person is entitled to acquire
or receive any securities of the Buyer; or (iv) outstanding or authorized equity appreciation, phantom equity, profit participation or
other similar rights with respect to the Buyer.

 

Section 4.09 Absence
of Undisclosed Liabilities. The Buyer does not have any liability, indebtedness, obligation or expense of any kind, whether accrued,
absolute, contingent, matured or unmatured (whether or not required to be reflected in the financial statements in accordance with GAAP)
(each a “Liability”), individually or in the aggregate, except for: (a) Liabilities disclosed, reflected or reserved
against in the latest Quarterly Report on Form 10-Q; (b) normal and recurring current Liabilities that have been incurred by the Buyer
since the date of its latest Quarterly Report on Form 10-Q in the ordinary course of business and which are not in excess of $100,000
in the aggregate or disclosed in the Buyer’s Current Reports on Form 8-K (c) Liabilities for performance of obligations of the Company
under existing contracts (other than for breach thereof); (d) Liabilities incurred in connection with the transactions contemplated by
this Agreement; and (e) Liabilities which would not, individually or in the aggregate, reasonably be expected to be material to the Company.

 

ARTICLE
V

CLOSING DELIVERABLES

 

Section 5.01 Seller’s Deliverables. At the Closing, the
Seller shall deliver to the Buyer the following:

 

(a)                               
The assignment and assumption agreement, in the form attached hereto as Exhibit C (the “Assignment and Assumption”),
executed by the Seller.

 

(b)                              
Simultaneously with the execution and delivery of this Agreement, Buyer agrees to employ the members, managers, and officers of
Company pursuant to the terms of the employment agreements attached hereto as Exhibit D.

 

(c)                                 
A statement from the Company meeting the requirements of Treasury Regulations Section 1.1445-11T(d)(2)(i) certifying that transfers
of interests in the Company are not subject to withholding under Section 1445 of the Code and the Treasury Regulations thereunder or a
certification dated as of the Closing Date sworn under penalty of perjury and in form and substance required under the Treasury Regulations
issued pursuant to Section 1445(b)(3) of the Code, stating that the Company is not and has not been a “United States real property
holding corporation” (as defined in Section 897(c)(2) of the Code) during the applicable period specified in Section 897(c)(1)(A)(ii)
of the Code, as applicable.

 

(d) 
A Form W-8 completed by the Seller.

 

Section 5.02 Buyer’s Deliverables.

 

(a) 
At the Closing, the Buyer shall deliver the following to the Seller:

 

1. 
The Common Stock Consideration;

 

2. 
The Assignment and Assumption, executed by Buyer.

 

 

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3.  A certificate
of the principal executive officer of the Buyer certifying as to: (i) the resolutions of the board of directors of the Buyer, duly
adopted and in full force and effect, which authorize the execution, delivery, and performance of this Agreement and the
transactions contemplated hereby; and (ii) the names and signatures of the officers of Buyer authorized to sign this Agreement and
the documents to be delivered hereunder.

 

4. 
Within 12 weeks of Closing, the Buyer shall deliver the to the Seller the Cash Consideration.

 

ARTICLE VI

TAX MATTERS

 

Section 6.01 Tax Return
and Tax Audit Procedures. The Seller shall facilitate the making or otherwise cause the Company to make an election under Section
6226 of the Code with respect to any tax proceeding relating to a taxable period ending on or before the Closing Date as to which such
an election is available. Sellers shall prepare or cause to be prepared any Internal Revenue Service Form 1065 or Form 1120, as applicable
(and any similar form or forms for state and local income tax purposes), that is required to be filed by or with respect to the Company
after the Closing Date with respect to any taxable period ending on or before the Closing Date. If the Seller is not authorized under
applicable law to execute and file aforementioned tax return, the Buyer shall execute and file (or cause to be filed) such tax returns,
as prepared by the Seller, with the appropriate taxing authority. The Buyer shall not, and shall not cause or permit the Company to (i)
amend any tax returns filed with respect to any taxable period ending on or before the Closing Date or (ii) make any tax election that
has retroactive effect to any such year, in each case, without the prior written consent of the Seller. The Buyer agrees that, as applicable,
(x) the Company will join the consolidated income tax return group of which the Buyer is the parent corporation for U.S. federal income
tax purposes (and for purposes of any similar applicable state, local or foreign laws) at the end of the Closing Date pursuant to Treasury
Regulation Section 1.1502-76(b)(1)(ii)(A) and (y) as a result, the Company will have a short tax year ending on (and including) the Closing
Date and will be included in the consolidated group’s U.S. federal (and similar applicable state, local or foreign) income tax returns
starting the day after the Closing Date.

 

ARTICLE VII

INDEMNIFICATION

 

Section 7.01 Survival
of Representations and Covenants. All representations, warranties, covenants, and agreements contained herein and all related rights
to indemnification shall survive the Closing.

 

Section 7.02 Indemnification
by the Seller. Subject to the other terms and conditions of this ARTICLE VII, the Seller shall defend, indemnify, and hold harmless
the Buyer, its Affiliates, and their respective directors, managers, officers, and employees from and against:

 

(a)                              
a Loss arising from or relating to any inaccuracy in or breach of any of the representations or warranties of the Seller contained
in this Agreement or any document delivered in connection herewith; or

 

(b)                              
any Loss arising from or relating to any breach or non-fulfillment of any covenant, agreement, or obligation to be performed by
the Seller pursuant to this Agreement or any document delivered in connection herewith.

 

The Seller shall have no
liability (for indemnification or otherwise) with respect to claims under Section 7.02 until the total of all damages with respect
to such matters exceeds $10,000 and then only for an amount up to $150,000.

 

Section 7.03 Indemnification
by the Buyer. Subject to the other terms and conditions of this ARTICLE VII, the Buyer shall defend, indemnify, and hold harmless
the Seller from and against all Losses arising from or relating to:

 

(a)                             
any inaccuracy in or breach of any of the representations or warranties of the Buyer contained in this Agreement or any document
delivered in connection herewith; or

 

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(b)                              
any breach or non-fulfillment of any covenant, agreement, or obligation to be performed by the Buyer pursuant to this Agreement
or any document delivered in connection herewith.

 

The Buyer shall have no
liability (for indemnification or otherwise) with respect to claims under Section 7.03 until the total of all damages with respect
to such matters exceeds $10,000 and then only for an amount up to $150,000.

 

Section 7.04 Indemnification
Procedures. No claim for indemnification may be asserted 18 months after the Effective Date. Whenever any claim shall arise for indemnification
hereunder, the party entitled to indemnification (the “Indemnified Party”) shall promptly provide written notice of
such claim to the other party (the “Indemnifying Party”). In connection with any claim giving rise to indemnity hereunder
resulting from or arising out of any Action by a Person who is not a party to this Agreement, the Indemnifying Party, at its sole cost
and expense and upon written notice to the Indemnified Party, may assume the defense of any such Action with counsel reasonably satisfactory
to the Indemnified Party. The Indemnified Party shall be entitled to participate in the defense of any such Action, with its counsel and
at its own cost and expense. If the Indemnifying Party does not assume the defense of any such Action, the Indemnified Party may, but
shall not be obligated to, defend against such Action in such manner as it may deem appropriate, including, but not limited to, settling
such Action, after giving notice of it to the Indemnifying Party, on such terms as the Indemnified Party may deem appropriate and no action
taken by the Indemnified Party in accordance with such defense and settlement shall relieve the Indemnifying Party of its indemnification
obligations hereunder. The Indemnifying Party shall not settle any Action without the Indemnified Party’s prior written consent,
which consent shall not be unreasonably withheld or delayed.

 

Section 7.05 Payments.
Once a Loss is agreed to by the Indemnifying Party or finally adjudicated to be payable pursuant to this ARTICLE VII, the Indemnifying
Party shall satisfy its obligations within 15 Business Days of such agreement or final, non-appealable adjudication by wire transfer of
immediately available funds. In addition to any rights of setoff or other similar rights that the Buyer may have at common law or otherwise,
and notwithstanding anything to the contrary herein, the Buyer shall have the right to withhold and deduct from any payment under Section
2.02(b) that would be otherwise payable hereunder any sum that (i) is owed to the Buyer under this ARTICLE VII, subject to the limitations
in this ARTICLE VII or (ii) the Buyer reasonably and in good faith believes may be owed to it or any Buyer Indemnified Party under this
ARTICLE VII, subject to the limitations in this ARTICLE VII. The Buyer shall exercise the foregoing right of setoff by delivering a written
notice to the Seller. If the amount of any Losses relating to claims for indemnification made by the Buyer that is setoff against any
payment under Section 2.02(b) is finally determined, and no longer subject to appeal, not to be owed to the Buyer pursuant to the
terms hereof, such setoff amount shall be promptly funded with interest, and in any event within 20 Business Days, by the Buyer to the
Seller and distributed as set forth in this ARTICLE VII.

 

Section 7.06 Tax Treatment
of Indemnification Payments. All indemnification payments made under this Agreement shall be treated by the parties as an adjustment
to the Purchase Price for tax purposes, unless otherwise required by applicable law.

 

Section 7.07 Effect of
Investigation. The right to indemnification or other remedy based on the representations, warranties, covenants, and agreements contained
herein will not be affected by any investigation conducted by a party to this Agreement, or any knowledge acquired by a party to this
Agreement at any time, with respect to the accuracy or inaccuracy of or compliance with, any such representation, warranty, covenant,
or agreement.

 

Section 7.08 Exclusive
Remedies. The rights and remedies provided in this ARTICLE VII are exclusive and in substitution for any other rights and remedies
available at law or in equity or otherwise.

 

ARTICLE VIII MISCELLANEOUS

 

Section 8.01 Expenses.
Except as otherwise provided in Section 2.05, all costs and expenses incurred in connection with this Agreement and the transactions
contemplated hereby shall be paid by the party incurring such costs and expenses.

 

    	 	10	 

     

    

 

Section 8.02 Further
Assurances. Following the Closing, each of the parties hereto shall, and shall cause their respective Affiliates to, execute and deliver
such additional documents, instruments, conveyances, and assurances and take such further actions as may be reasonably required to carry
out the provisions hereof and give effect to the transactions contemplated by this Agreement.

 

Section 8.03 Notices.
All notices, requests, consents, claims, demands, waivers, and other communications hereunder shall be in writing and shall be deemed
to have been given: (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee if sent by a
nationally recognized overnight courier (receipt requested); (c) on the date sent by facsimile or email of a PDF document (with confirmation
of transmission) if sent during normal business hours of the recipient, and on the next Business Day if sent after normal business hours
of the recipient; or (d) on the third day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid.
Such communications must be sent to the respective parties at the following addresses (or at such other address for a party as shall be
specified in a notice given in accordance with this Section 8.03):

 

	If to Seller:	 	
    J. Merlin Benner

    2780 Hills Creek Road

    Wellsboro, PA 16901

    E-mail: merlin@wildlife-specialists.com 

	 	 	 
	
    with a copy to:

    (which shall not constitute notice)

     
	 	
    Ozdinec & Witzel, LLC

    One Landmark North 20399 Route 19, STE 206

    Cranberry Twp., PA 16066

    Email: mozdinec@ozwitz.com

    Attention: Michael Ozdinec

	 	 	 
	If to Buyer:	 	
    DarkPulse, Inc.

    1345 Ave of the Americas 2nd Floor

    New York, NY 10105

    Email: doleary@darkpulse.com 

	 	 	 
	
    with a copy to:

    (which shall not constitute notice)

     
	 	
    Business Legal Advisors, LLC

    14888 Auburn Sky Drive

    Draper, UT 84020

    Email: brian@businesslegaladvisor.com

    Attention: Brian Higley

 

Section 8.04 Headings.
The headings in this Agreement are for reference only and shall not affect the interpretation of this Agreement.

 

Section 8.05 Severability.
If any term or provision of this Agreement is invalid, illegal, or unenforceable in any jurisdiction, such invalidity, illegality,
or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term or
provision in any other jurisdiction. Upon a determination that any term or other provision is invalid, illegal, or unenforceable, the
parties hereto shall negotiate in good faith to modify the Agreement so as to effect the original intent of the parties as closely as
possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated
to the greatest extent possible.

 

Section 8.06 Entire Agreement.
This Agreement and the documents to be delivered hereunder constitute the sole and entire agreement of the parties to this Agreement
with respect to the subject matter contained herein, and supersede all prior and contemporaneous understandings and agreements, both written
and oral, with respect to such subject matter. In the event of any inconsistency between the terms and provisions in the body of this
Agreement and those in the documents delivered in connection herewith, the Exhibits, and the Disclosure Schedules (other than an exception
expressly set forth as such in the Disclosure Schedules), the terms and provisions in the body of this Agreement shall control.

 

Section 8.07 Successors
and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors
and permitted assigns. Neither party may assign its rights or obligations hereunder without the prior written consent of the other party,
which consent shall not be unreasonably withheld or delayed. No assignment shall relieve the assigning party of any of its obligations
hereunder.

 

    	 	11	 

     

    

 

Section 8.08 No Third-Party
Beneficiaries. This Agreement is for the sole benefit of the parties hereto and their respective successors and permitted assigns
and nothing herein, express or implied, is intended to or shall confer upon any other person or entity any legal or equitable right, benefit,
or remedy of any nature whatsoever under or by reason of this Agreement.

 

Section 8.09 Amendment
and Modification. This Agreement may only be amended, modified, or supplemented by an agreement in writing signed by each party hereto.

 

Section 8.10 Waiver.
No waiver by any party of any of the provisions hereof shall be effective unless explicitly set forth in writing and signed by the
party so waiving. No waiver by any party shall operate or be construed as a waiver in respect of any failure, breach, or default not expressly
identified by such written waiver, whether of a similar or different character, and whether occurring before or after that waiver. No
failure to exercise, or delay in exercising, any right, remedy, power, or privilege arising from this Agreement shall operate or be construed
as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power, or privilege hereunder preclude any other or
further exercise thereof or the exercise of any other right, remedy, power, or privilege.

 

Section 8.11 Governing
Law. This Agreement and all related documents shall be governed by and construed in accordance with the internal laws of the State
of New York without giving effect to any choice or conflict of law provision or rule (whether of the State of New York or any other jurisdiction).

 

Section 8.12 Submission
to Jurisdiction. Any legal suit, action, proceeding, or dispute arising out of or related to this Agreement or the transactions contemplated
hereby may be instituted in the federal courts of the United States of America or the courts of the State of New York in each case located
in the City of New York and County of New York, and each party irrevocably submits to the exclusive jurisdiction of such courts in any
such suit, action, proceeding, or dispute.

 

Section 8.13 Attorney
Fees. In the event of any dispute between the parties concerning the terms and provisions of this Agreement, the party prevailing
in such dispute shall be entitled to collect from the other party all costs incurred in such dispute, including reasonable attorneys’
fees.

 

Section 8.14 Waiver
of Jury Trial. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED
AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN
RESPECT OF ANY LEGAL ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

Section 8.15 Specific
Performance. The parties agree that irreparable damage would occur if any provision of this Agreement were not performed in accordance
with the terms hereof and that the parties shall be entitled to specific performance of the terms hereof, in addition to any other remedy
to which they are entitled at law or in equity. Each party hereto: (a) agrees that it shall not oppose the granting of such specific performance
or relief; and (b) hereby irrevocably waives any requirements for the security or posting of any bond in connection with such relief.

 

Section 8.16 Counterparts.
This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall be deemed
to be one and the same agreement. A signed copy of this Agreement delivered by facsimile, email, or other means of electronic transmission
shall be deemed to have the same legal effect as delivery of an original signed copy of this Agreement.

 

[SIGNATURE PAGE FOLLOWS]

 

    	 	12	 

     

    

 

IN WITNESS WHEREOF, the parties hereto
have caused this Agreement to be executed as of the date set forth above.

 

SELLER:

 

By: /s/ J. Merlin Benner                             

Name: J. Merlin Benner

 

BUYER:

 

DARKPULSE, INC.

a Delaware corporation

 

By: /s/ Dennis O’Leary                              

Name: Dennis O’Leary

Title: Chief Executive Officer

 

 

 

    	 	13	 

     

    

 

 

EXHIBIT A

 

Certificate of Formation

 

[TO BE ATTACHED]

 

 

 

 

    	 	14	 

     

    

 

EXHIBIT B

 

Operating Agreement

 

[TO BE ATTACHED]

 

 

 

 

    	 	15	 

     

    

 

EXHIBIT C

 

ASSIGNMENT AND ASSUMPTION OF MEMBERSHIP INTEREST

(Wildlife Specialists, Limited Liability Company)

 

 

THIS ASSIGNMENT AND ASSUMPTION OF MEMBERSHIP INTEREST (this “Assignment”)
is dated as of August 30, 2021, by and among J. Merlin Benner, an individual (the “Assignor”) and DARKPULSE, INC.,
a Delaware corporation (the “Assignee”), recites and provides as follows:

 

RECITALS:

 

WHEREAS, the Assignor
is the owner of an aggregate sixty percent (60.0%) Membership Interest in Wildlife Specialists, Limited Liability Company, a Pennsylvania
limited liability company (the “Company”); and

 

WHEREAS, pursuant
to the Membership Purchase Agreement dated August 30, 2021 between the Assignor and the Assignee (the “Purchase Agreement”),
the Assignor proposes to assign, transfer and sell to Assignee a sixty percent (60.0%) Membership Interest in the Company (the “Assigned
Interest”) by the execution and delivery of this Assignment and Assumption Agreement. The Assignor now wishes to assign and
transfer to the Assignee all of the Assignor’s right, title and interest in and to the Assigned Interest.

 

ASSIGNMENT AND ASSUMPTION AGREEMENT:

 

For and in consideration
of the Purchase Price (as defined in the Purchase Agreement), and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto agree as follows:

 

1.                      
Assignment. The Assignor hereby sells, conveys, assigns and transfers to the Assignee all of the Assignor’s rights,
title and interests in and to the Assigned Interest subject to the terms and conditions of that certain Operating Agreement of the Company
dated June 1, 2007 (the “Operating Agreement”).

 

2.                      
Acceptance, Assumption and Indemnity by Assignee. The Assignee (a) accepts the assignment of all of the Assignor’s
rights, titles and interests in and to the Assigned Interest, (b) agrees to be bound by all of the terms, covenants and conditions of
the Operating Agreement, and (c) assume the obligations and liabilities of the Assignor under the Operating Agreement from and after the
date hereof with respect to the Assigned Interests. From and after the date hereof, the Assignor shall not have any obligations or liabilities
with respect to the Assigned Interest, including without limitation, the obligation to make capital contributions.

 

3.                      
Representations of Assignee. Assignee has been advised that the Assigned Interest is not registered under the Securities
Act of 1933, as amended (the “Securities Act”), nor under the Pennsylvania Securities Act of 1972 and represents,
warrants and agrees as follows: (a) that Assignee is entering into an agreement and is acquiring the securities represented for Assignee's
own account, solely for investment purposes, and not with a view to resale of said securities; (b) that Assignee has such knowledge and
experience in business and financial matters which enables Assignee to be capable of evaluating the risks and merits of this investment;
(c) that Assignee is able to bear the economic risks of this investment; (d) that any security that may be issued will not be resold
or otherwise transferred or assigned without appropriate compliance with the registration provisions of the Securities Act and applicable
State blue sky laws or exemption therefrom; and (e) that Assignee has been provided with or permitted access to all information which
Assignee deems material to formulating an investment decision and that such information has been sufficient to make an informed investment
decision.

 

    	 	16	 

     

    

 

4.                      
Representations of Assignor. Assignor represents it has obtained all required consents pursuant to the Operating Agreement.

 

5.                      
Release and Termination. The Assignee hereby releases the Assignor from all obligations related to the Assigned Interest
or as otherwise incurred by Assignor under the terms of the Operating Agreement with respect to the Assigned Interest.

 

6.                      
Further Assurances. The Assignor, at no cost to Assignor, and Assignee hereby covenant and agree to execute and deliver,
or cause to be executed and delivered, and to do or make, or cause to be done or made, any and all instruments, papers, deeds, acts or
things, supplemental, confirmatory or otherwise, as may be reasonably required for the purpose of effecting the assignment described herein.

 

7.                      
Completeness and Modification. This Assignment constitutes the entire agreement between the parties hereto as to the subject
matter hereof and, in addition to the Purchase Agreement, supersedes all prior discussions, understandings or agreements between the parties
hereto.

 

8.                      
Counterparts. To facilitate execution, this Assignment may be executed in as many counterparts as may be required. It shall
not be necessary that the signature on behalf of both parties hereto appear on each counterpart hereof, and it shall be sufficient that
the signature on behalf of each party hereto appear on one or more such counterparts. All counterparts shall collectively constitute a
single agreement. This Assignment (or counterpart thereof) signed by one or more of the parties and delivered by facsimile shall be effective
as an original.

 

(SIGNATURE PAGE TO FOLLOW)

 

    	 	17	 

     

    

 

 

IN WITNESS WHEREOF, the parties hereto
have caused this Assignment to be duly executed by their duly authorized representatives as of the date of this Assignment.

 

ASSIGNOR:

 

/s/ Jon Merlin Benner,                             

J. Merlin Benner, an Individual

 

 

ASSIGNEE:

 

DARKPULSE, INC.

 

By: /s/ Dennis O’Leary                         

Name: Dennis O’Leary

Title: Chief Executive Officer

 

 

The undersigned execute this Assignment to evidence
their consent to the assignment of Assigned Interest from J. Merlin Benner to DarkPulse, Inc.

 

 

/s/ Phillip Benner                                 

PHILLIP BENNER

 

 

/s/ Jonas Benner                                 

JONAS BENNER

 

 

/s/ Benjamin Benner                            

BENJAMIN BENNER

 

  

/s/ Angelica Benner                            

ANGELICA BENNER

 

 

 

    	 	18	 

     

    

 

EXHIBIT
D

EMPLOYMENT
AGREEMENT

 

THIS EMPLOYMENT AGREEMENT is entered into by and
between DarkPulse, Inc., a Delaware corporation (“Employer”) and ________________ (“Employee”) upon execution
of the Membership Interest Purchase Agreement. In consideration of the mutual covenants and agreements set forth below, and intending
to be legally bound, the parties agree as follows:

 

ARTICLE 1. TERM OF EMPLOYMENT

 

1.01. Employer shall continue
the employment of Employee and Employee accepts continued employment by Employer for a period of 36 months beginning upon the execution
of the Membership Interest Purchase Agreement subject, however, to prior termination of this Employment Agreement as provided below.

 

ARTICLE 2. DUTIES OF EMPLOYEE

 

Duties

 

2.01.            Employee
is employed as _________________ and shall work at _________________ [e.g., the main office of Company, located at ___________________________________
(address )] and at any other place or places as directed by Employer. Employee shall ________________________________ [set
forth duties, e.g., carefully and accurately prepare and keep books of account and balance sheets and perform all duties commonly
discharged by bookkeepers and any other duties of a similar nature that may be required from time to time by Employer].

 

Changes of Duties—Mutual
Consent

 

2.02.            The
duties of Employee may be changed from time to time by the mutual consent of Employer and Employee without resulting in a rescission of
this Employment Agreement. Notwithstanding any change in duties, the employment of Employee shall be construed as continuing under this
Employment Agreement.

 

ARTICLE 3. COMPENSATION

 

Basic Compensation

 

3.01.            As
compensation for services rendered under this Employment Agreement, Employee shall be entitled to receive from Employer a salary of $
___________________ per year, payable in equal __________________ [specify time period, e.g., weekly or semimonthly]
installments of $ _________________ on _________________________ [specify payment date or dates, e.g., Friday of each week or the
fifteenth day and the final day of each month], during the period of employment.

 

    	 	19	 

     

    

 

 

Changes in Rate of Compensation

 

3.02.            As
compensation for services rendered under this Employment Agreement, Employee shall be entitled to an annual increase in his or her basic
rate of compensation provided in Paragraph 3.01 above. Beginning one year after the date of this Employment Agreement, the basic rate
of compensation specified in Paragraph 3.01 shall be increased to ___________ [specify increased rate]. Beginning two years after
the date of this Employment Agreement, the basic rate of compensation specified in Paragraph 3.01 shall be increased to ___________ [specify
increased rate].

 

ARTICLE 4. EMPLOYEE BENEFITS
AND BONUSES

 

4.01.            Employer
agrees that Employee may obtain and receive any medical and dental benefits, insurance benefits, bonuses compensation, and/or vacation
and holiday pay as set forth in the Company’s employment handbook.

 

Continuation of Salary

 

4.02.            If
Employee becomes disabled during the employment term because of sickness, physical or mental disability, or any other reason, so that
he or she is unable to perform his or her duties under this Employment Agreement, Employer agrees to continue Employee’s salary
or pay Employee fifty percent (50%) of his or her salary during the disability but not beyond the date specified in this Employment Agreement
for the end of the employment term.

 

ARTICLE 5. TERMINATION

 

By Employer for Cause

 

5.01.            If
Employee willfully breaches or habitually neglects the duties that he or she is required to perform under this Employment Agreement or
required to perform under the Company’s employment handbook, Employer may terminate this Employment Agreement by giving written
notice of termination to Employee without prejudice to any other remedy to which Employer may be entitled either at law, in equity, or
under this Employment Agreement.

 

Effect of Termination on
Compensation

 

5.02.            If
this Employment Agreement is terminated prior to the completion of the term of employment specified in paragraph 1.01, Employee shall
be entitled to the compensation earned prior to the date of termination computed pro rata up to and including that date. Employee shall
be entitled to no further compensation as of the date of termination.

 

 

 

Dated:_______________________

 

EMPLOYER

 

DarkPulse, Inc.

 

By:___________________[signature]

[typed name and title]

 

 

EMPLOYEE

 

______________________[signature]

[typed name]

 

 

 

    	 	20	 

     

    

 

 ]

Schedule 4.02

 

1.    On
________________, the Buyer received the written consent of FIRSTFIRE GLOBAL OPPORTUNITIES FUND, LLC, a Delaware limited liability company
(the “Lender”) to enter into the Agreement.

 

2.  __________________

 

 

 

 

    	 	21	 

     

    

 

Schedule 4.08(a)

Capitalization of the Buyer

 

As of the
Closing Date, the capitalization of the Buyer is as follows:

 

1.    Issued
and Outstanding Common Stock -                shares;

 

2.    Issued and Outstanding Series D Preferred Stock – 88,235 shares; and

 

3.    Notes
Convertible into Shares of Common Stock -___________.

 

 

 

 

    	 	22Exhibit 10.11

 

DarkPulse,
Inc.

1345 Avenue of the Americas

2nd Floor

New York, NY 10105

 

June 25, 2021

 

VIA EMAIL

 

Justin Dee, COO

TerraData Unmanned, PLLC

3906 SW 154th Street

Archer, FL 32618

 

Re: Letter of Intent

 

Dear Mr. Dee:

 

The purpose of this letter
(this “Letter of Intent”) is to set forth certain nonbinding understandings and certain binding agreements by, between,
and among DarkPulse, Inc., a Delaware corporation (the “Purchaser”), TerraData Unmanned, PLLC, a Florida limited liability
company (the “Company”), and Justin Dee, an individual (the “Shareholder”), as of the date shown
above (the “Effective Date”), with respect to the acquisition of a majority ownership in the Company owned by the Shareholder
on the terms set forth below. As set forth herein, each of the Purchaser, the Company, and the Shareholder, a “party,” and,
together, the “parties.”

 

PART ONE—NONBINDING PROVISIONS

 

The following numbered paragraphs
of this Letter of Intent (collectively, the “Nonbinding Provisions”) reflect our mutual understanding of the matters
described in them, but each party acknowledges that the Nonbinding Provisions are not intended to create or constitute any legally binding
obligation by, between, and among the Purchaser, the Company, and the Shareholder, and none of Purchaser, the Company, or the Shareholder
shall have any liability to the other party with respect to the Nonbinding Provisions unless and to the extent that they are embodied
in a fully integrated definitive agreement (the “Definitive Agreement”), and other related documents, which are prepared,
authorized, executed, and delivered by, between, and among all parties. If the Definitive Agreement is not prepared, authorized, executed
or delivered for any reason, no party to this Letter of Intent shall have any liability to any other party to this Letter of Intent based
upon, arising from, or relating to the Nonbinding Provisions.

 

	1.		COMPANY MANAGEMENT

 

It is contemplated that management
of the Company would remain unchanged following Closing, and that all employees employed by the Company at Closing, would remain as employees
of the Company following Closing at the same rates and under the same terms.

 

	2.		STATUS OF PURCHASER AT CLOSING

 

(a)              
It is contemplated that prior to and at Closing the Purchaser would be current in its reporting requirements pursuant to Section
13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

 

(b)              
It is anticipated that the Purchaser would maintain the quotation of its common stock on the OTC Markets.

 

	3.		FINANCIAL STATEMENTS

 

It is anticipated that the
Definitive Agreement may provide that the Company would be required to provide financial statements and information to comply with Item
9.01 of Form 8-K promulgated by the SEC within the extension period provided in Item 9.01(a)(4) of Form 8-K.

 

 

    	 	 	 

     

    

 

Justin Dee, COO

June 25, 2021

Page 2

 

 

	4.		PROPOSED FORM OF AGREEMENT

 

The Purchaser, the Company,
and the Shareholder intend promptly to begin negotiating to reach a written Definitive Agreement, containing comprehensive representations,
warranties, indemnities, conditions and agreements by the parties customary to a transaction of this nature. The execution of the Definitive
Agreement by the parties and their respective obligations to close the transaction will be subject to approval by the respective boards
of directors of each entity and by the shareholders of the Company.

 

	5.		CONDITIONS TO PROPOSED TRANSACTION

 

The parties do not intend
to be bound to the Nonbinding Provisions or any Provisions covering the same subject matter until the execution and delivery of the Definitive
Agreement, which, if successfully negotiated, would provide that the proposed transaction would be subject to customary terms and conditions,
including, but not limited to, the following:

 

(a)              
satisfactory completion of all due diligence;

 

(b)              
receipt of all necessary consents and approvals of governmental bodies and others;

 

(c)              
absence of pending or threatened litigation regarding the Definitive Agreement or the transactions to be contemplated thereby;

 

(d)              
delivery of customary legal opinions, closing certificates, and other documentation;

 

(e)              
compliance of the transaction contemplated herein with any applicable tax-free reorganization or other tax restriction, which compliance
shall be mutually satisfactory to the parties hereto;

 

(f)               
evidence at closing that the Company would have no outstanding options, warrants, or other instruments convertible into, or obligations
granting rights to receive, shares of common stock of the Company, except for securities in this transaction;

 

(g)              
the accuracy and completeness of representations and warranties of the parties customary to a transaction of this nature; and

 

(h)              
unaudited financial statements or information disclosing the financial condition of the Company for the last two (2) completed
fiscal years the most recent quarter end.

 

PART TWO—BINDING PROVISIONS

 

Upon execution by the Purchase,
the Company, and the Shareholder of this Letter of Intent or counterparts thereof, the following lettered paragraphs of this Letter of
Intent (collectively, the “Binding Provisions”) will constitute the legally binding and enforceable agreement of the
Purchaser, the Company, and the Shareholder (in consideration of the significant costs to be borne by the Purchaser, the Company, and
the Shareholder in pursuing this proposed transaction and further, in consideration of their mutual undertakings as to the matters described
herein).

 

		1.	NONBINDING PROVISIONS NOT ENFORCEABLE

 

The Nonbinding Provisions
do not create or constitute any legally binding obligations among the Purchaser, the Company, and the Shareholder, and none of the Purchaser,
the Company, or the Shareholder shall have any liability to the other parties with respect to the Nonbinding Provisions unless and to
the extent that they are embodied in the Definitive Agreement, if one is successfully negotiated, executed and delivered by and among
all parties. If the Definitive Agreement is not prepared, authorized, executed or delivered for any reason, no party to this Letter of
Intent shall have any liability to any other party to this Letter of Intent based upon, arising from, or relating to the Nonbinding Provisions.

 

 

    	 	 	 

     

    

 

Justin Dee, COO

June 25, 2021

Page 3

 

 

		2.	BASIC TRANSACTION

 

(a)              
It is contemplated that the Purchaser would acquire sixty percent (60%) of the issued and outstanding voting capital stock or equity
interests of the Company owned by the Shareholder in exchange for restricted shares of the common stock of the Purchaser worth Two Hundred
Thousand Dollars ($200,000) with the price per share to be stated in the Definitive Agreement (the “Shares”) with the
Shares to be delivered to the Shareholder upon the closing of this transaction (the “Closing” or “Closing
Date”) and Four Hundred Thousand Dollars ($400,000) to be paid to the Shareholder within twelve (12) weeks of the Closing Date.
The parties anticipate that the execution and closing of the Definitive Agreement would occur simultaneously. As a result of the Closing,
the Company would become a subsidiary of the Purchaser.

 

(b)              
The exchange is intended to be made with the Shareholder who is believed to be an “accredited investor,” as defined
in Rule 501(a) of Regulation D promulgated under the Securities Act of 1933, as amended (the “Securities Act”) and,
provided that the transaction would not otherwise violate the provisions of the Securities Act or any applicable state securities laws.
The shares to be issued by the Purchaser would be “restricted securities” as defined in Rule 144 under the Securities Act.
An appropriate legend would be placed on the certificates representing such shares, and stop transfer orders placed against them. The
Company would be required to provide adequate representations sufficient to qualify for applicable exemptions from registration. The parties
intend that the Closing would occur as soon as practicable upon completion of all conditions for Closing.

 

(c)              
The structure and form of the transaction will be mutually agreeable to the parties, provided that the parties currently intend
that the transaction will qualify for treatment as a tax-free transaction under the Internal Revenue Code of 1986, as amended.

 

		3.	DEFINITIVE AGREEMENT; TERM OF THIS LETTER OF INTENT

 

(a)              
The Purchaser and its counsel shall be responsible for preparing the initial draft of the Definitive Agreement. Subject to the
final sentence of Paragraph 4 of the Binding Provisions, the Purchaser, the Company, and the Shareholder shall negotiate in good faith
to arrive at a mutually acceptable Definitive Agreement for approval, execution, and delivery on the earliest reasonably practicable date.

 

(b)              
The Company and the Shareholder shall engage legal counsel to represent them in this acquisition transaction and the preparation
of the Company documents, and to assist in the review of the Definitive Agreement.

 

(c)              
The term of this Letter of Intent shall begin on the Effective Date and shall expire upon the earliest of (a) 11:59 p.m., Eastern
Time, on the date that is sixty (60) days after the Effective Date; (b) the execution of the Definitive Agreement; or (c) such later or
earlier date and time as the Company and the Purchaser may agree in writing.

 

		4.	ACCESS

 

The Purchaser and the Company
will provide to each other full access to their current and historical books and records (excluding proprietary information) and will
furnish financial and operating data and such other current or historical information with respect to their business and assets as may
reasonably be requested from time to time. Each party shall accommodate and make available such information to the appropriate representatives
of the other. Until the Definitive Agreement is executed by the Purchaser the Company, and the Shareholder, all parties shall keep confidential
any information (unless ascertainable from public filings or other public sources) obtained either prior to, or following the date of
this Letter of Intent concerning the other’s operations, assets, and business, or other confidential information. It is anticipated
that the Definitive Agreement would contain confidentiality provisions effective beginning on the date the agreement is executed by the
Purchaser, the Company, and the Shareholder and covering confidential information provided prior to the execution of the Definitive Agreement.
Neither party shall be under obligation to continue with its due diligence investigation or negotiations regarding the Definitive Agreement
or to consummate the transactions contemplated by this Letter of Intent if, at any time, the results of its due diligence investigation
are not satisfactory to such party for any reason in its sole discretion.

 

 

    	 	 	 

     

    

Justin Dee, COO

June 25, 2021

Page 4

 

 

		5.	EXCLUSIVE DEALING

 

(a)              
During the term of this Letter of Intent, the Company and the Shareholder shall not, directly or indirectly, through any representative
or otherwise, solicit, negotiate with or in any manner encourage, discuss or accept any proposal of any other person relating to the acquisition
of the Company, shares of its capital stock purchased from the Company or the Shareholder, or the Company’s assets or business,
in whole or in part, whether through direct purchase, merger, consolidation, or other business combination (collectively, an “Alternative
Transaction”); provided, however, that upon receipt of an unsolicited proposal to effect an Alternative Transaction, the Company
or the Shareholder may disclose (i) the existence of this Letter of Intent; (ii) the terms of the right of first refusal set forth in
the next paragraph; and (iii) the terms of the break-up provisions set forth in Paragraph 6 of this Part Two. The Company or the Shareholder
will immediately notify the Purchaser regarding any contact between the Company, the Shareholder, or their respective representatives
and any other person regarding any proposed Alternative Transaction or any related inquiry.

 

(b)              
In the event the Company or the Shareholder receives a proposal for an Alternative Transaction (a “Proposal”),
the Company or the Shareholder will immediately give written notice to the Purchaser setting forth the identity of the proposed party
and the price and terms of the Proposal. the Purchaser shall have the right, exercisable within the five (5) business days following receipt
of such notice, to effect the Alternative Transaction on the same economic terms as those set forth in the Proposal.

 

(c)              
Notwithstanding anything to the contrary contained herein, if the Purchaser terminates the Binding Provisions pursuant to Paragraphs
J(b) or J(d) of this Part Two, the exclusive dealing provisions of this Paragraph 5 shall be terminated and the Company or the Shareholder
shall, immediately upon such termination, be permitted to pursue an Alternative Transaction.

 

		6.	BREAK-UP PROVISIONS

 

In the event that the Company
or the Shareholder breaches Paragraph 5 of this Part Two and the Company or the Shareholder closes an Alternative Transaction, then, immediately
upon such closing, the Company or the Shareholder shall pay to the Purchaser 10% of the total consideration (including the assumption
of any liabilities of the Company), cash and non-cash paid to the Company, the Shareholder, or the Company’s shareholders in the
Alternative Transaction. The Definitive Agreement shall include similar break-up provisions.

 

		7.	CONDUCT OF BUSINESS

 

Until the Definitive Agreement
has been executed and delivered by all the parties or the Binding Provisions have been terminated pursuant to Paragraph 11 of this Part
Two, the Company shall conduct its business only in the ordinary course, and may not engage in any extraordinary transactions without
the Purchaser’s prior consent, including, without limitation:

 

(a)              
not issuing any equity securities or options, warrants, rights, or convertible securities;

 

(b)              
not paying any dividends or redeeming any securities; and

 

(c)              
not borrowing any funds or incurring any debt or other obligations outside of what is existing as of the date of this Letter of
Intent.

 

 

    	 	 	 

     

    

Justin Dee, COO

June 25, 2021

Page 5

 

 

		8.	DISCLOSURE

 

Except as and to the extent
required by law, without the prior written consent of the other party, neither the Purchaser, the Company, nor the Shareholder shall,
and each shall direct its shareholders or representatives not to, directly or indirectly, make any public comment, statement or communication
with respect to, or otherwise disclose or permit the disclosure of the existence of discussions regarding, a possible transaction among
the parties or any of the terms, conditions or other aspects of the transaction proposed in this Letter of Intent; provided, however,
that upon receipt of an unsolicited proposal to effect an Alternative Transaction, the Company or the Shareholder may disclose (i) the
existence of this Letter of Intent; (ii) the terms of the right of first refusal set forth in the next paragraph; and (iii) the terms
of the break-up provisions set forth in Paragraph 6 of this Part Two. If a party is required by law to make any such disclosure, it must
first provide to the other party the content of the proposed disclosure, the reasons that such disclosure is required by law, and the
time and place that the disclosure will be made.

 

		9.	COSTS

 

Except as otherwise provided
in these Binding Provisions, each party shall pay its own costs and expenses (including any broker’s or finder’s fees) incurred
in connection with the proposed transaction.

 

		10.	CONSENTS

 

The Purchaser, the Company,
and the Shareholder shall cooperate with each other and proceed, as promptly as is reasonably practicable, to endeavor to comply with
all legal or contractual requirements for or preconditions to the execution and consummation of the Definitive Agreement.

 

		11.	TERMINATION

 

The Binding Provisions may
be terminated:

 

(a)              
by mutual written consent of the Purchaser, the Company, and the Shareholder;

 

(b)              
by the Purchaser, without any penalty to the Purchaser, in the event that the Purchaser’s due diligence (a) uncovers facts
concerning the Company’s business or financial condition that are different than those represented to the Purchaser by the Company
or the Shareholder prior to the execution of this Letter of Intent; or (b) discloses any material concerns to the Purchaser regarding
the Company;

 

(c)              
by the Company or the Shareholder, without any penalty to the Company or the Shareholder, in the event that either the Company’s
or the Shareholder’s due diligence (a) uncovers facts concerning the Purchaser’s business or financial condition that are
different than those represented to the Company and the Shareholder by the Purchaser prior to the execution of this Letter of Intent;
or (b) discloses any material concerns to the Company or the Shareholder regarding the Purchaser;

 

(d)              
by the Purchaser, without any penalty to the Purchaser, in the event that the Purchaser’s board of directors does not approve
the execution of the Definitive Agreement, and/or the transactions contemplated hereby; provided, however, that the termination of the
Binding Provisions shall not affect the liability of a party for breach of any of the Binding Provisions prior to the termination. Upon
termination of the Binding Provisions, the parties shall have no further obligations hereunder, except as stated in Paragraphs 1, 5, 6,
8, 9, 14, and 15 of these Binding Provisions, which shall survive any such termination.

 

		12.	EXECUTION IN COUNTERPARTS

 

This Letter of Intent may
be executed simultaneously in two (2) or more counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument.

 

 

    	 	 	 

     

    

 

Justin Dee, COO

June 25, 2021

Page 6

 

 

		13.	COOPERATION

 

The Purchaser, the Company,
and the Shareholder agree to cooperate and to use their respective best efforts to close the transaction contemplated in this Letter of
Intent as soon as practicable after the date hereof.

 

		14.	ENTIRE AGREEMENT; AMENDMENT; ASSIGNMENT

 

The Binding Provisions and
any Non-Disclosure Agreement between the Purchaser, the Company, and the Shareholder constitute the entire agreement among the parties,
and supersede all prior oral or written agreements, understandings, representations and warranties, and courses of conduct and dealing
among the parties on the subject matter hereof. Except as otherwise provided herein, the Binding Provisions may be amended or modified
only by a writing executed by all of the parties. This Letter of Intent is not assignable without the prior written consent of each of
the Purchaser, the Company, and the Shareholder.

 

		15.	GOVERNING LAW; JURISDICTION; VENUE

 

This Letter shall be governed
by and construed under the laws of New York without regard to principles of conflict of laws. The parties irrevocably consent to the jurisdiction
and venue of the state and federal courts located in New York in connection with any action.

 

Please sign and date this
Letter of Intent in the space provided below to confirm your understanding of the terms of the Nonbinding Provisions and to confirm the
mutual binding agreements set forth in the Binding Provisions and return a signed copy to the undersigned.

 

Very truly yours,

 

	THE PURCHSER	 	DARKPULSE, INC.
	 	 	 
	 	 	 
	 	 	By: /s/ Dennis O’Leary                      
	 	 	       Dennis O’Leary, CEO

 

 

[Purchaser and Shareholder Signature Page to
Follow]

 

 

    	 	 	 

     

    

 

Justin Dee, COO

June 25, 2021

Page 7

 

 

Acknowledged as to

the Nonbinding and agreed 

as to the Binding Provisions

as of the date below:

 

 

	THE COMPANY	TERRADATA UNMANNED, PLLC
	 	 
	 	 
	 	 
	Date:  June 25, 2021	By: /s/ Justin Dee                                
	 	       Justin Dee, COO and Owner
	 	 
	THE SHAREHOLDER	 
	 	 
	 	 
	 	 
	Date:  June 25, 2021	By: /s/ Justin Dee                                
	 	Justin Dee, an Individual

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