Document:

EXHIBIT
10.1

 

LOCK-UP
AGREEMENT

 

April
30, 2021

 

AMMO,
INC.

7681
East Gray Road

Scottsdale,
Arizona 85260

 

	 	Re:	Escrow
    Agreement, dated April 30, 2021, by and between Ammo, Inc., and Steven Urvan, (the “Escrow Agreement”).

 

Ladies
and Gentlemen:

 

The
undersigned, Steven Urvan, acknowledges that he pledged to Ammo, Inc., a Delaware Corporation (the “Company”) 4,000,000
shares of the common stock, par value $0.001 per share, of the Company, evidenced by share certificates numbers __ and __ (each such
share, a “Pledged Share” and together, the “Pledged Shares”) in accordance with the terms of the
Escrow Agreement. The undersigned irrevocably agrees with the Company, in respect of any Pledged Share, from the date hereof until the
date as such Pledged Share is released pursuant to the terms of the Escrow Agreement (such period, the “Restriction Period”),
the undersigned will not offer, sell, contract to sell, hypothecate, pledge or otherwise dispose of (or enter into any transaction which
is designed to, or might reasonably be expected to, result in the disposition (whether by actual disposition or effective economic disposition
due to cash settlement or otherwise) by the undersigned or any affiliate of the undersigned or any person in privity with the undersigned
or any affiliate of the undersigned), directly or indirectly, or establish or increase a put equivalent position or liquidate or decrease
a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), with respect to, such Pledged Share or securities convertible, exchangeable or exercisable into such Pledged Share,
beneficially owned, held or hereafter acquired by the undersigned (the “Securities”). Beneficial ownership shall be
calculated in accordance with Section 13(d) of the Exchange Act. In order to enforce this covenant, the Company shall impose irrevocable
stop-transfer instructions preventing the transfer agent of the Company from effecting any actions in violation of this letter agreement.

 

The
undersigned acknowledges that the execution, delivery and performance of this letter agreement is a material inducement to the Company
to perform under that certain Agreement and Plan of Merger, dated as of the date hereof (the “Merger Agreement”),
among the Company, the undersigned, Speedlight Group, LLC, a Delaware limited liability company and wholly-owned subsidiary of the Company,
and Gemini Direct Investments LLC, a Nevada limited company, and the Company shall be entitled to specific performance of the undersigned’s
obligations hereunder. The undersigned hereby represents that the undersigned has the power and authority to execute, deliver and perform
this letter agreement, that the undersigned has received adequate consideration therefor and that the undersigned will benefit from the
closing of the transactions contemplated by the Merger Agreement.

 

    	 

     

    

 

This
letter agreement may not be amended or otherwise modified in any respect without the written consent of each of the Company and the undersigned.
This letter agreement shall be construed and enforced in accordance with the laws of the State of Delaware without regard to the principles
of conflict of laws. The undersigned hereby irrevocably submits to the exclusive jurisdiction of the United States District Court sitting
in Delaware and the courts of State of Delaware, for the purposes of any suit, action or proceeding arising out of or relating to this
letter agreement, and hereby waives, and agrees not to assert in any such suit, action or proceeding, any claim that (i) it is not personally
subject to the jurisdiction of such court, (ii) the suit, action or proceeding is brought in an inconvenient forum, or (iii) the venue
of the suit, action or proceeding is improper. The undersigned hereby irrevocably waives personal service of process and consents to
process being served in any such suit, action or proceeding by receiving a copy thereof sent to the Company at the address in effect
for notices to it under the Merger Agreement and agrees that such service shall constitute good and sufficient service of process and
notice thereof. The undersigned hereby waives any right to a trial by jury. Nothing contained herein shall be deemed to limit in any
way any right to serve process in any manner permitted by law.

 

By
its signature below, the transfer agent of the Company hereby acknowledges and agrees that, reflecting this letter agreement, it has
placed an irrevocable stop transfer instruction in respect of each Pledged Share owned by the undersigned until the end of the Restriction
Period with respect to such Pledged Share. This letter agreement shall be binding on successors and assigns of the undersigned with respect
to the Pledged Shares and any such successor or assign shall enter into a similar agreement for the benefit of the Company.

 

***
SIGNATURE PAGE FOLLOWS***

 

    	2

     

    

 

This
letter agreement may be executed in two or more counterparts, all of which when taken together may be considered one and the same agreement.

 

	 	 	 

STEVEN
URVAN

 

Address
for Notice:

 

	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

Number
of shares of Common Stock

 

By
signing below, the Company agrees to enforce the restrictions on transfer set forth in this letter agreement.

 

	AMMO, INC.	 
	 	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 

 

Acknowledged
and agreed to

as
of the date set forth above:

 

Action
Stock Transfer Corporation

 

	By:
    	 	 
	Name:	 	 
	Title:	 	 

 

    	3EXHIBIT
10.2

 

VOTING
AGREEMENT

 

This
VOTING AGREEMENT (this “Agreement”), dated as of April 30, 2021 (the “Effective Date”), is entered
into between Ammo, Inc., a Delaware corporation (the “Company”), and Steven F. Urvan (the “Securityholder”).

 

WHEREAS,
concurrently with execution of this Agreement, on the date hereof, the Company, SpeedLight Group I, LLC (“Merger Sub”),
Gemini Direct Investments, LLC (“Gemini”) and the Stockholder, are entering into that certain Agreement and Plan of
Merger (the “Merger Agreement”), pursuant to which, on the terms and subject to the conditions thereof, Gemini will
be merged with and into Merger Sub (the “Merger”), with Merger Sub surviving the Merger as a wholly owned subsidiary
of the Company;

 

WHEREAS,
subsequent to the Merger, the Stockholder will be the beneficial owner of 18,500,000 shares of common stock of the Company, par value
$0.001 per share (the “Common Stock”), representing approximately 19.86% of the total outstanding Common Stock as
of the date hereof (the “Securities”);

 

NOW,
THEREFORE, in consideration of the mutual agreements and understandings set forth herein, the Parties hereto hereby agree as follows:

 

ARTICLE
1

GRANT
OF PROXY; VOTING AGREEMENT

 

Section
1.01. Voting Agreement. For so long as this Agreement is in effect, the Securityholder hereby agrees to vote or exercise its right
to consent with respect to all Securities that the Securityholder is entitled to vote at the time of any vote in favor of approving the
implementation of a staggered board of directors at the next annual meeting of the Company and at any adjournment or postponement thereof
(the “Annual Meeting”) and shall not vote to change that at any meeting at which such arrangements are submitted for the
consideration and vote of the securityholders of the Company. The Securityholder hereby agrees that, for so long as this Agreement is
in effect, it will not vote any Securities in favor of, or consent to, and will vote the Securities it is entitled to vote against and
not consent to, the approval of a proxy fight either individually or as part of a group for 13D or 13G purposes that would result in
one-third of the current officers and one-third of the current directors being replaced.

 

Section
1.02. Irrevocable Proxy. The Securityholder hereby revokes any and all previous proxies granted with respect to the Securities.
By entering into this Agreement, the Securityholder hereby grants a proxy appointing the Company as the Securityholder’s attorney-in-fact
and proxy, with full power of substitution, for and in the Securityholder’s name, to vote, or otherwise to utilize such voting
power in the manner contemplated by Section 1.01. The proxy granted by the Securityholder pursuant to this Article 1 is irrevocable and
is granted in consideration of the Company entering into this Agreement and the Merger Agreement and incurring certain related fees and
expenses; provided, however, the proxy granted by the Securityholder shall be revoked upon termination of this Agreement
in accordance with its terms.

 

ARTICLE
2

REPRESENTATIONS
AND WARRANTIES OF THE SECURITYHOLDER

 

The
Securityholder represents and warrants to the Company:

 

Section
2.01. Authorization. The Securityholder has duly executed and delivered this Agreement, and the execution, delivery and performance
by the Securityholder of this Agreement and the consummation by the Securityholder of the transactions contemplated hereby are within
the powers and legal capacity of the Securityholder and have been duly authorized by all necessary action. Assuming accuracy of the representation
set forth in Section 3.01, this Agreement is a valid and binding agreement of the Securityholder, enforceable against the Securityholder
in accordance with its terms, except to the extent enforceability may be subject to (i) bankruptcy, insolvency, fraudulent conveyance,
reorganization, moratorium and other similar Laws affecting or relating to creditors’ rights generally and (ii) general equitable
principles (whether considered in a proceeding in equity or at law).

 

    	 

     

    

 

Section
2.02. Non-Contravention. The execution, delivery and performance by the Securityholder of this Agreement and the consummation
of the transactions contemplated hereby do not and will not (i) violate any law, rule, regulation, judgment, injunction, order or decree
applicable to the Securityholder, (ii) require any consent or other action by any Person under, constitute a default under, or give rise
to any right of termination, cancellation or acceleration or to a loss of any benefit to which the Securityholder is entitled in respect
of the Securities under any provision of any agreement or other instrument binding on the Securityholder or (iii) result in the imposition
of any Lien on any of the Securities (other than the Lien created hereunder).

 

Section
2.03. Total Securities. Except for the Securities, the Securityholder does not beneficially own any (i) shares of capital stock
or voting securities of the Company, (ii) securities of the Company convertible into or exchangeable for shares of capital stock or voting
securities of the Company or (iii) options or other rights to acquire from the Company any capital stock, voting securities or securities
convertible into or exchangeable for capital stock or voting securities of the Company.

 

ARTICLE
3

REPRESENTATIONS
AND WARRANTIES OF THE COMPANY

 

The
Company represents and warrants to the Securityholder:

 

Section
3.01. Authorization. The Company has duly executed and delivered the Merger Agreement and this Agreement, and the execution, delivery
and performance by the Company of the Merger Agreement and this Agreement and the consummation by the Company of the transactions contemplated
thereby and hereby are within the corporate powers of the Company and have been duly authorized by all necessary corporate action. Each
of the Merger Agreement and this Agreement constitutes a valid and binding agreement of the Company, enforceable against the Company
in accordance with its terms, except to the extent enforceability may be subject to (i) bankruptcy, insolvency, fraudulent conveyance,
reorganization, moratorium and other similar Laws affecting or relating to creditors’ rights generally and (ii) general equitable
principles (whether considered in a proceeding in equity or at law).

 

ARTICLE
4

COVENANTS
OF THE SECURITYHOLDER

 

The
Securityholder hereby covenants and agrees that so long as this Agreement is in effect:

 

Section
4.01. No Proxies for or Encumbrances on Securities. Except pursuant to the terms of this Agreement and the Merger Agreement, the
Securityholder shall not, without the prior written consent of the Company, directly or indirectly, (i) grant any proxies or enter into
any voting trust or other agreement or arrangement with respect to the voting of any of the Securities or (ii) sell, assign, transfer,
encumber or otherwise dispose of, or enter into any contract, option or other arrangement or understanding with respect to the direct
or indirect sale, assignment, transfer, encumbrance or other disposition of, any Securities during the term of this Agreement (other
than in open market transactions on the NASDAQ Stock Market or on such principal stock exchange as the Common Stock is then listed for
trading or in private transactions or sales effected pursuant to the registration rights provisions of the Investor Rights Agreement
dated as of the date hereof entered into between the Company and the Securityholder).The Securityholder shall not seek or solicit any
such sale, assignment, transfer, encumbrance or other disposition or any such contract, option or other arrangement or understanding
and agrees to notify the Company promptly, and to provide all details requested by the Company, if the Securityholder shall be approached
or solicited, directly or indirectly, by any Person with respect to any of the foregoing.

 

ARTICLE
5

MISCELLANEOUS

 

Section
5.01. Further Assurances. The Company and the Securityholder will each execute and deliver, or cause to be executed and delivered,
all further documents and instruments and use its best efforts to take, or cause to be taken, all actions and to do, or cause to be done,
all things necessary, proper or advisable under applicable laws and regulations, to consummate and make effective the transactions contemplated
by this Agreement.

 

    	 

     

    

 

Section
5.02. Amendments; Termination. Any provision of this Agreement may be amended or waived if, but only if, such amendment or waiver
is in writing and is signed, in the case of an amendment, by each party to this Agreement or in the case of a waiver, by the party against
whom the waiver is to be effective. This Agreement shall continue in full force and effect until such date that is six months following
the Effective Date upon which date all rights and obligations of the parties under this Agreement shall immediately terminate, except
as provided in Section 5.12 hereof.

 

Section
5.03. Expenses. All costs and expenses incurred in connection with this Agreement shall be paid by the party incurring such cost
or expense.

 

Section
5.04. Successors and Assigns; Obligations of Securityholder. The provisions of this Agreement shall be binding upon and inure
to the benefit of the parties hereto and their respective successors and assigns; provided that no party may assign, delegate
or otherwise transfer any of its rights or obligations under this Agreement without the consent of the other parties hereto.

 

Section
5.05. Governing Law; Venue. This Agreement shall be governed by and construed and enforced in accordance with the laws
of the State of Delaware without regard to the principles of conflicts of laws. The parties hereby irrevocably submit to the jurisdiction
of the courts of the State of Delaware and the federal courts located in the State of Delaware in respect of the interpretation and enforcement
of the provisions of this Agreement.

 

Section
5.06. Entire Agreement. This Agreement, together with the Merger Agreement and other documents incorporated therein, appended
thereto or contemplated thereby, constitutes the complete, final and exclusive statement of the agreement between the parties pertaining
to the subject matter hereof and supersedes all prior agreements, understandings, negotiations and discussions, whether oral or written,
of the parties.

 

Section
5.07. Counterparts; Effectiveness. This Agreement may be signed in any number of counterparts, each of which shall be an original,
with the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement shall become effective as
between the Company, on the one hand, and the Securityholder, on the other hand, when each such party shall have received counterparts
hereof signed by each such other party.

 

Section
5.08. Severability. If any term, provision or covenant of this Agreement is held by a court of competent jurisdiction or other
authority to be invalid, void or unenforceable, the remainder of the terms, provisions and covenants of this Agreement shall remain in
full force and effect and shall in no way be affected, impaired or invalidated.

 

Section
5.09. Specific Performance. The parties hereto agree that the Company would suffer irreparable damage in the event any provision
of this Agreement is 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.

 

Section
5.10. Capitalized Terms. Capitalized terms used but not defined herein shall have the respective meanings set forth in the Merger
Agreement.

 

    	 

     

    

 

Section
5.11. Notices. Any notice or other communication required or permitted to be given hereunder shall be in writing and shall be
effective (a) when personally delivered or transmitted by electronic means, such as electronic mail, on a business day during normal
business hours where such notice is to be received at the address or number designated below, (b) on the business day when verification
of delivery is obtained when sent by fully paid overnight courier, or (c) on the business day that is three (3) days following the date
of mailing by courier, fully prepaid, addressed to such address, whichever shall first occur. The addresses for such communications shall
be:

 

	If
    to the Company:	 	Ammo,
    Inc.
	 	 	7681
    East Gray Road
	 	 	Scottsdale,
    Arizona 85260
	 	 	Email:
    
	 	 	Attention:
    
	 	 	 
	With
    a copy to:	 	Lucosky
    Brookman LLP
	 	 	101
    Wood Avenue South, Floor 5
	 	 	Woodbridge,
    NJ 08830
	 	 	Email:
    
	 	 	Attention:
    Joseph Lucosky
	 	 	 
	If
    to the Stockholder:	 	 
	 	 	Steven
    F. Urvan
	 	 	 
	 	 	Email:
    
	 	 	 
	With
    a copy to:	 	Arnall
    Golden Gregory LLP
	 	 	171
    17th Street, NW, Suite 2100
	 	 	Atlanta,
    Georgia 30363
	 	 	Email:
    
	 	 	Attention:
    Michael D. Golden, Esq.

 

Any
Party hereto may from time to time change its address for notices under this Section 5.11 by giving at least five (5) days’ notice
of such changed address to the other Party hereto.

 

Section
5.12. Securityholder Capacity. The Securityholder signs solely in the Securityholder’s capacity as the record holder or
beneficial owner of the Securities and nothing in this Agreement shall limit or affect any actions taken by the Securityholder in the
Securityholder’s capacity as an officer or director of the Company. This Section 5.12 shall survive termination of this Agreement.

 

[Remainder
of this page is intentionally blank]

 

    	 

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the day and year first above written.

 

	 	AMMO,
    INC.
	 	 	 
	 	By	 
	 	Name:	Fred
    Wagenhals
	 	Title:	Chief
    Executive Officer
	 	 	 
	 	 	 
	 	 	Steven
    F. Urvan

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00327-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00327-of-00352.parquet"}]]