Document:

Exhibit 10.14

  

NOTE AND WARRANT PURCHASE
AGREEMENT

 

THIS NOTE
AND WARRANT PURCHASE AGREEMENT (this “Agreement”), is dated as of [_________], 2020, by and between Agrify
Corporation, a Nevada corporation (the “Company”), and the Purchasers identified on Schedule 1
hereto (the “Purchasers”).

 

WHEREAS,
the Company and the Purchasers are executing and delivering this Agreement in reliance upon an exemption from securities registration
afforded by the provisions of Section 4(2) and/or Regulation D (“Regulation D”) as promulgated by the United
States Securities and Exchange Commission (the “Commission”) under the Securities Act of 1933, as amended (the
“1933 Act”);

 

WHEREAS,
the parties desire that, upon the terms and subject to the conditions contained herein, the Company shall issue and sell to the
Purchasers, as provided herein, and the Purchasers shall purchase, in the aggregate, (i) up to $10,000,000 of principal amount
of promissory notes of the Company (“Note” or “Notes”) convertible into shares of the Company’s
common stock (the “Common Stock”), substantially in the form attached hereto as Exhibit A.

 

NOW, THEREFORE,
in consideration of the mutual covenants and other agreements contained in this Agreement the Company and the Purchasers hereby
agree as follows:

 

1. Closing
Date; Issuance of Notes and Warrants.

 

(a) The initial
closing (the “Initial Closing”) of the purchase and sale of the Notes and Warrants (as defined below) to be
acquired by the Purchasers from the Company under this Agreement shall take place at such time as the Company and the Purchasers
shall mutually agree and upon the satisfaction or waiver of all other conditions to closing set forth in this Agreement. After
the Initial Closing, the Company may conduct any number of additional closings (each, an “Additional Closing”
and, together with the Initial Closing, a “Closing”). The minimum subscription amount for any Purchaser is $500,000,
which may be waived by the Company in its sole discretion. Subject to the satisfaction or waiver of the terms and conditions of
this Agreement, on each Closing Date, such Purchaser shall purchase and the Company shall sell to each such Purchaser a Note in
the principal amount set forth on Schedule 1 and on the signature page hereto for the purchase price set forth thereon.
The aggregate principal amount of the Notes to be purchased by the Purchasers pursuant to this Agreement shall be up to $10,000,000.

 

(b) Each Purchaser
shall be issued warrants to purchase a number of shares of the Company’s common stock (the “Common Stock”)
equal to 10% of the principal amount of Notes purchased by such Purchasers at an exercise price per share equal to $0.01 (the “Warrants”).
In the event the Company determines to extend the initial maturity date of the Notes from one year to two years in accordance with
the terms of the Notes (the “Maturity Date Extension”), the Company shall issue to each Purchaser additional
Warrants to purchase a number of shares of Common Stock equal to 10% of the principal amount of Notes purchased by the Purchaser.
The Warrants, in substantially the form attached hereto as Exhibit B, shall expire upon the date that is five years following
issuance date of such Warrants.

 

     

     

    

 

(c) The
Company has authorized and has reserved and covenants to continue to reserve, free of preemptive rights and other similar contractual
rights of stockholders, such number of shares of Common Stock as shall from time to time be sufficient to effect the conversion
of the Notes and exercise of the Warrants then outstanding.

 

2. Purchaser
Representations and Warranties. Each of the Purchasers hereby represents and warrants to and agrees with the Company with respect
only to such Purchaser that:

 

(a) Organization
and Standing of the Purchaser. Purchaser, to the extent applicable, is an entity duly formed, validly existing and in good
standing under the laws of the jurisdiction of its formation.

 

(b) Authorization
and Power. Such Purchaser has the requisite power and authority to enter into and perform this Agreement and the other Transaction
Documents (as defined in Section 3(c) hereof) and to purchase the Notes being sold to it hereunder. The execution, delivery and
performance of this Agreement and the other Transaction Documents by such Purchaser and the consummation by it of the transactions
contemplated hereby and thereby have been duly authorized by all necessary corporate action, and no further consent or authorization
of Purchaser or its board of directors or stockholders, if applicable, is required. This Agreement and the other Transaction Documents
have been duly authorized, executed and delivered by such Purchaser and constitutes, or shall constitute, when executed and delivered,
a valid and binding obligation of such Purchaser, enforceable against Purchaser in accordance with the terms thereof.

 

(c) No
Conflicts. The execution, delivery and performance of this Agreement and the other Transaction Documents and the consummation
by such Purchaser of the transactions contemplated hereby and thereby or relating hereto do not and will not (i) result in a violation
of such Purchaser’s charter documents, bylaws or other organizational documents, if applicable; (ii) conflict with nor constitute
a default (or an event which with notice or lapse of time or both would become a default) under any agreement to which such Purchaser
is a party; nor (iii) result in a violation of any law, rule, or regulation, or any order, judgment or decree of any court or governmental
agency applicable to such Purchaser or its properties (except for such conflicts, defaults and violations as would not, individually
or in the aggregate, have a material adverse effect on Purchaser). Such Purchaser is not required to obtain any consent, authorization
or order of, or make any filing or registration with, any court or governmental agency in order for it to execute, deliver or perform
any of its obligations under this Agreement and the other Transaction Documents nor to purchase the Securities in accordance with
the terms hereof, provided that for purposes of the representation made in this sentence, such Purchaser is assuming and relying
upon the accuracy of the relevant representations and agreements of the Company herein.

 

(d) Information
on Company. Purchaser is familiar with the business, plans and financial condition of the Company; Purchaser has received all
materials that have been requested by Purchaser. Purchaser has had a reasonable opportunity to ask questions of the Company and
its representatives, and the Company has answered to the satisfaction of Purchaser all inquiries that Purchaser or Purchaser’s
representatives have put to it. Purchaser has had access to all additional information that Purchaser has deemed necessary to verify
the accuracy of the information set forth in this Agreement, and has taken all the steps necessary to evaluate the merits and risks
of an investment as proposed under this Agreement.

 

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(e) Information
on Purchaser. Such Purchaser is an “accredited investor,” as such term is defined in Regulation D promulgated
by the Commission under the 1933 Act, is experienced in investments and business matters, has made investments of a speculative
nature and has purchased securities of United States publicly-owned companies in private placements in the past and, with its representatives,
has such knowledge and experience in financial, tax and other business matters as to enable such Purchaser to utilize the information
made available by the Company to evaluate the merits and risks of and to make an informed investment decision with respect to the
proposed purchase, which represents a speculative investment. Such Purchaser has the authority and is duly and legally qualified
to purchase and own the Securities. Such Purchaser is able to bear the risk of such investment for an indefinite period and to
afford a complete loss thereof. The information set forth on Schedule 1 hereto regarding such Purchaser is accurate.

 

(f) Purchase
of Notes. On the Closing Date, such Purchaser will purchase the Notes as principal for its own account for investment only
and not with a view toward, or for resale in connection with, the public sale or any distribution thereof.

 

(g) Compliance
with Securities Act. Such Purchaser understands and agrees that the Notes have not been registered under the 1933 Act or any
applicable state securities laws, by reason of their issuance in a transaction that does not require registration under the 1933
Act (based in part on the accuracy of the representations and warranties of the Purchaser contained herein).

 

(h) Communication
of Offer. Purchaser is not entering into this Agreement or purchasing the Notes as a result of or subsequent to any advertisement,
article, notice or other communication published in any newspaper, magazine or similar media or broadcast over television or radio,
or presented at any seminar or meeting, or any solicitation by a person other than a representative of the Company with which Purchaser
had a pre-existing relationship.

 

(i) Restricted
Securities. Such Purchaser understands that the Notes have not been registered under the 1933 Act and such Purchaser will not
sell, offer to sell, assign, pledge, hypothecate or otherwise transfer any of the Notes unless pursuant to an effective registration
statement under the 1933 Act, or unless an exemption from registration is available. Notwithstanding anything to the contrary contained
in this Agreement, such Purchaser may transfer (without restriction and without the need for an opinion of counsel) the Securities
to its Affiliates (as defined below) provided that each such Affiliate is an “accredited investor” under Regulation
D and such Affiliate agrees to be bound by the terms and conditions of this Agreement. For the purposes of this Agreement, an “Affiliate”
of any person or entity means any other person or entity directly or indirectly controlling, controlled by or under direct or indirect
common control with such person or entity. Each Subsidiary is an Affiliate of the Company. For purposes of this definition, “control”
means the power to direct the management and policies of such person or firm, directly or indirectly, whether through the ownership
of voting securities, by contract or otherwise.

 

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

 

(k) Correctness
of Representations. Purchaser represents that the foregoing representations and warranties are true and correct as of the date
hereof and, unless Purchaser otherwise notifies the Company prior to the Closing Date, shall be true and correct as of the Closing
Date.

 

(l) Confidential
Information. Such Purchaser agrees that such Purchaser and its employees, agents and representatives will keep confidential
and will not disclose, divulge or use (other than for purposes of monitoring its investment in the Company) any confidential information
which such Purchaser may obtain from the Company pursuant to financial statements, reports and other materials submitted by the
Company to such Purchaser pursuant to this Agreement, unless such information is known to the public through no fault of such Purchaser
or his or its employees or representatives; provided, however, that a Purchaser may disclose such information (i) to its attorneys,
accountants and other professionals in connection with their representation of such Purchaser in connection with such Purchaser’s
investment in the Company, (ii) to any prospective permitted transferee of the Notes, so long as the prospective transferee agrees
to be bound by the provisions of this Section 2(l), or (iii) to any general partner or Affiliate of such Purchaser.

 

(m) Survival.
The foregoing representations and warranties shall survive the Closing Date.

 

3. Company
Representations and Warranties. Except as set forth herein, the Company represents and warrants to and agrees with each Purchaser
that:

 

(a) Due
Incorporation. The Company is a corporation duly incorporated, validly existing and in good standing under the laws of the
jurisdiction of its incorporation and has the requisite corporate power to own its properties and to carry on its business as presently
conducted. The Company is duly qualified as a foreign corporation to do business and is in good standing in each jurisdiction where
the nature of the business conducted or property owned by it makes such qualification necessary, other than those jurisdictions
in which the failure to so qualify would not have a Material Adverse Effect (as defined herein). For purposes of this Agreement,
a “Material Adverse Effect” shall mean a material adverse effect on the financial condition, results of operations,
prospects, properties or business of the Company and its Subsidiaries taken as a whole. For purposes of this Agreement, “Subsidiary”
means, with respect to any entity at any date, any direct or indirect corporation, limited or general partnership, limited liability
company, trust, estate, association, joint venture or other business entity of which (A) more than 50% of (i) the outstanding
capital stock having (in the absence of contingencies) ordinary voting power to elect a majority of the board of directors or other
managing body of such entity, (ii) in the case of a partnership or limited liability company, the interest in the capital
or profits of such partnership or limited liability company or (iii) in the case of a trust, estate, association, joint venture
or other entity, the beneficial interest in such trust, estate, association or other entity business is, at the time of determination,
owned or controlled directly or indirectly through one or more intermediaries, by such entity, or (B) is under the actual control
of the Company.

 

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(b) Outstanding
Stock. All issued and outstanding shares of capital stock and equity interests in the Company have been duly authorized and
validly issued and are fully paid and non-assessable.

 

(c) Authority;
Enforceability. This Agreement, the Notes, the Warrants and any other agreements referred to, delivered or required to be delivered
together with or pursuant to this Agreement or in connection herewith (collectively “Transaction Documents”)
have been duly authorized, executed and delivered by the Company and are valid and binding agreements of the Company, enforceable
in accordance with their terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar
laws of general applicability relating to or affecting creditors’ rights generally and to general principles of equity. The
Company has full corporate power and authority necessary to enter into and deliver the Transaction Documents and to perform its
obligations thereunder.

 

(d) Capitalization
and Additional Issuances. The authorized and outstanding capital stock of the Company and all outstanding rights to acquire
or receive, directly or indirectly, any equity of the Company and Subsidiaries as of the date of this Agreement (not including
the Securities) are set forth on Schedule 3(d). Except as set forth on Schedule 3(d), there are no
options, warrants, or rights to subscribe to, securities, rights, understandings or obligations convertible into or exchangeable
for or granting any right to subscribe for any shares of capital stock or other equity interest of the Company or any of the Subsidiaries.
The only officer, director, employee and consultant stock option or stock incentive plan or similar plan currently in effect or
contemplated by the Company is described on Schedule 3(d). There are no outstanding agreements or preemptive or similar
rights affecting the Common Stock.

 

(e) Consents.
Except for the filing of a Form D with the Commission, and any required blue sky filings, no consent, approval, authorization or
order of any court, governmental agency or body or arbitrator having jurisdiction over the Company, or the Company’s creditors
or stockholders is required for the execution by the Company of the Transaction Documents and compliance and performance by the
Company of its obligations under the Transaction Documents, including, without limitation, the issuance and sale of the Notes.
The Transaction Documents and the Company’s performance of its obligations thereunder has been approved by the Company’s
board of directors in accordance with the Company’s Certificate of Incorporation and applicable law.

 

(f) No
Violation or Conflict. Assuming the representations and warranties of the Purchaser in Section 2 are true and correct, neither
the entry into the Transaction Documents by the Company, nor the issuance nor the sale of the Notes nor the performance of the
Company’s obligations under the Transaction Documents by the Company, will:

 

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(i) violate,
conflict with, result in a breach of, or constitute a default (or an event which with the giving of notice or the lapse of time
or both would be reasonably likely to constitute a default) under (A) the articles or certificate of incorporation, charter or
bylaws of the Company, (B) to the Company’s knowledge, any decree, judgment, order, law, treaty, rule, regulation or determination
applicable to the Company of any court, governmental agency or body, or arbitrator having jurisdiction over the Company or over
the properties or assets of the Company or any of its Affiliates, (C) the terms of any bond, debenture, note or any other evidence
of indebtedness, or any agreement, stock option or other similar plan, indenture, lease, mortgage, deed of trust or other instrument
to which the Company is a party, by which the Company is bound, or to which any of the properties of the Company is subject, or
(D) the terms of any “lock-up” or similar provision of any underwriting or similar agreement to which the Company is
a party except the violation, conflict, breach, or default of which would not have a Material Adverse Effect; or

 

(ii) result
in the creation or imposition of any lien, charge or encumbrance upon the Notes or any of the assets of the Company; or

 

(iii) result
in the activation of any anti-dilution rights or a reset or repricing of any debt, equity or security instrument of any creditor
or equity holder of the Company, or the holder of the right to receive any debt, equity or security instrument of the Company nor
result in the acceleration of the due date of any obligation of the Company; or

 

(iv) result
in the triggering of any piggy-back or other registration rights of any person or entity holding securities of the Company or having
the right to receive securities of the Company.

 

(g) The
Notes. The Notes upon issuance:

 

(i) are,
or will be, free and clear of any security interests, liens, claims or other encumbrances, subject only to restrictions upon transfer
under the 1933 Act and any applicable state securities laws;

 

(ii) have
been, or will be, duly and validly authorized and on the dates of issuance of the Notes, such Notes will be duly and validly issued,
fully paid and non-assessable;

 

(iii) will
not have been issued or sold in violation of any preemptive or other similar rights of the holders of any securities of the Company
or rights to acquire securities or debt of the Company; and

 

(iv) will
not subject the holders thereof to personal liability by reason of being such holders.

 

(h) Litigation.
There is no pending or, to the best knowledge of the Company, threatened action, suit, proceeding or investigation before any
court, governmental agency or body, or arbitrator having jurisdiction over the Company, that would affect the execution by the
Company or the complete and timely performance by the Company of its obligations under the Transaction Documents. There is no
pending or, to the best knowledge of the Company, basis for or threatened action, suit, proceeding or investigation before any
court, governmental agency or body, or arbitrator having jurisdiction over the Company, or any of its Affiliates which litigation
if adversely determined would have a Material Adverse Effect.

 

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(i) Defaults.
To its knowledge, the Company is not in violation of its articles of incorporation or bylaws. The Company is (i) not in default
under or in violation of any other material agreement or instrument to which it is a party or by which it or any of its properties
are bound or affected, which default or violation would have a Material Adverse Effect, (ii) not in default with respect to any
order of any court, arbitrator or governmental body or subject to or party to any order of any court or governmental authority
arising out of any action, suit or proceeding under any statute or other law respecting antitrust, monopoly, restraint of trade,
unfair competition or similar matters which default would have a Material Adverse Effect, or (iii) not in violation of any statute,
rule or regulation of any governmental authority which violation would have a Material Adverse Effect.

 

(j) No
Integrated Offering. Neither the Company, nor any of its Affiliates, nor any person acting on its or their behalf, has directly
or indirectly made any offers or sales of any security of the Company nor solicited any offers to buy any security of the Company
under circumstances that would cause the offer of the Securities pursuant to this Agreement to be integrated with prior offerings
by the Company for purposes of impairing the exemptions relied on with respect to the 1933 Act or any applicable stockholder approval
provisions, including, without limitation, under the rules and regulations of the Bulletin Board. No prior offering will impair
the exemptions relied upon in this Offering or the Company’s ability to timely comply with its obligations hereunder. Neither
the Company nor any of its Affiliates will take any action or suffer any inaction or conduct any offering other than the transactions
contemplated hereby that may be integrated with the offer or issuance of the Securities or that would impair the exemptions relied
upon in this Offering or the Company’s ability to timely comply with its obligations hereunder.

 

(k) No
General Solicitation. Neither the Company, nor any of its Affiliates, nor to its knowledge, any person acting on its or their
behalf, has engaged in any form of general solicitation or general advertising (within the meaning of Regulation D under the 1933
Act) in connection with the offer or sale of the Notes.

 

(l) No
Disqualification Events. None of the Company, any of its predecessors, any affiliated issuer, any director, executive officer,
other officer of the Company participating in the offering hereunder, any beneficial owner of 20% or more of the Company’s
outstanding voting equity securities, calculated on the basis of voting power, nor any promoter (as that term is defined in Rule
405 under the Securities Act) connected with the Company in any capacity at the time of sale (each, an “Issuer Covered
Person”) is subject to any of the “Bad Actor” disqualifications described in Rule 506(d)(1)(i) to (viii)
under the Securities Act (a “Disqualification Event”), except for a Disqualification Event covered by Rule 506(d)(2)
or (d)(3). The Company has exercised reasonable care to determine whether any Issuer Covered Person is subject to a Disqualification
Event.

 

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(l) Certain
Fees. No brokers fees, finders’ fees or financial fees or commissions will be payable by the Company with respect to
the transactions contemplated by this Agreement and the other Transaction Documents

 

(m) Correctness
of Representations. The Company represents that the foregoing representations and warranties are true and correct as of the
date hereof and, unless the Company otherwise notifies the Purchasers prior to the Closing Date, shall be true and correct as of
the Closing Date.

 

(n) Survival.
The foregoing representations and warranties shall survive the Closing Date.

 

4. Regulation
D Offering. The offer and issuance of the Notes to the Purchasers is being made pursuant to the exemption from the registration
provisions of the 1933 Act afforded by Section 4(2) of the 1933 Act and/or Rule 506 of Regulation D promulgated thereunder.

 

5. Closing
Conditions.

 

(a) Conditions
Precedent to the Obligation of the Company to Sell the Notes and Warrants. The obligation hereunder of the Company to issue
and sell the Notes and Warrants to the Purchasers is subject to the satisfaction or waiver, at or before each Closing, of each
of the conditions set forth below. These conditions are for the Company’s sole benefit and may be waived by the Company at
any time in its sole discretion.

 

(i) Accuracy
of Each Purchaser’s Representations and Warranties. Each of the representations and warranties of each Purchaser in this
Agreement and the other Transaction Documents shall be true and correct in all respects, except for representations and warranties
that are expressly made as of a particular date, which shall be true and correct in all respects as of such date.

 

(ii) Performance
by the Purchasers. Each Purchaser shall have performed, satisfied and complied in all respects with all covenants, agreements
and conditions required by this Agreement to be performed, satisfied or complied with by such Purchaser at or prior to the Closing.

 

(iii) Delivery
of Purchase Price. The purchase price for the Notes shall have been delivered to the Company.

 

(iv) Delivery
of Transaction Documents. The Transaction Documents to which the Purchasers are parties shall have been duly executed and delivered
by the Purchasers to the Company.

 

(b) Conditions
Precedent to the Obligation of the Purchasers to Purchase the Notes and Warrants. The obligation hereunder of each Purchaser
to acquire and pay for the Notes and Warrants is subject to the satisfaction or waiver, at or before each Closing, of each of the
conditions set forth below. These conditions are for each Purchaser’s sole benefit and may be waived by such Purchaser at
any time in its sole discretion.

 

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(i) Accuracy
of the Company’s Representations and Warranties. Each of the representations and warranties of the Company in this Agreement
and the other Transaction Documents shall be true and correct in all respects, except for representations and warranties that are
expressly made as of a particular date, which shall be true and correct in all respects as of such date.

 

(ii) Performance
by the Company. The Company shall have performed, satisfied and complied in all respects with all covenants, agreements and
conditions required by this Agreement to be performed, satisfied or complied with by the Company at or prior to the Closing.

 

(iii) Notes
and Warrants. Promptly following each Closing, the Company shall deliver to the Purchasers the Notes and the Warrants being
acquired by such Purchaser at the Closing to such address set forth next to each Purchaser’s name on the signature pages
hereto with respect to such Closing.

 

(iv)
Delivery of Transaction Documents. The Transaction Documents to which the Company is a party shall have been duly executed
and delivered by the Company to the Purchasers.

 

7. Miscellaneous.

 

(a) Notices.
All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be in writing
and, unless otherwise specified herein, shall be provided by electronic transmission (e-mail) as set forth below or to such other
email address as such party shall have specified most recently by written notice. Any notice or other communication required or
permitted to be given hereunder shall be deemed effective (if delivered on a business day during normal business hours where such
notice is to be received) on such date, or the first business day following such delivery (if delivered other than on a business
day during normal business hours where such notice is to be received). The addresses for such communications shall be: (i) if to
the Company, to: Attn: Raymond Chang, CEO, Email address: raymond.chang@agrify.com, and (ii) if to the Purchasers, to: the email
addresses indicated on Schedule 1 hereto.

 

(b) Entire
Agreement; Assignment. This Agreement and other Transaction Documents delivered in connection herewith represent the entire
agreement between the parties hereto with respect to the subject matter hereof and may be amended only by a writing executed by
both parties. Neither the Company nor the Purchasers has relied on any representations not contained or referred to in this Agreement
and the documents delivered herewith. No right or obligation of the Company shall be assigned without prior notice to the Purchasers.

 

(c) Counterparts/Execution.
This Agreement may be executed in any number of counterparts and by the different signatories hereto on separate counterparts,
each of which, when so executed, shall be deemed an original, but all such counterparts shall constitute but one and the same instrument.
This Agreement may be executed by facsimile transmission, PDF, electronic signature or other similar electronic means with the
same force and effect as if such signature page were an original thereof.

 

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(d) Law
Governing this Agreement. This Agreement shall be governed by and construed in accordance with the laws of the State of New
York without regard to principles of conflicts of laws. Any action brought by either party against the other concerning the transactions
contemplated by this Agreement shall be brought only in the state courts of New York or in the federal courts located in the state
and county of New York. The parties to this Agreement hereby irrevocably waive any objection to jurisdiction and venue of any action
instituted hereunder and shall not assert any defense based on lack of jurisdiction or venue or based upon forum non conveniens.
The parties executing this Agreement and other agreements referred to herein or delivered in connection herewith on behalf of
the Company agree to submit to the in personam jurisdiction of such courts and hereby irrevocably waive trial by jury. In the
event that any provision of this Agreement or any other agreement delivered in connection herewith is invalid or unenforceable
under any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict
therewith and shall be deemed modified to conform with such statute or rule of law. Any such provision which may prove invalid
or unenforceable under any law shall not affect the validity or enforceability of any other provision of any agreement. Each party
hereby irrevocably waives personal service of process and consents to process being served in any suit, action or proceeding in
connection with this Agreement or any other Transaction Document by mailing a copy thereof via registered or certified mail or
overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and
agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall
be deemed to limit in any way any right to serve process in any other manner permitted by law.

 

(e) Consent
to Jurisdiction. Subject to Section 7(d) hereof, the Company and each Purchaser hereby irrevocably waives, and agrees not to
assert in any such suit, action or proceeding, any claim that it is not personally subject to the jurisdiction in New York of such
court, that the suit, action or proceeding is brought in an inconvenient forum or that the venue of the suit, action or proceeding
is improper. Nothing in this Section shall affect or limit any right to serve process in any other manner permitted by law.

 

(f) Maximum
Payments. Nothing contained herein or in any document referred to herein or delivered in connection herewith shall be deemed
to establish or require the payment of a rate of interest or other charges in excess of the maximum permitted by applicable law.
In the event that the rate of interest required to be paid or other charges hereunder exceed the maximum permitted by such law,
any payments in excess of such maximum shall be credited against amounts owed by the Company to the Purchasers and thus refunded
to the Company.

 

(g) Calendar
Days. All references to “days” in the Transaction Documents shall mean calendar days unless otherwise stated. The
terms “business days” and “trading days” shall mean days that the New York Stock Exchange is open for trading
for three or more hours. Time periods shall be determined as if the relevant action, calculation or time period were occurring
in New York City. Any deadline that falls on a non-business day in any of the Transaction Documents shall be automatically extended
to the next business day and interest, if any, shall be calculated and payable through such extended period.

 

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(h) Captions:
Certain Definitions. The captions of the various sections and paragraphs of this Agreement have been inserted only for the
purposes of convenience; such captions are not a part of this Agreement and shall not be deemed in any manner to modify, explain,
enlarge or restrict any of the provisions of this Agreement. As used in this Agreement the term “person” shall
mean and include an individual, a partnership, a joint venture, a corporation, a limited liability company, a trust, an unincorporated
organization and a government or any department or agency thereof.

 

(i) Severability.
In the event that any term or provision of this Agreement shall be finally determined to be superseded, invalid, illegal or otherwise
unenforceable pursuant to applicable law by an authority having jurisdiction and venue, that determination shall not impair or
otherwise affect the validity, legality or enforceability: (i) by or before that authority of the remaining terms and provisions
of this Agreement, which shall be enforced as if the unenforceable term or provision were deleted, or (ii) by or before any other
authority of any of the terms and provisions of this Agreement.

 

(n) Publicity.
The Company agrees that it will not disclose, and will not include in any public announcement, the name of the Purchasers without
the consent of the Purchasers unless and until such disclosure is required by law or applicable regulation, and then only to the
extent of such requirement.

 

[SIGNATURE PAGES FOLLOW]

 

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SIGNATURE PAGE OF THE COMPANY
TO NOTE AND WARRANT PURCHASE AGREEMENT 

 

Please acknowledge your acceptance
of the foregoing Note and Warrant Purchase Agreement by signing and returning a copy to the undersigned whereupon it shall become
a binding agreement between us.

 

	 	AGRIFY CORPORATION
	 	 
	 	By:	 
	 	Name: 	Raymond Chang
	 	Title: 	Chief Executive Officer

   

SIGNATURE PAGE OF PURCHASERS
TO NOTE AND WARRANT PURCHASE AGREEMENT 

 

 

	PURCHASER	
        PRINCIPAL

        AMOUNT OF NOTE /

        PURCHASE PRICE

	
         

        Name:

         

        Address:

         

        Taxpayer ID#: __________________

         

        ______________________________________

        (Signature)

        By:

         
	
         

        $________

 

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LIST OF EXHIBITS AND SCHEDULES

 

	Schedule 1	List of Purchasers
	Schedule 3(d)	Capitalization and Additional Issuances
	 	 
	Exhibit A	Form of Note
	Exhibit B	Form of Warrant
	 	 

 

    13

     

    

 

SCHEDULE 1

 

	PURCHASER, ADDRESS AND EMAIL ADDRESS	PRINCIPAL AMOUNT AND PURCHASE PRICE 
	
         

         

         
	
         

         

	
         

         

         
	
         

         

         

	TOTALS	
         

         

 

 

    14

     

    

 

SCHEDULE TO NOTE PURCHASE AGREEMENT

 

Schedule 3(d) 

Capitalization and Additional Issuances

 

    15

     

    

 

Exhibit A

Form of Note

 

    16

     

    

 

Exhibit B

Form of Warrant

 

17Exhibit 10.15

 

THE
ISSUANCE AND SALE OF THIS NOTE AND THE UNDERLYING SHARES OF COMMON STOCK REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD
EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR
IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES
LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE
TO THE BORROWER. 

 

	Principal
    Amount: $_______	Issuance
    Date: ________, 2020

 

CONVERTIBLE PROMISSORY NOTE

 

FOR
VALUE RECEIVED, AGRIFY CORPORATION, a Nevada corporation (hereinafter called “Borrower”), hereby promises
to pay to the order of ____________________ (the “Holder”), without demand, the sum of _______________________
Dollars ($_________), with interest accruing as stated below, on the Maturity Date (as defined below).

 

This
convertible promissory note (this “Note”) has been entered into pursuant to the terms of a note and warrant
purchase agreement (the “Purchase Agreement”) dated as of _________, 2020 by and among the Borrower, the Holder
and certain other holders (the “Other Holders”) of convertible promissory notes (the “Other Notes”)
for an aggregate principal amount of up to $10,000,000. Unless otherwise separately defined herein, each capitalized term used
in this Note shall have the same meaning as set forth in the Purchase Agreement. The following terms shall apply to this Note:

 

ARTICLE
I

 

MATURITY
DATE; INTEREST PAYMENTS; CONVERSION

 

1.1 Maturity
Date.

 

 (a) The
initial maturity date of this Note shall be one year from the issuance date first set forth above, provided however, the
Borrower may in its sole discretion extend the initial maturity date of this Note for an additional one year (the “Maturity
Date Extension”) in the event that the Borrower has not repaid in full the principal amount and accrued interest evidenced
by this Note by the initial maturity date (the initial maturity date, or such date as extended, is hereinafter referred to as
the “Maturity Date”). In the event the Borrower determines to effectuate the Maturity Date Extension, the Borrower
shall provide written notice to the Holder and issue to the Holder additional Warrants in accordance with the terms of the Purchase
Agreement. Notwithstanding anything contained in this Section 1.1 to the contrary, in the event of a Public Transaction (as defined
below) during the term of this Note, the Maturity Date shall be the date of the consummation of the Public Transaction. For purposes
of this Note, a “Public Transaction” shall mean: (i) the Borrower (a) becoming a reporting issuer in the United
States through either the filing of a prospectus or registration statement or a merger, business combination or similar transaction
with an existing reporting issuer, and (b) the common stock of the Borrower (the “Common Stock”) or other reporting
issuer resulting from such a transaction is listed for trading on NASDAQ, NYSE, NYSE American or similar nationally recognized
stock exchange (a “National Exchange”), or (ii) upon the consummation of an underwritten public offering of
the Common Stock and the Common Stock is listed on a National Exchange.

 

     

     

    

 

1.2 Interest
Payments. Solely in the event the Borrower determines to effectuate the Maturity Date Extension, the outstanding principal
balance of this Note shall bear interest, in arrears accruing as of the issuance date of this Note, at a rate per annum equal
to eight percent (8%). Interest shall be computed on the basis of a 360-day year of twelve (12) 30-day months and shall be payable
on the Maturity Date, as extended.

 

1.3 Conversion
of Principal and Interest upon Public Transaction. Immediately prior to the consummation of a Public Transaction, the outstanding
principal amount of this Note together with all accrued and unpaid interest hereunder shall convert, at the option of the Borrower
or the Holder, into a number of fully paid and nonassessable shares of Common Stock equal to the quotient of (i) the outstanding
principal amount of this Note together with all accrued and unpaid interest hereunder immediately prior to such Public Transaction
divided by (ii) the Conversion Price. The “Conversion Price” shall mean a price equal to the quotient of (i)
the lesser of (x) $70 million and (y) 70% of the aggregate valuation of the Borrower on the Conversion Date as determined in good
faith by the Borrower’s board of directors divided by (ii) the number of total outstanding shares of Common Stock immediately
prior to the consummation of the Public Transaction. For the purposes of this Section 1.3, all shares of Common Stock issuable
upon conversion of this Note and the Other Notes (each at an assumed conversion price per share of $7.43, subject to adjustment
pursuant to the terms thereof), all outstanding shares of Series A convertible preferred stock of the Borrower (at an assumed
conversion price per share of $7.43, subject to adjustment pursuant to the terms thereof), and the exercise and/or conversion
of any other outstanding convertible securities and options shall be deemed to be outstanding.

 

1.4 Pari
Passu. All payments made on this Note and the Other Notes and except as otherwise set forth herein all actions taken by the
Borrower with respect to this Note and the Other Notes, shall be made and taken pari passu with respect to this Note and
the Other Notes.

 

1.5 Miscellaneous.
Principal on this Note and other payments in connection with this Note shall be payable at the Holder’s offices as designated
above in lawful money of the United States of America in immediately available funds without set-off, deduction or counterclaim.
Upon assignment of the interest of Holder in this Note, Borrower shall instead make its payment pursuant to the assignee’s
instructions upon receipt of written notice thereof.

 

    	 	2	 

     

    

 

1.6 Adjustment
of Conversion Price. The Conversion Price shall be subject to adjustment from time to time as follows:

(a)
 Adjustments for Stock Splits and Combinations. If the Borrower shall at any time
or from time to time after the Issuance Date, effect a stock split of the outstanding Common Stock, the applicable Conversion
Price in effect immediately prior to the stock split shall be proportionately decreased. If the Borrower shall at any time or
from time to time after the Issuance Date, combine the outstanding shares of Common Stock, the applicable Conversion Price in
effect immediately prior to the combination shall be proportionately increased. Any adjustments under this Section 3.4(a)(i) shall
be effective at the close of business on the date the stock split or combination occurs.

 

(b) Adjustments
for Certain Dividends and Distributions. If the Borrower shall at any time or from time to time after the Issuance Date, make
or issue or set a record date for the determination of holders of Common Stock entitled to receive a dividend or other distribution
payable in shares of Common Stock, then, and in each event, the applicable Conversion Price in effect immediately prior to such
event shall be decreased as of the time of such issuance or, in the event such record date shall have been fixed, as of the close
of business on such record date, by multiplying, the applicable Conversion Price then in effect by a fraction:

 

(1) the
numerator of which shall be the total number of shares of Common Stock issued and outstanding immediately prior to the time of
such issuance or the close of business on such record date; and

 

(2) the
denominator of which shall be the total number of shares of Common Stock issued and outstanding immediately prior to the time
of such issuance or the close of business on such record date plus the number of shares of Common Stock issuable in payment of
such dividend or distribution.

 

(c) Adjustment
for Other Dividends and Distributions. If the Borrower shall at any time or from time to time after the Issuance Date, make
or issue or set a record date for the determination of holders of Common Stock entitled to receive a dividend or other distribution
payable in other than shares of Common Stock, then, and in each event, an appropriate revision to the applicable Conversion Price
shall be made and provision shall be made (by adjustments of the Conversion Price or otherwise) so that the holders of this Note
shall receive upon conversions thereof, in addition to the number of shares of Common Stock receivable thereon, the number of
securities of the Borrower which they would have received had this Note been converted into Common Stock on the date of such event
and had thereafter, during the period from the date of such event to and including the Conversion Date, retained such securities
(together with any distributions payable thereon during such period), giving application to all adjustments called for during
such period under this Section 1.5(c) with respect to the rights of the holders of this Note and the Other Notes; provided,
however, that if such record date shall have been fixed and such dividend is not fully paid or if such distribution is
not fully made on the date fixed therefor, the Conversion Price shall be adjusted pursuant to this paragraph as of the time of
actual payment of such dividends or distributions.

 

(d) Adjustments
for Reclassification, Exchange or Substitution. If the Common Stock issuable upon conversion of this Note at any time or from
time to time after the Issuance Date shall be changed to the same or different number of shares of any class or classes of stock,
whether by reclassification, exchange, substitution or otherwise (other than by way of a stock split or combination of shares
or stock dividends provided for in Sections 1.5(a), (b) or (c), then, and in each event, an appropriate revision to the Conversion
Price shall be made and provisions shall be made (by adjustments of the Conversion Price or otherwise) so that the Holder shall
have the right thereafter to convert this Note into the kind and amount of shares of stock and other securities receivable upon
reclassification, exchange, substitution or other change, by holders of the number of shares of Common Stock into which such Note
might have been converted immediately prior to such reclassification, exchange, substitution or other change, all subject to further
adjustment as provided herein.

 

    	 	3	 

     

    

 

ARTICLE
II

 

EVENTS
OF DEFAULT

 

The
occurrence of any of the following events of default (“Event of Default”) shall, at the option of the Holder
hereof, make all sums of principal then remaining unpaid hereon and all other amounts payable hereunder immediately due and payable,
upon demand, without presentment or grace period, all of which hereby are expressly waived, except as set forth below:

 

2.1 Failure
to Pay Principal. The Borrower fails to pay any installment of principal or interest under this Note within ten (10) business
days after such amounts are due.

 

2.2 Breach
of Covenant. The Borrower breaches any material covenant or other term or condition of the Purchase Agreement, Transaction
Documents or this Note, except for a breach of payment, in any material respect and such breach, if subject to cure, continues
for a period of thirty (30) days after written notice to the Borrower from the Holder.

 

2.3 Breach
of Representations and Warranties. The Borrower is advised by written notice from the Holder that a material representation
or warranty of the Borrower made herein or in the Purchase Agreement was false or misleading in any material respect as of the
date made and the Closing Date.

 

2.4 Liquidation.
Any dissolution, liquidation or winding up by Borrower or a Subsidiary of a substantial portion of their business.

 

2.5 Cessation
of Operations. Any cessation of operations by Borrower or a Subsidiary.

 

2.6 Bankruptcy.

 

 

 (a)
 Borrower files any petition or action for relief under any bankruptcy, reorganization, insolvency or moratorium law or any
other law for the relief of, or relating to, debtors, now or hereafter in effect, or makes any assignment for the benefit of creditors
or takes any corporate action in furtherance of any of the foregoing; or

 

 (b) An
involuntary petition is filed against Borrower under any bankruptcy statute now or hereafter in effect, and such petition is not
dismissed or discharged within 60 days, or a custodian, receiver, trustee, assignee for the benefit of creditors (or other similar
official) is appointed to take possession, custody or control of any property of Borrower.

 

    	 	4	 

     

    

 

ARTICLE
III

 

MISCELLANEOUS

 

3.1 Failure
or Indulgence Not Waiver. No failure or delay on the part of the Holder hereof in the exercise of any power, right or privilege
hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude
other or further exercise thereof or of any other right, power or privilege. All rights and remedies existing hereunder are cumulative
to, and not exclusive of, any rights or remedies otherwise available.

 

3.2 Notices.
Whenever notice is required to be given under this Note, unless otherwise provided herein, such notice shall be given in accordance
with the terms of the Purchase Agreement.

 

3.3 Amendment
Provision. The term “Note” and all reference thereto, as used throughout this instrument, shall mean this instrument
as originally executed, or if later amended or supplemented, then as so amended or supplemented. This Note may be amended, modified
or terminated only by a written instrument executed by the Borrower and the Holders holding a majority of the aggregate principal
amount of this Note and the Other Notes, taken as a whole.

 

3.4 Assignability.
This Note shall be binding upon the Borrower and its successors and assigns, and shall inure to the benefit of the Holder and
its successors and assigns. The Borrower may not assign its obligations under this Note.

 

3.5 Governing
Law. This Note shall be governed by and construed in accordance with the laws of the State of New York without regard to conflicts
of laws principles that would result in the application of the substantive laws of another jurisdiction. Any action brought by
either party against the other concerning the transactions contemplated by this Agreement must be brought only in the civil or
state courts of New York or in the federal courts located in the State and county of New York. Both parties and the individual
signing this Agreement on behalf of the Borrower agree to submit to the jurisdiction of such courts. In the event that any provision
of this Note is invalid or unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative
to the extent that it may conflict therewith and shall be deemed modified to conform with such statute or rule of law. Any such
provision which may prove invalid or unenforceable under any law shall not affect the validity or unenforceability of any other
provision of this Note.

 

3.6 Non-Business
Days. Whenever any payment or any action to be made shall be due on a Saturday, Sunday or a public holiday under the laws
of the State of New York, such payment may be due or action shall be required on the next succeeding business day.

 

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    	 	5	 

     

    

 

IN
WITNESS WHEREOF, Borrower has caused this Convertible Promissory Note to be signed in its name by an authorized officer as
of the date first above written.

 

	 	AGRIFY CORPORATION
	 	 
	 	By:	 
	 	Name: 	Raymond Chang
	 	Title: 	Chief Executive Officer

 

 

 

6

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