Document:

Exhibit 10.1                                          

SECURED PROMISSORY NOTE FINANCING AND PARTICIPATION RIGHTS IN POWIN ENERGY

MARCH 16, 2017

	
    Issuer:

 

	
Powin Energy Corporation, a Nevada corporation trading symbol "PWON"

("Company").

	 	 
	
Investor:

	
Wolf Creek Capital, LLC (the "Investor'').

	 	 
	
Closing Date:

	
March 16, 2017

	 	 
	
Promissory Notes:

	
The Company hereby issues this promissory note (the "Note") in exchange for $2,000,000 loaned by the Investor. The Note has the following principal provisions:

 

Maturity: Unless earlier repaid or converted, the outstanding principal and unpaid accrued interest on the Note is due and payable upon request of the Investor made on or after the date which is twenty-four (24) months from the initial Closing Date listed above (the "Maturity Date").

 

Interest: Simple interest will accrue on an annual basis at the rate of 6% per annum based on 365 days in a year.

 

Future Participation Right: If the Company issues equity securities ("Equity Securities") within twenty-four (24) months of the issuance of this Note in a transaction or series of related transactions resulting in aggregate gross proceeds to the Company of not less than $20,000,000, with a blended valuation of of the Company of at least $100,000,000 (not including this Participation Right) and with the principal  purpose of raising capital (a "Qualified Financing"), then Investor shall have the right to participate  in the Qualified  Financing  and convert the first $1,000,000 of proceeds of this Note (including accruing and unpaid interest) to Equity Securities issued pursuant to the Qualified Financing at 90% of the price per share paid by the other purchasers of the Equity Securities in the Qualified Financing. In addition, the Investor shall have the right to participate in the Qualified Financing and convert all additional proceeds, beyond the first $1,000,000 (including accruing and unpaid interest) to Equity Securities issued pursuant to the Qualified Financing at the price per share paid by the other purchasers of the Equity Securities in the Qualified Financing.

 

Change of Control: If the Company is acquired prior to the Qualified Financing, Investor will receive cash repayment equal to the outstanding principal and accrued but unpaid interest.

 

	 	
Pre-Payment: The principal and accrued interest may be prepaid at any time. However, the Company will provide the Investor with at least fifteen (15) days' notice prior to repayment in order for the Investor to determine if it desires to convert the debts documented herein to Equity Securities.

 

Securitv: This Note will be secured by a security interest in the assets of PPA Grand Johanna, LLC which owns and operates the 2MW Battery Storage Project in Irvine California (the "Security Interest' ). In the event of a default in payment to the Investor under this Note that is not cured within fifteen (15) days of written notice of default from the Investor, Investor may exercise its security interest on PPA Grand Johanna, LLC. In addition, Joseph Lu hereby provides a personal guaranty to the Investor, personally guaranteeing $1,000,000 of this Note to the Investor.

	 	 
	 	 
	
Use of Proceeds:

	
The proceeds from the Note will be used for working capital and general corporate purposes for the Company.

	 	 
	
Amendment:

	
The Note may be amended in writing by the Company and the Investor.

	 	 
	
Expenses:

	
The Company and Investor will each bear their own legal and other expenses with respect to the preparation and execution of this Note.

	 	 
	
Closing

 Conditions:

	
The following conditions to the Closing must be satisfied prior to the Closing Date:

(a) completion of financial and legal due diligence to the satisfaction of Investor;

(b) qualification of the issuance of the Note under applicable "Blue Sky" laws; and

(c) no material adverse change in the Company's business prospects has occurred prior to the Closing Date.

	 	 
	
Governing Law:

 

	
Regardless of the place of contract, place of performance, or otherwise, this Secured Promissory Note and all amendments, modifications or supplements to it, must be construed under, and be governed by, the laws of the State of Oregon, without giving effect to the principles of law (such as conflicts of law or choice of law rules) that might make the law of some other jurisdiction applicable.

	 	 
	 	
[ SIGNATURE APPEAR ON THE FOLLOWING PAGE]

 

	 	
COMPANY:  POWIN ENERGY CORPORATION

	 	 
	 	
By: /s/ Geoffrey L. Brown

	 	
President

	 	 
	 	
INVESTOR:  WOLF CREEK CAPITAL, LLC

	 	 
	 	
By:/s/ Ty Measom

	 	 
	 	
Name: Ty Measom

	 	
Title: Manager

	 	 
	 	 
	 	
GUARANTY OF $l,000,000:

	 	 
	 	
By: /s/ Joseph Lu

	 	
Name: Joseph LuExhibit
No. 10.22

 

  

March
25, 2015

 

Dani
Nabors

208
Oswego Avenue, Apt. 1

Huntington
Beach, CA 92648

 

Dear
Dani:

 

This
Severance Payment Agreement (“Agreement”) confirms an agreement between you and Future Ads LLC (the “Company”)
concerning the terms of your severance payments should you separate from the Company based on the circumstances described herein.

 

Payment
Upon Termination by Company Without Cause or by you for Good Reason.

 

In
the event your employment is terminated without Cause (as defined below) or for Good Reason (as defined below), the Company shall
have no further obligations to you hereunder, except for: (i) an aggregate amount equal to 100% of your annual base salary at
the time of such termination, payable over the course of twelve (12) months in accordance with the Company’s normal payroll
procedures, subject to your execution of a general release in the form attached hereto as Exhibit A; (ii) all valid expense reimbursements;
(iii) all accrued but unused paid time off pay; and (iv) all equity awards, if any, shall fully vest and be exercisable at any
time by you for a period of one year following termination.

 

You
shall have no duty to mitigate awards paid or payable to you pursuant to this Agreement, and any compensation paid or payable
to you from sources other than the Company will not offset or terminate the Company’s obligation to pay to you the full
amounts pursuant to this Agreement.

 

Definitions.

 

“Cause”.
As used herein, “Cause” shall mean: (a) the refusal or failure by you to carry out specific directions of the Company’s
Chief Executive Officer which are of a material nature and consistent with your status as Executive Vice President of Finance
(or whichever position you hold at such time), or the refusal or failure by you to perform a material part of your duties hereunder;
(b) the commission by you of a material breach of any agreement signed between you and the Company; (c) fraud or dishonest action
by you in your relations with the Company, its parent company or any of its subsidiaries or affiliates (“dishonest”
for these purposes shall mean your knowingly or recklessly making a material misstatement or omission for your personal benefit);
or (d) your conviction for a felony under federal or state law. Notwithstanding the foregoing, no “Cause” for termination
shall be deemed to exist with respect to your acts described in clauses (a) or (b) above, unless the Company shall have given
written notice to you within a period not to exceed ten (10) calendar days of the initial existence of the occurrence, specifying
the “Cause” with reasonable particularity and, within thirty (30) calendar days after such notice, you shall not have
cured or eliminated the problem or thing giving rise to such “Cause;” provided, however, no more than two cure periods
need be provided during any twelve-month period.

 

    	 		 

     

    

 

  

“Good
Reason”. As used herein, “Good Reason” shall mean the occurrence of any of the following circumstances without
the your prior written consent: (a) a substantial and material adverse change in the nature of your duties and/or responsibilities
with the Company that represents a demotion from your duties or responsibilities as in effect immediately prior to such change
(such change, a “Demotion”) or the assignment to you of any duties materially inconsistent with your position, authority,
duties and/or responsibilities; (b) a failure by the Company to make any payment to you when due, unless the payment is not material
and is being contested by the Company, in good faith; or (c) a liquidation, bankruptcy or receivership of the Company. Notwithstanding
the foregoing, no “Good Reason” shall be deemed to exist with respect to the Company’s acts described in clauses
(a) or (b) above, unless you shall have given written notice to the Company within a period not to exceed ten (10) calendar days
of your knowledge of the initial existence of the occurrence, specifying the “Good Reason” with reasonable particularity
and, within thirty (30) calendar days after such notice, the Company shall not have cured or eliminated the problem or thing giving
rise to such “Good Reason”; provided, however, that no more than two cure periods shall be provided during any twelve-month
period of a breach of clauses (a) or (b) above.

 

This
Agreement is intended to comply with the provisions of Section 409A of the Internal Revenue Code (“Section 409A”).
To the extent that any payments and/or benefits provided hereunder are not considered compliant with Section 409A, the parties
agree that the Company shall take all actions necessary to make such payments and/or benefits become compliant.

 

This
Agreement supersedes all prior agreements with respect to the subject matter herein, whether written or oral, including any prior
severance plans. The terms of this Agreement may only be modified in a signed writing between you and the Chief Executive Officer
of the Company. Except as set forth herein and to the extent they are not inconsistent with this Agreement, all provisions in
any agreements signed between you and the Company shall remain in full force and effect. You further acknowledge and agree
that notwithstanding this Agreement or anything to the contrary, your employment at Future Ads LLC is and shall remain “at-will”
and may be terminated by either you or the Company at any time for any reason or for no reason. To be clear, nothing set forth
herein creates a contract of employment between the Company and you for any specified term or otherwise. The validity, interpretation,
construction and performance of this Agreement shall be governed by the laws of the State of California without reference to its
conflict of laws provisions.

 

Sincerely,

 

/s/
Robert Regular                           

Robert
Regular

CEO

 

I
acknowledge, understand and accept the terms and conditions of this Agreement as set forth herein. 

 

	/s/
    Dani Nabors	 	March
    25, 2015
	Dani Nabors	 	Date

  

 

    	 	2	 

     

    

 

  

SETTLEMENT
AND GENERAL RELEASE agreement

 

THIS
SETTLEMENT AND GENERAL RELEASE AGREEMENT (this “Agreement”), is entered into on ____, 20__, between Future Ads LLC
(the “Company”) and Dani Nabors (“You”).

 

1.       Severance.
In consideration for the agreements and releases by You set forth below, Company agrees that the Company shall pay You the amounts
required by the Severance Payment Agreement between Company and You dated March ___, 2015 (“Severance Payment Agreement”).
You acknowledge and agree that, but for the execution of this Agreement, You would not be entitled to the severance payments described
in the Severance Payment Agreement.

 

2.       Releases.
The Company, on behalf of itself and its current and former parents, subsidiaries and affiliates, and their respective officers,
directors, stockholders, partners, members, subagents, attorneys, representatives, insurers, trustees, successors, predecessors,
and assigns (collectively, the “Company Related Parties”), hereby releases and discharges You from any and all obligations,
debts, liabilities, demands, actions, causes of action, suits, covenants, contracts, controversies, agreements, promises, sums
of money owed, accounts, bills, reckonings, damages and any and all other claims, counterclaims, defenses, rights of set-off,
demands and liabilities of every kind and nature and description whatsoever, which the releasing party ever had, now has or may
thereafter acquire, solely arising out of or based on Your employment with the Company (specifically excluding, however, any claims
for breach of any representation, warranty, obligation or covenant by the You contained in this Agreement).

 

You,
on behalf of yourself and your heirs and personal representatives (collectively, the “Your Related Parties” and together
with the Company Related Parties, the “Related Parties”), hereby release and discharge the Company and the Company
Related Parties, from any and all obligations, debts, liabilities, demands, actions, causes of action, suits, covenants, contracts,
controversies, agreements, promises, sums of money owed, accounts, bills, reckonings, damages and any and all other claims, counterclaims,
defenses, rights of set-off, demands and liabilities of every kind and nature and description whatsoever, which You ever had,
now have or may thereafter acquire, solely arising out of or based upon Your employment with the Company (specifically excluding,
however, any claims for breach of any representation, warranty, obligation or covenant by the Company contained in this Agreement).

 

3.
       Agreement on Disclosure. Each of the parties agrees that in respect of matters
relating to Your employment with the Company, that none of them will make disparaging remarks about the other.

 

    	 	3	 

     

    

 

 

 

4.
       Acknowledgement and Waiver.

 

(a)       Each
party, on behalf of itself and its Related Parties, with respect to the releases set forth in Section 2 above, understands, acknowledges
and agrees that said release may be pleaded (i) by any of the released parties as a full and complete defense and may be produced
by any such released party as a basis for an injunction against any action, suit or claim or other proceeding which may be instituted,
prosecuted or attempted in breach of the provisions of such release; or (ii) otherwise as a basis for enforcing the obligations
of the releasing parties hereunder. Each of the releasing parties hereby acknowledges that it is familiar with Section 1542 of
the Civil Code of the State of California, and any similar federal or state statute, which provides as follows:

 

“A
GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING
THE RELEASE WHICH IF KNOWN BY HIM MUST HAVE MATERIALLY AFFECTED THIS SETTLEMENT WITH THE DEBTOR.”

 

(b)       Each
releasing party, on behalf of itself and its Related Parties, hereby waives and relinquishes any right or benefit which it has
or may have under Section 1542 of the Civil Code of the State of California or any similar provision of the statutory or non-statutory
law of any other jurisdiction with respect to the releases granted hereunder. In connection with such waiver and relinquishment,
each releasing party, on behalf of itself and its Related Parties, acknowledges that it is aware that it or its attorney or agents
may hereafter discover facts in addition to or different from those which it now knows or believes to exist with respect to the
subject matter of this Agreement, but that it is each releasing party’s intention hereby to release fully, finally and forever
the matters released herein, whether known or unknown, suspected or unsuspected, as set forth hereinabove, notwithstanding the
discovery or existence of any such additional or different facts.

 

5.       No
Transfer of Claims. Each releasing party under paragraph 2 hereunder hereby represents and warrants to each released party
that it and its Related Parties has never transferred any claims of the type released hereunder that it may have had against the
released parties to any other person or entity.

 

6.       Miscellaneous.

 

(a)       This
Agreement will inure to the benefit of and be binding upon the representatives, successors and assigns of each of the parties.

 

(b)       This
Agreement and the other agreements herein mentioned, contain the entire agreement between the parties relating to its subject
matter and supersede and cancel all prior contemporaneous written and oral agreements relating thereto. Any oral representation
or modification concerning this Agreement shall be of no force or effect. This Agreement can be modified only by a writing signed
by all of the parties.

 

(c)       This
Agreement will be construed for all purposes in accordance with the laws of the State of California, without giving effect to
its choice of law principles.

 

    	 	4	 

     

    

 

 

 

(d)       Nothing
in this Agreement is intended to constitute, or does constitute, any admission by the parties of any liability to each other or
violation of any law, statute, regulation, contract or legal obligation, all of which is expressly denied.

 

(e)       The
parties represent that they have read this Agreement, understand its terms and effect and enter into it knowingly and voluntarily.

 

(f)       Headings
in this Agreement are for convenience of reference only and are not part of the substance hereof or thereof.

 

(g)       This
Agreement may be signed in counterpart originals with the same force and effect as though a single original were executed.

 

IN
WITNESS WHEREOF, the parties have executed this Settlement and General Release Agreement as of the date first set forth above.

 

	 	Future
Ads LLC
	 	 
	 	 
	 	By:
	 	 
	 	 
	 	Dani
Nabors

 

 

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