Document:

Exhibit 10.16

 

SECURITIES PURCHASE
AGREEMENT

 

This SECURITIES PURCHASE
AGREEMENT, dated as of _________________, 2017 (this “Agreement”), by and between Full Spectrum Inc., a Delaware corporation
(the “Company”), and each purchaser identified on the signature pages hereto (each, including its successors and assigns,
a “Purchaser” and collectively, the “Purchasers”).

 

RECITALS

 

A. Purchasers desire
to purchase from the Company and the Company desires to sell to Purchasers certain of the Company’s Senior Convertible Promissory
Notes, in the aggregate face amount of $3,000,000, in the form of Exhibit A attached hereto (individually, a “Note”
and collectively, the “Notes”). The principal amount of the Notes each Purchaser has committed to purchase, and the
amount of the purchase price thereof to be paid to the Company by the Purchaser (a “Commitment”) is listed on the signature
page such Purchaser executes and delivers to the Company.

 

B.           The
Company’s sale of the Notes to the Purchaser will be made in reliance upon the provisions of Section 4(a)(2) under the Securities
Act of 1933, as amended (the “Securities Act”), Rule 506 of Regulation D promulgated by the Securities and Exchange
Commission (the “SEC”) thereunder, and other applicable rules and regulations of the SEC and/or upon such other exemption
from the registration requirements of the Securities Act as may be available with respect to the transactions contemplated hereby.

 

AGREEMENT

 

NOW THEREFORE, in consideration
of the foregoing recitals, which shall be considered an integral part of this Agreement, the covenants and agreements set forth
hereafter, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Purchasers
and the Company hereby agree as follows:

 

1.          Purchase
of the Notes. On the terms and subject to the conditions set forth in this Agreement and in the Notes, the Purchasers shall
purchase from the Company and the Company shall sell to the Purchasers the Notes.

 

2.          Purchaser’s
Representations, Warranties and Covenants. In order to induce the Company to sell and issue the Notes to the Purchaser under
one or more exemptions from registration under the Securities Act, each Purchaser, severally and not jointly, represents and warrants
to the Company, and covenants with the Company, that, as of the date hereof and as of each Closing Date (except as otherwise set
forth herein):

 

(a)        (i)
Such Purchaser has the requisite power and authority to enter into and perform this Agreement, and each of the other agreements
entered into by the parties hereto in connection with the transactions contemplated by this Agreement (collectively, the “Transaction
Documents”), and to purchase the Securities in accordance with the terms hereof and thereof.

 

    	 	1	 

     

    

 

(ii) The execution
and delivery of the Transaction Documents by the Purchaser and the consummation by it of the transactions contemplated thereby
have been duly and validly authorized by the Purchaser's organizational documents (if any) and no further consent or authorization
is required by the Purchaser.

 

(iii) The Transaction
Documents have been duly and validly executed and delivered by the Purchaser.

 

(iv) The Transaction
Documents, and each of them, constitutes the valid and binding obligation of the Purchaser enforceable against the Purchaser in
accordance with their respective terms, except as such enforceability may be limited by general principles of equity or applicable
bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws relating to, or affecting generally, the enforcement
of creditors' rights and remedies.

 

(b) The execution, delivery
and performance of the Transaction Documents by the Purchaser and the consummation by the Purchaser of the transactions contemplated
thereby will not conflict with or constitute a default under any agreement or instrument to which the Purchaser is a party or by
which the Purchaser is bound.

 

(c) The Purchaser understands
that the Notes and any shares of the Company’s common stock par value $0.00001 per share (the “Common Stock”)
issuable upon conversion thereof (the “Conversion Shares”), any warrants issuable pursuant to and upon conversion of
the Notes (“Warrants”) and any shares of Common Stock issuable upon exercise of the Warrants (the “Warrant Shares”;
together with Notes, the Conversion Shares, the Warrants and the Warrant Shares herein collectively referred to as the “Securities”)
are “restricted securities” and have not been registered under the Securities Act or any applicable state securities
law and is acquiring the Securities as principal for its own account and not with a view to or for distributing or reselling such
Securities or any part thereof in violation of the Securities Act or any applicable state securities law, has no present intention
of distributing any of such Securities in violation of the Securities Act or any applicable state securities law and has no direct
or indirect arrangement or understandings with any other persons to distribute or regarding the distribution of such Securities
in violation of the Securities Act or any applicable state securities law (this representation and warranty not limiting the Purchaser’s
right to sell the Securities in compliance with applicable federal and state securities laws).

 

(e) The Purchaser acknowledges
that the Securities have been offered to it in direct communication between itself and the Company and not through any advertisement,
article, notice or other communication regarding the Securities published in any newspaper, magazine or similar media or broadcast
over the television or radio or presented in any seminar or any other general solicitation or general advertisement.

 

(f) The Purchaser acknowledges
that the Company has given it access to all information relating to the Company’s business that it has requested. The Purchaser
has reviewed all materials relating to the Company’s business, finance and operations which it has requested and the Purchaser
has reviewed all of such materials as the Purchaser, in the Purchaser’s sole and absolute discretion shall have deemed necessary
or desirable. The Purchaser has had an opportunity to discuss the business, management and financial affairs of the Company with
the Company’s management.

 

    	 	2	 

     

    

 

 

(g) The Purchaser acknowledges
that it has, by reason of its business and financial experience, such knowledge, sophistication and experience in financial and
business matters and in making investment decisions of this type that it is capable of (i) evaluating the merits and risks of an
investment in the Securities and making an informed investment decision in connection therewith; (ii) protecting its own interest;
and (iii) bearing the economic risk of such investment for an indefinite period of time. The undersigned hereby agrees to indemnify
the Company thereof and to hold the Company and the officers, directors and employees thereof harmless against all liability, costs
or expenses (including reasonable attorneys’ fees) arising by reason of or in connection with any misrepresentation or any
breach of warranties of the undersigned contained in this Agreement, or arising as a result of the sale or distribution of the
Securities , by the undersigned in violation of the Securities Act, the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), or any other applicable law, either federal or state. This subscription and the representations and warranties contained
herein shall be binding upon the heirs, legal representatives, successors and assigns of the Purchaser.

 

(h) The Purchaser is
an “accredited investor” as that term is defined in Regulation D promulgated under the Securities Act and as set forth
in Exhibit B attached hereto and made a part hereof, and will be an accredited investor on each date which it exercises
any of the Warrants.

 

(i) The Purchaser acknowledges
that the Shares and Warrant Shares will be subject to lock-up provisions (the “Lock-up”) contained herein. Upon and
subject to the Company’s underwritten initial public offering the Purchaser agrees not to sell, transfer, pledge, hypothecate
or otherwise dispose of all or any part of the Shares or Warrant Shares without the approval of the Company until six months thereafter.
Purchaser agrees to provide to the Company underwriters of any public offering such further agreements as such underwriter may
reasonably request in connection with this Lock-up agreement, provided that the terms of such agreements are generally consistent
with the provisions of this Section 2(i).

 

(j) The Purchaser is
aware that the Securities may only be disposed of in compliance with state and federal securities laws. In connection with any
transfer of the Securities, the Company may require the transferor thereof to provide to the Company an opinion of counsel, the
form and substance of which opinion shall be reasonably satisfactory to the Company, to the effect that such transfer does not
require registration of such transferred securities under the Securities Act. Further, the Purchaser understands and acknowledges
that any certificates evidencing the Securities will bear a legend in substantially the following form:

 

THE SECURITIES EVIDENCED BY
THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR QUALIFIED FOR SALE UNDER ANY STATE SECURITIES
LAWS (COLLECTIVELY, “SECURITIES LAWS”) AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED UNLESS REGISTERED OR QUALIFIED
FOR SALE UNDER ALL APPLICABLE SECURITIES LAWS OR UNLESS, IN THE OPINION OF COUNSEL SATISFACTORY TO THE COMPANY, IN FORM AND SUBSTANCE
SATISFACTORY TO THE COMPANY, ANY SUCH OFFER, SALE OR OTHER TRANSFER IS EXEMPT FROM THE REGISTRATION OR QUALIFICATION REQUIREMENTS
OF SUCH SECURITIES LAWS.

 

    	 	3	 

     

    

 

(k) The Purchaser understands
and acknowledges that the Company has neither filed a registration statement with the SEC or any state authorities for the transactions
contemplated by this Agreement or the other Transaction Documents, and in the absence of such a registration statement or exemption,
the Purchaser may have to hold the Securities indefinitely and may be unable to liquidate any of them in case of an emergency.

 

(l) The Purchaser understands
that it is liable for its own tax liabilities and has obtained no tax advice from the Company in connection with the purchase of
the Securities.

 

(m) Purchaser hereby
agrees and acknowledges that it has been informed of the following: (i) there are factors relating to the subsequent transfer of
any of the Securities that could make the resale of such Securities difficult; and (ii) there is no guarantee that the Purchaser
will realize any gain from the purchase of the Securities; and (iii) the purchase of the Securities involves a high degree of risk
and is subject to many uncertainties. The Purchaser acknowledges that it understands that these risks and uncertainties may adversely
affect the Company’s business, operating results and financial condition, and the trading price for the Common Stock if it
is later quoted or traded on any securities trading market or exchange and Purchaser could lose all or part of its investment.

 

3. Company’s
Representations, Warranties and Covenants. The Company represents and warrants to the Purchasers that:

 

(a) The Company is a
corporation duly organized and validly existing in good standing under the laws of the State of Delaware, and has the requisite
corporate power and authorization to own its properties and to carry on its business as now being conducted.

 

(b)         (i)
The Company has the requisite corporate power and authority to enter into and perform this Agreement, and each of the other agreements
entered into by the parties hereto in connection with the transactions contemplated by the Transaction Documents, and to issue
the Notes and Warrants in accordance with the terms hereof and thereof.

 

(ii) The execution
and delivery of the Transaction Documents by the Company and the consummation by it of the transactions contemplated hereby and
thereby, including without limitation the reservation for issuance and the issuance of the Notes and Warrants pursuant to this
Agreement, have been duly and validly authorized by the Company's Board of Directors and no further consent or authorization is
required by the Company, its Board of Directors, or its shareholders.

 

(iii) The Transaction
Documents have been duly and validly executed and delivered by the Company.

 

    	 	4	 

     

    

 

(iv) The Transaction
Documents, and each of them, constitutes the valid and binding obligation of the Company enforceable against the Company in accordance
with their respective terms, except as such enforceability may be limited by general principles of equity or applicable bankruptcy,
insolvency, reorganization, moratorium, liquidation or similar laws relating to, or affecting generally, the enforcement of creditors'
rights and remedies.

 

(c) The execution, delivery
and performance of the Transaction Documents by the Company and the consummation by the Company of the transactions contemplated
thereby will not conflict with or constitute a default under any agreement or instrument to which the Company is a party or under
any organizational documents of the Company.

 

4.           Closing
and Deliverables.

 

(a) The closing of the
transactions contemplated by this Agreement (the “Closing”) shall occur on a date mutually agreeable to the parties
(“Closing Date”) at such location as may be agreed to by the parties provided that the Company shall have received
copies of this Agreement and the Note executed by each respective Purchaser. At the Closing:

 

(i) each Purchaser
shall deliver to the Company immediately available funds, by check or by wire transfer (bank wiring instructions as set forth in
Exhibit C) in an amount equal to the amount of such Purchaser’s Commitment as set forth beside the name of such Purchaser
on such Purchaser’s signature page hereto.

 

(b) The Company shall
deliver to the Purchaser a co-signed Note, in the Principal Amount equal to the Purchaser’s Commitment forthwith after receipt
of Purchaser’s Commitment. The Note will be dated as of the receipt of the date of funds.

 

5.           Miscellaneous.

 

(a) Each party shall
pay the fees and expenses of its own advisers, counsel, accountants and other experts, if any, and all other expenses incurred
by such party incident to the negotiation, preparation, execution, delivery and performance of the Transactions Documents.

 

(b) This Agreement may
be executed in two or more identical counterparts, all of which shall be considered one and the same agreement and shall become
effective when counterparts have been signed by each party and delivered to the other party; provided that a facsimile signature
or signature transmitted by e-mail shall be considered due execution and shall be binding upon the signatory thereto with the same
force and effect as if the signature were an original signature.

 

(c) The headings of this
Agreement are for convenience of reference and shall not form part of, or affect the interpretation of, this Agreement. Whenever
required by the context of this Agreement, the singular shall include the plural and neutral shall include the masculine and feminine.

 

    	 	5	 

     

    

 

(d) If any provision
of this Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect the
validity or enforceability of the remainder of this Agreement in that jurisdiction or the validity or enforceability of any provision
of this Agreement in any other jurisdiction.

 

(e) This Agreement and
the Notes and Warrants represent the final agreement between the Purchasers and the Company with respect to the terms and conditions
set forth herein, and, the terms of this Agreement and the Notes and Warrants may not be contradicted by evidence of prior, contemporaneous,
or subsequent oral agreements of the parties. No provision of this Agreement and the Notes and Warrants may be amended other than
by an instrument in writing signed by the Purchaser and the Company, and no provision hereof or thereof may be waived other than
by an instrument in writing signed by the party against whom enforcement is sought.

 

(f) Any notices or other
communications required or permitted to be given under the terms of this Agreement must be in writing and will be deemed to have
been delivered (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by facsimile (provided confirmation of
transmission is mechanically or electronically generated and kept on file by the sending party); or (iii) one (1) day after deposit
with a nationally recognized overnight delivery service, in each case properly addressed to the party to receive the same. The
addresses and facsimile numbers for such communications shall be:

 

	If to the Company:
	 
	Full Spectrum Inc.
	687 N. Pastoria Ave
	Sunnyvale, CA 94085
	Attention: 	Stewart Kantor, Chief Executive Officer
	Email:	skantor@fullspectrumnet.com

 

If to a Purchaser:

 

to the address set forth on the Purchaser’s
signature page hereto.

 

Each party shall provide five (5) days
prior written notice to the other party of any change in address or facsimile number.

 

(g) This Agreement may
not be assigned by any Purchaser.

 

(h) This Agreement is
intended for the benefit of the parties hereto and is not for the benefit of, nor may any provision hereof be enforced by, any
other person.

 

(i) The representations
and warranties of the Purchasers and the Company contained herein shall survive the Closing and the termination of this Agreement
and the other Transaction Documents.

 

    	 	6	 

     

    

 

(j) The Purchasers and
the Company shall consult with each other in issuing any press releases or otherwise making public statements with respect to the
transactions contemplated hereby and no party shall issue any such press release or otherwise make any such public statement without
the prior consent of the other party, which consent shall not be unreasonably withheld or delayed, except that no prior consent
shall be required if such disclosure is required by law or the rules and regulations of the SEC.

 

(k) Each party shall
do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all such other
agreements, certificates, instruments and documents, as the other party may reasonably request in order to carry out the intent
and accomplish the purposes of this Agreement and the other Transaction Documents and the consummation of the transactions contemplated
hereby and thereby.

 

(l) The language used
in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rules of strict
construction will be applied against any party, as the parties mutually agree that each has had a full and fair opportunity to
review this Agreement and the other Transaction Documents and seek the advice of counsel on it and them.

 

(m) The Purchaser and
the Company each shall have all rights and remedies set forth in this Agreement and all rights and remedies which such holders
have been granted at any time under any other agreement or contract and all of the rights which the Purchaser has by law. Any person
having any rights under any provision of this Agreement shall be entitled to enforce such rights specifically (without posting
a bond or other security), to recover damages by reason of any default or breach of any provision of this Agreement, including
the recovery of reasonable attorney’s fees and costs, and to exercise all other rights granted by law.

 

(n) This Agreement shall
be governed by and construed in accordance with the laws of the State of New York applicable to contracts made and to be performed
wholly within such state. THE COMPANY AND PURCHASERS WAIVE ANY RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON
OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN, INCLUDING CLAIMS BASED ON CONTRACT, TORT, BREACH OF DUTY
AND ALL OTHER COMMON LAW OR STATUTORY BASES. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and
federal courts sitting in the County of New York, State of New York for the adjudication of any dispute hereunder or in connection
herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement of any of the
Transaction Documents).

 

[remainder of page intentionally left
blank]

 

    	 	7	 

     

    

 

IN WITNESS WHEREOF the Purchaser and the
Company have executed this Agreement as of the date first above written.

 

THE COMPANY

 

FULL SPECTRUM INC.

 

	By	        	 
	Name: Stewart Kantor	 
	Title:  Chief Executive Officer	 

 

THE PURCHASER

 

	 	 	 	$__________
	 	 	 	Amount of Commitment
	 	 	 	(minimum $50,000)
	 	 	 	 
	Signature:	 	 	__________
	Print Name:	    Date	 
	 	 	 	 
	Email   	 	 	 
	Address:	 	 	 
	 	 	 	 
	 	 	 
	Tax ID / Social Security Number	 	 

 

    	 	8	 

     

    

 

EXHIBIT A

 

Form of Note

 

[Included as Exhibit
10.17 to this Form 8-K.] 

 

    	 	9	 

     

    

 

EXHIBIT B 

ACCREDITED INVESTOR PAGE

 

The undersigned Purchaser is an “accredited
investor” as that term is defined in Regulation D promulgated under the Securities Act and amended by the Dodd-Frank Wall
Street Reform and Consumer Protection Act by virtue of being (initial all applicable responses):

 

	 ̈	A small business investment company licensed by the U.S. Small Business Administration under the Small Business Investment Company Act of 1958,
	 ̈	A business development company as defined in the Investment Company Act of 1940,
	 ̈	A national or state-chartered commercial bank, whether acting in an  individual or fiduciary capacity,
	 ̈	An insurance company as defined in Section 2(13) of the Securities Act,
	 ̈	An investment company registered under the Investment Company Act of 1940,
	 ̈	An employee benefit plan within the meaning of Title I of the Employee Retirement Income Security Act of 1974, where the investment decision is made by a plan fiduciary, as defined in Section 3(21) of such Act, which is either a bank, insurance company, or registered investment advisor, or an employee benefit plan which has total assets in excess of $5,000,000,
	 ̈	A private business development company as defined in Section 202(a)(22) of the Investment Advisors Act of 1940,
	 ̈	An organization described in Section 501(c)(3) of the Internal Revenue Code, a corporation or a partnership with total assets in excess of $5,000,000,
	 ̈	A natural person whose individual net worth, or joint net worth with that person's spouse, at the time of purchase exceeds $1,000,000.  For purposes of this Exhibit A-1, “net worth” means the excess of total assets at fair market value over total liabilities. For purposes of calculating net worth under this section, (i) the primary residence shall not be included as an asset, (ii) to the extent that the indebtedness that is secured by the primary residence is in excess of the fair market value of the primary residence, the excess amount shall be included as a liability, and (iii) if the amount of outstanding indebtedness that is secured by the primary residence exceeds the amount outstanding 60 days prior to the execution of this questionnaire, other than as a result of the acquisition of the primary residence, the amount of such excess shall be included as a liability.
	 ̈	Any trust, with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the Shares offered, whose purchase is directed by a sophisticated person as described in Section 506(b)(2)(ii) of Regulation D,
	 ̈	A natural person who had an individual income in excess of $200,000 in each of the two most recent calendar years, and has a reasonable expectation of reaching the same income level in the current calendar year.  For purposes of this Exhibit A-1, “income” means annual adjusted gross income, as reported for federal income tax purposes, plus (i) the amount of any tax-exempt interest income received; (ii) the amount of losses claimed as a limited partner in a limited partnership; (iii) any deduction claimed for depletion; (iv) amounts contributed to an IRA or Keogh retirement plan; (v) alimony paid; and (vi) any amount by which income from long-term capital gains has been reduced in arriving at adjusted gross income pursuant to the provisions of Section 1202 of the Internal Revenue Code of 1986, as amended.
	 ̈	A corporation, partnership, trust or other legal entity (as opposed to a natural person) and all of such entity's equity owners fall into one or more of the categories enumerated above. (Note: additional documentation may be requested).

 

	 	 	 	 	 
	Signature of Purchaser	 	 	 	 
	 	 	 	 	 	 
	Title:	       	 	Date	 	, 2017

 

    	 	10Exhibit 10.17

 

THIS INSTRUMENT AND ANY SECURITIES ISSUABLE
PURSUANT HERETO HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER
THE SECURITIES LAWS OF CERTAIN STATES. THESE SECURITIES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED
EXCEPT AS PERMITTED UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR AN EXEMPTION
THEREFROM.

 

REVENUE LOAN AGREEMENT

(Convertible Promissory Note)

 

	Date of Loan:  	 	 

 

	Principal Amount of Loan: 	$	 

 

	Name of Lender: 	 	 

 

	Address of Lender:	 	 

 

	Social Security Number/ Tax ID:	 	 

 

Bank Details of Lender if Payment requested by Wire:    

 

	Name of Bank:	 	 

 

	Address of Bank:	 	 

 

	ABA: 	 	 

 

	Account #:	 	 

 

For value received
Full Spectrum Inc., a Delaware company (the “Borrower” or the “Company”), hereby
promises to pay to the order of _______________________ (“Lender”), in lawful money of the United States
of America and in immediately available funds, the Repayment Amount (as defined below) in the manner set forth below.

 

1.           Definitions.

 

(a)          
“Fully-Diluted Basis” shall mean the assumption that all options, warrants
or other convertible securities or instruments or other rights to acquire shares of common stock of the Company (the “Common
Stock”) have been exercised or converted, as applicable, in full, provided that any such options, warrants, convertible
securities or instruments or other rights are then vested or exercisable or convertible in accordance with their terms.

 

(b)          “Conversion
Price” shall mean (subject to adjustment under Section 5.3) the lesser of the (i) price per share of Common
Stock sold in the Private Placement, discounted by 20%, and (ii) the price per share of Common Stock based on a pre-money Company
valuation of $50 million on a Fully Diluted Basis.

 

     

     

    

 

(c)          “Gross
Revenues” means all of the Borrower’s cash receipts, from all sales of any kind, including prepaid licenses,
less returns or shipping, and without any deduction or offset of any other kind, as recorded on its financial statements.

 

(d)          “Fundamental
Change" means (a) the sale, lease or other disposition (in one or a series of related transactions) of all or
substantially all of the Company's assets to one Person or a group of Persons acting in concert, under circumstances in which the
holders of the share capital of the Company immediately prior to such transaction do not beneficially own more than a majority
in voting power of the outstanding share capital of the acquiring Person(s) immediately following such transaction (b) the
sale, exchange or transfer, in one or a series of related transactions, of a majority of the outstanding share capital of the Company
to one Person or a group of Persons acting in concert, under circumstances in which the holders of the share capital of the Company
immediately prior to such transaction do not beneficially own more than a majority in voting power of the outstanding share capital
of the Person(s) acquiring the share capital of the Company following such transaction, or (c) a merger, consolidation, amalgamation,
recapitalization, reclassification, reorganization or similar business combination transaction involving the Company under circumstances
in which holders of the share capital of the Company immediately prior to such transaction do not beneficially own more than a
majority in voting power of the outstanding share capital of the Company, or the surviving or resulting corporation or acquirer,
as the case may be, immediately following such transaction.

 

(e)          “IPO
Conversion Price" shall mean (subject to adjustment under Section 5.3) the lesser of the (i) price per share
of Common Stock sold in the Qualified Public Offering, discounted by 20%, and (ii) price per share of Common Stock based on a pre
money Company valuation of $50 million on a Fully Diluted Basis.

 

(f)          “Lenders”
means all of the purchasers of Notes in the offering of which this Note is a part.

 

(g)          
“Note” means this Note. “Notes” means all of the Notes issued in the offering
of which this Note is a part.

 

(h)          “Private
Placement” means the first financing transaction after the issuance of the Note to Lender in which the Company receives
gross proceeds of at least $150,000 through the private placement or sale of shares of Common Stock of the Company, excluding the
sale of shares to employees, the exercise of options and warrants existing as of this date and the issuance (sale) of options and
warrants.

 

(i)          
“Pro-Rata Share” or a Lender’s “ratable interest” or the like shall be deemed to refer,
at any time, to a fraction, the numerator of which is the initial amount of the Notes issued to such Lender, and the denominator
of which is the total amount of the Notes issued in this offering.

 

(j)          “Qualified
Public Offering (IPO)” shall mean an initial public offering or other transaction which results in the Company becoming
a reporting Company pursuant to the Securities Exchange Act of 1934, as amended, such as a reverse merger, provided the Company
raises gross proceeds of at least $15,000,000.

 

     

     

    

 

(k)          “Repayment
Amount” means amount that is 1.5 the amount of the Loan.

 

(l)          “Revenue
Percentage” means 6%. All Lenders in the offering who invest the same amount will receive the same Revenue Percentage
based on the amount of their Loans.

 

2.           Basic
Terms.

 

(a)          Group
of Revenue Loans. This Loan is issued as part of a group of identical loans issued to a number of investors in the offering.

 

(b)          When
Paid in Full. The loan will be considered paid in full and this agreement will terminate when the Borrower has paid the Lender
the Repayment Amount.

 

(c)          Interest
Rate. The interest rate on this Loan is a function of the time it takes the Borrower to repay the Repayment Amount. To the
extent allowed under applicable law, the revenue share will not be considered interest under state usury laws.

 

(d)          Maturity.
Notwithstanding anything else herein the Repayment Amount (to the extent unpaid and not otherwise converted pursuant to section
5.2(a)) is due and payable in full on the tenth anniversary of the Date of Loan.

 

3.           Payments.

 

(a)          Quarterly
Payments. On each of June 30, September 30, December 31st and March 31st (each a “Measurement Period”),
Borrower shall make payments to the Lender until the Repayment Amount is repaid in full.

 

(b)          Amount
of Each Payment. The amount of each payment shall be the product of the Revenue Percentage and the Gross Revenues from the
Measurement Period ended immediately prior to the payment date (the “Payment”).

 

(c)          Timing
of Payment. The Borrower will make the payment to the Lender hereunder (or cause the payments to be made through an agent)
within forty five (45) days of the end of each Measurement Period.

 

(d)          Order
of Application of Payments. All Payments under this Agreement shall be applied first to interest and then to principal.

 

(e)          Place
of Payment. All amounts payable hereunder shall be payable by check sent to address of Lender or by wire or electronic transfer
to bank account of Lender, as specified in writing by Lender.

 

(f)          Pro
Rata Payments. Each Payment will be divided pro rata among all of the Lenders.

 

     

     

    

 

4.           Prepayment.
The Borrower may pay off all of the Loans in their entirety at any time by paying the Lenders any unpaid part of the Repayment
Amount for all of the Loans. The Borrower may make partial prepayments, provided that all partial prepayments shall be made pro
rata among all of the Lenders based on the amount of their Loans to the Borrower.

 

5.             Warrants.

 

5.1 Upon the earlier
of closing of the Private Placement, an IPO or a Fundamental Change, the Company shall issue to Lender penny warrants, in form
attached hereto as Annex 1, for the purchase of Common Stock in an amount equal to the principal amount of Loan (notwithstanding
any repayment, in whole or in part, of the Loan) divided by the Conversion Price or in the event of an IPO, the IPO Conversion
Price.

 

5.2 (a) 
Mandatory Conversion. Notwithstanding anything herein to the contrary, the Company may at any time on or after a
Qualified Public Offering deliver a notice to the Lender (a "Mandatory Conversion Notice" and the date
such notice is received by the Lender, the "Mandatory Conversion Notice Date") to cause the Lender to immediately
convert any unpaid Repayment Amount as of such date into Common Stock at the IPO Conversion Price (a "Mandatory Conversion").

 

(b) The Lender acknowledges
that the Common Stock received pursuant to the Mandatory Conversion will be subject to lock-up provisions contained herein. The
Lender agrees not to sell, transfer, pledge, hypothecate or otherwise dispose of all or any part of such Common Stock without the
approval of the Company for a period of six months commencing upon the closing of the Company’s initial public offering.
Lender agrees to provide to the Company underwriters of any public offering such further agreements as such underwriter may reasonably
request in connection with this lock-up agreement.

 

Each certificate for
the Common Stock shall contain a legend on the face thereof, in substantially the following form:

 

“THE SECURITIES
EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS. NO SALE OR
DISPOSITION MAY BE EFFECTED WITHOUT (i) EFFECTIVE REGISTRATION STATEMENTS RELATED THERETO, (ii) AN OPINION OF COUNSEL OR OTHER
EVIDENCE REASONABLY SATISFACTORY TO THE COMPANY, THAT SUCH REGISTRATIONS ARE NOT REQUIRED, (iii) RECEIPT OF NO-ACTION LETTERS FROM
THE APPROPRIATE GOVERNMENTAL AUTHORITIES.

 

THE SECURITIES EVIDENCED
ARE SUBJECT TO A LOCKUP AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED DURING THE TERM OF THE LOCKUP.”

 

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

 

     

     

    

 

(a)          Adjustments
for Stock Splits and Combinations. If the Company shall at any time or from time to time after the Date of the Loan, 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 Lender shall at any time or from time to time after the Date of the Loan, 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 5.3(a) 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 Lender shall at any time or from time to time after the Date of the Loan,
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 )      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 Date of Loan 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 5.3(a), or a reorganization, merger, consolidation, or sale of assets provided for
in Section 5.3(d)), 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 Lender 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.

 

(e)          Adjustments
for Reorganization, Merger, Consolidation or Sales of Assets. If at any time or from time to time after the Date of Loan
there shall be a capital reorganization of the Company (other than by way of a stock split or combination of shares or stock dividends
or distributions provided for in Section 5.3(a), or a reclassification, exchange or substitution of shares provided for in Section
5.3 (c )), or a merger or consolidation of the Company with or into another corporation where the holders of Company outstanding
voting securities prior to such merger or consolidation do not own over fifty percent (50%) of the outstanding voting securities
of the merged or consolidated entity, immediately after such merger or consolidation, or the sale of all or substantially all of
the Company's properties or assets to any other person (an "Organic Change"), then as a part of such Organic
Change, an appropriate revision to the Conversion Price shall be made and provision shall be made (by adjustments of the Conversion
Price or otherwise) so that the Lender shall have the right thereafter to convert such Note into the kind and amount of shares
of stock and other securities or property of the Company or any successor corporation resulting from Organic Change into which
such Note might have been converted immediately prior to such Organic Change.

 

     

     

    

 

(e)          Fractional
Shares. No fractional shares of Common Stock shall be issued upon conversion of this Note. In lieu of any fractional shares
to which the Lender would otherwise be entitled, the Company shall pay cash equal the fair market value of a share of Common Stock
as determined by the Company.

 

5.4           The
terms and conditions of this section 5 shall survive the termination or expiration of this Agreement.

 

6.           Characterization
of Investment. The parties agree that they shall treat this agreement as a loan for financial and tax and all other applicable
purposes, and not as equity. The Lender agrees to comply with all applicable laws governing the making of loans to businesses in
the jurisdiction in which they are resident.

 

7.           Default.
Each of the following events shall be an “Event of Default” hereunder:

 

(a)          Borrower
fails to pay any of the outstanding principal amount due under this Note on the date the same becomes due and payable or within
five business days thereafter or any accrued interest or other amounts due under this Note on the date the same becomes due and
payable or within five business days thereafter;

 

(b)          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/limited liability company] action in furtherance of any of the foregoing; or

 

(c)          An
involuntary petition is filed against Borrower (unless such petition is dismissed or discharged within 60 days) under any bankruptcy
statute now or hereafter in effect, or a custodian, receiver, trustee or assignee for the benefit of creditors (or other similar
official) is appointed to take possession, custody or control of any property of Borrower.

 

Upon the occurrence of an Event of Default
hereunder, the entire unpaid amount of the Repayment Amount shall automatically be immediately due, payable and collectible by
Lender pursuant to applicable law.

 

8.           Parity
with Other Notes. The Borrower’s repayment obligation to the Lender under this Note shall be on parity with the Borrower’s
obligation to repay all Notes issued in the same offering. In the event that the Company is obligated to repay the Notes and does
not have sufficient funds to repay all the Notes in full, payment shall be made to the holders of the Notes on a pro rata basis.
The preceding sentence shall not, however, relieve the Company of its obligations to the Lender hereunder.

 

     

     

    

 

9.           Waiver.
Borrower waives presentment and demand for payment, notice of dishonor, protest and notice of protest of this Note, and shall
pay all costs of collection when incurred, including, without limitation, reasonable attorneys’ fees, costs and other expenses.
The right to plead any and all statutes of limitations as a defense to any demands hereunder is hereby waived to the full extent
permitted by law.

 

10.          Amendments.
Any provision of this instrument (other than the Repayment Amount) may be amended, waived or modified as follows: upon the written
consent of the Borrower the holders of a majority in principal of the Loan Amounts raised in this offering.

 

11.          Notice.
Any notice required or permitted by this instrument will be deemed sufficient when delivered personally or by overnight courier
or sent by email to the relevant address listed on the signature page, or 48 hours after being deposited in the U.S. mail as certified
or registered mail with postage prepaid, addressed to the party to be notified at such party’s address listed on the signature
page, as subsequently modified by written notice.

 

12.          Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York applicable to contracts
made and to be performed wholly within such state. THE COMPANY AND PURCHASERS WAIVE ANY RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE
OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN, INCLUDING CLAIMS BASED ON CONTRACT,
TORT, BREACH OF DUTY AND ALL OTHER COMMON LAW OR STATUTORY BASES. Each party hereby irrevocably submits to the exclusive jurisdiction
of the state and federal courts sitting in the County of New York, State of New York for the adjudication of any dispute hereunder
or in connection herewith or with any transaction contemplated hereby or discussed herein

 

13.          Successors
and Assigns. Neither this instrument nor the rights contained herein may be assigned, by operation of law or otherwise, by
either party without the prior written consent of the other; provided, however, that the Company may assign this instrument in
whole, without the consent of the Investor, in connection with a reincorporation to change the Company’s domicile. Subject
to the foregoing, this instrument will be binding on the parties’ successors and assigns.

 

14.          No
Stockholder Rights. The Lender is not entitled, as a holder of this instrument, to vote or receive dividends or be deemed the
holder of capital stock of the Borrower for any purpose, nor will anything contained herein be construed to confer on the Lender,
as such, any of the rights of a stockholder of the Borrower or any right to vote for the election of directors or upon any matter
submitted to stockholders at any meeting thereof, or to give or withhold consent to any corporate action or to receive notice of
meetings, or to receive subscription rights or otherwise.

 

15.          Tax
Withholding. Lender hereby authorizes the Borrower to make any withholding required by law. Lender agrees to provide to Borrower
a Form W-9 or comparable form.

 

     

     

    

 

16.          Not
Effective Until Acceptable by Borrower. This Agreement is not effective until the Borrower has accepted the Lender’s
subscription.

 

	 	BORROWER:
	 	 
	 	FULL SPECTRUM INC.
	 	 
	 	 
	 	 
	 	Stewart Kantor, CEO
	 	 
	 	LENDER:
	 	 
	 	[                                                                               ]
	 	 	 
	 	By:	                                                                     
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 
	 	 	 
	 	Address:	 
	 	 
	 	 
	 	 
	 	Email:

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