Document:

Exhibit 4.8

 

DESCRIPTION OF COMMON STOCK OF AKOUSTIS TECHNOLOGIES,
INC.

REGISTERED PURSUANT TO SECTION 12 OF THE
SECURITIES EXCHANGE ACT OF 1934

 

The following information
is a summary of information concerning the common stock, par value $0.001 per share (the “Common Stock”), of Akoustis
Technologies, Inc. (“we,” “our,” or “us”) and does not purport to be complete. It is subject
to and qualified in its entirety by reference to our Certificate of Incorporation, as amended (the “Certificate of Incorporation”),
our Amended and Restated Bylaws (the “Bylaws”), and the applicable provisions of the General Corporation Law of the
State of Delaware (the “DGCL”), each of which are incorporated by reference as an exhibit to the Annual Report on Form
10-K of which this Exhibit 4.8 is a part.

 

Authorized Common Stock

 

The Certificate
of Incorporation authorizes the issuance of 100,000,000 shares of Common Stock. Our authorized but unissued shares of Common Stock
are available for issuance without further action by our stockholders, unless such action is required by applicable law or the
rules of any stock exchange or automated quotation system on which our securities may be listed or traded.

 

Voting Rights

 

Except as otherwise
required by the DGCL, at every annual or special meeting of stockholders, every holder of Common Stock is entitled to one vote
per share. There is no cumulative voting in the election of directors.

 

Dividend, Liquidation and Other Rights

 

The holders of
outstanding shares of Common Stock are entitled to receive dividends out of assets or funds legally available for the payment of
dividends at such times and in such amounts as the Company’s board of directors (the “Board of Directors”) from
time to time may determine. Any future determination to pay dividends will be at the discretion of the Board of Directors and will
be dependent upon financial condition, results of operations, capital requirements and such other factors as the Board of Directors
deems relevant.

 

The Common Stock
is not entitled to pre-emptive rights and is not subject to conversion or redemption. Upon liquidation, dissolution or winding
up of our company, the assets legally available for distribution to stockholders are distributable ratably among the holders of
the Common Stock after payment of liquidation preferences, if any, on any outstanding payment of other claims of creditors.

 

Anti-Takeover Provisions

 

The following paragraphs
regarding certain provisions of the DGCL, the Certificate of Incorporation, and the Bylaws are summaries of the material terms
thereof and do not purport to be complete. We urge you to read the applicable provisions of the DGCL and the Certificate of Incorporation
and Bylaws.

 

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General

 

Provisions of the
DGCL, and the Certificate of Incorporation and Bylaws could have the effect of discouraging others from attempting an unsolicited
offer to acquire our company. Such provisions may also have the effect of preventing changes in our management. It is possible
that these provisions could make it more difficult to accomplish transactions that stockholders may otherwise deem to be in their
best interests.

 

Authorized but Unissued Shares

 

The authorized
but unissued shares of our Common Stock and our preferred stock are available for future issuance without any further vote or action
by our stockholders. These additional shares may be utilized for a variety of corporate purposes, including future public or private
offerings to raise additional capital, corporate acquisitions and employee benefit plans. The existence of authorized but unissued
shares of our Common Stock and our preferred stock could render more difficult or discourage an attempt to obtain control over
us by means of a proxy contest, tender offer, merger or otherwise.

 

Director Vacancies

 

The Bylaws provide
that all vacancies on the Board of Directors may be filled only by the affirmative vote of a majority of directors then in office,
even if less than a quorum.

 

Special Meeting of Stockholders
and Advance Notice Requirements for Stockholder Proposals and Director Nominations

 

The Bylaws require
that special meetings of stockholders be called only by a majority of our entire Board of Directors, by the chairman of the board,
if any, the Chief Executive Officer, if any, the President or the Secretary. In addition, the Bylaws provide that candidates for
director may be nominated and other business brought before an annual meeting only by the Board of Directors or by a stockholder
who gives written notice to us not less than 90 days, nor more than 120 days, prior to the first anniversary of the preceding year’s
annual meeting, subject to certain exceptions. Such stockholder’s notice must set forth certain information required by the
Bylaws. These provisions may have the effect of deterring unsolicited offers to acquire our company or delaying stockholder actions,
even if they are favored by the holders of a majority of our outstanding voting securities.

 

Supermajority Voting for Amendments
to our Bylaws

 

The Bylaws provide
that the Board of Directors is expressly authorized to adopt, amend or repeal the Bylaws and that our stockholders may amend the
Bylaws only with the approval of at least 66 2/3% of the voting power of all shares of our capital stock then outstanding.

 

Choice of Forum

 

The Bylaws provide
that, subject to certain exceptions, the Court of Chancery of the State of Delaware will be the exclusive forum for any claim,
including any derivative claim, (i) that is based upon a violation of a duty by a current or former director or officer or stockholder
in such capacity or (ii) as to which the DGCL confers jurisdiction upon the Court of Chancery.

 

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Business Combinations

 

The DGCL generally
prohibits a corporation from engaging in any business combination with any interested stockholder for a three-year period following
the time that the stockholder becomes an interested stockholder, unless:

 

		·	prior to such time, the Board of Directors
approved either the business combination or the transaction which resulted in the stockholder becoming an interested stockholder;

		·	upon consummation of the transaction that
resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of our voting stock
outstanding at the time the transaction commenced, excluding certain shares; or

		·	at or subsequent to that time, the business
combination is approved by our board of directors and by the affirmative vote of holders of at least 66 2⁄3% of the outstanding
voting stock that is not owned by the interested stockholder.

 

Generally, a “business
combination” includes a merger, asset or stock sale or other transaction resulting in a financial benefit to the interested
stockholder. Subject to certain exceptions, an “interested stockholder” is a person who, together with that person’s
affiliates and associates, owns, or within the previous three years owned, 15% or more of our voting stock.

 

Under certain circumstances,
this provision could make it more difficult for a person who would be an “interested stockholder” to effect various
business combinations with a corporation for a three-year period. However, this provision generally does not apply to a corporation
that does not have a class of voting stock that is listed on a national securities exchange or held of record by more than 2,000
stockholders. Accordingly, this provision does not currently apply to us.

 

Listing on the Nasdaq Capital Market

Shares of Common Stock are listed on
the Nasdaq Capital Market under the symbol “AKTS.”

Transfer Agent

The name, address
and telephone number of the transfer agent of Common Stock is Broadridge Financial Solutions, Inc. at 51 Mercedes Way, Edgewood,
New York 11717.

 

    3Exhibit 10.1

 

NEITHER THE ISSUANCE NOR SALE OF THE SECURITIES
REPRESENTED BY THIS NOTE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS.
THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT
FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL, IN A GENERALLY ACCEPTABLE FORM,
THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT.

 

	Principal Amount: $100,001.00	Issue Date: August 19th, 2020

 

 

 

	
         

        PROMISSORY NOTE

         

 

 

FOR VALUE RECEIVED,
VPR Brands, LP, a Delaware limited partnership (the “Company”), hereby promises to pay to the order of Kevin Frija
or registered assigns (the “Holder”) on August 19th, 2021 (the “Maturity Date”), the principal amount set
forth above (the “Principal Amount”), and to pay interest on the outstanding Principal Amount at the rate of Twenty
Four percent (24%) per annum (the “Note”). Interest shall commence accruing on the date hereof (the “Issue Date”),
computed on the basis of a 365-day year and the actual number of days elapsed, provided that any payment otherwise due on a Saturday,
Sunday or legal Bank holiday may be paid on the following business day. All payments due hereunder, shall be made in lawful money
of the United States of America.

 

1.       Transfers
of Note to Comply with the 1933 Act. The Holder agrees that this Note may not be
sold, transferred, pledged, hypothecated or otherwise disposed of except as follows:  (a) to a person whom the Note may
legally be transferred without registration and without delivery of a current prospectus under the 1933 Act with respect thereto
and then only against receipt of an agreement of such person to comply with the provisions of this Section 1 with respect to any
resale or other disposition of the Note; or (b) to any person upon delivery of a prospectus then meeting the requirements of the
1933 Act relating to such securities and the offering thereof for such sale or disposition, and thereafter to all successive assignees.

 

2.          Right
of Prepayment. The Company may repay any amount of the Note at any time. On each business
day, the Holder may deduct one (1) ACH payment from the bank account of the Borrower (as specified on Exhibit “A” of
this Note) in the amount of $500.00 per business day until such time as the Borrower has paid an amount equal to the principal
and accrued interest as set forth in the Note. Each such payment shall be applied first to accrued and unpaid interest and the
balance shall be applied towards the reduction of the principal amount due under this Note.

 

3.          Representations
and Warranties.  The Company represents and warrants to the Holder that:

 

		(a)	such party is duly organized, validly existing and in good standing
(if applicable) under the laws of the jurisdiction of its organization;

 

		(b)	such party has authority to own its property and assets and to carry
on its business as now conducted, except, in each case, where the failure to do so, or so possess, individually or in the aggregate
would not reasonably be expected to result in a material adverse effect;

 

		(c)	such party has all requisite organizational power and authority to
execute and deliver and perform all its obligations under this Note;

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		(d)	such party is qualified to do business in, and is in good standing
(where such concept exists) in, every jurisdiction in which the nature of its business or the ownership or leasing of its properties
makes such qualification necessary, except where the failure to be so qualified or in good standing individually or in the aggregate
would not reasonably be expected to result in a material adverse effect;

 

		(e)	the transactions contemplated hereby is within such party’s
organizational powers and have been duly authorized by all necessary corporate or limited liability company action;

 

		(f)	this Note has been duly executed and delivered by such party and
constitutes a legal, valid and binding obligation of such party, enforceable in accordance with its terms; and

 

		(g)	the transactions to be entered into and contemplated by this Note
(a) do not require any consent or approval of, registration or filing with, or any other action by, any governmental authority
except for the Company’s disclosure obligations under federal securities laws, (b) will not (i) violate any applicable law
or (ii) the organizational documents, bylaws, charter, operating agreement, certificate of formation or certificate of incorporation
of such party, (c) will not violate or result in a default under any indenture or any other agreement, instrument or other
evidence of indebtedness, and (d) will not result in the creation or imposition of any lien on any asset of such party.

 

4.       Remedies
Upon Default.  In the event that the Company defaults on its payment obligations
under this Note, the Holder may proceed to protect and enforce its rights and remedies under this Note by suit in equity, action
at law or other appropriate proceeding, whether for the specific performance of any covenant or agreement contained in this Note
and proceed to enforce the payment thereof or any other legal or equitable right of the Holder.

 

5.       Cancellation
of Note. Upon the repayment by the Company of all of its obligations hereunder to the
Holder, including, without limitation, the principal amount of this Note, plus accrued but unpaid interest, the indebtedness evidenced
hereby shall be deemed canceled and paid in full.  Payments received by the Holder hereunder shall be applied first against
interest accrued on this Note, and next in reduction of the outstanding principal balance of this Note.

 

6.       Severability.  If
any provision of this Note is, for any reason, invalid or unenforceable, the remaining provisions of this Note will nevertheless
be valid and enforceable and will remain in full force and effect.  Any provision of this Note that is held invalid or
unenforceable by a court of competent jurisdiction will be deemed modified to the extent necessary to make it valid and enforceable
and as so modified will remain in full force and effect.

 

7.       Amendment
and Waiver.  This Note, or any provision of this Note, may only be amended or
waived if set forth in a writing executed by the Company and Holder.  The waiver by Holder of a breach of any provision
of this Note shall not operate or be construed as a waiver of any other breach.

 

8.       Successors.  Except
as otherwise provided herein, this Note shall bind and inure to the benefit of and be enforceable by the Holder and its permitted
successors and assigns.

 

9.       Assignment.  This
Note shall not be directly or indirectly assignable or delegable by the Company or the Holder, except as provided in a writing
executed by the Company and Holder.

 

10.   Further
Assurances.  The Holder will execute all documents and take such other actions
as the Company may reasonably request in order to consummate the transactions provided for herein and to accomplish the purposes
of this Note.

 

 

11.   Notices,
Consents, etc.  Any notices, consents, waivers or other communications required
or permitted to be given under the terms hereof 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) business day after deposit with a nationally

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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 Company:	
        VPR BRANDS, LP

        3001 Griffin Road

        Fort Lauderdale, FL 33312

	 	
        Attention: Kevin Frija

        Telephone: 954.715.7001

        Facsimile: Kevin.Frija@vprbrands.com

	 	 
	With a Copy to (which shall not constitute notice):	
         

        Anthony LG, PLLC

        Attention: Laura E. Anthony, Esq.

         

	 	 
	If to the Holder:	
        Kevin Frija

        Attention:

        Telephone:

        Facsimile: ______________________

	 	 

or at such other address and/or
facsimile number and/or to the attention of such other person as the recipient party has specified by written notice given to each
other party three (3) trading days prior to the effectiveness of such change.  Written confirmation of receipt (A) given
by the recipient of such notice, consent, waiver or other communication, (B) mechanically or electronically generated by the sender's
facsimile machine containing the time, date, recipient facsimile number and an image of the first page of such transmission or
(C) provided by a nationally recognized overnight delivery service, shall be rebuttable evidence of personal service, receipt by
facsimile or receipt from a nationally recognized overnight delivery service in accordance with clause (i), (ii) or (iii) above,
respectively.

 

12.         Governing
Law.  Except in the case of the Jurisdiction provisions of Section 13 below,
this Note shall be delivered and accepted in and shall be deemed to be contracts made under and governed by the internal laws of
the State of Delaware, and for all purposes all questions concerning the construction, validity and interpretation of this Note
and any and all disputes or controversies arising out of the subject matter hereof (whether by contract, tort or otherwise) shall
be governed by and construed in accordance with the domestic laws of the State of Delaware, without giving effect to any choice
of law or conflict of law provision (whether of the State of Delaware or any other jurisdiction) that would cause the application
of the laws of any jurisdiction other than the State of Florida.

 

13.   Jurisdiction.  EACH
PARTY HERETO AGREES THAT JURISDICTION AND VENUE IN ANY ACTION BROUGHT BY THE HOLDER PURSUANT TO THIS NOTE SHALL PROPERLY (BUT NOT
EXCLUSIVELY) LIE IN ANY FEDERAL OR STATE COURT LOCATED IN BROWARD COUNTY, FLORIDA.  BY EXECUTION AND DELIVERY OF THIS
AGREEMENT, EACH PARTY HERETO IRREVOCABLY SUBMITS TO THE JURISDICTION OF SUCH COURTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY WITH
RESPECT TO SUCH ACTION.  EACH PARTY HERETO IRREVOCABLY AGREES THAT VENUE WOULD BE PROPER IN SUCH COURT, AND HEREBY WAIVES
ANY OBJECTION THAT SUCH COURT IS AN IMPROPER OR INCONVENIENT FORUM FOR THE RESOLUTION OF SUCH ACTION.  EACH PARTY HERETO
FURTHER AGREES THAT THE MAILING BY CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT REQUESTED, OF ANY PROCESS REQUIRED BY ANY SUCH
COURT SHALL CONSTITUTE VALID AND LAWFUL SERVICE OF PROCESS AGAINST THEM, WITHOUT NECESSITY FOR SERVICE BY ANY OTHER MEANS PROVIDED
BY STATUTE OR RULE OF COURT.

 

14.    No
Inconsistent Agreements.  No party hereto will hereafter enter into any agreement,
which is inconsistent with the rights granted to the Holder in this Note.

 

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15.   Third
Parties.  Nothing herein expressed or implied is intended or shall be construed
to confer upon or give to any person or entity, other than the Holder and its permitted successor and assigns, any rights or remedies
under or by reason of this Note.

 

 

16.   Waiver
of Jury Trial.  EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT
TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS NOTE. EACH PARTY HERETO CERTIFIES AND ACKNOWLEDGES THAT
(A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE HOLDER HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT THE HOLDER WOULD NOT, IN THE
EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (B) EACH PARTY HERETO UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS
OF THIS WAIVER, (C) EACH PARTY HERETO MAKES THIS WAIVER VOLUNTARILY, AND (D) EACH PARTY HERETO HAS BEEN INDUCED TO ENTER INTO THIS
NOTE BY, AMONG OTHER THINGS, THE WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

17.   Usury
Savings Clause. Notwithstanding any provision in this Note to the contrary, the total
liability for payments of interest and payments in the nature of interest, including, without limitation, all charges, fees, exactions,
or other sums which may at any time be deemed to be interest, shall not exceed the limit imposed by the usury laws of the jurisdiction
governing this Note or any other applicable law. In the event the total liability of payments of interest and payments in the nature
of interest, including, without limitation, all charges, fees, exactions or other sums which may at any time be deemed to be interest,
shall, for any reason whatsoever, result in an effective rate of interest, which for any month or other interest payment period
exceeds the limit imposed by the usury laws of the jurisdiction governing this Note, all sums in excess of those lawfully collectible
as interest for the period in question shall, without further agreement or notice by, between, or to any party hereto, be applied
to the reduction of the outstanding principal balance due hereunder immediately upon receipt of such sums by the Holder hereof,
with the same force and effect as though the Company had specifically designated such excess sums to be so applied to the reduction
of the principal balance then outstanding, and the Holder hereof had agreed to accept such sums as a penalty-free payment of principal;
provided, however, that the Holder may, at any time and from time to time, elect, by notice in writing to the Company, to waive,
reduce, or limit the collection of any sums in excess of those lawfully collectible as interest, rather than accept such sums as
a prepayment of the principal balance then outstanding. It is the intention of the parties that the Company does not intend or
expect to pay, nor does the Holder intend or expect to charge or collect any interest under this Note greater than the highest
non-usurious rate of interest which may be charged under applicable law.

 

18.   Entire
Agreement.  This Note (including any recitals hereto) set forth the entire understanding
of the parties with respect to the subject matter hereof, and shall not be modified or affected by any offer, proposal, statement
or representation, oral or written, made by or for any party in connection with the negotiation of the terms hereof, and may be
modified only by instruments signed by all of the parties hereto.

 

 

[Signature page to follow]

 

 

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IN WITNESS WHEREOF,
this Note is executed by the undersigned as of the date hereof.

 

  

	VPR BRANDS, LP	 
	
        By: Soleil Capital Management LLC,

        its General Partner
	 
	 	 
	 	 
	By: /s/ Kevin Frija                                       	 
	Name: Kevin Frija	 
	Title:   Manager and Chief Executive Officer	 

 

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