Document:

Exhibit 10.1

 

THIS NOTE AND THE
SECURITIES ISSUABLE UPON THE CONVERSION HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”),
OR UNDER THE SECURITIES LAWS OF ANY STATES IN THE UNITED STATES. THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE
AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE ACT AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION
OR EXEMPTION THEREFROM. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER
TO THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS.

 

SENIOR
SECURED BRIDGE NOTE

 

	Note Series:	2022A
	Date of Note:	November 14, 2022
	Principal Amount of Note:	$2,200,000
	Purchase Price of Note:	$2,000,000
	Original Issue Discount:	   $200,000

 

For
value received Auddia Inc., a Delaware corporation (the “Company”),
promises to pay to the undersigned holder or such party’s assigns (the “Holder”) the principal amount
set forth above with interest on the outstanding principal amount at the rate of 10% per annum, compounded annually. Interest shall commence
with the date hereof and shall continue on the outstanding principal amount until paid in full or converted. Interest shall be computed
on the basis of a year of 365 days for the actual number of days elapsed. All unpaid interest (to the extent provided herein) and principal
shall be due and payable upon request of the Majority Holders on or after the earliest of (i) the closing date of a Change of Control
(as defined below) or (ii) May 31, 2023 (or any later date as such date may be extended to in accordance herewith) (collectively, the
“Maturity Date”).

 

1.                  
Basic Terms.

 

(a)               
Series of Notes. This senior bridge note (the “Note”) is issued as part of a series of substantially
similar notes designated by the Note Series above (collectively, the “Notes”), and having an aggregate principal
amount not to exceed $2,000,000 and issued in a series of multiple closings to certain persons and entities (collectively, the “Holders”).
The Company shall maintain a ledger of all Holders.

 

(b)              
Payments. All payments of interest and principal shall be in lawful money of the United States of America and shall be made
pro rata among all Holders. All payments shall be applied first to accrued interest, and thereafter to principal.

 

(c)               
Prepayment. The Company may prepay this Note at any time prior to the Maturity Date without the consent of the Holders of a
majority of the outstanding principal amount of the Notes (the “Majority Holders”).

 

(d)               Warrants. In connection with the issuance of this Note, the Company will issue to the Holders common stock warrants (“Warrants”)
as follows: (i) Warrants for 300,000 common shares, (ii) Warrant exercise price of $2.10 per common share, and (iii) five year Warrant
term.

 

(e)               
Extension Option. If the Notes remain outstanding as of May 31, 2023, the Company shall have the option to extend the Notes
as provided in this paragraph 1(e). To extend the Notes, the Company will issue to the Holders (as an extension fee) common stock warrants
(“Extension Warrants”) as follows: (i) Extension Warrants for 300,000 common shares, (ii) Extension Warrant
exercise price of the higher of (x) $2.10 per common share of (y) the Nasdaq “Minimum Price” (as such term is defined in Nasdaq
Rule 5635(d)) as of the date of issue (but only to the extent that the use of such higher Minimum Price is required to avoid the Extension
Warrants to be considered a discounted issuance under Rule 5635(d). Upon the issuance of the Extension Warrants to the Holders, (i) the
May 31, 2023 date set forth above in the first full paragraph of this Note shall be automatically amended to read “November 30,
2023” and (ii) the interest from and after such date shall be 20% rather than 10%. All other provisions of the Notes (as extended)
would remain in full force and effect.

 

(f)                
Security Interest; Collateral. All obligations under this Note shall be secured by a lien and security interest on substantially
all of the Company’s assets pursuant to a Security Agreement dated November 14, 2022 (the “Security Agreement”)
between the Company and the Holders.

 

 

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2.                  
Conversion and Repayment.

 

(a)                Qualified Financing Defined. The term “Qualified Financing” shall mean that the Company issues and
sells shares of its equity securities (“Equity Securities”) to investors (the “Investors”)
on or before the Maturity Date in an equity financing with total proceeds to the Company of not less than $5,000,000 (excluding the conversion
of the Notes or other convertible securities issued for capital raising purposes (e.g., Simple Agreements for Future Equity)).

 

(b)              
Optional Conversion at Maturity Date. The Majority Holders shall have the option to convert any unpaid accrued interest and
any original issue discount (“OID”) into shares of the Company’s common stock. Such unpaid accrued interest
and OID would convert at a conversion price of $1.23 per share (the “Optional Conversion Price”).[1]

 

(c)               
Change of Control. If the Company consummates a Change of Control (as defined below) while this Note remains outstanding, the
Company shall repay the Holder in cash in an amount equal to the outstanding principal amount of this Note plus any unpaid accrued interest
on the original principal. For purposes of this Note, a “Change of Control” means (i) a consolidation or merger
of the Company with or into any other corporation or other entity or person, or any other corporate reorganization, other than any such
consolidation, merger or reorganization in which the shares of capital stock of the Company immediately prior to such consolidation, merger
or reorganization continue to represent a majority of the voting power of the surviving entity immediately after such consolidation, merger
or reorganization; (ii) any transaction or series of related transactions to which the Company is a party in which in excess of 50% of
the Company’s voting power is transferred; or (iii) the sale or transfer of all or substantially all of the Company’s assets,
or the exclusive license of all or substantially all of the Company’s material intellectual property; provided that a Change of
Control shall not include any transaction or series of transactions principally for bona fide equity financing purposes in which cash
is received by the Company or any successor, indebtedness of the Company is cancelled or converted or a combination thereof. The Company
shall give the Holder notice of a Change of Control not less than 10 days prior to the anticipated date of consummation of the Change
of Control. Any repayment pursuant to this paragraph in connection with a Change of Control shall be subject to any required tax withholdings,
and may be made by the Company (or any party to such Change of Control or its agent) following the Change of Control in connection with
payment procedures established in connection with such Change of Control.

 

(d)              
Procedure for Conversion. In connection with any conversion of interest and OID on this Note into common stock, the Holder
shall surrender this Note to the Company and deliver to the Company any documentation reasonably required by the Company. The Company
shall not be required to issue or deliver the common stock into which interest and OID on this Note may convert until the Holder has surrendered
this Note to the Company and delivered to the Company any such documentation. Upon the conversion of interest and OID on this Note into
common stock pursuant to the terms hereof, in lieu of any fractional shares to which the Holder would otherwise be entitled, the Company
shall pay the Holder cash equal to such fraction multiplied by the price at which this Note converts.

 

(e)                Nasdaq 20% Share Cap. Notwithstanding anything in this Agreement, the Warrants or the Extension Warrants to the contrary, the
Company shall not issue, and the Holder may not receive, any shares of common stock pursuant to this Agreement, the Warrants or the Extension
Warrants, unless prior stockholder approval is obtained, if any such shares would be deemed to be issued below the Nasdaq “Minimum
Price” (as such term is defined in Nasdaq Rule 5635(d).

 

(f)                Nasdaq Change of Control Share Cap. Notwithstanding anything in this Agreement, the Warrants or the Extension Warrants to the
contrary, the Company shall not issue, and the Holder may not receive, any shares of common stock pursuant to this Agreement, the Warrants
or the Extension Warrants, unless prior stockholder approval is obtained, if the number of shares to be issued to the Holder, when aggregated
with all other shares of common stock then owned by the Holder beneficially or deemed beneficially owned by the Holder, would (i) result
in the Holder owning more than the Beneficial Ownership Limitation (as defined below), as determined in accordance with Section 13 of
the Exchange Act of 1934 or (ii) otherwise constitute a Change of Control within the meaning of Nasdaq Rule 5635(b). The “Beneficial
Ownership Limitation” shall be 19.99% of the number of shares of the common stock outstanding immediately prior to the proposed
issuance of shares of common stock issuable.

 

 

________________________

[1]
As of November 14, 2023, the Nasdaq “Minimum Price” (as such term is defined in Nasdaq Rule 5635(d) equals $1.228 per share.

 

 

 

 

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(g)               
Interest Accrual. If a Change of Control is consummated, all interest on this Note shall be deemed to have stopped accruing
as of a date selected by the Company that is up to 5 days prior to the closing for the Change of Control.

 

3.                  
Representations and Warranties.

 

(a)               
Representations and Warranties of the Company. Except as set forth in the SEC Documents (as defined below), the Company represents
and warrants to the Investor, as of the date hereof, that:

 

(i)                
Organization, Good Standing and Qualification. The Company is a corporation duly organized, validly existing
and in good standing under the laws of the State of Delaware. The Company has the requisite corporate power to own and operate its properties
and assets and to carry on its business as now conducted and as proposed to be conducted. The Company is duly qualified and is authorized
to do business and is in good standing as a foreign corporation in all jurisdictions in which the nature of its activities and of its
properties (both owned and leased) makes such qualification necessary, except for those jurisdictions in which failure to do so would
not have a material adverse effect on the Company or its business (a “Material Adverse Effect”).

 

(ii)                Corporate Power. The Company has all requisite corporate power to issue this Note, the Warrants, the Extension
Warrants (the “Securities”) and to carry out and perform its obligations thereunder. The Company’s Board
of Directors (the “Board”) has approved the issuance of the Securities. This Note, the Warrants, the Extension
Warrants and the shares of common stock underlying this Note, the Warrants and the Extension Warrants are collectively referred to herein
as the “Securities.”

 

(iii)               Authorization. All corporate action on the part of the Company, the Board, the Company’s stockholders and
the Company’s debtholders necessary for the issuance and delivery of the Securities has been taken. Each of the Securities constitutes
a valid and binding obligation of the Company enforceable in accordance with its terms, subject to laws of general application relating
to bankruptcy, insolvency, the relief of debtors and, with respect to rights to indemnity, subject to federal and state securities laws.
Any common stock issued upon conversion or exercise of the Securities (the “Underlying Securities”), when issued
in compliance with the provisions of the Securities, will be validly issued, fully paid, nonassessable, free of any liens or encumbrances
and issued in compliance with all applicable federal and securities laws.

 

(iv)                Governmental Consents. All consents, approvals, orders or authorizations of, or registrations, qualifications,
designations, declarations or filings with, any governmental authority required on the part of the Company in connection with issuance
of the Securities has been obtained.

 

(v)                 Compliance with Laws. To its knowledge, the Company is not in violation of any applicable statute, rule, regulation,
order or restriction of any domestic or foreign government or any instrumentality or agency thereof in respect of the conduct of its business
or the ownership of its properties, which violation of which would have a Material Adverse Effect.

 

(vi)                Compliance with Other Instruments. To its knowledge, the Company is not in violation or default of any term of
its charter or bylaws, or of any provision of any mortgage, indenture or contract to which it is a party and by which it is bound or of
any judgment, decree, order or writ, other than such violation(s) that would not have a Material Adverse Effect or that is otherwise resolvable
and shall be resolved by making a payment as an intended use of the proceeds of the Notes. The execution, delivery and performance of
the Securities will not result in any such violation or be in conflict with, or constitute, with or without the passage of time and giving
of notice, either a default under any such provision, instrument, judgment, decree, order or writ or an event that results in the creation
of any lien, charge or encumbrance upon any assets of the Company or the suspension, revocation, impairment, forfeiture, or nonrenewal
of any material permit, license, authorization or approval applicable to the Company, its business or operations or any of its assets
or properties. Without limiting the foregoing, the Company has obtained all waivers reasonably necessary with respect to any anti-dilution
rights, preemptive rights, rights of first refusal or similar rights, including any notice or offering periods provided for as part of
any such rights, in order for the Company to consummate the transactions contemplated hereunder without any third party obtaining any
rights to cause the Company to offer or issue any securities of the Company as a result of the consummation of the transactions contemplated
hereunder.

 

 

 

 

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(vii)               No “Bad Actor” Disqualification. The Company has exercised reasonable care to determine whether any
Company Covered Person (as defined below) is subject to any of the “bad actor” disqualifications described in Rule 506(d)(1)(i)
through (viii), as modified by Rules 506(d)(2) and (d)(3), under the Act (“Disqualification Events”). To the
Company’s knowledge, no Company Covered Person is subject to a Disqualification Event. The Company has complied, to the extent required,
with any disclosure obligations under Rule 506(e) under the Act. For purposes of this Note, “Company Covered Persons”
are those persons specified in Rule 506(d)(1) under the Act; provided, however, that Company Covered Persons do not include (a) any Holder,
or (b) any person or entity that is deemed to be an affiliated issuer of the Company solely as a result of the relationship between the
Company and any Holder.

 

(viii)             Offering. Assuming the accuracy of the representations and warranties of the Holder contained in subsection (b)
below, the offer, issue, and sale of the Securities are and will be exempt from the registration and prospectus delivery requirements
of the Act, and have been registered or qualified (or are exempt from registration and qualification) under the registration, permit or
qualification requirements of all applicable state securities laws.

 

(ix)                SEC Documents; Disclosure. The Company has filed all reports, schedules, forms, statements and other documents
required to be filed by the Company under the Securities Act of 1933 and the Exchange Act of 1934, including pursuant to Section 13(a)
thereof, for the one (1) year preceding the date hereof (or such shorter period as the Company was required by law or regulation to file
such material) (the foregoing materials, including the exhibits thereto and documents incorporated by reference therein, being collectively
referred to herein as the “SEC Documents”) on a timely basis or has received a valid extension of such time
of filing and has filed any such SEC Documents prior to the expiration of any such extension. As of their respective dates, the SEC Documents
complied in all material respects with the requirements of the Securities Act and the Exchange Act, as applicable, and other federal laws,
rules and regulations applicable to such SEC Documents, and none of the SEC Documents when filed contained any untrue statement of a material
fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in light
of the circumstances under which they were made, not misleading. The financial statements of the Company included in the SEC Documents
comply as to form and substance in all material respects with applicable accounting requirements and the published rules and regulations
of the SEC or other applicable rules and regulations with respect thereto. Such financial statements have been prepared in accordance
with generally accepted accounting principles applied on a consistent basis during the periods involved (except (a) as may be otherwise
indicated in such financial statements or the notes thereto or (b) in the case of unaudited interim statements, to the extent they may
not include footnotes or may be condensed or summary statements) and fairly present in all material respects the financial position of
the Company as of the dates thereof and the results of operations and cash flows for the periods then ended (subject, in the case of unaudited
statements, to normal, immaterial, year-end audit adjustments). Except with respect to the material terms and conditions of the transactions
contemplated by the Transaction Documents, the Company confirms that neither it nor any other Person acting on its behalf has provided
the Investor or its agents or counsel with any information that it believes constitutes or might constitute material, non-public information.
The Company understands and confirms that the Investor will rely on the foregoing representation in effecting transactions in securities
of the Company.

 

(x)                 Use of Proceeds. The Company shall use the proceeds of this Note solely for the operations of its business, and
not for any personal, family or household purpose.

 

(b)               Representations and Warranties of the Holder. The Holder hereby represents and warrants to the Company as of the date hereof
as follows:

 

(i)                  Purchase for Own Account. The Holder is acquiring the Securities solely for the Holder’s own account and
beneficial interest for investment and not for sale or with a view to distribution of the Securities or any part thereof, has no present
intention of selling (in connection with a distribution or otherwise), granting any participation in, or otherwise distributing the same,
and does not presently have reason to anticipate a change in such intention.

 

(ii)                Information and Sophistication. Without lessening or obviating the representations and warranties of the Company
set forth in subsection (a) above, the Holder hereby: (A) acknowledges that the Holder has received all the information the Holder has
requested from the Company and the Holder considers necessary or appropriate for deciding whether to acquire the Securities, (B) represents
that the Holder has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the
offering of the Securities and to obtain any additional information necessary to verify the accuracy of the information given the Holder
and (C) further represents that the Holder has such knowledge and experience in financial and business matters that the Holder is capable
of evaluating the merits and risk of this investment.

 

(iii)               Ability to Bear Economic Risk. The Holder acknowledges that investment in the Securities involves a high degree
of risk, and represents that the Holder is able, without materially impairing the Holder’s financial condition, to hold the Securities
for an indefinite period of time and to suffer a complete loss of the Holder’s investment.

 

 

 

 

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(iv)                Further Limitations on Disposition. Without in any way limiting the representations set forth above, the Holder
further agrees not to make any disposition of all or any portion of the Securities unless and until:

 

(1)              There is then in effect a registration statement under the Act covering such proposed disposition and such disposition
is made in accordance with such registration statement; or

 

(2)              The Holder shall have notified the Company of the proposed disposition and furnished the Company with a detailed statement
of the circumstances surrounding the proposed disposition, and if reasonably requested by the Company, the Holder shall have furnished
the Company with an opinion of counsel, reasonably satisfactory to the Company, that such disposition will not require registration under
the Act or any applicable state securities laws; provided that no such opinion shall be required for dispositions in compliance with Rule
144 under the Act, except in unusual circumstances.

 

(3)              Notwithstanding the provisions of paragraphs (1) and (2) above, no such registration statement or opinion of counsel
shall be necessary for a transfer by the Holder to a partner (or retired partner) or member (or retired member) of the Holder in accordance
with partnership or limited liability company interests, or transfers by gift, will or intestate succession to any spouse or lineal descendants
or ancestors, if all transferees agree in writing to be subject to the terms hereof to the same extent as if they were the Holders hereunder.

 

(v)                 Accredited Investor Status. The Holder is an “accredited investor” as such term is defined in Rule
501 under the Act.

 

(vi)                No “Bad Actor” Disqualification. The Holder represents and warrants that neither (A) the Holder nor
(B) any entity that controls the Holder or is under the control of, or under common control with, the Holder, is subject to any Disqualification
Event, except for Disqualification Events covered by Rule 506(d)(2)(ii) or (iii) or (d)(3) under the Act and disclosed in writing in reasonable
detail to the Company. The Holder represents that the Holder has exercised reasonable care to determine the accuracy of the representation
made by the Holder in this paragraph, and agrees to notify the Company if the Holder becomes aware of any fact that makes the representation
given by the Holder hereunder inaccurate.

 

(vii)               Foreign Investors. If the Holder is not a United States person (as defined by Section 7701(a)(30) of the Internal
Revenue Code of 1986, as amended (the “Code”)), the Holder hereby represents that he, she or it has satisfied
itself as to the full observance of the laws of the Holder’s jurisdiction in connection with any invitation to subscribe for the
Securities or any use of this Note, including (A) the legal requirements within the Holder’s jurisdiction for the purchase of the
Securities, (B) any foreign exchange restrictions applicable to such purchase, (C) any governmental or other consents that may need to
be obtained, and (D) the income tax and other tax consequences, if any, that may be relevant to the purchase, holding, redemption, sale
or transfer of the Securities. The Holder’s subscription, payment for and continued beneficial ownership of the Securities will
not violate any applicable securities or other laws of the Holder’s jurisdiction.

 

(viii)             Forward-Looking Statements. With respect to any forecasts, projections of results and other forward-looking statements
and information provided to the Holder, the Holder acknowledges that such statements were prepared based upon assumptions deemed reasonable
by the Company at the time of preparation. There is no assurance that such statements will prove accurate, and the Company has no obligation
to update such statements.

 

4.                  
Events of Default.

 

(a)               
If there shall be any Event of Default (as defined below) hereunder, at the option and upon the declaration of the Majority
Holders and upon written notice to the Company (which election and notice shall not be required in the case of an Event of Default under
subsection (ix) or (x) below), this Note shall accelerate and all principal and unpaid accrued interest shall become due and payable.
The occurrence of any one or more of the following shall constitute an “Event of Default”:

 

 

 

 

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(i)                 The Company enters into, creates, incurs, assumes or suffers to exist any liens of any kind, on or with respect to any
of its property or assets now owned or hereafter acquired or any interest therein or any income or profits therefrom;

 

(ii)                any representation or warranty made in the Notes, the Security Agreement, any other transaction document related to
the Notes, any written statement pursuant hereto or thereto, or any other report, financial statement or certificate made or delivered
to the Holder or any other Holder, shall be untrue or incorrect in any material respect as of the date when made or deemed made, which
failure is not cured, if possible to cure, within the earlier to occur of 10 business days after notice of such failure is sent by the
Holder or by any other Holder to the Company;

 

(iii)               the Company shall fail to observe or perform any other covenant or agreement contained in the Notes, the Security Agreement
or any transaction document related thereto which failure is not cured, if possible to cure, within the earlier to occur of (A) 10 business
days after notice of such failure is sent by the Holder or by any other Holder to the Company and (B) five business days after the Company
has become aware of such failure;

(iv)                the Company shall breach, or a default or event of default (subject to any grace or cure period provided in the applicable
agreement, document or instrument) shall occur under any other material agreement, lease, document or instrument to which the Company
is obligated which default or event of default if not cured, if possible to cure, within the earlier to occur of (A) 10 business days
after notice of such default sent by Holder or by any other holder to the Company and (B) ten business days after the Company has become
aware of such default;

 

(v)                 The Company fails to pay timely any of the principal amount due under this Note on the date the same becomes due and
payable or any unpaid accrued interest or other amounts due under this Note on the date the same becomes due and payable;

 

(vi)                The Company 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

 

(vii)               An involuntary petition is filed against the Company (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 the Company).

 

(b)                In the event of any Event of Default hereunder, the Company shall pay all reasonable attorneys’ fees and court costs
incurred by the Holder in enforcing and collecting this Note.

 

5.                  
Miscellaneous Provisions.

 

(a)                Waivers. The Company hereby waives demand, notice, presentment, protest and notice of dishonor.

 

(b)                Further Assurances. The Holder agrees and covenants that at any time and from time to time the Holder will promptly execute
and deliver to the Company such further instruments and documents and take such further action as the Company may reasonably require in
order to carry out the full intent and purpose of this Note and to comply with state or federal securities laws or other regulatory approvals.

 

(c)                Transfers of Notes. This Note may be transferred only upon its surrender to the Company for registration of transfer, duly
endorsed, or accompanied by a duly executed written instrument of transfer in form satisfactory to the Company. Thereupon, this Note shall
be reissued to, and registered in the name of, the transferee, or a new Note for like principal amount and interest shall be issued to,
and registered in the name of, the transferee. Interest and principal shall be paid solely to the registered holder of this Note. Such
payment shall constitute full discharge of the Company’s obligation to pay such interest and principal.

 

 

 

 

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(d)               Amendment and Waiver. Any term of this Note may be amended or waived with the written consent of the Company and the Holder.
In addition, any term of this Note may be amended or waived with the written consent of the Company and the Majority Holders if such amendment
or waiver applies to all Holders of the Notes in the same fashion. Upon the effectuation of such waiver or amendment with the consent
of the required parties in conformance with this paragraph, such amendment or waiver shall be effective as to, and binding against the
holders of, all of the Notes and the Company shall promptly give written notice thereof to the Holder if the Holder has not previously
consented to such amendment or waiver in writing; provided that the failure to give such notice shall not affect the validity of such
amendment or waiver.

 

(e)                Governing Law. This Note shall be governed by and construed under the laws of the State of Delaware, as applied to agreements
among Delaware residents, made and to be performed entirely within the State of Delaware, without giving effect to conflicts of laws principles.

 

(f)                Binding Agreement. The terms and conditions of this Note shall inure to the benefit of and be binding upon the respective successors
and assigns of the parties. Nothing in this Note, expressed or implied, is intended to confer upon any third party any rights, remedies,
obligations or liabilities under or by reason of this Note, except as expressly provided in this Note.

 

(g)               Counterparts; Manner of Delivery. This Note may be executed in two or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic
mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act
or other applicable law) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly
delivered and be valid and effective for all purposes.

 

(h)               Titles and Subtitles. The titles and subtitles used in this Note are used for convenience only and are not to be considered
in construing or interpreting this Note.

 

(i)                Notices. All notices required or permitted hereunder shall be in writing and shall be deemed effectively given: (i) upon
personal delivery to the party to be notified, (ii) when sent by confirmed electronic mail or facsimile if sent during normal business
hours of the recipient, if not, then on the next business day, (iii) five days after having been sent by registered or certified
mail, return receipt requested, postage prepaid, or (iv) one day after deposit with a nationally recognized overnight courier, specifying
next day delivery, with written verification of receipt. All communications to a party shall be sent to the party’s address set
forth on the signature page hereto or at such other address(es) as such party may designate by 10 days’ advance written notice to
the other party hereto.

 

(j)                Expenses. The Company and the Holder shall each bear its respective expenses and legal fees incurred with respect to the negotiation,
execution and delivery of this Note and the transactions contemplated herein.

 

(k)               Delays or Omissions. It is agreed that no delay or omission to exercise any right, power or remedy accruing to the Holder,
upon any breach or default of the Company under this Note shall impair any such right, power or remedy, nor shall it be construed to be
a waiver of any such breach or default, or any acquiescence therein, or of or in any similar breach or default thereafter occurring; nor
shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring.
It is further agreed that any waiver, permit, consent or approval of any kind or character by the Holder of any breach or default under
this Note, or any waiver by the Holder of any provisions or conditions of this Note, must be in writing and shall be effective only to
the extent specifically set forth in writing and that all remedies, either under this Note, or by law or otherwise afforded to the Holder,
shall be cumulative and not alternative. This Note shall be void and of no force or effect in the event that the Holder fails to remit
the full principal amount to the Company within five calendar days of the date of this Note.

 

 

 

 

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(l)                Entire Agreement. This Note constitutes the full and entire understanding and agreement between the parties with regard to
the subjects hereof, and no party shall be liable or bound to any other party in any manner by any representations, warranties, covenants
and agreements except as specifically set forth herein.

 

(m)              Exculpation among Holders. The Holder acknowledges that the Holder is not relying on any person, firm or corporation, other
than the Company and its officers and Board members, in making its investment or decision to invest in the Company.

 

(n)               Broker’s Fees. Each party hereto represents and warrants that no agent, broker, investment banker, person or firm acting
on behalf of or under the authority of such party hereto is or will be entitled to any broker’s or finder’s fee or any other
commission directly or indirectly in connection with the transactions contemplated herein. Each party hereto further agrees to indemnify
each other party for any claims, losses or expenses incurred by such other party as a result of the representation in this subsection
being untrue.

 

(o)                Severability. If any provision of this Note is invalid, illegal or unenforceable, the balance of this Note shall remain in
effect, and if any provision is inapplicable to any person or circumstance, it shall nevertheless remain applicable to all other persons
and circumstances. If it shall be found that any interest or other amount deemed interest due hereunder violates the applicable law governing
usury, the applicable rate of interest due hereunder shall automatically be lowered to equal the maximum rate of interest permitted under
applicable law. The Company covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or
in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other law which would prohibit
or forgive the Company from paying all or any portion of the principal of or interest on this Note as contemplated herein, wherever enacted,
now or at any time hereafter in force, or which may affect the covenants or the performance of this Note, and the Company (to the extent
it may lawfully do so) hereby expressly waives all benefits or advantage of any such law, and covenants that it will not, by resort to
any such law, hinder, delay or impede the execution of any power herein granted to the Holder, but will suffer and permit the execution
of every such as though no such law has been enacted.

 

[Signature
pages follow]

 

 

 

 

 

 

 

    	 	8	 

     

    

 

The
parties have executed this Senior Secured Bridge Promissory Note as of the date first
noted above.

 

	 	COMPANY:
	 	 
	
     

     

     
	Auddia Inc.
	 	 
	 	By:	/s/ Michael Lawless
	 	 	 
	 	 	Name:	Michael Lawless
	 	 	Title:	Chief Executive Officer
	 	 	 
	 	E-mail:	 
	 	 
	 	Address:	
     

     

	 	 	 
	 	 	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Signature Page
for Senior Secured Bridge Note

 

 

 

 

    	 	9	 

     

    

 

The
parties have executed this Senior Secured Bridge Note as of the date first noted
above.

 

	 	HOLDER (if an entity):
	 	 
	Name of Holder:	 
	 	 
	 	By:	 
	 	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 
	 	E-mail:	 
	 	 
	 	Address:	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

	 	HOLDER (if an individual):
	 	 
	Name of Holder:	Richard Minicozzi
	 	 
	 	 
	Signature:	/s/ Richard Minicozzi 
	 	 
	 	E-mail:	 
	 	 
	 	Address:	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

 

 

 

 

 

 

 

Signature Page
for Senior Secured Bridge Note

 

 

 

 

    	 	10Exhibit 10.2

 

THIS WARRANT AND THE UNDERLYING
SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”). THEY MAY NOT BE SOLD, OFFERED
FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO SUCH SECURITIES UNDER THE ACT OR AN OPINION
OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

 

AUDDIA INC.

 

WARRANT TO PURCHASE COMMON STOCK

 

	WC2022-01	November 14, 2022

 

Void
After November 14, 2027

 

This
Warrant To Purchase COMMON STOCK Certifies That, for value received, Richard Minicozzi, or his, her or its assigns (the “Holder”),
is entitled to subscribe for and purchase at the Exercise Price (defined below) from Auddia Inc. a Delaware corporation, with its principal
office at 2100 Central Avenue, Suite 200, Boulder, CO 80301 (together with its successors, the “Company”) up to 300,000
Exercise Shares (as defined below and subject to adjustments as described below).

 

This Warrant is being issued
in connection with that $2.2 million Secured Bridge Note dated November 14, 2022 (the “Note”). Capitalized terms not
defined herein shall have the meanings ascribed thereto in the Note.

 

1.                 Definitions. As used herein, the following terms
shall have the following respective meanings:

 

(a)                 “Exercise Period” shall mean the period commencing with the date hereof and ending five years from the date
hereof, unless sooner terminated as provided below.

 

(b)                 “Exercise Price” shall mean $2.10 per share, subject to adjustment pursuant to Section 5 below.

 

(c)               
“Exercise Shares” shall mean the shares of Common Stock of the Company (the “Shares”),
issuable upon exercise of this Warrant to Purchase Common Stock (this “Warrant”).

 

2.                  Exercise of Warrant. The rights represented by
this Warrant may be exercised in whole or in part at any time during the Exercise Period, by delivery of the following to the Company
at its address set forth above (or at such other address as it may designate by notice in writing to the Holder):

 

(a)                An executed Notice of Exercise in the form attached hereto;

 

(b)                Payment of the Exercise Price either (i) in cash or by check, or (ii) by cancellation of indebtedness; and

 

(c)                 This Warrant.

 

Upon the exercise of the rights
represented by this Warrant, a certificate or certificates for the Exercise Shares so purchased, registered in the name of the Holder
or persons affiliated with the Holder, if the Holder so designates, shall be issued and delivered to the Holder within a reasonable time
after the rights represented by this Warrant shall have been so exercised.

 

The person in whose name any
certificate or certificates for Exercise Shares are to be issued upon exercise of this Warrant shall be deemed to have become the holder
of record of such shares on the date on which this Warrant was surrendered and payment of the Exercise Price was made, irrespective of
the date of delivery of such certificate or certificates, except that, if the date of such surrender and payment is a date when the share
transfer books of the Company are closed, such person shall be deemed to have become the holder of such shares at the close of business
on the next succeeding date on which the share transfer books are open.

 

 

 

 

    	 	1	 

     

    

 

2.1             
Nasdaq 20% Share Cap. Notwithstanding anything in
the Note, this Warrant or any Extension Warrant to the contrary, the Company shall not issue, and the Holder may not receive, any shares
of common stock pursuant to the Note, this Warrant or the Extension Warrants, unless prior stockholder approval is obtained, if any such
shares would be deemed to be issued below the Nasdaq “Minimum Price” (as such term is defined in Nasdaq Rule 5635(d).

 

2.2             
Nasdaq Change of Control Share Cap. Notwithstanding
anything in this Note, this Warrant or the Extension Warrants to the contrary, the Company shall not issue, and the Holder may not receive,
any shares of common stock pursuant to the Note, this Warrant or the Extension Warrants, unless prior stockholder approval is obtained,
if the number of shares to be issued to the Holder, when aggregated with all other shares of common stock then owned by the Holder beneficially
or deemed beneficially owned by the Holder, would (i) result in the Holder owning more than the Beneficial Ownership Limitation (as defined
below), as determined in accordance with Section 13 of the Exchange Act of 1934 or (ii) otherwise constitute a Change of Control within
the meaning of Nasdaq Rule 5635(b). The “Beneficial Ownership Limitation” shall be 19.99% of the number of shares of the common
stock outstanding immediately prior to the proposed issuance of shares of common stock.

 

2.3             
Net Exercise. If at the time of exercise hereof there is no effective registration statement
registering, or the prospectus contained therein is not available for the issuance of the Exercise Shares to the Holder, then this Warrant
may also be exercised, in whole or in part, at such time by means of a “cashless exercise.” In such event, if the fair market
value of one of the Shares is greater than the Exercise Price (at the date of calculation as set forth below), in lieu of exercising this
Warrant by payment of cash, the Holder may elect to receive shares equal to the value (as determined below) of this Warrant (or the portion
thereof being canceled) by surrender of this Warrant at the principal office of the Company together with the properly endorsed Notice
of Exercise in which event the Company shall issue to the Holder a number of Shares computed using the following formula:

 

X = Y (A-B)

A

 

	Where    	 X=	the number
of Shares to be issued to the Holder
	 	 	 
		Y =	the number of Shares purchasable under the Warrant or, if only a portion of the Warrant is being exercised,
the portion of the Warrant being canceled (at the date of such calculation)
	 	 	 
		A =	the fair market value of one Share of the Company (at the date of such calculation)
	 	 	 
		B =	Exercise Price (as adjusted to the date of such calculation)

 

For purposes of the above
calculation, the fair market value of one Share shall be determined by the Company’s Board of Directors or similar governing body
in good faith; provided, however, that the fair market value per share shall mean: (x) if traded on a securities exchange or the
NASDAQ National Market, the fair market value of the Shares shall be deemed to be the closing or last reported sale price of the Shares
on such exchange or market on the business day prior to the date of calculation, or (y) if otherwise traded in an over-the-counter market,
fair market value of the Shares shall be deemed to be the average of the closing bid and ask prices of the Shares on the business day
prior to the date of calculation.

 

3.                 Covenants of the Company.

 

3.1               Covenants as to Exercise Shares. The Company covenants
and agrees that all Exercise Shares that may be issued upon the exercise of the rights represented by this Warrant will, upon issuance,
be validly issued and outstanding, and free from all taxes, liens and charges with respect to the issuance thereof.

 

3.2               Notices of Record Date. In the event of any taking
by the Company of a record of the holders of Shares for the purpose of determining the holders thereof who are entitled to receive any
dividend (other than a cash dividend which is the same as cash dividends paid in previous quarters) or other distribution, the Company
shall mail to the Holder, at least ten (10) days prior to the date specified herein, a notice specifying the date on which any such record
is to be taken for the purpose of such dividend or distribution.

 

 

 

 

 

    	 	2	 

     

    

 

4.                  Representations of Holder.

 

4.1               Acquisition of Warrant for Personal Account. The
Holder represents and warrants that it is acquiring the Warrant solely for its account for investment and not with a view to or for sale
or distribution of said Warrant or any part thereof. The Holder also represents that the entire legal and beneficial interests of the
Warrant and Exercise Shares the Holder is acquiring is being acquired for, and will be held for, its account only.

 

4.2               Securities Are Not Registered.

 

(a)                The Holder understands that the Warrant and the Exercise Shares have not been registered under the Securities Act of 1933,
as amended (the “Act”) on the basis that no distribution or public offering of the stock of the Company is to be effected.
The Holder realizes that the basis for the exemption may not be present if, notwithstanding its representations, the Holder has a present
intention of acquiring the securities for a fixed or determinable period in the future, selling (in connection with a distribution or
otherwise), granting any participation in, or otherwise distributing the securities. The Holder has no such present intention.

 

(b)                The Holder recognizes that the Warrant and the Exercise Shares must be held indefinitely unless they are subsequently registered
under the Act or an exemption from such registration is available. The Holder recognizes that the Company has no obligation to register
the Warrant or the Exercise Shares, or to comply with any exemption from such registration.

 

(c)                 The Holder is aware that neither the Warrant nor the Exercise Shares may be sold pursuant to Rule 144 adopted under the Act
unless certain conditions are met, including, among other things, the existence of a public market for the shares, the availability of
certain current public information about the Company, the resale following the required holding period under Rule 144 and the number of
shares being sold during specified periods not exceeding specified limitations. Holder is aware that the conditions for resale set forth
in Rule 144 have not been satisfied and that the Company presently has no plans to satisfy these conditions in the foreseeable future.

 

4.3             
Disposition of Warrant and Exercise Shares.

 

(a)               The Holder further agrees not to make any disposition of all or any part of the Warrant or Exercise Shares in any event unless
and until:

 

(i)               The Company shall have received a letter secured by the Holder from the Securities and Exchange
Commission stating that no action will be recommended to the Commission with respect to the proposed disposition;

 

(ii)              There is then in effect a registration statement under the Act covering such proposed disposition
and such disposition is made in accordance with said registration statement; or

 

(iii)             The Holder shall have notified the Company of the proposed disposition and shall have furnished
the Company with a detailed statement of the circumstances surrounding the proposed disposition, and if reasonably requested by the Company,
the Holder shall have furnished the Company with an opinion of counsel, reasonably satisfactory to the Company, for the Holder to the
effect that such disposition will not require registration of such Warrant or Exercise Shares under the Act or any applicable state securities
laws.

 

(b)              
The Holder understands and agrees that in the event certificates evidencing the shares are issued to the Holder, such certificates
may bear the following or a similar legend:

 

THE SECURITIES REPRESENTED
HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”) AND MAY NOT BE OFFERED, SOLD OR OTHERWISE
TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR UNLESS THE COMPANY HAS RECEIVED AN OPINION
OF COUNSEL SATISFACTORY TO THE COMPANY AND ITS COUNSEL THAT SUCH REGISTRATION IS NOT REQUIRED.

 

 

 

 

 

    	 	3	 

     

    

 

5.                  Adjustment of Exercise Price. In the event of
changes in the outstanding equity interests of the Company by reason of stock dividends, split-ups, recapitalizations, reclassifications,
combinations or exchanges of equity interests, separations, reorganizations, liquidations, or the like, the number of equity interests
available under the Warrant in the aggregate and the Exercise Price shall be correspondingly adjusted to give the Holder of the Warrant,
on exercise for the same aggregate Exercise Price, the total number, class, and kind of equity interests as the Holder would have owned
had the Warrant been exercised prior to the event and had the Holder continued to hold such equity interests until after the event requiring
adjustment. The form of this Warrant need not be changed because of any adjustment in the number of Exercise Shares subject to this Warrant.

 

6.                  Fractional Shares. No fractional shares shall
be issued upon the exercise of this Warrant as a consequence of any adjustment pursuant hereto. All Exercise Shares (including fractions)
issuable upon exercise of this Warrant may be aggregated for purposes of determining whether the exercise would result in the issuance
of any fractional share. If, after aggregation, the exercise would result in the issuance of a fractional share, the Company shall, in
lieu of issuance of any fractional share, pay the Holder otherwise entitled to such fraction a sum in cash equal to the product resulting
from multiplying the then current fair market value of an Exercise Share by such fraction.

 

7.                  Early Termination. In the event of, at any time
during the Exercise Period, any capital reorganization, or any reclassification of the capital stock or equity of the Company (other than
a change in par value or from par value to no par value or no par value to par value or as a result of a stock dividend or subdivision,
split-up or combination of shares); or any consolidation or merger of the Company with or into any other entity or person or any other
reorganization, in which the equity holders of the Company immediately prior to such consolidation, merger or reorganization, own less
than fifty percent (50%) of the Company’s voting power immediately after such consolidation, merger or reorganization; or any transaction
or series of related transactions to which the Company is a party in which in excess of fifty percent (50%) of the Company’s voting
power is sold or otherwise transferred (excluding any consolidation or merger effected exclusively to change the domicile of the Company);
or any sale, lease, exclusive license or other disposition of all or substantially all of the assets of the Company; or any voluntary
or involuntary dissolution, liquidation or winding-up of the Company, the Company shall provide to the Holder ten (10) days advance written
notice of such event, and this Warrant shall terminate unless exercised prior to the date of the occurrence of such event.

 

8.                  No Voting Rights.
This Warrant in and of itself shall not entitle the Holder to any voting rights or other rights as a member of the Company.

 

9.                  Transfer of Warrant. Subject to applicable laws,
the restriction on transfer set forth on the first page of this Warrant, this Warrant and all rights hereunder are transferable, by the
Holder in person or by duly authorized attorney, upon delivery of this Warrant and the form of assignment attached hereto to any transferee
designated by Holder. The transferee shall sign an investment letter in form and substance satisfactory to the Company.

 

10.               Lost, Stolen, Mutilated or Destroyed Warrant.
If this Warrant is lost, stolen, mutilated or destroyed, the Company may, on such terms as to indemnity or otherwise as it may reasonably
impose (which shall, in the case of a mutilated Warrant, include the surrender thereof), issue a new Warrant of like denomination and
tenor as the Warrant so lost, stolen, mutilated or destroyed. Any such new Warrant shall constitute an original contractual obligation
of the Company, whether or not the allegedly lost, stolen, mutilated or destroyed Warrant shall be at any time enforceable by anyone.

 

11.               Notices, etc. All notices required or permitted
hereunder shall be in writing and shall be deemed effectively given: (a) upon personal delivery to the party to be notified, (b) when
sent by confirmed telex, electronic mail or facsimile if sent during normal business hours of the recipient, if not, then on the next
business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid,
or (d) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification
of receipt. All communications shall be sent to the Company at 2100 Central Avenue, Suite 200, Boulder, CO 80301, and to the Holder at
the address(es) set forth on the books and records of the Company or at such other address(es) as the Company or the Holder may designate
by ten (10) days advance written notice to the other parties hereto.

 

12.               Acceptance. Receipt of this Warrant by the Holder
shall constitute acceptance of and agreement to all of the terms and conditions contained herein.

 

13.               Governing Law. This Warrant and all rights, obligations
and liabilities hereunder shall be governed by the laws of the State of Colorado.

 

14.              
Amendment and Waiver. Any term of this Warrant
may be amended or waived with the written consent of the Company and the Holder.

 

 

[Remainder
of Page Intentionally Left Blank]

 

 

 

 

    	 	4	 

     

    

 

 

In
Witness Whereof, the Company has caused this Warrant to be executed by its duly authorized officer effective as of November 14,
2022.

 

	 	AUDDIA INC.
	 	 
	 	By: /s/ Michael Lawless
	 	Name: Michael Lawless
	 	Title: Chief Executive Officer
	 	 
	 	HOLDER:
	 	 
	 	/s/ Richard Minicozzi
	 	(Signature)
	 	Richard Minicozzi       
	 	(Print name)

 

 

 

 

 

 

 

    	 	5	 

     

    

 

NOTICE OF EXERCISE

 

TO:
Auddia Inc.

 

(1)       The
undersigned hereby elects to purchase ___________ [________] shares of Common Stock (the “Shares”) of Auddia Inc. (the
“Company”) pursuant to the terms of the attached Warrant to Common Stock (the “Warrant”), and tenders
herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

 

            The undersigned
hereby elects to purchase ___________ [________] Shares of the Company pursuant to the terms of the net exercise provisions set forth
in Section 2 of the attached Warrant, and shall tender payment of all applicable transfer taxes, if any.

 

(2)       Please
issue a certificate or certificates representing said Shares in the name of the undersigned or in such other name as is specified below:

 

__________________________________

(Name)

 

 

__________________________________

__________________________________

(Address)

 

(3)       The
undersigned represents that (i) the aforesaid Shares are being acquired for the account of the undersigned for investment and not with
a view to, or for resale in connection with, the distribution thereof and that the undersigned has no present intention of distributing
or reselling such Shares; (ii) the undersigned is aware of the Company’s business affairs and financial condition and has acquired
sufficient information about the Company to reach an informed and knowledgeable decision regarding its investment in the Company; (iii)
the undersigned is experienced in making investments of this type and has such knowledge and background in financial and business matters
that the undersigned is capable of evaluating the merits and risks of this investment and protecting the undersigned’s own interests;
(iv) the undersigned understands that the Shares issuable upon exercise of this Warrant have not been registered under the Securities
Act of 1933, as amended (the “Securities Act”), by reason of a specific exemption from the registration provisions
of the Securities Act, which exemption depends upon, among other things, the bona fide nature of the investment intent as expressed herein,
and, because such securities have not been registered under the Securities Act, they must be held indefinitely unless subsequently registered
under the Securities Act or an exemption from such registration is available; (v) the undersigned is aware that the aforesaid Shares may
not be sold pursuant to Rule 144 adopted under the Securities Act unless certain conditions are met and until the undersigned has held
the shares for the period of time prescribed by Rule 144, that among the conditions for use of the Rule is the availability of current
information to the public about the Company and the Company has not made such information available and has no present plans to do so;
and (vi) the undersigned agrees not to make any disposition of all or any part of the aforesaid Shares unless and until there is then
in effect a registration statement under the Securities Act covering such proposed disposition and such disposition is made in accordance
with said registration statement, or the undersigned has provided the Company with an opinion of counsel satisfactory to the Company,
stating that such registration is not required.

 

 

	
     

    (Date)
	
     

    (Signature)

     

    (Print name)

 

 

 

 

 

 

    	 	6	 

     

    

 

ASSIGNMENT FORM

 

(To assign the foregoing Warrant, execute
this form and supply required information. Do not use this form to purchase shares.)

 

For
Value Received, the foregoing Warrant and all rights evidenced thereby are hereby assigned to

 

 

	Name:_____________________________________________________________________________________________________________________
	(Please Print)
	 
	Address:___________________________________________________________________________________________________________________
	(Please Print)
	 
	 
	Dated: ___________, 20__
	 
	Holder’s Signature: __________________________________________

	 
	Holder’s Address: ___________________________________________

	 

 

 

NOTE: The signature to this Assignment
Form must correspond with the name as it appears on the face of the Warrant, without alteration or enlargement or any change whatever.
Officers of companies and those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign
the foregoing Warrant.

 

 

 

 

 

 

 

    	 	7

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