SEC Contract Filing

Filing Date: 2021-06-29

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>3
<FILENAME>grove_ex101.htm
<DESCRIPTION>UNDERWRITING AGREEMENT
<TEXT>
<html><head><title>grove_ex101.htm</title><!--Document created using EDGARMaster--></head><body style="TEXT-ALIGN: justify; FONT: 10pt times new roman; MARGIN-LEFT: 7%; MARGIN-RIGHT: 7%"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>EXHIBIT 10.1</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong><em><u>Execution Copy</u></em></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;&nbsp;&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:center;"><strong>GROVE, INC. </strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:center;"><strong>UNDERWRITING AGREEMENT</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:right;">New York, New York<br>June 23, 2021</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">EF Hutton,</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">division of Benchmark Investments, LLC</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><em>as Representative of the several Underwriters named on Schedule 1 attached hereto<br></em>590 Madison Avenue, 39th Floor</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">New York, NY 10022</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;">Ladies and Gentlemen:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; TEXT-INDENT: 45px; text-align:justify;">The undersigned, Grove, Inc., a corporation formed under the laws of the State of Nevada (the &#8220;<strong>Company</strong>&#8221;), hereby confirms its agreement (this &#8220;<strong>Agreement</strong>&#8221;) with EF Hutton, division of Benchmark Investments, LLC (hereinafter referred to as &#8220;<strong>you</strong>&#8221; (including its correlatives) or the &#8220;<strong>Representative</strong>&#8221;), and with the other underwriters named on Schedule 1 hereto for which the Representative is acting as representative (the Representative and such other underwriters being collectively called the &#8220;<strong>Underwriters</strong>&#8221; or, individually, an &#8220;<strong>Underwriter</strong>&#8221;) as follows:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:justify;"><strong>1. <u>Purchase and Sale of Securities.</u></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 45px; text-align:justify;">1.1 <u>Firm Shares</u>.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; TEXT-INDENT: 90px; text-align:justify;">1.1.1 <u>Nature and Purchase of Firm Shares</u>.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; TEXT-INDENT: 90px; text-align:justify;">(i) On the basis of the representations and warranties herein contained, but subject to the terms and conditions herein set forth, the Company agrees to issue and sell to the several Underwriters, an aggregate of <u>2,200,000</u> shares (&#8220;<strong>Firm Shares</strong>&#8221;) of the Company&#8217;s common stock, par value $0.001 per share (the &#8220;<strong>Common Stock</strong>&#8221;).</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; TEXT-INDENT: 90px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 45px; TEXT-INDENT: 90px; text-align:justify;">(ii) The Underwriters, severally and not jointly, agree to purchase from the Company the number of Firm Shares set forth opposite their respective names on Schedule 1 attached hereto and made a part hereof at a purchase price of $<u>4.60</u> per share (92% of the per Firm Share public offering price) for investors brought through the efforts of the Underwriters, $<u>4.75</u> per share (95% of the per Firm Share public offering price) for investors who have not been brought in by the Underwriters; <u>provided, however</u>, in the event the gross proceeds of the offering are not more than $3 million ($3,000,000), the purchase price of the Firm Shares shall be $<u>4.60</u> per share (92% of the per Firm Share public offering price). The Firm Shares are to be offered initially to the public at the offering price set forth on the cover page of the Prospectus (as defined in <u>Section 2.1.1</u> hereof).</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <