Attached files

file filename
EX-1.1 - Glimpse Group, Inc.ex1-1.htm
EX-21.1 - Glimpse Group, Inc.ex21-1.htm
EX-14.1 - Glimpse Group, Inc.ex14-1.htm
EX-10.33 - Glimpse Group, Inc.ex10-33.htm
EX-10.32 - Glimpse Group, Inc.ex10-32.htm
EX-10.31 - Glimpse Group, Inc.ex10-31.htm
EX-10.30 - Glimpse Group, Inc.ex10-30.htm
EX-10.29 - Glimpse Group, Inc.ex10-29.htm
EX-10.28 - Glimpse Group, Inc.ex10-28.htm
EX-10.27 - Glimpse Group, Inc.ex10-27.htm
EX-10.26 - Glimpse Group, Inc.ex10-26.htm
EX-10.25 - Glimpse Group, Inc.ex10-25.htm
EX-10.24 - Glimpse Group, Inc.ex10-24.htm
EX-10.23 - Glimpse Group, Inc.ex10-23.htm
EX-10.22 - Glimpse Group, Inc.ex10-22.htm
EX-10.21 - Glimpse Group, Inc.ex10-21.htm
EX-10.20 - Glimpse Group, Inc.ex10-20.htm
EX-10.19 - Glimpse Group, Inc.ex10-19.htm
EX-10.18 - Glimpse Group, Inc.ex10-18.htm
EX-10.17 - Glimpse Group, Inc.ex10-17.htm
EX-10.16 - Glimpse Group, Inc.ex10-16.htm
EX-10.15 - Glimpse Group, Inc.ex10-15.htm
EX-10.14 - Glimpse Group, Inc.ex10-14.htm
EX-10.12 - Glimpse Group, Inc.ex10-12.htm
EX-10.11 - Glimpse Group, Inc.ex10-11.htm
EX-10.10 - Glimpse Group, Inc.ex10-10.htm
EX-10.9 - Glimpse Group, Inc.ex10-9.htm
EX-10.8 - Glimpse Group, Inc.ex10-8.htm
EX-10.7 - Glimpse Group, Inc.ex10-7.htm
EX-10.6 - Glimpse Group, Inc.ex10-6.htm
EX-10.5 - Glimpse Group, Inc.ex10-5.htm
EX-10.4 - Glimpse Group, Inc.ex10-4.htm
EX-10.3 - Glimpse Group, Inc.ex10-3.htm
EX-10.2 - Glimpse Group, Inc.ex10-2.htm
EX-10.1 - Glimpse Group, Inc.ex10-1.htm
EX-3.2 - Glimpse Group, Inc.ex3-2.htm
EX-3.1 - Glimpse Group, Inc.ex3-1.htm
S-1/A - Glimpse Group, Inc.forms-1a3.htm

 

Exhibit 10.13

 

December 30, 2019

Membit Inc.

315 w36th street ℅ wework

New York, NY 10018

  

Re: Right of First Refusal and Other Agreements

 

The undersigned purchaser (the “Undersigned”) of stock of Membit Inc. (the “Company”) for good and valuable consideration the sufficiency of which is acknowledged, for the benefit of the Company, hereby agrees as follows:

 

1. Company’s Right of First Refusal. Before any shares of the Company (the “Shares”) held by the Undersigned or any transferee (either being sometimes referred to herein as the “Holder”) may be sold or otherwise transferred (including transfer by gift or operation of law), the Company or its assignee(s) shall have a right of first refusal to purchase the Shares on the terms and conditions set forth in this Section 1 (the “Right of First Refusal”).

 

(a) Notice of Proposed Transfer. The Holder of the Shares shall deliver to the Company a written notice (the “Notice”) stating: (i) the Holder’s bona fide intention to sell or otherwise transfer such Shares; (ii) the name of each proposed purchaser or other transferee (“Proposed Transferee”); (iii) the number of Shares to be transferred to each Proposed Transferee; and (iv) the bona fide cash price or other consideration for which the Holder proposes to transfer the Shares (the “Offered Price”), and the Holder shall offer the Shares at the Offered Price to the Company or its assignee(s).

 

(b) Exercise of Right of First Refusal. At any time within thirty (30) days after receipt of the Notice, the Company and/or its assignee(s) may, by giving written notice to the Holder, elect to purchase all, but not less than all, of the Shares proposed to be transferred to any one or more of the Proposed Transferees, at the purchase price determined in accordance with subsection (c) below.

 

(c) Purchase Price. The purchase price (“Purchase Price”) for the Shares purchased by the Company or its assignee(s) under this Section 1 shall be the Offered Price. If the Offered Price includes consideration other than cash, the cash equivalent value of the non-cash consideration shall be determined by the Board of Directors of the Company (the “Board”) in good faith.

 

(d) Payment. Payment of the Purchase Price shall be made, at the option of the Company or its assignee(s), in cash (by check), by cancellation of all or a portion of any outstanding indebtedness of the Holder to the Company (or, in the case of repurchase by an assignee, to the assignee), or by any combination thereof within thirty (30) days after receipt of the Notice or in the manner and at the times set forth in the Notice.

 

(e) Holder’s Right to Transfer. If all of the Shares proposed in the Notice to be transferred to a given Proposed Transferee are not purchased by the Company and/or its assignee(s) as provided in this Section 1, then the Holder may sell or otherwise transfer such Shares to that Proposed Transferee at the Offered Price or at a higher price, provided that such sale or other transfer is consummated within one hundred and twenty (120) days after the date of the Notice, that any such sale or other transfer is effected in accordance with any applicable securities laws and that the Proposed Transferee agrees in writing that the provisions of this Section 1 shall continue to apply to the Shares in the hands of such Proposed Transferee. If the Shares described in the Notice are not transferred to the Proposed Transferee within such period, a new Notice shall be given to the Company, and the Company and/or its assignees shall again be offered the Right of First Refusal before any Shares held by the Holder may be sold or otherwise transferred.

 

 

 

 

(f) Exception for Certain Family Transfers. Anything to the contrary contained in this Section 1 notwithstanding, the transfer of any or all of the Shares during the Holder’s lifetime or on the Holder’s death by will or intestacy to the Holder’s immediate family or a trust for the benefit of the Holder’s immediate family shall be exempt from the provisions of this Section 1. “Immediate Family” as used herein shall mean spouse, lineal descendant or antecedent, father, mother, brother or sister. In such case, the transferee or other recipient shall receive and hold the Shares so transferred subject to the provisions of this Section 1, and there shall be no further transfer of such Shares except in accordance with the terms of this Section 1.

 

(g) Termination of Right of First Refusal. The Right of First Refusal shall terminate as to any Shares upon the earlier of (i) the first sale of Common Stock of the Company to the general public, or (ii) a Change in Control in which the successor corporation has equity securities that are publicly traded.

 

(h) “Change in Control” means the occurrence of any of the following events:

 

(i) Change in Ownership of the Company. A change in the ownership of the Company which occurs on the date that any one person, or more than one person acting as a group (“Person”), acquires ownership of the stock of the Company that, together with the stock held by such Person, constitutes more than 50% of the total voting power of the stock of the Company, except that any change in the ownership of the stock of the Company as a result of a private financing of the Company that is approved by the Board will not be considered a Change in Control; or

 

(ii) Change in Effective Control of the Company. If the Company has a class of securities registered pursuant to Section 12 of the Exchange Act, a change in the effective control of the Company which occurs on the date that a majority of members of the Board is replaced during any twelve (12) month period by Directors whose appointment or election is not endorsed by a majority of the members of the Board prior to the date of the appointment or election. For purposes of this clause (ii), if any Person is considered to be in effective control of the Company, the acquisition of additional control of the Company by the same Person will not be considered a Change in Control; or

 

(iii) Change in Ownership of a Substantial Portion of the Company’s Assets. A change in the ownership of a substantial portion of the Company’s assets which occurs on the date that any Person acquires (or has acquired during the twelve (12) month period ending on the date of the most recent acquisition by such person or persons) assets from the Company that have a total gross fair market value equal to or more than 50% of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition or acquisitions. For purposes of this subsection (iii), gross fair market value means the value of the assets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets.

 

 

 

 

For purposes of this Section 1(h), persons will be considered to be acting as a group if they are owners of a corporation that enters into a merger, consolidation, purchase or acquisition of stock, or similar business transaction with the Company.

 

Notwithstanding the foregoing, a transaction will not be deemed a Change in Control unless the transaction qualifies as a change in control event within the meaning of Code Section 409A, as it has been and may be amended from time to time, and any proposed or final Treasury Regulations and Internal Revenue Service guidance that has been promulgated or may be promulgated thereunder from time to time.

 

Further and for the avoidance of doubt, a transaction will not constitute a Change in Control if: (i) its sole purpose is to change the jurisdiction of the Company’s incorporation, or (ii) its sole purpose is to create a holding company that will be owned in substantially the same proportions by the persons who held the Company’s securities immediately before such transaction.

 

2. Restrictive Legends and Stop-Transfer Orders.

 

(a) Legends. Holder understands and agrees that the Company shall cause the legends set forth below or legends substantially equivalent thereto, to be placed upon any certificate(s) evidencing ownership of the Shares together with any other legends that may be required by the Company or by state or federal securities laws:

 

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, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR, IN THE OPINION OF COUNSEL SATISFACTORY TO THE ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS IN COMPLIANCE THEREWITH.

 

THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AND A RIGHT OF FIRST REFUSAL HELD BY THE ISSUER OR ITS ASSIGNEE(S) AS SET FORTH IN THE LETTER AGREEMENT BETWEEN THE ISSUER AND THE HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER. SUCH TRANSFER RESTRICTIONS AND RIGHT OF FIRST REFUSAL ARE BINDING ON TRANSFEREES OF THESE SHARES.

 

THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER FOR A PERIOD OF TIME FOLLOWING THE EFFECTIVE DATE OF THE UNDERWRITTEN PUBLIC OFFERING OF THE COMPANY’S SECURITIES SET FORTH IN AN AGREEMENT BETWEEN THE ISSUER AND THE HOLDER OF THESE SHARES AND MAY NOT BE SOLD OR OTHERWISE DISPOSED OF BY THE HOLDER PRIOR TO THE EXPIRATION OF SUCH PERIOD WITHOUT THE CONSENT OF THE COMPANY OR THE MANAGING UNDERWRITER.

 

 

 

 

(b) Stop-Transfer Notices. Holder agrees that, in order to ensure compliance with the restrictions referred to herein, the Company may issue appropriate “stop transfer” instructions to its transfer agent, if any, and that, if the Company transfers its own securities, it may make appropriate notations to the same effect in its own records.

 

(c) Refusal to Transfer. The Company shall not be required (i) to transfer on its books any Shares that have been sold or otherwise transferred in violation of any of the provisions of this letter agreement or (ii) to treat as owner of such Shares or to accord the right to vote or pay dividends to any purchaser or other transferee to whom such Shares shall have been so transferred.

 

3. Successors and Assigns. The Company may assign any of its rights under this letter agreement to single or multiple assignees, and this letter agreement shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set forth, this letter agreement shall be binding upon Holder and his or her heirs, executors, administrators, successors and assigns.

 

4. Governing Law; Severability. This letter agreement is governed by the internal substantive laws, but not the choice of law rules, of California. In the event that any provision hereof becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, this letter agreement shall continue in full force and effect.

 

      The Glimpse Group
         
      By: /s/ Maydan Rothblum
      Name:   Maydan Rothblum
      Title: CFO & COO
         
Acknowledged and agreed:      
       
Membit Inc.      
       
By:  /s/ Jay Van Buren      
  Jay Van Buren      
  Chief Executive Officer