EX1A-3 HLDRS RTS 10 tm2617498d1_ex3-4.htm EXHIBIT 3.4

 

Exhibit 3.4

 

 

IRREVOCABLE POWER OF ATTORNEY

 

by and among

 

[NAME OF STOCKHOLDER]

 

and

 

Richard Gora as Attorneys-in-Fact,

 

and

 

GREENFIELD ROBOTICS CORPORATION (a Delaware corporation)

 

IRREVOCABLE POWER OF ATTORNEY

 

WHEREAS:

 

A.            The undersigned stockholder (the “Selling Stockholder”) of Greenfield Robotics Corporation, a Delaware corporation (the “Company”) wishes to offer common shares of the Company (“Shares”) for sale pursuant to an Offering (as defined below) under which the Selling Stockholder will seek to sell the respective number of shares of Common Stock, par value $0.00001 per share, of the Company (the “Common Stock”) as set forth in Exhibit A attached hereto (the “Offered Shares”);

 

B.            The Selling Stockholder understands that the Company intends to file with the Securities and Exchange Commission (the “Commission”) an Offering Statement on Form 1-A (the “Form 1-A”) under Regulation A of the Securities Act of 1933, as amended (the “1933 Act”) in connection with the offering (the “Offering”) of shares of its Common Stock. The Selling Stockholder has elected to sell the Offered Shares in the Offering if the Offering is completed. Accordingly, the Offering Statement will be qualified under the 1933 Act, covering the Offered Shares to be sold by the Selling Stockholder.

 

C.            The Company may undertake one or more closings (“Closings”) in respect of the Offering on an ongoing basis. After the Company sells Shares from investors (the “Investors”) for gross proceeds in an amount greater than $6 million (the “Company’s Minimum”), 70% of the shares sold to investors in the Offering will be newly issued shares sold by the Company and 30% will be shares sold by selling stockholders on a pro rata basis until all of the shares offered by the selling stockholders have been sold. For clarity at no time may the gross proceeds for Shares sold by the selling stockholders represent greater than 30% of all the gross proceeds received from Investors. After each Closing, funds tendered by Investors will be available to the Company and the selling stockholders including the Selling Stockholder in their pro rata amount, if any. For the avoidance of doubt, with respect to the Selling Stockholder, “pro rata basis” means that portion that the Selling Stockholder may sell of the total shares being offered by all selling stockholders in the Offering expressed as a percentage where the numerator is the total number of shares being offered by the Selling Stockholder divided by the total number of shares being offered by all selling stockholders as set forth in the Offering Statement.

 

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D.            The Selling Stockholder, by executing and delivering this Irrevocable Power of Attorney (this “Agreement”), confirms the Selling Stockholder’s willingness and intent to sell the Offered Shares in the Offering if it is completed.

 

E.            The Selling Stockholder hereby acknowledges receipt in electronic format of [(i)] a form of the subscription agreement to be executed by Investors and the Company[, and (ii) the Offering Statement as originally filed and all amendments thereto, including a copy of the Preliminary Offering Circular, to be used in connection with the Offering]. The Selling Stockholder understands that the subscription agreement is subject to revision before execution, with such changes as the Attorneys-in-Fact or any of them deems appropriate (including with respect to the 1933 Act and is subject to amendment.

 

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NOW THEREFORE to induce the Company to enter into the Offering and to secure their performance, the Selling Stockholder agrees as follows:

 

1. Appointment of Attorneys-in-Fact; Grant of Authority. For purposes of effecting the sale of the Offered Shares pursuant to the Offering, the Selling Stockholder irrevocably makes, constitutes and appoints Richard Gora the true and lawful agent and attorney-in- fact of the Selling Stockholder (the “Attorney-in-Fact”), with full power and authority, subject to the terms and provisions hereof, to act hereunder, individually, and the Selling Stockholder hereby ratifies and confirms all that such Attorney-in-Fact shall do pursuant to this Agreement) in his or her sole discretion (it being understood and agreed that such Attorney-in-Fact may, unless otherwise specified herein, act individually), all as hereinafter provided, in the name of and for and on behalf of the Selling Stockholder, as fully as could the Selling Stockholder if present and acting in person, with respect to the following matters in connection with and necessary and incident to the qualification and sale of the Selling Stockholder’s Shares in the Offering:

 

(a)to authorize and direct the Company, and any escrow agent (“Escrow Agent”) or transfer agent (“Transfer Agent”) acting on behalf of the Company and any other person or entity to take any and all actions as may be necessary or deemed to be advisable by the Attorney-in-Fact to effect the sale, transfer and disposition of any or all of the Selling Stockholder’s Offered Shares in the Offering as the Attorney-in-Fact may, in his or her sole discretion, determine, including to direct the Escrow Agent or Transfer Agent with respect to:

 

(i)the transfer on the stock record books of the Company of the Offered Shares in order to effect such sale (including the names in which the Offered Shares are to be issued and the denominations thereof);

 

(ii)the delivery of the Offered Shares to Investors with, if necessary, appropriate stock powers or other instruments of transfer duly endorsed or in blank against receipt by the Company of the purchase price to be paid therefor;

 

(iii)the payment by the Company (which payment may be made out of the proceeds of any sale of the Offered Shares) of the expenses1 to be borne by the Selling Stockholder pursuant to the Offering; and

 

(iv)the remittance to the Selling Stockholder of the balance of the proceeds from any sale of the Offered Shares.

 

(b)to prepare, execute and deliver any and all documents (the “Offering Documents”) on behalf of the Selling Stockholder with respect to the Offering, with such insertions, changes, additions or deletions therein as the Attorneys-in-Fact or any of them, in their sole discretion, may determine to be necessary or appropriate (which may include a decrease, but not an increase, in the number of Offered Shares to be sold by the Selling Stockholder), and containing such terms as such Attorneys-in-Fact or any of them, shall determine, including the public offering price per share, the purchase price per share to be paid by Investors, and provisions concerning the Offering (it being understood that the legal opinions, officers’ certificates and other documents to be delivered pursuant to the Offering have not, at the date hereof, been negotiated) the execution and delivery of such documents by any Attorney-in-Fact to be conclusive evidence with respect to his or her approval thereof, including the making of all representations and agreements to be made by, and the exercise of all authority thereunder vested in, the Selling Stockholder, and to carry out and comply with each and all of the provisions of the Offering Documents.

 

 

1 Expenses payable by the Selling Stockholder will consist of payments to StartEngine Primary LLC, a licensed broker-dealer, representing a 4.0% commission on gross proceeds from the sales of Offered Shares in the Offering, in exchange for them performing broker-dealer administrative and compliance related functions in connection with the Offering[ and [copy Legal Expense Reimbursement]. The Company shall bear all other expenses of the Offering unless otherwise agreed with the Selling Stockholder in writing.

 

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(c)to take any and all actions that may be necessary or deemed to be advisable by the Attorney-in- Fact in his or her sole discretion, with respect to the Offering, including, without limitation, approval of amendments or supplements to the Form 1-A or any offering circular, the execution, acknowledgment and delivery of any certificates, documents, undertakings, representations, agreements and consents, which may be required by the Commission, appropriate authorities of states or other jurisdictions or legal counsel or such certificates, documents, undertakings, representations, agreements and consents as may otherwise be necessary or appropriate in connection with the qualification or registration of the Common Shares of the Company under Regulation A of the 1933 Act, the Securities Exchange Act of 1934, as amended (the “1934 Act”), or the securities or blue sky laws of the various states and foreign jurisdictions or necessary to facilitate sales of the Offered Shares;

 

(d)to take or cause to be taken any and all further actions, and to execute and deliver, or cause to be executed and delivered, any and all such certificates, instruments, reports, contracts, orders, receipts, notices, requests, applications, consents, undertakings, powers of attorney, instructions, certificates, letters and other writings, including communications to the Commission, documents, stock certificates and share powers and other instruments of transfer and closing as may be required to complete the Offering or as may otherwise be necessary or deemed to be advisable or desirable by the Attorney-in-Fact in connection therewith, with such changes or amendments thereto as the Attorney-in-Fact may, in his or her sole discretion, approve (such approval to be evidenced by his or her signature thereof), as may be necessary or deemed to be advisable or desirable by the Attorney-in-Fact to effectuate, implement and otherwise carry out the transactions contemplated by the Offering and this Agreement, or as may be necessary or deemed to be advisable or desirable by the Attorney-in-Fact in connection with the qualification or registrations of the Common Shares of the Company, pursuant to Regulation A of the 1933 Act, the 1934 Act or the securities or blue sky laws of the various states and foreign jurisdictions, the sale of the Shares to the Underwriters or the public offering thereof;

 

(e)if necessary, to endorse (in blank or otherwise) on behalf of the Selling Stockholder any certificate or certificates representing the Offered Shares that may be issued, whether in connection with the Offering or otherwise, or a stock power or powers attached to such certificate or certificates.

 

The execution of this Agreement shall not in any manner revoke, in whole or in part, any power of attorney that the Selling Stockholder has previously executed.

 

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2. Sole Authority of Attorney-in-Fact and the Company. The Selling Stockholder agrees that each and any Attorney-in-Fact has the sole authority to agree with the Company (including any pricing or similar committee established by the Board of Directors of the Company) upon the price, provided that such price is not less than US$4.93 per share, at which the Shares will be sold to the public under the Offering. The Selling Stockholder further agrees that the Company may withdraw the Form 1-A and terminate the Offering in its sole discretion for any reason whatsoever or for no reason, without any liability to the Selling Stockholder.

 

3. Irrevocability. The Selling Stockholder has conferred and granted the power of attorney and all other authority contained herein for the purpose of completing the Offering and in consideration of the actions of the Company in connection therewith. Therefore, the Selling Stockholder hereby agrees that all power and authority hereby conferred is coupled with an interest and is irrevocable and, to the fullest extent not prohibited by law, shall not be terminated by any act of the Selling Stockholder or by operation of law or by the occurrence of any event whatsoever, including, without limitation, the death, disability, incapacity, revocation, termination, liquidation, dissolution, bankruptcy, dissolution of marital relationship or insolvency of the Selling Stockholder (or if more than one, either or any of them) or any similar event (including, without limiting the foregoing, the termination of any trust or estate for which the Selling Stockholder is acting as a fiduciary or fiduciaries, the death or incapacity of one or more trustees, guardians, executors or administrators under such trust or estate, or the dissolution or liquidation of any corporation, partnership or other entity). If, after the execution of this Agreement, any such event shall occur before the completion of the transactions contemplated by the Form 1-A and/or this Agreement, the Attorney-in-Fact and any Transfer Agent and Escrow Agent are nevertheless authorized and directed to complete all of such transactions, including the delivery of the Selling Stockholder’s Shares to be sold in the Offering, as if such event had not occurred and regardless of notice thereof.

 

4. Representations, Warranties and Agreements. The Selling Stockholder represents and warrants to the Company that the following representations and warranties are true and complete in all material respects as of the date hereof, as of the date of qualification of the Form 1-A by the Commission, and as of each Closing, except as otherwise indicated. For purposes of this Agreement, an individual shall be deemed to have “knowledge” of a particular fact or other matter if such individual is actually aware of such fact. An entity will be deemed to have “knowledge” of a particular fact or other matter if one of such entity’s current officers, directors, managing member or any officer or director thereof, general partner or any officer or director thereof, or similar person of authority with respect to such Selling Stockholder has, or at any time had, actual knowledge of such fact or other matter:

 

(a)Authorization of Agreement. Selling Stockholder has all necessary power and authority, including corporate, under all applicable provisions of law to execute and deliver this Agreement and to perform its obligations hereunder. This Agreement is a valid and binding obligation of Selling Stockholder, enforceable in accordance with its terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium or other laws of general application affecting enforcement of creditors’ rights, (ii) as limited by general principles of equity that restrict the availability of equitable remedies, and (iii) to the extent the indemnification provisions contained herein may be limited by federal or state securities laws.

 

(b)Title to the Shares. Selling Stockholder is the lawful owner of the Offered Shares, with good and marketable title thereto, and the Selling Stockholder has the absolute right to sell, assign, convey, transfer and deliver such Offered Shares and any and all rights and benefits incident to the ownership thereof, all of which rights and benefits are transferable by the Selling Stockholder to Investors, free and clear of all the following (collectively called “Claims”) of any nature whatsoever: security interests, liens, pledges, claims (pending or threatened), charges, escrows, encumbrances, lock-up arrangements, options, rights of first offer or refusal, community property rights, mortgages, indentures, security agreements or other agreements, arrangements, contracts, commitments, understandings or obligations, whether written or oral and whether or not relating in any way to credit or the borrowing of money. Delivery to Investors of such Offered Shares, upon payment therefor, will (i) pass good and marketable title to such Offered Shares to the relevant Investor(s), free and clear of all Claims, and (ii) convey, free and clear of all Claims, any and all rights and benefits incident to the ownership of such Offered Shares.

 

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(c)No Filings. No order, license, consent, authorization or approval of, or exemption by, or action by or in respect of, or notice to, or filing or registration with, any governmental body, agency or official is required by or with respect to the Selling Stockholder in connection with the acceptance, delivery and performance by the Selling Stockholder of this Agreement or the sale and delivery of the Offered Shares of such Selling Stockholder being sold in the Offering, except (i) for such filings as may be required under Regulation A of the 1933 Act, or under any applicable state securities laws, (ii) for such other filings and approvals as have been made or obtained, or (iii) where the failure to obtain any such order, license, consent, authorization, approval or exemption or give any such notice or make any filing or registration would not have a material adverse effect on the ability of the Selling Stockholder to perform its obligations hereunder and the transactions contemplated hereby.

 

(d)No Litigation. There is no action, suit, proceeding, judgment, claim or investigation pending, or to the knowledge of the Selling Stockholder, threatened against the Selling Stockholder which could reasonably be expected in any manner to challenge or seek to prevent, enjoin, alter or materially delay any of the transactions contemplated by this Agreement.

 

(e)Non-Public Information. Selling Stockholder is not selling its Shares “on the basis of” (as defined in Rule 10b5-1 of the Exchange Act) any material, non-public information about the Offered Shares or the Company.

 

(f)Spousal Consent. The Selling Stockholder (if a natural person) has caused his or her spouse to join in and consent to the terms of this Agreement by executing the Consent of Spouse in the form attached hereto as Exhibit B and this reference incorporated herein or, if such Consent of Spouse is unsigned, the Selling Stockholder (if a natural person) has no spouse.

 

(g)Subsequent POA. Any subsequent power of attorney executed by the Selling Stockholder will expressly provide that the execution of such power of attorney will not revoke this Agreement.

 

The foregoing representations, warranties and agreements are for the benefit of and may be relied upon by the Attorney-in-Fact, the Company, any Transfer Agent, any Escrow Agent and their respective legal counsel.

 

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5. Release. Subject to the provisions of Section 7 hereof, the Selling Stockholder hereby agrees to release and does release each Attorney-in-Fact and any Escrow Agent and Transfer Agent from any and all liabilities, joint or several, to which they may become subject insofar as such liabilities (or action in respect thereof) arise out of or are based upon any action taken or omitted to be taken, including but not limited to not proceeding with the Offering for any reason whatsoever, by the Attorney-in- Fact, any Escrow Agent or Transfer Agent pursuant hereto, except for their gross negligence, willful misconduct or bad faith.

 

6. Waiver. Subject to the provision of Section 7 hereof, the Selling Stockholder acknowledges and agrees that, by accepting payment for the Offered Shares purchased by Investors, the Selling Stockholder forever releases and discharges the Company and its heirs, successors and assigns from any and all claims whatsoever that the Selling Stockholder now has, or may have in the future, arising out of, or related to the Offered Shares.

 

7. Indemnification.

 

(a)The Selling Stockholder agrees to indemnify and hold harmless each Attorney-in-Fact, any Escrow Agent, and any Transfer Agent and their respective officers, directors, agents, successors, assigns and personal representatives with respect to any act or omission of or by any of them in good faith in connection with any and all matters contemplated by this Agreement.

 

(b)Each indemnified party shall give notice as promptly as reasonably practicable to each indemnifying party of any action commenced against it in respect of which indemnity may be sought hereunder, but failure to so notify an indemnifying party shall not relieve such indemnifying party from any liability hereunder to the extent it is not materially prejudiced as a result thereof and in any event shall not relieve it from any liability that it may have otherwise than on account of this indemnity agreement. An indemnifying party may participate at its own expense in the defense of any such action; provided, however, that counsel to the indemnifying party shall not (except with the consent of the indemnified party) also be counsel to the indemnified party. In no event shall the indemnifying parties be liable for fees and expenses of more than one counsel (in addition to any local counsel) separate from their own counsel for all indemnified parties in connection with any one action or separate but similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances. No indemnifying party shall, without the prior written consent of the indemnified parties (which consent shall not be unreasonably withheld), settle or compromise or consent to the entry of any judgment with respect to any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever in respect of which indemnification could be sought under this Section 7 (whether or not the indemnified parties are actual or potential parties thereto), unless such settlement, compromise or consent (i) includes an unconditional release of each indemnified party from all liability arising out of such litigation, investigation, proceeding or claim and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party.

 

8. Termination. This Agreement shall terminate upon the earliest to occur of:

 

(a)the date, if any, on which the Form 1-A is withdrawn from the Commission; and

 

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(b)the date on which the final Closing (to be determined in sole discretion of the Company) in respect of the Offering in which Offered Shares are to be sold is consummated and the proceeds have been distributed to the Selling Stockholder, whether or not all the Offered Shares owned by the Selling Stockholder are sold in the Offering, subject, however, to all lawful action done or performed by any Attorney-in-Fact or any Escrow Agent or Transfer Agent pursuant hereto prior to the termination of this Agreement.

 

Notwithstanding any such termination, the representations, warranties and covenants of the Selling Stockholder contained herein and the provisions of Sections 5, 6 and 7 hereof shall survive the sale and delivery of the Offered Shares and the termination of this Agreement and remain in full force and effect. Following any termination of this Agreement, each Attorney-in-Fact, any Escrow Agent and any Transfer Agent shall have no further responsibilities or liabilities to the Selling Stockholder hereunder except to redeliver to the Selling Stockholder its Offered Shares not sold in the Offering and to distribute to the Selling Stockholder its portion of the net proceeds of the Offering, if any.

 

9. Notices. Any notice required to be given pursuant to this Agreement shall be deemed given if in writing and delivered in person, or if given by telephone or telegraph if subsequently confirmed by letter:

 

(a)to Richard Gora, as Attorney-in-Fact, at [Address].

 

(b)to the Company at [ADDRESS].

 

(c)to the Selling Stockholder at the addresses set forth in the stock records of the Company.

 

10. Applicable Law. The validity, enforceability, interpretation and construction of this Agreement shall be determined in accordance with the substantive laws of the State of Florida.

 

11. Binding Effect. All authority herein conferred or agreed to be conferred shall survive the death, disability or incapacity of the Selling Stockholder, and this Agreement shall inure to the benefit of, and shall be binding upon, each Attorney-in-Fact, the Selling Stockholder and the Selling Stockholder’s heirs, executors, administrators, successors and assigns. Any Escrow Agent, Transfer Agent, the Company and all other persons dealing with the Attorney-in-Fact as such may rely and act upon any writing believed in good faith to be signed by an Attorney-in-Fact.

 

12. Recitals. The recitals to this Agreement are incorporated herein by reference and shall be deemed to be a part of this Agreement.

 

13. Counterparts. This Agreement may be signed in any number of counterparts, each of which constituting an original but all of which together constituting one instrument.

 

14. Electronic Signature. This Agreement and any other certificates, documents, undertakings, representations, agreements or consents contemplated hereby or delivered in connection herewith, including, without limitation, the Purchase Agreement, may be executed by an electronic signature or electronic transmission as permitted under applicable law or regulation, and shall be deemed to be written, signed and dated for purposes of execution.

 

15. Partial Unenforceability. In case any provision in this Agreement shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

[SIGNATURE PAGE FOLLOWS]

 

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This Irrevocable Power of Attorney has been entered into as of ________________.

 

UNDERSIGNED

 

Very truly yours,  
[STOCKHOLDER]  
   
By:  
   
Name:  
Title:  

 

ATTORNEY-IN-FACT

 

Richard Gora hereby accepts the appointment as Attorney-in-Fact pursuant to the foregoing Irrevocable Power of Attorney and agrees to abide by and act in accordance with the terms of said Agreement.

 

Dated as of _________________  
   
   
Name: Richard Gora  

 

[______________________] hereby accepts the appointment as Attorney-in-Fact pursuant to the foregoing Irrevocable Power of Attorney and agrees to abide by and act in accordance with the terms of said Agreement.

 

Dated as of _________________  
   
   
Name: [_____________]  

 

GREENFIELD ROBOTIC CORPORATION

 

This Irrevocable Power of Attorney has been entered into as of _______________.

 

GREENFIELD ROBOTICS CORPORATION  
   
By:  
   
Name: Nandan Kalle  
Title: Chief Executive Officer  

 

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EXHIBIT A

 

OFFERED SHARES

 

Selling

Stockholder

   Amount Owned Prior to the
Offering		   Amount Offered by Selling
Stockholder
         
[NAME]   xxxxxxx   xxxxxxx

 

For Non Individual Holders:

 

Please list the names of all beneficial holders2 of the entity below:

 

 

2 “beneficial owners” is anyone who has sole or shared voting or investment power in respect of the entity. Please see Rule 13d-3 under the securities exchange act for guidance: https://www.law.cornell.edu/cfr/text/17/240.13d-3.

 

 

 

 

EXHIBIT B

 

CONSENT OF SPOUSE

 

I confirm that I am the spouse or another person who has a community property or similar interest in the Offered Stock of the Selling Stockholder, I confirm that I have read and understood the terms of the Irrevocable Power of Attorney and I consent to the terms thereof, including the sale of the shares of Common Stock.

 

Dated as of _________________  
   
   
(Signature of Spouse)  
Name: