<SEC-DOCUMENT>0001493152-22-030773.txt : 20221107
<SEC-HEADER>0001493152-22-030773.hdr.sgml : 20221107
<ACCEPTANCE-DATETIME>20221107083124
ACCESSION NUMBER:		0001493152-22-030773
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20221107
DATE AS OF CHANGE:		20221107

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMMO, INC.
		CENTRAL INDEX KEY:			0001015383
		STANDARD INDUSTRIAL CLASSIFICATION:	ORDNANCE & ACCESSORIES, (NO VEHICLES/GUIDED MISSILES) [3480]
		IRS NUMBER:				300957912
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13101
		FILM NUMBER:		221363860

	BUSINESS ADDRESS:	
		STREET 1:		7681 E. GRAY RD
		STREET 2:		SCOTTSDALE
		CITY:			SCOTTSDALE
		STATE:			AZ
		ZIP:			85260
		BUSINESS PHONE:		480-947-0001

	MAIL ADDRESS:	
		STREET 1:		7681 E. GRAY RD
		STREET 2:		SCOTTSDALE
		CITY:			SCOTTSDALE
		STATE:			AZ
		ZIP:			85260

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	RETROSPETTIVA INC
		DATE OF NAME CHANGE:	19970602
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Washington,
DC 20549</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>FORM
8-K</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CURRENT
REPORT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date
of Report (Date of earliest event reported): November 3, 2022</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B><FONT STYLE="text-decoration: underline">AMMO,
INC.</FONT></B></FONT></P>

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name of registrant as specified in its charter)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">incorporation
    or organization)</FONT></P></TD>
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                                            Employer</FONT></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7681
E. Gray Rd.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><FONT STYLE="text-decoration: underline">Scottsdale,
Arizona 85260</FONT></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><FONT STYLE="text-decoration: underline">(480)
947-0001</FONT></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Registrant&#8217;s
telephone number, including area code)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Former
name or former address, if changed since last report)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-commencement
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
registered pursuant to Section 12(b) of the Act:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    of each class</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
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    Symbol(s)</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common
    Stock, $0.001 par value</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">POWW</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Nasdaq Stock Market LLC (Nasdaq Capital Market)</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.75%
    Series A Cumulative Redeemable Perpetual Preferred Stock, $0.001 par value</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">POWWP</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Nasdaq Stock Market LLC (Nasdaq Capital Market)</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging
growth company &#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. &#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
1.01. Entry into a Material Definitive Agreement.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 3, 2022, AMMO, Inc. (the &#8220;<B><I>Company</I></B>&#8221;) entered into a Settlement Agreement (the &#8220;<B><I>Settlement
Agreement</I></B>&#8221;) with Steven F. Urvan and Susan T. Lokey (collectively with each of their respective affiliates and associates,
the &#8220;<B><I>Urvan Group</I></B>&#8221;).</FONT></P>

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to the Settlement Agreement, the Urvan Group has agreed to withdraw its notice of stockholder nomination of its seven director candidates
(the &#8220;<B><I>Urvan Candidates</I></B>&#8221;) and its demand to inspect books and records, pursuant to Section 220 of the General
Corporation Law of the State of Delaware, and the Company agreed to immediately increase the size of the Board from seven to nine directors
and appoint Christos Tsentas and Wayne Walker (each, a &#8220;<B><I>New Director</I></B>&#8221; and the New Directors together with Mr.
Urvan, the &#8220;<B><I>Urvan Group Directors</I></B>&#8221;) to the Board to serve as directors with terms expiring at the 2022 annual
meeting of stockholders (the &#8220;<B><I>2022 Annual Meeting</I></B>&#8221;). The Company will include the Urvan Group Directors in
its director candidates slate for the 2022 Annual Meeting and any subsequent annual meeting of stockholders of the Company occurring
prior to the Termination Date (as defined below). The Company has agreed to not increase the size of the Board above nine directors prior
to the Termination Date unless the increase is approved by at least seven directors. Mr. Wagenhals will continue to serve as a director
and Chairman of the Board.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the terms of the Settlement Agreement, the Board will immediately form a new committee of the Board charged with planning the
succession of Fred Wagenhals as Chief Executive Officer (&#8220;<B><I>CEO</I></B>&#8221;) of the Company with the assistance of a
nationally recognized search firm (the &#8220;<B><I>CEO Succession Committee</I></B>&#8221;). The CEO Succession Committee will
consist of four directors. Concurrently with the New Directors&#8217; appointments to the Board, the Board will appoint Mr.
Urvan, one New Director (to be chosen by the Urvan Group) and two directors who are not Urvan Group Directors or the CEO to
the CEO Succession Committee. The chair of the committee will be a director who is not an Urvan Group Director. Upon the CEO
Succession Committee&#8217;s selection of a new CEO candidate, and subject to the Board&#8217;s fiduciary duties under applicable
law, the Board will promptly appoint the selected candidate as the new CEO, and one incumbent director who is not an Urvan Group
Director will resign from the Board to create a vacancy for the new CEO&#8217;s immediate appointment to the Board upon his or her
appointment as the new CEO.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until
the Termination Date, and subject to applicable law and stock exchange rules, the Board and all applicable committees will take all actions
necessary to promptly appoint each New Director to at least one standing committee of the Board. The Board will, in accordance with its
customary governance processes, give each of the Urvan Group Directors the same due consideration for membership on any committee of
the Board as any other independent director with similar relevant expertise and qualifications.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until
the Termination Date and as long as Mr. Urvan&#8217;s net long position remains at or above 10% of the outstanding shares of the Company&#8217;s
common stock, par value $0.001 per share (the &#8220;<B><I>Common Stock</I></B>&#8221;) and 11,729,976 shares of Common Stock
(subject to adjustment for stock splits, reclassifications, combinations, and recapitalizations) (the &#8220;<B><I>Ownership Minimum
Requirement</I></B>&#8221;), in the event any Urvan Group Director ceases to be a director or is no longer able to serve as a director
of the Company for any reason, Mr. Urvan shall be entitled to designate a candidate for replacement for such Urvan Group Director (a
&#8220;<B><I>Replacement Director</I></B>&#8221;), subject to the prompt approval of the Board (which approval shall not be unreasonably
withheld). Any Replacement Director must qualify as an &#8220;independent director&#8221; under applicable rules of the Securities and
Exchange Commission (the &#8220;<B><I>SEC</I></B>&#8221;), the rules of any stock exchange on which the Company is traded and applicable
governance policies of the Company.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Settlement Agreement, the Company will suspend the previously announced separation of Company into Action Outdoor Sports, Inc.
and Outdoor Online, Inc., pending the further evaluation of strategic options by the Board.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Urvan Group and the Company have agreed to use their reasonable best efforts to work together to terminate contracts, agreements, arrangements,
and shared services between the Company and its subsidiaries, on the one hand, and any entities under the direct or indirect ownership
or control of the Urvan Group or its affiliates, on the other hand, subject to limited exceptions.</FONT></P>

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Settlement Agreement further provides, among other things, that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
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<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    Urvan Group will be subject to customary standstill restrictions, including, among others, with respect to acquiring beneficial ownership
    of more than 18.5% of the shares of Common Stock in the aggregate (subject to adjustment for stock splits, reclassifications, combinations,
    and recapitalizations), proxy solicitation and related matters, extraordinary transactions and other changes, each of the foregoing
    subject to certain exceptions;</FONT></TD></TR>

<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    Urvan will deliver to the Company an executed irrevocable resignation letter, which provides that Mr. Urvan will tender his resignation
    as a director if Mr. Urvan&#8217;s and his affiliates&#8217; aggregate net long position falls below the Ownership Minimum Requirement;</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">until
    the Termination Date, the Urvan Group will vote all shares of Common Stock beneficially owned by it and over which
    it has direct or indirect voting power in accordance with the Board&#8217;s recommendations with respect to (i) the election, removal
    or replacement of directors of the Company and (ii) any other proposal submitted to shareholders; provided, however, that in the
    event that Institutional Shareholder Services Inc. (&#8220;<B><I>ISS</I></B>&#8221;) or Glass Lewis &amp; Co., LLC (&#8220;<B><I>Glass
    Lewis</I></B>&#8221;) recommends otherwise with respect to any proposals (other than with respect to the election, removal or replacement
    of directors), the Urvan Group will be permitted to vote in accordance with the ISS or Glass Lewis recommendation; provided, further,
    that the Urvan Group will be permitted to vote in its sole discretion with respect to any extraordinary transaction;</FONT></TD></TR>

<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    Company and the Urvan Group will not make any public or private disparaging statements about the other, subject to certain exceptions;</FONT></TD></TR>

<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">during
    the term of the Settlement Agreement, the Board or any committee thereof, in the exercise of its fiduciary duties, may recuse Mr.
    Urvan from any portion of a Board or committee meeting, and restrict access to information of the Company, to the extent relating
    to (i) the exercise of any of the Company&#8217;s rights or enforcement of any of the obligations under the Settlement Agreement,
    (ii) any action taken in respect of or in response to actions taken or proposed by the Urvan Group or its affiliates, in each case,
    with respect to the Company or its affiliates, or (iii) any proposed transaction between the Company or any of its affiliates and
    the Urvan Group;</FONT></TD></TR>

<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
    the event that Mr. Urvan is no longer a director on the Board, and any of the Urvan Group Directors are still serving as directors
    on the Board, the Urvan Group Directors will not be permitted to share the Company&#8217;s confidential information with Mr. Urvan,
    the Urvan Group or its representatives, without the Board&#8217;s prior written consent; and</FONT></TD></TR>

<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    Company will reimburse the Urvan Group for documented out-of-pocket costs, fees and expenses incurred in connection with its engagement
    with the Company, the negotiation and execution of the Settlement Agreement and related matters, in an amount not to exceed $500,000.</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Settlement Agreement, Mr. Urvan and Ms. Lokey have delivered letters of resignation from their respective positions of employment
with the Company to be effective the later of (i) the conclusion of the 2022 Annual Meeting and (ii) December 31, 2022. The Company agreed
to disclose in a press release the end of the investigation into Ms. Lokey and Mr. Urvan previously announced on September 6, 2022. Mr.
Urvan will remain on the Board.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
otherwise mutually agreed to in writing by each party, the Settlement Agreement will remain in effect until the date that is the earlier
of (i) 30 days prior to the earlier of (A) the deadline set forth in the notice requirements of Federal &#8220;Universal Proxy Rules&#8221;
promulgated under Rule 14a-19(a) and Rule 14a-19(b) under the Securities Exchange Act of 1934, as amended (the &#8220;<B><I>UPR Deadline</I></B>&#8221;)
relating to the Company&#8217;s 2023 annual meeting of stockholders (the &#8220;<B><I>2023 Annual Meeting</I></B>&#8221;) and (B) any
deadline that may be set forth in the Company&#8217;s Amended and Restated Certificate of Incorporation (as amended from time to time,
the &#8220;<B><I>Certificate</I></B>&#8221;) or Bylaws (the &#8220;<B><I>Bylaws</I></B>&#8221;) following the execution of the Settlement
Agreement relating to the nomination of director candidates for election to the Board at the 2023 Annual Meeting, and (ii) 90 days prior
to the first anniversary of the 2022 Annual Meeting (such date, the &#8220;<B><I>Termination Date</I></B>&#8221;). However, if the Company
notifies Mr. Urvan in writing at least 15 days prior to such Termination Date that the Board irrevocably offers to re-nominate the Urvan
Group Directors for election at the 2023 Annual Meeting and Mr. Urvan accepts such offer within 15 days of receipt of such notice, the
Termination Date will be automatically extended until the earlier of (i) 30 days prior to the earlier of (A) the UPR Deadline relating
to the Company&#8217;s 2024 annual meeting of stockholders (the &#8220;<B><I>2024 Annual Meeting</I></B>&#8221;) and (B) any deadline
that may be set forth in the Certificate or the Bylaws following execution of the Settlement Agreement relating to the nomination of
director candidates for election to the Board at the 2024 Annual Meeting, and (ii) 90 days prior to the first anniversary of the 2023
Annual Meeting. Notwithstanding the foregoing, the &#8220;Termination Date&#8221; shall not occur prior to 20 days after Mr. Urvan&#8217;s
departure from the Board.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
foregoing summary of the Settlement Agreement does not purport to be complete and is subject to, and qualified in its entirety, by reference
to the full text of the Settlement Agreement, a copy of which is attached hereto as Exhibit 10.1 and incorporated herein by reference.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of
Certain Officers.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
disclosure set forth in Item 1.01 above of this Form 8-K is hereby incorporated herein by reference. Effective November 3, 2022,
Christos Tsentas and Wayne Walker have been appointed as members of the Board. Messrs. Tsentas and Walker are deemed to qualify as independent
under the director independent standards set forth in the rules and regulations of the SEC and applicable Nasdaq listing standards.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Christos
Tsentas, age 35, serves as a Partner of Albion River LLC, a private direct investment firm, with a focus on aerospace, defense and government
related opportunities since 2020. Earlier, he served as an investment banker at KippsDeSanto &amp; Co., an M&amp;A advisory firm focused
on the aerospace and defense markets, from 2009 to 2015. Mr. Tsentas serves on the board of directors of Magpul Industries Corporation,
a designer and manufacturer of firearms accessories and outdoor lifestyle products. Mr. Tsentas holds a B.S. in Finance and Accounting
from the University of Virginia and an M.B.A. from Columbia Business School.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wayne
Walker, age 63, has served as President of Walker Nell Partners, Inc., an international business consulting firm since its founding
in 2004. Earlier in his career, Mr. Walker served as Partner at ParenteBeard LLC, an accounting firm, from 2001 to 2004 and as Senior
Legal Counsel at E. I. du Pont de Nemours and Company from 1984 to 1998. He currently serves on the boards of directors of Wrap Technologies,
Inc. (NASDAQ: WRAP), a global public safety technology and services company, since 2018 and currently serves as chairman of the board,
Petro Pharmaceuticals, Inc. (NASDAQ: PTPI), a men&#8217;s health company, since 2020, AYRO, Inc. (NASDAQ: AYRO), a designer and producer
of all-electric vehicles, since 2020 and Pitcairn Trust Company, a national advisor to family offices, since 2018. Mr. Walker holds a
B. A. from Loyola University New Orleans and a J.D. from the Columbus School of Law at the Catholic University of America.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

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for the Settlement Agreement and a certain letter agreement between the Company, Mr. Urvan and Ms. Lokey dated as
of the date of the Settlement Agreement,  there is no arrangement or understanding between the Company and either of Messrs.
Tsentas and Walker pursuant to which either of Messrs. Tsentas and Walker was appointed to the Board, and there have been no related
party transactions between the Company and either of Messrs. Tsentas and Walker that would be reportable under Item 404(a) of
Regulation S-K.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
New Directors will receive compensation consistent with the Company&#8217;s compensation program for non-employee directors, as described
in the Company&#8217;s proxy statement, filed with the SEC on September 13, 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
7.01. Regulation FD Disclosure.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 7, 2022, the Company issued a press release announcing the matters addressed above. A copy of the press release is furnished
with this report as Exhibit 99.1.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
information in this Current Report on Form 8-K under Item 7.01 and Exhibit 99.1 attached hereto shall not be deemed &#8220;filed&#8221;
for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the &#8220;<B><I>Exchange Act</I></B>&#8221;), or otherwise
subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of
1933, as amended, or the Exchange Act, except as expressly set forth by specific referencing in such filing. The furnishing of the information
in Item 7.01 of this report and the press release is not intended to, and does not, constitute a determination or admission by the Company
that such information is material or complete, or that investors should consider this information before making an investment decision
with respect to any security of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
9.01. Financial Statements and Exhibits.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
Exhibits.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0">&#160;</P>

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    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
    No. </B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description
    </B></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex10-1.htm">Settlement Agreement, by and among AMMO, Inc., Steven F. Urvan and Susan T. Lokey, dated November 3, 2022</A></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex99-1.htm">Press
    Release dated November 7, 2022</A></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">104</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cover
    Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SIGNATURES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:
    November 7, 2022</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AMMO,
    INC.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/
                                            Robert D. Wiley</I></FONT></P></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Robert
    D. Wiley</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Financial Officer</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P>


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<TYPE>EX-10.1
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit
10.1</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SETTLEMENT
AGREEMENT</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
SETTLEMENT AGREEMENT (this &ldquo;<U>Agreement</U>&rdquo;) is made and entered into as of November 3, 2022, by and among AMMO, Inc.,
a Delaware corporation (the &ldquo;<U>Company</U>&rdquo;) and Steven F. Urvan and Susan T. Lokey (collectively with each of their respective
Affiliates and Associates, the &ldquo;<U>Urvan Group</U>&rdquo;). The Company and each of the members of the Urvan Group are each herein
referred to as a &ldquo;party&rdquo; and collectively, the &ldquo;parties.&rdquo; Capitalized terms used herein shall have the meanings
set forth in <U>Section 16</U> of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.
<U>Board Composition and Related Matters</U></B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
Concurrently with and effective upon the execution of this Agreement, the Urvan Group shall irrevocably withdraw (i) the notice of stockholder
nomination, submitted to the Company on August 25, 2022 (the &ldquo;<U>Notice</U>&rdquo;) and (ii) the demand to inspect books and records,
pursuant to Section 220 of the General Corporation Law of the State of Delaware (the &ldquo;<U>DGCL</U>&rdquo;), submitted to the Company
on August 31, 2022. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
Effective immediately upon the execution of this Agreement, the Board of Directors (the &ldquo;<U>Board</U>&rdquo;) of the Company shall
increase the size of the Board to nine (9) directors and appoint Wayne Walker and Christos Tsentas (the &ldquo;<U>New Directors</U>&rdquo;
and, together with Steven Urvan, the &ldquo;<U>Urvan Group Directors</U>&rdquo;) to the Board. Until the Termination Date (as defined
below), the Board shall not increase the size of the Board above nine (9) directors unless such increase has been approved by at least
seven (7) directors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
The Company shall convene the 2022 annual meeting of stockholders (the &ldquo;<U>2022 Annual Meeting</U>&rdquo;) no later than December
15, 2022. The Company shall include the Urvan Group Directors in its director slate for the 2022 Annual Meeting and for any subsequent
annual meeting of stockholders of the Company occurring prior to the Termination Date, and recommend the election of the Urvan Group
Directors to the stockholders of the Company and solicit proxies for the election of the Urvan Group Directors at the 2022 Annual Meeting
and for any subsequent annual meeting of stockholders of the Company occurring prior to the Termination Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
The Board shall immediately form, and publicly announce the formation of, a new committee of the Board, consisting of four (4) directors,
which shall be charged with planning the succession for the Chief Executive Officer of the Company (&ldquo;<U>CEO</U>&rdquo;) with the
assistance of a nationally recognized search firm (such committee, the &ldquo;<U>CEO Succession Committee</U>&rdquo;). Concurrently with
the New Directors&rsquo; appointment to the Board, the Board shall appoint one of the New Directors (to be chosen by the Urvan Group)
and Mr. Urvan to the CEO Succession Committee along with two directors who are not Urvan Group Directors or the CEO. The chair of
the CEO Succession Committee shall be a director who is not an Urvan Group Director.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)
Upon the CEO Succession Committee&rsquo;s selection of a new CEO candidate, and subject to the Board&rsquo;s fiduciary duties under applicable
law, (i) the Board shall promptly appoint such individual as the new CEO and (ii) one incumbent director who is not an Urvan Group Director
shall resign from the Board to create a vacancy for the new CEO&rsquo;s immediate appointment to the Board as a director upon his appointment
as the new CEO.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)
Until the Termination Date, and subject to Nasdaq Stock Exchange (the &ldquo;<U>Nasdaq</U>&rdquo;) rules and applicable laws, the Board
and all applicable committees of the Board shall take all actions necessary to promptly appoint each New Director to at least one (1)
standing committee of the Board. Without limiting the foregoing, the Board shall, in accordance with its customary governance processes,
give each of the Urvan Group Directors the same due consideration for membership to any committee of the Board as any other independent
director with similar relevant expertise and qualifications. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)
The Urvan Group agrees that the Board or any committee thereof, in the exercise of its fiduciary duties, may recuse Mr. Urvan from any
portion of a Board or committee meeting, and restrict access to information of the Company, to the extent relating to (i) the exercise
of any of the Company&rsquo;s rights or enforcement of any of the obligations under this Agreement, (ii) any action taken in respect
of or in response to actions taken or proposed by the Urvan Group or its Affiliates, in each case, with respect to the Company or its
Affiliates (including any threat to take any of the actions prohibited in Sections 4(a) through 4(l)), or (iii) any proposed transaction
between the Company or any of its Affiliates and the Urvan Group or any of its Affiliates. For the avoidance of doubt, the Urvan Group
acknowledges and agrees that: (i) consistent with their fiduciary duties as a director of the Company, each of the Urvan Group Directors
is obligated to consider in good faith, to the same extent as any other director of the Company, recusal from any Board or committee
meeting in the event there is any other actual or potential conflict of interest between such Urvan Group Director, on the one hand,
and the Company, on the other hand; and (ii) the Board may restrict such Urvan Group Director&rsquo;s access to information of the Company
to the same extent it would for any other director of the Company, in accordance with applicable law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)
The Urvan Group agrees that there shall be no contracts, plans or arrangements, written or otherwise, in effect during the term of this
Agreement, between the Urvan Group and the New Directors providing for any compensation, reimbursement of expenses or indemnification
of the New Directors in connection with the New Directors&rsquo; service on the Board.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
The Urvan Group acknowledges and agrees that Mr. Urvan shall immediately tender his resignation from the Board (it being understood that
the Board shall have the right to decline to accept such resignation) if Mr. Urvan&rsquo;s and his Affiliates&rsquo; aggregate Net Long
Position falls below the lesser of 10% of the outstanding shares of the Company&rsquo;s common stock, par value $0.001 per share (the
&ldquo;<U>Common Stock</U>&rdquo;) and 11,729,976 shares of Common Stock (subject to adjustment for stock splits, reclassifications,
combinations, and recapitalizations) (the &ldquo;<U>Ownership Minimum Requirement</U>&rdquo;). Concurrently with the execution and delivery
of this Agreement, Mr. Urvan shall execute and deliver an irrevocable resignation letter in the form attached hereto as <U>Exhibit A</U>.
Notwithstanding any other agreements between the Company and Mr. Urvan previously entered into, following the effectiveness of resignation
of Mr. Urvan pursuant to this <U>Section 1(i)</U>, the Company would have no obligation thereafter to nominate Mr. Urvan for election
to the Board at any meeting of stockholders.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)
Until the Termination Date and as long as Mr. Urvan&rsquo;s Net Long Position remains at or above the Ownership Minimum Requirement,
in the event any Urvan Group Director ceases to be a director or is no longer able to serve as a director of the Company for any reason,
Mr. Urvan shall be entitled to designate a candidate for replacement for such Urvan Group Director (such replacement, a &ldquo;<U>Replacement
Director</U>&rdquo;), subject to the prompt approval of the Board (which approval shall not be unreasonably withheld; <I>provided</I>,
<I>however</I>, that if the Board does not approve such Replacement Director to the Board pursuant to this <U>Section 1(j)</U>, the parties
shall continue to follow the procedures of this <U>Section 1(j)</U> until a Replacement Director is appointed to the Board, <I>provided,
further,</I> that there shall be no more than one New Director who is an Affiliate of the Urvan Group). Upon a Replacement Director&rsquo;s
prompt appointment to the Board, the Board and all applicable committees of the Board shall take all necessary actions to promptly appoint
such Replacement Director to any applicable committee of the Board of which the replaced director was a member immediately prior to such
director&rsquo;s resignation or removal or, if the Board or the applicable committee of the Board determines that the Replacement Director
does not satisfy the requirements of Nasdaq and applicable law with respect to service on the applicable committee (which determination
shall be made reasonably and in good faith), to an alternative committee of the Board. Until such time as any Replacement Director is
appointed to any applicable committee, the other New Director shall be permitted to serve as an interim member of such applicable committee,
unless such New Director is already serving as a member of such committee or the Board or the applicable committee of the Board determines
that such New Director does not satisfy the requirements of the Nasdaq and applicable law with respect to service on the applicable committee
(which determination shall be made reasonably and in good faith). Any Replacement Director shall qualify as an &ldquo;independent director&rdquo;
under applicable rules of the SEC, the rules of any stock exchange on which the Company is traded and applicable governance policies
of the Company. It is understood that a Replacement Director appointed to the Board as a replacement for an Urvan Group Director shall
be considered an Urvan Group Director, for purposes of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)
The Urvan Group hereby acknowledges that prior to the execution of the Agreement, and as a condition of the New Directors&rsquo; appointment
to the Board, each of the New Directors has (i) provided the Company with (A) a completed director questionnaire in the form provided
by the Company and as completed by the current directors, (B) an executed consent to be named as a nominee in the Company&rsquo;s proxy
statement for the 2022 Annual Meeting, (C) an agreement, which has also been executed by all the current directors serving on the Board
prior to the execution of this Agreement, to abide by the terms of the Certificate of Incorporation, the Bylaws, committee charters,
corporate governance guidelines and similar governance documents applicable to the current directors (collectively, the &ldquo;<U>Governance
Documents</U>&rdquo;), and (D) such other information required by the Governance Documents or as has been reasonably requested by the
Company that is required of all other non-management directors of the Company in connection with assessing eligibility, independence
and other criteria applicable to directors or satisfying compliance and legal obligations; and (ii) taken all necessary action to not
be &ldquo;overboarded&rdquo; under the applicable policies of ISS and Glass Lewis as a result of his or her election to the Board (&ldquo;<U>Overboarded</U>&rdquo;),
provided that each of the current directors serving on the Board prior to the execution of this Agreement has likewise taken such necessary
actions to not be Overboarded.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.
<U>Other Matters</U></B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
<I>Spin-Off</I>. The Company shall suspend the previously announced separation of the Company into Action Outdoor Sports, Inc. and Outdoor
Online, Inc. pending the further evaluation of strategic options by the Board. The announcement of such suspension shall be disclosed
in the Press Release (as defined below).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
<I>Other Business Relationships</I>. Other than with respect to that certain Services Agreement between S&amp;T Logistics, LLC and Bitrail,
LLC, dated as of May 3, 2019 (the &ldquo;<U>Bitrail Contract</U>&rdquo;), the Urvan Group and the Company each hereby covenant to use
their reasonable best efforts to work together to identify and terminate any remaining related party contracts, agreements, arrangements,
or shared services between the Company and its subsidiaries, including but not limited to Speedlight Group I, LLC d/b/a GunBroker.com,
on the one hand, and any entities under the direct or indirect ownership and/or control of the Urvan Group or its Affiliates, on the
other hand. For the avoidance of doubt, the Company reserves all rights to terminate the Bitrail Contract in accordance with the terms
of such contract.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
<I>Employee Matters</I>. Effective upon the execution of this Agreement:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
The Company shall cause each of Chris Larson&rsquo;s and John Flynn&rsquo;s existing employment and/or consulting agreements to be terminated
&ldquo;without cause.&rdquo; Notwithstanding the foregoing, (A) Mr. Larson shall be permitted to continue to serve as a consultant to
the Company for a period of up to six months following the execution of this Agreement, to the extent his continued services are reasonably
required or advisable for the completion of any ongoing projects involving the Company and (B) Mr. Flynn shall be permitted to continue
to serve as a consultant to the Company with his scope of responsibilities from time to time subject to the approval of the Board; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)
Each of Mr. Urvan and Ms. Lokey shall execute and deliver an irrevocable letter of resignation from their respective positions of employment
with the Company in the form attached hereto as <U>Exhibit B</U>, to be effective upon the later of (A) the conclusion of the 2022 Annual
Meeting and (B) December 31, 2022. The Company agrees to disclose in the Press Release the end of the investigation into Ms. Lokey and
Mr. Urvan previously announced September 6, 2022.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
<I>Registration of Shares</I>. The Company shall take all actions reasonably necessary to promptly register all remaining unregistered
shares of Common Stock held by the Urvan Group, to the extent permissible under applicable law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.
<U>Voting Commitment</U></B>. Until the Termination Date, the Urvan Group shall, or shall cause its Representatives to, appear in person
or by proxy at any Stockholder Meeting and to vote all shares of Common Stock beneficially owned by it and over which it has direct or
indirect voting power (and shall, upon receiving at least 10 calendar days&rsquo; advance notice of the record date, call back from loan
any such shares in time prior to the applicable record date to ensure such shares can be voted at such Stockholder Meeting) in accordance
with the Board&rsquo;s recommendations, as such recommendations of the Board are set forth in the applicable definitive proxy statement
filed in respect thereof with respect to (a) the election, removal and/or replacement of directors (a &ldquo;<U>Director Proposal</U>&rdquo;)
and (b) any other proposal submitted to stockholders; <I>provided</I>, <I>however</I>, that in the event that Institutional Shareholder
Services Inc. (&ldquo;<U>ISS</U>&rdquo;) or Glass Lewis &amp; Co., LLC (&ldquo;<U>Glass Lewis</U>&rdquo;) recommends otherwise with respect
to any proposals (other than a Director Proposal), the Urvan Group shall be permitted to vote in accordance with the ISS or Glass Lewis
recommendation; <I>provided</I>, <I>further</I> that the Urvan Group shall be permitted to vote in its sole discretion with respect to
any Extraordinary Transaction. Upon the Company&rsquo;s written request, the Urvan Group shall provide the Company with written confirmation
and evidence of its compliance with this <U>Section 3</U> no later than two (2) Business Days prior to the applicable Stockholder Meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.
<U>Standstill</U></B>. Prior to the Termination Date, except as otherwise provided in this Agreement (including <U>Section 11(a)</U>),
without the prior written consent of the Board, the Urvan Group shall not, and shall cause its Affiliates, not to, directly or indirectly,
in whole or in part (in each case, except as expressly permitted by this Agreement):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
(i) acquire, offer or seek to acquire, agree to acquire or acquire rights to acquire (except by way of (x) any director awards or grants
or (y) stock dividends or other distributions or offerings made available to holders of voting securities of the Company generally on
a pro rata basis), directly or indirectly, whether by purchase, tender or exchange offer, through the acquisition of control of another
person, by joining a group, through swap or hedging transactions or otherwise, any voting securities of the Company (other than through
a broad-based market basket or index) or any voting rights decoupled from the underlying voting securities which would result in the
ownership or control of, or other beneficial ownership interest in, 18.5% or more of the then-outstanding shares of Common Stock in the
aggregate (subject to adjustment for stock splits, reclassifications, combinations, and recapitalizations) (the &ldquo;<U>Ownership Cap</U>&rdquo;);
<I>provided</I>, <I>however</I>, that the Board may increase the Ownership Cap by an affirmative vote of a majority of the Board; or
(ii) sell its shares of Common Stock, other than in open market sale transactions where the identity of the purchaser is not known and
in underwritten widely dispersed public offerings, to any Third Party that, to the Urvan Group&rsquo;s knowledge (after due inquiry in
connection with a private, non-open market transaction, it being understood that such knowledge shall be deemed to exist with respect
to any publicly available information, including information in documents filed with the SEC), would result in such Third Party, together
with its Affiliates and Associates, owning, controlling or otherwise having any beneficial or other ownership interest in the aggregate
of more than 4.9% of the shares of Common Stock outstanding at such time, or would increase the beneficial ownership interest of any
Third Party who, together with its Affiliates and Associates, has a beneficial or other ownership interest in the aggregate of more than
4.9% of the shares of Common Stock outstanding at such time;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
(i) other than pursuant to <U>Section 1</U> of this Agreement, nominate, recommend for nomination or give notice of an intent to nominate
or recommend for nomination a person for election at any Stockholder Meeting at which the Company&rsquo;s directors are to be elected;
(ii) knowingly initiate, encourage or participate in any solicitation of proxies in respect of any election contest or removal contest
with respect to the Company&rsquo;s directors; (iii) submit, initiate, make or be a proponent of any stockholder proposal for consideration
at, or bring any other business before, any Stockholder Meeting; (iv) knowingly initiate, encourage or participate in any solicitation
of proxies in respect of any stockholder proposal for consideration at, or other business brought before, any Stockholder Meeting; or
(v) knowingly initiate, encourage or participate in any &ldquo;withhold&rdquo; or similar campaign with respect to any Stockholder Meeting;
in each case other than in a manner consistent with the Board&rsquo;s recommendation in connection with such matter; <I>provided</I>,
<I>however</I>, that nothing in this Agreement shall prevent the Urvan Group or its Affiliates from taking actions in furtherance of
identifying director candidates in connection with the 2023 Annual Meeting (as defined below) or the 2024 Annual Meeting (as defined
below), as applicable, so long as such actions do not create a public disclosure obligation for the Urvan Group or the Company and are
undertaken on a basis reasonably expected to be confidential;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
form, join or in any way participate in any group or agreement of any kind with respect to any voting securities of the Company, including
in connection with any election or removal contest with respect to the Company&rsquo;s directors or any stockholder proposal or other
business brought before any Stockholder Meeting (other than a group that (i) is solely among the members of the Urvan Group or (ii) is
an Affiliate of the Urvan Group and such Affiliate agrees to be bound by the terms and conditions of this Agreement as if it were a party
hereto and such group or agreement would not result in the Urvan Group exceeding the Ownership Cap);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
deposit any voting securities of the Company in any voting trust or subject any Company voting securities to any arrangement or agreement
with respect to the voting thereof (other than (i) customary brokerage accounts, margin accounts and prime brokerage accounts, or (ii)
any such voting trust, arrangement, or agreement that (A) is solely among the Urvan Group, (B) is with an Affiliate of the Urvan Group
and such Affiliate agrees to be bound by the terms and conditions of this Agreement as if it were a party hereto and such voting trust,
arrangement, or agreement would not result in the Urvan Group exceeding the Ownership Cap; or (C) relates to the Merger Transaction Agreements);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)
seek publicly, alone or in concert with others, to amend any provision of the Certificate of Incorporation or the Bylaws;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)
demand an inspection of the Company&rsquo;s books and records <FONT STYLE="background-color: white">pursuant to Section 220(b) of the
DGCL</FONT>;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)
make any public proposal with respect to or make any public statement or otherwise knowingly seek to encourage, advise or assist any
person in so encouraging or advising with respect to: (A) any change in the number or term of directors serving on the Board or the filling
of any vacancies on the Board, (B) any change in the capitalization or dividend policy of the Company, (C) any other change in the Company&rsquo;s
management, governance, corporate structure, staffing, affairs or policies, (D) any Extraordinary Transaction, (E) causing a class of
securities of the Company to be delisted from, or to cease to be authorized to be quoted on, any securities exchange or (F) causing a
class of equity securities of the Company to become eligible for termination of registration pursuant to Section 12(g)(4) of the Exchange
Act (in each case other than pursuant to <U>Section 1</U>);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)
knowingly initiate, make or in any way participate, directly or indirectly, in any Extraordinary Transaction or make, directly or indirectly,
any proposal, either alone or in concert with others, to the Company or the Board that would reasonably be expected to require a public
announcement or disclosure regarding any such matter;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
effect or seek to effect, offer or propose to effect, cause or participate in, or in any way knowingly assist or facilitate any other
person to effect or seek, offer or propose to effect or participate in any (i) material acquisition of any assets or businesses of the
Company or any of its subsidiaries; (ii) tender offer or exchange offer, merger, acquisition, share exchange or other business combination
involving any of the voting securities or any of the material assets or businesses of the Company or any of its subsidiaries; or (iii)
recapitalization, restructuring, liquidation, dissolution or other material transaction with respect to the Company or any of its subsidiaries
or any material portion of its or their businesses;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)
enter into any negotiations, agreements or understandings with any Third Party with respect to the foregoing, or knowingly advise, assist,
encourage or seek to persuade any Third Party to take any action with respect to any of the foregoing, or otherwise take or cause any
action inconsistent with any of the foregoing;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)
publicly make or in any way advance publicly any request or proposal that the Company or the Board amend, modify or waive any provision
of this Agreement; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)
take any action challenging the validity or enforceability of this <U>Section 4</U> unless the Company is challenging the validity or
enforceability of this <U>Section 4</U>;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>provided</I>,
<I>however</I>, that the restrictions in this <U>Section 4</U> shall not prevent the Urvan Group or its Affiliates from (i) making any
factual statement as required by applicable legal process, subpoena or legal requirement from any governmental authority with competent
jurisdiction over the party from whom information is sought (so long as such request did not arise as a result of action by the Urvan
Group), (ii) making any private communication, proposal, suggestion or recommendation to the Company, regarding any matter, that would
not be reasonably expected to trigger public disclosure obligations for any person, (iii) making any private communication with stockholders
of the Company and others in a manner that does not otherwise violate this <U>Section 4</U> or <U>Section 5</U>, (iv) tendering shares,
receiving payment for shares, voting shares or otherwise participating in any transaction on the same basis as the other stockholders
of the Company or from participating in any transaction that has been approved by the Board, subject to the other terms of this Agreement,
(v) exercising any registration or related rights pursuant to the Merger Transaction Agreements, (vi) responding to inbound inquiries
it receives from a Third Party by directing such Third Party to contact a representative of the Company or refer to the Company&rsquo;s
publicly available disclosures, or (vii) with the Board&rsquo;s prior written consent, privately introducing Third Parties to the Board
or the Company&rsquo;s officers. For the avoidance of doubt, nothing in this <U>Section 4</U> shall be deemed to limit the exercise in
good faith by any of the Urvan Group Directors (or any Replacement Director, as applicable) of such person&rsquo;s fiduciary duties in
such person&rsquo;s capacity as a director of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.
<U>Mutual Non-Disparagement</U></B>. Prior to the Termination Date, without the prior written consent of the other party, neither party
shall, nor shall it permit any of its Representatives to make any public or private disparaging statement about the other party, the
other party&rsquo;s current or former directors in their capacity as such, the other party&rsquo;s officers or employees (including with
respect to such persons&rsquo; service at the other party), the other party&rsquo;s subsidiaries, or the business of the other party&rsquo;s
subsidiaries or any of its or its subsidiaries&rsquo; current directors, officers or employees, including the business and current or
former directors, officers and employees of the other party&rsquo;s controlled Affiliates, as applicable. The restrictions in this <U>Section
5</U> shall not (a) apply to (i) any Legal Proceeding, compelled testimony or production of information, including whether by legal process,
subpoena or as part of a response to a request for information from, or disclosure to, any governmental, judicial, arbitral, or regulatory
authority with jurisdiction over the party from whom information is sought, (ii) any disclosure that such party reasonably believes,
after consultation with outside counsel, to be legally required by applicable law, rules or regulations, or (iii) any private communications
between the Urvan Group and the Company or any private communications between the Urvan Group and its members; or (b) prohibit any party
from reporting what it reasonably believes, after consultation with outside counsel, to be violations of federal law or regulation to
any governmental authority pursuant to Section 21F of the Exchange Act or Rule 21F promulgated thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.
<U>Public Statements; SEC Filings</U></B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
No later than one (1) Business Day following the date of this Agreement, the Company shall issue a mutually agreed press release (the
&ldquo;<U>Press Release</U>&rdquo;) announcing this Agreement, substantially in the form attached hereto as <U>Exhibit C</U>. Prior to
the issuance of the Press Release, neither the Company nor the Urvan Group shall issue any press release or public announcement regarding
this Agreement or take any action that would require public disclosure thereof without the prior written consent of the other party.
Neither the Company nor the Urvan Group shall make any public statement or speak to any member of the media regarding the Settlement
Agreement in any manner that is inconsistent with the terms of the Settlement Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
No later than two (2) Business Days following the date of this Agreement, the Company shall file with the SEC a Current Report on Form
8-K reporting its entry into this Agreement, disclosing applicable items to conform to its obligations hereunder and appending this Agreement
as an exhibit thereto (the &ldquo;<U>Form 8-K</U>&rdquo;). The Form 8-K shall be consistent with the terms of this Agreement and the
Press Release. The Company shall provide the Urvan Group with a reasonable opportunity to review and comment on the Form 8-K prior to
the filing with the SEC and consider in good faith any of the Urvan Group&rsquo;s comments.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
No later than two (2) Business Days following the date of this Agreement, the Urvan Group shall file with the SEC an amendment to its
Schedule 13D in compliance with Section 13 of the Exchange Act reporting its entry into this Agreement, disclosing applicable items to
conform to its obligations hereunder and including this Agreement as an exhibit thereto (the &ldquo;<U>Schedule 13D Amendment</U>&rdquo;).
The Schedule 13D Amendment shall be consistent with the terms of this Agreement and the Press Release. The Urvan Group shall provide
the Company with a reasonable opportunity to review the Schedule 13D Amendment prior to it being filed with the SEC and consider in good
faith any of the Company&rsquo;s comments.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.
<U>Confidentiality</U></B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
In the event that Mr. Urvan is no longer a director on the Board, and any of the Urvan Group Directors are still serving as directors
on the Board, the Urvan Group acknowledges that such Urvan Group Directors shall not be permitted to share the Company&rsquo;s confidential
information with Mr. Urvan, the Urvan Group or its Representatives, without the Board&rsquo;s prior written consent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
For the avoidance of doubt, the parties acknowledge and agree that the obligations of the Urvan Group and the Urvan Group Directors under
this <U>Section 7</U> shall be in addition to, and not in lieu of, the Urvan Group Directors&rsquo; confidentiality obligations under
Delaware law and the Governance Documents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8.
<U>Compliance with Securities Laws; Company Policies</U></B>. The Urvan Group acknowledges that it understands its obligations under
the U.S. securities laws. Subject to compliance with such laws, the Urvan Group and its Representatives shall in any event be free to
trade or engage in such transactions during periods when the members of the Board are permitted to do so, and the Company shall notify
the Urvan Group reasonably in advance when such &ldquo;open window&rdquo; trading periods begin and end. The Company acknowledges that
none of the provisions herein shall in any way limit the activities of the Urvan Group or its Representatives in their respective ordinary
course of businesses if such activities do not violate applicable securities laws or the obligations specifically agreed to under this
Agreement. In addition, nothing contained in this Agreement shall restrict the ability of the Urvan Group or its Representatives from
purchasing, selling or otherwise trading securities of the Company pursuant to any Rule 10b5-1 trading plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9.
<U>Affiliates and Associates</U></B>. Each party shall instruct its controlled Affiliates and Associates to comply with the terms of
this Agreement and shall be responsible for any breach of this Agreement by any such controlled Affiliate or Associate. A breach of this
Agreement by a controlled Affiliate or Associate of a party, if such controlled Affiliate or Associate is not a party to this Agreement,
shall be deemed to occur if such controlled Affiliate or Associate engages in conduct that would constitute a breach of this Agreement
if such controlled Affiliate or Associate was a party to the same extent as a party to this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.3pt; text-align: justify; text-indent: -40.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10.
<U>Representations and Warranties</U></B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.3pt; text-align: justify; text-indent: -40.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
Each member of the Urvan Group represents and warrants that he or she has full power and authority to execute, deliver and carry out
the terms and provisions of this Agreement and to consummate the transactions contemplated hereby, and that this Agreement has been duly
and validly executed and delivered by him or her, constitutes a valid and binding obligation and agreement of him or her and is enforceable
against him or her in accordance with its terms. Each member of the Urvan Group represents that the execution of this Agreement, the
consummation of any of the transactions contemplated hereby, and the fulfillment of the terms hereof, in each case in accordance with
the terms hereof, will not violate or conflict with (i) any law, rule, regulation, order, judgment or decree applicable to it or (ii)
result in any breach or violation of or constitute a default (or an event which with notice or lapse of time or both could constitute
such a breach, violation or default) under or pursuant to, or result in the loss of a material benefit under, or give any right of termination,
amendment, acceleration or cancellation of, any organizational document, agreement, contract, commitment, understanding or arrangement
to which it is a party or by which it is bound. Mr. Urvan represents and warrants that, as of the date of this Agreement, he beneficially
owns an aggregate of 20,050,000 shares of Common Stock and has voting authority over such shares. Ms. Lokey represents and warrants that,
as of the date of this Agreement, she beneficially owns an aggregate of 40,000 shares of Common Stock and has voting authority over such
shares. Each of Mr. Urvan and Ms. Lokey represents and warrants that they own no Synthetic Equity Interests or any Short Interests in
the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
The Company hereby represents and warrants that it has the power and authority to execute, deliver and carry out the terms and provisions
of this Agreement and to consummate the transactions contemplated hereby, and that this Agreement has been duly and validly authorized,
executed and delivered by the Company, constitutes a valid and binding obligation and agreement of the Company and is enforceable against
the Company in accordance with its terms. The Company represents that the execution of this Agreement, the consummation of any of the
transactions contemplated hereby, and the fulfillment of the terms hereof, in each case in accordance with the terms hereof, will not
conflict with, or result in a breach or violation of the organizational documents of the Company as currently in effect, the execution,
delivery and performance of this Agreement by the Company does not and will not violate or conflict with (i) any law, rule, regulation,
order, judgment or decree applicable to the Company or (ii) result in any breach or violation of or constitute a default (or an event
which with notice or lapse of time or both could constitute such a breach, violation or default) under or pursuant to, or result in the
loss of a material benefit under, or give any right of termination, amendment, acceleration or cancellation of, any organizational document,
agreement, contract, commitment, understanding or arrangement to which the Company is a party or by which it is bound.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11.
<U>Termination</U></B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
Unless otherwise mutually agreed to in writing by each party, this Agreement shall remain in effect until the date that is the earlier
of (i) the date that is thirty (30) calendar days prior to the earlier of (A) the deadline set forth in the notice requirements of Federal
&ldquo;Universal Proxy Rules&rdquo; promulgated under Rule 14a-19(a) and Rule 14a-19(b) under the Exchange Act (the &ldquo;<U>UPR Deadline</U>&rdquo;)
relating to the Company&rsquo;s 2023 annual meeting of stockholders (the &ldquo;<U>2023 Annual Meeting</U>&rdquo;) and (B) any deadline
that may be set forth in the Certificate of Incorporation or the Bylaws following the execution of this Agreement relating to the nomination
of director candidates for election to the Board at the 2023 Annual Meeting, and (ii) ninety (90) calendar days prior to the first anniversary
of the 2022 Annual Meeting (the effective date of such termination of this Agreement, the &ldquo;<U>Termination Date</U>&rdquo;); <I>provided,
however</I>, that if the Company notifies Mr. Urvan in writing at least fifteen (15) calendar days prior to such Termination Date that
the Board irrevocably offers to re-nominate the Urvan Group Directors for election at the 2023 Annual Meeting and Mr. Urvan accepts such
offer within fifteen (15) calendar days of receipt of such notice, the Termination Date shall be automatically extended until the date
that is the earlier of (i) the date that is thirty (30) calendar days prior to the earlier of (A) the UPR Deadline relating to the Company&rsquo;s
2024 annual meeting of stockholders (the &ldquo;<U>2024 Annual Meeting</U>&rdquo;) and (B) any deadline that may be set forth in the
Certificate of Incorporation or the Bylaws following execution of this Agreement relating to the nomination of director candidates for
election to the Board at the 2024 Annual Meeting, and (ii) ninety (90) calendar days prior to the first anniversary of the 2023 Annual
Meeting. Notwithstanding the foregoing, the Termination Date shall not occur prior to the date that is twenty (20) calendar days following
the date of Mr. Urvan&rsquo;s departure from the Board.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
Notwithstanding anything to the contrary in this Agreement:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
the obligations of the Urvan Group pursuant to <U>Sections 1</U>, <U>3</U>, <U>4</U> and <U>5</U> shall terminate in the event that the
Company materially breaches its obligations to the Urvan Group pursuant to <U>Sections 1</U>, <U>2</U>, <U>5</U> or <U>11</U> or the
representations and warranties in <U>Sections 10(b)</U> of this Agreement and such breach (if capable of being cured) has not been cured
within ten (10) calendar days following written notice of such breach from the Urvan Group, or, if impossible to cure within ten (10)
calendar days, the Company has not taken substantive action to correct within ten (10) calendar days following written notice of such
breach from the Urvan Group; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)
the obligations of the Company to the Urvan Group pursuant to <U>Sections 1</U> and <U>5</U> shall terminate in the event that the Urvan
Group materially breaches its obligations in <U>Sections 1</U>, <U>3</U>, <U>4</U>, <U>5</U> or <U>7</U> or the representations and warranties
in <U>Section 10(a)</U> and such breach (if capable of being cured) has not been cured within ten (10) calendar days following written
notice of such breach, or, if impossible to cure within ten (10) calendar days, the Urvan Group has not taken substantive action to correct
within ten (10) calendar days following written notice of such breach from the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
If this Agreement is terminated in accordance with this <U>Section 11</U>, this Agreement shall forthwith become null and void, but no
termination shall relieve either party from liability for any breach of this Agreement prior to such termination. Notwithstanding the
foregoing, this <U>Section 11</U> and <U>Sections 12</U> through <U>17</U> shall survive the termination of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>12.
<U>Expenses</U></B>. The Company shall reimburse the Urvan Group for documented out-of-pocket costs, fees and expenses (including attorneys&rsquo;
fees and other legal expenses and expenses related to the engagement of other advisors and consultants) incurred by the Urvan Group in
connection with its engagement with the Company, the negotiation and execution of this Agreement and related matters, in an amount not
to exceed $500,000.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>13.
<U>Notices</U></B>. All notices, demands and other communications to be given or delivered under or by reason of the provisions of this
Agreement shall be in writing and shall be deemed to have been given (a) when delivered by hand, with written confirmation of receipt;
(b) upon sending if sent by electronic mail to the electronic mail addresses below, with confirmation of receipt from the receiving party
by electronic mail; (c) one (1) Business Day after being sent by a nationally recognized overnight carrier to the addresses set forth
below; or (d) when actually delivered if sent by any other method that results in delivery, with written confirmation of receipt:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 49%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                            to the Company:</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AMMO,
    Inc.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7681
    E. Gray Road</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Scottsdale,
    AZ 85260</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attn:
    Tod Wagenhals, EVP and Secretary</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email:
    tod@ammo-inc.com</FONT></P></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 49%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">with
                                            mandatory copies (which shall not constitute notice) to:</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sidley
    Austin LLP</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">787
    Seventh Avenue</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
    York, NY 10019</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attn:
    Kai H.E. Liekefett</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leonard
    Wood</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email:
    kliekefett@sidley.com</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">lwood@sidley.com</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                            to the Urvan Group:</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Steven
    F. Urvan</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7491
    N Federal Highway</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">STE
    C5 PMB 379</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Boca
    Raton, FL 33487</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email:
    steve@50x50.com</FONT></P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">with
                                            mandatory copies (which shall not constitute notice) to:</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Olshan
    Frome Wolosky LLP</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1325
    Avenue of the Americas</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
    York, New York 10019</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attn:
    Steve Wolosky</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Meagan
M. Reda</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email:
    swolosky@olshanlaw.com</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;mreda@olshanlaw.com</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14.
<U>Governing Law; Jurisdiction; Jury Waiver</U></B>. This Agreement, and any disputes arising out of or related to this Agreement (whether
for breach of contract, tortious conduct or otherwise), shall be governed by, and construed in accordance with, the laws of the State
of Delaware, without giving effect to its conflict of laws principles. The parties agree that exclusive jurisdiction and venue for any
Legal Proceeding arising out of or related to this Agreement shall exclusively lie in the Court of Chancery of the State of Delaware
or, if such Court does not have subject matter jurisdiction, the Superior Court of the State of Delaware or, if jurisdiction is vested
exclusively in the Federal courts of the United States, the Federal courts of the United States sitting in the State of Delaware, and
any appellate court from any such state or Federal court. Each party waives any objection it may now or hereafter have to the laying
of venue of any such Legal Proceeding, and irrevocably submits to personal jurisdiction in any such court in any such Legal Proceeding
and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any court that any such Legal Proceeding
brought in any such court has been brought in any inconvenient forum. Each party consents to accept service of process in any such Legal
Proceeding by service of a copy thereof upon either its registered agent in the State of Delaware or the Secretary of State of the State
of Delaware, with a copy delivered to it by certified or registered mail, postage prepaid, return receipt requested, addressed to it
at the address set forth in <U>Section 13</U>. Nothing contained herein shall be deemed to affect the right of any party to serve process
in any manner permitted by law. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING
OUT OF OR RELATED TO THIS AGREEMENT.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>15.
<U>Specific Performance</U></B>. Each party to this Agreement acknowledges and agrees that the other party would be irreparably injured
by an actual breach of this Agreement by the first-mentioned party or its Representatives and that monetary remedies would be inadequate
to protect either party against any actual or threatened breach or continuation of any breach of this Agreement. Without prejudice to
any other rights and remedies otherwise available to the parties under this Agreement, each party shall be entitled to equitable relief
by way of injunction or otherwise and specific performance of the provisions hereof upon satisfying the requirements to obtain such relief
without the necessity of posting a bond or other security, if the other party or any of its Representatives breach or threaten to breach
any provision of this Agreement. Such remedy shall not be deemed to be the exclusive remedy for a breach of this Agreement, but shall
be in addition to all other remedies available at law or equity to the non-breaching party.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>16.
<U>Certain Definitions and Interpretations</U></B>. As used in this Agreement: (a) the terms &ldquo;<U>Affiliate</U>&rdquo; and &ldquo;<U>Associate</U>&rdquo;
(and any plurals thereof) have the meanings ascribed to such terms under Rule 12b-2 promulgated by the SEC under the Exchange Act and
shall include all persons or entities that at any time prior to the Termination Date become Affiliates or Associates of any applicable
person or entity referred to in this Agreement; <I>provided</I>, <I>however</I>, that the term &ldquo;Associate&rdquo; shall refer only
to Associates controlled by the Company or the Urvan Group, as applicable; <I>provided, further</I>, that, for purposes of this Agreement,
the Urvan Group and the Company shall not be Affiliates or Associates of one another; (b) the term &ldquo;<U>Annual Meeting</U>&rdquo;
means each annual meeting of stockholders of the Company and any adjournment, postponement, rescheduling or continuation thereof; (c)
the terms &ldquo;<U>beneficial ownership</U>,&rdquo; &ldquo;<U>group</U>,&rdquo; &ldquo;<U>participant</U>,&rdquo; &ldquo;<U>person</U>,&rdquo;
&ldquo;<U>proxy</U>&rdquo; and &ldquo;<U>solicitation</U>&rdquo; (and any plurals thereof) have the meanings ascribed to such terms under
the Exchange Act and the rules and regulations promulgated thereunder, <I>provided</I> that the meaning of &ldquo;solicitation&rdquo;
shall be without regard to the exclusions set forth in Rules 14a-1(l)(2)(iv) and 14a-2 under the Exchange Act; (d) the term &ldquo;<U>Business
Day</U>&rdquo; means any day that is not a Saturday, Sunday or other day on which commercial banks in the State of New York are authorized
or obligated to be closed by applicable law; (e) the term &ldquo;<U>Bylaws</U>&rdquo; means the Bylaws of the Company, as amended from
time to time; (f) the term &ldquo;<U>Certificate of Incorporation</U>&rdquo; means the Company&rsquo;s Amended and Restated Certificate
of Incorporation of the Company, as amended from time to time; (g) the term &ldquo;<U>Exchange Act</U>&rdquo; means the Securities Exchange
Act of 1934, as amended, and the rules and regulations promulgated thereunder; (h) the term &ldquo;<U>Extraordinary Transaction</U>&rdquo;
means any tender offer, exchange offer, merger, consolidation, acquisition, business combination, sale, recapitalization, restructuring,
or other transaction with a Third Party that, in each case, that results in a change in control of the Company or the sale of substantially
all of its assets; (i) the term &ldquo;<U>Legal Proceeding</U>&rdquo; means any actual or threatened claim, charge, action, hearing,
grievance, cause of action, complaint, demand, suit, inquiry, audit, notice of violation, proceeding, litigation, citation, summons,
subpoena, investigation, originating application to a tribunal, or arbitration or other proceeding at law or in equity or order or ruling,
of any nature, in each case whether civil, criminal, administrative, investigative or otherwise, and whether in contract, in tort or
otherwise; (j) the term &ldquo;<U>Merger Transaction Agreements</U>&rdquo; means (i) the Agreement and Plan of Merger, by and among the
Company, SpeedLight Group I, LLC, a Delaware limited liability company and a wholly owned subsidiary of the Company (&ldquo;Sub&rdquo;),
Gemini Direct Investments, LLC, a Nevada limited liability company (&ldquo;Gemini&rdquo;), and Mr. Urvan, whereby Sub merged with and
into Gemini, with Sub surviving the merger as a wholly owned subsidiary of the Company, (ii) the Investor Rights Agreement, dated April
30, 2021, by and among the Company, Gemini, Sub and Mr. Urvan and (iii) the Pledge and Escrow Agreement, dated April 30, 2021, by and
between the Company and Mr. Urvan; (k) the term &ldquo;<U>Net Long Position</U>&rdquo; means such shares of Common Stock beneficially
owned, directly or indirectly, that constitute such person&rsquo;s net long position as defined in Rule 14e-4 under the Exchange Act
<I>mutatis mutandis</I>, <I>provided</I> that &ldquo;Net Long Position&rdquo; shall not include any shares as to which such person does
not have the right to vote or direct the vote other than as a result of being in a margin account, or as to which such person has entered
into a derivative or other agreement, arrangement or understanding that hedges or transfers, in whole or in part, directly or indirectly,
any of the economic consequences of ownership of such shares; and the terms &ldquo;person&rdquo; or &ldquo;persons,&rdquo; for purposes
of the meaning of the term &ldquo;Net Long Position,&rdquo; shall mean any individual, corporation (including not-for-profit), general
or limited partnership, limited liability or unlimited liability company, joint venture, estate, trust, associate, organization or other
entity of any kind or nature; (l) the term &ldquo;<U>Representatives</U>&rdquo; means (i) a person&rsquo;s Affiliates and Associates
and (ii) its and their respective directors, officers, employees, partners, members, managers, consultants, legal or other advisors,
agents and other representatives acting in a capacity on behalf of, in concert with or at the direction of such person or its Affiliates
or Associates; (m) the term &ldquo;<U>SEC</U>&rdquo; means the U.S. Securities and Exchange Commission; (n) the term &ldquo;<U>Short
Interests</U>&rdquo; means any agreement, arrangement, understanding or relationship, including any repurchase or similar so-called &ldquo;stock
borrowing&rdquo; agreement or arrangement, engaged in, directly or indirectly, by such person, the purpose or effect of which is to mitigate
loss to, reduce the economic risk (of ownership or otherwise) of shares of any class or series of the Company&rsquo;s equity securities
by, manage the risk of share price changes for, or increase or decrease the voting power of, such person with respect to the shares of
any class or series of the Company&rsquo;s equity securities, or that provides, directly or indirectly, the opportunity to profit from
any decrease in the price or value of the shares of any class or series of the Company&rsquo;s equity securities (excluding, for the
avoidance of doubt, customary margin accounts and the effects thereof); (o) the term &ldquo;<U>Stockholder Meeting</U>&rdquo; means each
annual or special meeting of stockholders of the Company, or any action by written consent of the Company&rsquo;s stockholders in lieu
thereof, and any adjournment, postponement, rescheduling or continuation thereof; (p) the term &ldquo;<U>Synthetic Equity Interests</U>&rdquo;
means any derivative, swap or other transaction or series of transactions engaged in, directly or indirectly, by such person, the purpose
or effect of which is to give such person economic risk similar to ownership of equity securities of any class or series of the Company,
including due to the fact that the value of such derivative, swap or other transactions are determined by reference to the price, value
or volatility of any shares of any class or series of the Company&rsquo;s equity securities, or which derivative, swap or other transactions
provide the opportunity to profit from any increase in the price or value of shares of any class or series of the Company&rsquo;s equity
securities, without regard to whether (i) the derivative, swap or other transactions convey any voting rights in such equity securities
to such person, (ii) the derivative, swap or other transactions are required to be, or are capable of being, settled through delivery
of such equity securities, or (iii) such person may have entered into other transactions that hedge or mitigate the economic effect of
such derivative, swap or other transactions; and (q) the term &ldquo;<U>Third Party</U>&rdquo; refers to any person that is not a party,
a member of the Board, a director or officer of the Company, or legal counsel to either party. In this Agreement, unless a clear contrary
intention appears, (i) the word &ldquo;including&rdquo; (in its various forms) means &ldquo;including, without limitation&rdquo;; (ii)
the words &ldquo;hereunder,&rdquo; &ldquo;hereof,&rdquo; &ldquo;hereto&rdquo; and words of similar import are references to this Agreement
as a whole and not to any particular provision of this Agreement; (iii) the word &ldquo;or&rdquo; is not exclusive; (iv) references to
&ldquo;Sections&rdquo; in this Agreement are references to Sections of this Agreement unless otherwise indicated; and (v) whenever the
context requires, the masculine gender shall include the feminine and neuter genders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify; text-indent: -40.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>17.
<U>Miscellaneous</U></B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify; text-indent: -40.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
This Agreement, including all exhibits hereto, contains the entire agreement between the parties and supersedes all other prior agreements
and understandings, both written and oral, between the parties with respect to the subject matter hereof, except for that certain letter
agreement between the Company and Mr. Urvan dated as of the date hereof. For the avoidance of doubt, except as expressly provided herein,
this Agreement has no effect on the parties&rsquo; respective rights and obligations pursuant to the Merger Transaction Agreements to
the extent any such rights and obligations still exist.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
This Agreement is solely for the benefit of the parties and is not enforceable by any other persons.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
This Agreement shall not be assignable by operation of law or otherwise by a party without the consent of the other party. Any purported
assignment without such consent is void <I>ab initio</I>. Subject to the foregoing sentence, this Agreement shall be binding upon, inure
to the benefit of, and be enforceable by and against the permitted successors and assigns of each party.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
Neither the failure nor any delay by a party in exercising any right, power or privilege under this Agreement shall operate as a waiver
thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any right,
power or privilege hereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)
If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, void or
unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect
and shall in no way be affected, impaired or invalidated. It is hereby stipulated and declared to be the intention of the parties that
the parties would have executed the remaining terms, provisions, covenants and restrictions without including any of such which may be
hereafter declared invalid, void or unenforceable. In addition, the parties agree to use their reasonable best efforts to agree upon
and substitute a valid and enforceable term, provision, covenant or restriction for any of such that is held invalid, void or unenforceable
by a court of competent jurisdiction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)
Any amendment or modification of the terms and conditions set forth herein or any waiver of such terms and conditions must be agreed
to in a writing signed by each party.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)
This Agreement may be executed in one or more textually identical counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same agreement. Signatures to this Agreement transmitted by facsimile transmission, by electronic
mail in &ldquo;portable document format&rdquo; (&ldquo;.pdf&rdquo;) form, or by any other electronic means intended to preserve the original
graphic and pictorial appearance of a document, shall have the same effect as physical delivery of the paper document bearing the original
signature.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)
Each of the parties acknowledges that it has been represented by counsel of its choice throughout all negotiations that have preceded
the execution of this Agreement, and that it has executed this Agreement with the advice of such counsel. Each party and its counsel
cooperated and participated in the drafting and preparation of this Agreement, and any and all drafts relating thereto exchanged among
the parties shall be deemed the work product of all of the parties and may not be construed against any party by reason of its drafting
or preparation. Accordingly, any rule of law or any legal decision that would require interpretation of any ambiguities in this Agreement
against any party that drafted or prepared it is of no application and is hereby expressly waived by each of the parties, and any controversy
over interpretations of this Agreement shall be decided without regard to events of drafting or preparation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
The headings set forth in this Agreement are for convenience of reference purposes only and shall not affect or be deemed to affect in
any way the meaning or interpretation of this Agreement or any term or provision of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>[Signature
Page Follows]</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IN
WITNESS WHEREOF, each of the parties has executed this Agreement, or caused the same to be executed by its duly authorized representative,
as of the date first above written.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AMMO,
INC.</B></FONT></TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:
    </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/
    Fred Wagenhals</I></FONT></TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:
    </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fred
    Wagenhals</FONT></TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:
    </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Executive Officer</FONT></TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Signature
Page to Settlement Agreement</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>STEVEN
    F. URVAN</B></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 47%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/
    Steven F. Urvan</I></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SUSAN
    T. LOKEY</B></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/
    Susan T. Lokey</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Signature
Page to Settlement Agreement</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Exhibit
A</U></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Form
of Irrevocable Director Resignation Letter</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November
3, 2022</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Board
of Directors</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AMMO,
Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7681
E. Gray Road</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Scottsdale,
Arizona 85260</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Re:
Irrevocable Resignation</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ladies
and Gentlemen,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
letter is delivered pursuant to Section 1(i) of the Settlement Agreement, dated as of November 3, 2022 (the &ldquo;<U>Agreement</U>&rdquo;),
by and between AMMO, Inc. and the Urvan Group. Capitalized terms used herein but not defined shall have the meaning set forth in the
Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I
hereby resign from my position as a director of the Company and from any and all committees of the Board on which I serve, subject to
the Board&rsquo;s acceptance of this resignation, effective only upon the date on which the Urvan Group&rsquo;s and its Affiliates&rsquo;
aggregate Net Long Position falls below the Ownership Minimum Requirement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
resignation is irrevocable and may not be withdrawn by me at any time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Steven
    F. Urvan </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>
<P STYLE="margin-right: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Exhibit
B</U></B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Form
of Irrevocable Employee Resignation Letter</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November
3, 2022</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fred
Wagenhals</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AMMO,
Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7681
E. Gray Road</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Scottsdale,
Arizona 85260</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Re:
Irrevocable Resignation</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dear
Mr. Wagenhals,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
letter is delivered pursuant to Section 2(c)(ii) of the Settlement Agreement, dated as of November 3, 2022 (the &ldquo;<U>Agreement</U>&rdquo;),
by and between AMMO, Inc. and the Urvan Group. Capitalized terms used herein but not defined shall have the meaning set forth in the
Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I
hereby resign from my position as an employee of the Company, effective upon the later of (A) the conclusion of the 2022 Annual Meeting
and (B) December 31, 2022. This resignation is irrevocable and may not be withdrawn by me at any time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Name]</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Exhibit
C</U></B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Form
of Press Release</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>ex99-1.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
99.1</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 58px; width: 262px"></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="ex99-1_002.jpg" ALT="" STYLE="height: 52px; width: 104px"></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AMMO,
Inc. Reaches Settlement Agreement with The Urvan Group</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Wayne
Walker and Christos Tsentas Join the AMMO Board</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>The
Urvan Group to Support the Company&rsquo;s Slate of Director Nominees</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>at
2022 Annual Meeting</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Announces
Formation of CEO Succession Committee</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Because
of Market Conditions, Company Suspends the Separation of its Ammunition and Marketplace Businesses into Two Independent Publicly Traded
Companies</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SCOTTSDALE,
Ariz., Nov. 7, 2022 &mdash; </B>AMMO, Inc. (NASDAQ: POWW, POWWP) (&ldquo;AMMO&rdquo; or the &ldquo;Company&rdquo;) the owner of
<U>GunBroker.com</U>, the largest online marketplace serving the firearms and shooting sports industries, and a leading vertically integrated
producer of high-performance ammunition and components, today announced that it has reached a settlement agreement (the &ldquo;Agreement&rdquo;)
with Steven Urvan and Susan Lokey (collectively, the &ldquo;Urvan Group&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Agreement, the Company will appoint Christos Tsentas and Wayne Walker to the AMMO Board of Directors (the &ldquo;Board&rdquo;).
Mr. Tsentas is a former investment banker with M&amp;A and investment management experience, who also possesses firearms accessories
manufacturing board experience. Mr. Walker is a corporate governance expert with significant public company experience and more than
35 years of experience in corporate turnarounds. Messrs. Tsentas and Walker will stand for election at the Company&rsquo;s 2022 Annual
Meeting of Shareholders (the &ldquo;Annual Meeting&rdquo;), which is scheduled for December 15, 2022. With the appointments, AMMO&rsquo;s
Board will increase in size to nine directors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;We
are pleased to have reached a constructive outcome with The Urvan Group,&rdquo; said Fred Wagenhals, AMMO&rsquo;s Chairman &amp; CEO.
&ldquo;We welcome these new directors and believe they can and will contribute to our robust Board deliberations as we chart a path for
the creation of shareholder value.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;As
a large shareholder, Board member and founder of GunBroker.com, I look forward to AMMO&rsquo;s future, and believe the addition of Messrs.
Tsentas and Walker as directors will help strengthen the Board and propel the Company forward,&rdquo; said Mr. Urvan. &ldquo;I see a
bright future for AMMO and look forward to working with my fellow Board members to identify opportunities to drive profitable growth.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Agreement, the Urvan Group has withdrawn its slate of seven nominees and agreed to vote all of its shares in favor of the Board&rsquo;s
slate at the Annual Meeting. The Board will immediately form a new committee tasked with planning for CEO succession with the assistance
of a nationally recognized search firm. Further, given market conditions and shareholder feedback, the Company will suspend the separation
of its ammunition and marketplace businesses into two independent publicly traded companies.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has also ended its previously announced internal investigation into Mr. Urvan and Ms. Lokey. Mr. Urvan will remain on the
Board.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moreover,
the Agreement includes customary standstill and related provisions. The full agreement between AMMO and the Urvan Group will be filed
by the Company on a Form 8-K with the U.S. Securities and Exchange Commission.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company will file its definitive proxy statement and other relevant documents in due course.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders
do not need to take any action at this time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sidley
Austin LLP served as legal advisor to the Company. Olshan Frome Wolosky LLP represented the Urvan Group.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>About
Christos Tsentas</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Christos
Tsentas serves as a Partner of Albion River LLC, a private direct investment firm, with a focus on aerospace, defense and government
related opportunities. Earlier, he served as an investment banker at KippsDeSanto &amp; Co., an M&amp;A advisory firm focused on the
aerospace and defense markets. Mr. Tsentas has served on the board of directors of Magpul Industries Corporation, a designer and manufacturer
of firearms accessories and outdoor lifestyle products. Mr. Tsentas holds a B.S. in Finance and Accounting from the University of Virginia
and an M.B.A. from Columbia Business School.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>About
Wayne Walker</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wayne
Walker has served as President of Walker Nell Partners, Inc., an international business consulting firm since its founding in 2004. Earlier
in his career, Mr. Walker served as Partner at ParenteBeard LLC, an accounting firm and as Senior Legal Counsel at E. I. du Pont de Nemours
and Company. He currently serves on multiple public and private boards, including Wrap Technologies, Inc., where he serves as chairman,
Petro Pharmaceuticals, Inc., AYRO, Inc. and Pitcairn Trust Company. Mr. Walker holds a B.A. from Loyola University New Orleans and a
J.D. from the Columbus School of Law at the Catholic University of America.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>About
AMMO, Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
its corporate offices headquartered in Scottsdale, Arizona, AMMO designs and manufactures products for a variety of aptitudes, including
law enforcement, military, sport shooting and self-defense. The Company was founded in 2016 with a vision to change, innovate and invigorate
the complacent munitions industry. AMMO promotes branded munitions as well as its patented STREAK <SUP>&trade;</SUP> Visual Ammunition,
/stelTH/ <SUP>&trade;</SUP>subsonic munitions, and specialty rounds for military and law enforcement use via government programs. For
more information, please visit: <U>www.ammo-inc.com</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>About
GunBroker.com</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">GunBroker.com
is the largest online marketplace dedicated to firearms, hunting, shooting and related products. Third-party sellers list items on the
site and Federal and state laws govern the sale of firearms and other restricted items. Ownership policies and regulations are followed
using licensed firearms dealers as transfer agents. Launched in 1999, GunBroker.com is an informative, secure and safe way to buy and
sell firearms, ammunition, air guns, archery equipment, knives and swords, firearms accessories and hunting/shooting gear online. <U>GunBroker.com
</U>promotes responsible ownership of guns and firearms. For more information, please visit: <U>www.gunbroker.com</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Forward
Looking Statements</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
document contains &ldquo;forward-looking statements&rdquo; within the meaning of the safe harbor provisions of the U.S. Private Securities
Litigation Reform Act of 1995. Forward-looking statements can be identified by words like &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;likely,&rdquo;
&ldquo;should,&rdquo; &ldquo;expect,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;future,&rdquo; &ldquo;plan,&rdquo; &ldquo;believe,&rdquo;
&ldquo;intend,&rdquo; &ldquo;goal,&rdquo; &ldquo;seek,&rdquo; &ldquo;estimate,&rdquo; &ldquo;project,&rdquo; &ldquo;continue,&rdquo;
and similar expressions. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they
are based only on current beliefs, expectations and assumptions regarding the future of the business, future plans and strategies, projections,
anticipated events and trends, the economy, and other future conditions. Because forward-looking statements relate to the future, they
are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict. Actual results and financial
condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these
forward-looking statements. The risks and uncertainties which forward-looking statements are subject to include, but are not limited
to: risks related to the separation of our ammunition and marketplace businesses, including that the process of exploring the transaction
and potentially completing the transaction could disrupt or adversely affect the consolidated or separate businesses, results of operations
and financial condition, risks related to Action Outdoor Sports, Inc. (&ldquo;AOS&rdquo;) not being able to recruit the appropriate members
of its executive management team or board of directors, risks related to the transaction not being completed in accordance with our expected
plans or anticipated timelines, or at all, risks related to the transaction not achieving some or all of any of the anticipated benefits
with respect to either business, and risks related to AOS&rsquo;s ability to succeed as a standalone publicly traded company. We do not
undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the dates they are made.
You should, however, consult further disclosures and risk factors we include in Annual Reports on Form 10-K, Quarterly Reports on Form
10-Q, and Current Reports filed on Form 8-K.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Important
Additional Information and Where to Find It</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AMMO,
Inc. (the &ldquo;Company&rdquo;) intends to file a proxy statement on Schedule 14A, an accompanying proxy card and other relevant documents
with the Securities and Exchange Commission (&ldquo;SEC&rdquo;) in connection with its solicitation of proxies from the Company&rsquo;s
shareholders for the Company&rsquo;s 2022 Annual Meeting of Shareholders (the &ldquo;Annual Meeting&rdquo;). BEFORE MAKING ANY VOTING
DECISION, SHAREHOLDERS OF THE COMPANY ARE STRONGLY ENCOURAGED TO READ THE COMPANY&rsquo;S DEFINITIVE PROXY STATEMENT (INCLUDING ANY AMENDMENTS
OR SUPPLEMENTS THERETO) AND ALL OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE
THEY WILL CONTAIN IMPORTANT INFORMATION. Investors may obtain copies of the Company&rsquo;s proxy statement, proxy card, any amendments
or supplements thereto and other documents filed by the Company with the SEC when they become available at no charge at the SEC&rsquo;s
website at <U>www.sec.gov</U>. Copies will also be available at no charge in the &ldquo;SEC Filings&rdquo; section of the Company&rsquo;s
Investor Relations website at <U>https://investors.ammoinc.com</U> or by contacting the Company&rsquo;s Investor Relations Department
at <U>IR@ammo-inc.com</U> after such materials are electronically filed with, or furnished to, the SEC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Certain
Information Regarding Participants to the Solicitation</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company, its directors and certain of its executive officers are participants in the solicitation of proxies from the Company&rsquo;s
shareholders in connection with matters to be considered at the Annual Meeting. Information regarding the direct and indirect interests,
by security holdings or otherwise, of the Company&rsquo;s directors and executive officers in the Company is included in the Company&rsquo;s
Proxy Statement on Schedule 14A for its 2021 Annual Meeting of Shareholders, filed with the SEC on September 13, 2021, the Company&rsquo;s
Annual Report on Form 10-K for the year ended March 31, 2022, filed with the SEC on June 29, 2022, and in the Company&rsquo;s Current
Reports on Form 8-K filed with the SEC from time to time. Changes to the direct or indirect interests of the Company&rsquo;s directors
and executive officers are set forth in SEC filings on Initial Statements of Beneficial Ownership on Form 3 or Statements of Change in
Ownership on Form 4. These documents are available free of charge as described above. Updated information regarding the identities of
potential participants and their direct or indirect interests, by security holdings or otherwise, in the Company will be set forth in
the Proxy Statement for the Annual Meeting and other relevant documents to be filed with the SEC, if and when they become available.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Media
Contact:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Victoria
Welch</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AMMO,
Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phone:
(480) 947-0001</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>vwelch@ammoinc.com</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Investor
Contact</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Matt
Blazei</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phone:
(516) 386-0430</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>IR@ammo-inc.com</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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