Nuburu, Inc.
EXHIBIT 10.3
December 17, 2025
▇▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇ ▇▇▇
Centennial, CO 80112
Attention: ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇, Executive Chairman
Ladies and Gentlemen:
This letter (the “Agreement”) constitutes the agreement between ▇▇▇▇▇▇ ▇▇▇▇▇▇ & Co., LLC (“▇▇▇▇▇▇ ▇▇▇▇▇▇” or the “Placement Agent”) and Nuburu, Inc., a Delaware corporation (the “Company”), that ▇▇▇▇▇▇ ▇▇▇▇▇▇ shall serve as the exclusive placement agent for the Company, on a “commercially reasonable efforts” basis, in connection with the proposed private placement (the “Placement”) of an aggregate of $25,000,000 in principal amount of Senior Unsecured Debentures (the “Debentures”) and warrants (the “Warrants”) to purchase shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”), solely to accredited investors pursuant to one or more of the criteria set forth in Rule 501(a) of Regulation D as promulgated under the Securities Act of 1933, as amended (the “Securities Act”), Rule 506(b) of Regulation D under the Securities Act and/or Section 4(a)(2) under the Securities Act. ▇▇▇▇▇▇ ▇▇▇▇▇▇ shall also serve as the warrant agent for the Warrants issued in the Placement. The Company may extend and increase the maximum Debenture offering amount with the prior written consent of the Placement Agent and the Purchasers (as defined below). The Common Stock issuable upon exercise of the Warrants are herein referred to as the “Shares.” The Debentures, the Warrants and the Shares are collectively referred to herein as the “Securities.”
The terms of the Placement shall be mutually agreed upon by the Company, ▇▇▇▇▇▇ ▇▇▇▇▇▇ and the purchasers of the Debentures and Warrants (each, a “Purchaser” and collectively, the “Purchasers”) and nothing herein constitutes that ▇▇▇▇▇▇ ▇▇▇▇▇▇ would have the power or authority to bind the Company or any Purchaser or an obligation for the Company to issue any Securities or complete the Placement. This Agreement and the documents executed and delivered by the Company or the Purchasers in connection with the Placement (including but not limited to the Purchase Agreement, as defined below) shall be collectively referred to herein as the “Transaction Documents.” The Debentures and Warrants shall be sold at the closing of the Placement (the “Closing”). The date of Closing shall be referred to herein as the “Closing Date”. The Company expressly acknowledges and agrees that ▇▇▇▇▇▇ ▇▇▇▇▇▇’▇ obligations hereunder are on a commercially reasonable efforts basis only and that the execution of this Agreement does not constitute a legal or binding commitment by ▇▇▇▇▇▇ ▇▇▇▇▇▇ to purchase the Securities or introduce the Company to investors and does not ensure the successful placement of the Securities or any portion thereof or the success of ▇▇▇▇▇▇ ▇▇▇▇▇▇ with respect to securing any other financing on behalf of the Company. The Placement Agent may retain other brokers or dealers to act as sub-agents or selected-dealers on its behalf in connection with the Placement. The sale of the Debentures and Warrants to any Purchaser will be evidenced by a purchase agreement (the “Purchase Agreement”) by and among the Company and such Purchasers in a form reasonably acceptable to the Company and ▇▇▇▇▇▇ ▇▇▇▇▇▇. Prior to the signing of the Purchase Agreement, officers of the Company will be available to answer inquiries from prospective Purchasers.
SECTION 1. COMPENSATION. As compensation for the services provided by ▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇, the Company agrees to pay to ▇▇▇▇▇▇ ▇▇▇▇▇▇:
SECTION 2. REPRESENTATIONS AND WARRANTIES OF THE COMPANY. Each of the representations and warranties (together with any related disclosures in the disclosure schedules appended thereto) made by the Company to the Purchasers in the Transaction Documents, is hereby incorporated herein by reference (as though fully restated herein including the related disclosure schedules) and is, as of the date of this Agreement, hereby made to, and in favor of, the Placement Agent. In addition to the foregoing, the Company represents and warrants to the Placement Agent that:
SECTION 3. REPRESENTATIONS OF ▇▇▇▇▇▇ ▇▇▇▇▇▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇ represents and warrants that it (i) is a member in good standing of FINRA, (ii) is registered as a broker/dealer under the Securities Exchange Act of 1934, as amended, (iii) is licensed as a broker/dealer under the laws of the states applicable to the offers and sales of the Securities by ▇▇▇▇▇▇ ▇▇▇▇▇▇, (iv) is a limited liability company validly existing under the laws of its place of incorporation or formation, and (v) has full power and authority to enter into and perform its obligations under this Agreement. ▇▇▇▇▇▇ ▇▇▇▇▇▇ will immediately notify the Company in writing of any change in its status as such. ▇▇▇▇▇▇ ▇▇▇▇▇▇ covenants that it will use its commercially reasonable efforts to conduct the Placement in compliance with the provisions of this Agreement and the requirements of applicable law.
SECTION 4. INDEMNIFICATION. The Company agrees to the indemnification and other agreements set forth in the Indemnification provisions attached hereto as Annex A (the “Indemnification”), the provisions of which are incorporated herein by reference and shall survive the termination or expiration of this Agreement.
SECTION 5. ENGAGEMENT TERM. The Placement Agent’s engagement with respect to the Placement commenced on November 12, 2025, was executed, and shall terminate on the date which is the earlier of (i) the Closing Date and (ii) December 31, 2025 (such date, the “Termination Date” and the period of time during which this Agreement remains in effect, the “Term”); provided, however, that any party hereto may terminate this Agreement upon written notice to the other party prior to the Termination Date in the case of: (a) termination by the Company at any time for Good Reason as is defined hereinbelow or (b) termination by Company without Good Reason upon written notice to ▇▇▇▇▇▇ ▇▇▇▇▇▇, provided, however, that if any termination as referenced hereinabove is in connection with any Company transaction which includes a reverse merger, merger, acquisition, asset sale or purchase of or by the Company involving a change of control, then the Company agrees that ▇▇▇▇▇▇ ▇▇▇▇▇▇ shall also be identified as a financial advisor to the Company in connection with such transaction. As used herein, the term “Good Reason” means: (i) the failure to proceed with the Placement at all times in good faith, (ii) gross negligence or willful misconduct of the Placement Agent, (iii) the occurrence of any domestic or international event or act or occurrence which materially disrupts, or, in ▇▇▇▇▇▇ ▇▇▇▇▇▇’▇ sole opinion, will, in the immediate future, materially disrupt general securities markets in the United States, (iv) the Company will have sustained a material loss by fire, flood, accident, hurricane, earthquake, theft, sabotage or other calamity or malicious act which, whether or not such loss will have been insured, will, in ▇▇▇▇▇▇ ▇▇▇▇▇▇’▇ sole judgment, make it inadvisable to proceed with the Placement; (v) conditions or prospects of the Company which would make it, in ▇▇▇▇▇▇ ▇▇▇▇▇▇’▇ sold judgment, impracticable to proceed with the Placement; or (vi) dissatisfaction of ▇▇▇▇▇▇ ▇▇▇▇▇▇ with the results of its due diligence investigation which would make it, in ▇▇▇▇▇▇ ▇▇▇▇▇▇’▇ sole judgment, impracticable to proceed with the Placement.
Notwithstanding anything to the contrary contained herein, the provisions concerning any obligation of the Company to pay any fees pursuant to Section 1 hereof, any expense reimbursement pursuant to Section 1 hereof, confidentiality, indemnification, and contribution, Tail Financing or Right of First Refusal (each as
defined below) contained herein and the Company’s obligations contained in the Indemnification Provisions herein will survive any expiration or termination of this Agreement on the terms thereof. If this Agreement is terminated prior to the completion of the Placement, all fees and expense reimbursement due to the Placement Agent, if any, shall be paid by the Company to the Placement Agent on or before the Termination Date (in the event such fees are earned or owed as of the Termination Date).
SECTION 6. CONFIDENTIAL INFORMATION. The Placement Agent agrees not to use any confidential information concerning the Company provided to such Placement Agent by the Company for any purposes other than those contemplated under this Agreement and, except as otherwise required by applicable law, rule, or regulation, the Placement Agent will not disclose or otherwise refer to any confidential information in any manner without the Company’s prior written consent. The Company agrees that any information or advice rendered by ▇▇▇▇▇▇ ▇▇▇▇▇▇ in connection with this engagement is for the confidential use of the Company only in its evaluation of the Placement and, except as otherwise required by applicable law, rule, or regulation, the Company will not disclose or otherwise refer to the advice or information in any manner without ▇▇▇▇▇▇ ▇▇▇▇▇▇’▇ prior written consent.
SECTION 7. NO FIDUCIARY RELATIONSHIP. This Agreement does not create, and shall not be construed as creating rights enforceable by any person or entity not a party hereto, except those entitled hereto by virtue of the Indemnification provisions hereof. The Company acknowledges and agrees that ▇▇▇▇▇▇ ▇▇▇▇▇▇ is not and shall not be construed as a fiduciary of the Company and shall have no duties or liabilities to the equity holders or the creditors of the Company or any other person by virtue of this Agreement or the retention of ▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇, all of which are hereby expressly waived.
SECTION 8. CLOSING. The obligations of the Placement Agent hereunder, and the Closing of the sale of the Securities pursuant to the Purchase Agreement, are subject to the accuracy, when made and on the Closing Date, of the representations and warranties on the part of the Company and its subsidiaries contained herein and in the Purchase Agreement, to the accuracy of the statements of the Company and its subsidiaries made in any certificates pursuant to the provisions hereof, to the performance by the Company and its subsidiaries of their obligations hereunder, and to each of the following additional terms and conditions, except as otherwise disclosed to and acknowledged and waived by the Placement Agent or by the Company:
All opinions, letters, evidence, and certificates mentioned above or elsewhere in this Agreement shall be deemed to be in compliance with the provisions hereof only if they are in form and substance reasonably satisfactory to counsel for the Placement Agent.
SECTION 9. COVENANTS AND OBLIGATIONS.
SECTION 10. GOVERNING LAW. This Agreement will be governed as to validity, interpretation, construction, effect and in all other respects by the internal law of the State of New York. The Company and the Placement Agent each (i) agree that any legal suit, action or proceeding arising out of or relating to this Agreement shall be instituted exclusively in the New York State Supreme Court, County of New York, or in the United States District Court for the Southern District of New York, (ii) waives any objection to the venue of any such suit, action or proceeding, and the right to assert that such forum is an inconvenient forum, and (iii) irrevocably consents to the jurisdiction of the New York State Supreme Court, County of New York, and the United States District Court for the Southern District of New York in any such suit, action or proceeding. Each of the Company and the Placement Agent further agrees to accept and acknowledge service of any and all process that may be served in any such suit, action or proceeding in the New York State Supreme Court, County of New York, or in the United States District Court for the Southern District of New York and agree that service of process upon it mailed by certified mail to its address shall be deemed in every respect effective service of process in any such suit, action or proceeding. The parties hereby expressly waive all rights to trial by jury in any suit, action or proceeding arising under this Agreement.
SECTION 11. ENTIRE AGREEMENT/MISC. This Agreement (including the attached Indemnification provisions herein) embodies the entire agreement and understanding between the parties hereto and supersedes all prior agreements and understandings, relating to the subject matter hereof. If any provision of this Agreement is determined to be invalid or unenforceable in any respect, such determination will not affect such provision in any other respect or any other provision of this Agreement, which will remain in full force and effect. This Agreement may not be amended or otherwise modified or waived except by an
instrument in writing signed by both ▇▇▇▇▇▇ ▇▇▇▇▇▇ and the Company. The representations, warranties, agreements, and covenants contained herein shall survive the Closing of the Placement and delivery of the Common Stock, as applicable. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood that both parties need not sign the same counterpart. If any signature is delivered by facsimile transmission or a .pdf format file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or .pdf signature page were an original thereof. The Company agrees that the Placement Agent may rely upon, and is a third party beneficiary of, the representations and warranties, and applicable covenants set forth in any such purchase, subscription or other agreement with the Purchasers in the Placement. All amounts stated in this Agreement are in US dollars unless expressly stated.
SECTION 12. NOTICES. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of (a) the date of transmission, if such notice or communication is sent to the email address specified on the signature pages attached hereto prior to 6:30 p.m. (New York City time) on a Business Day, (b) the next Business Day after the date of transmission, if such notice or communication is sent to the email address on the signature pages attached hereto on a day that is not a Business Day or later than 6:30 p.m. (New York City time) on any Business Day, (c) the third Business Day following the date of mailing, if sent by U.S. internationally recognized air courier service, or (d) upon actual receipt by the party to whom such notice is required to be given. “Business Day” means any day other than Saturday, Sunday, or other day on which commercial banks in the City of New York are authorized or required by law to remain closed; provided that banks shall not be deemed to be authorized or obligated to be closed due to a “shelter in place,” “non-essential employee” or similar closure of physical branch locations at the direction of any governmental authority if such banks’ electronic funds transfer systems (including for wire transfers) are open for use by customers on such day. The address for such notices and communications shall be as set forth on the signature pages hereto.
SECTION 13. PRESS ANNOUNCEMENTS. The Company agrees that the Placement Agent shall, from and after Closing, have the right to reference the Placement and the Placement Agent’s role in connection therewith in the Placement Agent’s marketing materials and on its website and to place advertisements in financial and other newspapers and journals, in each case at its own expense, provided such publicizing shall not impact the Company’s ability to conduct the Placement pursuant to all applicable securities laws.
SECTION 14. SUCCESSORS AND ASSIGNS. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns. This Agreement or any obligations or rights hereunder may not be assigned without the other party’s prior written consent.
SECTION 15. HEADINGS; LANGUAGE. The headings herein are for convenience only, do not constitute a part of this Agreement, and shall not be deemed to limit or affect any of the provisions hereof. The official language of this Agreement is the English language and it shall be interpreted in the English language for all purposes.
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Please confirm that the foregoing correctly sets forth our agreement by signing and returning to ▇▇▇▇▇▇ ▇▇▇▇▇▇ the enclosed copy of this Agreement.
Very truly yours,
▇▇▇▇▇▇ ▇▇▇▇▇▇ & CO., LLC
By: /s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇
Name: ▇▇▇▇▇▇▇ ▇▇▇▇▇
Title: President
Address for notice:
1000 RXR Plaza
Uniondale, New York 11556
Attention: ▇▇▇▇▇▇▇ ▇▇▇▇▇ Email: ▇▇▇▇▇▇@▇▇▇▇▇▇▇.▇▇▇
Accepted and agreed to as of
the date first written above:
By: /s/ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇
Name: ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇
Title: Executive Chairman ▇▇▇
Co-Chief Executive Officer
Address for notice:
▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇
Denver, CO 80206
Attention: ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ and ▇▇▇▇▇ ▇▇▇▇▇▇
E-Mail: ▇▇▇▇▇▇▇▇▇▇.▇▇▇▇▇▇▇@▇▇▇▇▇▇.▇▇▇; ▇▇▇▇▇@▇▇▇▇▇▇▇▇.▇▇▇
ANNEX A
INDEMNIFICATION PROVISIONS
Capitalized terms used in this Annex shall have the meanings ascribed to such terms in the Agreement to which this Annex is attached:
In addition to and without limiting any other right or remedy available to the Placement Agent and the Indemnified Parties (as hereinafter defined), to the extent permitted by law, the Company agrees to indemnify and hold harmless Placement Agent and each of the other Indemnified Parties from and against any and all losses, claims, damages, obligations, penalties, judgments, awards, liabilities, reasonable and accountable out-of-pocket costs, reasonable and accountable out-of-pocket expenses and reasonable disbursements, and any and all actions, suits, proceedings and investigations in respect thereof and any and all reasonable legal and other reasonable costs, expenses and disbursements in giving testimony or furnishing documents in response to a subpoena or otherwise (including, without limitation, the reasonable and accountable out-of-pocket costs, out-of-pocket expenses and disbursements, as and when incurred, of investigating, preparing, pursing or defending any such action, suit, proceeding or investigation (whether or not in connection with litigation in which any Indemnified Party is a party)) (collectively, “Losses”), directly or indirectly, caused by, relating to, based upon, arising out of, or in connection with, Placement Agent’s acting for the Company and as a Placement Agent, including, without limitation, any act or omission by Placement Agent in connection with its acceptance of or the performance or nonperformance of its obligations under the Agreement between the Company and Placement Agent to which these indemnification provisions are attached and form a part, any breach by the Company of any representation, warranty, covenant or agreement contained in the Agreement (or in any instrument, document or agreement relating thereto or referred to therein, including the Purchase Agreements and any agency agreement), or the enforcement by Placement Agent of its rights under the Agreement or these indemnification provisions, except to the extent that any such Losses relate to or arise out of fraud, recklessness, bad faith, gross negligence or willful misconduct of the Placement Agent or any other Indemnified Party.
The Company also agrees that no Indemnified Party shall have any liability (whether direct or indirect, in contract or tort or otherwise) to the Company for or in connection with the engagement of Placement Agent by the Company or for any other reason, except to the extent that any Loss relates to or arise out of fraud, recklessness, bad faith, gross negligence or willful misconduct of the Placement Agent or any other Indemnified Party.
These Indemnification Provisions shall extend to the following persons (collectively, the “Indemnified Parties”): the Placement Agent, its affiliated entities, managers, members, officers, directors, shareholders, partners, employees, legal counsel, agents, representatives, and controlling persons (within the meaning of the federal securities laws), and the officers, directors, partners, shareholders, members, managers, employees, legal counsel, agents, representatives and controlling persons of any of them. These indemnification provisions shall be in addition to any liability, which the Company may otherwise have to any Indemnified Party.
If any action, suit, proceeding or investigation is commenced, as to which an Indemnified Party proposes to demand indemnification, it shall notify the Company with reasonable promptness; provided, however, that any failure by an Indemnified Party to notify the Company shall not relieve the Company from its obligations hereunder. An Indemnified Party shall have the right to retain one counsel of its own choice to represent it, and the reasonable fees, expenses and disbursements of such counsel shall be borne by the Company. Any such counsel shall, to the extent consistent with its professional responsibilities, reasonably cooperate with the Company and any counsel designated by the Company. The Company shall be liable for any settlement of any claim against any Indemnified Party made with the Placement Agent’s
and the Company’s written consent. The Company shall not, without the prior written consent of Placement Agent, settle or compromise any claim, or permit a default or consent to the entry of any judgment in respect thereof, unless such settlement, compromise or consent (i) includes, as an unconditional term thereof, the giving by the claimant to all of the Indemnified Parties of an unconditional release from all liability in respect of such claim, and (ii) does not contain any factual or legal admission by or with respect to an Indemnified Party or an adverse statement with respect to the character, professionalism, expertise or reputation of any Indemnified Party or any action or inaction of any Indemnified Party.
In order to provide for just and equitable contribution, if a claim for indemnification pursuant to these indemnification provisions is made but it is found in a final judgment by a court of competent jurisdiction (not subject to further appeal) that such indemnification may not be enforced in such case, even though the express provisions hereof provide for indemnification in such case, then the Company shall contribute to the Losses to which any Indemnified Party may be subject (i) in accordance with the relative benefits received by the Company and its shareholders, subsidiaries and affiliates, on the one hand, and the Indemnified Party, on the other hand, from the Placement of the Securities and (ii) if (and only if) the allocation provided in clause (i) of this sentence is not permitted by applicable law, in such proportion as to reflect not only the relative benefits, but also the relative fault of the Company, on the one hand, and the Indemnified Party, on the other hand, in connection with the statements, acts or omissions which resulted in such Losses as well as any relevant equitable considerations. No person found liable for a fraudulent misrepresentation shall be entitled to contribution from any person who is not also found liable for fraudulent misrepresentation. The relative benefits received (or anticipated to be received) by the Company and its shareholders, subsidiaries, and affiliates shall be deemed to be equal to the aggregate consideration received or receivable by the Company in connection with the Placement of Securities relative to the amount of fees actually received by Placement Agent in connection with such Placement. Notwithstanding the foregoing, in no event shall the amount contributed by all Indemnified Parties exceed the amount of fees previously received by Placement Agent pursuant to the Agreement.
Neither termination nor completion of the Agreement shall affect these Indemnification Provisions which shall remain operative and in full force and effect. The Indemnification Provisions shall be binding upon the Company and its successors and assigns and shall inure to the benefit of the Indemnified Parties and their respective successors, assigns, heirs, and personal representatives.
[Signature Page Follows]
IN WITNESS WHEREOF, the parties have executed this Annex to that certain Placement
Agency Agreement dated as of this 17th day of December, 2025.
▇▇▇▇▇▇ ▇▇▇▇▇▇ & CO., LLC
By: /s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇
Name: ▇▇▇▇▇▇▇ ▇▇▇▇▇
Title: President
Address for notice:
1000 RXR Plaza
Uniondale, New York 11556 Attention: ▇▇▇▇▇▇▇ ▇▇▇▇▇ Email: ▇▇▇▇▇▇@▇▇▇▇▇▇▇.▇▇▇
Accepted and Agreed to as of
the date first written above:
By: /s/ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇
Name: ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇
Title: Executive Chairman ▇▇▇
Co-Chief Executive Officer
Address for notice:
▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇
Denver, CO 80206
Attention: ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ and ▇▇▇▇▇ ▇▇▇▇▇▇
E-Mail: ▇▇▇▇▇▇▇▇▇▇.▇▇▇▇▇▇▇@▇▇▇▇▇▇.▇▇▇; ▇▇▇▇▇@▇▇▇▇▇▇▇▇.▇▇▇
