EX-10.11 3 ea020403305ex10-11_clover.htm SIDE LETTER TO LETTER AGREEMENT, DATED MAY 19, 2023, BY AND BETWEEN DIGITAL ALLY, INC. AND MAXIM GROUP LLC, DATED MAY 25, 2024, BY AND BETWEEN DIGITAL ALLY, INC., MAXIM GROUP LLC AND CLOVER LEAF CAPITAL CORP

Exhibit 10.11

 

May 25, 2024

 

Mr. Stanton Ross

Chairman and Chief Executive Officer

Digital Ally, Inc.

15612 College Blvd.

Lenexa, KS 66219

 

Dear Mr. Ross:

 

Reference is made to that certain engagement letter, dated May 20, 2023, between Digital Ally, Inc. (the “Company”) and Maxim Group LLC (“Maxim”) (the “Engagement Letter”). Capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Engagement Letter. It is agreed that the Engagement Letter remains in full force and effect, except as provided for below:

 

1. The Success Fee referenced in Section 3(b) of the Engagement Letter shall be three percent (3.0%) rather than three and one-half percent (3.5%).

 

2. The Company and Clover Leaf Capital Corp. (“Clover”) hereby acknowledge and agree that the Success Fee referenced in Section 3(b) of the Engagement Letter shall be payable to Maxim in securities of the post-Transaction company, and such securities shall be afforded the registration rights set forth in Section 3(b) of the Engagement Letter by the post-Transaction company.

 

Except as specifically modified herein, the provisions, terms, conditions and definitions in the Engagement Letter shall remain in full force and effect.

 

Very truly yours,  
     
MAXIM GROUP LLC  
     
By: /s/ Ritesh Veera  
Name: Ritesh Veera  
Title: Co-head of Investment Banking  

 

  ACCEPTED AND AGREED TO:
     
  DIGITAL ALLY, INC.
     
  By: /s/ Stanton Ross
    Name: Stanton Ross
    Title: Chief Executive Officer
     
  ACKNOWLEDGED AND AGREED TO AS TO SECTION 2:
     
  CLOVER LEAF CAPITAL CORP.
     
  By: /s/ Felipe MacLean
    Name: Felipe MacLean
    Title: Chief Executive Officer