Form 8-K
8-K — Hawkeye Systems, Inc.
Accession: 0001683168-26-005046
Filed: 2026-06-23
Period: 2026-06-17
CIK: 0001750777
SIC: 3861 (PHOTOGRAPHIC EQUIPMENT & SUPPLIES)
Item: Changes in Registrant's Certifying Accountant
Item: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
Item: Submission of Matters to a Vote of Security Holders
Item: Financial Statements and Exhibits
Documents
8-K — hawkeye_8k.htm (Primary)
EX-10.1 — 2026 EQUITY INCENTIVE PLAN (hawkeye_ex1001.htm)
EX-16.1 — LETTER FROM FRUCI & ASSOCIATES II, PLLC DATED JUNE 17, 2026 (hawkeye_ex1601.htm)
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8-K — CURRENT REPORT
8-K (Primary)
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): June
17, 2026
Hawkeye Systems, Inc.
(Exact Name of Registrant as Specified in its Charter)
Nevada
000-56332
83-0799093
(State or Other Jurisdiction
of Incorporation)
(Commission File Number)
(I.R.S. Employer
Identification No.)
7401 Carmel Executive Park Drive, Suite 315
Charlotte, NC
28226
(Address of Principal Executive Offices)
(Zip Code)
Registrant’s Telephone Number, Including Area
Code: (800) 576-4953
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:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b)
of the Act: None
Indicate by check mark whether the registrant is an
emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
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. ☐.
Item 4.01 Changes in Registrant’s Certifying Accountant.
(a)
Dismissal of Previous Independent Registered Public Accounting Firm.
i.
On June 17, 2026, Hawkeye Systems, Inc. (the “Company”) dismissed Fruci & Associates II, PLLC (“Fruci”) its independent registered public accounting firm. The board of directors of the Company (the “Board”) approved such dismissal on June 17, 2026, subject to acceptance by the Company’s new independent registered public accounting firm of the Company as a client.
ii.
The Board participated in and approved the decision to change the Company’s independent registered public accounting firm.
iii.
Fruci’s reports on the financial statements of the Company as of and for the years ended June 30, 2024 and 2025 did not contain an adverse opinion or a disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope, or accounting principles.
iv.
In connection with the audits of the financial statements of the Company for the years ended June 30, 2024 and 2025 and the subsequent interim period through June 17, 2026, there were no disagreements on any matter of accounting principles or practices, financial statement disclosures, or auditing scope or procedures, which disagreements if not resolved to their satisfaction would have caused them to make reference in connection with Fruci’s opinion to the subject matter of the disagreement.
v.
In connection with the audited financial statements of the Company for the year ended June 30, 2024 and 2025 and the subsequent interim period through June 17, 2026, there have been no reportable events with the Company as set forth in Item 304(a)(1)(v) of Regulation S-K.
vi.
The Company provided Fruci with a copy of this Current Report on Form 8-K and requested that Fruci furnish it with a letter addressed to the SEC stating whether or not they agree with the above statements. The Company has received the requested letter from Fruci, and a copy of such letter is filed as Exhibit 16.1 to this Current Report on Form 8-K.
(b)
Engagement of New Independent Registered Public Accounting Firm.
i.
On June 17, 2026, the Board appointed Grassi & Co., CPAs, P.C. (“Grassi”) as the Company’s new independent registered public accounting firm. The decision to engage Grassi was approved by the Board on June 17, 2026, subject to acceptance by the Company’s new independent registered public accounting firm of the Company as a client.
ii.
Prior to June 17, 2026, the Company did not consult with Grassi regarding (1) the application of accounting principles to a specified transactions, (2) the type of audit opinion that might be rendered on the Company’s financial statements, (3) written or oral advice was provided that would be an important factor considered by the Company in reaching a decision as to an accounting, auditing or financial reporting issues, or (4) any matter that was the subject of a disagreement between the Company and its predecessor auditor as described in Item 304(a)(1)(iv) of Regulation S-k or a reportable event as described in Item 304(a)(1)(v) of Regulation S-K.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of
Certain Officers.
On June 17, 2026, a majority of the stockholders
of the Company approved the Hawkeye Digital, Inc. 2026 Equity Incentive Plan (the “Equity Incentive Plan”).
2
The purpose of the Equity Incentive Plan is to
attract and retain the best available personnel for positions of responsibility with the Company, to provide incentives to them and align
their interests with those of the Company’s shareholders, and to thereby promote the Company’s long-term business success.
Eligible participants are the employees, consultants and directors of the Company and its affiliates and such other individuals designated
by the Committee, as defined in the Equity Incentive Plan, who are reasonably expected to become employees, consultants and directors
after the receipt of awards under the Equity Incentive Plan.
The foregoing summary of the Equity Incentive Plan
is qualified in its entirety by reference to the text of the Equity Incentive Plan, a copy of which is filed as Exhibit 10.1 to this Current
Report on Form 8-K and is incorporated herein by reference.
Item 5.07 Submission of Matters to a Vote of Security Holders.
On June 17, 2026, a written consent (the “Written
Consent”) was delivered to the Board from Hawkeye Holdco, LLC (the “Majority Stockholder”), the holder of 242,017,296
shares, approximately 90.1% of the voting power, of the Company’s issued and outstanding common stock, par value $0.0001 per share.
Pursuant to the Written Consent, the Majority Stockholder approved (i) an amendment (the “Amended and Restated Articles of Incorporation”)
to the Company’s Articles of Incorporation to, among other things, effectuate (a) a corporate name change of the Company from “Hawkeye
Systems, Inc.” to “Hawkeye Digital, Inc.,” (b) an increase in the total number of authorized shares of capital stock
which the Company shall have authority to issue, from 450,000,000 shares, consisting of 400,000,000 shares of common stock and 50,000,000
shares of preferred stock, to 10,050,000,000 shares, consisting of 10,000,000,000 shares of common stock and 50,000,000 shares of preferred
stock and (c) a reclassification of the Board into three classes, pursuant to which the directors in each class will serve for a three-year
term, one class being elected each year by the Company’s stockholders; (ii) a reverse stock split of the Company’s issued
and outstanding common stock by a ratio of not less than 1-for-2 nor greater than 1-for-20, (the “Reverse Stock Split”) with
the implementation and exact effective date of the Reverse Stock Split to be determined at the discretion of the Board and included in
a public announcement, at any time prior to June 17, 2027; and (iii) the Equity Incentive Plan. The information regarding the Equity Incentive
Plan above in Item 5.02 is incorporated by reference into this Item 5.07.
The Company intends to file an Information Statement
pursuant to Section 14(c) of the Securities Exchange Act of 1934, as amended, to the Securities and Exchange Commission. The Amended and
Restated Articles of Incorporation will be filed with the Secretary of State of Nevada and will become effective on the twenty-first (21st)
day after the Information Statement is mailed to the Company’s stockholders.
Item 9.01
Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No.
Description
10.1
Hawkeye Digital, Inc. 2026 Equity Incentive Plan
16.1
Letter from Fruci & Associates II, PLLC dated June 17, 2026
104
Cover Page Interactive Data File (embedded within the Inline XBRL document).
3
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
HAWKEYE SYSTEMS, INC.
Date: June 22, 2026
By:
/s/ David Wachsman
Name:
David Wachsman
Title:
President
4
EX-10.1 — 2026 EQUITY INCENTIVE PLAN
EX-10.1
Filename: hawkeye_ex1001.htm · Sequence: 2
Exhibit 10.1
HAWKEYE DIGITAL, INC. 2026 EQUITY INCENTIVE
PLAN
1.
Purpose; Eligibility.
1.1
General Purpose. The name of this plan is the Hawkeye Digital, Inc. 2026 Equity Incentive Plan (the “Plan”).
The purposes of the Plan are to (a) enable Hawkeye Digital, Inc., a Nevada corporation (the “Company”), and any Affiliate
to attract and retain the types of Employees, Consultants and Directors who will contribute to the Company’s long term success; (b) provide
incentives that align the interests of Employees, Consultants and Directors with those of the shareholders of the Company; and (c) promote
the success of the Company’s business.
1.2
Eligible Award Recipients. The persons eligible to receive Awards are the Employees, Consultants and Directors of
the Company and its Affiliates and such other individuals designated by the Committee who are reasonably expected to become Employees,
Consultants and Directors after the receipt of Awards.
1.3
Available Awards. Awards that may be granted under the Plan include: (a) Incentive Stock Options, (b) Non-qualified
Stock Options, (c) Stock Appreciation Rights, (d) Restricted Awards, (e) Performance Share Awards, (f) Cash Awards, and (g) Other Equity-Based
Awards.
2.
Definitions.
“Affiliate” means a
corporation or other entity that, directly or through one or more intermediaries, controls, is controlled by or is under common control
with, the Company.
“Applicable Laws” means
the requirements related to or implicated by the administration of the Plan under applicable state corporate law, United States federal
and state securities laws, the Code, any stock exchange or quotation system on which the shares of Common Stock are listed or quoted,
and the applicable laws of any foreign country or jurisdiction where Awards are granted under the Plan.
“Award” means any right
granted under the Plan, including an Incentive Stock Option, a Non-qualified Stock Option, a Stock Appreciation Right, a Restricted Award,
a Performance Share Award, a Cash Award, or an Other Equity-Based Award.
“Award Agreement” means
a written agreement, contract, certificate or other instrument or document evidencing the terms and conditions of an individual Award
granted under the Plan which may, in the discretion of the Company, be transmitted electronically to any Participant. Each Award Agreement
shall be subject to the terms and conditions of the Plan.
“Beneficial Owner” has
the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial ownership
of any particular Person, such Person shall be deemed to have beneficial ownership of all securities that such Person has the right to
acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable only after the passage
of time. The terms “Beneficially Owns” and “Beneficially Owned” have a corresponding meaning.
“Board” means the Board
of Directors of the Company, as constituted at any time.
“Cash Award” means an
Award denominated in cash that is granted under Section 10 of the Plan.
“Cause” means:
With respect to any Employee or Consultant, unless the applicable Award Agreement states otherwise:
(a) If the Employee or Consultant is a party to an employment or service agreement with the Company or its Affiliates and such agreement provides for a definition of Cause, the definition contained therein; or
1
(b) If no such agreement exists, or if such agreement does not define Cause: (i) the commission of, or plea of guilty or no contest to, a felony or a crime involving moral turpitude or the commission of any other act involving willful malfeasance or material fiduciary breach with respect to the Company or an Affiliate; (ii) conduct that brings or is reasonably likely to bring the Company or an Affiliate negative publicity or into public disgrace, embarrassment, or disrepute; (iii) gross negligence or willful misconduct with respect to the Company or an Affiliate; (iv) material violation of state or federal securities laws; or (v) material violation of the Company’s written policies or codes of conduct, including any written policies related to discrimination, harassment, performance of illegal or unethical activities, and ethical misconduct.
With respect to any Director, unless the applicable Award Agreement states otherwise, a determination by a majority of the disinterested Board members that the Director has engaged in any of the following:
(a) gross misconduct;
(b) materially false or fraudulent misrepresentation
inducing the director’s appointment; or
(c) willful conversion of corporate funds.
The Committee, in its absolute discretion,
shall determine the effect of all matters and questions relating to whether a Participant has been discharged for Cause.
“Change in Control”
means:
(a) The direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of the Company and its subsidiaries, taken as a whole, to any Person that is not a subsidiary of the Company;
(b) The Incumbent Directors cease for any reason to constitute at least a majority of the Board;
(c) The date which is 10 business days prior to the consummation of a complete liquidation or dissolution of the Company;
(d) The acquisition by any Person (other than any Person or an Affiliate of any Person which beneficially owns 50% or more of the outstanding Common Stock on a fully diluted basis on the Effective Date) of Beneficial Ownership of more than fifty percent (50%) (on a fully diluted basis) of either (i) the then outstanding shares of Common Stock of the Company, taking into account as outstanding for this purpose such Common Stock issuable upon the exercise of options or warrants, the conversion of convertible stock or debt, and the exercise of any similar right to acquire such Common Stock (the “Outstanding Company Common Stock”) or (ii) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that for purposes of this Plan, the following acquisitions shall not constitute a Change in Control: (A) any acquisition by the Company or any Affiliate, (B) any acquisition by any employee benefit plan sponsored or maintained by the Company or any subsidiary, (C) any acquisition which complies with clauses, (i), (ii) and (iii) of subsection (e) of this definition or (D) in respect of an Award held by a particular Participant, any acquisition by the Participant or any group of persons including the Participant (or any entity controlled by the Participant or any group of persons including the Participant); or
2
(e) The consummation of a reorganization, merger, consolidation, statutory share exchange or similar form of corporate transaction involving the Company that requires the approval of the Company’s shareholders, whether for such transaction or the issuance of securities in the transaction (a “Business Combination”), unless immediately following such Business Combination: (i) more than 50% of the total voting power of (A) the entity resulting from such Business Combination (the “Surviving Company”), or (B) if applicable, the ultimate parent entity that directly or indirectly has beneficial ownership of sufficient voting securities eligible to elect a majority of the members of the board of directors (or the analogous governing body) of the Surviving Company (the “Parent Company”), is represented by the Outstanding Company Voting Securities that were outstanding immediately prior to such Business Combination (or, if applicable, is represented by shares into which the Outstanding Company Voting Securities were converted pursuant to such Business Combination), and such voting power among the holders thereof is in substantially the same proportion as the voting power of the Outstanding Company Voting Securities among the holders thereof immediately prior to the Business Combination; (ii) no Person (other than any employee benefit plan sponsored or maintained by the Surviving Company or the Parent Company) is or becomes the Beneficial Owner, directly or indirectly, of 50% or more of the total voting power of the outstanding voting securities eligible to elect members of the board of directors of the Parent Company (or the analogous governing body) (or, if there is no Parent Company, the Surviving Company); and (iii) at least a majority of the members of the board of directors (or the analogous governing body) of the Parent Company (or, if there is no Parent Company, the Surviving Company) following the consummation of the Business Combination were Board members at the time of the Board’s approval of the execution of the initial agreement providing for such Business Combination.
“Code” means the Internal
Revenue Code of 1986, as it may be amended from time to time. Any reference to a section of the Code shall be deemed to include a reference
to any regulations promulgated thereunder.
“Committee” means a
committee of one or more members of the Board appointed by the Board to administer the Plan in accordance with Section 3.3 and Section
3.4 or, in the absence of such committee, the Board.
“Common Stock” means
the common stock, $0.0001 par value per share, of the Company, or such other securities of the Company as may be designated by the Committee
from time to time in substitution thereof.
“Company” means Hawkeye
Digital, Inc., a Nevada corporation, and any successor thereto.
“Consultant” means any
individual or entity which performs bona fide services to the Company or an Affiliate, other than as an Employee or Director, and who
may be offered securities registerable pursuant to a registration statement on Form S-8 under the Securities Act.
“Continuous Service”
means that the Participant’s service with the Company or an Affiliate, whether as an Employee, Consultant or Director, is not interrupted
or terminated. The Participant’s Continuous Service shall not be deemed to have terminated merely because of a change in the capacity
in which the Participant renders service to the Company or an Affiliate as an Employee, Consultant or Director or a change in the entity
for which the Participant renders such service, provided that there is no interruption or termination of the Participant’s Continuous
Service; provided further that if any Award is subject to Section 409A of the Code, this sentence shall only be given effect to
the extent consistent with Section 409A of the Code. For example, a change in status from an Employee of the Company to a Director of
an Affiliate will not constitute an interruption of Continuous Service. The Committee or its delegate, in its sole discretion, may determine
whether Continuous Service shall be considered interrupted in the case of any leave of absence approved by that party, including sick
leave, military leave or any other personal or family leave of absence. The Committee or its delegate, in its sole discretion, may determine
whether a Company transaction, such as a sale or spin-off of a division or subsidiary that employs a Participant, shall be deemed to result
in a termination of Continuous Service for purposes of affected Awards, and such decision shall be final, conclusive and binding.
“Deferred Stock Units (DSUs)”
has the meaning set forth in Section 8.1(b) hereof.
“Director” means a member
of the Board.
3
“Disability” means,
unless the applicable Award Agreement says otherwise, that the Participant is unable to engage in any substantial gainful activity by
reason of any medically determinable physical or mental impairment; provided, however, for purposes of determining the term of
an Incentive Stock Option pursuant to Section 6.10 hereof, the term Disability shall have the meaning ascribed to it under Section 22(e)(3)
of the Code. The determination of whether an individual has a Disability shall be determined under procedures established by the Committee.
Except in situations where the Committee is determining Disability for purposes of the term of an Incentive Stock Option pursuant to Section
6.10 hereof within the meaning of Section 22(e)(3) of the Code, the Committee may rely on any determination that a Participant is disabled
for purposes of benefits under any long-term disability plan maintained by the Company or any Affiliate in which a Participant participates.
“Disqualifying Disposition”
has the meaning set forth in Section 17.12.
“Effective Date” shall
mean the date that the Company’s shareholders approve this Plan if such shareholder approval occurs before the first anniversary of the
date the Plan is adopted by the Board.
“Employee” means any
person, including an Officer or Director, employed by the Company or an Affiliate; provided, that, for purposes of determining
eligibility to receive Incentive Stock Options, an Employee shall mean an employee of the Company or a parent or subsidiary corporation
within the meaning of Section 424 of the Code. Mere service as a Director or payment of a director’s fee by the Company or an Affiliate
shall not be sufficient to constitute “employment” by the Company or an Affiliate.
“Exchange Act” means
the Securities Exchange Act of 1934, as amended.
“Fair Market
Value” means, as of any date, the value of the Common Stock as determined below. If the Common Stock is listed on any
national securities exchange, including without limitation, the New York Stock Exchange or the Nasdaq Stock Market, the Fair Market
Value shall be the closing price of a share of Common Stock (or if no sales were reported the closing price on the date immediately
preceding such date) as quoted on such exchange on the day of determination, as reported by such exchange. If the Common Stock not
listed for trading on a national securities exchange but is regularly quoted on an automated quotation system (including, but not
limited to, OTCQX, OTCQB, OTCID, the Pink Limited Market, and any other over-the-counter market tier operated by OTC Markets Group)
or by a recognized securities dealer, the Fair Market Value shall be the closing sales price of a share of Common Stock as quoted on
such system or by such securities dealer on the applicable date, but if selling prices are not reported, the Fair Market Value of a
share of Common Stock shall be the mean between the high bid and low asked prices for the Common Stock on the valuation date (or, if
no such prices were reported on that date, on the last date such prices were reported). In the absence of an established market for
the Common Stock, the Fair Market Value shall be determined in good faith by the Committee and such determination shall be
conclusive and binding on all persons.
“Fiscal Year” means
the Company’s fiscal year.
“Free Standing Rights”
has the meaning set forth in Section 7.
“Good Reason” means,
unless the applicable Award Agreement states otherwise:
(a) If an Employee or Consultant is a party to an employment or service agreement with the Company or its Affiliates and such agreement provides for a definition of Good Reason, the definition contained therein; or
(b) If no such agreement exists or if such agreement does not define Good Reason, the occurrence of one or more of the following without the Participant’s express written consent, which circumstances are not remedied by the Company within thirty (30) days of its receipt of a written notice from the Participant describing the applicable circumstances (which notice must be provided by the Participant within ninety (90) days of the Participant’s knowledge of the applicable circumstances): (i) a material breach by the Company of the terms of the primary employment or service agreement between the Company and the Participant; or (ii) a material reduction in the Participant’s base salary.
4
“Grant Date” means the
date on which the Committee adopts a resolution, or takes other appropriate action, expressly granting an Award to a Participant that
specifies the key terms and conditions of the Award or, if a later date is set forth in such resolution, then such date as is set forth
in such resolution.
“Incentive Stock Option”
means an Option that is designated by the Committee as an incentive stock option within the meaning of Section 422 of the Code
and that meets the requirements set out in the Plan.
“Incumbent Directors”
means individuals who, on the Effective Date, constitute the Board, provided that any individual becoming a Director subsequent
to the Effective Date whose appointment, election or nomination for election to the Board was approved by a vote of at least a majority
of the Incumbent Directors then on the Board (either by a specific vote or by approval of the proxy statement of the Company in which
such person is named as a nominee for Director without objection to such nomination) shall be an Incumbent Director. No individual initially
appointed, elected or nominated as a director of the Company as a result of an actual or threatened election contest with respect to Directors
or as a result of any other actual or threatened solicitation of proxies by or on behalf of any person other than the Board shall be an
Incumbent Director.
“Non-Employee Director"
means a Director who is a “non-employee director” within the meaning of Rule 16b-3.
“Non-qualified Stock Option”
means an Option that by its terms does not qualify or is not intended to qualify as an Incentive Stock Option.
“Officer” means a person
who is an officer of the Company within the meaning of Section 16 of the Exchange Act and the rules and regulations promulgated thereunder.
“Option” means an Incentive
Stock Option or a Non-qualified Stock Option granted pursuant to the Plan.
“Optionholder” means
a person to whom an Option is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding Option.
“Option Exercise Price”
means the price at which a share of Common Stock may be purchased upon the exercise of an Option.
“Other Equity-Based Award”
means an Award that is not an Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit, or Performance Share Award that
is granted under Section 10 and is payable by delivery of Common Stock and/or which is measured by reference to the value of Common Stock.
“Participant” means
an eligible person to whom an Award is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding Award.
“Performance Goals”
means, for a Performance Period, the one or more goals established by the Committee for the Performance Period based upon business criteria
or other performance measures determined by the Committee in its discretion.
“Performance Period”
means the one or more periods of time, as the Committee may select, over which the attainment of one or more Performance Goals will be
measured for the purpose of determining a Participant’s right to and the payment of a Performance Share Award or a Cash Award.
“Performance Share Award”
means any Award granted pursuant to Section 9 hereof.
5
“Performance Share”
means the grant of a right to receive a number of actual shares of Common Stock or share units based upon the performance of the Company
during a Performance Period, as determined by the Committee.
“Permitted Transferee”
means: (a) a member of the Optionholder’s immediate family (child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former
spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including
adoptive relationships), any person sharing the Optionholder’s household (other than a tenant or employee), a trust in which these persons
have more than 50% of the beneficial interest, a foundation in which these persons (or the Optionholder) control the management of assets,
and any other entity in which these persons (or the Optionholder) own more than 50% of the voting interests; (b) third parties designated
by the Committee in connection with a program established and approved by the Committee pursuant to which Participants may receive a cash
payment or other consideration in consideration for the transfer of a Non-qualified Stock Option; and (c) such other transferees as may
be permitted by the Committee in its sole discretion.
“Person” means a
person as defined in Section 13(d)(3) of the Exchange Act.
“Plan” means this Hawkeye
Digital, Inc. 2026 Equity Incentive Plan, as amended and/or amended and restated from time to time.
“Related Rights” has
the meaning set forth in Section 7.
“Restricted Award” means
any Award granted pursuant to Section 8.
“Restricted Period”
has the meaning set forth in Section 8.
“Rule 16b-3” means Rule
16b-3 promulgated under the Exchange Act or any successor to Rule 16b-3, as in effect from time to time.
“Securities Act” means
the Securities Act of 1933, as amended.
“Stock Appreciation Right”
means the right pursuant to an Award granted under Section 7 to receive, upon exercise, an amount payable in cash or shares equal to the
number of shares subject to the Stock Appreciation Right that is being exercised multiplied by the excess of (a) the Fair Market Value
of a share of Common Stock on the date the Award is exercised, over (b) the exercise price specified in the Stock Appreciation Right Award
Agreement.
“Stock for Stock Exchange”
has the meaning set forth in Section 6.4.
“Substitute Award”
has the meaning set forth in Section 4.6.
“Ten Percent Shareholder”
means a person who owns (or is deemed to own pursuant to Section 424(d) of the Code) stock possessing more than 10% of the total combined
voting power of all classes of stock of the Company or of any of its Affiliates.
“Total Share Reserve”
has the meaning set forth in Section 4.1.
3.
Administration.
3.1
Authority of Committee. The Plan shall be administered by the Committee or, in the Board’s sole discretion, by the
Board, in which case all references to the Committee contained herein shall be deemed to refer to the Board. Subject to the terms of the
Plan, the Committee’s charter and Applicable Laws, and in addition to other express powers and authorization conferred by the Plan, the
Committee shall have the authority:
(a)
to construe and interpret the Plan and apply its provisions;
6
(b)
to promulgate, amend, and rescind rules and regulations relating to the administration of the Plan;
(c)
to authorize any person to execute, on behalf of the Company, any instrument required to carry out the purposes of the Plan;
(d)
to delegate its authority to one or more Officers of the Company with respect to Awards that do not involve “insiders”
within the meaning of Section 16 of the Exchange Act;
(e)
to determine when Awards are to be granted under the Plan and the applicable Grant Date;
(f)
from time to time to select, subject to the limitations set forth in this Plan, those eligible Award recipients to whom Awards
shall be granted;
(g)
to determine the number of shares of Common Stock to be made subject to each Award;
(h)
to determine whether each Option is to be an Incentive Stock Option or a Non-qualified Stock Option;
(i)
to prescribe the terms and conditions of each Award, including, without limitation, the exercise price and medium of payment and
vesting provisions, and to specify the provisions of the Award Agreement relating to such grant;
(j)
to determine the target number of Performance Shares to be granted pursuant to a Performance Share Award, the performance measures
that will be used to establish the Performance Goals, the Performance Period(s) and the number of Performance Shares earned by a Participant;
(k)
to amend any outstanding Awards, including for the purpose of modifying the time or manner of vesting, or the term of any outstanding
Award; provided, however, that if any such amendment impairs a Participant’s rights or increases a Participant’s obligations under
his or her Award or creates or increases a Participant’s federal income tax liability with respect to an Award, such amendment shall also
be subject to the Participant’s consent;
(l)
to determine the duration and purpose of leaves of absences which may be granted to a Participant without constituting termination
of their employment for purposes of the Plan, which periods shall be no shorter than the periods generally applicable to Employees under
the Company’s employment policies;
(m)
to make decisions with respect to outstanding Awards that may become necessary upon a change in corporate control or an event that
triggers anti-dilution adjustments;
(n)
to interpret, administer, reconcile any inconsistency in, correct any defect in and/or supply any omission in the Plan and any
instrument or agreement relating to, or Award granted under, the Plan; and
(o)
to exercise discretion to make any and all other determinations which it determines to be necessary or advisable for the administration
of the Plan.
The Committee also may modify the purchase
price or the exercise price of any outstanding Award, provided that if the modification effects a repricing and the Common Stock
is then listed on a national securities exchange, then shareholder approval shall be required before the repricing is effective.
3.2
Committee Decisions Final. All decisions made by the Committee pursuant to the provisions of the Plan shall be final
and binding on the Company and the Participants, unless such decisions are determined by a court having jurisdiction to be arbitrary and
capricious.
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3.3
Delegation. The Committee or, if no Committee has been appointed, the Board may delegate administration of the Plan
to a committee or committees of one or more members of the Board, and the term “Committee” shall apply to any person
or persons to whom such authority has been delegated. The Committee shall have the power to delegate to a subcommittee any of the administrative
powers the Committee is authorized to exercise (and references in this Plan to the Board or the Committee shall thereafter be to the committee
or subcommittee), subject, however, to such resolutions, not inconsistent with the provisions of the Plan, as may be adopted from time
to time by the Board. The Board may abolish the Committee at any time and revest in the Board the administration of the Plan. The members
of the Committee shall be appointed by and serve at the pleasure of the Board. From time to time, the Board may increase or decrease the
size of the Committee, add additional members to, remove members (with or without cause) from, appoint new members in substitution therefor,
and fill vacancies, however caused, in the Committee. The Committee shall act pursuant to a vote of the majority of its members or, in
the case of a Committee comprised of only two members, the unanimous consent of its members, whether present or not, or by the written
consent of the majority of its members and minutes shall be kept of all of its meetings and copies thereof shall be provided to the Board.
Subject to the limitations prescribed by the Plan and the Board, the Committee may establish and follow such rules and regulations for
the conduct of its business as it may determine to be advisable.
3.4
Committee Composition. Except as otherwise determined by the Board, the Committee shall consist solely of two or
more Non-Employee Directors. If the Common Stock is listed on a national securities exchange, then each member of the Committee shall
qualify as independent under the applicable standards of such exchange, subject to any applicable exceptions or transition periods. The
Board shall have discretion to determine whether or not it intends to comply with the exemption requirements of Rule 16b-3. However, if
the Board intends to satisfy such exemption requirements, with respect to any insider subject to Section 16 of the Exchange Act, the Committee
shall be a compensation committee of the Board that at all times consists solely of two or more Non-Employee Directors. Within the scope
of such authority, the Board or the Committee may delegate to a committee of one or more members of the Board who are not Non-Employee
Directors the authority to grant Awards to eligible persons who are not then subject to Section 16 of the Exchange Act. Nothing herein
shall create an inference that an Award is not validly granted under the Plan in the event Awards are granted under the Plan by a compensation
committee of the Board that does not at all times consist solely of two or more Non-Employee Directors.
3.5
Indemnification. In addition to such other rights of indemnification as they may have as Directors or members of
the Committee, and to the extent allowed by Applicable Laws, the Committee shall be indemnified by the Company against the reasonable
expenses, including attorney’s fees, actually incurred in connection with any action, suit or proceeding or in connection with any appeal
therein, to which the Committee may be party by reason of any action taken or failure to act under or in connection with the Plan or any
Award granted under the Plan, and against all amounts paid by the Committee in settlement thereof (provided, however, that the
settlement has been approved by the Company, which approval shall not be unreasonably withheld) or paid by the Committee in satisfaction
of a judgment in any such action, suit or proceeding, except in relation to matters as to which it shall be adjudged in such action, suit
or proceeding that such Committee did not act in good faith and in a manner which such person reasonably believed to be in the best interests
of the Company, or in the case of a criminal proceeding, had no reason to believe that the conduct complained of was unlawful; provided,
however, that within 60 days after the institution of any such action, suit or proceeding, such Committee shall, in writing, offer
the Company the opportunity at its own expense to handle and defend such action, suit or proceeding.
4.
Shares Subject to the Plan.
4.1
Subject to adjustment in accordance with Section 14, no more than (i) 50,000,000 shares of Common Stock, plus (ii) the Additional
Shares (as defined below), plus (iii) the number of shares of Common Stock underlying any award granted under the Company’s 2019
Employees, Directors and Consultants Stock Option Plan (the “Prior Plan”) that expires, terminates or is canceled or
forfeited under the terms of the Prior Plan shall be available for the grant of Awards under the Plan (the “Total
Share Reserve”). During the terms of the Awards, the Company shall keep available at all times the number of shares of
Common Stock required to satisfy such Awards. As of the first business day of each Fiscal Year of the Company during the term of the Plan,
commencing on the first day of the Company’s 2027 Fiscal Year, the aggregate number of shares of Common Stock that may be issued
under the Plan shall automatically increase by a number equal to the least of (a) five percent (5%) of the total number of shares of Common
Stock outstanding on the last calendar day of the prior Fiscal Year, (b) the number of shares issued or issuable under Awards granted
during the then most recently completed Fiscal Year or (c) a lesser number of shares of Common Stock determined by the Board (the “Additional
Shares”).
4.2
Shares of Common Stock available for distribution under the Plan may consist, in whole or in part, of authorized and unissued shares,
treasury shares or shares reacquired by the Company in any manner.
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4.3
Subject to adjustment in accordance with Section 14, no more than 50,000,000 shares of Common Stock may be issued in the aggregate
pursuant to the exercise of Incentive Stock Options (the “ISO Limit”).
4.4
The maximum number of shares of Common Stock subject to Awards granted during a single Fiscal Year to any Non-Employee Director,
together with any cash fees paid to such Non-Employee Director during the Fiscal Year shall not exceed a total value of $2,000,000 (calculating
the value of any Awards based on the grant date fair value for financial reporting purposes).
4.5
Any shares of Common Stock subject to an Award that expires or is canceled, forfeited, or terminated without issuance of the full
number of shares of Common Stock to which the Award related will again be available for issuance under the Plan. Notwithstanding anything
to the contrary contained herein: shares subject to an Award under the Plan shall not again be made available for issuance or delivery
under the Plan if such shares are (a) shares tendered in payment of an Option, (b) shares delivered or withheld by the Company to satisfy
any tax withholding obligation, or (c) shares covered by a stock-settled Stock Appreciation Right or other Awards that were not issued
upon the settlement of the Award.
4.6
Awards may, in the sole discretion of the Committee, be granted under the Plan in assumption of, or in substitution for, outstanding
awards previously granted by an entity acquired by the Company or with which the Company combines (“Substitute
Awards”). Substitute Awards shall not be counted against the Total Share Reserve; provided, that, Substitute Awards
issued in connection with the assumption of, or in substitution for, outstanding options intended to qualify as Incentive Stock Options
shall be counted against the ISO limit. Subject to applicable stock exchange requirements, available shares under a shareholder-approved
plan of an entity directly or indirectly acquired by the Company or with which the Company combines (as appropriately adjusted to reflect
such acquisition or transaction) may be used for Awards under the Plan and shall not count toward the Total Share Limit.
5.
Eligibility.
5.1
Eligibility for Specific Awards. Incentive Stock Options may be granted only to Employees. Awards other than Incentive
Stock Options may be granted to Employees, Consultants and Directors and those individuals whom the Committee determines are reasonably
expected to become Employees, Consultants and Directors following the Grant Date.
5.2
Ten Percent Shareholders. A Ten Percent Shareholder shall not be granted an Incentive Stock Option unless the Option
Exercise Price is at least 110% of the Fair Market Value of the Common Stock on the Grant Date and the Option is not exercisable after
the expiration of five years from the Grant Date.
6.
Option Provisions. Each Option granted under the Plan shall be evidenced
by an Award Agreement. Each Option so granted shall be subject to the conditions set forth in this Section 6, and to such other conditions
not inconsistent with the Plan as may be reflected in the applicable Award Agreement. All Options shall be separately designated Incentive
Stock Options or Non-qualified Stock Options at the time of grant, and, if certificates are issued, a separate certificate or certificates
will be issued for shares of Common Stock purchased on exercise of each type of Option. Notwithstanding the foregoing, the Company shall
have no liability to any Participant or any other person if an Option designated as an Incentive Stock Option fails to qualify as such
at any time or if an Option is determined to constitute “nonqualified deferred compensation” within the meaning of Section 409A
of the Code and the terms of such Option do not satisfy the requirements of Section 409A of the Code. The provisions of separate Options
need not be identical, but each Option shall include (through incorporation of provisions hereof by reference in the Option or otherwise)
the substance of each of the following provisions:
6.1
Term. Subject to the provisions of Section 5.2 regarding Ten Percent Shareholders, no Incentive Stock Option shall
be exercisable after the expiration of 10 years from the Grant Date. The term of a Non-qualified Stock Option granted under the Plan shall
be determined by the Committee; provided, however, no Non-qualified Stock Option shall be exercisable after the expiration of 10
years from the Grant Date.
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6.2
Exercise Price of an Incentive Stock Option. Subject to the provisions of Section 5.2 regarding Ten Percent Shareholders,
the Option Exercise Price of each Incentive Stock Option shall be not less than 100% of the Fair Market Value of the Common Stock subject
to the Option on the Grant Date. Notwithstanding the foregoing, an Incentive Stock Option may be granted with an Option Exercise Price
lower than that set forth in the preceding sentence if such Option is granted pursuant to an assumption or substitution for another option
in a manner satisfying the provisions of Section 424(a) of the Code.
6.3
Exercise Price of a Non-qualified Stock Option. The Option Exercise Price of each Non-qualified Stock Option shall
be not less than 100% of the Fair Market Value of the Common Stock subject to the Option on the Grant Date. Notwithstanding the foregoing,
a Non-qualified Stock Option may be granted with an Option Exercise Price lower than that set forth in the preceding sentence if such
Option is granted pursuant to an assumption or substitution for another option in a manner satisfying the provisions of Section 409A of
the Code.
6.4
Consideration. The Option Exercise Price of Common Stock acquired pursuant to an Option shall be paid, to the extent
permitted by applicable statutes and regulations, either (a) in cash or by certified or bank check at the time the Option is exercised
or (b) in the discretion of the Committee, upon such terms as the Committee shall approve, the Option Exercise Price may be paid: (i)
by delivery to the Company of other Common Stock, duly endorsed for transfer to the Company, with a Fair Market Value on the date of delivery
equal to the Option Exercise Price (or portion thereof) due for the number of shares being acquired, or by means of attestation whereby
the Participant identifies for delivery specific shares of Common Stock that have an aggregate Fair Market Value on the date of attestation
equal to the Option Exercise Price (or portion thereof) and receives a number of shares of Common Stock equal to the difference between
the number of shares thereby purchased and the number of identified attestation shares of Common Stock (a “Stock for Stock Exchange”);
(ii) a “cashless” exercise program established with a broker; (iii) by reduction in the number of shares of Common Stock otherwise
deliverable upon exercise of such Option with a Fair Market Value equal to the aggregate Option Exercise Price at the time of exercise;
(iv) by any combination of the foregoing methods; or (v) in any other form of legal consideration that may be acceptable to the Committee.
Unless otherwise specifically provided in the Option, the exercise price of Common Stock acquired pursuant to an Option that is paid by
delivery (or attestation) to the Company of other Common Stock acquired, directly or indirectly from the Company, shall be paid only by
shares of the Common Stock of the Company that have been held for more than six months (or such longer or shorter period of time required
to avoid a charge to earnings for financial accounting purposes). Notwithstanding the foregoing, during any period for which the Common
Stock is listed on any national securities exchange, an exercise by a Director or Officer that involves or may involve a direct or indirect
extension of credit or arrangement of an extension of credit by the Company, directly or indirectly, in violation of Section 402(a) of
the Sarbanes-Oxley Act of 2002 shall be prohibited with respect to any Award under this Plan.
6.5
Transferability of an Incentive Stock Option. An Incentive Stock Option shall not be transferable except by will
or by the laws of descent and distribution and shall be exercisable during the lifetime of the Optionholder only by the Optionholder.
Notwithstanding the foregoing, the Optionholder may, by delivering written notice to the Company, in a form satisfactory to the Company,
designate a third party who, in the event of the death of the Optionholder, shall thereafter be entitled to exercise the Option.
6.6
Transferability of a Non-qualified Stock Option. A Non-qualified Stock Option may, in the sole discretion of the
Committee, be transferable to a Permitted Transferee, upon written approval by the Committee to the extent provided in the Award Agreement.
If the Non-qualified Stock Option does not provide for transferability, then the Non-qualified Stock Option shall not be transferable
except by will or by the laws of descent and distribution and shall be exercisable during the lifetime of the Optionholder only by the
Optionholder. Notwithstanding the foregoing, the Optionholder may, by delivering written notice to the Company, in a form satisfactory
to the Company, designate a third party who, in the event of the death of the Optionholder, shall thereafter be entitled to exercise the
Option.
6.7
Vesting of Options. Each Option may, but need not, vest and therefore become exercisable in periodic installments
that may, but need not, be equal. The Option may be subject to such other terms and conditions on the time or times when it may be exercised
(which may be based on performance or other criteria) as the Committee may deem appropriate. The vesting provisions of individual Options
may vary. No Option may be exercised for a fraction of a share of Common Stock. The Committee may, but shall not be required to, provide
for an acceleration of vesting and exercisability in the terms of any Award Agreement upon the occurrence of a specified event.
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6.8
Termination of Continuous Service. Unless otherwise provided in an Award Agreement or in an employment agreement
the terms of which have been approved by the Committee, in the event an Optionholder’s Continuous Service terminates (other than upon
the Optionholder’s death or Disability), the Optionholder may exercise his or her Option (to the extent that the Optionholder was entitled
to exercise such Option as of the date of termination) but only within such period of time ending on the earlier of (a) the date three
months following the termination of the Optionholder’s Continuous Service or (b) the expiration of the term of the Option as set forth
in the Award Agreement; provided that, if the termination of Continuous Service is by the Company for Cause, all outstanding Options
(whether or not vested) shall immediately terminate and cease to be exercisable. If, after termination, the Optionholder does not exercise
his or her Option within the time specified in the Award Agreement, the Option shall terminate.
6.9
Extension of Termination Date. An Optionholder’s Award Agreement may also provide that if the exercise of the Option
following the termination of the Optionholder’s Continuous Service for any reason would be prohibited at any time because the issuance
of shares of Common Stock would violate the registration requirements under the Securities Act or any other state or federal securities
law or the rules of any securities exchange or interdealer quotation system, then the Option shall terminate on the earlier of (a) the
expiration of the term of the Option in accordance with Section 6.1 or (b) the expiration of a period after termination of the Participant’s
Continuous Service that is three months after the end of the period during which the exercise of the Option would be in violation of such
registration or other securities law requirements.
6.10
Disability of Optionholder. Unless otherwise provided in an Award Agreement, in the event that an Optionholder’s
Continuous Service terminates as a result of the Optionholder’s Disability, the Optionholder may exercise his or her Option (to the extent
that the Optionholder was entitled to exercise such Option as of the date of termination), but only within such period of time ending
on the earlier of (a) the date 12 months following such termination or (b) the expiration of the term of the Option as set forth in the
Award Agreement. If, after termination, the Optionholder does not exercise his or her Option within the time specified herein or in the
Award Agreement, the Option shall terminate.
6.11
Death of Optionholder. Unless otherwise provided in an Award Agreement, in the event an Optionholder’s Continuous
Service terminates as a result of the Optionholder’s death, then the Option may be exercised (to the extent the Optionholder was entitled
to exercise such Option as of the date of death) by the Optionholder’s estate, by a person who acquired the right to exercise the Option
by bequest or inheritance or by a person designated to exercise the Option upon the Optionholder’s death, but only within the period ending
on the earlier of (a) the date 12 months following the date of death or (b) the expiration of the term of such Option as set forth in
the Award Agreement. If, after the Optionholder’s death, the Option is not exercised within the time specified herein or in the Award
Agreement, the Option shall terminate.
6.12
Incentive Stock Option $100,000 Limitation. To the extent that the aggregate Fair Market Value (determined at the
time of grant) of Common Stock with respect to which Incentive Stock Options are exercisable for the first time by any Optionholder during
any calendar year (under all plans of the Company and its Affiliates) exceeds $100,000, the Options or portions thereof which exceed such
limit (according to the order in which they were granted) shall be treated as Non-qualified Stock Options.
7.
Stock
Appreciation Rights. Each Stock Appreciation Right granted under the Plan shall be evidenced by an Award Agreement. Each Stock
Appreciation Right so granted shall be subject to the conditions set forth in this Section 7, and to such other conditions not inconsistent
with the Plan as may be reflected in the applicable Award Agreement. Stock Appreciation Rights may be granted alone (“Free Standing
Rights”) or in tandem with an Option granted under the Plan (“Related Rights”).
7.1
Grant Requirements for Related Rights. Any Related Right that relates to a Non-qualified Stock Option may be
granted at the same time the Option is granted or at any time thereafter but before the exercise or expiration of the Option. Any Related
Right that relates to an Incentive Stock Option must be granted at the same time the Incentive Stock Option is granted.
7.2
Term The
term of a Stock Appreciation Right granted under the Plan shall be determined by the Committee; provided, however, no Stock Appreciation
Right shall be exercisable later than the tenth anniversary of the Grant Date.
7.3
Vesting
Each Stock Appreciation Right may, but
need not, vest and therefore become exercisable in periodic installments that may, but need not, be equal. The Stock Appreciation Right
may be subject to such other terms and conditions on the time or times when it may be exercised as the Committee may deem appropriate.
The vesting provisions of individual Stock Appreciation Rights may vary. No Stock Appreciation Right may be exercised for a fraction of
a share of Common Stock. The Committee may, but shall not be required to, provide for an acceleration of vesting and exercisability in
the terms of any Stock Appreciation Right upon the occurrence of a specified event.
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7.4
Exercise and Payment
Upon exercise of a Stock Appreciation Right, the holder shall be entitled to receive from the Company an amount equal to the number of
shares of Common Stock subject to the Stock Appreciation Right that is being exercised multiplied by the excess of (i) the Fair Market
Value of a share of Common Stock on the date the Award is exercised, over (ii) the exercise price specified in the Stock Appreciation
Right or related Option. Payment with respect to the exercise of a Stock Appreciation Right shall be made on the date of exercise. Payment
shall be made in the form of shares of Common Stock (with or without restrictions as to substantial risk of forfeiture and transferability,
as determined by the Committee in its sole discretion), cash or a combination thereof, as determined by the Committee.
7.5
Exercise Price
The exercise price of a Free Standing Right shall be determined by the Committee, but shall not be less than 100% of the Fair Market Value
of one share of Common Stock on the Grant Date of such Stock Appreciation Right. A Related Right granted simultaneously with or subsequent
to the grant of an Option and in conjunction therewith or in the alternative thereto shall have the same exercise price as the related
Option, shall be transferable only upon the same terms and conditions as the related Option, and shall be exercisable only to the same
extent as the related Option; provided, however, that a Stock Appreciation Right, by its terms, shall be exercisable only when
the Fair Market Value per share of Common Stock subject to the Stock Appreciation Right and related Option exceeds the exercise price
per share thereof and no Stock Appreciation Rights may be granted in tandem with an Option unless the Committee determines that the requirements
of Section 7.1 are satisfied.
7.6
Reduction in the Underlying
Option Shares Upon any exercise of a Related Right, the number of shares of Common Stock for which any related Option shall
be exercisable shall be reduced by the number of shares for which the Stock Appreciation Right has been exercised. The number of shares
of Common Stock for which a Related Right shall be exercisable shall be reduced upon any exercise of any related Option by the number
of shares of Common Stock for which such Option has been exercised.
8.
Restricted
Awards A Restricted Award is an Award of actual shares of Common Stock (“Restricted Stock”) or hypothetical
Common Stock units (“Restricted Stock Units”) having a value equal to the Fair Market Value of an identical number of
shares of Common Stock, which may, but need not, provide that such Restricted Award may not be sold, assigned, transferred or otherwise
disposed of, pledged or hypothecated as collateral for a loan or as security for the performance of any obligation or for any other purpose
for such period (the “Restricted Period”) as the Committee shall determine. Each Restricted Award granted under the Plan
shall be evidenced by an Award Agreement. Each Restricted Award so granted shall be subject to the conditions set forth in this Section
8, and to such other conditions not inconsistent with the Plan as may be reflected in the applicable Award Agreement.
8.1
Restricted Stock and
Restricted Stock Units
(a)
Each Participant granted Restricted Stock shall execute and deliver to the Company an Award Agreement with respect to the Restricted
Stock setting forth the restrictions and other terms and conditions applicable to such Restricted Stock. If the Committee determines that
the Restricted Stock shall be held by the Company or in escrow rather than delivered to the Participant pending the release of the applicable
restrictions, the Committee may require the Participant to additionally execute and deliver to the Company (A) an escrow agreement satisfactory
to the Committee, if applicable and (B) the appropriate blank stock power with respect to the Restricted Stock covered by such agreement.
If a Participant fails to execute an agreement evidencing an Award of Restricted Stock and, if applicable, an escrow agreement and stock
power, the Award shall be null and void. Subject to the restrictions set forth in the Award, the Participant generally shall have the
rights and privileges of a shareholder as to such Restricted Stock, including the right to vote such Restricted Stock and the right to
receive dividends; provided that, any cash dividends and stock dividends with respect to the Restricted Stock shall be withheld
by the Company for the Participant’s account, and interest may be credited on the amount of the cash dividends withheld at a rate and
subject to such terms as determined by the Committee. The cash dividends or stock dividends so withheld by the Committee and attributable
to any particular share of Restricted Stock (and earnings thereon, if applicable) shall be distributed to the Participant in cash or,
at the discretion of the Committee, in shares of Common Stock having a Fair Market Value equal to the amount of such dividends, if applicable,
upon the release of restrictions on such share and, if such share is forfeited, the Participant shall have no right to such dividends.
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(b)
The terms and conditions of a grant of Restricted Stock Units shall be reflected in an Award Agreement. No shares of Common Stock
shall be issued at the time a Restricted Stock Unit is granted, and the Company will not be required to set aside funds for the payment
of any such Award. A Participant shall have no voting rights with respect to any Restricted Stock Units granted hereunder. The Committee
may also grant Restricted Stock Units with a deferral feature, whereby settlement is deferred beyond the vesting date until the occurrence
of a future payment date or event set forth in an Award Agreement (“Deferred Stock Units”). At the discretion of the
Committee, each Restricted Stock Unit or Deferred Stock Unit (representing one share of Common Stock) may be credited with an amount equal
to the cash and stock dividends paid by the Company in respect of one share of Common Stock (“Dividend Equivalents”).
Dividend Equivalents shall be withheld by the Company and credited to the Participant’s account, and interest may be credited on the amount
of cash Dividend Equivalents credited to the Participant’s account at a rate and subject to such terms as determined by the Committee.
Dividend Equivalents credited to a Participant’s account and attributable to any particular Restricted Stock Unit or Deferred Stock Unit
(and earnings thereon, if applicable) shall be distributed in cash or, at the discretion of the Committee, in shares of Common Stock having
a Fair Market Value equal to the amount of such Dividend Equivalents and earnings, if applicable, to the Participant upon settlement of
such Restricted Stock Unit or Deferred Stock Unit and, if such Restricted Stock Unit or Deferred Stock Unit is forfeited, the Participant
shall have no right to such Dividend Equivalents.
8.2
Restrictions
(a)
Restricted Stock awarded to a Participant shall be subject to the following restrictions until the expiration of the Restricted
Period, and to such other terms and conditions as may be set forth in the applicable Award Agreement: (A) if an escrow arrangement is
used, the Participant shall not be entitled to delivery of the stock certificate; (B) the shares shall be subject to the restrictions
on transferability set forth in the Award Agreement; (C) the shares shall be subject to forfeiture to the extent provided in the applicable
Award Agreement; and (D) to the extent such shares are forfeited, the stock certificates shall be returned to the Company, and all rights
of the Participant to such shares and as a shareholder with respect to such shares shall terminate without further obligation on the part
of the Company.
(b)
Restricted Stock Units and Deferred Stock Units awarded to any Participant shall be subject to (A) forfeiture until the expiration
of the Restricted Period, and satisfaction of any applicable Performance Goals during such period, to the extent provided in the applicable
Award Agreement, and to the extent such Restricted Stock Units or Deferred Stock Units are forfeited, all rights of the Participant to
such Restricted Stock Units or Deferred Stock Units shall terminate without further obligation on the part of the Company and (B) such
other terms and conditions as may be set forth in the applicable Award Agreement.
(c)
The Committee shall have the authority to remove any or all of the restrictions on the Restricted Stock, Restricted Stock Units
and Deferred Stock Units whenever it may determine that, by reason of changes in Applicable Laws or other changes in circumstances arising
after the date the Restricted Stock or Restricted Stock Units or Deferred Stock Units are granted, such action is appropriate.
8.3
Restricted Period
With respect to Restricted Awards, the
Restricted Period shall commence on the Grant Date and end at the time or times set forth on a schedule established by the Committee in
the applicable Award Agreement.
No Restricted Award may be granted or settled
for a fraction of a share of Common Stock. The Committee may, but shall not be required to, provide for an acceleration of vesting in
the terms of any Award Agreement upon the occurrence of a specified event.
8.4
Delivery of Restricted
Stock and Settlement of Restricted Stock Units Upon the expiration of the Restricted Period with respect to any shares of Restricted
Stock, the restrictions set forth in Section 8.2 and the applicable Award Agreement shall be of no further force or effect with respect
to such shares, except as set forth in the applicable Award Agreement. If an escrow arrangement is used, upon such expiration, the Company
shall deliver to the Participant, or his or her beneficiary, without charge, the stock certificate evidencing the shares of Restricted
Stock which have not then been forfeited and with respect to which the Restricted Period has expired (to the nearest full share) and any
cash dividends or stock dividends credited to the Participant’s account with respect to such Restricted Stock and the interest thereon,
if any. Upon the expiration of the Restricted Period with respect to any outstanding Restricted Stock Units, or at the expiration of the
deferral period with respect to any outstanding Deferred Stock Units, the Company shall deliver to the Participant, or his or her beneficiary,
without charge, one share of Common Stock for each such outstanding vested Restricted Stock Unit or Deferred Stock Unit (“Vested
Unit”) and cash equal to any Dividend Equivalents credited with respect to each such Vested Unit in accordance with Section 8.1(b)
hereof and the interest thereon or, at the discretion of the Committee, in shares of Common Stock having a Fair Market Value equal to
such Dividend Equivalents and the interest thereon, if any; provided, however, that, if explicitly provided in the applicable Award
Agreement, the Committee may, in its sole discretion, elect to pay cash or part cash and part Common Stock in lieu of delivering only
shares of Common Stock for Vested Units. If a cash payment is made in lieu of delivering shares of Common Stock, the amount of such payment
shall be equal to the Fair Market Value of the Common Stock as of the date on which the Restricted Period lapsed in the case of Restricted
Stock Units, or the delivery date in the case of Deferred Stock Units, with respect to each Vested Unit.
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8.5
Stock Restrictions
Each certificate representing Restricted Stock awarded under the Plan shall bear a legend in such form as the Company deems appropriate.
9.
Performance
Share Awards Each Performance Share Award granted under the Plan shall be evidenced by an Award Agreement. Each Performance
Share Award so granted shall be subject to the conditions set forth in this Section 9, and to such other conditions not inconsistent with
the Plan as may be reflected in the applicable Award Agreement. The Committee shall have the discretion to determine: (i) the number of
shares of Common Stock or stock-denominated units subject to a Performance Share Award granted to any Participant; (ii) the Performance
Period applicable to any Award; (iii) the conditions that must be satisfied for a Participant to earn an Award; and (iv) the other terms,
conditions and restrictions of the Award.
9.1
Earning Performance
Share Awards The number of Performance Shares earned by a Participant will depend on the extent to which the performance goals
established by the Committee are attained within the applicable Performance Period, as determined by the Committee.
10.
Other Equity-Based Awards and Cash Awards The Committee may grant Other
Equity-Based Awards, either alone or in tandem with other Awards, in such amounts and subject to such conditions as the Committee shall
determine in its sole discretion. Each Equity-Based Award shall be evidenced by an Award Agreement and shall be subject to such conditions,
not inconsistent with the Plan, as may be reflected in the applicable Award Agreement. The Committee may grant Cash Awards in such amounts
and subject to such Performance Goals, other vesting conditions, and such other terms as the Committee determines in its discretion. Cash
Awards shall be evidenced in such form as the Committee may determine.
11.
Securities
Law Compliance. Each Award Agreement shall provide that no shares of Common Stock shall be purchased or sold thereunder unless
and until (a) any then applicable requirements of state or federal laws and regulatory agencies have been fully complied with to the satisfaction
of the Company and its counsel and (b) if required to do so by the Company, the Participant has executed and delivered to the Company
a letter of investment intent in such form and containing such provisions as the Committee may require. The Company shall use reasonable
efforts to seek to obtain from each regulatory commission or agency having jurisdiction over the Plan such authority as may be required
to grant Awards and to issue and sell shares of Common Stock upon exercise of the Awards; provided, however, that this undertaking
shall not require the Company to register under the Securities Act the Plan, any Award or any Common Stock issued or issuable pursuant
to any such Award. If, after reasonable efforts, the Company is unable to obtain from any such regulatory commission or agency the authority
which counsel for the Company deems necessary for the lawful issuance and sale of Common Stock under the Plan, the Company shall be relieved
from any liability for failure to issue and sell Common Stock upon exercise of such Awards unless and until such authority is obtained.
12.
Use of Proceeds from Stock. Proceeds from the sale of Common Stock pursuant
to Awards, or upon exercise thereof, shall constitute general funds of the Company.
13.
Miscellaneous.
13.1
Acceleration of Exercisability
and Vesting. The Committee shall have the power to accelerate the time at which an Award may first be exercised or the time
during which an Award or any part thereof will vest in accordance with the Plan, notwithstanding the provisions in the Award stating the
time at which it may first be exercised or the time during which it will vest.
13.2
Shareholder Rights. Except as provided in the Plan or an Award Agreement, no Participant shall be deemed to be the
holder of, or to have any of the rights of a holder with respect to, any shares of Common Stock subject to such Award unless and until
such Participant has satisfied all requirements for exercise of the Award pursuant to its terms and no adjustment shall be made for dividends
(ordinary or extraordinary, whether in cash, securities or other property) or distributions of other rights for which the record date
is prior to the date such Common Stock certificate is issued, except as provided in Section 14 hereof.
13.3
No Employment or Other Service Rights. Nothing in the Plan or any instrument executed or Award granted pursuant thereto
shall confer upon any Participant any right to continue to serve the Company or an Affiliate in the capacity in effect at the time the
Award was granted or shall affect the right of the Company or an Affiliate to terminate (a) the employment of an Employee with or without
notice and with or without Cause or (b) the service of a Director pursuant to the Bylaws of the Company or an Affiliate, and any applicable
provisions of the corporate law of the state in which the Company or the Affiliate is incorporated, as the case may be.
14
13.4
Transfer; Approved Leave of Absence. For purposes of the Plan, no termination of employment by an Employee shall
be deemed to result from either (a) a transfer of employment to the Company from an Affiliate or from the Company to an Affiliate, or
from one Affiliate to another, or (b) an approved leave of absence for military service or sickness, or for any other purpose approved
by the Company, if the Employee’s right to reemployment is guaranteed either by a statute or by contract or under the policy pursuant
to which the leave of absence was granted or if the Committee otherwise so provides in writing, in either case, except to the extent inconsistent
with Section 409A of the Code if the applicable Award is subject thereto.
13.5
Withholding Obligations. To the extent provided by the terms of an Award Agreement and subject to the discretion
of the Committee, the Participant may satisfy any federal, state or local tax withholding obligation relating to the exercise or acquisition
of Common Stock under an Award by any of the following means (in addition to the Company’s right to withhold from any compensation paid
to the Participant by the Company) or by a combination of such means: (a) tendering a cash payment; (b) authorizing the Company to withhold
shares of Common Stock from the shares of Common Stock otherwise issuable to the Participant as a result of the exercise or acquisition
of Common Stock under the Award, provided, however, that no shares of Common Stock are withheld with a value exceeding the maximum
amount of tax required to be withheld by law; or (c) delivering to the Company previously owned and unencumbered shares of Common Stock
of the Company.
14.
Adjustments Upon Changes in Stock. In the event of changes in the outstanding
Common Stock or in the capital structure of the Company by reason of any stock or extraordinary cash dividend, stock split, reverse stock
split, an extraordinary corporate transaction such as any recapitalization, reorganization, merger, consolidation, combination, exchange,
or other relevant change in capitalization occurring after the Grant Date of any Award, Awards granted under the Plan and any Award Agreements,
the exercise price of Options and Stock Appreciation Rights, the Performance Goals to which Performance Share Awards and Cash Awards are
subject, the maximum number of shares of Common Stock subject to all Awards stated in Section 4 will be equitably adjusted or substituted,
as to the number, price or kind of a share of Common Stock or other consideration subject to such Awards to the extent necessary to preserve
the economic intent of such Award. In the case of adjustments made pursuant to this Section 14, unless the Committee specifically determines
that such adjustment is in the best interests of the Company or its Affiliates, the Committee shall, in the case of Incentive Stock Options,
ensure that any adjustments under this Section 14 will not constitute a modification, extension or renewal of the Incentive Stock Options
within the meaning of Section 424(h)(3) of the Code and in the case of Non-qualified Stock Options, ensure that any adjustments under
this Section 14 will not constitute a modification of such Non-qualified Stock Options within the meaning of Section 409A of the Code.
Any adjustments made under this Section 14 shall be made in a manner which does not adversely affect the exemption provided pursuant to
Rule 16b-3 under the Exchange Act. The Company shall give each Participant notice of an adjustment hereunder and, upon notice, such adjustment
shall be conclusive and binding for all purposes.
15.
Effect of Change in Control.
15.1
Unless otherwise provided in an Award Agreement, notwithstanding any provision of the Plan to the contrary:
(a)
In the event of a Participant’s termination of Continuous Service without Cause or for Good Reason during the 12-month period following
a Change in Control, notwithstanding any provision of the Plan or any applicable Award Agreement to the contrary, all outstanding Options
and Stock Appreciation Rights shall become immediately exercisable with respect to 100% of the shares subject to such Options or Stock
Appreciation Rights, and/or the Restricted Period shall expire immediately with respect to 100% of the outstanding shares of Restricted
Stock or Restricted Stock Units as of the date of the Participant’s termination of Continuous Service.
(b)
With respect to Performance Share Awards and Cash Awards, in the event of a Participant’s termination of Continuous Service without
Cause or for Good Reason, in either case, within 12 months following a Change in Control, all Performance Goals or other vesting criteria
will be deemed achieved at 100% of target levels and all other terms and conditions will be deemed met as of the date of the Participant’s
termination of Continuous Service.
To the extent practicable, any actions
taken by the Committee under the immediately preceding clauses (a) and (b) shall occur in a manner and at a time which allows affected
Participants the ability to participate in the Change in Control with respect to the shares of Common Stock subject to their Awards.
15
15.2
In addition, in the event of a Change in Control, the Committee may in its discretion and upon at least 10 days’ advance notice
to the affected persons, cancel any outstanding Awards and pay to the holders thereof, in cash or stock, or any combination thereof, the
value of such Awards based upon the price per share of Common Stock received or to be received by other shareholders of the Company in
the event. In the case of any Option or Stock Appreciation Right with an exercise price (or SAR Exercise Price in the case of a Stock
Appreciation Right) that equals or exceeds the price paid for a share of Common Stock in connection with the Change in Control, the Committee
may cancel the Option or Stock Appreciation Right without the payment of consideration therefor.
15.3
The obligations of the Company under the Plan shall be binding upon any successor corporation or organization resulting from the
merger, consolidation or other reorganization of the Company, or upon any successor corporation or organization succeeding to all or substantially
all of the assets and business of the Company and its Affiliates, taken as a whole.
16.
Amendment of the Plan and Awards.
16.1
Amendment of Plan. The Board at any time, and from time to time, may amend or terminate the Plan. However, except
as provided in Section 14 relating to adjustments upon changes in Common Stock and Section 16.3, no amendment shall be effective unless
approved by the shareholders of the Company to the extent shareholder approval is necessary to satisfy any Applicable Laws. At the time
of such amendment, the Board shall determine, upon advice from counsel, whether such amendment will be contingent on shareholder approval.
16.2
Shareholder Approval. The Board may, in its sole discretion, submit any other amendment to the Plan for shareholder
approval.
16.3
Contemplated Amendments. It is expressly contemplated that the Board may amend the Plan in any respect the Board
deems necessary or advisable to provide eligible Employees, Consultants and Directors with the maximum benefits provided or to be provided
under the provisions of the Code and the regulations promulgated thereunder relating to Incentive Stock Options or to the nonqualified
deferred compensation provisions of Section 409A of the Code and/or to bring the Plan and/or Awards granted under it into compliance therewith.
16.4
No Impairment of Rights. Rights under any Award granted before amendment of the Plan shall not be impaired by any
amendment of the Plan unless (a) the Company requests the consent of the Participant and (b) the Participant consents in writing.
16.5
Amendment of Awards. The Committee at any time, and from time to time, may amend the terms of any one or more Awards;
provided, however, that the Committee may not affect any amendment which would otherwise constitute an impairment of the rights
under any Award unless (a) the Company requests the consent of the Participant and (b) the Participant consents in writing.
17.
General Provisions.
17.1
Forfeiture Events. The Committee may specify in an Award Agreement that the Participant’s rights, payments and benefits
with respect to an Award shall be subject to reduction, cancellation, forfeiture or recoupment upon the occurrence of certain events,
in addition to applicable vesting conditions of an Award. Such events may include, without limitation, breach of non-competition, non-solicitation,
confidentiality, or other restrictive covenants that are contained in the Award Agreement or otherwise applicable to the Participant,
a termination of the Participant’s Continuous Service for Cause, or other conduct by the Participant that is detrimental to the business
or reputation of the Company and/or its Affiliates.
17.2
Clawback. Notwithstanding any other provisions in this Plan, the Company may cancel any Award, require reimbursement
of any Award by a Participant, and effect any other right of recoupment of equity or other compensation provided under the Plan in accordance
with any Company policies that may be adopted and/or modified from time to time (“Clawback Policy”). In addition, a Participant
may be required to repay to the Company previously paid compensation, whether provided pursuant to the Plan or an Award Agreement, in
accordance with the Clawback Policy. By accepting an Award, the Participant is agreeing to be bound by the Clawback Policy, as in effect
or as may be adopted and/or modified from time to time by the Company in its discretion (including, without limitation, to comply with
applicable law or stock exchange listing requirements).
16
17.3
Other Compensation Arrangements. Nothing contained in this Plan shall prevent the Board from adopting other or additional
compensation arrangements, subject to shareholder approval if such approval is required; and such arrangements may be either generally
applicable or applicable only in specific cases.
17.4
Sub-Plans. The Committee may from time to time establish sub-plans under the Plan for purposes of satisfying securities,
tax or other laws of various jurisdictions in which the Company intends to grant Awards. Any sub-plans shall contain such limitations
and other terms and conditions as the Committee determines are necessary or desirable. All sub-plans shall be deemed a part of the Plan,
but each sub-plan shall apply only to the Participants in the jurisdiction for which the sub-plan was designed.
17.5
Deferral of Awards. The Committee may establish one or more programs under the Plan to permit selected Participants
the opportunity to elect to defer receipt of consideration upon exercise of an Award, satisfaction of performance criteria, or other event
that absent the election would entitle the Participant to payment or receipt of shares of Common Stock or other consideration under an
Award. The Committee may establish the election procedures, the timing of such elections, the mechanisms for payments of, and accrual
of interest or other earnings, if any, on amounts, shares or other consideration so deferred, and such other terms, conditions, rules
and procedures that the Committee deems advisable for the administration of any such deferral program.
17.6
Unfunded Plan. The Plan shall be unfunded. Neither the Company, the Board nor the Committee shall be required to
establish any special or separate fund or to segregate any assets to assure the performance of its obligations under the Plan.
17.7
Recapitalizations. Each Award Agreement shall contain provisions required to reflect the provisions of Section 14.
17.8
Delivery. Upon exercise of a right granted under this Plan, the Company shall issue Common Stock or pay any amounts
due within a reasonable period of time thereafter. Subject to any statutory or regulatory obligations the Company may otherwise have,
for purposes of this Plan, 30 days shall be considered a reasonable period of time.
17.9
No Fractional Shares. No fractional shares of Common Stock shall be issued or delivered pursuant to the Plan. The
Committee shall determine whether cash, additional Awards or other securities or property shall be issued or paid in lieu of fractional
shares of Common Stock or whether any fractional shares should be rounded, forfeited or otherwise eliminated.
17.10
Other Provisions. The Award Agreements authorized under the Plan may contain such other provisions not inconsistent
with this Plan, including, without limitation, restrictions upon the exercise of Awards, as the Committee may deem advisable.
17.11
Section 409A. The Plan is intended to comply with Section 409A of the Code to the extent subject thereto, and, accordingly,
to the maximum extent permitted, the Plan shall be interpreted and administered to be in compliance therewith. Any payments described
in the Plan that are due within the “short-term deferral period” as defined in Section 409A of the Code shall not be treated
as deferred compensation unless Applicable Laws require otherwise. Notwithstanding anything to the contrary in the Plan, to the extent
required to avoid accelerated taxation and tax penalties under Section 409A of the Code, amounts that would otherwise be payable and benefits
that would otherwise be provided pursuant to the Plan during the six (6) month period immediately following the Participant’s termination
of Continuous Service shall instead be paid on the first payroll date after the six-month anniversary of the Participant’s separation
from service (or the Participant’s death, if earlier). Notwithstanding the foregoing, neither the Company nor the Committee shall have
any obligation to take any action to prevent the assessment of any additional tax or penalty on any Participant under Section 409A of
the Code and neither the Company nor the Committee will have any liability to any Participant for such tax or penalty.
17.12
Disqualifying Dispositions. Any Participant who shall make a “disposition” (as defined in Section 424 of
the Code) of all or any portion of shares of Common Stock acquired upon exercise of an Incentive Stock Option within two years from the
Grant Date of such Incentive Stock Option or within one year after the issuance of the shares of Common Stock acquired upon exercise of
such Incentive Stock Option (a “Disqualifying Disposition”) shall be required to immediately advise the Company in writing
as to the occurrence of the sale and the price realized upon the sale of such shares of Common Stock.
17
17.13
Section 16. It is the intent of the Company that the Plan satisfy, and be interpreted in a manner that satisfies,
the applicable requirements of Rule 16b-3 as promulgated under Section 16 of the Exchange Act so that Participants will be entitled to
the benefit of Rule 16b-3, or any other rule promulgated under Section 16 of the Exchange Act, and will not be subject to short-swing
liability under Section 16 of the Exchange Act. Accordingly, if the operation of any provision of the Plan would conflict with the intent
expressed in this Section 17.13, such provision to the extent possible shall be interpreted and/or deemed amended so as to avoid such
conflict.
17.14
Beneficiary Designation. Each Participant under the Plan may from time to time name any beneficiary or beneficiaries
by whom any right under the Plan is to be exercised in case of such Participant’s death. Each designation will revoke all prior designations
by the same Participant, shall be in a form reasonably prescribed by the Committee and shall be effective only when filed by the Participant
in writing with the Company during the Participant’s lifetime.
17.15
Expenses. The costs of administering the Plan shall be paid by the Company.
17.16
Severability. If any of the provisions of the Plan or any Award Agreement is held to be invalid, illegal or unenforceable,
whether in whole or in part, such provision shall be deemed modified to the extent, but only to the extent, of such invalidity, illegality
or unenforceability and the remaining provisions shall not be affected thereby.
17.17
Plan Headings. The headings in the Plan are for purposes of convenience only and are not intended to define or limit
the construction of the provisions hereof.
17.18
Non-Uniform Treatment. The Committee’s determinations under the Plan need not be uniform and may be made by it selectively
among persons who are eligible to receive, or actually receive, Awards. Without limiting the generality of the foregoing, the Committee
shall be entitled to make non-uniform and selective determinations, amendments and adjustments, and to enter into non-uniform and selective
Award Agreements.
18.
Effective Date of Plan. The Plan shall become effective as of the Effective
Date, but no Award shall be exercised (or, in the case of a stock Award, shall be granted) unless and until the Plan has been approved
by the shareholders of the Company, which approval shall be within twelve (12) months before or after the date the Plan is adopted by
the Board.
19.
Termination or Suspension of the Plan. The Plan shall terminate automatically
on June 17, 2036. No Award shall be granted pursuant to the Plan after such date, but Awards theretofore granted may extend beyond that
date. The Board may suspend or terminate the Plan at any earlier date pursuant to Section 16.1 hereof. No Awards may be granted under
the Plan while the Plan is suspended or after it is terminated.
20.
Choice of Law. The law of the State of Nevada shall govern all questions
concerning the construction, validity and interpretation of this Plan, without regard to such state’s conflict of law rules.
As adopted by the Board of Directors of Hawkeye
Digital, Inc. on June 17, 2026.
As approved by the shareholders of Hawkeye Systems,
Inc. on June 17, 2026.
18
EX-16.1 — LETTER FROM FRUCI & ASSOCIATES II, PLLC DATED JUNE 17, 2026
EX-16.1
Filename: hawkeye_ex1601.htm · Sequence: 3
Exhibit 16.1
June 17, 2026
Securities
and Exchange Commission
100 F Street N.E.
Washington, D.C. 20549
Dear Sirs/Madams:
Re: Hawkeye Systems,
INC
We have read Item 4.01 of Hawkeye
Systems, Inc. Form 8-K dated June 17, 2026, and we agree with the statements set forth in Item 4.01, insofar as they relate to our firm.
We have no basis to agree or disagree with the other statements contained therein.
Yours truly,
/Fruci &
Associates II, PLLC/
Fruci & Associates II, PLLC
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