Exhibit
No. 10.11


 


ORBSAT
CORP


 


RESTRICTED
STOCK AGREEMENT


(Non-Assignable)


 


100,000
Shares of Restricted Stock of


Orbsat
Corp


 


THIS
CERTIFIES that on August 24, 2021 (the “Award Date”), Douglas Ellenoff (“Holder”) was issued a
restricted stock award of 100,000 shares of fully paid and non-assessable shares (“Restricted Shares”) of the Common
Stock (par value $0.0001 per share) of Orbsat Corp (the “Corporation”), a Nevada corporation, which Restricted Shares
shall be issued pursuant to the vesting schedule set forth in Paragraph 1(b) below (the “Vesting Schedule”). A reasonable
determination of the Compensation Committee (the “Committee”) of the Board of Directors of the Corporation (the “Board”)
as to any questions which may arise with respect to the interpretation of the provisions of this award shall be final.


 


TERMS
AND CONDITIONS. It is understood and agreed that the award evidenced by this agreement is subject to the following terms and conditions,
provided, however, that the event of any conflict, however, between the terms of this Restricted Stock Agreement and the Employment
Agreement (defined below) the terms of the Employment Agreement shall control:


 


1.
Award, Issuance and Vesting.


 


(a)
Award. The Restricted Shares awarded hereunder shall be issued in accordance with the Vesting Schedule and held by the Corporation’s
transfer agent in book entry form, and the Holder’s name shall be entered as the stockholder of record on the books of the Corporation.
The Holder shall have all the rights of a stockholder with respect to such Restricted Shares, including voting and dividend rights, upon
the issuance and vesting of such shares. The Holder shall have no rights of a stockholder with respect to any unvested Restricted Shares.
The Holder shall (i) sign and deliver to the Corporation a copy of this Restricted Stock Agreement and (ii) deliver to the Corporation
stock powers endorsed in blank if requested by the Corporation.


 


(b)
Issuance and Vesting of Restricted Shares. The restrictions and conditions in Paragraphs 7(b) and (c) of this Agreement shall
lapse upon the earlier of (i) the Vesting Date specified in the Vesting Schedule or (ii) the occurrence of such vesting events set forth
that certain Employment Agreement, dated August 24, 2021, by and between the Company and Holder (the “Employment Agreement”)
related to the termination of Holder’s employment. If a series of Vesting Dates is specified, then the restrictions and conditions
in Paragraphs 7(b) and (c) shall lapse only with respect to the number of Restricted Shares specified as vested on such date.


 


Vesting
Schedule


 


	Incremental Number of
 Shares Issued	 	 	Issuance Date	 	Vesting Date
	 	40,000	 	 	Within 5 business days of the execution of the Employment Agreement (as defined below).	 	Upon Issuance
	 	20,000	 	 	One year anniversary of Award Date	 	Upon Issuance*
	 	20,000	 	 	Second year anniversary of Award Date	 	Upon Issuance*
	 	20,000	 	 	Third year anniversary of Award Date	 	Upon Issuance*



 


*
Vesting conditioned on the Holder serving on the Board of Directors of the Company at any time during the prior year.


 


2.
Regulatory Compliance and Listing. The issuance or delivery of any stock certificates representing Restricted Shares may be postponed
by the Corporation for such period as may be required to comply with any applicable requirements under the federal securities laws, any
applicable listing requirements of any national securities exchange, any rules, regulations or other requirements under any other law,
or any rules or regulations applicable to the issuance or delivery of such Restricted Shares, and the Corporation shall not be obligated
to deliver any such Restricted Shares to the Holder if delivery thereof would constitute a violation of any provision of any law or of
any regulation of any governmental authority or any national securities exchange.


 




    	 



     


    

 


3.
Investment Representations and Related Matters. The Holder hereby represents that the Restricted Shares awarded pursuant to this
agreement are being acquired for investment purposes and not for resale or with a view towards distribution thereof. The Holder acknowledges
and agrees that any sale or distribution of Restricted Shares may be made only pursuant to either (a) a registration statement on an
appropriate form under the Securities Act of 1933, as amended (“Securities Act”), which registration statement has
become effective and is current with regard to the Restricted Shares being sold, or (b) a specific exemption from the registration requirements
of the Securities Act that is confirmed in a favorable written opinion of counsel, in form and substance satisfactory to counsel for
the Corporation, prior to any such sale or distribution. The Holder hereby consents to such action as the Corporation deems necessary
or appropriate from time-to-time to prevent a violation of, or to perfect an exemption from, the registration requirements of the Securities
Act or to implement the provisions of this agreement, including but not limited to placing restrictive legends on certificates evidencing
Restricted Shares and delivering stop transfer instructions to the Corporation’s stock transfer agent.


 


4.
No Right To Continued Employment. This agreement does not confer upon the Holder any right to continued employment by the Corporation
or any of its subsidiaries or affiliated companies, nor shall it interfere in any way with the right to the Corporation to terminate
employment at any time for any reason or no reason.


 


5.
Construction. This agreement will be construed by and administered under the supervision of the Committee, and all determinations
will be final and binding on the Holder.


 


6.
Dilution. Nothing in this agreement will restrict or limit in any way the right of the Committee to issue or sell stock of the
Corporation (or securities convertible into stock of the Corporation) on such terms and conditions as it deems to be in the best interests
of the Corporation, including, without limitation, stock and securities issued or sold in connection with mergers and acquisitions, stock
issued or sold in connection with any stock option or similar plan, and stock issued or contributed to any stock bonus or employee stock
ownership plan.


 


7.
Legends and Restrictions.


 


(a)
The Restricted Shares shall bear a legend in substantially the following form:


 


THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE
SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION
STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS, OR (B) AN OPINION OR
COUNSEL, IN A REASONABLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR APPLICABLE STATE SECURITIES LAWS, OR (II)
UNLESS SOLD PURSUANT TO RULE 144 UNDER SAID ACT.


 


(b)
Restricted Shares granted herein may not be sold, assigned, transferred, pledged or otherwise encumbered or disposed of by the Holder
prior to vesting.


 


(c)
The Holder’s right to the Restricted Stock Award is subject to termination and cancellation as set forth herein and in the Employment
Agreement.


 


8.
Tax Withholding. The Holder shall, not later than the date as of which the receipt of this award becomes a taxable event for Federal
income tax purposes, pay to the Corporation any Federal, state, and local taxes required by law to be withheld on account of such taxable
event. Except in the case where an election is made pursuant to Paragraph 9 below, the Corporation shall have the authority to cause
the required minimum tax withholding obligation to be satisfied, in whole or in part, by withholding from shares of Stock to be issued
or released by the transfer agent a number of shares of Stock with an aggregate fair market value that would satisfy the minimum withholding
amount due.


 




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9.
Election Under Section 83(b). The Holder and the Corporation hereby agree that the Holder may, within 30 days following the date
of this Agreement, file with the Internal Revenue Service and the Corporation an election under Section 83(b) of the Internal Revenue
Code. In the event the Holder makes such an election, he or she agrees to provide a copy of the election to the Corporation. The Holder
acknowledges that he or she is responsible for obtaining the advice of his or her tax advisors with regard to the Section 83(b) election
and that he or she is relying solely on such advisors and not on any statements or representations of the Corporation or any of its agents
with regard to such election.


 


10.
Notices. Any notice hereunder to the Corporation shall be addressed to it at Orbsat Corp, 18851 N.E. 29th Ave, Suite
700, Aventura FL 33180, Attention: CEO, and any notice hereunder to the Holder shall be addressed to the Holder at the last known home
address shown in the records of the Corporation, subject to the right of any party hereto to designate another address at any time hereafter
in writing.


 


11.
Counterparts. This agreement may be executed in counterparts each of which taken together shall constitute one and the same instrument.


 


12.
Governing Law. This agreement shall be governed by, and construed and enforced in accordance with, the internal laws of the State
of Florida without reference to principles of conflicts of laws.


 


IN
WITNESS WHEREOF, the Corporation caused this agreement to be executed by a duly authorized officer.


 


	 	ORBSAT
    CORP
	 	 
	 	By:	/s/ Charles M. Fernandez
	 	Name:	Charles M. Fernandez
	 	Title:	Executive Chairman and Chief Executive Officer
	 	 	 
	 	Dated:	August 24, 2021


 


	ACCEPTED
    AND	 
	ACKNOWLEDGED:	 
	 	 
	/s/
    Douglas Ellenoff	 
	Douglas
    Ellenoff	 
	 	                            	
	Dated:	August 24, 2021	 


 




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