Exhibit 10.24


 





PURCHASE OF INVENTORY AND REPURCHASE
AGREEMENT


 


	Purchase Price	Repurchase Price
	$200,000	$225,000




 


This Purchase of Inventory and Repurchase
Agreement (“Agreement”) is made by and between Edison Nation, Inc. (“Edison Nation”), and the undersigned
and/or nominee (“Purchaser - Assignee"), subject to the following terms and conditions:


 


Section 1. Purchase and Assignment. For good and valuable
consideration, including the payment of $200,000 to Edison Nation, Edison Nation, as Assignor, sells, assigns, and transfers to
the Purchaser - Assignee all right, title, and interest in and to inventory relating to Amazon accounts (“Inventory”).


 


Section 2. The parties agree that Purchaser - Assignee
shall have a security interest in and to the Inventory until such time as Edison Nation repurchases the Inventory from JNT.


 


Section 3. Repurchase of Inventory. Edison Nation has
the right to repurchase the Inventory Purchaser - Assignor for $225,000 (the “Repurchase Price”) in whole or in periodic
installments by March 31, 2020.


 


Section 4. Liquidation of Inventory. Purchaser –
Assignor has the right to liquidate all Inventory in the event that Edison Nation does not repurchase the Inventory.


 


Section 5. Representations of the Assignor. Edison Nation
warrants and represents that the following statements are true to the Edison Nation’s knowledge, information and belief:


 


a. This Agreement is exclusive and made
solely to Purchaser - Assignee.


 


b. The accounts stated in this Agreement
are valid and fully collectible from the purchasers.


 


c. The goods underlying the assigned accounts
have not be previously sold, conveyed, or encumbered by the Edison Nation or its agents.


 


Section 6. Governing Law. The laws of the State of New
Jersey shall govern this Agreement.


 


Section 7. Guaranties. Chris Ferguson and NL Penn Capital,
LP hereby guarantee that Edison Nation or another party will repurchase the Inventory for $225,000 by March 31, 2020.   


 


Section 8. Attorney's Fees.
Should any action be commenced between the parties to this Agreement concerning the matters set forth in this Agreement or
the rights and duties of either in relation thereto, the prevailing party in such action shall be entitled, in addition to
such other relief as may be granted, to a reasonable sum as and for its Attorney's Fees and Cost.


 






     


     


    

 


Section 9. Amendment. Any modification, amendment or
change of this Agreement will be effective only if it is in a writing signed by both Partners.


 


Section 10. Headings. The titles to the paragraphs of
this Agreement are solely for the convenience of the Partners and shall not affect in any way the meaning or interpretation of
this Agreement.


 


 


Executed as of November 12, 2019:


 


 


 


EDISON NATION, INC.


 


 


 


	/s/ Chris Ferguson	 	 
	By: Chris Ferguson, CEO	 	 






 


 


	GUARANTOR	 	GUARANTOR
	 	 	 
	 		NL Penn Capital, LP




 


 


	/s/ Chris Ferguson		/s/ Chris Ferguson
	Chris Ferguson	 	By: Chris Ferguson
	 		Title: Authorized Agent




 






     


     


    

 


Executed as of November 12, 2019:


 


 


PURCHASER - ASSIGNEE


 


 


 


 


	/s/ Claudia N. McFillin	 	 
	Claudia N. McFillin	 	 




 






     


     


    

 


Executed as of November 12, 2019:


 


 


PURCHASER - ASSIGNEE


 


 


 


 


	/s/ Joseph N. Tropea	 	 
	Joseph N. Tropea