Exhibit
No. 10.3


 


NEXTPLAT
CORP


 


RESTRICTED
STOCK AGREEMENT


(Non-Assignable)


 





 






600,000
Shares of Restricted Stock of

NextPlat Corp


 


THIS
RESTRICTED STOCK AGREEMENT (this “Agreement”) is entered into on July 22, 2022 by and between NextPlat Corp., a Nevada
corporation formerly known as Orbsat Corp. (the “Corporation”), and Charles M. Fernandez (“Holder”).


 


RECITALS


 


A.
The Corporation entered into that certain Employment Agreement with Holder dated May 23, 2021, which was subsequently amended, restated
and replaced in its entirety on June 2, 2021 (as amended, the “Employment Agreement”), with an initial term of five
years effective on May 28, 2021.


 


B.
Pursuant to the Employment Agreement, on May 28, 2021 (the “Award Date”) the Corporation awarded Holder a restricted
stock award of 600,000 shares of fully paid and non-assessable shares (the “Restricted Shares”) of the Corporation’s
common stock (par value $0.0001 per share) (the “Award”), which Restricted Shares, pursuant to the terms of the Employment
Agreement, vest pursuant to the vesting schedule set forth in Paragraph 1(b) below (the “Vesting Schedule”).


 


C.
A 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.


 


D.
The parties wish to memorialize the Award in accordance with the terms and conditions set forth below.


 


AGREEMENT


 


TERMS
AND CONDITIONS. It is understood and agreed that the award evidenced by this Agreement is subject to the following terms and conditions:


 


1.
Award, Issuance and Vesting.


 


(a)
Award. The Restricted Shares 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 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 1(a) and 7(b) of this Agreement shall
lapse upon the earlier of (i) the Vesting Date specified in the Vesting Schedule. If a series of Vesting Dates is specified, then the
restrictions and conditions in Paragraphs 1(a) and 7(b) shall lapse only with respect to the number of Restricted Shares specified as
vested on such date. The Restricted Shares shall vest and be issued as follows:


 




    	 



     


    

 


Exhibit
No. 10.3


 


Vesting
Schedule


 


	Incremental
    Number of

    Restricted Shares Issued	 	Issuance
    Date	 	Vesting
    Date
	200,000	 	One
    year anniversary of Award Date	 	Upon
    Issuance
	 	 	 	 	 
	200,000	 	Two
    year anniversary of Award Date	 	Upon
Issuance

    

	 	 	 	 	 
	200,000	 	Three
    year anniversary of Award Date	 	Upon
                                            Issuance

    

    



 


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 Engagement. This Agreement does not impose any obligation on the
Corporation or any of its subsidiaries or affiliated companies to continue the engagement of Holder.
Further, the Corporation may at any time terminate the engagement of Holder, free from any liability or claim under the Plan or this
Agreement.


 


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.


 




    	 



     


    

 


Exhibit
No. 10.3


 


7.
Legends and Restrictions.


 


(a)
The Restricted Shares shall bear a notation or 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 may not be sold, assigned, transferred, pledged or otherwise encumbered or disposed of by the Holder prior to vesting.


 


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.


 


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.
Award Subject to Plan; Amendment. By entering into this Agreement, Holder agrees and acknowledges that Holder has received and
read a copy of the Plan. The Restricted Shares are subject to the Plan. The terms and provisions of the Plan, as it may be amended from
time to time, are hereby incorporated herein by reference. In the event of a conflict between any term or provision contained herein
and a term or provision of the Plan, the applicable terms and provisions of the Plan will govern and prevail. The Committee may waive
any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate this Agreement, but no such waiver,
amendment, alteration, suspension, discontinuance, cancellation or termination shall materially adversely affect the rights of Holder
hereunder without the consent of Holder.


 


11.
Notices. Any notice hereunder to the Corporation shall be addressed to it at NextPlat Corp, 3250 Mary St., Suite 410, Coconut
Grove, FL 33133, Attention: President, 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.


 


12.
Counterparts. This Agreement may be executed in counterparts each of which taken together shall constitute one and the same instrument.


 


13.
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.


 


[Remainder
of Page Intentionally Left Blank]


 




    	 



     


    

 


Exhibit
No. 10.3


 


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


 


	 	NEXTPLAT CORP
	 	 	 
	 	By:	/s/
    David Phipps
	 	Name:	David
    Phipps
	 	Title:	President
    and CEO of Global Operations 
	 	 	 
	 	Dated:
    	July
    22, 2022


 


 


	ACCEPTED
    AND ACKNOWLEDGED:	 
	 	 
	/s/Charles
    M. Fernandez	 
	Charles
    M Fernandez	 
	 	 
	Dated:
    July 22, 2022	 


 




    	 



     


    

 


Exhibit
No. 10.3


 


ORBSAT
CORP


 


Notice
of Issuance of Stock Award


 


I
hereby authorize the issuance of the stock award granted to me pursuant to the Employment Agreement dated as of May 23, 2021 (as amended)
by NextPlat Corp (the “Corporation”), with respect to the following number of shares of the Company’s common stock
(“Shares”), par value $0.0001 per Share, covered by said award:


 


Number
of Shares to be issued: 200,000


 


Price
per Share: $5.00


 


Please
have the book entry form of certificate representing the purchased Shares registered in the following name or names eApeiron Partners:


 


	 	 	 
	Charles
    M. Fernandez	 	July
    [__], 2022


 


*Certificates
may be registered in the name of the Holder alone or in the joint names (with right of survivorship) of the Holder and his or her spouse.


 


IN
WITNESS WHEREOF, the Company has caused this Stock Award Agreement to be duly executed by its duly authorized officer, and the Holder
has hereunto set his hand and seal, all as of the ____ day of July 2022.


 


	By:	 
	 	 
	 	 
	David
    Phipps	 
	President
    and CEO of Global Operations