Document:

Exhibit 10.3

 

Form of Warrant

 

NEITHER THIS SECURITY
NOR THE SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE
SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE
OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

COMMON STOCK PURCHASE WARRANT

 

legacy
education alliance, inc.

 

Warrant Shares: _______ Initial Exercise Date: _________
__, 2021

 

 

THIS COMMON STOCK PURCHASE
WARRANT (the “Warrant”) certifies that, for value received, _____________ or its assigns (the “Holder”)
is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on
or after the date hereof (the “Initial Exercise Date”) and on or prior to 5:00 p.m. (New York City time) on
March 8, 2026 (the “Termination Date”) but not thereafter, to subscribe for and purchase from Legacy Education
Alliance, Inc., a Nevada corporation (the “Company”), having its principal place of business at 1490 N.E. Pine
Island Road, Suite 5D, Cape Coral, FL 33909, up to ______ shares (as subject to adjustment hereunder, the “Warrant Shares”)
of Common Stock. The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined
in Section 2(b).

 

Section 1. Definitions.
In addition to the terms defined elsewhere in this Agreement or in the Debentures, the following terms have the meanings indicated
in this Section 1:

 

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common
control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.

 

“Board
of Directors” means the board of directors of the Company.

 

     

     

    

 

“Business
Day” means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized
or required by law to remain closed; provided, however, for clarification, commercial banks shall not be deemed to
be authorized or required by law to remain closed due to “stay at home”, “shelter-in-place”, “non-essential
employee”  or any other similar orders or restrictions or the closure of any physical branch locations at the direction
of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial banks
in The City of New York are generally are open for use by customers on such day.

 

“Commission”
means the United States Securities and Exchange Commission.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Exempt
Issuance” means the issuance of (a) shares of Common Stock or options to employees, officers or directors of the Company
pursuant to any stock or option plan duly adopted for such purpose, by a majority of the non-employee members of the Board of Directors
or a majority of the members of a committee of non-employee directors established for such purpose for services rendered to the
Company, (b) securities upon the exercise or exchange of or conversion of any Securities issued hereunder, warrants to the Placement
Agent in connection with the transactions pursuant to this Agreement (if any) and any securities upon exercise of warrants to the
Placement Agent and/or other securities exercisable or exchangeable for or convertible into shares of Common Stock issued and outstanding
on the date of this Agreement, provided that such securities have not been amended since the date of this Agreement to increase
the number of such securities or to decrease the exercise price, exchange price or conversion price of such securities (other than
in connection with stock splits or combinations) or to extend the term of such securities, and (c) securities issued pursuant to
acquisitions or strategic transactions approved by a majority of the disinterested directors of the Company, provided that such
securities are issued as “restricted securities” (as defined in Rule 144) and carry no registration rights that require
or permit the filing of any registration statement in connection therewith during the six months after the Original Issue Date,
and provided that any such issuance shall only be to a Person (or to the equity holders of a Person) which is, itself or through
its subsidiaries, an operating company or an owner of an asset in a business synergistic with the business of the Company and shall
provide to the Company additional benefits in addition to the investment of funds, but shall not include a transaction in which
the Company is issuing securities primarily for the purpose of raising capital in an amount in aggregate in excess of $500,000
in one or in a series of related transactions or to an entity whose primary business is investing in securities.

 

“Liens”
means a lien, charge pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.

 

“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

    2

     

    

 

“Proceeding”
means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial
proceeding, such as a deposition), whether commenced or threatened.

 

“Rule
144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted
from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose
and effect as such Rule.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Trading
Day” means a day on which the Common Stock is traded on a Trading Market.

 

“Trading
Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on
the date in question: the NYSE MKT, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New
York Stock Exchange or the OTC Bulletin Board (or any successors to any of the foregoing.

 

“Transfer
Agent” means Broadridge Corporate Issue Solutions, the current transfer agent of the Company, with a mailing address
of P.O. Box 1342, Brentwood, NY 11717 and a facsimile number of 215-553-5402, and any successor transfer agent of the Company.

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed
or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding
date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (“Bloomberg”)
(based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b)  if OTCQB or OTCQX is
not a Trading Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB
or OTCQX as applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the
Common Stock are then reported in The Pink Open Market (or a similar organization or agency succeeding to its functions of reporting
prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value
of a share of Common Stock as determined by an independent appraiser selected in good faith by the Holder and reasonably acceptable
to the Company, the fees and expenses of which shall be paid by the Company.

 

    3

     

    

 

Section 2. Exercise.

 

d)
Exercise of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any
time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company (or such other
office or agency of the Company as it may designate by notice in writing to the registered Holder at the address of the Holder
appearing on the books of the Company) of a duly executed facsimile copy or PDF copy submitted by e-mail (or e-mail attachment)
of the Notice of Exercise in the form annexed hereto (the “Notice of Exercise”). Within the ) two (2) Trading
Days following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the shares specified
in the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United States bank in the applicable
Notice of Exercise. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee
or notarization) of any Notice of Exercise form be required. Notwithstanding anything herein to the contrary, the Holder shall
not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available
hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for
cancellation within three (3) Trading Days of the date the final Notice of Exercise is delivered to the Company. Partial exercises
of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect
of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant
Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date
of such purchases. The Company shall deliver any objection to any Notice of Exercise within one (1) Business Day of receipt of
such notice. The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions
of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available
for purchase hereunder at any given time may be less than the amount stated on the face hereof.

 

e)
Exercise Price. The exercise price per share of Common Stock under this Warrant shall be $0.05, subject to adjustment
hereunder (the “Exercise Price”).

 

 f) Mechanics of Exercise.

 

i.
Delivery of Warrant Shares Upon Exercise. Upon receipt of the Exercise Price in available funds, the Company shall cause
the Warrant Shares purchased hereunder to be transmitted by the Transfer Agent to the Holder by crediting the account of the Holder’s
or its designee’s balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system
(“DWAC”) if the Company is then a participant in such system and there is an effective registration statement
permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by Holder, and otherwise by physical delivery
of a certificate, registered in the Company’s share register in the name of the Holder or its designee, for the number of
Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice of
Exercise by the date that is the ten (10) Trading Days after the delivery to the Company of the Notice of Exercise receipt of the
Exercise Price in available funds (such date, the “Warrant Share Delivery Date”). Upon delivery of the Notice
of Exercise and receipt of the Exercise Price in available funds, the Holder shall be deemed for all corporate purposes to have
become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date
of delivery of the Warrant Shares.The Company agrees to maintain a transfer agent that is a participant in the FAST program so
long as this Warrant remains outstanding and exercisable.

 

    4

     

    

 

ii.
Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request
of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder
a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which
new Warrant shall in all other respects be identical with this Warrant.

 

iii.
Rescission Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant
to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.

 

iv.
No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise
of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the
Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction
multiplied by the Exercise Price or round up to the next whole share.

 

v.
Charges, Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer
tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid
by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by
the Holder; provided, however, that in the event that Warrant Shares are to be issued in a name other than the name
of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed
by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer
tax incidental thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise
and all fees to the Depository Trust Company (or another established clearing corporation performing similar functions) required
for same-day electronic delivery of the Warrant Shares.

 

vi.
Closing of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise
of this Warrant, pursuant to the terms hereof.

 

    5

     

    

 

d.  Holder’s
Exercise Limitation. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise
any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after
exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other
Persons acting as a group together with the Holder or any of the Holder’s Affiliates (such Persons, “Attribution Parties”)),
would beneficially own in excess of the Beneficial Ownership Limitation (as defined below).  For purposes of the foregoing
sentence, the number of shares of Common Stock beneficially owned by the Holder and its Affiliates and Attribution Parties shall
include the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which such determination is
being made, but shall exclude the number of shares of Common Stock which would be issuable upon (i) exercise of the remaining,
nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii)
exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation,
any other Common Stock Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein
beneficially owned by the Holder or any of its Affiliates or Attribution Parties.  Except as set forth in the preceding sentence,
for purposes of this Section 2(d), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act
and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing
to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible
for any schedules required to be filed in accordance therewith. To the extent that the limitation contained in this Section 2(d)
applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together
with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion
of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination of whether this
Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties)
and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company
shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group
status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations
promulgated thereunder. For purposes of this Section 2(d), in determining the number of outstanding shares of Common Stock, a Holder
may rely on the number of outstanding shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual
report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent
written notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding.  Upon
the written or oral request of a Holder, the Company shall within one Trading Day confirm orally and in writing to the Holder the
number of shares of Common Stock then outstanding.  In any case, the number of outstanding shares of Common Stock shall be
determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder
or its Affiliates or Attribution Parties since the date as of which such number of outstanding shares of Common Stock was reported.
The “Beneficial Ownership Limitation” shall be 19.99% of the number of shares of the Common Stock outstanding
immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this Warrant. The provisions
of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section
2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership
Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation.
The limitations contained in this paragraph shall apply to a successor holder of this Warrant

 

Section 3. Certain
Adjustments.

 

i)
Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or
otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities
payable in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company
upon exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines
(including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares or (iv) issues by
reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price
shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares,
if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding
immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted
such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a)
shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend
or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

 

    6

     

    

 

j) Subsequent
Equity Sales. If the Company or any Subsidiary thereof, as applicable, at any time while this Warrant is outstanding, shall
sell, enter into an agreement to sell or grant any option to purchase, or sell or grant any right to reprice, or otherwise dispose
of or issue (or announce any offer, sale, grant or any option to purchase or other disposition) any Common Stock or Common Stock
Equivalents, at an effective price per share less than the Exercise Price then in effect (such lower price, the “Base
Share Price” and such issuances collectively, a “Dilutive Issuance”) then simultaneously with the
consummation (or, if earlier, the announcement) of each Dilutive Issuance the Exercise Price shall be reduced and only reduced
by applying a broad based weighted average adjustment calculation. Notwithstanding the foregoing, no adjustments shall be made,
paid or issued under this Section 3(b) in respect of an Exempt Issuance. The Company shall notify the Holder, in writing, no later
than the Trading Day following the issuance or deemed issuance of any Common Stock or Common Stock Equivalents subject to this
Section 3(b), indicating therein the applicable issuance price, or applicable reset price, exchange price, conversion price and
other pricing terms (such notice, the “Dilutive Issuance Notice”). For purposes of clarification, whether or
not the Company provides a Dilutive Issuance Notice pursuant to this Section 3(b), upon the occurrence of any Dilutive Issuance,
the Holder is entitled to receive a number of Warrant Shares based upon the Base Share Price regardless of whether the Holder accurately
refers to the Base Share Price in the Notice of Exercise. If the Company enters into a Variable Rate Transaction, the Company shall
be deemed to have issued Common Stock or Common Stock Equivalents at the lowest possible price, conversion price or exercise price
at which such securities may be issued, converted or exercised.

 

k) Subsequent
Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants, issues
or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record
holders of any class of shares of Common Stock (the “Purchase Rights”), then the Holder will be entitled to
acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired
if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to
any limitations on exercise hereof, including, without limitation, the Beneficial Ownership Limitation) immediately before the
date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date
as of which the record holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights
(provided, however, to the extent that the Holder’s right to participate in any such Purchase Right would result in the Holder
exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such
extent (or beneficial ownership of such shares of Common Stock as a result of such Purchase Right to such extent) and such Purchase
Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in
the Holder exceeding the Beneficial Ownership Limitation).

 

l) Pro
Rata Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or other
distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of capital
or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options by way of
a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”),
at any time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution
to the same extent that the Holder would have participated therein if the Holder had held the number of shares of Common Stock
acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation,
the Beneficial Ownership Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such
record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the participation in
such Distribution (provided, however, to the extent that the Holder’s right to participate in any such Distribution
would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate
in such Distribution to such extent (or in the beneficial ownership of any shares of Common Stock as a result of such Distribution
to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time, if
ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

 

    7

     

    

 

m) Fundamental
Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related
transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly,
effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets
in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether
by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange
their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common
Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization
or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted
into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions
consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization,
recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons whereby such other Person or group
acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person
or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share
purchase agreement or other business combination) (each a “Fundamental Transaction”), then, upon any subsequent
exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon
such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard
to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock of the successor or acquiring
corporation or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”)
receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant
is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise
of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to
apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common
Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in
a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common
Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder
shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental
Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor
(the “Successor Entity”) to assume in writing all of the obligations of the Company under this Warrant and the
other Transaction Documents in accordance with the provisions of this Section 3(e) pursuant to written agreements in form and substance
reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction
and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced
by a written instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding number
of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable
and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such
Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock
(but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value
of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting
the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably
satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity
shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this
Warrant and the other Transaction Documents referring to the “Company” shall refer instead to the Successor Entity),
and may exercise every right and power of the Company and shall assume all of the obligations of the Company under this Warrant
and the other Transaction Documents with the same effect as if such Successor Entity had been named as the Company herein.

 

    8

     

    

 

n) Calculations.
All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be.
For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall
be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

 

o) Notice
to Holder.

 

i. Adjustment
to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly
deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment
to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

 

ii. Notice
to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the
Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the
Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares
of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection
with any reclassification of the Common Stock, any consolidation or merger to which the Company (or any of its Subsidiaries) is
a party, any sale or transfer of all or substantially all of its assets, or any compulsory share exchange whereby the Common Stock
is converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution,
liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by facsimile
or email to the Holder at its last facsimile number or email address as it shall appear upon the Warrant Register of the Company,
at least 20 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date
on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record
is not to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions,
redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale,
transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the
Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable
upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such
notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified
in such notice. To the extent that any notice provided in this Warrant constitutes, or contains, material, non-public information
regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant
to a Current Report on Form 8-K. The Holder shall remain entitled to exercise this Warrant during the period commencing on the
date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

 

p) Voluntary
Adjustment By Company. Subject to the rules and regulations of the Trading Market, the Company may at any time during the term
of this Warrant, subject to the prior written consent of the Holder, reduce the then current Exercise Price to any amount and for
any period of time deemed appropriate by the board of directors of the Company

 

    9

     

    

 

Section 4. Transfer
of Warrant.

 

f) Transferability.
Subject to compliance with any applicable securities laws and the conditions set forth in Section 4(d) hereof], this Warrant and
all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in part, upon surrender
of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant
substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any
transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall
execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination
or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion
of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary,
the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant
in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date on which
the Holder delivers an assignment form to the Company assigning this Warrant in full. The Warrant, if properly assigned in accordance
herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

 

g) New
Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the
Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by
the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such
division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants
to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the initial
issuance date of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant
thereto.

 

h) Warrant
Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant
Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered
Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and
for all other purposes, absent actual notice to the contrary.

 

i) Transfer
Restrictions. If, at the time of the surrender of this Warrant in connection with any transfer of this Warrant, the transfer
of this Warrant shall not be either (i) registered pursuant to an effective registration statement under the Securities Act and
under applicable state securities or blue sky laws or (ii) eligible for resale without volume or manner-of-sale restrictions or
current public information requirements pursuant to Rule 144, the Company may require, as a condition of allowing such transfer,
that the Holder or transferee of this Warrant, as the case may be, provides to the Company an opinion of counsel, the form and
substance of which opinion shall be reasonably satisfactory to the Company, to the effect that the transfer of this Warrant does
not require registration under the Securities Act.

 

j) Representation
by the Holder. The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant and, upon any
exercise hereof, will acquire the Warrant Shares issuable upon such exercise, for its own account and not with a view to or for
distributing or reselling such Warrant Shares or any part thereof in violation of the Securities Act or any applicable state securities
law, except pursuant to sales registered or exempted under the Securities Act.

 

    10

     

    

 

Section 5. Piggyback Registration
Rights. If, at any time after the Initial Issue Date, the Company shall determine to prepare and file with the Commission a
registration statement relating to an offering for its account or the account of others under the Securities Act of any of its
equity securities, other than on Form S-4 or Form S-8 (each as promulgated under the Securities Act), or their then equivalents
relating to equity securities to be issued solely in connection with any acquisition of any entity or business or equity securities
issuable in connection with the stock option or other employee benefit plans, the Company shall send to each Holder a written notice
of such determination and if, within 15 calendar days after the date of such notice, the Holder (or any permitted successor or
assign) shall so request in writing, the Company shall include in such registration statement all or any part of the Warrant Shares
and Conversion Shares that such Holder requests to be registered; provided, however, that the Company shall not be required to
register any Warrant Shares or Conversion Shares pursuant to this Section 5 that are eligible for resale pursuant to Rule 144 under
the Securities Act. Further, in the event that the offering is a firm-commitment underwritten offering, the Company may exclude
the Warrant Shares and/or Conversion Shares if so requested in writing by the lead underwriter of such offering. If less than all
of the Warrant Shares and/or Conversion Shares are required to be excluded, then such cutbacks shall be allocated pro-rata among
the Holders requesting to be included, and as to each such Holder, among the Warrant Shares and Conversion Shares as elected by
such Holder. In the case of inclusion in a firm-commitment underwritten offering, the Holders must sell their Warrant Shares and
Conversion Shares on the same terms set by the underwriters for shares of Common Stock to be sold for the account of the Company

 

Section 6. Miscellaneous.

 

n) No
Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other rights
as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in
Section 3. Without limiting any rights of a Holder to receive cash payments pursuant to Section 2(c)(i) and Section 2(c)(iv) herein,
in no event shall the Company be required to net cash settle an exercise of this Warrant.

 

o) Loss,
Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant
Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of
the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate,
if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation,
in lieu of such Warrant or stock certificate.

 

p) Saturdays,
Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or
granted herein shall not be a Business Day, then, such action may be taken or such right may be exercised on the next succeeding
Business Day.

 

    11

     

    

 

q) Authorized
Shares.

 

The Company covenants
that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Stock a sufficient
number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant.
The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged
with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company
will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein without
violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common Stock may be
listed. The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights represented
by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance
herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges created by
the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such
issue).

 

Except and
to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending
its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or
sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this
Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions
as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting
the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable
therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate
in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant
and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory
body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.

 

Before taking
any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the
Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary
from any public regulatory body or bodies having jurisdiction thereof.

 

    12

     

    

 

r) Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed
by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of
conflict of laws thereof. Each party agrees that all legal proceedings concerning the interpretation, enforcement and defense of
this Warrant shall be commenced in the state and federal courts sitting in the City of New York, Borough of Manhattan (the “New
York Courts”). Each party hereto hereby irrevocably submits to the exclusive jurisdiction of the New York Courts for
the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein
(including with respect to the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees not
to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of such New York Courts,
or such New York Courts are improper or inconvenient venue for such proceeding. Each party hereto hereby irrevocably waives, to
the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating
to this Warrant. If any party shall commence an action or proceeding to enforce any provisions of this Warrant, then the prevailing
party in such action or proceeding shall be reimbursed by the other party for its attorneys’ fees and other costs and expenses
incurred in the investigation, preparation and prosecution of such action or proceeding.

 

s) Restrictions.
The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, will have restrictions
upon resale imposed by state and federal securities laws.

 

t) Nonwaiver
and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate
as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting any other provision
of this Warrant or the Purchase Agreement, if the Company willfully and knowingly fails to comply with any provision of this Warrant,
which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to
cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings,
incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies
hereunder.

 

b) Notices.
Any and all notices or other communications or deliveries to be provided by the Holders hereunder including, without limitation,
any Notice of Exercise, shall be in writing and delivered personally, by facsimile, or sent by a nationally recognized overnight
courier service, addressed to the Company, at the address set forth above Attention: General Counsel, facsimile number _______________,
email address jamesmay@legacyea.com, or such other facsimile number, email address or address as the Company may specify for such
purposes by notice to the Holders. Any and all notices or other communications or deliveries to be provided by the Company hereunder
shall be in writing and delivered personally, by facsimile, or sent by a nationally recognized overnight courier service addressed
to each Holder at the facsimile number or address of such Holder appearing on the books of the Company, or if no such facsimile
number or address appears on the books of the Company. Any notice or other communication or deliveries hereunder shall be deemed
given and effective on the earliest of (i) the date of transmission, if such notice or communication is delivered via facsimile
at the facsimile number set forth in this Section prior to 5:30 p.m. (New York City time) on any date, (ii) the next Trading Day
after the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number set forth in
this Section on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (iii) the second
Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service, or (iv) upon actual
receipt by the party to whom such notice is required to be given.

 

    13

     

    

 

u) Limitation
of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase
Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder
for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company
or by creditors of the Company.

 

v) Remedies.
The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled
to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation
for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert
the defense in any action for specific performance that a remedy at law would be adequate.

 

w) Successors
and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure
to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns
of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and
shall be enforceable by the Holder or holder of Warrant Shares.

 

x) Amendment.
This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the Holder.

 

y) Severability.
Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective
to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions
of this Warrant.

 

z) Headings.
The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of
this Warrant.

 

********************

 

(Signature Page Follows)

 

    14

     

    

 

IN WITNESS WHEREOF, the
Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.

 

	 	Legacy Education Alliance, Inc.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     

     

    

 

NOTICE OF EXERCISE

 

To:
Legacy Education Alliance, Inc.

 

(2) The undersigned hereby
elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full),
and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

 

Payment shall take the form of
lawful money of the United States; Please issue said Warrant Shares in the name of the undersigned or in such other name as is
specified below:

 

_______________________________

 

The Warrant Shares shall be delivered to
the following DWAC Account Number:

 

_______________________________

 

_______________________________

 

_______________________________

 

[SIGNATURE
OF HOLDER]

 

Name of Investing Entity: ______________________________________________________________

Signature of Authorized Signatory of
Investing Entity: ________________________________________

Name of Authorized Signatory: __________________________________________________________

Title of Authorized Signatory: ___________________________________________________________

Date: _______________________________________________________________________________

 

     

     

    

 

ASSIGNMENT FORM

 

(To assign the foregoing warrant, execute

this form and supply required information.

Do not use this form to exercise the warrant.)

 

FOR VALUE RECEIVED, [____]
all of or [_______] shares of the foregoing Warrant and all rights evidenced thereby are hereby assigned to

 

_______________________________________________
whose address is

 

_______________________________________________________________.

 

_______________________________________________________________

 

Dated: ______________, _______

 

Holder’s Signature: _____________________________Exhibit 10.4

 

Employment Agreement dated March 9, 2021
between Legacy Education Alliance Inc. and Michel Botbol

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

This EXECUTIVE EMPLOYMENT AGREEMENT
(this “Agreement”) is made as of the 8th day of March 2021 (the “Effective Date”), by
and between LEGACY EDUCATION ALLIANCE, INC., a Nevada corporation, with an address of 1490 N.E. Pine Island Road, Suite 5D, Cape
Coral, FL 33909 33904 (the “Company”) and Michel Botbol (the “Executive”).

 

WHEREAS Executive was first
engaged by the Company on March 8, 2021 (the “Start Date”); and

 

WHEREAS, the Company desires to
continue to employ Executive in the capacity of Chairman of the Company Board of Directors and Chief Executive Officer; and

 

WHEREAS Executive is willing to
continue make his services available to the Company on the terms and conditions set forth in this Agreement;

 

NOW, THEREFORE, in consideration
of the mutual covenants contained herein, and for such other good and valuable consideration, the receipt and sufficiency of which
are hereby conclusively acknowledged, the parties, intending to be legally bound, agree as follow:

 

1. Term. The Company hereby employs
Executive as Chairman and Chief Executive Officer of the Company, and Executive agrees to accept such employment and to serve the
Company as such upon the terms and conditions hereof commencing on the Effective Date and continuing until terminated by either
the Company or Executive subject to and in accordance with Section 7 of this Agreement (the “Term”).

 

2. Duties.

 

(a) Executive shall
serve as Chief Executive Officer of the Company. Executive shall also, if requested by the Board of Directors or any subcommittee
thereof (collectively, the “Board”), serve as an executive officer of any Company affiliate or joint venture company
and/or as a fiduciary of any Company, affiliate, or joint venture company benefit plan(s).

 

(b) Executive shall
have such duties and responsibilities as are customary for Executive’s position and any other duties or responsibilities
that may be assigned or delegated to him from time to time. Executive agrees that he will use his best efforts to fulfill his duty
of loyalty and care to the Company and to promote the business and interests of the Company above all others

 

3. Compensation.

 

(a) Base Salary. The Company will
pay Executive for all services to be rendered by Executive hereunder (including and without limitation, all services to be rendered
by him as an officer and/or director of the Company and its subsidiaries and affiliates) a base salary (“Base Salary”)
of Three thousand eight hundred forty-six dollars and fifteen cents ($3,846.15) per week ($200,000 annualized). The Base Salary
may be increased at the discretion of the Board from time to time during the Employment Term. Base Salary shall be payable at least
bi-weekly or otherwise in accordance with customary payroll practices for senior executives of the Company. At the earlier of the
completion of the Spin Off or September 1, 2021, the Executive’s base salary shall be increased to Five thousand ($5,000)
per week ($260,000 annualized).

 

(b) Annual Incentive Compensation.
Executive shall be eligible to receive an annual non-equity incentive bonus (“Annual Incentive Compensation”) and other
long term incentive compensation, all of which are intended to comply with Section 162(m) of the Internal Revenue Code of 1986,
as amended (the “Code”), under such executive bonus plans and long term incentive plans as may be established by the
Compensation Committee of the Board [or, in the absence of a Compensation Committee, then a committee of the Board of Directors
comprised of not less than two independent directors (in either event, the “Compensation Committee”)] in its sole discretion
from time to time, subject to the terms and conditions of such plans. The Annual Incentive Compensation will be based on the achievement
of Company and individual performance goals to be established by the Compensation Committee, with annual target incentive bonuses
of not less than 50% of the Base Annual Salary.

 

     

     

    

 

(c) Repayment upon Material Restatement.
The Compensation Committee of the Board of Director or, in the absence of a Compensation Committee, then a committee of the Board
of Directors comprised of not less than two independent directors (in either event, the “Independent Director Committee”)
may, in its discretion, require reimbursement of all or part of any Annual Incentive Compensation or other incentive payments to
Executive where: (1) the payment of such Annual Incentive Compensation or other incentive payments to Executive was predicated
upon achieving certain financial results that were subsequently the subject of a material restatement of the Company’s audited
financial statement with the need for such restatement having been confirmed by the Company’s independent auditors; (2) the
Company determines Executive engaged in gross negligence or willful misconduct that substantially caused the need for the restatement;
and (3) a lower payment would have been made to Executive based upon the restated financial results. In each such instance, the
Executive shall repay to the Company the amount by which the Executive’s Annual Incentive Compensation or other incentive
payments for the relevant period exceeded the lower payments that would have been made based on the restated financial results;
provided, however, that the Executive shall not be required to repay any Annual Incentive Compensation or other incentive payments,
or portion thereof, pursuant to this paragraph if such payments relate to accounting periods occurring two (2) years (or such longer
time period as may be required by law) or more prior to the restatement. Before the Compensation Committee determines whether Executive
engaged in gross negligence or willful misconduct that caused or substantially caused the need for the substantial restatement,
it shall provide to Executive written notice and the opportunity to be heard, at a meeting of the Independent Director Committee
(which may be in-person or telephonic, as determined by the Independent Director Committee).

 

(d) Vacation. Executive shall be
entitled to paid annual paid time off (“PTO”) in an amount provided for in the Company’s vacation, PTO or similar
policy as amended from time to time, with the calculation of such entitlement to be retroactive to the Start Date, but in no event
less than four (4) weeks of paid annual vacation.

 

(e) Company Health Insurance Premium.
Each month, the Company shall pay One Hundred Percent (100%) of the premium for Family coverage option selected by Employee under
the terms of the highest level of coverage offered by the Company’s health insurance plan. In the event the Company, in its
sole discretion, determines at any time to discontinue offering a Company-sponsored health insurance plan, the Company agrees to
pay Employee the total current premium as of the Effective Date, less applicable withholdings, in accordance with the regular practices
of the Company’s third-party payroll service provider. Employee understands that U.S. tax law may require the Company to
include in Employee’s income the amount paid pursuant to this provision. 

 

4. Expenses. Within thirty (30)
days after the submission of reasonable supporting documentation by Executive and in accordance with the Company’s expense
reimbursement policy, the Company shall reimburse Executive for all reasonable and customary business, travel, and entertainment
expenses incurred by Executive in the course of and pursuant to the business of the Company.

 

5. Executive Benefits. Executive
shall be entitled to participate in any employee benefit plans, programs or policies provided to other full time employees or senior
management of the Company or which may become in effect for the benefit of any other employees or senior management of the Company
at any time during the course of Executive’s employment by the Company, subject to the terms of such plans, programs or policies.
Such other benefits shall include, but not be limited to, directors’ and officers’ liability insurance maintained by
the Company for the benefit of its directors and officers. Nothing in this Agreement shall preclude the Company from amending or
terminating any such plan at any time.

 

6. Withholding. All payments required
to be made by the Company to Executive hereunder shall be subject to the withholding of such amounts relating to taxes and other
governmental assessments as the Company may reasonably determine it should withhold pursuant to any applicable law, rule, or regulation.

 

    2

     

    

 

7. Termination
of Employment.

 

(a) Death; Permanent Disability.
Upon the death of Executive during the term of this Agreement, the Employment Term shall terminate. If during the Employment Term
Executive fails, because of illness or other incapacity, to perform the services required to be performed by him hereunder for
any period of more than 90 days during any calendar year (provided that vacation time, if not previously taken, shall be exhausted
before the above 90-day period commences to run) (any such illness or incapacity being hereinafter referred to as “Permanent
Disability”), then the Company, in its discretion, may at any time thereafter terminate the Employment Term upon not
less than 30 days’ written notice thereof to Executive, and the Employment Term shall terminate and come to an end upon the
date set forth in said notice as if said date were the termination date of the Employment Term; provided, however, that no such
termination shall be effective if prior to the date when such notice is given, Executive’s illness or incapacity shall have
terminated and he shall be physically and mentally able to perform the services required hereunder and shall have taken up and
be performing such duties.

 

If Executive’s employment shall be
terminated by reason of his death or Permanent Disability, Executive or his estate, as the case may be, shall be entitled to receive
(i) any earned and unpaid Base Salary through the date of termination; (ii) a pro rata portion of any Annual Incentive Compensation
that Executive otherwise would have been entitled to receive pursuant to any bonus plan or arrangement for senior executives of
the Company (such pro rata portion to be payable at the time such Annual Incentive Compensation otherwise would have been payable
to Executive); and (iii) subject to the terms thereof, any benefits that may be due to Executive on the date of his termination
under the provisions of any employee benefit plan, program, or policy of the Company. If Executive’s employment is terminated
by reason of his Permanent Disability, Executive shall be entitled to receive short-term disability benefits subject to the terms
of the Company’s short-term disability plan until such time as Executive becomes entitled to the benefits under the Company’s
Long Term Disability Plan; provided that the Company’s obligation to provide such short-term disability benefits to Executive
shall not under any circumstances extend beyond the maximum period provided in the Company’s short-term disability plan plus
an additional 90 days.

 

(b) Termination for Cause or Upon Executive’s
Resignation. If the Employment Term is terminated (i) by Executive (other than as a result of a material breach by the Company
as set forth in Section 7(c) or (ii) by the Company for Cause, in either case, Executive shall be entitled to receive only (x)
any earned and unpaid Base Annual Salary accrued through the date of termination and (y) subject to the terms thereof, any benefits
which may be due to Executive on such date under the provisions of any employee benefit plan, program, or policy. If Executive
is terminated for Cause, the Company shall deliver written notice to Executive, which notice shall specify the item of Cause for
which Executive has been terminated.

 

For purposes of this Agreement, “Cause”
and “for Cause” shall mean (i) any intentional breach of Executive’s fiduciary duty to the Company, including
but not limited to fraud, dishonesty, embezzlement, and failure to follow directions of the Board of Directors; (ii) Executive’s
material breach of this Agreement (iii) Executive’s material breach of the Covenant Agreement; (iv) Executive’s gross
negligence or willful misconduct in the performance of his duties that materially adversely affects the Company; (v) any material
violation by Executive of the Company’s Code of Business Conduct and Ethics, as may be amended from time to time; (vi) any
material violation by Executive of the Company’s non-discrimination, non-harassment, or non-retaliation policies or procedures
as may be established by the Company from time to time; (vii) conviction of, or a plea to, a felony (including a plea of nolo contendere);
or (viii) Executive’s continued failure to perform in any material respect his duties to the Company as specifically directed
by the Board; provided, however, that (A) the Company shall give Executive notice of any circumstances described in (ii) or (viii)
above, which notice shall describe such circumstances in reasonable detail, and (B) no for “Cause” termination shall
be deemed to exist if Executive shall remedy or cure the relevant circumstances within 20 days from his receipt of such notice.
Termination for Cause under clause (ii) or (viii) shall be effective immediately following expiration of the 20-day cure period
as aforesaid; provided Executive has not previously cured the event of Cause; and termination for Cause under (i), (iii), (iv),
(v), (vi), or (vii) shall be effective immediately upon receipt by Executive of written notice of termination.

 

    3

     

    

 

(c) Termination Other than for Cause
or Upon Material Breach by Company. If the Employment Term is terminated (i) by the Company other than for Cause or (ii) by
Executive, subject to the succeeding sentence, following a material breach by the Company of this Agreement (including, but not
limited to, any material diminution in the scope of the Executive’s duties or a reduction in the Annual Salary payable hereunder),
in either case, the Company shall to pay to Executive (x) any earned and unpaid Base Annual Salary and Annual Incentive Compensation
accrued but unpaid through the date of termination; (y) subject to the terms thereof, any benefits which may be due to Executive
on such date under the provisions of any employee benefit plan, program, or policy and (z) a separation benefit in an amount equal
to twenty-six (26) weeks of Executive’s Base Salary in effect as of the date of termination date, less all
applicable withholding taxes and any other amounts required by law to be withheld, payable in bi-weekly installments concurrently
with Company’s regularly scheduled pay periods (such separation benefit payable pursuant to this clause (z) hereinafter referred
to as the “Separation Benefit”).

 

If there is a material breach of this Agreement
by the Company, Executive shall, within 30 days following his knowledge of such breach, deliver written notice to the Company,
which notice shall specify such material breach. No material breach shall be deemed to exist if the Company shall remedy or cure
the relevant circumstances within 20 days of its receipt of such notice. Payment by the Company of the Separation Benefit shall
be conditioned upon (i) Executive executing a general release in favor of the Company (which release shall be reasonably satisfactory
to the Company and shall exclude the Company’s obligations in this Section ) and (ii) Executive’s continued compliance
with the terms and conditions of Covenant Agreement.

 

(d) Termination following Change of
Control. If the Employment Term is terminated by (i) the Company without Cause or by Executive following a material breach
by the Company, (including, but not limited to, any material diminution in the scope of the Executive’s duties or a reduction
in the Base Salary payable hereunder), in either case within eighteen (18) months following a Change of Control (as defined below)
of the Company, (a “Change of Control Termination”) then (i) the Company shall pay to Executive in a lump sum
payment (x ) all Base Salary and Annual Incentive Compensation that have accrued but are unpaid as of the Termination Date, (y)
an amount equal to the fifty-two (52) weeks of Base Salary in effect as of the date of termination date, less all applicable
withholding taxes and any other amounts required by law to be withheld, payable in bi-weekly installments concurrently with Company’s
regularly scheduled pay periods (such separation benefit payable pursuant to this clause (z) hereinafter referred to as the “Change
in Control Separation Benefit”). Payment by the Company of the Change in Control Separation Benefit shall be conditioned
upon (i) Executive executing a general release in favor of the Company (which release shall be reasonably satisfactory to the Company
and shall exclude the Company’s obligations in this Section) and (ii) Executive’s continued compliance with the terms
and conditions of Covenant Agreement.

 

For purposes hereof, a “Change
of Control” shall be deemed to occur upon:

 

(i) any “person”, with the
exception of Legacy Tech Partners, LLC, a Delaware limited liability company, and/or its affiliates, as such term is used in Sections
13(d) and 14(d) of the Exchange Act (other than LEAI, any trustee or other fiduciary holding securities under any employee benefit
plan of the Company, or any company owned, directly or indirectly, by the shareholders of LEAI in substantially the same proportions
as their ownership of common stock of LEAI), is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the
Exchange Act), directly or indirectly, of securities of LEAI representing fifty percent (50%) or more of the combined voting power
of LEAI’s then outstanding securities;

 

(ii) during any period of two (2) consecutive
years, individuals who at the beginning of such period constitute the Board, and any new director (other than a director designated
by a person who has entered into an agreement with the Company to effect a transaction described in paragraph (a), (c), or (d)
of this Section) whose election by the Board or nomination for election by LEAI’s shareholders was approved by a vote of
at least two-thirds of the directors then still in office who either were directors at the beginning of the two-year period or
whose election or nomination for election was previously so approved, cease for any reason to constitute at least a majority of
the Board;

 

    4

     

    

 

(iii) a merger, consolidation, reorganization,
or other business combination of LEAI with any other entity, other than a merger or consolidation which would result in the voting
securities of LEAI outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted
into voting securities of the surviving entity) more than fifty percent (50%) of the combined voting power of the voting securities
of LEAI or such surviving entity outstanding immediately after such merger or consolidation; provided, however, that a merger or
consolidation effected to implement a recapitalization of LEAI (or similar transaction) in which no person acquires thirty percent
(30%) or more of the combined voting power of LEAI’s then outstanding securities shall not constitute a Change in Control;
or

 

(iv) other than the EdTech Spin-off transaction,
the shareholders of LEAI approve a plan of complete liquidation of LEAI or the consummation of the sale or disposition by LEAI
of all or substantially all of LEAI’s assets other than (x) the sale or disposition of all or substantially all of the assets
of LEAI to a person or persons who beneficially own, directly or indirectly, at least fifty percent (50%) or more of the combined
voting power of the outstanding voting securities of LEAI at the time of the sale or (y) pursuant to a spin-off type transaction,
directly or indirectly, of such assets to the shareholders of LEAI.

 

(e) Equity Grants. Upon the termination
of employment of the Executive for any reason, all awards of common stock in the Company or other awards that are valued in whole
or in part by reference to, or otherwise based on the common stock of the company, including, but not limited to, stock options,
restricted stock or restricted stock units, stock appreciation rights, and performance shares or performance units, previously
made to the Executive shall be governed by the respective terms of such awards and any agreements entered into between the Company
and the Executive with respect to such awards, notwithstanding anything in this Agreement to the contrary.

 

(f) No Other Amounts. Executive
hereby agrees that except as expressly provided in this Agreement (including any benefits expressly referenced herein as being
generally available to Executive), no salary, incentive compensation, bonus, benefits, severance, or other compensation of any
kind, nature, or amount shall be payable to Executive and except as expressly provided herein, Executive hereby irrevocably waives
any claim for salary, incentive compensation, bonus, benefits, severance, or other compensation. 

 

 8. Restrictive Covenants.
Executive hereby ratifies and affirms the Confidentiality, Non-Compete and Non-Solicitation Agreement (attached hereto as Appendix
A) (“Covenant Agreement”) and agrees to comply with the Covenant Agreement. The restrictions provided for in the Covenant
Agreement shall survive the termination of this Agreement and the termination of Executive’s employment with the Company.

 

9. Acceptance by Executive. Executive
accepts all of the terms and provisions of this Agreement and agrees to perform all of the covenants on his part to be performed
hereunder. The Company accepts all of the terms and provisions of this Agreement and agrees to perform all of the covenants on
its part to be performed hereunder.

 

 10. Equitable Remedies. Executive
acknowledges that he has been employed for his unique talents and that his leaving the employ of the Company would seriously hamper
the business of the Company and the parties acknowledge that any violation or breach of this Agreement, including, but not limited
to, the Covenant Agreement, will cause the non-breaching party to suffer irreparable damage. The parties hereby expressly agree
that the non-breaching party shall be entitled as a matter of right to injunctive or other equitable relief, in addition to all
other remedies permitted by law, to prevent a breach or violation by the other party and to secure enforcement of the provisions
of this Agreement, including, but not limited to, Sections 8 or 9 hereof. Resort to such equitable relief, however, shall not constitute
a waiver of any other rights or remedies which the non-breaching party may have.

 

11. Entire Agreement. This Agreement
constitutes the entire agreement between the parties hereto and there are no other terms other than those contained herein. No
variation hereof shall be deemed valid unless in writing and signed by the parties hereto and no discharge of the terms hereof
shall be deemed valid unless by full performance of the parties hereto or by a writing signed by the parties hereto. No waiver
by any party of any breach by the other party of any provision or condition of this agreement by it to be performed shall be deemed
a waiver of a breach of a similar or dissimilar provision or condition at the same time or any prior or subsequent time.

 

    5

     

    

 

12. Severability. In case any provision
in this agreement shall be declared invalid, illegal or unenforceable by any court of competent jurisdiction, the validity and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

 13. Notices. All notices,
requests, demands and other communications provided for by this agreement (“Notices”) shall be in writing and
shall be deemed to have been given and to have been effective and deemed received at the time when hand delivered or delivered
by Federal Express or other recognized overnight courier delivery service, such Notices to be addressed to the addresses of the
respective parties stated below or to such changed addresses as such parties may fix by Notice given as aforesaid:

 

	To the Company:	Legacy Education Alliance, Inc.
	 	Attn: General Counsel
	 	1490 N.E. Pine Island Road, Suite 5D
	 	Cape Coral, FL 33909

 

	To Executive:	Michel Botbol
	 	209 Sterling Road.
	 	Harrison, NY 10528

 

	with a copy to:	______________________
	 	______________________
	 	______________________

 

provided, however, that any Notice of change
of address shall be effective only upon receipt.

 

14. Successors and Assigns. This
agreement is personal in its nature and neither of the parties hereto shall, without the consent of the other, assign or transfer
this agreement or any rights or obligations hereunder (except for an assignment or transfer by the Company to a successor as contemplated
by the following proviso); provided, however, that the provisions hereof shall inure to the benefit of, and be binding upon, any
successor of the Company, whether by merger, consolidation, transfer of all or substantially all of the assets of the Company,
or otherwise, and upon Executive, his heirs, executors, administrators, and legal representatives.

 

15. Governing Law. This agreement
and its validity, construction and performance shall be governed in all respects by the internal laws of the State of New York
without giving effect to any principles of conflict of laws.

 

16. Headings. The headings in this
Agreement are for convenience of reference only and shall not control or affect the meaning or construction of this Agreement.

 

17. Pronouns. All pronouns and any
variations thereof shall be deemed to refer to the masculine, feminine, neuter, singular or plural as the context may require.

 

18. Number and Gender. Words used
in this Agreement, regardless of the number and gender specifically used, shall be deemed and construed to include any other number,
singular or plural, and any other gender, masculine, feminine or neuter, as the context indicates is appropriate.

 

19. Construction. The parties hereto
and their respective legal counsel participated in the preparation of this Agreement; therefore, this agreement shall be construed
neither against nor in favor of any of the parties hereto, but rather in accordance with the fair meaning thereof.

 

20. Enforcement. Should it become
necessary for any party to institute legal action to enforce the terms and conditions of this Agreement, the successful party will
be awarded reasonable attorneys’ fees at all trial and appellate levels, and in insolvency, bankruptcy and regulatory proceedings,
and all related expenses and costs. Any suit, action or proceeding with respect to this agreement shall be brought in the courts
of Rockland County, New York or in the U.S. District Court for the Southern District of New York. The parties hereto hereby accept
the exclusive jurisdiction of those courts for the purpose of any such suit, action, or proceeding.

 

    6

     

    

 

Venue for any such action, in addition
to any other venue permitted by statute, will be state court for Rockland Country or the U.S. District Court for Southern District
of New York. The parties hereto hereby irrevocably waive, to the fullest extent permitted by law, any objection that any of them
may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this agreement
or any judgment entered by any court in respect thereof brought in state court for Rockland County or U.S. District Court for the
Southern District of New York, and hereby further irrevocably waive any claim that any suit, action or proceeding brought in state
court for Rockland Country or the U.S. District Court for Southern District of New York has been brought in an inconvenient forum.

 

21. No Third-Party Beneficiaries.
No person shall be deemed to possess any third-party beneficiary right pursuant to this Agreement. It is the intent of the parties
hereto that no direct benefit to any third party is intended or implied by the execution of this Agreement.

 

22. Counterparts. This agreement
may be executed in one or more facsimile or electronic counterparts, each of which will be deemed an original and all of which
together will constitute one and the same instrument.

 

IN WITNESS WHEREOF,
the parties hereto have hereunder set their hands on the day and year first written above.

 

	 	LEGACY EDUCATION ALLIANCE, INC.
	 	 
	 	a Nevada Corporation
	 	 
	 	By:	/s/ James E. May
	 	Name: 	 James E. May
	 	Title: 	General Counsel
	 	 
	 	EXECUTIVE:
	 	 
	 	/s/ Michel Botbol
	 	Michel Botbol

 

    7

     

    

 

Appendix A

 

(Confidentiality, Non-Compete and Non-Solicitation
Agreement)

 

    8

     

    

 

CONFIDENTIALITY, NON-COMPETE

AND NON-SOLICITATION AGREEMENT

(EMPLOYEE)

 

THIS CONFIDENTIALITY,
NON-COMPETE AND NON-SOLICITATION AGREEMENT and Exhibit A incorporated herein by reference (“Agreement”) is made
and entered into as of this day of March 2021, by and between Legacy Education Alliance, Inc., its subsidiaries, affiliates, successors
and assigns (hereinafter referred to as “the Company”), and Michel Botbol, having an address of 209 Sterling Road,
Harrison, NY 10528 (hereinafter referred to as “you” or “Employee”).

 

WHEREAS, the
Company is engaged in the business of teaching real estate investing principles, small business development and management principles,
financial markets trading principles, strategies and applications, national and international finance investment, asset protection
strategies, and the production and delivery of live seminars and home study courses in a variety of disciplines; and

 

WHEREAS, you
are presently an employee of the Company or are desirous of becoming an employee of the Company; and

 

WHEREAS, the
Company is desirous of engaging your services as an Employee or of allowing you to continue your current position as an employee
of the Company, subject to your agreement to the terms, provisions and conditions set forth herein;

 

NOW THEREFORE,
in consideration of the Company engaging your services as an Employee or of allowing you to continue as an Employee of the Company
in your current position, and for other good and valuable consideration, receipt and sufficiency of which are hereby acknowledged,
it is hereby agreed that:

 

1. Recitals. The foregoing recitals
are true and correct, including the recital of consideration.

 

2. Proprietary Rights. Employee
agrees that all Work Product, in whole or in part, created solely or jointly by Employee, arising from or related to any services
performed by Employee for or on behalf of the Company, or in the course of Employee’s performance of Employee’s duties
as an employee of the Company, or previously performed by Employee for or on behalf of the Company, or previously conceived in
anticipation of the services to be performed in regard to the Company’s engagement of Employee, shall be deemed “work
made for hire” and shall be the sole and exclusive property of the Company. Employee shall execute all such assignments,
oaths, declarations and other documents as may be prepared by the Company to effect the foregoing. Employee hereby irrevocably
assigns all rights, title and interest including, without limitation, all copyright and moral rights throughout the world, to all
Work Product to the Company regardless of whether all Work Product is considered “work for hire” or otherwise. Employee
agrees to assist in every reasonable, lawful way in protecting and/or enforcing the Company’s rights in and to the Work Product
and/or other property of the Company, and in prosecuting and defending appeals, interferences, infringement suits and controversies
relating thereto during employment and thereafter.

 

For purposes of this
Agreement, the term “Work Product” shall mean, without limitation, by way of example, all Documentation, writings,
correspondence, manuals, materials, creative works; documented methods, techniques, ideas, inventions or improvements; publications,
compositions, lecture materials, customer lists and records, files, employee lists and records, marketing plans, teaching materials,
presentations to customers or students, sales records, marketing analyses, computer programs, data, system documentation, course
work, books, software, correspondence, letters, notes, notebooks, reports, flowcharts, proposals, business plans, marketing and
advertising materials, internal memoranda, websites, technical code, employee manual, applications, licenses or registrations,
and other information. For the purposes of this Agreement, the term “Documentation” shall include, without limitation,
all tangible media, now or hereafter developed, in which information, data, ideas, methods, or designs may be fixed or published,
including, without limitation, writings, computer diskettes, audio tape, video tape, film, computer tape, photographic film, micro
disc, and CDROM. For the purposes of this Agreement, “Proprietary Information” includes, without limitation, by way
of example, all intellectual property rights, patents and applications therefore, copyrights and registrations therefore, trade
and service marks and applications therefore, trade secrets, Confidential Information, Work Product, compliance documents, websites,
product and marketing materials, and employee names, voices, image and likenesses; officer names, voices, image and likenesses;
manager or member names, voices, image and likenesses; contractor names, voices, image and likenesses; director names, voices,
image and likenesses; potential or actual product or service names; project names; trade names, corporate or business entity names,
and domain names.

 

    9

     

    

 

3. Covenant Not to Compete. Employee
recognizes and acknowledges that it is essential for the proper protection of the legitimate business interests of the Company
that Employee be restrained from competing against the Company during the term of Employee’s employment with the Company
and for a reasonable period of time following the termination of Employee’s employment with the Company. Therefore, as a
material inducement to the Company to allow Employee to become and/or remain an employee of the Company, Employee agrees that,
during the term of Employee’s employment with the Company, and during the twenty-three (23) month period after termination
of Employee’s employment with the Company, regardless of whether the termination is with or without cause, or whether by
the Company or by the Employee, and whether or not Employee asserts that Company has violated Employee’s legal rights in
any regard, Employee shall not, directly or indirectly, (a) own, manage, operate, control, be employed by, participate in, or be
connected in any manner with the ownership, management, or control of any Competing Business or (b) engage, whether as principal
or as agent, officer, director, member, manager, employee, consultant, shareholder or otherwise, alone or in association with any
other person, corporation or other entity, in any Competing Business. Employee acknowledges and agrees that the restrictions and
limitations contained in this paragraph are reasonable as to the scope and duration and are necessary to protect the Company’s
proprietary interests and to preserve the Company’s competitive advantage and legitimate business interests.

 

For purposes of this Agreement, the term
“Competing Business” shall mean the following: (a) any person, corporation or other entity which sells or attempts
to sell and/or provides or attempts to provide any products and/or services which are the same as or similar to the products and/or
services sold by the Company at any time, and from time to time during the longer of the term of Employee’s employment with
the Company or the last two (2) years prior to the termination of Employee’s employment with the Company; and/or (b) any
person, corporation or other entity engaged in the same or similar business as the business of the Company and which, directly
or indirectly, is or was in competition with the Company at any time and from time to time during the longer of the term of Employee’s
employment with the Company, or the last two (2) years prior to the termination of Employee’s employment with the Company.

 

4. Covenant Not to Solicit Customers/Clients.
Employee recognizes and acknowledges that the Company has expended, and will expend considerable, significant amounts of time and
money establishing relationships and good will with existing and prospective customers/clients and developing lists of its customers/clients
and prospective customers/clients that are not available to the general public and are trade secret, Confidential and Proprietary
Information of Company. Employee also recognizes and acknowledges that many of the Company’s competitors could not recreate
such lists without substantial efforts, that the Company’s business would be irreparably and greatly damaged by the use of
this information other than for its benefit, and that it is essential for the proper protection of the business of the Company
that Employee be restrained from soliciting the trade of or trading with the customers/clients of the Company for any business
purpose whatsoever during the term of Employee’s employment with the Company and for a reasonable period following the termination
of this Agreement. Therefore, as a material inducement to the Company to allow Employee to become and/or remain an employee of
the Company, Employee agrees that, during the term of Employee’s employment with the Company, and during the twenty-three
(23) month period after termination of Employee’s employment with the Company, regardless of whether the termination is with
or without cause, or whether by the Company or by the Employee, Employee will not, directly or indirectly, solicit the trade of,
or trade with, or do business with, or attempt to solicit the trade of, or trade with, or do business with, any of the Company’s
customers/clients or prospective customers/clients without the Company’s prior written consent except when endorsed by the
Company and done for the Company’s benefit, and except to the extent that Employee traded with or did business with any such
customer/client or prospective customer/client prior to the later of the date upon which said Employee was engaged to perform services
for and on behalf of, or employed by, the Company. Employee acknowledges and agrees that the restrictions and limitations contained
in this paragraph are reasonable as to the scope and duration and are necessary to protect the Company’s proprietary interests
and to preserve the Company’s competitive advantage and legitimate business interests.

 

    10

     

    

 

5. Covenant Not to Solicit Employees,
Independent Contractors and/or Vendors. Employee recognizes and acknowledges that the Company has expended and will expend
considerable and significant amounts of time and money establishing goodwill and relationships with and/or training its employees,
independent contractors and/or Vendors. Employee recognizes and acknowledges that it is essential for the proper protection of
the legitimate business interests of the Company that Employee be restrained from soliciting or inducing any employee, independent
contractor, and/or Vendor of the Company to leave the employ of the Company and from hiring or attempting to hire any employee,
independent contractor and/or Vendor of the Company. “Vendors” shall mean any person or entity that Company has entered
into a contractual relationship with to render specific services to Company and where Vendor is involved in or is privy to Company’s
marketing, promotional and/or education materials, or any of Company’s trade secrets, Proprietary or Confidential information.
Therefore, as a material inducement to the Company to allow Employee to become and/or remain an employee of the Company, Employee
agrees that, during the term of Employee’s employment with the Company, and during the one (1) year period after termination
of Employee’s employment with the Company, regardless of whether the termination is with or without cause, or whether by
the Employee or the Company, and whether or not Employee asserts that Company has violated Employee’s legal rights in any
regard, Employee will not, directly or indirectly, solicit or induce, or attempt to solicit or induce, any employee, independent
contractor or Vendor of the Company to leave the Company for any reason whatsoever, or hire any employee, independent contractor
or Vendor.

 

Employee further acknowledges that it is
essential for the proper protection of the business of the Company that Employee be restrained from soliciting, attempting to solicit
or accepting solicitations from any of the Company’s independent contractors and/or Vendors regarding actual or potential
involvement in private business ventures. Therefore, as a material inducement to the Company to allow Employee to become and/or
remain an employee of the Company, Employee agrees that, during the term of Employee’s employment with the Company, Employee
will not, directly or indirectly, solicit or accept solicitations from any independent contractor or vendor of the Company to engage
in, be involved with, or provide work for any private business ventures that involve, or may involve, any of the Company’s
independent contractors and/or Vendors, unless Employee has requested and obtained prior written consent from the Company.

 

Employee acknowledges and agrees that the
restrictions and limitations contained in this paragraph are reasonable as to the scope and duration and are necessary to protect
the Company’s proprietary interests and to preserve the Company’s competitive advantage and legitimate business interests.

 

    11

     

    

 

6. Covenant Not to Violate Company Rights.
Employee recognizes and acknowledges that (a) during the term of Employee’s employment with the Company, it may be necessary
for Employee to acquire (and during the course of Employee’s previous work for or on behalf of the Company prior to the commencement
of this Agreement Employee may have already acquired) information that concerns, in whole or in part, the Company’s sales,
volume methods and proposals; customers/clients and prospective customers/clients (including lists thereof); identity of customers/clients
and prospective customers/clients; identity of key personnel in the employ of customers; amount or kind of customer’s/client’s
purchases from and/or transactions with the Company; the needs and requirements of any or all customers/clients; SSN or bank account
information of employees or customers/clients; the terms and conditions under which the Company deals with customers/clients or
prospective customers/clients; the terms and conditions under which the Company deals with suppliers or prospective suppliers;
employee lists; the Company’s sources of supply; the Company’s pricing and rate methods; course and teaching methods,
techniques, compositions, ideas or presentations; customer financial and contact information; employee salary and contact information;
all other Company documents not readily available to the public including but not limited to Company phone directories, personnel
information, unpublished Company reports; website and software coding, marketing and internet search engine and advertising techniques;
contracts and agreements with third parties; employee manual, and/or any and all other confidential non-public information belonging
to the Company or relating to the Company’s business(es) and/or affairs, whether property of the Company or property of employees,
officers, manager, members or directors thereof, or other third parties that have disclosed such to the Company, (collectively
referred to herein as the “Confidential Information”); (b) Confidential and Proprietary Information has been compiled
by the Company at great expense and over a great amount of time; (c) the use, misappropriation or disclosure of the Confidential
and Proprietary Information by Employee or otherwise would constitute a breach of trust and could cause irreparable injury; and
(d) it is essential to the protection of the Company’s legitimate business interests, trade secrets, goodwill and to the
maintenance of the Company’s competitive position that Confidential Information be kept secret and that Employee not disclose
the Confidential Information to others or use the Confidential and/or Proprietary Information to Employee’s own advantage
or the advantage of others.

 

Therefore, as a material inducement to
the Company to allow Employee to become and/or remain an employee of the Company, and as a material inducement to the Company to
disclose or allow to be known to Employee some or all of the Confidential and Proprietary Information during the term of Employee’s
employment with the Company (at the Company’s sole and absolute discretion), Employee hereby agrees that, throughout the
term of Employee’s employment with the Company and following the date of termination of Employee’s employment with
the Company, regardless of whether the termination is with or without cause, whether by the Employee or the Company, and whether
or not Employee asserts that Company has violated Employee’s legal rights in any regard, Employee will (i) hold and safeguard
the Confidential and Proprietary Information in trust for the Company; (ii) not misappropriate, use, publish, distribute or divulge
such to any person that is not affiliated with the Company; (iii) not display or disclose, anonymously or by true or fictional
name, in any form or fashion including, but not limited to, publication on or via the Internet, a website, Blog, email, discussion
group, bulletin board or by means hereafter devised and all other means of electronic dissemination, any Company Confidential or
Proprietary Information, or Employee’s affiliation with Company; (iv) not use, copy, distribute, sell, infringe or violate
any legal right of Company including, but not limited to, publicity rights, privacy rights, moral rights, copyright, trademark,
trade secret and patent rights, without limitation, by way of example, register, purchase, apply for, license, or attempt to do
so, any domain name containing, in whole or in part, or any derivation of (e.g. a spelling, misspelling, typo, singular
or plural, with or without dashes or underscores) any Confidential or Proprietary Information; register, purchase, apply for, license,
obtain a license for, or attempt to do so, any copyright registration for any creation containing, in whole or in part, or any
derivation or modification of any Confidential or Proprietary Information; register, purchase, apply for, license, obtain a license
for, or attempt to do so, any trade or service, mark or name, containing, in whole or in part, or any derivation or modification
of any Company Confidential and Proprietary Information; and (v) surrender all Confidential and Proprietary Information in Employee’s
possession or control upon termination of employment. Employee acknowledges and agrees that the restrictions and limitations contained
in this paragraph are reasonable as to the scope and duration and are necessary to protect the Company’s proprietary interests
and to preserve the Company’s competitive advantage and legitimate business interests.

 

    12

     

    

 

The preceding notwithstanding, this section
shall not prohibit any activities that are expressly permitted by law, required of Employee to conduct Employee’s work assignments
on behalf of Company and as otherwise may be directed by Employee’s supervisor, and/or disclosure of this Agreement to Employee’s
attorney or future employers if requested to do so and upon agreement to keep such confidential and use only for the purposes of
legal evaluation.

 

7. Covenant Not to Violate Third Parties’
Rights. As a material inducement to the Company to allow Employee to become and/or remain an employee of the Company, and as
a material inducement to the Company to disclose or allow Employee access to Company information during the term of Employee’s
employment with the Company (at the Company’s sole and absolute discretion), Employee hereby agrees that throughout the term
of Employee’s employment with the Company and following the date of termination of Employee’s employment with the Company,
regardless of whether the termination is with or without cause, whether by the Employee or the Company, and whether or not Employee
asserts that Company has violated Employee’s legal rights in any regard, Employee acknowledges and agrees that he or she
has and will not (a) violate any non-competition agreement with any prior employer or other third party; (b) violate any confidentiality
agreement with any prior employer or other third party; (c) use at, or disclose to Company, any information protected by confidentiality,
trade secret, copyright, trademark, patent, publicity or privacy rights, or other law from any prior employer or third party without
prior express written permission obtained through Company; (c) violate any non-solicitation agreement with any prior employer or
other third party; and/or (d) violate any other right of any third party, including but not limited to publicity rights, privacy
rights, moral rights, copyright, trademark, trade secret, patent, trade name, cybersquatting, etc.

 

Employee acknowledges and agrees that the
Company shall have the right to provide notice and a copy of this Agreement, in whole or in part, to any of Employee’s past,
current or prospective employers or other parties that, in Company’s sole discretion, should be provided with notice.

 

8. Prior Inventions of Employee.
If Employee wishes to exclude from this Agreement any information, inventions or creations that Employee asserts are owned, created
or acquired by him or her prior to Employee’s employment, performance of services or contemplation thereof for Company, Employee
must disclose these, and Employee’s employer at the time of creation or acquisition, on Exhibit A attached hereto. If not
disclosed clearly and completely on Exhibit A, all creations of Employee shall be presumed to be included under this Agreement’s
restrictions to the extent permitted by law.

 

9. Enforcement. Employee recognizes
that the Company would be irreparably injured by the breach of any provision of Sections 2, 3, 4, 5, 6 and/or 7 and that money
damages alone may not be an appropriate measure of the harm to the Company from such a breach. Therefore, Employee agrees that
equitable relief, including specific performance of these provisions by injunction, would be an appropriate remedy for the breach
of these provisions, and the Company may enforce the provisions of these Sections by either suit for damages or injunction,
or both, with posting of minimal bond. These enforcement rights shall be cumulative with and not successive or exclusive of any
other legal remedies which may be available to the Company in law or in equity including, without limitation, the rights and remedies
available to the Company under any applicable trade secrets laws or regulations.

 

10. Indemnification. Employee shall
indemnify and hold the Company harmless from and against any and all claims, demands, and actions arising out of Employee’s
breach, or alleged breach, of this Agreement, and Employee shall reimburse the Company for any and all costs, damages and expenses,
including, without limitation, all reasonable attorney’s fees and costs, which the Company pays or becomes obligated to pay
by reason of such allegations or breach.

 

11. Assignment. Company may assign
and/or transfer this Agreement without restriction. Employee may not assign or transfer this Agreement and any such attempt shall
be void.

 

    13

     

    

 

12. Notices. Any notice required
or permitted to be made under this Agreement shall be in writing and shall be effective when actually delivered in person or three
days after being deposited in the U.S. Mail, registered or certified, postage prepaid and addressed to the party as follows: (a)
to Employee at the address above; and (b) to the Company at General Counsel, 1490 N.E. Pine Island Road, Suite 5D, Cape Coral,
Florida 33909.

 

13. No Waiver or Release. Failure
of the Company to require performance of any provision of this Agreement shall not limit the Company’s right to enforce the
provision, nor shall the Company’s waiver of any breach of any provision be a waiver by the Company of any succeeding breach
of any provision or a waiver of the provision itself or any other provision. Employee agrees that the termination of Employee’s
employment by the Company for any reason whatsoever, whether with or without cause, or whether by the Company or by the Employee,
shall not release Employee from any of Employee’s obligations contained herein.

 

14. Law Governing, Jurisdiction, Venue,
No Jury Trial. This Agreement shall be governed by and construed in accordance with the laws of the State of Florida, notwithstanding
any laws of said State or any other jurisdiction relating to conflicts of laws. This Agreement shall be governed by the laws of
the State of Florida. The parties consent to personal jurisdiction in, and all actions brought hereunder, whether at law or in
equity, in the appropriate court serving Lee County in the State of Florida. Venue shall be proper in Lee County, Florida. In any
lawsuit brought by or against Employee in connection with this Agreement, Employee waives the right to a jury trial.

 

15. Attorney Fees. In the event
any litigation, suit, action, arbitration or other similar proceeding is brought by any party under this Agreement to enforce any
of its terms, or in any appeal therefrom, it is agreed that the prevailing party shall be entitled to reasonable costs and attorneys’
fees to be fixed by the trial court, appellate court and/or arbitrator.

 

16. Titles and Captions, Pronouns and
Plurals, Counterparts. All Section and paragraph titles or captions contained in this Agreement are for convenience only and
shall not be deemed part of the context nor affect the interpretation of this Agreement. All pronouns and any variations thereof
shall be deemed to refer to the masculine, feminine, neuter, singular or plural as the identity of the person or persons may require.
This Agreement may be executed in any number of counterparts and by the parties on separate pages, each of which will be deemed
an original and which together shall constitute one agreement, with the same effect as if the signatures on the counterparts were
upon a single instance of this Agreement.

 

17. Entire Agreement, Amendment.
This Agreement and Exhibit A that is incorporated herein by reference contains the entire understanding between and among the parties
and supersede any prior understandings and agreements among them respecting the subject matter of this Agreement. Employee agrees
that where any portion of this Agreement conflicts with the Company’s then existing employment manual, this Agreement shall
control. This Agreement may only be modified and/or amended by a written instrument executed by all parties hereto.

 

18. Severability, Survivability, and
Savings. The provisions of Sections 2, 3, 4, 5, 6, 7, and 10 shall expressly survive the termination of Employee’s employment
with the Company. The provisions of this Agreement shall survive the termination of Employee’s employment with the Company
regardless of whether such termination is with or without cause, whether by the Company or the Employee, and whether or not Employee
asserts that Company has violated Employee’s legal rights in any regard. In the event that any of the restrictions and limitations
contained anywhere in any paragraph, provision or Section are deemed to exceed the time, scope and/or geographic or other limitations
prescribed by applicable law, then such provisions shall be reformed to the maximum time, scope, and geographic or other limitations
permitted by applicable law. Each provision of this Agreement is intended to be severable. If any provision of this Agreement,
or the application of such provision to any person, entity or circumstance, shall be held invalid, illegal, or unenforceable in
any respect, the remainder of this Agreement, or the application of such provision to persons, entities or circumstances other
than those as to which it is held invalid, shall not be affected thereby and the Agreement shall be construed as if the illegal,
invalid or unenforceable provision were never a part hereof.

 

    14

     

    

 

19. Reapplication. If the employment
relationship between the Company and Employee is terminated for any reason whatsoever, whether with or without cause, whether by
the Employee or by the Company, and if Employee is later re-employed by the Company, this Agreement will be applicable to such
re-employment as if there had been no interruption of the employment relationship, without the necessity for the execution of a
new Agreement between the parties.

 

20. Employment at Will. Except for
an employee who is a party to a formal, executed Employment Agreement with the Company, Employee acknowledges and agrees that Employee
is and will remain an employee at will, free to resign and subject to termination for any reason whatsoever, notwithstanding anything
contained in this Agreement. If Employee is a party to an Employment Agreement with the Company, then the terms of the Employment
Agreement shall remain in full force and effect and shall be read and interpreted in conjunction with this Agreement. In the event
that the Employment Agreement and this Agreement conflict, the Employment Agreement shall control.

 

21. Negotiations. The Company and
the Employee acknowledge and agree that the terms of this Agreement were reached based upon mutual negotiations between the parties
hereto. Therefore, any perceived ambiguities in the terms or conditions of this Agreement shall not be construed against the Company
as the drafter of this Agreement.

 

22. Independent Legal Counsel. Each
party hereby acknowledges that said party has had ample opportunity to seek independent legal counsel, and has been represented
by, or has otherwise waived its right to be represented by, such independent legal counsel, with respect to the negotiation and
execution of this Agreement.

 

IN WITNESS WHEREOF,
the parties hereto have executed this Agreement or caused this Agreement to be executed the day and year first above written.

 

	EMPLOYEE: 	 	COMPANY: Legacy Education Alliance, Inc.
	 	 	 	 
	 	 	By:	                              
	Print Name: Michel Botbol	 	Name:	 
	 	 	Title:	 

 

    15

     

    

 

Exhibit A

 

Employee Prior Inventions

 

	Title of Work	 	Date of Creation	 	Employer and Address at such Time

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00323-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00323-of-00352.parquet"}]]