Document:

Exhibit
10.1

 

EMPLOYMENT
AGREEMENT

 

THIS
EMPLOYMENT AGREEMENT (the “Agreement”) is made and entered into as of this 24th day of August 2021 (the “Effective
Date”), by and between ORBSAT CORP, a Nevada corporation with offices at 18851 N.E. 29th Ave, Suite 700,
Aventura, FL 33180 (the “Corporation”), and DOUGLAS S. ELLENOFF (the “Mr. Ellenoff”), under
the following circumstances:

 

RECITALS:

 

A.
The Corporation desires to employ Mr. Ellenoff to provide the services of Mr. Ellenoff upon the terms and conditions hereinafter set
forth; and

 

B.
Mr. Ellenoff desires to be employed by the Corporation and to serve as a director of the Corporation upon the terms and conditions hereinafter
set forth.

 

NOW,
THEREFORE, the parties mutually agree as follows:

 

1.
Employment. The Corporation hereby employs Mr. Ellenoff, and Mr. Ellenoff hereby accepts the employment by the Corporation, subject
to the terms and conditions set forth in this Agreement. The Corporation hereby employs Mr. Ellenoff, and Mr. Ellenoff hereby agrees
to be employed by the Corporation, for the period and subject to the terms and conditions set forth herein. In performance of the employment
pursuant to this Agreement, neither party will be deemed to have created a partnership, or joint venture with the other. The services
to be provided by Mr. Ellenoff do not include the provision of legal advice.

 

2.
Duties. Mr. Ellenoff shall serve as Vice Chairman of the Board and Chief Business Development Strategist of the Corporation, with
such duties, responsibilities, and authority as are commensurate and consistent with his position, as may be, from time to time, assigned
to him by the Board of Directors (the “Board”) of the Corporation. Mr. Ellenoff shall also be appointed to serve as
a member of the Corporation’s Board within five (5) business days of the execution of this Agreement. During the term of Mr. Ellenoff’s
service as Chief Development Strategist, the Board shall nominate and renominate Mr. Ellenoff to be re-elected to the Board. During the
Term (as defined in Section 3), Mr. Ellenoff shall devote such time and effort as he believes is necessary to the performance of his
duties hereunder. Mr. Ellenoff, and his law firm, Ellenoff Grossman & Schole LLP, are not being engaged to provide legal services
to the Corporation. This Agreement shall impose no restriction upon the amount of time Mr. Ellenoff devotes to the conduct of other business
affairs (including without limitation Mr. Ellenoff’s fulfillment of his obligations as a partner of the law firm of Ellenoff Grossman
& Schole LLP) and charitable, professional, and investment activities. Mr. Ellenoff shall notify Corporation of any physical, mental
or emotional incapacity resulting from injury, sickness or disease that materially affects Mr. Ellenoff’s ability to carry out
the duties and responsibilities of his position. The Corporation shall keep such information confidential and use it solely for purposes
of this Agreement.

 

    	 

     

    

 

3.
Term of Employment. The term of Mr. Ellenoff’s employment hereunder, unless sooner terminated as provided herein (the “Term”),
shall be for a period of three (3) years from the date hereof.

 

4.
Compensation of Mr. Ellenoff.

 

(a)
Restricted Stock. In consideration for his service as a member of the Board of Directors of the Corporation, Mr. Ellenoff shall
receive a Restricted Stock Award (the “RSA”) of forty thousand (40,000) shares of the Corporation’s Common Stock within
five (5) business days of the time of execution of this Agreement, and an RSA of twenty thousand (20,000) shares of the Corporation’s
Common Stock on each succeeding annual anniversary of the execution of this Agreement provided that Mr. Ellenoff served on the Board
of Directors of the Corporation at any time during the prior year. Such RSAs shall be fully vested upon issuance, and shall be issued
outside of any existing equity, option or incentive plan of the Corporation. The Corporation at its sole expense shall make provision
for the registration of the reoffer and resale by Mr. Ellenoff of the securities granted to Mr. Ellenoff pursuant to the RSA.

 

(b)
Cash Compensation. Mr. Ellenoff shall not be entitled to receive any cash compensation.

 

(c)
Stock Options.

 

(i)
In consideration of his services as Chief Business Development Strategist, within five (5) business days of the date of execution of
this Agreement, Mr. Ellenoff will receive options (the “Options”) to purchase a total of one million five hundred
thousand (1,500,000) shares of the Corporation’s Common Stock (“Shares”); the Options shall be issued outside
of any existing equity, option, or incentive plan of the Corporation.

 

(ii)
The exercise price of the Options shall be $5.35 (Five Dollars and Thirty-Five Cents) per share; the Options shall be immediately exercisable
upon vesting; and the Options shall terminate on the fifth anniversary of the date the Options vest, unless sooner terminated pursuant
to the terms of this Agreement.

 

(iii)
The Options to purchase the 1,500,000 Shares shall vest as follows:

 

(A)
Options to purchase three hundred thousand (300,000) shares shall vest immediately upon issuance; thereafter, Options to purchase an
additional one hundred fifty thousand (150,000) shares shall vest on each of the next three annual anniversaries of the Effective Date,
provided that this Agreement remains in full force and effect as of such dates.

 

    	2

     

    

 

(B)
Options to purchase 750,000 Shares shall vest at the rate of 250,000 per year on each of the first three anniversaries of the Effective
Date if the following vesting conditions were satisfied during the prior year: Mr. Ellenoff shall have introduced the Corporation to
twelve (12) or more potential Business Transactions (defined below) intended to expand the business of the Corporation during the preceding
year, one of which the Chief Executive Officer (“CEO”) determined was sufficiently of interest to the Corporation
to cause an in person or virtual meeting with the relevant parties. Potential Business Transactions could consist of US-based or international
license, distribution, joint venture, partnership, acquisition, merger, asset purchase, or capital stock exchange, opportunities. Notwithstanding
the requirements stated above, should the CEO believe that Mr. Ellenoff has provided sufficient other benefits and value to the Company,
the CEO may, in his sole and absolute discretion, waive the requirements in any given year and Mr. Ellenoff will be fully entitled to
the vesting of Options for such period.

 

(C)
All Options shall vest immediately upon a Change in Control (as defined in this Agreement).

 

(iv)
Mr. Ellenoff shall be entitled to cashless exercise of his Options. Specifically, the exercise price shall be paid to the Corporation
by means of the Corporation withholding: (A) the number of Shares necessary to pay the exercise price of the Options; and (B) the number
of Shares Mr. Ellenoff authorizes in writing for the Corporation to withhold for purposes of income taxes Mr. Ellenoff may owe as a result
of exercising his Options. The Corporation shall pay to the U.S. Internal Revenue Service and New York Division of Revenue the value
of such withheld shares in accordance with, and within the times required by, the Internal Revenue Code and applicable regulations.

 

(v)
The Corporation at its sole expense shall make provision for the immediate registration of, reoffer, and resale by Mr. Ellenoff of the
Shares issuable to him upon exercise of the Options in accordance with the registration rights agreement annexed hereto as Exhibit
“A.”

 

(vi)
The Options shall be subject to a standard weighted average anti-dilution provision and any Option award agreement shall contain such
a provision.

 

(d)
Reimbursement of Expenses. The Corporation shall pay or reimburse Mr. Ellenoff for all reasonable out-of-pocket expenses actually
incurred or paid by Mr. Ellenoff in the course of his employment, consistent with the Corporation’s policy for reimbursement of
expenses which may be modified from time to time without notice.

 

(e)
Participation In Benefit Plans. Mr. Ellenoff shall be eligible to participate in any stock option or other equity incentive plans
of the Corporation and any pension, profit sharing, group insurance, hospitalization, and group health and benefit plans and all other
benefits and plans, including perquisites, if any, as the Corporation provides to its senior employees.

 

    	3

     

    

 

5.
Termination.

 

(a)
This Agreement and Mr. Ellenoff’s employment hereunder shall terminate upon the happening of any of the following events:

 

(i)
upon Mr. Ellenoff’s death;

 

(ii)
upon Mr. Ellenoff’s “Total Disability” (as defined in Section 22(e)(3) of the Internal Revenue Code of 1986, as amended);

 

(iii)
upon the expiration of the Initial Term of this Agreement or any Renewal Term thereof, if either party has provided a timely notice of
non-renewal in accordance with Section 3, above;

 

(iv)
at Mr. Ellenoff’s option, and for any reason or no reason, upon thirty (30) days prior written notice to the Corporation;

 

(v)
at the Corporation’s option, in the event of an act by Mr. Ellenoff, defined in Section 5(d), below, as constituting “Cause”
for termination by the Corporation; or

 

(vi)
at Mr. Ellenoff’s option, in the event of an act by the Corporation, defined in Section 5(c), below, as constituting “Good
Reason” for termination by Mr. Ellenoff.

 

(b)
For purposes of this Agreement, the term “Good Reason” shall mean that Mr. Ellenoff has resigned due to (i) any diminution
of duties inconsistent with Mr. Ellenoff’s title, authority, duties and responsibilities (including, without limitation, a change
in the chain of reporting) including removal of Mr. Ellenoff from the Board; (ii) at any time following the consummation of any Change
in Control Transaction (as defined below); or (vi) any material violation by the Corporation of its obligations under this Agreement
that is not cured within thirty (30) days after receipt of written notice thereof from Mr. Ellenoff. For purposes of this Agreement,
the term “Change in Control Transaction” means the sale of the Corporation or its predecessor to an un-affiliated
person or entity or group of un-affiliated persons or entities pursuant to which such party or parties acquire (i) shares of capital
stock of the Corporation representing at least fifty percent (50%) of outstanding capital stock or sufficient to elect a majority of
the Board of the Corporation (whether by merger, consolidation, sale or transfer of shares (other than a merger where the Corporation
is the surviving corporation and the shareholders and directors of the Corporation prior to the merger constitute a majority of the shareholders
and directors, respectively, of the surviving corporation (or its parent)) or (ii) all or substantially all of the Corporation’s
assets determined on a consolidated basis.

 

    	4

     

    

 

(c)
For purposes of this Agreement, the term “Cause” shall mean:

 

(i)
conviction with no available appeal of a felony or a crime involving fraud or moral turpitude; or

 

(ii)
conviction with no available appeal or admission of theft, material act of dishonesty or fraud, intentional falsification of any employment
or Corporation records, or commission of any criminal act which impairs Mr. Ellenoff’s ability to perform appropriate employment
duties for the Corporation; or

 

(iii)
intentional or reckless conduct or gross negligence materially harmful to the Corporation or the successor to the Corporation as reasonably
determined by a majority of the independent directors of the Board after a Change in Control Transaction, including violation of a non-competition
or confidentiality agreement; or

 

(iv)
any material breach of this Agreement by Mr. Ellenoff, which breach, if curable, is not cured within fifteen (15) days after written
notice to Mr. Ellenoff of such breach.

 

6.
Effects of Termination.

 

(a)
Upon termination of Mr. Ellenoff’s employment pursuant to Section 5(a)(i), (ii), (iii), or (iv) or (v) in addition to the reimbursement
of documented, unreimbursed expenses incurred prior to such date, Mr. Ellenoff or his estate or beneficiaries, as applicable, shall be
entitled to receive any RSAs and Options earned and/or vested through the such date; all other RSAs and Options shall immediately terminate.

 

(b)
Upon termination of Mr. Ellenoff’s employment pursuant to Section 5(a)(vi), in addition to the reimbursement of documented, unreimbursed
expenses incurred prior to such date, Mr. Ellenoff shall be entitled to receive any RSAs and Options provided for under this Agreement;
any RSAs and Options that previously had not been vested shall immediately vest, and any RSAs or Options contemplated by the Agreement
that had not yet been issued to Mr. Ellenoff shall be promptly issued by the Corporation.

 

(c)
In no event shall Mr. Ellenoff be obligated to seek other employment or take any other action by way of mitigation of the amounts payable
to Mr. Ellenoff under any of the provisions of this Agreement and such amounts shall not be reduced, regardless of whether Mr. Ellenoff
obtains other employment.

 

(d)
Upon Mr. Ellenoff’s termination of his employment with the Corporation, Mr. Ellenoff agrees to fully cooperate in all matters relating
to the winding up or pending work on behalf of the Corporation. Mr. Ellenoff further agrees that he will provide, upon reasonable notice,
such information and assistance to the Corporation as may reasonably be requested by the Corporation in connection with any audit, governmental
investigation, litigation, or other dispute in which the Corporation is or may become a party and as to which Mr. Ellenoff has knowledge;
provided, however, that (i) the Corporation agrees to reimburse Mr. Ellenoff for any related out-of-pocket expenses, including travel
expenses, and (ii) any such assistance may not unreasonably interfere with Mr. Ellenoff’s then current employment.

 

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7.
Disclosure of Confidential Information.

 

(a)
Mr. Ellenoff recognizes, acknowledges and agrees that he has had and will continue to have access to secret and confidential information
regarding the Corporation, its subsidiaries and their respective businesses (“Confidential Information”), including
but not limited to, its products, methods, formulas, software code, patents, sources of supply, customer dealings, data, know-how, trade
secrets and business plans, and Mr. Ellenoff shall keep such information confidential unless such information (i) is in or has becomes
part of the public domain, (ii) became known to others through no fault of Mr. Ellenoff (iii) was disclosed by a third party who has
an independent right to such information prior to the date of this Agreement or (iv) was available to Mr. Ellenoff prior to this Agreement
on a non-confidential basis from a party not bound by a confidentiality agreement with the Corporation. Mr. Ellenoff acknowledges that
such information is of great value to the Corporation, is the sole property of the Corporation, and has been and will be acquired by
him in confidence. In consideration of the obligations undertaken by the Corporation herein, Mr. Ellenoff will not, at any time, during
or after his employment hereunder, reveal, divulge or make known to any person, any Confidential Information acquired by Mr. Ellenoff
during the course of his employment, which is treated as confidential by the Corporation, and not otherwise in the public domain, except
as required by law (but only after Mr. Ellenoff has provided the Corporation with reasonable notice and opportunity to take action against
any legally required disclosure. The provisions of this Section 7 shall survive the termination of Mr. Ellenoff’s employment hereunder.

 

(b)
In accordance with the (U.S.) Defend Trade Secrets Act, Company hereby provides to Mr. Ellenoff the following notice of immunity protection
available thereunder: “An individual shall not be held criminally or civilly liable under any Federal or State trade secret law
for the disclosure of a trade secret that is made in confidence to a Federal, State, or local government official or to an attorney solely
for the purpose of reporting or investigating a suspected violation of law. An individual shall not be held criminally or civilly liable
under any Federal or State trade secret law for the disclosure of a trade secret that is made in a complaint or other document filed
in a lawsuit or other proceeding, if such filing is made under seal. An individual who files a lawsuit for retaliation by an employer
for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information
in the court proceeding, if the individual files any document containing the trade secret under seal; and does not disclose the trade
secret, except pursuant to court order.”

 

(c)
Mr. Ellenoff affirms that he does not possess and will not rely upon the protected trade secrets or confidential or proprietary information
of any prior employer(s) in providing services to the Corporation or its subsidiaries.

 

    	6

     

    

 

(d)
In the event that Mr. Ellenoff’s employment with the Corporation terminates for any reason, and Mr. Ellenoff does not remain on
the Board, Mr. Ellenoff shall deliver forthwith to the Corporation any and all originals and copies, including those in electronic or
digital formats, of Confidential Information; provided, however, Mr. Ellenoff shall be entitled to retain (i) papers and other materials
of a personal nature, including, but not limited to, photographs, correspondence, personal diaries, calendars and rolodexes, personal
files and phone books, (ii) information showing his compensation or relating to reimbursement of expenses, (iii) information that he
reasonably believes may be needed for tax purposes and (iv) copies of plans, programs and agreements relating to his employment, or termination
thereof, with the Corporation.

 

8.
Non-Solicitation.

 

(a)
Mr. Ellenoff agrees and acknowledges that the Confidential Information that Mr. Ellenoff has already received and will receive is valuable
to the Corporation and that its protection and maintenance constitutes a legitimate business interest of the Corporation, to be protected
by the non-solicitation restrictions set forth herein. Mr. Ellenoff agrees and acknowledges that the non-solicitation restrictions set
forth herein are reasonable and necessary and do not impose undue hardship or burdens on Mr. Ellenoff. Mr. Ellenoff also acknowledges
that the Corporation’s business is conducted worldwide (the “Territory”), and that the Territory, scope of prohibited
solicitation, and time duration set forth in the non-solicitation restrictions set forth below are reasonable and necessary to maintain
the value of the Confidential Information of, and to protect the goodwill and other legitimate business interests of, the Corporation,
its affiliates and/or its clients or customers. The provisions of this Section 8 shall survive the termination of Mr. Ellenoff’s
employment hereunder for a period of 3 months after the termination of Mr. Ellenoff’s employment for whatever reason, and regardless
of whether the termination is voluntary or involuntary, within the Territory.

 

(b)
Mr. Ellenoff hereby agrees and covenants that he shall not without the prior written consent of the Corporation, during the Term and
for a period of one (1) year after the termination of Mr. Ellenoff’s employment for whatever reason, and regardless whether the
termination in voluntary or involuntary, within the Territory:

 

(i)
Recruit, solicit or hire, or attempt to recruit, solicit or hire, any employee, or independent contractor of the Corporation to leave
the employment (or independent contractor relationship) thereof, whether or not any such employee or independent contractor is party
to an employment agreement, for the purpose of competing with the Business of the Corporation;

 

(ii)
Attempt in any manner to solicit or accept from any customer of the Corporation, with whom Mr. Ellenoff had significant contact during
Mr. Ellenoff’s employment by the Corporation (whether under this Agreement or otherwise), business competitive with the Business
done by the Corporation with such customer or to persuade or attempt to persuade any such customer to cease to do business or to reduce
the amount of business which such customer has customarily done with the Corporation, or if any such customer elects to move its business
to a person other than the Corporation, provide any services of the kind or competitive with the Business of the Corporation for such
customer, or have any discussions regarding any such service with such customer, on behalf of such other person for the purpose of competing
with the Business of the Corporation; provided that the foregoing prohibition shall not apply to any customer introduced to the Corporation
by Mr. Ellenoff; or

 

    	7

     

    

 

(iii)
Interfere with any relationship, contractual or otherwise, between the Corporation and any other party, including, without limitation,
any supplier, distributor, co-venturer or joint venturer of the Corporation, for the purpose of soliciting such other party to discontinue
or reduce its business with the Corporation for the purpose of competing with the Business of the Corporation;

 

With
respect to the activities described in Paragraphs (i), (ii), and (iii) above, the restrictions of this Section 8 shall continue during
the Term and, upon termination of Mr. Ellenoff’s employment, for a period of one (1) year thereafter.

 

(v)
The Corporation acknowledges that Mr. Ellenoff has, or throughout the Term may have, commitments and business activities not related
to the Corporation. In this regard, there shall be no restriction on Mr. Ellenoff’s ability to fulfill such commitments or to engage
in such business activities.

 

9.
Federal, State and Local Income and Payroll Taxes. Mr. Ellenoff shall receive an IRS Form W-2 from the Corporation. Federal, state,
and local income tax and payroll tax shall be withheld by the Corporation from any compensation paid to Mr. Ellenoff, and paid on behalf
of Mr. Ellenoff, to the appropriate tax authorities.

 

10.
Personal Nature of Agreement. Unless otherwise agreed to by the Corporation and Mr. Ellenoff, all of the services hereunder shall
be performed by Mr. Ellenoff. This Agreement shall terminate upon the death of Mr. Ellenoff, or the incapacity or disability of Mr. Ellenoff,
which substantially affects his ability to act in his performance of the services contemplated hereunder. Neither this Agreement nor
any duties or obligations hereunder shall be assignable or subcontracted by Mr. Ellenoff.

 

11.
Indemnification/Insurance.

 

(a)
The Corporation shall indemnify, hold harmless Mr. Ellenoff and advance to Mr. Ellenoff costs and expenses of defense, including reasonable
attorneys’ fees, to the fullest extent allowed under Nevada law relating to his service as a member of the Board of Directors and
his employment as the Chief Business Development Strategist. The Corporation and Mr. Ellenoff will enter into a separate Indemnification
Agreement annexed hereto as Exhibit “B.” Mr. Ellenoff’s rights under such Indemnification Agreement shall be
in addition to, and not in derogation of, his rights to indemnification under the Corporation’s articles of incorporation and bylaws,
any statute, and the common law. The Corporation agrees not to take any action that may limit the rights of indemnification and advancement
of expenses available to Mr. Ellenoff in the future. In the event Mr. Ellenoff is required to threaten or initiate legal action for the
purpose of enforcing rights to advancement of expenses or indemnification he shall be entitled to recover his reasonable attorneys’
fees related to such action and to his costs, if he prevails in such action.

 

    	8

     

    

 

(b)
During the term of Mr. Ellenoff’s service as an employee or a board member, whichever is longer, and for a period for a period
of six years after the later of the end of his employment relationship or his board service, the Company, or any successor to the Company
resulting from a Change in Control, shall keep in place a directors’ and officers’ liability insurance policy (or policies)
providing comprehensive coverage to Executive in the amount of at least $5,000,000 (Five Million Dollars) or, if in a greater amount,
to the extent that Company provides such coverage for any senior executive or director. Mr. Ellenoff, in his role as an employee, shall
be named as an additional insured on the Corporation’s directors’ and officers’ insurance policy.

 

12.
Survival. The provisions of Sections 4, 5, 6, 7, 8, 9, and 13 will survive the termination of this Agreement.

 

13.
Miscellaneous.

 

(a)
Mr. Ellenoff acknowledges that the services to be rendered by him under the provisions of this Agreement are of a special, unique and
extraordinary character and that it would be difficult or impossible to replace such services. Accordingly, Mr. Ellenoff agrees that
any breach or threatened breach by him of Sections 7 or 8 of this Agreement shall entitle the Corporation, in addition to all other legal
remedies available to it, to apply to any court of competent jurisdiction to seek to enjoin such breach or threatened breach. The parties
understand and intend that each restriction agreed to by Mr. Ellenoff hereinabove shall be construed as separable and divisible from
every other restriction, that the unenforceability of any restriction shall not limit the enforceability, in whole or in part, of any
other restriction, and that one or more or all of such restrictions may be enforced in whole or in part as the circumstances warrant.
In the event that any restriction in this Agreement is more restrictive than permitted by law in the jurisdiction in which the Corporation
seeks enforcement thereof, such restriction shall be limited to the extent permitted by law. The remedy of injunctive relief herein set
forth shall be in addition to, and not in lieu of, any other rights or remedies that the Corporation may have at law or in equity.

 

(b)
Neither Mr. Ellenoff nor the Corporation may assign or delegate any of their rights or duties under this Agreement without the express
written consent of the other party.

 

(c)
This Agreement constitutes and embodies the full and complete understanding and agreement of the parties with respect to Mr. Ellenoff’s
employment by the Corporation, supersedes all prior understandings and agreements, whether oral or written, between Mr. Ellenoff and
the Corporation, and shall not be amended, modified or changed except by an instrument in writing executed by the party to be charged.
The invalidity or partial invalidity of one or more provisions of this Agreement shall not invalidate any other provision of this Agreement.
No waiver by either party of any provision or condition to be performed shall be deemed a waiver of similar or dissimilar provisions
or conditions at the same time or any prior or subsequent time.

 

    	9

     

    

 

(d)
This Agreement shall inure to the benefit of, be binding upon and enforceable against, the parties hereto and their respective successors,
heirs, beneficiaries and permitted assigns.

 

(e)
The headings contained in this Agreement are for convenience of reference only and shall not affect in any way the meaning or interpretation
of this Agreement.

 

(f)
All notices, requests, demands and other communications required or permitted to be given hereunder shall be in writing and shall be
deemed to have been duly given when personally delivered, sent by registered or certified mail, return receipt requested, postage prepaid,
or by private overnight mail service (e.g., Federal Express) to the party at the address set forth above or to such other address as
either party may hereafter give notice of in accordance with the provisions hereof. Notices shall be deemed given on the sooner of the
date actually received or the third business day after sending.

 

(g)
This Agreement shall be governed by and construed in accordance with the internal laws of the State of Delaware without reference to
principles of conflicts of laws and each of the parties hereto irrevocably consents to the jurisdiction and venue of the federal and
state courts located in the State of Florida.

 

(h)
This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which
together shall constitute one of the same instrument. The parties hereto have executed this Agreement as of the date set forth above.
Electronic, PDF and facsimile signatures shall constitute original signatures.

 

(i)
In the event of litigation or arbitration arising out of this Agreement, the prevailing party shall be entitled to the award of reasonable
attorney and paralegal fees and costs at the trial and appellate levels, except that the Corporation shall not be entitled to recover
its attorneys’ fees or paralegal fees if it prevails in a legal action brought by Mr. Ellenoff to obtain advance of expenses or
indemnification under § 13(a) of this Agreement.

 

[Signature
Page Follows]

 

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IN
WITNESS WHEREOF, the Parties have executed this Agreement as of the date written above.

 

	ORBSAT
    CORP	 
	 	 	 
	By:	/s/
    Charles M. Fernandez	 
	 	Charles
    M. Fernandez	 
	Title:	Executive
    Chairman & Chief Executive Officer	 
	 	 	 
	DOUGLAS
    S. ELLENOFF	 
	 	 
	/s/
    Douglas S. Ellenoff	 

 

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Exhibit A

 

 

____________
___, 2021

 

VIA
ELECTRONIC MAIL

 

Mr.
Douglas Ellenoff

 

Re: Piggyback
Registration Rights

 

Dear
Doug:

 

We
wish to welcome you as a new member of the board of directors (the “Board”) of Orbsat Corp (the “Company”) and
look forward to your contributions to the future endeavors of the Company! As you know as a member of the Board, from time to time, you
will receive securities of the Company (the “Securities”) as consideration for your services. In connection with the issuance
of the Securities, the Company grants you the following piggyback registration rights:

 

If
the Company shall determine to prepare and file with the Securities and Exchange Commission a registration statement relating to an offering
for its account or the account of others under the Securities Act of 1933, as amended, of any of its equity securities, the Company shall
send to you a written notice of such determination and if, within fifteen (15) calendar days after the date of such notice, you shall
so request in writing, the Company shall include in such registration statement all or any part of the Securities that you request to
be registered; provided, however, in the event that the offering is a firm-commitment underwritten offering, the Company
may exclude all or part of the Securities if so requested in writing by the lead underwriter of such offering. If less than all of the
Securities are required to be excluded, then such cutbacks shall be allocated pro-rata among the other members of the Board requesting
to be included. In the case of inclusion in a firm-commitment underwritten offering, you must sell the Securities on the same terms set
by the underwriters for securities to be sold for the account of the Company.

 

Please
confirm your understanding to the terms set forth above.

 

	 	Sincerely,
	 	 	 
	 	ORBSAT CORP
	 	 	             
	 	By:	
	 	 	 
	Acknowledged
    and Agreed to:	 	 

 

	 	 
	Douglas Ellenoff	 

 

    	 

    	 

    

 

Exhibit
B

 

INDEMNITY
AGREEMENT

 

This
Indemnity Agreement, is made and entered into effective as of __________ ___, 2021 (“Agreement”), by and between Orbsat
Corp, a Nevada corporation with offices at 18851 N.E. 29th Ave, Suite 700, Aventura, FL 33180 (the “Company”), and
Douglas S. Ellenoff (“Indemnitee”).

 

WHEREAS,
the adoption of the Sarbanes-Oxley Act of 2002 and other laws, rules and regulations being promulgated have increased the potential for
liability of officers and directors; and

 

WHEREAS,
the Board of Directors of the Company (“Board”) has determined that the ability to attract and retain such persons
is in the best interests of the Company’s shareholders; and

 

WHEREAS,
it is reasonable, prudent and necessary for the Company to obligate itself contractually to indemnify such persons to the fullest extent
permitted by applicable law so that such persons will serve or continue to serve the Company free from undue concern that they will not
be adequately indemnified; and

 

WHEREAS,
this Agreement is a supplement to and in furtherance of Article VII of the Bylaws of the Company, and Article VII of the Company’s
Amended and Restated Articles of Incorporation, and any resolutions adopted pursuant thereto and shall neither be deemed to be a substitute
therefor nor to diminish or abrogate any rights of Indemnitee thereunder; and

 

WHEREAS,
Indemnitee is willing to serve on behalf of the Company as Vice Chairman of the Board and Chief Business Development Strategist of the
Company pursuant to that certain Employment Agreement between Indemnitee and the Company dated August 24, 2021 (the “Employment
Agreement”) on the condition that he be indemnified according to the terms of this Agreement.

 

NOW,
THEREFORE, in consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree
as follows:

 

	1.	Definitions.
                                            For purposes of this Agreement:

 

1.1
“Change in Control” means a change in control of the Company occurring after the date hereof of a nature that
would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or in response to any similar item on
any similar schedule or form) promulgated under the Securities Exchange Act of 1934, as amended (“Act”), whether
or not the Company is then subject to such reporting requirement provided, however, that, without limitation, such a Change in
Control shall be deemed to have occurred if after the date hereof (i) any “person” (as such term is used in Sections
13(d) and 14(d) of the Act), other than a person who is an officer or director of the Company on the date hereof (and any of such
person’s affiliates), is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Act), directly or
indirectly, of securities of the Company representing 50% or more of the combined voting power of the then outstanding securities of
the Company without the prior approval of at least two-thirds of the members of the Board in office immediately prior to such person
attaining such percentage interest; (ii) the Company is a party to a merger, consolidation, sale of assets or other reorganization,
or a proxy contest, as a consequence of which (A) members of the Board in office immediately prior to such transaction or event
constitute less than a majority of the Board thereafter or (B) the voting securities of the Company outstanding immediately prior to
such transaction do not continue to represent (either by remaining outstanding or by being converted into voting securities of the
surviving entity) more than 50% of the combined voting power of the voting securities of the surviving entity outstanding
immediately after such transaction with the power to elect at least a majority of the board of directors or other governing body of
such surviving entity; or (iii) during any period of two consecutive years, individuals who at the beginning of such period
constituted the Board (including for this purpose any new director whose election or nomination for election by the Company’s
shareholders was approved by a vote of at least two-thirds of the directors then still in office who were directors at the beginning
of such 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.

 

    	 

    	 

    

 

1.2
“Corporate Status” means the status of a person who is or was a director, officer, employee, agent or fiduciary
of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise which such
person is or was serving at the request of the Company. In addition to any service at the actual request of the Company, for
purposes of this Agreement, Indemnitee shall be deemed to be serving or to have served at the request of the Company as a director,
officer, employee, agent or fiduciary of any other enterprise if Indemnitee is or was serving as a director, officer, employee,
agent or fiduciary of such enterprise and (A) such enterprise is or at the time of such service was an affiliate of the Company, (B)
such enterprise is or at the time of such service was an employee benefit plan (or related trust) sponsored or maintained by the
Company or an affiliate of the Company or (C) the Company or an affiliate of the Company directly or indirectly caused Indemnitee to
be nominated, elected, appointed, designated, employed, engaged or selected to serve in such capacity.

 

1.3 “Disinterested
Director” means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification
is sought by Indemnitee.

 

1.4 “Expenses”
means all reasonable attorneys’ fees, retainers, court costs (including trial and appeals), transcript costs, fees of experts,
witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, federal,
state, local, or foreign taxes imposed as a result of the actual or deemed receipt of any payments under this Agreement, and all other
disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend,
appealing, preparing to appeal, investigating, or being or preparing to be a witness in a Proceeding.

 

1.5
“Independent Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation
law and neither presently is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any other
matter material to either such party, or (ii) any other party to the Proceeding giving rise to a claim for indemnification
hereunder. Notwithstanding the foregoing, the term “Independent Counsel” does not include any person who, under the
applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company
or Indemnitee in an action to determine Indemnitee’s rights under this Agreement. Except as provided in the first sentence of
Section 9.3 hereof, Independent Counsel shall be selected by (a) the Disinterested Directors or (b) a committee of the Board
consisting of two or more Disinterested Directors or if (a) and (b) above are not possible, then by a majority of the full
Board.

 

1.6 “Proceeding”
means any action, suit, arbitration, alternate dispute resolution mechanism, investigation, administrative hearing or any other proceeding,
whether conducted by or on behalf of the Company or any other party, whether civil, criminal, administrative or investigative, except
one initiated by an Indemnitee pursuant to Section 11 of this Agreement to enforce his rights under this Agreement.

 

	2.	Services
                                            by Indemnitee.

 

Indemnitee
has agreed to serve as Vice Chairman of the Board and Chief Business Development Strategist of the Company pursuant to the Employment
Agreement. Indemnitee may at any time and for any reason resign from such position (subject to any other contractual obligation or any
obligation imposed by operation of law).

 

	3.	Indemnification
                                            - General.

 

The
Company shall indemnify, and advance Expenses to, Indemnitee as provided in this Agreement to the fullest extent permitted by applicable
law in effect on the date hereof and to such greater extent as any amendment to or interpretation of applicable law may thereafter from
time to time permit. The rights of Indemnitee provided under the preceding sentence shall include, but shall not be limited to, the rights
set forth in the other Sections of this Agreement.

 

	4.	Proceedings
                                            Other Than Proceedings by or in the Right of the Company.

 

Indemnitee
shall be entitled to the rights of indemnification provided in this Agreement if, by reason of his Corporate Status, he is, was or is
threatened to be made, a party to any threatened, pending or completed Proceeding, other than a Proceeding by or in the right of the
Company. Pursuant to this Agreement, Indemnitee shall be indemnified against Expenses, judgments, penalties, fines and amounts paid in
settlement actually and reasonably incurred by him or on his behalf in connection with any such Proceeding or any claim, issue or matter
therein, if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Company,
and, with respect to any criminal Proceeding, had no reasonable cause to believe his conduct was unlawful.

 

    	2

     

    

 

	5.	Proceedings
                                            by or in the Right of the Company.

 

Indemnitee
shall be entitled to the rights of indemnification provided in this Agreement if, by reason of his Corporate Status, he was or is threatened
to be made, a party to any threatened, pending or completed Proceeding brought by or in the right of the Company to procure a judgment
in its favor. Pursuant to this Agreement, Indemnitee shall be indemnified against amounts paid in settlement and Expenses actually and
reasonably incurred by him or on his behalf in connection with the defense or settlement of any such Proceeding if he acted in good faith
and in a manner he reasonably believed to be in or not opposed to the best interests of the Company. Notwithstanding the foregoing, no
indemnification under this paragraph shall be made in respect of (1) a threatened or pending Proceeding which is settled or otherwise
disposed of, or (2) any claim, issue or matter as to which such person shall have been adjudged to be liable to the Company, unless and
only to the extent that the court in which such Proceeding shall have been brought, was brought or is pending, shall determine, upon
application, that Indemnitee is fairly and reasonably entitled to indemnity for such portion of the settlement amount and Expenses as
the court deems proper.

 

	6.	Indemnification
                                            for Expenses of Party Who is Wholly or Partly Successful.

 

Notwithstanding
any other provision of this Agreement, to the extent that Indemnitee is, by reason of his Corporate Status, a party to and is successful,
on the merits or otherwise, in any Proceeding, he shall be indemnified against all Expenses (and, when eligible hereunder, amounts paid
in settlement) actually and reasonably incurred by him or on his behalf in connection therewith. If Indemnitee is not wholly successful
in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such
Proceeding, the Company shall indemnify Indemnitee against all Expenses (and, when eligible hereunder, amounts paid in settlement) actually
and reasonably incurred by him or on his behalf in connection with each successfully resolved claim, issue or matter. For purposes of
this Agreement, the term “successful, on the merits or otherwise,” includes, but is not limited to, (i) any termination,
withdrawal, or dismissal (with or without prejudice) of any Proceeding against the Indemnitee without any express finding of liability
or guilt against him, and (ii) the expiration of 90 days after the making of any claim or threat of a Proceeding without the institution
of the same and without any promise or payment made to induce a settlement.

 

	7.	Indemnification
                                            for Expenses as a Witness.

 

Notwithstanding
any other provision of this Agreement, to the extent that Indemnitee is, by reason of his Corporate Status, a witness in any Proceeding,
he shall be indemnified against all Expenses actually and reasonably incurred by him or on his behalf in connection therewith.

 

	8.	Advancement
                                            of Expenses and Other Amounts.

 

The
Company shall advance all Expenses, judgments, penalties, fines and, when eligible hereunder, amounts paid in settlement, incurred by
or on behalf of Indemnitee in connection with any Proceeding within thirty (30) days after the receipt by the Company of a statement
or statements from Indemnitee requesting such advance or advances from time to time, whether prior to or after final disposition of such
Proceeding. Such statement or statements shall reasonably evidence the Expenses, judgments, penalties, fines and amounts paid in settlement,
incurred by Indemnitee and shall include or be preceded or accompanied by an agreement by or on behalf of Indemnitee to repay any Expenses,
judgments, penalties, fines and amounts paid in settlement advanced if it shall ultimately be determined that Indemnitee is not entitled
to be indemnified against such Expenses, judgments, penalties, fines and, when eligible hereunder, amounts paid in settlement. In connection
with any request for advancement of Expenses, judgments, penalties, fines and amounts paid in settlement, Indemnitee shall not be required
to provide any documentation or information to the extent that the provision thereof would undermine or otherwise jeopardize attorney-client
privilege. The Company’s obligation in respect of the advancement of Expenses, judgments, penalties, fines and amounts paid in
settlement in connection with a criminal Proceeding in which Indemnitee is a defendant shall terminate at such time as Indemnitee pleads
guilty or is convicted after trial and such conviction becomes final and no longer subject to appeal. Advances shall be unsecured and
interest free. Advances shall be made without regard to Indemnitee’s ability to repay such amounts and without regard to Indemnitee’s
ultimate entitlement to indemnification under the other provisions of this Agreement.

 

    	3

     

    

 

	9.	Procedure
                                            for Determination of Entitlement to Indemnification.

 

9.1 To
obtain indemnification under this Agreement in connection with any Proceeding, and for the duration thereof, Indemnitee shall submit
to the Company a written request, including therein or therewith such documentation and information as is reasonably available to Indemnitee
and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification. The Secretary of the Company
shall, promptly upon receipt of any such request for indemnification, advise the Board in writing that Indemnitee has requested indemnification.

 

9.2
Upon written request by Indemnitee for indemnification pursuant to Section 9.1 hereof, a determination, if required by applicable
law, with respect to Indemnitee’s entitlement thereto shall be made in such case: (i) if a Change in Control shall have
occurred, by Independent Counsel (unless Indemnitee shall request that such determination be made by the Board or the shareholders,
in which case in the manner provided for in clauses (ii) or (iii) of this Section 9.2) in a written opinion to the Board, a copy of
which shall be delivered to Indemnitee; (ii) if a Change of Control shall not have occurred, at the election of the Company, (A) by
the Board by a majority vote of a quorum consisting of Disinterested Directors, or (B) if a quorum of the Board consisting of
Disinterested Directors is not obtainable, by a majority of a committee of the Board consisting of two or more Disinterested
Directors, or (C) by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee, or (D)
by the shareholders of the Company, by a majority vote of a quorum consisting of shareholders who are not parties to the proceeding,
or if no such quorum is obtainable, by a majority vote of shareholders who are not parties to such proceeding; or (iii) as provided
in Section 10.2 of this Agreement. If it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee
shall be made within ten (10) days after such determination. Indemnitee shall cooperate with the person, persons or entity making
such determination with respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or
entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from
disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. Any costs or expenses
(including attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating with the person, persons or entity
making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to
indemnification) and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom.

 

9.3 If
a Change of Control shall have occurred, Independent Counsel shall be selected by Indemnitee (unless Indemnitee shall request that such
selection be made by the Board), and Indemnitee (or the Board, as the case may be) shall give written notice to the other party advising
it of the identity of Independent Counsel so selected. In either event, Indemnitee or the Company, as the case may be, may, within seven
days after such written notice of selection shall have been given, deliver to the Company or to Indemnitee, as the case may be, a written
objection to such selection. Such objection may be asserted only on the ground that Independent Counsel so selected does not meet the
requirements of “Independent Counsel” as defined in Section 1 of this Agreement, and the objection shall set forth with particularity
the factual basis of such assertion. If such written objection is made, Independent Counsel so selected may not serve as Independent
Counsel unless and until a court has determined that such objection is without merit. If, within 20 days after submission by Indemnitee
of a written request for indemnification pursuant to Section 9.1 hereof, no Independent Counsel shall have been selected and not objected
to, either the Company or Indemnitee may petition a court of competent jurisdiction, for resolution of any objection which shall have
been made by the Company or Indemnitee to the other’s selection of Independent Counsel and/or for the appointment as Independent
Counsel of a person selected by such court or by such other person as such court shall designate, and the person with respect to whom
an objection is so resolved or the person so appointed shall act as Independent Counsel under Section 9.2 hereof. The Company shall pay
any and all reasonable fees and expenses of Independent Counsel incurred by such Independent Counsel in connection with its actions pursuant
to this Agreement, and the Company shall pay all reasonable fees and expenses incident to the procedures of this Section 9.3, regardless
of the manner in which such Independent Counsel was selected or appointed. Upon the due commencement date of any judicial proceeding
pursuant to Section 11.1(iii) of this Agreement, Independent Counsel shall be discharged and relieved of any further responsibility in
such capacity (subject to the applicable standards of professional conduct then prevailing).

 

	10.	Presumptions
                                            and Effects of Certain Proceedings.

 

10.1
In making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such
determination shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a
request for indemnification in accordance with Section 9.1 of this Agreement, and the Company shall have the burden of proof to
overcome that presumption by clear and convincing evidence in connection with the making by any person, persons or entity of any
determination contrary to that presumption.

 

    	4

     

    

 

10.2 If
the person, persons or entity empowered or selected under Section 9 of this Agreement to determine whether Indemnitee is entitled to
indemnification shall not have made a determination within sixty (60) days after receipt by the Company of the request therefor, the
requisite determination of entitlement to indemnification shall be deemed to have been made and Indemnitee shall be entitled to such
indemnification, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s
statement not materially misleading, in connection with the request for indemnification, or (ii) prohibition of such indemnification
under applicable law; provided, however, that such 60-day period may be extended for a reasonable time, not to exceed an additional thirty
(30) days, if the person, persons or entity making the determination with respect to entitlement to indemnification in good faith require(s)
such additional time for the obtaining or evaluating of documentation and/or information relating thereto; and provided, further, however,
that the foregoing provisions of this Section 10.2 shall not apply (i) if the determination of entitlement to indemnification is to be
made by the shareholders pursuant to Section 9.2 of this Agreement and if (A) within 15 days after receipt by the Company of the request
for such determination the Board has resolved to submit such determination to the shareholders for their consideration at an annual meeting
thereof to be held within 75 days after such receipt and such determination is made thereat, or (B) a special meeting of shareholders
is called within 15 days after such receipt for the purpose of making such determination, such meeting is held for such purpose within
60 days after having been so called and such determination is made thereat, or (ii) if the determination of entitlement to indemnification
is to be made by Independent Counsel pursuant to Section 9.2 of this Agreement. In connection with each meeting at which a shareholder
determination will be made, the Company shall solicit proxies that expressly include a proposal to indemnify or reimburse the Indemnitee.
The Company shall afford the Indemnitee ample opportunity to present evidence of the facts upon which the Indemnitee relies for indemnification
in any Company proxy statement relating to such shareholder determination. Subject to the fiduciary duties of its members under applicable
law, the Board will not recommend against indemnification or reimbursement in any proxy statement relating to the proposal to indemnify
or reimburse the Indemnitee.

 

10.3 The
termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea
of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect
the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which he
reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee
had reasonable cause to believe that his conduct was unlawful.

 

10.4 Reliance
as Safe Harbor.

 

For
purposes of this Agreement, the Indemnitee shall be deemed to have acted in good faith and in a manner he reasonably believed to be in
or not opposed to the best interests of the Company, or, with respect to any criminal Proceeding, to have had no reasonable cause to
believe his conduct was unlawful, if his action is based on (i) the records or books of account of the Company, or another enterprise,
including financial statements, (ii) information supplied to him by the officers of the Company or another enterprise in the course of
their duties, (iii) the advice of legal counsel for the Company or another enterprise, or of an independent certified public accountant
or an appraiser or other expert selected with reasonable care by the Company or another enterprise. The term “another enterprise”
as used in this Section shall mean any other corporation or any partnership, joint venture, trust, employee benefit plan or other enterprise
of which the Indemnitee is or was serving at the request of the Company as a director, officer, partner, trustee, employee or agent.
The provisions of this Section shall not be deemed to be exclusive or to limit in any way the other circumstances in which the Indemnitee
may be deemed to have met the applicable standard of conduct set forth herein. Whether or not the foregoing provisions of this Section
10.4 are satisfied, it shall in any event be presumed that Indemnitee has at all times acted in good faith and in a manner he reasonably
believed to be in or not opposed to the best interests of the Company, or, with respect to any criminal Proceeding, to have had no reasonable
cause to believe Indemnitee’s conduct was unlawful. Anyone seeking to overcome this presumption shall have the burden of proof
and the burden of persuasion by clear and convincing evidence.

 

    	5

     

    

 

	11.	Remedies
                                            of Indemnitee.

 

11.1 In
the event that (i) a determination is made pursuant to Section 9 of this Agreement that Indemnitee is not entitled to indemnification
under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 8 of this Agreement, (iii) the determination
of indemnification is to be made by Independent Counsel pursuant to Section 9.2 of this Agreement and such determination shall not have
been made and delivered in a written opinion within sixty (60) days after receipt by the Company of the request for indemnification,
(iv) payment of indemnification is not made pursuant to Section 7 of this Agreement within thirty (30) days after receipt by the Company
of a written request therefor, or (v) payment of indemnification is not made within thirty (30) days after a determination has been made
that Indemnitee is entitled to indemnification or such determination is deemed to have been made pursuant to Section 9 or 10 of this
Agreement, Indemnitee shall be entitled to an adjudication in an appropriate court of the State of Florida, or in any other court of
competent jurisdiction, of his entitlement to such indemnification or advancement of Expenses, judgments, penalties, fines or, when eligible
hereunder, amounts paid in settlement. The Company shall not oppose Indemnitee’s right to seek any such adjudication.

 

11.2 In
the event that a determination shall have been made pursuant to Section 9 of this Agreement that Indemnitee is not entitled to indemnification,
any judicial proceeding commenced pursuant to this Section shall be conducted in all respects as a de novo trial on the merits and Indemnitee
shall not be prejudiced by reason of that adverse determination.

 

11.3 If
a determination shall have been made or deemed to have been made pursuant to Section 9 or 10 of this Agreement that Indemnitee is entitled
to indemnification, the Company shall be bound by such determination in any judicial proceeding commenced pursuant to this Section, absent
(i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement
not materially misleading, in connection with the request for indemnification, or (ii) prohibition of such indemnification under applicable
law.

 

11.4 The
Company shall be precluded from asserting in any judicial proceeding commenced pursuant to this Section that the procedures and presumptions
of this Agreement are not valid, binding and enforceable and shall stipulate in any such court that the Company is bound by all the provisions
of this Agreement.

 

11.5 In
the event that Indemnitee, pursuant to this Section, seeks a judicial adjudication of his rights under, or to recover damages for breach
of, this Agreement or any other agreement, including any other indemnification, contribution or advancement agreement, or any provision
of the articles of incorporation or by-laws of the Company now or hereafter in effect, or for recovery under directors’ and officers’
liability insurance policies maintained by the Company, Indemnitee shall be entitled to recover from the Company, and shall be indemnified
by the Company against, any and all expenses (of the kinds described in the definition of Expenses) actually and reasonably incurred
by him in such judicial adjudication, but only if he prevails therein. If it shall be determined in such judicial adjudication that Indemnitee
is entitled to receive less than all of the indemnification or advancement of expenses sought, the expenses incurred by Indemnitee in
connection with such judicial adjudication shall be appropriately prorated. In addition, the Company shall, if so requested by Indemnitee,
advance the foregoing expenses to Indemnitee, subject to and in accordance with Section 8.

 

	12.	Procedure
                                            Regarding Indemnification.

 

With
respect to any Proceedings, the Indemnitee, prior to taking any action with respect to such Proceeding, shall consult with the
Company as to the procedure to be followed in defending, settling, or compromising the Proceeding and may not consent to any
settlement or compromise of the Proceeding without the written consent of the Company (which consent may not be unreasonably
withheld or delayed). The Company shall be entitled to participate in defending, settling or compromising any Proceeding and to
assume the defense of such Proceeding with counsel of its choice and shall assume such defense if requested by the Indemnitee.
Notwithstanding the election by, or obligation of, the Company to assume the defense of a Proceeding, the Indemnitee shall have the
right to participate in the defense of such Proceeding and to employ counsel of Indemnitee’s choice, but the fees and expenses
of such counsel shall be at the expense of the Indemnitee unless (i) the employment of such counsel has been authorized in writing
by the Company, or (ii) the Indemnitee has reasonably concluded that there may be defenses available to him which are different from
or additional to those available to the Company (in which latter case the Company shall not have the right to direct the defense of
such Proceeding on behalf of the Indemnitee), in either of which events the fees and expenses of not more than one additional firm
of attorneys selected by the Indemnitee shall be borne by the Company. If the Company assumes the defense of a Proceeding, then
counsel for the Company and Indemnitee shall keep Indemnitee reasonably informed of the status of the Proceeding and promptly send
to Indemnitee copies of all documents filed or produced in the Proceeding, and the Company shall not compromise or settle any such
Proceeding without the written consent of the Indemnitee (which consent may not be unreasonably withheld or delayed) if the relief
provided shall be other than monetary damages and shall promptly notify the Indemnitee of any settlement and the amount
thereof.

 

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	13.	Non-Exclusivity;
                                            Survival of Rights; Insurance; Subrogation; Contribution.

 

13.1 The
rights of indemnification and to receive advancement of Expenses as provided by this Agreement shall not be deemed exclusive of any other
rights to which Indemnitee may at any time be entitled under applicable law, the articles of incorporation or by-laws of the Company,
any agreement, a vote of shareholders or a resolution of directors, or otherwise. No amendment, alteration or repeal of this Agreement
or any provision hereof shall be effective as to any Indemnitee with respect to any action taken or omitted by such Indemnitee in his
Corporate Status prior to such amendment, alteration or repeal.

 

13.2 To
the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees,
agents or fiduciaries of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise
which such person serves at the request of the Company, Indemnitee shall be covered by such policy or policies in accordance with its
or their terms to the maximum extent of the coverage available for any such director, officer, employee, agent or fiduciary under such
policy or policies.

 

13.3 In
the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of
recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution
of such documents as are reasonably necessary to enable the Company to bring suit to enforce such rights.

 

13.4 The
Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder if and to the extent
that Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise.

 

13.5 If
a determination is made that Indemnitee is not entitled to indemnification, after Indemnitee submits a written request therefor, under
this Agreement, then in respect of any threatened, pending or completed Proceeding in which the Company is jointly liable with the Indemnitee
(or would be if joined in such Proceeding), the Company shall contribute to the amount of Expenses, judgments, fines and amounts paid
in settlement by the Indemnitee in such proportion as is appropriate to reflect (i) the relative benefits received by the Company on
the one hand and the Indemnitee on the other hand from the transaction from which Proceeding arose, and (ii) the relative fault of the
Company on the one hand and of the Indemnitee on the other hand in connection with the events that resulted in such Expenses, judgments,
fines or amounts paid in settlement, as well as any other relevant equitable considerations. The relative fault of the Company on the
one hand and of the Indemnitee on the other hand shall be determined by reference to, among other things, the parties’ relative
intent, knowledge, access to information and opportunity to correct or prevent the circumstances resulting in such Expenses, judgments,
fines or amounts paid in settlement. The Company agrees that it would not be just and equitable if contribution pursuant to this Section
were determined by pro rata allocation or any other method of allocation that does not take into account the foregoing equitable considerations.
The determination as to the amount of the contribution, if any, shall be made by: (i) a court of competent jurisdiction upon the application
of both the Indemnitee and the Company (if the Proceeding had been brought in, and final determination had been rendered by such court);
(ii) the Board by a majority vote of a quorum consisting of Disinterested Directors; or (iii) Independent Counsel, if a quorum is not
obtainable for purpose of (ii) above, or, even if obtainable, a quorum of Disinterested Directors so directs.

 

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	14.	Duration
                                            of Agreement.

 

This
Agreement shall continue until and terminate upon the later of: (a) six (6) years after the date that Indemnitee shall have ceased
to serve as a director and/or officer of the Company, or (b) the final termination of all pending Proceedings in respect of which
Indemnitee is granted rights of indemnification or advancement of Expenses, judgments, penalties, fines or amounts paid in
settlement hereunder and or any proceeding commenced by Indemnitee pursuant to Section 11 of this Agreement. This Agreement shall be
binding upon the Company and its successors and assigns and shall inure to the benefit of Indemnitee and his spouse, heirs,
executors, personal representatives and administrators. The Company shall require and cause any successor (whether direct or
indirect by purchase, merger, consolidation, or otherwise) to all, substantially all, or a substantial part, of the business and/or
assets of the Company, by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to
perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession
had taken place.

 

	15.	Severability.

 

If
any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the
validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any
Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal
or unenforceable) shall not in any way be affected or impaired thereby; and (b) to the fullest extent possible, the provisions of this
Agreement (including, without limitation, each portion of any Section of this Agreement containing any such provision held to be invalid,
illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent
manifested by the provision held invalid, illegal or unenforceable.

 

	16.	Entire
                                            Agreement.

 

This
Agreement constitutes the entire agreement between the Company and the Indemnitee with respect to the subject matter hereof and
supersedes all prior agreements, understanding, negotiations and discussion, both written and oral, between the parties hereto with
respect to such subject matter (the “Prior Agreements”); provided, however, that if this Agreement shall ever be held
void or unenforceable for any reasons whatsoever, and is not reformed pursuant to Section 15 hereof, then (i) this Agreement shall
not be deemed to have superseded any Prior Agreements; (ii) all of such Prior Agreements shall be deemed to be in full force and
effect notwithstanding the execution of this Agreement; and (iii) the Indemnitee shall be entitled to maximum indemnification
benefits provided under any Prior Agreements, as well as those provided under applicable law, the articles of incorporation or
by-laws of the Company, a vote of shareholders or resolution of directors.

 

	17.	Exception
                                            to Right of Indemnification or Advancement of Expenses.

 

17.1 Except
as provided in Section 11.5, Indemnitee shall not be entitled to indemnification or advancement of Expenses, judgments, penalties, fines
and amounts paid in settlement under this Agreement with respect to any Proceeding, or any claim therein, brought or made by him against
the Company.

 

17.2 Indemnitee
shall not be entitled to indemnification or advancement of Expenses under this Agreement with respect to any Proceeding, or any claim
therein, arising from the purchase and sale by Indemnitee of securities in violation of Section 16(b) of the Exchange Act or any similar
successor statute.

 

	18.	Covenant
                                            Not to Sue; Limitation of Actions; Release of Claims.

 

No
legal action shall be brought and no cause of action shall be asserted by or on behalf of the Company (or any of its subsidiaries) against
the Indemnitee, his spouse, heirs, executors, personal representatives or administrators after the expiration of two (2) years from the
date of accrual of such cause of action and any claim or cause of action of the Company (or any of its subsidiaries) shall be extinguished
and deemed released unless asserted by the filing of a legal action within such two (2) year period; provided, however, that if any shorter
period of limitation is otherwise applicable to any such cause of action, such shorter period shall govern.

 

	19.	Identical
                                            Counterparts.

 

This
Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which
together shall constitute one and the same Agreement.

 

    	8

     

    

 

	20.	Headings.

 

The
headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement
or to affect the construction thereof.

 

	21.	Modification
                                            and Waiver.

 

No
supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No
waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether
or not similar) nor shall such waiver constitute a continuing waiver.

 

	22.	Notice
                                            by Indemnitee.

 

Indemnitee
agrees promptly to notify the Company in writing upon being served with any summons, citation, subpoena, complaint, indictment, information
or other document relating any Proceeding or matter which may be subject to indemnification or advancement of Expenses, judgments, penalties,
fines or amounts paid in settlement covered hereunder. The failure to notify the Company on a timely basis shall not constitute a waiver
of Indemnitee’s rights under this Agreement, except to the extent that such failure or delay (i) causes the amounts paid or to
be paid by the Company to be greater than they otherwise would have been, (ii) adversely affects the Company’s ability to obtain
for itself or Indemnitee coverage or proceeds under any insurance policy available to the Company or Indemnitee, or (iii) otherwise results
in prejudice to the Company.

 

	23.	Notices.

 

All
notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given if (i)
delivered by hand and receipted for by the party to whom such notice or other communication shall have been directed, or (ii) mailed
by certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed:

 

If
to Indemnitee, to:

 

Douglas
Ellenoff, at the address reflected in his most recent Form W-4 on file with the Company

 

With a copy that shall not constitute notice
to:

 

Barry
I. Grossman, Esq.

Ellenoff
Grossman & Schole LLP

1345
Avenue of the Americas, 11th Floor

New York, NY 10105

Fax:
(212) 370-7889

Email:
bigrossman@egsllp.com

 

If to the Company, to:

 

Orbsat
Corp

Attn:
Chares M. Fernandez, CEO and Executive

Chairman 18851 N.E. 29th Ave, Suite 700

Aventura,
FL 33180

 

With
a copy that shall not constitute notice to:

 

Ralph
V. De Martino, Esq.

Schiff
Hardin LLP

901
K Street NW, Suite 700

Washington,
DC 20001

Email:
RDeMartino@schiffhardin.com

 

or
to such other address or such other person as Indemnitee or the Company shall designate in writing in accordance with this Section, except
that notices regarding changes in notices shall be effective only upon receipt.

 

    	9

     

    

 

	24.	Governing
                                            Law.

 

The
parties agree that this Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Florida
applicable to contracts made and performed in that state without giving effect to the principles of conflicts of laws. The Company and
Indemnitee each hereby irrevocably consents to the jurisdiction of the courts of the State of Florida and the federal courts within Florida
for all purposes in connection with any action or proceeding that arises out of or relates to this Agreement and agree that any action
instituted under this Agreement shall be brought only in the United States District Court for the Southern District of Florida and any
Florida State court within Miami-Dade County.

 

	25.	Mutual
                                            Acknowledgment.

 

Both
the Company and Indemnitee acknowledge that, in certain instances, Federal law or applicable public policy may prohibit the Company from
indemnifying its directors and officers under this Agreement or otherwise. Indemnitee understands and acknowledges that the Company has
undertaken or may be required in the future in certain circumstances to undertake with the Securities and Exchange Commission to submit
the question of indemnification to a court for a determination of the Company’s right under public policy to indemnify Indemnitee.

 

	26.	Miscellaneous.

 

Use
of the masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate.

 

[Signature
Page Follows]

 

    	10

     

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year first above written.

 

	 	ORBSAT CORP
	 	 	 
	 	By:	
	 	Name: 	Charles
    M. Fernandez
	 	Title:	Chief
    Executive Officer and Executive Chairman
	 	 	 
	 	INDEMNITEE
	 	 	
	 	 	
	 	 	Douglas
    S. Ellenoff 

 

[Signature
Page to Indemnification Agreement]

 

    	11Exhibit 4.01

 

PROMISSORY
NOTE

 

	$18,740,000.00	Executed
    in the City of Houston, State of Texas
	 	Dated
    as of January 25, 2022

 

The
undersigned, RCI HOLDINGS, INC., a Texas corporation (“Maker” or “Borrower”), promises to pay to the order of
CENTENNIAL BANK (hereinafter, together with any holder hereof, called, “Payee” or “Lender” or “Holder”),
at its office at 6300 NE First Avenue, Suite 300, Fort Lauderdale, Florida 33334 or at such other place as Payee may from time to time
designate, the principal sum of Eighteen Million Seven Hundred Forty Thousand Dollars ($18,740,000.00) together with interest thereon
from the date hereof at the interest rate set forth herein, which sums are to be repaid as follows:

 

This
Note shall initially bear interest at a fixed interest rate of 5.25% per annum through January 25, 2027 (the “Adjustment Date”),
at which time the interest rate shall adjust to a fixed rate equal to the weekly average yield on U.S. Treasury Securities adjusted to
a constant maturity for a term of five (5) years, as made available by the Federal Reserve Board (Federal Reserve Board Release H.15)
as most recently published prior to the Adjustment Date plus 398 basis points, provided in no event shall the interest rate be less than
5.25% per annum. The interest rate as adjusted following the Adjustment Date shall be in effect for the remaining five (5) years of the
term of this Note. Monthly payments of principal and interest in the amount of $126,265.21 (based on a 20-year amortization period) shall
initially be due and payable under this Note, with the first payment due and payable on the 25th day of February, 2022, with
like payments of principal and interest due and payable on the 25th day of each month thereafter through the Adjustment Date.
Following the Adjustment Date, the monthly payments of principal and interest shall adjust based upon the new interest rate and the remaining
amortization period, with such payments of principal and interest due and payable on the 25th day of each month thereafter
commencing on February 25, 2027 and continuing through and until January 25, 2032 (the “Maturity Date”) at which time the
entire principal balance of this Note together with all accrued and unpaid interest thereon shall be due and payable in full.

Interest
charged under this Note shall be computed on the basis of a 360-day year for the actual number of days elapsed. All payments hereunder
shall be made in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment
of public and private debts. Unless otherwise agreed or required by applicable law, payments will be applied first to any escrow or reserve
account payments as required under any mortgage, deed of trust, or other security instrument or security agreement securing this Note;
then to any late charges; then to any accrued unpaid interest; and then to principal.

 

    	 

     

    

 

In
order to compensate Payee for loss and expense occasioned by handling delinquent payments, which include, but are not limited to, the
cost of processing and collecting delinquencies, Maker shall pay to Payee, in addition to any interest or other sums payable under this
Note, a service charge equal to five percent (5%) of the amount of any payment not received by Payee within ten (10) days of the due
date thereof.

 

This
Note may be prepaid in whole or in part at any time without premium or penalty; provided, however, in the event any prepayment is made
during the initial eight (8) years of the term of this Note, Borrower shall pay the following prepayment fees: (i) in the event of a
prepayment during years 1 and 2 of the term, an amount equal to five percent (5%) of the amount prepaid shall be due and payable; (ii)
in the event of a prepayment during years 3 and 4 of the term, an amount equal to four percent (4%) of the amount prepaid shall be due
and payable; (iii) in the event of a prepayment during years 5 and 6 of the term, an amount equal to three percent (3%) of the amount
prepaid shall be due and payable; and (iv) in the event of a prepayment during years 7 and 8 of the term, an amount equal to two percent
(2%) of the amount prepaid shall be due and payable. Any partial prepayment shall be applied in inverse order of maturity and will not
reduce or delay the payment of the next regularly scheduled payment. Notwithstanding the foregoing, no prepayment fees shall be payable
as to principal paydowns made in connection with partial releases of a Property.

 

From
and after the date upon which any payment of principal or interest hereunder becomes due and payable (whether by acceleration or otherwise)
or any other monetary default if the same is not paid within ten (10) days of the due date, or upon the occurrence of any non-monetary
default under this Note or any non-monetary default under any of the Loan Documents which is not cured within thirty (30) days after
written notice of said non-monetary default unless such default does not involve the payment of money and cannot be cured within such
thirty (30) day period with diligent efforts and (i) Maker has been and continues to diligently and in good faith pursue a cure thereof;
and (ii) notifies Payee in writing of the cure it is pursuing and the projected completion date of such cure, then the time allowed Maker
to cure the default shall be extended for such period as may be reasonably necessary for the prompt, diligent and good faith cure thereof,
but such period shall not exceed sixty (60) days after the date of Payee’s written notice of default to Maker, interest shall be
payable on all sums outstanding hereunder at the lesser of: (i) the maximum rate permitted by applicable law if any, or (ii) twenty-five
percent (25%) per annum (the “Default Rate”), and shall be due and payable ON DEMAND. Any judgment obtained by Payee against
Maker as to any amounts due under this Note shall also bear interest at the Default Rate.

 

Borrower
shall establish and maintain a satisfactory depository relationship with Lender throughout the term of the loan evidenced by this Note
(the “Loan”) including without limitation, all accounts related to the Tenant Leases and the Property (as such terms are
defined in the Loan Agreement). Borrower recognizes that the establishment and maintenance of such depository relationship was an important
factor and a material inducement to Lender in establishing the terms and conditions, including the interest rate, of the Loan. In the
event that Borrower fails to maintain said depository relationship at any time during the term of the. Loan, the interest rate charged
under this Note will increase by one percent (1.0%) per annum at that time.

 

    	1

     

    

 

This
Note is secured by certain security documents encumbering the property described therein, including, without limitation, the following:

 

	 	A.	Certain
    Mortgages, Security Agreement, Fixture Filing and Assignment of Rents, Leases and Deposits (the “Mortgages”).
	 	B.	Certain
    Deeds of Trust, Assignment of Rents, Security Agreement and Fixture Filing (the “Deeds of Trust”).
	 	C.	UCC-1
    Financing Statements.
	 	D.	Assignment
    of Rents, Leases and Deposits.
	 	E.	Loan
    Agreement (capitalized terms not otherwise defined herein shall have the meanings set forth in the Loan Agreement).
	 	F.	Collateral
    Assignment of Rights and Agreements Affecting Real Estate.
	 	G.	Associated
    affidavits, disclosures and miscellaneous loan documentation.

 

This
Note, all documents listed above, and any other documents executed in connection with this Note, are collectively referred to as the
“Loan Documents”.

 

In
the event of the continuation of any default in the payment of any interest or principal or other amounts due under this Note for a period
of ten (10) days after such payment becomes due, or upon the occurrence of any non-monetary event of default under the terms and provisions
of this Note or upon the occurrence of any monetary or non-monetary default under any of the Loan Documents, or any other documents delivered
to Payee in connection with this Note, or any other obligation of Maker to Payee, then Payee upon expiration of any applicable grace
or cure period may declare the entire unpaid principal amount outstanding hereunder, together with interest accrued thereon and any other
lawful charges accrued hereunder, immediately due and payable.

 

Maker
and any endorsers, sureties, guarantors, and all others who are, or at some future date may become, liable for the payments required
hereunder grant a continuing first lien security interest in and to, and authorize Payee, in its sole discretion at any time after an
event of default hereunder and after expiration of any applicable grace or cure period, in such order as Payee may elect, to apply to
the payment of obligations due and owing hereunder, or to the payment of any and all indebtedness, liabilities and obligations of such
parties to Payee, whether now existing or hereafter created, any and all monies, general or specific deposits, or collateral of whatsoever
nature of any of the above noted parties, now or hereafter in the possession of Payee. All property described in this paragraph above,
along with all property secured by the Loan Documents, including all proceeds thereof and rights in connection therewith, together with
additions and substitutions, are hereinafter collectively referred to as the “Collateral”.

 

Additions
to, releases, reductions, or exchanges of or substitutions for the Collateral, payments on account of this Note, or increases of the
same, or other loans made partially or wholly upon the Collateral, may from time to time be made without affecting the provisions of
this Note or the liabilities of any party hereto. If any of the Collateral is personal property, Payee shall exercise reasonable care
in the custody and preservation of the Collateral in its possession, and shall be deemed to have exercised reasonable care if it takes
such action for that purpose as Maker shall reasonably request in writing, but no omission to comply with any request of Maker shall
of itself be deemed a failure to exercise reasonable care. Payee shall not be bound to take any steps necessary to preserve any rights
in the Collateral against prior parties, and Maker shall take all necessary steps for such purposes. Payee or its nominee need not collect
interest on or principal of any Collateral or give any notice with respect thereto.

 

    	2

     

    

 

Upon
the happening of any of the following events, each of which shall constitute a default hereunder, all sums due hereunder shall thereupon
or thereafter, at Payee’s option, without notice or demand, become immediately due and payable: (a) failure of any Obligor (which
term shall mean and include each Maker, endorser, surety, guarantor, general partner of Maker or other party liable for payment of or
pledging collateral or security under this Note) to pay any sum due hereunder within ten (10) days of the date due or due by any Obligor
to Payee under any other promissory note or under any security instrument or written obligation of any kind now existing or hereafter
created; (b) occurrence of non-monetary default under any of the Loan Documents or any other loan agreement or security instrument now
or hereafter in effect which, by its terms, covers this Note or the indebtedness evidenced hereby and such default shall continue for
thirty (30) days after the date of written notice thereof from Payee to Maker, unless such default does not involve the payment of money
and cannot be cured within such thirty (30) day period with diligent efforts and (i) Maker has been and continues to diligently and in
good faith pursue a cure thereof; and (ii) Maker notifies Payee in writing of the cure it is pursuing and the projected completion date
of such cure, then the time allowed Maker to cure the default shall be extended for such period as may be reasonably necessary for the
prompt, diligent and good faith cure thereof, but such period shall not exceed sixty (60) days after the date of Payee’s written
notice of default to Maker; (c) filing of any petition under the Bankruptcy Code or any similar federal or state statute by any Obligor
or the filing of any petition under the Bankruptcy Code or any similar federal or state statute against any Obligor or for a custodian,
receiver or trustee of any of Obligor’s property, which is not dismissed within sixty (60) days, or if Obligor is adjudged insolvent
by any state or federal court of competent jurisdiction; (d) making of a general assignment by any Obligor for the benefit of creditors,
or any proceeding for dissolution or liquidation of any Obligor; (e) entry of a judgment against any Obligor (other than Maker) in an
amount in excess of $1,000,000 and which judgment is not discharged (by payment, bonding or otherwise) within sixty (60) days of its
date of entry; or entry of a judgment against Maker, which judgment is not discharged (by payment, bonding or otherwise) within sixty
(60) days of its entry; (f) material falsity, at the time made, in any certificate, statement, representation, warranty or audit furnished
to Payee by or on behalf of any Obligor pursuant to or in connection with this Note, the Loan Documents or any loan agreement or security
agreements now or hereafter in effect which, by its terms, covers this Note or the indebtedness evidenced hereby or otherwise including
any omission to disclose any substantial contingent or liquidated liabilities or any material adverse change in any facts disclosed by
any certificate, statement, representation, warranty or audit furnished to Payee; (g) issuance of any writ of attachment or writ of garnishment
or filing of any lien against any substantial portion of the property of any Obligor, which writ of attachment, writ of garnishment or
lien is not discharged ( by payment, bonding or otherwise) within sixty (60) days of its date of entry; (h) taking of possession of the
Collateral or any material part thereof at the instance of any governmental authority or the taking of possession of any substantial
part of the property of any Obligor at the instance of any governmental authority; (i) dissolution, termination, merger, consolidation,
or reorganization of any Obligor; (j) assignment or sale by any Obligor of any equity in any Collateral securing payment of this Note
without the prior written consent of Payee; (k) cancellation of any guaranty with respect hereto without the prior written consent of
Payee; or (l) occurrence of any default under any guaranty executed in connection with this Note or under any obligation of Maker or
of any Obligor to Payee, which default is not cured within any applicable grace period, including without limitation any default under
the “Other Note” (as defined below).

 

    	3

     

    

 

Payee
shall have all of the rights and remedies of a creditor, mortgagee and secured party under all applicable law. Without limiting the generality
of the foregoing, upon the occurrence of any default hereunder which is not cured within any applicable grace period, Payee may, at its
option, and without notice or demand (i) declare the entire unpaid principal and accrued interest accelerated and due and payable at
once, together with any and all other liabilities of Maker or any of such liabilities selected by Payee; and (ii) set-off against this
Note all monies owed by Payee in any capacity to Maker, whether or not due, and also set-off against all other liabilities of Maker to
Payee all monies owed by Payee in any capacity to Maker, and Payee shall be deemed to have exercised such right of set-off, and to have
made a charge against any such money immediately upon the occurrence of such default, although made or entered on the books subsequent
thereto. To the extent that any of the Collateral is personal property and Payee elects to proceed with respect to it in accordance with
the Uniform Commercial Code then, unless that collateral is perishable or threatens to decline speedily in value, or is of a type customarily
sold on a recognized market, Payee will give Maker reasonable notice of the time and place of any public or private sale thereof. The
requirement of reasonable notice shall be met if such notice is, at the option of Payee, hand delivered, sent via expedited courier,
or mailed, postage pre-paid to Maker, at the address given to Payee by Maker, or at any other address shown on the records of Payee at
least ten (10) days before the time of sale. Upon disposition of any Collateral after the occurrence of any default hereunder, Maker
shall be and shall remain liable for any deficiency; and Payee shall account to Maker for any surplus, but Payee shall have the right
to apply all or part of such surplus (or to hold the same as reserve) against any and all other liabilities of Maker to Payee.

 

Payee
may, at any time, if there is a default in the Note which is not cured within any applicable grace period: (i) pledge or transfer this
Note and its interest in the Collateral, and the pledgee or the transferee shall, for all purposes, stand in the place of Payee and have
all the rights of Payee set forth herein; (ii) transfer the whole or any part of the Collateral into the name of itself or its nominee;
(iii) vote the Collateral; (iv) notify Maker to make payment to Payee of any amounts due or to become due thereon; (v) demand, sue for,
collect, or make any compromise or settlement it deems desirable with reference to the Collateral; (vi) take possession or control of
any proceeds of the Collateral; and (vii) exercise all other rights necessary or required, in Payee’s discretion, in order to protect
its interests hereunder.

 

    	4

     

    

 

In
no event shall Payee be entitled to unearned or unaccrued interest or other charges or rebates, except as may be authorized by law, and
should any interest or other charges paid by Maker or other parties liable for the payment of this Note result in the computation or
earning of interest in excess of the maximum rate of interest that is legally permitted under applicable law, then any and all such excess
shall be and the same is hereby waived by Payee, and any and all such excess shall be automatically credited against and reduce the balance
due under this indebtedness, and the portion of said excess which exceeds the balance due under this indebtedness, shall be paid by Payee
to Maker and parties liable for the payment of this Note. Payee may, in determining the maximum rate permitted under applicable law in
effect from time to time, take advantage of (i) the maximum rate of interest permitted under Florida law or federal law, whichever is
higher, including any laws regarding parity among lenders; and (ii) any other law, rule or regulation in effect from time to time available
to Payee, which exempts Payee from any limit upon the rate of interest it may charge, or grants to Payee the right to charge a higher
rate of interest than that permitted by Chapter 687, Florida Statutes. In determining whether or not the interest paid or payable under
any specific contingency exceeds the highest lawful rate, Payee shall, to the maximum extent permitted under applicable law (a) characterize
any non-principal payment as an expense, fee or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof,
and (c) “spread” the total amount of interest throughout the maximum term of the obligation so that the interest rate is
uniform throughout the entire term of the obligation.

 

The
provisions of this Note and the Loan Documents (other than the Mortgages, Deeds of Trusts and Assignment of Rents, Leases and Deposits,
which shall be governed by the laws of the applicable States as provided therein) shall be construed according to the internal laws (and
not the laws of conflicts) of the State of Florida; except as set forth above, if Federal law would allow the payment of interest hereunder
at a higher maximum rate than would be applicable under Florida law, in which case such Federal law shall apply to the determination
of the highest applicable lawful rate of interest hereunder.

 

No
delay or omission on the part of Payee in exercising any right hereunder shall operate as a waiver of such right or of any other rights
under this Note. Presentment, demand, protest, notice of dishonor and all other notices are hereby waived by Maker. Maker promises and
agrees to pay all costs of collection and attorneys’ fees, which shall include reasonable attorneys’ fees in connection with
any suit, out of court, in trial, on appeal, in bankruptcy proceedings or otherwise, incurred or paid by Payee in enforcing this Note
or preserving any right or interest of Payee set forth herein. Any notice to Maker shall be sufficiently served for all purposes if placed
in the mail, postage prepaid, addressed to, or left upon the premises at the address of Maker as provided to Payee.

 

This
Note is not assumable without Payee’s prior written consent, which consent may be granted by Payee or denied by Payee, in Payee’s
sole and absolute discretion.

 

Maker
agrees that at Payee’s sole option, Broward County, Florida or Miami-Dade County, Florida shall be the proper venue for any and
all legal proceedings arising out of this Note, or any of the Loan Documents (other than the Mortgages, Deeds of Trusts and Assignment
of Rents, Leases and Deposits).

 

    	5

     

    

 

This
Note and the other Loan Documents constitute the sole agreement of the parties with respect to the transaction contemplated hereby and
supersede all oral negotiations and prior writings with respect thereto. No waivers, amendments or modifications of this Note and other
Loan Documents shall be valid unless in writing and signed by an authorized officer of the Lender. No waiver by Lender of any default
shall operate as a waiver of any other default or the same default on a future occasion. Neither the failure nor any delay on the part
of the Lender in exercising any right, power, or remedy under this Note and other Loan Documents shall operate as a waiver thereof, nor
shall a single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or
remedy.

 

IN
ADDITION TO THIS NOTE, BORROWER HAS PREVIOUSLY EXECUTED THAT CERTAIN CONSOLIDATED, AMENDED AND RESTATED PROMISSORY NOTE DATED SEPTEMBER
30, 2021 IN THE PRINCIPAL AMOUNT OF $99,145,838.22 IN FAVOR OF PAYEE (THE “OTHER NOTE”). IN THE EVENT OF ANY DEFAULT BY MAKER
UNDER THE OTHER NOTE, SUCH DEFAULT SHALL, AT THE OPTION OF PAYEE, BE AND CONSTITUTE A DEFAULT UNDER THIS NOTE AND IN THE EVENT OF ANY
DEFAULT UNDER THIS NOTE, SUCH DEFAULT SHALL BE AND CONSTITUTE, AT THE OPTION OF PAYEE, A DEFAULT BY MAKER UNDER THE OTHER NOTE. IN THE
EVENT OF ANY SUCH DEFAULTS, PAYEE SHALL BE ENTITLED TO EXERCISE ALL REMEDIES PROVIDED TO PAYEE UNDER THIS NOTE, THE OTHER NOTE AND ALL
OTHER LOAN DOCUMENTS EXECUTED BY MAKER IN CONNECTION HEREWITH OR THEREWITH.

 

WAIVER
OF TRIAL BY JURY. MAKER AND HOLDER HEREBY MUTUALLY, KNOWINGLY, WILLINGLY, INTENTIONALLY AND VOLUNTARILY WAIVE THEIR RIGHT TO TRIAL
BY JURY AND NO PARTY, NOR ANY ASSIGNEE, SUCCESSOR, HEIR, OR LEGAL REPRESENTATIVE OF THE PARTIES (ALL OF WHOM ARE HEREINAFTER REFERRED
TO AS THE “PARTIES”) SHALL SEEK A JURY TRIAL IN ANY LAWSUIT, PROCEEDING, COUNTERCLAIM, OR ANY OTHER LITIGATION PROCEEDING
BASED UPON OR ARISING OUT OF THIS NOTE OR THE LOAN DOCUMENTS, OR ANY INSTRUMENT EVIDENCING, SECURING, OR RELATING TO THE INDEBTEDNESS
AND OTHER OBLIGATIONS EVIDENCED HEREBY OR ANY RELATED AGREEMENT OR INSTRUMENT, ANY OTHER COLLATERAL FOR THE INDEBTEDNESS EVIDENCED HEREBY
OR ANY COURSE OF ACTION, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS RELATING TO THE LOAN OR TO THIS NOTE. THE
PARTIES ALSO WAIVE ANY RIGHT TO CONSOLIDATE ANY ACTION IN WHICH A JURY TRIAL HAS BEEN WAIVED, WITH ANY OTHER ACTION IN WHICH A JURY TRIAL
HAS NOT BEEN WAIVED. THE PROVISIONS OF THIS PARAGRAPH HAVE BEEN FULLY NEGOTIATED BY THE PARTIES. THE WAIVER CONTAINED HEREIN IS IRREVOCABLE,
CONSTITUTES A KNOWING AND VOLUNTARY WAIVER, AND SHALL BE SUBJECT TO NO EXCEPTIONS. HOLDER HAS IN NO WAY AGREED WITH OR REPRESENTED TO
MAKER OR ANY OTHER PARTY THAT THE PROVISIONS OF THIS PARAGRAPH WILL NOT BE FULLY ENFORCED IN ALL INSTANCES.

 

    	6

     

    

 

THIS
PROMISSORY NOTE IS NOT SECURED BY ANY INTEREST IN FLORIDA REAL PROPERTY AND IS BEING EXECUTED AND DELIVERED OUTSIDE OF THE STATE OF FLORIDA.
ACCORDINGLY NO DOCUMENTARY STAMP TAX IS DUE OR PAYABLE IN CONNECTION WITH THE EXECUTION AND DELIVERY OF THIS PROMISSORY NOTE

 

	 	RCI
    HOLDINGS, INC., a Texas corporation
	 	 	 
	 	By:	/s/
    Eric Langan
	 	 	Eric
    Langan, President

 

STATE
OF TEXAS

COUNTY
OF HARRIS

 

The
foregoing instrument was acknowledged before me this _____ day of January, 2022 by Eric Langan, as President of, and on behalf of, RCI
HOLDINGS, INC., a Texas corporation, who (____) is personally known to me or (____) produced a driver’s license as identification.

 

	 	
	 	Notary
    Public - State and County Aforesaid
	 	Print
    Name:
	 	My
    Commission Expires:
	 	 
	 	(Signed
    as a Notary and not as a Maker or 
	 	Obligor
    of this Note.)

 

    	7

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