Document:

Exhibit 10.2

 

COVENANT TRANSPORTATION GROUP, INC.

THIRD AMENDED AND RESTATED

2006 OMNIBUS INCENTIVE PLAN, AS AMENDED

AWARD NOTICE

	
 

GRANTEE:

	 	 
	
 

TYPE OF AWARD:

	 	
 

Restricted Stock Award

	
 

NUMBER OF SHARES:

	 	 
	
 

DATE OF GRANT:

	 	 

1.          Grant of Restricted Stock.  This Award Notice serves to notify you that Covenant Transportation Group, Inc., a Nevada corporation (the "Company"), hereby grants to you, under the Company's Third Amended and Restated 2006 Omnibus Incentive Plan, as amended (the "Plan"), a Restricted Stock Award (the "Award"), on the terms and conditions set forth in this Award Notice and the Plan, of the number of shares set forth above ("Restricted Shares") of the Company's Class A Common Stock, par value $0.01 per share (the "Common Stock"), set forth above.  A copy of the Plan is included with this Award Notice, if it has not previously been provided to you.  You should review the terms of this Award Notice and the Plan carefully.

2.          Restrictions and Vesting.  Subject to the terms and conditions set forth in this Award Notice, the Restricted Shares shall vest as follows:

3.          Additional Vesting Matters.  Subject to Section 4, any Restricted Shares that do not vest as a result of your failure to have been continuously in the employment or service of the Company or a Subsidiary from the date of grant until the vesting dates shall automatically be forfeited on the date your employment is terminated without any obligation of the Company to pay any amount or deliver any Restricted Shares to you or to any other person or entity.

4.          Effect of Retirement, Death, or Disability.  In the event of your retirement with the consent of the Committee, death, or disability (as defined in Section 22(e) of the Code) prior to the complete vesting of the Award, the Award shall vest as follows:

The term "retirement with the consent of the Committee" as used in this Award Notice means (i) at the date of such retirement you are at least sixty-two (62) years of age, (ii) at the date of such retirement you have had at least five (5) years of service to the Company or a Subsidiary, and (iii) following retirement you do not provide any employment, consulting, agent, or independent contractor services to any person or entity (other than consulting services provided to the Company or a Subsidiary) of any material nature, as determined in the sole discretion of the Company either at the time of retirement or thereafter through any vesting of an Award.

 

5.           Effect of Change In Control.

(a)          In General.  Upon the occurrence of a Change In Control (as defined below), any unvested portion of the Restricted Shares shall immediately vest as of the date of the occurrence of such event.

(b)          "Change In Control" Defined.  The term "Change In Control" means a change in control of the Company of a nature that would be required to be reported in response to Item 5.01 of a Current Report on Form 8-K, as in effect on December 31, 2004, pursuant to Section 13 or 15(d) of the Exchange Act; provided that, without limitation, a Change In Control shall be deemed to have occurred at such time as:

(i)          Any "person" within the meaning of Section 14(d)(2) of the Exchange Act and Section 13(d)(3) of the Exchange Act, other than a Permitted Holder becomes the "beneficial owner," as defined in Rule 13d-3 under the Exchange Act, directly or indirectly, of fifty percent (50%) or more of the combined voting power of the outstanding securities of the Company ordinarily having the right to vote in the election of directors; provided, however, that the following will not constitute a Change In Control: any acquisition by any corporation if, immediately following such acquisition, more than seventy-five percent (75%) of the outstanding securities of the acquiring corporation (or the parent thereof) ordinarily having the right to vote in the election of directors is beneficially owned by all or substantially all of those persons who, immediately prior to such acquisition, were the beneficial owners of the outstanding securities of the Company ordinarily having the right to vote in the election of directors;

(ii)          Individuals who constitute the Board on the date of the approval of the Plan (the "Incumbent Board") have ceased for any reason to constitute at least a majority thereof, provided that any person becoming a director subsequent to the date of the approval of the Plan, whose election or nomination for election by the Company's stockholders was approved by a vote of at least three-fourths (3/4) of the directors comprising the Incumbent Board, either by a specific vote or by approval of the proxy statement of the Company in which such person is named as a nominee for director without objection to such nomination (other than an election or nomination of an individual whose initial assumption of office is in connection with an actual or threatened "election contest" relating to the election of directors of the Company, as such terms are used in Rule 14a-11 under the Exchange Act as in effect on January 23, 2000, or "tender offer," as such term is used in Section 14(d) of the Exchange Act), shall be, for purposes of the Plan, considered as though such person were a member of the Incumbent Board;

(iii)          Upon the consummation by the Company of a reorganization, merger, or consolidation, other than one with respect to which all or substantially all of those persons who were the beneficial owners, immediately prior to such reorganization, merger, or consolidation, of outstanding securities of the Company ordinarily having the right to vote in the election of directors own, immediately after such transaction, more than seventy-five percent (75%) of the outstanding securities of the resulting corporation ordinarily having the right to vote in the election of directors;

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(iv)          Upon the approval by the Company's stockholders of a complete liquidation and dissolution of the Company or the sale or other disposition of all or substantially all of the assets of the Company other than to a Subsidiary; or

(v)          Upon the consummation of a transaction subject to Rule 13e-3 of the Exchange Act in which those Permitted Holders identified in Section 5(c)(iii) of this Award Notice are the beneficial owners of more than fifty percent (50%) of the outstanding securities of the resulting corporation ordinarily having the right to vote in the election of directors.

(c)          "Permitted Holder" Defined.  The term "Permitted Holder" means: (i) the Company or a Subsidiary, (ii) any employee benefit plan sponsored by the Company or a Subsidiary, or (iii) David or Jacqueline Parker or their siblings, children, or grandchildren ("Family Members") or a trust, corporation, partnership, limited partnership, limited liability company, or other such entity, so long as at least eighty percent (80%) of the beneficial interests of the entity are held by Mr. or Mrs. Parker and/or one or more Family Members, where such person(s) or entity acquired their Company stock from Mr. or Mrs. Parker.

6.          Book-Entry Registration.  The Restricted Shares initially will be evidenced by book-entry registration only, without the issuance of a certificate representing the Restricted Shares.

7.          Issuance of Shares.  Subject to Sections 8 and 13 of this Award Notice, upon the vesting of any Restricted Shares pursuant to this Award Notice, the Company shall issue a certificate or book-entry representing such vested Restricted Shares as promptly as practicable following the date of vesting.  The Restricted Shares may be issued during your lifetime only to you, or after your death to your designated beneficiary, or, in the absence of such beneficiary, to your duly qualified personal representative.

8.          Withholding.  You shall pay to the Company or a Subsidiary, or make other arrangements satisfactory to the Company regarding the payment of, any federal, state, or local taxes of any kind required by applicable law to be withheld with respect to the Restricted Shares awarded under this Award Notice.  Your right to receive the Restricted Shares under this Award Notice is subject to, and conditioned on, your payment of such withholding amounts.

9.          Nonassignability.  The Restricted Shares may not, except as otherwise provided in the Plan, be sold, assigned, transferred, pledged, or encumbered in any way prior to the vesting of such shares, whether by operation of law or otherwise, except by will or the laws of descent and distribution or a qualified domestic relations order.  After vesting, the sale or other transfer of the shares of Common Stock shall be subject to applicable laws and regulations under the Exchange Act.

10.          Rights as a Stockholder; Limitation on Rights.  Unless the Award is cancelled as provided in Section 3 or 4 of this Award Notice, prior to the vesting of the Restricted Shares, you will have all of the other rights of a stockholder with respect to the Restricted Shares so awarded. Notwithstanding the foregoing, no dividends or dividend equivalents shall be paid on Awards granted before such Awards vest and you shall have no right to vote any shares underlying any Awards unless and until such Awards vest. Neither the Plan, the granting of the Award, nor this Award Notice gives you any right to remain in the employment of the Company or a Subsidiary.

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11.          Company Policies.  Your ability to dispose of Restricted Shares after vesting may be limited by stock ownership guidelines adopted by the Company for certain officers and key employees, and the Company is authorized to place a restrictive legend on such shares, issue stop-transfer instructions to the transfer agent, or take such other actions as may be advisable, in the Committee's sole discretion, to enforce such ownership guidelines.  If the Company adopts a clawback policy, your rights with respect to Restricted Shares after vesting may be subject to such policy.  Please determine whether you are subject to the guidelines and how many Restricted Shares may be disposed of prior to attempting to dispose of any shares or other restrictions that may be applicable to you.

12.          Rights of the Company and Subsidiaries.  This Award Notice does not affect the right of the Company or a Subsidiary to take any corporate action whatsoever, including, without limitation, its right to recapitalize, reorganize, or make other changes in its capital structure or business, merge or consolidate, issue bonds, notes, shares of Common Stock, or other securities, including preferred stock, or options therefor, dissolve or liquidate, or sell or transfer any part of its assets or business.  Nothing in this Award Notice shall create any rights to employment by the Company or any Subsidiary or alter the at-will nature of your employment.

13.          Restrictions on Issuance of Shares.  If at any time the Company determines that the listing, registration, or qualification of the Restricted Shares upon any securities exchange or quotation system, or under any state or federal law, or the approval of any governmental agency, is necessary or advisable as a condition to the issuance of a certificate representing any vested Restricted Shares, such issuance may not be made in whole or in part unless and until such listing, registration, qualification, or approval shall have been effected or obtained free of any conditions not acceptable to the Company.

14.          Plan Controls; Definitions.  The Award is subject to all of the provisions of the Plan, which is hereby incorporated by reference, and is further subject to all the interpretations, amendments, rules, and regulations that may from time to time be promulgated and adopted by the Committee pursuant to the Plan.  The Committee's determination of whether the Performance Goal (as defined in Schedule A) has been satisfied shall be binding and conclusive on you.  Except as set forth in the last sentence of this Section 14, in the event of any conflict among the provisions of the Plan and this Award Notice, the provisions of the Plan will be controlling and determinative.  The capitalized terms used in this Award Notice and not otherwise defined herein are defined in the Plan; provided, however, that when the defined term "Company" is used in the Plan in Sections 1.2, 2.1(c), 2.1(d), 2.1(g), 2.1(t), 2.1(bb), 4.2(h) (second usage), 4.3, 6.1, 6.2, 11.3, 13.2 (second usage), 16.2, and 16.4, the term "Company" shall be interpreted to mean only Covenant Transportation Group, Inc., a Nevada corporation (and not also its Subsidiaries).

15.          Amendment.  Except as otherwise provided by the Plan, the Company may only alter, amend, or terminate this Award with your consent.

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16.          Governing Law. This Award Notice shall be governed by and construed in accordance with the laws of the State of Nevada, except as superseded by applicable federal law, without giving effect to its conflicts of law provisions.

17.          Notices.  All notices and other communications to the Company required or permitted under this Award Notice shall be written, and shall be either delivered personally or sent by registered or certified first-class mail, postage prepaid and return receipt requested addressed to the Company's office at 400 Birmingham Highway, Chattanooga, Tennessee 37419, Attention: Chief Financial Officer.  Each such notice and other communication delivered personally shall be deemed to have been given when delivered.  Each such notice and other communication delivered by mail shall be deemed to have been given when it is deposited in the United States mail in the manner specified herein.

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ACKNOWLEDGEMENT

The undersigned acknowledges receipt of, and understands and agrees to be bound by, this Award Notice and the Plan.  The undersigned further acknowledges that this Award Notice and the Plan set forth the entire understanding between him or her and the Company regarding the restricted stock granted by this Award Notice and that this Award Notice and the Plan supersede all prior oral and written agreements on that subject.

Dated: _______________, 20___

   

	 	
Grantee:

	 	 
	 	 
	 	 
	 	 
	 	 
	 	
Covenant Transportation Group, Inc.

	 	 
	 	 
	 	 
	 	
By:

	 

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Back to Form 10-QExhibit 4.1

 

PROMISSORY NOTE

 

	U.S. $1,895,000.00	August 8, 2019

 

FOR VALUE RECEIVED,
Inpixon, a Nevada corporation (“Borrower”), promises to pay in lawful money of the United States of America
to the order of Chicago Venture Partners, L.P., a Utah limited partnership, or its successors or assigns (“Lender”),
the principal sum of $1,895,000.00, together with all other amounts due under this Promissory Note (this “Note”).
This Note is issued pursuant to that certain Note Purchase Agreement of even date herewith between Borrower and Lender (the “Purchase
Agreement”).

 

1. PAYMENT.
Borrower shall pay to Lender the entire outstanding balance of this Note on or before the date that is nine (9) months from the
date hereof (the “Maturity Date”). Borrower will make all payments of sums due hereunder to Lender at Lender’s
address set forth in the Purchase Agreement, or at such other place as Lender may designate in writing. Unless otherwise agreed
or required by applicable law, payments will be applied first to any unpaid collection costs and late charges, then to accrued
interest and finally to principal.

 

2. INTEREST.
Interest shall accrue on the outstanding balance of this Note at the rate of ten percent (10%) per annum from the date hereof until
this Note is paid in full. Upon the occurrence of an Event of Default (as defined below), interest shall accrue on the outstanding
balance of this Note at the lesser of the rate of twenty-two percent (22%) per annum or the maximum rate permitted by applicable
law. All interest calculations hereunder shall be computed on the basis of a 360-day year comprised of twelve (12) thirty
(30) day months, shall compound daily and shall be payable in accordance with the terms of this Note.

 

3. ORIGINAL
ISSUE DISCOUNT; TRANSACTION EXPENSES. This Note carries an original issue discount of $375,000.00. In addition, Borrower agrees
to pay $20,000.00 to Lender to cover Lender’s legal fees, accounting costs, due diligence, monitoring and other transaction
costs incurred in connection with the purchase and sale of this Note, all of which amounts are included in the initial principal
balance of this Note and are fully earned and payable as of the date hereof.

 

4. PREPAYMENT.
Borrower may pay all or any portion of the amount owed earlier than it is due; provided that in the event Borrower elects
to prepay all or any portion of the outstanding balance, it shall pay to Lender 115% of the portion of the outstanding balance
Borrower elects to prepay. Early payments of less than all principal, fees and interest outstanding will not, unless agreed to
by Lender in writing, relieve Borrower of Borrower’s remaining obligations hereunder.

 

5. REDEMPTIONS.
Beginning on the date that is six (6) months from the date hereof and at the intervals indicated below until this Note is paid
in full, Lender shall have the right to redeem, up to an aggregate of one third (1/3) of the initial principal balance of this
Note each month (each monthly exercise, a “Monthly Redemption Amount”) by providing written notice (each, a
“Monthly Redemption Notice”) delivered to Borrower by facsimile, email, mail, overnight courier, or personal
delivery; provided, however, that if Lender does not exercise any Monthly Redemption Amount in its corresponding
month then such Monthly Redemption Amount shall be available for Lender to redeem in any future month in addition to such future
month’s Monthly Redemption Amount. Upon receipt of any Monthly Redemption Notice, Borrower shall pay the applicable Monthly
Redemption Amount in cash to Lender within five (5) business days of Borrower’s receipt of such Monthly Redemption Notice.

 

     

     

    

 

6. EVENT
OF DEFAULT. The occurrence of any of the following shall constitute an “Event of Default” under this Note:

 

(a) Failure
to Pay. Borrower shall fail to pay when due, whether at stated maturity, upon acceleration or otherwise, any principal or interest
payment, or any other payment required under the terms of this Note on the date due.

 

(b) Breaches
of Covenants. Borrower or any other person or entity defaults or otherwise fails to observe or perform any covenant, obligation,
condition or agreement of Borrower contained herein or in any other Transaction Document (as defined in the Purchase Agreement),
only if such default or breach remains uncured for a period of at least five (5) Trading Days.

 

(c) Representations
and Warranties. Any representation or warranty made by Borrower to Lender in this Note, the Purchase Agreement, any other Transaction
Document, or any related agreement shall be false, incorrect, incomplete or misleading in any material respect when made or furnished.

 

(d) Voluntary
Bankruptcy or Insolvency Proceedings. Borrower shall (i) apply for or consent to the appointment of a receiver, trustee,
liquidator or custodian of itself or of all or a substantial part of its property, (ii)  make a general assignment for the
benefit of its or any of its creditors, (iii) be dissolved or liquidated, or (iv) commence a voluntary case or other
proceeding seeking liquidation, reorganization or other relief with respect to itself or its debts under any bankruptcy, insolvency
or other similar law now or hereafter in effect or consent to any such relief or to the appointment of or taking possession of
its property by any official in an involuntary case or other proceeding commenced against it.

 

(e) Involuntary
Bankruptcy or Insolvency Proceedings. Proceedings for the appointment of a receiver, trustee, liquidator, or custodian of Borrower
or of all or a substantial part of its property, or an involuntary case or other proceedings seeking liquidation, reorganization,
or other relief with respect to Borrower or its debts under any bankruptcy, insolvency or other similar law now or hereafter in
effect shall be commenced and an order for relief entered or such proceeding shall not be dismissed or discharged within sixty
(60) days of commencement.

 

(f) Judgment.
A judgment or judgments for the payment of money in excess of the sum of $600,000.00 in the aggregate shall be rendered against
Borrower and either (i) the judgment creditor executes on such judgment or (ii) such judgment remains unpaid or undischarged for
more than sixty (60) days from the date of entry thereof or such longer period during which execution of such judgment shall be
stayed during an appeal from such judgment.

 

(g) Attachment.
Any execution or attachment shall be issued whereby any substantial part of the property of Borrower shall be taken and the same
shall not have been vacated or stayed within thirty (30) days after the issuance thereof.

 

(h) Cross
Default. Borrower breaches or any event of default occurs under any term or provision of any Other Agreement (as defined hereafter).
For purposes hereof, “Other Agreement” means collectively, all existing and future agreements and instruments
between, among or by Borrower, on the one hand, and Lender, on the other hand.

 

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7. ACCELERATION;
REMEDIES.

 

(a) At
any time following the occurrence of an Event of Default (other than an Event of Default referred to in Sections 6(d) and 6(e)),
Lender may, by written notice to Borrower, declare all unpaid principal, plus all accrued interest and other amounts due hereunder
to be immediately due and payable at the Mandatory Default Amount (as defined below) without presentment, demand, protest or any
other notice of any kind, all of which are hereby expressly waived, anything contained herein to the contrary notwithstanding.
Upon the occurrence or existence of any Event of Default described in Sections 6(d) and 6(e), immediately and without
notice, all outstanding unpaid principal, plus all accrued interest and other amounts due hereunder shall automatically become
immediately due and payable at the Mandatory Default Amount, without presentment, demand, protest or any other notice of any kind,
all of which are hereby expressly waived, anything contained herein to the contrary notwithstanding. In addition to the foregoing
remedies, upon the occurrence or existence of any Event of Default, Lender may exercise any other right, power or remedy permitted
to it by law, either by suit in equity or by action at law, or both. For purposes hereof, the term “Mandatory Default
Amount” means an amount equal to 115% of the outstanding balance of this Note (which outstanding balance, for avoidance
of doubt, shall include principal, interest, fees and any previously incurred prepayment penalty) as of the date the applicable
Event of Default occurred, plus all interest, fees, and charges that may accrue on such outstanding balance thereafter.

 

(b) Upon
the occurrence of a Change in Control (as defined below), and without further notice to Borrower, all unpaid principal, plus all
accrued interest, original issue discount, and other amounts due hereunder, shall become immediately due and payable. For purposes
hereof, a “Change in Control” means a sale of all or substantially all of Borrower’s assets, or a merger,
consolidation, or other capital reorganization of Borrower with or into another company, and does not include a significant equity
financing; provided however that a merger, consolidation, or other capital reorganization in which the holders of
the equity of Borrower outstanding immediately prior to such transaction continue to hold (either by the voting securities remaining
outstanding or by being converted into voting securities of the surviving entity) more than fifty percent (50%) of the total voting
power represented by the voting securities of Borrower, or such surviving entity, outstanding immediately after such transaction
shall not constitute a Change in Control.

 

8. UNCONDITIONAL
OBLIGATION; NO OFFSET. Borrower acknowledges that this Note is an unconditional, valid, binding and enforceable obligation
of Borrower not subject to offset, deduction or counterclaim of any kind. Borrower hereby waives any rights of offset it now has
or may have hereafter against Lender, its successors and assigns, and agrees to make all payments due hereunder in accordance with
the terms of this Note.

 

9. NO
USURY. Notwithstanding any other provision contained in this Note or in any instrument given to evidence the obligations evidenced
hereby: (a) the rates of interest and charges provided for herein and therein shall in no event exceed the rates and charges which
result in interest being charged at a rate equaling the maximum allowed by law; and (b) if, for any reason whatsoever, Lender ever
receives as interest in connection with the transaction of which this Note is a part an amount which would result in interest being
charged at a rate exceeding the maximum allowed by law, such amount or portion thereof as would otherwise be excessive interest
shall automatically be applied toward reduction of the unpaid principal balance then outstanding hereunder and not toward payment
of interest.

 

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10. ATTORNEYS’
FEES. If this Note is placed in the hands of an attorney for collection or enforcement prior to commencing arbitration or legal
proceedings, or is collected or enforced through any arbitration or legal proceeding, or Lender otherwise takes action to collect
overdue amounts due under this Note or to enforce the provisions of this Note, then Borrower shall pay the reasonable costs incurred
by Lender for such collection, enforcement or action including, without limitation, reasonable attorneys’ fees and disbursements.

 

11. GOVERNING
LAW; VENUE. This Note shall be construed and enforced in accordance with, and all questions concerning the construction, validity,
interpretation and performance of this Note shall be governed by, the internal laws of the State of Utah, without giving effect
to any choice of law or conflict of law provision or rule (whether of the State of Utah or any other jurisdictions) that would
cause the application of the laws of any jurisdictions other than the State of Utah. The provisions set forth in the Purchase Agreement
to determine the proper venue for any disputes are incorporated herein by this reference.

 

12. ARBITRATION
OF DISPUTES. Borrower agrees that any dispute arising under this Note shall be subject to the Arbitration Provisions (as defined
in the Purchase Agreement) set forth as an exhibit to the Purchase Agreement.

 

13. WAIVERS.
Borrower hereby waives presentment, notice of nonpayment, notice of dishonor, protest, demand and diligence.

 

14. LOSS
OR MUTILATION. On receipt by Borrower of evidence reasonably satisfactory to Borrower of the loss, theft, destruction or mutilation
of this Note and, in the case of any such loss, theft or destruction of this Note, on delivery of an indemnity agreement reasonably
satisfactory in form and amount to Borrower or, in the case of any such mutilation, on surrender and cancellation of such Note,
Borrower at its expense will execute and deliver, in lieu thereof, a new Note of like amount and tenor.

 

15. NOTICES.
Any notice required or permitted hereunder shall be given in the manner provided in the subsection titled “Notices”
in the Purchase Agreement, the terms of which are incorporated herein by this reference.

 

16. AMENDMENT
AND WAIVER. This Note and its terms and conditions may be amended, waived or modified only in writing by Borrower and Lender.

 

17. SEVERABILITY.
If any part of this Note is construed to be in violation of any law, such part shall be modified to achieve the objective of the
parties to the fullest extent permitted and the balance of this Note shall remain in full force and effect.

 

18. ASSIGNMENTS.
Borrower may not assign this Note without the prior written consent of Lender. This Note may be offered, sold, assigned or transferred
by Lender without the consent of Borrower.

 

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19. FINAL
NOTE. This Note, together with the other Transaction Documents, contains the complete understanding and agreement of Borrower
and Lender and supersedes all prior representations, warranties, agreements, arrangements, understandings, and negotiations. THIS
NOTE, TOGETHER WITH THE OTHER TRANSACTION DOCUMENTS, REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED
BY EVIDENCE OF ANY ALLEGED PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS
BETWEEN THE PARTIES.

 

20. Waiver
of Jury Trial. BORROWER IRREVOCABLY WAIVES ANY AND ALL RIGHTS IT MAY HAVE TO DEMAND THAT ANY ACTION, PROCEEDING OR COUNTERCLAIM
ARISING OUT OF OR IN ANY WAY RELATED TO THIS NOTE OR THE RELATIONSHIPS OF THE PARTIES HERETO BE TRIED BY JURY. THIS WAIVER EXTENDS
TO ANY AND ALL RIGHTS TO DEMAND A TRIAL BY JURY ARISING UNDER COMMON LAW OR ANY APPLICABLE STATUTE, LAW, RULE OR REGULATION. FURTHER,
BORROWER ACKNOWLEDGES THAT IT KNOWINGLY AND VOLUNTARILY IS WAIVING SUCH PARTY’S RIGHT TO DEMAND TRIAL BY JURY.

 

21. TIME
IS OF THE ESSENCE. Time is of the essence of this Note and each and every provision hereof in which time is an element.

 

22. LIQUIDATED
DAMAGES. Lender and Borrower agree that in the event Borrower fails to comply with any of the terms or provisions of this Note,
Lender’s damages would be uncertain and difficult (if not impossible) to accurately estimate because of the parties’
inability to predict future interest rates and other relevant factors. Accordingly, Lender and Borrower agree that any fees, balance
adjustments, default interest or other charges assessed under this Note are not penalties but instead are intended by the parties
to be, and shall be deemed, liquidated damages.

 

[Remainder of page
intentionally left blank]

 

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IN WITNESS WHEREOF,
Borrower has caused this Note to be issued as of the date first set forth above.

 

	 	BORROWER:
	 	 
	 	INPIXON
	 	 	 
	 	By:	/s/ Nadir Ali
	 	Name:	Nadir Ali
	 	Title: 	CEO

 

[Signature Page to Promissory Note]

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