Document:

Exhibit
10.1

 

Dated
19   March 2021

 

SHARE
PURCHASE AGREEMENT

 

relating
to

 

THE
SALE OF THE ENTIRE ISSUED SHARE CAPITAL OF INTERACTIVE CONCEPTS BV

 

KAREL
CALLENS

 

and

 

CLEVERTOUCH
B.V.

 

    	 

     

    

 

CONTENTS

 

	1	INTERPRETATION	1
	2	SALE
    AND PURCHASE	7
	3	PURCHASE
    PRICE	8
	4	CLOSING	9
	5	LEAKAGE	11
	6	WARRANTIES	13
	7	LIMITATIONS
    ON CLAIMS	13
	8	CLAIMS	15
	9	SPECIFIC
    INDEMNITIES	16
	10	SUBSEQUENT
    SALE OF THE SALE SHARES	17
	11	RESTRICTIONS
    ON THE SELLER	17
	12	CONFIDENTIALITY
    AND ANNOUNCEMENTS	19
	13	LIQUIDATED
    DAMAGES	21
	14	NO
    CLAIMS AGAINST THE COMPANY	21
	15	FURTHER
    ASSURANCE	22
	16	ASSIGNMENT	22
	17	ENTIRE
    AGREEMENT	23
	18	VARIATION
    AND WAIVER	23
	19	COSTS	23
	20	NOTICES	23
	21	INTEREST	25
	22	SEVERANCE	25
	23	AGREEMENT
    SURVIVES CLOSING	25
	24	SUCCESSORS	25
	25	THIRD
    PARTY RIGHTS	26
	26	COUNTERPARTS	26
	27	RIGHTS
    AND REMEDIES	26
	28	INADEQUACY
    OF DAMAGES	26
	29	LANGUAGE	26
	30	GOVERNING
    LAW AND JURISDICTION	26
	SCHEDULE
    1 - PARTICULARS OF THE COMPANY	27
	SCHEDULE
    2 - WARRANTIES	28
	Part
    1 - General warranties	28
	Part
    2 - Tax Warranties	47
	SCHEDULE
    3 - PARTICULARS OF THE LEASEHOLD PROPERTY	50
	SCHEDULE
    4 - DISCLOSURE SCHEDULE	51
	SCHEDULE
    5 – TAX COVENANT	53
	SCHEDULE
    6 – MANAGEMENT AGREEMENT	54

 

    	 

     

    

 

AGREEMENT
DATED 19 MARCH 2021.

 

BETWEEN

 

	(1)	KAREL
    CALLENS, residing at Tempelierstraat 14, 8570 Anzegem, Belgium (Seller)
	 	 
	(2)	CLEVERTOUCH
    B.V., incorporated and registered in the Netherlands with company number 76186458 whose registered office is at Office Room 13,
    The Mixer, Landdrostlaan 51 at Apeldoorn, the Netherlands (Buyer)
	 	 
	(3)	SAHARA
    HOLDINGS LIMITED, incorporated and existing under the laws of England and Wales with company number 03947832 whose registered
    office is at Europa House Littlebrook Dc1, Shield Road, Dartford, Kent, England, DA1 5UR (Parent)

 

The
Seller, the Buyer and the Parent are hereinafter jointly referred to as the Parties or each a Party.

 

RECITALS

 

	(A)	The
    Company is Interactive Concepts BV incorporated in Belgium.
	 	 
	(B)	The
    Company has an issued share capital of EUR 30,000 divided into 300 registered shares without nominal value.
	 	 
	(C)	Further
    particulars of the Company at the date of this Agreement are set out in Schedule 1.
	 	 
	(D)	The
    Seller is the owner of the legal and beneficial title to the Sale Shares.
	 	 
	(E)	The
    Seller has agreed to sell and the Buyer has agreed to buy the Sale Shares subject to the terms and conditions of this Agreement.

 

IT
IS HEREBY AGREED

 

	1	Interpretation
	 	 
	 	The
    definitions and rules of interpretation in this Clause apply in this Agreement.
	 	 
	1.1	Definitions:

 

	Accounts	the
    financial statements of the Company as at and to the Accounts Date comprising the individual accounts of the Company, including the
    balance sheet, profit and loss account together with the notes on them (copies of which are attached to the Disclosure Schedule).
	 	 
	Accounts
    Date	31
    December 2020.
	 	 
	Boxlight	Boxlight
    Corporation a United States corporation organized under the laws of the State of Nevada, whose registered office is at 1045 Progress
    Circle, Lawrenceville, Georgia 30043, being the ultimate parent company of the Buyer.
	 	 
	Business	the
    business of the Company carried out at Closing, namely the distribution of audio, visual and software solutions in Belgium.
	 	 
	Business
    Day	a
    day other than a Saturday, Sunday or public holiday in England when banks in London are open for business.

 

    	1

     

    

 

	Buyer’s
    Lawyers	Cripps
    LLP of Number 22 Mount Ephraim, Tunbridge Wells, Kent, TN4 8AS, United Kingdom.
	 	 
	Carve-Out	has
    the meaning given in Clause 4.3.6.
	 	 
	Claim	a
    claim for breach of any of the Warranties.
	 	 
	Class
    A Common Stock	means
    the shares of the Class A voting common stock of Boxlight, par value $0.0001 per share.
	 	 
	Clause	means
    any clause in this Agreement.
	 	 
	Closing	the
    closing of the sale and purchase of the Sale Shares in accordance with this Agreement.
	 	 
	Closing
    Date	has
    the meaning given in Clause 4.2.
	 	 
	Company	Interactive
    Concepts BV, a company incorporated and registered in Belgium with the Crossroads Bank for Enterprises under number 0822607312 whose
    registered office is at Tempeliersstraat 14, 8570 Anzegem, further details of which are set out in Schedule 1.
	 	 
	Connected	in
    relation to a person, (a) such person’s spouse, and (b) any other person related to the first person or the first persons’
    spouse within the third degree, (c) any physical person residing with the first person, and (d) any legal persons in which the first
    person and the persons set forth under (a) to (c) above or their respective successors directly or indirectly have an interest in
    any capacity including as provider of finance, director, manager, partner or shareholder of any company or any other legal entity,
    or as an employee, consultant, agent or subcontractor of any individual, company or other legal entity.
	 	 
	Consents
    	has
    the meaning given in paragraph 6.1 of Part 1 of Schedule 2.
	 	 
	Control	in
                                            relation to a body corporate, the power of a person to secure that the affairs of the body
                                            corporate are conducted in accordance with the wishes of that person either:

 

	 	(a)	by
    means of the holding of shares, or the possession of voting power, in or in relation to that or any other body corporate; or
	 	 	 
	 	(b)	by
    virtue of any powers conferred by the constitutional or corporate documents, or any other document, regulating that or any other
    body corporate;

 

	 	and
    a Change of Control occurs if a person who controls any body corporate ceases to do so or if another person acquires control
    of it.
	 	 
	Current
    Use 	has
    the meaning given in paragraph 22.1 of Part 1 of Schedule 2.
	 	 
	Databases	has
    the meaning given in paragraph 19.1 of Part 1 of Schedule 2.
	 	 
	Director	each
    person who is a director of the Company as set out in Schedule 1.

 

    	2

     

    

 

	Disclosed	fairly
    disclosed (in or under the Disclosure Schedule and/or this Agreement (including its Schedules), in a clear and unambiguous manner,
    and in sufficient detail in order to allow a normally prudent and diligent buyer or its professional advisors to assess the significance
    and scope of the matter disclosed and its impact on the Company, and provided that there is no omission from the information disclosed
    that would prevent the significance or impact of the information disclosed to be apparent to the Buyer.
	 	 
	Disclosure

                                                                              Schedule
	Schedule
    4 to this Agreement.
	 	 
	EHS
    Laws 	has
    the meaning given in paragraph 17.1 of Part 1 of Schedule 2.
	 	 
	EHS
    Matters	has
    the meaning given in paragraph 17.1 of Part 1 of Schedule 2.
	 	 
	EHS
    Permits 	has
    the meaning given in paragraph 17.1 of Part 1 of Schedule 2.
	 	 
	Employee
    	has
    the meaning given in paragraph 21.1 of Part 1 of Schedule 2.
	 	 
	Employment

                                                                              Legislation
                                            
	has
    the meaning given in paragraph 21.1 of Part 1 of Schedule 2.
	 	 
	Encumbrance	any
    interest or equity of any person (including any right to acquire, option or right of pre-emption) or any mortgage, charge, pledge,
    lien, assignment, hypothecation, security interest, title retention or any other security agreement or arrangement.
	 	 
	Environment
    	has
    the meaning given in paragraph 17.1 of Part 1 of Schedule 2.
	 	 
	Financial

                                                                              Facilities
                                            
	has
    the meaning given in paragraph 13.1.2 of Part 1 of Schedule 2.
	 	 
	First Deferred
    Consideration 	means
    the sum of EUR 450,000.
	 	 
	Fundamental

                                                                              Warranties
	has
    the meaning given in Clause 7.8.2.
	 	 
	Group	in
    relation to a company (wherever incorporated), that company, any company of which it is a Subsidiary from time to time (its holding
    company) and any other Subsidiaries from time to time of that company or its holding company. Each company in a Group is a member
    of the Group.
	 	 
	Harm	has
    the meaning given in paragraph 17.1 of Part 1 of Schedule 2.
	 	 
	Hazardous
    Substances 	has
    the meaning given in paragraph 17.1 of Part 1 of Schedule 2.
	 	 
	Indemnity
    Claim 	a
    claim for breach of any of the indemnities in Clause 9.
	 	 
	Initial Cash
    Consideration 	means
    the sum of EUR 1,502,981.

 

    	3

     

    

 

	Initial

                                                                                Consideration

                                                                                Shares
                                            
	means
    that number of shares of Class A Common Stock as shall be determined by dividing (a) EUR 350,000, by (b) 100% of the closing price
    per share of Boxlight’s Class A Common Stock, as traded in the United States on Nasdaq on the trading day which shall be five
    Business Days following Closing, to be allotted, credited as fully paid, to the Seller, in accordance with Clause 4.4.2.
	 	 
	Intellectual

                                                                              Property
                                            Rights
	has
    the meaning given in paragraph 18.1 of Part 1 of Schedule 2.
	 	 
	IT
    Contracts 	has
    the meaning given in paragraph 19.1 of Part 1 of Schedule 2.
	 	 
	IT
    System 	has
    the meaning given paragraph 19.1 of Part 1 of Schedule 2.
	 	 
	Lease	has
    the meaning given in paragraph 22.1 of Part 1 of Schedule 2.
	 	 
	Leasehold
    Property	has
    the meaning given in paragraph 22.1 of Part 1 of Schedule 2.
	 	 
	Lease
    Sums 	has
    the meaning given in paragraph 22.9 of Part 1 of Schedule 2.
	 	 
	Loss(es)	any
    expense, cost, penalty, payment, loss of value or income, or damage on a euro-for-euro basis incurred, borne or suffered by the Company
    or the Buyer in connection with a breach of the Warranties (i.e. any Warranty not being true, complete correct and/or not misleading
    to the extent that it omits to state a fact that should have been stated for the Warranty not to be misleading) or any of the undertakings
    and/or obligations of the Seller provided for in this agreement, but excluding reputational damages. 
	 	 
	Management

                                                                              Agreement
	has
    the meaning given in Clause 4.3.5.
	 	 
	Material

                                                                              Contract
	has
    the meaning given in paragraph 11.1 of Part 1 of Schedule 2.
	 	 
	Material

                                                                              Counterparty
	has
    the meaning given in paragraph 10.1 of Part 1 of Schedule 2.
	 	 
	Nasdaq	means
    the Nasdaq Capital Market securities exchange of the Nasdaq Stock Market.
	 	 
	Policies
    	has
    the meaning given in paragraph 7.2 of Part 1 of Schedule 2.
	 	 
	Proceedings	has
    the meaning given in paragraph 8.1 of Part 1 of Schedule 2.
	 	 
	Prospective

                                                                              Customer
	has
    the meaning given in Clause 11.1. 
	 	 
	Purchase
    Price	the
    purchase price for the Sale Shares to be paid by the Buyer to the Seller in accordance with Clause 3.
	 	 
	Records	has
    the meaning given in paragraph 24.1 of Part 1 of Schedule 2.

 

    	4

     

    

 

	Restricted

                                                                                Business
	has
    the meaning given in Clause 11.1.
	 	 
	Restricted

                                                                              Customer
	has
    the meaning given in Clause 11.1.
	 	 
	Restricted
    Person 	has
    the meaning given in Clause 11.1.
	 	 
	Sale
    Shares	the
    300 registered shares without nominal value in the Company, all of which are fully paid.
	 	 
	Second

                                                                              Deferred

                                                                              Consideration
                                            
	means
    the sum of EUR 450,000.
	 	 
	Seller’s
    Lawyers	Ms.
    Nathalie Blauwblomme at Uniqum Advocaten of Beneluxpark 15, 8500 Kortrijk, nathalie.blauwblomme@uniqum.be.
	 	 
	Schedule	means
    any schedule to this Agreement.
	 	 
	Software	has
    the meaning given in paragraph 19.1 of Part 1 of Schedule 2.
	 	 
	Source
    Code	has
    the meaning given in paragraph 19.1 of Part 1 of Schedule 2.
	 	 
	Subsidiary	in
    relation to a company wherever incorporated (a holding company), any company in which the holding company (or persons acting on its
    behalf) directly or indirectly holds or controls either:

 

	 	(a)	a
    majority of the voting rights exercisable at shareholder meetings of that company; or
	 	 	 
	 	(b)	the
    right to appoint or remove a majority of its board of directors,

 

	 	and
    any company which is a Subsidiary of another company is also a Subsidiary of that company’s holding company. Unless the context
    otherwise requires, the application of the definition of Subsidiary to any company at any time shall apply to the company as it is
    at that time.
	 	 
	“Tax”	all
                                            forms of taxation and statutory, governmental, state, federal, provincial, local, government
                                            or municipal charges, duties, imposts, contributions, levies, withholdings or other liabilities
                                            in the nature of taxation wherever chargeable and whether of Belgium or any other jurisdiction
                                            (including, for the avoidance of doubt, social security contributions in Belgium and corresponding
                                            obligations elsewhere) and any penalty, fine, surcharge, interest, charges or costs relating
                                            to it, including (but without limitation):

 

	 	(a)	any
    amount of tax which is the subject of or results in a charge, security or right to sell imposed by, or provided by law to, a Tax
    Authority over any of the assets of the Company; and

 

    	5

     

    

 

	 	(b)	all
    interest, penalties, surcharges, fines and other charges relating to any of the above or to a failure to make any return, comply
    with any reporting requirements or supply any information in connection with any of the above or any failure to register, deregister
    or give any notification in respect of any of them and the cost of removing any charge or other encumbrance imposed by a Tax Authority.

 

	“Tax
    Authority”	means
    any government, state or municipality or any local, state, federal or other fiscal, revenue, customs or excise authority, body or
    official anywhere in the world having functions in relation to Tax (including, for the avoidance of doubt, the Federal or Flemish
    tax administration).
	 	 
	Tax
    Covenant	the
    tax covenant set out in Schedule 5.
	 	 
	Tax
    Savings 	has
    the meaning given in Clause 7.11.
	 	 
	Tax
    Warranties	the
    warranties set out in Part 2 of Schedule 2.
	 	 
	Transaction	the
    transaction contemplated by this Agreement or any part of that transaction.
	 	 
	Transaction

                                                                              Documents
	this
    Agreement, and any other document to be entered into pursuant to this Agreement in connection with the Transaction.
	 	 
	Usual
                                            Business

                                                                              Hours
	has
    the meaning given in Clause 20.6.
	 	 
	Virus
    	has
    the meaning given in Paragraph 19.1 of Part 1 of Schedule 2.
	 	 
	Warranties	the
    warranties given pursuant to Clause 6.1 and set out in Schedule 2.

 

	1.2	Clause,
    Schedule and paragraph headings shall not affect the interpretation of this Agreement.
	 	 
	1.3	References
    to Clauses and Schedules are to the Clauses of and Schedules to this Agreement and references to paragraphs are to paragraphs of
    the relevant Schedule.
	 	 
	1.4	The
    Schedules form part of this Agreement and shall have effect as if set out in full in the body of this Agreement. Any reference to
    this Agreement includes the Schedules.
	 	 
	1.5	A
    reference to this Agreement or to any other agreement or document referred to in this Agreement is a reference to this Agreement
    or such other agreement or document as varied or novated (in each case, other than in breach of the provisions of this Agreement)
    from time to time.
	 	 
	1.6	Unless
    the context otherwise requires, words in the singular shall include the plural and the plural shall include the singular.
	 	 
	1.7	A
    person includes a natural person, a corporate or unincorporated body (whether or not having separate legal personality) and that
    person’s personal representatives, successors and permitted assigns.

 

    	6

     

    

 

	1.8	This
    Agreement shall be binding on and ensure to the benefit of, the parties to this Agreement and their respective successors and permitted
    transferee and references to a party shall include that party’s personal representatives, successors and permitted transferees.
	 	 
	1.9	A
    reference to a company shall include any company, corporation or other body corporate, wherever and however incorporated or established.
	 	 
	1.10	A
    reference to writing or written includes email (unless otherwise expressly provided in this Agreement).
	 	 
	1.11	Any
    words following the terms including, include, in particular, for example or any similar expression shall be construed as illustrative
    and shall not limit the sense of the words, description, definition, phrase or term preceding those terms.
	 	 
	1.12	Unless
    otherwise provided, a reference to a law is a reference to it as amended, extended or re-enacted from time to time provided that,
    as between the parties, no such amendment, extension or re-enactment made after the date of this Agreement shall apply for the purposes
    of this Agreement to the extent that it would impose any new or extended obligation, liability or restriction on, or otherwise adversely
    affect the rights of, any party.
	 	 
	1.13	A
    reference to a law shall include all subordinate legislation made from time to time under that law.
	 	 
	1.14	Any
    obligation on a party not to do something includes an obligation not to allow that thing to be done.
	 	 
	1.15	References
    to times of day are, unless the context otherwise requires, to London time and references to a day are to a period of 24 hours running
    from midnight on the previous day.
	 	 
	1.16	Any
    amount expressed to be in Euros shall, to the extent that it requires, in whole or in part, to be expressed in any other currency
    in order to give full effect to this Agreement, be deemed for that purpose to have been converted into the relevant currency immediately
    before the close of business on the date of this Agreement (or, if that is not a Business Day, the Business Day immediately following
    it). Subject to any applicable legal requirements governing conversions into that currency, the rate of exchange shall be Barclays
    Bank Plc’s spot rate for the purchase of that currency with Euros at the time of the deemed conversion.

 

	2	Sale
    and purchase
	 	 
	2.1	On
    the terms of this Agreement, the Seller shall sell and the Buyer shall buy, with effect from Closing, the Sale Shares with full title
    guarantee free from all Encumbrances and together with all rights that attach (or may in the future attach) to the Sale Shares including,
    in particular, the right to receive all dividends and distributions declared, made or paid on or after the Closing Date.
	 	 
	2.2	The
    Seller covenants with the Buyer that:

 

	 	2.2.1	it
    has the right to sell the Sale Shares on the terms set out in this Agreement;
	 	 	 
	 	2.2.2	it
    shall take all further actions as required to give the Buyer the full legal and beneficial title to the Sale Shares;
	 	 	 
	 	2.2.3	it
    sells the Sale Shares free from all Encumbrances;

 

    	7

     

    

 

	 	2.2.4	there
    is no right to require the Company to issue any share capital or create an Encumbrance affecting any unissued shares or debentures
    or other unissued securities of the Company; and
	 	 	 
	 	2.2.5	no
    commitment has been given to create an Encumbrance affecting the Sale Shares (or any unissued shares or debentures or other unissued
    securities of the Company), or for the Company to issue any share capital and no person has claimed any rights in connection with
    any of those things.

 

	2.3	The
    Buyer is not obliged to complete the purchase of any of the Sale Shares unless the purchase of all the Sale Shares is completed simultaneously.
	 	 
	3	Purchase
    Price
	 	 
	3.1	The
    Purchase Price for the Sale Shares shall be the aggregate of the following payments:

 

	 	3.1.1	the
    Initial Cash Consideration, to be paid in cash on Closing to the Seller in accordance with Clause 3.3; plus
	 	 	 
	 	3.1.2	the
    Initial Consideration Shares, to be issued to the Seller in accordance with Clause 4.4.2; plus 
	 	 	 
	 	3.1.3	the
    First Deferred Consideration, to be paid in cash to the Seller on the date falling 90 days after the Closing Date; plus
	 	 	 
	 	3.1.4	the
    Second Deferred Consideration, to be paid in cash to the Seller, subject to and in accordance with the Clause 3.4.

 

	3.2	The
    Purchase Price shall be deemed to be reduced by the amount of any payment made to the Buyer for each and any:

 

	 	3.2.1	Claim;
    or
	 	 	 
	 	3.2.2	Indemnity
    Claim.

 

	3.3	All
    payments to be made to the Seller under this Agreement shall be made in Euros by electronic transfer of immediately available funds
    to the account of the Seller with number BE15 0634 9185 7430 GKCC BEBB (Belfius).
	 	 
	3.4	The
    Second Deferred Consideration shall be paid by the Buyer in three equal tranches of EUR 150,000, whereby the first tranche will be
    payable on 31 December 2021, the second tranche will be payable on 31 December 2022 and the third tranche will be payable on 31 December
    2023.
	 	 
	3.5	The
    Buyer shall be entitled (at its sole discretion) to withhold the amount of any claim it has against the Seller under this agreement
    from the First Deferred Consideration and/or Second Deferred Consideration and to treat its obligation to make such payment as being
    suspended pro tanto by the amount so withheld.
	 	 
	3.6	The
    Parent guarantees the performance of the payment obligations of the Buyer in relation to the First Deferred Consideration and the
    Second Deferred Consideration, as well as the obligations of the Buyer in relation to the issuance of the Initial Consideration Shares,
    provided that (i) the Buyer fails to perform or satisfy its payment obligations in relation to the payment of the First Deferred
    Consideration and/or the Second Deferred Consideration for thirty (30) calendar days following a notice of default sent by the Seller
    in accordance with Clause 20 and (ii) the Seller has complied with all its obligations under this Agreement. Any obligation of the
    Parent under this Clause 3.6 shall be subject to any exceptions and defenses the Buyer has under this Agreement and the applicable
    laws. The obligations of the Parent pursuant to this Agreement are limited to the obligations set out in this Clause 3.6.

 

    	8

     

    

 

	4	Closing
	 	 
	4.1	Closing
    shall take place on the Closing Date at such place or time as agreed in writing by the Seller and the Buyer.
	 	 
	4.2	In
    this Agreement, Closing Date means the date of this Agreement.
	 	 
	4.3	At
    Closing, the Seller shall:

 

	 	4.3.1	transfer
    the Sale Shares in such form as is necessary for the Buyer to acquire legal ownership of the Sale Shares in accordance with the laws
    of Belgium;
	 	 	 
	 	4.3.2	deliver
    to the Buyer the original copy of the Company’s share register;
	 	 	 
	 	4.3.3	deliver
    to the Buyer any documents necessary to transfer the Sale Shares in accordance with Clause 4.3.1 and any other documents referred
    to in this Agreement as being required to be delivered by the Seller;
	 	 	 
	 	4.3.4	deliver
    the written resignations, in agreed form, of the Seller as the statutory director (“statutair bestuurder”) of
    the Company, and his successors, resigning from their offices with the Company, without prejudice to Clause 4.5.2;
	 	 	 
	 	4.3.5	deliver
    two (2) originals of the management agreement in the form as attached in Schedule 6 (“Management Agreement”) and the
    representative letter duly signed and initialled by the Seller on the Closing Date; and
	 	 	 
	 	4.3.6	deliver
    evidence, to the satisfaction of the Buyer, of the completion of a transfer and assignment of the pension, life and invalidity insurances
    with respect to the Seller with KBC Verzekeringen, (“Carve-Out”) whereby the Company shall have no further liability
    in relation to such policies and the Carve-Out and the Seller shall irrevocably and unconditionally (a) assume full and exclusive
    responsibility for such insurance policies and (b) waive and release, and hold harmless and indemnify, the Company, to the maximum
    extent allowed by law, from and against any liability in relation to the aforementioned policies and the carve-out, it being understood
    that if the Carve-Out is not fully completed at Closing, the Buyer may elect to proceed with Closing, and the Parties shall fulfil
    any further formalities to complete the Carve-Out as soon as possible after the Closing Date pursuant to Clause 15;
	 	 	 
	 	4.3.7	provide
    to the Buyer and the Buyer’s Lawyers an electronic encrypted storage device (e.g. USB memory stick) with a copy of all documents
    made available to the Buyer for purposes of conducting its due diligence; and
	 	 	 
	 	4.3.8	provide
    to the Buyer a detailed overview of the inventory of the Company as at the Closing Date.

 

	4.4	At
    (or where stated following) Closing, the Buyer shall, or shall procure (subject to the Seller complying with Clause 4.3):

 

	 	4.4.1	pay
    the Initial Cash Consideration in accordance with Clause 3;

 

    	9

     

    

 

	 	4.4.2	within
    30 days after Closing, the Initial Consideration Shares (to be determined as indicated in the relevant definition, taking into account
    the closing price per share as traded in the United States on Nasdaq on the trading day which shall be five Business Days following
    Closing) are issued to the Seller, by Boxlight issuing a share certificate evidencing the Initial Consideration Shares appropriately
    registered in the name of the Seller;
	 	 	 
	 	4.4.3	deliver
    a copy of the resolution in agreed form adopted by the board of directors of the Buyer authorising the Transaction and the execution
    and delivery by the officers specified in the resolution of this Agreement and any other documents referred to in this Agreement
    as being required to be delivered by the Buyer;
	 	 	 
	 	4.4.4	deliver
    to the Seller an executed counterpart of the Management Agreement.

 

	4.5	At
    (or where stated following) Closing, the Parties:

	 	 

	 	4.5.1	or
    their duly authorised attorney-in-fact shall record the transfer of the Sale Shares to the Buyer in the share register of the Company,
    and shall sign the Company’s share register to that effect.
	 	 	 
	 	4.5.2	shall
    procure that a resolution of the shareholders of the Company is passed to approve the appointment for an indefinite term of Mr. Mark
    Starkey, Mr. Patrick Foley and the Seller as non-statutory directors of the Company, whose offices shall be non-remunerated; to the
    extent practicable the Parties shall procure that, an extraordinary general meeting of shareholders of the Company shall be held
    at the Closing Date or as soon as possible after Closing, before a notary public, which will decide on (i) a name change of the Company,
    (ii) the adoption of the new Code of Companies and Associations, (iii) the acknowledgement of the resignation of the Seller as a
    statutory director of the Company, (iv) the granting of discharge to the Seller for its management during any period prior to Closing
    and (v) any other amendments to the Articles of Association as the Buyer may decide in its sole discretion, in accordance with article
    5:98 of the Belgian Code of Companies and Associations. The Parties explicitly acknowledge that the granting of (interim) discharge
    will not affect any of the rights of the Buyer under this Agreement. The Buyer shall make sure that at the next annual general meeting(s)
    of shareholders of the Company discharge will be granted to the Seller for the full period of his mandate, in accordance with and
    subject to article 5:98 of the Belgian Code of Companies and Associations taking into account the information that has been Disclosed
    prior to the date of this agreement.
	 	 	 
	 	4.5.3	shall
    procure that a meeting of the board of directors of the Company is held to approve (i) the entering by the Company into the Management
    Agreement, (ii) a new delegation of management and banking powers, as determined by the Buyer and (iii) such further matters as identified
    by the Parties.
	 	 	 
	 	4.5.4	shall
    procure that the registered office address of the Company is changed within 60 days following Closing.

 

	4.6	As
    soon as possible after Closing, the Seller shall send to the Buyer (at the Company’s registered office for the time being)
    all records, correspondence, documents, files, memoranda and other papers relating to the Company, which are not kept at the Leasehold
    Property and which are not otherwise required to be delivered at Closing.
	 	 
	4.7	The
    effectiveness of the actions taken by the Seller on Closing is conditional upon the Buyer duly taking the actions required to be
    taken by it at or shortly following Closing and vice versa. The Buyer may at any time waive some or all of the Seller’s
    obligations on Closing by giving advance notice.

 

    	10

     

    

 

	5	LEAKAGE
	 	 
	5.1	In
    this Clause 5 and in this Agreement the following words shall have the following meanings:

 

Leakage:
has the meaning given in Clause 5.2;

 

Leakage
Amount: means, in relation to any breach of a Leakage Undertaking, the aggregate of (as appropriate):

 

	 	5.1.1	the
    amount of the payment made, payable or incurred by the Company;
	 	 	 
	 	5.1.2	the
    amount (or, if it is satisfied otherwise than in cash, the market value) of the dividend or distribution declared, made or paid by
    the Company;
	 	 	 
	 	5.1.3	the
    market value of the asset transferred or surrendered, or of the benefit provided, by the Company;
	 	 	 
	 	5.1.4	the
    amount of the liability undertaken, assumed, indemnified, incurred or guaranteed by the Company; or
	 	 	 
	 	5.1.5	the
    amount of the debt or liability waived, released, reduced or discharged by the Company,

 

in
the case of 5.1.3, 5.1.4 or 5.1.5 above, net of the amount of any cash consideration, or the market value of any other consideration,
received by the Company for the relevant asset, benefit, liability, assumption, indemnity, incurring, guarantee, waiver, release, reduction
or discharge;

 

in
each case net of and reduced with the amount of any associated Tax Savings from which the Company benefits in connection with or in respect
of any matter referred to above.

 

Leakage
Undertaking: has the meaning given in Clause 5.2;

 

Permitted
Leakage: each and any of the following:

 

	 	5.1.6	any
    payments made (or to be made) by the Company to the Seller or a in the ordinary course, on arm’s length terms and on a basis
    consistent with past practice, but not exceeding in aggregate EUR 500;
	 	 	 
	 	5.1.7	any
    payments made (or to be made) by the Company which have been specifically accrued or provided for in the Accounts; and
	 	 	 
	 	5.1.8	any
    other payment, accrual, transfer of assets or assumption of liability by the Company which the Buyer has expressly approved in writing,
	 	 	 
	 	5.1.9	the
    dividend declared and paid by the Company on 12/3/2021, to the amount of EUR 249,272.52, provided that applicable withholding tax
    is fully paid by the Company
	 	 	 
	 	5.1.10	the
    payment of the current account due to the Seller, to the amount of EUR 57,772.93;

 

    	11

     

    

 

	5.2	Save
    in respect of any Permitted Leakage, the Seller undertakes to the Buyer that between 31 December 2020 and Closing that:

 

	 	5.2.1	the
    Company has not declared, made or paid any dividend or distribution (whether in cash or in kind) to any of the Seller (or any person
    Connected with the Seller);
	 	 	 
	 	5.2.2	the
    Company has not made any repayment of principal on, payment of any interest on or other payment in relation to any debt or other
    obligation to any of the Seller or any person Connected with the Seller;
	 	 	 
	 	5.2.3	the
    Company has not made any payments of any kind (including salary, pension contributions, bonuses, ex gratia payments, fees, charges
    or compensation) to, or granted future benefits to, or transferred or surrendered assets to, or for the benefit of the Seller or
    any person Connected with the Seller;
	 	 	 
	 	5.2.4	the
    Company has not assumed, incurred, indemnified or discharged any liability or obligation (whether actual, future or contingent) in
    favour of or for the benefit of the Seller or any person Connected with the Seller;
	 	 	 
	 	5.2.5	the
    Company has not made any payments to any of the Seller or any person Connected with the Seller in respect of the issue, redemption,
    purchase, repayment or cancellation of any share capital, loan capital or other securities of the Company or any other return of
    capital;
	 	 	 
	 	5.2.6	the
    Company has not created any charge or other Encumbrance over any of its assets in favour of or for the benefit of the Seller or any
    person Connected with the Seller;
	 	 	 
	 	5.2.7	the
    Company has not made any payments by way of management or similar fees to the Seller or any person Connected with the Seller;
	 	 	 
	 	5.2.8	the
    Company has not waived, deferred, released, reduced or discharged all or any part of any liability or obligation owed to it by the
    Seller or any person Connected with the Seller, whether that amount was due and payable;
	 	 	 
	 	5.2.9	the
    Company has not made any payments in respect of fees or expenses to any advisor of the Seller or any person Connected with the Seller
    in relation to the transaction which is the subject matter of this Agreement;
	 	 	 
	 	5.2.10	no
    Tax has been incurred or become payable by the Company as a consequence of any of the matters referred to in Clauses 5.2.1 to 5.2.9
    (inclusive) occurring;
	 	 	 
	 	5.2.11	the
    Company has not undertaken, agreed or arranged (conditionally or otherwise) to do or give effect to any of the matters referred to
    in Clauses 5.2.1 to 5.2.9 (inclusive).

 

(each
a “Leakage Undertaking” and together the “Leakage Undertakings” and the occurrence of any of the matters set
out in this Clause 5.2 on or after the 31 December 2020 and at or before Closing constituting an incident of “Leakage”).

 

	5.3	The
    Seller undertakes to the Buyer to notify the Buyer in writing ten Business Days after becoming aware of any Leakage, and in each
    case within 90 days following Closing.

 

    	12

     

    

 

	5.4	In
    the event of any breach of any Leakage Undertaking, the Seller shall pay to the Buyer within ten Business Days of a written demand
    a sum equal to the Leakage Amount.
	 	 
	5.5	The
    parties acknowledge and agree that notwithstanding any other provision of this Agreement none of the provisions of Clause 7 shall
    apply to any claim or demand under this Clause 5.
	 	 
	5.6	Notwithstanding
    any other provision of this Agreement, nothing in the Disclosure Schedule shall qualify or limit the liability of the Seller under
    this Clause 5.
	 	 
	5.7	Nothing
    in this Clause 5 shall apply to limit the liability of the Seller in respect of any claim for breach of the Leakage Undertakings
    to the extent that it arises or is increased as a consequence of, or is delayed as a result of, fraud or wilful deceit (bedrog)
    on the part of the Seller.
	 	 
	6	Warranties
	 	 
	6.1	The
    Seller warrants to the Buyer that each Warranty is true and not misleading to the extent that it omits to state a fact that should
    have been stated for the Warranty not to be misleading on the date of this Agreement (or on any other date specifically indicated
    in the Warranties) and shall indemnify the Buyer or the Company (at the option of the Buyer) for any Losses.
	 	 
	6.2	Warranties
    qualified by the expression so far as the Seller is aware (or any similar expression) are deemed to be given and refer to the actual
    knowledge of the Seller and the knowledge which the Seller could or should have had in his capacity of shareholder and sole statutory
    director of the Company.
	 	 
	6.3	The
    Buyer and its advisors have been entitled to conduct a due diligence investigation regarding the Company and have had the opportunity
    to investigate and review the information made available by the Seller in a data room. The Buyer confirms that, at the date of this
    Agreement, it is not aware, on the basis of the data room or the information Disclosed of any facts, matters, events or circumstances
    which could give rise to a Claim under this Agreement. The Seller shall not be liable in respect of any Claim to the extent that
    the matters, facts, events and circumstances have been Disclosed in the Disclosure Schedule and unless these matters, facts, events
    and circumstances relate to a breach of the Fundamental Warranties or result in an Indemnity Claim.
	 	 
	6.4	For
    the avoidance of doubt, the rights and remedies of the Buyer in respect of any Claim or claim under the Tax Covenant shall not be
    affected by Closing.
	 	 
	7	Limitations
    on Claims
	 	 
	7.1	Save
    as provided under Clause 7.8, this Clause 7 limits the liability of the Seller in relation to any Claim.
	 	 
	7.2	The
    aggregate liability of the Seller for all Claims shall not exceed an amount equal to 30% of the Purchase Price, with the exception
    of any Claim for a breach of the Tax Warranties for which the aggregate liability of the Seller shall amount to 50% of the Purchase
    Price
	 	 
	7.3	The
    Seller shall not be liable for a Claim unless:

 

	 	7.3.1	the
    Seller’s liability in respect of such Claim (together with any connected Claims) exceeds EUR 5,000; and

 

    	13

     

    

 

	 	7.3.2	the
    amount of the Seller’s liability in respect of such Claim, either individually or when aggregated with the Seller’s liability
    for all other Claims (other than those excluded under Clause 7.3.1) exceeds EUR 50,000, in which case the Seller shall be liable
    for the whole amount of the Claim and not just the amount above the threshold specified in this Clause 7.3.2.

 

	7.4	The
    Seller shall not be liable for a Claim if and to the extent that the Claim:

 

	 	7.4.1	arises
    from facts, events or circumstances that have been Disclosed; or
	 	 	 
	 	7.4.2	relates
    to a matter specifically and fully provided for in the Accounts.

 

	7.5	The
    Seller shall not be liable for a Claim (other than a Claim pursuant to the Tax Warranties) unless notice in writing summarising the
    nature of the Claim (in so far as it is known to the Buyer) and, as far as is reasonably practicable, the amount claimed, has been
    given by or on behalf of the Buyer to the Seller in the period of 2 years commencing on the Closing Date. Any Claim for a breach
    of the Tax Warranties shall lapse unless it has been notified by or on behalf of the Buyer to the Seller within 3 months after the
    expiry, under the applicable legal statute of limitation, of the right of any relevant Tax Authority to make or issue a claim against
    the Company.
	 	 
	7.6	Where
    notice of a Claim (other than a Claim pursuant to the Tax Warranties) is given under Clause 7.5 but legal proceedings have not been
    issued and served within the period of 12 months (beginning with the day on which the notice is deemed to be received), such Claim
    shall be deemed to be withdrawn.
	 	 
	7.7	The
    Buyer is not entitled to recover damages or otherwise obtain restitution more than once in respect of the same Losses.
	 	 
	7.8	Nothing
    in this Clause 7 or Schedule 5 applies to exclude or limit the liability of the Seller:

 

	 	7.8.1	If
    and to the extent that a Claim or a claim under the Tax Covenant arises or is delayed as a result fraud, or wilful deceit (bedrog)
    by the Seller, its agents or advisers; or
	 	 	 
	 	7.8.2	for
    any Claim made under the Warranties in paragraph 1.1, paragraph 1.2, paragraph 2.1, paragraph 2.2, or paragraph 2.3 of Part 1 of
    Schedule 2 (the “Fundamental Warranties”).

 

	7.9	Recovery
    from insurers or other third parties: The Seller shall have no obligation to reimburse the Buyer nor the Company of any Claim if
    and to the extent that the Losses in respect of which the Claim is made are actually recovered from any third party, it being understood
    that the Buyer shall and shall procure that the Company shall make all commercially reasonable efforts with a view to the recovery
    of any (part of any) Losses from any third party, insofar this is permitted by applicable laws.
	 	 
	7.10	Duty
    to mitigate: nothing in this agreement restricts or limits the Buyer’s general obligation under the law to avoid or mitigate
    any loss or damage which it may incur in connection with a matter giving rise to a Claim.
	 	 
	7.11	Any
    amount owed by the Seller in respect of any Claim shall be reduced by the amount of any Tax Savings for the Buyer or the Company
    arising from the Loss in respect of which the Claim has been made.

 

    	14

     

    

 

If
the amount of the Tax Savings arising from a Loss as contemplated in this Clause is determined after payment by the Seller of any amount
in discharge of the Claim, the Buyer shall pay to the Seller an amount equal to the difference between:

 

	 	7.11.1	the
    amount paid by the Seller to the Buyer; and
	 	 	 
	 	7.11.2	the
    amount that the Purchaser would have received if such Tax Savings had been taken into account in determining the amount due by the
    Seller in accordance with this Clause.

 

For
the purposes of this Clause “Tax Savings” means the amount by which any Tax for which the Buyer or the Company as the case
may be would otherwise have been liable is reduced as a result of such Loss in the same financial year as the financial year in which
the Loss occurs.

 

	7.12	Tax
    Gross-Up. If any amount paid in relation to a Claim is subject to any Tax, the amount so payable shall be increased by such amount
    as is necessary to ensure that after the payment of such Tax there shall be left a sum equal to the amount that the Buyer would have
    received pursuant to this Agreement in the absence of such Tax.
	 	 
	7.13	The
    Seller shall not be liable for any Claim to the extent that the matter giving rise to the relevant Claim would not have arisen (or
    the amount of Losses would have been lower) but for the passing of, or a change in, a law or administrative practice of a government,
    governmental agency or regulatory body, or an increase in the Tax rates or an imposition of a new Tax after the date of the agreement.

 

	8	CLaims
	 	 
	8.1	Defence
    of third-party claims

 

If
a Claim notified by the Buyer to the Seller arises as a result of or in connection with a claim brought or threatened by a third party
(a “Third Party Claim”), then, until such time as any final compromise, agreement, final judgment or award by a competent
court or arbitral tribunal in respect of that Third Party Claim is made or that Third Party Claim is otherwise finally disposed of, the
following shall apply:

 

	 	(a)	the
    Buyer shall (i) consult with, and shall procure that the Company consults with, the Seller in the defence of such Third Party Claim
    and (ii) ensure that the remarks of the Seller in respect of the conduct of any proceedings relating to the Third Party Claim or
    on draft letters or other material documents and material correspondence which the Company proposes to send to such third party in
    connection with the Third Party Claim are taken into account;
	 	 	 
	 	(b)	the
    Buyer shall procure that the Company does not make any admission of liability, agreement or settlement in relation to the Third Party
    Claim without the approval of the Seller (which shall not be unreasonably withheld or delayed). If the Buyer or the Company receives
    a bona fide settlement proposal in respect of a Third Party Claim, the Buyer shall and shall cause the Company to inform the Seller
    as soon as reasonably practicable.
	 	 	 
	 	(c)	the
    Buyer shall, and shall procure that the Company shall, provide the Seller with reasonable information as to the progress of the Third
    Party Claim from time to time;

 

    	15

     

    

 

	 	(d)	the
    Buyer shall use its best efforts, and shall procure that the Company shall use its best efforts, to conduct the dispute, defense
    or compromise in relation a Third Party Claim in a diligent and careful manner;
	 	 	 
	 	(f)	the
    Seller shall bear alone all costs which he incurs in connection with his participation in the defence of a Third Party Claim.

 

	8.2	Conduct
    of claims

 

In
connection with any Claim made by the Buyer against the Seller (other than any Claim for Tax under 0 or for breach of the Tax Warranties),
the Buyer shall describe in reasonable detail the facts or circumstances that give rise to the Claim and state the amount of the Loss
claimed (or a preliminary estimate thereof) including a copy of the relevant supporting documentation establishing the basis of the Claim.

 

	9	SPECIFIC
    Indemnities
	 	 
	9.1	Without
    limiting any other rights or remedies the Buyer may have, the Seller shall indemnify the Buyer or , at the Buyer’s option,
    the Company -taking into account that the Buyer and the Company shall in no event be indemnified twice for the same Loss as a result
    of a provision allowing the Buyer to choose whether the indemnification shall be paid to itself or the Company- against all Losses
    suffered or incurred by the Buyer or the Company arising out of or in connection with any of the following matters:

 

	 	9.1.1	the
    cash of the Company at Closing being less than EUR 1,400,000;
	 	 	 
	 	9.1.2	the
    Accounts not providing a true and complete view of the equity of the Company, at the Accounts Date, it being understood that the
    impact of any Claim or Indemnity Claim (with the exception of any Indemnity Claim pursuant to this Clause 9.1.2) on the equity of
    the Company at the Accounts Date shall not be considered to result in the Accounts not providing a true and complete view of the
    equity of the Company, for the purposes of this Clause 9.1.2;
	 	 	 
	 	9.1.3	any
    obligation under the Tax Covenant, as set out in 0.

 

	9.2	Any
    payment made by the Seller in respect of an Indemnity Claim shall include:

 

	 	9.2.1	an
    amount in respect of all reasonable costs and expenses incurred by the Buyer or the Company (as the case may be) in bringing the
    relevant Indemnity Claim; and
	 	 	 
	 	9.2.2	any
    amount necessary to ensure that, after the deduction of any Tax due on the payment, the Buyer or, the Company (as the case may be)
    is left with the same amount it would have had if the payment was not subject to Tax.

 

	9.3	For
    the avoidance of doubt, Parties acknowledge that any Indemnity Claim shall not be subject to the limitations set forth in Clause
    7, except for:

 

	 	-	Clause
    7.11 and 7.12;
	 	 	 
	 	-	Clause
    7.2, with the understanding that the aggregate liability of the Seller under this Clause 9 shall not exceed 50% of the Purchase Price,
    which amount shall not be reduced as a result of a Claim;

 

    	16

     

    

 

	 	-	Time
    limitations as stated in Clause 7.5, it being understood that an Indemnity Claim pursuant to the Tax Covenant shall lapse unless
    it has been notified by or on behalf of the Buyer to the Seller within 3 months after the expiry, under the applicable legal statute
    of limitation, of the right of any relevant Tax Authority to make or issue a claim against the Company.

 

	10	Subsequent
    sale of the sale shares
	 	 
	10.1	The
    Buyer shall not sell or otherwise transfer all or part of the Sale Shares to any non-EEA Company for a twelve-months period as from
    the date of Closing and shall fully indemnify Seller in case of breach of this covenant and shall reimburse the Seller for all related
    or resulting Taxes.
	 	 
	10.2	The
    Buyer further agrees and undertakes not to sell or otherwise transfer all or part of the Sale Shares to any individual or any EEA
    company without first obtaining a written statement of the transferee (a copy of which shall be delivered to the Seller) not to subsequently
    sell or otherwise transfer all or part of the Shares to any non-EEA company for a twelve-months period as from the Completion Date.
    Buyer shall fully indemnify and hold harmless Seller in case of breaches of this covenant or statement by the transferee and shall
    reimburse the Seller for all related or resulted Taxes.
	 	 
	11	Restrictions
    on the Seller
	 	 
	11.1	In
    this Clause, the following words and expressions shall have the following meanings:
	 	 
	11.2	Prospective
    Customer: a person who is at Closing, or has been at any time during the period of 12 months immediately preceding the Closing Date,
    in discussions with the Company with a view to becoming a client or customer of the Company.
	 	 
	11.3	Restricted
    Business: any business that is or would be in competition with any part of the Business, as it is being carried on at the Closing
    Date.
	 	 
	11.4	Restricted
    Customer: any person who is at Closing, or who has been at any time during the period of 12 months immediately preceding the Closing
    Date, a client or customer of, or in the habit of dealing with, the Company.
	 	 
	11.5	Restricted
    Person: any person who is at Closing, or who has been at any time during the period of 12 months immediately preceding the Closing
    Date, employed or directly or indirectly engaged by the Company.
	 	 
	11.6	The
    Seller undertakes to each of the Buyer and the Company that it shall not (either directly or indirectly shall):

 

	 	11.6.1	at
    any time during the period of 3 years commencing on the Closing Date, in Belgium, carry on or be engaged, concerned or interested
    in, or in any way assist, a Restricted Business;
	 	 	 
	 	11.6.2	at
    any time during the period of 3 years commencing on the Closing Date:

 

	 	11.6.2.1	canvass,
    solicit or otherwise seek the custom of Restricted Customer or Prospective Customer with a view to providing goods or services to
    that Restricted Customer or Prospective Customer in competition with the Business (or any part of it); or

 

    	17

     

    

 

	 	11.6.2.2	induce
    or attempt to induce a Restricted Customer or Prospective Customer to cease or refrain from conducting business with, or to reduce
    the amount of business conducted with, or to vary adversely the terms upon which it conducts business with, the Company, or do any
    other thing which is reasonably likely to have such an effect;

 

	 	11.6.3	at
    any time during the period of 3 years commencing on the Closing Date, have any business dealings with a Restricted Customer or a
    Prospective Customer in connection with the provision of goods or services to that Restricted Customer or Prospective Customer in
    competition with the Business (or any part of it);
	 	 	 
	 	11.6.4	at
    any time during the period of 3 years commencing on the Closing Date, have any business dealings with, solicit, entice or attempt
    to entice away any person who is at Closing, or has been at any time during the period of 3 years immediately preceding the Closing
    Date, a supplier of goods or services to the Company, if such dealings, solicitation or enticement causes or is reasonably likely
    to cause such supplier to cease supplying or to reduce its supply of goods and/or services to the Company or to vary adversely the
    terms upon which it conducts business with the Company;
	 	 	 
	 	11.6.5	at
    any time during the period of 3 years commencing on the Closing Date offer employment to, enter into a contract for the services
    of, or otherwise entice or attempt to entice away from the Company, any Restricted Person or procure or facilitate the making of
    any such offer or attempt by any other person;
	 	 	 
	 	11.6.6	at
    any time after Closing, use in the course of any business:

 

	 	11.6.6.1	the
    words “Interactive Concepts”;
	 	 	 
	 	11.6.6.2	any
    trade or service mark, business or domain name, design or logo which, at Closing, is or has been used by the Company in connection
    with the Business; or
	 	 	 
	 	11.6.6.3	anything
    which, in the reasonable opinion of the Buyer, is capable of confusion with the words, marks, names, designs or logos referred to
    in Clause 11.6.6.1 or Clause 11.6.6.2;

 

	 	11.6.7	at
    any time after Closing, do or say anything which may be harmful to the reputation of the Company; or
	 	 	 
	 	11.6.8	at
    any time after Closing, present himself or permit himself to be presented as (other than in the course of the Management Agreement
    and directorship with the Company):

 

	 	11.6.8.1	connected
    in any capacity with the Company; or
	 	 	 
	 	11.6.8.2	interested
    or concerned in any way in the Sale Shares (or any of them).

 

	11.7	The
    undertakings in Clause 11.6 are intended for the benefit of, and shall be enforceable by, each of the Buyer and the Company and shall
    apply to actions carried out by the Seller in any capacity (including as shareholder, partner, director, principal, consultant, officer,
    agent or otherwise) and whether directly or indirectly, on behalf of the Seller or on behalf of, or jointly with, any other person.

 

    	18

     

    

 

	11.8	Each
    of the Seller’s undertakings in Clause 11.6 is a separate undertaking and shall be enforceable by the Buyer and the Company
    separately and independently of their right to enforce any one or more of the other undertakings contained in that Clause.
	 	 
	11.9	The
    parties acknowledge that the Seller has confidential information relating to the Business and that the Buyer is entitled to protect
    the goodwill of the Business as a result of buying the Sale Shares. Accordingly, each of the undertakings in Clause 11.6 is considered
    fair and reasonable by the parties.
	 	 
	11.10	The
    consideration for the undertakings contained in Clause 11.6 is included in the Purchase Price.
	 	 
	12	Confidentiality
    and announcements
	 	 
	12.1	The
    Seller undertakes to each of the Buyer and the Company that he shall:

 

	 	12.1.1	keep
    confidential the terms of this Agreement and all confidential information or trade secrets in its possession concerning the business,
    affairs, customers, clients or suppliers of the Company or any member of the Buyer’s Group;
	 	 	 
	 	12.1.2	not
    disclose any of the information referred in Clause 12.1.1 (whether in whole or in part) to any third party, except as expressly permitted
    by this Clause 12; and
	 	 	 
	 	12.1.3	not
    make any use of any of the information referred in Clause 12.1.1, other than to the extent necessary for the purpose of exercising
    or performing its rights and obligations under this Agreement or the Management Agreement or the directorship.

 

	12.2	Nothing
    in this Agreement shall be construed as imposing on the Buyer an obligation to keep confidential, or restrict its use after Closing,
    of any information relating to the Company or to restrict its use of such information after Closing.
	 	 
	12.3	Notwithstanding
    any other provision of this Agreement, neither party is required to keep confidential or to restrict its use of any information that:

 

	 	12.3.1	is
    or becomes public knowledge or otherwise generally available to the public (other than as a direct or indirect result of the information
    being disclosed in breach of this Agreement);
	 	 	 
	 	12.3.2	the
    parties agree in writing is not confidential; or
	 	 	 
	 	12.3.3	was,
    is or becomes available to the receiving party on a non-confidential basis from a person who, to the receiving party’s knowledge,
    is not bound by a confidentiality agreement with the disclosing party or otherwise prohibited from disclosing the information to
    the receiving party.

 

	12.4	Either
    party may disclose any information that it is otherwise required to keep confidential under this Clause 12:

 

	 	12.4.1	to
    any employees, officers, consultants, representatives or advisers of any member of its Group who need to know such information for
    the purposes of advising on this Agreement or facilitating the Transaction, provided that the party making the disclosure informs
    the recipient of the confidential nature of the information before disclosure and procures that the recipients shall, in relation
    to the information disclosed to them, comply with the obligations set out in this Clause 12 as if the recipients were that party.
    The party making a disclosure under this Clause shall, at all times, be liable for the failure by its recipients to comply with the
    obligations set out in this Clause;

 

    	19

     

    

 

	 	12.4.2	in
    the case of the Buyer only, to a proposed transferee of the Sale Shares for the purpose of enabling the proposed transferee to evaluate
    the proposed transfer;
	 	 	 
	 	12.4.3	in
    the case of the Buyer only, to its funders, potential investors and their respective advisers, employees, officers, representatives
    or consultants in connection with the financing of the Transaction;
	 	 	 
	 	12.4.4	with
    the prior consent in writing of the other party;
	 	 	 
	 	12.4.5	to
    confirm either that the Transaction has taken place or the Closing Date, but without otherwise revealing any other terms of the Transaction
    or making any other announcement; or
	 	 	 
	 	12.4.6	to
    the extent that the disclosure is required:

 

	 	12.4.6.1	by
    the laws of any jurisdiction to which the disclosing party is subject;
	 	 	 
	 	12.4.6.2	by
    an order of any court of competent jurisdiction, or any regulatory, judicial, governmental or similar body, or any Tax Authority
    or securities exchange of competent jurisdiction;
	 	 	 
	 	12.4.6.3	to
    make any filing with, or obtain any authorisation from, any regulatory, governmental or similar body, or any Tax Authority or securities
    exchange of competent jurisdiction;
	 	 	 
	 	12.4.6.4	under
    any arrangements in place under which negotiations relating to terms and conditions of employment are conducted; or
	 	 	 
	 	12.4.6.5	to
    protect the disclosing party’s interest in any legal proceedings,

 

PROVIDED
that in each case (and to the extent it is legally permitted to do so) the disclosing party gives the other party as much notice of the
disclosure as possible.

 

	12.5	Each
    party shall supply the other party with such information about itself, its Group or this Agreement as the other party may reasonably
    require for the purposes of satisfying the requirements of any law or any judicial, governmental, regulatory or similar body or any
    Tax Authority or securities exchange of competent jurisdiction to which the other party is subject.
	 	 
	12.6	Subject
    to Clause 12.7, Clause 12.8 and Clause 12.9, neither party shall make, or permit any person to make, any public announcement, communication
    or circular concerning this Agreement or the Transaction (announcement) without the prior written consent of the other party.
	 	 
	12.7	Nothing
    in Clause 12.6 shall prevent either party from making an announcement required by law or any governmental or regulatory authority
    (including any Tax Authority), any securities exchange or any court or other authority of competent jurisdiction provided that the
    party required to make the announcement consults with the other party and takes into account the reasonable requests of the other
    party in relation to the content of such announcement before it is made.

 

    	20

     

    

 

	12.8	The
    parties shall issue a press release in agreed form immediately after Closing.
	 	 
	12.9	The
    Buyer may at any time after Closing announce its acquisition of the Sale Shares to any employees, clients, customers or suppliers
    of the Company or any other member of the Buyer’s Group.
	 	 
	13	Liquidated
    damages
	 	 
	13.1	In
    case of breach or infringement of any of the undertakings set out in Clause 10 and 12.1 by the Seller or a person connected to the
    Seller, the Seller shall pay to the Buyer or, at the Buyer’s sole option, to the Company, an amount of EUR 100,000 for each
    breach or infringement and, in addition, an amount of EUR 10,000 for each day such breach or infringement continues, without the
    need to serve notice on the Seller or the need of a court order and without prejudice to the right of the Buyer and/or the Company
    to recover damages in excess of the amounts specified in this Clause 13.1.
	 	 
	13.2	The
    Parties recognize that irreparable harm would result from any breach of Clause 10 and 12.1 and that monetary damages alone would
    not provide adequate relief for any such breach. Accordingly, in addition to any other remedy which may be available to the Buyer,
    including the indemnification undertakings set forth this Clause 13, if the Seller or a person connected to the Seller breach a restriction
    included in Clause 10 and 12.1, the Parties acknowledge that the Buyer or, at the Buyer’s option, the Company, may seek injunctive
    relief in a court of competent jurisdiction to stop any such breach.
	 	 
	14	No
    claims against the Company
	 	 
	14.1	The
    Seller confirms to the Buyer and the Company that (other than in respect of the Transaction Documents):

 

	 	14.1.1	the
    Company has no liability, obligation or commitment of any kind to any of the Seller (or any person Connected with the Seller); and
	 	 	 
	 	14.1.2	no
    circumstances or arrangements exist under which the Company could have any liability, obligation or commitment of any kind to any
    of the Seller (or any person Connected to the Seller).

 

	14.2	To
    the extent that any such liability, obligation or commitment exists (without prejudice to Clause 14.1), the Seller irrevocably and
    unconditionally:

 

	 	14.2.1	agrees
    with the Buyer that he shall not (and undertakes to procure that each person Connected to him shall not) at any time bring any claim
    or other action of any kind against the Company or any of their directors, officers or employees in relation to any such liability,
    obligation or commitment;
	 	 	 
	 	14.2.2	waives
    (and undertakes to procure that each person Connected to him shall waive) any and all rights which it or any of them may have or
    be entitled to exercise or which may arise (now or in the future and whether now known or not) in relation to any such liability,
    obligation or commitment; and
	 	 	 
	 	14.2.3	releases
    (and undertakes to procure that each person Connected to him shall release) the Company from any and all liabilities, obligations
    and commitments which may be owing by the Company to him or any of them (except for any liability, obligation or commitment arising
    from the Transaction Documents),

 

    	21

     

    

 

	14.3	and
    the Seller shall indemnify and hold harmless the Buyer against and accordingly pay to the Buyer an amount equal to all losses to
    the extent incurred or suffered by the Buyer or Company arising as a result of or in connection with any failure of that Seller to
    comply with his obligations under Clause 14.2.
	 	 
	15	Further
    assurance
	 	 
	15.1	The
    Seller shall, (and shall use reasonable endeavours to procure that any relevant third party shall) promptly execute and deliver such
    documents and perform such acts as the Buyer may reasonably require from time to time for the purpose of giving full effect to this
    Agreement.
	 	 
	15.2	Pursuant
    to this Clause 15.2, the Seller shall, among other things, provide further assistance as further required to ensure the completion
    of the required formalities by the Company in order for it to benefit from the tax shelter regime resulting in a tax free reserve
    of EUR 316,840, which the Company applied for in the financial years 2018 and 2019.
	 	 
	16	Assignment
	 	 
	16.1	Subject
    to the further provisions of this Clause 16, no party shall assign, transfer, mortgage, charge, declare a trust of, or deal in any
    other manner with any or all of its rights and obligations under this Agreement (or any other Transaction Document).
	 	 
	16.2	Each
    party confirms it is acting on its own behalf in relation to the Transaction and not for the benefit of any other person.
	 	 
	16.3	The
    Buyer may assign or transfer its rights (but not its obligations) under this Agreement (or any other Transaction Document) to:

 

	 	16.3.1	another
    member of its Group for so long as that company remains a member of the Buyer’s Group. The Buyer shall procure that any company
    assigns any rights assigned to it in accordance with this Clause 16.3 back to the Buyer or to such other member of the Buyer’s
    Group as it may nominate immediately before that company ceases to be a member of the Buyer’s Group; or
	 	 	 
	 	16.3.2	any
    person to whom the Sale Shares are sold or transferred by the Buyer following Closing.

 

	16.4	The
    Buyer may grant security over, or assign by way of security, any or all of its rights under this Agreement for the purposes of, or
    in connection with, the financing (whether in whole or in part) of the Transaction or any of its working capital or other requirements.
    On the enforcement of any security of a kind referred to in this Clause 16.4, the Buyer, or any administrative receiver of the Buyer
    or any person having the benefit of such security may assign any or all of the relevant rights to any person, but the Seller’s
    liability to any assignee in respect of those rights shall not be greater than if no assignment had taken place.
	 	 
	16.5	If
    there is an assignment or transfer of the Buyer’s rights under Clause 16.3 or Clause 16.4:

 

	 	16.5.1	the
    Seller may discharge its obligations under this Agreement to the Buyer until it receives notice of the assignment or transfer; and
	 	 	 
	 	16.5.2	the
    assignee or transferee may enforce this Agreement as if it were named in this Agreement as the Buyer, but the Buyer shall remain
    liable for any obligations under the agreement.

 

    	22

     

    

 

	17	Entire
    agreement
	 	 
	17.1	This
    Agreement (together with any other Transaction Document), constitutes the entire agreement between the parties and supersedes and
    extinguishes all previous discussions, correspondence, negotiations, drafts, agreements, promises, assurances, warranties, representations
    and understandings between them, whether written or oral, relating to their subject matter.
	 	 
	17.2	Each
    party acknowledges that in entering into this Agreement, and any other Transaction Document, it does not rely on, and shall have
    no rights or remedies in respect of, any statement, representation, assurance or warranty (whether made innocently or negligently)
    that is not set out in this Agreement or any other Transaction Document.
	 	 
	17.3	Each
    party agrees that it shall not have any claim for innocent or negligent misrepresentation or negligent misstatement based on any
    statement or warranty in this Agreement or any other Transaction Document.
	 	 
	17.4	Nothing
    in this Clause 17 operates to limit or exclude any liability for fraud.
	 	 
	18	Variation
    and waiver
	 	 
	18.1	No
    variation of this Agreement shall be effective unless it is in writing and signed by the parties (or their authorised representatives).
	 	 
	18.2	A
    waiver of any right or remedy under this Agreement or by law is only effective if it is given in writing. Any such waiver shall apply
    only to the circumstances for which it is given and shall not be deemed a waiver of any subsequent breach or default.
	 	 
	18.3	A
    failure or delay by any person to exercise any right or remedy provided under this Agreement or by law shall not constitute a waiver
    of that or any other right or remedy, nor shall it prevent or restrict any further exercise of that or any other right or remedy.
    No single or partial exercise of any right or remedy provided under this Agreement or by law shall prevent or restrict the further
    exercise of that or any other right or remedy.
	 	 
	18.4	A
    party that waives a right or remedy provided under this Agreement or by law in relation to one party, or takes or fails to take any
    action against that party, does not affect its rights in relation to any other party.
	 	 
	19	Costs

 

Except
as expressly provided in this Agreement, each party shall pay its own costs and expenses incurred in connection with the Transaction,
including the negotiation, preparation and execution of this Agreement and the other Transaction Documents.

 

	20	Notices
	 	 
	20.1	For
    the purposes of this Clause 20 (but subject to Clause 20.7), notice includes any other communication.
	 	 
	20.2	A
    notice given to a party under or in connection with this Agreement:

 

	 	20.2.1	shall
    be in writing and in English (or be accompanied by an accurate translation into English);

 

    	23

     

    

 

	 	20.2.2	shall
    be sent to the relevant party for the attention of the contact and to the address or, email address specified in Clause 20.3, or
    such other contact, address or email address as that party may notify in accordance with Clause 20.4;
	 	 	 
	 	20.2.3	shall
    be:

 

	 	20.2.3.1	delivered
    by hand;
	 	 	 
	 	20.2.3.2	sent
    by pre-paid first class post or another next working day delivery service;
	 	 	 
	 	20.2.3.3	sent
    by pre-paid airmail or by reputable international overnight courier (if the notice is to be served by post to an address outside
    the country from which it is sent); or
	 	 	 
	 	20.2.3.4	sent
    by email; and

 

	 	20.2.4	unless
    proved otherwise is deemed received as set out in Clause 20.5.

 

	20.3	The
    addresses and email addresses and contacts for service of notices are:

 

	 	20.3.1	SELLER

 

	 	20.3.1.1	address:
    Tempeliersstraat 14, 8570 Anzegem
	 	 	 
	 	20.3.1.2	email
    address: kcallens.ic@gmail.com
	 	 	 
	 	20.3.1.3	with
    a copy to Seller’s lawyer at nathalie.blauwblomme@uniqum.be

 

	 	20.3.2	BUYER

 

	 	20.3.2.1	address:
    the Buyer’s registered office from time to time
	 	 	 
	 	20.3.2.2	for
    the attention of: Patrick Foley
	 	 	 
	 	20.3.2.3	email
    address: patrick.foley@boxlight.com

 

	20.4	A
    party may change its details for service of notices as specified in Clause 20.3 by giving notice in writing to the other party. Any
    change notified pursuant to this Clause shall take effect at 9.00 am on the later of:

 

	 	20.4.1	the
    date (if any) specified in the notice as the effective date for the change; and
	 	 	 
	 	20.4.2	the
    date five Business Days after deemed receipt of the notice of change.

 

	20.5	A
    notice is deemed to have been received (provided that all other requirements in this Clause 20 have been satisfied):

 

	 	20.5.1	if
    delivered by hand, on signature of a delivery receipt or at the time the notice is left at the address;
	 	 	 
	 	20.5.2	if
    sent by pre-paid first class post or another next working day delivery service to an address in Belgium, at 9.00 am on the second
    Business Day after posting or at the time recorded by the delivery service;

 

    	24

     

    

 

	 	20.5.3	if
    sent by pre-paid airmail to an address outside the country from which it is sent, at 9.00 am on the fifth Business Days after posting
    or at the time recorded by the delivery service;
	 	 	 
	 	20.5.4	if
    sent by reputable international overnight courier to an address outside the country from which it is sent, on signature of a delivery
    receipt or at the time the notice is left at the address; or
	 	 	 
	 	20.5.5	if
    sent by email, at the time of transmission,

 

	20.6	PROVIDED
    that if deemed receipt under the previous paragraphs of this Clause would occur outside the Usual Business Hours, the notice shall
    be deemed to have been received when Usual Business Hours next recommence. For the purposes of this Clause, Usual Business Hours
    means 9.00 am to 5.30 pm local time on any day which is not a Saturday, Sunday or public holiday in the place of receipt of the notice
    (which, in the case of service of a notice by email shall be deemed to be the same place as is specified for service of notices on
    the relevant party by hand or post). For the purposes of this Clause, all references to time are to local time in the place of deemed
    receipt.
	 	 
	20.7	This
    Clause 20 does not apply to the service of any proceedings or other documents in any legal action, except for notifications of for
    example Claims under this Agreement, or, where applicable, any arbitration or other method of dispute resolution.
	 	 
	21	Interest
	 	 
	21.1	Subject
    to Clause 22 if either party fails to make any payment due to the other party under this Agreement by the due date then the defaulting
    party shall pay interest on the overdue sum from the due date until payment of the overdue sum, whether before or after judgment.
	 	 
	21.2	Interest
    under this Clause will accrue each day at rate of 5% a year above Barclay’s Bank Plc’s base rate from time to time.
	 	 
	22	Severance

 

If
any provision or part-provision of this Agreement is or becomes invalid, illegal or unenforceable, it shall be deemed modified to the
minimum extent necessary to make it valid, legal and enforceable. If such modification is not possible, the relevant provision or part-provision
shall be deemed deleted. Any modification to or deletion of a provision or part-provision under this Clause shall not affect the validity
and enforceability of the rest of this Agreement.

 

	23	Agreement
    survives Closing

 

This
Agreement (other than obligations that have already been fully performed) remains in full force after Closing.

 

	24	Successors

 

This
Agreement (and any of the Transaction Documents) are made for the benefit of the parties and their successors and permitted transferees,
and the rights and obligations of the parties under this Agreement (and any of the Transaction Documents) shall continue for the benefit
of, and shall be binding on, their respective successors and permitted transferees.

 

    	25

     

    

 

	25	Third
    party rights
	 	 
	25.1	Save
    as otherwise provided in this Agreement, no one other than a party to this Agreement, their personal representatives, successors
    and permitted transferees, shall have any right to enforce any of its terms.
	 	 
	25.2	The
    following provisions are intended to benefit future buyers of the Sale Shares and (to the extent that they are identified in the
    relevant Clauses as recipients of rights or benefits under that Clause), the Company, its Subsidiaries, and shall be enforceable
    by each of them to the fullest extent permitted by law:

 

	 	25.2.1	Clause
    6.1 (Warranties) and Schedule 2, subject to Clause 7 (Limitations on claims);
	 	 	 
	 	25.2.2	Clause
    8 and Schedule 5 (Tax Covenant).
	 	 	 
	 	25.2.3	Clause
    9 (Indemnities);
	 	 	 
	 	25.2.4	Clause
    11 (Restrictions on the Seller); and
	 	 	 
	 	25.2.5	Clause
    12.1 (Confidentiality and announcements).

 

	25.3	The
    rights of the parties to terminate, rescind or vary this Agreement or to agree any waiver or settlement under this Agreement are
    not subject to the consent of any other person.

 

	26	Counterparts

 

This
Agreement may be executed in any number of counterparts, each of which when executed and delivered shall constitute a duplicate original,
but all the counterparts shall together constitute the one agreement.

 

	27	Rights
    and remedies

 

Except
as expressly provided in this Agreement, the rights and remedies provided under this Agreement are in addition to, and not exclusive
of, any rights or remedies provided by law. Without prejudice to any rights or remedies the Buyer may have under applicable laws, it
is agreed that the Seller does not grant any representations or warranties, other than the Warranties, Tax Covenants and any other undertakings
of the Seller as provided in this Agreement.

 

	28	Inadequacy
    of damages

 

Without
prejudice to any other rights or remedies that the Buyer may have, the Seller acknowledges and agrees that damages alone would not be
an adequate remedy for any breach of the terms of Clause 10 or Clause 12 by the Seller. Accordingly, the Buyer shall be entitled to seek
the remedies of injunction, specific performance or other equitable relief for any threatened or actual breach of the terms of those
Clauses.

 

	29	Language
	 	 
	29.1	If
    this Agreement is additionally signed in, or is translated into, any language other than English, the English language version shall
    prevail.
	 	 
	29.2	Any
    other document provided in connection with this Agreement, including any Transaction Document, shall be in English, or there shall
    be a properly prepared translation into English and the English translation will prevail in the case of any conflict between them.
	 	 
	30	Governing
    law and jurisdiction
	 	 
	30.1	This
    Agreement and any dispute or claim (including non-contractual disputes or claims) arising out of or in connection with it or its
    subject matter or formation shall be governed by and construed in accordance with Belgian law.
	 	 
	30.2	Each
    party irrevocably agrees that the Dutch-speaking courts of Brussels, Belgium, (gerechtelijk arrondissement Brussel, Nederlandstalige
    rechtbanken) shall have exclusive jurisdiction to settle any dispute or claim (including non-contractual disputes or claims)
    arising out of or in connection with this Agreement or its subject matter or formation.

 

IN
WITNESS WHEREOF this document has been executed and delivered on the date first stated above.

 

    	26

     

    

 

SCHEDULE
1 - Particulars of the Company

 

	Name:	Interactive
    Concepts BV
	 	 
	Registration
    number:	0822.607.312
	 	 
	Registered
    office:	Tempeliersstraat
    14, 8570 Anzegem
	 	 
	Issued
    share capital:	Amount:
                                            EUR 30,000.00

     

    Divided
    into: 300 registered shares without nominal value

	 	 
	Registered
    shareholder(s) (and number of Sale Shares held):	Karel
    Callens - 300 registered shares with share numbers 1-300
	 	 
	Beneficial
    owner of Sale Shares (if different) and number of Sale Shares held:	N/A
	 	 
	Directors:	Karel
    Callens
	 	 
	Auditor(s):	N/A
    
	 	 
	Details
    of charges:	N/A
    

 

    	27

     

    

 

SCHEDULE
2 - Warranties

 

Part
1 - General warranties

 

	1	Power
    to sell the Company

 

	 	1.1	The
    Seller has taken all necessary action and has all requisite power and authority to enter into and perform this Agreement and each
    of the other Transaction Documents to which he is a party in accordance with their respective terms.

 

	 	1.2	This
    Agreement and each of the other Transaction Documents constitute (or shall constitute when executed) valid, legal and binding obligations
    on the Seller in accordance with their respective terms.

 

	 	1.3	The
    execution and delivery by the Seller of this Agreement and each of the other Transaction Documents to which it is a party and compliance
    with their respective terms shall not breach or constitute a default under any of the following:

 

	 	1.3.1	any
    agreement or instrument to which the Seller is a party or by which the Seller is bound; or

 

	 	1.3.2	any
    order, judgment, decree or other restriction applicable to the Seller.

 

		2	Shares
    in the Company and subsidiaries

 

	 	2.1	The
    Sale Shares constitute the whole of the issued share capital of the Company and are fully paid.

 

	 	2.2	The
    Seller is the sole legal and beneficial owner of the Sale Shares and is entitled to transfer the legal and beneficial title to the
    Sale Shares to the Buyer free from all Encumbrances, without the consent of any other person.

 

	 	2.3	The
    Sale Shares are free from all Encumbrances.

 

	 	2.4	No
    person has any right to require, at any time, the transfer, creation, issue or allotment of any share, loan capital or other securities
    (or any rights or interest in them) of the Company and neither the Seller nor the Company has agreed to confer any such rights and
    no person has claimed any such right.

 

	 	2.5	No
    Encumbrance has been granted to any person or otherwise exists affecting:

 

	 	2.5.1	the
    Sale Shares; or

 

	 	2.5.2	any
    unissued shares, debentures or other unissued securities of the Company.

 

No
commitment to create any such Encumbrance has been given nor has any person claimed any right to such an Encumbrance.

 

	 	2.6	The
    Company:

 

	 	2.6.1	does
    not hold or beneficially own, or has agreed to acquire, any shares, loan capital or other securities in any company;

 

	 	2.6.2	does
    not have any subsidiaries or subsidiary undertakings;

 

    	28

     

    

 

	 	2.6.3	is
    not nor has agreed to become a member of any partnership or other unincorporated association, joint venture or consortium (other
    than recognised trade associations);

 

	 	2.6.4	does
    not have outside its country of incorporation, any branch or permanent establishment; or

 

	 	2.6.5	does
    not control or take part in the management of any company or business organisation, nor has it agreed to do so.

 

	 	2.7	The
    Company has not at any time:

 

	 	2.7.1	purchased,
    redeemed or repaid any of its own share capital; or

 

	 	2.7.2	given
    any financial assistance in contravention of any applicable law or regulation; or

 

	 	2.7.3	issued
    any securities that are convertible into shares.

 

	 	2.8	No
    shares in the capital of the Company have been issued and no transfer of any such shares has been registered (where applicable),
    except in accordance with all applicable laws and constitutional documents of the Company.

 

		3	Constitutional
    and corporate documents

 

	 	3.1	Copies
    of the constitutional and corporate documents of the Company have been Disclosed. Such copy documents:

 

	 	3.1.1	are
    true, accurate and complete in all respects; and

 

	 	3.1.2	have
    attached to them copies of all resolutions and agreements required by applicable law to be so attached; and

 

	 	3.1.3	fully
    set out all the rights and restrictions attaching to each class of shares in the capital of the Company.

 

	 	3.2	All
    statutory books and registers of the Company:

 

	 	3.2.1	have
    been properly kept in accordance with all applicable laws;

 

	 	3.2.2	are
    correctly written up to date; and

 

	 	3.2.3	contain
    a true, complete and accurate record of all matters and information which should be contained in them.

 

No
notice or allegation has been received that any such registers or books are incorrect or should be rectified.

 

	 	3.3	All
    returns, particulars, resolutions and other documents that the Company is required by law to file with, or deliver to, any authority
    in any jurisdiction (including, in particular, any authority responsible for maintaining a register of companies) have been correctly
    made up and duly filed or, as the case may be, delivered.

 

	 	3.4	All
    dividends or distributions declared, made or paid by the Company have been declared, made or paid in accordance with its memorandum
    and articles of association, all applicable laws and regulations.

 

    	29

     

    

 

	 	3.5	All
    deeds and documents belonging to the Company, or to which it is a party, are in the possession of the Company.

 

		4	Information

 

	 	4.1	All
    information contained in the Disclosure Schedule is true, complete and not misleading.

 

	 	4.2	All
    information given by or on behalf of the Seller (or its advisers or agents) to the Buyer (or its advisers or agents) in the course
    of negotiating the Transaction was, when given, and is, now, true, complete. and not misleading

 

	 	4.3	The
    particulars of the Company in this Agreement are accurate.

 

		5	Compliance
    with laws

 

	 	5.1	The
    Company has at all times conducted its business in accordance with, and has acted in compliance with, all applicable laws and regulations
    of any relevant jurisdiction, as well as any judicial decisions, arbitration awards or decisions of any public authority to which
    it may be subject.

 

	 	5.2	The
    Company, nor any of its respective directors or employees (current or past) has been convicted of any offence in relation to the
    Business or affairs of the Company.

 

		6	Licences
    and consents

 

	 	6.1	The
    Company has all necessary licences, consents, permits and authorities required to carry on its business in the places and in the
    manner in which such business is carried on at the date of this Agreement (Consents). Details of the Consents and copies of all related
    documentation have been Disclosed.

 

	 	6.2	Each
    of the Consents is valid and subsisting the Company is not in breach of the terms or conditions of the Consents (or any of them).

 

	 	6.3	There
    is no reason why any of the Consents may be suspended, cancelled, revoked or not renewed on the same terms.

 

		7	Insurance

 

	 	7.1	The
    Company maintains, and has at all material times maintained, adequate insurance cover against all losses and liabilities, including
    business interruption, and all other risks that are normally insured against by a person carrying on the same type of business as
    the Business.

 

	 	7.2	The
    Disclosure Schedule includes complete and accurate details of all insurance policies maintained by or on behalf of the Company (Policies).

 

	 	7.3	The
    Policies are in full force and effect, all premiums due on them have been paid and all other conditions of the Policies have been
    performed and observed.

 

	 	7.4	The
    Company has not done, or omitted to do, anything that may result in an increase in the premium payable for any of the Policies, or
    that may adversely affect the renewal of any of the Policies.

 

	 	7.5	None
    of the Policies:

 

    	30

     

    

 

	 	7.5.1	are
    subject to any special or unusual terms or restrictions, or to the payment of any premium in excess of the normal rate;

 

	 	7.5.2	are
    void or voidable, and nothing has been done, or omitted to be done, which could make any of them void or voidable; or

 

	 	7.5.3	are
    capable of being terminated, or will otherwise cease to be available to the Company as a result of Closing.

 

	 	7.6	The
    Disclosure Schedule contains complete and accurate details of all insurance claims made by the Company during the period of 12 months
    ending on the date of this Agreement.

 

	 	7.7	There
    are no material outstanding claims under, or in respect of the validity of, any of the Policies and, so far as the Seller is aware,
    there are no circumstances likely to give rise to a claim under any of the Policies.

 

		8	Disputes
    and investigations

 

	 	8.1	Neither
    the Company, nor any of its respective Directors nor any person for whose acts the Company may be vicariously liable, is engaged
    or involved in, or otherwise subject to any of the following matters (such matters being referred to in this paragraph 8 as Proceedings):

 

	 	8.1.1	any
    litigation or administrative, mediation, arbitration or other proceedings, or any claims, actions or hearings before any court, tribunal
    or any governmental, regulatory or similar body or any department, board or agency (except for debt collection in the normal course
    of business); or

 

	 	8.1.2	any
    dispute with or investigation, inquiry or enforcement proceedings by any governmental, regulatory or similar body or agency in any
    jurisdiction.

 

	 	8.2	No
    Proceedings have been threatened or are pending by or against the Company, any Director or any person for whose acts the Company
    may be vicariously liable, and there are no circumstances likely to give rise to any such Proceedings.

 

	 	8.3	Company
    is not:

 

	 	8.3.1	affected
    by any subsisting or pending judgment, order or other decision or ruling of a court, tribunal or arbitrator, or of any governmental,
    regulatory or similar body or agency in any jurisdiction; or

 

	 	8.3.2	has
    given to any court, tribunal or arbitrator, or any governmental, regulatory or similar body or agency in any jurisdiction, or to
    any other third party a subsisting undertaking arising out of, or in connection with, any Proceedings.

 

		9	Defective
    products and services

 

	 	9.1	The
    Company has not sold any products or supplied any services which were at the time they were sold or supplied, faulty or defective,
    or which did not or do not comply with:

 

	 	9.1.1	any
    warranties or representations expressly or impliedly made by or on behalf of the Company in connection with such products or services;
    or

 

	 	9.1.2	any
    laws, regulations, standards and requirements applicable to such products or services.

 

    	31

     

    

 

	 	9.2	No
    proceedings have been started, are pending or have been threatened against the Company:

 

	 	9.2.1	in
    which it is claimed that any product sold by the Company is defective, not appropriate for its intended use or has caused bodily
    injury or material damage to any person or property when applied or used as intended; or

 

	 	9.2.2	in
    respect of any services supplied by the Company.

 

	 	9.3	There
    are no disputes between the Company and any of its respective customers, clients or any other third parties in connection with any
    products or services sold or supplied by the Company.

 

		10	Customers
    and suppliers

 

	 	10.1	The
    definition in this paragraph applies in this Agreement.

 

Material
Counterparty: any customer, client or supplier of the Company who is of material importance to the business or profits of the Company.

 

	 	10.2	In
    the period of 12 months ending on the date of this Agreement:

 

	 	10.2.1	no
    Material Counterparty, except for Casio projectors, has ceased, or threatened to cease to do business with, or reduced, or threatened
    to reduce in any material respect the extent to which it does business with the Company;

 

	 	10.2.2	there
    has been no material adverse change in the basis or terms on which any Material Counterparty does business with the Company; and

 

	 	10.2.3	the
    Business has not been materially affected in an adverse manner as a result of (either individually or in combination) the loss of,
    or a reduction in trading with, any customer, client or supplier of the Company, or a change in the terms on which any such customer,
    client or supplier does business with the Company.

 

	 	10.3	Other
    than the Buyer, no customer, client or supplier accounted for more than 25% of the aggregate sales or purchases (as applicable) made
    by the Company during the period of 12 months ending on the date of this Agreement.

 

		11	Contracts

 

	 	11.1	The
    definition in this paragraph applies in this Agreement.

 

Material
Contract: any agreement, arrangement, understanding or commitment that the Company is a party to or bound by, and which is of material
importance to the business, profits or assets of the Company.

 

	 	11.2	Except
    as Disclosed, the Company is not a party to, or otherwise subject to, any agreement, arrangement, understanding or commitment which:

 

	 	11.2.1	is
    a Material Contract;

 

	 	11.2.2	is
    of an unusual or exceptional nature;

 

	 	11.2.3	is
    not in the ordinary and usual course of the Business;

 

	 	11.2.4	may
    be terminated as a result of any Change of Control of the Company;

 

    	32

     

    

 

	 	11.2.5	restricts
    the freedom of the Company to carry on the whole or any part of the Business in any part of the world in such manner as it thinks
    fit;

 

	 	11.2.6	involves
    agency or distributorship;

 

	 	11.2.7	involves
    partnership, joint venture, consortium, joint development, shareholders or similar arrangements;

 

	 	11.2.8	involves
    the grant of any sole or exclusive rights by or to the Company;

 

	 	11.2.9	is
    incapable of complete performance in accordance with its terms within 6 months after the date on which it was entered into;

 

	 	11.2.10	cannot
    be readily fulfilled or performed by the Company on time without undue or unusual expenditure of money and effort;

 

	 	11.2.11	involves
    or is likely to involve an aggregate consideration payable by or to the Company in excess of EUR 10,000;

 

	 	11.2.12	requires
    the Company to pay any commission, finders’ fee, royalty or the like;

 

	 	11.2.13	is
    not on arm’s length terms;

 

	 	11.2.14	is
    for the supply of goods and/or services by or to the Company on terms under which retrospective or future discounts, price reductions
    or other financial incentives are given; or

 

	 	11.2.15	provides
    for payments or other dealings in or calculated by reference to the euro; or

 

	 	11.2.16	is
    a finance lease, hire purchase, rental or credit sale agreement, or which otherwise provides for the purchase or right to purchase
    any asset by instalment payments.

 

	 	11.3	There
    are no outstanding or ongoing negotiations of material importance to the business, profits or assets of the Company, or any outstanding
    quotations or tenders for a contract that, if accepted, would give rise to a Material Contract, or a contract of any other type as
    referred to in paragraph 11.2 of Part 1 of Schedule 2.

 

	 	11.4	Each
    Material Contract is in full force and effect and binding on the parties to it.

 

	 	11.5	Neither
    the Company, nor, to the best of the knowledge of the Seller, any counterparty is (or will, with the lapse of time, be) in default
    of:

 

	 	11.5.1	any
    Material Contract; or

 

	 	11.5.2	any
    other agreement, arrangement, undertaking or commitment a default of which would be material having regard to the trading, profits
    or financial position of the Company.

 

	 	11.6	No
    notice of termination of a Material Contract has been received or served by the Company and there are to the knowledge of the Seller
    no grounds for the termination, rescission, avoidance, repudiation or a material change in the terms of any such contract.

 

    	33

     

    

 

		12	Transactions
    with the Seller

 

	 	12.1	There
    is no outstanding indebtedness or other liability (actual or contingent) and no outstanding contract, commitment or arrangement between
    the Company and any of the following the Seller or any or any person Connected with him.

 

	 	12.2	The
    Seller is not entitled to a claim of any nature against the Company, or has assigned to any person the benefit of such claim.

 

	 	12.3	Neither
    the Seller nor any person Connected with the Seller is at the date of this Agreement, nor has been at any time during the period
    of 5 years immediately preceding the date of this Agreement, concerned, interested or engaged, directly or indirectly and in whatever
    capacity, in any other business similar to or competitive with all or any part of the Business.

 

		13	Finance
    and guarantees

 

	 	13.1	The
    Disclosure Schedule contains full particulars of all:

 

	 	13.1.1	money
    borrowed by the Company; and

 

	 	13.1.2	loans,
    overdrafts or other financial facilities currently outstanding or available to the Company (Financial Facilities), including copies
    of all material documents relating to such Financial Facilities.

 

	 	13.2	The
    total amount borrowed by the Company (whether pursuant to the Financial Facilities or otherwise) does not exceed any limitations
    on the borrowing powers the Company contained in:

 

	 	13.2.1	its
    constitutional documents; or

 

	 	13.2.2	in
    any debenture or other deed or document binding on the Company.

 

	 	13.3	There
    are no circumstances or matters which could affect the continuance of any of the Financial Facilities, or which may result in an
    amendment of their terms.

 

	 	13.4	No
    indebtedness of the Company is due and payable and no Encumbrance over any of the assets of the Company is now enforceable, whether
    by virtue of the stated maturity date of the indebtedness having been reached or otherwise.

 

	 	13.5	The
    Company has not received any notice (the terms of which have not been fully complied with or carried out) from any creditor requiring
    any payment to be made in respect of any indebtedness (whether arising pursuant to the Financial Facilities or otherwise), or intimating
    the enforcement of any Encumbrance which it holds over the assets of the Company.

 

	 	13.6	Except
    as Disclosed, no Encumbrance, guarantee, indemnity or other similar security arrangement has been given or entered into (or agreed
    to be given or entered into) by the Company or any third party in respect of borrowings or other obligations of the Company (whether
    arising pursuant to the Financial Facilities or otherwise).

 

	 	13.7	The
    Company has not given or entered into (or agreed to give or enter into), any Encumbrance, guarantee, indemnity or other similar security
    arrangement in respect of the indebtedness of, or the default in the performance of any obligation by, any other person.

 

    	34

     

    

 

	 	13.8	The
    Company has not:

 

	 	13.8.1	factored
    or discounted any of its debts; or

 

	 	13.8.2	engaged
    in financing of a type which would not need to be shown or reflected in the Accounts; or

 

	 	13.8.3	waived
    any right of set-off it may have against any third party.

 

	 	13.9	The
    Company does not have any outstanding loan capital or has lent any money that has not been repaid and there are no debts owing to
    the Company other than debts that have arisen in the normal course of the Business.

 

	 	13.10	The
    debts owing to the Company as reflected in the Accounts:

 

	 	13.10.1	have
    either been realised prior to the date of this Agreement or will, within three months after the date of this Agreement, be realised
    in cash for their full amount as included in those Accounts or books;

 

	 	13.10.2	have
    not been outstanding (in whole or in part) for more than two months from its due date for payment; and

 

	 	13.10.3	are
    as far as the Seller is aware not subject to any right of set-off or counterclaim.

 

	 	13.11	The
    Company is not subject to any arrangement for receipt or repayment of any grant, subsidy or financial assistance from any government
    department or other body.

 

	 	13.12	Particulars
    of the balances of all the bank accounts of the Company, showing the position as at the day immediately preceding the date of this
    Agreement, have been Disclosed and the Company does not have any other bank account. Since the date of those particulars, there have
    been no payments out of those bank accounts other than payments in the ordinary course of the Business.

 

	 	13.13	The
    Company does not have any liabilities (including contingent liabilities) other than as disclosed in the Accounts or incurred in the
    ordinary and proper course of the Business since the Accounts Date.

 

	 	13.14	No
    sum is owing by the Company to their auditors, solicitors or other professional advisers, and no accrual ought properly be made by
    it in respect of any such sum.

 

		14	Insolvency

 

	 	14.1	The
    Company:

 

	 	14.1.1	is
    not insolvent nor unable to pay its debts within the meaning of the insolvency legislation applicable to the Company; and

 

	 	14.1.2	has
    stopped paying its debts as they fall due.

 

	 	14.2	No
    step has been taken in any jurisdiction to initiate any process by or under which:

 

	 	14.2.1	the
    ability of the creditors of the Company to take any action to enforce their debts is suspended, restricted or prevented;

 

    	35

     

    

 

	 	14.2.2	some
    or all of the creditors of the Company accept, by agreement or in pursuance of a court order, an amount less than the sums owing
    to them in satisfaction of those sums with a view to preventing the dissolution of the Company;

 

	 	14.2.3	a
    person is appointed to manage the affairs, business and assets of the Company on behalf of their creditors; or

 

	 	14.2.4	the
    holder of a charge over all or any of the assets of the Company is appointed to control the business and/or all or any assets of
    the Company.

 

	 	14.3	No
    process has been initiated which could lead to the Company being dissolved and its assets being distributed among their creditors,
    shareholders or other contributors.

 

	 	14.4	No
    distress, execution or other process has been levied or enforced on, and no creditor or encumbrancer has taken control of, any goods
    or assets of the Company.

 

	 	14.5	None
    of the events referred to in paragraph 14.1 to paragraph 14.4 above has occurred in relation to the Seller.

 

		15	Assets

 

	 	15.1	The
    assets included in the Accounts, together with any assets acquired since the Accounts Date and all other assets used by the Company
    in connection with the Business (except for those disposed of since the Accounts Date in the normal course of the Business) are:

 

	 	15.1.1	owned
    by the Company, and the relevant owner has good and marketable title to such assets;

 

	 	15.1.2	not
    the subject of any lease, lease hire agreement, hire purchase agreement or agreement for payment on deferred terms, or any licence
    or factoring arrangement; except for the car lease to be transferred to the Seller (or its management company) as soon as possible
    following Closing, and

 

	 	15.1.3	in
    the possession and control of the Company.

 

	 	15.2	Except
    as Disclosed, none of the assets, undertaking or goodwill of the Company is subject to an Encumbrance, or to any agreement or commitment
    to create an Encumbrance, and no person has claimed to be entitled to create such an Encumbrance.

 

	 	15.3	The
    assets of the Company comprise all the assets necessary for the continuation of the Business.

 

		16	Plant
    and equipment

 

	 	16.1	The
    facilities and any equipment used by the Company in connection with the Business are:

 

	 	16.1.1	in
    good working order and have been regularly and properly maintained;

 

	 	16.1.2	capable,
    and will continue to be capable, of doing the work for which they were designed; and

 

	 	16.1.3	not
    surplus to the current or proposed requirements of the Company.

 

    	36

     

    

 

		17	Environment
    and health and safety

 

	 	17.1	The
    definitions in this paragraph apply in this Agreement.

 

	 	Environment	the
    natural and man-made environment including all or any of the following media: air (including air within buildings and other natural
    or man-made structures above or below the ground), water, land, and any ecological systems and living organisms (including natural
    persons) supported by those media.
	 	 	 
	 	EHS
    Laws	all
    applicable laws, statutes, regulations, subordinate legislation, by-laws, common law and other national, international, federal,
    European Union, state and local laws, judgments, decisions and injunctions of any court or tribunal, and legally binding codes of
    practice and guidance notes to the extent that they relate to or apply to the Environment energy efficiency, climate change or the
    health and safety of any person.
	 	 	 
	 	EHS
    Matters	all
                                            matters relating to:

    

    

    

    

    

    

 

	 	(a)	pollution or contamination
  of the Environment;
	 	 	 
	 	(b)	the presence, disposal, release,
  spillage, deposit, escape, discharge, leak, migration or emission of Hazardous Substances or Waste;
	 	 	 
	 	(c)	the exposure of any person
  to any Hazardous Substances or Waste;
	 	 	 
	 	(d)	the health and safety of
  any person, including any accidents, injuries, illnesses and diseases;
	 	 	 
	 	(e)	the creation or existence
  of any noise, vibration, odour, radiation, common law or statutory nuisance or other adverse impact on the Environment; or
	 	 	 
	 	(f)	the condition, protection, maintenance, remediation,
  reinstatement, restoration or replacement of the Environment or any part of it.

 

	 	EHS
    Permits	any
    permits, licences, consents, certificates, registrations, notifications or other authorisations required under any EHS Laws for the
    operation of the Business or in relation to the Leasehold Property.
	 	 	 
	 	Harm	harm
    to the Environment, and in the case of natural person, this includes offence caused to any of its senses or harm to its property.
	 	 	 
	 	Hazardous
    Substances	any
    material, substances or organism which, alone or in combination with others, is capable of causing Harm.
	 	 	 
	 	Waste	any
    waste, including any by-product of an industrial process and anything that is discarded, disposed of, spoiled, abandoned, unwanted
    or surplus, irrespective of whether it is capable of being recovered or recycled or has any value.

 

    	37

     

    

 

	 	17.2	The
    Company has obtained and complied at all times with all EHS Permits. All EHS Permits are in full force and effect, and there are
    no facts or circumstances that may lead to the revocation, suspension, variation or non-renewal of or the inability to transfer any
    EHS Permits.

 

	 	17.3	The
    Company has at all times operated in compliance with all EHS Laws in force from time to time and there are no facts or circumstances
    that may lead to any breach of or liability under any EHS Laws or any claim or liability in respect of EHS Matters.

 

	 	17.4	All
    information provided by or on behalf of the Company to any relevant enforcement authority, and all records and data required to be
    maintained by the Company under the provisions of any EHS Laws, are complete and accurate.

 

	 	17.5	So
    far as the Seller is aware, there are no Hazardous Substances at, on or under, nor have any Hazardous Substances been emitted, escaped
    or migrated from, the Leasehold Property.

 

	 	17.6	The
    Company has not been required to hold, nor has it ever applied for, a waste disposal licence or waste management licence under any
    EHS Laws.

 

	 	17.7	There
    have been, so far as the Seller is aware, no claims, investigations, prosecutions or other proceedings brought or threatened against
    the Seller or the Company (or any of their respective directors, officers or employees) in respect of Harm arising from the operation
    of the Business. At no time has the Seller or the Company received any notice, communication or information alleging any liability
    in relation to any EHS Matters or that any remediation works are required.

 

	 	17.8	The
    Company has adequate exploitation liability insurance cover in respect of the Business and the Leasehold Property and no claims have
    been made or are contemplated under any such insurance.

 

	 	17.9	The
    Company does not have, nor is likely to have any actual or potential liability under any EHS Laws by reason of it having owned, occupied
    or used any Previously-owned Land and Buildings.

 

	 	17.10	The
    Company has not given or received any warranties or indemnities or entered any other agreement in respect of any liabilities, duties
    or obligations that arise under EHS Laws.

 

		18	Intellectual
    property

 

	 	18.1	The
    definition in this paragraph applies in this Agreement.

 

	 	Intellectual
    Property Rights	patents,
    rights to inventions, copyright and related rights trademarks and service marks, business names and domain names, rights in get-up,
    goodwill and the right to sue for passing off rights in designs, rights in computer software, database rights, rights to use, and
    protect the confidentiality of, confidential information (including know-how and trade secrets), and all other intellectual property
    rights, in each case whether registered or unregistered and including all applications and rights to apply for and be granted, renewals
    or extensions of, and rights to claim priority from, such rights and all similar or equivalent rights or forms of protection which
    subsist or will subsist now or in the future in any part of the world.

 

    	38

     

    

 

	 	18.2	The
    Seller confirms that the Company does not own any Intellectual Property Rights, other than licenses on the computer software it uses,
    her domain name and company and trade name.

 

	 	18.3	All
    licences, agreements, authorisations and permissions (in whatever form and whether express or implied) under which the Company:

 

	 	18.3.1	uses
    or exploits Intellectual Property Rights owned by any third party; or

 

	 	18.3.2	has
    licensed or agreed to license Intellectual Property Rights to, or otherwise permitted the use of any Intellectual Property Rights
    by, any third party, have been Disclosed.

 

	 	18.4	Except
    as Disclosed, the Company is the sole legal and beneficial owner of (or applicant for) the Intellectual Property Rights used in the
    course of Business, free from all Encumbrances.

 

	 	18.5	The
    Company does not require any Intellectual Property Rights other than those Disclosed in order to carry on the Business as it is conducted
    at the date of this Agreement.

 

	 	18.6	The
    Intellectual Property Rights Disclosed are valid, subsisting and enforceable and nothing has, as far as the Seller is aware, been
    done, or not been done, as a result of which any of them has ceased or might cease to be valid, subsisting or enforceable. In particular:

 

	 	18.6.1	all
    application and renewal fees and other steps required for the maintenance or protection of such rights have been paid on time or
    taken;

 

	 	18.6.2	all
    confidential information (including know-how and trade secrets) owned or used by the Company has, as far as the Seller is aware,
    been kept confidential and has not been disclosed to third parties (other than parties who have signed, if applicable, written confidentiality
    undertakings in respect of such information, details of which are set out in the Disclosure Schedule);

 

	 	18.6.3	no
    trade name or domain name identical or similar to any such rights has, as far as the Seller is aware, been registered or is being
    used by any person in the same or a similar business to that of the Company, in any jurisdiction in which the Company or any Subsidiary
    has registered or is using that trade name or domain name; and

 

	 	18.6.4	there
    are and have been, to the knowledge of the Seller, no claims, challenges, disputes or proceedings, pending or threatened, in relation
    to the ownership, validity or use of such rights.

 

	 	18.7	As
    far as the Seller is aware, nothing is due to be done within 30 days of the date of this Agreement the omission of which would jeopardise
    the maintenance or prosecution of any of the Intellectual Property Rights owned or used by the Company.

 

	 	18.8	As
    far as the Seller is aware, there has been no infringement by any third party of any of the Intellectual Property Rights Disclosed,
    nor, as far as the Seller is aware, any third party breach of confidence, passing off or actionable act of unfair competition in
    relation to the business or assets of the Company, and no such infringement, breach of confidence, passing off or actionable act
    of unfair competition is, as far as the Seller is aware, current or anticipated.

 

    	39

     

    

 

	 	18.9	The
    activities of the Company, and any licensee of Intellectual Property Rights granted by the Company have not:

 

	 	18.9.1	infringed,
    do not infringe and are not likely to infringe the Intellectual Property Rights of any third party;

 

	 	18.9.2	constituted,
    do not constitute and are not likely to constitute any breach of confidence, passing off or actionable act of unfair competition;
    and

 

	 	18.9.3	given
    and do not give rise to any obligation to pay any royalty, fee, compensation or any other sum whatsoever.

 

		19	Information
    technology

 

	 	19.1	The
    definitions in this paragraph apply in this Agreement.

 

	 	IT
    Contracts	all
    written and oral arrangements and agreements (including those currently being negotiated) under which any third party (including,
    without limitation, any source code deposit agent) provides or will provide any element of, or services relating to, the IT System,
    including leasing, hire purchase, licensing, maintenance, website hosting, outsourcing, security, back-up, disaster recovery, insurance,
    cloud computing and other types of services agreements).
	 	 	 
	 	IT
    System	all
    computer hardware (including network and telecommunications equipment), databases (Databases) and software (including associated
    user manuals, object code and source code and other materials sufficient to enable a reasonably skilled programmer to maintain and
    modify the software (Source Code)) (Software) owned, used, leased or licensed by or to the Company.
	 	 	 
	 	Virus	any
    program which contains malicious code or infiltrates or damages a computer system without the owner’s informed consent or is
    designed to do so or which is hostile, intrusive or annoying to the owner or user and has no legitimate purpose.

 

	 	19.2	The
    IT System of the Company consists of the hardware indicated in the Accounts and Disclosed. The IT Contracts are limited to the software
    licenses Disclosed. To the best knowledge of the Seller, the IT Contracts are adequate for the purposes of the Business.

 

	 	19.3	Except
    to the extent provided in the IT Contracts, the Company is the owner and in possession of the IT System free from Encumbrances. The
    Company has obtained all necessary rights from third parties to enable them to make exclusive and unrestricted use of the IT System
    for the purposes of the Business both before and after Closing.

 

	 	19.4	The
    IT Contracts are valid and binding and no act or omission has, as far as the Seller is aware, occurred which would, if necessary
    with the giving of notice or lapse of time, constitute a breach of any such contract.

 

	 	19.5	There
    are and have been no claims, disputes or proceedings arising or, as far as the Seller is aware, threatened under any IT Contracts.

 

	 	19.6	The
    elements of the IT System:

 

    	40

     

    

 

	 	19.6.1	are
    functioning properly and in accordance with all applicable specifications and with the service levels set out in the IT Contracts,
    and are reasonably fit for the purposes of the Business;

 

	 	19.6.2	are
    not defective in any respect;

 

	 	19.6.3	do
    not contain any Virus;

 

	 	19.6.4	have
    reasonable sufficient capacity and performance to meet the current requirements of the Business;

 

	 	19.6.5	include
    sufficient user information to use and operate the IT System for the current Business; and

 

	 	19.6.6	all
    versions of the Software used by the Business are currently supported by the respective owners of the Software.

 

	 	19.7	The
    Company has implemented appropriate but reasonable procedures in accordance with best industry practice (including in relation to
    off-site working where applicable) for ensuring the security of the IT System and the confidentiality and integrity of all data stored
    in it.

 

	 	19.8	A
    copy of the disaster recovery plan and a data security breach plan, is attached to the Disclosure Schedule.

 

	 	19.9	The
    Company has not been or is in breach of any data security breach reporting or notification requirement under any applicable law,
    regulation or mandatory code.

 

		20	Data
    protection

 

	 	20.1	The
    Company has fully complied with the requirements of all applicable legislation concerning rights in respect of privacy and personal
    data.

 

		21	Employment

 

	 	21.1	The
    definitions in this paragraph apply in this Agreement.

 

	 	Employee	any
    person employed by the Company under a contract of employment.
	 	 	 
	 	Employment
    Legislation	legislation
    applying in Belgium affecting contractual or other relations between employers and their employees including (but not limited to)
    any legislation (and any amendment, extension or re-enactment of such legislation) and any claim arising under European treaty provisions
    or directives enforceable against the Company or by any Employee.

 

	 	21.2	The
    Company does not and never has had any Employees.

 

		22	Property

 

	 	22.1	The
    definitions in this paragraph apply in this Agreement.

 

	 	Current
    Use	the
    identified use for the Leasehold Property as set out in Schedule 3.
	 	 	 
	 	Lease	the
    lease under which a Leasehold Property is held.
	 	 	 
	 	Leasehold
    Property	means
    the Leasehold Property or part or parts of it, detailed of which are as set out in Schedule 3.

 

    	41

     

    

 

	 	22.2	The
    particulars of the Leasehold Property set out in Schedule 3 are true and complete.

 

	 	22.3	The
    Leasehold Property is the only land and buildings used or occupied by the Company.

 

	 	22.4	The
    Company does not have any right of ownership, right of use, option, right of first refusal or contractual obligation to purchase,
    or any other legal or equitable right or interest in, or affecting, any land or buildings other than the Leasehold Property.

 

	 	22.5	The
    Company does not have any actual or contingent liability in respect of any other property.

 

	 	22.6	The
    Company identified as the owner in Schedule 3 is, as far as the Seller is aware, in possession and actual occupation of the whole
    of the Leasehold Property on an exclusive basis and, as far as the Seller is aware, no right of occupation or enjoyment has been
    acquired or is in the course of being acquired by any third party, or has been granted or agreed to be granted to any third party.

 

	 	22.7	The
    Seller has in its possession and control and has Disclosed:

 

	 	22.7.1	copies
    of all the agreements and documents necessary to prove good and marketable title to the Leaseholder Property; and

 

	 	22.7.2	in
    relation to the Lease:

 

	 	22.7.2.1	all
    consents required under the Lease;

 

	 	22.7.2.2	copies
    of all assignments of the Lease; and

 

	 	22.7.2.3	evidence
    of the current annual rent payable under the Lease.

 

	 	22.8	The
    Lease has been validly granted.

 

	 	22.9	In
    relation to the Lease, all rent and other sums payable by the Company have been paid as and when they became due and no Lease Sums
    have been:

 

	 	22.9.1	set
    off or withheld; or

 

	 	22.9.2	commuted,
    waived or paid in advance of the due date for payment.

 

	 	22.10	No
    collateral assurances, undertakings or concessions have been made by the Company to the Lease.

 

	 	22.11	All
    replies given in writing by or on behalf of the Seller or the Company in response to any enquiries raised in writing by or on behalf
    of the Buyer in relation to the Leasehold Property were complete and accurate at the date they were given and would still be complete
    and accurate if the replies were instead being given on the Closing Date.

 

	 	22.12	All
    covenants, restrictions, stipulations and other Encumbrances affecting the Leasehold Property have been fully observed by the Company
    and performed and no notice of any alleged breach has been received by the Company.

 

    	42

     

    

 

	 	22.13	There
    are, as far as the Seller is aware, no disputes relating to or affecting the Leasehold Property.

 

	 	22.14	The
    Company has complied with any applicable law or regulation in respect of the Leasehold Property. All planning permissions, orders
    and regulations issued under the applicable laws and regulations have to the extent applicable been fully complied with.

 

	 	22.15	The
    Leasehold Property is in a good state of repair and condition and is fit for the Current Use.

 

		23	Accounts

 

	 	23.1	The
    Accounts:

 

	 	23.1.1	have
    been prepared in accordance with Belgian GAAP and using the accounting standards, policies and practices generally accepted in Belgium;
    and

 

	 	23.1.2	comply
    with the requirements of the law of Belgium.

 

	 	23.2	The
    Accounts:

 

	 	23.2.1	Make
    at the Accounts Date proper and adequate provision or reserve for all bad and doubtful debts, obsolete or slow-moving inventory and
    for depreciation on fixed assets;

 

	 	23.2.2	do
    at the Accounts Date not overstate the value of current or fixed assets; and

 

	 	23.2.3	do
    at the Accounts Date not understate any liabilities (whether actual or contingent); and

 

	 	23.2.4	contain
    at the Accounts Date either provision adequate to cover, or full particulars in notes of, all Taxes (including deferred taxes) and
    other liabilities (whether quantified, contingent, disputed or otherwise) of the Company as at the date to which they have been prepared.

 

	 	23.3	The
    Accounts:

 

	 	23.3.1	give
    a true and fair view of the state of affairs of the Company as at the Accounts Date and of the profit and loss of the Company for
    the accounting period ended on the date to which they have been prepared; and

 

	 	23.3.2	(save
    as the Accounts expressly disclose) are not affected by any extraordinary, exceptional or non-recurring items or any other factor
    that would make the financial position and results shown by the Accounts unusual or misleading in any material respect.

 

	 	23.4	The
    Accounts have been approved and filed in accordance with the requirements of applicable law.

 

	 	23.5	The
    Accounts have been prepared on a basis consistent with the accounts of, the Company, for the two prior accounting periods without
    any change in accounting policies used.

 

	 	23.6	The
    Accounts have not been influenced in any material respect by calling in debtors in advance of the usual debtor days, and the level
    of creditors was not influenced in any material respect by paying creditors outside of the usual creditor days.

 

    	43

     

    

 

		24	Financial
    and other records

 

	 	24.1	All
    financial and other records of the Company (Records):

 

	 	24.1.1	have
    been properly prepared and maintained;

 

	 	24.1.2	constitute
    an accurate record of all matters required by law to appear in them and, in the case of the accounting records, comply with the requirements
    of the law of Belgium;

 

	 	24.1.3	do
    not contain any material inaccuracies or discrepancies; and

 

	 	24.1.4	are
    in the possession of the Company.

 

	 	24.2	No
    notice has been received or allegation made that any of the Records are incorrect or should be rectified.

 

	 	24.3	All
    statutory records, including the accounting records, required to be kept or filed by the Company have been properly kept or filed
    and comply with all requirements of applicable legislation.

 

	 	24.4	All
    deeds and documents belonging to the Company are in the possession of the Company.

 

	 	24.5	To
    the extent that any of the Records are maintained or stored electronically:

 

	 	24.5.1	either
    the Company is the owner or licensee of any hardware and software required to access, maintain, copy and use such Records, and such
    ownership is not shared with any other person; and

 

	 	24.5.2	such
    Records are adequately backed-up.

 

		25	Changes
    since Accounts Date

 

	 	25.1	Since
    the Accounts Date:

 

	 	25.1.1	the
    Company has conducted its Business in the normal course and as a going concern;

 

	 	25.1.2	there
    has been no material adverse change in the turnover, financial position or, as far as the Seller is aware, the prospects of the Company;

 

	 	25.1.3	the
    Company has not issued or agreed to issue any share or loan capital;

 

	 	25.1.4	no
    dividend or other distribution of profits or assets has been, or agreed to be, declared, made or paid by the Company;

 

	 	25.1.5	the
    Company has not borrowed or raised any money or given or taken any form of financial security;

 

	 	25.1.6	no
    capital expenditure has been incurred on any individual item by the Company in excess of EUR 10,000 and the Company has not acquired,
    invested or disposed of (or agreed to acquire, invest or dispose of) any individual item in excess of EUR 10,000, except as set out
    in Schedule 4;

 

    	44

     

    

 

	 	25.1.7	no
    shareholder resolutions of the Company have been passed other than as routine business at the annual general meeting;

 

	 	25.1.8	there
    has been no abnormal increase or reduction of inventory;

 

	 	25.1.9	none
    of the inventory reflected in the Accounts has realised an amount less than the value placed on it in the Accounts;

 

	 	25.1.10	the
    Company has not offered price reductions or discounts or allowances on sales of inventory or sold inventory at less than its value
    in the Accounts;

 

	 	25.1.11	the
    Company has paid its creditors within the applicable periods agreed with the relevant creditor and there are no amounts owing by
    the Company at the Accounts Date which have been outstanding for more than 90 days; and

 

	 	25.1.12	there
    has been no reduction in the value of the net assets of the Company determined in accordance with the same accounting principles
    and policies as those applied in the Accounts (and on the basis that each of the assets is valued at a figure no greater than the
    value attributed to it in the Accounts or, in the case of any of the assets acquired by the Company after the Accounts Date, at a
    figure no greater than cost).

 

		26	Effect
    of the Transaction

 

	 	26.1	Neither
    the acquisition of the Sale Shares by the Buyer nor compliance with the terms of this Agreement will:

 

	 	26.1.1	relieve
    any person of any obligation to the Company (whether contractual or otherwise), or enable any person to determine any such obligation
    or any right or benefit enjoyed by the Company, or to exercise any other right in respect of, the Company;

 

	 	26.1.2	give
    rise to, or cause to become exercisable, any right of pre-emption over the Sale Shares;

 

	 	26.1.3	entitle
    any person to receive from the Company any finder’s fee, brokerage or other commission in connection with the Transaction;

 

	 	26.1.4	entitle
    any person to acquire, or affect the entitlement of any person to acquire, shares in the Company;

 

	 	26.1.5	as
    far as the Seller is aware, result in any customer, client or supplier being entitled to cease dealing with the Company or reducing
    its level of business, or changing the terms on which it deals, with the Company;

 

	 	26.1.6	result
    in a breach of contract, law, regulation, order, judgment, injunction, undertaking, decree or other like imposition;

 

	 	26.1.7	result
    in the loss or impairment of, or any default under any licence, authorisation or consent required by the Company for the purposes
    of the Business;

 

	 	26.1.8	result
    in any present or future indebtedness of the Company becoming due and payable or capable of being declared due and payable prior
    to its stated maturity date, or cause any Financial Facility to be terminated or withdrawn; or

 

	 	26.1.9	result
    in the creation, imposition, crystallisation or enforcement of any Encumbrance on any of the assets of the Company.

 

    	45

     

    

 

		27	Warranties
    as to Initial Consideration Shares.

 

	 	27.1	As
    to the Initial Consideration Shares of Boxlight to be issued to Seller at Closing, the Seller represents, warrants and acknowledges
    that:

 

	 	27.1.1	the
    Initial Consideration Shares have not been registered to sale under the United States Securities Act of 1933, as amended (Securities
    Act), and may not be sold, pledged,, hypothecated or assigned in the absence of a registration statement declared effective under
    the Securities Act by the United States Securities and Exchange Commission (SEC), or the receipt of a legal opinion from counsel
    acceptable to Boxlight that such registration is not required by reason of the existence of an applicable exemption from such registration
    requirements;

 

	 	27.1.2	a
    restrictive legend consistent with Clause 27.1 may be included in the share certificate evidencing the Initial Consideration Shares;

 

	 	27.1.3	the
    Initial Consideration Shares are “restricted securities” within the meaning of Rule 144(a)(1) as promulgated under Regulation
    D of the Securities Act (Regulation D), and may only be publicly sold by Seller without registration under the Securites Act
    in a brokers transaction under Rule 144 following six (6) months from the date of issuance of such Initial Consideration Shares;
    and

 

	 	27.1.4	Seller
    and his spouse have a combined net worth in excess of USD$1,000,000 and meets the requirements of an accredited investor within
    the definition of such term as set forth in Rule 501 of Regulation D, and has no immediate need for liquidity in his investment in
    the Initial Consideration Shares.

 

    	46

     

    

 

Part
2 - Tax Warranties

 

		1	Tax
    returns and compliance

 

	 	1.1	The
    Company has within the relevant time limits complied with all applicable laws in respect of Tax, especially with regard to correctly
    making all returns, giving all notices and submitting all computations, accounts or other information required to be made, given
    or submitted to any Tax Authority and all such returns and other documentation were and are true, complete and accurate and gave
    disclosure of all material facts and circumstances.

 

	 	1.2	All
    claims, elections and disclaimers assumed for the purposes of the Accounts or the returns have within the relevant time limits been
    correctly made and submitted, and remain valid in all respects and the Disclosure Schedule contains full details of any claims, elections,
    disclaimers, returns or other documentation which need to be submitted to a Tax Authority, where the time limit has not expired at
    Closing.

 

	 	1.3	The
    Company has no agreement or arrangement with a Tax Authority whereby it is assessed to or accounts for Tax other than in accordance
    with the strict terms of relevant legislation or published practice of the relevant Tax Authority.

 

		2	Deductions
    and Payments of Tax

 

	 	2.1	The
    Company has:

 

	 	2.1.1	properly
    deducted and/or withheld from payments made by it all Tax required to be deducted and/or withheld; and

 

	 	2.1.2	within
    the relevant time limits paid or accounted for all Tax which it is or was liable to pay or account for (including Tax required to
    be deducted or withheld from payments).

 

		3	Records

 

	 	3.1	The
    Company has maintained and is in possession of all records required for Tax purposes and all such records remain true and complete.
    In particular, without limitation, the Company has sufficient records to enable it to calculate any present or, so far as possible,
    future liability for Tax or its entitlement to any deduction, relief or repayment of Tax and any claims or elections it has made
    relating to Tax.

 

	 	3.2	All
    transactions in respect of which any clearance or consent was required from any Tax Authority have been entered into by the Company
    after such consent or clearance has been properly obtained. Any application for such clearance or consent has been made on the basis
    of full and accurate disclosure of all the relevant material facts and considerations, and all such transactions have been carried
    into effect only in accordance with the terms of the relevant clearance or consent.

 

		4	Penalties,
    disputes and investigations

 

	 	4.1	The
    Company is not, and has not within the last six years been, liable to pay any fine, interest, surcharge or penalty in relation to
    Tax, nor has it been involved in any dispute with, or the subject of (as far as the Seller is aware) an enquiry or investigation
    by, a Tax Authority and there are no facts which are likely to cause it to become liable to pay any fine, interest, surcharge or
    penalty nor to give rise to any such dispute, enquiry or investigation.

 

	 	4.2	No
    enquiry which has been made into a tax return of the Company remains outstanding.

 

    	47

     

    

 

		5	Secondary
    Liabilities

 

No
Tax has been or may be assessed on or required to be paid by the Company where the amount in question is the primary liability of another
person, and where such assessment or requirement arises or arose by reason of the failure by any other person to satisfy a Tax liability.

 

		6	Residence
    and Overseas Matters

 

	 	6.1	The
    Company is, and always has been, resident only in Belgium for Tax purposes (and has never been treated as resident outside Belgium
    for the purposes of any double tax convention).

 

	 	6.2	The
    Company is not carrying on and has never carried on any trade or otherwise been liable to Tax other than in Belgium, or is acting
    or has ever acted as the branch, agent, factor, or tax representative of any person resident outside Belgium for Tax purposes and
    no such person carries on any trade or business through the Company.

 

		7	Withholding
    Tax (“bedrijfsvoorheffing”)

 

	 	7.1	The
    Company has properly operated all Belgian company withholding taxes and complied with all its obligations in respect of national
    insurance and has complied with all its reporting, accounting and payment obligations to the relevant authorities.

 

	 	7.2	No
    person other than the Seller with respect to the Sale Shares, has within the last three years held any shares or securities or options
    over or interests in any shares or securities of the Company and the Company could not be liable after Closing to pay any Tax in
    respect of, or in consequence of any event occurring in relation to, any such shares, securities, options or interests.

 

		8	VAT
    and Indirect Taxes

 

	 	8.1	The
    Company is registered in Belgium for the purposes of the legislation relating to Belgian VAT and is not registered, and is not required
    to register, in any other jurisdiction in respect of VAT or any similar tax.

 

	 	8.2	All
    supplies made by the Company are taxable supplies for Belgian VAT purposes.

 

		9	Chargeable
    Gains

 

The
amount at which any asset is included in the Accounts and/or the amount of consideration given on the acquisition of any asset by the
Company since the Accounts Date, is such that on the disposal of such asset for a consideration equal to such amount (disregarding any
statutory right to make any election or to claim any allowance or relief), no liability to tax in respect of any chargeable gain will
arise.

 

		10	Capital
    Allowances

 

The
value attributed in the Accounts to each asset, or the aggregates of the values attributed to the assets in each pool of assets in respect
of which separate computations for capital allowances are required to be made or, as a result of any election, are made, is such that
on a disposal of each such asset or pool of assets on the Accounts Date for a consideration equal to such a value or aggregate value
no balancing charge would arise.

 

    	48

     

    

 

		11	Groups

 

	 	11.1	The
    Company has no outstanding obligation to make or any entitlement to receive any payment to or from another company in respect of
    any amounts surrendered, or agreed to be surrendered, by way of group relief, either to or by the Company.

 

	 	11.2	No
    liability to Tax (disregarding any statutory right to make any election, or to claim any allowance or relief) will or may arise to
    the Company or be increased as a result of or in consequence of the entry into this Agreement and/or the sale of the Company pursuant
    to this Agreement.

 

		12	Anti-avoidance

 

	 	12.1	Neither
    the Company nor any Connected person has carried out, been party to, or otherwise involved in any transaction:

 

	 	12.1.1	which
    could give rise to a liability to Tax under any legislation introduced to counter tax avoidance;

 

	 	12.1.2	where
    the sole or main purpose or one of the main purposes was the avoidance of Tax or the obtaining of a tax advantage, whether as part
    of a scheme, arrangement, series of transactions or otherwise; and/or

 

	 	12.1.3	in
    relation to which the Company considered or was advised that there was a risk of a liability or increased liability to Tax in accordance
    with principles established in relation to tax avoidance in case law.

 

	 	12.2	The
    Company has not been party to any transaction in respect of which a different amount or value than the amount or value of the actual
    consideration given or received by the Company should or could be substituted for Tax purposes.

 

	 	12.3	In
    relation to each transaction for the supply of goods or services or the lending or borrowing of money into which the Company has
    entered with a party with which it was connected, the Company has full contemporaneous documentary evidence of the process used to
    establish that arm’s length terms applied.

 

		13	Events
    since Accounts Date

 

	 	13.1	Since
    the Accounts Date:

 

	 	13.1.1	the
    Company has not been involved in any transaction outside the ordinary and normal course of business which has given or could give
    rise to a liability to Tax or would have given rise to such a liability but for the availability of any relief ;

 

	 	13.1.2	the
    Company has not incurred or become liable to incur, and there is no continuing obligation to pay, any amount which will not be wholly
    deductible in computing taxable profits, except for capital expenditure qualifying for capital allowances and expenditure on entertainment,
    except as indicated in Schedule 4; and

 

	 	13.1.3	the
    Company has not entered into any transaction which will or may (disregarding any statutory right to make any election or claim any
    allowance or relief) give rise to a liability to Tax on chargeable gains.

 

    	49

     

    

 

SCHEDULE
3 - Particulars of the Leasehold Property

 

	Description
    of the Property	Warehouse (100m2)
    at Maalbeekstraat 2, 8790, Waregem, Belgium
	 	 
	Owner	Arcadia
    NV (headlease)

     

    Sulmon
    NV (sublease)

	 	 
	Description of Lease	Use of the warehouse in
    accordance with article 18, §1, paragraph 2, 9° of the Belgian VAT-code, solely to be used for storage of digital boards.
    Other products can be stored with prior written approval of the lessor. Q&A contains a question whether previously, such an approval
    has been obtained. 
	 	 
	Registered/unregistered	Not specified
	 	 
	Title number (if registered)	Not specified
	 	 
	Contractual date of termination
    of Lease	31/03/2028 (9 years)
	 	 
	Occupier	Interactive Concepts BV
	 	 
	Current Use	Storage of digital boards.
    

 

    	50

     

    

 

SCHEDULE
4 - Disclosure Schedule

 

Content
data room

 

Legal
DD

 

A.
Checklist legal due dilligence – Interactive Concepts BV

 

B.
Checklist 210203 QA Project Felix

 

1.1
Statuten

1.2
Inschrijving KBO

1.3
AV verslagen

1.3.1
AV getekend verslag 2015

1.3.2
AV getekend verslag 2016

1.3.3
AV getekend verslag 2017

1.3.4
AV getekend verslag 2018

1.3.5
AV getekend verslag 2019

1.3.6
AV getekend verslag 2020

1.4
Samenstelling bestuur

1.5
Grootte onderneming

1.6
Bevestiging registratie UBO Interactive Concepts BV

1.6.1
Aandelenregister

1.9
Samenstelling dagelijks bestuur

1.10
Bankgegevens

 

2.13
Folder _ toelichting AXXI BV

 

4.22.1
Huurcontract magazijn

4.22.2
Factuur handling Sulmon NV

4.22.3
Extra duiding bij facturatie handling

4.23.1
Onderhoudscontract bedrijfswagen

4.23.2
Renting bedrijfswagen

4.24.1
Casio invoice

4.24.2
Conen Mounts invoice

4.24.3
Kindermann invoice

4.24.4
Lumens invoice _ shipment from Holland warehouse

4.24.5
Lumens invoice _ shipment from Taiwan factory

4.24.6
Main supplier conditions

4.26
Algemene voorwaarden Interactive Concepts BV

4.27.1
Financiering leasing project scholengroep Ferdinand Verbiest

4.27.2
Fiscoline Belfius 071020

4.27.3
Fiscoline Belfius 171220

4.29.1
Taks Shelter 2018

4.29.2
Taks Shelter 2019

 

5.39
Contracten verzekering

5.39
Folder _ toelichting Q&O verzekeringen

5.39.1
Polis IVECO

5.39.2
Polis brand

5.39.3
Polis BA uitbating

5.39.4
Polis BA na levering

5.39.5
Polis 2573862

5.39.6
Polis bedrijfswagen

5.40.1
Attest betaling auto

5.40.2
Attest betaling BA

5.40.3
Attest betaling brand

 

6.43
IPT contract Karel Callens

 

    	51

     

    

 

Financial
DD

 

A.
Interactive Concepts Information Request 210127

 

1.
Fiche 281.20 bezoldiging bedrijfsleider 2020

2.
Afschrijvingstabellen

2.1
2018

2.2
2019

2.3
2020

2.4
Herziening investeringen

3.
Vervaldagbalans klanten anoniem

4.
Stock units 311220v2

5.
Cash balance updates

5.1
See initial cash balance in Word document “Information request 210127”

6.1
Vervaldagbalans leveranciers

6.2
Garantiekosten

6.2.1
2017

6.2.2
2018

6.2.3
2019

7.
Rekening Courant Karel Callens _ verrichtingen 211231 tot closing

8.1.1
BTW aangiftes

8.1.2
BTW ontvangstbevestigingen

8.2.1
Aflossingstabel voorafbetaling 150k 2020

8.2.2
Contract voorbetaling 30k 2020

8.3
Berekening tax shelter 2018

8.3.1
Tax shelter 2018

8.4
Berekening tax shelter 2019

8.4.1
Tax shelter 2019

9.
Belastingaangiftes

9.1
2017 aangifte

9.2
2018 aangifte

9.3
2019 aangifte

9.4
Aanslagbiljet vennootschapsbelasting 2018

9.5
Aanslagbiljet vennootschapsbelasting 2019

9.6
Aanslagbiljet vennootschapsbelasting 2020

10.
Aangifte RV intresten

10.1
aangifte RV intresten 2017

10.2
aangifte RV intresten 2018

10.3
aangifte RV intresten 2019

11.1
IC 12 2018 jaarrapport

11.2
IC 12 2018 btw omzetvergelijking

11.3
IC 12 2019 jaarrrapport

11.4
IC 12 2019 btw omzetvergelijking

12.
Afsluiting boekjaar 2020

12.1
IC 12 2020 jaarrapport

12.2
Notulen AV IC BV 31 12 2020

12.3
Brief betaling RV op intresten RC 2020

13.
BAV _ uitkering liquidatiereserve 2021

13.1
Notulen BAV

13.2
Notulen bestuursorgaan IC BV – uitkering liquidatiereserve 2021

13.3
Bijzonder verslag bestuursorgaan liquiditeitstest 2021

13.4
Verklaring Axxi – uitvoering testen

13.5
Aangifte RV liquidatiereserve 2021

14.
Brief betaling bedrijfsvoorheffing IC BV 1e kwartaal 2021

 

    	52

     

    

 

SCHEDULE
5 – TAX COVENANT

 

The
Seller shall indemnify and hold harmless the Buyer or, at Buyer’s option, the Company, on a euro-for-euro basis from and against:

 

	 	●	all
    Taxes incurred (including all additional taxes, increases and penalties imposed by any Governmental Authority) by the Company in
    respect of any period ending on the Accounts Date (together with all expenses incurred in connection therewith) which have not been
    paid on or before the Accounts Date or which have not been sufficiently accounted for in the Accounts;

 

	 	●	all
    Taxes or other obligations in relation to Tax incurred by the Company with respect to the period since the Accounts Date until the
    Closing Date which are not incurred in the ordinary course of business of the Company as a result of the profitable continuance of
    the Company’s activities in the ordinary course of business and in compliance with all applicable laws and the Agreement;

 

	 	●	all
    Taxes incurred by the Company resulting from the non-deductibility, or refusal by the Tax authorities or any other competent authority
    to accept the deductibility, for income tax purposes (in whole or in part) of any expenses or costs borne by the Company on or before
    the Closing Date and deducted by the Company for Tax purposes;

 

	 	●	all
    Taxes incurred by the Company, or the Buyer, arising out of or in connection with the payment of the Purchase Price to the Seller;

 

	 	●	all
    Taxes incurred or payable by the Company arising out of or in connection with any Leakage, including any Permitted Leakage;

 

	 	●	all
    Losses arising out of or in connection with any Tax liability resulting from an overstatement of provisions or from or in connection
    with transactions between the Company and the Seller or any person Connected with the Seller on or before the Closing Date;

 

	 	●	all
    Losses incurred by the Company arising out of or in connection with a failure to file or late filing of Tax returns or filings, or
    other documents (including tax slips (“fiscale fiches” / “fiches fiscales”) for any remuneration,
    commission or benefit granted to any person), required to be filed by the Company on or before the Closing Date or as a consequence
    of such Tax returns or filings, or other documents containing inaccurate or incomplete information; and

 

	 	●	all
    Taxes incurred (including e.g. VAT adjustments) by the Company resulting from incorrect reporting for Tax purposes or the absence,
    incompleteness or inaccuracy of documentary evidence in relation to any transaction, reorganization (including mergers, demergers
    or similar transactions) or revaluation by the Company which has taken place up to and including the Closing Date.

 

    	53

     

    

 

SCHEDULE
6 – Management Agreement

 

    	54

     

    

 

Done
in Anzegem, Belgium on 19 March 2021, in two (2) originals, each party acknowledging receipt of one such original, whereby the Parent
and the Buyer acknowledge having the same interest

 

The
Seller

 

	 	 
	Karel
    Callens	 

 

    	 

     

    

 

[Signature
page of the Buyer to the share purchase agreement]

 

The
Buyer

 

	 	 
	Clevertouch
    B.V.	 
	Name:	 
	Title:
    Director	 

 

    	 

     

    

 

[Signature
page of the Parent to the share purchase agreement]

 

The
Parent

 

	 	 
	Sahara
    Holdings Limited	 
	Name:	 
	Title: Directorex_247948.htm

Exhibit 10.3

 

EXECUTIVE STEERING COMMITTEE ADVISOR

CONSULTING AGREEMENT

 

 

This Consulting Agreement (the “Agreement”), effective as of February 15, 2021 (the “Effective Date”), is by and between

 

BioCardia, Inc., with offices located at 125 Shoreway Road, Suite B, San Carlos, California 94070 (“SPONSOR”)

 

and

 

Dr. Eric Duckers (“CONSULTANT”).

 

Background

 

WHEREAS, the SPONSOR is evaluating an investigational device called the CardiAMP System (“Study Device”) for use in patients with post myocardial infarction heart failure in a study in accordance with the Protocol entitled: “Randomized Controlled Pivotal Trial of Autologous Bone Marrow Cells Using the CardiAMP System in Patients with Post Myocardial Infarction Heart Failure,”, as may be amended from time to time, referred to as the CardiAMP Heart Failure Trial, which is incorporated herein by reference as part of this Agreement and the terms and conditions contained herein collectively (“Study”) on its behalf;

 

WHEREAS, SPONSOR, desires to Consultant to perform the Consulting Services (as defined below) as an advisor to the Executive Steering Committee (hereinafter “Steering Committee advisor”) in order to obtain the benefit and unique experience and ability of the Consultant in the Study and Consultant desires to perform such Consulting Services for the Study; and

 

Agreement

 

NOW, THEREFORE, in consideration of the mutual covenants contained in this Agreement, and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, SPONSOR and Consultant, intending to be legally bound, agree as follows:

 

	
			1.

				
			Definitions

			

 

Unless otherwise specifically provided in this Agreement, the following terms shall have the following meanings:

 

	 	
			1.1

				
			“Applicable Laws” shall mean all laws, ordinances, rules and regulations of any regulatory authority or any other state, local or federal governmental authority that apply to the conduct of the Study, the protection of the rights, safety and welfare of human subjects, the control of new devices under investigation, or the activities contemplated hereunder, including but not limited to: (i) the United States Federal Food, Drug and Cosmetic Act (“FDCA”); (ii) regulations and guidelines of the United States Food and Drug Administration (“FDA”), including but not limited to those set forth in the Unites States Code of Federal Regulation (“C.F.R.”); (iii) Good Clinical Practices, as set forth in 21 C.F.R. Parts 50 and 56 and the International Conference on Harmonisation of Technical Requirements for Registration of Pharmaceuticals for Human Use Guidelines; and (iv) all applicable privacy laws, rules and regulations (collectively “Privacy Laws”), including the United States Department of Health and Human Services privacy rules under the Health Insurance Portability and Accountability Act of 1996 45 C.F.R. Parts 160 and 164, as amended and including its implementing regulations (collectively “HIPAA”); and (v) laws and regulations governing payments, remuneration, and referrals to and from healthcare providers, disclosure thereof, and export, including, but not limited to the Foreign Corrupt Practices Act of 1977 (15 U.S.C. §§ 78dd-1, et seq.), the Stark Law (42 U.S.C. §§ 1395nn, et seq.), the Anti-Kickback Statute (42 U.S.C. §§ 1320a-7b(b), et seq.), and the Patient Protection and Affordable Care Act (42 U.S.C. § 1320a-7h).

			

 

 

 

 

 

	 	
			1.2

				
			“Confidential Information” means all confidential, proprietary, or trade secret information, property or material of SPONSOR and any derivatives, portions or copies thereof, including, without limitation, information resulting from or in any way related to the Consulting Services provided, the business practices, plans or relationships of SPONSOR and any other information or material that SPONSOR designates as Confidential Information. Confidential Information includes, without limitation, all information received from or on behalf of Sponsor, or the Study sites or personnel involved in the Study, or created, generated or developed in connection with the Study, the Consulting Services hereunder, or using or incorporating other Confidential Information, including the terms of this Agreement, investigator’s brochure, Protocol, Manual of Operations, the identity and characteristics of the Study Devices (and all information relating thereto), Inventions (as defined below), Study records, reports, data, newsletters, safety reports and analysis, and any information about the subjects participating in the Study, including personal health information, and medical records and reports.

			

 

	 	
			1.3

				
			“Consulting Services” means the services set forth in Schedule 1, with such modifications to Schedule 1 as SPONSOR may reasonably request from time to time.

			

 

	 	
			1.4

				
			“Parties” means SPONSOR and Consultant and “Party” shall mean either of SPONSOR or Consultant.

			

 

	 	
			1.5

				
			“Person” means an individual, sole proprietorship, partnership, limited partnership, limited liability partnership, corporation, limited liability company, business trust, joint stock company, trust, incorporated association, joint venture or similar entity or organization, including a government or political subdivision, department or agency of a government.

			

 

	 	
			1.5

				
			“Term” means the period beginning on the Effective Date and continuing until completion of Consulting Services unless earlier terminated in accordance with Section 10 of the Agreement.

			

 

	
			2

				
			Scope of Consulting Services

			

 

SPONSOR hereby engages the Consultant, and the Consultant hereby agrees to provide the Consulting Services as set out in Schedule 1 to this Agreement. The Consultant shall furnish, at the Consultant’s own expense (subject to Section 3), any and all materials, equipment, services or supplies necessary or useful to successfully complete the Consulting Services. The Consultant shall use his or her best efforts to successfully complete the Consulting Services and shall perform such Consulting Services to the highest professional standards and in compliance with all Applicable Laws, the Study Protocol, and this Agreement. The Parties agree that completion of the Consulting Services within the agreed-upon time period is an essential term of this Agreement.

 

 

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BioCardia CardiAMP Study Steering Committee Consulting Agr Dr. Eric Duckers

 

 

	
			3.

				
			Compensation and Out-of-Pocket Expenses

			

 

	 	
			3.1

				
			Payments

			

 

	 	
			3.1.1

				
			SPONSOR agrees to provide payments to the Consultant for Consulting Services as set forth in Schedule 2.

			

 

	 	
			3.1.2

				
			All payments shall be made for Consulting Services carried out in accordance with this Agreement and all Applicable Laws governing such Consulting Services.

			

 

	 	
			3.1.3

				
			The Consultant acknowledges that the amounts to be paid by SPONSOR under this Agreement represent reasonable, fair market value compensation for the work performed and the Consultant has received no other compensation or other inducement in connection with this Agreement or its participation in Consulting Services for the Study. Except with respect to those expenses set out in Schedule 2, Consultant acknowledges and agrees that the payments made by SPONSOR under this Agreement represent SPONSOR’s total financial obligations under this Agreement, and fully cover the cost of conducting the Consulting Services for the Study.

			

 

	 	
			3.3

				
			Compensation/Reconciliation Upon Early Termination

			

 

If the Study is discontinued for any reason it is agreed that the compensation paid or to be paid, shall be prorated based on actual work performed pursuant to this Agreement. Any funds not due under this calculation, but already paid, shall be returned to SPONSOR, less reasonable non-cancelable third party expenditures set forth in Schedule 2 and incurred by Consultant, subject to an obligation on the Consultant to mitigate any loss, for the purpose of conducting Consulting Services for the Study, within thirty (30) days of the termination date.

 

	 	
			3.4

				
			All Costs 

			

 

 

	 	
			3.4.1

				
			Payment will be remitted to Consultant according to the compensation and payment terms set forth in Schedule 2.

			

 

	 	
			3.4.2

				
			The payments set forth in Schedule 2 represent all Consulting Services costs for the Study, and no other moneys shall be payable, unless otherwise approved by SPONSOR in writing. All amounts payable by SPONSOR under this Agreement are stated inclusive of any tax, which CONSULTANT may be obligated to pay.

			

 

	 	
			3.4.3

				
			The CONSULTANT shall provide SPONSOR with a completed and signed SPONSOR-specific Form W-9 prior to any payments being made under this Agreement. In the event of a conflict between the Payee and Tax Identification Number set forth in Schedule 3 and the SPONSOR-specific Form W-9, the SPONSOR-specific Form W-9 shall control.

			

 

 

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BioCardia CardiAMP Study Steering Committee Consulting Agr Dr. Eric Duckers

 

 

	 	
			3.4

				
			Budget Non-Disclosure

			

 

The Consultant shall consider all budget information as Confidential Information and will discuss such information exclusively with SPONSOR except where required by applicable law. Any other discussion of this Agreement or its budget terms with any third party may result in the discontinuation of the Consulting Services provided by Consultant, with no further obligation of SPONSOR to the Consultant.

 

	 	
			3.6

				
			Transparency

			

 

SPONSOR may disclose for any lawful purpose, within their sole discretion, the terms of this Agreement, including without limitation, the total compensation (including fees and expenses) payable or paid pursuant to this Agreement.  The parties acknowledge and agree that certain federal, state, and local laws, rules, and regulations (including, but not limited to the Patient Protection and Affordable Care Act (42 U.S.C. § 1320a-7h (amending Part A of Title XI of the Social Security Act by adding section 1128G) (2010)) may require disclosure of certain information relating to this Agreement, the relationship between the parties, and payments made hereunder. Consultant agrees that Sponsor is authorized to make such disclosures, to the fullest extent it deems necessary, to comply with such law, rule, and/or regulation. Consultant further agrees to cooperate with such disclosure by Sponsor.

 

	
			4.

				
			Relationship of the Parties

			

 

The status of a Party under this Agreement shall be that of an independent contractor. Nothing contained in this Agreement shall be construed as creating a partnership, joint venture, employment or agency relationship between the Parties or, except as otherwise expressly provided in this Agreement, as granting either Party the authority to bind or contract any obligation in the name of or on the account of the other Party or to make any statements, representations, warranties or commitments on behalf of the other Party.

 

Consultant agrees that neither this Agreement nor the Consulting Services performed hereunder will entitle Consultant to participate in or accrue or receive benefits under any employee benefits plans, group insurance plans or programs, or any other arrangement, program, or policy maintained by SPONSOR that provides employee benefits. The Consultant will be solely and unconditionally responsible for paying any and all taxes and assessments relating to any income or other consideration that the Consultant derives from this Agreement. All persons employed by a Party shall be employees of such Party and not of the other Party and all costs and obligations incurred by reason of any such employment shall be for the account and expense of such Party.

 

For the avoidance of doubt, the Consultant’s status in respect of the SPONSOR shall be that of an independent contractor.

 

 

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BioCardia CardiAMP Study Steering Committee Consulting Agr Dr. Eric Duckers

 

 

	
			5.

				
			Intellectual Property 

			

 

	 	
			5.1

				
			Ownership Any inventions, ideas, discoveries, processes, know-how, trade secrets, data, reports, conclusions, findings, original works, concepts, devices, new uses, improvements, modifications, patents and/or other intellectual property relating to the Study Device, Sponsor’s Confidential Information, or otherwise arising from or out of the Study or the Consulting Services, whether patentable or copyrightable or not, conceived, generated or first reduced to practice, as the case may be, during the term of this Agreement (hereinafter called “Inventions”), shall, without further remuneration for the Consultant, be the property of the SPONSOR. All Inventions and all original works of authorship relating to or arising out of the Study, the Consulting Services, the Study Device (including, but not limited to, any derivations, modifications, or alternative or new uses therefor), intellectual property, or Confidential Information, made or conceived by the Consultant during the term of this Agreement and for one (1) year thereafter shall be works made for hire and shall become and remain the sole and exclusive property of the Sponsor. To the extent that ownership of such Inventions and original works of authorship does not automatically vest in the Sponsor, the Consultant hereby transfers and assigns to the Sponsor all right, title and interest in and to the same, whether or not patent or copyright applications are filed thereon.

			

 

	 	
			5.2

				
			Disclosure The Consultant shall promptly disclose to SPONSOR and/or the SPONSOR, in writing, any Invention and/or works of authorship.

			

 

	 	
			5.3

				
			Cooperation The Consultant shall take all such actions throughout the term of this Agreement and thereafter as shall be necessary in order to ensure that the Inventions may be vested free of encumbrance in the SPONSOR in accordance with Section 5.1 above. The Consultant shall further cooperate with the SPONSOR, at the SPONSOR’s reasonable expense, by promptly executing any documents or carrying out any acts that may be required to vest the rights in or to Inventions in the SPONSOR and otherwise to enable the SPONSOR fully to protect its intellectual property.

			

 

	 	
			5.4

				
			Background Rights For the avoidance of doubt all intellectual property rights and rights of a similar nature owned by or licensed to a Party prior to the date of this Agreement shall remain that Party’s property.

			

 

	
			6.

				
			Confidential Information

			

 

	 	
			6.1

				
			The Consultant agrees that he or she will have access to, or become acquainted with, Confidential Information of SPONSOR. Confidential Information may be disclosed to Consultant either orally, visually, in writing, by delivery of materials containing Confidential Information or in any other form or medium. The Consultant will keep Confidential Information in strict confidence, will use Confidential Information only in connection with the performance of the Consulting Services, and will not, during or after the Term, without SPONSOR’s prior written consent, disclose, disseminate or otherwise make available or allow access to Confidential Information to any third party. If the Consultant becomes aware of disclosure or misuse, he or she will immediately notify SPONSOR and take reasonable steps to prevent further disclosure or misuse, as requested by SPONSOR.

			

 

 

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BioCardia CardiAMP Study Steering Committee Consulting Agr Dr. Eric Duckers

 

 

	 	
			6.2

				
			The obligations of non-disclosure do not apply where the Consultant can prove by competent written evidence (a) the Confidential Information was known to the Consultant prior to the Effective Date and that was not subject to any confidentiality restrictions, (b) the Confidential Information was lawfully obtained from a third party without any confidentiality obligations, or (c) the Confidential Information is or becomes part of the public domain through no fault of the Consultant.

			

 

	 	
			6.3

				
			Notwithstanding Section 6.1, if the Consultant is requested to disclose Confidential Information by a lawful, judicial, or government order, the Consultant will immediately notify SPONSOR to permit SPONSOR to defend against any such order of disclosure, and Consultant will assist in such defense to the extent permitted by law.

			

 

	 	
			6.4

				
			The obligations of nondisclosure set forth in this section 6 will commence upon the Effective Date and shall survive and continue for ten (10) years after the expiration or earlier termination of this Agreement.

			

 

	
			7.

				
			Subcontractors

			

 

	 	
			7.1

				
			The Consultant shall not engage or make use of subcontractors for the purpose of providing the Consulting Services or any other obligations under this Agreement except as expressly authorized by SPONSOR in writing. Any such permitted subcontract shall be subject to the applicable terms and conditions of this Agreement, and, upon SPONSOR’s request, the Consultant shall require any such subcontractor to enter into an agreement, pursuant to which the terms and conditions of this Agreement shall apply directly between such subcontractor and SPONSOR prior to disclosing to such subcontractor any Confidential Information, provided, however, that no such subcontract shall release the Consultant from any of its obligations under this Agreement except to the extent such obligations are satisfactorily performed by such subcontractor in accordance with this Agreement.

			

 

	 	
			7.2

				
			SPONSOR may subcontract with an independent third party Contract Research Organization (“CRO”), as shall be more specifically identified in writing by Sponsor. CRO may perform some of SPONSOR’s obligations under this Agreement on SPONSOR’s behalf, as may be more specifically set forth in writing by Sponsor, including but not limited to, invoicing and administering and making payments to Steering Committee advisors, facilitating, assisting in, and monitoring the performance of the Steering Committee advisors, providing, collecting, receiving, generating and storing information on SPONSOR’s behalf. Notwithstanding SPONSOR’s use of the CRO, all obligations of Consultant under this Agreement are owed to SPONSOR and any payments made under this Agreement, whether made by SPONSOR or CRO, shall be attributable to SPONSOR. SPONSOR may, in its sole discretion, replace, cease to use, or modify the duties of CRO at any time and in such event, will provide Consultant with written notice of such replacement, modification of duties or termination. In no event shall CRO have the authority to amend, modify, terminate, or waive any rights under this Agreement on behalf of SPONSOR or otherwise enter into a legally binding agreement on behalf of SPONSOR.

			

 

 

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BioCardia CardiAMP Study Steering Committee Consulting Agr Dr. Eric Duckers

 

 

	
			8.

				
			Use of Name

			

 

Each Party shall not mention or otherwise use the name, insignia, symbol, trademark, trade name or logotype of the other Party in any publication, press release, promotional material or other form of publicity without the prior written consent of the other Party in each instance (which shall not be unreasonably withheld). The restrictions imposed by this Section shall not prohibit either Party from making any disclosure identifying the other Party that is required by Applicable Law or the requirements of a regulatory body, provided that any such disclosure shall be governed by Section 6. Furthermore, the Consultant shall not mention or otherwise use the name, insignia, symbol, trademark, trade name or logotype of SPONSOR in any publication, press release, promotional material or other form of publicity without the prior written consent of SPONSOR in each instance (which shall not be unreasonably withheld).

 

	
			9.

				
			Representations, Warranties and Covenants of Consultant

			

 

The Consultant represents and warrants to SPONSOR that:

 

	 	
			(a)

				
			he/she has full power and authority, and has taken all necessary actions and has obtained all necessary authorizations, licenses, consents and approvals required, to execute and perform this Agreement;

			

 

	 	
			(b)

				
			his/her retention as a consultant by SPONSOR and his/her performance of the Consulting Services do not, and will not, breach any agreement that obligates Consultant to keep in confidence any trade secrets or Confidential Information and refrain from competing, directly or indirectly, with the business of any other party;

			

 

	 	
			(c)

				
			(i) neither he/she nor any of his/her personnel engaged in the Consulting Services has been debarred, is subject to debarment or has otherwise been disqualified or suspended from performing scientific or clinical investigation, or is the subject of an action or investigation that could lead to the debarment or disqualification of Consultant, or otherwise subjected to any restrictions or sanctions by the FDA or any other governmental or regulatory authority or professional body with respect to the performance of scientific or clinical investigations (a “Debarred Person”), (ii) the Consultant shall not use in any capacity, in connection with the Consulting Services, any Debarred Person, and (iii) in the event that Consultant or any of Consultant’s personnel become a Debarred Person, Consultant shall immediately notify SPONSOR and SPONSOR may immediately terminate this Agreement;

			

 

	 	
			(d)

				
			if a governmental or regulatory authority conducts or gives notice of its intent to conduct an audit/inspection relating to services provided by the Consultant, the Consultant will give notice to SPONSOR of not less than three (3) business days and permit SPONSOR and/or the SPONSOR to be present at, and participate in, the inspection;

			

 

	 	
			(e)

				
			he/she shall conduct the Consulting Services in accordance with all Applicable Laws, the Study Protocol, and this Agreement;

			

 

 

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BioCardia CardiAMP Study Steering Committee Consulting Agr Dr. Eric Duckers

 

 

	 	
			(f)

				
			he/she has truthfully and accurately completed and certified the Certification of Financial Interests and Disclosure of Financial Interest statements contained in Schedules 4 and 5; and

			

 

	 	
			(g)

				
			he/she has no financial, scientific or regulatory conflicts of interest in carrying out the Consulting Services under this Agreement or is not prohibited from entering this Agreement. During the course of this Agreement, the Consultant is required to disclose to SPONSOR and to such Steering Committee (SC) as may be appointed by the SPONSOR in accordance with Steering Committee Charter, any consulting agreements and/or any financial interests, he/she may have in the SPONSOR or any interests the Consultant is required to disclose under the SC Charter. The Consultant shall provide information about other concurrent Steering committee or endpoint adjudication committee membership or potential conflicts of interest where requested by SPONSOR and/or the SC.

			

 

	
			10.

				
			Termination; Effect of Termination

			

 

 

	 	
			10.1

				
			Termination for Breach. Either party may terminate the Agreement by upon thirty (30) days prior written notice at any time for any reason.

			

 

	 	
			10.2

				
			Effect of Termination Upon termination of this Agreement by SPONSOR, the Consultant shall promptly cease performance of his or her obligations under this Agreement. The expiration or termination of this Agreement shall be without prejudice to any rights or obligations of the Parties that may have accrued prior to the termination and, except as otherwise expressly provided herein, shall not limit any rights or remedies which may be available by law or otherwise.

			

 

	 	
			10.3.1

				
			Upon the termination or expiration of this Agreement, the Consultant shall at SPONSOR’s option and direction, either destroy or return to SPONSOR all Confidential Information received from SPONSOR and, upon SPONSOR’s request, certify Consultant’s destruction or return of all such Confidential Information.

			

 

	 	
			10.3.2

				
			In the event of such termination, the Consultant will be entitled to receive (a) any compensation due and payable under Section 3 but not yet paid as of the effective date of termination, and (b) payment of reasonable and necessary out-of-pocket expenses reimbursable under Section 3 that are paid or incurred by the Consultant prior to the effective date of termination.

			

 

	 	
			10.3.3

				
			Any invoice, together with the other information required pursuant to Section 3, must be received no later than thirty (30) days after the effective date of termination. Such payments will constitute full and complete settlement of all claims of the Consultant against SPONSOR in connection with this Agreement.

			

 

 

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BioCardia CardiAMP Study Steering Committee Consulting Agr Dr. Eric Duckers

 

 

	
			11.

				
			Assignment

			

 

The Consultant may not assign his or her rights and/or delegate his or her obligations under this Agreement without the prior written consent of SPONSOR, which consent shall not be unreasonably withheld. SPONSOR shall have the power to assign this Agreement to the its affiliates without the Consultant’s consent.

 

	
			12.

				
			Governing Law and Jurisdiction

			

 

This Agreement, and all disputes and/or claims arising under this Agreement, shall be interpreted and governed by the laws of California, without regard to conflict of laws principles.

 

	
			13.

				
			Notices

			

 

Any notice or other communication permitted or required under this Agreement shall be in writing and be deemed received only if hand delivered, sent by overnight delivery service or mailed by certified or registered mail to the following addresses:

 

If to SPONSOR

BioCardia, Inc.

125 Shoreway Road, Suite B

San Carlos, California 94070

Attention: Peter Altman

 

If to the Consultant

Dr. Eric Duckers

 

 

	
			14.

				
			Survival

			

 

The respective rights and obligations of the parties in Sections 3.6, 5, 6, 7, 8, 9, 10, 12, 13, 15, and this Section 14 will survive the termination or expiration of this Agreement to the extent necessary to the intended preservation of such rights and obligations.

 

	
			15.

				
			Entire Agreement and Amendment

			

 

This Agreement constitutes the entire agreement between the Parties with respect to the subject matter of the Agreement. This Agreement supersedes all prior agreements, whether written or oral, with respect to the subject matter of the Agreement. Each Party confirms that it is not relying on any representations, warranties or covenants of the other Party except as specifically set out in this Agreement. Nothing in this Agreement is intended to limit or exclude any liability for fraud. All Schedules and Attachments referred to in this Agreement are intended to be and are hereby specifically incorporated into and made a part of this Agreement. No modification will be effective unless in writing and signed by authorized representatives of both Parties.         

 

 

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BioCardia CardiAMP Study Steering Committee Consulting Agr Dr. Eric Duckers

 

 

	
			16.

				
			Anti- Bribery and Anti-Corruption 

			

 

Consultant acknowledges that certain federal, state and local laws, rules and regulations (including, but not limited to, the Foreign Corrupt Practices Act of 1977 (15 U.S.C. §§ 78dd-1, et seq.), the Stark (“Self-Referral”) Law (42 U.S.C. §§ 1395nn, et seq.), and the Anti-Kickback Statute (42 U.S.C. §§ 1320a-7b(b), et seq.) ) may impose fines or penalties on Sponsor in the event Sponsor or others acting on its behalf make payments, remuneration, compensation, or referrals in contravention thereof. Consultant agrees that it shall not engage in any activities, directly or indirectly, in its performance under this Agreement that would cause it or Sponsor to be in violation of these or similar laws, rules, or regulations. Consultant further agrees, upon reasonable request of Sponsor, to give Sponsor reasonable written assurance and cooperation to assure Sponsor that Consultant has done nothing to cause liability to Sponsor under the above-mentioned laws, rules and regulations.

 

Page 10 of 15

 

BioCardia CardiAMP Study Steering Committee Consulting Agr Dr. Eric Duckers

 

 

IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed by their duly authorized representatives.

 

SPONSOR:

 

 

   /s/ Peter A. Altman                                                           

 

Name: Peter A Altman

 

Title: CEO

 

Consultant:

 

 

  /s/ Henricus J. Duckers                                                   

 

Name: Dr. Eric Duckers

 

Title: Consultant

 

Page 11 of 15

 

BioCardia CardiAMP Study Steering Committee Consulting Agr Dr. Eric Duckers

 

 

Schedule 1

 

Consulting Services 

 

Consulting Services to be provided for the duration of the Study shall include but not be limited to the following:

 

Steering Committee Advisor

 

	 	
			●

				
			Attendance at meetings and/ or telephone conferences including but not limited to Steering Committee (SC) organizational, data review, and post-study meetings;

			

 

	 	
			●

				
			Attendance at any other meetings that may be necessary from time to time;

			

 

	 	
			●

				
			Assist as a advisor of the SC in reviewing final study results;

			

 

	 	
			●

				
			Review all materials provided to the Consultant in advance of the above meetings. In relation to closed sessions of the SC meetings, the Consultant shall not retain, collect and/or copy any materials provided to the Consultant for the purpose of a closed session of the SC meeting.

			

 

	 	
			●

				
			Assist as a advisor of the SC in issuing and making recommendations regarding any aspect of the conduct or design of the Study;

			

 

	 	
			●

				
			Review study information and interim results;

			

 

	 	
			●

				
			Review all minutes of meetings received;

			

 

	 	
			●

				
			Liaise with SPONSOR Support Group where required, and

			

 

	 	
			●

				
			Carry out all duties and tasks necessary to carry out the role as an advisor of the SC for the Study.

			

 

Page 12 of 15

 

BioCardia CardiAMP Study Steering Committee Consulting Agr Dr. Eric Duckers

 

 

Schedule 2

 

PAYMENT SCHEDULE AND PAYMENT TERMS

 

 

	
			1.1

				
			Steering Committee Consultant Fees. During the term of this Agreement, SPONSOR will pay the Contractor an hourly rate of $400 per hour for meeting attendance or preparation of meeting attendance.

			

 

	 	
			a.

				
			Consultant will request payment by submitting an invoice to SPONSOR that identifies the date and nature of the Consulting Services rendered, the time spent by Consultant performing Services, and the total Consultant Fees earned.

			

 

	 	
			b.

				
			Consultant will submit an invoice no later than 30 days after Consulting Services detailed in the invoice have been rendered.

			

 

	 	
			c.

				
			SPONSOR will pay per Consultant Fees within 30 days after receipt of the invoice, unless there is a good faith dispute regarding any of the charges therein.

			

 

	
			1.2

				
			Pass-Through Expenses. SPONSOR will reimburse Consultant for reasonable and necessary travel expenses for travel required to perform Consulting Services and for certain other out-of-pocket expenses that have been prospectively approved, in writing, by SPONSOR (collectively, “Pass-Through Expenses”). It is agreed on that travel costs for intercontinental flights using “business class” and for flights within EU “economy class” will be reimbursed and that travel time will not be reimbursed.

			

 

	 	
			a.

				
			Consultant will submit an invoice to SPONSOR within 30 days after incurring an authorized Pass-Through Expense. Consultant will include on the invoice a detailed accounting of the Pass-Through Expenses, accompanied by copies of the receipts.

			

 

	 	
			b.

				
			SPONSOR will reimburse Pass-Through Expenses within 30 days after receipt of the invoice and accompanying receipts, unless there is a good faith dispute regarding any of the expenses therein.

			

 

	
			1.3

				
			Total Amount Payable. The total amount of Consulting Fees payable under this Agreement (exclusive of Pass-Through Expenses) shall not exceed $1,000 per month.

			

 

	
			1.4

				
			Final Invoices. Consultant will submit final invoices within 60 days after expiration or termination of this Agreement. Unless SPONSOR authorizes later submission, in writing, SPONSOR has no obligation to pay invoices received later than 90 days after expiration or termination of this Agreement.

			

 

	
			1.5

				
			Invoices should be sent to:

			

BioCardia, Inc.

125 Shoreway Rd Suite B

San Carlos, CA 94070

Attn: Accounts Payable

 

e-mail:

 

With a copies to:         

 

Page 13 of 15

 

BioCardia CardiAMP Study Steering Committee Consulting Agr Dr. Eric Duckers

 

 

Schedule 3

 

CERTIFICATION OF FINANCIAL INTEREST

 

 

	
			Title of Clinical Study:

				
			Randomized Controlled Pivotal Trial of Autologous Bone Marrow Mononuclear Cells Using the CardiAMP System in Patients with Post Myocardial Infarction Heart Failure (CardiAMP Heart Failure Trial)

			
	 	 
	
			Investigational Device:

				
			The BioCardia® CardiAMPTM System, consisting of the CardiAMP cell separator and autologous bone marrow mononuclear cells delivered using the Helix transendocardial delivery catheter

			
	 	 
	
			Sponsor:

				
			BioCardia, Inc.

			
	
			 

				125 Shoreway Rd Suite B
	
			 

				San Carlos, CA 94070
	 	 
	
			Consultant:

				 
	 	 
	
			As a Steering Committee (SC) consultant for the Study, I certify that I, my spouse or dependent children (check the appropriate box for each statement):

			
	 	 
	
			[  ] Have [ X ] Do not have

				
			Have an ownership interest, stock options, or other financial interest (i.e., equity interest) in the Sponsor (public or non-public) that owns the Investigational Device being evaluated in the Study.

			
	 	 
	
			[  ] Have [ X ] Do not have

				
			Have property or other financial interest (i.e., proprietary interest) in the Investigational Device being evaluated in the Study; including, but not limited to, a patent or patent interest, trademark, copyright, licensing agreement, or any arrangement tied to a current or future right to receive royalties associated with the development or eventual commercialization of the Investigational Device.

			
	 	 
	
			[  ] Have [X  ] Do not have

				
			Receive payments from the Sponsor that owns the respective Investigational Device during the term of the conduct of the Study; nor do I anticipate receiving payments from the Sponsor during a 1 year period following completion of the Study.   Applicable payments (i.e., financial interest) include, but are not limited to, grants to fund projects or research or compensation in the form of monetary payments, equipment, or retainers for consultation or honoraria.

			

 

If the response to any of the above statements is affirmative, completion of the Disclosure of Financial Interest is required.

 

	Eric Duckers
	Name of Consultant (Printed or Typed)

 

	/s/ Henricus J. Duckers	 	2/15/2021
	Signature of Consultant	 	Date

 

Page 14 of 15

 

BioCardia CardiAMP Study Steering Committee Consulting Agr Dr. Eric Duckers

 

 

Schedule 5

 

DISCLOSURE OF FINANCIAL INTEREST

 

 

	
			Title of Clinical Study:

				
			Randomized Controlled Pivotal Trial of Autologous Bone Marrow Mononuclear Cells Using the CardiAMP System in Patients with Post Myocardial Infarction Heart Failure (CardiAMP Heart Failure Trial)

			
	 	 
	
			Investigational Device:

				
			The BioCardia® CardiAMPTM System, consisting of the CardiAMP cell separator and autologous bone marrow mononuclear cells delivered using the Helix transendocardial delivery catheter

			
	 	 
	
			Sponsor:

				
			BioCardia, Inc.

			
	
			 

				125 Shoreway Rd Suite B
	
			 

				San Carlos, CA 94070
	 	 
	
			Consultant:

				
			 Henricus J. Duckers                                      

			

 

As a Steering Committee (SC) consultant for the Study, I hereby disclose that I, my spouse, or dependent children have participated in financial arrangements or hold financial interests, as follows: (Check all applicable boxes.)

 

	
			[  ]

				
			any financial arrangement entered into between the Sponsor of the Study, whereby the value of the compensation to me for conducting or participating in the clinical study could be influenced by the outcome of the study;

			

 

	
			[  ]

				
			any significant payments (i.e. financial interests) of other sorts from the Sponsor of the Study that have a cumulative monetary value of $25,000 or more, including, but not limited to payments, retainers, and honoraria from Sponsor for participant on committees, providing consultation, or serving as a preceptor, grants to fund ongoing research (e.g., grants to Consultant or institution to fund Consultant’s ongoing research), compensation in the form of equipment, or honoraria;

			

 

	
			[  ]

				
			any proprietary interest in the Investigational Device being evaluated in the Study, including but not limited to a patent, trademark, copyright or licensing agreement;

			

 

	
			[  ]

				
			any significant equity interest  in the Sponsor of the Study held by me, my spouse or dependent children.

			

 

Attach to this form the details of your financial arrangements and interests. 

 

	Henricus J. Duckers
	Name of Consultant (Printed or Typed)

 

	/s/ Henricus J. Duckers	 	2/15/2021	 
	Signature of Consultant	 	Date	 

 

1 A significant equity interest, as defined under 21 CFR Sec. 54.2(b), means:  (i) any ownership interest, stock options, or other financial interest whose value cannot be readily determined through reference to public prices (generally, interests in a non-publicly traded corporation); or (ii) or any equity in a publicly traded corporation that exceeds $50,000 during the time the Consultant is carrying out the study and for 1 year following completion of the study.

 

 

 

Page 15 of 15

BioCardia CardiAMP Study Steering Committee Consulting Agr Dr. Eric Duckers

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