Document:

Exhibit 10.11

 

REGISTRATION RIGHTS AGREEMENT

 

This Registration Rights Agreement
(this “Agreement”) is made and entered into as of April 14, 2021 (the “Effective Date”) between
Sysorex, Inc., a Nevada corporation (the “Company”), and each of the several holders of the Company’s common
stock, par value $0.00001 per share (the “Common Stock”) or the holders of rights to acquire Common Stock that are
signatories hereto (each such holder, a “Holder” and, collectively, the “Holders”).

 

NOW, THEREFORE, IN CONSIDERATION
of the mutual covenants contained in this Agreement, and for other good and valuable consideration, the receipt and adequacy of which
are hereby acknowledged, the Company and each of the Holders agree as follows:

 

1. Definitions.
As used in this Agreement, the specified terms, which may not include all of the defined terms contained in this Agreement, shall have
the following meanings:

 

“Advice”
shall have the meaning set forth in Section 6(d).

 

“Bridge
Financing” means the consummation of an offering of the Company’s equity securities (or other debt or equity instruments
convertible into or exercisable for the Company’s equity securities) in one or a series of related transactions, the principal
purpose of which is to raise capital, which transaction or series of related transactions result in the Company receiving gross proceeds
of not less than $5,000,000.

 

“Commission”
means the U.S. Securities and Exchange Commission (“SEC”).

 

“Effectiveness
Date” means, with respect to the Initial Registration Statement required to be filed hereunder, the forty-fifth (45th)
calendar day following the Filing Date and with respect to any additional Registration Statements that may be required pursuant to Section
2(c) or Section 3(c), the forty-fifth (45th) calendar day following the applicable Filing Date for such additional Registration
Statement; provided, however, that in the event the Company is notified by the Commission that one or more of
the above Registration Statements will not be reviewed or is no longer subject to further review and comments, the Effectiveness Date
as to such Registration Statement shall be the fifth (5th) Trading Day following the date on which the Company is so notified
if such date precedes the dates otherwise required above, provided, further, if such Effectiveness Date falls on a day that is not a Trading
Day, then the Effectiveness Date shall be the next succeeding Trading Day.

 

“Effectiveness
Period” shall have the meaning set forth in Section 2(a).

 

“Event”
shall have the meaning set forth in Section 2(d).

 

“Event
Date” shall have the meaning set forth in Section 2(d).

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

“Excluded
Registrable Securities” shall have the meaning set forth in Section 6(e).

 

“Filing
Date” means, with respect to the Initial Registration Statement required hereunder, the ninetieth (90th) calendar
day following the Transaction Closing Date and, with respect to any additional Registration Statements that may be required pursuant to
Section 2(c) or Section 3(c), the earliest practical date on which the Company is permitted by SEC Guidance to file such additional Registration
Statement related to the Registrable Securities.

 

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“Holder”
or “Holders” means the holder or holders, as the case may be, from time-to-time of Registrable Securities.

 

“Holder
Delay” shall have the meaning set forth in Section 3(a).  

 

“Holder’s
Share Value” means the aggregate value of the Shares held by the Holder and issued pursuant to the Holder’s Share Acquisition
Agreement as set forth on Schedule 1.

 

“Indemnified
Party” shall have the meaning set forth in Section 5(c).

 

“Indemnifying
Party” shall have the meaning set forth in Section 5(c).

 

“Initial
Registration Statement” means the initial Registration Statement filed pursuant to this Agreement.

 

“Losses”
shall have the meaning set forth in Section 5(a).

 

“Majority
Holders” means the Holders of a majority of the then outstanding Registrable Securities, which must include [               ].

 

“Merger
Shares” means the shares of Common Stock issued to the shareholders of TTM Digital Assets & Technologies, Inc. (“TTM”)
pursuant to that certain Agreement and Plan of Merger, dated April 8, 2021 by and among the Company, TTM Acquisition Corp., a Nevada corporation
and TTM as set forth on Schedule I.

 

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

 

“Piggyback
Registration” shall have the meaning set forth in Section 6(e).

 

“Plan of
Distribution” shall have the meaning set forth in Section 2(a).

 

“Prospectus”
means the prospectus included in a Registration Statement (including, without limitation, a prospectus that includes any information previously
omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated by the Commission
pursuant to the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of
any portion of the Registrable Securities covered by a Registration Statement, and all other amendments and supplements to the Prospectus,
including post-effective amendments, and all materials incorporated by reference or deemed to be incorporated by reference in such Prospectus.

 

“Registrable
Securities” means, as of any date of determination, (a) the Shares and (b) any securities issued or then issuable upon any
stock split, dividend or other distribution, recapitalization or similar event with respect to the Shares; provided, however,
that any such Registrable Securities shall cease to be Registrable Securities (and the Company shall not be required to maintain the
effectiveness of any, or file another, Registration Statement hereunder with respect thereto) upon the earliest to occur of the
following (a) a Registration Statement with respect to the sale of such Registrable Securities is declared effective by the
Commission under the Securities Act and such Registrable Securities have been disposed of by the Holder in accordance with such
effective Registration Statement, (b) such Registrable Securities have been previously sold in accordance with Rule 144, or (c) such
securities become eligible for resale without volume or manner-of-sale restrictions and without current public information pursuant
to Rule 144 as set forth in a written opinion letter to such effect, addressed, delivered and acceptable to the Transfer Agent and
the affected Holders (assuming that such securities and any securities issuable upon exercise, conversion or exchange of which, or
as a dividend upon which, such securities were issued or are issuable, were at no time held by any Affiliate of the Company, as
reasonably determined by the Company, upon the advice of counsel to the Company.

  

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“Registration
Statement” means any registration statement required to be filed hereunder pursuant to Section 2(a) and any additional registration
statements contemplated by Section 2(c) or Section 3(c), including (in each case) the Prospectus, amendments and supplements to any such
registration statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto, and all material incorporated
by reference or deemed to be incorporated by reference in any such registration statement.

 

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

 

“Rule 415”
means Rule 415 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time-to-time,
or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule.

 

“Rule 424”
means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time-to-time,
or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule.

 

“Share
Acquisition Agreement” means the applicable agreement by and between the Holder and the Company, described on Schedule 1
pursuant to which the Holder acquired the Shares set forth next to such Holder’s name on Schedule 1.

 

“Securities
Act” means the Securities Act of 1933, as amended.

 

“Selling
Stockholder Questionnaire” shall have the meaning set forth in Section 3(a).

 

“SEC Guidance”
means (i) any publicly available written or oral guidance of the Commission staff, or any comments, requirements or requests of the Commission
staff and (ii) the Securities Act.

 

“Shares”
means the shares of Common Stock, including the shares of Common Stock underlying any rights to acquire shares of Common Stock, held by
the Holders as set forth on Schedule 1 and the Merger Shares.

 

“Trading
Day” refers to a day on which the Trading Market is open for trading.

 

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“Trading
Market” means the principal market or exchange on which the Company’s Common Stock is then listed or quoted for trading,
including, the NYSE MKT, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange,
or the OTCQB Marketplace maintained by the OTC Market Group Inc. (or any successors to any of the foregoing).

 

“Transaction
Closing Date” means the closing of the transactions contemplated by the Agreement and Plan of Merger, by and among the Company,
TTM Acquisition Corp., a Nevada corporation and TTM Digital Assets & Technologies, Inc., a Nevada Corporation dated as of the Effective
Date.

 

“Transfer
Agent” means the Company’s transfer agent with respect to its Common Stock.

 

2. Registration
Rights.

 

(a) On
or prior to each Filing Date, the Company shall prepare and file with the Commission a Registration Statement covering the resale of all
of the Registrable Securities that are not then registered on an effective Registration Statement for an offering to be made on a continuous
basis pursuant to Rule 415. Each Registration Statement filed hereunder shall be on Form S-3 or, if Form S-3 is unavailable to the Company,
on Form S-1 and shall contain (unless otherwise directed by the Majority Holders) substantially the form of the “Plan of Distribution”
attached hereto as Annex A. Subject to the terms of this Agreement and the limitations set forth in Section 6(e)(ii)
below, the Company shall use its commercially reasonable efforts to cause a Registration Statement filed under this Agreement (including,
without limitation, under Section 3(c)) to be declared effective under the Securities Act as promptly as possible after the filing thereof,
but in any event no later than the applicable Effectiveness Date, and shall use its commercially reasonable efforts to keep such Registration
Statement continuously effective under the Securities Act until all Registrable Securities covered by such Registration Statement (i)
have been sold, thereunder or pursuant to Rule 144, or (ii) may be sold without volume or manner-of-sale restrictions pursuant to Rule
144 and without the requirement for the Company to be in compliance with the current public information requirement under Rule 144, as
determined by counsel to the Company pursuant to a written opinion letter to such effect, addressed and acceptable to the Transfer Agent
and the affected Holders (the “Effectiveness Period”). The Company shall telephonically request effectiveness of a
Registration Statement as of 5:00 p.m. Eastern Time on a Trading Day. The Company shall immediately notify the Holders via facsimile or
by e-mail of the effectiveness of a Registration Statement on the same Trading Day that the Company telephonically confirms effectiveness
with the Commission, which shall be the date requested for effectiveness of such Registration Statement. The Company shall, by 9:30 a.m.
Eastern Time on the Trading Day after the Effectiveness Date of such Registration Statement, file a final Prospectus with the Commission
in accordance with Rule 424. Failure to so notify the Holder within one (1) Trading Day of such notification of effectiveness or failure
to file a final Prospectus as foresaid shall be deemed an Event under Section 2(d).

  

(b)
Notwithstanding the registration obligations set forth in Section 2(a), if the Commission informs the Company that all of the
Registrable Securities cannot, as a result of the application of Rule 415, be registered for resale as a secondary offering on a
single registration statement, the Company agrees to promptly inform each of the Holders thereof and use its commercially reasonable
efforts to file amendments to the Initial Registration Statement as required by the Commission, covering the maximum number of
Registrable Securities permitted to be registered by the Commission, on Form S-3 or Form S-1, and subject to the provisions of
Section 2(d) with respect to the payment of liquidated damages; provided, however, that prior to filing such
amendment, the Company shall be obligated to use commercially reasonable efforts to advocate with the Commission for the
registration of all of the Registrable Securities in accordance with the SEC Guidance, including without limitation, Compliance and
Disclosure Interpretation 612.09.

 

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(c)
Notwithstanding any other provision of this Agreement and subject to the payment of liquidated damages pursuant to Section 2(d), if
the Commission or any SEC Guidance sets forth a limitation on the number of Registrable Securities permitted to be registered on a
particular Registration Statement as a secondary offering (and notwithstanding that the Company used commercially reasonable efforts
to advocate with the Commission for the registration of all or a greater portion of Registrable Securities), unless otherwise
directed in writing by a Holder as to its Registrable Securities, the number of Registrable Securities to be registered on such
Registration Statement will be reduced on a pro rata basis based on the total number of unregistered Shares held by such Holders. In
the event of a cutback hereunder, the Company shall give each Holder at least five (5) Trading Days prior written notice along with
the calculations as to such Holder’s allotment. In the event the Company amends the Initial Registration Statement in
accordance with the foregoing, the Company will use its best efforts to file with the Commission, as promptly as allowed by
Commission or SEC Guidance provided to the Company or to registrants of securities in general, one or more registration statements
on Form S-3 or such Form S-1 to register for resale those Registrable Securities that were not registered for resale on the Initial
Registration Statement, as amended.

 

(d) If:
except as otherwise set forth under Section 6(e)(ii), (i) the Initial Registration Statement is not filed on or prior to its Filing Date
(if the Company files the Initial Registration Statement without affording the Holders the opportunity to review and comment on the same
as required by Section 3(a) herein, the Company shall be deemed to have not satisfied this clause (i)), or (ii) the Company fails to file
with the Commission a request for acceleration of a Registration Statement in accordance with Rule 461 promulgated by the Commission pursuant
to the Securities Act, within five (5) Trading Days of the date that the Company is notified (orally or in writing, whichever is earlier)
by the Commission that such Registration Statement will not be “reviewed” or will not be subject to further review, or (iii)
a Registration Statement registering for resale all of the Registrable Securities is not declared effective by the Commission by the Effectiveness
Date of the Initial Registration Statement, or (iv) after the effective date of a Registration Statement, such Registration Statement
ceases for any reason to remain continuously effective as to all Registrable Securities included in such Registration Statement, or the
Holders are otherwise not permitted to utilize the Prospectus therein to resell such Registrable Securities, for more than ten (10) consecutive
calendar days or more than an aggregate of thirty (30) calendar days (which need not be consecutive calendar days) during any twelve (12)-month
period (any such failure or breach being referred to as an “Event,” and for purposes of clauses (i) and (iii), the
date on which such Event occurs, and for purpose of clause (ii) the date on which such five (5) Trading Day period is exceeded, and for
purpose of clause (iv) the date on which such ten (10) or thirty (30) calendar day period, as applicable, is exceeded being referred to
as “Event Date”), then, in addition to any other rights the Holders may have hereunder or under applicable law, on
each such Event Date and on each monthly anniversary of each such Event Date (if the applicable Event shall not have been cured by such
date) until the applicable Event is cured, the Company shall pay to each Holder an amount in cash, as partial liquidated damages and not
as a penalty, equal to the product of One and One-Half Percent (1.5%) multiplied by the Holder’s Share Value set forth on Schedule
1 beside such Holder’s name. If the Company fails to pay any partial liquidated damages pursuant to this Section in full within
seven (7) days after the date payable, the Company will pay interest thereon at a rate of Eighteen Percent (18%) per annum (or such lesser
maximum amount that is permitted to be paid by applicable law) to the Holder, accruing daily from the date such partial liquidated damages
are due until such amounts, plus all such interest thereon, are paid in full. The partial liquidated damages pursuant to the terms hereof
shall apply on a daily pro rata basis for any portion of a month prior to the cure of an Event.

  

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3. Registration
Procedures.

 

In connection with the Company’s
registration obligations hereunder, the Company shall:

 

(a) Not
less than three (3) Trading Days prior to the filing of each Registration Statement and not less than one (1) Trading Day prior to the
filing of any related Prospectus or any amendment or supplement thereto (including any document that would be incorporated or deemed to
be incorporated therein by reference), the Company shall (i) furnish to each Holder copies of all such documents proposed to be filed,
which documents (other than those incorporated or deemed to be incorporated by reference) will be subject to the review of such Holders,
and (ii) cause its officers and directors, counsel and independent registered public accountants to respond to such inquiries as shall
be necessary, in the reasonable opinion of respective counsel to each Holder, to conduct a reasonable investigation within the meaning
of the Securities Act. Notwithstanding the above, the Company shall not be obligated to provide the Holders advance copies of any universal
shelf registration statement registering securities in addition to those required hereunder, or any Prospectus prepared thereto. The Company
shall not file a Registration Statement or any such Prospectus or any amendments or supplements thereto to which the Holders of a majority
of the Registrable Securities shall reasonably object in good faith, provided that, the Company is notified of such objection in writing
no later than three (3) Trading Days after the Holders have been so furnished copies of a Registration Statement or one (1) Trading Day
after the Holders have been so furnished copies of any related Prospectus or amendments or supplements thereto. Each Holder agrees to
furnish to the Company a completed questionnaire in the form attached to this Agreement as Annex B (a “Selling
Stockholder Questionnaire”) on a date that is not less than two (2) Trading Days prior to the Filing Date or by the end of the
third (3rd) Trading Day following the date on which such Holder receives draft materials in accordance with this Section.

 

(b) (i)
Prepare and file with the Commission such amendments, including post-effective amendments, to a Registration Statement and the Prospectus
used in connection therewith as may be necessary to keep a Registration Statement continuously effective as to the applicable Registrable
Securities for the Effectiveness Period and prepare and file with the Commission such additional Registration Statements in order to register
for resale under the Securities Act all of the Registrable Securities, (ii) cause the related Prospectus to be amended or supplemented
by any required Prospectus supplement (subject to the terms of this Agreement), and, as so supplemented or amended, to be filed pursuant
to Rule 424, (iii) respond as promptly as reasonably possible to any comments received from the Commission with respect to a Registration
Statement or any amendment thereto and provide as promptly as reasonably possible to the Holders true and complete copies of all correspondence
from and to the Commission relating to a Registration Statement (provided that, the Company shall excise any information contained therein
which would constitute material non-public information regarding the Company or any of its subsidiaries), and (iv) comply in all material
respects with the applicable provisions of the Securities Act and the Exchange Act with respect to the disposition of all Registrable
Securities covered by a Registration Statement during the applicable period in accordance (subject to the terms of this Agreement) with
the intended methods of disposition by the Holders thereof set forth in such Registration Statement as so amended or in such Prospectus
as so supplemented.

 

(c) If
during the Effectiveness Period, the number of Registrable Securities at any time exceeds 100% of the number of shares of Common Stock
then registered in a Registration Statement, then the Company shall file as soon as reasonably practicable, but in any case, prior to
the applicable Filing Date, an additional Registration Statement covering the resale by the Holders of not less than the number of such
Registrable Securities.

 

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(d) Notify
the Holders of Registrable Securities to be sold (which notice shall, pursuant to clauses (iii) through (vi) hereof, be accompanied by
an instruction to suspend the use of the Prospectus until the requisite changes have been made) as promptly as reasonably possible (and,
in the case of (i)(A) below, not less than one (1) Trading Day prior to such filing) and (if requested by any such Person) confirm such
notice in writing no later than one (1) Trading Day following the day (i)(A) when a Prospectus or any Prospectus supplement or post-effective
amendment to a Registration Statement is proposed to be filed, (B) when the Commission notifies the Company whether there will be a “review”
of such Registration Statement and whenever the Commission comments in writing on such Registration Statement, and (C) with respect to
a Registration Statement or any post-effective amendment, when the same has become effective, (ii) of any request by the Commission or
any other federal or state governmental authority for amendments or supplements to a Registration Statement or Prospectus or for additional
information, (iii) of the issuance by the Commission or any other federal or state governmental authority of any stop order suspending
the effectiveness of a Registration Statement covering any or all of the Registrable Securities or the initiation of any Proceedings for
that purpose, (iv) of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption
from qualification of any of the Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any Proceeding
for such purpose, (v) of the occurrence of any event or passage of time that makes the financial statements included in a Registration
Statement ineligible for inclusion therein or any statement made in a Registration Statement or Prospectus or any document incorporated
or deemed to be incorporated therein by reference untrue in any material respect or that requires any revisions to a Registration Statement,
Prospectus or other documents so that, in the case of a Registration Statement or the Prospectus, as the case may be, it will not contain
any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading, and (vi) of the occurrence or existence of any pending
corporate development with respect to the Company that the Company believes may be material and that, in the determination of the Company,
makes it not in the best interest of the Company to allow continued availability of a Registration Statement or Prospectus, provided, however,
in no event shall any such notice contain any information which would constitute material, non-public information regarding the Company
or any of its subsidiaries. 

 

(e) Use
its best efforts to avoid the issuance of, or, if issued, obtain the withdrawal of (i) any order stopping or suspending the effectiveness
of a Registration Statement, or (ii) any suspension of the qualification (or exemption from qualification) of any of the Registrable Securities
for sale in any jurisdiction, at the earliest practicable moment.

 

(f) Furnish
to each Holder, without charge, at least one conformed copy of each such Registration Statement and each amendment thereto, including
financial statements and schedules, all documents incorporated or deemed to be incorporated therein by reference to the extent requested
by such Person, and all exhibits to the extent requested by such Person (including those previously furnished or incorporated by reference)
promptly after the filing of such documents with the Commission; provided, that any such item available on the EDGAR system (or successor
thereto) need not be furnished in physical form.

 

(g) Subject
to the terms of this Agreement, the Company hereby consents to the use of such Prospectus and each amendment or supplement thereto by
each of the selling Holders in connection with the offering and sale of the Registrable Securities covered by such Prospectus and any
amendment or supplement thereto, except after the giving of any notice pursuant to Section 3(d).

 

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(h) The
Company shall cooperate with any broker-dealer through which a Holder proposes to resell its Registrable Securities in effecting a filing
with the FINRA Corporate Financing Department pursuant to FINRA Rule 5110, as requested by any such Holder, and the Company shall pay
the filing fee required by such filing within two (2) Trading Days of request therefor.

 

(i) Prior
to any resale of Registrable Securities by a Holder, use its commercially reasonable efforts to register or qualify or cooperate with
the selling Holders in connection with the registration or qualification (or exemption from the Registration or qualification) of such
Registrable Securities for the resale by the Holder under the securities or ‘Blue Sky’ laws of such jurisdictions within the
United States as any Holder reasonably requests in writing, to keep each registration or qualification (or exemption therefrom) effective
during the Effectiveness Period and to do any and all other acts or things reasonably necessary to enable the disposition in such jurisdictions
of the Registrable Securities covered by each Registration Statement; provided, that, the Company shall not be required to qualify generally
to do business in any jurisdiction where it is not then so qualified, subject the Company to any material tax in any such jurisdiction
where it is not then so subject or file a general consent to service of process in any such jurisdiction.

 

(j) If
requested by a Holder, cooperate with such Holder to facilitate the timely preparation and delivery of certificates representing Registrable
Securities to be delivered to a transferee pursuant to a Registration Statement, which certificates shall be free, to the extent permitted
by the Share Acquisition Agreement, of all restrictive legends, and to enable such Registrable Securities to be in such denominations
and registered in such names as any such Holder may request.

 

(k) Upon
the occurrence of any event contemplated by Section 3(d), as promptly as reasonably possible under the circumstances taking into account
the Company’s good faith assessment of any adverse consequences to the Company and its stockholders of the premature disclosure
of such event, prepare a supplement or amendment, including a post-effective amendment, to a Registration Statement or a supplement to
the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, and file any other required document
so that, as thereafter delivered, neither a Registration Statement nor such Prospectus will contain an untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances
under which they were made, not misleading. If the Company notifies the Holders in accordance with clauses (iii) through (vi) of
Section 3(d) above to suspend the use of any Prospectus until the requisite changes to such Prospectus have been made, then the Holders
shall suspend use of such Prospectus. The Company will use its best efforts to ensure that the use of the Prospectus may be resumed as
promptly as is practicable. The Company shall be entitled to exercise its right under this Section 3(k) to suspend the availability of
a Registration Statement and Prospectus, subject to the payment of partial liquidated damages otherwise required pursuant to Section 2(d),
for a period not to exceed sixty (60) calendar days (which need not be consecutive days) in any twelve (12)-month period.

  

(l) Comply
with all applicable rules and regulations of the Commission.

 

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(m) The Company
may require each selling Holder to furnish to the Company a certified statement as to the number of shares of Common Stock beneficially
owned by such Holder and, if required by the Commission, the natural persons thereof that have voting and dispositive control over the
shares. During any periods that the Company is unable to meet its obligations hereunder with respect to the registration of the Registrable
Securities solely because any Holder fails to furnish such information within three (3) Trading Days of the Company’s request, any
liquidated damages that are accruing at such time as to such Holder only shall be tolled and any Event that may otherwise occur solely
because of such delay shall be suspended as to such Holder only, until such information is delivered to the Company.

 

4. Registration Expenses. All fees and expenses incident to the performance of or compliance with this Agreement by the Company shall
be borne by the Company whether or not any Registrable Securities are sold pursuant to a Registration Statement. The fees and expenses
referred to in the foregoing sentence shall include, without limitation, (i) all registration and filing fees (including, without limitation,
fees and expenses of the Company’s counsel and independent registered public accountants and reasonable fees of one counsel for
the Holders) (A) with respect to filings made with the Commission, (B) with respect to filings required to be made with any Trading Market
on which the Common Stock is then listed for trading, (C) in compliance with applicable state securities or Blue Sky laws reasonably agreed
to by the Company in writing (including, without limitation, fees and disbursements of counsel for the Company in connection with Blue
Sky qualifications or exemptions of the Registrable Securities) and (D) if not previously paid by the Company in connection with an Issuer
Filing, with respect to any filing that may be required to be made by any broker through which a Holder intends to make sales of Registrable
Securities with FINRA pursuant to FINRA Rule 5110, so long as the broker is receiving no more than a customary brokerage commission in
connection with such sale, (ii) printing expenses (including, without limitation, expenses of printing certificates for Registrable Securities),
(iii) messenger, telephone and delivery expenses, (iv) fees and disbursements of counsel for the Company, (v) Securities Act liability
insurance, if the Company so desires such insurance, and (vi) fees and expenses of all other Persons retained by the Company in connection
with the consummation of the transactions contemplated by this Agreement. In addition, the Company shall be responsible for all of its
internal expenses incurred in connection with the consummation of the transactions contemplated by this Agreement (including, without
limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expense of any annual
audit and the fees and expenses incurred in connection with the listing of the Registrable Securities on any securities exchange as required
hereunder. In no event shall the Company be responsible for any broker or similar commissions of any Holder or, except to the extent provided
for hereinabove or in the Transaction Documents, any legal fees or other costs of the Holders.

 

5. Indemnification.

 

(a) Indemnification
by the Company. The Company shall, notwithstanding any termination of this Agreement, indemnify and hold harmless each Holder,
the officers, directors, members, partners, agents, brokers (including brokers who offer and sell Registrable Securities as
principal as a result of a pledge or any failure to perform under a margin call of Common Stock), investment advisors and employees
(and any other Persons with a functionally equivalent role of a Person holding such titles, notwithstanding a lack of such title or
any other title) of each of them, each Person who controls any such Holder (within the meaning of Section 15 of the Securities Act
or Section 20 of the Exchange Act) and the officers, directors, members, stockholders, partners, agents and employees (and any other
Persons with a functionally equivalent role of a Person holding such titles, notwithstanding a lack of such title or any other
title) of each such controlling Person, to the fullest extent permitted by applicable law, from and against any and all losses,
claims, damages, liabilities, costs (including, without limitation, reasonable attorneys’ fees) and expenses (collectively,
“Losses”), as incurred, arising out of or relating to (1) any untrue or alleged untrue statement of a material
fact contained in a Registration Statement, any Prospectus or any form of prospectus or in any amendment or supplement thereto or in
any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material fact required to be
stated therein or necessary to make the statements therein (in the case of any Prospectus or supplement thereto, in light of the
circumstances under which they were made) not misleading or (2) any violation or alleged violation by the Company of the Securities
Act, the Exchange Act or any state securities law, or any rule or regulation thereunder, in connection with the performance of its
obligations under this Agreement, except to the extent, but only to the extent, that (i) such untrue statements or omissions are
based solely upon information regarding such Holder furnished in writing to the Company by such Holder expressly for use therein, or
to the extent that such information relates to such Holder or such Holder’s proposed method of distribution of Registrable
Securities and was reviewed and expressly approved in writing by such Holder expressly for use in a Registration Statement, such
Prospectus or in any amendment or supplement thereto (it being understood that the Holder has approved Annex A hereto for this
purpose) or (ii) in the case of an occurrence of an event of the type specified in Section 3(d)(iii)-(vi), the use by such Holder of
an outdated, defective or otherwise unavailable Prospectus after the Company has notified such Holder in writing that the Prospectus
is outdated, defective or otherwise unavailable for use by such Holder and prior to the receipt by such Holder of the Advice
contemplated in Section 6(d), but only if and to the extent that following the receipt of the Advice the misstatement or omission
giving rise to such Loss would have been corrected. The Company shall notify the Holders promptly of the institution, threat or
assertion of any ‘Proceeding’ arising from or in connection with the transactions contemplated by this Agreement of
which the Company is aware. Such indemnity shall remain in full force and effect regardless of any investigation made by or on
behalf of such indemnified person and shall survive the transfer of any Registrable Securities by any of the Holders in accordance
with Section 6(h).

 

    9 

     

    

 

(b) Indemnification
by Holders. Each Holder shall, severally and not jointly, indemnify and hold harmless the Company, its directors, officers,
agents and employees, each Person who controls the Company (within the meaning of Section 15 of the Securities Act and Section 20 of
the Exchange Act), and the directors, officers, agents or employees of such controlling Persons, to the fullest extent permitted by
applicable law, from and against all Losses, as incurred, to the extent arising out of or based solely upon: (x) such Holder’s
failure to comply with any applicable prospectus delivery requirements of the Securities Act through no fault of the Company or (y)
any untrue or alleged untrue statement of a material fact contained in any Registration Statement, any Prospectus, or in any
amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission
of a material fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus or
supplement thereto, in light of the circumstances under which they were made) not misleading (i) to the extent, but only to the
extent, that such untrue statement or omission is contained in any information so furnished in writing by such Holder to the Company
expressly for inclusion in such Registration Statement or such Prospectus or (ii) to the extent, but only to the extent, that such
information relates to such Holder’s proposed method of distribution of Registrable Securities and was reviewed and expressly
approved in writing by such Holder expressly for use in a Registration Statement (it being understood that the Holder has approved
Annex A hereto for this purpose), such Prospectus or in any amendment or supplement thereto or (iii) in the case of an occurrence of
an event of the type specified in Section 3(d)(iii)-(vi), to the extent, but only to the extent, related to the use by such Holder
of an outdated, defective or otherwise unavailable Prospectus after the Company has notified such Holder in writing that the
Prospectus is outdated, defective or otherwise unavailable for use by such Holder and prior to the receipt by such Holder of the
Advice contemplated in Section 6(d), but only if and to the extent that following the receipt of the Advice the misstatement or
omission giving rise to such Loss would have been corrected. In no event shall the liability of any selling Holder under this
Section 5(b) be greater in amount than the dollar amount of the net proceeds received by such Holder upon the sale of the
Registrable Securities giving rise to such indemnification obligation.

 

(c) Conduct
of Indemnification Proceedings. If any Proceeding shall be brought or asserted against any Person entitled to indemnity
hereunder (an “Indemnified Party”), such Indemnified Party shall promptly notify the Person from whom indemnity
is sought (the “Indemnifying Party”) in writing, and the Indemnifying Party shall have the right to assume the
defense thereof, including the employment of counsel reasonably satisfactory to the Indemnified Party and the payment of all fees
and expenses incurred in connection with defense thereof; provided, that, the failure of any Indemnified Party to give such notice
shall not relieve the Indemnifying Party of its obligations or liabilities pursuant to this Agreement, except (and only) to the
extent that it shall be finally determined by a court of competent jurisdiction (which determination is not subject to appeal or
further review) that such failure shall have materially and adversely prejudiced the Indemnifying Party.

 

    10 

     

    

 

 

An
Indemnified Party shall have the right to employ separate counsel in any such Proceeding and to participate in the defense thereof, but
the fees and expenses of such counsel shall be at the expense of such Indemnified Party or Parties unless: (1) the Indemnifying Party
has agreed in writing to pay such fees and expenses, (2) the Indemnifying Party shall have failed promptly to assume the defense of such
Proceeding and to employ counsel reasonably satisfactory to such Indemnified Party in any such Proceeding, or (3) the named parties to
any such Proceeding (including any impleaded parties) include both such Indemnified Party and the Indemnifying Party, and counsel to the
Indemnified Party shall reasonably believe that a material conflict of interest is likely to exist if the same counsel were to represent
such Indemnified Party and the Indemnifying Party (in which case, if such Indemnified Party notifies the Indemnifying Party in writing
that it elects to employ separate counsel at the expense of the Indemnifying Party, the Indemnifying Party shall not have the right to
assume the defense thereof and the reasonable fees and expenses of no more than one separate counsel shall be at the expense of the Indemnifying
Party). The Indemnifying Party shall not be liable for any settlement of any such Proceeding effected without its written consent, which
consent shall not be unreasonably withheld or delayed. No Indemnifying Party shall, without the prior written consent of the Indemnified
Party, effect any settlement of any pending Proceeding in respect of which any Indemnified Party is a party, unless such settlement includes
an unconditional release of such Indemnified Party from all liability on claims that are the subject matter of such Proceeding.

 

Subject
to the terms of this Agreement, all reasonable fees and expenses of the Indemnified Party (including reasonable fees and expenses to the
extent incurred in connection with investigating or preparing to defend such Proceeding in a manner not inconsistent with this Section)
shall be paid to the Indemnified Party, as incurred, within ten (10) Trading Days of written notice thereof to the Indemnifying Party;
provided, that, the Indemnified Party shall promptly reimburse the Indemnifying Party for that portion of such fees and expenses applicable
to such actions for which such Indemnified Party is finally determined by a court of competent jurisdiction (which determination is not
subject to appeal or further review) not to be entitled to indemnification hereunder.

 

(d) Contribution.
If the indemnification under Section 5(a) or 5(b) is unavailable to an Indemnified Party or insufficient to hold an Indemnified
Party harmless for any Losses, then each Indemnifying Party shall contribute to the amount paid or payable by such Indemnified
Party, in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party and Indemnified Party in
connection with the actions, statements or omissions that resulted in such Losses as well as any other relevant equitable
considerations. The relative fault of such Indemnifying Party and Indemnified Party shall be determined by reference to, among other
things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged
omission of a material fact, has been taken or made by, or relates to information supplied by, such Indemnifying Party or
Indemnified Party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent
such action, statement or omission. The amount paid or payable by a party as a result of any Losses shall be deemed to include,
subject to the limitations set forth in this Agreement, any reasonable attorneys’ or other fees or expenses incurred by such
party in connection with any Proceeding to the extent such party would have been indemnified for such fees or expenses if the
indemnification provided for in this Section was available to such party in accordance with its terms.

 

    11 

     

    

 

The
parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 5(d) were determined by pro rata
allocation or by any other method of allocation that does not take into account the equitable considerations referred to in the immediately
preceding paragraph. Notwithstanding the provisions of this Section 5(d), no Holder shall be required to contribute pursuant to this Section
5(d), in the aggregate, any amount in excess of the amount by which the net proceeds actually received by such Holder from the sale of
the Registrable Securities subject to the Proceeding exceeds the amount of any damages that such Holder has otherwise been required to
pay by reason of such untrue or alleged untrue statement or omission or alleged omission.

 

The indemnity and
contribution agreements contained in this Section are in addition to any liability that the Indemnifying Parties may have to the Indemnified
Parties.

 

6. Miscellaneous.

 

(a) Remedies.
In the event of a breach by the Company or by a Holder of any of their respective obligations under this Agreement, each Holder or
the Company, as the case may be, in addition to being entitled to exercise all rights granted by law and under this Agreement,
including recovery of damages, shall be entitled to specific performance of its rights under this Agreement. Each of the Company and
each Holder agrees that monetary damages would not provide adequate compensation for any losses incurred by reason of a breach by it
of any of the provisions of this Agreement and hereby further agrees that, in the event of any action for specific performance in
respect of such breach, it shall not assert or shall waive the defense that a remedy at law would be adequate.

  

(b) Intentionally
Omitted.

 

(c) Compliance.
Each Holder covenants and agrees that it will comply with the prospectus delivery requirements of the Securities Act as applicable
to it (unless an exemption therefrom is available) in connection with sales of Registrable Securities pursuant to a Registration
Statement.

 

(d) Discontinued
Disposition. By its acquisition of Registrable Securities, each Holder agrees that, upon receipt of a notice from the Company of
the occurrence of any event of the kind described in Section 3(d)(iii) through (vi), such Holder will forthwith discontinue
disposition of such Registrable Securities under a Registration Statement until it is advised in writing (the
“Advice”) by the Company that the use of the applicable Prospectus (as it may have been supplemented or amended)
may be resumed. The Company will use its best efforts to ensure that the use of the Prospectus may be resumed as promptly as is
practicable. The Company agrees and acknowledges that any periods during which the Holder is required to discontinue the disposition
of the Registrable Securities hereunder shall be subject to the provisions of Section 2(d).

 

    12 

     

    

 

(e) Piggy-Back
Registrations.

 

(i) If, at any time
during the Effectiveness Period, there is not an effective Registration Statement covering all of the Registrable Securities (“Excluded
Registrable Securities”) and the Company shall determine to prepare and file with the Commission a registration statement relating
to an offering for its own account or the account of others under the Securities Act of any of its equity securities, other than on Form
S-4 or Form S-8 (each as promulgated under the Securities Act) or their then equivalents relating to equity securities to be issued solely
in connection with any acquisition of any entity or business or equity securities issuable in connection with the Company’s stock
option or other employee benefit plans, then the Company shall deliver to each Holder a written notice of such determination and, if within
fifteen (15) days after the date of the delivery of such notice, any such Holder shall so request in writing, the Company shall include
in such registration statement all or any part of such Registrable Securities such Holder requests to be registered (“Piggyback
Registration”).

 

(ii)
If a Piggyback Registration is an underwritten secondary registration on behalf of holders of the Company’s securities, or a
resale registration on behalf of holders of the Company’s securities acquired in connection with the Bridge Financing and the
managing underwriters or placement agent advises the Company in writing that in their opinion the number of securities requested to
be included in such registration exceeds the number which can be sold in such offering without adversely affecting the marketability
of the offering, the Company will (1) include in such registration a pro rata share of Excluded Registrable Securities requested to
be included in such registration statement as calculated by dividing the number of Excluded Registrable Securities requested to be
included in such registration statement by the number of the Company’s securities requested to be included in such
registration statement by all selling security holders and/or (2) may require that the resale of the Registrable Securities upon
registration will be subject to the terms of a ‘Leak Out’ agreement that has been approved by the Majority Holders. In
such event, the holder of Excluded Registrable Securities shall continue to have registration rights under this Agreement with
respect to any Excluded Registrable Securities not so included in such registration statement.

 

(iii)
Notwithstanding the foregoing, if, at any time after giving a notice of Piggyback Registration and prior to the effective date of
the registration statement filed in connection with such registration, the Company shall determine for any reason not to register or
to delay registration of such securities, the Company may, at its election, give written notice of such determination to each record
holder of Excluded Registrable Securities and, following such notice, (i) in the case of a determination not to register, shall be
relieved of its obligation to register any Excluded Registrable Securities in connection with such registration, and (ii) in the
case of determination to delay registering, shall be permitted to delay registering any Excluded Registrable Securities for the same
period as the delay in registering such other securities.

 

(f) Amendments
and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or
supplemented, and waivers or consents to departures from the provisions hereof may not be given, unless the same shall be in writing
and signed by the Company and the Majority Holders. If a Registration Statement does not register all of the Registrable Securities
pursuant to a waiver or amendment done in compliance with the previous sentence, then the number of Registrable Securities to be
registered for each Holder shall be reduced pro rata among all Holders and each Holder shall have the right to designate which of
its Registrable Securities shall be omitted from such Registration Statement. Notwithstanding the foregoing, a waiver or consent to
depart from the provisions hereof with respect to a matter that relates exclusively to the rights of a Holder or some Holders and
that does not directly or indirectly affect the rights of other Holders may be given only by such Holder or Holders of all of the
Registrable Securities to which such waiver or consent relates; provided, however, that the provisions of
this sentence may not be amended, modified, or supplemented except in accordance with the provisions of the first sentence of this
Section 6(f). No consideration shall be offered or paid to any Person to amend or consent to a waiver or modification of any
provision of this Agreement unless the same consideration also is offered to all of the parties to this Agreement.

 

    13 

     

    

 

(g) Notices.
Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be delivered as set
forth in the Share Acquisition Agreement.

 

(h) Successors
and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of each of
the parties and shall inure to the benefit of each Holder. The Company may not assign (except by merger) its rights or obligations
hereunder without the prior written consent of all of the Holders of the then outstanding Registrable Securities. Each Holder may
assign their respective rights hereunder in the manner permitted under Share Acquisition Agreement applicable to such Holder.

 

(i) No
Inconsistent Agreements. Neither the Company nor any of its subsidiaries has entered, as of the date hereof, nor shall the Company
or any of its subsidiaries, on or after the date of this Agreement, enter into any agreement with respect to its securities, that would
have the effect of impairing the rights granted to the Holders in this Agreement or otherwise conflicts with the provisions hereof. Neither
the Company nor any of its subsidiaries has previously entered into any agreement granting any registration rights with respect to any
of its securities to any Person that have not been satisfied in full.

 

(j) Execution
and Counterparts. This Agreement may be executed in two or more counterparts, all of which when taken together shall be
considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to
the other party, it being understood that both parties need not sign the same counterpart. In the event that any signature is
delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a
valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect
as if such facsimile or “.pdf” signature page was an original thereof.

 

(k) Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by
the internal laws of the State of Nevada, without giving effect to any choice of law or conflict of law provision or rule (whether
of the State of Nevada or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the
State of Nevada. The Company hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the
State of Nevada, for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated
hereby, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not
personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum
or that the venue of such suit, action or proceeding is improper. Each party hereby irrevocably waives personal service of process
and consents to process being served in any such suit, action or proceeding by mailing a copy thereof to such party at the address
for such notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and
notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by
law.

 

    14 

     

    

 

(l) WAIVER
OF JURY TRIAL. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY, THE PARTIES
EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY,
IRREVOCABLY AND EXPRESSLY WAIVES FOREVER ANY RIGHT TO TRIAL BY JURY.

 

(m) Cumulative
Remedies. The remedies provided herein are cumulative and not exclusive of any other remedies provided by law.

 

(n) Severability.
If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid,
illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in
full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially
reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated
by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they
would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter
declared invalid, illegal, void or unenforceable.

 

(o) Headings.
The headings in this Agreement are for convenience only, do not constitute a part of the Agreement and shall not be deemed to limit
or affect any of the provisions hereof.

 

(p) Independent
Nature of Holders’ Obligations and Rights. The obligations of each Holder hereunder are several and not joint with the
obligations of any other Holder hereunder, and no Holder shall be responsible in any way for the performance of the obligations of
any other Holder hereunder. Nothing contained herein or in any other agreement or document delivered at any closing, and no action
taken by any Holder pursuant hereto or thereto, shall be deemed to constitute the Holders as a partnership, an association, a joint
venture or any other kind of group or entity, or create a presumption that the Holders are in any way acting in concert or as a
group or entity with respect to such obligations or the transactions contemplated by this Agreement or any other matters, and the
Company acknowledges that the Holders are not acting in concert or as a group, and the Company shall not asset any such claim, with
respect to such obligations or transactions. Each Holder shall be entitled to protect and enforce its rights, including without
limitation the rights arising out of this Agreement, and it shall not be necessary for any other Holder to be joined as an
additional party in any proceeding for such purpose. The use of a single agreement with respect to the obligations of the Company
contained was solely in the control of the Company, not the action or decision of any Holder, and was done solely for the
convenience of the Company and not because it was required or requested to do so by any Holder. It is expressly understood and
agreed that each provision contained in this Agreement is between the Company and a Holder, solely, and not between the Company and
the Holders collectively and not between and among Holders.

 

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

 

(Signature Pages Follow)

 

    15 

     

    

 

IN WITNESS WHEREOF, the parties have executed
this Registration Rights Agreement as of the date first written above.

 

	 	COMPANY:
	 	 
	 	SYSOREX, INC.
	 	 	 
	 	By:	/s/ Zaman Khan
	 	Name:  	Zaman Khan
	 	Title:  	Chief Executive Officer

 

[SIGNATURE PAGE OF HOLDERS FOLLOWS]

 

    16 

     

    

 

[SIGNATURE PAGE OF HOLDERS TO SYSOREX REGISTRATION
RIGHTS AGREEMENT]

 

 

Name of Holder: __________________________

 

Signature of Authorized Signatory of Holder: __________________________

 

Name of Authorized Signatory: _________________________

 

Title of Authorized Signatory: __________________________

 

[SIGNATURE PAGES CONTINUE]

 

    17 

     

    

 

Schedule 1

 

Exhibits, schedules and similar attachments have been omitted pursuant
to Item 601 of Regulation S-K and the registrant undertakes to furnish supplemental copies of any of the omitted exhibits and schedules
upon request by the SEC.

 

Annex A

 

Plan of Distribution

 

Each Selling Stockholder (the
“Selling Stockholders”) of the securities and any of their pledgees, assignees and successors-in-interest may, from
time-to-time, sell any or all of their securities covered hereby on the principal Trading Market or any other stock exchange, market or
trading facility on which the securities are traded or in private transactions. These sales may be at fixed or negotiated prices. A Selling
Stockholder may use any one or more of the following methods when selling securities:

 

	 	●	ordinary brokerage transactions and transactions in which the broker-dealer solicits Holders;

 

	 	●	block trades in which the broker-dealer will attempt to sell the securities as agent but may position and resell a portion of the block as principal to facilitate the transaction;

 

	 	●	purchases by a broker-dealer as principal and resale by the broker-dealer for its account;

 

	 	●	an exchange distribution in accordance with the rules of the applicable exchange;

 

	 	●	privately negotiated transactions;

 

	 	●	settlement of short sales;

 

	 	●	in transactions through broker-dealers that agree with the Selling Stockholders to sell a specified number of such securities at a stipulated price per security;

 

	 	●	through the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise;

 

	 	●	a combination of any such methods of sale; or

 

	 	●	any other method permitted pursuant to applicable law.

 

The Selling Stockholders may
also sell securities under Rule 144 under the Securities Act of 1933, as amended (the “Securities Act”), if available,
rather than under this prospectus.

 

Broker-dealers engaged by
the Selling Stockholders may arrange for other brokers-dealers to participate in sales. Broker-dealers may receive commissions or discounts
from the Selling Stockholders (or, if any broker-dealer acts as agent for the Holder of securities, from the Holder) in amounts to be
negotiated, except as set forth in a supplement to this Prospectus, in the case of an agency transaction not in excess of a customary
brokerage commission in compliance with FINRA Rule 2440; and in the case of a principal transaction a markup or markdown in compliance
with FINRA IM-2440.

  

    18 

     

    

 

In connection with the sale
of the securities or interests therein, the Selling Stockholders may enter into hedging transactions with broker-dealers or other financial
institutions, which may in turn engage in short sales of the securities in the course of hedging the positions they assume. The Selling
Stockholders may also sell securities short and deliver these securities to close out their short positions, or loan or pledge the securities
to broker-dealers that in turn may sell these securities. The Selling Stockholders may also enter into option or other transactions with
broker-dealers or other financial institutions or create one or more derivative securities, which require the delivery to such broker-dealer
or other financial institution of securities offered by this prospectus, which securities such broker-dealer or other financial institution
may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction).

 

The Selling Stockholders and
any broker-dealers or agents that are involved in selling the securities may be deemed to be “underwriters” within the meaning
of the Securities Act in connection with such sales. In such event, any commissions received by such broker-dealers or agents and any
profit on the resale of the securities purchased by them may be deemed to be underwriting commissions or discounts under the Securities
Act. Each Selling Stockholder has informed the Company that it does not have any written or oral agreement or understanding, directly
or indirectly, with any person to distribute the securities.

 

The Company is required to
pay certain fees and expenses incurred by the Company incident to the registration of the securities. The Company has agreed to indemnify
the Selling Stockholders against certain losses, claims, damages and liabilities, including liabilities under the Securities Act.

 

Because Selling Stockholders
may be deemed to be “underwriters” within the meaning of the Securities Act, they will be subject to the prospectus delivery
requirements of the Securities Act including Rule 172 thereunder. In addition, any securities covered by this prospectus that qualify
for sale pursuant to Rule 144 under the Securities Act may be sold under Rule 144 rather than under this prospectus. The Selling Stockholders
have advised us that there is no underwriter or coordinating broker acting in connection with the proposed sale of the resale securities
by the Selling Stockholders.

 

We agreed to keep this prospectus
effective until the earlier of (i) the date on which the securities may be resold by the Selling Stockholders without registration and
without regard to any volume or manner-of-sale limitations by reason of Rule 144, without the requirement for the Company to be in compliance
with the current public information under Rule 144 under the Securities Act or any other rule of similar effect or (ii) all of the securities
have been sold pursuant to this prospectus or Rule 144 under the Securities Act or any other rule of similar effect. The resale securities
will be sold only through registered or licensed brokers or dealers if required under applicable state securities laws. In addition, in
certain states, the resale securities covered hereby may not be sold unless they have been registered or qualified for sale in the applicable
state or an exemption from the registration or qualification requirement is available and is complied with.

 

Under applicable rules and
regulations under the Securities Exchange Act of 1934, as Amended (“Securities Exchange Act”), any person engaged in
the distribution of the resale securities may not simultaneously engage in market making activities with respect to the common stock for
the applicable restricted period, as defined in Regulation M, prior to the commencement of the distribution. In addition, the Selling
Stockholders will be subject to applicable provisions of the Exchange Act and the rules and regulations thereunder, including Regulation
M, which may limit the timing of purchases and sales of the common stock by the Selling Stockholders or any other person. We will make
copies of this prospectus available to the Selling Stockholders and have informed them of the need to deliver a copy of this prospectus
to each Holder at or prior to the time of the sale (including by compliance with Rule 172 under the Securities Act).

 

    19 

     

    

 

Annex B

 

SYSOREX
INC.

 

Selling Stockholder Notice and Questionnaire

 

The undersigned beneficial
owner of common stock (the “Registrable Securities”) of Sysorex, Inc. (the “Company”), understands
that the Company has filed or intends to file with the Securities and Exchange Commission (the “Commission”) a registration
statement (the “Registration Statement”) for the registration and resale under Rule 415 of the Securities Act of 1933,
as amended (the “Securities Act”), of the Registrable Securities, in accordance with the terms of the Registration
Rights Agreement (the “Registration Rights Agreement”) to which this document is annexed. A copy of the Registration
Rights Agreement is available from the Company upon request at the address set forth below. All capitalized terms not otherwise defined
herein shall have the meanings ascribed thereto in the Registration Rights Agreement.

 

Certain legal consequences
arise from being named as a selling stockholder in the Registration Statement and the related prospectus. Accordingly, holders and beneficial
owners of Registrable Securities are advised to consult their own securities law counsel regarding the consequences of being named or
not being named as a selling stockholder in the Registration Statement and the related prospectus.

 

NOTICE

 

The undersigned beneficial
owner (the “Selling Stockholder”) of Registrable Securities hereby elects to include the Registrable Securities owned
by it in the Registration Statement.

 

  

The undersigned hereby provides the following
information to the Company and represents and warrants that such information is accurate:

 

QUESTIONNAIRE

 

	1. 	Name. 	 
	 	 	 
	 	(a) 	Full Legal Name of Selling Stockholder 
	 	 	 
	 	(b) 	Full Legal Name of Registered Holder (if not the same as (a) above) through which Registrable Securities are held: 
	 	 	 
	 	(c)	Full Legal Name of Natural Control Person (which means a natural person who directly or indirectly alone or with others has power to vote or dispose of the securities covered by this Questionnaire):

 

    20 

     

    

 

		2.	Address for Notices to Selling Stockholder:

 

	Telephone:	 
	Fax:	 
	Contact Person:	 

 

		3.	Broker-Dealer Status (please circle):

 

		(a)	Are you a broker-dealer?

 

Yes      No

 

		(b)	If “yes” to Section 3(a), did you receive your Registrable
Securities as compensation for investment banking services to the Company?

 

Yes      No

 

		Note:	If “no” to Section 3(b), the Commission’s staff
has indicated that you should be identified as an underwriter in the Registration Statement.

 

		(c)	Are you an affiliate of a broker-dealer?

 

Yes      No

 

		(d)	If you are an affiliate of a broker-dealer, do you certify that
you purchased the Registrable Securities in the ordinary course of business, and at the time of the purchase of the Registrable Securities
to be resold, you had no agreements or understandings, directly or indirectly, with any person to distribute the Registrable Securities?

 

Yes      No

 

		Note:	If “no” to Section 3(d), the Commission’s staff
has indicated that you should be identified as an underwriter in the Registration Statement.

 

		4.	Beneficial Ownership of Securities of the Company Owned by
the Selling Stockholder.

 

Except as set forth below in this
Item 4, the undersigned is not the beneficial or registered owner of any securities of the Company other than the securities issuable
pursuant to the Purchase Agreement.

 

		(a)	Type and Number of other securities beneficially owned by the
Selling Stockholder:

 

		______________________________________________________________________________
	 	______________________________________________________________________________ 

 

    21 

     

    

 

		5.	Relationships with the Company:

 

Except as set forth below, neither
the undersigned nor any of its affiliates, officers, directors or principal equity holders (owners of 5% of more of the equity securities
of the undersigned) has held any position or office or has had any other material relationship with the Company (or its predecessors or
affiliates) during the past three years.

 

State any exceptions here:

 

		______________________________________________________________________________
	 	______________________________________________________________________________ 

 

The undersigned agrees to promptly notify the Company of any
inaccuracies or changes in the information provided herein that may occur subsequent to the date hereof at any time while the Registration
Statement remains effective.

 

By signing below, the undersigned
consents to the disclosure of the information contained herein in its answers to Items 1 through 5 and the inclusion of such information
in the Registration Statement and the related prospectus and any amendments or supplements thereto. The undersigned understands that
such information will be relied upon by the Company in connection with the preparation or amendment of the Registration Statement and
the related prospectus and any amendments or supplements thereto.

 

IN WITNESS WHEREOF
the undersigned, by authority duly given, has caused this Notice and Questionnaire to be executed and delivered either in person or by
its duly authorized agent.

 

Selling Stockholder Name: _______________________________________________________________

 

Name of Authorized Person:______________________________________________________________

 

Title of Authorized Person: _______________________________________________________________

 

Signature of Authorized Person: ___________________________________________________________

 

Date: ________________________________________________________________________________

 

PLEASE FAX A COPY (OR EMAIL A .PDF COPY) OF
THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE, AND RETURN THE ORIGINAL BY OVERNIGHT MAIL, TO: 

 

 

 

22Exhibit 10.12

 

COMMERCIAL LOAN AGREEMENT

 

THIS COMMERICAL LOAN AGREEMENT
(this “Agreement”) is made as of this 14th day of April 2021 (“Effective Date”), by and between
Sysorex, Inc., a Nevada corporation having an address at 13880 Dulles Corner Lane, Ste. 175, Herndon, VA 20171 (“Borrower”)
and First Choice International Company, Inc., a Delaware corporation, having an address at 21399 Marina Cove Cir., Unit M14, Aventura,
FL 33180 (the “Lender”). The Borrower and Lender are individually referred to herein as a “party” and collectively
as the “parties.”

 

RECITALS

 

WHEREAS, the Lender has agreed
to lend the Borrower the principal amount of Two Hundred Seventy-Eight Thousand Three Hundred Sixty-Eight dollars and Fifty Cents ($278,368.50)
at an interest rate of one percent (1%) per month and a term of ninety (90) days (“Loan”).

 

WHEREAS, the Borrower has
agreed to secure full performance of the obligations set forth or otherwise contemplated in the Loan Documents and the Settlement Agreement
(as defined in the Stock Pledge Agreement) with a pledge of the that number of shares of the Borrower’s common stock equal to Three
Hundred Percent (300%) of the Loan Amount inclusive of the full value of the VMS Settlement Amount (as defined in the Stock Pledge Agreement)
(“Collateral”). The terms of the stock pledge shall be set forth in the Stock Pledge Agreement included herewith.

 

WHEREAS, this Agreement, the
Promissory Note, the Stock Pledge Agreement and any ancillary documents related thereto shall hereinafter be referred to as the “Loan
Documents.”

 

NOW, THEREFORE, in consideration
of the mutual covenants and agreements herein contained, the parties hereto agree as follows:

 

1. Incorporation
of Recitals and Exhibits. Each of the Recitals above and all Exhibits, and other instruments referred to in this Agreement are hereby
incorporated into this Agreement as though set forth in full. Provisions set forth in the Recitals have the same force and effect as any
other provisions of this Agreement.

 

2. The
Loan. Subject to all of the terms and conditions of this Agreement, Lender agrees to lend to Borrower and Borrower agrees to borrow
from Lender the Principal Amount (as defined in the Promissory Note).

 

3. The
Loan Documents. The Borrower shall execute the Loan Documents and deliver the same to Lender.

 

4. Representations,
Warranties and Covenants. Borrower makes the following representations and warranties and covenants to the Lender, all of which shall
survive Closing:

 

(a) Borrower
is a corporation, validly formed and validly existing under the laws of the state of its incorporation. Borrower has full power and authority
to execute, deliver and perform the obligations and carry out the duties imposed upon Borrower by the Loan Documents, and Borrower has
taken all actions necessary to carry out Borrower’s obligations and duties in connection with the Loan.

 

    Page 1 of 19

     

    

 

(b) The
individual executing the Loan Documents has full power and authority to execute and deliver the Loan Documents on behalf of Borrower,
and to execute, deliver and perform the obligations and carry out the duties imposed upon the Borrower by the Loan Documents, and Borrower
has taken all action necessary to carry out Borrower’s obligations and duties in connection with the Loan.

 

(c) Each
of the Loan Documents executed by the Borrower have been duly and properly executed and delivered.

 

(d) To
the Borrower’s actual knowledge, each of the Loan Documents constitute legal, valid and binding obligations of the Borrower, and
are enforceable in accordance with their respective terms, except as such enforceability may be affected by bankruptcy, insolvency, reorganization,
moratorium or similar laws affecting the enforcement of creditor’s rights generally, and limitations imposed by general principles
of equity.

 

(e) No
provision of any deed of trust, mortgage, indenture, agreement, contract, or other instrument requires the consent or authorization of
any other person, firm or corporation as a condition precedent to the consummation of the transactions contemplated herein or in any of
the other Loan Documents, or if required, such consents or authorizations have been obtained.

 

(f) No
approvals, consents or permits are required in connection with the execution, delivery and performance by the Borrower of this Agreement
or any of the other Loan Documents, or in connection with the performance or consummation by the Borrower, of any of the transactions
contemplated hereby or thereby, or if required, such approvals, consents or permits have been obtained.

 

(g) The
execution, delivery and performance of any of the Loan Documents, the granting of the security interests therein (either stated herein
or hereinafter required), and the compliance with the provisions of Loan Documents, (i) have not constituted (and will not, upon the giving
of notice or lapse of time or both, constitute) either (A) a breach or default under any organizational document of Borrower, or any indenture,
mortgage, deed of trust, franchise, permit, license, note or any other agreement or instrument to which the Borrower is a party, or any
of the Borrower’s respective properties or assets may be bound or affected, or (B) a violation of any applicable law, court order,
writ, injunction or other decree which may affect the Borrower and (ii) will not result in a lien or privilege against any property or
assets of the Borrower, other than liens in favor of Lender pursuant to the Loan Documents (either stated herein or hereinafter required).

 

(h) No
actions, suits or proceedings are pending, or to the Borrower’s actual knowledge are threatened against the Borrower, which might
affect the ability of the Borrower to perform its respective obligations pursuant to and as contemplated by the terms and provisions of
the Loan Documents.

 

    Page 2 of 19

     

    

 

(i) Neither
the Borrower nor or any of its affiliates has dealt with any brokers in connection with this Loan transaction, and no brokerage fees or
commissions are payable by or to any person in connection with any of the Loan Documents.

 

(j) No
aspect of the Loan transaction violates or will violate any usury laws or laws regarding the validity of agreements to pay interest in
effect on the date hereof.

 

(k) The
information provided by the Borrower to Lender in connection with the Loan does not include an untrue statement of a material fact or
omit to state any material fact or any other fact which is necessary to make the statements contained therein (in the light of the circumstances
under which they were made) not misleading.

 

(l) Neither
the Borrower nor any of its affiliates is subject to sanctions of the United States government or in violation of any laws relating to
terrorism or money laundering, including Executive Order No. 13224, 66 Fed. Reg. 49079 (published September 25, 2001) (the “Terrorism
Executive Order”) or a person similarly designated under any related enabling legislation or any other similar executive order
(collectively with the Terrorism Executive Order, the “Executive Orders”), the Uniting and Strengthening America by
Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Public Law 107-56, the “Patriot Act”),
any sanctions and regulations promulgated under authority granted by the Trading with the Enemy Act, 50 U.S.C. App. 1-44, as amended from
time-to-time, the International Emergency Economic Powers Act, 50 U.S.C. §§ 1701-06, as amended from time-to-time, the Iraqi
Sanctions Act, Publ. L. No. 101-513; United Nations Participation Act, 22 U.S.C. § 287c, as amended from time-to-time, the International
Security and Development Cooperation Act, 22 U.S.C. § 2349 aa-9, as amended from time-to-time, The Cuban Democracy Act, 22 U.S.C.
§§ 6001-10, as amended from time-to-time, The Cuban Liberty and Democratic Solidarity Act, 18 U.S.C. §§ 2332d and
2339b, as amended from time-to-time, and The Foreign Narcotics Kingpin Designation Act, Publ. L. No. 106-120, as amended from time-to-time.

 

(m) Neither
the Borrower nor any of its affiliates is (i) listed on the Specially Designated Nationals and Blocked Persons List maintained by the
Office of Foreign Assets Control, Department of the Treasury, and/or on any other similar list (the “Lists”) maintained
by such office pursuant to any authorizing statute, Executive Order or regulation or (ii) a Person (a “Designated Person”)
either (A) included within the term “designated national” as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part
515, or (B) designated under Sections 1(a), 1(b), 1(c) or 1(d) of the Terrorism Executive Order or a Person similarly designated under
any related enabling legislation or any other similar Executive Orders.

 

(n) Neither
the Borrower nor any of its affiliates are knowingly or will knowingly (i) conduct any business or engage in making or receiving any contribution
of funds, goods or services to or for the benefit of any Designated Person, (ii) deal in, or otherwise engage in, any transaction relating
to any property or interest in property blocked pursuant to any Executive Order or the Patriot Act, or (iii) engage in or conspire to
engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions
set forth in any Executive Order or the Patriot Act.

 

    Page 3 of 19

     

    

 

(o) To
the Borrower’s actual knowledge, the Borrower has procured and properly maintained all licenses or permits necessary to operate
its business.

 

(p) The
Borrower hereby agrees to protect, indemnify, defend and save harmless the Lender and its affiliates, including, but not limited to, its
shareholders, directors, managers, members, officers, agents, attorneys and employees from and against any and all injuries, damages,
losses, liabilities and expenses of any kind or nature and from any suits, claims or demands, including legal fees and expenses, by reason
of, or as a result of any violation of its obligations arising from the Loan Documents.

 

5. Event
of Default. An “Event of Default” means the occurrence of any one or more of the following events:

 

(a) the
failure by the Borrower to make any payment required under the Promissory Note when due;

 

(b) the
failure of the Borrower to observe or perform its obligations under the Loan Documents or the Settlement Agreement (as defined in the
Stock Pledge Agreement), which failure continues beyond the expiration of any applicable notice and Cure Period;

 

(c) the
failure of the Borrower to convey the Collateral to the Lender after the expiration of any Cure Period under the Loan Documents or the
Settlement Agreement;

 

(d) any
representation or warranty contained in the Loan Documents or the Settlement Agreement shall have been false or misleading in any material
respect when made; and

 

(e) if
the Borrower (i) shall commence any case, proceeding or other action under any existing or future law of any jurisdiction, domestic or
foreign, relating to bankruptcy, insolvency, conservatorship or relief of debtors, seeking to have an order for relief entered with respect
to it, or seeking to adjudicate it bankrupt or insolvent, or seeking relief with respect to it or its debts, or seeking appointment of
a receiver, trustee, custodian, conservator or other similar official for it or for all or any substantial part of its assets; (ii) shall
make a general assignment for the benefit of its creditors; or (iii) shall have commenced against it any case, proceeding or other action
of a nature referred to in clause (i) above which results in the entry of an order for relief or any such adjudication or appointment
or remains undismissed, undischarged or unbonded for a period of sixty (60) days; (iv) shall have commenced against it any case, proceeding
or other action seeking issuance of a warrant of attachment, execution, restraint or similar process against all or any substantial part
of its assets which results in the entry of any order for any such relief which shall not have been vacated, discharged, or stayed or
bonded pending appeal within sixty (60) days from the entry thereof; (v) shall take any action that results in a stop transfer order being
placed on the Collateral; (vi) shall take any action to further encumber the Collateral in any respect; (vii) shall take any action in
furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set forth in clause (i) through (v vii)
above; or (viii) shall generally not, or shall be unable to, or shall admit in writing its inability to, pay its debts as they become
due.

 

    Page 4 of 19

     

    

 

6. Notice
and Cure. Borrower shall be entitled to notice and (i) in the case of covenants which can be cured by the payment of money, ten (10)
days from such notice to cure such covenant, and (ii) in the case of other covenants, thirty (30) days from such notice to cure failure
to perform. If a failure to perform which cannot be cured by the payment of money is susceptible of cure, but cannot be cured within thirty
(30) days from notice through the exercise of reasonable diligence, then, so long as the Borrower commences cure within such thirty (30)-day
period, such failure remains susceptible to cure, and the Borrower diligently pursues cure and completes such cure within forty-five (45)
days of receipt of notice of default, such failure shall not be deemed to create an Event of Default.

 

7. The
Lender’s Remedies. If an Event of Default shall occur, the Lender shall have all rights and remedies available to it or for
its benefit under the Loan Documents or otherwise at law and in equity and the Lender shall have no further obligation to perform its
obligations under any of the Loan Documents. The Borrower shall not interfere with the exercise by the Lender of any of its rights and
remedies under the Loan Documents, including but not limited to the issuance of the Collateral to and in the name of Lender or assigns
and shall fully cooperate with the Lender in the exercise of the Lender’s rights.

 

8. Miscellaneous.

 

(a) Relationship
of the Borrower and the Lender. The relationship between the Borrower and the Lender is solely that of debtor and creditor. The Lender
has no fiduciary or other special relationship with the Borrower, is not a partner or joint venturer of the Borrower and is not an agent
of the Borrower. No term of the Loan Documents shall be construed as creating any relationship between the Borrower on one hand and the
Lender on the other hand, to be anything other than that of debtor and creditor.

 

(b) No
Lender Obligations. By accepting or approving anything required to be observed, performed or fulfilled or to be given to the Lender
pursuant to the Loan Documents, including without limitation, any officer’s certificate, balance sheet, statement of profit and
loss or other financial statement, the Lender shall not be deemed to have warranted, consented to, or affirmed the sufficiency, the legality
or effectiveness of same, and such acceptance or approval thereof shall not constitute any warranty or affirmation with respect thereto
by the Lender.

 

(c) Survival
of Covenants, Representations and Warranties. All covenants, representations and warranties contained in the Loan Documents or made
in writing by or on behalf of the Borrower in connection with the transactions contemplated by this Agreement shall survive for the duration
of any statutes of limitation applicable thereto, the execution and delivery of this Agreement, the Promissory Note, the Stock Pledge
Agreement, any ancillary document to the Loan Documents, and the funding of the Loan, any investigation at any time made by the Lender
or on the Lender’s behalf, and any disposition of or payment on the Promissory Note.

 

    Page 5 of 19

     

    

 

(d) Severability.
Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or affecting the validity or
enforceability of such provisions in any other jurisdiction.

 

(e) Amendment,
Waiver, Entire Agreement. This Agreement may be amended, and waivers or consents to departures from the provisions hereof may be given,
only in a writing signed by the party against which enforcement is sought. The Loan Documents contain the entire agreement and understanding
between the Lender and the Borrower and supersede all prior agreements and understandings relating to the subject matter hereof.

 

(f) Descriptive
Headings; Interpretation. The headings in this Agreement are for purposes of convenience only and shall not be used in construing
or interpreting this Agreement. References to an “Exhibit” are, unless otherwise specified, to an Exhibit attached to this
Agreement. References to an “Article” or “Section” are, unless otherwise specified, to an “Article”
or “Section” of this Agreement, as the case may be. Notwithstanding that this Agreement was initially prepared by the Lender’s
counsel, this Agreement has been reviewed and negotiated by competent counsel on behalf of the Borrower. The parties to this Agreement
agree that the Loan Documents shall not be construed against the Lender as a result of this Agreement having been so prepared by Lender’s
legal counsel. If the Borrower consists of more than one person or party, the obligations and liabilities of each such person or party
shall be joint and several.

 

(g) Successors
and Assigns. Whenever in this Agreement any of the parties hereto is referred to, such reference shall be deemed to include the successors
and assigns of such party, and all covenants, promises and agreements by or on behalf of the respective parties which are contained in
this Agreement shall bind and inure to the benefit of the successors and assigns of all parties originally benefited thereby. The terms
and provisions of the Loan Documents shall inure to the benefit of and shall be binding upon any assignee or transferee of the Lender,
and in the event of such transfer or assignment, the rights and privileges herein conferred upon the Lender shall automatically extend
to and be vested in, and become an obligation of, such transferee or assignee, all subject to the terms and conditions hereof. In connection
therewith, any such transferee or assignee may disclose all documents and information which such transferee or assignee now or hereafter
may have relating to this Loan transaction. Notwithstanding the foregoing, the Loan is personal to the Borrower and the Borrower is prohibited
from assigning or transferring their rights and obligations under the Loan Documents without the express written consent of Lender, which
consent shall not be unreasonably withheld.

 

    Page 6 of 19

     

    

 

(h) Governing
Law. THIS AGREEMENT, THE PROMISSORY NOTE AND ALL OTHER INSTRUMENTS EVIDENCING AND SECURING THE LOAN SECURED HEREBY WERE NEGOTIATED
IN THE STATE OF DELAWARE AND MADE BY DEBTOR AND ACCEPTED BY LENDER IN THE STATE OF DELAWARE. AND THE PROCEEDS OF THE LOAN SECURED HEREBY
WERE DISBURSED FROM A DELAWARE COMPANY, WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND THE UNDERLYING
TRANSACTIONS EMBODIED HEREBY. IN ALL RESPECTS, INCLUDING, WITHOUT LIMITATION, MATTERS OF CONSTRUCTION AND PERFORMANCE OF THIS AGREEMENT
AND THE SECURED OBLIGATIONS ARISING HEREUNDER, THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS
OF THE STATE OF DELAWARE APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED IN SUCH STATE (WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF
LAWS) AND ANY APPLICABLE LAWS OF THE UNITED STATES OF AMERICA. THE LAW OF THE STATE OF DELAWARE SHALL GOVERN THE VALIDITY AND ENFORCEABILITY
OF THE OBLIGATION ARISING UNDER THIS AGREEMENT AND THE LOAN DOCUMENTS, AND THE INDEBTEDNESS OR OBLIGATIONS ARISING HEREUNDER AND THEREUNDER.

 

(i) Waiver
of Jury Trial. The Lender and the Borrower hereby waive, to the fullest extent permitted by law, the right to trial by jury in any
action, proceeding or counterclaim, whether in contract, tort or otherwise, in connection with, or relating directly or indirectly to
the Loan Documents.

 

(j) Service
of Process. The Borrower consents to process being served in any suit, action or proceeding hereunder by the mailing of a copy thereof
by registered or certified mail, postage prepaid, return receipt requested, to the Borrower at its address set forth above or to any other
address which the Borrower shall have designated by written notice to the Lender. Nothing herein shall affect the rights of the Lender
to serve process in any manner permitted by law.

 

(k) Notices,
Etc. Any notice, demand or other communication under the Loan Documents shall be in writing and shall be deemed delivered on the earlier
to occur of (i) receipt or (ii) the date of delivery, refusal or non-delivery indicated on the return receipt, if deposited in a United
States Postal Service depository, postage prepaid, sent registered or certified mail, return receipt requested, or if sent via a recognized
commercial courier service providing for a receipt, addressed to the party to receive the same at the address of such party set forth
above or, in each case, at such other address, or to the attention of such other officer, as the Borrower or the Lender, as the case may
be, shall have furnished to the other party in writing.

 

(l) Counterparts.
This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, and it shall not
be necessary in making proof of this Agreement to produce or account for more than one such counterpart.

 

(m) Limitation
on Liability of the Lender and Others. The Borrower’s sole recourse and remedy for any default on the part of any person under
the Loan Documents shall be limited to the Principal Amount (as defined in the Promissory Note) of the Loan. Borrower shall have no recourse
against the Collateral or any conveyance thereof. Neither the Lender, nor any of its agents or representatives, or any officer, director,
shareholder, partner, agent, principal, heir, estate, attorney, successor or assign of any of the foregoing shall have any personal liability
in any respect under this Agreement.

  

(n) Attorneys
Fee; Legal Fees. In the event of a dispute with regard to the Loan Documents, the costs, fees and expenses of the prevailing party
shall be borne by the non-prevailing party within five (5) business days of any final determination ordered or agreed upon by a court,
mediator, or arbitrator having jurisdiction over such dispute. The parties to the Loan Documents shall bear the cost of their respective
legal fees with regard to the negotiation, preparation and consummation of the Loan Documents.

 

[Signature Page 9 Follows]

 

[The Remainder of this Page is Intentionally Blank]

 

    Page 7 of 19

     

    

 

WHEREAS, the duly authorized
representatives of the Lender and Borrower have executed this Agreement as of the date first set forth above.

 

	BORROWER:	 
	 	 
	Sysorex, Inc.	 
	 	 	 
	By:	/s/ Zaman
    Khan	 
	Name:	Zaman Khan	 
	Title:	Chief Executive Officer	 
	 	 	 
	LENDER:	 
	 	 
	First Choice International Company, Inc.	 
	 	 	 
	By:	/s/ Mark H. Peikin	 
	Name: 	Mark H. Peikin	 
	Title:	Chief Executive Officer	 

 

    Page 8 of 19

     

    

 

SECURED PROMISSORY NOTE

 

 

 

Borrower: Sysorex, Inc.

 

Lender: First Choice International Company, Inc.

 

	Date: April 14, 2021	Interest Rate: 1% per month

 

 

 

PROMISE TO PAY. Sysorex, Inc., a Nevada
corporation having an address at 13880 Dulles Corner Lane, Ste. 175, Herndon, VA 20171 (“Borrower”) promises to pay
to the order of First Choice International Company, Inc., a Delaware corporation (“Lender”), without setoff, in lawful
money of the United States of America, the principal amount of Two Hundred Seventy-Eight Thousand Three Hundred Sixty-Eight dollars and
Fifty Cents ($278,368.50) (“Principal Amount”), together with interest at the rate of One Percent (1%) per month on
the unpaid outstanding Principal Amount of this Promissory Note (“Interest”). Interest shall accrue and compound upon
the unpaid balance of this Promissory Note monthly.

 

COLLATERAL.
This Promissory Note is secured by a security interest in and stock pledge of the that number of shares of the Borrower’s Common
Stock equal to Three Hundred Percent (300%) of the Principal Amount and accrued Interest outstanding from time-to-time under this Promissory
Note, as well as that number of shares equal to the full amount of the VMS Settlement Amount, less $75,000 (defined in the Stock Pledge
Agreement) (2,631,708 shares of the Borrower’s Common
Stock) (the “Collateral”). 

 

REPAYMENT. All payments hereunder shall
be made as directed by Lender. Borrower shall make Interest payments on the outstanding Principal Amount of this Promissory Note on the
Twenty Eighth (28th) day of each month (or the first (1st) business day thereafter) (“Interest Payment(s)”).
On the Maturity Date (defined herein), Borrower shall make a balloon payment, which shall include the Principal Amount, any accrued but
unpaid Interest and any incurred but unpaid fees, expenses or penalties on or before the Maturity Date (defined herein).

 

MATURITY DATE. The Principal Amount, accrued
Interest and any incurred fees, expenses or penalties must be paid in full on or before July 13, 2021 (“Maturity Date”).
Failure to pay the Principal Amount, accrued Interest, incurred fees, expenses or penalties on the Maturity Date shall constitute an Event
of Default (as defined in the Loan Agreement) and Lender shall have all rights and remedies set forth herein or available at law or equity.
In the event the Principal Amount and accrued Interest is not paid in full on the Maturity Date (as defined below), notwithstanding any
other remedy at law or in equity, the Lender may foreclose on the Collateral securing the obligations under this Promissory Note and offset
the balance owed under this Promissory Note with portion of the Collateral (at then current market value) to make the Lender whole.

 

    Page 9 of 19

     

    

 

ALTERNATE CONSIDERATION ON REPAYMENT. Lender
has agreed that it may consider alternate forms of repayment of the Principal Amount, accrued Interest, expenses, fees and penalties.
Such forms of alternate consideration could include marketable securities, or such other valuable consideration as the Lender determines
in its sole discretion to be fair and reasonable in exchange for forgiveness of the obligations agreed to under the Loan Documents (as
defined in the Loan Agreement).

 

BANK INFORMATION; WIRE INSTRUCTIONS. All
amounts due hereunder shall be payable to the Lender at its direction.

 

MAXIMUM INTEREST AMOUNT. Any amount assessed
or collected as interest under the terms of this Promissory Note will be limited to the maximum amount of interest allowed by state or
federal law, whichever is greater. Amounts collected in excess of the maximum lawful amount will be applied first to the unpaid Principal
Amount of the Promissory Note and any remainder will be paid to the Lender as an origination fee.

 

PREPAYMENT. The Borrower may prepay the
Principal Amount plus accrued Interest at any time without penalty.

 

DEFAULT. Each of the following shall constitute
an event of default (“Event of Default”) under this Promissory Note:

 

(a) the
failure by Borrower to make any payment, including any Interest Payment(s) under this Promissory Note or the Settlement Agreement (as
defined in the Stock Pledge Agreement), when required or when due;

 

(b) the
failure of Borrower to observe or perform its obligations under the Loan Documents or the Settlement Agreement), which failure continues
beyond the expiration of any applicable notice and Cure Period;

 

(c)  the
failure of the Borrower to convey the Collateral (as defined in the Pledge Agreement) to the Lender after the expiration of any Cure Period
under the Loan Documents or the Settlement Agreement;

 

(d) any
representation or warranty contained in the Loan Documents or Settlement Agreement shall have been false or misleading in any material
respect when made; and

 

(e) if
Borrower (i) shall commence any case, proceeding or other action under any existing or future law of any jurisdiction, domestic or foreign,
relating to bankruptcy, insolvency, conservatorship or relief of debtors, seeking to have an order for relief entered with respect to
it, or seeking to adjudicate it bankrupt or insolvent, or seeking relief with respect to it or its debts, or seeking appointment of a
receiver, trustee, custodian, conservator or other similar official for it or for all or any substantial part of its assets; (ii) shall
make a general assignment for the benefit of its creditors; or (iii) shall have commenced against it any case, proceeding or other action
of a nature referred to in clause (i) above which results in the entry of an order for relief or any such adjudication or appointment
or remains undismissed, undischarged or unbonded for a period of sixty (60) days; (iv) shall have commenced against it any case, proceeding
or other action seeking issuance of a warrant of attachment, execution, restraint or similar process against all or any substantial part
of its assets which results in the entry of any order for any such relief which shall not have been vacated, discharged, or stayed or
bonded pending appeal within sixty (60) days from the entry thereof; (v) shall take any action in furtherance of, or indicating its consent
to, approval of, or acquiescence in, any of the acts set forth in clause (i) through (iv) above; or (vi) shall generally not, or shall
be unable to, or shall admit in writing its inability to, pay its debts as they become due.

 

    Page 10 of 19

     

    

 

NOTICE AND CURE. Borrower
shall be entitled to notice and (i) in the case of covenants which can be cured by the payment of money, ten (10) days from such notice
to cure such covenant, and (ii) in the case of other covenants, thirty (30) days from such notice to cure failure to perform. If a failure
to perform which cannot be cured by the payment of money is susceptible of cure, but cannot be cured within thirty (30) days from notice
through the exercise of reasonable diligence, then, so long as the Borrower commences cure within such thirty (30)-day period, such failure
remains susceptible to cure, and the Borrower diligently pursues cure and completes such cure within forty-five (45) days of receipt of
notice of default, such failure shall not be deemed to create an Event of Default.

 

GOVERNING LAW. This Promissory Note will
be governed by, construed and enforced in accordance with federal law and the laws of the State of Delaware. This Promissory Note has
been accepted by Lender in the State of Delaware.

 

CHOICE OF VENUE. If there is a lawsuit,
Borrower agrees upon Lender's request to submit to the jurisdiction of the courts of Kent County, State of Delaware.

 

DISHONORED ITEM FEE. Borrower will pay
a fee to Lender of $1,000.00 if Borrower makes a payment on the Loan (as defined in the Loan Agreement) and the check or preauthorized
charge with which Borrower pays is dishonored.

 

SUCCESSOR INTERESTS. The terms of this
Promissory Note shall be binding upon Borrower and shall inure to the benefit of Lender and its successors and assigns.

 

	
     

    Borrower’s Initials

     

    ZK

     
	
     

    NO ORAL AGREEMENTS. This written agreement
    is the final expression of the agreement between Lender and Borrower and may not be contradicted by evidence of any prior oral agreement
    or of a contemporaneous oral agreement between Lender and Borrower.

     

    By initialing the boxes to the left, Lender
    and Borrower affirm that no unwritten oral agreement exists between them.

	
     

    Lender’s Initials

     

    MHP

     

 

[Signature Page Follows]

 

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PRIOR TO SIGNING THIS PROMISSORY NOTE, BORROWER
READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS PROMISSORY NOTE. BORROWER AGREES TO THE TERMS OF THE PROMISSORY NOTE. BORROWER ACKNOWLEDGES
RECEIPT OF A COMPLETED COPY OF THIS PROMISSORY NOTE.

 

	BORROWER:	 
	 	 
	Sysorex, Inc.	 
	 	 	 
	By:	/s/ Zaman Khan	 
	Name:	Zaman Khan	 
	Title:	Chief Executive Officer	 
	 	 	 
	LENDER:	 
	First Choice International Company, Inc.	 
	 	 	 
	By:	/s/ Mark H. Peikin	 
	Name: 	Mark H. Peikin	 
	Title:	Chief Executive Officer	 

 

    Page 12 of 19

     

    

 

STOCK PLEDGE AGREEMENT

 

 

 

THIS STOCK PLEDGE AGREEMENT
(this “Agreement”) is made as of this 14th day of April 2021 (“Effective Date”), by Sysorex,
Inc., a Nevada corporation having an address at 13880 Dulles Corner Lane, Ste. 175, Herndon, VA 20171 (“Pledgor”) for
the benefit of First Choice International Company, Inc., a Delaware corporation, having an address at 21399 Marina Cove Cir., Unit M14,
Aventura, FL 33180 (“Pledgee”).

 

RECITALS:

 

WHEREAS, the Pledgor has executed
a Loan Agreement and Promissory Note (the “Note”) in the amount of Two Hundred Seventy-Eight Thousand Three Hundred
Sixty-Eight dollars and Fifty Cents ($278,368.50), on even date herewith for the benefit of Pledgee (“Loan”).

 

WHEREAS, in order to induce
the Lender into giving the Loan, the Pledgor has agreed to grant a security interest in and stock pledge of the that number of shares
of Sysorex, Inc.’s common stock (“Common Stock”) equal to Three Hundred Percent (300%) of the Principal Amount
and accrued Interest currently outstanding from time-to-time under the Loan plus the VMS Settlement Amount to Pledgee.

 

WHEREAS, in connection with
this Agreement, the Pledgor shall execute and deliver to the Pledgee and the Pledgor’s transfer agent (Computershare, Inc.) that
certain SYSX Corporate Instruction Letter.

 

WHEREAS, the Pledgor has agreed
to pledge to the Pledgee the Common Stock, on the terms and conditions set forth below, to secure the full performance of the Pledgor's
obligations under the Note and this Agreement.

 

AGREEMENT:

 

NOW, THEREFORE, in consideration
of the matters described in the foregoing Recitals, which Recitals are incorporated herein and made a part hereof, and for other good
and valuable consideration the receipt and sufficiency of which are hereby acknowledged, Pledgor hereby agrees as follows:

 

1. Definitions.

 

(a) Certificates.
The term “Certificates” means the certificates evidencing ownership of the Collateral and includes without limitation direct
registration book entry statements.

 

(b) Collateral.
The term “Collateral” means that number of shares of Common Stock equal to the Principal Amount and accrued Interest currently
outstanding from time-to-time under the Loan plus the VMS Settlement Amount divided by the closing price of the Pledgor’s Common
Stock on the OTCQB on the Effective Date.

 

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(c)  The
Company. The term “Company” means Sysorex, Inc., a Nevada corporation.

 

(d)  Cure
Period. The term “Cure Period” shall have the meaning set forth in the Note.

 

(e)  Default
or Event of Default. The term “Default” and “Event of Default” shall have the meanings set forth in the Loan
Agreement, and the Note and in the case of the Settlement Agreement the same is undefined but is described as a “default”
or “defaults”, as applicable.

 

(f)  Loan
Documents. The term “Loan Documents” shall have the meaning set forth in the Loan Agreement entered into on a date even
herewith.

 

(g) Note.
The term “Note” means that certain Secured Promissory Note dated April 14, 2020, in the
amount of Two Hundred Seventy-Eight Thousand Three Hundred Sixty-Eight dollars and Fifty Cents ($278,368.50), tendered by the Pledgor
to the Pledgee.

 

(h) OTCQB.
The term “OTCQB” means the mid-tier OTC equity market upon which the Pledgor’s Common Stock is trading as of the Effective
Date.

 

(i) Settlement
Agreement. The term “Settlement Agreement” means that certain Settlement Agreement dated April 6, 2021, entered into by
and between VMS Software, Inc. (“VMS”) and Pledgor.

 

(i) VMS
Settlement Amount. The term “VMS Settlement Amount” means Seven Hundred Thirty-Five Thousand, Two Hundred Seventy-Three
Dollars and Ninety-Seven cents ($735,273.97) due and payable, but subject to reduction in accordance with the terms of the Settlement
Agreement.

 

2.  Pledge
of Shares of Common Stock and Creation of Security Interest. The Pledgor pledges the Collateral to the Pledgee to secure the full
and punctual payment and discharge of the Note and the VMS Settlement Amount, and grants to the Pledgee a continuing security interest
in the Collateral.

 

3.  Covenants
and Warranties of Pledgor. The Pledgor covenants and warrants as follows:

 

(a)  Payment
of Indebtedness; Performance under Loan Documents; Performance under Settlement Agreement. The Pledgor will promptly pay the
Note amounts when due and will discharge its duties and obligations under the Loan Documents. In doing so, the Pledgor shall comply fully
with all terms and provisions of the Note, the Loan Agreement and this Agreement, and any other related documents. Additionally, the Pledgor
shall comply with the terms and provisions of that certain Settlement Agreement and shall promptly comply with and discharge its duties
and obligations thereunder. Furthermore, as an additional inducement the Pledgee, in addition to that number of shares of Common Stock
securing the obligations under the Loan Documents, the Pledgor has agreed that the Collateral shall also include that number of shares
of Common Stock equal to the full amount of the VMS Settlement Amount.

 

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(b)  Ownership
of Collateral. The Pledgor has good and marketable title to the Collateral, free from prior liens, encumbrances, or pledges of any
kind;

 

(c)  Liens.
The Pledgor will neither create nor permit the creation of any lien or other encumbrance of the Collateral without Pledgee’s prior
written consent;

 

(d)  Transfers.
The Pledgor and Pledgee will neither make nor permit any transfer of the Collateral, except as provided in this Agreement, without each
party’s prior written consent;

 

(e)  Transfer
Agent. The Pledgor shall agree to the administrative requirements of Pledgor’s transfer agent with regard to actions
necessary to perfect Pledgee’s security interest in the Collateral;

 

(f) Perfection
of Security Interest. The Pledgor will take all actions required by Pledgee in order to perfect Pledgee’s security interest
in the Collateral, including but not limited to, permitting the Pledgee to file one or more UCC-1 financing statement covering the Collateral
and executing and delivering a stock power and/or Certificates evidencing in the Common Stock to Pledgee’s attorney to hold in escrow
until full performance of the Loan Agreement and Settlement Agreement at the request of the Pledgee;

 

(g) Reservation
of Shares of Common Stock. Pledgor shall direct its transfer agent to reserve from its capital stock that number of shares of Common
Stock covering the Collateral; and

 

(h) SYSX
Corporate Instruction Letter. Pledgor shall execute and direct its transfer agent (Computershare, Inc.) to execute that certain SYSX
Corporate Instruction Letter and deliver it to Pledgee at closing of the Loan.

 

4.  Duties
of Pledgee. The Pledgee covenants and warrants as follows:

 

(a)  Return
of Collateral. The Pledgee shall ensure the return of any Collateral received to the Pledgor upon the complete and satisfactory performance
of the Loan Documents and Settlement Agreement;

 

(b)  Protection
of Collateral. Pledgee shall not sell the Collateral or engage in any acts which will cause or contribute to the depreciation
of the value of the Collateral, other than to take action necessary to levy upon the Collateral pursuant to a Default;

 

(c) Release
of Security Interest. Upon full satisfaction of the Loan Agreement and Settlement Agreement, the Pledgee, assuming it has filed a
UCC-1, will file a UCC-3 releasing its security interest in the Collateral and will provide the Pledgor a copy of the lien release; and

 

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(d) Pro
Rata Reduction in Collateral. If circumstances arise such that the obligations under the Loan Agreement are satisfied in full, but
have not been satisfied under the Settlement Agreement, or vice versa, then there shall be a pro rata reduction in the amount of the Collateral,
but in no event will the Collateral be reduced to an amount less than that amount of Common Stock equal to Three Hundred Percent (300%)
of the remaining obligations under the Loan Agreement or Settlement Agreement, or vice versa, as applicable. For purposes of any pro rata
reduction in Collateral, the balance of any Collateral required to secured the outstanding obligations hereunder shall be calculated based
on the outstanding dollar balance of the obligations divided by the price of the Common Stock, which shall price shall be the lesser of:
(a) the closing price of the Pledgor’s Common Stock on the OTCQB on the Effective Date, or (b) the closing price of the Pledgor’s
Common Stock on its trading market on the trading day immediately preceding the date upon which the obligations under the Loan Agreement
or Settlement Agreement, or vice versa, are satisfied in full.

 

5.  Exercise
of Shareholder Rights.

 

(a)  Receipt
of Dividends and Distributions. Pledgee shall not have the right to receive and retain any dividends or other distributions approved
and paid on the Collateral, unless the Pledgee is the holder of record of the Collateral following a Default.

 

(b)  Right
to Vote. The Pledgee may not vote the Collateral, unless the Pledgee is the holder of record of the Collateral following a Default.

 

(c)  Compliance
with Securities Laws. The requirements of the U.S. securities laws, or other applicable state securities laws, may limit the
Pledgee’s actions if the Pledgee elects, following a Default, to dispose of any part of the Collateral, and also may limit the subsequent
transferee’s ability to transfer the Collateral. Accordingly, the Pledgee agrees that if the Pledgee sells the Collateral at any
public or private sale, the Pledgee will only effect that the sale in accordance with applicable securities laws.

 

6.  Default
and Return of Collateral.

 

(a)  Notice
of Default and Cure. The Pledgee shall deliver notice of any Default to the Pledgor. The Pledgor shall have the right to cure
any Default as set forth under the Loan Agreement, Note or Settlement Agreement, as applicable. If the Pledgor fails to cure a Default,
then, after expiration of such applicable Cure Period, the Pledgee may pursue any and all remedies provided in this Agreement, including
but not limited to, taking title to the Collateral (or a pro rata portion thereof if the default is limited to a default under the Loan
Agreement or Settlement Agreement or vice versa) and noticing the Pledgor’s transfer agent that an uncured Event of Default has
occurred and that the shares evidencing the Collateral (or a pro rata amount thereof) are to be issued to the Pledgee or assigns as set
forth herein.

 

(b)  Pledgee
May Register Shares on Pledgor’s Books. Should a Default occur, upon expiration of any applicable Cure Period, the Pledgee may
immediately cause the Collateral (or a pro rata amount thereof) to be issued and transferred to the Pledgee's name on the ownership records
of the Company and may exercise any right normally incident to the ownership of the Collateral.

 

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(c)  Sale
of Collateral. Upon the transfer of any of the Collateral to the Pledgee, the Pledgee may sell all or any part of the Collateral it
owns in public or private sale, subject to applicable securities laws.

 

(d)  Remedies
Cumulative. Upon Default, the Pledgee shall have all rights available to the Pledgee at law or in equity, including all rights available
under the Commercial Code of Delaware or Nevada, as applicable with regard to the Common Stock, and all rights and remedies granted under
this Agreement, the Note, any related Loan Documents and the Settlement Agreement, as applicable. These rights and remedies shall be cumulative
and may be exercised singly or concurrently with all other rights and remedies the Pledgee may have. In the event a Default relates only
to the Loan Agreement or Settlement Agreement, or vice versa, the Pledgee may only exercise its rights (singularly or cumulatively) with
regard to the instrument subject to the Default.

 

7. Termination
of Agreement. This Agreement shall remain in effect until the obligations under the Note, Loan Agreement and Settlement Agreement
have been discharged in full, at which time it shall terminate, and the Pledgee shall return the Collateral to the Pledgor or its assigns,
as set forth herein.

 

8. Miscellaneous.

 

(a)  Waiver.
No right or obligation under this Agreement will be deemed to have been waived unless evidenced by a writing signed by the party against
which the waiver is asserted, or by its duly authorized representative. Any waiver will be effective only with respect to the specific
instance involved and will not impair or limit the right of the waiving party to insist upon strict performance of the right or obligation
in any other instance, in any other respect, or at any other time.

 

(b)  Notice.
Any notice or other communication required or permitted under this Agreement shall be sent in accordance with the notice provision of
the Loan Agreement.

 

(c)  Modifications
to be in Writing. To be effective, any modification to this Agreement must be in writing signed by all parties to the Agreement.

 

(d)  Agreement
Binding upon Successors and Assigns. This Agreement shall bind the Pledgor and its successors and assigns. All rights, privileges,
and powers granted to the Pledgee under this Agreement shall benefit the Pledgee and its successors and assigns.

 

(e)  Assignment
of Agreement. At any time, the Pledgee may assign or transfer any of its rights or powers under this Agreement to any person or entity.
The Pledgor may not transfer its rights, duties, or obligations under this Agreement without the prior written consent of the Pledgee.

 

(f)  Further
Assurances. Both the Pledgor and the Pledgee agree to take any further actions and to make, execute, and deliver any further
written instruments which may be reasonably required to carry out the terms, provisions, intentions, and purposes of this Agreement.

 

(g)  Attorneys’
Fees and Costs. If the Pledgor or the Pledgee institutes legal proceedings, to settle any controversy arising under this Agreement,
then the prevailing party shall be entitled to reasonable attorney’s fees and costs.

 

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(h)  Governing
Law. This Agreement shall be enforced, governed, and construed in all respects in accordance with the substantive and procedural
laws of the State of Delaware, United States of America.

 

(i)  Severability.
If any provision of this Agreement or any application of any provision is determined to be unenforceable, the remainder of this Agreement
shall be unaffected. If the provision is found to be unenforceable when applied to particular persons or circumstances, the application
of the provision to other persons or circumstances shall be unaffected.

 

(j)  Headings.
Headings used in this Agreement have been included for convenience and ease of reference only and will not in any manner influence the
construction or interpretation of any provision of this Agreement.

 

(k)  References.
Except as otherwise specifically indicated, all references in this Agreement to numbered or lettered sections or subsections refer to
sections or subsections of this Agreement. All references to Exhibits refer to Exhibits attached to this Agreement. All references to
“this Agreement,” or to any Exhibit to this Agreement, shall include any subsequent amendments to this Agreement, or to the
Exhibit, as the case may be.

 

(l)  Number
and Gender. When required by the context, the word “it” will include the plural and the word “its”
will include the singular; the masculine will include the feminine gender and the neuter, and vice versa; and the word “person”
will include corporation, partnership, or other form of association.

 

(m)  Counterparts.
This Agreement may be executed in any number of counterparts, including via electronically, each of which will be deemed to be an original
and all of which together will constitute a single agreement.

 

(n)  Entire
Agreement. This Agreement, the Note and the collective Loan Documents represent the entire understanding of the parties with
respect to the subject matter of the Agreement. There are no other prior or contemporaneous agreements, either written or oral, among
the parties with respect to this subject.

 

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EXECUTED AND DELIVERED, as of the Effective Date
set forth above.

 

	PLEDGOR:	 
	 	 
	Sysorex, Inc.	 
	 	 	 
	By:	/s/ Zaman Khan	 
	Name:	Zaman Khan	 
	Title:	Chief Executive Officer	 
	 	 	 
	PLEDGEE:	 
	 	 
	First Choice International Company, Inc.	 
	 	 	 
	By:	/s/ Mark H. Peikin	 
	Name: 	Mark H. Peikin	 
	Title:	Chief Executive Officer	 

 

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