Document:

EOSEDU,
LLC

 

OPERATING
AGREEMENT

 

THIS
OPERATING AGREEMENT (“Agreement’) of EOSEDU, LLC, a limited liability company organized under
the laws of the State of Arizona (the “Company”) is entered into as of September 17, 2018 (the “Effective
Date”), and BOXLIGHT CORPORATION, a Nevada corporation (Boxlight or the “Member”).

 

WHEREAS,
DANIEL LEIS, an individual (“D. Leis”) and ALEKSANDRA LEIS, an individual (“A.
Leis” and with D. Leis, collectively, the “Initial Members”) formed a limited liability
company under the Arizona Limited Liability Company Law, (as amended from time to time, the “Act”);

 

WHEREAS,
the Company and the Initial Members have, on this date, consummated the sale of all of the Membership Interests and their equity
in the Company to Boxlight, pursuant to the terms of a membership interest purchase agreement, dated as of August 31, 2018 (the
“Purchase Agreement”);

 

WHEREAS,
unless otherwise defined in this Agreement, all capitalized terms, when used herein, shall have the same meaning as they are defined
in the Purchase Agreement; and

 

WHEREAS,
the Initial Members have withdrawn as members of the Company and Boxlight, as the acquiring Member wishes to set out fully its
rights, obligations and duties regarding the Company and its assets and liabilities;

 

    	 

    	 

    

 

NOW,
THEREFORE, in consideration of the mutual covenants expressed herein, the parties hereby agree as follows:

 

1.
Organization and Powers

 

(a)
Organization. The Company has been formed by the filing of its Articles of Organization with the Arizona Department of
State pursuant to the Act. The Articles of Organization may be restated or amended to change the address of the office of the
Company in Arizona or the name and address of its resident agent in Arizona, or to make corrections required by the Act. Other
additions to or amendments of the Articles of Organization shall be authorized by the Member as provided in Section 2. The Articles
of Organization as so amended from time to time, is referred to herein as the “Articles.”

 

(b)
Purposes and Powers. The principal business activity and purpose of the Company shall (i) to own, sell, pledge or otherwise
operate the Acquired Assets and the Business, and (ii) be to engage in any lawful business, trade, purpose or activity permitted
by the Act, and it shall possess and may exercise all of the powers and privileges granted by the Act or together with any powers
incidental thereto, so far as such powers or privileges are necessary or convenient to the conduct, promotion or attainment of
the business, purposes or activities of the Company.

 

(c)
Principal Place of Business. The principal office and place of business of the Company shall initially be 6230 Larkspur
Drive, Scottsdale, AZ 85254. The Member may change the principal office or place of business of the Company at any time and may
cause the Company to establish other offices or places of business.

 

(d)
Fiscal Year. The fiscal year of the Company shall end on December 31 in each year.

 

(e)
Qualification in Other Jurisdictions. The Member shall cause the Company to be qualified or registered under applicable
laws of any jurisdiction in which the Company transacts business and shall be authorized to execute, deliver and file any certificates
and documents necessary to effect such qualification or registration, including without limitation the appointment of agents for
service of process in such jurisdictions.

 

    	2

    	 

    

 

2.
Member and Management 

 

(a)
Member Managed. The Company shall be managed solely by the Member. The Member may also appoint one or more individuals
to act as officers of the Company and to manage the Company on behalf of the Member. The initial officers of the Company shall
include the Initial Members. Subject to the terms of the Employment Agreements between each of the Initial Members and Boxlight,
Inc., a subsidiary of Boxlight, the Member shall have the authority to (i) appoint, remove and replace the officers from time
to time, (ii) exercise all the powers and privileges granted by the Act or any other law or this operating agreement, together
with any powers incidental thereto, so far as such powers are necessary or convenient to the conduct, promotion or attainment
of the business, trade, purposes or activities of the Company and (iii) take any other action not prohibited under the Act or
other applicable law. The Member has appointed Takesha Brown, as Chief Financial Officer of the Company.

 

(b)
Schedule A. The Member of the Company and its address shall be listed on Schedule A attached hereto and made a part
hereof Schedule A shall set forth the percentage interest which the Member holds in the assets, net profits, net losses,
net cash flow and net proceeds of any sale or refinancing of any property of the Company or upon liquidation of the Company (the
“Membership Interest”). Schedule A may be amended from time to time to reflect the admission
of any additional members or the withdrawal of any member and any changes in Membership Interests. Schedule A shall constitute
the record list of the Member and any other members of the Company for ail purposes of this Agreement.

 

    	3

    	 

    

 

(c)
Membership Interests. At the election of the Member, Membership Interests may be certificated and expressed in units of
Membership Interests (the “Units”).

 

(d)
Admission of Additional Member; Sale of Membership Interests. From time to time, the Member may sell all or any portion
of its Membership Interests in the Company to any one or more Persons and for such consideration as the Member shall determine.
Additional members may be admitted to the Company only with the approval of the Member.

 

(e)
Required Percentage. All decisions of the Member and any additional members admitted by the Member respecting any matter
set forth herein or otherwise affecting or arising out of the conduct of the business of the Company shall be made by action of
the holders of more than fifty percent (50%) of the Membership Interests, unless pursuant to this Agreement, the Act or other
applicable law, a greater number or percentage is required.

 

(f)
Meetings. The Member may, but shall not be required to, hold meetings from time to time in connection with the management
and operation of the Company. The manner in which meetings are called and conducted shall be determined from time to time buy
the Member.

 

(g)
Officers and Employees. Subject to the terms of the Employment Agreements between each of the Initial Members and Boxlight,
Inc., the Member shall determine the duties and responsibilities of such officers and employees, from time to time, and shall
set their compensation, if any, for the performance of such duties and responsibilities.

 

3.
Capital Contributions; Capital Accounts; and Liability of Member.

 

(a)
Additional Contributions. Except as otherwise provided in this Section 3, the Member shall not be obligated to contribute
any additional capital to the Company. Additional capital contributions shall not serve to change the Membership Interests of
the Member, unless agreed upon in writing by the Member. Additional capital contributions may be made by the Member if agreed
to by the Member and shall be reflected on Schedule A hereto.

 

    	4

    	 

    

 

No
interest shall accrue on any contributions to the capital of the Company, and no Member shall have the right to withdraw or to
be repaid any capital contributed by it or to receive any other payment in respect of its interest in the Company, including without
limitation as a result of the withdrawal or resignation of such Member from the Company, except as specifically provided in this
Agreement.

 

(b)
Capital Accounts. A separate capital account shall be established for the Member, and shall be maintained in accordance
with applicable regulations under the Internal Revenue Code of 1986, as amended (the “Code”). To the
extent consistent with such regulations, there shall be credited to the Member’s capital account the amount of any contribution
of capital made by such Member to the Company, and such Member’s share of the net profits of the Company, and there shall
be charged against the Member’s capital account the amount of all distributions to such Member, and such Member’s
share of the net losses of the Company.

 

(c)
Limited Liability. Except as otherwise provided in the Act, the Member and no other member of the Company shall be obligated
personally for any debt, obligation or liability of the Company or of any other Member, whether arising in contract, tort or otherwise,
solely by reason of being a member of the Company. Except as otherwise provided in the Act, by law or expressly in this Agreement,
the Member and no other member shall have any fiduciary or other duty to another member with respect to the Business and affairs
of the Company, and the Member shall not be liable to the Company or any other member for acting in good faith reliance upon the
provisions of this Agreement. The Member shall have no responsibility to contribute to or in respect of the liabilities or obligations
of the Company or return distributions made by the Company except as required by the Act or other applicable law. The failure
of the Company to observe any formalities or requirements relating to the exercise of its powers or the management of its business
or affairs under this Agreement or the Act shall not be grounds for making its Member responsible for the liabilities of the Company.

 

    	5

    	 

    

 

4.
Return of Contributions; Liquidation of the Company. The contribution of the Member is to be returned to such Member only
upon the termination and liquidation of the Company, but contributions may be returned prior to such time if agreed upon by the
Member. The Member shall have the right to liquidate the Company at any time and to sell or transfer the Acquired Assets and Assumed
Liabilities to any other Person, including, without limitation, Boxlight, Inc. a Washington corporation

 

5.
Share of Profits and Losses; Distributions and Other Items.

 

(a)
Allocations. The net profits, net losses, net cash flow and net proceeds of any sale or refinancing of any property of
the Company or upon liquidation of the Company shall be allocated among the Member and any other members according to the Membership
Interests of the Member or any other members admitted to the Company by Boxlight. Subject to the foregoing, distributions to the
Member or other members shall be made at such times and in such amounts as Boxlight shall determine.

 

(b)
Tax Basis. Profits and net losses shall, for both accounting and tax purposes, be net profits and net losses as determined
for reporting on the Company’s federal income tax return. For tax purposes, all items of depreciation, gain, loss, deduction
or credit shall be determined in accordance with the Code and, except to the extent otherwise required by the Code, allocated
to and among the Member in the same percentages in which the Member share in net profits and net losses.

 

    	6

    	 

    

 

(c)
Distribution Upon Dissolution. Distributions shall be made at such times and in such amounts as the Member shall agree
in writing. Upon dissolution and termination, and after payment of or adequate provision for the debts and obligations of the
Company, the remaining assets of the Company (or any proceeds from the sale thereof) shall be distributed to the Member and any
other members admitted to the Company by the Member in accordance with the positive balance in their Capital Accounts after taking
into account all Capital Account adjustments through such dissolution and termination of the Company.

 

(d)
Distribution of Assets in Kind. If the Member determine to distribute assets of the Company in kind, such assets shall
be distributed on the basis of their fair market value as determined by the Member. With respect to assets distributed in kind
to the Member in liquidation or otherwise, (A) any unrealized appreciation or unrealized depreciation in the values of such assets
shall be deemed to be profits and losses realized by the Company immediately prior to the liquidation or other distribution event;
and (B) such profits and losses shall be allocated to the Member in accordance with Section 5(a) above, and credited or
charged to their Capital Accounts, and any property so distributed shall be treated as a distribution of an amount in cash equal
to the excess of such fair market value over the outstanding principal balance of and accrued interest on any debt by which the
property is encumbered. For the purposes of this Section 5(d), “unrealized appreciation” or “unrealized
depreciation” shall mean the difference between the fair market value of such assets, taking into account the fair market
value of the associated financing but subject to Section 7701(g) of the Code, and the Company’s basis in such assets as
determined under Treasury Regulation Section 1.704-1(b). This Section 5(d) is merely intended to provide a rule for allocating
unrealized gains and losses upon liquidation or other distribution event, and nothing contained in this Section 5(d) or
elsewhere in this Agreement is intended to treat or cause such distributions to be treated as sales for value.

 

    	7

    	 

    

 

(e)
Special Provisions. Notwithstanding the foregoing provisions in this Section 5:

 

(i)
Income, gain, loss and deduction with respect to Company property which has a variation between its basis computed in accordance
with Treasury Regulation Section 1.704-1(b) and its basis computed for Federal income tax purposes shall be shared among members
so as to take account of the variation in a manner consistent with the principles of Section 704(c) of the Code and Treasury Regulation
Section 1.704-3; and

 

(ii)
Section 704 of the Code and the Treasury Regulations issued thereunder, including but not limited to the provisions of such regulations
addressing qualified income offset provisions, minimum gain chargeback requirements and allocations of deductions attributable
to non-recourse debt and partner non-recourse debt, are hereby incorporated by reference into this Agreement.

 

6.
Transfer Restrictions. No member may sell, assign, give pledge, hypothecate, encumber or otherwise transfer, including,
without limitation, any assignment or transfer by operation of law or by order of court, such Member’s interest in the Company
or any part thereof, or in all or any part of the assets of the Company, without the written consent of Boxlight, and any purported
assignment without such consent shall be null and void and of no effect whatsoever.

 

7.
Admission of Additional Members. Additional members may be admitted to the Company if agreed to by Boxlight.

 

8.
[Intentionally Omitted].

 

9.
Continuation of the Company. The Member may continue the Business of the Company upon the occurrence of any event which
constitutes an event of dissolution of the Company under the Act by electing to do so within ninety (90) days after the occurrence
of any of such event. Any such election shall be made by Boxlight.

 

    	8

    	 

    

 

10.
Termination of Membership. The Member may not terminate its membership in the Company or have any right to distributions
respecting his Membership Interest (upon withdrawal or resignation from the Company or otherwise) except as expressly set forth
herein.

 

11.
Books and Records; Bank Accounts.

 

(a)
Company Accounts and Financial Statements. The Member shall cause the Company to keep just and true books of account with
respect to the operations of the Company. Such books shall be maintained at the principal place of business of the Company, or
at such other place as the Member shall determine, and the Member, and their duly authorized representatives, shall at all reasonable
times have access to such books. Within ninety (90) days after the end of each fiscal year of the Company, the Member shall be
furnished with financial statements which shall contain a balance sheet as of the end of the fiscal year and statements of income
and cash flows for such fiscal year. Any Member may, at any time, at Ins, her or its own expense, cause an audit or review of
the Company books to be made by a certified public accountant of his, her or its own selection.

 

(b)
Accounting Method. Such books shall be kept on the accrual method of accounting, or on such other method of accounting
as the Member may from time to time determine, and shall be closed and balanced as of December 31 in each year. The same method
of accounting shall be used for both Company accounting and tax purposes.

 

(c)
Bank Accounts. The Member shall cause the Company to maintain one or more accounts in a bank (or banks) which is a member
of the FDIC, which accounts shall be used for the payment of the expenditures incurred by the Member in connection with the business
of the Company, and in which shall be deposited any and all cash receipts. All such amounts shall be and remain the property of
the Company, and shall be received, held and disbursed by the Member for the Purposes specified in this Agreement.

 

    	9

    	 

    

 

(d)
The Chief Financial Officer of Boxlight shall be the “tax matters partner” of the Company for purposes of the Code.

 

12.
Indemnity: Other Business.

 

(a)
Company Indemnity. The Member, and the officers, directors and shareholders of the Member, shall be entitled to indemnity
from the Company for any liability incurred and/or for any act performed by them within the scope of the authority conferred on
them by this Agreement, and/or for any act omitted to be performed, except for their gross negligence or willful misconduct, which
indemnification shall include all reasonable expenses incurred, including reasonable legal and other professional fees and expenses.

 

(b)
Other Business Interests. The Member, and any Affiliates of any of them may engage in and possess interest in other business
ventures and investment opportunities of every kind and description, independently or with others, including serving as managers
and general partners of other limited liability companies and partnerships. Neither the Company nor any other Member shall have
any rights in or to such ventures or opportunities or the income or profits therefrom.

 

13.
Miscellaneous.

 

(a)
Binding Nature, Assigns. Subject to the restrictions on transfers set forth herein, this Agreement. and each and every
provision hereof, shall be binding upon and shall inure to the benefit of the Member, their respective successors, successors-in-title,
heirs and assigns, and each and every successor-in-interest to any member, whether such successor acquires such interest by way
of gift, purchase, foreclosure or any other method, shall hold such interest subject to all of the terms and provisions of this
Agreement. None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Member,
or any creditor of the Company other than a Member who is such a creditor of the Company.

 

    	10

    	 

    

 

(b)
Amendments. No change, modification or amendment of this Agreement shall be valid or binding unless such change, modification
or amendment shall be in a writing specifically referring to this Agreement, duly executed by a majority of the Member.

 

(c)
Governing Law. This Agreement and the rights and obligations of the parties hereunder shall be governed by, construed and
enforced in accordance with the laws of the State of Arizona without regard to choice of law principles.

 

(d)
Multiple Counterparts. This Agreement may be executed in a number of counterparts and by different parties hereto in separate
counterparts, each of which when so executed and delivered shall be deemed an original but all of which together shall constitute
one and the same instrument.

 

(e)
Notices. Any and all notices under this Agreement shall be effective (i) on the fourth business day after being sent by
registered or certified mail, return receipt requested, postage prepaid, or (ii) on the first business day after being sent by
express mail, confirmed facsimile, or commercial expedited delivery service providing a receipt for delivery or (iii) immediately
upon personal delivery in-hand. All such notices in order to be effective shall be addressed, if to the Company at its registered
office under the Act, if to a Member at the last address of record on the Company books, and copies of such notices shall also
be sent to the last address for the recipient which is known to the sender, if different from the address so specified.

 

(f)
Entire Agreement. This Agreement represents the entire agreement and understanding between the parties hereto with respect
to the subject matter hereof and supersedes all prior agreements and understandings relating to such subject matter.

 

[Remainder
of Page Intentionally Left Blank]

 

    	11

    	 

    

 

IN
WITNESS WHEREOF, the Company and the Member have signed and sworn to this Agreement as of the date first above written.

 

	EOSEDU,
    LLC	 
	 	 	 
	By:	 	 
	 	Takesha
    Brown, CFO	 
	 	 	 
	BOXLIGHT:	 
	 	 	 
	BOXLIGHT CORPORATION	 
	 	 	 
	By:	 	 
	 	Michael
    Pope, President	 

 

    	 

    	 

    

 

Schedule
A

 

Member

 

	Name
    and Address of Member	 	Initial
    Capital Contribution	 	 	Membership
    Interests	 	 	Percentage

                    Interest
	 
	Boxlight
    Corporation 
1045 Progress Circle 
Lawrenceville, GA30043 
	 	$	1,000	 	 	 	 
1,000
                                         Units
	 	 	 	100	%MEMBERSHIP
INTEREST PURCHASE AGREEMENT

 

by
and among

 

DANIEL
LEIS

 

and

 

ALEKSANDRA
LEIS

 

EOSEDU,
LLC

 

and

 

BOXLIGHT
CORPORATION

 

Dated
as of September __, 2018

 

    	 

     

    

 

TABLE
OF CONTENTS

 

	SECTION	 	PAGE
	ARTICLE I	DEFINITIONS	 
	1.1.	Definitions	1
	 	 	 
	ARTICLE II	PURCHASE AND SALE OF COMPANY EQUITY	 
	2.1.	Basic Transaction	7
	2.2.	Payment of Purchase Price	7
	2.3.	The Closing	7
	2.4.	Closing Deliveries by Sellers	7
	2.5.	Closing Deliveries by Purchaser	8
	 	 	 
	ARTICLE III 	REPRESENTATIONS AND WARRANTIES OF THE SELLERS	 
	3.1.	Authorization of Transactions	9
	3.2.	Noncontravention	9
	3.3.	Brokers Fees	9
	3.4.	Shares	9
	3.5.	Transactions with the Company	10
	3.6	No Conflict	10
	 	 	 
	ARTICLE IV	 REPRESENTATIONS AND WARRANTIES OF THE COMPANY AND THE
SELLERS	 
	4.1.	Organization, Qualification, and Corporate Power	10
	4.2.	Capitalization	10
	4.3.	Noncontravention	11
	4.4.	Brokers Fees	11
	4.5.	Title to Assets	11
	4.6.	Subsidiaries	11
	4.7.	Financial Statements; Projections	11
	4.8.	Events Subsequent to Latest Balance Sheet	11
	4.9.	Undisclosed Liabilities	13
	4.10.	Legal Compliance	13
	4.11.	Tax Matters	14
	4.12.	Real Property	15
	4.13.	Intellectual Property	15
	4.14.	Tangible Assets	17
	4.15.	Inventory	17
	4.16.	Contracts	17
	4.17.	Notes and Accounts Receivable	19
	4.18.	Powers of Attorney	19
	4.19.	Insurance	19
	4.20.	Litigation	20
	4.21.	Product Warranty	20
	4.22.	Product Liability	20
	4.23.	Employees	20
	4.24.	Employee Benefits	20
	4.25.	Environmental Matters	21
	4.26.	Permits	21
	4.27.	Bank Accounts	22
	4.28.	Customers and Suppliers	22
	4.29.	Claims Against Officers and Directors	22
	4.30.	Improper and Other Payments	22
	4.31.	Accuracy of Statements	23

 

    	 

     

     

	ARTICLE V	REPRESENTATIONS AND WARRANTIES OF THE BUYER	 
	5.1.	Organization of BOXL	23
	5.2.	Authorization of Transactions	23
	5.3.	Noncontravention	23
	5.4.	Brokers Fees	24
	5.5.	SEC Filings	24
	5.6.	Absence of Certain Changes	25
	5.7.	Compliance with Laws	25
	5.8.	Actions	26
	5.9.	Employees	26
	5.10.	Product Warranty	26
	5.11.	Product Liability	26
	5.12.	Intellectual Property	26
	5.13.	Real Property	27
	5.14.	Material Contracts	27
	5.15.	Transactions with Affiliates	27
	5.16.	Investment Company Act	27
	5.17.	Finders and Brokers	27
	 	 	 
	ARTICLE VI	COVENANTS	 
	6.1.	General	28
	6.2.	Notices and Consents	28
	6.3.	Operation of Business	28
	6.4.	Full Access	29
	6.5.	Exclusivity	29
	6.6.	Efforts	30
	6.7.	Maintenance of Insurance	30
	6.8.	Satisfactory Due Diligence	30
	6.9.	Notice and Supplemental Information	30
	6.10.	Public Announcements	30
	6.11.	Consistent Tax Reporting	31
	6.12.	Termination of Shareholder Agreements	31
	6.13.	Resignation of Officers and Directors	31
	6.14.	Transition	31
	6.15.	Confidentiality	31
	6.16.	Noncompetition	31
	6.17.	Post-Closing Covenants	32

 

    	 

     

     

	ARTICLE
    VII	CONDITIONS TO OBLIGATION
    OF BOXL	 
	7.1.	Representations and
    Warranties True as of Closing Date	33
	7.2.	Compliance with Covenants	33
	7.3.	Consents	33
	7.4.	Actions or Proceedings	33
	7.5.	Certificate	33
	7.6.	Financial Condition
    at Closing	33
	7.7.	Documents	33
	 	 	 
	ARTICLE VIII 	CONDITIONS TO OBLIGATION
    OF THE SELLERS	 
	8.1.	Representations and
    Warranties True as of Closing	34
	8.2.	Compliance with Covenants	34
	8.3.	Actions or Proceedings	34
	8.4.	Certificate	34
	8.5.	Documents	34
	 	 	 
	ARTICLE IX	SURVIVAL AND REMEDY;
    INDEMNIFICATION	 
	9.1.	Survival of Representations
    and Warranties	34
	9.2.	Indemnification by
    the Sellers	35
	9.3.	Indemnification by
    BOXL	35
	 	 	 
	ARTICLE X	TAX MATTERS	 
	10.1.	Tax Returns	36
	10.2.	Consistent Tax Reporting	37
	10.3.	Payment of Taxes by
    Purchaser	37
	10.4.	Payment of Taxes by
    Sellers	37
	 	 	 
	ARTICLE XI	TERMINATION	 
	11.1.	Termination of Agreement	38
	11.2.	Effect of Termination	38
	 	 	 
	ARTICLE XII	MISCELLANEOUS	 
	12.1.	Expenses	38
	12.2.	Press Releases and
    Public Announcements	38
	12.3.	No Third-Party Beneficiaries	39
	12.4.	Entire Agreement	39
	12.5.	Succession and Assignment	39
	12.6.	Counterparts	39
	12.7.	Headings	39
	12.8.	Notices	39
	12.9.	Governing Law	39
	12.10.	Amendments and Waivers	39
	12.11.	Severability	39
	12.12.	Construction	39
	12.13.	Incorporation of Exhibits
    and Annexes	40
	12.14.	Specific Performance	40
	12.15.	Submission to Jurisdiction	40

 

	Exhibits	 	 
	Exhibit A	-	Form of Employment Agreements
	Exhibit B 	-	Lockup and Leak-Out Agreement
	Exhibit C 	-	Restated Company Operating Agreement
	Exhibit D 	-	Stock Option Letters

 

    	 

     

    

 

MEMBERSHIP
INTEREST PURCHASE AGREEMENT

 

THIS
MEMBERSHIP INTEREST PURCHASE AGREEMENT, dated as of September __, 2018, is made and entered into by and among Daniel Leis,
an individual (“D. Leis”), Aleksandra Leis, an individual (“A. Leis”); EOSEDU,
LLC, an Arizona limited liability company, doing business as “EOS Education” (the “Company”),
and Boxlight Corporation, a corporation organized under the laws of the State of Nevada (“BOXL” or the
“Purchaser”).

 

D.
Leis and A. Leis are hereinafter sometimes individually referred to as a “Seller” and collectively, as the
“Sellers”.

 

W
I T N E S S E T H:

 

WHEREAS,
on the Closing Date, the Sellers are the record and beneficial owners of 100% of the Company Membership Interests;

 

WHEREAS,
the Company and its existing Subsidiaries, constituting the Company are engaged in the operation of the Business;

 

WHEREAS,
BOXL wishes to purchase the Company Membership Interests from the Sellers and the Sellers desire to sell to BOXL all of the Company
Membership Interests, in exchange for the Purchase Price;

 

WHEREAS,
on the Closing Date, the Company shall enter into the Employment Agreements hereinafter described.

 

NOW,
THEREFORE, in consideration of the premises and the mutual promises herein made, and in consideration of the representations,
warranties, and covenants herein contained, the parties agree as follows:

 

ARTICLE
I

 

DEFINITIONS

 

SECTION
1.1. Definitions. The following terms shall have the following meanings for the purposes of this Agreement.

 

“Adverse
Consequences” means all actions, suits, proceedings, hearings, investigations, charges, complaints, claims, demands,
injunctions, judgments, orders, decrees, rulings, damages, dues, penalties, fines, costs, amounts paid in settlement, Liabilities,
obligations, Taxes, Liens, losses, expenses, and fees, including court costs and attorneys’ fees and expenses.

 

“Affiliate”
means, with respect to any specified Person, a Person that directly or indirectly, through one or more intermediaries, controls
or is controlled by, or is under common control with, the Person specified.

 

“Affiliated
Group” means any affiliated group within the meaning of Tax Codes §1504(a) or any similar group defined under a
similar provision of state, local or foreign Law.

 

    	 	 	1

    	 

    

 

“Agreement”
means this Membership Interest Purchase Agreement, including all exhibits and schedules hereto, as it may be amended from time
to time.

 

“Article
IV Parties” has the meaning as that term is defined in the lead in paragraph to Article IV of this Agreement.

 

“Authority”
means any United States or foreign governmental regulatory or administrative body, governmental agency, governmental subdivision
or authority, any court or judicial authority, any public, private or industry governmental regulatory authority, whether foreign,
national, federal, state or local or otherwise, or any Person lawfully empowered by any of the foregoing to enforce or seek compliance
with any regulation.

 

“Board
of Sellers” shall mean all of the members of the board of managers of the Company.

 

“BOXL”
has the meaning set forth in the preamble.

 

“BOXL
Common Stock” means the shares of Class A voting common stock, $0.0001 par value per share of BOXL.

 

“BOXL
Financials” has the meaning set forth in Section 5.5(c) of this Agreement.

 

“BOXL
Material Contract” has the meaning set forth in Section 5.14(a) of this Agreement.

 

“BOXL
Preferred Stock” shall have the meaning set forth in Section 5.4(b) of this Agreement.

 

“BOXL
IPO” shall mean initial public offering of 1,000,000 shares of BOXL Common Stock at an initial offering price of $7.00
per share, pursuant to a registration statement on Form S-1 declared effective by the SEC on September 5, 2017; which BOXL IPO
was consummated on November 30, 2017.

 

“BOXL
SEC Reports” has the meaning set forth in Section 5.5(a) of this Agreement.

 

“BOXL
Shares” means an aggregate of One Hundred Thousand (100,000) shares of BOXL Common Stock.

 

“Business”
means the business of providing technology consulting, training, and professional development services to create sustainable programs
that integrate technology with curriculum in K-12 schools and districts.

 

“Business
Day” shall mean any day of the week, other than Saturday, Sunday or other day in which the banks in New York City are
not open for business.

 

“Closing”
has the meaning set forth in Section 2.4 below.

 

“Closing
Date” has the meaning set forth in Section 2.4 below.

 

“Closing
Date Balance Sheet” has the meaning set forth in Section 2.5(h).

 

“Company”
has the meaning set forth in the Recitals to this Agreement.

 

    	 	 	2

    	 

    

 

“Company
Membership Interests” means the collective reference to 100% of the issued and outstanding membership interest equity
of the Company.

 

“Competing
Purchase Transaction” has the meaning set forth in Section 6.5(b).

 

“Competing
Sale Transaction” has the meaning set forth in Section 6.5(a).

 

“Competitive
Business” shall has the meaning set forth in Section 6.22(a) of this Agreement.

 

“Confidential
Information” means any information concerning the businesses and affairs of the Company that is not already generally
available to the public.

 

“Contract”
means any contract, lease, commitment, understanding, sales order, purchase order, agreement, indenture, mortgage, note, bond,
right, warrant, instrument, plan, permit or license, whether written or oral, which is intended or purports to be binding and
enforceable.

 

“Deductible”
has the meaning set forth in Section 9.4(c).

 

“Due
Diligence Investigation” has the meaning set forth in Section 6.8 of this Agreement.

 

“EDGAR”
shall mean the Electronic Data Gathering, Analysis, and Retrieval system.

 

“Employee
Benefit Plan” means any (a) nonqualified deferred compensation or retirement plan or arrangement, (b) qualified defined
contribution retirement plan or arrangement which is an Employee Pension Benefit Plan, (c) qualified defined benefit retirement
plan or arrangement which is an Employee Pension Benefit Plan (including any Multiemployer Plan), or (d) Employee Welfare Benefit
Plan or material fringe benefit or other retirement, bonus, or incentive plan or program.

 

“Employee
Pension Benefit Plan” has the meaning set forth in ERISA §3(2).

 

“Employee
Welfare Benefit Plan” has the meaning set forth in ERISA §3(1).

 

“Employment
Agreements” shall mean the three year employment agreements to be entered into between the Company and each of the Sellers
on the Closing Date, and substantially in the form of Exhibit A annexed hereto and made a part hereof.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended.

 

“Exclusivity
Period” has the meaning set forth in Section 6.5 of this Agreement.

 

“Furnished
Financial Statements” means the unaudited consolidated balance sheets, statements of operations and statements of cash
flows of the Company as at December 31, 2016 and December 31, 2017 and for the two fiscal years ended in 2016 and 2017, respectively,
and the unaudited consolidated balance sheet and, statement of operations of the Company as at July 31, 2018 and for the seven
months then ended, all as furnished to BOXL.

 

“GAAP”
means United States generally accepted accounting principles as in effect from time to time.

 

    	 	 	3

    	 

    

 

“Indebtedness”
shall mean, with respect to any Person, without duplication: (a) all obligations of such Person for borrowed money; (b) all obligations
of such Person evidenced by bonds, debentures, line of credit note or similar instruments, or upon which interest payments are
customarily made; (c) all obligations of such Person under conditional sale or other title retention agreements relating to property
purchased by such Person (other than customary reservations or retentions of title under agreements with suppliers entered into
in the Ordinary Course of Business); (d) all obligations (including earn-out obligations) of such Person incurred, issued or assumed
as the deferred purchase price of property or services purchased by such Person (other than trade debt and accrued expenses incurred
in the ordinary course of business and due within one year of the incurrence thereof) which would appear as liabilities on a balance
sheet of such Person; (e) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing
right, contingent or otherwise, to be secured by) any lien on, or payable out of the proceeds of production from, property owned
or acquired by such Person, whether or not the obligations secured thereby have been assumed; (f) the maximum amount of all letters
of credit issued or bankers’ acceptances facilities created for the account of such Person and, without duplication, all
drafts drawn thereunder (to the extent unreimbursed); (g) the principal balance outstanding under any synthetic lease, tax retention
operating lease, off-balance sheet loan or similar off-balance sheet financing product plus any accrued interest thereon; (h)
all obligations of any partnership or unincorporated joint venture in which such Person is a general partner or a joint venture;
and (i) obligations of such Person under non-compete agreements to the extent such obligations are quantifiable contingent obligations
of such Person under generally accepted accounting principles.

 

“Indemnification
Claim” has the meaning set forth in Section 9.1(a).

 

“Intellectual
Property” means (a) all inventions (whether patentable or unpatentable and whether or not reduced to practice), all
improvements thereto, and all patents, patent applications, and patent disclosures, together with all reissuances, continuations,
continuations-in-part, revisions, extensions, and reexaminations thereof, (b) all trademarks, service marks, trade dress, logos,
trade names, and corporate names, together with all translations, adaptations, derivations, and combinations thereof and including
all goodwill associated therewith, and all applications, registrations, and renewals in connection therewith, (c) all copyrightable
works, all copyrights, and all applications, registrations, and renewals in connection therewith, (d) all mask works and all applications,
registrations, and renewals in connection therewith, (e) all trade secrets and confidential business information (including ideas,
research and development, know-how, formulas, compositions, manufacturing and production processes and techniques, technical data,
designs, drawings, specifications, customer and supplier lists, pricing and cost information, and business and marketing plans
and proposals), (f) all computer software (including data and related documentation), (g) all other proprietary rights, and (h)
all copies and tangible embodiments thereof (in whatever form or medium).

 

“IPO”
has the meaning set forth in Section 6.9 of this Agreement.

 

“Knowledge”
means actual knowledge of the Sellers and Boxlight, as applicable, after reasonable investigation.

 

“Law”
means any law, statute, regulation, ordinance, rule, order, decree, judgment, consent decree, settlement agreement or governmental
requirement enacted, promulgated, entered into, agreed or imposed by any Authority.

 

“Leased
Property” has the meaning set forth in Section 4.12(b).

 

    	 	 	4

    	 

    

 

“Leases”
has the meaning set forth in Section 4.12(b).

 

“Liability”
means any liability (whether known or unknown, whether asserted or unasserted, whether absolute or contingent, whether accrued
or unaccrued, whether liquidated or unliquidated, and whether due or to become due), including any liability for Taxes.

 

“Lien”
means any mortgage, lien (except for any lien for Taxes not yet due and payable), charge, restriction, pledge, security interest,
option, lease or sublease, claim, right of any third party, easement, encroachment or encumbrance.

 

“Loss”
has the meaning set forth on Section 9.2 of this Agreement.

 

“Sellers”
shall mean D. Leis and A. Leis, who are responsible for the management of the Business of the Company.

 

“Major
Clients” shall have the meaning set forth in Section 4.30(a)(ii) of this Agreement.

 

“Major
Suppliers” shall have the meaning set forth in Section 4.30(a)(i) of this Agreement.

 

“Material
Adverse Effect” shall mean any circumstances, developments or matters whose effect on the Company’s Business,
properties, assets, results, operations, condition (financial and other) and prospects, either alone or in the aggregate, is or
would reasonably expected to be materially adverse.

 

“Multiemployer
Plan” has the meaning set forth in ERISA §3(37).

 

“Notices”
has the meaning set forth in Section 12.8.

 

“Ordinary
Course of Business” means the ordinary course of the Business of the Company consistent with past custom and practice
(including with respect to quantity and frequency).

 

“Owned
Property” has the meaning set forth in Section 4.12(a).

 

“Permits”
has the meaning set forth in Section 4.26 below.

 

“Person”
means an individual, a partnership, a corporation, an association, a joint stock company, a trust, a joint venture, an unincorporated
organization, or a governmental entity (or any department, agency, or political subdivision thereof).

 

“Projections”
means all financial projections and forward-looking statements concerning the Company which have been furnished by the Company
or the Sellers to Purchaser or its Affiliates or representatives and which have been provided in the Dropbox.

 

“Purchase
Price” has the meaning set forth in Section 2.2.

 

“Purchaser”
has the meaning set forth in the Preamble.

 

“Purchaser’s
Representations” has the meaning set forth in Section 9.1(b).

 

“Released
Claim” has the meaning set forth in Section 6.9 of this Agreement.

 

    	 	 	5

    	 

    

 

“Representatives”
has the meaning set forth in Section 6.5(a).

 

“Restated
Operating Agreement” has the meaning set forth in Section 2.4(b).

 

“SEC”
shall mean the United States Securities and Exchange Commission.

 

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

 

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

 

“Seller”
or “Sellers” has the meaning set forth in the preamble.

 

“Seller’s
Representations” has the meaning set forth in Section 9.1(a).

 

“Selling
Parties” shall mean the collective reference to the Sellers and the Company.

 

“Sellers
Debt Conversion” shall have the meaning set forth in Section 2.4(d).

 

“Stock
Option Letters” shall have the meaning set forth in Section 2.5(c).

 

“Subsidiary”
means any corporation, partnership or limited liability company with respect to which a specified Person (or a Subsidiary thereof)
owns a majority of the common stock or has the power to vote or direct the voting of sufficient securities to elect a majority
of the directors.

 

“Survival
Period” has the meaning set forth in Section 9.1(a).

 

“Tax”
means any federal, state, local, or foreign income, capital gains, gross receipts, license, payroll, employment, value added or
VAT tax, excise, severance, stamp, occupation, premium, windfall profits, environmental, customs duties, capital stock, franchise,
profits, withholding, social security (or similar), unemployment, disability, real property, personal property, sales, use, transfer,
registration, value added, alternative or add-on minimum, estimated, or other tax of any kind whatsoever, including any interest,
penalty, or addition thereto, whether disputed or not.

 

“Tax
Codes” means collective reference to the United States Internal Revenue Code of 1986, as amended.

 

“Tax
Proceeding” has the meaning set forth in Section 10.4(a).

 

“Tax
Return” means any return, declaration, report, claim for refund, or information return or statement relating to Taxes,
including any schedule or attachment thereto, and including any amendment thereof.

 

“Transactions”
shall mean the collective reference to the sale and purchase of the Company Membership Interests at the Closing, and all of the
other transactions contemplated by this Agreement and the Exhibits and Schedules hereto.

 

    	 	 	6

    	 

    

 

ARTICLE
II

 

PURCHASE
AND SALE OF COMPANY MEMBERSHIP INTERESTS

 

SECTION
2.1. Basic Transactions. On and subject to the terms and conditions of this Agreement, at the Closing, BOXL agrees to purchase
from the Sellers and each of the Sellers agrees to sell, or cause to be sold, to BOXL, all of the Company Membership Interests
for the payment of the Purchase Price specified in Section 2.2 below. Such Company Membership Interests being sold by the Sellers
shall, at the Closing, represent 100% of the issued and outstanding share capital of the Company.

 

SECTION
2.2. The Purchase Price. At the Closing, and in consideration for 100% the Company Membership Interests owned of record
and beneficially by them , BOXL shall issue to the Sellers, in the amounts set forth below, all and not less than all of the One
Hundred Thousand (100,000) BOXL Shares (the “Purchase Price”). The Sellers and BOXL acknowledge that the BOXL
Shares have an indicative value of USD Seven Hundred Thousand Dollars ($700,000) based on the initial offering price of $7.00
per share of the shares of BOXL Common Stock sold to the public in the BOXL IPO. The Purchase Price shall be issued and allocated
to each of the Sellers on the Closing Date, in the manner both Sellers shall advise BOXL in writing prior to the Closing.

 

SECTION
2.3. The Closing. The sale of the Company Membership Interests to BOXL and the payment of the Purchase Price contemplated
by Section 2.2 of this Agreement shall take place as a closing (the “Closing”) to be held by electronic transmission
of Transaction Documents, or by physical deliveries at the offices of CKR Law LLP, 1800 Century Park East, 14th floor, Los Angeles,
CA 90067, commencing at 10:00 a.m. local time on a date (the “Closing Date”) which shall be five (5) business
days following the satisfaction or waiver of all conditions to the obligations of the parties to consummate the Closing (other
than conditions with respect to actions the respective parties will take at the Closing itself) or such other date as the parties
may mutually determine. The parties anticipate that the Closing Date shall occur on or about August 31, 2018, but in no event
shall the Closing and the Closing Date take place later than October 31, 2018 (the “Outside Closing Date”).
It is the intent of the parties that BOXL shall assume control of the Company immediately after the close of business on the Closing
Date.

 

SECTION
2.4. Closing Deliveries by Selling Parties. To effect the issuance by BOXL of the Company Membership Interests described
in Section 2.2 hereof, the Selling Parties shall, on the Closing Date, deliver the following:

 

(a)
If the Company Membership Interests are certificated, the Sellers shall deliver to BOXL (one or more certificates evidencing
the Company Membership Interests, free and clear of any and all Liens, duly endorsed in blank for transfer or accompanied by
one or more assignment and equity transfer powers duly executed in blank with the signature of the record owners appropriated
notarized or accompanied by a medallion guarantee of a bank;

 

(b)
Sellers shall execute and deliver to BOXL, as withdrawing members, an amended and restated operating agreement of the
Company in the form of Exhibit C annexed hereto (the “Restated Operating Agreement”).

 

(c)
Sellers shall have delivered to Purchaser all consents, approvals, releases and waivers from governmental Authorities and
other third parties required or necessary as a result of the Transactions contemplated hereby, reasonably satisfactory in
form and substance to Purchaser and its counsel;

 

    	 	 	7

    	 

    

 

(d)
Sellers shall deliver to BOXL evidence reasonably acceptable to BOXL and its counsel that (i) all outstanding debts, loans,
Liabilities and obligations of the Company owed to the Sellers or any Affiliates of the Sellers shall have been extinguished
and converted prior to the Closing into Company Membership Interests (the “Sellers Debt Conversion”), (ii)
all charges over the Company Membership Interests and all other Liens on the Company Membership Interests or assets of the
Company shall have been released, and (iii) each of the Sellers shall confirm that the Company has no further obligation to
any of the Sellers, except as specifically provided in this Agreement;

 

(e)
Sellers shall deliver to BOXL the written resignations of all members of the board of managers of the Company, and prior to
Closing the board of managers of the Company in office immediately prior to the Closing shall appoint Mark Elliot, Michael
Pope, Hank Nance, D. Leis and A. Leis to serve as the sole members of the board of managers of the Company;

 

(f)
Sellers shall cause to be delivered to BOXL the Employment Agreements, duly executed by the Company and each of the
Sellers;

 

(g)
Intentionally left blank.

 

(h)
Sellers shall cause the Company to deliver to BOXL, an unaudited balance sheet of the Company dated not earlier than five (5)
Business Days prior to the Closing Date (the “Closing Date Balance Sheet”);

 

(i)
the Selling Parties shall have delivered all other documents required to be delivered pursuant to Article VII hereof
not specifically mentioned above in this Section 2.5; and

 

(j)
All instruments and documents executed and delivered to Purchaser pursuant hereto shall be in form and substance, and shall
be executed in a manner, reasonably satisfactory to Purchaser and its counsel.

 

SECTION
2.5. Closing Deliveries by BOXL. To effect the transfer of the Company Membership Interests referred to in Section 2.1
hereof, BOXL shall, on the Closing Date, deliver the following:

 

(a)
BOXL shall deliver the Purchase Price to the Sellers;

 

(b)
BOXL shall cause to be delivered the Employment Agreements to the Sellers in the form of Exhibit A;

 

(c)
BOXL shall award and grant to D. Leis an option to purchase 16,000 shares of BOXL Common Stock, and shall grant to A. Leis an
option to purchase 16,000 shares of BOXL Common Stock pursuant to the stock option grant letters annexed hereto as Exhibit
D and made a part hereof (the “Stock Option Letters”);

 

(e)
Intentionally left blank.(f)BOXL shall have delivered to Sellers all consents, approvals, releases and waivers from governmental
Authorities and other third parties required or necessary as a result of the Transactions contemplated hereby, reasonably satisfactory
in form and substance to Sellers and their counsel;

 

    	 	 	8

    	 

    

 

(g)
BOXL shall have delivered all other documents required to be delivered pursuant to Article VIII hereof not
specifically mentioned above in this Section 2.6; and

 

(h)
All instruments and documents executed and delivered to Sellers pursuant hereto shall be in form and substance, and shall be
executed in a manner, reasonably satisfactory to Seller and its counsel.

 

ARTICLE
III

 

REPRESENTATIONS
AND WARRANTIES OF THE SELLERS

 

Each
of the Sellers hereby severally (not jointly and severally) represents and warrants to BOXL that the statements contained in this
Article III are correct and complete as of the date of this Agreement and will be correct and complete as of the Closing
Date (as though made then and as though the Closing Date was substituted for the date of this Agreement throughout this Article
III) with respect to himself or itself.

 

SECTION
3.1. Authorization of Transactions. Each Seller has full power and authority to execute and deliver this Agreement and
to perform his or her obligations hereunder. This Agreement constitutes the valid and legally binding obligation of each Seller,
enforceable in accordance with its terms and conditions. Neither of the Sellers need give any notice to, make any filing with,
or obtain any authorization, consent, or approval of any government or governmental agency in order to consummate the Transactions
contemplated by this Agreement.

 

SECTION
3.2. Noncontravention. To each Seller’s Knowledge, neither the execution and the delivery of this Agreement, nor
the consummation of the Transactions contemplated hereby, will (A) violate any constitution, Law, regulation, rule, injunction,
judgment, order, decree, ruling, charge, or other restriction of any government, governmental agency, or court to which such Seller
is subject, or (B) conflict with, result in a breach of, constitute a default under, result in the acceleration of, create in
any party the right to accelerate, terminate, modify, or cancel, or require any notice or consent under any Contract, lease, license,
instrument, or other arrangement to which such Seller is a party or by which it is bound or to which any of its assets is subject.

 

SECTION
3.3. Brokers’ Fees. The Sellers have no Liability or obligation to pay any fees or commissions to any broker, finder,
or agent with respect to the Transactions contemplated by this Agreement for which BOXL could become liable or obligated.

 

SECTION
3.4. Company Membership Interests. The Sellers own of record and beneficially all of the Company Membership Interests,
free and clear of any restrictions on transfer (other than any restrictions under the Securities Act and state securities Laws),
taxes, liens, options, warrants, purchase rights, contracts, commitments, equities, claims, and demands. The Sellers are not a
party to any option, warrant, purchase right, or other Contract or commitment that could require the Sellers to sell, transfer,
or otherwise dispose of any Company Membership Interests (other than this Agreement). Neither of the Sellers is a party to any
voting trust, proxy, or other agreement or understanding with respect to the voting of any Company Membership Interests.

 

    	 	 	9

    	 

    

 

SECTION
3.5 Transactions with The Company. The Sellers have supplied to BOXL all Contracts between and among any of the
Sellers and the Company and all Indebtedness and other Liabilities owed by the Company to any of the Sellers.

 

SECTION
3.6. No Conflict of Interest. Neither of the Sellers nor any Affiliate thereof has or claims to have any direct or indirect
interest in any tangible or intangible property used in the Business of the Company except as a holder of Company Membership Interests.
Neither of the Sellers nor any Affiliate thereof has any direct or indirect interest in any other Person which conducts a business
similar to, has any Contract or arrangement with, or does business or is involved in any way with, the Company, except for the
ownership of less than 1% of the outstanding stock of any publicly held corporation, or as otherwise expressly permitted in Section
6.16 of this Agreement.

 

ARTICLE
IV

 

REPRESENTATIONS
AND WARRANTIES OF THE SELLERS AND THE COMPANY

 

Each
of the Sellers and the Company (collectively, the “Article IV Parties”) hereby jointly and severally represent
and warrant to BOXL that the statements contained in this Article IV are correct and complete in all material respects
as of the date of this Agreement, and, that such Article IV Parties have furnished to BOXL in an electronic mail Dropbox (the
“Dropbox”) all material Contracts and other documents and instruments that might qualify any of such representations
and warranties.

 

SECTION
4.1. Organization, Qualification, and Corporate Power. The Company is a Limited Liability Company duly organized, validly
existing, and in good standing with the state of Arizona, and each Subsidiary of the Company (if any) is a corporation duly organized,
validly existing, and in good standing under the Laws of its respective jurisdiction of incorporation or organization. The Company
is duly authorized to conduct business and is in good standing under the Laws of each jurisdiction except where the failure to
be so qualified would not have a Material Adverse Effect on the Company. The Company has full limited liability company power
and authority and all licenses, Permits, and authorizations that are material and are necessary to carry on the Business in which
it is engaged and to own and use the properties owned and used by it. The Company has made an election under Section 1362(a) to
be taxed as an S Corporation. Each of the Article IV Parties has delivered to BOXL correct and complete copies of the Articles
of Organization of the Company (as amended to date (the “Existing Documents”). Any books of the Company and
the Existing Documents of the Company are correct and complete. The Company does not currently have an Operating Agreement. The
Company is not in default under or in violation of any provision of its Articles of Organization.

 

SECTION
4.2. Capitalization. The entire authorized capitalization of the Company is set forth in the Existing Operating
Agreement . All of the issued and outstanding Company Membership Interests have been duly authorized, are validly issued,
fully paid, and non-assessable, and are held of record by the Sellers. There are no outstanding or authorized options,
warrants, purchase rights, subscription rights, conversion rights, exchange rights, or other Contracts or commitments that
could require the Company to issue, sell, or otherwise cause to become outstanding any of the Company Membership Interests or
require any other member of the Company to issue, sell or otherwise cause to be outstanding any Membership Interest to any
other member of the Company, other than the Sellers. There are no outstanding or authorized appreciation, phantom profit
participation, or similar rights with respect to the Company Membership Interests. There are no voting trusts, proxies, or
other agreements or understandings with respect to the voting of the Company Membership Interests.

 

    	 	 	10

    	 

    

 

SECTION
4.3. Noncontravention. To Article IV Parties’ Knowledge, neither the execution and the delivery of this Agreement,
nor the consummation of the Transactions contemplated hereby, will (i) violate any constitution, Law, regulation, rule, injunction,
judgment, order, decree, ruling, charge, or other restriction of any government, governmental agency, or court to which the Company
is subject or any provision of the Existing Documents or (ii) conflict with, result in a breach of, constitute a default under,
result in the acceleration of, create in any party the right to accelerate, terminate, modify, or cancel, or require any notice
under any Contract, lease, license, instrument, or other arrangement to which the Company is a party or by which it is bound or
to which any of its assets is subject (or result in the imposition of any Lien upon any of its assets). To the Article IV Parties’
Knowledge, the Company does not need to give any notice to, make any filing with, or obtain any authorization, consent, or approval
of any government or governmental agency in order for the parties to consummate the Transactions contemplated by this Agreement.

 

SECTION
4.4. Brokers’ Fees. The Company has no Liability or obligation to pay any fees or commissions to any broker, finder,
or agent with respect to the Transactions contemplated by this Agreement.

 

SECTION
4.5. Title to Assets. The Company has good and marketable title to, or a valid leasehold interest in, the properties and
assets used by it, located on its premises, or shown on the Latest Balance Sheet or acquired after the date thereof, free and
clear of all Liens, except for properties and assets disposed of in the Ordinary Course of Business since the date of the Latest
Balance Sheet.

 

SECTION
4.6. Subsidiaries. There are no direct or indirect Subsidiaries, either wholly or partially owned, and the Company does
not hold any direct or indirect economic, voting or management interest in any Person or own any securities issued by any Person.

 

SECTION
4.7. Furnished Financial Statements; Projections.

 

(a)
The Furnished Financial Statements have been and will be prepared in a consistent manner and present fairly the consolidated financial
position, assets and Liabilities of the Company as of the dates thereof and the revenues, expenses, results of operations of the
Company for the periods covered thereby. The Furnished Financial Statements are derived from the books and records of the Company
and do not reflect any transactions which are not bona fide transactions.

 

(b)
All of the Projections provided by the Company are based upon assumptions made in good faith and considered reasonable by the
Company in light of historical financial information concerning the Company and its industry. The Projections represent the Sellers’
and the Company’s good faith estimate of the results of operations and cash flows for the periods covered thereby and the
financial position as of the dates set forth therein of the Company. The Company’s failure to meet the Projections, other
than as the result of assumptions made negligently or in bad faith, shall not be deemed to be a breach of this Agreement.

 

SECTION
4.8. Events Subsequent to December 31, 2017. Since December 31, 2017, there has not been any change in the business, financial
condition, operations, results of operations, or future prospects of the Company, which would have a Material Adverse Effect on
the Company. Without limiting the generality of the foregoing, since that date:

 

    	 	 	11

    	 

    

 

(a)
the Company has not sold, leased, transferred, or assigned any of its assets, tangible or intangible, other than for a fair consideration
in the Ordinary Course of Business;

 

(b)
the Company has not entered into any Contract, lease, or license (or series of related Contracts, leases, and licenses) involving
more than $25,000 and outside the Ordinary Course of Business;

 

(c)
no party (including the Company) has accelerated, terminated, modified, or canceled any agreement, Contract, lease or license
(or series of related Contracts, leases and licenses) to which the Company is a party or by which it is bound outside the Ordinary
Course of Business;

 

(d)
the Company has not imposed any Lien upon any of its assets, tangible or intangible;

 

(e)
the Company has not made any capital expenditure (or series of related capital expenditures) in an amount in excess of $25,000
either individually or in the aggregate;

 

(f)
the Company has not made any capital investment in, any loan to, or any acquisition of the securities or assets of, any other
Person (or series of related capital investments, loans, and acquisitions);

 

(g)
the Company has not issued any note, bond, or other debt security or created, incurred, assumed, or guaranteed any indebtedness
for borrowed money or capitalized lease obligation involving more than $25,000 either individually or in the aggregate;

 

(h)
the Company has not delayed or postponed the payment of accounts payable and other Liabilities outside the Ordinary Course of
Business;

 

(i)
the Company has not cancelled, compromised, waived, or released any right or claim (or series of related rights and claims) either
involving more than $25,000 or outside the Ordinary Course of Business;

 

(j)
the Company has not granted any license or sublicense of any rights under or with respect to any Intellectual Property;

 

(k)
there has been no change made or authorized in the articles of incorporation or code of regulations of the Company;

 

(l)
the Company has not issued, sold, or otherwise disposed any of its capital stock, or granted any options, warrants, or other rights
to purchase or obtain (including upon conversion, exchange, or exercise) any of its capital stock;

 

(m)
the Company has not declared, set aside, or paid any dividend or made any distribution with respect to its capital stock (whether
in cash or in kind) or redeemed, purchased, or otherwise acquired any of its capital stock;

 

(n)
the Company has not experienced any damage, destruction, or loss (whether or not covered by insurance) to its property;

 

    	 	 	12

    	 

    

 

(o)
the Company has not made any loan to, or entered into any other transaction with, any of its directors, officers, employees or
Affiliates;

 

(p)
except as previously disclosed to Purchaser, the Company has not entered into any employment Contract or collective bargaining
agreement, or modified the terms of any existing such Contract or agreement;

 

(q)
except for hourly employees, the Company has not granted any increase in the base compensation of any of its directors, officers,
and employees or made any other change in employment terms for any of its directors, officers, and employees, in each case, with
respect to those directors, officers and employees, whose annual compensation, including any bonuses, equals or exceeds $60,000;

 

(r)
the Company has not adopted, amended, modified, or terminated any bonus, profit-sharing, incentive, severance, or other plan,
Contract, or commitment for the benefit of any of its directors, officers, and employees (or taken any such action with respect
to any other Employee Benefit Plan);

 

(s)
the Company has not made or pledged to make any charitable or other capital contribution outside the Ordinary Course of Business;

 

(t)
there has not been any other occurrence, event, incident, action, failure to act, or transaction outside the Ordinary Course of
Business involving the Company; and

 

(u)
the Company has not committed to any of the foregoing.

 

SECTION
4.9. Undisclosed Liabilities. The Company has no Liability and, to the Knowledge of the Article IV Parties, there is no
basis for any present or future action, suit, proceeding, hearing, investigation, charge, complaint, claim, or demand against
it giving rise to any Liability) except for (i) Liabilities set forth on the face of the Latest Balance Sheet (rather than in
any notes thereto) and (ii) Liabilities which have arisen after the date of the Latest Balance Sheet in the Ordinary Course of
Business (none of which results from, arises out of, relates to, is in the nature of, or was caused by any breach of Contract,
breach of warranty, tort, infringement, or violation of Law or arose out of any charge, complaint, actions, suit, claim, proceeding
or demand).

 

SECTION
4.10. Legal Compliance. The Company has complied with all applicable Laws (including rules, regulations, codes, plans,
injunctions, judgments, orders, decrees, rulings, and charges thereunder) of federal, state, local, and foreign governments (and
all agencies thereof) that are material to the operation of the Business of the Company, and, to the Knowledge of the Article
IV Parties, no action, suit, proceeding, hearing, investigation, charge, complaint, claim, demand, or notice has been filed or
commenced against any of them alleging any failure so to comply.

 

    	 	 	13

    	 

    

 

SECTION
4.11. Tax Matters.

 

(a)
The Company has duly and timely filed all Tax Returns that they or it has been required to file for all periods through and including
the Closing Date. All such Tax Returns were correct and complete in all respects. All Taxes owed by the Company (whether or not
shown on any Tax Return) have been timely paid. The Company currently is not the beneficiary of any extension of time within which
to file any Tax Return. The Company has maintained adequate provision for, and adequate funds to pay, all unpaid Liabilities for
Taxes, whether or not disputed, that have accrued with respect to or are applicable to the period ended on and including the Closing
Date or to any years and periods prior thereto and for which the Company may be directly or contingently liable in its own right
or as a transferee of the assets of, or successor to, any Person. The Company has not incurred any Tax Liabilities other than
in the Ordinary Course of Business for any taxable year for which the applicable statute of limitations has not expired. Company
has not received any claim from an Authority in a jurisdiction where the Company does not pay Taxes or file Tax Returns that it
is or may be subject to taxation by that jurisdiction. Company has received no notice that there are any Liens on any of the assets
of the Company that arose in connection with any failure (or alleged failure) to pay any Tax.

 

(b)
Other than as set forth on Schedule. 4.11, none of the Tax Returns that include the operations of the Company has ever
been audited or investigated by any taxing Authority, and no facts exist which would constitute grounds for the assessment of
any additional Taxes by any taxing Authority with respect to the taxable years covered in such Tax Returns. To the Knowledge of
the Article IV Parties, no issues have been raised in any examination by any taxing Authority with respect to the businesses and
operations of the Company which, by application of similar principals, reasonably could be expected to result in a proposed adjustment
to the Liability for Taxes for any other period not so examined. Neither the Sellers nor the Directors and officers (and employees
responsible for Tax matters) of the Company have received, or to their Knowledge expect to receive, from any taxing Authority
any written notice of a proposed adjustment, deficiency, underpayment of Taxes or any other such notice which has not been satisfied
by payment or been withdrawn, and no claims have been asserted relating to such Taxes against the Company.

 

(c)
The Company has withheld and paid all Taxes required to have been withheld and paid, including without limitation, sales and use
taxes, and all Taxes in connection with amounts paid or owing to any employee, independent contractor, creditor, stockholder,
or other third party.

 

(d)
The Company has not filed a consent to the application of Section 341(f) of the Tax Codes.

 

(e)
To the Knowledge of the Article IV Parties, the Company will not be required, as a result of (i) a change in accounting method
for a Tax period beginning on or before the Closing Date, to include any adjustment under the Tax Codes (or any corresponding
provision of state, local or foreign Tax Law) in taxable income for any Tax period beginning on or after the Closing Date, or
(ii) any “closing agreement,” as described in the Tax Codes (or any corresponding provision of state, local or foreign
Tax Law), to include any item of income in or exclude any item of deduction from any Tax period beginning on or after the Closing
Date.

 

(f)
To the Knowledge of the Article IV Parties, the Company has disclosed on its income Tax Returns all positions taken therein that
could give rise to an accuracy-related penalty under the Tax Codes (or any corresponding provision of Tax Law).

 

(g)
To the Knowledge of the Article IV Parties, the Company has not made any payments, is not obligated to make any payments and is
not a party to any agreement that under certain circumstances could obligate it to make any “excess parachute payment”
as defined in Section 280G of the Tax Codes or any payments that will not be deductible under Section 162(m) of the Tax Codes.

 

    	 	 	14

    	 

    

 

(h)
The Company is not a party to any Tax allocation or sharing agreement. The Company is not subject to any joint venture, partnership
or other arrangement or Contract which is treated as a partnership for federal income Tax purposes.

 

(i)
To the Knowledge of the Article IV Parties, none of the assets of the Company constitutes tax-exempt bond financed property or
tax-exempt use property within the meaning of Section 168 of the Tax Codes, and none of the assets reflected on the Financial
Statements is subject to a lease, safe harbor lease or other arrangement as a result of which the Company is not treated as the
owner for federal income Tax purposes.

 

(j)
To the Knowledge of the Article IV Parties, the basis of all depreciable or amortizable assets, and the methods used in determining
allowable depreciation or amortization (including cost recovery) deductions of the Company, are correct and in compliance with
the Tax Codes and the regulations thereunder in all material respects.

 

(k)
To the Knowledge of the Article IV Parties, the Company is not a party to or otherwise subject to any arrangement having the effect
of or giving rise to the recognition of a deduction or loss in a taxable period ending on or before the Closing Date, and a corresponding
recognition of taxable income or gain in a taxable period ending after the Closing Date, or any other arrangement that would have
the effect of or give rise to the recognition of taxable income or gain in a taxable period ending after the Closing Date without
the receipt of or entitlement to a corresponding amount of cash.

 

SECTION
4.12. Real Property. The Company does not own or lease any real property.

 

SECTION
4.13. Intellectual Property.

 

(a)
The Dropbox lists or describes all Intellectual Property owned or leased by the Company. The Company owns or has the right to
use pursuant to license, sublicense, Contract, or permission all Intellectual Property necessary for the operation of the Business
as presently conducted and as proposed to be conducted as set forth in the Projections. Each item of Intellectual Property owned
or used by the Company immediately prior to the Closing hereunder will be owned or available for use by the Company on identical
terms and conditions immediately subsequent to the Closing hereunder. The Company has taken all necessary action to maintain and
protect each item of Intellectual Property that it owns or uses.

 

(b)
To the Knowledge of the Article IV Parties, the Company has not interfered with, infringed upon, misappropriated, or otherwise
come into conflict with any Intellectual Property rights of third parties, and neither the Sellers nor the directors and officers
(and employees with responsibility for Intellectual Property matters) of the Company have ever received any charge, complaint,
claim, demand, or notice alleging any such interference, infringement, misappropriation, or violation (including any claim that
the Company must license or refrain from using any Intellectual Property rights of any third party). To the Knowledge of the Article
IV Parties, no third party has interfered with, infringed upon, misappropriated, or otherwise come into conflict with any Intellectual
Property rights of the Company.

 

    	 	 	15

    	 

    

 

(c)
The Dropbox identifies each patent or registration which has been issued to the Company with respect to any of its Intellectual
Property, identifies each pending patent application or application for registration which the Company has made with respect to
any of its Intellectual Property, and identifies each license, Contract or other permission which the Company has granted to any
third party with respect to any of its Intellectual Property (together with any exceptions). Each of the Article IV Parties has
delivered to BOXL correct and complete copies of all such patents, registrations, applications, licenses, Contracts and permissions
(as amended to date) and has made available to BOXL correct and complete copies of all other written documentation evidencing
ownership and prosecution (if applicable) of each such item. The Dropbox also identifies each trade name or unregistered trademark
used by the Company in connection with its Business. With respect to each item of Intellectual Property, to the Knowledge of the
Article IV Parties:

 

(i)
the Company possesses all right, title, and interest in and to the item, free and clear of any Lien, license, or other restriction;

 

(ii)
the item is not subject to any outstanding injunction, judgment, order, decree, ruling, or charge;

 

(iii)
no action, suit, proceeding, hearing, investigation, charge, complaint, claim, or demand is pending or, to the Knowledge of the
Sellers and the Directors and officers (and employees with responsibility for Intellectual Property matters) of the Company, is
threatened which challenges the legality, validity, enforceability, use, or ownership of the item; and

 

(iv)
the Company has never agreed to indemnify any Person for or against any interference, infringement, misappropriation, or other
conflict with respect to the item.

 

(d)
The Dropbox identifies each item of Intellectual Property that any third party owns and that the Company uses pursuant to license,
sublicense, Contract or permission. Each of the Article IV Parties has delivered to BOXL correct and complete copies of all such
licenses, sublicenses, Contracts and permissions (as amended to date). With respect to each item of Intellectual Property required
to be identified in the Dropbox, to the Knowledge of the Article IV Parties:

 

(i)
the license, sublicense, Contract or permission covering the item is legal, valid, binding, enforceable, and in full force and
effect;

 

(ii)
the license, sublicense, Contract or permission will continue to be legal, valid, binding, enforceable, and in full force and
effect on identical terms following the consummation of the Transactions contemplated hereby;

 

(iii)
no party to the license, sublicense, Contract or permission is in breach or default, and no event has occurred which with notice
or lapse of time would constitute a breach or default or permit termination, modification, or acceleration thereunder;

 

(iv)
no party to the license, sublicense, Contract or permission has repudiated any provision thereof;

 

    	 	 	16

    	 

    

 

(v)
with respect to each sublicense, the representations and warranties set forth in subsections (i) through (iv) above are true and
correct with respect to the underlying license;

 

(vi)
the underlying item of Intellectual Property is not subject to any outstanding injunction, judgment, order, decree, ruling, or
charge;

 

(vii)
no action, suit, proceeding, hearing, investigation, charge, complaint, claim, or demand is pending or is threatened which challenges
the legality, validity, or enforceability of the underlying item of Intellectual Property; and

 

(viii)
the Company has not granted any sublicense or similar right with respect to the license, sublicense, agreement, or permission.

 

(e)
To the Knowledge of the Article IV Parties, the Company will not interfere with, infringe upon, misappropriate, or otherwise come
into conflict with, any Intellectual Property rights of third parties as a result of the continued operation of its Business as
presently conducted and as presently proposed to be conducted.

 

(f)
None of the Article IV Parties have any Knowledge of any new products, inventions, procedures, or methods of manufacturing or
processing that any competitors or other third parties have developed which reasonably could be expected to supersede or make
obsolete any product or process of the Company.

 

SECTION
4.14. Tangible Assets. The Company owns or leases all machinery, equipment, and other tangible assets necessary for the
conduct of its Business as presently conducted and as presently proposed to be conducted. Each such tangible asset has been maintained
in accordance with normal industry practice, is in good operating condition and repair (subject to normal wear and tear), is suitable
for the purposes for which it presently is used and, to the Knowledge of the Sellers and the Directors and officers of the Company,
free from defects (patent and latent). The assets of the Company to operate the Business as currently conducted will be available
to Company at Closing.

 

SECTION
4.15. Inventory. The inventory of the Company, if any, is listed on Schedule 4.15 hereto.

 

SECTION
4.16. Contracts. The Dropbox lists the following Contracts and other agreements to which the Company is a party:

 

(a)
any Contract (or group of related Contracts) for the lease of personal property to or from any Person providing for lease
payments in excess of $25,000 per annum;

 

(b)
any Contract (or group of related contracts) between the Company and any Major Customer or Major Supplier;

 

(c)
any capitalized lease, pledge, conditional sale or title retention agreement involving the payment of more than $25,000 in
the aggregate;

 

(d)
any Contract concerning a partnership or joint venture;

 

    	 	 	17

    	 

    

 

(e)
any Contract with a sales representative, manufacturer’s representative, distributor, dealer, broker, sales agency,
advertising agency or other Person engaged in sales, distributing or promotional activities, or any agreement to act as one
of the foregoing on behalf of any Person;

 

(f)
any Contract (or group of related Contracts) under which it has created, incurred, assumed, or guaranteed any indebtedness
for borrowed money, or any capitalized lease obligation, or under which it has imposed a Lien on any of its assets, tangible
or intangible;

 

(g)
any Contract pursuant to which the Company has made or will make loans or advances, or has or will have incurred debts or
become a guarantor or surety or pledged its credit on or otherwise become responsible with respect to any undertaking of
another Person (except for the negotiation or collection of negotiable instruments in transactions in the ordinary course of
business);

 

(h)
any mortgage, indenture, note, bond or other agreement relating to indebtedness incurred or provided by the Company;

 

(i)
any form of Contract concerning confidentiality or noncompetition or otherwise prohibiting the Company from freely engaging in
any business;

 

(j)
any Contract with the Sellers or any Affiliate thereof;

 

(k)
any profit sharing, stock option, stock purchase, stock appreciation, deferred compensation, severance, or other plan or arrangement
for the benefit of its current or former directors, officers, and employees;

 

(l)
any license, royalty or other Contract relating to Intellectual Property;

 

(m)
any Contract involving a governmental body;

 

(n)
any collective bargaining agreement;

 

(o)
any Contract for the employment of any individual on a full-time, part-time, consulting, or other basis providing annual compensation
in excess of $60,000 or providing severance benefits;

 

(p)
any Contract, whether or not fully performed, relating to any acquisition or disposition of the Company or any predecessor in
interest or any acquisition or disposition of any subsidiary, division, line of business, or real property;

 

(q)
any Contract under which it has advanced or loaned any amount to any of its directors, officers, and employees;

 

(r)
any Contract under which the consequences of a default or termination could have an adverse effect on the business, financial
condition, operations, results of operations, or future prospects of the Company;

 

    	 	 	18

    	 

    

 

(s)
any other Contract (or group of related Contracts) the performance of which involves consideration in excess of $25,000; and

 

(t)
any commitment to do any of the foregoing described in clauses (a) through (s).

 

Each
of the Article IV Parties has delivered to BOXL a correct and complete copy of each written Contract listed in the Dropbox (as
amended to date) and a written summary setting forth the terms and conditions of each oral Contract referred to in the Dropbox.
With respect to each such Contract, to the Knowledge of the Article IV Parties: (A) the Contract is legal, valid, binding, enforceable,
and in full force and effect; (B) the Contract will continue to be legal, valid, binding, enforceable, and in full force and effect
on identical terms following the consummation of the Transactions contemplated hereby; (C) no party is in breach or default, and
no event has occurred which with notice or lapse of time would constitute a breach or default, or permit termination, modification,
or acceleration, under the Contract; and (D) no party has repudiated any provision of the Contract.

 

SECTION
4.17. Notes and Accounts Receivable. All notes and accounts receivable of the Company are reflected properly on their books
and records, are valid receivables subject to no setoffs or counterclaims, are current and collectible, and will be collected
in accordance with their terms at their recorded amounts, subject only to the reserve for bad debts set forth on the face of the
Latest Balance Sheet (rather than in any notes thereto) as adjusted for operations and transactions through the Closing Date in
accordance with the past custom and practices of the Company.

 

SECTION
4.18. Powers of Attorney. There are no outstanding powers of attorney executed on behalf of the Company.

 

SECTION
4.19. Insurance. The Dropbox sets forth the following information with respect to each insurance policy (including policies
providing property, casualty, Liability, and workers’ compensation coverage and bond and surety arrangements) to which the
Company has been a party, a named insured, or otherwise the beneficiary of coverage:

 

(a)
the name, address, and telephone number of the agent;

 

(b)
the name of the insurer, the name of the policyholder, and the name of each covered insured;

 

(c)
the policy number and the period of coverage;

 

(d)
the scope (including an indication of whether the coverage was on a claims made, occurrence, or other basis) and amount (including
a description of how deductibles and ceilings are calculated and operate) of coverage; and

 

(e)
a description of any retroactive premium adjustments or other loss-sharing arrangements.

 

    	 	 	19

    	 

    

 

With
respect to each such insurance policy, to the Knowledge of the Article IV Parties: (A) the policy is legal, valid, binding, enforceable,
and in full force and effect; (B) the policy will continue to be legal, valid, binding, enforceable, and in full force and effect
on identical terms following the consummation of the Transactions contemplated hereby; (C) neither the Company nor any other party
to the policy is in breach or default (including with respect to the payment of premiums or the giving of notices), and no event
has occurred which, with notice or the lapse of time, would constitute such a breach or default, or permit termination, modification,
or acceleration, under the policy; and (D) no party to the policy has repudiated any provision thereof. The Company has been covered
by insurance in scope and amount customary and reasonable for the Business in which it has engaged. The Dropbox sets forth known
claims, if any, made against the Company that are covered by insurance. Such claims have been disclosed to and accepted by the
appropriate insurance companies and are being defended by such appropriate insurance companies. Except as set forth in the Dropbox,
no claims have been denied coverage during the last five years.

 

SECTION
4.20. Litigation. The Dropbox sets forth each instance in which the Company (i) is subject to any outstanding injunction,
judgment, order, decree, ruling, or charge or (ii) is a party or to the Knowledge of the Article IV Parties, is threatened to
be made a party to any action, suit, proceeding, hearing, or investigation of, in, or before any court or quasi-judicial or administrative
agency of any federal, state, local, or foreign jurisdiction or before any arbitrator.

 

SECTION
4.21. [Intentionally Omitted].

 

SECTION
4.22. [Intentionally Omitted].

 

SECTION
4.23. Employees. The Dropbox contains a true, complete and accurate list of the names, titles, annual compensation and
all bonuses and similar payments made for the current and preceding fiscal years for all directors, officers and employees of
the Company whose annual compensation, including any bonuses, equals or exceeds $60,000. To the Knowledge of the Article IV Parties,
no executive, key employee, or group of employees has any plans to terminate employment with the Company. The Company is not a
party to or bound by any collective bargaining agreement, nor has it experienced any strikes, grievances, claims of unfair labor
practices, or other collective bargaining disputes.

 

SECTION
4.24. Employee Benefits.

 

(a)
General. Except as set forth in the Dropbox, the Company is not a party to, participates in or has any Liability or contingent
Liability with respect to:

 

(i)
any retirement or deferred compensation plan, pension plan or other retirement scheme, incentive compensation plan, stock plan,
unemployment compensation plan, vacation pay, severance pay, bonus or benefit arrangement, insurance or hospitalization program
or any other fringe benefit arrangements for any current or former employee, director, consultant or agent, whether pursuant to
Contract, arrangement, custom or informal understanding; or

 

 (ii) any employment agreement.

 

(b)
Plan Documents and Reports. A true and correct copy of each of the plans, arrangements, schemes and agreements listed in
the Dropbox (referred to hereinafter as “Employee Benefit Plans”), and all Contracts relating thereto, or to
the funding thereof, including, without limitation, all trust agreements, insurance Contracts, administration Contracts, investment
management agreements, subscription and participation agreements, and recordkeeping agreements, each as in effect on the date
hereof, has been supplied to BOXL.

 

    	 	 	20

    	 

    

 

(c)
Compliance with Employee Benefit Laws; Liabilities. To the Article IV Parties Knowledge, as to all Employee Benefit Plans:

 

(i)
All Employee Benefit Plans comply and have been administered in form and in operation in all material respects with all applicable
requirements of Law, and no event has occurred which will or could cause any such Employee Benefit Plan to fail to comply with
such requirements and no notice has been issued by any governmental Authority questioning or challenging such compliance.

 

(ii)
All Employee Benefit Plans which are employee pension benefit plans comply in form and in operation with all applicable requirements
of the Tax Codes; there have been no amendments to such plans which are not the subject of a favorable determination letter issued
with respect thereto by the Internal Revenue Service; and no event has occurred which will or could give rise to disqualification
of any such plan under such sections or to a tax under the Tax Codes.

 

(iii)
None of the assets of any Employee Benefit Plan is invested in employer securities or employer real property.

 

(iv)
There have been no “prohibited transactions” (as described in the Tax Codes) with respect to any Employee Benefit
Plan and the Company has not engaged in any prohibited transaction.

 

(v)
There have been no acts or omissions which have given rise to or may give rise to fines, penalties, taxes or related charges under
she Tax Codes for which the Company may be liable.

 

(vi)
There are no actions, suits or claims (other than routine claims for benefits) pending or, to the Knowledge of the Sellers and
the Directors and officers (and employees with responsibility for employee benefit matters) of the Company, threatened involving
any Employee Benefit Plan or the assets thereof and, to the Knowledge of the Sellers and the Directors and officers (and employees
with responsibility for employee benefit matters) of the Company, no facts exist which could give rise to any such actions, suits
or claims (other than routine claims for benefits).

 

(viii)
The Company has no Liability or contingent Liability for providing, under any Employee Benefit Plan or otherwise, any post-retirement
medical or life insurance benefits, other than statutory Liability for providing group health plan continuation coverage under
the Tax Codes.

 

SECTION
4.25. Intentionally omitted.

 

SECTION
4.26. Permits. The Dropbox includes a true and accurate list of all licenses, certificates, permits, franchises, rights,
code approvals and private product approvals (collectively, “Permits”) held by the Company. To the Article
IV Parties’ Knowledge, except for the Permits listed in the Dropbox, there are no Permits, whether federal, state, local
or foreign, which are necessary for the lawful operation of the Business of the Company as presently conducted.

 

    	 	 	21

    	 

    

 

SECTION
4.27. Bank Accounts. The Company has furnished to BOXL the names and locations of each bank or other financial institution
at which the Company has accounts (giving the account numbers) or safe deposit box and the names of all Persons authorized to
draw thereon or have access thereto, and the names of all Persons, if any, now holding powers of attorney or comparable delegation
of authority from the Company and a summary statement thereof.

 

SECTION
4.28. Major Suppliers and Customers.

 

(a)
The Dropbox sets forth:

 

(i)
a list of the 10 largest suppliers of the Company in terms of purchases during the 2016 and 2017 calendar years (collectively,
the “Major Suppliers”), and showing the approximate total purchases in each such period from each such supplier;
and

 

(ii)
a list of the 10 largest customers of the Company (whether individual schools or school districts) in terms of revenue during
each of the 2016 and 2017 calendar years (collectively, the “Major Customers”), showing the approximate total
revenue received in each such period with respect to each such customer.

 

(b)
Since the date of the Latest Balance Sheet, there has not been any adverse change in the business relationship, and there has
been no dispute, between the Company and any Major Supplier or Major Customer and, to the Knowledge of the Article IV Parties,
there are no indications that any supplier, including any Major Supplier, intends to reduce its sales to, the Company, other than
as set forth in the Projections. Since the date of the Latest Balance Sheet, there have been no decreases in the profit margins
on services provided to any customer, including any Major Customer, and, to the Knowledge of the Sellers and the Directors and
officers of the Company, there are no indications that the profit margins will decrease in the next two fiscal years.

 

SECTION
4.29. Claims Against Officers and Sellers. The are no pending or, to the Knowledge of the Article IV Parties, threatened
claims against any of the Sellers, director, officer, employee or agent of the Company or any other Person which could give rise
to any claim for indemnification against the Company.

 

SECTION
4.30. Improper and Other Payments.

 

(a)
Neither the Company nor the Sellers, has made, paid or received any bribes, kickbacks or other similar payments to or from any
Person, whether lawful or unlawful;

 

(b)
Neither the Company nor the Sellers has made any contributions, directly or indirectly, to a domestic or foreign political party
or candidate.

 

(c)
Neither the Company nor the Sellers has made any improper foreign payment (as defined in the Foreign Corrupt Practices Act); and

 

(d)
the internal accounting controls of the Company are adequate to detect any of the foregoing.

 

    	 	 	22

    	 

    

 

SECTION
4.31. Accuracy of Statements. To the Articles IV Parties’ Knowledge, neither this Agreement, the Dropbox, any exhibit,
statement, list, document, certificate or other information furnished or to be furnished by or on behalf of the Company, the Sellers
or the Sellers to Purchaser or any representative or Affiliate of Purchaser in connection with this Agreement or any of the Transactions
contemplated hereby contains or will contain any untrue statement of a material fact or omits or will omit to state a material
fact necessary to make the statements contained herein or therein, in light of the circumstances in which they are made, not misleading.

 

ARTICLE
V

 

REPRESENTATIONS
AND WARRANTIES OF BOXL

 

BOXL
represents and warrants to the Sellers that the statements contained in this Article V are correct and complete as of the
date of this Agreement and will be correct and complete as of the Closing Dates (as though made then and as though the Closing
Date was substituted for the date of this Agreement throughout this Article V).

 

SECTION
5.1. Organization. BOXL is a corporation duly organized, validly existing, and in good standing under the laws of the State
of Nevada, USA. BOXL is not is in default under or in violation of any provision of its articles of incorporation or bylaws. Each
Subsidiary of BOXL is a corporation duly organized, validly existing, and in good standing under the Laws of its respective jurisdiction
of incorporation or organization. BOXL is duly authorized to conduct business and is in good standing under the Laws of each jurisdiction
except where the failure to be so qualified would not have a Material Adverse Effect on BOXL and its Subsidiaries. BOXL has full
corporate power and authority and all licenses, Permits, and authorizations that are material and are necessary to carry on the
business in which it is engaged and to own and use the properties owned and used by it.

 

SECTION
5.2. Authorization of Transactions. BOXL has full power and authority (including full corporate power and authority) to
execute and deliver this Agreement and to perform its obligations hereunder. This Agreement constitutes the valid and legally
binding obligation of BOXL, enforceable in accordance with its terms and conditions. BOXL need not give any notice to, make any
filing with, or obtain any authorization, consent, or approval of any government or governmental agency in order to consummate
the Transactions contemplated by this Agreement.

 

SECTION
5.3. Noncontravention. To the Knowledge of BOXL, neither the execution and the delivery of this Agreement, nor the consummation
of the Transactions contemplated hereby, will (i) violate any constitution, Law, regulation, rule, injunction, judgment, order,
decree, ruling, charge, or other restriction of any government, governmental agency, or court to which BOXL is subject or any
provision of its Articles of Incorporation or By-laws, or (ii) conflict with, result in a breach of, constitute a default under,
result in the acceleration of, create in any party the right to accelerate, terminate, modify, or cancel, or require any notice
under any Contract, lease, license, instrument, or other arrangement to which BOXL is a party or by which it is bound or to which
any of its assets is subject (or result in the imposition of any Lien upon any of its assets). Except for filings with the SEC,
BOXL does not need to give any notice to, make any filing with, or obtain any authorization, consent, or approval of any government
or governmental agency in order for the parties to consummate the Transactions contemplated by this Agreement.

 

    	 	 	23

    	 

    

 

SECTION
5.4. Capitalization.

 

(a)
BOXL is authorized to issue an aggregate of 200,000,000 shares of BOXL Class A Common Stock and Class B Common Stock. As of
July 18, 2018, 10,056,095 shares of BOXL Class A Common Stock are issued and outstanding. In addition, 50,000,000 shares are
designated as preferred stock containing such rights, privileges and designations as the board of directors of BOXL may, from
time to time designate. 250,000 shares of BOXL preferred stock were issued and outstanding as of July 18, 2018.

 

(b)
Except as set forth in the BOXL SEC Reports available on EDGAR, including its Form 10-K Annual Report for the year ended
December 31, 2017, there are no (i) outstanding options (other than employee stock options issued subsequent to the 10-K
Annual Report), warrants, puts, calls, convertible securities, preemptive or similar rights, (ii) bonds, debentures, notes or
other Indebtedness having general voting rights or that are convertible or exchangeable into securities having such rights or
(iii) subscriptions or other rights, Contracts or commitments of any character (other than this Agreement and the Ancillary
Documents), (A) relating to the issued or unissued shares of BOXL, (B) obligating BOXL to issue, transfer, deliver or sell or
cause to be issued, transferred, delivered, sold or repurchased any options or shares or securities convertible into or
exchangeable for such shares, or (C) obligating BOXL to grant, extend or enter into any such option (other than employee
stock options issued subsequent to the 10-K Annual Report), warrant, call, subscription or other right, agreement,
arrangement or commitment for such shares. There are no outstanding obligations of BOXL to repurchase, redeem or otherwise
acquire any shares of such Party or to provide funds to make any investment (in the form of a loan, capital contribution or
otherwise) in any Person. Except as set forth in the BOXL SEC Reports available on EDGAR, there are no shareholders
agreements, voting trusts or other agreements or understandings to which BOXL is a party with respect to the voting of any
BOXL Securities.

 

SECTION
5.5 SEC Filings and BOXL Financial Statements.

 

(a)
BOXL, since its formation, has filed all forms, reports, schedules, statements, registration statements, prospectuses and
other documents required to be filed or furnished by BOXL with the SEC under the Securities Act and/or the Securities
Exchange Act, together with any amendments, restatements or supplements thereto, and will file all such forms, reports,
schedules, statements and other documents required to be filed subsequent to the date of this Agreement. Except to the extent
available on the SEC’s web site through EDGAR, BOXL has delivered to the Company copies in the form filed with the SEC
of all of the following: (i) BOXL’s Annual Reports on Form 10-K for each fiscal year of BOXL beginning with the first
year BOXL was required to file such a form, (ii) BOXL’s Quarterly Reports on Form 10-Q for each fiscal quarter that
BOXL filed such reports to disclose its quarterly financial results in each of the fiscal years of BOXL referred to in clause
(i) above, and (iii) all other forms, reports, registration statements, prospectuses and other documents (other than
preliminary materials) filed by BOXL with the SEC since the beginning of the first fiscal year referred to in clause (i)
above (the forms, reports, registration statements, prospectuses and other documents referred to in clauses (i), (ii) and
(iii) above, whether or not available through EDGAR, are, collectively, the “BOXL SEC Reports”) and (iv)
all certifications and statements required by (A) Rules 13a-14 or 15d-14 under the Securities Exchange Act, and (B) 18 U.S.C.
§1350 (Section 906 of the Sarbanes-Oxley Act of 2002) with respect to any report referred to in clause (i) above. The
certifications and statements described in clause (iv) of the preceding sentence are each true as of their respective
dates of filing. The BOXL SEC Reports (x) were prepared in all material respects in accordance with the requirements of the
Securities Act and the Securities Exchange Act, as the case may be, and the rules and regulations thereunder and (y) did not,
as of their respective effective dates (in the case of BOXL SEC Reports that are registration statements filed pursuant to
the requirements of the Securities Act) and at the time they were filed with the SEC (in the case of all other BOXL SEC
Reports) contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or
necessary in order to make the statements made therein, in the light of the circumstances under which they were made, not
misleading. As used in this Section 3.6, the term “file” shall be broadly construed to include any manner
permitted by SEC rules and regulations in which a document or information is furnished, supplied or otherwise made available
to the SEC.

 

    	 	 	24

    	 

    

 

(b)
As of the date of this Agreement, (i) shares of BOXL Class A Common Stock are listed on Nasdaq and (ii) except as disclosed
in the SEC Reports, there are no Actions pending or, to the Knowledge of BOXL, threatened against BOXL by the Nasdaq with
respect to any intention by such entity to suspend, prohibit or terminate the quoting of BOXL Common Stock on
Nasdaq.

 

(c)
The financial statements and notes contained or incorporated by reference in the BOXL SEC Reports (the “BOXL
Financials”), fairly present in all material respects the financial position and the results of operations, changes
in shareholders’ equity, and cash flows of BOXL at the respective dates of and for the periods referred to in such
financial statements, all in accordance with (i) GAAP methodologies applied on a consistent basis throughout the periods
involved and (ii) Regulation S-X or Regulation S-K, as applicable (except as may be indicated in the notes thereto and for
the omission of notes and audit adjustments in the case of unaudited quarterly financial statements to the extent permitted
by Regulation S-X or Regulation S-K, as applicable).

 

(d)
Except as and to the extent reflected or reserved against in the BOXL Financials, BOXL has not incurred any Liabilities or
obligations of the type required to be reflected on a balance sheet in accordance with GAAP that is not adequately reflected
or reserved on or provided for in the BOXL Financials, other than Liabilities of the type required to be reflected on a
balance sheet in accordance with GAAP that have been incurred since BOXL’s formation in the ordinary course of
business.

 

SECTION
5.6 Absence of Certain Changes. . Since December 31, 2017, there has not been any change in the business, financial
condition, operations, results of operations, or future prospects of BOXL, which would have a Material Adverse Effect.

 

SECTION
5.7 Compliance with Laws. BOXL has complied with all applicable Laws (including rules, regulations, codes, plans,
injunctions, judgments, orders, decrees, rulings, and charges thereunder) of federal, state, local, and foreign governments
(and all agencies thereof) that are material to the operation of its business, and, to the Knowledge of BOXL and the board of
directors and officers of the BOXL, no action, suit, proceeding, hearing, investigation, charge, complaint, claim, demand, or
notice is pending against BOXL alleging any failure so to comply.

 

    	 	 	25

    	 

    

 

SECTION
5.8 Actions; Orders; Permits. There is no pending or, to the Knowledge of BOXL, threatened action to which BOXL is
subject which would reasonably be expected to have a Material Adverse Effect on BOXL, and there is no material action that
BOXL has pending against another Person. BOXL is not subject to any material orders of any governmental Authority. BOXL holds
all consents necessary to lawfully conduct its business as presently conducted, and to own, lease and operate its assets and
properties, all of which are in full force and effect, except where the failure to hold such Consent or for such Consent to
be in full force and effect would not reasonably be expected to have a Material Adverse Effect on BOXL.

 

SECTION
5.9 [Intentionally Omitted].

 

SECTION
5.10. Product Warranty. Each product manufactured, sold, leased, or delivered by BOXL has been in conformity with all applicable
contractual commitments and all express and implied warranties, and BOXL has no Liability (whether known or unknown, whether asserted
or unasserted, whether absolute or contingent, whether accrued or unaccrued, whether liquidated or unliquidated, and whether due
or to become due) for replacement or repair thereof or other damages in connection therewith, subject only to a reserve for product
warranty claims. Any setoffs against the pro forma reserve shall be calculated on the basis of the net cost to BOXL to repair
or replace the defective product. No product manufactured, sold, leased, or delivered by BOXL is subject to any guaranty, warranty,
or other indemnity beyond the applicable standard terms and conditions of sale or lease. The SEC Reports includes copies of the
standard terms and conditions of sale or lease for BOXL (containing applicable guaranty, warranty, and indemnity provisions).

 

SECTION
5.11. Product Liability. BOXL has no Liability (whether known or unknown, whether asserted or unasserted, whether absolute
or contingent, whether accrued or unaccrued, whether liquidated or unliquidated, and whether due or to become due) arising out
of any injury to individuals or property as a result of the ownership, possession, or use of any product manufactured, sold, leased,
or delivered by the Company.

 

SECTION
5.12Intellectual Property.

 

(a)
Except as set forth in the SEC Reports, BOXL owns or has the right to use pursuant to license, sublicense, Contract, or permission
all Intellectual Property necessary for the operation of the Business as presently conducted and as proposed to be conducted as
set forth in the Projections. Each item of Intellectual Property owned or used by BOXL immediately prior to the Closing hereunder
will be owned or available for use by BOXL on identical terms and conditions immediately subsequent to the Closing hereunder.
BOXL has taken all necessary action to maintain and protect each item of Intellectual Property that it owns or uses.

 

(b)
Except as set forth in the SEC Reports, BOXL has not interfered with, infringed upon, misappropriated, or otherwise come into
conflict with any Intellectual Property rights of third parties, and neither the Sellers nor the directors and officers (and employees
with responsibility for Intellectual Property matters) of BOXL have ever received any charge, complaint, claim, demand, or notice
alleging any such interference, infringement, misappropriation, or violation (including any claim that BOXL must license or refrain
from using any Intellectual Property rights of any third party). To the Knowledge of the Sellers and the Directors and officers
(and employees with responsibility for Intellectual Property matters) of BOXL, no third party has interfered with, infringed upon,
misappropriated, or otherwise come into conflict with any Intellectual Property rights of BOXL.

 

    	 	 	26

    	 

    

 

SECTION
5.13 Real Property. All real estate leased by BOXL is listed in the SEC Reports. BOXL does not own any real
property.

 

SECTION
5.14 Material Contracts.

 

(a)
Except as set forth in the BOXL SEC Reports available on EDGAR, other than this Agreement and the Exhibits hereto, there are
no Contracts to which BOXL is a party or bound, which (i) creates or imposes a Liability greater than $100,000, (ii) may not
be cancelled by BOXL on less than sixty (60) days’ prior notice without payment of any penalty or termination fee or
(iii) prohibits, prevents, restricts or impairs in any material respect any business practice of such Party as its business
is currently conducted, any acquisition of material property by such Party, or restricts in any material respect the ability
of such Party from engaging in business as currently conducted by it or from competing with any other Person (each, a
“BOXL Material Contract”). All BOXL Material Contracts have been made available to the Company other than
those that are exhibits to the BOXL SEC Reports and available on EDGAR.

 

(b)
With respect to each BOXL Material Contract: (i) the BOXL Material Contract was entered into at arms’ length and in the
ordinary course of business; (ii) the BOXL Material Contract is legal, valid, binding and enforceable in all material
respects against BOXL, as applicable, and, to the Knowledge of BOXL, the other parties thereto, and in full force and effect
(except as such enforcement may be limited by the Enforceability Exceptions); (iii) BOXL is not in breach or default, and, to
the Knowledge of BOXL, no event has occurred that with the passage of time or giving of notice or both would constitute such
a breach or default by BOXL, or permit termination or acceleration by the other party, under such BOXL Material Contract that
would reasonably be expected to have a Material Adverse Effect on BOXL; and (iv) to the Knowledge of BOXL, no other party to
any BOXL Material Contract is in breach or default in any material respect, and no event has occurred that with the passage
of time or giving of notice or both would constitute such a breach or default by such other party, or permit termination or
acceleration by BOXL, under any BOXL Material Contract.

 

SECTION
5.15 Transactions with Affiliates. Except as set forth in the BOXL SEC Reports available on EDGAR, there are no
Contracts or arrangements that are in existence as of the date of this Agreement under which there are any existing or future
Liabilities or obligations between BOXL and any (a) present or former director, officer or employee or Affiliate of BOXL, or
any family member of any of the foregoing, or (b) record or beneficial owner of more than five percent (5%) of BOXL’s
outstanding BOXL Shares as of the date hereof.

 

SECTION
5.16Investment Company Act. BOXL is not an “investment company” or a Person directly or indirectly “controlled”
by or acting on behalf of an “investment company”, in each case within the meaning of the Investment Company Act of
1940, as amended.

 

SECTION
5.17 Finders and Brokers. No broker, finder or investment banker is entitled to any brokerage, finder’s or other
fee or commission in connection with the Transactions contemplated hereby based upon arrangements made by or on behalf of BOXL.

 

SECTION
5.18 Claims Against Officers and Purchaser. The are no pending or, to the Knowledge of the Purchaser, threatened claims
against any of the Purchaser, its affiliates, directors, officers, employees or agents of the Purchaser or any other Person.

 

    	 	 	27

    	 

    

 

SECTION
5.19 Creditors, Bankruptcy. No attachments, execution proceedings, assignments for the benefit of creditors, insolvency,
bankruptcy, reorganization or other similar proceedings are pending or threatened against Purchaser or its Affiliates, nor are
any of such proceedings contemplated by Purchaser or its Affiliates.

 

SECTION
5.20 Accuracy of Statements. To the Purchaser’s Knowledge, neither this Agreement, nor any exhibit, statement, list,
document, certificate or other information furnished or to be furnished by or on behalf of the Purchaser to Company or Seller
or any representative or Affiliate of Seller or Company in connection with this Agreement or any of the Transactions contemplated
hereby contains or will contain any untrue statement of a material fact or omits or will omit to state a material fact necessary
to make the statements contained herein or therein, in light of the circumstances in which they are made, not misleading.

 

SECTION
5.21 Purchaser is consummating the purchase and Transactions contemplated voluntarily on an as-is, where-is basis and based solely
upon Purchaser’s own judgement and evaluation and does not rely upon any verbal or written representations (unless specifically
set forth in Article IV of this Agreement) of the Sellers or Company, or any of Company’s members, managers, officers, employees,
agents, Affiliates, representatives, attorneys or otherwise, nor to prospective profits or volume of the Business or ongoing performance
of the Company. Purchaser is experienced in the industry similar to the Business and is a sophisticated entity that will evaluate
the purchase, the Business, and contemplated Transactions and rely solely upon its own judgment when making the decision to close
on the purchase and contemplated Transactions.

 

ARTICLE
VI

 

COVENANTS

 

SECTION
6.1. General. Each of the parties will use his or its commercially reasonable efforts to take all action and to do all
things necessary in order to consummate and make effective the Transactions contemplated by this Agreement (including satisfaction,
but not waiver, of the closing conditions set forth in Articles VII and VIII below).

 

SECTION
6.2. Notices and Consents. The Sellers will cause the Company to give any notices to third parties, and will cause the
Company to obtain any third party consents, that BOXL may reasonably request. Each of the parties will (and the Sellers will cause
the Company to) give any notices to, make any filings with, and use its commercially reasonable efforts to obtain any authorizations,
consents, and approvals of governments and governmental agencies in connection with the matters referred to herein.

 

SECTION
6.3. Operation of Business. From the date of this Agreement until the Closing Date, the Company and BOXL shall be operated
in the Ordinary Course of Business and each of BOXL, the Sellers and the Company shall use commercially reasonable efforts to
preserve intact the present business organization and personnel, preserve the business relationships of BOXL and the Company with
other Persons material to the operation of BOXL the Company, and not permit any action or omission which would cause any of the
representations or warranties contained herein to become inaccurate or any of the covenants of the BOXL, the Sellers or the Company
to be breached.

 

    	 	 	28

    	 

    

 

SECTION
6.4. Full Access. The Sellers will permit and cause the Company to permit, representatives of BOXL to have full access
to all premises, properties, personnel, books, records (including Tax records), Contracts, and documents of or pertaining to the
Company and shall make the officers and employees of the Company available to BOXL and its representatives as BOXL and their representatives
shall from time to time reasonably request, in each case to the extent that such access and disclosure would not obligate the
Company to take any actions that would disrupt the normal course of its business or violate the terms of any agreement to which
the Company is bound or any applicable Law or regulation. BOXL’s representatives will not use any of the Confidential Information
that they receive from the Company except in connection with this Agreement, and, if this Agreement is terminated for any reason
whatsoever, BOXL’s representatives will return to the Company all tangible embodiments (and all summaries and copies, including
electronically stored information) of the Confidential Information that they receive from the Company or copied from Confidential
Information received from the Company which are in its possession and will only use such Confidential Information in the defense
of any litigation related to this Agreement; provided, however, that BOXL’s representatives shall not be responsible
for the confidentiality of any information (i) which, at the time of disclosure, is available publicly, through no fault of BOXL
(ii) which, after disclosure, becomes available publicly through no fault of BOXL, or (iii) which BOXL knew or to which BOXL had
access prior to disclosure.

 

SECTION
6.5. Exclusivity. In consideration of the considerable time, effort and expense to be undertaken by the parties in connection
with the Transactions, each of the parties agrees that during the period beginning from the date of execution of this Agreement
and ending on the Outside Closing Date (the “Exclusivity Period”):

 

(a)
during the Exclusivity Period, each of the Sellers and the Company will not, and will cause their officers, directors,
employees, consultants and legal and financial representatives (collectively, “Representatives”) not to,
directly or indirectly (i) solicit or initiate or enter into discussions, negotiations or transactions with, or encourage, or
provide any information to, any Person, other than BOXL and its affiliates, concerning any transaction with respect to the
direct or indirect sale, transfer, license or other disposition of Company Membership Interests, the Company or any member of
the Company, equity interests of any member of the Company or their assets, properties or Business (outside of the Ordinary
Course of the Business), whether by purchase, asset sale, stock sale, merger, consolidation, recapitalization, exclusive
license or otherwise, or any similar transaction that would reasonably be expected to prohibit or materially impair the
Transactions (a “Competing Sale Transaction”), or (ii) enter into any letter of intent, agreement in
principle or other agreement or commitment with any such Person in connection with a Competing Sale Transaction, or enter
into any other business arrangement with such Person which could reasonably be expected to delay or preclude the consummation
of the Transactions contemplated by this Agreement.

 

(b)
during the Exclusivity Period, BOXL will not, and will cause their Representatives (as defined below) not to, directly or
indirectly (i) solicit or initiate or enter into discussions, negotiations or transactions with, or encourage, or provide any
information to, any Person (other than Seller) concerning any transaction with respect to the direct or indirect purchase,
transfer, license or acquisition of the assets, business or properties of any such Person, whether by purchase, asset
purchase, stock purchase merger, consolidation, recapitalization, exclusive license or otherwise, or any similar transaction
that would reasonably be expected to prohibit or materially impair the Transactions contemplated by this Agreement (a
“Competing Purchase Transaction”), or (ii) enter into any letter of intent, agreement in principle or
other agreement or commitment with any such Person in connection with a Competing Purchase Transaction, or enter into any
other business arrangement with such Person which could reasonably be expected to delay or preclude the execution of a
definitive Agreement with the Sellers by the expiration of the Exclusivity Period.

 

    	 	 	29

    	 

    

 

(c)
Each party represents to the other that neither it nor any of its Affiliates or shareholders is party to or bound by any binding
or non-binding agreement or understanding with respect to any Competing Sale Transaction or Competing Purchase Transaction.

 

SECTION
6.6. Efforts.

 

(a)
Subject to the terms and conditions hereof, each party hereto shall use all reasonable efforts to consummate the Transactions
contemplated hereby as promptly as practicable. An undertaking of a Person under this Agreement to use such Person’s best
efforts shall not require such Person to incur unreasonable expenses or obligations in order to satisfy such undertaking.

 

(b)
The Sellers, the Company and BOXL will, as promptly as practicable (i) make the required filings with, and use their respective
best efforts to obtain all required authorizations, approvals, consents and other actions of, governmental Authorities and (ii)
use their respective best efforts to obtain all other required consents of other Persons with respect to the Transactions contemplated
hereby.

 

SECTION
6.7. Maintenance of Insurance. The Company will continue to carry its existing insurance through the Closing Date, and
shall not allow any material breach, default or cancellation (other than expiration and replacement of policies in the ordinary
cause of business) of such insurance policies or agreements to occur or exist.

 

SECTION
6.8. Satisfactory Due Diligence Investigation.BOXL does hereby agree and acknowledge that all business, financial
and legal due diligence in connection with the Business, the assets, liabilities, financial condition and prospects of the Company
(the “Due Diligence Investigation”) required to be conducted by BOXL has been completed and that no further
Due Diligence Investigation need be conducted by BOXL.

 

SECTION
6.9Notice and Supplemental Information. The Sellers, the Company and BOXL shall each give prompt notice to the other
parties of any material adverse development causing a breach of any of its own representations and warranties in Articles III,
IV and V respectively. If the Sellers or the Company incurs a Material Adverse Effect on the Company, the sole remedy
of BOXL under this Section 6.9 shall be termination of the Agreement as provided for in Section 11.1(d).

 

SECTION
6.10. Public Announcements. The Sellers, the Company and BOXL will consult with each other before issuing any press release
or otherwise making any public statements with respect to the Transactions contemplated by this Agreement and no party shall,
without the prior written consent of the others, issue any such press release or make any such public statement, except as may
be required by applicable Law.

 

    	 	 	30

    	 

    

 

SECTION
6.11. Consistent Tax Reporting. The Sellers, the Company and BOXL shall treat and report the Transactions contemplated
by this Agreement in all respects consistently for purposes of any federal, state, local or foreign Tax. The parties hereto shall
not take any actions or positions inconsistent with the obligations set forth herein.

 

SECTION
6.12. Operating Agreement . At the Closing, the Company shall enter the Operating Agreement with BOXL in the form of Exhibit
C annexed hereto.

 

SECTION
6.13. Resignation of Members and Managers. The Sellers shall cause each officer and member who may also be a Manager of,
and each trustee or fiduciary of any plan or arrangement involving employee benefits of, the Company, if so requested by BOXL,
to tender his or her resignation from such position effective as of the Closing Date.

 

SECTION
6.14. Transition. The Sellers will not take any action that is designed or intended to have the effect of discouraging
any lessor, licensor, customer, supplier, or other business associate of the Company from maintaining the same business relationships
with the Company after the Closing as it maintained with the Company prior to the Closing. The Sellers will refer all supplier
or other inquiries relating to the Business of the Company to BOXL from and after the Closing.

 

SECTION
6.15. Confidentiality. The Sellers will treat and hold as such all of the Confidential Information, refrain from using
any of the Confidential Information except in connection with this Agreement, and, in the event of a Closing, deliver promptly
to BOXL or destroy, at the request and option of BOXL, all tangible embodiments (and all copies) of the Confidential Information
which are in their possession. In the event that the Sellers is requested or required (by oral question or request for information
or documents in any legal proceeding, interrogatory, subpoena, civil investigative demand, or similar process) to disclose any
Confidential Information, the Sellers will notify BOXL promptly of the request or requirement so that BOXL may seek an appropriate
protective order or waive compliance with the provisions of this Section 6.16. If, in the absence of a protective order
or the receipt of a waiver hereunder, a party is, on the advice of counsel, compelled to disclose any Confidential Information
to any tribunal or else stand liable for contempt, the Sellers may disclose the Confidential Information to the tribunal; provided,
however, that the Sellers shall use its best efforts to obtain, at the request of BOXL, an order or other assurance that
confidential treatment will be accorded to such portion of the Confidential Information required to be disclosed as BOXL shall
designate. The foregoing provisions shall not apply to any Confidential Information which is generally available to the public
immediately prior to the time of disclosure.

 

SECTION
6.16. Noncompetition and Non-Solicitation.

 

(a)
The Sellers acknowledge that it and its Subsidiaries, officers, directors and members (collectively, the “Seller Affiliates”)
have a special knowledge of the Business and the proprietary and confidential information included in the Business, and that BOXL
is making a considerable investment in the Business from which the Sellers have benefitted. In consideration of this Agreement
and such investment and benefit, and as an inducement to BOXL to enter into this Agreement and consummate the Transactions contemplated
herein, each of the Sellers agrees, on behalf of itself and its Seller Affiliates, that, except as otherwise set forth in Sellers’
employment agreement with Boxlight, Inc., BOXL’s affiliate, for a period of three (3) years after the Closing Date, neither
Seller nor any Seller Affiliate will, directly or indirectly, own, manage, operate, control or participate in the ownership, management,
operation or control of, or be connected as an officer, employee, partner, director or otherwise with, or have any financial interest
in, or aid or assist anyone else in the conduct of, any business that directly or indirectly completes with the Business of the
Company (a “Competitive Business”); provided, however, that the Sellers and Seller Affiliates
may own less than 1% of any outstanding class of securities of a Competitive Business.

 

    	 	 	31

    	 

    

 

(b)
For a period of three (3) years following the Closing Date, neither the Sellers nor any Seller Affiliate will, without the express
prior written approval of the Board of Directors of BOXL, (A) directly or indirectly recruit, solicit or otherwise induce or influence
any sales agent, joint venturer, lessor, supplier, agent, representative or any other person that has or had during the one year
period initially preceding the Closing Date a business relationship with the Company, to discontinue, reduce or adversely modify
such employment, agency or business relationship with BOXL or the Company as it relates to the Business as conducted by either
or both Purchaser or the Company after the Closing Date, or (B) employ or seek to employ or cause any Competitive Business to
employ or seek to employ any person or agent who is employed or retained by either or both Purchaser or the Company. Notwithstanding
the foregoing, nothing herein shall prevent a Seller from providing a letter of recommendation to an employee with respect to
a future employment opportunity.

 

(c)
For a period of three (3) years following the Closing Date, neither the Sellers nor any Seller Affiliate will without the express
prior written approval of the Board of Directors of the applicable Purchaser, directly or indirectly, recruit, solicit or otherwise
induce or influence any customer of BOXL or the Company to discontinue, reduce or modify such business relationship with BOXL
or the Company.

 

(d)
The Sellers agrees that the violation or threatened violation of any of the provisions of this Section 6.16 shall cause
immediate and irreparable harm to BOXL and that the damage to BOXL will be difficult or impossible to calculate with precision.
Therefore, in the event the Sellers or any Seller Affiliate violates this Section 6.16, an injunction restraining the Sellers
or such Seller Affiliate from such violation may be entered against the Sellers in addition to any other relief available to the
applicable Purchaser.

 

(e)
If, at the time of enforcement of any provision of this Section 6.16, a court shall hold that the duration, scope or other
restrictions stated herein are unreasonable under circumstances then existing, the parties agree that the maximum duration, scope
or other restrictions reasonable under such circumstances shall be substituted for the stated duration, scope or other restrictions
and that the court shall be allowed to revise the restrictions contained herein to cover the maximum period, scope and other restrictions
permitted by law; provided, however, that the substituted period shall not exceed the period contemplated by this
Agreement.

 

SECTION
6.17. Post-Closing Covenants. Each of the Sellers, the Article IV Parties and BOXL agree as follows with respect to the
period following the Closing Date:

 

(a)
In case at any time after the Closing any further action is necessary or desirable to carry out the purposes of this Agreement,
each of the parties will take such further action (including the execution and delivery of such further instruments and documents)
as any other party hereto reasonably may request, all at the sole cost and expense of the requesting party. From and after the
Closing, BOXL will be entitled to access all documents, books, records, agreements, and financial data of any sort relating to
the Company.

 

    	 	 	32

    	 

    

 

(b)
In the event and for so long as any party hereto actively is contesting or defending against any charge, complaint, action, suit,
proceeding, hearing, investigation, claim, or demand in connection with (i) any transaction contemplated under this Agreement
or (ii) any fact, situation, circumstance, status, condition, activity, practice, plan, occurrence, event, incident, action, failure
to act, or transaction on or prior to the Closing Date involving the Company, each of the other parties hereto will cooperate
with him or it and his or its counsel in the contest or defense, make available their personnel, and provide such testimony and
access to their books and records as shall be necessary in connection with the contest or defense, all at the sole cost and expense
of the contesting or defending party.

 

ARTICLE
VII

 

CONDITIONS
TO OBLIGATION OF BOXL

 

The
obligation of BOXL to consummate the Transactions to be performed by it in connection with the Closing and the obligation of BOXL
to consummate the Transactions to be performed by it at the Second Closing, is subject to satisfaction of the following conditions:

 

SECTION
7.1. Representations and Warranties True as of Closing Date. The representations and warranties set forth in Articles
III and IV shall have been accurate, true and correct on and as of the date of this Agreement, and shall also be accurate,
true and correct on and as of the Closing Date with the same force and effect as though made on and as of the Closing Date.

 

SECTION
7.2. Compliance with Covenants. The Sellers and the Article IV Parties shall have performed and complied with all of the
covenants hereunder in all material respects through the Closing.

 

SECTION
7.3. Consents. The Company shall have procured all of the third party consents specified in Sections 4.3 and 6.2
above.

 

SECTION
7.4. Actions or Proceedings. No action, suit, or proceeding shall be pending or threatened before any court or quasi-judicial
or administrative agency of any federal, state, local, or foreign jurisdiction or before any arbitrator wherein an unfavorable
injunction, judgment, order, decree, ruling, or charge would (A) prevent consummation of any of the Transactions contemplated
by this Agreement, (B) cause any of the Transactions contemplated by this Agreement to be rescinded following consummation, (C)
affect adversely the right of BOXL to own the Company Membership Interests and to control the Company, or (D) affect adversely
the right of the Company to own their assets and to operate the Business (and no such injunction, judgment, order, decree, ruling,
or charge shall be in effect).

 

SECTION
7.5. Certificate. The Sellers shall have delivered to BOXL a certificate to the effect that each of the conditions specified
above in Sections 7.1-7.4 is satisfied in all respects.

 

SECTION
7.6. No Material Adverse Effect. Since the date of this Agreement, no event has occurred which could reasonably be expected
to have a Material Adverse Effect on the Company.

 

SECTION
7.7 Documents. All actions to be taken by the Sellers in connection with consummation of the Transactions
contemplated hereby (including all deliveries specified in Section 2.5 and all certificates, opinions, instruments,
and other documents required to effect the Transactions contemplated hereby will be reasonably satisfactory in form and
substance to BOXL.

 

    	 	 	33

    	 

    

 

ARTICLE
VIII

 

CONDITIONS
TO OBLIGATION OF THE SELLERS

 

The
obligation of the Sellers to consummate the transactions to be performed by them in connection with the Closing is subject to
satisfaction of the following conditions:

 

SECTION
8.1. Representations and Warranties True as of Closing. The representations and warranties set forth in Article V
shall have been accurate, true and correct on and as of the date of this Agreement, and shall also be accurate, true and correct
on and as of the Closing Date with the same force and effect as though made on and as of the Closing Date.

 

SECTION
8.2. Compliance with Covenants. BOXL shall have performed and complied with all of its covenants hereunder in all material
respects through the Closing.

 

SECTION
8.3. Actions or Proceedings. No action, suit, or proceeding shall be pending or threatened before any court or quasi-judicial
or administrative agency of any federal, state, local, or foreign jurisdiction or before any arbitrator wherein an unfavorable
injunction, judgment, order, decree, ruling, or charge would (A) prevent consummation of any of the Transactions contemplated
by this Agreement, (B) cause any of the Transactions contemplated by this Agreement to be rescinded following consummation, (C)
affect adversely the right of the Sellers to own the `BOXL Common Stock representing the Purchase Price, or (D) affect adversely
the right BOXL and its Subsidiaries to own their assets and to operate its consolidated bsuiness (and no such injunction, judgment,
order, decree, ruling, or charge shall be in effect).

 

SECTION
8.4. Certificate. BOXL shall have delivered to the Sellers a certificate to the effect that each of the conditions specified
above in Sections 8.1 - 8.3 is satisfied in all respects.

 

SECTION
8.5. Documents. All actions to be taken by BOXL in connection with the consummation of the Transactions contemplated hereby,
including all payments and deliveries specified in Section 2.6, and all certificates, opinions, instruments, and other
documents required to effect the Transactions contemplated hereby will be reasonably satisfactory in form and substance to the
Sellers.

 

ARTICLE
IX

 

SURVIVAL;
INDEMNIFICATION

 

SECTION
9.1 Survival of Representations, Etc.

 

(a) Survival
of Sellers’ Representations. Each of the representations and warranties of the Sellers set forth herein (the
“Seller’s Representations”), other than Section 4.9 which shall survive for the applicable statute
of limitations and for which indemnification is provided in Article X below are made as of the Closing and shall expire,
together with any right to assert a claim for recovery under this Article IX (such a claim, an “Indemnification
Claim”) based on any alleged inaccuracy in or breach of such representations and warranties, on the date that is
one (1) year after the Closing Date (the “Survival Period”). Notwithstanding the preceding sentence of
this Section 9.1(a), if, at any time prior to the one year expiration of the Survival Period, the Purchaser (acting in
good faith) delivers to the Seller a written notice alleging the existence of an inaccuracy in or a breach of any of the
representations and warranties set forth in Article II and setting forth in reasonable detail the basis for the
Purchaser’s belief that such an inaccuracy or breach may exist and asserting an Indemnification Claim based on such
alleged inaccuracy or breach, then the Indemnification Claim asserted in such notice shall survive the expiration of the
Survival Period until such time as such Indemnification Claim is fully and finally resolved.

 

    	 	 	34

    	 

    

 

(b) Survival
of Purchaser’s Representations. Each of the representations and warranties of the Purchaser set forth in Article V
(the “Purchaser’s Representations”) shall survive the Closing and shall expire, together with any
right to assert a claim for recovery based on any alleged inaccuracy in or breach of such representations and warranties, on
the expiration of the one (1) year Survival Period. Notwithstanding the preceding sentence of this Section 9.1(b), if,
at any time prior to such expiration of the Survival Period, the Sellers (acting in good faith) delivers to the Purchaser a
written notice alleging the existence of an inaccuracy in or a breach of any of the Purchaser’s Representations and
setting forth in reasonable detail the basis for such Seller’s belief that such an inaccuracy or breach may exist and
asserting an Indemnification Claim based on such alleged inaccuracy or breach, then the Indemnification Claim asserted in
such notice shall survive the expiration of the Survival Period until such time as such Indemnification Claim is fully and
finally resolved.

 

(c) Fraud.
Notwithstanding the foregoing, nothing contained in this Section 9.1 or elsewhere in this Agreement shall limit the a
party’s right to bring claims against the other party based on the other party’s fraud, or the rights of the
other party to bring claims based on fraud (it being understood that, for purposes of this Section 9.1(c), the term
“fraud” shall mean fraud committed with the intent to deceive).

 

SECTION
9.2 Indemnification by the Seller. From and after the Closing (but subject to the other provisions of Section
6.1, including, but not limited to, the Survival Period), the Seller shall indemnify the Purchaser against any Loss
which is suffered by the Purchaser or the Company (the “Purchaser Indemnified Parties”) and which arise
from:

 

(a)
any inaccuracy in or breach of any of Sellers’ Representation; or

 

(b)
any breach of, or failure by Sellers to perform, any covenant of the Seller set forth in Article V or Article VII of this
Agreement.

 

SECTION
9.3 Indemnification by the Purchaser. From and after the Closing (but subject to the other provisions of Section
9.1, including, but not limited to, the Survival Period), the Purchaser or the Company shall indemnify the Sellers
against any Loss which is suffered by the Seller and which arise from:

 

(a)
any inaccuracy in or breach of any representation or warranty of Purchaser set forth in Article V; or

 

(b)
any breach of, or failure by Purchaser or the Company to perform, any covenant of the Purchaser set forth in Section
6.5(b) or Section 6.6 or Article VII of this Agreement; or

 

(c)
the Company’s conduct of the Business following the Closing.

 

    	 	 	35

    	 

    

 

SECTION
9.4 Other Matters Relating to Indemnification.

 

(a) Effect
of Knowledge. Notwithstanding anything to the contrary contained in this Agreement, the Sellers shall not be liable or
responsible under this Article IX to the Purchaser for any inaccuracy in or breach of any representation or warranty of the
Sellers contained in this Agreement if the Purchaser had, on or prior to the date of this Agreement, Knowledge of the
inaccuracy in or breach of, or of any facts or circumstances constituting or resulting in the inaccuracy in or breach of,
such representation or warranty.

 

(b) Calculation
of Loss; Insurance Proceeds and Tax Benefits. The amount of any Loss that are subject to indemnification under this
Article IX or Article X shall be calculated net of: (i) any Tax benefit received or receivable by the Purchaser or any
Affiliate of the Purchaser in connection with such Loss or any of the events or circumstances giving rise or otherwise
related to such Loss; and (ii) the amount of any insurance proceeds, indemnification payments, contribution payments or
reimbursements received or receivable by the Purchaser or any Affiliate of the Purchaser in connection with such Loss or any
of the events or circumstances giving rise or otherwise related to such Loss. .

 

(c) Deductible.
Absent acts or omissions constituting fraud, the Seller shall not be required to make any indemnification payment pursuant
to Section 6.2, unless the amount of Loss from any individual inaccuracy in or breach of any representation or
warranty made by the Seller in this Agreement (or multiple inaccuracies or breaches of the same representation or warranty or
of different representations and warranties, but based on similar events, conditions, facts or circumstances) exceeds $25,000
(the “Deductible”). If the total amount of all of the Loss exceeds the Deductible, then the Purchaser
shall be entitled to be indemnified against the full the amount of such Loss, including the Deductible.

 

(d) Liability
Cap. The Purchaser agrees that, absent acts or omissions constituting fraud, the total amount of Loss for which it is
entitled to seek or obtain indemnification (and the maximum amount of payments required to be made by the Seller) pursuant to Section
9.2 with respect to the breach of any of Seller’s representations and warranties set forth in Article III
shall be limited to the lesser of (i) the trading value of the 100,000 BOXL Shares issued to Sellers at the Closing as of the
date of the alleged breach, or (ii) $700,000.

 

(e) Mitigation.
Promptly after any Purchaser becomes aware of any event or circumstance that could reasonably be expected to constitute or
give rise to any inaccuracy in or breach of any representation, warranty or covenant of the Seller set forth in this
Agreement, without being liable to incur any additional costs or expenses, Purchaser shall (and shall cause the Company to)
take all reasonable steps to mitigate and minimize all Loss that may result from such inaccuracy or breach.

 

(f) Exclusive
Remedy. After the Closing, this Article IX and Article X below will provide the exclusive remedy against
the Seller or the Purchaser, as applicable, for any breach of any representation, warranty, covenant or other claim arising
out of or relating to this Agreement and/or the Transactions.

 

ARTICLE
X

 

TAX
MATTERS

 

SECTION
10.1 Tax Returns. The Sellers shall prepare and file, or cause to be prepared and filed, any Tax Return relating to
the Company with respect to a period ending on or before the Closing Date. The Purchaser shall prepare and file, or cause to be
prepared and filed Tax Returns relating to the Companies with respect to periods beginning with the Closing Date.

 

    	 	 	36

    	 

    

 

SECTION
10.2 Consistent Tax Reporting. The Sellers, the Company and Purchaser shall treat and report the Transactions in all
respects consistently for purposes of any federal, state, local or foreign Tax. The parties hereto shall not take any actions
or positions inconsistent with the obligations set forth herein.

 

SECTION
10.3 Payment of Taxes by Purchaser. All Taxes for tax periods beginning on or after the Closing Date and any
transfer, documentary, sales, use, stamp, registration and other such Taxes and fees (including any penalties and interest)
shall be paid by Purchaser or the Company, as applicable, when due, and Purchaser shall cause the Company to file all
necessary Tax Returns and other documentation with respect to all such transfer, documentary, sales, use, stamp, registration
and other Taxes and fees, and, if required by applicable Law, the Company will join in the execution of any such Tax Returns
and other documentation.

 

SECTION
10.4 Payment of Taxes by Sellers and Tax Indemnity.

 

(a)
From and after the Closing Date, the Sellers shall indemnify the Purchaser Indemnified Parties against and hold them harmless
from any and all Losses arising out of Taxes of the Company with respect to all pre-Closing Tax periods in excess of any
reserves therefor established in the Latest Balance Sheet. The relevant procedures applicable to obtaining Seller’s Tax
Indemnification are set forth below. From and after the Closing, the Purchaser or the Company shall promptly notify the
Sellers in writing of any demand, claim or notice of the commencement of an audit received by such Person from any Authority
with respect to Tax Losses (each, a “Tax Proceeding”) for which the Sellers may be liable pursuant to this
Section; provided, however, that a failure to give such notice will not affect the Purchaser Indemnified
Party’s rights to indemnification under this Section, except to the extent that the Seller is prejudiced thereby. Such
notice shall contain factual information (to the extent known) describing the asserted Tax Loss and shall include copies of
the relevant portion of any notice or other document received from any Authority in respect of any such asserted Tax Loss. In
the case of a Tax Proceeding, the Purchaser Indemnified Party shall be entitled to exercise full control of the defense,
compromise or settlement of any Tax Proceeding, unless the Sellers within a reasonable time after the giving of notice of
such Tax Proceeding by the Purchaser Indemnified Party delivers a written confirmation of the Seller’s intention to
assume the defense thereof, in which case the Sellers shall be entitled to exercise full control of the defense, compromise
or settlement of such Tax Proceeding. If the Sellers so assumes the defense of any such Tax Proceeding, then the applicable
Purchaser Indemnified Party shall cooperate with the Seller in any manner that the Seller reasonably may request in
connection with the defense, compromise or settlement thereof.

 

(b)
The Seller will be entitled to any Tax refunds that are received by the Purchaser or the Company and any amounts credited
against Taxes to which the Purchaser or Company become entitled to in any post-Closing Tax period, in each case that relate
to a pre-Closing Tax period of the Company other than any such refunds or credits that arise with respect to amounts borne by
the Purchaser or Company (and not indemnified by the Seller). The Purchaser will pay over to the Seller any such refund or
the amount of any such credit, net of reasonable fees or expenses incurred by the Purchaser or the Company in obtaining such
refund or credit, within five days after receipt of such refund or credit; provided that with respect to any automatic
Tax refund for which the Seller.

 

    	 	 	37

    	 

    

 

ARTICLE
XI

 

TERMINATION

 

SECTION
11.1. Termination of Agreement. Certain of the parties may terminate this Agreement as provided below:

 

(a)
BOXL and the Sellers may terminate this Agreement by mutual written consent at any time prior to the Closing;

 

(b)
BOXL may terminate this Agreement by giving written notice to the Sellers at any time prior to the Closing (A) in the event the
Sellers or the Article IV Parties have breached any material representation, warranty, or covenant contained in this Agreement
in any material respect, BOXL has notified the Sellers of the breach, and the breach has continued without cure for a period of
30 days after the notice of breach or (B) if the Closing shall not have occurred on or before the Outside Closing Date by reason
of the failure of any condition precedent under Article VII hereof (unless the failure results primarily from BOXL itself
breaching any representation, warranty, or covenant contained in this Agreement); and

 

(c)
the Sellers may terminate this Agreement by giving written notice to BOXL at any time prior to the Closing (A) in the event that
BOXL has breached any material representation, warranty, or covenant contained in this Agreement in any material respect, the
Sellers has notified BOXL of the breach, and the breach has continued without cure for a period of 30 days after the notice of
breach or (B) if the Closing shall not have occurred on or before the Outside Closing Date by reason of the failure of any condition
precedent under Article VIII hereof (unless the failure results primarily from the Sellers breaching any representation,
warranty, or covenant contained in this Agreement).

 

(d)
Either party may terminate this Agreement by giving written notice to the other party at any time prior to the Closing in the
event: (x) such other party incurs a Material Adverse Effect, or (y) such other party does anything outside of the Ordinary Course
of Business to affect the working capital of such other party between the date hereof and the Closing Date.

 

SECTION
11.2. Effect of Termination. If any party terminates this Agreement pursuant to Section 11.1 above, all rights and
obligations of the parties hereunder shall terminate, without any Liability of any party to any other party (except for any Liability
of any party then in breach). Notwithstanding the foregoing, in the absence of a material breach by Sellers or the Article IV
Parties of any representation or warranty set forth in Article III or IV, or the failure by Sellers to perform any material
covenant or agreement on their part to be performed hereunder.

 

ARTICLE
XII

 

MISCELLANEOUS

 

SECTION
12.1. Expenses. Each party will bear his or its own costs and expenses (including legal fees and expenses) incurred in
connection with this Agreement and the Transactions contemplated hereby.

 

SECTION
12.2. Press Releases and Public Announcements. No party shall issue any press release or make any public announcement relating
to the subject matter of this Agreement without the prior written approval of BOXL and the Sellers; provided, however,
that any party may make any public disclosure it believes in good faith is required by applicable Law or any listing or trading
agreement concerning its publicly-traded securities (in which case the disclosing party will use its best efforts to advise the
other parties prior to making the disclosure).

 

    	 	 	38

    	 

    

 

SECTION
12.3. No Third-Party Beneficiaries. Subject to the provisions of Section 12.5, this Agreement shall not confer any
rights or remedies upon any Person other than the parties and their respective successors and permitted assigns.

 

SECTION
12.4. Entire Agreement. This Agreement (including the Exhibits and other documents referred to herein) constitutes the
entire agreement among the parties and supersedes any prior understandings, agreements, or representations by or among the parties,
written or oral, to the extent they related in any way to the subject matter hereof.

 

SECTION
12.5. Succession and Assignment. This Agreement shall be binding upon and inure to the benefit of the parties named herein
and their respective successors and permitted assigns. No party may assign either this Agreement or any of his or its rights,
interests, or obligations hereunder without the prior written approval of BOXL and the Sellers; provided, however,
that BOXL may, upon prior written notice to Sellers (i) assign any or all of its rights and interests hereunder to one or more
of its Affiliates or to BOXL, (ii) designate one or more of its Affiliates or BOXL to perform its obligations hereunder (in any
or all of which cases BOXL nonetheless shall remain responsible for the performance of all of its obligations hereunder) and (iii)
grant a security interest in respect of its rights hereunder to any Person providing financing to BOXL.

 

SECTION
12.6. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original
but all of which together will constitute one and the same instrument.

 

SECTION
12.7. Headings. The section headings contained in this Agreement are inserted for convenience only and shall not affect
in any way the meaning or interpretation of this Agreement.

 

SECTION
12.8. Notices. All notices, requests, demands, claims, and other communications (“Notices”) hereunder
will be in writing. Any Notices hereunder shall be deemed duly given if (and then two business days after) it is sent by registered
or certified mail, return receipt requested, postage prepaid, and addressed to the intended recipient as set forth below:

 

 (a) If to the Sellers or the Company, as follows;

 

EOS
Education, LLC

6230
East Larkspur Drive

Scottsdale,
AZ 85254

Attn.:
Daniel Leis and Aleksandra Leis

Email:
dan@eosedu.com, alex@eosedu.com

 

With
a copy (which shall not

Constitute Notice) to:

 

Titus Brueckner & Levine PLC

8355
E. Hartford Drive, Suite 200

Scottsdale,
AZ 85255

Attn:
Matthew B. Levine

Tel.
No. (480) 483-9600

Email:
mlevine@tbl-law.com

 

(b)
If to BOXL, addressed as follows:

 

Boxlight
Corporation

1045
Progress Circle

Lawrenceville,
GA 30043

Attn.
Michael Pope, President

Tel.
No. (360) 464-4478

Email.
michael.pope@boxlight.com

 

With
a copy (which shall not

constitute
Notice) to:

CKR
Law, LLP

1800 century Park East, 14th floor

Los
Angeles, California 90067

Attn:Stephen
A. Weiss, Esq.

Tel:
(310) 400-0110

Email:
sweiss@ckrlaw.com

 

Any
party may send any notice, request, demand, claim, or other communication hereunder to the intended recipient at the address set
forth above using any other means (including personal delivery, expedited courier, messenger service, telecopy, ordinary mail,
or electronic mail), but no such notice, request, demand, claim, or other communication shall be deemed to have been duly given
unless and until it actually is received by the intended recipient. Any party may change the address to which notices, requests,
demands, claims, and other communications hereunder are to be delivered by giving the other parties notice in the manner herein
set forth.

 

SECTION
12.9. Governing Law. This Agreement shall be governed by and construed in accordance with the domestic Laws of the State
of Arizona without giving effect to any choice or conflict of Law provision or rule (whether of the State of Arizona or any other
jurisdiction) that would cause the application of the Laws of any jurisdiction other than the State of Arizona.

 

SECTION
12.10. Amendments and Waivers. No amendment of any provision of this Agreement shall be valid unless the same shall be
in writing and signed by BOXL and Sellers. No waiver by any party of any default, misrepresentation, or breach of warranty or
covenant hereunder, whether intentional or not, shall be deemed to extend to any prior or subsequent default, misrepresentation,
or breach of warranty or covenant hereunder or affect in any way any rights arising by virtue of any prior or subsequent such
occurrence.

 

SECTION
12.11. Severability. Any term or provision of this Agreement that is invalid or unenforceable in any situation in any jurisdiction
shall not affect the validity or enforceability of the remaining terms and provisions hereof or the validity or enforceability
of the offending term or provision in any other situation or in any other jurisdiction.

 

SECTION
12.13. Construction. The parties have participated jointly in the negotiation and drafting of this Agreement. In the event
an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties
and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the
provisions of this Agreement. Any reference to any federal, state, local, or foreign statute or Law shall be deemed also to refer
to all rules and regulations promulgated thereunder, unless the context requires otherwise. The word “including” shall
mean including without limitation.

 

    	 	 	39

    	 

    

 

SECTION
12.14. Incorporation of Exhibits and Schedules. The Exhibits and Schedule identified in this Agreement are incorporated
herein by reference and made a part hereof.

 

SECTION
12.15. Specific Performance. Each of the parties acknowledges and agrees that the other parties would be damaged
irreparably in the event any of the provisions of Sections 6.4, 6.5, 6.8, 6.9,6.15 and 6.16 of this
Agreement are not performed in accordance with their specific terms or otherwise are breached. Accordingly, each of the
parties agrees that the other parties shall be entitled to an injunction or injunctions to prevent breaches of the
aforementioned provisions of this Agreement and to enforce specifically this Agreement and the terms and provisions hereof in
any action instituted in any court of the United States or any state thereof having jurisdiction over the parties and the
matter (subject to the provisions set forth in Section 12.16 below), in addition to any other remedy to which they may
be entitled, at law or in equity.

 

SECTION
12.16. Submission to Jurisdiction. Each of the parties submits to the jurisdiction of any state or federal court sitting
in Phoenix, Arizona in any action or proceeding arising out of or relating to this Agreement and agrees that all claims in respect
of the action or proceeding may be heard and determined in any such court. Each party also agrees not to bring any action or proceeding
arising out of or relating to this Agreement in any other court. Each of the parties waives any defense of inconvenient forum
to the maintenance of any action or proceeding so brought and waives any bond, surety, or other security that might be required
of any other party with respect thereto. Any party may make service on any other party by sending or delivering a copy of the
process to the Party to be served at the address and in the manner provided for the giving of notices in Section 12.8 above.
Nothing in this Section 12.16, however, shall affect the right of any party to bring any action or proceeding arising out
of or relating to this Agreement in any other court or to serve legal process in any other manner permitted by law or at equity.
Each party agrees that a final judgment in any action or proceeding so brought shall be conclusive and may be enforced by suit
on the judgment or in any other manner provided by law or at equity.

 

The
balance of this page intentionally left blank – signature page follows

 

    	 	 	40

    	 

    

 

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

 

	The Company:	EOSEDU, LLC
	 	 	 
	 	By:	 
	 	Name:	Daniel Leis
	 	Title:	Member, Manager and
    Authorized Signatory
	 	 	 
	The Sellers: 	 	 
	 	 
	 	DANIEL LEIS
	 	 	 
	 	 
	 	ALEKSANDRA LEIS
	 	 	 
	BOXL:	BOXLIGHT CORPORATION
	 	 	 
		By:	 
	 	Name:	Michael Pope
	 	Title:	President

 

    	 	 	41

    	 

    

 

SCHEDULE
A

Ownership
of Company Membership Interests

 

	Name
    of Member	 	Percentage
                                         of

        Membership
Interests Owned

        

	 	 	 
	Daniel
                                         Leis

        
	 	50%
	 	 	 
	Aleksandra
Leis
	 	50%
	 	 	 
	Total	 	100%

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00287-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00287-of-00352.parquet"}]]