Document:

Exhibit 10.2

 

THIS
NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”). THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY
AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES ACT OR
AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY
THAT SUCH REGISTRATION IS NOT REQUIRED.

 

PROMISSORY
NOTE

 

	Principal
    Amount: $100,000	Dated
    as of March 3, 2020

 

8i
Enterprises Acquisition Corp., a British Virgin Islands company (the “Maker”),
promises to pay to the order of Diginex Limited or its registered assigns or successors in interest (the “Payee”)
the principal sum of One Hundred Thousand Dollars ($100,000.00)
in lawful money of the United States of America, on the terms and conditions described below. All payments on this Note shall
be made by check or wire transfer of immediately available funds or as otherwise determined by the Maker to such account as the
Payee may from time to time designate by written notice in accordance with the provisions of this Note.

 

	1.	Principal.
    The principal balance of this Promissory Note (this “Note”) shall be payable promptly after the date
    on which the Maker consummates an initial business combination (a “Business Combination”) with a target
    business (as described in its initial public offering prospectus dated March 27, 2019 (the “Prospectus”)).
    The principal balance may not be prepaid without the consent of the Payee.
	 	 
	2.	Interest.
    No interest shall accrue on the unpaid principal balance of this Note.
	 	 
	3.	Application
    of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of any sum
    due under this Note, including (without limitation) reasonable attorney’s fees, then to the payment in full of any late
    charges and finally to the reduction of the unpaid principal balance of this Note.
	 	 
	4.	Events
    of Default. The following shall constitute an event of default (“Event of Default”):

 

	 	(a)	Failure
    to Make Required Payments. Failure by Maker to pay the principal of this Note within five (5) business days following
    the date when due.
	 	 	 
	 	(b)	Voluntary
    Liquidation, Etc. The commencement by Maker of a proceeding relating to its bankruptcy, insolvency, reorganization, rehabilitation
    or other similar action, or the consent by it to the appointment of, or taking possession by, a receiver, liquidator, assignee,
    trustee, custodian, sequestrator (or other similar official) for Maker or for any substantial part of its property, or the
    making by it of any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts
    become due, or the taking of corporate action by Maker in furtherance of any of the foregoing.

 

    	 	 	 

    	 

    

 

	 	(c)	Involuntary
    Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of
    maker in an involuntary case under any applicable bankruptcy, insolvency or similar law, for the appointing of a receiver,
    liquidator, assignee, custodian, trustee, sequestrator (or similar official) for Maker or for any substantial part of its
    property, or ordering the winding-up or liquidation of the affairs of Maker, and the continuance of any such decree or order
    unstayed and in effect for a period of 60 consecutive days.

 

	5.	Remedies.

 

	 	(a)	Upon
    the occurrence of an Event of Default specified in Section 5(a) hereof, Payee may, by written notice to Maker, declare this
    Note to be due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable
    hereunder, shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all
    of which are hereby expressly waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.
	 	 	 
	 	(b)	Upon
    the occurrence of an Event of Default specified in Sections 5(b) and 5(c), the unpaid principal balance of this Note, and
    all other sums payable with regard to this Note, shall automatically and immediately become due and payable, in all cases
    without any action on the part of Payee.

 

	6.	Waivers.
    Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment
    for payment, demand, notice of dishonor, protest, and notice of protest with regard to the Note, all errors, defects and imperfections
    in any proceedings instituted by Payee under the terms of this Note, and all benefits that might accrue to Maker by virtue
    of any present or future laws exempting any property, real or personal, or any part of the proceeds arising from any sale
    of any such property, from attachment, levy or sale under execution, or providing for any stay of execution, exemption from
    civil process, or extension of time for payment; and Maker agrees that any real estate that may be levied upon pursuant to
    a judgment obtained by virtue hereof, on any writ of execution issued hereon, may be sold upon any such writ in whole or in
    part in any order desired by Payee.
	 	 
	7.	Unconditional
    Liability. Maker hereby waives all notices in connection with the delivery, acceptance,
    performance, default, or enforcement of the payment of this Note, and agrees that its liability shall be unconditional, without
    regard to the liability of any other party, and shall not be affected in any manner by any indulgence, extension of time,
    renewal, waiver or modification granted or consented to by Payee, and consents to any and all extensions of time, renewals,
    waivers, or modifications that may be granted by Payee with respect to the payment or other provisions of this Note, and agrees
    that additional makers, endorsers, guarantors, or sureties may become parties hereto without notice to Maker or affecting
    Maker’s liability hereunder.

 

    	 	2	 

    	 

    

 

	8.	Notices.
    Any notice called for hereunder shall be deemed properly given if (i) sent by certified mail, return receipt requested,
    (ii) personally delivered, (iii) dispatched by any form of private or governmental express mail or delivery service providing
    receipted delivery or (iv) sent by facsimile or (v) by e-mail to the following addresses or to such other address as either
    party may designate by notice in accordance with this Section:

 

If
to Maker:

 

8i
Enterprises Acquisition Corp.

6
Eu Tong Sen Street

#08-13
The Central

Singapore
059817

Attn:
William Yap

wghyap@outlook.com

 

If
to Payee:

 

Diginex
Limited

35
Floor Two International Finance Centre

8
Finance Street

Central

Hong
Kong

Attn:
Paul Ewing

Email:
paul.ewing@diginex.com

 

Notice
shall be deemed given on the earlier of (i) actual receipt by the receiving party, (ii) the date shown on a facsimile transmission
confirmation, (iii) the date reflected on a signed delivery receipt, or (iv) two (2) Business Days following tender of delivery
or dispatch by express mail or delivery service.

 

	9.	Construction.
    THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH
    THE LAWS OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS THEREOF.
	 	 
	10.	Jurisdiction.
    The courts of New York have exclusive jurisdiction to settle any dispute arising out of or in connection with this agreement
    (including a dispute relating to any non-contractual obligations arising out of or in connection with this agreement) and
    the parties submit to the exclusive jurisdiction of the courts of New York.
	 	 
	11.	Severability.
    Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction
    shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating
    the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or
    render unenforceable such provision in any other jurisdiction.
	 	 
	12.	No
    Claims Against Trust Account. The Payee has been provided a copy of the Prospectus. The Payee hereby waives any and all
    right, title, interest or claim of any kind (“Claim”) in or to any amounts contained in the trust
    account in which the proceeds of the initial public offering (the “IPO”) conducted by the Maker and the
    proceeds of the sale of securities in a private placement that occurred prior to the effectiveness of the IPO, as described
    in greater detail in the Prospectus, were placed, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction
    for any Claim from the trust account or any distribution therefrom for any reason whatsoever. If Maker does not consummate
    the Business Combination, this Note shall be repaid only from amounts remaining outside of the Trust Account, if any.
	 	 
	13.	Amendment;
    Waiver. Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent of
    the Maker and the Payee.
	 	 
	14.	Assignment.
    No assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto (by operation
    of law or otherwise) without the prior written consent of the other party hereto and any attempted assignment without the
    required consent shall be void.
	 	 
	15.	Further
    Assurance. The Maker shall, at its own cost and expense, execute and do (or procure to be
    executed and done by any other necessary party) all such deeds, documents, acts and things as the Payee may from time to time
    require as may be necessary to give full effect to this Promissory Note.

 

    	 	3	 

    	 

    

 

IN
WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this Note to be duly executed
by its Chief Executive Officer and Chief Financial Officer the day and year first above written.

 

	 	8I
    ENTERPRISES ACQUISITION CORP.
	 	 	 
	 	By:	/s/
    Meng Dong (James) Tan
	 	Name:	Meng
    Dong (James) Tan
	 	Title:	Chairman
    and CEO

 

	Accepted
    and Agreed:	 
	 	 	 
	DIGINEX
    LIMITED	 
	 	 	 
	By:	/s/
    Paul Ewing	 
	Name:	Paul
    Ewing	 
	Title:	Chief
    Financial Officer	 

 

    	 	4Exhibit
4.2

 

DESCRIPTION
OF THE REGISTRANT’S SECURITIES REGISTERED PURSUANT TO

SECTION
12 OF THE SECURITIES EXCHANGE ACT OF 1934

 

The
following is a description of the general terms, provisions and rights of our common stock, par value $0.10 per share (the “Common
Stock”) and related provisions of the Company’s certificate of incorporation (the “Certificate of Incorporation”)
and by-laws (the “By-laws”) and applicable New York law. This description is qualified in its entirety by,
and should be read in conjunction with, the Certificate of Incorporation, the By-laws and applicable New York law. Throughout
this exhibit, references to the “Company,” “we,” “our,” and “us” refer to Rand
Capital Corporation.

 

Authorized
Shares

 

We
have the authority to issue an aggregate of 100,000,000 shares of Common Stock and 500,000 shares of preferred stock, par value
$10.00 per share (“Preferred Stock”). As of March 6, 2020, there were 15,196,367 shares of our Common Stock
issued and 14,655,321 shares of our Common Stock outstanding and there were no issued or outstanding shares of Preferred Stock.
All shares of outstanding Common Stock are fully paid and non-assessable.

 

Dividend
Rights

 

Subject
to the preferences, limitations and relative rights of holders of our Preferred Stock, the holders of Common Stock are entitled
to share ratably in dividends if, when and as declared by our board of directors out of funds legally available therefor.

 

Voting
Rights

 

Subject
to the preferences, limitations and relative rights of holders of our Preferred Stock, the holders of Common Stock are entitled
to one vote for each share held of record on all matters at all meetings of shareholders. New York Business Corporation Law (the
“BCL”) provides that, unless a different vote is required by law, the Certificate of Incorporation or the By-laws,
all matters, other than the election of directors, are to be decided by a majority of the votes cast. The BCL also provides that
directors are to be elected by a plurality of votes cast.

 

Liquidation
Rights

 

Subject
to the preferences, limitations and relative rights of holders of our Preferred Stock, the holders of Common Stock are entitled,
in the event of our liquidation, dissolution or winding-up, to share ratably in the distribution of assets remaining after payment
of debts and expenses.

 

    	 

    	 

    

 

Absence
of Other Rights

 

Our
Common Stock has no sinking fund or redemption provisions or preemptive, conversion or exchange rights.

 

Listing
and Transfer Agent

 

The
Common Stock is listed on the Nasdaq Stock Market (“Nasdaq”) under the trading symbol “RAND”. The transfer
agent and registrar for our Common Stock is Continental Stock Transfer & Trust Company.

 

Anti-Takeover
Effects of Our Certificate of Incorporation and By-laws

 

Our
Certificate of Incorporation and By-laws contain provisions that may delay, defer or discourage another party from acquiring control
of us. We expect that these provisions, some of which are summarized below, will discourage coercive takeover practices or inadequate
takeover bids. These provisions are also designed to encourage persons seeking to acquire control of us to first negotiate with
our board of directors, which we believe may result in an improvement of the terms of any such acquisition in favor of our shareholders.
However, they also give our board of directors the power to discourage acquisitions that some shareholders may favor.

 

Special
Meetings of Shareholders

 

Our
By-laws provide that special meetings of shareholders may only be called by the chairman of the board of directors, the president
or a majority of the entire board of directors then in office.

 

Advance
Notice Requirements for Shareholder Proposals

 

Our
By-laws require advance notice procedures to be followed for shareholder proposals to be brought before an annual meeting of the
shareholders, including the nomination of directors.

 

Blank
Check Preferred Stock

 

Our
Certificate of Incorporation authorizes our board of directors to designate and issue, without any further vote or action by the
shareholders, shares of Preferred Stock at any time or from time to time in one or more series and, with respect to each such
series, to establish the number of shares to be included in each such series, and to fix the designation, relative rights, preferences
and limitations of the shares of each such series, including, but not limited to, the voting rights (if any) of the series and
any other relative rights, preferences and limitations of that series. The ability to issue such Preferred Stock could discourage
potential acquisition proposals and could delay or prevent a change in control.

 

Authorized
but Unissued Shares.

 

Subject
to the requirements of Nasdaq and other applicable law, including the Investment Company Act of 1940, as amended, our authorized
but unissued shares of Common Stock may be available for future issuance without shareholder approval. We may use these additional
shares for a variety of corporate purposes, including future public offerings to raise additional capital and corporate acquisitions.
The existence of authorized but unissued shares of Common Stock could render more difficult or discourage an attempt to obtain
control of us by means of a tender offer, takeover attempt or otherwise.

 

New
York Anti-Takeover Statute

 

We
are subject to Section 912 of the BCL. Accordingly, we may not engage in a business combination, such as a merger, consolidation,
recapitalization, asset sale or disposition of stock, with any “interested shareholder” for a period of five years
from the date that the interested shareholder first became an interested shareholder unless certain conditions are met.

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