Document:

a6098196ex10-3.htm

    Exhibit
10.3

    

    SUBSCRIPTION
AGREEMENT

    

    [For
Purchase of Shares of Common Stock]

    

    

    THIS
CONFIDENTIAL PRIVATE PLACEMENT MEMORANDUM CONSTITUTES AN OFFER TO SELL OR A
SOLICITATION OF AN OFFER TO BUY THE SHARES OF COMMON STOCK OF POKERTEK, INC. AS
INDICATED ABOVE, AND THIS OFFERING IS MADE ONLY TO THOSE INVESTORS WHO QUALIFY
AS “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(A) OF THE SECURITIES
ACT OF 1933, AS AMENDED.

    

    THE
SECURITIES SUBSCRIBED FOR BY THIS AGREEMENT ARE SUBJECT TO RESTRICTIONS ON
TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS
PERMITTED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND APPLICABLE STATE
SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM.

    

    THE
SECURITIES SUBSCRIBED FOR BY THIS AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF CERTAIN STATES AND
ARE BEING OFFERED AND SOLD IN RELIANCE ON EXEMPTIONS FROM THE REGISTRATION
REQUIREMENTS OF SAID ACT AND SUCH LAWS. THE SECURITIES SUBSCRIBED FOR BY THIS
AGREEMENT HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND EXCHANGE
COMMISSION, ANY STATE SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY, NOR
HAVE ANY OF THE FOREGOING AUTHORITIES PASSED UPON OR ENDORSED THE MERITS OF THE
SECURITIES OFFERED BY THE COMPANY. ANY REPRESENTATION TO THE CONTRARY IS
UNLAWFUL.

    

    PokerTek,
Inc.

    1150 Crews
Road, Suite F

    Matthews,
North Carolina 28105

    

    Ladies and
Gentlemen:

    

    The
undersigned (the “Subscriber”), desires to become a holder of 328,947 shares
(the “Shares”) of PokerTek, Inc., a corporation organized under the laws of the
state of North Carolina (the “Company”). Accordingly, the Subscriber hereby
agrees as follows:

    

    1.         
   Subscription. The
Subscriber hereby subscribes for and agrees to accept from the Company that
number of Shares set forth on the Signature Page attached to this Subscription
Agreement (the “Agreement”), in consideration of $0.76 per Share, or aggregate
consideration of $250,000.

    

    2. Purchase Procedure.
The Subscriber acknowledges that, in order to subscribe for Shares, he must, and
he does hereby, deliver to the Company:

    

    2.1           One
(1) executed counterpart of the Signature Page attached to this Agreement
together with appropriate notarization; and

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    2.2           A
wire transfer in the amount set forth on the Signature Page attached to this
Agreement sent to the bank account designated by PokerTek, Inc. and

    

    
      2.3          
An
executed copy of the Confidential Purchaser Questionnaire.

    

    

    3.        
    Representations of
Subscriber. By executing this Agreement, the Subscriber makes the
following representations, declarations and warranties to the Company, with the
intent and understanding that the Company will rely thereon:

    

    3.1           Such
Subscriber acknowledges that he has received, carefully read and understands in
their entirety (a) the Confidential Private Placement Memorandum, dated July 31,
2009, including the attachments thereto; (b) this Subscription Agreement and the
Confidential Investor Questionnaire; (c) all information necessary to verify the
accuracy and completeness of the Company’s representations, warranties and
covenants made herein; and (d) written (or verbal) answers to all questions the
Subscriber submitted to the Company regarding an investment in the Company; and
the Subscriber has relied on the information contained therein and has not been
furnished with any other documents, offering literature, memorandum or
prospectus.

    

    3.2           Such
Subscriber understands that the Shares being purchased hereunder have been
offered pursuant to Rule 506 of Regulation D under the Securities Act of 1933,
as amended (the “Act”), and pursuant to Section 4(6) under the Act.. Such
Subscriber represents that his or her purchase is for investment, solely for his
or her own account, and not with a view to the resale or further distribution of
such Shares.

    

    3.3           Such
Subscriber agrees not to sell or otherwise transfer the Subscriber’s Shares
unless and until they are subsequently registered under any applicable state
securities laws or unless an exemption from any such registration is
available.

    

    3.4 Such
Subscriber understands that an investment in the Shares involves substantial
risks and Subscriber recognizes and understands the risks relating to the
purchase of the Shares.

    

    3.5           Such
Subscriber has, either alone or together with the Subscriber’s Purchaser
Representative (as that term is defined in Regulation D under the Act), such
knowledge and experience in financial and business matters that the Subscriber
is capable of evaluating the merits and risks of an investment in the
Company.

    

    3.6           Such
Subscriber’s investment in the Company is reasonable in relation to his net
worth and financial needs and he is able to bear the economic risk of losing his
entire investment in the Shares.

    

    3.7           Such
Subscriber represents that (i) he has a net worth of at least $1,000,000, or
otherwise satisfies the definition of “accredited investor” as set forth in Rule
501(a) of Regulation D under the Act (“Regulation D”) (a copy of such definition
is set forth in the Investor Suitability Standards contained in this
Memorandum), as specifically disclosed by the undersigned Subscriber in the
Purchaser Questionnaire executed and delivered to the Company herewith and
incorporated by this reference, or (ii) meets the state suitability requirements
set forth herein of the state of his residence, and (iii) subscriber can afford
a total loss of his investment without substantially affecting his present
manner or mode of living.

    

    3.8           Such
Subscriber understands that (i) the Offering contemplated hereby has not been
reviewed by any federal or state governmental body or agency due in part to the
Company’s representations that it will comply with the provisions of Regulation
D; (ii) if required by the laws or regulations of said state(s) the offering
contemplated hereby will be submitted to the appropriate authorities of such
state(s) for registration or exemption therefrom; and (iii) the documents used
in connection with this Offering have not been reviewed or approved by any
regulatory agency or government department, nor has any such agency or
government department made any finding or determination as to the fairness of
the Shares for investment.

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
 

    3.9           Such
Subscriber is aware that the Shares have not been registered under the Act. The
Subscriber has adequate means of providing for the Subscriber’s current needs
and personal and family contingencies, has no need for liquidity in the
investment contemplated hereby, and is able to bear the risk of loss of his
entire investment.

    

    3.10         Such
Subscriber (i) is a citizen or resident of the United States of America, (ii) is
at least 21 years of age, (iii) has adequate means of providing for his current
needs and personal contingencies, (iv) has no need for liquidity in his
investment in the Shares, and (v) maintains his domicile (and is not a transient
or temporary resident) at the address shown below.

    

    3.11         All
information which the Subscriber has provided the Company concerning the
Subscriber, the Subscriber’s financial position and the Subscriber’s knowledge
of financial and business matters including, but not limited to, the information
set forth in the Purchaser Questionnaire, is correct and complete as of the date
hereof and as of the date of Closing, and if there should be any change in such
information prior to the Closing, the Subscriber will immediately provide the
Company with such new information. The Subscriber agrees that financial and
other information concerning the Subscriber may be disclosed by the Company to
any persons or entities that may enter into a transaction with the Company. The
Subscriber further agrees, if requested by the Company or its authorized
representative, to provide bank references or other confirming information
concerning the Subscriber’s financial information as may be reasonably requested
by the Company.

    

    3.12         Such
Subscriber represents that the Company has made available to him all information
which he deemed material to making an informed investment decision in connection
with his purchase of securities of the Company; that the Subscriber is in a
position regarding the Company, which, based upon employment, family
relationship or economic bargaining power, enabled and enables Subscriber to
obtain information from the Company in order to evaluate the merits and risks of
this investment; and that he has been represented by Counsel and been advised
concerning the risks and merits of this investment. Further, Subscriber
acknowledges that the Company has made available to him the opportunity to ask
questions of, and receive answers from the Company, its officers, directors and
other persons acting on its behalf, including: Mark D. Roberson, Acting Chief
Executive Officer, concerning the terms and conditions of his purchase
and to obtain any additional information, to the extent the Company possesses
such information or can acquire it without unreasonable effort or expense,
necessary to verify the accuracy of the information disclosed to Subscriber.
Further, Subscriber represents that no statement, printed material or inducement
was given or made by the Company or anyone on its behalf that is contrary to the
information disclosed to him.

    

    3.13         Such
Subscriber is familiar with the nature and extent of the risks inherent in
investments in unregistered securities and in the business in which the Company
is engaged and intends to engage and has determined, either personally or in
consultation with the Subscriber’s Purchaser Representative or attorney, that an
investment in the Company is consistent with the Subscriber’s investment
objectives and income prospects.

    

    3.14         Such
Subscriber acknowledges that the Company has made available to him, at a
reasonable time prior to his purchase of the Shares, the opportunity to ask
questions of, and receive answers from, the Company concerning the terms and
conditions of the offering and to obtain any information, to the extent that the
Company possesses such information or can acquire it without unreasonable effort
or expense, which is necessary to verify the accuracy of the information given
to him or otherwise to make an informed investment decision.

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    3.15         Such
Subscriber acknowledges that the Company has the unconditional right to accept
or reject this subscription, in whole or in part. The Company will notify the
Subscriber whether this subscription is accepted or rejected. If such
subscription is rejected, payment will be returned to the
Subscriber.

    

    3.16         If
the Subscriber is a corporation, trust, partnership or other entity that is not
an individual person, it has been formed and validly exists and has not been
organized for the specific purpose of purchasing the Shares and is not
prohibited from doing so.

    

    3.17         If
the Subscriber is purchasing the Shares in a fiduciary capacity for another
person or entity, including without limitation a corporation, partnership, trust
or any other entity, the Subscriber has been duly authorized and empowered to
execute this Subscription Agreement and all other subscription documents, and
such other person fulfills all the requirements for purchase of the Shares as
such requirements are set forth herein, concurs in the purchase of the Shares
and agrees to be bound by the obligations, representations, warranties and
covenants contained herein. Upon request of the Company, the Subscriber will
provide true, complete and current copies of all relevant documents creating the
Subscriber, authorizing its investment in the Company and/or evidencing the
satisfaction of the foregoing.

    

    4.           
 Indemnification.
Subscriber hereby agrees to indemnify and hold harmless the Company and the
Company’s officers, directors, employees, agents and affiliates from and against
any and all damages, losses, costs, liabilities and expenses (including, without
limitation, reasonable attorneys’ fees) which they, or any of them, may incur by
reason of the Subscriber’s failure to fulfill any of the terms and conditions of
this Agreement or by reason of the Subscriber’s breach of any of his
representations and warranties contained herein. This Agreement and the
representations and warranties contained herein shall be binding upon the
Subscriber’s heirs, executors, administrators, representatives, successors and
assigns.

    

    THE
COMPANY HAS BEEN ADVISED THAT THE INDEMNIFICATION OF THE COMPANY, ITS OFFICERS,
DIRECTORS, EMPLOYEES, AGENTS AND AFFILIATES FOR VIOLATIONS OF STATE OR FEDERAL
SECURITIES LAWS IS VOID AS AGAINST PUBLIC POLICY AND THEREFORE
UNENFORCEABLE.

    

    5.           
 Arbitration
Agreement.

    

    5.1           Subscriber
represents, warrants and covenants that any controversy or claim brought
directly, derivatively or in a representative capacity by him in his capacity as
a present or former security holder, whether against the Company, in the name of
the Company or otherwise, arising out of or relating to any acts or omissions of
the Company, or any security holder or any of their officers, directors, agents,
affiliates, associates, employees or controlling persons (including without
limitation any controversy or claim relating to a purchase or sale of the Note)
shall be settled by arbitration under the Federal Arbitration Act in accordance
with the commercial arbitration rules of the American Arbitration Association
(“AAA”) and judgment upon the award rendered by the arbitrators may be entered
in any court having jurisdiction thereof. Any controversy or claim brought by
the Company against the Subscriber, whether in his capacity as present or former
security holder of the Company in or against any of the Subscriber’s officers,
directors, agents, affiliates, associates, employees or controlling persons
shall also be settled by arbitration under the Federal Arbitration Act in
accordance with the commercial arbitration rules of the AAA and judgment
rendered by the arbitrators may be entered in any court having jurisdiction
thereof. In arbitration proceedings under this Paragraph 5, the parties shall be
entitled to any and all remedies that would be available in the absence of this
Paragraph 5 and the arbitrators, in rendering their decision, shall follow the
substantive laws that would otherwise be applicable. This Paragraph 5 shall
apply, without limitation, to actions arising in connection with the offer and
sale of the Notes contemplated by this Agreement under any Federal or state
securities laws.

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    5.2           The
arbitration of any dispute pursuant to this Paragraph 5 shall be held in
Charlotte, North Carolina, where the principal business of the Company is
located or in such other location as the Company designates.

    

    5.3           Notwithstanding
the foregoing in order to preserve the status quo pending the resolution by
arbitration of a claim seeking relief of an injunctive or equitable nature, any
party, upon submitting a matter to arbitration as required by this Paragraph 5,
may simultaneously or thereafter seek a temporary restraining order or
preliminary injunction from a court of competent jurisdiction pending the
outcome of the arbitration.

    

    5.4           This
Paragraph 5 is intended to benefit the security holders, agents, affiliates,
associates, employees and controlling persons of the Company, each of whom shall
be deemed to be a third party beneficiary of this Paragraph 5, and each of whom
may enforce this Paragraph 5 to the full extent that the Company could do so if
a controversy or claim were brought against it.

    

    5.5           Subscriber
acknowledges that this Paragraph 5 limits a number of Subscriber’s rights,
including without limitation (i) the right to have claims resolved in a court of
law and before a jury; (ii) certain discovery rights; and (iii) the right to
appeal any decision.

    

    6.         
   Applicable Law. This
Agreement shall be construed in accordance with and governed by the laws
applicable to contracts made and wholly performed in the State of North
Carolina.

    

    7.        
    Execution in
Counterparts. This Subscription Agreement may be executed in one or more
counterparts.

    

    8.         
   Persons Bound. This
Subscription Agreement shall, except as otherwise provided herein, inure to the
benefit of and be binding on the Company and its successors and assigns and on
each Subscriber and his respective heirs, executors, administrators, successors
and assigns.

    

    9.      
      Entire Agreement.
This Subscription Agreement, when accepted by the Company, will constitute the
entire agreement among the parties hereto with respect to the subject matter
hereof and supersedes all prior and contemporaneous agreements and
understandings, inducements or conditions, express or implied, oral or written,
except as herein contained. This Subscription Agreement may not be modified,
changed, waived or terminated other than by a writing executed by all the
parties hereto. No course of conduct or dealing shall be construed to modify,
amend or otherwise affect any of the provisions hereof.

    

    10.           Assignability. The
Subscriber acknowledges that he may not assign any of his rights to or interest
in or under this Agreement without the prior written consent of the Company, and
any attempted assignment without such consent shall be void and without
effect.

    

    11.           Notices. Any notice
or other communication required or permitted hereunder shall be in writing and
shall be delivered personally, telegraphed, telexed, sent by facsimile
transmission or sent by certified, registered or express mail, postage prepaid,
to the address of each party set forth herein. Any such notice shall be deemed
given when delivered personally, telegraphed, telexed or sent by facsimile
transmission or, if mailed, three days after the date of deposit in the United
States mails.

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    12.           Interpretation.

    

    12.1         When
the context in which words are used in this Agreement indicates that such is the
intent, singular words shall include the plural, and vice versa, and masculine
words shall include the feminine and neuter genders, and vice
versa.

    

    12.2         Captions
are inserted for convenience only, are not a part of this Agreement, and shall
not be used in the interpretation of this Agreement.

    

    13.           CERTIFICATION. THE SUBSCRIBER CERTIFIES THAT HE HAS
READ THIS ENTIRE SUBSCRIPTION AGREEMENT AND THAT EVERY STATEMENT MADE BY THE
SUBSCRIBER HEREIN IS TRUE AND COMPLETE.

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    SUBSCRIBER
SIGNATURE PAGE

    

    The
undersigned, desiring to subscribe for the number of Shares of PokerTek, Inc.
(the “Company”) as is set forth below, acknowledges that he has received and
understands the terms and conditions of the Subscription Agreement attached
hereto and that he does hereby agree to all the terms and conditions contained
therein.

    

    IN WITNESS WHEREOF, the
undersigned has hereby executed this Subscription Agreement as of the date set
forth below.

    

    (PLEASE
PRINT OR TYPE)

    

    
      
        
          	
                  Number
      of Shares:

                	
                  328,947

                	 
	 
      	 
      	 
	
                  Total
      Amount of Subscription:

                	
                  $250,000

                	 
	 
      	 
      	 
	
                  Exact
      name(s) of Subscriber(s):

                	
                  Lyle
      A Berman IRA

                	 
	 
      	 
      	 
	
                  Signature
      of Subscriber(s)*:

                	 
      	 
	 
      	
                  /s/ Lyle A. Berman

                	 
	 
      	
                  (Signature)

                	 
	 
      	 
      	 
	
                   

                	
                  Lyle A. Berman

                	 
	
                   

                	
                  (Type
      or Print Name)

                	 
	 
      	 
      	 
	
                  Date:   August
      27, 2009

                	 
      	 

        

      

    

     

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    ACCEPTANCE
OF SUBSCRIPTION

    

    I, Mark D.
Roberson, Acting Chief Executive Officer of PokerTek, Inc. for and on behalf of
the Company, hereby accept the subscription of Lyle A. Berman IRA to purchase
328,947 Shares of PokerTek, Inc. for the aggregate consideration of $250,000
this 27th day of August, 2009.

    

    PokerTek,
Inc.

    

    

    /s/ Mark D.
Roberson 

    Mark D.
Roberson, Acting
Chief Executive Officer

    
 

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    SUBSCRIPTION
AGREEMENT

    

    [For
Purchase of Shares of Common Stock]

    

    

    THIS
CONFIDENTIAL PRIVATE PLACEMENT MEMORANDUM CONSTITUTES AN OFFER TO SELL OR A
SOLICITATION OF AN OFFER TO BUY THE SHARES OF COMMON STOCK OF POKERTEK, INC. AS
INDICATED ABOVE, AND THIS OFFERING IS MADE ONLY TO THOSE INVESTORS WHO QUALIFY
AS “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(A) OF THE SECURITIES
ACT OF 1933, AS AMENDED.

    

    THE
SECURITIES SUBSCRIBED FOR BY THIS AGREEMENT ARE SUBJECT TO RESTRICTIONS ON
TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS
PERMITTED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND APPLICABLE STATE
SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM.

    

    THE
SECURITIES SUBSCRIBED FOR BY THIS AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF CERTAIN STATES AND
ARE BEING OFFERED AND SOLD IN RELIANCE ON EXEMPTIONS FROM THE REGISTRATION
REQUIREMENTS OF SAID ACT AND SUCH LAWS. THE SECURITIES SUBSCRIBED FOR BY THIS
AGREEMENT HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND EXCHANGE
COMMISSION, ANY STATE SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY, NOR
HAVE ANY OF THE FOREGOING AUTHORITIES PASSED UPON OR ENDORSED THE MERITS OF THE
SECURITIES OFFERED BY THE COMPANY. ANY REPRESENTATION TO THE CONTRARY IS
UNLAWFUL.

    

    PokerTek,
Inc.

    1150 Crews
Road, Suite F

    Matthews,
North Carolina 28105

    

    Ladies and
Gentlemen:

    

    The
undersigned (the “Subscriber”), desires to become a holder of 357,143 shares
(the “Shares”) of PokerTek, Inc., a corporation organized under the laws of the
state of North Carolina (the “Company”). Accordingly, the Subscriber hereby
agrees as follows:

    

    1.         
   Subscription. The
Subscriber hereby subscribes for and agrees to accept from the Company that
number of Shares set forth on the Signature Page attached to this Subscription
Agreement (the “Agreement”), in consideration of $0.70 per Share, or aggregate
consideration of $250,000.

    

    3. Purchase Procedure.
The Subscriber acknowledges that, in order to subscribe for Shares, he must, and
he does hereby, deliver to the Company:

    

    2.1           One
(1) executed counterpart of the Signature Page attached to this Agreement
together with appropriate notarization; and

    

    2.2           A
wire transfer in the amount set forth on the Signature Page attached to this
Agreement sent to the bank account designated by PokerTek, Inc. and

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      3.3          
An
executed copy of the Confidential Purchaser Questionnaire.

    

    

    3.      
      Representations of
Subscriber. By executing this Agreement, the Subscriber makes the
following representations, declarations and warranties to the Company, with the
intent and understanding that the Company will rely thereon:

    

    3.1           Such
Subscriber acknowledges that he has received, carefully read and understands in
their entirety (a) the Confidential Private Placement Memorandum, dated July 31,
2009, including the attachments thereto; (b) this Subscription Agreement and the
Confidential Investor Questionnaire; (c) all information necessary to verify the
accuracy and completeness of the Company’s representations, warranties and
covenants made herein; and (d) written (or verbal) answers to all questions the
Subscriber submitted to the Company regarding an investment in the Company; and
the Subscriber has relied on the information contained therein and has not been
furnished with any other documents, offering literature, memorandum or
prospectus.

    

    3.2           Such
Subscriber understands that the Shares being purchased hereunder have been
offered pursuant to Rule 506 of Regulation D under the Securities Act of 1933,
as amended (the “Act”), and pursuant to Section 4(6) under the Act.. Such
Subscriber represents that his or her purchase is for investment, solely for his
or her own account, and not with a view to the resale or further distribution of
such Shares.

    

    3.3           Such
Subscriber agrees not to sell or otherwise transfer the Subscriber’s Shares
unless and until they are subsequently registered under any applicable state
securities laws or unless an exemption from any such registration is
available.

    

    3.5 Such
Subscriber understands that an investment in the Shares involves substantial
risks and Subscriber recognizes and understands the risks relating to the
purchase of the Shares.

    

    3.5           Such
Subscriber has, either alone or together with the Subscriber’s Purchaser
Representative (as that term is defined in Regulation D under the Act), such
knowledge and experience in financial and business matters that the Subscriber
is capable of evaluating the merits and risks of an investment in the
Company.

    

    3.6           Such
Subscriber’s investment in the Company is reasonable in relation to his net
worth and financial needs and he is able to bear the economic risk of losing his
entire investment in the Shares.

    

    3.7           Such
Subscriber represents that (i) he has a net worth of at least $1,000,000, or
otherwise satisfies the definition of “accredited investor” as set forth in Rule
501(a) of Regulation D under the Act (“Regulation D”) (a copy of such definition
is set forth in the Investor Suitability Standards contained in this
Memorandum), as specifically disclosed by the undersigned Subscriber in the
Purchaser Questionnaire executed and delivered to the Company herewith and
incorporated by this reference, or (ii) meets the state suitability requirements
set forth herein of the state of his residence, and (iii) subscriber can afford
a total loss of his investment without substantially affecting his present
manner or mode of living.

    

    3.8           Such
Subscriber understands that (i) the Offering contemplated hereby has not been
reviewed by any federal or state governmental body or agency due in part to the
Company’s representations that it will comply with the provisions of Regulation
D; (ii) if required by the laws or regulations of said state(s) the offering
contemplated hereby will be submitted to the appropriate authorities of such
state(s) for registration or exemption therefrom; and (iii) the documents used
in connection with this Offering have not been reviewed or approved by any
regulatory agency or government department, nor has any such agency or
government department made any finding or determination as to the fairness of
the Shares for investment.

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    3.9           Such
Subscriber is aware that the Shares have not been registered under the Act. The
Subscriber has adequate means of providing for the Subscriber’s current needs
and personal and family contingencies, has no need for liquidity in the
investment contemplated hereby, and is able to bear the risk of loss of his
entire investment.

    

    3.10         Such
Subscriber (i) is a citizen or resident of the United States of America, (ii) is
at least 21 years of age, (iii) has adequate means of providing for his current
needs and personal contingencies, (iv) has no need for liquidity in his
investment in the Shares, and (v) maintains his domicile (and is not a transient
or temporary resident) at the address shown below.

    

    3.11         All
information which the Subscriber has provided the Company concerning the
Subscriber, the Subscriber’s financial position and the Subscriber’s knowledge
of financial and business matters including, but not limited to, the information
set forth in the Purchaser Questionnaire, is correct and complete as of the date
hereof and as of the date of Closing, and if there should be any change in such
information prior to the Closing, the Subscriber will immediately provide the
Company with such new information. The Subscriber agrees that financial and
other information concerning the Subscriber may be disclosed by the Company to
any persons or entities that may enter into a transaction with the Company. The
Subscriber further agrees, if requested by the Company or its authorized
representative, to provide bank references or other confirming information
concerning the Subscriber’s financial information as may be reasonably requested
by the Company.

    

    3.12         Such
Subscriber represents that the Company has made available to him all information
which he deemed material to making an informed investment decision in connection
with his purchase of securities of the Company; that the Subscriber is in a
position regarding the Company, which, based upon employment, family
relationship or economic bargaining power, enabled and enables Subscriber to
obtain information from the Company in order to evaluate the merits and risks of
this investment; and that he has been represented by Counsel and been advised
concerning the risks and merits of this investment. Further, Subscriber
acknowledges that the Company has made available to him the opportunity to ask
questions of, and receive answers from the Company, its officers, directors and
other persons acting on its behalf, including: Mark D. Roberson, Acting Chief
Executive Officer, concerning the terms and conditions of his purchase
and to obtain any additional information, to the extent the Company possesses
such information or can acquire it without unreasonable effort or expense,
necessary to verify the accuracy of the information disclosed to Subscriber.
Further, Subscriber represents that no statement, printed material or inducement
was given or made by the Company or anyone on its behalf that is contrary to the
information disclosed to him.

    

    3.13         Such
Subscriber is familiar with the nature and extent of the risks inherent in
investments in unregistered securities and in the business in which the Company
is engaged and intends to engage and has determined, either personally or in
consultation with the Subscriber’s Purchaser Representative or attorney, that an
investment in the Company is consistent with the Subscriber’s investment
objectives and income prospects.

    

    3.14         Such
Subscriber acknowledges that the Company has made available to

    him, at a
reasonable time prior to his purchase of the Shares, the opportunity to ask
questions of, and receive answers from, the Company concerning the terms and
conditions of the offering and to obtain any information, to the extent that the
Company possesses such information or can acquire it without unreasonable effort
or expense, which is necessary to verify the accuracy of the information given
to him or otherwise to make an informed investment decision.

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    3.15         Such
Subscriber acknowledges that the Company has the unconditional right to accept
or reject this subscription, in whole or in part. The Company will notify the
Subscriber whether this subscription is accepted or rejected. If such
subscription is rejected, payment will be returned to the
Subscriber.

     

    3.16         If
the Subscriber is a corporation, trust, partnership or other entity that is not
an individual person, it has been formed and validly exists and has not been
organized for the specific purpose of purchasing the Shares and is not
prohibited from doing so.

    

    3.17         If
the Subscriber is purchasing the Shares in a fiduciary capacity for another
person or entity, including without limitation a corporation, partnership, trust
or any other entity, the Subscriber has been duly authorized and empowered to
execute this Subscription Agreement and all other subscription documents, and
such other person fulfills all the requirements for purchase of the Shares as
such requirements are set forth herein, concurs in the purchase of the Shares
and agrees to be bound by the obligations, representations, warranties and
covenants contained herein. Upon request of the Company, the Subscriber will
provide true, complete and current copies of all relevant documents creating the
Subscriber, authorizing its investment in the Company and/or evidencing the
satisfaction of the foregoing.

    

    4.           
 Indemnification.
Subscriber hereby agrees to indemnify and hold harmless the Company and the
Company’s officers, directors, employees, agents and affiliates from and against
any and all damages, losses, costs, liabilities and expenses (including, without
limitation, reasonable attorneys’ fees) which they, or any of them, may incur by
reason of the Subscriber’s failure to fulfill any of the terms and conditions of
this Agreement or by reason of the Subscriber’s breach of any of his
representations and warranties contained herein. This Agreement and the
representations and warranties contained herein shall be binding upon the
Subscriber’s heirs, executors, administrators, representatives, successors and
assigns.

    

    THE
COMPANY HAS BEEN ADVISED THAT THE INDEMNIFICATION OF THE COMPANY, ITS OFFICERS,
DIRECTORS, EMPLOYEES, AGENTS AND AFFILIATES FOR VIOLATIONS OF STATE OR FEDERAL
SECURITIES LAWS IS VOID AS AGAINST PUBLIC POLICY AND THEREFORE
UNENFORCEABLE.

    

    5.        
    Arbitration
Agreement.

    

    5.1           Subscriber
represents, warrants and covenants that any controversy or claim brought
directly, derivatively or in a representative capacity by him in his capacity as
a present or former security holder, whether against the Company, in the name of
the Company or otherwise, arising out of or relating to any acts or omissions of
the Company, or any security holder or any of their officers, directors, agents,
affiliates, associates, employees or controlling persons (including without
limitation any controversy or claim relating to a purchase or sale of the Note)
shall be settled by arbitration under the Federal Arbitration Act in accordance
with the commercial arbitration rules of the American Arbitration Association
(“AAA”) and judgment upon the award rendered by the arbitrators may be entered
in any court having jurisdiction thereof. Any controversy or claim brought by
the Company against the Subscriber, whether in his capacity as present or former
security holder of the Company in or against any of the Subscriber’s officers,
directors, agents, affiliates, associates, employees or controlling persons
shall also be settled by arbitration under the Federal Arbitration Act in
accordance with the commercial arbitration rules of the AAA and judgment
rendered by the arbitrators may be entered in any court having jurisdiction
thereof. In arbitration proceedings under this Paragraph 5, the parties shall be
entitled to any and all remedies that would be available in the absence of this
Paragraph 5 and the arbitrators, in rendering their decision, shall follow the
substantive laws that would otherwise be applicable. This Paragraph 5 shall
apply, without limitation, to actions arising in connection with the offer and
sale of the Notes contemplated by this Agreement under any Federal or state
securities laws.

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    5.2           The
arbitration of any dispute pursuant to this Paragraph 5 shall be held in
Charlotte, North Carolina, where the principal business of the Company is
located or in such other location as the Company designates.

    

    5.3           Notwithstanding
the foregoing in order to preserve the status quo pending the resolution by
arbitration of a claim seeking relief of an injunctive or equitable nature, any
party, upon submitting a matter to arbitration as required by this Paragraph 5,
may simultaneously or thereafter seek a temporary restraining order or
preliminary injunction from a court of competent jurisdiction pending the
outcome of the arbitration.

    

    5.4           This
Paragraph 5 is intended to benefit the security holders, agents, affiliates,
associates, employees and controlling persons of the Company, each of whom shall
be deemed to be a third party beneficiary of this Paragraph 5, and each of whom
may enforce this Paragraph 5 to the full extent that the Company could do so if
a controversy or claim were brought against it.

    

    5.5           Subscriber
acknowledges that this Paragraph 5 limits a number of Subscriber’s rights,
including without limitation (i) the right to have claims resolved in a court of
law and before a jury; (ii) certain discovery rights; and (iii) the right to
appeal any decision.

    

    6.       
     Applicable Law. This
Agreement shall be construed in accordance with and governed by the laws
applicable to contracts made and wholly performed in the State of North
Carolina.

    

    7.          
  Execution
in Counterparts. This Subscription Agreement may be executed in one or
more counterparts.

    

    8.       
     Persons Bound. This
Subscription Agreement shall, except as otherwise provided herein, inure to the
benefit of and be binding on the Company and its successors and assigns and on
each Subscriber and his respective heirs, executors, administrators, successors
and assigns.

    

    9.         
   Entire Agreement.
This Subscription Agreement, when accepted by the Company, will constitute the
entire agreement among the parties hereto with respect to the subject matter
hereof and supersedes all prior and contemporaneous agreements and
understandings, inducements or conditions, express or implied, oral or written,
except as herein contained. This Subscription Agreement may not be modified,
changed, waived or terminated other than by a writing executed by all the
parties hereto. No course of conduct or dealing shall be construed to modify,
amend or otherwise affect any of the provisions hereof.

    

    10.           Assignability. The
Subscriber acknowledges that he may not assign any of his rights to or interest
in or under this Agreement without the prior written consent of the Company, and
any attempted assignment without such consent shall be void and without
effect.

    

    11.           Notices. Any notice
or other communication required or permitted hereunder shall be in writing and
shall be delivered personally, telegraphed, telexed, sent by facsimile
transmission or sent by certified, registered or express mail, postage prepaid,
to the address of each party set forth herein. Any such notice shall be deemed
given when delivered personally, telegraphed, telexed or sent by facsimile
transmission or, if mailed, three days after the date of deposit in the United
States mails.

    
 

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    12.           Interpretation.

    

    12.1         When
the context in which words are used in this Agreement indicates that such is the
intent, singular words shall include the plural, and vice versa, and masculine
words shall include the feminine and neuter genders, and vice
versa.

    

    12.2         Captions
are inserted for convenience only, are not a part of this Agreement, and shall
not be used in the interpretation of this Agreement.

    

    13.           CERTIFICATION. THE SUBSCRIBER CERTIFIES THAT HE HAS
READ THIS ENTIRE SUBSCRIPTION AGREEMENT AND THAT EVERY STATEMENT MADE BY THE
SUBSCRIBER HEREIN IS TRUE AND COMPLETE.

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    SUBSCRIBER
SIGNATURE PAGE

    

    The
undersigned, desiring to subscribe for the number of Shares of PokerTek, Inc.
(the “Company”) as is set forth below, acknowledges that he has received and
understands the terms and conditions of the Subscription Agreement attached
hereto and that he does hereby agree to all the terms and conditions contained
therein.

    

    IN WITNESS WHEREOF, the
undersigned has hereby executed this Subscription Agreement as of the date set
forth below.

    

    (PLEASE
PRINT OR TYPE)

    

    
      
        	
                Number
      of Shares:

              	
                357,143

              	 
	 
      	 
      	 
	
                Total
      Amount of Subscription:

              	
                $250,000

              	 
	 
      	 
      	 
	
                Exact
      name(s) of Subscriber(s):

              	
                Morris
      Goldfarb & Arlene Goldfarb JTWROS

              	 
	 
      	 
      	 
	
                Signature
      of Subscriber(s)*:

              	 
      	 
	 
      	
                /s/ Morris Goldfarb

              	 
	 
      	
                /s/ Arlene Goldfarb

              	 
	 
      	
                (Signature)

              	 
	 
      	 
      	 
	
                 

              	
                Morris Goldfarb

              	 
	
                 

              	
                Arlene Goldfarb

              	 
	
                 

              	
                (Type
      or Print Name)

              	 
	 
      	 
      	 
	
                Date:   August
      27, 2009

              	 
      	 

      

    

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    ACCEPTANCE
OF SUBSCRIPTION

    

    I, Mark D.
Roberson, Acting Chief Executive Officer of PokerTek, Inc. for and on behalf of
the Company, hereby accept the subscription of Morris Goldfarb and Arlene
Goldfarb JTWROS to purchase 357,143 Shares of PokerTek, Inc. for the aggregate
consideration of $250,000 this 27th day of August, 2009.

    

    PokerTek,
Inc.

    

    

    /s/ Mark D.
Roberson 

    Mark D.
Roberson, Acting
Chief Executive Officera6098196ex10-4.htm

    Exhibit
10.4

    

    STOCK
PURCHASE AGREEMENT

    

    

    This Stock
Purchase Agreement (the "Agreement") dated as of the 28th day of
September,  2009, is by and between PokerTek, Inc., a North Carolina
corporation (the “Seller”) and ICP Electronics, Inc., a corporation organized
and existing under the laws of Taiwan (hereinafter referred to as the
“Purchaser”), all of whom execute and deliver this Agreement based on the
following:

     
 

    Recitals:

    

    WHEREAS, the Seller desires to issue
to Purchaser a certain number of shares of common stock, no par value (the
“Common Stock”) of Seller (the “Shares”) at the price agreed upon herein in
payment for product and services rendered or to be rendered.

    

    WHEREAS,
it is the intention of the parties that the Purchaser never owns more than 5% of
the issued and outstanding shares of Common Stock of Seller;

    

    WHEREAS,
there were 13,741,432 issued and outstanding shares of Common Stock as of
September 25, 2009 including shares being issued in connection with the
Company’s Private Placement and Debt Conversion transactions having taken place
in September 2009.;

    

    WHEREAS,
the respective parties deem the purchase of the Shares to be mutually
desirable;

    

    NOW
THEREFORE, in consideration of the premises and the mutual agreements and
covenants herein contained, and for the purpose of prescribing the terms and
conditions of such purchase, the mode of carrying it into effect, and such other
details and provisions as are necessary or desirable, the parties hereto hereby
represent, warrant, covenant and agree as follows:

    

    ARTICLE
I

    PURCHASE
AND SALE OF THE SHARES; CLOSING

    

    1.01           Purchase
and Sale of the Shares.

    Subject to
the further conditions of this Agreement and the accuracy of the representations
and warranties contained herein, on the Closing Date (as defined below) (a)
Purchaser agrees to purchase from Seller, and Seller agrees to issue and sell to
the Purchaser, the Shares.  The Shares will at no time represent more
than 5.0% of the issued and outstanding shares of Common Stock of the
Seller.

    

    
      1.02          
Consideration.

    

    As
mentioned above, the purchase price for the Shares shall represent payment for
goods and services rendered or to be rendered.

    

    
      1.03          
The
Closing

    

    The
parties agree that the Consideration and the corresponding number of the Shares
delivered by the Seller shall be non-refundable.  In the event that
the Closing (as hereafter defined) does not occur prior to September 30, 2009,
any party may terminate this Agreement upon notice to the other parties, in
which event the parties shall have no further obligations to each
other.  In the event of termination, each party shall bear its own
costs. The closing of the transactions contemplated by this Agreement (the
“Closing”) shall occur on September 18, 2009 (the “Closing Date”) at the offices
of Martin & Pritchett, P.A., 17115 Kenton Drive, Suite 202A, Cornelius,
North Carolina, or at such other location as may be agreed to by the
parties.

    
 

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    ARTICLE
II

    REPRESENTATIONS
AND WARRANTIES OF SELLER

    

    The Seller
hereby represents and warrants to the Purchaser, as follows:

    

    2.01           Organization.

    Seller is,
and will be at the Closing, a corporation duly organized, validly existing, and
in good standing under the laws of the State of North Carolina and has the
corporate power and is and will be duly authorized, qualified, franchised, and
licensed under all applicable laws, regulations, ordinances, and orders of
public authorities to own all of its properties and assets and to carry on its
business in all material respects as it is now being conducted, and there are no
other jurisdictions in which it is not so qualified in which the character and
location of the assets owned by it or the nature of the material business
transacted by it requires qualification, except where failure to do so would not
have a material adverse effect on its business, operations, properties, assets
or condition.  The execution and delivery of this Agreement does not,
and the consummation of the transactions contemplated by this Agreement in
accordance with the terms hereof will not, violate any provision of Seller’s
Articles of Incorporation or Bylaws, or other agreement to which it is a party
or by which it is bound.

    

    2.02           Approval
of Agreement; Enforceability.

    Seller has
full power, authority, and legal right and has taken, or will take, all action
required by law, its Articles of Incorporation, Bylaws, and otherwise to execute
and deliver this Agreement and to consummate the transactions herein
contemplated.  The board of directors of Seller has authorized and
approved the execution, delivery, and performance of this
Agreement.  This Agreement, when delivered in accordance with the
terms hereof, will constitute the valid and binding obligation of the Seller in
accordance with its terms, except as such enforceability may be limited by
general principles of equity or applicable bankruptcy, insolvency,
reorganization, moratorium, liquidation or similar laws relating to, or
affecting generally, the enforcement of creditors’ rights and
remedies.

    

    2.03           Capitalization.

    The
authorized capitalization of Seller consists of 100,000,000 shares of common
stock, no par value, of which 13,762,886 issued and outstanding shares of Common
Stock as of September 25, 2009 including shares being issued in connection with
the Company’s Private Placement and Debt Conversion transactions having taken
place in September 2009.  There are also 5,000,000 authorized shares
of preferred stock, no par value, and no shares of preferred stock are issued
and outstanding. All of the outstanding shares of Seller are duly authorized,
validly issued, fully paid and non-assessable and not issued in violation of the
preemptive or other right of any person.  There are no dividends due,
to be paid or in arrears with respect to any of the capital stock of
Company.

    

    2.04           Financial
Statements.

    (i)  Seller
has previously delivered to the Purchaser an audited balance sheet of Seller as
of December 31, 2008, and the related statements of operations, stockholders’
equity (deficit), and cash flows for the fiscal year ended December 31, 2008,
including the notes thereto, and an unaudited balance sheet of Seller as of June
30 , 2009, and the related statements of operations, stockholders’ equity
(deficit), and cash flows for the quarter ended June 30, 2009, including the
notes thereto (collectively, the “Seller Financial Statements”).

     

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    (ii)  The
Seller Financial Statements delivered pursuant to Section 2.04(i) have been
prepared in accordance with generally accepted accounting principles
consistently applied throughout the periods involved as explained in the notes
to such financial statements. The Seller Financial Statements present fairly, in
all material respects, as of the Closing Date, the financial position of Seller.
Seller will not have, as of the Closing Date, any liabilities, obligations or
claims against it (absolute or contingent), and all assets reflected on the
Seller Financial Statements present fairly the assets of Seller in accordance
with generally accepted accounting principles.

    

    (iii)  Seller
has filed or will file on or prior to the Closing Date its tax returns required
to be filed for its two most recent fiscal years and will pay all taxes due
thereon.  All such returns and reports are accurate and correct in all
material respects.  Seller has no liabilities with respect to the
payment of any federal, state, county, local, or other taxes (including any
deficiencies, interest, or penalties) accrued for or applicable to the period
ended on the Closing Date and all such dates and years and periods prior thereto
and for which Seller may at said date have been liable in its own right or as
transferee of the assets of, or as successor to, any other corporation or
entity, except for taxes accrued but not yet due and payable, and to the best
knowledge of Seller, no deficiency assessment or proposed adjustment of any such
tax return is pending, proposed or contemplated.  None of such income
tax returns has been examined or is currently being examined by the Internal
Revenue Service and no deficiency assessment or proposed adjustment of any such
return is pending, proposed or contemplated.  Seller has not made any
election pursuant to the provisions of any applicable tax laws (other than
elections that relate solely to methods of accounting, depreciation, or
amortization) that would have a material adverse affect on Seller, its financial
condition, its business as presently conducted or proposed to be conducted, or
any of its respective properties or material assets. There are no outstanding
agreements or waivers extending the statutory period of limitation applicable to
any tax return of Seller.

    

    2.05           Information.

    The
information concerning Seller set forth in this Agreement is complete and
accurate in all respects and does not contain any untrue statement of a fact or
omit to state a fact required to make the statements made, in light of the
circumstances under which they were made, not misleading.  Seller
shall cause the information delivered by it pursuant hereto to the Purchaser to
be updated after the date hereof up to and including the Closing
Date.

    

    2.06           Absence
of Certain Changes or Events.

    Except as
set forth in this Agreement, since the date of the most recent Seller balance
sheet described in Section 2.04 and included in the information referred to in
Section 2.05:

    

    (a)  There
has not been: (i) any adverse change in the business, operations, properties,
level of inventory, assets, or condition of Seller; or (ii) any damage,
destruction, or loss to Seller (whether or not covered by insurance) adversely
affecting the business, operations, properties, assets, or conditions of
Seller;

    

    (b)  Seller
has not: (i) amended its Articles of Incorporation or Bylaws; (ii) declared or
made, or agreed to declare or make, any payment of dividends or distributions of
any assets of any kind whatsoever to stockholders or purchased or redeemed, or
agreed to purchase or redeem, any of its capital stock; (iii) waived any rights
of value which in the aggregate are extraordinary or material considering the
business of Seller; (iv) made any material change in its method of management,
operation, or accounting; (v) entered into any other material transactions; (vi)
made any accrual or arrangement for or payment of bonuses or special
compensation of any kind or any severance or termination pay to any present or
former officer or employee; (vii) increased the rate of compensation payable or
to become payable by it to any of its officers or directors or any of its
employees whose monthly compensation exceeds $1,000; or (viii) made any increase
in any profit-sharing, bonus, deferred compensation, insurance, pension,
retirement, or other employee benefit plan, payment, or arrangement made to,
for, or with its officers, directors, or employees;

     

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    (c)  Seller
has not: (i) granted or agreed to grant any options, warrants, or other rights
for its stocks, bonds, or other corporate securities calling for the issuance
thereof,  except  for employee stock options which have been
granted during September 2009; (ii) borrowed or agreed to borrow any funds or
incurred, or become subject to, any material obligation or liability (absolute
or contingent) except liabilities incurred in the ordinary course of business
and loans from its officers for the purpose of paying its costs of operation;
(iii) paid any material obligation or liability (absolute or contingent) other
than current liabilities reflected in or shown on the most recent Seller balance
sheet and current liabilities incurred since that date in the ordinary course of
business; (iv) sold or transferred, or agreed to sell or transfer, any of its
material assets, properties, or rights (except assets, properties, or rights not
used or useful in its business which, in the aggregate have a value of less than
$5,000 or canceled, or agreed to cancel, any debts or claims (except debts and
claims which in the aggregate are of a value of less than $5,000); (v) made or
permitted any amendment or termination of any contract, agreement, or license to
which it is a party if such amendment or termination is material, considering
the business of Seller; or (vi) issued, delivered, or agreed to issue or deliver
any stock, bonds, or other corporate securities including debentures (whether
authorized and unissued or held as treasury stock) except in connection with the
share exchange agreement to be entered into with the Purchaser and its
affiliates, and Seller and its affiliate.

    

    (d)  Seller
has not become subject to any law, order, investigation, inquiry, grievance or
regulation which materially and adversely affects, or in the future would be
reasonably expected to adversely affect, the business, operations, properties,
assets, or condition of Seller.

    

    2.07           Litigation
and Proceedings.

    There are
no material actions, suits, claims, or administrative or other proceedings
pending, asserted or unasserted, or to the best knowledge of Seller, threatened
by or against Seller or adversely affecting Seller or its properties, at law or
in equity, before any court or other governmental agency or instrumentality,
domestic or foreign, or before any arbitrator of any kind.  Seller is
not in default of any judgment, order, writ, injunction, decree, award, rule, or
regulation of any court, arbitrator, or governmental agency or instrumentality,
except for Feldman vs PokerTek, which was filed in the state of Nevada on August
26, 2009.

    

    2.08           Compliance
With Laws; Government Authorization.

    (a) Seller
has complied with all federal, state, county and local laws, ordinances,
regulations, inspections, orders, judgments, injunctions, awards or decrees
applicable to it or its business, including federal and state securities laws,
except where the failure to so comply would not have a material adverse effect
on the business or financial condition of Seller.  To the best
knowledge of Seller, it is not under investigation by any federal, state, county
or local authorities, including the Commission. Seller has not received
notification from any federal, state, county, or local authorities, including
the Commission, that it or any of its officers or directors will be the subject
of a legal action or that the Commission’s Division of Enforcement will be
recommending to the Commission that a Federal District Court or Commission
administrative action or any other action be filed or taken against Seller and
its officers, directors and beneficial owners.

     

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    (b)  Seller
has all licenses, franchises, permits, and other governmental authorizations
that are legally required to enable it to conduct its business in all material
respects as conducted on the date of this Agreement.  No
authorization, approval, consent, or order of, or registration, declaration, or
filing with, any court or other governmental body is required in connection with
the execution and delivery by Seller of this Agreement.

    

    2.09           Securities
and Exchange Commission Compliance of Seller.

    Seller has
a class of securities registered pursuant to Section 12 of the Securities
Exchange Act of 1934, as amended (“Exchange Act”) and has complied in all
material respects with Rule 14(a) and 14(c) of the Exchange Act, and with
Sections 13 and 15(d) of the Exchange Act, and to the best knowledge of Seller,
its management and beneficial owners have complied in all respects with Sections
13(d) and 16(a) of the Exchange Act.

    

    2.10           No
Contract Defaults.

    Seller is
not in default under the terms of any outstanding contract, agreement, lease, or
other commitment, and there is no event of default or other event which, with
notice or lapse of time or both, would constitute a default in any respect under
any such contract, agreement, lease, or other commitment.

    

    2.11           No
Conflict With Other Instruments.

    The
execution of this Agreement and the consummation of the transactions
contemplated by this Agreement will not result in the breach of any term or
provision of, or constitute an event of default under, any material indenture,
mortgage, deed of trust, or other material contract, agreement, or instrument to
which Seller is a party or to which any of its properties or operations are
subject.

    

    2.12           Subsidiary.

    Seller
does not own beneficially or of record, any equity securities in any other
entity, other than PokerTek Canada, Inc., its wholly owned
subsidiary.  Seller does not have a predecessor as that term is
defined under generally accepted accounting principles or Regulation S-X
promulgated by the Securities and Exchange Commission.

    

    2.13           Seller
Documents.

    The Seller
has delivered to the Purchaser copies of the following documents of Seller,
which are collectively referred to as the "Seller Documents" and which consist
of the following dated as of the date of execution of this Agreement, all
certified by a duly authorized officer of Seller as complete, true, and
accurate:

    

    (a)  A
copy of the Articles of Incorporation and Bylaws of Seller in effect as of the
date of this Agreement;

    

    (b)  A
copy of resolutions adopted by the board of directors of Seller approving this
Agreement and the transactions herein contemplated;

    

    (c)  A
document setting forth a description of any material adverse change, if any, in
the business, operations, property, inventory, assets, or condition of Seller
since the most recent Seller balance sheet required to be provided pursuant to
Section 2.04 hereof, updated to the Closing Date;

    

    2.14           Listing
on NASDAQ Capital Market.

    Seller’s
Common Stock is listed on the NASDAQ’s Capital Market and the Seller will use
its best efforts to retain such listing in good standing  until the
closing of the transactions contemplated herein, without there being imposed any
warning or limitation by NASDAQ such as a non-compliance event or citation with
respect to NASDAQ’s listing requirements.  On September 15, 2009
Seller received a notice from The NASDAQ Stock Market indicating that the
closing bid price of its common stock had fallen below $1.00 for the 30
consecutive business days from August 5, 2009 to September 14, 2009, and
therefore, the Company was not in compliance with NASDAQ Listing Rule 5550(a)(2)
as of September 14, 2009. NASDAQ provides an automatic 180 day grace period,
through March 15, 2010, to regain compliance with the Bid Price Rule by
maintaining a closing bid price of $1.00 per share for a minimum of ten
consecutive business days.  At that time, if the company has not
regained compliance, it may be eligible for an additional grace period if it
meets the initial listing standards, with the exception of bid price, for The
NASDAQ Capital Market, or it may appeal to the NASDAQ Listing Qualifications
panel, or it may file a plan to regain compliance.

     
 

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    2.15     
     Ownership of the Shares.

    The Seller
owns the Shares free and clear of any liens or encumbrances of any kind or
nature except for any applicable federal and state securities law restrictions
such as those imposed by Rule 144.  At the Closing, the Seller will
deliver good and marketable title to the Shares to the Purchaser.

    

    The
Purchaser acknowledges and agrees that the Seller does not make or has not made
any representations or warranties with respect to the transactions contemplated
hereby other than those specifically set forth in Section 2.01 to Section
2.15.

    

    ARTICLE
III

    REPRESENTATIONS
AND WARRANTIES OF THE PURCHASER

    

    The
Purchaser represents and warrants to the Seller as follows:

    

    
      3.01          
Authority;
Enforceability.

    

     

    The
execution, delivery and performance by the Purchaser of the transactions
contemplated by this Agreement have been duly authorized by all necessary action
on the part of the Purchaser. This Agreement has been duly executed
by  the Purchaser, and when delivered by the Purchaser in accordance
with the terms hereof, will constitute the valid and legally binding obligation
of the Purchaser, enforceable against it in accordance with its terms, except as
such enforceability may be limited by general principles of equity or applicable
bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws
relating to, or affecting generally, the enforcement of creditors’ rights and
remedies.

    

    
      3.02          
Investment
Intent.

    

    The
Purchaser understands that the Shares are “restricted securities” that have not
been registered under the Securities Act or any applicable state securities law
and it is acquiring the Shares as principal for its own account for investment
purposes and not for distribution.

    

    
      3.03          
No
Conflicts.

    

    Neither
the execution and delivery of this Agreement nor the consummation of the
transactions contemplated hereby, will violate any constitution, statute,
regulation, rule, injunction, judgment, order, decree, ruling, charge, or other
restriction of any government, governmental agency, or court to which the
Purchaser is subject.

    

    
      3.04          
No
Advice.

    

    The
Purchaser understands that nothing in this Agreement or any other materials
presented to Purchaser in connection with the purchase and sale of the Shares
constitutes legal, tax or investment advice. The Purchaser has consulted such
legal, tax and investment advisors as it, in its sole discretion, has deemed
necessary or appropriate in connection with its purchase of the
Shares.

     

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     

    
      3.05          
No
Litigation, Etc.

    

    There is
no action, suit, proceeding, judgment, claim or investigation pending or, to the
knowledge of the Purchaser, threatened against the Purchaser which could
reasonably be expected in any manner to challenge or seek to prevent, enjoin,
alter or materially delay any of the transactions contemplated by this
Agreement.

    

    
      3.06          
Approvals.

    

    The
execution, delivery and performance by the Purchaser of this Agreement, and the
consummation of the transactions set forth herein require no material action by
or in respect of, or material filing with, any governmental body, agency,
official or authority, by the Purchaser other than (i) the filing by the
Purchaser with the Commission of such reports under the Exchange Act as may be
required in connection with this Agreement, and (ii) any filings required by the
securities or blue sky laws of the various states, if applicable.

    

    3.07           Regulation
S Representations, Warranties and Covenants; Accredited Investor
Status

    (a) The
Purchaser represents and warrants to, and covenants with, Seller as
follows:

    

    
      	
              (1)   
        

            	
              The
      Purchaser is not a U.S. person and is not acquiring the shares of common
      stock of Seller for the account or for the benefit of any U.S. person and
      is not a U.S. person who purchased the shares of common stock in a
      transaction that did not require registration under the
    Act.

            

    

    
      	
              (2)   
        

            	
              The
      Purchaser agrees to resell such common stock only in accordance with the
      provisions of Regulation S, pursuant to registration under the Act, or
      pursuant to an available exemption from
  registration.

            

    

    
      	
              (3)   
        

            	
              The
      Purchaser agrees not to engage in hedging transactions with regard to such
      securities unless in compliance with the
Act.

            

    

    
      	
              (4)   
        

            	
              The
      Purchaser consents to the certificate for the shares of common stock of
      Seller to contain a legend to the effect that transfer is prohibited
      except in accordance with the provisions of Regulation S, pursuant to
      registration under the Act, or pursuant to an available exemption from
      registration, and that hedging transactions involving the shares of common
      stock may not be conducted unless in compliance with the
    Act.

            

    

    
      	
              (5)   
        

            	
              The
      Purchaser acknowledges that Seller will refuse to register any transfer of
      the shares of common stock not made in accordance with the provisions of
      Regulation S, pursuant to registration under the Act, or pursuant to an
      available exemption from
registration.

            

    

    
      	
              (6)   
        

            	
              The
      Purchaser covenants and represents and warrants in favor of the Seller
      that all of the representations and warranties set forth herein shall be
      true and correct at the time of the Closing as if made on that
      date.

            

    

     

    (b)    The
Purchaser represents and warrants to, and covenants with, Seller that Purchaser
is an “accredited investor" within the meaning of such term under paragraph (a)
of Rule 501 of Regulation D under the Act.  Specifically, the
Purchaser represents and warrants to, and covenants with, Seller, that the
Purchaser is “any organization described in Section 501(c)(3) of the Internal
Revenue Code, corporation, Nevada or similar business trust, or partnership, not
formed for the specific purpose of acquiring the securities offered, with total
assets in excess of $5,000,000.”

     

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

    3.08           The
Purchaser has been furnished with and has carefully read the periodic reports on
Forms 10-K, 10-Q and 8-K filed by Seller with the Securities and Exchange
Commission during the preceding three years.  With respect to
individual or partnership tax and other economic considerations involved in this
investment, the Purchaser confirms that it is not relying on the Seller or
Seller (or any agent or representative of the Company).  The Purchaser
has carefully considered and has, to the extent such Purchaser believes such
discussion necessary, discussed with its own legal, tax, accounting and
financial advisers the suitability of an investment in the Shares for the
Purchaser’s particular tax and financial situation.

    

    3.09           The
Purchaser has had an opportunity to inspect relevant documents relating to the
organization and business of Seller.  The Purchaser acknowledges that
all documents, records and books pertaining to this investment which the
Purchaser has requested have been made available for inspection by the Purchaser
and his respective attorney, accountant or other adviser(s).

    

    3.10           The
Purchaser and/or its respective advisor(s) has/have had a reasonable opportunity
to ask questions of, and receive answers and request additional relevant
information from, the officers of Seller concerning the transactions
contemplated by this Agreement.

    

    3.11           The
Purchaser confirms that it is not purchasing the Shares as a result of or
subsequent to any advertisement, article, notice or other communication
published in any newspaper, magazine or similar media or broadcast over
television or radio or presented at any seminar.

    

    3.12           The
Purchaser, by reason of the Purchaser’s business or financial experience, has
the capacity to protect his own interests in connection with the transactions
contemplated by this Agreement.

    

    3.13           Except
as set forth in this Agreement, the Purchaser represents that no representations
or warranties have been made to it by the Seller, Seller, or any officer
director, agent, employee, or affiliate of Seller,, and the Purchaser has not
relied on any oral representation by Seller or by any officer, director or agent
of Seller in connection with its decision to enter into this
Agreement.

    

    3.14           The
Purchaser represents that neither it nor any of the directors, officers,
managers, members, trustees or affiliates or any affiliated companies is subject
to any of the events described in Section 262(b) of Regulation A promulgated
under the Act. 

    

    3.15           The
Purchaser has adequate means of providing for its current financial needs and
contingencies, is able to bear the substantial economic risks of an investment
in the Shares for an indefinite period of time, has no need for liquidity in
such investment and, at the present time, could afford a complete loss of such
investment.

    

    3.16           The
Purchaser has such knowledge and experience in financial, tax and business
matters so as to enable the Purchaser to use the information made available to
it in connection with the transaction to evaluate the merits and risks of an
investment in the Shares and to make an informed investment decision with
respect thereto.

    

    3.17           The
Purchaser acknowledges that the Shares have not been registered under the Act or
under securities legislation of any other state or country.  The
Purchaser understands further that in absence of an effective registration
statement, the Shares can only be sold pursuant to some exemption from
registration.

     

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

     

    3.18           The
Purchaser recognizes that an investment in the Shares involves substantial
risks.  The Purchaser acknowledges that it has reviewed the risk
factors identified in the periodic reports filed by Seller with the Securities
and Exchange Commission. The Purchaser further confirms that it is aware that no
federal or state agencies have passed upon this transaction or made any finding
or determination as to the fairness of this investment.

    

    3.19           The
Purchaser acknowledges that each stock certificate representing the Shares shall
contain a legend substantially in the following form:

    

    THESE
SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE
“SECURITIES ACT”) PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY
REGULATION S,  AND HAVE NOT BEEN REGISTERED UNDER APPLICABLE STATE
SECURITIES LAWS AND MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS
REGISTERED UNDER THE SECURITIES ACT, SOLD TRANSFERRED OR OTHERWISE DISPOSED OF
PURSUANT TO REGULATION S OR  PURSUANT TO APPLICABLE STATE SECURITIES
LAWS OR PURSUANT TO AVAILABLE EXEMPTIONS FROM SUCH REGISTRATION, PROVIDED THAT
THE PURCHASER DELIVERS TO THE COMPANY AN OPINION OF COUNSEL (WHICH OPINION AND
COUNSEL ARE REASONABLY SATISFACTORY TO THE COMPANY) CONFIRMING THE AVAILABILITY
OF SUCH EXEMPTION. THE HOLDER AGREES THAT IT WILL NOT ENGAGE IN HEDGING
TRANSACTIONS IN CONTRAVENTION OF REGULATION S.

    

    The Seller
acknowledges and agrees that the Purchaser does not make or has not made any
representations or warranties with respect to the transactions contemplated
hereby other than those specifically set forth in Section 3.01 to Section
3.19.

     
 

    ARTICLE
IV

    CONDITIONS
TO THE OBLIGATIONS OF PURCHASER TO CLOSE

    

    The
obligations of Purchaser under this Agreement are subject to the fulfillment of
the following conditions at, or prior to, the Closing Date.

    

    4.01           Accuracy
of Representations. The representations and warranties made by Seller in this
Agreement were true when made and shall be true at the Closing Date (except for
changes therein permitted by this Agreement) with the same force and effect as
if such representations and warranties were made at and as of the Closing Date,
and Seller shall have performed or complied with all covenants and conditions
required by this Agreement to be performed or complied with by them prior to or
at the Closing.

    

    4.02           No
Litigation.

    As of the
Closing, there shall not be pending any litigation to which Seller, the Seller
and the Purchaser is a party and which is reasonably likely to have a material
adverse effect on the business of Seller or the contemplated transactions. Refer
to item 2.07 above.

    

    4.03           Seller’s
Outstanding Capital Stock at Closing.

    As of the
Closing, the total outstanding capital stock of Seller shall consist of
11,021,429 shares of common stock.

    

    4.04           No
Material Adverse Change.

    There
shall not be any change in, or effect on, Seller’s assets, financial condition,
operating results, customer and employee relations, or business prospects or the
financial statements previously supplied by Seller which is, or may reasonably
be expected to be, materially adverse to the business, operations (as now
conducted), assets, prospects or condition (financial or otherwise), of Seller
or to the transactions contemplated by this Agreement.

    
 

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

     

    4.05           Seller’s
NASDAQ Capital Market Listing

    As of the
Closing, the common stock of Seller shall be listed on NASDAQ’s Capital Market
without any restriction or limitation being imposed by NASDAQ.  Refer
to item 2.14 above.

    

    4.06           
Good Standing.

    Purchaser
shall have received a certificate of good standing from the appropriate
authority, dated as of the date within five days prior to the Closing Date,
certifying that Seller is in good standing as a corporation in the State of
North Carolina.

    

    4.07           
Other Items.

    Purchaser
shall have received from the Seller such other documents, legal opinions,
certificates, or instruments relating to the transactions contemplated hereby as
Purchaser may reasonably request.

    

    ARTICLE
V

    CONDITIONS
TO THE OBLIGATIONS OF THE SELLER TO CLOSE

    

            The
obligations of the Seller under this Agreement are subject to the fulfillment of
the following conditions at or prior to the Closing Date.

    

    5.01           Accuracy
of Representations.

    The
representations and warranties made by Purchaser in this Agreement were true
when made and shall be true at the Closing Date with the same force and affect
as if such representations and warranties were made at and as of the Closing
Date (except for changes therein permitted by this Agreement), and the Purchaser
shall have performed or complied with all covenants and conditions required by
this Agreement to be performed or complied with by him prior to or at the
Closing.  Seller shall be furnished with certificates, signed by the
Purchaser and dated the Closing Date, to the foregoing effect.

    

    5.02           Purchaser’s
Certificates.

    The Seller
shall have been furnished with a certificate dated the Closing Date and signed
by the  Purchaser to the effect that no litigation, proceeding,
investigation, or inquiry is pending or, to the best knowledge of such person,
threatened, which might result in an action to enjoin or prevent the
consummation of the transactions contemplated by this
Agreement.  Furthermore, the certificate shall represent, to the best
knowledge of the Purchaser, that:

    

    (a)  This
agreement has been duly approved by the Purchaser and has been duly executed and
delivered in the name and on behalf of the Purchaser.

    

    (b)  Except
as provided or permitted herein, there have been no material adverse changes in
the Purchaser up to and including the date of the certificate;

    

    (c)  All
material conditions required by this Agreement have been met, satisfied, or
performed by the Purchaser;

    
 

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

     

    (d)  All
authorizations, consents, approvals, registrations, and/or filings with any
governmental body, agency, or court required in connection with the execution
and delivery of this Agreement and related documents by the Purchaser have been
obtained and are in full force and effect or, if not required to have been
obtained will be in full force and effect by such time as may be required;
and

    

    (e)  There
is no material action, suit, proceeding, inquiry, or investigation at law or in
equity by any public board or body pending or threatened against the Purchaser
wherein an unfavorable decision, ruling, or finding would have a material
adverse affect on the financial condition of the Purchaser,  for the
transactions contemplated herein, or any material agreement or instrument by
which the Purchaser is bound.

    

    5.03           No
Litigation.

    As of the
Closing, there shall not be pending any litigation to which Purchaser, or the
Seller is a party and which is reasonably likely to have a material adverse
effect on the business of the Purchaser or the contemplated
transactions.

    

    5.04           No
Material Adverse Change.

    There
shall not be any change in, or effect on, the Purchaser’s or Seller’s assets,
financial condition, operating results, customer and employee relations, or
business prospects or the financial statements previously supplied by Seller
which is, or may reasonably be expected to be, materially adverse to the
business, operations (as now conducted), assets, prospects or condition
(financial or otherwise), of the Purchaser or Seller or to the transactions
contemplated by this Agreement.

    

    5.05           Other
Items.

    The Seller
shall have received from the Purchaser such other documents, legal opinions,
certificates, or instruments relating to the transactions contemplated hereby as
Seller may reasonably request.

    

    ARTICLE
VI

    INDEMNIFICATION

    

    6.03           Indemnification
by the Seller.

    The Seller
will indemnify and hold harmless the Purchaser, and each person, if any, who
controls the Purchaser within the meaning of the Securities Act from and against
any and all losses, claims, damages, expenses, liabilities, or other actions to
which any of them may become subject under applicable law (including the
Securities Act and the Securities Exchange Act) and will reimburse them for any
legal or other expenses reasonably incurred by them in connection with
investigating or defending any claims or actions, whether or not resulting in
liability, insofar as such losses, claims, damages, expenses, liabilities, or
actions arise out of or are based upon: (i) any untrue statement or alleged
untrue statement of a material fact contained in any of the representations,
covenants and warranties of Seller set forth herein; or (ii) the breach of any
covenant or agreement of Seller set forth herein.  The indemnity set
forth herein shall survive the consummation of all of the transactions herein
for a period of one year.

    

    
      6.04           Indemnification
by the Purchaser.

    

    The
Purchaser will indemnify and hold harmless the Seller, and each person, if any,
who controls the Seller within the meaning of the Securities Act from and
against any and all losses, claims, damages, expenses, liabilities, or actions
to which any of them may become subject under applicable law (including the
Securities Act and the Securities Exchange Act) and will reimburse them for any
legal or other expenses reasonably incurred by them in connection with
investigating or defending any claims or actions, whether or not resulting in
liability, insofar as such losses, claims, damages, expenses, liabilities, or
actions arise out of or are based upon:  (i) any untrue statement or
alleged untrue statement of a material fact contained in any of the
representations, covenants and warranties of the Purchaser set forth herein; or
(ii) the breach of any covenant or agreement of Purchaser set forth
herein.  The indemnity set forth herein shall survive the consummation
of all of the transactions herein for a period of one year.

     

     

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

     

    ARTICLE
VII

    MISCELLANEOUS
PROVISIONS

    

    6.01           Abandonment
of Agreement.

    This
Agreement may be terminated and the transaction hereby contemplated abandoned at
any time prior to the Closing Date, whether before or after the approval and
adoption hereof by a party by (a) the mutual consent of the parties, (b) by
Purchaser, if any condition to his obligations provided in this Agreement has
not been met at the time such condition is to be met and has not been waived by
him and (c) by the Seller, if any condition to its obligations provided in this
Agreement has not been met at the time such condition is to be met and has not
been waived by him.

    

    6.02           Liability.

    In the
event this Agreement is terminated pursuant to Section 6.01, no party hereto
shall have any liability to the other and each party shall bear their own costs
incurred.

    

    6.03           Survival
of Representations and Warranties.

    Seller and
the Purchaser agree all representations and warranties contained herein or made
hereunder shall survive until the first anniversary of the closing, except that
any breach disclosed in writing to either party prior to the closing is waived
by such party if it elects to close notwithstanding such breach.

    

    6.04           Governing
Law.

    This
Agreement shall be governed by and construed in accordance with the domestic
laws of the State of North Carolina without giving effect to any choice or
conflict of law provision or rule (whether of the State of North Carolina or of
any other jurisdiction) that would cause the application of the laws of any
jurisdiction other than the State of North Carolina.

    

    6.05           Entire
Agreement.

    This
Agreement constitutes the entire agreement between the parties and supersedes
any prior understandings, agreements, or representations by or between the
parties, written or oral, to the extent they related in any way to the subject
matter hereof.

    

    6.06           Successors
and Assignment.

    This
Agreement shall be binding upon and insure 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 its rights, interests, or
obligations hereunder without the prior written approval of the other
party.

    

    6.07       
   No Third Party Beneficiaries.

    This
Agreement shall not confer any rights or remedies upon any person other than the
parties and their respective successors and permitted assigns.

     

     

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

     

    6.08        
  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.  In addition, facsimile or electronic signatures shall
have the same legally binding effect as original signatures.

    

    
      6.09          
Section
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.

    

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

    

    PURCHASER:

    ICP
Electronics, Inc.

    

    By           
/s/ Jordan
Jiang

    Name:     
Jordan Jiang

    Title:      
General Manager

    

    SELLER:

    PokerTek,
Inc.

    

    By           
/s/ Mark
Roberson

    Name:      Mark
Roberson

    Title:       Acting
CEO & CFO

    
 

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

     

    SCHEDULE
A

    

    INVENTORY TO BE
PURCHASED

    

    

    As payment
for outstanding invoices totaling $77,115, Seller shall deliver 85,683 shares of
common stock.  In addition, Seller shall deliver 34,317 shares of
common stock as pre-payment for $30,885 of engineering, production and other
services to be performed by Buyer at Sellers direction.

    

    The
purchase price of the Seller’s shares amounts to $0.90 per share.

    

    The
balance of Sellers inventory commitment shall be amortized over a 24
month
period, with payments of $39,389 per month beginning on October 10, 2009.

    

    It is
contemplated that additional shares may be issued at later date(s) only if such
transactions can be consummated without causing Purchasers’ total ownership
percentage to exceed 5.0% of the issued and outstanding shares of Common Stock
of the Seller.

     

    
 

    14

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