Document:

Exhibit 10.1

 

AMENDMENT
NO. 3

TO THE

trust agreement

 

This Amendment No. 3  (this
“Amendment”), dated as of February 2, 2018, to the Trust Agreement (as defined below) is made by and
between Electrum Special Acquisition Corporation (the “Company”) and Continental Stock Transfer
& Trust Company (the “Trustee”). All terms used but not defined herein shall have the meanings
assigned to them in the Trust Agreement.

 

WHEREAS, the Company and the Trustee entered
into an Investment Management Trust Agreement dated as of June 10, 2015 (the “Trust Agreement”);
and

 

WHEREAS, the Company and the Trustee entered into Amendment No. 1 to the Trust Agreement as of June 6, 2017, and the Company
and the Trustee entered into Amendment No. 2 to the Trust Agreement as of October 5, 2017; and

 

WHEREAS, Section 1(i) of the Trust Agreement
sets forth the terms that govern the liquidation of the Trust Account under the circumstances described therein; and

 

WHEREAS, at a special meeting of shareholders
of the Company (the “Special Meeting”) held on February 2, 2018, the Company’s shareholders approved
(i) a proposal to amend (the “Extension Amendment”) the Company’s Amended and Restated Memorandum
and Articles of Association to provide that the date by which the Company shall be required to effect a Business Combination shall
be June 5, 2018 (the “Extended Date”), and (ii) a proposal to extend the date on which to commence
liquidating the Trust Account (the “Trust Amendment”) in the event the Company has not consummated a
business combination by the Extended Date; and

 

WHEREAS, on the date hereof, the Company
is filing the Extension Amendment with the Registrar of Corporate Affairs in the British Virgin Islands.

 

NOW THEREFORE, IT IS AGREED:

 

1.           Section 1(i) of the Trust Agreement is hereby amended by deleting “February 5, 2018” and replacing it with “June
5, 2018”.

 

2.           As a result thereof, all references to the “Last Date” in the Trust Agreement shall be references to
June 5, 2018.

 

3.           All other provisions of the Trust Agreement shall remain unaffected by the terms hereof.

 

4.           This Amendment may be signed in any number of counterparts, each of which shall be an original and all of which shall be
deemed to be one and the same instrument, with the same effect as if the signatures thereto and hereto were upon the same instrument.
A facsimile signature shall be deemed to be an original signature for purposes of this Amendment.

 

5.           This Amendment is intended to be in full compliance with the requirements for an Amendment to the Agreement as required
by Section 7(c) of the Agreement, and every defect in fulfilling such requirements for an effective amendment to the Agreement
is hereby ratified, intentionally waived and relinquished by all parties hereto.

 

6.           This Amendment shall be governed by and construed and enforced in accordance with the laws of the State of New York, without
giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction.

 

 

    	[Signature Page Follows]

     

    

 

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

 

	 	Continental Stock Transfer & Trust Company, as Trustee
	 	 
	 	 
	 	By: 	/s/ Francis E. Wolf,
        Jr.
	 	 	Name: Francis E. Wolf, Jr.
Title: Vice President
	 	 	 
	 	 	 
	 	Electrum Special Acquisition Corporation
	 	 	 
	 	 	 
	 	By:	/s/ Eric N. Vincent
	 	 	Name: Eric N. Vincent
Title: Chief Executive OfficerSTOCK
PURCHASE AGREEMENT

 

This
Stock Purchase Agreement (this “Agreement”) dated October 3, 2016 (the “Effective Date”) is by
and between Joseph C. Passalaqua, an individual with a mailing address for notice purposes of 106 Glenwood Drive S in Liverpool,
New York 13090 (“Seller”), AmericaTowne, Inc., a Delaware corporation with a mailing address for notice purposes of
4700 Homewood Court, Suite 100 in Raleigh, North Carolina 27609 (“Buyer”) and EXA, Inc., a Florida corporation with
a mailing address for notice purposes of P.O. Box 2711 in Liverpool, New York 13089 bearing federal taxpayer identification number
of 65-1146582 (the “Company”). Seller, Buyer and Company are collectively referred to herein as the “Parties”
or singularly as a “Party.”

 

WHEREAS,
Seller owns 30,000,000 shares of common stock in the Company, par value $0.01, represented by Certificate No. 2107 (hereinafter,
the “Shares”).

 

WHEREAS,
Seller agrees to sell the Shares, and all rights, preferences and limitations thereto, if any, to Buyer, and the Company, in turn,
approves the sale of the Shares as being in the best interests of the Company. Buyer agrees to purchase the Shares upon the terms
and conditions of this Agreement;

 

WHEREAS,
the Parties incorporate the following exhibits into this Agreement resulting in a fully integrated agreement under Delaware law:

 

Exhibit
AConsents of Board of Directors for Buyer

Exhibit
BConsents in Lieu of Shareholder Meeting (Company)

Exhibit
CEscrow Agreement

 

NOW,
THEREFORE, in consideration of the premises and covenants contained herein, the Parties agree as follows:

 

1.
Sale. Seller sells to Buyer and Buyer purchases from Seller the Shares for One Hundred Thousand Dollars ($100,000.00)(the
“Purchase Price”). The Purchase Price shall be released to Seller as set forth in the Escrow Agreement.

 

2.
Delivery of Shares. The sale and transfer of the Shares will take place by or before October 15, 2016 (the “Closing
Date”), unless otherwise agreed to by the Parties in writing. In the event the sale and transfer of the Shares does not
occur by the Closing Date. The sale and transfer of the Shares shall be done in accordance with the Escrow Agreement.

 

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3.
Representations of Seller and Company. The Seller and Company make the following representations, jointly or separately
as the case may be, upon which Buyer is relying and which shall survive closing:

 

A.
Seller is the owner, free and clear of any encumbrances, security interests, pledges, liens, adverse claims, options, proxies,
voting agreements or other interests, of all of the Shares delivered to the Buyer hereunder and that all such Shares have been
validly issued and are fully paid.

 

B.
Seller is a competent individual, and the Company is a corporation duly incorporated, validly existing and in good standing under
the laws of the State of Florida.

 

C.
The execution, delivery, and performance of this Agreement (i) does not and will not violate any provisions of law or any
trust agreement applicable to Seller or Company (ii) does not and will not conflict with, result in the breach or termination
of any provision of, or constitute a default under (in each case whether with or without the giving of notice or the lapse of
time, or both) the Company’s Articles of Incorporation or Bylaws or any indenture, mortgage, lease, deed of trust; other
instrument, contract, or agreement; or any order, judgment, arbitration award, or decree to which Seller or Company is a party
or by which any of them or any of their respective assets and properties are bound; and (iii) does not and will not result
in the creation of any encumbrance on any of the properties, assets, or business of Seller or Company.

 

D.
No approval, authority, or consent of or filing by Seller or Company with, or notification to, any federal, state, or local court,
authority, or governmental or regulatory body or agency, or any other corporation, limited liability company, partnership, individual,
or other entity is necessary to authorize the execution and delivery of this Agreement or the consummation of the transactions
contemplated by this Agreement.

 

E.
That the Company has no subsidiaries, or any direct or indirect ownership interest in any other corporation, partnership, association,
firm or business in any manner, unless otherwise disclosed herein.

 

F.
The Seller has the power and authority to enter into and perform the terms of this Agreement, the execution and delivery of this
Agreement has been duly authorized by the Seller, and this Agreement does constitute the valid and legally bind obligation of
the Seller, enforceable in accordance with its terms.

 

G.
There are no actions, suits, or proceedings pending or, to the actual knowledge of the Company or Seller threatened against or
effecting the Company at law or in equity.

 

H.
The Company has filed on a timely basis (within any applicable extension periods) all tax returns it is required to file under
any applicable laws with respect to all taxes imposed on Company for the periods covered by such returns, except for the
tax years 2014 and 2015 (the “Outstanding Returns”). The Company represents that a condition to Closing is the filing
of the Outstanding Returns.

 

I.
Company and Seller have duly approved and authorized the execution and delivery of this Agreement and the consummation of the
transactions contemplated hereby, and no other corporate proceedings on the part of Company or Seller are necessary to approve
and authorize the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby.

 

J.
Neither Seller nor Company nor any other person acting on their respective behalves has at any time directly or indirectly used
funds for any illegal purpose, including without limitation, the making of any improper political contribution, bribe or kickback.

 

K.
Neither Seller nor Company has done anything to cause or incur any liability or obligation of Company for investment banking,
brokerage, finders, agents or other fees, commissions, expenses or charges in connection with the negotiation, preparation, execution
or performance of this Agreement or the consummation of the transactions contemplated hereby, and Seller or Company does not know
of any claim by anyone for such a fee, commission, expense or charge.

 

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4.
Representations of Buyer. The Buyer makes the following representations upon which the Seller and the Company are relying
and which shall survive closing:

 

A.
Buyer has the power and authority to execute and deliver this Agreement, to perform his obligations hereunder and to consummate
the transactions contemplated hereby. This Agreement has been duly executed and delivered by Buyer and constitutes a valid and
binding instrument, enforceable in accordance with its terms.

 

B.
The execution, delivery and performance of this Agreement is in compliance with and does not conflict with or result in a breach
of or in violation of the terms, conditions or provisions of any agreement, mortgage, lease or other instrument or indenture to
which Buyer is a party or by which Buyer is bound.

 

C.
Buyer is purchasing the Purchased Shares solely for its own account for the purpose of investment and not with a view to, or for
sale in connection with, any distribution of any portion thereof in violation of any applicable securities law.

 

5.
Covenants and Agreements of the Parties. The Parties agree to the following covenants:

 

A.
At any time after the execution of this Agreement, at a Party’s request and without further consideration, a Party will
execute and deliver such other instruments and take such action as the other Party may reasonably deem necessary or desirable
in order to achieve the objectives of this Agreement.

 

B.
The Parties shall, in a timely, accurate and complete manner, take all necessary corporate and other action and use all reasonable
efforts to obtain all consents, approvals, permits, licenses and amendments of agreements required of the Party to carry out the
transactions contemplated in this Agreement.

 

6.
Indemnification. The Parties agree to defend, indemnify and hold harmless the other Party and shall reimburse the other
Party for, from and against each claim, loss, liability, cost and expense (including, without limitation, interest, penalties,
costs of preparation and investigation, and the reasonable fees, disbursements and expenses of attorneys, accountants and other
professional advisors), directly or indirectly relating to, resulting from or arising out of: (a) Any untrue representation, misrepresentation,
breach of warranty or non-fulfilment of any covenant, undertaking, agreement or other obligation by or of the party contained
herein; (b) Any acts and omissions of the Party; or (c) Any other losses incidental to any of the foregoing. Furthermore, Seller
agrees that, to the extent any liability or claims becomes known after the Effective Date and such liability allegedly accrued
prior to the Effective Date, Seller shall indemnify and hold Buyer harmless under this section and in the manner proscribed herein.

 

    	-3- 

    	 

    

 

7.
Survival of Representations. All representations, warranties, covenants, indemnities and agreements by the parties contained
in this Agreement shall survive execution of this Agreement and any investigation at any time made by or on behalf of any Party
hereto, shall expire on the second anniversary of the execution of this Agreement. The remedies provided herein shall be cumulative
and shall not preclude the assertion by any party hereto of any other rights or the seeking of any other remedies against the
other party hereto.

 

8.
Miscellaneous. The Parties agree to the following miscellaneous provisions:

 

A.
Binding Effect; Benefits; Assignment. All of the provisions of this Agreement will be binding upon, inure to the benefit
of and be enforceable by and against that party and its successors and authorized assigns, except as otherwise expressly
provided in this Agreement or for the provisions which are intended to be for the benefit of and will be enforceable by an indemnitee
under Section 6. Nothing in this Agreement, express or implied, is intended to confer upon any person other than the signatories
thereto any rights or remedies under or by reason of this Agreement. No Party will assign any of its rights or obligations under
this Agreement to any other person without the prior written consent of the Parties to this Agreement and any such attempted or
purported assignment will be null and void.

 

B.
Entire Agreement. This Agreement and the exhibits to this Agreement set forth the entire agreement and understanding of
the Parties in respect of the transactions contemplated by this Agreement, and supersede all prior contracts, term sheets, letters
of intent, exclusivity agreements, and other arrangements and understandings relating to the subject matter hereof and thereof.

 

C.
Amendment and Waiver. This Agreement may be amended, superseded or canceled, and any of its provisions may be waived, only
by a written instrument executed by the Parties or, in the case of a waiver, by the party waiving compliance. The failure of any
party at any time to require performance of any provision of this Agreement will in no manner affect the right of that party at
a later time to enforce the same or a different provision. No waiver by any party of any condition or the breach of any provision
of this Agreement, in any one or more instances, will be deemed to be or construed as a further or continuing waiver of the same
or any other breach or provision of this Agreement.

 

D.
Governing Law; Exclusive Jurisdiction. This Agreement will be governed by and construed in accordance with the law of the
State of Delaware as applicable to contracts made and to be performed in the State of Delaware, without regard to conflicts of
laws principles. The Parties hereby submit to the exclusive jurisdiction of the state or federal courts located in the County
of New Castle, City of Wilmington, State of Delaware (United States of America) in respect of any proceeding related to or arising
out of this Agreement, including any proceeding involving the interpretation or enforcement of the provisions within this Agreement,
and the Parties hereby waive, and agree not to assert, any defense in any such action, suit or proceeding, that they are not subject
thereto or that such action, suit or proceeding may not be brought or is not maintainable in such courts or that the Agreement
may not be enforced in or by such courts or that their property is exempt or immune from execution, that such suit, action or
proceeding is brought in an inconvenient forum, or that the venue of such suit, action or proceeding is improper.

 

    	-4- 

    	 

    

 

E.
Notices. All notices, requests, demands and other communications required or permitted to be given pursuant to this Agreement
must be in writing and will be deemed to have been duly given on the day of delivery if delivered by hand, on the day of transmission
if sent by facsimile or electronic mail with confirmation of receipt (or on the next business day if not sent on a business day),
on the first business day following deposit with a nationally recognized overnight mail service, delivery charges prepaid, or
on the third business day following first class mailing, with postage prepaid to the “Authorized Agent” for the addressees
in the introductory paragraph. A Party may change its address, telephone number or facsimile number by prior written notice to
the other party.

 

F.
Counterparts. This Agreement may be executed by facsimile, digital or other electronic signature and in one or more counterparts,
each of which will be deemed an original and together will constitute a single instrument.

 

G.
Expenses. Except as otherwise expressly provided in this Agreement, each Party will pay its own expenses, costs and fees
(including legal and other professional fees and costs) incurred in connection with the negotiation, preparation, execution and
delivery of this Agreement.

 

H.
Joint Drafting and Negotiation. The Parties agree that they have had an opportunity to participate in the drafting, preparation
and negotiation of this Agreement. Each of the Parties expressly acknowledges such participation and negotiation in order to avoid
the application of any rule construing contractual language against the drafter thereof and agrees that the provisions of this
Agreement shall be construed without prejudice to the Party who actually memorialized this Agreement in final form. The Parties
acknowledge that they have retained separate counsel for advice associated with this Agreement.

  

    	-5- 

    	 

    

 

IN
WITNESS WHEREOF, the Parties hereto have signed this Agreement on the Effective Date, even if their respective signatures were
affixed to this Agreement at an earlier or later date.

 

 

Joseph
C. Passalaqua

By:
Joseph C. Passalaqua

 

AMERICATOWNE,
INC., a Delaware

corporation,

 

Alton
Perkins

By:
Alton Perkins

Its:
President

 

EXA,
INC., a Florida corporation

 

Joseph
J. Passalaqua

By:
Joseph J. Passalaqua

Its:
Authorized Member

    	-6- 

    	 

    

EXHIBIT
A

 

THE
PARTIES INCORPORATE BY REFERENCE THE CONSENT OF THE BOARD OF DIRECTORS FOR AMERICATOWNE, INC. ATTACHED AS EXHIBIT C TO THE STOCK
PURCHASE AGREEMENT BETWEEN AMERICATOWNE, INC., CARSON HOLDINGS, LLC AND EXA, INC. DATED OCTOBER 3, 2016.

    	-7- 

    	 

    

EXHIBIT
B

 

THE
PARTIES INCORPORATE BY REFERENCE THE CONSENTS IN LIEU OF SHAREHOLDER MEETING OF EXA, INC. ATTACHED AS EXHIBIT D TO THE STOCK PURCHASE
AGREEMENT BETWEEN AMERICATOWNE, INC., CARSON HOLDINGS, LLC AND EXA, INC. DATED OCTOBER 3, 2016.

    	-8- 

    	 

    

EXHIBIT
C

 

THE
PARTIES INCORPORATE BY REFERENCE THE ESCROW AGREEMENT DATED DECEMBER 30, 2016 BETWEEN CARSON HOLDINGS, LLC, PASSALAQUA AND JONES
& HALEY, P.C.

 

 

 

    	-9-

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