Document:

Monaker Group, Inc. 8-K

 

Exhibit 10.5

 

CONVERTIBLE
NOTE

 

THIS
NOTE AND THE SECURITIES ISSUABLE UPON THE CONVERSION HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “ACT”), OR UNDER THE SECURITIES LAWS OF ANY STATE. THESE SECURITIES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED,
PLEDGED OR HYPOTHECATED EXCEPT AS PERMITTED UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT OR AN EXEMPTION THEREFROM. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL REASONABLY SATISFACTORY
TO THE ISSUER THAT SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION OTHERWISE COMPLIES WITH THE ACT AND ANY APPLICABLE STATE
SECURITIES LAWS.

 

MONAKER
GROUP, INC. CONVERTIBLE PROMISSORY NOTE

 

$100,000.00Effective
November 24th , 2020

FOR
VALUE RECEIVED, MONAKER GROUP, INC., a Nevada corporation (the “Company”) promises to pay to HOTPLAY
ENTERPRISE LIMITED, or its registered assigns (“Investor”), in lawful money of the United States of America
the principal sum of ONE HUNDRED THOUSAND Dollars ($100,000.00), or such lesser amount as shall equal the then outstanding principal
amount hereof, together with simple interest from the date of this Convertible Promissory Note (this “Note”)
on the then outstanding principal balance at a rate equal to ONE PERCENT (1%) per annum, computed on the basis of the actual number
of days elapsed and a year of 365 days. All then outstanding principal, together with any then unpaid and accrued interest and
other amounts payable hereunder, shall be converted or forgiven as set forth herein. This Note may be prepaid in whole or in part,
at any time and from time to time, without premium or penalty.

 

		1.	Definitions.
                                         As used in this Note, the following capitalized terms have the following meanings:

		(a)	“Charter”
                                         shall mean the Company’s articles of incorporation as may be amended or restated
                                         from time to time.

		(b)	“Common
                                         Stock” shall mean common stock of the Company.

		(c)	“Conversion
                                         Price” shall mean a conversion price equal to $2.00 per share of Common Stock
                                         (as adjusted equitably for any stock splits or stock dividends affecting the Common Stock).

		(d)	“Lien”
                                         shall mean, with respect to any property, any security interest, mortgage, pledge, lien,
                                         claim, charge or other encumbrance.

		(e)	“Obligations”
                                         shall mean and include all loans, advances, debts, liabilities and obligations, howsoever
                                         arising, owed by the Company to Investor of every kind and description,
now existing or hereafter arising under or pursuant to the terms of this Note, including all interest, fees, charges, expenses,
attorneys’ fees and costs and accountants’ fees and costs chargeable to and payable by the Company hereunder and thereunder,
in each case, whether direct or indirect, absolute or contingent, due or to become due, and whether or not arising after the commencement
of a proceeding under Title 11 of the United States Code (11 U. S. C. Section 101 et seq.), as amended from time to time (including
post-petition interest) and whether or not allowed or allowable as a claim in any such proceeding.

 

 

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		(f)	“Person”
                                         shall mean and include an individual, a partnership, a corporation (including a business
                                         trust), a joint stock company, a limited liability company, an unincorporated association,
                                         a joint venture or other entity or a governmental authority.

		(g)	“Share
                                         Exchange Agreement” shall mean that certain Share Exchange Agreement entered
                                         into by and among the Company, the Investor and various stockholders of the Investor,
                                         as may be amended from time to time.

 

		2.	Payments.

		(a)	Interest.
                                         Accrued interest on this Note shall be converted or forgiven as set forth herein.

		(b)	Automatic
                                         Forgiveness in Certain Circumstances. In the event the Share Exchange Agreement is
                                         terminated pursuant to Section 10.1(a) of the Share Exchange Agreement; by Investor and
                                         Principal Stockholder (as such term is defined in the Share Exchange Agreement), pursuant
                                         to Section 10.1(b) of the Share Exchange Agreement; or by the Company pursuant to Sections
                                         10.1(c), 10.1(e)(solely in the event that the Company terminates the Share Exchange pursuant
                                         to Section 10.1(e) because Investor (x)
is not able to obtain audited and interim financial statements in the form required by the Securities and Exchange Commission,
or (y) does not supply all of the information required in order for the Company to file its initial Proxy Statement, by the date
which falls 75 days after the date the Share Exchange Agreement was entered into or in the event that the Axion Ventures, Inc.
share exchange agreement is terminated), 10.1(g), or 10.1(i), then outstanding principal amount of this Note, plus all accrued
and unpaid interest, shall be forgiven in full and the Company shall have no further obligation to the Investor hereunder.

 

		3.	Events
                                         of Default. The occurrence of any of the following shall constitute an “Event
                                         of Default” under this Note:

		(a)	Failure
                                         to Convert. The Company shall fail to convert when due any principal or interest
                                         hereunder into shares of Common Stock of the Company within five (5) business days after
                                         the date required hereunder;

		(b)	Voluntary
                                         Bankruptcy or Insolvency Proceedings. The Company shall (i) apply for or consent
                                         to the appointment of a receiver, trustee, liquidator or custodian of itself or of all
                                         or a substantial part of its property, (ii) make a general assignment for the benefit
                                         of its or any of its creditors, (iii) be dissolved or liquidated, (iv) commence a voluntary
                                         case or other proceeding seeking liquidation, reorganization or other relief with respect to
itself or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or consent to any such relief
or to the appointment of or taking possession of its property by any official in an involuntary case or other proceeding commenced
against it, or (v) take any action for the purpose of effecting any of the foregoing.

 

 

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		(c)	Involuntary
                                         Bankruptcy or Insolvency Proceedings. Proceedings for the appointment of a receiver,
                                         trustee, liquidator or custodian of the Company, or of all or a substantial part of the
                                         property thereof, or an involuntary case or other proceedings seeking liquidation, reorganization
                                         or other relief with respect to the Company, if any, or the debts thereof under any bankruptcy,
                                         insolvency or other similar law now or hereafter in effect shall be commenced and an
                                         order for relief entered or such proceeding shall not be dismissed or discharged within
                                         60 days of commencement.

 

		4.	Rights
                                         of Investor upon Default. Upon the occurrence of any Event of Default (other than
                                         an Event of Default described in Sections 3(b) or 3(c)) and at any time thereafter
                                         during the continuance of such Event of Default, Investor may, by written notice to the
                                         Company, declare all outstanding Obligations payable by the Company hereunder to be immediately
                                         due and payable without presentment, demand, protest or any other notice of any kind,
                                         all of which are hereby expressly waived, anything contained herein to the contrary notwithstanding.
                                         Upon the occurrence of any Event of Default described in Sections 3(b) or 3(c),
                                         immediately and without notice, all outstanding Obligations payable by the Company hereunder
                                         shall automatically become immediately due and payable, without presentment, demand,
                                         protest or any other notice of any kind, all of which are hereby expressly waived, anything
                                         contained herein to the contrary notwithstanding. In addition to the foregoing remedies,
                                         upon the occurrence and during the continuance of any Event of Default, Investor may,
                                         with the written consent of the Investor, exercise any other right, power or remedy granted
                                         to it by this Note or otherwise permitted to it by law, either by suit in equity or by
                                         action at law, or both. Additionally, upon the occurrence of any Event of Default, the
                                         outstanding principal balance of this Note shall bear interest (“Default Interest”)
                                         while such default exists at the lesser of: (a) eighteen percent (18%) per annum and
                                         (b) the maximum legally permissible rate (the “Default Rate”).

 

		5.	Conversion.

		(a)	Automatic
                                         Conversion in Certain Circumstances. If the Share Exchange Agreement is terminated
                                         by Investor and/or Principal Stockholder (as applicable) pursuant to Sections 10.1(d),
                                         10.1(e)(provided that in the event Investor and/or Principal Stockholder (as applicable)
                                         terminates the Share Exchange Agreement in the event that the Axion Ventures, Inc. share
                                         exchange agreement is terminated, Section 2(b) hereof shall apply), 10.1(f), or 10.1(h)
                                         of the Share Exchange Agreement or by the Company pursuant to Sections 10.1(d), or 10.1(e)(except
                                         as otherwise provided in Section 2(b) above, in which case Section 2(b) above shall apply)
                                         of the Share Exchange Agreement, then the then outstanding principal amount of this Note
                                         together with all accrued and unpaid interest under this Note shall automatically convert
                                         into fully paid and nonassessable shares of Common Stock at a price per share equal to
                                         the Conversion
Price. The Company shall cause to be delivered stock certificates to or as directed by Investor as set forth in this Section 5.

 

 

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		(b)	Conversion
                                         Procedure.

		(i)	Conversion
                                         Pursuant to Section 5(a). If this Note is to be automatically converted pursuant
                                         to Section 5(a), written notice shall be delivered to Investor at the address
                                         last shown on the records of the Company for Investor or given by Investor to the Company
                                         for the purpose of notice, notifying Investor of the general terms of the conversion
                                         to be effected, specifying the Conversion Price, the principal amount of the Note to
                                         be converted, together with all accrued and unpaid interest and the date on which such
                                         conversion is expected to occur and calling upon Investor to surrender to the Company,
                                         in the manner and at the place designated, this Note. The Company shall, as soon as practicable
                                         thereafter, issue and deliver to Investor a certificate or certificates for the number
                                         of shares to which Investor shall be entitled upon such conversion, or shall otherwise
                                         issue such shares in book-entry form and provide Investor confirmation thereof.

		(ii)	Fractional
                                         Shares; Interest; Effect of Conversion. No fractional shares shall be issued upon
                                         conversion of this Note. In lieu of the Company issuing any fractional shares to Investor
                                         upon the conversion of this Note, the Company shall round up any fractional share of
                                         Common Stock which would otherwise be due to the Investor upon conversion hereof. Upon
                                         conversion of this Note in full and the payment of the amounts specified in this paragraph,
                                         the Company shall be forever released from all its Obligations and liabilities under
                                         this Note and this Note shall be deemed of no further force or effect, whether or not
                                         the original of this Note has been delivered to the Company for cancellation.

		(c)	Cap
                                         on Shares of Common Stock. Notwithstanding anything herein to the contrary, the maximum
                                         number of shares of Common Stock to be issued in connection with the conversion of this
                                         Note (and upon conversion or exercise of any other securities required to be aggregated
                                         with the conversion of this Note pursuant to the applicable rules and requirements of
                                         the NASDAQ Capital Market), or otherwise as provided herein, shall not (i) exceed 19.9%
                                         of the outstanding shares of Common Stock on the date of this Note, (ii) exceed 19.9%
                                         of the combined voting power of the then outstanding voting securities of the Company
                                         on the date of this Note, in each of subsections (i) and (ii) before the issuance of
                                         the Common Stock hereunder in connection with any conversion, or (iii) otherwise exceed
                                         such number of shares of Common Stock that would violate applicable listing rules of
                                         the NASDAQ Capital Market in the event the Company’s stockholders do not approve
                                         the issuance of the Common Stock issuable in connection with a conversion of this Note
                                         (and upon conversion or exercise of any other securities required to be aggregated with
                                         the conversion of this Note pursuant to the applicable rules and requirements of the
                                         NASDAQ Capital Market), or otherwise as provided herein.

 

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		6.	Representations
                                         and Warranties of the Company. The Company represents and warrants to the Investor
                                         that:

		(a)	Due
                                         Incorporation, Qualification, etc. The Company (i) is a corporation duly organized,
                                         validly existing and in good standing under the laws of the State of Nevada;

(ii)
has the power and authority to own, lease and operate its properties and carry on its business as now conducted; and (iii) is
duly qualified, licensed to do business and in good standing as a foreign corporation in each jurisdiction where the failure to
be so qualified or licensed could reasonably be expected to have a material adverse effect on the Company.

		(b)	Authority.
                                         The execution, delivery and performance by the Company of the Note and the consummation
                                         of the transactions contemplated thereby (i) are within the power of the Company and
                                         (ii) have been duly authorized by all necessary actions on the part of the Company.

		(c)	Enforceability.
                                         The Note has been, or will be, duly executed and delivered by the Company and constitutes,
                                         or will constitute, a legal, valid and binding obligation of the Company, enforceable
                                         against the Company in accordance with its terms, except as limited by bankruptcy, insolvency
                                         or other laws of general application relating to or affecting the enforcement of creditors’
                                         rights generally and general principles of equity.

		(d)	Non-Contravention.
                                         The execution and delivery by the Company of the Note and the performance and consummation
                                         of the transactions contemplated hereby do not and will not (i) violate the Charter or
                                         bylaws of the Company, or any material judgment, order, writ, decree, statute, rule or
                                         regulation applicable to the Company; or (ii) result in the creation or imposition of
                                         any Lien upon any property, asset or revenue of the Company or the suspension, revocation,
                                         impairment, forfeiture, or nonrenewal of any material permit, license, authorization
                                         or approval applicable to the Company, its business or operations, or any of its assets
                                         or properties.

		(e)	Approvals.
                                         No consent, approval, order or authorization of, or registration, declaration or
                                         filing with, any governmental authority or other Person (including, without limitation,
                                         the shareholders of any Person) is required in connection with the execution and delivery
                                         of the Notes by the Company and the performance and consummation of the transactions
                                         contemplated thereby, other than such as have been obtained and remain in full force
                                         and effect and other than such qualifications or filings under applicable securities
                                         laws as may be required in connection with the transactions contemplated by this Note.

 

		7.	Representations
                                         and Warranties of Investor. Investor represents and warrants to the Company upon
                                         the acquisition of the Note as follows:

		(a)	Binding
                                         Obligation. Investor has full legal capacity, power and authority to execute and
                                         deliver this Note and to perform its obligations hereunder. This Note constitutes valid
                                         and binding obligations of Investor, enforceable in accordance with its terms, except
                                         as limited by bankruptcy, insolvency or other laws of general application relating to
                                         or affecting the enforcement of creditors’ rights generally and general principles
                                         of equity.

		(b)	Securities
                                         Law Compliance. Investor has been advised that the Note and the underlying securities
                                         have not been registered under the Act and any applicable state securities laws and,
                                         therefore, cannot be resold unless it or they are registered under the Act
and applicable state securities laws or unless an exemption from such registration requirements is available. Investor is aware
that the Company is under no obligation to affect any such registration with respect to the Note or the underlying securities
or to file for or comply with any exemption from registration. Investor has not been formed solely for the purpose of making this
investment and is purchasing the Note for its own account for investment, not as a nominee or agent, and not with a view to, or
for resale in connection with, the distribution thereof, and Investor has no present intention of selling, granting any participation
in, or otherwise distributing the same. Investor has such knowledge and experience in financial and business matters that Investor
is capable of evaluating the merits and risks of such investment, is able to incur a complete loss of such investment without
impairing Investor’s financial condition and is able to bear the economic risk of such investment for an indefinite period
of time. Investor is an “accredited investor” as such term is defined in Rule 501 of Regulation D under the Act and
shall submit to the Company such further assurances of such status as may be reasonably requested by the Company. The residency
of Investor (or, in the case of a partnership or corporation, such entity’s principal place of business) is correctly set
forth beneath Investor’s name on the signature page hereto.

 

 

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		(c)	Access
                                         to Information. Investor acknowledges that the Company has given Investor access
                                         to the corporate records and accounts of the Company and to all information in its possession
                                         relating to the Company, has made its officers and representatives available for interview
                                         by Investor, and has furnished Investor with all documents and other information required
                                         for Investor to make an informed decision with respect to the purchase of the Note.

		(d)	Tax
                                         Advisors. Investor has reviewed with its own tax advisors the U.S. federal, state
                                         and local and non-U.S. tax consequences of this investment and the transactions contemplated
                                         by this Note. With respect to such matters, Investor relies solely on any such advisors
                                         and not on any statements or representations of the Company or any of its agents, written
                                         or oral. Investor understands that it (and not the Company) shall be responsible for
                                         its own tax liability that may arise as a result of this investment and the transactions
                                         contemplated by this Note.

		(e)	Purchase
                                         Price. Investor shall have delivered to the Company the principal sum of One Million
                                         Dollars ($1,000,000.00).

		(f)	No
                                         “Bad Actor” Disqualification Events. Neither (i) the Investor, (ii) any
                                         of its directors, executive officers, general partners or managing members, nor (iii)
                                         any beneficial owner of any of the Company’s voting equity securities (in accordance
                                         with Rule 506(d) of the Act) held by the Investor if such beneficial owner is deemed
                                         to own 20% or more of the Company’s outstanding voting securities (calculated on
                                         the basis of voting power) is subject to any disqualifications described in Rule 506(d)(1)(i)
                                         through (viii)
of the Act (“Disqualification Events”), except for Disqualification Events covered by Rule 506(d)(2)(ii) or
(iii) or (d)(3) under the Act and disclosed reasonably in advance of the date hereof in writing in reasonable detail to the Company.

 

		8.	Miscellaneous.

		(a)	Waivers
                                         and Amendments. Any provision of this Note may be amended, waived or modified only
                                         with the written consent of the Company and of the Investor.

		(b)	Governing
                                         Law. This Note and all actions arising out of or in connection herewith or therewith
                                         shall be governed by and construed in accordance with the laws of the State of Florida
                                         without regard to the conflicts of law provisions of the State of Florida or of any other
                                         state.

		(c)	Survival.
                                         The representations, warranties, covenants and agreements made herein shall survive
                                         the execution and delivery of this Note.

		(d)	Jurisdiction
                                         and Venue. Investor and the Company irrevocably consent to the exclusive jurisdiction
                                         of, and venue in, the state courts in Broward County in the State of Florida, in connection
                                         with any matter based upon or arising out of this Note or the matters contemplated herein
                                         or therein, and agree that process may be served upon them in any manner authorized by
                                         the laws of the State of Florida for such Persons.

		(e)	Waiver
                                         of Jury Trial; Judicial Reference. Investor hereby agrees and the Company hereby
                                         agrees to waive their respective rights to a jury trial of any claim or cause of action
                                         based upon or arising out of this Note.

		(f)	Successors
                                         and Assigns. Subject to the restrictions on transfer set forth herein, the rights
                                         and obligations of the Company and Investor under this Note shall be binding upon and
                                         benefit the successors, assigns, heirs, administrators and transferees of the parties.

		(g)	Transfer
                                         and Replacement of this Note. The Company will keep, at its principal executive office,
                                         books for the recordation of the Investors and recordation of transfer of this Note.
                                         Prior to presentation of this Note for transfer, the Company shall treat the Person in
                                         whose name this Note is recorded as the owner and holder of this Note for all purposes
                                         whatsoever, whether or not this Note shall be overdue, and the Company shall not be affected
                                         by notice to the contrary. Subject to any restrictions on or conditions to transfer set
                                         forth in this Note, the holder of this Note, at its option, may in person or by duly
                                         authorized attorney surrender the same for exchange at the Company’s chief executive
                                         office, and promptly thereafter and at the Company’s expense, except as provided
                                         below, receive in exchange therefor this Note in the principal requested by such holder,
                                         dated the date to which interest shall have been paid on this Note or, if no interest
                                         shall have yet been so paid, dated the date of this Note and recorded in the name of
                                         such Person or Persons as shall have been designated in writing by such holder or its
                                         attorney for the same principal amount as the then unpaid principal amount of this Note.
                                         Upon receipt by the Company of evidence reasonably satisfactory to it of the ownership
                                         of and the loss, theft, destruction or mutilation of this Note and (a) in the case of
                                         loss, theft or destruction, of indemnity reasonably satisfactory to it; or (b) in the
                                         case of mutilation, upon surrender thereof, the Company, at its expense, will execute
                                         and deliver in lieu thereof a new Note executed in the same manner as this Note, in the
                                         same principal amount as the unpaid principal amount of this Note and dated the date
                                         to which interest shall have been paid on this Note or, if no interest shall have yet
                                         been so paid, dated the date of this Note.

 

 

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		(h)	Transfer
                                         of this Note or Securities Issuable on Conversion Thereof. Subject to the proviso
                                         in the following sentence, neither this Note nor the securities issued upon conversion
                                         hereof may be transferred by Investor without the prior written consent of the Company.
                                         Investor shall have no further restrictions on transferability of the underlying securities
                                         following the earlier of: (a) consummation of the Share Exchange Agreement and (b) the
                                         date that is six months from the date of this Note, provided that all transfers of this
                                         note and/or any securities underlying this Note shall comply with applicable law.

		(i)	Assignment
                                         by the Company. The rights, interests or obligations of the Company hereunder may
                                         not be assigned, by operation of law or otherwise, in whole or in part, by the Company
                                         without the prior written consent of the Investor.

		(j)	Entire
                                         Agreement. This Note constitutes and contains the entire agreement among the Company
                                         and Investor and supersedes any and all prior agreements, negotiations, correspondence,
                                         understandings and communications among the parties, whether written or oral, respecting
                                         the subject matter hereof.

		(k)	Notices.
                                         All notices, requests, demands, consents, instructions or other communications required
                                         or permitted hereunder shall be in writing and faxed, mailed, emailed or delivered to
                                         each party as follows: (i) if to Investor, at Investor’s address, facsimile number
                                         or electronic mail address set forth beneath Investor’s name on the signature page
                                         hereto, or at such other address, facsimile number or electronic mail address as Investor
                                         shall have furnished the Company in writing, or (ii) if to the Company, at the Company’s
                                         address, facsimile number or electronic mail address set forth beneath the Company’s
                                         name on the signature page hereto, or at such other address, facsimile number or electronic
                                         mail address as the Company shall have furnished to Investor in writing. All such notices
                                         and communications will be deemed effectively given the earlier of (i) when received,
                                         (ii) when delivered personally, (iii) one business day after being deposited with an
                                         overnight courier service of recognized standing, (iv) four days after being deposited
                                         in the U.S. mail, first class with postage prepaid, (v) if sent via facsimile, upon confirmation
                                         of facsimile transfer or (vi) if sent via electronic mail, when directed to the relevant
                                         electronic mail address, if sent during normal business hours of the recipient, or if
                                         not sent during normal business hours of the recipient, then on the recipient’s
                                         next business day.

		(l)	Expenses.
                                         The Company and Investor shall be responsible for their own legal fees and other
                                         expenses incurred in connection with the negotiation, drafting and execution of this
                                         Note.

		(m)	Severability
                                         of this Note. If any provision of this Note shall be judicially determined to be
                                         invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining
                                         provisions shall not in any way be affected or impaired thereby.

		(n)	Usury.
                                         If any interest is paid on this Note that is deemed to be in excess of the then legal
                                         maximum rate, then that portion of the interest payment representing an amount in excess
                                         of the then legal maximum rate shall be deemed a payment of principal and applied against
                                         the principal of this Note.

 

 

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		(o)	Waivers.
                                         The Company hereby waives notice of default, presentment or demand for payment, protest
                                         or notice of nonpayment or dishonor and all other notices or demands relative to this
                                         instrument.

		(p)	Review
                                         and Knowledge. Each party herein expressly represents and warrants to all other parties
                                         hereto that (a) before executing this Note, said party has fully informed itself of the
                                         terms, contents, conditions and effects of this Note; (b) said party has relied solely
                                         and completely upon its own judgment in executing this Note; (c) said party has had the
                                         opportunity to seek and has obtained the advice of its own legal, tax and business advisors
                                         before executing this Note; (d) said party has acted voluntarily and of its own free
                                         will in executing this Note; and (e) this Note is the result of arm’s length negotiations
                                         conducted by and among the parties and their respective counsel.

		(q)	Counterparts.
                                         This Note and any signed agreement or instrument entered into in connection with
                                         this Note, may be executed in one or more counterparts, all of which shall constitute
                                         one and the same instrument. Any such counterpart, to the extent delivered by means of
                                         a facsimile machine or by .pdf, .tif, .gif, .jpeg or similar attachment to electronic
                                         mail (any such delivery, an “Electronic Delivery”) shall be treated
                                         in all manner and respects as an original executed counterpart and shall be considered
                                         to have the same binding legal effect as if it were the original signed version thereof
                                         delivered in person. No party shall raise the use of Electronic Delivery to deliver a
                                         signature or the fact that any signature or agreement or instrument was transmitted or
                                         communicated through the use of Electronic Delivery as a defense to the formation of
                                         a contract, and each such party forever waives any such defense, except to the extent
                                         such defense relates to lack of authenticity.

 

 

 

 

(Signature
Page Follows)

 

 

 

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The
parties have caused this Note to be duly executed and delivered as of the date first written above.

	 	COMPANY:
	 	 
	 	MONAKER GROUP, INC.
	 	 
	 	a Nevada corporation
	 	 
	 	By:	
	 	Name:	William
        Kerby

	 	Title:	CEO 
	 	Address:	2893
Executive Park Dr. #201 Weston Florida USA 33331

 

 

 

 

 

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The
parties have caused this Note to be duly executed and delivered as of the date first written above.

 

	 	Investor:
	 	 
	 	HOTPLAY
    ENTERPRISE LIMITED
	 	 
	 	 
	 	 
	 	By:	
	 	Name:	Athid
Nanthawaroon and Nithinan
Boonyawattanapisut
	 	Title:	Director
	 	Address: 	 

 

 

 

    	 	Monaker Group, Inc. – Convertible Promissory Note
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10Exhibit 10.1

 

AMENDMENT NO. 2 TO

INVESTMENT MANAGEMENT TRUST AGREEMENT

 

THIS AMENDMENT NO. 2
TO THE INVESTMENT MANAGEMENT TRUST AGREEMENT (this “Amendment”) is made as of November 24, 2020, by and
between Megalith Financial Acquisition Corp., a Delaware corporation (the “Corporation”), and Continental
Stock Transfer & Trust Company, a New York corporation (the “Trustee”). Capitalized terms contained
in this Amendment, but not specifically defined in this Amendment, shall have the meanings ascribed to such terms in the Original
Agreement (as defined below).

 

WHEREAS, the Company’s
registration statement on Form S-1, File No. 333-226270 (the “Registration Statement”)
and prospectus (the “Prospectus”) for the initial public offering of the Company’s units (the “Units”),
each of which consists of one share of the Company’s Class A common stock, par value $0.0001 per share (the “Common
Stock”), and one redeemable warrant, each warrant entitling the holder thereof to purchase one share of Common Stock
(such initial public offering hereinafter referred to as the “Offering”), has been declared effective
as of the date hereof by the U.S. Securities and Exchange Commission;

 

WHEREAS, the Company
entered into an Underwriting Agreement dated August 23, 2018 (the “Underwriting Agreement”)
with Chardan Capital Markets, LLC, as representative (the “Representative”) of the several underwriters
(the “Underwriters”) named therein;

 

WHEREAS, $169,288,890
of the gross proceeds of the Offering and sale of the Private Placement Warrants (as defined in the Underwriting Agreement),
including the exercise in full of the Underwriters’ over-allotment option, were delivered to the Trustee to be deposited
and held in a segregated trust account located in the United States (the “Trust Account”) for the
benefit of the Corporation and the holders of the Corporation’s Common Stock included in the Units issued in the Offering
pursuant to the investment management trust agreement made effective as of August 23, 2018, by and between the Corporation
and the Trustee (the “Original Agreement”);

 

WHEREAS, at a special
meeting of the Company’s stockholders held on May 26, 2020, the Company’s stockholders agreed to: (i) extend the date
before which the Corporation must complete a business combination from May 28, 2020, to August 28, 2020 (or November 30,
2020 if the Company has executed a definitive agreement for an initial business combination by August 28, 2020) and (ii) extend
the date on which the Trustee must liquidate the Trust Account if the Corporation has not completed a business combination from
May 28, 2020, to August 28, 2020 (or November 30, 2020 if the Company has executed a definitive agreement for an
initial business combination by August 28, 2020) (collectively, the “May Stockholder Approval”);

 

WHEREAS, pursuant to
the May Stockholder Approval, the Original Agreement was amended by Amendment No. 1 to the Investment Management Trust Agreement,
dated May 26, 2020 (the “First Amendment” and, together with the Original Agreement, the “Amended
Agreement”), by and between the Corporation and the Trustee;

 

WHEREAS, the Corporation
has sought the further approval of its stockholders at a special meeting of its stockholders to: (i) extend the date before which
the Corporation must complete a business combination from August 28, 2020 (or November 30, 2020 if the Company has executed
a definitive agreement for an initial business combination by August 28, 2020), to March 1, 2021 (the “Extension
Amendment”) and (ii) extend the date on which the Trustee must liquidate the Trust Account if the Corporation has
not completed a business combination from August 28, 2020 (or November 30, 2020 if the Company has executed a definitive
agreement for an initial business combination by August 28, 2020), to March 1, 2021 (the “Trust Amendment”);

 

WHEREAS, holders of
at least sixty-five percent (65%) of the Corporation’s outstanding shares of common stock approved the Extension Amendment
and the Trust Amendment; and

 

WHEREAS, the parties
desire to amend and restate the Amended Agreement to, among other things, reflect amendments to the Amended Agreement contemplated
by the Trust Amendment.

 

     

     

    

 

NOW, THEREFORE, in consideration
of the mutual agreements contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, and intending to be legally bound hereby, the parties hereto agree as follows:

 

1. Amendment of Trust
Agreement. Section 1(i) of the Amended Agreement is hereby amended and restated in its entirety as follows:

 

“Commence liquidation of
the Trust Account only after and promptly after receipt of, and only in accordance with, the terms of a letter from the Company
(“Termination Letter”) in a form substantially similar to that attached hereto as
either Exhibit A or Exhibit B, as applicable, signed on behalf of the Company by its Chief Executive
Officer, Chief Financial Officer, President, Executive Vice President, Vice President, Secretary or Chairman of the board of directors
of the Company (the “Board”) or other authorized officer of the Company, and, in the case of a Termination
Letter in a form substantially similar to the attached hereto as Exhibit A, acknowledged and agreed to by the Representative, and
complete the liquidation of the Trust Account and distribute the Property in the Trust Account, including interest not previously
released to the Company to pay its franchise and income taxes (and in the case of a Termination Letter in a form substantially
similar to the attached hereto as Exhibit B, less up to $100,000 of interest that may be released to the Company to pay dissolution
expenses), or March 1, 2021 (the “Trust Amendment”). If a Termination Letter has not been received by
the Trustee prior to such date, the Trust Account shall be liquidated in accordance with the procedures set forth in the Termination
Letter attached as Exhibit B and the Property in the Trust Account, including interest earned on the funds held in the Trust Account
and not previously released to the Company to pay its income taxes, if any, (less up to $100,000 of interest to pay dissolution
expenses), shall be distributed to the Public Shareholders of record as of such date. It is acknowledged and agreed that there
should be no reduction in the principal amount per share initially deposited in the Trust Account.”

 

2. Miscellaneous
Provisions.

 

2.1. Successors.
All the covenants and provisions of this Amendment by or for the benefit of the Corporation or the Trustee shall bind and inure
to the benefit of their permitted respective successors and assigns.

 

2.2. Severability.
This Amendment shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect
the validity or enforceability of this Amendment or of any other term or provision hereof. Furthermore, in lieu of any such invalid
or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Amendment a provision
as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.

 

2.3. Applicable
Law. The validity, interpretation and performance of this Amendment shall be governed in all respects by the laws of the State
of New York, without giving effect to conflict of laws.

 

2.4. Counterparts.
This Amendment may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all
purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

 

2.5. Effect
of Headings. The section headings herein are for convenience only and are not part of this Amendment and shall not affect the
interpretation thereof.

 

2.6. Entire
Agreement. The Amended Agreement, as modified by this Amendment, constitutes the entire understanding of the parties and supersedes
all prior agreements, understandings, arrangements, promises and commitments, whether written or oral, express or implied, relating
to the subject matter hereof, and all such prior agreements, understandings, arrangements, promises and commitments are hereby
cancelled and terminated.

 

[Signature page follows]

    2

     

    

 

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

 

	 	Continental
    Stock Transfer & Trust Company,

    as Trustee
	 	 
	 	By:	/s/ Francis
    Wolf
	 	 	Name: 	Francis
    Wolf
	 	 	Title:	Vice President
	 	 	 	 
	 	Megalith
    Financial Acquisition Corp.
	 	 
	 	By:	/s/ A.J.
    Dunklau
	 	 	Name: 	A.J. Dunklau
	 	 	Title:	Chief Executive Officer and
    President

 

 

3

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