Document:

Exhibit
4.4

 

SPARTA
COMMERCIAL SERVICES, INC.

STOCK
OPTION AGREEMENT

FOR

 

Sandra
L. Ahman

 

Agreement

 

1.
Grant of Option. Sparta Commercial Services, Inc., a Nevada corporation (the “Company”), hereby grants,
as of the effective date of this Agreement specified on Schedule I hereof beside the caption “Date of Grant”
(“Date of Grant”), to Sandra L. Ahman (the “Optionee”) an option (the “Option”) to purchase
an aggregate number of shares set forth on Schedule I hereof beside the caption “Number of Optioned Shares”
(such number being subject to adjustment as provided below) of the Company’s common stock, $0.001 par value per share (the
“Shares”), at an exercise price per share set forth on Schedule I hereof beside the caption “Exercise
Price” (such exercise price being subject to adjustment as provided below) (the “Exercise Price”). The Option
shall be subject to the terms and conditions set forth herein. This Option is designated on Schedule I as either an Incentive
Stock Option or a Non-Qualified Stock Option.

 

2.
Definitions.

 

(a)
“Affiliate” means a corporation or other entity that, directly or through one or more intermediaries, controls,
is controlled by or is under common control with, the Company.

 

(b)
“Applicable Laws” means the requirements related to or implicated by the applicable state corporate law, United
States federal and state securities laws, the Code, any stock exchange or quotation system on which the shares of Common Stock
are listed or quoted, and the applicable laws of any foreign country or jurisdiction where Awards are granted under.

 

(c)
“Award” means any right granted under this Agreement, including an Incentive Stock Option or a Non-qualified
Stock Option.

 

(d)
“Beneficial Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act,
except that in calculating the beneficial ownership of any particular Person, such Person shall be deemed to have beneficial ownership
of all securities that such Person has the right to acquire by conversion or exercise of other securities, whether such right
is currently exercisable or is exercisable only after the passage of time. The terms “Beneficially Owns” and “Beneficially
Owned” have a corresponding meaning.

 

(e)
“Board” means the Board of Directors of the Company, as constituted at any time.

 

(f)
“Cause” means:

 

	 	(i)	With
    respect to any particular Service Provider, who is not a Director:

 

	 	a.	if
    such Service Provider is a party to an employment or service agreement with the Company, or its affiliates, and such agreement
    provides for a definition of Cause, the definition contained therein; or

 

    	 	 	 

     

    

 

	 	b.	if
    not such agreement exists, or if such agreement does not define Cause: (1) a Service Provider’s repeated failure to
    perform substantially his or her duties as an employee or other associate of the Company or any of the Subsidiaries (other
    than any such failure resulting from his or her Disability) which failure, whether committed willfully or negligently, has
    continued unremedied for more than thirty (30) days after the Company has provided written notice thereof; provided, that,
    a failure to meet financial performance expectations shall not, by itself, constitute a failure by the Service Provider to
    substantially perform his or her duties; (2) the commission of, or plea of guilty or no contest to, a felony or a crime involving
    moral turpitude or the commission of any other act involving willful malfeasance or material fiduciary breach with respect
    to the Company or an Affiliate; (3) a Service Provider’s material dishonesty or breach of fiduciary duty of loyalty
    against the Company or any Affiliate; (4) conduct that brings or is reasonably likely to bring the Company or an Affiliate
    negative publicity or into public disgrace, embarrassment, or disrepute; (4) gross negligence or willful misconduct with respect
    to the Company or an Affiliate; (5) material violation of state or federal securities laws; or (6) material violation of the
    Company’s written policies or codes of conduct, including written policies related to discrimination, harassment, performance
    of illegal or unethical activities, and ethical misconduct.

 

	 	(ii)	With
    respect to any Service Provider who is a Director, a determination by a majority of the disinterested Board members that the
    Director has engaged in any of the following:

 

	 	a.	malfeasance
    in office;
	 	 	 
	 	b.	discrimination,
    harassment and other behaviors that would reasonably likely bring the company negative publicity or embarrassment;
	 	 	 
	 	c.	gross
    misconduct or neglect;
	 	 	 
	 	d.	false
    or fraudulent misrepresentation inducing the director’s appointment;
	 	 	 
	 	e.	willful
    conversion of corporate funds; or
	 	 	 
	 	f.	repeated
    failure to participate in Board meetings on a regular basis despite having received proper notice of the meetings in advance.

 

(g)
“Change in Control” means:

 

(i)
the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one
or a series of related transactions, of all or substantially all of the properties or assets of the Company and its subsidiaries,
taken as a whole, to any Person that is not a subsidiary of the Company;

 

    	 	2	 

     

    

 

(ii)
a majority of the members of the Board are replaced during any twelve-month period by directors whose appointment or election
is not endorsed by a majority of the Board before the date of appointment or election;

 

(iii)
the date which is 10 business days prior to the consummation of a complete liquidation or dissolution of the Company;

 

(iv)
the acquisition by any Person of Beneficial Ownership of 50% or more (on a fully diluted basis) of either (a) the then outstanding
shares of Common Stock of the Company, taking into account as outstanding for this purpose such Common Stock issuable upon the
exercise of options or warrants, the conversion of convertible stock or debt, and the exercise of any similar right to acquire
such Common Stock (the “Outstanding Company Common Stock”) or (b) the combined voting power of the then outstanding
voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting
Securities”); provided, however, that for purposes of this Agreement, the following acquisitions shall not
constitute a Change in Control: (1) any acquisition by the Company or any Affiliate, (2) any acquisition by any employee benefit
plan sponsored or maintained by the Company or any subsidiary, (3) any acquisition which complies with clauses, (a), (b) and (c)
of subsection (v) of this definition or (4) in respect of an Award held by a particular Participant, any acquisition by the Participant
or any group of persons including the Participant (or any entity controlled by the Participant or any group of persons including
the Participant); or

 

(v)
the consummation of a reorganization, merger, consolidation, statutory share exchange or similar form of corporate transaction
involving the Company that requires the approval of the Company’s shareholders, whether for such transaction or the issuance
of securities in the transaction (a “Business Combination”), unless immediately following such Business Combination:
(a) more than 50% of the total voting power of (A) the entity resulting from such Business Combination (the “Surviving Company”),
or (B) if applicable, the ultimate parent entity that directly or indirectly has beneficial ownership of sufficient voting securities
eligible to elect a majority of the members of the board of directors (or the analogous governing body) of the Surviving Company
(the “Parent Company”), is represented by the Outstanding Company Voting Securities that were outstanding immediately
prior to such Business Combination (or, if applicable, is represented by shares into which the Outstanding Company Voting Securities
were converted pursuant to such Business Combination), and such voting power among the holders thereof is in substantially the
same proportion as the voting power of the Outstanding Company Voting Securities among the holders thereof immediately prior to
the Business Combination; (b) no Person (other than any employee benefit plan sponsored or maintained by the Surviving Company
or the Parent Company) is or becomes the Beneficial Owner, directly or indirectly, of 50% or more of the total voting power of
the outstanding voting securities eligible to elect members of the board of directors of the Parent Company (or the analogous
governing body) (or, if there is no Parent Company, the Surviving Company); and (c) at least a majority of the members of the
board of directors (or the analogous governing body) of the Parent Company (or, if there is no Parent Company, the Surviving Company)
following the consummation of the Business Combination were Board members at the time of the Board’s approval of the execution
of the initial agreement providing for such Business Combination.

 

    	 	3	 

     

    

 

(h)
“Code” means the Internal Revenue Code of 1986, as it may be amended from time to time. Any reference to a
section of the Code shall be deemed to include a reference to any regulations promulgated thereunder.

 

(i)
“Common Stock” means common stock, $0.001 par value per share, of the Company, or such other securities of
the Company as may be designated by the Company from time to time in substitution thereof.

 

(j)
“Consultant” means any individual or entity which performs bona fide services to the Company or an Affiliate,
other than as an Employee or Director, and who may be offered securities registrable pursuant to a registration statement on Form
S-8 under the Securities Act.

 

(k)
“Continuous Service” means that the Participant’s service with the Company or an Affiliate, whether as
an Employee, consultant or Director, is not interrupted or terminated. The Participant’s Continuous Service shall not be
deemed to have terminated merely because of a change in the capacity in which the Participant renders service to the Company or
an Affiliate as an Employee, Consultant or Director or a change in the entity for which the Participant renders such service,
provided that there is no interruption or termination of the Participant’s Continuous Service; provided further
that if any Award is subject to Section 409A of the Code, this sentence shall only be given effect to the extent consistent
with Section 409A of the Code. For example, a change in status from an Employee of the Company to a Director of an Affiliate will
not constitute an interruption of Continuous Service. The Company or its delegate, in its sole discretion, may determine whether
Continuous Service shall be considered interrupted in the case of any leave of absence approved by that party, including sick
leave, military leave or any other personal or family leave of absence. The Company or its delegate, in its sole discretion, may
determine whether a Company transaction, such as a sale or spin-off of a division or subsidiary that employs a Participant, shall
be deemed to result in a termination of Continuous Service for purposes of affected Awards, and such decision shall be final,
conclusive and binding.

 

(l)
“Director” means a member of the Board.

 

(m)
“Effective Date” shall mean the date as of which this Agreement is adopted by the Board.

 

(n)
“Employee” means any person, including an Officer or Director, employed by the Company or an Affiliate; provided
that for purposes of determining eligibility to receive Incentive Stock Options, an Employee shall mean an employee of the
Company or a parent or subsidiary corporation within the meaning of Section 424 of the Code. Mere service as a Director or payment
of a Director’s fee by the Company or an Affiliate shall not be sufficient to constitute “employment” by the
Company or an Affiliate.

 

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

 

(p)
“Disability” means that the Participant is unable to engage in any substantial gainful activity by reason of
any medically determinable physical or mental impairment; provided, however, for purposes of determining the term of an
Incentive Stock Option, the term Disability shall have the meaning ascribed to it under Section 22(e)(3) of the Code. The determination
of whether an individual has a Disability shall be determined under procedures established by the Company. Except in situations
where the Company is determining Disability for purposes of the term of an Incentive Stock Option within the meaning of Section
22(e)(3) of the Code, the Company may rely on any determination that a Participant is disabled for purposes of benefits under
any long-term disability plan maintained by the Company or any Affiliate in which a Participant participates.

 

    	 	4	 

     

    

 

(q)
“Fair Market Value” means, as of any date, the value of the Common Stock as determined below. If the Common
Stock is listed on any established stock exchange or a national market, including without limitation, the New York Stock Exchange
or the Nasdaq Stock Market, the Fair Market Value shall be the closing price of a share of Common Stock (or if no sales were reported
the closing price on the date immediately preceding such date) as quoted on such exchange or system on the day of determination.
In the absence of an established market for the Common Stock, the Fair Market Value shall be determined in good faith by the Company
and such determination shall be conclusive and binding on all persons.

 

(r)
“Incentive Stock Option” means an Option that is designated by the Company as an incentive stock option within
the meaning of Section 422 of the Code and that meets the requirements set out in this Agreement, if applicable.

 

(s)
“Incumbent Directors” means individuals who, on the Effective Date, constitute the Board; provided that
any individual becoming a Director subsequent to the Effective Date whose election or nomination for election to the Board
was approved by a vote of at least two-thirds of the Incumbent Directors then on the Board (either by a specific vote or by approval
of the proxy statement of the Company in which such person is named as a nominee for Director without objection to such nomination)
shall be an Incumbent Director. No individual initially elected or nominated as a director of the Company as a result of an actual
or threatened election contest with respect to Directors or as a result of any other actual or threatened solicitation of proxies
by or on behalf of any person other than the Board shall be an Incumbent Director.

 

(t)
“Non-employee Director” means a Director who is a “non-employee director” within meaning of Rule
16b-3.

 

(u)
“Non-qualified Stock Option” means an Option that by its terms does not qualify or is not intended to qualify
as an Incentive Stock Option.

 

(v)
“Officer” means a person who is an officer of the Company within the meaning of Section 16 of the Exchange
Act and the rules and regulations promulgated thereunder.

 

(w)
“Participant” means an eligible person to whom an Award is granted pursuant to this Agreement or, if applicable,
such other person who holds an outstanding Award.

 

(x)
“Person” means a person defined in Section 13(d)(3) of the Exchange Act.

 

(y)
“Rule 16b-3” means Rule 16b-3 promulgated under the Exchange Act or any successor to Rule 16b-3, as in effect
from time to time.

 

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

 

    	 	5	 

     

    

 

3.
Exercise Schedule. Except as otherwise provided in Sections 6 or 10 of this Agreement, the Option
is exercisable in installments as specified on Schedule I hereof beside the caption “Vesting”, which shall
be cumulative. To the extent that the Option has become exercisable with respect to a percentage of Shares as provided on Schedule
I hereof beside the caption “Vesting” on each date (each date being, a “Vesting Date”) upon which
the Optionee shall be entitled to exercise the Option with respect to the percentage of Shares granted as indicated for each Vesting
Date (provided that the Continuous Service of the Optionee continues through and on the applicable Vesting Date), the Option may
thereafter be exercised by the Optionee, in whole or in part, at any time or from time to time prior to the expiration of the
Option as provided herein. Except as otherwise specifically provided herein, there shall be no proportionate or partial vesting
in the periods prior to each Vesting Date, and all vesting shall occur only on the appropriate Vesting Date. Upon the termination
of the Optionee’ s Continuous Service, any unvested portion of the Option shall terminate and be null and void.

 

4.
Method of Exercise. The vested portion of this Option shall be exercisable in whole or in part, in accordance with
the Vesting of such Options provided in Schedule I and as set forth in Section 3 hereof, by written notice which
shall state the election to exercise the Option, the number of Shares in respect of which the Option is being exercised, and such
other representations and agreements as to the holder’s investment intent with respect to such Shares as may be required
by the Company pursuant to the provisions of this Agreement. Such written notice shall be signed by the Optionee or if someone
other than the Optionee exercises the Option, by such other person who provides documentation acceptable to the Company, or Committee,
verifying that such person has the legal right to exercise such Option, and shall be delivered in person or by certified mail
to the Secretary of the Company. The written notice shall be accompanied by payment of the Exercise Price. This Option shall be
deemed to be exercised after both (a) receipt by the Company of such written notice accompanied by the Exercise Price and (b)
arrangements that are satisfactory to the Committee, in its sole discretion, have been made for Optionee’ s payment to the
Company of the amount, if any, that is necessary to be withheld in accordance with applicable Federal or state withholding requirements.
No Shares shall be issued pursuant to the Option unless and until such issuance and such exercise shall comply with all relevant
provisions of applicable law, including the requirements of any stock exchange upon which the Shares then may be traded.

 

5.
Method of Payment. Payment of the Exercise Price shall be by any of the following, or a combination thereof, at
the election of the Optionee:

 

(a)
in cash or by certified or bank check at the time the Option is exercised;

 

(b)
to the extent permitted by the Committee, or as provided on Schedule I hereof beside the caption “Permission to Pay
with Shares”, and if there is a public market available for the Shares at the time of such exercise: (i) with Shares owned
by the Optionee, duly endorsed for transfer to the Company, with a fair market value on the date of delivery equal to the Exercise
Price (or portion thereof) due for the number of shares being acquired; (ii) by withholding or reducing the number of Shares otherwise
deliverable to the Optionee upon exercise of such Option by a number of Shares with an aggregate fair market value equal to the
aggregate Exercise Price at the time of exercise; or (iii) pursuant to a “cashless exercise” procedure established
with a broker; provided that such payment by this method requires delivery of a properly executed exercise notice together
with such other documentation, and subject to such guidelines, as the Committee or Company shall require to effect an exercise
of the Option and delivery to the Company by a licensed broker acceptable to the Company of proceeds from the sale of Shares sufficient
to pay the Exercise Price and any applicable income or employment taxes; provided further that the Optionee shall provide
irrevocable written instructions (x) to such designated brokerage firm to effect the immediate sale of a portion of the purchased
Shares and remit to the Company, out of the sale proceeds available on the settlement date, an amount sufficient to cover the
aggregate Exercise Price payable for the purchased Shares plus all applicable state and federal income and employment taxes required
to be withheld by the Company by reason of such purchase and/or sale and (y) to the Company to deliver the certificates for the
purchase Shares directly to such brokerage firm to effect the sale transaction; or

 

    	 	6	 

     

    

 

(c)
in any other consideration or in such other manner as may be determined by the Committee, in its absolute discretion.

 

Notwithstanding
anything contained herein to the contrary, no exercise shall become effective until the Company determines that the issuance and
delivery of the Shares pursuant to such exercise is in compliance with all applicable laws, regulations and requirements of any
securities exchange on which the Shares may be traded.

 

6.
Termination of Option

 

(a)
General. Any unexercised portion of the Option shall automatically and without notice terminate and become null
and void at the time of the earliest to occur of the following:

 

(i)
unless the Committee otherwise determines in writing in its sole discretion, three months after the date on which the Optionee’
s Continuous Service is terminated by the Company or Related Entity for (a) Cause, (b) a Disability of the Optionee as determined
by a medical doctor satisfactory to the Committee, or (c) the death of the Optionee;

 

(ii)
immediately upon the termination of the Optionee’ s Continuous Service by the Company or a Related Entity for Cause;

 

(iii)
twelve months after the date on which the Optionee’ s Continuous Service is terminated by reason of a Disability as determined
by a medical doctor satisfactory to the Committee;

 

(iv)
twelve months after the date of termination of the Optionee’ s Continuous Service by reason of the death of the Optionee;
or

 

(v)
the fifth anniversary of the date as of which the Option is granted (or, if a different date is shown on Schedule I hereof
beside the caption “Termination Date”, such date).

 

(b)
Cancellation. To the extent not previously exercised:

 

(i)
the Option shall terminate immediately in the event of (a) the liquidation or dissolution of the Company, or (b) any reorganization,
merger, consolidation or other form of corporate transaction in which the Company does not survive or the Shares are exchanged
for or converted into securities issued by another entity, or an affiliate of such successor or acquiring entity, unless the successor
or acquiring entity, or an Affiliate thereof, assumes the Option or substitutes an equivalent option or right; and

 

    	 	7	 

     

    

 

 

(ii)
the Committee in its sole discretion may by written notice cancel (“cancellation notice”), effective upon the consummation
of any transaction that constitutes a Change in Control, the Option (or portion thereof) that remains unexercised on such date.

 

The
Committee shall give written notice of any proposed transaction referred to in this Section 6(b) a reasonable period of
time prior to the closing date for such transaction (which notice may be given either before or after approval of such transaction),
in order that the Optionee may have a reasonable period of time prior to the closing date of such transaction within which to
exercise the Option if and to the extent that it then is exercisable (including any portion of the Option that may become exercisable
upon the closing date of such transaction). The Optionee may condition their exercise of the Option upon the consummation of a
transaction referred to in this Section 6(b).

 

7.
Transferability. Unless (i) transfers are expressly permitted in the language appearing beside the caption “Expanded
Rights to Transfer Option” on Schedule I hereof or (ii) otherwise determined by the Company or Committee, the Option
granted hereby is not transferable otherwise than by will or under the applicable laws of descent and distribution, and during
the lifetime of the Optionee the Option shall be exercisable only by the Optionee, or the Optionee’ s guardian or legal
representative. In addition, the Option shall not be assigned, negotiated, pledged or hypothecated in any way (whether by operation
of law or otherwise), and the Option shall not be subject to execution, attachment or similar process. Upon any attempt to transfer,
assign, negotiate, pledge or hypothecate the Option, or in the event of any levy upon the Option by reason of any execution, attachment
or similar process contrary to the provisions hereof, the Option shall immediately become null and void. The terms of this Option
shall be binding upon the executors, administrators, heirs, successors and assigns of the Optionee.

 

8.
No Rights of Stockholders. Neither the Optionee nor any personal representative (or beneficiary) shall be, or shall
have any of the rights and privileges of, a stockholder of the Company with respect to any Shares purchasable or issuable upon
the exercise of the Option, in whole or in part, prior to the date on which the Shares are issued.

 

9.
Acceleration of Exercisability of Option.

 

(a)
Acceleration Upon Certain Terminations or Cancellations of Option. This Option shall become immediately fully exercisable
in the event that, prior to the termination of the Option pursuant to Section 6 hereof, (i) the Option is terminated pursuant
to Section 6(b)(i) hereof, or (ii) the Company exercises its discretion to provide a cancellation notice with respect to
the Option pursuant to Section 6(b)(ii) hereof.

 

(b)
Acceleration Upon Change in Control. This Option shall become immediately fully exercisable in the event that, prior to
the termination of the Option pursuant to Section 6 hereof, and during the Optionee’ s Continuous Service, there
is a Change in Control.

 

    	 	8	 

     

    

 

10.
No Right to Continuous Service. Neither the Option nor this Agreement shall confer upon the Optionee any right to
Continuous Service with the Company or any Affiliate in the capacity in effect at the time the Award was granted or shall affect
the right of the Company or an Affiliate to terminate (a) the employment of an Employee with or without notice and with or without
Cause or (b) the service of a Director pursuant to the By-laws of the Company or an Affiliate, and any applicable provisions of
the corporate law of the state in which the Company or the Affiliate is incorporated, as the case may be.

 

11.
Information Confidential. As partial consideration for the granting of the Option, the Optionee agrees with the
Company to keep confidential all information and knowledge that the Optionee has relating to the manner and amount of the Optionee’
s participation; provided, however, that such information may be disclosed as required by law and may be given in
confidence to the Optionee’ s spouse, the Optionee’ s tax and financial advisors, or financial institutions to the
extent that such information is necessary to secure a loan.

 

12.
Notices. All notices, requests, demands, and other communications hereunder shall be in writing and shall be personally
delivered, delivered by facsimile or courier service, or mailed, certified with first class postage prepaid to the address specified
by the person who is to receive the same. Each such notice, request, demand, or other communication hereunder shall be deemed
to have been given (whether actually received or not) on the date of actual delivery thereof, if personally delivered or delivered
by facsimile transmission (if receipt is confirmed at the time of such transmission by telephone or facsimile-machine-generated
confirmation), or on the third day following the date of mailing, if mailed in accordance with this Section, or on the day specified
for delivery to the courier service (if such day is one on which the courier service will give normal assurances that such specified
delivery will be made). Any notice, request, demand, or other communication given otherwise than in accordance with this Section
shall be deemed to have been given on the date actually received. Each such notice, request, demand, or other communication hereunder
shall be addressed, in the case of the Company, to the Company’s Secretary at Sparta Commercial Services, Inc. 555 Fifth
Avenue, 14th Floor, New York, NY 10017, or if the Company should move its principal office, to such principal office,
and, in the case of the Optionee, to the Optionee’ s last permanent address as shown on the Company’s records, subject
to the right of either party to designate some other address at any time hereafter in a notice satisfying the requirements of
this Section. Any person entitled to any notice, request, demand, or other communication hereunder may waive the notice, request,
demand, or other communication.

 

13.
Section 409A.

 

(a)
It is intended that the Option awarded pursuant to this Agreement be exempt from Section 409A of the Code (“Section 409A”)
because it is believed that (i) the Exercise Price may never be less than the Fair Market Value of a Share on the Date of Grant
and the number of Shares subject to the Option is fixed on the original Date of Grant, (ii) the transfer or exercise of the Option
is subject to taxation under Section 83 of the Code and Treas. Reg. 1.83-7, and (iii) the Option does not include any feature
for the deferral of compensation other than the deferral of recognition of income until the exercise of the Option. The provisions
of this Agreement shall be interpreted in a manner consistent with this intention, and the provisions of this Agreement may not
be amended, adjusted, assumed or substituted for, converted or otherwise modified without the Optionee’ s prior written
consent if and to the extent that the Company believes or reasonably should believe that such amendment, adjustment, assumption
or substitution, conversion or modification would cause the Award to violate the requirements of Section 409A. In the event that
either the Company or the Optionee believes, at any time, that any benefit or right under this Agreement is subject to Section
409A, then the Committee may (acting alone and without any required consent of the Optionee) amend this Agreement in such manner
as the Committee deems necessary or appropriate to be exempt from or otherwise comply with the requirements of Section 409A (including
without limitation, amending the Agreement to increase the Exercise Price to such amount as may be required in order for the Option
to be exempt from Section 409A).

 

    	 	9	 

     

    

 

(b)
Notwithstanding the foregoing, the Company does not make any representation to the Optionee that the Option awarded pursuant to
this Agreement is exempt from, or satisfies, the requirements of Section 409A, and the Company shall have no liability or other
obligation to indemnify or hold harmless the Optionee or any Beneficiary for any tax, additional tax, interest or penalties that
the Optionee or any Beneficiary may incur in the event that any provision of this Agreement, or any amendment or modification
thereof or any other action taken with respect thereto, that either is consented to by the Optionee or that the Company reasonably
believes should not result in a violation of Section 409A, is deemed to violate any of the requirements of Section 409A.

 

14.
Incentive Stock Option Treatment. If designated on Schedule I hereof as an Incentive Stock Option: (a) the
terms of this Option shall be interpreted in a manner consistent with the intent of the Company and the Optionee that the Option
qualify as an Incentive Stock Option under Section 422 of the Code; (b) if any provision of the this Agreement shall be impermissible
in order for the Option to qualify as an Incentive Stock Option, then the Option shall be construed and enforced as if such provision
had never been included in the Option; and (c) if and to the extent that the number of Options granted pursuant to this Agreement
exceeds the limitations contained in Section 422 of the Code on the value of Shares with respect to which this Option may qualify
as an Incentive Stock Option, this Option shall be a Non-Qualified Stock Option. If designated on Schedule I hereof as
an Incentive Stock Option, this Option is intended to qualify as an Incentive Stock Option as defined in Section 422 of the Code,
and this Agreement shall be interpreted accordingly. Notwithstanding the foregoing, the Company shall have no liability to the
Optionee, any Option Holder or any other person if the Option designated as an Incentive Stock Option fails to qualify as such
at any time or if an Option is determined to constitute “nonqualified deferred compensation” within the meaning of
Section 409A of the Code and the terms of such Option do not satisfy the requirements of Section 409A of the Code.

 

15.
Optionee Representations.

 

(a)
Entirely for Own Account. This Agreement is made with the Optionee in reliance upon the Optionee’ s representation
to the Company, which by the Optionee’ s execution of this Agreement, the Optionee hereby confirms, that the Common Stock
to be acquired by the Optionee will be acquired for investment for the Optionee’ s own account, not as a nominee or agent,
and not with a view to the resale or distribution of any part thereof, and that the Optionee has no present intention of selling,
granting any participation in, or otherwise distributing the same. By executing this Agreement, the Optionee further represents
that the Optionee does not presently have any contract, undertaking, agreement or arrangement with any Person to sell, transfer
or grant participations to such Person or to any third Person, with respect to any of the Shares. The Optionee has not been formed
for the specific purpose of acquiring the Shares.

 

(b)
Disclosure of Information. The Optionee has had an opportunity to discuss the Company’s
business, management, financial affairs and the terms and conditions of the issuance of the shares with the Company’s management
and has had an opportunity to review the Company’s facilities. 

 

(d)
Legends. The Optionee understands that the Shares and any securities issued in respect of or exchange for the Shares, may
be notated with any legend required by the securities laws of any state to the extent such laws are applicable to the Shares represented
by the certificate, instrument, or book entry so legended.

 

(e)
Accredited Investors. The Optionee is an accredited investor as defined in Rule 501(a) of Regulation D promulgated under
the Securities Act.

 

(f)
Foreign Investors. If the Optionee is not a United States person (as defined by Section 7701(a)(30) of the Code), the Optionee
hereby represents that it has satisfied itself as to the full observance of the laws of its jurisdiction in connection with any
invitation to subscribe for the Shares or any use of this Agreement, including (i) the legal requirements within its jurisdiction
for the purchase of the Shares, (ii) any foreign exchange restrictions applicable to such purchase, (iii) any governmental or
other consents that may need to be obtained, and (iv) the income tax and other tax consequences, if any, that may be relevant
to the purchase, holding, redemption, sale, or transfer of the Shares. The Optionee’ s subscription and payment for and
continued beneficial ownership of the Shares will not violate any applicable securities or other laws of the Optionee’ s
jurisdiction.

 

16.
Section Headings. The Section headings contained in this Agreement are for reference purposes only and shall not
affect in any way the meaning or interpretation of this Agreement.

 

17.
Use of Proceeds from Stock. Proceeds from the sale of Common Stock pursuant to Awards, or upon exercise thereof,
shall constitute general funds of the Company.

 

18.
Adjustments Upon Changes in Stock. In the event of changes in the outstanding Common Stock or in the capital structure
of the Company by reason of any stock or extraordinary cash dividend, stock split, reverse stock split, an extraordinary corporate
transaction such as any recapitalization, reorganization, merger, consolidation, combination, exchange, or other relevant change
in capitalization occurring after the Grant Date of any Award, Awards granted under the any Award Agreements, the exercise price
of Options, the maximum number of shares of Common Stock subject to all Awards will be equitably adjusted or substituted, as to
the number, price or kind of a share of Common Stock or other consideration subject to such Awards to the extent necessary to
preserve the economic intent of such Award. In the case of adjustments made pursuant to this Section 19, unless the Company
or Committee, as applicable, specifically determines that such adjustment is in the best interests of the Company or its Affiliates,
the Company or Committee, as applicable, shall, in the case of Incentive Stock Options, ensure that any adjustments under this
Section 19 will not constitute a modification, extension or renewal of the Incentive Stock Options within the meaning of
Section 424(h)(3) of the Code and in the case of Non-qualified Stock Options, ensure that any adjustments under this Section
19 will not constitute a modification of such Non-qualified Stock Options within the meaning of Section 409A of the Code.
Any adjustments made under this Section 19 shall be made in a manner which does not adversely affect the exemption provided
pursuant to Rule 16b-3 under the Exchange Act. The Company shall give each Participant notice of an adjustment hereunder and,
upon notice, such adjustment shall be conclusive and binding for all purposes.

 

    	 	10	 

     

    

 

19.
No Fractional Shares. No fractional shares of Common Stock shall be issued or delivered pursuant to this Agreement.
The Company or Committee, as applicable, shall determine whether cash, additional Awards or other securities or property shall
be issued or paid in lieu of fractional shares of Common Stock or whether any fractional shares should be rounded, forfeited or
otherwise eliminated.

 

20.
Governing Law and Venue. THIS AGREEMENT SHALL AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK
WITHOUT GIVING EFFECT TO ANY CHOICE OR CONFLICT OF LAW PROVISION OR RULE (WHETHER OF THE STATE OF NEVADA OR ANY OTHER JURISDICTION)
THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF NEW YORK. EACH PARTY HEREBY IRREVOCABLY
SUBMITS TO THE PERSONAL JURISDICTION OF THE COURTS LOCATED IN THE STATE OF NEW YORK AND AGREES THAT ANY LITIGATION BETWEEN THE
PARTIES WILL BE FILED IN COURTS LOCATED IN NEW YORK, NEW YORK.

 

21.
Arbitration. By execution hereof, the parties hereto expressly agree that upon the request of any party, whether
made before or after the institution of any legal proceeding, any action, dispute, claim or controversy of any kind, whether in
contract or in tort, statutory or common law, legal or equitable, arising between the parties in any way arising out of any of
the provisions contained in this Agreement shall be resolved by binding arbitration administered by the American Arbitration Association
(the “AAA”) and in New York, NY. Such arbitration shall be conducted in accordance with the Commercial Arbitration
Rules of the AAA and, to the maximum extent applicable, the Federal Arbitration Act (Title 9 of the United States Code) except
as otherwise specified herein. Judgment upon the award rendered by the arbitrator may be entered in any court having competent
jurisdiction. The arbitrator shall resolve all disputes in accordance with the applicable substantive law. A single arbitrator
shall be chosen and shall decide the dispute, unless the amount sought in the dispute exceeds $100,000, in which case a panel
of three arbitrators shall decide the dispute. In all arbitration proceedings in which the amount of any award exceeds $100,000,
in the aggregate, the arbitrator(s) shall make specific, written findings of fact and conclusions of law. In all arbitration proceedings
in which the amount of any award exceeds $100,000, in the aggregate, the parties shall have, in addition to the limited statutory
right to seek a vacation or modification of an award pursuant to applicable law, the right to vacation or modification of any
award that is based, in whole or in part, on an incorrect or erroneous ruling of law by appeal to an appropriate court having
jurisdiction; provided, however, that any such application for a vacation or modification of such an award based
on an incorrect ruling of law must be filed in a court having jurisdiction over the dispute within 15 days from the date the award
is rendered. The findings of fact of the arbitrator(s) shall be binding on all parties and shall not be subject to further review
except as otherwise allowed by applicable law. No provision of this Agreement nor the exercise of any rights hereunder shall limit
the right of any party, and any party shall have the right during any dispute, to seek, use, and employ ancillary or preliminary
remedies, such as injunctive relief (including, without limitation, specific performance), from a court having jurisdiction before,
during, or after the pendency of any arbitration. The institution and maintenance of any action for judicial relief or pursuit
of provisional or ancillary remedies shall not constitute a waiver of the right of any party to submit any dispute to arbitration
nor render inapplicable the compulsory arbitration provisions hereof.

 

    	11

     

    

 

22.
Attorney’s Fees. If any action is brought to enforce or interpret the terms of this Agreement (including through
arbitration), the prevailing party shall be entitled to reasonable attorneys’ fees, costs, and necessary disbursements in
addition to any other relief to which such party may be entitled.

 

23.
Counterparts. This Agreement may be executed in any number of counterparts and shall be effective when each party
hereto has executed at least one counterpart, with the same effect as if all signing parties had signed the same document. All
counterparts will be construed together and evidence only one agreement, which, notwithstanding the actual date of execution of
any counterpart, shall be deemed to be dated the day and year first written above. In making proof of this Agreement, it shall
not be necessary to account for a counterpart executed by any party other than the party against whom enforcement is sought or
to account for more than one counterpart executed by the party against whom enforcement is sought.

 

24.
Execution by Facsimile. The manual signature of any party hereto that is transmitted to any other party by facsimile
or in portable document format (PDF) shall be deemed for all purposes to be an original signature.

 

Remainder
of page intentionally left blank; signature page follows.

 

    	 	12	 

     

    

 

IN
WITNESS WHEREOF, the undersigned have executed this Agreement as of the 9th day of July, 2020.

 

	 	COMPANY:
	 	 
	 	 
	 	 
	 	By:	 
	 	Name:	Anthony
    L. Havens
	 	Title:	CEO

 

The
Optionee acknowledges receipt of a copy of the Agreement and represents that he or she has reviewed the provisions of this Agreement
in their entirety, is familiar with and understands their terms and provisions, and hereby accepts this Option subject to all
of the terms and provisions of this Agreement. The Optionee further represents that he or she has had an opportunity to obtain
the advice of counsel prior to executing this Agreement.

 

	Dated:
    	 	 	OPTIONEE:
	 	 	 	 
	 	 	 	 
	 	 	 	Name:	Sandra
    L. Ahman
	 	 	 	 	 
	 	 	 	Address:
    	 
	 	 	 	 	 

 

[Signature
Page to Option Agreement]

 

    	 	 	 

     

    

 

SCHEDULE
I

 

	NAME
    OF OPTIONEE:	Sandra
    L. Ahman
	 	 
	DATE
    OF GRANT:	July
    9th, 2020
	 	 
	TYPE
    OF OPTION:	Incentive Stock Option 	No
	 	 
	 	Non-Qualified Stock Option 	Yes
	 	 
	NUMBER
    OF OPTIONED SHARES:	12,541,858

	 	 
	OPTION
    PRICE: 	$0.0028
    per Share
	 	 
	EXERCISE
    PRICE:	$0.00308
    per Share
	 	 
	TERMINATION
    DATE:	Fifth
    year anniversary of Date of Grant, subject to the other terms of the Option. 
	 	 
	VESTING:	Vesting
shall take place as follows: (1) 4,180,620 options vest immediately; (2) 4,180,620 options vest one year from the date of grant
and 4,180,618 options vest two years from the date of grant.

	 	 
	PERMISSION
    TO PAY WITH SHARES:	_X
    _Granted ____ Denied
	 	 
	EXPANDED
    RIGHTS TO TRANSFER OPTION:	None

 

[Schedule
I to Option Agreement]Exhibit 10.1

 

EMPLOYMENT
AGREEMENT

 

AGREEMENT
dated as of July 9, 2020 by and between Sparta Commercial Services, Inc., a Nevada corporation with an address at 555
Fifth Avenue, 14th Floor, New York, New York 10017(the “Company”) and Anthony L. Havens
(“Executive”) with an address at 555 Fifth Avenue, 14th Floor, New York, New York 10017.

 

WHEREAS,
the Company and Executive entered into an Employment Agreement dated as of July 9, 2020 and the Company and Executive wish to
enter into a new agreement relating to the employment of Executive by the Company and completely replacing such prior agreement;

 

NOW,
THEREFORE, in consideration of the premises and mutual covenants herein and for other good and valuable consideration, the
parties agree as follows:

 

1.
Term of Employment. Subject to the provisions of Section 8 of this Agreement, Executive shall be employed by the Company
for a period commencing on the date hereof (the “Commencement Date”) and ending on the fifth anniversary
of the Commencement Date (the “Employment Term”), on the terms and subject to the conditions set forth
in this Agreement. Notwithstanding the preceding sentence, the Employment Term shall be automatically extended for an additional
five-year period followed by further one-year periods, unless the Company or Executive provides the other party hereto 3 months
prior written notice before the expiration of the then current Employment Term that the Employment Term shall not be so extended.
“Employment Term” shall include any extension that becomes applicable pursuant to the preceding sentence.

 

2.
Position.

 

(a)
During the Employment Term, Executive shall serve
as the Company’s Chairman of the Board and Chief Executive Officer. In such position, Executive shall have the powers, duties
and responsibilities that are customary for such positions for a corporation of the size, type and nature of the Company and shall
perform such other duties as the Company’s Board of Directors shall determine in their reasonable discretion, including
in connection with the Company’s subsidiaries. Executive shall report exclusively to the Company’s Board of Directors.
Executive shall comply with all federal, state and local laws applicable to his duties and also shall comply with the rules and
regulations of any self-regulatory organization (as such term is defined in Rule 3(a)(26) of the Securities Exchange Act of 1934,
as amended) having jurisdiction over the Company.

 

(b)
During the Employment Term, Executive will devote
his full business time to the performance of his duties hereunder and will not engage in any other business, profession or occupation
for compensation or otherwise which would conflict with the rendition of such services either directly or indirectly, without
the prior written consent of the Company’s Board of Directors. Nothing contained herein shall preclude Executive from (i)
serving on corporate, civic and charitable boards or committees and (ii) managing his personal investments; provided that none
of the activities set forth in clauses (i) and (ii) interferes in any material respect with the performance of Executive’s
employment hereunder or conflict in any material respect with the business of the Company.

 

    	 	1	 

     

    

 

3.
Base Salary.

 

During
the Employment Term, the Company shall pay Executive a base salary (the “Base Salary”) at the annual
rate of $280,000.00, payable in regular installments in accordance with the Company’s usual payment practices. Executive
shall be entitled to such annual increases in his Base Salary, if any, as may be determined in the sole discretion of the Company’s
Board of Directors or of the Compensation Committee thereof. Executive may elect to defer all or any portion of his Base Salary
during the Employment Term (the “Deferred Amount”) to the extent eligible. Executive shall notify the
Company not later than March 31 of each year if he elects to defer all or any portion of the Deferred Amount for such year. The
Company shall deduct from Executive’s regular pay the pro rata portion of the Deferred Amount for any such year allocable
to each pay period commencing after the date of Executive’s notice to the Company of his election. Each such deducted amount
shall be deposited in an interest bearing account at the Company’s current bank. Upon such deposit Executive shall not be
allowed to withdraw such deposits until January 1 of the year following the year in which such deductions were made.

 

4.
Additional Compensation.

 

In
addition to Base Salary and other compensation specified in this agreement, Executive may from time to time, receive such additional
compensation from the Company in such form or forms as may be determined by the Company’s Board of Directors or the Compensation
Committee thereof from time to in order to more fully compensate Executive for the true value of his services to the Company.

 

5.
Disposition of Company Stock Held by Executive.

 

Following
the termination of Executive’s employment hereunder, if Executive determines to sell all or any portion of his shares of
the Common Stock of the Company, Executive shall first offer to sell such shares to the Company by providing written notice to
the Company setting forth the number of such shares to be sold. If the Company elects to purchase all of such shares so offered
the purchase price per share therefor shall equal 90% of the average daily bid price per share of the Company’s Common Stock
during the 7-trading day period following receipt by the Company of such notice. If the Company elects to purchase less than all
of such shares so offered, the purchase price per share shall be 100% of the average daily bid price per share of the Company’s
Common Stock during the 7-trading day period following receipt by the Company of such notice. The Company shall notify Executive
in writing of its decision whether to purchase any or all of such shares so offered within three days of the end of such 7-trading
day period. If the Company elects to purchase such shares, the Company shall pay the full purchase price therefor within thirty
(30) days of the Company’s election to so purchase. If the Company does not so elect or fails to notify Executive of its
election within the time specified herein, Executive shall be free to sell such shares in the open market in accordance with the
applicable rules and regulations of the Securities and Exchange Commission

 

    	 	2	 

     

    

 

6.
Employee Benefits; Stock Options.

 

(a)
During the Employment Term, Executive shall be
provided, in accordance with the terms of the Company’s employee benefit plans as in effect from time to time, health insurance
and short term and long term disability insurance, retirement benefits and fringe benefits (collectively “Employee
Benefits”) on the same bases as those benefits are generally made available to other senior executives of the Company.
Executive shall be entitled to paid vacation of six (6) weeks per calendar year within the Employment Term. Such vacation shall
be taken at times consistent with the proper performance by the Executive of his duties and responsibilities and with the approval
of the Company’s Board of Directors. Vacation not taken in any calendar year shall carry forward to any future year within
the employment period.

 

(b)
In addition to any other benefits payable to
Executive hereunder, the Company hereby grants to Executive options to purchase 37,625,574 shares of its Common Stock, par value
$0.001 per share, in accordance with the provisions of the Stock Option Agreement attached hereto as Exhibit A. The Company’s
Board of Directors may elect to issue Executive additional stock options to maintain his ownership percentage based on future
issuances.

 

7.
Business Expenses.

 

During
the Employment Term, reasonable business expenses incurred by Executive in the performance of his duties hereunder shall be reimbursed
by the Company in accordance with Company policies.

 

8.
Termination. Notwithstanding any other provision of this Agreement:

 

(a)
By the Company for Cause or By Executive Resignation
without Good Reason. (i) The Employment Term and Executive’s employment hereunder may be terminated by the Company for Cause
(as defined below) or by Executive’s resignation without Good Reason (as defined in Section 8(c)); (ii) For purposes of
this Agreement, “Cause” shall mean (A) the Executive’s willful and continued failure to substantially
perform the duties of his position or breach of material terms of his Agreement, after notice (specifying the details of such
alleged failure) and a reasonable opportunity to cure if such breach can be cured; (B) any willful act or omission which is demonstrably
and materially injurious to the Company or any of its subsidiaries or affiliates; (C) conviction or plea of nolo contendere to
a felony or other crime of moral turpitude involving imprisonment of more than one year; or (D) willful failure to carry out the
legitimate directives of the Company’s Board of Directors. No act or failure to act will be deemed “willful”
(i) unless effected without a reasonable belief that such action or failure to act was in or not opposed to the Company’s
best interest; or (ii) if it results from any physical or mental incapacity. (iii) If Executive’s employment is terminated
by the Company for Cause, or if Executive resigns without Good Reason, Executive shall be entitled to receive (A) any accrued
but unpaid Base Salary through the date of termination; (B) the opportunity to exercise vested stock options for 30 days following
the later of the date of termination or the date of resolution of any arbitration contesting such termination; (C) such compensation
and Employee Benefits, if any, as to which Executive may be entitled under the employee compensation and benefit plans of the
Company and any other long-term incentive or equity program pursuant to the terms hereof through the date of termination; (D)
any reimbursable business expenses incurred; and any Additional Compensation earned through the termination date. Following such
termination of Executive’s employment by the Company for Cause or resignation by Executive without Good Reason, except as
set forth in Section 6(b) and this Section 8(a), Executive shall have no further rights to any compensation or any other benefits
under this Agreement.

 

    	 	3	 

     

    

 

(b)
Disability, Death or Retirement.

 

(i)
The Employment Term and Executive’s employment
hereunder shall terminate (A) upon his death; (B) if Executive becomes physically or mentally incapacitated for a period of indefinite
duration and is therefore unable for a period of six (6) consecutive months or for an aggregate of twelve (12) months, or such
longer period as the Company’s Board of Directors in its sole discretion may determine, in any twenty-four (24) consecutive
month period to perform his duties, (such incapacity is hereinafter referred to as “Disability”); and
(C) upon his Retirement (as defined below). Any question as to the existence of the Disability of Executive as to which Executive
and the Company cannot agree shall be determined in writing by a qualified independent physician mutually acceptable to Executive
and the Company. If Executive and the Company cannot agree as to a qualified independent physician, each shall appoint such a
physician and those two physicians shall select a third who shall make such determination in writing. For purposes of this Agreement,
“Retirement” shall mean a Participant’s voluntary resignation any time.

 

(ii)
Upon termination of Executive’s employment
hereunder for death, Disability or Retirement, Executive or his estate (as the case may be) shall be entitled to receive (A) any
accrued but unpaid Base Salary through the end of the calendar year in which such termination occurs, (B) a pro rata portion of
any Additional Compensation that the Executive would have been entitled to receive pursuant to Section 4 hereof in such year based
upon the percentage of the calendar year that shall have elapsed through the date of Executive’s termination of employment,
payable when such Additional Compensation would have otherwise been payable had the Executive’s employment not terminated,
(C) the opportunity to exercise vested stock options and Executive’s stock options scheduled to vest during the year following
such termination (i) in the case of death or Disability, for one year following such termination or (ii) in the case of Retirement,
for four years following such termination, (D) a pro rata portion of any long term incentive granted to the Executive and (E)
such compensation and Employee Benefits, if any, as to which he may be entitled under the employee compensation and benefit plans
and arrangements of the Company. Following such termination of Executive’s employment due to death, Disability or Retirement,
except as set forth in Section 6(b) or this Section 8(b), Executive shall have no further rights to any compensation or any other
benefits under this Agreement.

 

(c)
By the Company without Cause or Resignation by
Executive for Good Reason.

 

(i)
The Employment Term and Executive’s employment
hereunder may be terminated by the Company without Cause or by Executive’s resignation for Good Reason.

 

(ii)
For purposes of this Agreement, “Good
Reason” shall mean: (A) assignment of duties to Executive inconsistent with his status as Chief Executive Officer
or otherwise inconsistent with the terms of Section 2 of this Agreement; (B) Executive’s relocation by the Company beyond
75 miles of his current place of residence; (C) any material breach of the Agreement by the Company; or (D) failure of any successor
to all or substantially all of business of the Company to assume this Agreement.

 

    	 	4	 

     

    

 

(iii)
If Executive’s employment is terminated
by the Company without Cause (other than by reason of death or Disability) or if Executive resigns for Good Reason, Executive
shall be entitled to receive (A) within 30 business days after such termination, any accrued but unpaid Base Salary and Deferred
Amount through the end of the calendar year in which such termination occurred in accordance with normal Company payroll policies,
(B) unpaid Additional Compensation for the fiscal year prior to termination in accordance with standard Company policies, (C)
a pro rata portion of any Additional Compensation that the Executive would have been entitled to receive pursuant to Section 4
hereof in the year of termination based upon the percentage of the calendar year that shall have elapsed through the date of Executive’s
termination of employment, payable when such Additional Compensation would have otherwise been payable had the Executive’s
employment not terminated provided that such Additional Compensation shall be equal to not less than six (6) months of Additional
Compensation, (D) payment equal to the Severance in accordance with Section 9 hereof; (E) continued coverage under the Company’s
welfare benefit plans available to senior executives for the lesser of (i) the time Executive is not covered by a comparable welfare
benefit plan or (ii) a period of 24 months, (F) except as provided in Section 5 hereof, accelerated vesting of all equity awards
(including, but not limited to, Executive’s stock options) and the opportunity to exercise such awards on or before the
earlier of (i) one year following such termination or (ii) the date of termination of such award and (G) such vested compensation
and Employee Benefits, if any, as to which Executive may be entitled under the employee compensation and benefit plans and arrangements
of the Company.

 

(iv)
If the Executive resigns for Good Reason or is
terminated without cause within 12 months after a Change in Control (as defined below), Executive shall be entitled to receive,
in addition to his entitlements in (iii) above, and (A) within 30 business days after such termination, an additional lump sum
payment equal to the greater of the Severance payment in accordance with Section 9 hereof or the balance of Executive’s
base salary hereunder for the balance of the Employment Term had this Agreement not been terminated and (B) continued coverage
under the Company welfare benefit plans available to senior executives for an additional 24 month period and (C) the value of
full vesting of the Executive’s account balance under the Company’s 401(k) plan.

 

(v)
For purposes of this Agreement, “Change
in Control” shall mean:

 

(A)
any Person (as defined in Section 3(a)(9) of
the Securities Exchange Act of 1934, as amended (the “Exchange Act”) who becomes the Beneficial Owner
(as defined in Rule 13d-3 of the Exchange Act) (except that a Person shall be deemed to be the Beneficial Owner of all shares
that any such Person has the right to acquire pursuant to any agreement or arrangement or upon exercise of conversion rights,
warrants or options or otherwise, without regard to the sixty day period referred to in Rule 13d-3 under the Exchange Act), directly
or indirectly, of securities of the Company or any Significant Subsidiary (as defined below), representing 50% or more of the
combined voting power of the Company’s or such Significant Subsidiary’s then-outstanding securities and is the largest
shareholder of the Company;

 

    	 	5	 

     

    

 

(B)
during any period of two consecutive years, individuals
who at the beginning of such period constitute the Board, and any new director whose election by the Board or nomination for election
by the Company’s stockholders was approved by a vote of at least two-thirds of the directors then still in office who either
were directors at the beginning of the two-year period or whose election or nomination for election was previously so approved
but excluding for this purpose any such new director whose initial assumption of office occurs as a result of either an actual
or threatened election contest (as such terms are used in Rule 14a-11 of Regulation 14A promulgated under the Exchange Act) or
other actual or threatened solicitation of proxies or consents by or on behalf of an individual, corporation, or partnership,
group, associate or other entity or Person other than the Board (the “Continuing Directors”), cease
for any reason to constitute at least a majority of the Board;

 

(C)
the consummation of a merger or consolidation
of the Company or any subsidiary owning directly or indirectly all or substantially all of the consolidated assets of the Company
(a “Significant Subsidiary”) with any other entity, other than a merger or consolidation which would
result in the voting securities of the Company or a Significant Subsidiary outstanding immediately prior thereto continuing to
represent (either by remaining outstanding or by being converted into voting securities of the surviving or resulting entity)
more than 50% of the combined voting power of the surviving or resulting entity outstanding immediately after such merger or consolidation;

 

(D)
the Company disposes of all or substantially
all of the consolidated assets of the Company (other than such a sale or disposition immediately after which such assets will
be owned directly or indirectly by the shareholders of the Company in substantially the same proportions as their ownership of
the common stock of the Company immediately prior to such sale or disposition) in which case the Board shall determine the effective
date of the Change in Control resulting therefrom; or if the Company elects to terminate this Agreement by not renewing this Agreement
at the end of the Employment Term, Executive shall be entitled to receive Severance equal to two and one-half (2 1/2) years of
his Base Salary payable in accordance with the Company’s standard payroll policy plus standard Employee Benefits in place
during such two and one-half (2 1/2) year period.

 

(d)
If the Company, or any successor in interest,
fails to fully perform all or any portion of its obligations under this Section 8, the Company, or such successor in interest,
shall be obligated to pay to Executive an amount equal to five (5) times the value of the unperformed obligation.

 

(e)
Notice of Termination. Any purported termination
of employment by the Company or by Executive (other than due to Executive’s death or in accordance with the provisions of
Section 1 hereof) shall be communicated by written Notice of Termination to the other party hereto in accordance with Section
12(i) hereof. For purposes of this Agreement, a “Notice of Termination” shall mean a notice which shall
indicate the specific termination provision in this Agreement relied upon and shall set forth in reasonable detail the facts and
circumstances claimed to provide a basis for termination of employment under the provision so indicated.

 

    	 	6	 

     

    

 

9.
Severance. Subject to the provisions of Section 8(c)(v) this Agreement, Executive shall earn additional “Severance”
compensation based on Executive’s base salary according to Executive’s length of service with the Company. Executive
shall earn three months of Severance for up to six months of service for each year of employment hereunder payable in accordance
with the Company’s regular payroll policy, plus full participation in all standard employee benefits during the period of
such payments.

 

10.
Confidentiality. Executive will not at any time (whether during or after his employment with the Company), unless required
by a court or administrative agency, disclose or use for his own benefit or purposes or the benefit or purposes of any other person,
firm, partnership, joint venture, association, corporation or other business organization, entity or enterprise other than the
Company and any of its subsidiaries or affiliates, any trade secrets, information, data, or other confidential information relating
to customers, development programs, costs, marketing, trading, investment, sales activities, promotion, credit and financial data,
manufacturing processes, financing methods, plans, or the business and affairs of the Company generally, or of any subsidiary
or affiliate of the Company, provided that the foregoing shall not apply to information which is not unique to the Company or
which is generally known to the industry or the public other than as a result of Executive’s breach of this covenant.

 

Executive
shall not disclose the existence or terms of this Agreement to any person except the CEO or the Board of Directors of the Company
and to its auditors and counsel and to Executive’s own personal financial advisor, accountant and counsel unless otherwise
required by applicable law.

 

11.
Noncompetition. During the term of Executive’s employment with the Company and for a period of one (1) year after
he ceases to be employed by the Company, Executive shall not engage directly or indirectly in competition with the Company or
its Affiliates (as such term is defined in Rule 501(b) of the Securities Act of 1933, as amended) in any of the businesses of
the Company or its subsidiaries. Competition shall include, without limitation, any role as a sponsor, consultant, employee, partner
or stockholder which aids or abets any business to compete or prepare for competition with the Company or its Affiliates in any
business in which any of them is engaged or planning to engage. Executive further acknowledges that competitive activities in
violation of this Section could cause irreparable injury to the Company and that such injury would be difficult or impossible
to measure. Accordingly, the Company shall be entitled to an injunction and other equitable remedies for any violation. This noncompetition
clause shall only be effective if the Company has made all payments and fulfilled all terms of this employment agreement.

 

12.
Miscellaneous.

 

(a)
Governing Law. This Agreement shall be
governed by and construed in accordance with the laws of the State of New York, without regard to conflicts of laws principles
thereof.

 

    	 	7	 

     

    

 

(b)
Arbitration. Any dispute or controversy
arising under or in connection with this Agreement shall be resolved by binding arbitration held in New York and conducted in
accordance with the commercial arbitration rules of the American Arbitration Association (“AAA”) in
effect at the time of the arbitration before a single arbitrator appointed by the President of the AAA; provided that such arbitrator
shall be an expert in the field of finance and shall not have had any previous dealings or relationships with either party. The
Company shall reimburse Executive’s legal fees of one counsel and costs incurred to enforce his rights under this Agreement
if Executive substantially prevails in any dispute or controversy. During the period of such dispute, Executive shall be entitled
to receive his Base Salary and standard Employee Benefits.

 

(c)
Entire Agreement. This Agreement contains
the entire understanding of the parties with respect to the employment of Executive by the Company with respect to the subject
matter hereof. There are no restrictions, agreements, promises, warranties, covenants or undertakings between the parties with
respect to the subject matter hereof other than those expressly set forth herein. This Agreement may not be altered, modified,
or amended except by written instrument signed by the parties hereto.

 

(d)
No Waiver. The failure of a party to insist
upon strict adherence to any term of this Agreement on any occasion shall not be considered a waiver of such party’s rights
or deprive such party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement.

 

(e)
Severability. In the event that any one
or more of the provisions of this Agreement shall be or become invalid, illegal or unenforceable in any respect, the validity,
legality and enforceability of the remaining provisions of this Agreement shall not be affected thereby.

 

(f)
Assignment. This Agreement shall not be
assignable by Executive. This Agreement may be assigned by the Company to a company which is a successor in interest to substantially
all of the business operations of the Company. Such assignment shall become effective when the Company notifies the Executive
of such assignment or at such later date as may be specified in such notice. Upon such assignment, the rights and obligations
of the Company hereunder shall become the rights and obligations of such successor company regardless of whether any assignee
expressly assumes the obligations, rights and privileges of this Agreement.

 

(g)
Mitigation. Executive shall not be required
to mitigate damages or the amount of any payment to Executive provided for under this Agreement by seeking other employment or
otherwise, nor, except as otherwise provided herein, shall the amount of any payment provided for under this Agreement be reduced
by any compensation earned by Executive as a result of employment after termination.

 

(h)
Successors; Binding Agreement. This Agreement
shall inure to the benefit of and be binding upon personal or legal representatives, executors, administrators, successors, heirs,
distributes, devises and legatees.

 

    	 	8	 

     

    

 

(i)
Notice. For the purpose of this Agreement,
notices and all other communications provided for in the Agreement shall be in writing and shall be deemed to have been duly given
when delivered by facsimile or United States registered mail, return receipt requested, postage prepaid, or by recognized overnight
courier service addressed to the respective addresses set forth on the execution page of this Agreement or such other address
as either party may have furnished to the other in writing in accordance herewith, except that notice of change of address shall
be effective only upon receipt.

 

If
delivery is by facsimile:

 

If
to the Company, at 646-514-4514

 

If
to Executive, at 212-239-2822.

 

(j)
Counterparts. This Agreement may be signed
in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the
same instrument.

 

(k)
Survival. The provisions of Section 6(b),
8, 9, 10, 11, 12(b) and 12(g) shall survive the expiration or termination of this Agreement regardless of the reason or reasons
therefor.

 

IN
WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and year first above written.

 

	 	 
	 	Anthony
L. Havens

	 	 
	 	SPARTA
        COMMERCIAL SERVICES, INC.
	 	 
	 	By:	
	 	Name:	 Sandra L. Ahman
	 	

        

        Title:
	Vice President, Operations

 

    	 	9	 

     

    

 

EXHIBIT
A

 

Stock
Option Agreement

 

    	 	10

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00311-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00311-of-00352.parquet"}]]