Document:

EX-10.22

 Exhibit 10.22 

AMENDMENT TO COLLATERAL ASSIGNMENT OF INTERESTS 

THIS AMENDMENT TO COLLATERAL ASSIGNMENT OF INTERESTS (this “Amendment”), is made as of December 22, 2015, by and
between CARTER VALIDUS OPERATING PARTNERSHIP II, LP, a Delaware limited partnership (“Assignor”) and KEYBANK NATIONAL ASSOCIATION (“KeyBank”), as Agent for itself and the other Lenders (the
“Lenders”) from time to time a party to the Credit Agreement (as hereinafter defined) (KeyBank, in its capacity as Agent, is hereinafter referred to as “Agent”). 

W I T N E S S E T H: 

WHEREAS, the Assignor, KeyBank, Agent and the other lending institutions from time to time party thereto entered into that certain
First Amended and Restated Credit Agreement, dated as of December 17, 2014 (as the same has been and may be further varied, extended, supplemented, consolidated, amended, replaced, renewed, modified or restated, the “Original Credit
Agreement”); and 
 WHEREAS, pursuant to the Original Credit Agreement, Assignor executed that certain Collateral Assignment
of Interests in favor of Agent, dated as of December 17, 2014, as amended by that certain First Amendment to Collateral Assignment of Interests dated as of December 23, 2014 by and between Assignor and Agent, that certain Second Amendment
to Collateral Assignment of Interests dated as of December 31, 2014, that certain Amendment to Collateral Assignment of Interests dated as of February 17, 2015, that certain Amendment to Collateral Assignment of Interests dated as of
April 1, 2015, that certain Amendment to Collateral Assignment of Interests dated as of June 1, 2015, that certain Amendment to Collateral Assignment of Interests dated as of June 12, 2015, that certain Amendment to Collateral
Assignment of Interests dated as of July 22, 2015, that certain Amendment to Collateral Assignment of Interests dated as of July 24, 2015, that certain Amendment to Collateral Assignment of Interests dated as of August 19, 2015, that
certain Amendment to Collateral Assignment of Interests dated as of August 31, 2015, and that certain Amendment to Collateral Assignment of Interests dated as of October 14, 2015 (as the same has been and may be further varied, extended,
supplemented, consolidated, amended, replaced, renewed, modified or restated, the “Assignment of Interests”), to provide security for the Secured Obligations (as defined in the Assignment of Interests); and 

WHEREAS, the Assignor, Agent, KeyBank and the other Lenders are now entering into that certain Second Amended and Restated Credit
Agreement, dated as of even date herewith (as the same has been and may be further varied, extended, supplemented, consolidated, amended, replaced, renewed, modified or restated, the “Credit Agreement”), which amends and restates
the Original Credit Agreement, and as a condition to entering into the Credit Agreement, Agent, KeyBank and the other Lenders have required Borrower to execute and deliver this Amendment; and 

WHEREAS, the parties hereto desire to amend the Assignment of Interests as set forth herein. 

 NOW, THEREFORE, for and in consideration of the sum of Ten and No/100 ($10.00), the mutual
covenants, promises, and agreements set forth hereinbelow, and for other good and valuable consideration, the receipt, adequacy, and sufficiency of which are hereby acknowledged, the parties do hereby covenant and agree as follows: 

1. Definitions. Capitalized terms used in this Amendment, but which are not otherwise expressly defined in this Amendment, shall have
the respective meanings given thereto in the Credit Agreement. 
 2. Modification of the Assignment of Interests. The parties hereto
do hereby modify and amend the Assignment of Interests as follows: 
 (a) By deleting in its entirety the third (3rd) “WHEREAS” clause appearing on the first (1st) page of the Assignment of Interests, and inserting in lieu thereof the
following: 
 “WHEREAS, Assignor, KeyBank, the other lenders from time to time party thereto and the Agent previously entered into that
certain First Amended and Restated Credit Agreement dated as of December 17, 2014 (as the same may be varied, extended, supplemented, consolidated, amended, replaced, increased, renewed or modified or restated from time to time, the
“Original Credit Agreement”); and 
 WHEREAS, Assignor, KeyBank, the other Lenders, and Agent have now entered into that certain
Second Amended and Restated Credit Agreement dated as of even date herewith (as the same may be varied, extended, supplemented, consolidated, amended, replaced, increased, renewed or modified or restated from time to time, the “Credit
Agreement”), which amends and restates the Original Credit Agreement, and pursuant to which the Lenders have agreed to provide to Assignor a revolving credit and term loan facility in the aggregate amount of up to $265,000,000.00 pursuant to
the Credit Agreement, which revolving credit and term loan facility may be increased to up to $550,000,000.00 pursuant to Section 2.11 of the Credit Agreement (the “Loan”), and which Loan is evidenced by, among other things,
(i) those certain Amended and Restated Revolving Credit Notes made by Assignor to the order of the Revolving Credit Lenders in the aggregate principal face amount of $240,000,000.00, those certain Term Loan Notes made by Assignor to the order
of the Term Loan Lenders in the aggregate principal face amount of $25,000,000.00, and (iii) that certain Amended and Restated Swing Loan Note made by Assignor to the order of KeyBank in the principal face amount of $30,000,000.00 (together
with all amendments, modifications, replacements, consolidations, increases, supplements and extensions thereof, collectively, the “Note”)” 

  
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 (b) By modifying Exhibit “A” attached to the Assignment of Interests by
adding the table set forth on Exhibit “A” attached to this Amendment and made a part hereof to the end of Exhibit “A” attached to the Assignment of Interests. Assignor and Agent hereby agree that the term
“Company” and “Companies” as used in the Assignment of Interests shall include each of the Companies set forth on Exhibit “A” attached to this Amendment (each, a “New Company” and
collectively, the “New Companies”). 
 (c) By deleting in their entirety the words and figures “First Amended and
Restated Credit Agreement dated as of December             , 2014” appearing in Exhibit “E” attached to the Assignment of Interests and inserting in lieu thereof
the following words and figures: “Second Amended and Restated Credit Agreement dated as of December             , 2015”. 

3. References to Assignment of Interests. All references in the Loan Documents to the Assignment of Interests shall be deemed a
reference to the Assignment of Interests, as modified and amended herein. 
 4. Representations. The Assignor represents and warrants
to Agent and the Lenders as follows: 
 (a) Authorization. The execution, delivery and performance of this Amendment and the
transactions contemplated hereby (i) are within the authority of the Assignor, (ii) have been duly authorized by all necessary proceedings on the part of the Assignor, (iii) do not and will not conflict with or result in any breach or
contravention of any provision of law, statute, rule or regulation to which the Assignor is subject or any judgment, order, writ, injunction, license or permit applicable to the Assignor, (iv) do not and will not conflict with or constitute a
default (whether with the passage of time or the giving of notice, or both) under any provision of the articles of incorporation, bylaws, operating agreement, partnership agreement, declaration of trust or other charter documents of, or any
mortgage, indenture, agreement, contract or other instrument binding upon, the Assignor or any of its properties or to which Assignor is subject, (v) do not and will not result in or require the imposition of any lien or other encumbrance on
any of the properties, assets or rights of the Assignor other than the liens and encumbrances created by the Loan Documents as amended hereby. 

(b) Enforceability. The execution and delivery of this Amendment are valid and legally binding obligations of Assignor enforceable in
accordance with the terms and provisions hereof, except as enforceability is limited by bankruptcy, insolvency, reorganization, moratorium or other laws relating to or affecting generally the enforcement of creditors’ rights and the effect of
general principles of equity. 
 (c) Approvals. The execution, delivery and performance of this Amendment and the transactions
contemplated hereby do not require the approval or consent of any Person or the authorization, consent, approval of or any license or permit issued by, or any filing or registration with, or the giving of any notice to, any court, department, board,
commission or other governmental agency or authority other than those already obtained and the filing of UCC financing statements in the appropriate records office with respect hereto. 

  
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 (d) Reaffirmation. Assignor hereby repeats and reaffirms all representations and
warranties, as modified hereby, made by it to the Agent in the Assignment of Interests on and as of the date hereof with the same force and effect as if such representations and warranties were set forth in this Amendment in full, except to the
extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and accurate on and as of such earlier date) and except for changes in factual
circumstances or transactions not prohibited by the Loan Documents. 
 5. No Default. By execution hereof, the Assignor certifies that
no Default or Event of Default has occurred and is continuing. 
 6. Ratification. Except as hereinabove set forth, all terms,
covenants and provisions of the Assignment of Interests remain unaltered and in full force and effect, and the parties hereto do hereby expressly ratify and confirm the Assignment of Interests as modified and amended herein and the other Loan
Documents. Nothing in this Amendment shall be deemed or construed to constitute, and there has not otherwise occurred, a novation, cancellation, satisfaction, release, extinguishment or substitution of the Secured Obligations (as defined in the
Assignment of Interests). 
 7. Acknowledgment of the Assignor. The Assignor hereby acknowledges, represents and agrees that the
Assignment of Interests, as modified and amended herein, remains in full force and effect and constitutes the valid and legally binding obligation of the Assignor enforceable against the Assignor in accordance with its respective terms, and that the
execution and delivery of this Amendment does not constitute, and shall not be deemed to constitute, a release, waiver or satisfaction of the Assignor’s obligations under the Loan Documents. 

8. No Impairment; Continuing Security Interest. 

(a) As security for the prompt payment and performance by Assignor of each and all of the indebtedness, liabilities, duties, responsibilities
and obligations whether such indebtedness, liabilities, duties, responsibilities and obligations are now existing or are hereafter created or arising under the Assignment of Interests or any other Loan Document, Assignor does hereby transfer,
assign, pledge, convey, and grant to Agent, and does hereby grant a security interest to Agent in, all of Assignor’s right, title and interest in and to all Collateral referred to in Paragraph 2 of the Assignment of Interests with respect
to the New Companies. 
 (b) Except as otherwise expressly provided herein, nothing herein contained shall in any way (a) impair or
affect the validity and priority of the lien of the Assignment of Interests as to the Collateral (as defined in the Assignment of Interests) originally encumbered prior to the date of this Amendment, (b) alter, waive, annul or affect any
provision, condition or covenant in the Loan Documents, or (c) affect or impair any rights, powers or remedies under the Loan Documents. 

(c) In furtherance of the foregoing, Assignor hereby acknowledges, represents and agrees that the Assignment of Interests, as amended by this
Amendment, creates a continuing security interest in the Collateral (including all Collateral with respect to the New Companies) and shall (x) remain in full force and effect until the indefeasible payment in full of

  
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the Obligations and the Lenders have no further obligation to make any advances or issue Letters of Credit under the Credit Agreement, (y) be binding upon Assignor and its permitted heirs,
successors and assigns, and (z) inure, together with the rights and remedies of Agent hereunder and thereunder, to the benefit of Agent and the Lenders and their respective successors, transferees and assigns. 

9. Amendment as Loan Document. This Amendment shall constitute a Loan Document. 

10. Counterparts. This Amendment may be executed in any number of counterparts, all of which taken together shall constitute one and the
same instrument, and any of the parties hereto may execute this Amendment by signing any such counterpart. 
 11. Governing Law. THIS
AMENDMENT SHALL PURSUANT TO SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW BE GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE INTERNAL LAWS OF THE STATE OF NEW YORK. 

12. Final Agreement. THIS AMENDMENT REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,
CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. 
 13.
Miscellaneous. This Amendment shall be effective upon the execution hereof by Assignor and Agent and shall be binding upon and shall inure to the benefit of the parties hereto and their respective permitted successors, successors-in-title and
assigns as provided in the Credit Agreement. All captions in this Amendment are included herein for convenience of reference only and shall not constitute part of this Amendment for any other purpose. 

[Remainder of this page intentionally left blank] 

  
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 IN WITNESS WHEREOF, the parties hereto, acting by and through their respective duly
authorized officers and/or other representatives, have duly executed this Amendment, under seal, as of the day and year first above written. 
  

							
	ASSIGNOR:	  	            
		
	CARTER VALIDUS OPERATING
PARTNERSHIP II, LP, a Delaware limited partnership	  	
			
	By:	  	Carter Validus Mission Critical REIT II,
Inc., a Maryland corporation, its general partner	  	
				
		  	By:	  	 /s/ Todd Sakow
	  	
		  	Name: Todd Sakow	  	
		  	Title: Chief Financial Officer	  	
		
	AGENT:	  	
		
	KEYBANK NATIONAL ASSOCIATION, a
national banking association, as Agent	  	
			
	By:	  	 /s/ Kristin Centracchio
	  	
	Name: Kristin Centracchio	  	
	Title: Vice President	  	

 AMENDMENT TO COLLATERAL ASSIGNMENT
OF INTERESTS 

 EXHIBIT “A” 

COMPANIES 
  

									
	 NAME OF ENTITY
	  	 FORMATION DOCUMENTS
	  	STATE OF
FORMATION	  	TYPE OF
INTEREST	  	CERTIFICATE
NUMBER
	HCII-Heritage Park, LLC	  	Certificate of Formation filed on September 18, 2015 with the Secretary of the State of Delaware; and Limited Liability Company Agreement of HCII-Heritage Park, LLC dated as of September 18, 2015	  	Delaware	  	100% of the
limited liability
company interests	  	1

 EXHIBIT “A” – PAGE 1AMENDED
AND RESTATED CERTIFICATE OF DESIGNATIONS OF THE

SERIES C CONVERTIBLE PREFERRED STOCK OF

BOXLIGHT CORPORATION

 

PURSUANT
TO SECTION 78.195

OF THE NEVADA REVISED STATUTES

 

I,
Sheri Lofgren, hereby certify that I am the Chief Financial Officer of Boxlight Corporation, formerly, known as Logical Choice
Corporation (the “Corporation”), a corporation organized and existing under the Nevada Revised Statutes, and further
do hereby certify:

 

That
pursuant to the authority expressly conferred upon the Board of Directors of the Corporation (the “Board”) by the
Corporation’s Articles of Incorporation, as amended (the “Articles of Incorporation”), the Board on December
16, 2015, adopted the following resolutions creating a series of preferred stock designated as Series C Convertible Preferred
Stock, none of which have been issued:

 

RESOLEVED
that these Amended and Restated Certificate of Designations of the Series C Preferred Stock shall restate in their entirety, the
Certificate of Designations for the Series C Preferred Stock filed pursuant to Section 78.195 of the NRS on September 24, 2015,
as amended on December 16, 2015; and

 

RESOLVED,
that the Board designates the Series C Convertible Preferred Stock and the number of shares constituting such series, and fixes
the rights, powers, preferences, privileges and restrictions relating to such series in addition to any set forth in the Articles
of Incorporation as follows:

 

TERMS
OF SERIES C CONVERTIBLE PREFERRED STOCK

 

ARTICLE
IDesignation and Number.

 

1.1A
series of Preferred Stock, designated as Series C Convertible Preferred Stock (“Series C Preferred Stock”), par value
$0.0001 per share, is hereby established. The number of authorized shares of Series C Preferred Stock shall initially be 270,000
shares (as adjusted, pursuant to Section Error! Reference source not found., the “Authorized Shares”), and the stated
value amount per share of Series C Preferred Stock shall be $22.20 (the “Stated Value Per Share”), or $5,994,018 as
to all shares of Series C Preferred Stock. 

 

1.2Pursuant
to the Share Purchase Agreement, the Company acquired a minimum of 82.28% of the issued and outstanding common shares of Everest
Display, Inc. and may acquire additional common shares of Everest Display, Inc.

 

1.3The
Series C Preferred Stock is being issued pursuant to the terms of the Everest Option Agreement. 

 

1.4As
used in this Certificate, the term “Automatic Conversion Shares” shall mean the aggregate number of shares of Company
Class A Common Stock issuable upon the automatic conversion of all of the Series C Preferred Stock into such Class A Common Stock
upon the occurrence of a Liquidity Event; being that number of shares of Class A Common Stock resulting from (a) multiplying the
final percentage of the issued and outstanding common shares of Everest Display, Inc. acquired by the Company by not less than
82.28% of Ten Million ($10,000,000) Dollars, or a Sixteen Million Four Hundred and Fifty Six Thousand ($16,456,000) Dollars, and
(b) dividing the product thereof by the Per Share Price; provided,
that, the Automatic Conversion Shares being that number of shares of Class A Common Stock
which shall represent not less than 20.575% and not more than 25.00% of the Fully-Diluted Common Stock of the Corporation. For
the avoidance of doubt, in connection with the contemplated IPO, and after giving effect (i) a series of reverse stock splits
aggregating a 1:6.485 reverse stock split (one full share for each 12.54 shares previously outstanding) of the outstanding Common
Stock of the Corporation, and (ii) a 1.9336909 forward stock split of the outstanding Common Stock of the Corporation, the Automatic
Conversion Shares will be 1,991,627 shares of Class A Common Stock and, together with the Bonus Shares contemplated by the Share
Purchase Agreement, such Automatic Conversion Shares shall be an aggregate of 2,150,957 shares of Class A Common Stock, or approximately
22.22% of the Fully-Diluted Common Stock of the Corporation. In the event that such reverse stock split ratio and forward stock
split ratio shall change, then the number of shares of Series A Common Stock issuable as Automatic Conversion Shares shall change,
but the aggregate number of shares of such Class A Common Stock upon the occurrence of a Liquidity Event shall continue to represent
not less than 20.575% and not more than 25.00% of the Fully-Diluted Common Stock of the Corporation.

 

    	 

    	 

    

 

1.5As
used in this Certificate, the term “Everest Option Agreement” shall mean the option agreement, dated as of January
20, 2015, as amended on March 27, 2015 and as further amended on June 1, 2015, July 10, 2014, September 30, 2015, November 6,
2015 and December 16, 2015, among the Corporation, K Laser Technology, Inc. and other parties thereto.

 

1.6As
used in this Certificate, the term “Fully-Diluted Common Stock” shall have the same meaning as the definition of “Fully-Diluted
Common Stock of the Parent” as set forth in the Share Purchase Agreement.

 

1.7As
used in this Certificate, the term “Holder” shall mean one or more holder(s) of shares of Series C Preferred Stock.

 

1.8As
used in this Certificate, the term “Majority Holders” shall mean those persons who were issued a majority of the shares
of Series C Preferred Stock pursuant to the terms of the Everest Option Agreement to the extent that such persons continue to
own capital stock in the Corporation.

 

1.9As
used in this Certificate, the term “Share Purchase Agreement” shall mean the share purchase agreement dated as of
as of January 20, 2015, as amended on March 27, 2015 and as further amended on June 1, 2015, July 10, 2015, September 30, 2015,
November 6, 2015 and December 16, 2015 among K Laser Technology, Inc., Boxlight Display, Inc., and the other Majority Shareholders
(as defined in the Share Purchase Agreement), the Corporation and Vert Capital Corp.

 

1.10As
used in this Certificate, the term “Liquidity Event” shall have the meaning as such term is defined in the Share Purchase
Agreement.

 

1.11As
used in this Certificate, the term “Market Value” shall have the meaning as such term is defined in the Share Purchase
Agreement.

 

1.12As
used in this Certificate, the term “Per Share Price” shall have the meaning as such term is defined in Section 1.6
of the Share Purchase Agreement.

 

1.13As
used in this Certificate, the term “IPO” shall have the meaning as such term is defined in Section 1.6 of the Share
Purchase Agreement.

 

1.14The
term “Company” as used in the Share Purchase Agreement and in the Option Agreement shall mean the Corporation.

 

    	 

    	 

    

 

ARTICLE
IIRANK. All shares of the Series C Preferred Stock shall rank senior to (i) to the Corporation’s Common Stock,
$0.0001 par value per share, of the Corporation (the “Common Stock”) and any other class of securities which is specifically
designated as junior to the Series C Preferred Stock (collectively, with the Common Stock, the “Junior Securities”);
and (ii) pari passu with any other class or series of Preferred Stock of the Corporation hereafter created specifically
ranking, by its terms, on parity with the Series C Preferred Stock, including without limitation, 2,500,000 shares of Series A
Preferred Stock, $1.00 stated value per share, 1,000,000 shares of Series B Preferred Stock, $1.00 stated value per share and
all other shares of Preferred Stock of the Corporation (other than the Series C Preferred Stock) to be issued in series in connection
with the “Acquisitions” of the “Target Companies,” as those terms are defined in the Everest Option Agreement,
and to any notes, convertible securities or class or series of capital stock of the Corporation (including Preferred Stock) hereafter
issued for the purpose of consummating any public or private financing (collectively, the “Pari Passu Securities”),
in each case as to distribution of assets upon liquidation, dissolution or winding up of the Corporation, whether voluntary or
involuntary.

 

ARTICLE
IIIDividends.

 

3.1The
Holders shall be entitled to receive if, at the times set forth in this Section Error! Reference source not found., cumulative
annual dividends per share equal to six percent (6%) of the aggregate Liquidation Preference (hereinafter defined) of the issued
and outstanding Series C Preferred Stock. Accrual of such dividends shall be computed on a 365-day basis, and shall be payable
in full when the Series C Preferred Stock is redeemed by the Corporation in the manner provided in paragraph (Error! Reference
source not found.) below. Such dividends shall be payable annually each anniversary of the issue
date of the Series C Preferred Stock in additional shares of Series C Preferred Stock, and such dividends shall accrue
whether or not declared and regardless of whether there are profits, surplus or other funds legally available for payment of dividends,
and shall be earned or payable from and after the issue date of the Series C Preferred Stock. All dividends paid with respect
to shares of Series C Preferred Stock pursuant to this Section Error! Reference source not found. shall be paid pro rata
to the Holders entitled thereto. Dividends on the Series C Preferred Stock may not be declared, paid or set apart for payment,
nor may the Corporation redeem, purchase or otherwise acquire any shares of Series C Preferred Stock, if the Corporation is not
solvent or would be rendered insolvent thereby.

 

3.2Except
as otherwise set forth in this Section Error! Reference source not found., the Series C Preferred Stock shall not pay a
fixed or other dividend. The Holders shall, however, be entitled to receive dividends when, as, and if declared by the Board,
in an amount which shall be paid pro rata on the Common Stock and the Series C Preferred Stock, on an equal priority, pari
passu basis, according to the number of shares of Common Stock held by the stockholders, where each Holder is to be treated
for this purpose as holding (in lieu of such shares of Series C Preferred Stock) the greatest whole number of shares of Common
Stock then issuable upon conversion in full of such shares of Series C Preferred Stock. The right to such dividends on shares
of Series C Preferred Stock shall not be cumulative, and no right shall accrue to Holders by reason of the fact that dividends
on said shares are not declared in any period, nor shall any undeclared or unpaid dividend bear or accrue interest.

 

ARTICLE
IVLIQUIDATION PREFERENCE. In the event of a merger, sale (of substantially all assets or stock), any voluntary or involuntary
liquidation, dissolution or winding up of the affairs of the Corporation, then, either (i) simultaneous with any distribution
or payment on Pari Passu Securities, and (ii) before any distribution or payment shall be made to the holders of the Common Stock
or any other Junior Securities, each Holder of Series C Preferred Stock then outstanding shall be entitled to be paid, out of
the assets of the Corporation available for distribution to its stockholders, an amount (the “Liquidation Preference”)
equal to (i) the product of (A) the aggregate number of shares of Series C Preferred Stock then outstanding, (B) the Stated Value
Per Share and (C) a multiple of 3.71 plus (ii) any accrued but unpaid dividends. If the assets of the Corporation are not sufficient
to generate cash sufficient to pay in full the Liquidation Preference, then the Holders of Series C Preferred Stock shall share
ratably (together with holders of any Pari Passu Securities) in any distribution of cash generated by such assets in accordance
with the respective amounts that would have been payable in such distribution as if the amounts to which the Holders of outstanding
shares of Series C Preferred Stock are entitled were paid in full.

 

    	 

    	 

    

 

ARTICLE
V. VOTING RIGHTS. Each share of Series C Preferred Stock shall have a number of votes equal to the number of shares of
Common Stock then issuable upon conversion of each share of Series C Preferred Stock. Except as otherwise set forth herein, the
Holders shall have no right to vote as a separate class on any matter submitted to vote by the stockholders of the Corporation,
excluding, however, any proposed amendment that would alter any right given to the Series C Preferred Stock; in which event the
Series C Preferred Stock may vote as a separate class with respect to such amendment. Holders shall be entitled to notice of any
stockholders’ meeting in accordance with the Bylaws of the Corporation and shall vote with holders of the Common Stock upon
the election of directors and upon any other matter submitted to a vote of stockholders. Fractional votes by the Holders shall
not, however, be permitted and any fractional voting rights resulting from the above formula (after aggregating all shares into
which shares of Series C Preferred Stock held by each Holder could be converted) shall be rounded to the nearest whole number
(with one-half being rounded upward).

 

ARTICLE
VIConversion.

 

6.1Conversion
Ratio. Each full share of Series C Preferred Stock shall be convertible into Company Class A Common Stock of the Corporation,
at any time, into that number of shares of Company Class A Common Stock at a conversion ratio per share of Series C Preferred
Stock as shall be determined by dividing (A) the number of Authorized Shares, by (B) that number of shares of Common Stock equal
to the number of Automatic Conversion Shares (the “Series C Conversion Ratio”).
Accordingly the initial conversion ratio (the“Conversion Ratio”), shall be determined by dividing one share of the
Series C Preferred Stock by the Series C Conversion Ratio; provided, that,
depending upon the final percentage of the “Existing Everest Shares” (as defined in the Share Purchase Agreement)
that is acquired by the Corporation the number of Conversion Shares (defined below) and the Series C Conversion Ratio shall result
in all of the Conversion Shares having a Market Value of Sixteen Million Four Hundred and Fifty Six Thousand ($16,456,000) Dollars
(the “Market Value”), and shall result in all of the Conversion Shares representing not less than 20.575% of the Fully-Diluted
Company Common Stock and not more than 25.0% of the Fully-Diluted Company Common Stock. 

 

For
the avoidance of doubt, in the event and to the extent that the Automatic Conversion Shares shall represent less than 20.575%
of the Fully-Diluted Common Stock (subject to increase, as provided above, if the Corporation acquires in excess of 82.28% of
the Existing Everest Shares under the Share Purchase Agreement), upon the optional or automatic conversion of the Series C Preferred
Stock, the Holders of Series C Preferred Stock shall be entitled to receive, in addition to such Automatic Conversion Shares,
the “Adjustment Shares” as defined in the Everest Option Agreement. In addition, if the product of multiplying the
Per Share Price by the number of Automatic Conversion Shares shall result in a Market Value of less than the Sixteen Million Four
Hundred and Fifty Six Thousand ($16,456,000) Dollars Market Value, the number of Automatic Conversion Shares shall similarly be
subject to increase by the issuance of additional shares of Common Stock.

 

    	 

    	 

    

 

6.2Optional
Conversion. The Holders of shares of Series C Preferred Stock may, at their option and at any time or from time to time, convert
all or any portion of their shares of Series C Preferred Stock into Common Stock of the Corporation at any time or from time to
time (an “Optional Conversion”). In order to effect an Optional Conversion, a Holder of shares of Series C Preferred
Stock shall: (i) fax (or otherwise deliver) a copy of the fully executed Notice of Conversion to the Corporation (Attention: Secretary)
and (ii) surrender or cause to be surrendered the original certificates representing the Series C Preferred Stock being converted
(the “Series C Preferred Stock Certificates”), duly endorsed, along with a copy of the Notice of Conversion as soon
as practicable thereafter to the Corporation. Upon receipt by the Corporation of a facsimile copy of a Notice of Conversion from
a Holder, the Corporation shall promptly send, via facsimile, a confirmation to such Holder stating that the Notice of Conversion
has been received, the date upon which the Corporation expects to deliver the Common Stock issuable upon such conversion and the
name and telephone number of a contact person at the Corporation regarding the conversion. The Corporation shall not be obligated
to issue shares of Common Stock upon a conversion unless either the Series C Preferred Stock Certificates are delivered to the
Corporation as provided above, or the Holder notifies the Corporation that such Series C Preferred Stock Certificates have been
lost, stolen or destroyed and delivers the documentation to the Corporation.

 

6.3Automatic
Conversion. Notwithstanding anything to the contrary contained herein, express or implied, but subject at all times to
the adjustment provisions of Section 6.4 below, immediately following the occurrence of (i) a Liquidity Event and (ii) the exercise
of the Option (as defined in the Option Agreement), all, and not less than all, of the then issued and outstanding shares of Series
C Preferred Stock shall automatically, and without any further action on the part of the Corporation or the Holder, be converted
(an “Automatic Conversion”) into that number of Automatic Conversion Shares that shall (a) have an aggregate Market
Value of $16,456,000, and (b) represent not less than 20.575% of the Fully-Diluted Common stock and not more than 25.0% of the
Fully-Diluted Common Stock, less the aggregate number of shares of Common Stock previously issued in connection with any
one or more Optional Conversions contemplated by Section 6.2 above. Each Holder of Series C Preferred Stock shall be entitled
to receive his, her or its pro-rata portion of the Automatic Conversion Shares determined by the amount by which the number of
shares of Common Stock into which all of such Holder’s shares of Series C Preferred Stock may be converted pursuant to the
Conversion Ratio, bears to the total number of Automatic Conversion Shares. 

 

For
the avoidance of doubt, in connection with the contemplated IPO, and after giving effect to (i) a series of reverse stock splits
of the outstanding Common Stock of the Corporation, and (ii) a 1.9336909 forward stock split of the outstanding Common Stock of
the Corporation, the Automatic Conversion Shares will be up to 1,991,627 shares of Class A Common Stock and, together with the
Bonus Shares contemplated by the Share Purchase Agreement, such Automatic Conversion Shares shall be an aggregate of 2,150,957
shares of Class A Common Stock, or approximately 22.22% of the Fully-Diluted Common Stock of the Corporation. In the event that
such reverse stock split ratio shall be other than 1:6.485, as adjusted by a 1.9336909 forward stock split consummated prior to
completion f the IPO, then the number of shares of Series A Common Stock issuable as Automatic Conversion Shares shall change,
but the aggregate number of shares of such Class A Common Stock upon the occurrence of a Liquidity Event (including the Bonus
Shares) shall continue to represent not less than 22.22% and not more than 25.00% of the Fully-Diluted Common Stock of the Corporation.

 

Adjustment
for Reclassification, Exchange, and Substitution. If at any time or from time to time after the date upon which the first
share of Series C Preferred Stock was issued by the Corporation (the “Original Issue Date”), the shares of Company
Class A Common Stock issuable upon the conversion of the Series C Preferred Stock shall be changed into the same or a different
number of shares of any class or classes of stock, whether by recapitalization, reclassification, reorganization, merger, exchange,
consolidation, sale of assets or otherwise, then, in any such event, Holders shall have the right thereafter to convert such stock
into the kind and amount of stock and other securities and property receivable upon such recapitalization, reclassification, reorganization,
merger, exchange, consolidation, sale of assets or other change by a holder of the number of shares of Company Class A Common
Stock into which such shares of Series C Preferred Stock could have been converted immediately prior to such recapitalization,
reclassification, reorganization, merger, exchange, consolidation, sale of assets or other change, or with respect to such other
securities or property by the terms thereof.

 

    	 

    	 

    

 

6.5Adjustment
Upon Common Stock Event. In the event that a Common Stock Event occurs at any time or from time to time after the Original
Issue Date, the aggregate number of shares of Common Stock into which the Series C Preferred Stock may be converted (the “Conversion
Shares”) in effect immediately prior to such event shall, simultaneously with the occurrence of such Common Stock Event,
shall be proportionately decreased or increased, as appropriate. The Conversion Shares shall be readjusted in the same manner
upon the happening of each subsequent Common Stock Event. As used herein, the term “Common Stock Event” shall mean:
(a) the declaration or payment of any dividend or other distribution on the Common Stock, without consideration, payable to one
or more stockholders in additional shares of Company Class A Common Stock or other securities or rights convertible into, or entitling
the holder thereof to receive, directly or indirectly, additional shares of Common Stock; (b) a subdivision (by stock split, reclassification
or otherwise) of the outstanding shares of Common Stock into a greater number of shares of Common Stock; or (c) a combination
or consolidation (by reverse stock split) of the outstanding shares of Common Stock into a smaller number of shares of Common
Stock.

 

6.6Adjustment
of Series C Conversion Price Upon Issuance of Additional Shares of Common Stock. In the event the Corporation shall, at
any time after the Original Issue Date and prior to a Liquidity Event, issue additional shares of Company Class A Common Stock
or Preferred Stock that is convertible into shares of Common Stock, then the Series C Conversion Price and the Conversion Ratio
shall be adjusted concurrently with such issue, so that the Series C Preferred Stock shall continue to represent not less than
twenty percent (20%) of the Fully-Diluted Common Stock of Company.

 

1.2
Reservation of Stock Issuable Upon Conversion. The Corporation shall at all times reserve and keep available out of
its authorized but unissued shares of Company Class A Common Stock, solely for the purpose of effecting the conversion of the
shares of the Series C Preferred Stock such number of its shares of Company Class A Common Stock as shall from time to time be
sufficient to effect the conversion of all outstanding shares of the Series C Preferred Stock; and if at any time the number of
authorized but unissued shares of Company Class A Common Stock shall not be sufficient to effect the conversion of all then outstanding
shares of the Series C Preferred Stock, the Corporation will take such corporate action as may, in the opinion of its counsel,
be necessary to increase its authorized but unissued shares of Company Class A Common Stock to such number of shares as shall
be sufficient for such purpose, including, without limitation, engaging in best efforts to obtain the requisite stockholder approval
of any necessary amendment to the Corporation’s Articles of Incorporation.

 

6.8Fractional
Shares. No fractional share shall be issued upon the conversion of any share or shares of Series C Preferred Stock. All shares
of Common Stock (including fractions thereof) issuable upon conversion of more than one share of Series C Preferred Stock by a
Holder thereof shall be aggregated for purposes of determining whether the conversion would result in the issuance of any fractional
share.

 

ARTICLE
VII NO REISSUANCE OF SERIES C PREFERRED STOCK. No share or shares of Series C Preferred Stock acquired by the Corporation
by reason of redemption, purchase, conversion or otherwise shall be reissued, and all such shares shall be canceled, retired and
eliminated from the shares which the Corporation shall be authorized to issue.

 

ARTICLE
VIIIREDEMPTION. The Series C Preferred Stock is not redeemable.

 

    	 

    	 

    

 

ARTICLE
IXNOTICE. Except as may otherwise be provided for herein, all notices referred to herein shall be in writing, and all
notices hereunder shall be deemed to have been given upon the earlier of receipt of such notice or four business days after the
mailing of such notice, if sent by registered mail, with postage pre-paid, addressed: (1) if to the Corporation, to the attention
of its corporate secretary or to an agent of the Corporation designated as permitted by the Corporation’s Articles of Incorporation,
as amended; (2) if to any Holder, to such Holder at the address of such Holder as listed in the stock record books of the Corporation
(which may include the records of the Corporation’s transfer agent); or (3) to such other address as the Corporation or
Holder, as the case may be, shall have designated by notice similarly given.

 

ARTICLE
XAMENDMENT. This Certificate of Designation or any provision hereof may be amended by obtaining the affirmative vote at
a meeting duly called for such purpose, or written consent without a meeting in accordance with the Nevada Revised Statutes, of
(i) a majority of the outstanding Series C Preferred Stock, voting separate as a single class, and (ii) with such other stockholder
approval, if any, as may then be required pursuant to the Nevada Revised Statutes and the Articles of Incorporation.

 

ARTICLE
XILimitation on Transfer.

 

11.1The,
sale, offer to sell, contract to sell, assignment, pledge, hypothecation, encumbrance or other transfer (collectively, “Transfer”),
directly or indirect, by any Holder or holder of the Conversion Shares issuable upon conversion of such shares of Series C Preferred
Stock, including (i) the use of the any shares of Series C Preferred Stock or Conversion Shares (collectively, “Capital
Stock”) as collateral for any borrowing, or (ii) the granting of purchase options to any other person or entity, shall be
prohibited until 180 days from the date of this Certificate of Designation; provided, however, that a Transfer by a holder
of Capital Stock (a “Capital Stock Holder”), (certified by such Capital Stock Holder to the Corporation that such
Transfer is for estate planning purposes), to (A) an immediate family member (child, sibling, spouse or Company); (B) a trust,
corporation, partnership, limited partnership or limited liability Corporation that is an “affiliate” (at that term
is defined in Rule 405 promulgated under the Securities Act of 1933, as amended) of such Capital Stock Holder; or (C) in the case
of a Capital Stock Holder that is an entity, stockholders, members, partners or other equity holders of such Capital Stock Holder
shall be permitted. To the extent of any permitted Transfer, the transferee of such transferred Capital Stock shall acquire the
same subject to the provisions set forth herein. 

 

11.2In
the event of any stock dividend, stock split, recapitalization, or other change affecting the Corporation’s outstanding
Common Stock effected without receipt of consideration, then any new, substituted, or additional securities distributed to a Holder
with respect to Capital Stock shall be immediately subject to the provisions of this Section 11.2, to the same extent the Capital
Stock is at such time covered by such provisions.

 

11.3In
addition to any restrictive legend required under Rule 144, the certificate for each share of Series C Preferred Stock and Conversion
Shares shall contain the following legend: 

 

“Except
in limited circumstances, the sale, offer to sell, contract to sell, assignment, pledge, hypothecation, encumbrance or other transfer
(collectively, “Transfer”) of the shares represented by this certificate are restricted in accordance with the provisions
of the Certificate of Designations of the Series C Preferred Stock, dated September 30, 2015, a copy of which is available at
the offices of the Corporation.”

 

11.4Any
purported Transfer of any of the Capital Stock that is not in accordance with this Section Error! Reference source not found.
shall be null and void, and shall not operate to transfer any right, title or interest in such Capital Stock to the purported
transferee. Each Holder of Capital Stock agrees that the Corporation shall be entitled to prohibit the Transfer of any Capital
Stock to be made on its books unless the Transfer is permitted hereunder and has been made in accordance herewith. 

 

    	 

    	 

    

 

ARTICLE
XII Protective Provisions.

 

So
long as any shares of Series C Preferred Stock are outstanding, the Corporation shall not, nor shall it permit any of its subsidiaries
to, take or agree to take any of the following corporate actions (whether by merger, consolidation or otherwise) without first
obtaining the approval (by vote or written consent) of the Holders of a majority of the issued and outstanding Series C Preferred
Stock (the “Series C Majority Holders”):

 

12.1alter
or change the rights, preferences or privileges of the Series C Preferred Stock, or increase the authorized number of shares of
Series C Preferred Stock in excess of 270,000 Shares; or

 

12.2issue
any shares of Series C Preferred Stock to Persons, other than to Option Holders pursuant to the Option Agreement; or create or
authorize the creation of or issue any shares of Preferred Stock or any other security convertible or exercisable for any equity
security having rights, preferences or privileges senior to or on parity with the Series C Preferred Stock.

 

ARTICLE
XIIICo-Sale Rights.

 

13.1If
a Holder proposes to sell any shares of its Series C Preferred Stock (the “Selling Holder”) then the Selling Holder
shall promptly give written notice (the “Notice”) to each of the other Holders at least 30 days prior to the closing
of such sale. The Notice shall describe in reasonable detail the proposed sale including, without limitation, the number of shares
of Series C Preferred Stock to be transferred, the nature of such sale, the consideration to be paid, and the name and address
of each prospective purchaser or transferee.

 

13.2Each
other Holder (the “Participating Holder”) shall have the right, exercisable upon written notice to such Selling Holder
within 15 days of the Notice, to participate in such sale of Series C Preferred Stock on the same terms and conditions. Such notice
shall indicate the number of shares of Series C Preferred Stock such Participating Holder wishes to sell.

 

(a)Each
Participating Holder shall effect its participation in the sale by promptly delivering to such Selling Holder for transfer to
the prospective purchaser one or more certificates, properly endorsed for transfer, which represent the number of shares of Series
C Preferred Stock which such Participating Holder elects to sell.

 

(b)The
stock certificate or certificates that the Participating Holder delivers to such Selling Holder shall be transferred to the prospective
purchaser in consummation of the sale of the Series C Preferred Stock pursuant to the terms and conditions specified in the Notice,
and the Selling Holder shall concurrently therewith remit to such Participating Holder that portion of the sale proceeds to which
such Participating Holder is entitled by reason of its participation in such sale. To the extent that any prospective purchaser
or purchasers prohibits such assignment or otherwise refuses to purchase shares or other securities from a Participating Holder
exercising its rights of co-sale hereunder, such Selling Holder shall not sell to such prospective purchaser or purchasers any
Series C Preferred Stock held by Selling Holder unless and until, simultaneously with such sale, such Selling Holder shall purchase
such shares or other securities from such Participating Holder on the same terms and conditions specified in the Notice.

 

    	 

    	 

    

 

(c)To
the extent that the Participating Holders do not elect to participate in the sale of the Series C Preferred Stock held by such
Selling Holder subject to the Notice, such Selling Holder may enter into an agreement providing for the closing of the sale of
such Series C Preferred Stock within thirty (30) days of such agreement on terms and conditions not materially more favorable
to the transferor than those described in the Notice. Any proposed sale on terms and conditions materially more favorable than
those described in the Notice, as well as any subsequent proposed sale of any of the Series C Preferred Stock by a Selling Holder,
shall again be subject to the co-sale rights of the Participating Holders and shall require compliance by a Selling Holder with
the procedures described in this Section 13.

 

ARTICLE
XIVMiscellaneous.

 

14.1Cancellation
of Series C Preferred Stock. If any shares of Series C Preferred Stock are converted pursuant to this Certificate of Designations,
the shares so converted or redeemed shall be canceled, shall return to the status of authorized, but unissued Series C Preferred
Stock of no designated series, and shall not be issuable by the Corporation as Series C Preferred Stock.

 

14.2Lost
or Stolen Certificates. Upon receipt by the Corporation of (i) evidence of the lost, theft, destruction or mutilation of any
Series C Preferred Stock Certificate(s) and (ii) (y) in the case of loss, theft or destruction, indemnity (without any bond or
other security) reasonably satisfactory to the Corporation, or (z) in the case of mutilation, the Series C Preferred Stock Certificate(s)
(surrendered for cancellation), the Corporation shall execute and deliver new Series C Preferred Stock Certificate(s) of like
tenor and date. However, the Corporation shall not be obligated to reissue such lost, stolen, destroyed or mutilated Series C
Preferred Stock Certificate(s) if the Holder contemporaneously requests the Corporation to convert such Series C Preferred Stock.

 

1.3Waiver.
Notwithstanding any provision in these Certificate of Designations to the contrary, any provision contained herein and any right
of the Holders of Series C Preferred Stock granted hereunder may be waived as to all shares of Series C Preferred Stock (and the
Holders thereof) upon the written consent of the Series C Majority Holders, unless a higher percentage is required by applicable
law, in which case the written consent of the Holders of not less than such higher percentage of shares of Series C Preferred
Stock shall be required.

 

14.4Information
Rights. So long as shares of Series C Preferred Stock are outstanding, the Corporation will deliver to each Holder of Series
C Preferred Stock (i) unaudited annual financial statements to the Holders of Series C Preferred Stock within 90 days after the
end of each fiscal year; (ii) and unaudited quarterly financial statements within 45 days of the end of each fiscal quarter. Notwithstanding
the foregoing in the event and to the extent that such information is electronically available on the web site of the Securities
and Exchange Commission (www.sec.gov), the Corporation need not separately furnish such documents to Holders of the Series C Preferred
Stock.

 

Balance
of this page intentionally left blank – signature page follows

 

    	 

    	 

    

 

The
undersigned declares under penalty of perjury under the laws of the State of Nevada that the matters set forth in this certificate
are true and correct of his own knowledge.

 

The
undersigned has executed this restated certificate of designations on December __, 2015.

 

	 	BOXLIGHT
    CORPORATION
	 	 
	 	 	/s/
    Sheri Lofgren 
	 	Name:	Sheri
Lofgren 
	 	Title:
    	Chief
    Financial Officer

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