Document:

Exhibit
10.3

 

SECOND
AMENDMENT TO

TRADEMARK
LICENSE AGREEMENT

 

This
SECOND AMENDMENT TO TRADEMARK LICENSE AGREEMENT (“Amendment”) is made this 13 day of August, 2014 by and between SQL
Lighting & Fans, LLC, a _______ limited liability company with a place of business at 3060 Peachtree Road, Suite 390,
Atlanta, GA 30305, (“Licensee”) and GE Trademark Licensing, Inc., a Delaware corporation with a place of business at 8
Southwoods Blvd., Albany, NY 12211, (“GE”) with reference to the following background:

 

A.
GE and Licensee entered into an agreement entitled TRADEMARK LICENSE AGREEMENT, dated June 15, 2011, pursuant to which GE granted to
Licensee a license to use the GE monogram logo and certain other trademarks as provided therein (“Agreement”).

 

B.
GE and Licensee executed the FIRST AMENDMENT TO TRADEMARK LICENSE AGREEMENT, dated April 17, 2013, pursuant to which the Parties amended
Sections 3.3, 4.1, 8.2, and Attachment 1 of the Agreement.

 

C.
GE and Licensee desire by this agreement entitled “SECOND AMENDMENT TO TRADEMARK LICENSE AGREEMENT” (“Amendment”)
to amend the Agreement as hereinafter provided.

 

NOW,
THEREFORE, in consideration of the mutual promises contained herein, the parties hereby agree as follows:

 

1.
Capitalized terms used in this Amendment shall have the meanings given to such terms in the Agreement.

 

2.
Section 1.4 of the Agreement is hereby deleted in its entirety and is replaced and superseded by the following text:

 

“1.4
“Contract Year” means each successive twelve (12) month period from December 1st through November 30th
beginning on December 1, 2013. For example, Contract Year 2014 is December 1, 2013 through November 30, 2014.”

 

3.
Sections 1.6 of the Agreement is hereby deleted in its entirety and is replaced and superseded by the following text:

 

“1.6
“Expiration Date” means November 30, 2018 if this Agreement is not renewed and, if it is renewed, it means the last
day of the last Renewal Term.”

 

4.
Section 3.3 of the Agreement is hereby is deleted in its entirety and is replaced and superseded by the following text:

 

“Royalty
and Payment Schedule for Through November 30, 2013

 

No
royalties are due for periods prior to January 1, 2013. The aggregate royalties due for the period January 1, 2013, to November 30, 2013
shall be $400,000, and the parties acknowledge and agree that Licensee has paid such amount in full.

 

    	1

    	 

    

 

Royalty
and Payment Schedule Beginning with Contract Year 2014

 

Royalties
shall be owed to GE by Licensee for Contract Years 2014 and after shall be calculated according to the tiered structure below:

 

	 	Net
    Sales in the Contract Year	 	Percentage
    of the Contract Year

    Net
    Sales Owed to GE1

	 	First
    $50,000,000 of Net Sales in the Contract Year	 	7%
	 	Next
    $50,000,000 of Net Sales in the Contract Year	 	6%
	 	Net
    Sales in excess of $100,000,000 for the Contract Year	 	5%

 

Each
Contract Year, Licensee shall make royalty payments according to the following schedule:

 

	 	For
    Net Sales Made	 	Payment
    Due Date
	 	December
    1 through February 28/29	 	The
    following March 26
	 	March
    1 through May 30	 	The
    following June 26
	 	June
    1 through August 31	 	The
    following September 26
	 	September
    1 through November 30	 	The
    following December 26

 

Minimum
Royalty Payment

 

The
Term shall carry a royalty minimum of $12,000,000. If Licensee does not pay GE a total of at least $12,000,000 in cumulative royalties
over the Term, the difference between $12,000,000 and the amount of royalties paid to GE is owed to GE by December 31, 2018.”

 

5.
Section 4.1 of the Agreement is hereby amended to extend the expiration of Term from December 31, 2017 to November 30, 2018.

 

6.
The modifications to the Agreement set forth in this Amendment shall be effective as of the date first above written (“Effective
Date”).

 

7.
Except as expressly modified by this Amendment, all of the terms and conditions of the Agreement, including its appendices, remain in
full force and effect.

 

IN
WITNESS WHEREOF, GE and Licensee have caused this Amendment to be executed by their duly authorized representatives as of the date first
above written.

 

	“LICENSEE”	 	“GE”
	SQL
    LIGHTING & FANS, LLC	 	GE
    TRADEMARK LICENSING, INC.
	 	 	 	 	 
	By:
    	/s/
    James R. Hills	 	By:
    	/s/
    William D. Hickey
	Name:
    	James
    R. Hills	 	Name:
    	William
    D. Hickey
	Title:
    	President,
    CEO	 	Title:
    	GM
    NA Consumer Sales
	Date:
    	8/13/14	 	Date:
    	8-13-14

 

 

1
For example, should Licensee have sales totaling $75,000,000 during a Contract Year, then Licensee will owe a 7% royalty on the
first $50,000,000 and a 6% royalty on the remaining $25,000,000.

 

    	2Exhibit 10.4

 

THIRD
AMENDMENT TO

TRADEMARK
LICENSE AGREEMENT

 

This
THIRD AMENDMENT TO TRADEMARK LICENSE AGREEMENT (“Amendment”) is made this 25th day of September, 2018 by and between SQL
Lighting & Fans, LLC, a limited liability company with a place of business at 4400 North Point Parkway, Suite 265, Alpharetta, GA
30022, (“Licensee”) and GE Trademark Licensing, Inc., a Delaware corporation with a place of business at 1 Research Circle,
Niskayuna, NY 12309, (“GE”) with reference to the following background:

 

A.
GE and Licensee entered into an agreement entitled TRADEMARK LICENSE AGREEMENT, dated June 15, 2011, pursuant to which GE granted to
Licensee a license to use the GE monogram logo and certain other trademarks as provided therein (“Agreement”).

 

B.
GE and Licensee executed the FIRST AMENDMENT TO TRADEMARK LICENSE AGREEMENT, dated April 17, 2013, pursuant to which the Parties amended
Sections 3.3, 4.1, 8.2, and Attachment 1 of the Agreement.

 

C.
GE and Licensee executed the “SECOND AMENDMENT TO TRADEMARK LICENSE AGREEMENT”, dated August 13, 2014, pursuant to which
the parties amended Sections 1.4, 1.6, 3.3, and 4.1 of the Agreement.

 

D.
GE and Licensee desire by this agreement entitled THIRD AMENDMENT TO TRADEMARK LICENSE AGREEMENT (“Amendment”) to amend the
Agreement as hereinafter provided.

 

NOW,
THEREFORE, in consideration of the mutual promises contained herein, the parties hereby agree as follows:

 

1.
Capitalized terms used in this Amendment shall have the meanings given to such terms in the Agreement.

 

2.
Section 1.4 of the Agreement is hereby deleted in its entirety and is replaced and superseded by the following text:

 

“1.4
“Contract Year” means each successive twelve (12) month period from December 1st through November 30th
beginning on December 1, 2018. For example, Contract Year 2019 is December 1, 2018 through November 30, 2019.”

 

3.
Sections 1.6 of the Agreement is hereby deleted in its entirety and is replaced and superseded by the following text:

 

“1.6
“Expiration Date” means November 30, 2023 if this Agreement is not renewed and, if it is renewed, it means the last
day of the last Renewal Term.”

 

4.
Section 1.24 of the Agreement is hereby deleted in its entirety and is replaces and superseded by the following text:

 

1.24
“Safety Quick Light Device” means a standard and/or a smart ceiling receptacle and a matching plug and an interlocking
device with smart connected capabilities for a quick connect/install of ceiling fans. For the avoidance of doubt, the Safety Quick Light
Device includes, among others, two components (a) a receptacle that is attached to the power supply, and (b) a mating component that
can be attached to fans. The attachment of the first component to the power supply and the second component to a ceiling fan enables
fast and safe installation.

 

    	1

     

    

 

5.
Section 3.3 of the Agreement is hereby deleted in its entirety and is replaced and superseded by the following text:

 

For
each year during the Initial Term and any Renewal Term and for any Grace Period, Licensee shall pay to GE the following Royalties:

 

In
consideration for minimum royalties previously owed by Licensee under this Agreement, including those royalties owed by Licensee from
2014 to 2018, Licensee agrees to pay GE a non-refundable minimum royalty payment in the amount of Six Million US Dollars ($6,000,000).
The payment shall be made in 3 installments according to the tiered payment structure below:

 

Minimum
Royalty and Payment Schedule

 

	Payment Due Date	 	Royalty	 
	December 26, 2018	 	$	2,000,000	 
	December 26, 2019	 	$	2,000,000	 
	December 26, 2020	 	$	2,000,000	 

 

Royalties
shall be owed to GE by Licensee for Contract Years 2019 and after shall be calculated according to the tiered structure below:

 

Royalty
and Payment Schedule Beginning with Contract Year 2019

 

	Net Sales in the Contract Year	 	Percentage
    of the Contract Year Net Sales Owed to GE1	 
	First $50,000,000 of Net Sales in the Contract Year	 	 	7%	 
	Next $50,000,000 of Net Sales in the Contract Year	 	 	6%	 
	Net Sales in excess of $100,000,000 for the Contract Year	 	 	5%	 

 

Each
Contract Year, Licensee shall make royalty payments according to the following schedule:

 

	For Net Sales Made	 	Payment Due Date
	December 1 through February 28/29	 	The following March 26
	March 1 through May 30	 	The following June 26
	June 1 through August 31	 	The following September 26
	September 1 through November 30	 	The following December 26

 

 

1
For example, should Licensee have sales totaling $75,000,000 during a Contract Year, then Licensee will owe a 7% royalty on the
first $50,000,000 and a 6% royalty on the remaining $25,000,000.

 

    	2

     

    

 

6.
Section 4.1 of the Agreement is hereby amended to extend the expiration of Term from November 30, 2018 to November 30, 2023.

 

7.
Attachment 2 of the Agreement is hereby amended to include the geographies of Asia, Europe (to the extent GE has the necessary trademark
rights in geographies), China, Australia, New Zealand and India to the Licensed Territory.

 

GE
retains the right to revoke the licensing rights granted in these newly added territories in Attachment 2 if Licensee fails to commercialize
in these territories within 12 - months. Other countries may be added to the Licensed Territory by mutual agreement and subject to requirements
of this agreement. Such additions will be subject to GE’s receipt of acceptable minimum sales volume plans. All countries may later
be eliminated from the Agreement, at GE’s sole discretion and without providing opportunity to cure under Section 20.2.1, if Licensee’s
sales volume is fifteen percent (15%) or more below the plan over a twelve month period. GE reserves the right to request Licensee to
discontinue sales in any country(ies) if GE reasonably determines there is risk regarding the GE brand for selling such Licensed Product(s)
in such country(ies)

 

8.
The modifications to the Agreement set forth in this Amendment shall be effective as of the date first above written (“Effective
Date”).

 

9.
Except as expressly modified by this Amendment, all of the terms and conditions of the Agreement, including its appendices, remain in
full force and effect.

 

IN
WITNESS WHEREOF, GE and Licensee have caused this Amendment to be executed by their duly authorized representatives as of the date first
above written.

 

	“LICENSEE”	 	“GE”
	SQL LIGHTING & FANS, LLC	 	GE TRADEMARK LICENSING, INC.
	 	 	 	 	 
	By:	/s/
    John P. Campi	 	By:	/s/
    Jean Testa
	Name: 	John P. Campi	 	Name:
    	Jean Testa
	Title: 	CEO	 	Title:
    	VP/ Assistant Secretary
	Date: 	9/25/2018	 	Date:
    	9/25/2018

 

    	3

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