Document:

Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

This Employment Agreement
(the “Agreement”) is made as of the date signed (the “Effective Date”), by and between Edison
Nation, Inc., a Nevada corporation (the “Employer”) and Christopher Ferguson (the “Executive”).
In consideration of the mutual covenants contained in this Agreement, Employer and Executive agree as follows:

 

1.       Employment.
Employer agrees to employ Executive and Executive agrees to be employed by Employer on the terms and conditions set forth in this
Agreement.

 

2.       Duties.
Executive shall serve Employer as its Chief Executive Officer. In such capacity, Executive will report to the board of directors
of Employer (the “Board”) and shall have the customary powers, responsibilities and authorities of Chief Executive
Officers of corporations of the size, type and nature of Employer, as it exists from time to time, and as are assigned by the Board.
For no additional compensation, Executive shall also serve as the Chairman of the Board.

 

3.       Term.
The term of this Agreement (the “Term”) shall be a period of three (3) years, during which entire time Executive
shall be considered an at-will employee of Employer and, subject to the provisions of Section 6, the employment relationship described
herein may be terminated by either Executive or Employer at any time. Upon the expiration of the Term, the Executive may continue
to be employed by the Employer at the will of the parties.

 

4.       Compensation
and Benefits. The regular compensation and benefits payable to Executive under this Agreement shall be as follows:

 

(a)       Base
Salary. During the term of this Agreement, for all services rendered by Executive under this Agreement, Employer shall pay
Executive a base salary at the annual rate of $175,000. The base salary shall be payable in periodic installments in accordance
with Employer’s usual practice for its senior executives, subject to any applicable tax and
payroll deductions..

 

(b)       Annual
Bonus. In addition to his Base Salary, Executive shall be eligible to receive an annual discretionary bonus (the “Bonus”)
during the Term, based on performance criteria determined by the Board in its sole discretion, in amount equal to up to 100% of
Executive’s base salary for the then current fiscal year.

 

(c)       Regular
Benefits. Executive shall be entitled to health insurance benefits from Employer, and shall also be entitled to participate
in any employee benefit plans, life insurance plans, disability income plans, retirement plans, expense reimbursement plans and
other benefit plans which Employer may from time to time have in effect for all or most of its executive management employees.
Participation in any Employer benefit plan shall be subject to the terms of the applicable
plan documents, generally applicable policies of Employer, applicable law and the discretion of the Board, or any administrative
or other committee provided for in or contemplated by any such plan. Except with respect to the aforementioned health insurance
benefits, nothing contained in this Agreement shall be construed to create any obligation on the part of Employer to establish
any such plan or to maintain the effectiveness of any such plan which may be in effect from time to time.

 

    	 

     

    

 

(d)       Vacation.
Executive shall be entitled to three weeks paid time off per year, such vacation leave to be taken in accordance with Employer’s
standard employee vacation policy, and at such time or times as will not unreasonably hinder or interfere with Employer’s
business or operations.

 

(e)       Taxation
of Payments and Benefits. Employer shall undertake to make deductions, withholdings and tax reports with respect to payments
and benefits under this Agreement to the extent that it reasonably and in good faith believes that it is required to make such
deductions, withholdings and tax reports. Payments under this Agreement shall be in amounts net of any such deductions or withholdings.
Nothing in this Agreement shall be construed to require Employer to make any payments to compensate Executive for any adverse tax
effect associated with any payments or benefits or for any deduction or withholding from any payment or benefit.

 

(f)       Expenses.
Employer shall reimburse Executive for all reasonable and necessary business-related out-of-pocket expenses incurred or paid by
Executive in performing his duties under this Agreement and that are consistent with applicable policies of Employer and immediate
manager. All payments for reimbursement of such expenses shall be made upon presentation by Executive of expense statements or
vouchers and such other supporting information as Employer may from time to time reasonably request.

 

(g)       Exclusivity
of Salary and Benefits. Executive shall not be entitled to any payments or benefits other than those provided under this Agreement.

 

5.       Extent
of Service. (a) During Executive’s employment under this Agreement, Executive shall devote Executive’s full business
time, best efforts and business judgment, skill and knowledge to the advancement of Employer’s interests and to the discharge
of Executive’s duties and responsibilities under this Agreement. Executive shall not engage in any other business activity,
except as may be approved by the Board; provided, that nothing in this Agreement shall be construed as preventing Executive
from:

 

(i)       investing
Executive’s assets in any company or other entity in a manner not prohibited by Section 7(d) and in such form or manner as
shall not require any material activities on Executive’s part in connection with the operations or affairs of the companies
or other entities in which such investments are made; and

 

(ii)       engaging
in religious, charitable or other community or non-profit activities that do not impair Executive’s ability to fulfill Executive’s
duties and responsibilities under this Agreement.

 

(b)       Executive
shall cooperate with Employer in the event Employer wishes to obtain key-man insurance on Executive. Such cooperation shall include,
but not be limited to, taking any physical examinations that may be requested by the insurance company.

 

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6.       Termination
and Termination Benefits. (a) Unless otherwise specifically provided in this Agreement or otherwise required by law, all compensation
and benefits payable to Executive under this Agreement shall terminate on the date of termination of Executive’s employment
under this Agreement. Notwithstanding the foregoing, in the event of termination of Executive’s employment by Employer without
Cause (as defined below) or by Executive as a result of a material breach by Employer of any of Employer’s obligations under
this Agreement, or any other agreement to which Executive and Employer are now or hereafter parties, Employer shall provide to
Executive the following termination benefits (“Termination Benefits”):

 

(i)       continued
periodic payment of Executive’s base salary at the rate then in effect pursuant to Section 4(a) for the period from the date
of termination until the date that is six (6) months after the date of termination;

 

(ii)       if
Executive is participating in Employer’s health insurance plan on the date of termination, continuation of group health plan
benefits to the extent authorized by and consistent with 29 U.S.C. § 1161 et seq. (commonly known as “COBRA”),
with Employer paying the entire cost of the regular premium for such benefits for six (6) months after the date of termination;
and

 

(iii)       if
Executive is participating in Employer’s life insurance and short term and long term disability insurance plans on the date
of termination, continuation of those benefits at Employer’s expense, for the period from the date of termination until the
date that is six (6) months after the date of termination.

 

Notwithstanding the foregoing,
nothing in this Section 6(a) shall be construed to affect Executive’s right to receive COBRA continuation entirely at Executive’s
own cost to the extent that Executive may continue to be entitled to COBRA continuation after Executive’s right to cost sharing
under Section 6(a)(ii) ceases.

 

For purposes of this
Agreement, the term “Cause” shall mean:

 

(i)       dishonest
or fraudulent statements or acts of Executive with respect to Employer or any affiliate of Employer;

 

(ii)       Executive’s
conviction of, or entry of a plea of guilty or nolo contendere for, (A) a felony or (B) any misdemeanor (excluding minor
traffic violations) involving moral turpitude, deceit, dishonesty or fraud;

 

(iii)       willful
misconduct of Executive or the failure of Executive for any reason, within thirty (30) days after receipt by Executive of written
notice from the Board, to comply with reasonable specific instructions of the Board or requests of the Board for other specific
action or specific omission to act that in each case may adversely affect Employer’s business or operations; or

 

(iv)       material
breach by Executive of any of Executive’s obligations under this Agreement, or any other agreement to which Executive and
Employer are now or hereafter parties.

 

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(b)       Disability.
If Executive shall be disabled so as to be unable to perform the essential functions of Executive’s then existing position
or positions under this Agreement with reasonable accommodation, the Board may remove Executive from any responsibilities and/or
reassign Executive to another position with Employer during the period of such disability. Notwithstanding any such removal or
reassignment, Executive shall continue to receive Executive’s full base salary (less any disability pay or sick pay benefits
to which Executive may be entitled under Employer’s policies) and benefits under Section 4 of this Agreement (except to the
extent that Executive may be ineligible for one or more such benefits under applicable plan terms) for a period of time equal to
twelve (12) months. If any question shall arise as to whether during any period Executive is disabled so as to be unable to perform
the essential functions of Executive’s then existing position or positions with reasonable accommodation, Executive may,
and at the request of Employer shall, submit to Employer a certification in reasonable detail by a physician selected by Employer
to whom Executive or Executive’s guardian has no reasonable objection as to whether Executive is so disabled or how long
such disability is expected to continue, and such certification shall for the purposes of this Agreement be conclusive of the issue.
Executive shall cooperate with any reasonable request of the physician in connection with such certification. If such question
shall arise and Executive shall fail to submit such certification, Employer’s determination of such issue shall be binding
on Executive. Nothing in this Section 6(b) shall be construed to waive Executive’s rights, if any, under existing law including,
without limitation, the Family and Medical Leave Act of 1993, 29 U.S.C. §2601 et seq. and the Americans with Disabilities
Act, 42 U.S.C. §12101 et seq.

 

7.       Confidential
Information, Noncompetition and Cooperation.

 

(a)       Confidential
Information. As used in this Agreement, “Confidential Information” means information belonging to Employer
which is of value to Employer in the course of conducting its business and the disclosure of which could result in a competitive
or other disadvantage to Employer. Confidential Information includes, without limitation, financial information, reports and forecasts;
inventions, improvements and other intellectual property; trade secrets; know-how; designs, processes or formulae; software; market
or sales information or plans; customer lists; and business plans, prospects and opportunities (such as possible acquisitions or
dispositions of businesses or facilities) that have been developed for Employer, or discussed or considered by the management of
Employer and that have specific application to Employer. Confidential Information includes information developed by Executive in
the course of Executive’s employment by Employer, as well as other information to which Executive may have access in connection
with Executive’s employment. Confidential Information also includes the confidential information of others with which Employer
has a business relationship. Notwithstanding the foregoing, Confidential Information does not include the following: information
in the public domain, unless due to breach of Executive’s duties under Section 7(b); any of the items listed in this section
that were developed, possessed or created by Executive prior to the date of this Agreement; or any designs, inventions and other
intellectual property conceptualized by Executive during the period he is employed by Employer but which are not directly related
to Employer’s business operations.

 

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(b)       Confidentiality.
Executive understands and agrees that Executive’s employment creates a relationship of confidence and trust between Executive
and Employer with respect to all Confidential Information. At all times, both during Executive’s employment with Employer
and after its termination, Executive will keep in confidence and trust all such Confidential Information, and will not use or disclose
any such Confidential Information without the prior written consent of Employer, except as may be necessary in the ordinary course
of performing Executive’s duties to Employer.

 

(c)       Documents,
Records, etc. All documents, records, data, apparatus, equipment and other physical property, whether or not pertaining to
Confidential Information, which are furnished to Executive by Employer or are produced by Executive in connection with Executive’s
employment will be and remain the sole property of Employer. Executive will return to Employer all such materials and property
as and when requested by Employer. In any event, Executive will return all such materials and property immediately upon termination
of Executive’s employment for any reason. Executive will not retain with Executive any such material or property or any copies
thereof after such termination. Notwithstanding the foregoing, Executive may retain after the termination of his employment with
Employer copies of his personal notes, diaries, journals, correspondence, expense accounts, communication logs, business cards,
contact lists, and other similar materials maintained by Executive.

 

(d)       Noncompetition
and Nonsolicitation. Without the prior written consent of the Board, during the period that Executive is employed by Employer
and, in the event Executive terminates his employment with Employer for any reason other than as a result of a material breach
by Employer of any of Employer’s obligations under this Agreement, or any other agreement to which Executive and Employer
are now or hereafter parties, for one (1) year thereafter, Executive will not, directly or indirectly, whether as owner, partner,
shareholder, consultant, agent, employee, co-venturer or otherwise, engage, participate, assist or invest in any Competing Business
(as hereinafter defined). Without the prior written consent of the Board, during the period that Executive is employed by Employer
and, (x) in the event of the termination of Executive’s employment by Employer with Cause or (y) in the event Executive terminates
his employment with Employer for any reason other than as a result of a material breach by Employer of any of Employer’s
obligations under this Agreement, or any other agreement to which Executive and Employer are now or hereafter parties, for eighteen
(18) months thereafter, Executive will refrain from directly or indirectly employing, attempting to employ, recruiting or otherwise
soliciting, inducing or influencing any person to leave employment with Employer, and also will refrain from soliciting or encouraging
any customer or supplier to terminate or otherwise modify adversely its business relationship with Employer. Executive understands
that the restrictions set forth in this Section 7(d) are intended to protect Employer’s interest in its Confidential Information
and established employee, customer and supplier relationships and goodwill, and agrees that such restrictions are reasonable and
appropriate for this purpose. For purposes of this Agreement, the term “Competing Business” shall mean any business
that provides or intends to provide the same or similar services as those provided by Employer or any of its subsidiaries in any
geographic area then served by Employer (which for this purpose only shall be defined as being within one hundred (100) miles of
any office or data center currently used or operated by Employer or any subsidiary of Employer). Notwithstanding the foregoing,
Executive may own up to two percent (2%) of the outstanding stock of a publicly-held corporation and it is hereby acknowledged
and agreed that Executive may own five percent (5%) or more of the outstanding stock of FTE Networks, Inc.

 

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(e)       Third-Party
Agreements and Rights. Executive hereby confirms that Executive is not bound by the terms of any agreement with any previous
employer or other party which restricts in any way Executive’s use or disclosure of information or Executive’s engagement
in any business. Executive represents to Employer that Executive’s execution of this Agreement, Executive’s employment
with Employer and the performance of Executive’s proposed duties for Employer will not violate any obligations Executive
may have to any such previous employer or other party. In Executive’s work for Employer, Executive will not disclose or make
use of any information in violation of any agreements with or rights of any such previous employer or other party, and Executive
will not bring to the premises of Employer any copies or other tangible embodiments of non-public information belonging to or obtained
from any such previous employment or other party.

 

(f)       Litigation
and Regulatory Cooperation. During and after Executive’s employment, Executive shall cooperate fully with Employer in
the defense or prosecution of any claims or actions now in existence or which may be brought in the future against or on behalf
of Employer which relate to events or occurrences that transpired while Executive was employed by Employer. Executive’s full
cooperation in connection with such claims or actions shall include, but not be limited to, being available to meet with counsel
to prepare for discovery or trial and to act as a witness on behalf of Employer at mutually convenient times. During and after
Executive’s employment, Executive also shall cooperate fully with Employer in connection with any investigation or review
of any federal, state or local regulatory authority as any such investigation or review relates to events or occurrences that transpired
while Executive was employed by Employer. Employer shall reimburse Executive for any reasonable out-of-pocket expenses incurred
in connection with Executive’s performance of obligations pursuant to this Section 7(f) and shall pay Executive for his time
at his annual salary rate in effect at the time of the termination of his employment.

 

(g)       Developments.
Executive will make full and prompt disclosure to Employer of all inventions, discoveries, designs, developments, methods, modifications,
improvements, processes, algorithms, databases, computer programs, formulae, techniques, trade secrets, graphics or images, audio
or visual works, and other works of authorship (collectively “Developments”), whether or not patentable or copyrightable,
that are created, made, conceived or reduced to practice by Executive (alone or jointly with others) or under Executive’s
direction during the period of his employment and that pertain directly to Employer’s business operations. Executive acknowledges
that all work performed by Executive for Employer hereunder is on a “work for hire” basis, and Executive hereby assigns
and transfers, and will assign and transfer, to Employer and its successors and assigns all of Executive's right, title and interest,
including, but not limited to, all patents, patent applications, trademarks and trademark applications, copyrights and copyright
applications, and other intellectual property rights in all countries and territories worldwide and under any international conventions,
in and to all Developments that (a) relate to the business of Employer or any of the products or services of Employer; (b) result
from tasks assigned to Executive by Employer; or (c) result from the use of personal property (whether tangible or intangible)
owned, leased or contracted for by Employer.

 

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(h)       Injunction.
Executive agrees that it would be difficult to measure any damages caused to Employer which might result from any breach by Executive
of the promises set forth in this Section 7, and that in any event money damages would be an inadequate remedy for any such breach.
Accordingly, subject to Section 8 of this Agreement, Executive agrees that if Executive breaches, or proposes to breach, any portion
of this Agreement, Employer shall be entitled, in addition to all other remedies that it may have, to seek an injunction or other
appropriate equitable relief to restrain any such breach.

 

8.       Arbitration
of Disputes. Any controversy or claim arising out of or relating to this Agreement or the breach thereof or otherwise arising
out of Executive’s employment or the termination of that employment (including, without limitation, any claims of unlawful
employment discrimination whether based on age or otherwise) shall, to the fullest extent permitted by law, be settled by arbitration
in any forum, form or location agreed upon by the parties or, in the absence of such an agreement, under the auspices of the American
Arbitration Association (“AAA”) in New York, New York in accordance with the Employment Dispute Resolution Rules
of the AAA, including, but not limited to, the rules and procedures applicable to the selection of arbitrators. In the event that
any person or entity other than Executive or Employer may be a party with regard to any such controversy or claim, such controversy
or claim shall be submitted to arbitration subject to such other person or entity’s agreement. Judgment upon the award rendered
by the arbitrator may be entered in any court having jurisdiction thereof. This Section 8 shall be specifically enforceable. Notwithstanding
the foregoing, this Section 8 shall not preclude either party from pursuing a court action for the sole purpose of obtaining a
temporary restraining order or a preliminary injunction in circumstances in which such relief is appropriate; provided,
that any other relief shall be pursued through an arbitration proceeding pursuant to this Section 8.

 

9.       Consent
to Jurisdiction. To the extent that any court action is permitted consistent with or to enforce Section 8 of this Agreement,
the parties hereby consent to the jurisdiction of the courts of the State of New York. Accordingly, with respect to any such court
action, Executive (a) submits to the personal jurisdiction of such courts; (b) consents to service of process; and (c) waives any
other requirement (whether imposed by statute, rule of court, or otherwise) with respect to personal jurisdiction or service of
process.

 

10.       Integration.
This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all
prior agreements between the parties with respect to any related subject matter.

 

11.       Assignment;
Successors and Assigns, etc. Neither Employer nor Executive may make any assignment of this Agreement or any interest herein,
by operation of law or otherwise, without the prior written consent of the other party; provided, that Employer may assign
its rights under this Agreement without the consent of Executive in the event that Employer shall effect a reorganization, consolidate
with or merge into any other corporation, partnership, organization or other entity, or transfer all or substantially all of its
properties or assets to any other corporation, partnership, organization or other entity. This Agreement shall inure to the benefit
of and be binding upon Employer and Executive, their respective successors, executors, administrators, heirs and permitted assigns.

 

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12.       Enforceability.
If any portion or provision of this Agreement (including, without limitation, any portion or provision of any section of this Agreement)
shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement,
or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable,
shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent
permitted by law.

 

13.       Waiver.
No waiver of any provision hereof shall be effective unless made in writing and signed by the waiving party. The failure of any
party to require the performance of any term or obligation of this Agreement, or the waiver by any party of any breach of this
Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach.

 

14.       Notices.
Any notices, requests, demands and other communications provided for by this Agreement shall be sufficient if in writing and delivered
in person or sent by a nationally recognized overnight courier service or by registered or certified mail, postage prepaid, return
receipt requested, to Executive at the last address Executive has filed in writing with Employer or, in the case of Employer, at
its principal executive offices, Attn: Chief Financial Officer, with a copy to Waller Lansden Dortch & Davis LLP, 511 Union
Street, Suite 2700, Nashville, TN 37219, Attn: Marc J. Adesso, Esq., and shall be effective on the date of delivery in person or
by courier or three (3) days after the date mailed.

 

15.       Amendment.
This Agreement may be amended or modified only by a written instrument signed by Executive and by a duly authorized representative
of Employer.

 

16.       Governing
Law. This is a Nevada contract and shall be construed under and be governed in all respects by the laws of the State of Nevada,
without giving effect to the conflict of laws principles of such State.

 

17.       Counterparts.
This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be taken to be
an original; but such counterparts shall together constitute one and the same document.

 

 

[SIGNATURE PAGE FOLLOWS]

 

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IN WITNESS WHEREOF,
this Agreement has been executed by Employer and by Executive as of the Effective Date.

 

	 	EDISON NATION, INC.	 
	 	 	 	 	 
	 	 	 	 	 
	 	By:	/s/ Philip Anderson	 
	 	 	Name:  	Philip Anderson	 
	 	 	Title:	Chief Financial Officer 	 
	 	 	 	 	 
	 	 	 	 	 
	 	EXECUTIVE	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	/s/ Christopher B. Ferguson	 
	 	Christopher B. Ferguson	 
	 	 	 	 	 
	 	Date: September 26, 2018	 
	 	 	 	 	 

 

    	 	 9Exhibit 10.2

 

EMPLOYMENT AGREEMENT

 

This Employment Agreement
(the “Agreement”) is made as of the date signed (the “Effective Date”), by and between Edison
Nation, Inc., a Nevada corporation (the “Employer”) and Philip Anderson (the “Executive”).
In consideration of the mutual covenants contained in this Agreement, Employer and Executive agree as follows:

 

1.       Employment.
Employer agrees to employ Executive and Executive agrees to be employed by Employer on the terms and conditions set forth in this
Agreement.

 

2.       Duties.
Executive shall serve Employer as its Chief Financial Officer and Corporate Secretary. In such capacity, Executive will report
to the Chief Executive Officer of Employer and shall have the customary powers, responsibilities and authorities of Chief Financial
Officers of corporations of the size, type and nature of Employer, as it exists from time to time, and as are assigned by the board
of directors of Employer (the “Board”).

 

3.       Term.
The term of this Agreement (the “Term”) shall be a period of three (3) years, during which entire time Executive
shall be considered an at-will employee of Employer and, subject to the provisions of Section 6, the employment relationship described
herein may be terminated by either Executive or Employer at any time. Upon the expiration of the Term, the Executive may continue
to be employed by the Company at the will of the parties.

 

4.       Compensation
and Benefits. The regular compensation and benefits payable to Executive under this Agreement shall be as follows:

 

(a)       Base
Salary. During the term of this Agreement, for all services rendered by Executive under this Agreement, Employer shall pay
Executive a base salary at the annual rate of $250,000. The base salary shall be payable in periodic installments in accordance
with Employer’s usual practice for its senior executives, subject to any applicable tax and
payroll deductions.

 

(b)       Annual
Bonus. In addition to his Base Salary, Executive shall be eligible to receive an annual discretionary bonus (the “Bonus”)
during the Term, based on performance criteria determined by the Board in its sole discretion, in amount equal to up to 100% of
Executive’s base salary for the then current fiscal year.

 

(c)       Option
Grant. The parties acknowledge that by action of the Board taken on December 21, 2017, Executive has been awarded options to
purchase 210,000 shares of the Company’s common stock (the “Options”), exercisable at a price of $5.00
per share, pursuant to the terms, conditions and vesting schedule set forth in the Non-Qualified Option Agreement attached hereto
as Exhibit A. This Agreement and the issuance of the Options is made by Employer in reliance upon the express representations
and warranties of Executive, which by acceptance hereof, Executive confirms that:

 

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(i)
  The Options and the shares of common stock issuable upon exercise of the Options (collectively, the “Securities”)
granted to Executive are being acquired by Executive for his own account, for investment purposes, and not with a view to, or for
sale in connection with, any distribution of the Securities. It is understood that the Securities have not been registered under
the Securities Act of 1933, as amended (the “Securities Act”) by reason of exemption from the registration provisions
of the Securities Act which depends, among other things, upon the bona fide nature of his representations as expressed herein;

 

(ii)
  The Securities must be held by Executive indefinitely unless they are subsequently registered under the Securities Act and
any applicable state securities laws, or an exemption from such registration is available. Employer is under no obligation to register
the Securities or to make available any such exemption;

 

(iii)
  Executive further represents that Executive has had access to the financial statements or books and records of Employer,
has had the opportunity to ask questions of Employer concerning its business, operations and financial condition and to obtain
additional information reasonably necessary to verify the accuracy of such information;

 

(iv)
  Unless and until the Securities are registered under the Securities Act, all certificates representing the Securities and
any certificates subsequently issued in substitution therefore and any certificate for any securities issued pursuant to any stock
split, share reclassification, stock dividend or other similar capital event shall bear legends in substantially the following
form:

 

	 	 	THESE SECURITIES HAVE NOT BEEN REGISTERED OR OTHERWISE QUALIFIED UNDER THE SECURITIES ACT OF 1933 (THE “SECURITIES ACT”) OR UNDER THE APPLICABLE OR SECURITIES LAWS OF ANY STATE. NEITHER THESE SECURITIES NOR ANY INTEREST THEREIN MAY BE SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF REGISTRATION UNDER THE SECURITIES ACT OR ANY APPLICABLE SECURITIES LAWS OF ANY STATE, UNLESS PURSUANT TO EXEMPTIONS THEREFROM.

 

(v)
  Executive is an “accredited investor” as such term is defined in Rule 501 of Regulation D promulgated under the
Securities Act.

 

(d)       Regular
Benefits. Executive shall be entitled to health insurance benefits from Employer, and shall also be entitled to participate
in any employee benefit plans, life insurance plans, disability income plans, retirement plans, expense reimbursement plans and
other benefit plans which Employer may from time to time have in effect for all or most of its executive management employees.
Participation in any Employer benefit plan shall be subject to the terms of the applicable
plan documents, generally applicable policies of Employer, applicable law and the discretion of the Board, or any administrative
or other committee provided for in or contemplated by any such plan. Except with respect to the aforementioned health insurance
benefits, nothing contained in this Agreement shall be construed to create any obligation on the part of Employer to establish
any such plan or to maintain the effectiveness of any such plan which may be in effect from time to time.

 

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(e)       Vacation.
Executive shall be entitled to three (3) weeks paid time off per year, such vacation leave to be taken in accordance with Employer’s
standard employee vacation policy, and at such time or times as will not unreasonably hinder or interfere with Employer’s
business or operations.

 

(f)       Taxation
of Payments and Benefits. Employer shall undertake to make deductions, withholdings and tax reports with respect to payments
and benefits under this Agreement to the extent that it reasonably and in good faith believes that it is required to make such
deductions, withholdings and tax reports. Payments under this Agreement shall be in amounts net of any such deductions or withholdings.
Nothing in this Agreement shall be construed to require Employer to make any payments to compensate Executive for any adverse tax
effect associated with any payments or benefits or for any deduction or withholding from any payment or benefit.

 

(g)       Expenses.
Employer shall reimburse Executive for all reasonable and necessary business-related out-of-pocket expenses incurred or paid by
Executive in performing his duties under this Agreement and that are consistent with applicable policies of Employer and immediate
manager. All payments for reimbursement of such expenses shall be made upon presentation by Executive of expense statements or
vouchers and such other supporting information as Employer may from time to time reasonably request.

 

(h)       Exclusivity
of Salary and Benefits. Executive shall not be entitled to any payments or benefits other than those provided under this Agreement.

 

5.       Extent
of Service. (a) During Executive’s employment under this Agreement, Executive shall devote Executive’s full business
time, best efforts and business judgment, skill and knowledge to the advancement of Employer’s interests and to the discharge
of Executive’s duties and responsibilities under this Agreement. Executive shall not engage in any other business activity,
except as may be approved by the Board; provided, that nothing in this Agreement shall be construed as preventing Executive
from:

 

(i)       investing
Executive’s assets in any company or other entity in a manner not prohibited by Section 7(d) and in such form or manner as
shall not require any material activities on Executive’s part in connection with the operations or affairs of the companies
or other entities in which such investments are made; and

 

(ii)       engaging
in religious, charitable or other community or non-profit activities that do not impair Executive’s ability to fulfill Executive’s
duties and responsibilities under this Agreement.

 

(b)       Executive
shall cooperate with Employer in the event Employer wishes to obtain key-man insurance on Executive. Such cooperation shall include,
but not be limited to, taking any physical examinations that may be requested by the insurance company.

 

    	 	 3	 

     

    

 

6.       Termination
and Termination Benefits. (a) Unless otherwise specifically provided in this Agreement or otherwise required by law, all compensation
and benefits payable to Executive under this Agreement shall terminate on the date of termination of Executive’s employment
under this Agreement. Notwithstanding the foregoing, in the event of termination of Executive’s employment by Employer without
Cause (as defined below) or by Executive as a result of a material breach by Employer of any of Employer’s obligations under
this Agreement, or any other agreement to which Executive and Employer are now or hereafter parties, Employer shall provide to
Executive the following termination benefits (“Termination Benefits”):

 

(i)       continued
periodic payment of Executive’s base salary at the rate then in effect pursuant to Section 4(a) for the period from the date
of termination until the date that is six (6) months after the date of termination;

 

(ii)       if
Executive is participating in Employer’s health insurance plan on the date of termination, continuation of group health plan
benefits to the extent authorized by and consistent with 29 U.S.C. § 1161 et seq. (commonly known as “COBRA”),
with Employer paying the entire cost of the regular premium for such benefits for six (6) months after the date of termination;
and

 

(iii)       if
Executive is participating in Employer’s life insurance and short term and long term disability insurance plans on the date
of termination, continuation of those benefits at Employer’s expense, for the period from the date of termination until the
date that is six (6) months after the date of termination.

 

Notwithstanding the foregoing,
nothing in this Section 6(a) shall be construed to affect Executive’s right to receive COBRA continuation entirely at Executive’s
own cost to the extent that Executive may continue to be entitled to COBRA continuation after Executive’s right to cost sharing
under Section 6(a)(ii) ceases.

 

For purposes of this
Agreement, the term “Cause” shall mean:

 

(i)       dishonest
or fraudulent statements or acts of Executive with respect to Employer or any affiliate of Employer;

 

(ii)       Executive’s
conviction of, or entry of a plea of guilty or nolo contendere for, (A) a felony or (B) any misdemeanor (excluding minor
traffic violations) involving moral turpitude, deceit, dishonesty or fraud;

 

(iii)       willful
misconduct of Executive or the failure of Executive for any reason, within thirty (30) days after receipt by Executive of written
notice from the Board, to comply with reasonable specific instructions of the Board or requests of the Board for other specific
action or specific omission to act that in each case may adversely affect Employer’s business or operations; or

 

(iv)       material
breach by Executive of any of Executive’s obligations under this Agreement, or any other agreement to which Executive and
Employer are now or hereafter parties.

 

    	 	 4	 

     

    

 

(b)       Disability.
If Executive shall be disabled so as to be unable to perform the essential functions of Executive’s then existing position
or positions under this Agreement with reasonable accommodation, the Board may remove Executive from any responsibilities and/or
reassign Executive to another position with Employer during the period of such disability. Notwithstanding any such removal or
reassignment, Executive shall continue to receive Executive’s full base salary (less any disability pay or sick pay benefits
to which Executive may be entitled under Employer’s policies) and benefits under Section 4 of this Agreement (except to the
extent that Executive may be ineligible for one or more such benefits under applicable plan terms) for a period of time equal to
twelve (12) months. If any question shall arise as to whether during any period Executive is disabled so as to be unable to perform
the essential functions of Executive’s then existing position or positions with reasonable accommodation, Executive may,
and at the request of Employer shall, submit to Employer a certification in reasonable detail by a physician selected by Employer
to whom Executive or Executive’s guardian has no reasonable objection as to whether Executive is so disabled or how long
such disability is expected to continue, and such certification shall for the purposes of this Agreement be conclusive of the issue.
Executive shall cooperate with any reasonable request of the physician in connection with such certification. If such question
shall arise and Executive shall fail to submit such certification, Employer’s determination of such issue shall be binding
on Executive. Nothing in this Section 6(b) shall be construed to waive Executive’s rights, if any, under existing law including,
without limitation, the Family and Medical Leave Act of 1993, 29 U.S.C. §2601 et seq. and the Americans with Disabilities
Act, 42 U.S.C. §12101 et seq.

 

7.       Confidential
Information, Noncompetition and Cooperation.

 

(a)       Confidential
Information. As used in this Agreement, “Confidential Information” means information belonging to Employer
which is of value to Employer in the course of conducting its business and the disclosure of which could result in a competitive
or other disadvantage to Employer. Confidential Information includes, without limitation, financial information, reports and forecasts;
inventions, improvements and other intellectual property; trade secrets; know-how; designs, processes or formulae; software; market
or sales information or plans; customer lists; and business plans, prospects and opportunities (such as possible acquisitions or
dispositions of businesses or facilities) that have been developed for Employer, or discussed or considered by the management of
Employer and that have specific application to Employer. Confidential Information includes information developed by Executive in
the course of Executive’s employment by Employer, as well as other information to which Executive may have access in connection
with Executive’s employment. Confidential Information also includes the confidential information of others with which Employer
has a business relationship. Notwithstanding the foregoing, Confidential Information does not include the following: information
in the public domain, unless due to breach of Executive’s duties under Section 7(b); any of the items listed in this section
that were developed, possessed or created by Executive prior to the date of this Agreement; or any designs, inventions and other
intellectual property conceptualized by Executive during the period he is employed by Employer but which are not directly related
to Employer’s business operations.

 

    	 	 5	 

     

    

 

(b)       Confidentiality.
Executive understands and agrees that Executive’s employment creates a relationship of confidence and trust between Executive
and Employer with respect to all Confidential Information. At all times, both during Executive’s employment with Employer
and after its termination, Executive will keep in confidence and trust all such Confidential Information, and will not use or disclose
any such Confidential Information without the prior written consent of Employer, except as may be necessary in the ordinary course
of performing Executive’s duties to Employer.

 

(c)       Documents,
Records, etc. All documents, records, data, apparatus, equipment and other physical property, whether or not pertaining to
Confidential Information, which are furnished to Executive by Employer or are produced by Executive in connection with Executive’s
employment will be and remain the sole property of Employer. Executive will return to Employer all such materials and property
as and when requested by Employer. In any event, Executive will return all such materials and property immediately upon termination
of Executive’s employment for any reason. Executive will not retain with Executive any such material or property or any copies
thereof after such termination. Notwithstanding the foregoing, Executive may retain after the termination of his employment with
Employer copies of his personal notes, diaries, journals, correspondence, expense accounts, communication logs, business cards,
contact lists, and other similar materials maintained by Executive.

 

(d)       Noncompetition
and Nonsolicitation. Without the prior written consent of the Board, during the period that Executive is employed by Employer
and, in the event Executive terminates his employment with Employer for any reason other than as a result of a material breach
by Employer of any of Employer’s obligations under this Agreement, or any other agreement to which Executive and Employer
are now or hereafter parties, for one (1) year thereafter, Executive will not, directly or indirectly, whether as owner, partner,
shareholder, consultant, agent, employee, co-venturer or otherwise, engage, participate, assist or invest in any Competing Business
(as hereinafter defined). Without the prior written consent of the Board, during the period that Executive is employed by Employer
and, (x) in the event of the termination of Executive’s employment by Employer with Cause or (y) in the event Executive terminates
his employment with Employer for any reason other than as a result of a material breach by Employer of any of Employer’s
obligations under this Agreement, or any other agreement to which Executive and Employer are now or hereafter parties, for eighteen
(18) months thereafter, Executive will refrain from directly or indirectly employing, attempting to employ, recruiting or otherwise
soliciting, inducing or influencing any person to leave employment with Employer, and also will refrain from soliciting or encouraging
any customer or supplier to terminate or otherwise modify adversely its business relationship with Employer. Executive understands
that the restrictions set forth in this Section 7(d) are intended to protect Employer’s interest in its Confidential Information
and established employee, customer and supplier relationships and goodwill, and agrees that such restrictions are reasonable and
appropriate for this purpose. For purposes of this Agreement, the term “Competing Business” shall mean any business
that provides or intends to provide the same or similar services as those provided by Employer or any of its subsidiaries in any
geographic area then served by Employer (which for this purpose only shall be defined as being within one hundred (100) miles of
any office or data center currently used or operated by Employer or any subsidiary of Employer). Notwithstanding the foregoing,
Executive may own up to two percent (2%) of the outstanding stock of a publicly-held corporation.

 

    	 	 6	 

     

    

 

(e)       Third-Party
Agreements and Rights. Executive hereby confirms that Executive is not bound by the terms of any agreement with any previous
employer or other party which restricts in any way Executive’s use or disclosure of information or Executive’s engagement
in any business. Executive represents to Employer that Executive’s execution of this Agreement, Executive’s employment
with Employer and the performance of Executive’s proposed duties for Employer will not violate any obligations Executive
may have to any such previous employer or other party. In Executive’s work for Employer, Executive will not disclose or make
use of any information in violation of any agreements with or rights of any such previous employer or other party, and Executive
will not bring to the premises of Employer any copies or other tangible embodiments of non-public information belonging to or obtained
from any such previous employment or other party.

 

(f)       Litigation
and Regulatory Cooperation. During and after Executive’s employment, Executive shall cooperate fully with Employer in
the defense or prosecution of any claims or actions now in existence or which may be brought in the future against or on behalf
of Employer which relate to events or occurrences that transpired while Executive was employed by Employer. Executive’s full
cooperation in connection with such claims or actions shall include, but not be limited to, being available to meet with counsel
to prepare for discovery or trial and to act as a witness on behalf of Employer at mutually convenient times. During and after
Executive’s employment, Executive also shall cooperate fully with Employer in connection with any investigation or review
of any federal, state or local regulatory authority as any such investigation or review relates to events or occurrences that transpired
while Executive was employed by Employer. Employer shall reimburse Executive for any reasonable out-of-pocket expenses incurred
in connection with Executive’s performance of obligations pursuant to this Section 7(f) and shall pay Executive for his time
at his annual salary rate in effect at the time of the termination of his employment.

 

(g)       Developments.
Executive will make full and prompt disclosure to Employer of all inventions, discoveries, designs, developments, methods, modifications,
improvements, processes, algorithms, databases, computer programs, formulae, techniques, trade secrets, graphics or images, audio
or visual works, and other works of authorship (collectively “Developments”), whether or not patentable or copyrightable,
that are created, made, conceived or reduced to practice by Executive (alone or jointly with others) or under Executive’s
direction during the period of his employment and that pertain directly to Employer’s business operations. Executive acknowledges
that all work performed by Executive for Employer hereunder is on a “work for hire” basis, and Executive hereby assigns
and transfers, and will assign and transfer, to Employer and its successors and assigns all of Executive's right, title and interest,
including, but not limited to, all patents, patent applications, trademarks and trademark applications, copyrights and copyright
applications, and other intellectual property rights in all countries and territories worldwide and under any international conventions,
in and to all Developments that (a) relate to the business of Employer or any of the products or services of Employer; (b) result
from tasks assigned to Executive by Employer; or (c) result from the use of personal property (whether tangible or intangible)
owned, leased or contracted for by Employer.

 

    	 	 7	 

     

    

 

(h)       Injunction.
Executive agrees that it would be difficult to measure any damages caused to Employer which might result from any breach by Executive
of the promises set forth in this Section 7, and that in any event money damages would be an inadequate remedy for any such breach.
Accordingly, subject to Section 8 of this Agreement, Executive agrees that if Executive breaches, or proposes to breach, any portion
of this Agreement, Employer shall be entitled, in addition to all other remedies that it may have, to seek an injunction or other
appropriate equitable relief to restrain any such breach.

 

8.       Arbitration
of Disputes. Any controversy or claim arising out of or relating to this Agreement or the breach thereof or otherwise arising
out of Executive’s employment or the termination of that employment (including, without limitation, any claims of unlawful
employment discrimination whether based on age or otherwise) shall, to the fullest extent permitted by law, be settled by arbitration
in any forum, form or location agreed upon by the parties or, in the absence of such an agreement, under the auspices of the American
Arbitration Association (“AAA”) in New York, New York in accordance with the Employment Dispute Resolution Rules
of the AAA, including, but not limited to, the rules and procedures applicable to the selection of arbitrators. In the event that
any person or entity other than Executive or Employer may be a party with regard to any such controversy or claim, such controversy
or claim shall be submitted to arbitration subject to such other person or entity’s agreement. Judgment upon the award rendered
by the arbitrator may be entered in any court having jurisdiction thereof. This Section 8 shall be specifically enforceable. Notwithstanding
the foregoing, this Section 8 shall not preclude either party from pursuing a court action for the sole purpose of obtaining a
temporary restraining order or a preliminary injunction in circumstances in which such relief is appropriate; provided,
that any other relief shall be pursued through an arbitration proceeding pursuant to this Section 8.

 

9.       Consent
to Jurisdiction. To the extent that any court action is permitted consistent with or to enforce Section 8 of this Agreement,
the parties hereby consent to the jurisdiction of the courts of the State of New York. Accordingly, with respect to any such court
action, Executive (a) submits to the personal jurisdiction of such courts; (b) consents to service of process; and (c) waives any
other requirement (whether imposed by statute, rule of court, or otherwise) with respect to personal jurisdiction or service of
process.

 

10.       Integration.
This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all
prior agreements between the parties with respect to any related subject matter.

 

11.       Assignment;
Successors and Assigns, etc. Neither Employer nor Executive may make any assignment of this Agreement or any interest herein,
by operation of law or otherwise, without the prior written consent of the other party; provided, that Employer may assign
its rights under this Agreement without the consent of Executive in the event that Employer shall effect a reorganization, consolidate
with or merge into any other corporation, partnership, organization or other entity, or transfer all or substantially all of its
properties or assets to any other corporation, partnership, organization or other entity. This Agreement shall inure to the benefit
of and be binding upon Employer and Executive, their respective successors, executors, administrators, heirs and permitted assigns.

 

    	 	 8	 

     

    

 

12.       Enforceability.
If any portion or provision of this Agreement (including, without limitation, any portion or provision of any section of this Agreement)
shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement,
or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable,
shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent
permitted by law.

 

13.       Waiver.
No waiver of any provision hereof shall be effective unless made in writing and signed by the waiving party. The failure of any
party to require the performance of any term or obligation of this Agreement, or the waiver by any party of any breach of this
Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach.

 

14.       Notices.
Any notices, requests, demands and other communications provided for by this Agreement shall be sufficient if in writing and delivered
in person or sent by a nationally recognized overnight courier service or by registered or certified mail, postage prepaid, return
receipt requested, to Executive at the last address Executive has filed in writing with Employer or, in the case of Employer, at
its principal executive offices, Attn: Chief Executive Officer, with a copy to Waller Lansden Dortch & Davis LLP, 511 Union
Street, Suite 2700, Nashville, TN 37219, Attn: Marc J. Adesso, Esq., and shall be effective on the date of delivery in person or
by courier or three (3) days after the date mailed.

 

15.       Amendment.
This Agreement may be amended or modified only by a written instrument signed by Executive and by a duly authorized representative
of Employer.

 

16.       Governing
Law. This is a Nevada contract and shall be construed under and be governed in all respects by the laws of the State of Nevada,
without giving effect to the conflict of laws principles of such State.

 

17.       Counterparts.
This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be taken to be
an original; but such counterparts shall together constitute one and the same document.

 

 

 

[SIGNATURE PAGE FOLLOWS]

 

    	 	 9	 

     

    

 

IN WITNESS WHEREOF,
this Agreement has been executed by Employer and by Executive as of the Effective Date.

 

	 	EDISON NATION, INC.
	 	 	 	 	 
	 	 	 	 	 
	 	By:	/s/ Christopher B. Ferguson	 
	 	 	Name:	Christopher B. Ferguson	 
	 	 	Title:	Chief Executive Officer 	 
	 	 	 	 	 
	 	 	 	 	 
	 	EXECUTIVE	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	/s/ Philip Anderson	 
	 	Philip Anderson	 
	 	 	 	 	 
	 	September 26, 2018	 

 

    	 	 10	 

     

    

 

EXHIBIT A

 

Non-Qualified Option Agreement

 

Edison
Nation, Inc.

Nonqualified
Stock Option Agreement

 

This
Agreement is made and entered into as of the date signed,
by and between Edison Nation, Inc. (the “Company”) and Philip Anderson, a resident of the State of New York
(the “Participant”) in connection with the grant of an option under the Xspand Products Lab, Inc. Omnibus Incentive
Plan that was made by the Company on December 21, 2017, and that was renamed the Edison Nation, Inc. Omnibus Incentive Plan on
September 7, 2018 (the “Plan”).

 

The Company has established
the Plan by action of its board of directors. The Participant is a director, Consultant or an employee of the Company or an Affiliate,
and the Company desires to encourage the Participant to own Common Stock for the purposes stated in the Plan. The Company intends
that this Option be treated as a Nonqualified Stock Option under the Plan. In consideration of the foregoing, the parties have
entered into this Agreement to govern the terms of the Option granted by the Company:

 

1.Grant of Option.
Subject to the terms and conditions set forth herein, the Company grants to the Participant an Option to purchase from the Company
210,000 shares of Common Stock at a price of $5.00 per share. This Option expires at the close of business on December 21, 2022,
unless it expires sooner pursuant to Paragraph 6.

 

(a)This Option
is exercisable with respect to the number of shares of Common Stock determined as follows:

 

	On and After	Number of Shares Exercisable
	 	 
	December 21, 2017	70,000 Shares
	December 21, 2018	Additional 70,000 Shares
	December 21, 2019	Additional 70,000 Shares
	 	 

 

(b)Upon a Change
in Control, the right to exercise this Option will be fully vested and the Committee shall provide for one or more of the following
measures (as selected by the Committee) with respect to the Option to the extent it is unexercised as of the date of the Change
in Control:

 

		(i)	if the Company is the surviving entity, the continuation or assumption of the Option by the surviving
or acquiring entity or its direct or indirect parent;

 

		(ii)	the conversion of the Option into options to purchase the common stock of the acquiring entity
or it direct or indirect parent in a transaction to which section 424(a) of the Code applies, or other equity-based awards that
have substantially the same terms and economic value as the Option;

 

		(iii)	the cancellation of the Option and payment to the Participant in cash (or marketable securities)
that is equal to the value of the Common Stock covered by the Option, less the exercise price of the Option, provided that the
Option will be cancelled for no consideration if the exercise price equals or exceeds the value of such Common Stock;

 

		(iv)	make arrangements for the exercise of the Option immediately prior to the Change in Control transaction
so that the Participant will receive the same consideration as other holders of Common Stock; or

 

		(v)	any other consideration or rights in the Change in Control determined by the Committee that provides
equivalent value to the Participant.

 

    	 	 11	 

     

    

 

2.Notice of
Exercise. The exercise of this Option may be subject to the Participant’s execution of a written shareholders agreement
that generally applies to some or all of the shareholders of the Company. Otherwise, the Participant may exercise this Option,
in whole or in part, from time to time, with respect to the number of whole shares of Common Stock that can be purchased at such
time in accordance with Paragraph 1, by actual delivery of written notice to the Company at the address provided in Paragraph 12.
Such notice of exercise shall:

(a)specify the number
of whole shares of Common Stock to be purchased, the exercise price and, if applicable, the portion of the Option that is being
exercised;

 

(b)contain evidence
satisfactory to the Committee that the person exercising this Option is the Participant or has the right to exercise this Option;
and

 

(c)be accompanied
by payment of the exercise price in accordance with the Plan and, in a manner that is acceptable to the Company or the Committee,
payment of or arrangement for the payment of any required federal, state and local withholding taxes that are due in connection
with the exercise. The Company shall withhold shares of Common Stock with a value equal to the amount of taxes required to be withheld,
unless the parties make alternate arrangements for satisfying such withholding tax obligations.

 

3.Transfer and
Exercise of Option. In general, this Option is not transferable and the Participant may not make any disposition of this Option
or any interest herein during his or her lifetime, except for transfers pursuant to a will or the laws of descent and distribution;
provided, however, that the Option may be transferred to the extent consented to by the Committee. As used herein, “disposition”
means any sale, transfer, encumbrance, gift, donation, assignment, pledge, hypothecation, or other disposition, whether similar
or dissimilar to those previously enumerated, whether voluntary or involuntary, and whether during the Participant’s lifetime
or upon or after the Participant’s death, including, but not limited to, any disposition by operation of law, by court order,
by judicial process, or by foreclosure, levy, or attachment, except a transfer by will or by the laws of descent or distribution.
Any attempted disposition in violation of this Paragraph is void.

 

    	 	 12	 

     

    

 

4.Status of
Participant. The Participant shall not be deemed a stockholder of the Company with respect to any of the shares of Common Stock
subject to this Option, except to the extent that such shares shall have been purchased and transferred to him or her. The Company
is not required to issue shares of Common Stock purchased upon exercise of this Option until all applicable requirements of law
have been complied with and such shares shall have been duly listed on any securities exchange on which the Common Stock may then
be listed.

 

5.No Effect
on Capital Structure. This Option shall not affect the right of the Company or any Affiliate to reclassify, recapitalize or
otherwise change its capital or debt structure or to merge, consolidate, convey any or all of its assets, dissolve, liquidate,
windup, or otherwise reorganize.

 

6.Expiration
of Option. The right to purchase Common Stock under this Option shall expire on the date specified in Paragraph 1 but shall
expire sooner in the circumstances described in this Paragraph.

 

(a)Termination
of Service. Upon a Termination of Service for any reason other than death or disability (as described in this Paragraph 6),
the Participant shall have the right for three months thereafter to exercise this Option with respect to the shares that have become
exercisable pursuant to Paragraph 1 on the date of such termination. Thereafter, this Option shall terminate and cease to be exercisable.

 

(b)Disability.
Upon a Termination of Service by reason of disability (as defined in section 22(e)(3) of the Code), the Participant shall have
the right for 12 months thereafter to exercise this Option with respect to all shares available for purchase hereunder, including
the portion of this Option that has not yet become exercisable pursuant to Paragraph 1 on the date of such termination. Thereafter,
this Option shall terminate and cease to be exercisable.

 

(c)Death.
If the Participant dies, this Option shall be exercisable by the Participant’s legal representatives, heirs, legatees, or
distributees for 12 months after the date of the Participant’s death with respect to all shares available for purchase hereunder,
including that portion of this Option that has not yet become exercisable pursuant to Paragraph 1 on the date of the Participant’s
death. Thereafter, this Option shall terminate and cease to be exercisable.

 

7.Restrictions
on Shares. As a condition to the issuance of Common Stock upon the exercise of this Option, the Participant must execute and
agree to be bound by any shareholders’ agreement or underwriter agreement that is executed by other shareholders of the Company.

 

8.       Committee
Authority. Any question concerning the interpretation of this Agreement, any adjustments required to be made under the Plan,
and any controversy that may arise under the Plan or this Agreement shall be determined by the Committee in its sole discretion.
Such decision by the Committee shall be final and binding.

 

    	 	 13	 

     

    

 

9.       Plan
Controls. The terms of this Agreement are governed by the terms of the Plan, as it exists on the date of this Agreement and
as the Plan is amended from time to time. A copy of the Plan, and any amendments thereto, has been delivered or made available
to the Participant and shall be deemed to be a part of this Agreement as if fully set forth herein. In the event of any conflict
between the provisions of this Agreement and the provisions of the Plan, the terms of the Plan shall control, except as expressly
stated otherwise. For purposes of this Agreement, the defined terms in the Plan shall have the same meaning in this Agreement,
except where the context otherwise requires. The terms “Article” or “Section” generally refer to provisions
within the Plan; provided, however, the term “Paragraph” shall refer to a provision of this Agreement.

 

10.       Notice.
Whenever any notice is required or permitted hereunder, such notice must be in writing and personally delivered or sent by mail,
delivery service or electronic mail. The Company or Participant may change, by written notice to the other, the address previously
specified for receiving notices. Notices delivered to the Company shall be addressed as follows:

 

Edison Nation,
Inc.

Attn: Christopher
B. Ferguson, CEO

909 Brunswick
Avenue

Phillipsburg, New
Jersey 08865

Phone: (615)
829-1039

Email: CFerguson@edisonnation.com

 

Notices to the Participant
shall be hand-delivered to the Participant on the premises of the Company or its Subsidiaries, or sent via electronic mail or mailed
to the last address shown on the records of the Company.

 

13.       Information
Confidential. As partial consideration for granting of this Option, the Participant agrees that he or she will keep confidential
all information and knowledge that the Participant has relating to the manner and amount of his or her participation in the Plan;
provided, however, that such information may be disclosed as required by law and may be given in confidence to the Participant’s
spouse, tax and financial advisors, or to a financial institution to the extent that such information is necessary to secure a
loan.

 

14.       Governing
Law. Except as is otherwise provided in the Plan, where applicable, the provisions of this Agreement shall be governed by the
internal laws of the State of Nevada, without regard to the principles of conflicts of laws thereof.

 

 

 

 

[Signature Page Follows]

 

    	 	 14	 

     

    

 

EXECUTION PAGE

 

In
Witness Whereof, the Company has caused this Agreement to be executed and the Participant has set his hand hereto on
the day and year first above written.

 

	 	Edison Nation, Inc.	 
	 	 	 	 
	 	 	 	 
	 	By:		 
	 	 	 	 
	 	Its:	 	 
	 	 	 	 
	 	 	 	 
	 	Participant	 
	 	 	 	 
	 	 	 	 
		 	 
	 	Philip Anderson	 
	 	 	 	 
	 	  	 
	 	Date:	 	 

 

    	 	 15

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