Document:

Exhibit
10.1

 

BOARD
OF DIRECTORS

RETAINER
AGREEMENT

 

THIS
BOARD OF DIRECTORS RETAINER AGREEMENT (the “Agreement”) is made as of November 28nd, 2018, by and between Protect
Pharmaceutical Corporation., a Nevada Corporation (the “Company”) and Wajed Salam (the “Director”) (collectively,
the “Parties”).

 

WHEREAS,
the Company desires to retain the Director to serve as a member of the Board of Directors of the Company, and the Director desires
to serve as a member of the Board of Directors of the Company, on the terms and subject to the conditions set forth in this Agreement.

 

NOW,
THEREFORE, in consideration of the promises and obligations herein, and other good and valuable consideration, the validity and
sufficiency of which are hereby acknowledged, the Parties agree as follows:

 

1.
Director Arrangement. The Company hereby agrees to engage the Director, and the Director hereby agrees to serve as a member of
the Board of Directors to the Company in accordance with the Company’s Articles of Incorporation and Bylaws, on the terms
and subject to the conditions of this Agreement, and to provide the services required of a Director under the Company’s
Articles of Incorporation and Bylaws. The Director will serve as a non-employee independent member of the Board of Directors of
the Company (the “Board”) and shall do so in accordance with the fiduciary duties of a director of a Nevada corporation
until December 31st, 2022.

 

2.
Term. The term of the Director’s service under this Agreement (the “Term”) shall commence on the date hereof
and shall expire pursuant to Section 5 hereof.

 

3.
Compensation. As compensation for the services, the Director will receive 1,000,000 shares of the Company’s restricted $0.005
par value per share common stock (the “Shares”), with 25% of such Shares vesting at the end of each calendar year,
first vesting period ending on December 31st, 2019, as long as the Director is a member of the Board of Directors and continues
to fulfill his duties and provide the services set forth above during the corresponding vesting period. Notwithstanding the foregoing,
if this Agreement is early terminated, at any time after the first vesting period, Director will continue to earn the Shares in
the agreed upon quantity; however, the vesting period of the remaining Shares will move to the end of the fourth calendar year
(December 31st, 2022). The Board, at its discretion, may at any time accelerate the vesting period specified in this Paragraph
3.

 

    	 

    	 

    

 

The
Shares are intended to be exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities
Act,”) pursuant to Section 4(a)(2) thereof and shall bear a “restrictive legend.” In connection with the acquisition
of the Shares, the Director represents and warrants to the Company that (i) he will not sell or otherwise transfer the Shares
without registration under the Securities Act or an exemption therefrom; (ii) he has such knowledge and experience in financial
and business matters that he is capable of evaluating the merits and risks of his investment in the Shares and is able to bear
such risks; and (iii) he is acquiring the Shares for the his own account, for investment purposes only and not with a view to
distribute or resell such securities in whole or in part.

 

The
Company shall not pay the Director any extra fee for each regularly scheduled meeting of the Board of Directors that the Director
attends in person, nor for attending meetings telephonically.

 

4.
Status; Taxes

 

(a)
Director shall have no authority to act as an agent of the Company, except on authority specifically so delegated, and he shall
not represent to the contrary to any person.

 

(b)
Taxes. It is intended that the fees paid hereunder shall constitute revenues to Director. To the extent consistent with applicable
law, the Company will not withhold any amounts therefrom as federal income tax withholding from wages or as employee contributions
under the Federal Insurance Contributions Act or any other state or federal laws. Director shall be solely responsible for the
withholding and/or payment of any federal, state or local income or payroll taxes and shall hold the Company, its officers, directors,
and employees harmless from any liability arising from the failure to withhold such amounts. Notwithstanding the foregoing, if
the Director is a resident of a foreign country the fee received for the services provided under this Agreement, is subject to
US tax because services are considered rendered in the US; thus, the Company will act as a withholding agent liable for the tax.
Such liability is independent of Director’s US tax liability.

 

5.
Termination. This Agreement and Director’s retention hereunder may be terminated by the Company or the Director for any
reason upon 30 (thirty) days prior written notice; provided, however, that upon the Director’s appointment to the Board,
the Director’s termination shall be in accordance with the Articles of Incorporation and Bylaws of the Company. In the event
of a termination of the Term and the Director’s services hereunder, neither the Company nor the Director shall have any
further obligations hereunder.

 

6.
Entire Agreement/Prior Agreement. The provisions contained herein constitute the entire agreement between the parties with respect
to the subject matter of this Agreement and supersede any and all prior agreements, understandings and communications between
the Parties, oral or written, with respect to such subject matter.

 

    	 

    	 

    

 

7.
Expenses. The Company shall reimburse Director for any reasonable expenses incurred by him in connection with the performance
of his services hereunder; provided that such services were directed by the Company and any material expenses shall be subject
to preapproval by the Company’s Chief Executive Officer or next most senior executive officer of the Company.

 

8.
Modifications. Any waiver, alteration, amendment or modification of any provisions of this Agreement shall not be valid unless
in writing and signed by the Parties.

 

9.
Assignment. The Company may assign its rights and delegate its obligations under this Agreement to any successor-in-interest to
its business. Except as provided in the previous sentence, neither party may assign any of its or his rights or delegate any of
its or his duties under this Agreement without the consent of the other and any attempted assignment in violation of this provision
shall be void.

 

10.
Notice. All notices hereunder shall be sent to the following contacts for each of the Parties. Either party may change the address
to which notices, requests, demands, claims, and other communications under this Agreement are to be delivered by giving the other
party notice in the manner herein set forth. Proof of delivery may be made by any reasonable means establishing receipt of such
notice:

 

For
Company

 

c/o
Protect Pharmaceutical Corporation.

Attention:
Una Taylor – Chief Executive Officer

4876,
Cecile Avenue,

Las
Vegas, NV,89115

Email:
Una.Taylor@prttcorp.com

 

For
Director:

 

Wajed
Salam

Email:
ceo@thewinnerscircleinc.com

 

11.
Choice of Law. This Agreement shall be governed by and construed in accordance with the law of the State of Nevada, without regard
to conflicts of laws principles thereof.

 

12.
Counterparts. This Agreement may be executed in one or more counterparts, which shall, collectively and separately, constitute
one agreement.

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, the Parties have executed this Agreement as of the date first above written.

 

	Protect
    Pharmaceutical Corporation. 	 	Director
	 	 	 	 	 
	 	/s/Una
    Taylor 	 	 	/s/
    Wajed Salam
	By:	Una
    Taylor 	 	By:	Wajed
    Salam
	Title	CEOExhibit

Exhibit 4.1

AMENDMENT NO. 2 TO RIGHTS AGREEMENT

THIS AMENDMENT NO. 2 (the “Amendment”), dated as of December 4, 2018, to that certain Rights Agreement, dated as of January 22, 2018, by and between Inseego Corp., a Delaware corporation (the “Company”), and Computershare Trust Company, N.A., a federally chartered trust company, as rights agent (the “Rights Agent”, which term shall include any successor rights agent hereunder), as amended by that certain Amendment No. 1 to Rights Agreement, dated as of August 6, 2018, by and between the parties hereto (collectively, the “Rights Agreement”), is being executed at the direction of the Company.  Capitalized terms used herein and not otherwise defined herein shall have the respective meanings set forth in the Rights Agreement. 
WHEREAS, certain Grandfathered Stockholders will increase their Beneficial Ownership of Common Shares of the Company by 11,473,799 Common Shares, and the Company desires to amend the Rights Agreement to permit such Grandfathered Stockholders to remain Grandfathered Stockholders pursuant to the terms set forth herein; and 
WHEREAS, Section 27 of the Rights Agreement permits the Company from time to time to supplement and amend the Rights Agreement as set forth therein.  
NOW, THEREFORE, in consideration of the foregoing and the agreements, provisions and covenants herein contained, the parties hereto agree as follows:  
1.Amendment to Rights Agreement. 

(a) The defined term “Acquiring Person” in Section 1(a) of the Rights Agreement is hereby deleted in its entirety and is replaced with the following:
““Acquiring Person” means any Person (other than an Exempt Person) who or which, together with all Affiliates and Associates of such Person and any Person with whom such Person is Acting in Concert, shall be the Beneficial Owner of 4.9% or more of the Common Shares of the Company then outstanding, but shall not include (i) any Person who or which, at the time of the first public announcement of this Agreement, is a Beneficial Owner of 4.9% or more of the Common Shares of the Company then outstanding, (ii) Golden Harbor, Ltd. and their Affiliates and Associates (“Golden Harbor”), or (iii) North Sound Trading, L.P. and their Affiliates and Associates (“North Sound”) (any Person described in the preceding clauses (i), (ii) and (iii), a “Grandfathered Stockholder”); provided, however, that if a Grandfathered Stockholder increases its Beneficial Ownership of Common Shares of the Company (other than Beneficial Ownership of Common Shares of the Company that may be acquired under any adjustment provision and/or accrual of interest under the convertible notes of the Company) by 0.50% or more of the then outstanding Common Shares of the Company as of any date on or after the date of the public announcement of this Agreement (or, with respect to Golden Harbor and North Sound, as of any date on or after December 4, 2018), then such Grandfathered Stockholder shall no longer be deemed to be a Grandfathered Stockholder unless, upon such acquisition of Beneficial Ownership of additional Common Shares, such Person is not the Beneficial Owner of 4.9% or more of the Common Shares then outstanding; provided, further, that upon the first decrease of a Grandfathered Stockholder’s Beneficial Ownership below 4.9%, such Grandfathered Stockholder shall no longer be deemed to be a Grandfathered Stockholder and this proviso shall have no further force or effect with respect to such Person.  For the avoidance of doubt, in the event that after the time of the first public announcement of this Agreement, any agreement, arrangement or understanding pursuant to which any Grandfathered Stockholder is deemed to be the Beneficial Owner of Common Shares expires, terminates or no longer confers any benefit to or imposes any obligation on the Grandfathered Stockholder, any direct or indirect replacement, extension or substitution of such agreement, arrangement or understanding with respect to the same or different Common Shares that confers Beneficial Ownership of Common Shares shall be considered the acquisition of Beneficial Ownership of additional Common Shares by the Grandfathered Stockholder and render such Grandfathered Stockholder an Acquiring Person for purposes of this Agreement unless, upon such acquisition of Beneficial Ownership of additional Common Shares, such person is not the Beneficial Owner of 4.9% or more of the Common Shares then outstanding.
Notwithstanding the foregoing, no Person shall become an Acquiring Person as the result of an acquisition of Common Shares by the Company (or any other action of the Company or to which the Company is a party having the effect of reducing the number of shares outstanding) which, by reducing the number of shares outstanding, increases the proportionate number of shares Beneficially Owned by such Person to 4.9% (or such other percentage as would otherwise result in such Person becoming an Acquiring Person) or more of the Common Shares of the Company then outstanding; provided, however, that if a Person would, but for the provisions of this paragraph, become an Acquiring Person by reason of such action and following such action, such Person becomes the Beneficial Owner of any additional Common Shares 

of the Company such that the Person is or thereby becomes the Beneficial Owner of 4.9% (or such other percentage as would otherwise result in such Person becoming an Acquiring Person) or more of the Common Shares of the Company then outstanding (other than as a result of any action of the Company or to which the Company is a party described in this paragraph), then such Person shall be deemed to be an Acquiring Person.
Notwithstanding the foregoing, if the Board of Directors determines in good faith that a Person who would otherwise be an Acquiring Person has become such inadvertently, and such Person divests as promptly as practicable a sufficient number of Common Shares so that such Person would no longer be an Acquiring Person, then such Person shall not be deemed to have become an Acquiring Person. 
Notwithstanding the foregoing, if a bona fide swaps dealer who would otherwise be an “Acquiring Person” has become so as a result of its actions in the ordinary course of its business that the Board of Directors determines, in its sole discretion, were taken without the intent or effect of evading or assisting any other Person to evade the purposes and intent of this Agreement, or otherwise seeking to control or influence the management or policies of the Company, then, and unless and until the Board of Directors shall otherwise determine, such Person shall not be deemed to be an “Acquiring Person.””
2.Officer’s Certificate. By executing this Amendment below, the undersigned duly appointed officer of the Company certifies that this Amendment has been executed and delivered in compliance with the terms of Section 27 of the Rights Agreement.

3.Interpretation. The term “Agreement” as used in the Rights Agreement shall be deemed to refer to the Rights Agreement as amended hereby, and all references to the Rights Agreement shall be deemed to include this Amendment.  

4.Waiver of Notice. The Rights Agent and the Company hereby waive any notice requirement under the Rights Agreement pertaining to the matters covered by this Amendment. 

5.Effectiveness. This Amendment shall become effective as of the date first written above.  Except as modified by this Amendment, the Rights Agreement shall remain in full force and effect without any modification.  

6.Severability. If any term, provision, covenant or restriction of this Amendment is held by a court of competent jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Amendment, and of the Rights Agreement, shall remain in full force and effect and shall in no way be affected, impaired or invalidated. 

7.Governing Law. This Amendment shall be deemed to be a contract made under the laws of the State of Delaware and for all purposes shall be governed by and construed in accordance with the laws of such State applicable to contracts to be made and performed entirely within such State.

8.Counterparts. This Amendment may be executed in several counterparts, each of which shall constitute an original and all of which, when taken together, shall constitute one agreement.  A signature to this Amendment executed and/or transmitted electronically shall have the same authority, effect and enforceability as an original signature.

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed and delivered as of the day and year first written above.

	
		
	INSEEGO CORP.

	By:
	/s/  Dennis Calderon

	Name:
	Dennis Calderon

	Title:
	Corporate Secretary and Vice President, Legal Affairs

	 
	 

	 
	 

	COMPUTERSHARE TRUST COMPANY, N.A.

	By:
	/s/  Dennis V. Moccia

	Name:
	Dennis V. Moccia

	Title:
	Manager, Contract Administration

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