Document:

Monaker Group, Inc 8-K

Exhibit 10.1

 

THIS NOTE AND THE SECURITIES ISSUABLE UPON
THE CONVERSION HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER THE
SECURITIES LAWS OF ANY STATE. THESE SECURITIES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT
AS PERMITTED UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR AN EXEMPTION
THEREFROM. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE ISSUER THAT SUCH OFFER,
SALE OR TRANSFER, PLEDGE OR HYPOTHECATION OTHERWISE COMPLIES WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS.

 

MONAKER GROUP, INC.

 

CONVERTIBLE PROMISSORY NOTE

 

	$400,000.00	Effective November _, 2020

 

FOR VALUE RECEIVED, MONAKER GROUP, INC.,
a Nevada corporation (the “Company”) promises to pay to HOTPLAY ENTERPRISE LIMITED, or its registered
assigns (“Investor”), in lawful money of the United States of America the principal sum of FOUR HUNDRED THOUSAND
Dollars ($400,000.00), or such lesser amount as shall equal the then outstanding principal amount hereof, together with simple
interest from the date of this Convertible Promissory Note (this “Note”) on the then outstanding principal balance
at a rate equal to ONE PERCENT (1%) per annum, computed on the basis of the actual number of days elapsed and a year of 365 days.
All then outstanding principal, together with any then unpaid and accrued interest and other amounts payable hereunder, shall be
converted or forgiven as set forth herein. This Note may be prepaid in whole or in part, at any time and from time to time, without
premium or penalty.

 

		1.	Definitions. As used in
this Note, the following capitalized terms have the following meanings:

 

		(a)	“Charter” shall mean the Company’s articles of incorporation as may be
amended or restated from time to time.

 

		(b)	“Common Stock” shall mean common stock of the Company.

 

		(c)	“Conversion Price” shall mean a conversion price equal to $2.00 per share of
Common Stock (as adjusted equitably for any stock splits or stock dividends affecting the Common Stock).

 

		(d)	“Lien” shall mean, with respect to any property, any security interest, mortgage,
pledge, lien, claim, charge or other encumbrance.

 

    Monaker Group, Inc. – Convertible Promissory Note
Effective November 3, 2020
1

     

    

 

		(e)	“Obligations” shall mean and include all loans, advances, debts, liabilities
and obligations, howsoever arising, owed by the Company to Investor of every kind and description, now existing or hereafter arising
under or pursuant to the terms of this Note, including all interest, fees, charges, expenses, attorneys’ fees and costs and
accountants’ fees and costs chargeable to and payable by the Company hereunder and thereunder, in each case, whether direct
or indirect, absolute or contingent, due or to become due, and whether or not arising after the commencement of a proceeding under
Title 11 of the United States Code (11 U. S. C. Section 101 et seq.), as amended from time to time (including post-petition interest)
and whether or not allowed or allowable as a claim in any such proceeding.

 

		(f)	“Person” shall mean and include an individual, a partnership, a corporation
(including a business trust), a joint stock company, a limited liability company, an unincorporated association, a joint venture
or other entity or a governmental authority.

 

		(g)	“Share Exchange Agreement” shall mean that certain Share Exchange Agreement
entered into by and among the Company, the Investor and various stockholders of the Investor, as may be amended from time to time.

 

		2.	Payments.

 

		(a)	Interest. Accrued interest
on this Note shall be converted or forgiven as set forth herein.

 

		(b)	Automatic Forgiveness in Certain Circumstances.
In the event the Share Exchange Agreement is terminated pursuant to Section 10.1(a) of the Share Exchange Agreement; by Investor
and Principal Stockholder (as such term is defined in the Share Exchange Agreement), pursuant to Section 10.1(b) of the Share Exchange
Agreement; or by the Company pursuant to Sections 10.1(c), 10.1(e)(solely in the event that the Company terminates the Share Exchange
pursuant to Section 10.1(e) because Investor (x) is not able to obtain audited and interim financial statements in the form required
by the Securities and Exchange Commission, or (y) does not supply all of the information required in order for the Company to file
its initial Proxy Statement, by the date which falls 75 days after the date the Share Exchange Agreement was entered into or in the event that the Axion Ventures, Inc. share exchange agreement is terminated),
10.1(g), or 10.1(i), then outstanding principal amount of this Note, plus all accrued and unpaid interest, shall be forgiven in
full and the Company shall have no further obligation to the Investor hereunder.

 

		3.	Events of Default. The occurrence
of any of the following shall constitute an “Event of Default” under this Note:

 

		(a)	Failure to Convert. The
Company shall fail to convert when due any principal or interest hereunder into shares of Common Stock of the Company within five
(5) business days after the date required hereunder;

 

		(b)	Voluntary Bankruptcy or Insolvency
Proceedings. The Company shall (i) apply for or consent to the appointment of a receiver, trustee, liquidator or custodian
of itself or of all or a substantial part of its property, (ii) make a general assignment for the benefit of its or any of its
creditors, (iii) be dissolved or liquidated, (iv) commence a voluntary case or other proceeding seeking liquidation, reorganization
or other relief with respect to itself or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect
or consent to any such relief or to the appointment of or taking possession of its property by any official in an involuntary case
or other proceeding commenced against it, or (v) take any action for the purpose of effecting any of the foregoing.

 

    Monaker Group, Inc. – Convertible Promissory Note
Effective November 3, 2020
2

     

    

 

		(c)	Involuntary Bankruptcy or Insolvency
Proceedings. Proceedings for the appointment of a receiver, trustee, liquidator or custodian of the Company, or of all
or a substantial part of the property thereof, or an involuntary case or other proceedings seeking liquidation, reorganization
or other relief with respect to the Company, if any, or the debts thereof under any bankruptcy, insolvency or other similar law
now or hereafter in effect shall be commenced and an order for relief entered or such proceeding shall not be dismissed or discharged
within 60 days of commencement.

 

		4.	Rights of Investor upon Default.
Upon the occurrence of any Event of Default (other than an Event of Default described in Sections 3(b) or 3(c)) and at any
time thereafter during the continuance of such Event of Default, Investor may, by written notice to the Company, declare all outstanding
Obligations payable by the Company hereunder to be immediately due and payable without presentment, demand, protest or any other
notice of any kind, all of which are hereby expressly waived, anything contained herein to the contrary notwithstanding. Upon the
occurrence of any Event of Default described in Sections 3(b) or 3(c), immediately and without notice, all outstanding Obligations
payable by the Company hereunder shall automatically become immediately due and payable, without presentment, demand, protest or
any other notice of any kind, all of which are hereby expressly waived, anything contained herein to the contrary notwithstanding.
In addition to the foregoing remedies, upon the occurrence and during the continuance of any Event of Default, Investor may, with
the written consent of the Investor, exercise any other right, power or remedy granted to it by this Note or otherwise permitted
to it by law, either by suit in equity or by action at law, or both. Additionally, upon the occurrence of any Event of Default,
the outstanding principal balance of this Note shall bear interest (“Default Interest”) while such default exists
at the lesser of: (a) eighteen percent (18%) per annum and (b) the maximum legally permissible rate (the “Default Rate”).

 

		5.	Conversion.

 

		(a)	Automatic Conversion in Certain Circumstances.
If the Share Exchange Agreement is terminated by Investor and/or Principal Stockholder (as applicable) pursuant to Sections 10.1(d),
10.1(e)(provided that in the event Investor and/or Principal Stockholder (as applicable) terminates the Share Exchange Agreement
in the event that the Axion Ventures, Inc. share exchange agreement is terminated, Section 2(b) hereof shall apply), 10.1(f), or
10.1(h) of the Share Exchange Agreement or by the Company pursuant to Sections 10.1(d), or 10.1(e)(except as otherwise provided
in Section 2(b) above, in which case Section 2(b) above shall apply) of the Share Exchange Agreement, then the then outstanding
principal amount of this Note together with all accrued and unpaid interest under this Note shall automatically convert into fully
paid and nonassessable shares of Common Stock at a price per share equal to the Conversion Price. The Company shall cause to be
delivered stock certificates to or as directed by Investor as set forth in this Section 5.

 

    Monaker Group, Inc. – Convertible Promissory Note
Effective November 3, 2020
3

     

    

 

		(b)	Conversion Procedure.

 

		(i)	Conversion Pursuant to Section 5(a). If this Note is to be automatically converted pursuant
to Section 5(a), written notice shall be delivered to Investor at the address last shown on the records of the Company for
Investor or given by Investor to the Company for the purpose of notice, notifying Investor of the general terms of the conversion
to be effected, specifying the Conversion Price, the principal amount of the Note to be converted, together with all accrued and
unpaid interest and the date on which such conversion is expected to occur and calling upon Investor to surrender to the Company,
in the manner and at the place designated, this Note. The Company shall, as soon as practicable thereafter, issue and deliver to
Investor a certificate or certificates for the number of shares to which Investor shall be entitled upon such conversion, or shall
otherwise issue such shares in book-entry form and provide Investor confirmation thereof.

 

		(ii)	Fractional Shares; Interest; Effect of Conversion. No fractional shares shall be issued
upon conversion of this Note. In lieu of the Company issuing any fractional shares to Investor upon the conversion of this Note,
the Company shall round up any fractional share of Common Stock which would otherwise be due to the Investor upon conversion hereof.
Upon conversion of this Note in full and the payment of the amounts specified in this paragraph, the Company shall be forever released
from all its Obligations and liabilities under this Note and this Note shall be deemed of no further force or effect, whether or
not the original of this Note has been delivered to the Company for cancellation.

 

		(c)	Cap on Shares of Common Stock. Notwithstanding anything herein to the contrary, the maximum
number of shares of Common Stock to be issued in connection with the conversion of this Note (and upon conversion or exercise of
any other securities required to be aggregated with the conversion of this Note pursuant to the applicable rules and requirements
of the NASDAQ Capital Market), or otherwise as provided herein, shall not (i) exceed 19.9% of the outstanding shares of Common
Stock on the date of this Note, (ii) exceed 19.9% of the combined voting power of the then outstanding voting securities of the
Company on the date of this Note, in each of subsections (i) and (ii) before the issuance of the Common Stock hereunder in connection
with any conversion, or (iii) otherwise exceed such number of shares of Common Stock that would violate applicable listing rules
of the NASDAQ Capital Market in the event the Company’s stockholders do not approve the issuance of the Common Stock issuable
in connection with a conversion of this Note (and upon conversion or exercise of any other securities required to be aggregated
with the conversion of this Note pursuant to the applicable rules and requirements of the NASDAQ Capital Market), or otherwise
as provided herein.

 

		6.	Representations and Warranties of the
Company. The Company represents and warrants to the Investor that:

 

		(a)	Due Incorporation, Qualification, etc.
The Company (i) is a corporation duly organized, validly existing and in good standing under the laws of the State of Nevada; (ii)
has the power and authority to own, lease and operate its properties and carry on its business as now conducted; and (iii) is duly
qualified, licensed to do business and in good standing as a foreign corporation in each jurisdiction where the failure to be so
qualified or licensed could reasonably be expected to have a material adverse effect on the Company.

 

    Monaker Group, Inc. – Convertible Promissory Note
Effective November 3, 2020
4

     

    

 

		(b)	Authority. The execution,
delivery and performance by the Company of the Note and the consummation of the transactions contemplated thereby (i) are within
the power of the Company and (ii) have been duly authorized by all necessary actions on the part of the Company.

 

		(c)	Enforceability. The Note
has been, or will be, duly executed and delivered by the Company and constitutes, or will constitute, a legal, valid and binding
obligation of the Company, enforceable against the Company in accordance with its terms, except as limited by bankruptcy, insolvency
or other laws of general application relating to or affecting the enforcement of creditors’ rights generally and general
principles of equity.

 

		(d)	Non-Contravention. The execution
and delivery by the Company of the Note and the performance and consummation of the transactions contemplated hereby do not and
will not (i) violate the Charter or bylaws of the Company, or any material judgment, order, writ, decree, statute, rule or regulation
applicable to the Company; or (ii) result in the creation or imposition of any Lien upon any property, asset or revenue of the
Company or the suspension, revocation, impairment, forfeiture, or nonrenewal of any material permit, license, authorization or
approval applicable to the Company, its business or operations, or any of its assets or properties.

 

		(e)	Approvals. No consent, approval,
order or authorization of, or registration, declaration or filing with, any governmental authority or other Person (including,
without limitation, the shareholders of any Person) is required in connection with the execution and delivery of the Notes by the
Company and the performance and consummation of the transactions contemplated thereby, other than such as have been obtained and
remain in full force and effect and other than such qualifications or filings under applicable securities laws as may be required
in connection with the transactions contemplated by this Note.

 

		7.	Representations and Warranties of Investor.
Investor represents and warrants to the Company upon the acquisition of the Note as follows:

 

		(a)	Binding Obligation. Investor
has full legal capacity, power and authority to execute and deliver this Note and to perform its obligations hereunder. This Note
constitutes valid and binding obligations of Investor, enforceable in accordance with its terms, except as limited by bankruptcy,
insolvency or other laws of general application relating to or affecting the enforcement of creditors’ rights generally and
general principles of equity.

 

    Monaker Group, Inc. – Convertible Promissory Note
Effective November 3, 2020
5

     

    

 

		(b)	Securities Law Compliance.
Investor has been advised that the Note and the underlying securities have not been registered under the Act and any applicable
state securities laws and, therefore, cannot be resold unless it or they are registered under the Act and applicable state securities
laws or unless an exemption from such registration requirements is available. Investor is aware that the Company is under no obligation
to affect any such registration with respect to the Note or the underlying securities or to file for or comply with any exemption
from registration. Investor has not been formed solely for the purpose of making this investment and is purchasing the Note for
its own account for investment, not as a nominee or agent, and not with a view to, or for resale in connection with, the distribution
thereof, and Investor has no present intention of selling, granting any participation in, or otherwise distributing the same. Investor
has such knowledge and experience in financial and business matters that Investor is capable of evaluating the merits and risks
of such investment, is able to incur a complete loss of such investment without impairing Investor’s financial condition
and is able to bear the economic risk of such investment for an indefinite period of time. Investor is an “accredited investor”
as such term is defined in Rule 501 of Regulation D under the Act and shall submit to the Company such further assurances of such
status as may be reasonably requested by the Company. The residency of Investor (or, in the case of a partnership or corporation,
such entity’s principal place of business) is correctly set forth beneath Investor’s name on the signature page hereto.

 

		(c)	Access to Information. Investor
acknowledges that the Company has given Investor access to the corporate records and accounts of the Company and to all information
in its possession relating to the Company, has made its officers and representatives available for interview by Investor, and has
furnished Investor with all documents and other information required for Investor to make an informed decision with respect to
the purchase of the Note.

 

		(d)	Tax Advisors. Investor has
reviewed with its own tax advisors the U.S. federal, state and local and non-U.S. tax consequences of this investment and the transactions
contemplated by this Note. With respect to such matters, Investor relies solely on any such advisors and not on any statements
or representations of the Company or any of its agents, written or oral. Investor understands that it (and not the Company) shall
be responsible for its own tax liability that may arise as a result of this investment and the transactions contemplated by this
Note.

 

		(e)	Purchase Price. Investor
shall have delivered to the Company the principal sum of One Million Dollars ($1,000,000.00).

 

		(f)	No “Bad Actor” Disqualification
Events. Neither (i) the Investor, (ii) any of its directors, executive officers, general partners or managing members,
nor (iii) any beneficial owner of any of the Company’s voting equity securities (in accordance with Rule 506(d) of the Act)
held by the Investor if such beneficial owner is deemed to own 20% or more of the Company’s outstanding voting securities
(calculated on the basis of voting power) is subject to any disqualifications described in Rule 506(d)(1)(i) through (viii) of
the Act (“Disqualification Events”), except for Disqualification Events covered by Rule 506(d)(2)(ii) or (iii)
or (d)(3) under the Act and disclosed reasonably in advance of the date hereof in writing in reasonable detail to the Company.

 

		8.	Miscellaneous.

 

		(a)	Waivers and Amendments.
Any provision of this Note may be amended, waived or modified only with the written consent of the Company and of the Investor.

 

		(b)	Governing Law. This Note
and all actions arising out of or in connection herewith or therewith shall be governed by and construed in accordance with the
laws of the State of Florida without regard to the conflicts of law provisions of the State of Florida or of any other state.

 

    Monaker Group, Inc. – Convertible Promissory Note
Effective November 3, 2020
6

     

    

 

		(c)	Survival. The representations,
warranties, covenants and agreements made herein shall survive the execution and delivery of this Note.

 

		(d)	Jurisdiction and Venue.
Investor and the Company irrevocably consent to the exclusive jurisdiction of, and venue in, the state courts in Broward County
in the State of Florida, in connection with any matter based upon or arising out of this Note or the matters contemplated herein
or therein, and agree that process may be served upon them in any manner authorized by the laws of the State of Florida for such
Persons.

 

		(e)	Waiver of Jury Trial; Judicial Reference.
Investor hereby agrees and the Company hereby agrees to waive their respective rights to a jury trial of any claim or cause of
action based upon or arising out of this Note.

 

		(f)	Successors and Assigns.
Subject to the restrictions on transfer set forth herein, the rights and obligations of the Company and Investor under this Note
shall be binding upon and benefit the successors, assigns, heirs, administrators and transferees of the parties.

 

		(g)	Transfer and Replacement of this Note.
The Company will keep, at its principal executive office, books for the recordation of the Investors and recordation of transfer
of this Note. Prior to presentation of this Note for transfer, the Company shall treat the Person in whose name this Note is recorded
as the owner and holder of this Note for all purposes whatsoever, whether or not this Note shall be overdue, and the Company shall
not be affected by notice to the contrary. Subject to any restrictions on or conditions to transfer set forth in this Note, the
holder of this Note, at its option, may in person or by duly authorized attorney surrender the same for exchange at the Company’s
chief executive office, and promptly thereafter and at the Company’s expense, except as provided below, receive in exchange
therefor this Note in the principal requested by such holder, dated the date to which interest shall have been paid on this Note
or, if no interest shall have yet been so paid, dated the date of this Note and recorded in the name of such Person or Persons
as shall have been designated in writing by such holder or its attorney for the same principal amount as the then unpaid principal
amount of this Note. Upon receipt by the Company of evidence reasonably satisfactory to it of the ownership of and the loss, theft,
destruction or mutilation of this Note and (a) in the case of loss, theft or destruction, of indemnity reasonably satisfactory
to it; or (b) in the case of mutilation, upon surrender thereof, the Company, at its expense, will execute and deliver in lieu
thereof a new Note executed in the same manner as this Note, in the same principal amount as the unpaid principal amount of this
Note and dated the date to which interest shall have been paid on this Note or, if no interest shall have yet been so paid, dated
the date of this Note.

 

		(h)	Transfer of this Note or Securities
Issuable on Conversion Thereof. Subject to the proviso in the following sentence, neither this Note nor the securities
issued upon conversion hereof may be transferred by Investor without the prior written consent of the Company. Investor shall have
no further restrictions on transferability of the underlying securities following the earlier of: (a) consummation of the Share
Exchange Agreement and (b) the date that is six months from the date of this Note, provided that all transfers of this note and/or
any securities underlying this Note shall comply with applicable law.

 

    Monaker Group, Inc. – Convertible Promissory Note
Effective November 3, 2020
7

     

    

 

		(i)	Assignment by the Company.
The rights, interests or obligations of the Company hereunder may not be assigned, by operation of law or otherwise, in whole or
in part, by the Company without the prior written consent of the Investor.

 

		(j)	Entire Agreement. This Note
constitutes and contains the entire agreement among the Company and Investor and supersedes any and all prior agreements, negotiations,
correspondence, understandings and communications among the parties, whether written or oral, respecting the subject matter hereof.

 

		(k)	Notices. All notices, requests,
demands, consents, instructions or other communications required or permitted hereunder shall be in writing and faxed, mailed,
emailed or delivered to each party as follows: (i) if to Investor, at Investor’s address, facsimile number or electronic
mail address set forth beneath Investor’s name on the signature page hereto, or at such other address, facsimile number or
electronic mail address as Investor shall have furnished the Company in writing, or (ii) if to the Company, at the Company’s
address, facsimile number or electronic mail address set forth beneath the Company’s name on the signature page hereto, or
at such other address, facsimile number or electronic mail address as the Company shall have furnished to Investor in writing.
All such notices and communications will be deemed effectively given the earlier of (i) when received, (ii) when delivered personally,
(iii) one business day after being deposited with an overnight courier service of recognized standing, (iv) four days after being
deposited in the U.S. mail, first class with postage prepaid, (v) if sent via facsimile, upon confirmation of facsimile transfer
or (vi) if sent via electronic mail, when directed to the relevant electronic mail address, if sent during normal business hours
of the recipient, or if not sent during normal business hours of the recipient, then on the recipient’s next business day.

 

		(l)	Expenses. The Company and
Investor shall be responsible for their own legal fees and other expenses incurred in connection with the negotiation, drafting
and execution of this Note.

 

		(m)	Severability of this Note.
If any provision of this Note shall be judicially determined to be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

		(n)	Usury. If any interest is
paid on this Note that is deemed to be in excess of the then legal maximum rate, then that portion of the interest payment representing
an amount in excess of the then legal maximum rate shall be deemed a payment of principal and applied against the principal of
this Note.

 

		(o)	Waivers. The Company hereby
waives notice of default, presentment or demand for payment, protest or notice of nonpayment or dishonor and all other notices
or demands relative to this instrument.

 

    Monaker Group, Inc. – Convertible Promissory Note
Effective November 3, 2020
8

     

    

 

		(p)	Review and Knowledge. Each party herein expressly represents and warrants to all other parties
hereto that (a) before executing this Note, said party has fully informed itself of the terms, contents, conditions and effects
of this Note; (b) said party has relied solely and completely upon its own judgment in executing this Note; (c) said party has
had the opportunity to seek and has obtained the advice of its own legal, tax and business advisors before executing this Note;
(d) said party has acted voluntarily and of its own free will in executing this Note; and (e) this Note is the result of arm’s
length negotiations conducted by and among the parties and their respective counsel.

 

		(q)	Counterparts. This Note
and any signed agreement or instrument entered into in connection with this Note, may be executed in one or more counterparts,
all of which shall constitute one and the same instrument. Any such counterpart, to the extent delivered by means of a facsimile
machine or by .pdf, .tif, .gif, .jpeg or similar attachment to electronic mail (any such delivery, an “Electronic Delivery”)
shall be treated in all manner and respects as an original executed counterpart and shall be considered to have the same binding
legal effect as if it were the original signed version thereof delivered in person. No party shall raise the use of Electronic
Delivery to deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated through
the use of Electronic Delivery as a defense to the formation of a contract, and each such party forever waives any such defense,
except to the extent such defense relates to lack of authenticity.

 

(Signature Page Follows)

 

    Monaker Group, Inc. – Convertible Promissory Note
Effective November 3, 2020
9

     

    

 

The parties have caused this Note to be
duly executed and delivered as of the date first written above.

 

	 	COMPANY:
	 	 
	 	MONAKER GROUP, INC.
	 	 
	 	a Nevada corporation

 

	 	By:	 
	 	Name:	William Kerby
	 	Title:	CEO
	 	Address:	2893 Executive Park Dr. #201 Weston Florida USA 33331

 

    Monaker Group, Inc. – Convertible Promissory Note
Effective November 3, 2020
10

     

    

 

The parties have caused this Note to be
duly executed and delivered as of the date first written above.

 

	 	Investor:
	 	 
	 	HOTPLAY ENTERPRISE LIMITED

 

	 	 
	 	 	 	 
	 	Name:	
        Athid Nanthawaroon and

        Nithinan Boonyawattanapisut
	 
	 	 	 	 
	 	Title:	Director	 
	 	 	 	 
	 	Address:	 	 

 

    Monaker Group, Inc. – Convertible Promissory Note
Effective November 3, 2020
11Monaker Group, Inc 8-K

Exhibit 10.5

 

THIRD
AMENDMENT TO

AMENDED
AND RESTATED PROMISSORY NOTE

 

This
Third Amendment to Amended and Restated Promissory Note (this “Agreement”), dated and effective November
6, 2020 (the “Effective Date”), amends that certain $2,700,000 Amended and Restated Promissory Note
dated December 9, 2019, as previously amended by the First Amendment to Amended and Restated Promissory Note dated January 29,
2020 and the Second Amendment to Amended and Restated Promissory Note dated March 27, 2020 (as amended to date, the “Note”)1,
by and between Monaker Group, Inc., a Nevada company (“Borrower”) and the Donald P. Monaco Insurance
Trust (“Lender”). Certain capitalized terms used below but not otherwise defined shall have the meanings
given to such terms in the Note.

 

WHEREAS,
Borrower and Lender desire to amend the Note on the terms and conditions set forth below.

 

NOW,
THEREFORE, in consideration of the premises and the mutual covenants, agreements, and considerations herein contained, and
other good and valuable consideration, which consideration the parties hereby acknowledge and confirm the receipt and sufficiency
of, the parties hereto agree as follows:

 

1.       
Amendment to Note. Effective as of the Effective Date, the “Maturity Date” of the Note shall
be amended from “December 1, 2020” to “February 28, 2021”, and each reference
in the Note to Maturity Date shall refer to such Maturity Date as amended and extended hereby.

 

2.       Consideration.
Each of the parties agrees and confirms by signing below that they have received valid consideration in connection with this Agreement
and the transactions contemplated herein.

 

3.       Effect
of Agreement; Note to Continue in Full Force and Effect. Upon the effectiveness of this Agreement, each reference in the
Note to “Note”, “Agreement,” “hereunder,”
“hereof,” “herein” or words of like import shall mean and be a reference
to such Note as modified or amended hereby. Except as specifically modified or amended herein, the Note and the terms and conditions
thereof shall remain in full force and effect.

 

4.       Entire
Agreement. This Agreement sets forth all of the promises, agreements, conditions, understandings, warranties and representations
among the parties with respect to the transactions contemplated hereby and thereby, and supersedes all prior agreements, arrangements
and understandings between the parties, whether written, oral or otherwise.

 

5.       Counterparts
and Signatures. This Agreement and any signed agreement or instrument entered into in connection with this Agreement,
and any amendments hereto or thereto, may be executed in one or more counterparts, all of which shall constitute one and the same
instrument. Any such counterpart, to the extent delivered by means of a facsimile machine or by .pdf, .tif, .gif, .jpeg or similar
attachment to electronic mail shall be treated in all manner and respects as an original executed counterpart and shall be considered
to have the same binding legal effect as if it were the original signed version thereof delivered in person.

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written to be effective
as of the Effective Date. 

 

	Borrower:	 	Lender:	 
	 	 	 	 
	Monaker Group, Inc.	The Donald P. Monaco Insurance Trust
	 	 	 	 
	/s/
    Bill Kerby	 	/s/
    Donald P. Monaco	 
	Bill Kerby	 	Donald P. Monaco	 
	Chief Executive Officer	 	Trustee	 

 

 

1
https://www.sec.gov/Archives/edgar/data/1372183/000158069519000466/ex10-1.htm,

https://www.sec.gov/Archives/edgar/data/1372183/000158069520000061/ex10-2.htm,
and 

https://www.sec.gov/Archives/edgar/data/1372183/000158069520000144/ex10-3.htm

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00316-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00316-of-00352.parquet"}]]