Document:

Exhibit 10.2

 

INTERCREDITOR AGREEMENT

 

This INTERCREDITOR
AGREEMENT, dated as of June 30, 2020 (this “Agreement”), is among Sysorex, Inc., a Nevada corporation (the
“Company”), Inpixon, a Nevada corporation (“Inpixon”), and Systat Software, Inc., a Delaware
corporation (“Systat”). Any capitalized term used but not defined herein shall have the meaning set forth for
such term in the Promissory Note Assignment and Assumption Agreement, of even date herewith, among the parties hereto (the “Assignment
Agreement”).

 

W I T N E S S E T H:

 

WHEREAS, in accordance
with the terms of the Assignment Agreement, Inpixon has agreed to assign to Systat, and the Company has acknowledged and consented
to the assignment to Systat of, the Partitioned Notes as partial consideration for the Licensed Rights, in such increments and
on such dates as are specified in the Assignment Agreement.

 

WHEREAS, pursuant to
the License Agreement, Inpixon has a right to offset the amount of any indemnification obligation of Systat to Inpixon arising
thereunder (the “Indemnification Amount”), on a dollar for dollar basis, against the principal amount of any
Partitioned Notes not yet assigned, transferred and conveyed to Systat pursuant to the Assignment Agreement, which right, to the
extent exercised, would reinstate a payment obligation of the Company to Inpixon under the Original Note in an amount equal to
the Indemnification Amount, and concurrently reduce the amount owed by the Company to Systat under the Partitioned Notes by an
amount equal to the Indemnification Amount (the “Offset Right”). 

 

NOW, THEREFORE, in
consideration of the agreements herein contained and for other good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the parties hereto hereby agree as follows:

 

1. Inpixon
agrees that, to the extent any of the Partitioned Notes have not yet been assigned, transferred and conveyed by Inpixon to Systat
pursuant to the Assignment Agreement, and to the extent that Inpixon has not exercised the Offset Right, such that there remain
obligations of the Company to Inpixon under the Original Note, the Company’s obligation to make any payment to Inpixon pursuant
to the Original Note, including any costs and expenses (including, without limitation, reasonable attorneys’ fees) due thereunder
(collectively, the “Original Note Obligations”), shall be subordinate and junior to the Company’s obligation
to make any payment to Systat under the Partitioned Notes, including any costs and expenses (including, without limitation, reasonable
attorneys’ fees) due thereunder (collectively, the “Partitioned Note Obligations”). So that the Partitioned
Note Obligations shall be paid indefeasibly in full prior to payment of any Original Note Obligations, any payments that are received
by Inpixon from the Company in respect of the Original Note Obligations, at any time while any Partitioned Note Obligations remain
outstanding, shall be deemed to have been received by Inpixon for the benefit of Systat and Inpixon hereby agrees to hold any such
payment in trust for the benefit of Systat and promptly transmit any such payment by wire or other electronic bank transfer to
Systat in accordance with Systat’s written instructions, for application to the Partitioned Note Obligations.

 

2. All
proceeds of Collateral (as defined in the Original Note) shall be distributed in accordance with the following order of priority,
to the extent permitted by applicable law: (1) first, to indefeasibly pay in full any obligations that the Company may have to
the holder of a duly perfected lien on the Collateral whose security interest in the Collateral is senior to the security interest
of Systat under the Partitioned Notes (“Senior Obligations”), (2) second, to indefeasibly pay in full the Partitioned
Note Obligations; and (3) third to indefeasibly pay in full the Original Note Obligations, if any. So long as any Original Note
Obligations or Partitioned Note Obligations remain outstanding, promptly following the satisfaction in full of any Senior Obligations,
the Company shall notify Systat and Inpixon in writing that the Senior Obligations have been satisfied in full. Inpixon agrees
that to the extent it receives rents or proceeds from the leasing, sale, liquidation, casualty or other disposition of any of the
Collateral following indefeasible repayment in full of any Senior Obligations, if any Partitioned Note Obligations remain outstanding,
Inpixon shall (unless otherwise restricted by applicable law) hold the same in trust for Systat and promptly pay over the same
as directed in writing by Systat for application to such remaining Partitioned Note Obligations. Systat agrees that to the extent
it receives rents or proceeds from the leasing, sale, liquidation, casualty or other disposition of any of the Collateral following
indefeasible repayment in full of any Senior Obligations and the Partitioned Note Obligations, if any Original Note Obligations
remain outstanding, Systat shall (unless otherwise restricted by applicable law) hold the same in trust for Inpixon and promptly
pay over the same as directed in writing by Inpixon for application to such remaining Original Note Obligations. 

 

     

     

    

 

3. Until
all of the Partitioned Note Obligations have been paid in full and satisfied and all commitments thereunder have been terminated,
Inpixon shall not, without the prior written consent of Systat, (a) take any action to accelerate payment of the Original Note
Obligations or to foreclose or realize upon or enforce any of its rights with respect to the Collateral with respect to any of
the Original Note Obligations, (b) contest, protest or object to any enforcement action, application of monies or proceeds or proceeding
brought by Systat, or any other exercise by Systat of any rights and remedies under the Partitioned Notes, or (c) amend or otherwise
modify the terms of the Original Note in any manner that materially and adversely affects Systat’s rights under this Agreement,
the Assignment Agreement or the Partitioned Notes.

 

4. All
questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by and construed
and enforced in accordance with the internal laws of the State of Nevada, without regard to the principles of conflicts of law
thereof. Each party agrees that all proceedings concerning the interpretations, enforcement and defense of the transactions contemplated
by this Agreement (whether brought against a party hereto or its respective affiliates, directors, officers, shareholders, partners,
members, employees or agents) shall be commenced exclusively in the state or federal courts sitting in San Francisco County or
Santa Clara County, California. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts
sitting in San Francisco County and Santa Clara County, California contemplated hereby or discussed herein, and hereby irrevocably
waives, and agrees not to assert in any proceeding, any claim that it is not personally subject to the jurisdiction of any such
court, or that such proceeding is improper. Each party hereto hereby irrevocably waives personal service of process and consents
to process being served in any such proceeding by mailing a copy thereof via registered or certified mail or overnight delivery
(with evidence of delivery) to such party’s registered agent for service of process and agrees that such service shall constitute
good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right
to serve process in any other manner permitted by law. Each party hereto hereby irrevocably waives, to the fullest extent permitted
by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the
transactions contemplated hereby.

 

6. Notices.
All notices, demands and other communications provided for or permitted hereunder shall be made in writing and shall be by
electronic mail:

 

if to Inpixon:

 

Inpixon

Attention: Melanie Figueroa, General Counsel.

Email Address:******

 

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if to Systat:

 

Systat Software, Inc.

c/o Cranes Software International Ltd.

# 82 Presidency Building

3 & 4th Floor St. Mark’s Road

Bengaluru, India 560001

E-mail: *******

Attn: Mueed Khader

 

if to Sysorex:

 

Sysorex, Inc.

Attn: Zaman
Khan

********

 

All such notices, demands
and other communications shall be deemed to have been duly given on the business day sent (or next business day if not sent on
a business day or not sent during normal business hours of the recipient) by e-mail to the designated e-mail address set forth
above (or to such other e-mail address as a party may designate by written notice to the other parties), provided the sender produces
a record of transmission if requested by the addressee.  

 

7. This
Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and,
all of which taken together shall constitute one and the same Agreement. In the event that any signature is delivered by facsimile
or other electronic transmission, such signature shall create a valid binding obligation of the party executing (or on whose behalf
such signature is executed) the same with the same force and effect as if such signature were the original thereof.

 

[SIGNATURE PAGE FOLLOWS]

 

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IN WITNESS WHEREOF,
the parties hereto have caused this Intercreditor Agreement to be duly executed on the day and year first above written.

 

	 	INPIXON
	 	 
	 	By:	/s/ Nadir Ali
	 	 	Name: Nadir Ali
	 	 	Title: Chief Executive Officer
	 	 
	 	SYSTAT SOFTWARE, INC.
	 	 
	 	By:	/s/ Tanveer A. Khader
	 	 	Name: Tanveer A. Khader
	 	 	Title: Vice President
	 	 
	 	 
	 	SYSOREX, INC.
	 	 
	 	By:	/s/ Zaman Khan
	 	 	Name: Zaman Khan
	 	 	Title: Chief Executive OfficerExhibit 10.3

 

THIS
SECURED PROMISSORY NOTE (THIS “NOTE”) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”) OR APPLICABLE STATE SECURITIES LAWS. THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT AND
NOT WITH A VIEW TO DISTRIBUTION OR RESALE, AND MAY NOT BE OFFERED, SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED IN THE
ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS, OR AN OPINION
OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

 

SYSOREX,
INC.

 

SECURED
PROMISSORY NOTE

 

	$[●]	Issue Date: [●]

 

Sysorex, Inc., a Nevada
corporation (the “Company”), for value received, hereby promises to pay to Systat Software, Inc., a Delaware
corporation, or its registered assigns (the “Holder”), an aggregate sum of $[●] or such other amount
as shall then equal the outstanding balance payable (the “Loan Amount”), plus all accrued unpaid interest,
as set forth below, on the earlier to occur of (i) December 31, 2021 or (ii) when declared due and payable by the Holder upon the
occurrence of an Event of Default (as defined below) (the “Maturity Date”). This Note is issued as of
the Issue Date set forth above, pursuant to the terms of that certain Promissory Note Assignment and Assumption Agreement, dated
as of June 30, 2020 (the “Agreement”), by and among the Company, Inpixon, a Nevada corporation (“Inpixon”)
and the Holder.

 

The
following is a statement of the rights of the Holder of this Note and the conditions to which this Note is subject, and to which
the Holder hereof, by the acceptance of this Note, agrees:

 

1. Definitions.
As used in this Note, the following terms, unless the context otherwise requires, shall have the following meanings:

 

(i) “Company”
shall also include any corporation that, to the extent permitted by this Note, succeeds to, or assumes the obligations of, the
Company under this Note.

 

(ii) “Holder”,
when the context refers to a holder of this Note, shall mean any person who shall at the time be the registered holder of this
Note.

 

2. Payments.
All payments for amounts due under this Note shall be made by wire transfer of immediately available funds, in lawful tender
of the United States, to an account designated in writing by the Holder, and all payments in cash shall be applied first to the
Interest Amount (as defined below) and thereafter to the Loan Amount, subject to any such further conditions as set forth in Section
14 hereto.

 

3. Interest.
Interest on the Loan Amount will accrue beginning as of the Issue Date , at the rate of ten percent (10%) per annum (the “Interest
Rate”). All accrued unpaid interest (the “Interest Amount”) shall be due and payable to
the Holder on the Maturity Date. Upon the occurrence of an Event of Default (as defined below), interest shall accrue on the outstanding
Loan Amount of this Note at the lesser of the rate of twenty-one percent (21%)  per annum or the maximum rate permitted by
applicable law. All interest calculations hereunder shall be computed on the basis of a 360-day year comprised of twelve (12) thirty
(30) day months, shall compound daily and shall be payable in accordance with the terms of this Note. Interest payments shall
be payable in cash.

 

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4. Events
of Default. If any of the events specified in this Section 4 shall occur (herein individually referred to as an “Event
of Default”), the Holder of this Note may, provided such condition exists, declare the entire Loan Amount and Interest
Amount hereon immediately due and payable, by written notice to the Company:

 

(i) Any
failure by the Company to pay any of the Loan Amount or Interest Amount on this Note when due hereunder, and such failure continues
for ten (10) days after written notice to the Company thereof; or

 

(ii) The
institution by the Company of proceedings to adjudicate the Company as bankrupt or insolvent, or the consent by the Company to
the institution of such proceedings; the filing by the Company of a petition, answer or consent seeking reorganization or release
under the federal Bankruptcy Act or any other applicable federal or state law, or the consent by the Company to the filing of
any such petition; the appointment of a receiver, liquidator, assignee, trustee or other similar official of the Company, or of
any substantial part of its property; or the making of an assignment by the Company for the benefit of creditors, or the taking
of any corporate action by the Company in furtherance of any such action; or

 

(iii) The
commencement of an action against the Company seeking any bankruptcy, insolvency, reorganization, liquidation, dissolution or
similar relief under any present or future statute, law or regulation; unless, (a) within sixty (60) days after such commencement,
the action has been resolved in favor of the Company, or all orders or proceedings thereunder affecting the operations or the
business of the Company have been stayed; provided, however, that the stay of any such order or proceeding has not thereafter
been set aside, or (b) within sixty (60) days after the appointment of any trustee, receiver or liquidator of the Company or of
all or any substantial part of the properties of the Company, without the consent or acquiescence of the Company thereto, such
appointment is vacated.

 

5. Prepayment.
This Note may be prepaid by the Company at any time without penalty or premium. Immediately following the completion of any financing,
or series of related financings, in which the Company raises aggregate gross proceeds of at least $5 million, in each case, the
Company will make a cash payment to the Holder in an amount equal to 6% of the aggregate gross proceeds raised in any financing
subject to this Section 5; provided, however, that any payments made to the Holder in accordance with this Section 5 shall be
made on a pro rata basis against any then outstanding Partitioned Notes held in the name of the Holder and subject to Section
2 of that certain Intercreditor Agreement, by and between the Holder and Inpixon, dated as of June 30, 2020 (the “Intercreditor
Agreement”) to the extent that such gross proceeds shall be deemed to be Collateral (as defined below).

 

6. Assignment.
Subject to the restrictions on transfer described in Section 8 below, the rights and obligations of the Company and the Holder
of this Note shall be binding upon, and benefit the successors and assigns of, the parties hereto.

 

7. Waiver
and Amendment. Any provision of this Note may be amended, waived or modified upon the written consent of both the Company
and the Holder.

 

8. Transfer
of This Note. With respect to any offer, sale or other disposition of this Note, the Holder shall give written notice to the
Company prior thereto, describing briefly the manner thereof, together with a written opinion of such Holder’s counsel,
to the effect that such offer, sale or other disposition may be effected without registration or qualification (under any federal
or state law then in effect). Upon receiving such written notice and opinion, if so requested, the Company, as soon as practicable,
shall notify such Holder that such Holder may sell or otherwise dispose of this Note, all in accordance with the terms of the
notice delivered to the Company. Any Note thus transferred shall bear a legend as to the applicable restrictions on transferability
in order to ensure compliance with the Act unless, in the opinion of counsel for the Company, such legend is not required. The
Company may issue stop-transfer instructions to the Company’s transfer agent in connection with any such restrictions.

 

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9. Secured
Note.

 

9.1 Except
with respect to the security interest granted in connection with that certain Loan and Security Agreement, dated as of December
21, 2018, with Payplant LLC as agent for Payplant Alternatives Fund LLC (“Payplant Liens”) and Permitted
Liens (as defined below), this Note shall constitute a security agreement for all purposes under applicable law. The Company hereby
grants to the Holder, subject to any and all Payplant Liens and Permitted Liens and the terms and conditions of the Intercreditor
Agreement, now or hereafter existing with respect to same, a continuing first priority security interest in all assets of the
Company whether now owned or hereafter acquired, including all proceeds therefrom (collectively, the “Collateral”)
to secure the payment of this Note and all other loans and advances (including all renewals, modifications and extensions thereof)
and all obligations of any and every kind and nature of the Company to the Holder, whether arising prior to, under or after this
Note, however incurred or evidenced, plus all interest, reasonable costs, reasonable expenses and reasonable attorneys’
fees, which may be made or incurred by the Holder in the disbursement, administration, and collection of such amounts, and in
the protection, maintenance, and liquidation of the Collateral. Except for Payplant Liens, Permitted Liens, whether or not now
or hereafter existing, the Company shall not sell, assign, transfer, pledge or otherwise dispose of or encumber any Collateral
to any third party while this Note is in effect without the prior written consent of the Holder in its sole discretion.

 

9.2 The
Company shall execute and deliver to the Holder, concurrently with the Company’s execution of this Note and at any time
or times hereafter at the request of the Holder, all financing statements, assignments, affidavits, reports, notices, schedules
of accounts, letters of authority and all other documents that the Holder may reasonably request, in form satisfactory to the
Holder, to perfect and maintain perfected the Holder’s security interests in the Collateral. In addition, the Company irrevocably
authorizes the Holder, its agents, attorneys, and representatives, to file financing statements and amendments thereto at the
Company’s expense, necessary to establish and maintain the Holder’s perfected security interest in the Collateral.
In order to fully consummate all of the transactions contemplated hereunder, the Company shall make appropriate entries on its
books and records disclosing the Holder’s security interests in the Collateral. Immediately upon full satisfaction of this
Note, including payment of the outstanding Loan Amount and reasonable fees and expenses due to the Company hereunder and pursuant
to the Agreement (collectively, the “Liabilities”), without further notice from the Company, the Company
may terminate any financing statements, assignments, affidavits, reports, notices, schedules of accounts, letters of authority
and all other documents used to perfect and maintain perfected the Holder’s security interests in the Collateral.

 

9.3 For
purposes of this Note, “Permitted Liens” means:

 

9.3.1 purchase
money security interests to secure purchase money indebtedness of the Company, so long as such security interests arise or are
created (A) in the ordinary course of business and consistent with past practices and (B) substantially contemporaneously with
the purchase or acquisition by the Company of the respective property or assets to which such security interests relate and the
incurrence of the respective purchase money indebtedness which such security interests secure, secure only the respective purchase
money indebtedness so incurred by the Company to enable the Company to so purchase or acquire such property or assets, and no
other indebtedness, and encumber only the respective property or assets so purchased or acquired, and no other property or assets
of the Company;

 

9.3.2 any
liens arising in connection with capital leases or equipment financing arrangements of the Company;

 

    3

     

    

 

9.3.3 liens
acquired with liabilities assumed by the Company in connection with acquisitions of existing businesses, business divisions, or
assets, in whole or in part after the date hereof;

 

9.3.4 carriers’,
warehousemen’s, mechanics’, materialmen’s, repairmen’s, processor’s, landlord’s liens or other
like liens arising in the ordinary course of business that are not overdue for a period of more than thirty (30) days or which
are being contested in good faith by appropriate proceedings;

 

9.3.5 liens
arising in connection with worker’s compensation, unemployment insurance, old age pensions and social security benefits
and similar statutory obligations (excluding liens arising under ERISA), provided that no enforcement proceedings in respect of
such liens are pending and provisions have been made for the payment of such liens on the books of such person as may be required
by generally accepted accounting principles; and

 

9.3.6 liens
incurred in the ordinary course of business to secure the performance of statutory obligations arising in connection with progress
payments or advance payments due under contracts with the United States government or any agency thereof entered into in the ordinary
course of business and (ii) liens incurred or deposits made in the ordinary course of business to secure the performance of statutory
obligations, bids, leases, fee and expense arrangements with trustees and fiscal agents, trade contracts, surety and appeal bonds,
performance bonds and other similar obligations (exclusive of obligations incurred in connection with the borrowing of money,
any lease-purchase arrangements or the payment of the deferred purchase price of property), provided, that in each case full provision
for the payment of all such obligations.

 

10. Notices.
Any notice, request or other communication required or permitted hereunder shall be in writing and shall conclusively be deemed
to have been duly given if personally delivered or if faxed with confirmation of receipt by telephone or if mailed by registered
or certified mail, postage prepaid, at the respective addresses of the parties set forth below, and shall be deemed to have been
received when delivered. Any party hereto may, by notice thereof, change its address for any such future notices as may be required
or permitted hereunder.

 

	Holder:	Systat Software, Inc. 
	 	2107 North First Street, Suite 360
	 	San Jose, CA 95131

 

with
a copy (which shall not constitute notice) to:

 

Systat
Software, Inc.

c/o
Cranes Software International Ltd.

#
82 Presidency Building

3
& 4th Floor St. Mark’s Road

Bengaluru,
India 560001

E-mail: ***************

Attn:
Mueed Khader

 

	Company:	Sysorex, Inc.
	 	13880 Dulles Corner Lane, Suite 175
	 	Herndon, VA 02171
	 	Attn: Zaman Khan

 

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with
a copy (which shall not constitute notice) to:

 

Adams
Corporate Law, Inc.

1851
E 1st St, Suite 900

Santa
Ana, CA 92705-4066

Attn:
Addison K. Adams, Esq.

 

11. No
Stockholder Rights. Nothing contained in this Note shall be construed as conferring upon the Holder or any other person the
right to vote or consent or to receive notice as a stockholder in respect of any meeting of stockholders for the election of directors
of the Company or any other matters or rights whatsoever as a stockholder of the Company, and no dividends or interest shall be
payable or accrued in respect of this Note or the interests represented hereby.

 

12. Usury.
This Note is hereby expressly limited so that in no event whatsoever, whether by reason of acceleration of maturity of the
loan evidenced hereby or otherwise, shall the amount paid or agreed to be paid to the Holder hereunder for the loan, use, forbearance
or detention of money exceed that which is permissible under applicable law. If at any time the performance of any provision of
this Note or of any other agreement or instrument entered into in connection with this Note involves a payment exceeding the limit
of the interest that may be validly charged for the loan, use, forbearance or detention of money under applicable law, then automatically
and retroactively, ipso facto, the obligation to be performed shall be reduced to such limit, it being the specific intent of
the Company and the Holder that all payments under this Note are to be credited first toward the payment of interest, but not
in excess of the lesser of (i) the agreed upon Interest Rate as set forth herein or (ii) that which is permitted by law; and payments
shall thereafter be credited toward the reduction of the outstanding Loan Amount.

 

The
provisions of this Section 12 shall under no circumstances be superseded or waived and shall control every other provision of
this Note and all other agreements and instruments entered into between the Company and the Holder in connection with this Note.

 

13. Governing
Law. In all respects, including all matters of construction, validity and performance, this Note shall be governed by, and
construed and enforced in accordance with, the laws of the State of Nevada, without regard to principles thereof relating to conflicts
or choice of law.

 

14. Heading;
References. All headings used herein are used for convenience only and shall not be used to construe or interpret this Note.
Except where otherwise indicated, all references herein to Sections refer to Sections hereof.

 

15. Waiver.
The Company hereby waives default, demand for payment, notice, presentment, protest and notice of nonpayment or dishonor and
all other notices or demands relating to this instrument.

 

[Signature
Page Follows]

 

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IN
WITNESS WHEREOF, the Company has caused this Note to be issued as of the date first written above.

 

	 	COMPANY:
	 	 	 
	 	Sysorex,
    Inc.,
	 	a
    Nevada corporation
	 	 	 
	 	By:
    	 
	 	Name:
    	Zaman Khan
	 	Title:
    	Chief Executive
    Officer 

 

 

	HOLDER:	 
	 	 	 
	Systat
    Software, Inc. 	 
	a
    Delaware corporation	 
	 	 	 
	By:
    	 	 
	Name:  	Tanveer
    Khader	 
	Title:
     	Vice
    President	 
	 	 	 
	Address: 
    	2107
    North First Street, Suite 360	 
	 	San
    Jose, CA 95131

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