Document:

Exhibit
10.68

 

ORBSAT
CORP

2021
INCENTIVE AWARD PLAN

 

STOCK
OPTION GRANT NOTICE

 

Capitalized
terms not specifically defined in this Stock Option Grant Notice (the “Grant Notice”) have the meanings given
to them in the 2021 Incentive Award Plan (as amended from time to time, the “Plan”) of ORBSAT CORP. (the “Company”).

 

The
Company has granted to the participant listed below (“Participant”) the stock option described in this Grant
Notice (the “Option”), subject to the terms and conditions of the Plan and the Stock Option Agreement attached
as Exhibit A (the “Agreement”), both of which are incorporated into this Grant Notice by reference.

 

	Participant:	______________
	Grant
    Date:	December
    16, 2021
	Exercise
    Price per Share:	$3.81
	Shares
    Subject to the Option:	______________
	Final
    Expiration Date:	December
    16, 2031
	Vesting
    Commencement Date:	December
    16, 2021
	Vesting
    Schedule:	One
    half of the award will be fully vested on Grant Date and the remaining half will vest on the one year anniversary of the Grant Date.
	Type
    of Option	Non-Qualified
    Stock Option

 

By
Participant’s signature below, Participant agrees to be bound by the terms of this Grant Notice, the Plan and the Agreement. Participant
has reviewed the Plan, this Grant Notice and the Agreement in their entirety, has had an opportunity to obtain the advice of counsel
prior to executing this Grant Notice and fully understands all provisions of the Plan, this Grant Notice and the Agreement. Participant
hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising
under the Plan, this Grant Notice or the Agreement.

 

	ORBSAT
    CORP	 	PARTICIPANT
	 	 	 	 
	By:	      	 	 
	Name:	 		 
	Title:	 	 	 

 

    	 

     

    

 

Exhibit
A

 

STOCK
OPTION AGREEMENT

 

Capitalized
terms not specifically defined in this Agreement have the meanings specified in the Grant Notice or, if not defined in the Grant Notice,
in the Plan.

 

ARTICLE
I.

GENERAL

 

1.1 Grant
of Option. The Company has granted to Participant the Option effective as of the grant date set forth in the Grant Notice (the “Grant
Date”). 

 

1.2 Incorporation
of Terms of Plan. The Option is subject to the terms and conditions set forth in this Agreement and the Plan, which is incorporated
herein by reference. In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan will control. 

 

ARTICLE
II.

PERIOD
OF EXERCISABILITY

 

2.1 Commencement
of Exercisability. The Option will vest and become exercisable according to the vesting schedule in the Grant Notice (the “Vesting
Schedule”) except that any fraction of a Share as to which the Option would be vested or exercisable will be accumulated
and will vest and become exercisable only when a whole Share has accumulated. Notwithstanding anything in the Grant Notice, the Plan
or this Agreement to the contrary, unless the Administrator otherwise determines, the Option will immediately expire and be forfeited
as to any portion that is not vested and exercisable as of Participant’s Termination of Service for any reason. 

 

2.2 Duration
of Exercisability. The Vesting Schedule is cumulative. Any portion of the Option which vests and becomes exercisable will remain
vested and exercisable until the Option expires. The Option will be forfeited immediately upon its expiration. 

 

2.3 Expiration
of Option. The Option may not be exercised to any extent by anyone after, and will expire on, the first of the following to occur: 

 

(a) The
final expiration date in the Grant Notice;

 

(b) Except
as the Administrator may otherwise approve, the expiration of three (3) months from the date of Participant’s Termination of Service,
unless Participant’s Termination of Service is for Cause or by reason of Participant’s death or Disability;

 

(c) Except
as the Administrator may otherwise approve, the expiration of one (1) year from the date of Participant’s Termination of Service
by reason of Participant’s death or Disability; and

 

(d) Except
as the Administrator may otherwise approve, Participant’s Termination of Service for Cause.

 

ARTICLE
III.

EXERCISE
OF OPTION

 

3.1 Person
Eligible to Exercise. During Participant’s lifetime, only Participant may exercise the Option. After Participant’s death,
any exercisable portion of the Option may, prior to the time the Option expires, be exercised by Participant’s Designated Beneficiary
as provided in the Plan. 

 

    	 

     

    

 

3.2 Partial
Exercise. Any exercisable portion of the Option or the entire Option, if then wholly exercisable, may be exercised, in whole or in
part, according to the procedures in the Plan at any time prior to the time the Option or portion thereof expires, except that the Option
may only be exercised for whole Shares. 

 

3.3 Tax
Withholding 

 

(a) The
Company has the right and option, but not the obligation, to treat Participant’s failure to provide timely payment in accordance
with the Plan of any withholding tax arising in connection with the Option as Participant’s election to satisfy all or any portion
of the withholding tax by requesting the Company retain Shares otherwise issuable under the Option.

 

(b) Participant
acknowledges that Participant is ultimately liable and responsible for all taxes owed in connection with the Option, regardless of any
action the Company or any Subsidiary takes with respect to any tax withholding obligations that arise in connection with the Option.
Neither the Company nor any Subsidiary makes any representation or undertaking regarding the treatment of any tax withholding in connection
with the awarding, vesting or exercise of the Option or the subsequent sale of Shares. The Company and the Subsidiaries do not commit
and are under no obligation to structure the Option to reduce or eliminate Participant’s tax liability.

 

ARTICLE
IV.

OTHER
PROVISIONS

 

4.1 Adjustments.
Participant acknowledges that the Option is subject to adjustment, modification and termination in certain events as provided in this
Agreement and the Plan. 

 

4.2 Notices.
Any notice to be given under the terms of this Agreement to the Company must be in writing and addressed to the Company in care of the
Company’s Secretary at the Company’s principal office or the Secretary’s then-current email address or facsimile number.
Any notice to be given under the terms of this Agreement to Participant must be in writing and addressed to Participant (or, if Participant
is then deceased, to the person entitled to exercise the Option) at Participant’s last known mailing address, email address or
facsimile number in the Company’s personnel files. By a notice given pursuant to this Section, either party may designate a different
address for notices to be given to that party. Any notice will be deemed duly given when actually received, when sent by email, when
sent by certified mail (return receipt requested) and deposited with postage prepaid in a post office or branch post office regularly
maintained by the United States Postal Service, when delivered by a nationally recognized express shipping company or upon receipt of
a facsimile transmission confirmation. 

 

4.3 Titles.
Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this Agreement. 

 

4.4 Conformity
to Securities Laws. Participant acknowledges that the Plan, the Grant Notice and this Agreement are intended to conform to the extent
necessary with all Applicable Laws and, to the extent Applicable Laws permit, will be deemed amended as necessary to conform to Applicable
Laws. 

 

4.5 Successors
and Assigns. The Company may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement will
inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth in the Plan, this
Agreement will be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the
parties hereto. 

 

    	A-2

     

    

 

4.6 Limitations
Applicable to Section 16 Persons. Notwithstanding any other provision of the Plan or this Agreement, if Participant is subject to
Section 16 of the Exchange Act, the Plan, the Grant Notice, this Agreement and the Option will be subject to any additional limitations
set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3) that are requirements
for the application of such exemptive rule. To the extent Applicable Laws permit, this Agreement will be deemed amended as necessary
to conform to such applicable exemptive rule. 

 

4.7 Entire
Agreement. The Plan, the Grant Notice and this Agreement (including any exhibit hereto) constitute the entire agreement of the parties
and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter
hereof. 

 

4.8 Agreement
Severable. In the event that any provision of the Grant Notice or this Agreement is held illegal or invalid, the provision will be
severable from, and the illegality or invalidity of the provision will not be construed to have any effect on, the remaining provisions
of the Grant Notice or this Agreement. 

 

4.9 Limitation
on Participant’s Rights. Participation in the Plan confers no rights or interests other than as herein provided. This Agreement
creates only a contractual obligation on the part of the Company as to amounts payable and may not be construed as creating a trust.
Neither the Plan nor any underlying program, in and of itself, has any assets. Participant will have only the rights of a general unsecured
creditor of the Company with respect to amounts credited and benefits payable, if any, with respect to the Option, and rights no greater
than the right to receive the Shares as a general unsecured creditor with respect to the Option, as and when exercised pursuant to the
terms hereof. 

 

4.10 Not
a Contract of Employment. Nothing in the Plan, the Grant Notice or this Agreement confers upon Participant any right to continue
in the employ or service of the Company or any Subsidiary or interferes with or restricts in any way the rights of the Company and its
Subsidiaries, which rights are hereby expressly reserved, to discharge or terminate the services of Participant at any time for any reason
whatsoever, with or without Cause, except to the extent expressly provided otherwise in a written agreement between the Company or a
Subsidiary and Participant. 

 

4.11 Counterparts.
The Grant Notice may be executed in one or more counterparts, including by way of any electronic signature, subject to Applicable Law,
each of which will be deemed an original and all of which together will constitute one instrument. 

 

4.12
Incentive Stock Options. If the Option is designated as an Incentive Stock Option: 

 

(a) Participant acknowledges that to the
extent the aggregate fair market value of shares (determined as of the time the option with respect to the shares is granted) with respect
to which stock options intended to qualify as “incentive stock options” under Section 422 of the Code, including the Option,
are exercisable for the first time by Participant during any calendar year exceeds $100,000 or if for any other reason such stock options
do not qualify or cease to qualify for treatment as “incentive stock options” under Section 422 of the Code, such stock options
(including the Option) will be treated as non-qualified stock options. Participant further acknowledges that the rule set forth in the
preceding sentence will be applied by taking the Option and other stock options into account in the order in which they were granted,
as determined under Section 422(d) of the Code. Participant acknowledges that amendments or modifications made to the Option pursuant
to the Plan that would cause the Option to become a Non-Qualified Stock Option will not materially or adversely affect Participant’s
rights under the Option, and that any such amendment or modification shall not require Participant’s consent. Participant also
acknowledges that if the Option is exercised more than three (3) months after Participant’s Termination of Service as an Employee,
other than by reason of death or disability, the Option will be taxed as a Non-Qualified Stock Option.

 

(b) Participant
will give prompt written notice to the Company of any disposition or other transfer of any Shares acquired under this Agreement if such
disposition or other transfer is made (a) within two (2) years from the Grant Date or (b) within one (1) year after the transfer of such
Shares to Participant. Such notice will specify the date of such disposition or other transfer and the amount realized, in cash, other
property, assumption of indebtedness or other consideration, by Participant in such disposition or other transfer.

 

*
* * * *

 

    	A-3Exhibit
10.69

 

ORBSAT
CORP

 

RESTRICTED
STOCK AGREEMENT

(Non-Assignable)

 

 

20,000
Shares of Restricted Stock of

Orbsat
Corp

 

THIS
RESTRICTED STOCK AGREEMENT (this “Agreement”) certifies that on January 7, 2022, Rodney Barreto (“Holder”)
was awarded a restricted stock award of 20,000 shares of fully paid and non-assessable shares (the “Restricted Shares”)
of the common stock (par value $0.0001 per share) of Orbsat Corp (the “Corporation”), a Nevada corporation, which
Restricted Shares shall vest and be issued pursuant to the vesting schedule set forth in Paragraph 1(b) below (the “Vesting
Schedule”). A determination of the Compensation Committee (the “Committee”) of the Board of Directors of
the Corporation (the “Board”) as to any questions which may arise with respect to the interpretation of the provisions
of this award shall be final. This award shall be effective on January 20, 2022, the date at which Holder becomes a Director (the “Effective
Date”).

 

TERMS
AND CONDITIONS. It is understood and agreed that the award evidenced by this Agreement is subject to the following terms and conditions:

 

1.
Award, Issuance and Vesting.

 

(a)
Award. The Restricted Shares shall be issued in accordance with the Vesting Schedule and held by the Corporation’s transfer
agent in book-entry form, and the Holder’s name shall be entered as the stockholder of record on the books of the Corporation.
The Holder shall have all the rights of a stockholder with respect to such Restricted Shares, including voting and dividend rights, upon
the issuance and vesting of such shares. The Holder shall have no rights of a stockholder with respect to any unvested Restricted Shares.
The Restricted Shares are awarded pursuant to the Company’s 2021 Incentive Award Plan (the “Plan”). The Holder
shall (i) sign and deliver to the Corporation a copy of this Agreement and (ii) deliver to the Corporation stock powers endorsed in blank
if requested by the Corporation.

 

(b)
Issuance and Vesting of Restricted Shares. The restrictions and conditions in Paragraphs 1(a) and 7(b) of this Agreement shall
lapse upon the earlier of (i) the Vesting Date specified in the Vesting Schedule. If a series of Vesting Dates is specified, then the
restrictions and conditions in Paragraphs 1(a) and 7(b) shall lapse only with respect to the number of Restricted Shares specified as
vested on such date. The Restricted Shares shall vest and be issued as follows:

 

Vesting
Schedule

 

	Incremental
                                            Number of

    Restricted
    Shares Issued
	 	Issuance
    Date	 	Vesting
    Date
	10,000	 	Within
    5 business days of the Effective Date. 	 	Upon
    Issuance
	 	 	 	 	 
	10,000	 	One
    year anniversary of Effective Date.	 	Upon
    Issuance

 

2.
Regulatory Compliance and Listing. The issuance or delivery of any stock certificates representing Restricted Shares may be postponed
by the Corporation for such period as may be required to comply with any applicable requirements under the federal securities laws, any
applicable listing requirements of any national securities exchange, any rules, regulations or other requirements under any other law,
or any rules or regulations applicable to the issuance or delivery of such Restricted Shares, and the Corporation shall not be obligated
to deliver any such Restricted Shares to the Holder if delivery thereof would constitute a violation of any provision of any law or of
any regulation of any governmental authority or any national securities exchange.

 

    	1

    	 

    

 

3.
Investment Representations and Related Matters. The Holder hereby represents that the Restricted Shares awarded pursuant to this
Agreement are being acquired for investment purposes and not for resale or with a view towards distribution thereof. The Holder acknowledges
and agrees that any sale or distribution of Restricted Shares may be made only pursuant to either (a) a registration statement on an
appropriate form under the Securities Act of 1933, as amended (“Securities Act”), which registration statement has
become effective and is current with regard to the Restricted Shares being sold, or (b) a specific exemption from the registration requirements
of the Securities Act that is confirmed in a favorable written opinion of counsel, in form and substance satisfactory to counsel for
the Corporation, prior to any such sale or distribution. The Holder hereby consents to such action as the Corporation deems necessary
or appropriate from time-to-time to prevent a violation of, or to perfect an exemption from, the registration requirements of the Securities
Act or to implement the provisions of this Agreement, including but not limited to placing restrictive legends on certificates evidencing
Restricted Shares and delivering stop transfer instructions to the Corporation’s stock transfer agent.

 

4.
No Right To Continued Engagement. This Agreement does not impose any obligation on the Corporation or any of its subsidiaries
or affiliated companies to continue the engagement of Holder. Further, the Corporation may at any time terminate the engagement of Holder,
free from any liability or claim under the Plan or this Agreement.

 

5.
Construction. This Agreement will be construed by and administered under the supervision of the Committee, and all determinations
will be final and binding on the Holder.

 

6.
Dilution. Nothing in this Agreement will restrict or limit in any way the right of the Committee to issue or sell stock of the
Corporation (or securities convertible into stock of the Corporation) on such terms and conditions as it deems to be in the best interests
of the Corporation, including, without limitation, stock and securities issued or sold in connection with mergers and acquisitions, stock
issued or sold in connection with any stock option or similar plan, and stock issued or contributed to any stock bonus or employee stock
ownership plan.

 

7.
Legends and Restrictions.

 

(a)
The Restricted Shares shall bear a notation or legend in substantially the following form:

 

THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE
SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION
STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS, OR (B) AN OPINION OR
COUNSEL, IN A REASONABLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR APPLICABLE STATE SECURITIES LAWS, OR (II)
UNLESS SOLD PURSUANT TO RULE 144 UNDER SAID ACT.

 

    	2

    	 

    

 

(b)
Restricted Shares may not be sold, assigned, transferred, pledged or otherwise encumbered or disposed of by the Holder prior to vesting.

 

8.
Tax Withholding. The Holder shall, not later than the date as of which the receipt of this award becomes a taxable event for Federal
income tax purposes, pay to the Corporation any Federal, state, and local taxes required by law to be withheld on account of such taxable
event. Except in the case where an election is made pursuant to Paragraph 9 below, the Corporation shall have the authority (to the extent
legally permissible) to cause the required minimum tax withholding obligation to be satisfied, in whole or in part, by withholding from
shares of stock to be issued or released by the transfer agent a number of shares of stock with an aggregate fair market value that would
satisfy the minimum withholding amount due.

 

9.
Election Under Section 83(b). The Holder and the Corporation hereby agree that the Holder may, within 30 days following the date
of this Agreement, file with the Internal Revenue Service and the Corporation an election under Section 83(b) of the Internal Revenue
Code. In the event the Holder makes such an election, he or she agrees to provide a copy of the election to the Corporation. The Holder
acknowledges that he or she is responsible for obtaining the advice of his or her tax advisors with regard to the Section 83(b) election
and that he or she is relying solely on such advisors and not on any statements or representations of the Corporation or any of its agents
with regard to such election.

 

10.
Award Subject to Plan; Amendment. By entering into this Agreement, Holder agrees and acknowledges that Holder has received and
read a copy of the Plan. The Restricted Shares are subject to the Plan. The terms and provisions of the Plan, as it may be amended from
time to time, are hereby incorporated herein by reference. In the event of a conflict between any term or provision contained herein
and a term or provision of the Plan, the applicable terms and provisions of the Plan will govern and prevail. The Committee may waive
any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate this Agreement, but no such waiver,
amendment, alteration, suspension, discontinuance, cancellation or termination shall materially adversely affect the rights of Holder
hereunder without the consent of Holder.

 

11.
Notices. Any notice hereunder to the Corporation shall be addressed to it at Orbsat Corp, 18851 N.E. 29th Ave, Suite
700, Aventura FL 33180, Attention: CEO, and any notice hereunder to the Holder shall be addressed to the Holder at the last known home
address shown in the records of the Corporation, subject to the right of any party hereto to designate another address at any time hereafter
in writing.

 

12.
Counterparts. This Agreement may be executed in counterparts each of which taken together shall constitute one and the same instrument.

 

13.
Governing Law. This Agreement shall be governed by, and construed and enforced in accordance with, the internal laws of the State
of Florida without reference to principles of conflicts of laws.

 

[Remainder
of Page Intentionally Left Blank]

 

    	3

    	 

    

 

IN
WITNESS WHEREOF, the Corporation caused this Agreement to be executed by a duly authorized officer.

 

	 	ORBSAT
    CORP 
	 	 	 
	 	By:	/s/
                                            Charles M. Fernandez

    

	 	Name: 	Charles
    M. Fernandez
	 	Title: 	Executive
    Chairman and CEO
	 	Dated:	January
    20, 2022

 

	ACCEPTED
AND ACKNOWLEDGED:
	 
	 	 
	/s/
    Rodney Barreto	 
	Rodney
    Barreto	 
	Dated:
    January 20, 2022	 

 

    	4

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