Document:

Document

Exhibit 10.22

FIRST AMENDMENT TO SUBLEASE
This First Amendment to Sublease (“First Amendment”) dated, for reference purposes, as of September 10, 2020 (“Effective Date”) is made by and between GENOMIC HEALTH, INC., a Delaware corporation (“Sublandlord”) and PULMONX CORPORATION, a Delaware corporation (“Subtenant”).
RECITALS
A.Pursuant to that certain Lease, dated as of December 27, 2019, by and between HCP LS Redwood City, LLC, a Delaware limited liability company, as “Landlord” (“Master Landlord”), and Sublandlord, as “Tenant” (“ Master Lease”), Master Landlord leases to Sublandlord, and Sublandlord leases from Master Landlord, certain premises, consisting of approximately twenty-five thousand two hundred fifty-four (25,254) rentable square feet of space (“Master Lease Premises”), consisting of the entire approximately 25,254  square foot building located  at 200  Chesapeake Drive,  Redwood  City, California and shown on Exhibit A attached to the Master Lease (“Building”).   The Master Lease Premises are more particularly described in the Master Lease.
B.Pursuant to that certain Sublease, dated as of April 8, 2020 (the “Original Sublease”), Sublandlord subleases to Subtenant, and Subtenant subleases from Sublandlord, a portion of the Master Lease Premises, consisting of approximately eight thousand ninety-one (8,091) rentable square feet, as more particularly shown on Exhibit B attached to the Sublease (the “Original Sublease Premises”).   The Original Sublease Premises referred to in the immediately preceding sentence is sometimes referred to herein as “Suite 200”. The term of the Original Sublease is currently scheduled to expire on May 31,2023.
C.Subtenant desires to sublease from Sublandlord, and Sublandlord desires to sublease to Subtenant, on the terms and conditions set forth below, the remaining space in the Building, consisting of approximately seventeen thousand one hundred sixty-three (17,163) rentable square feet, as more particularly shown on Exhibit A attached hereto (the “Expansion Premises”).  The Expansion Premises referred to in the immediately preceding sentence is sometimes referred to herein as “Suite 250”.
D.In addition, Sublandlord and Subtenant desire to make other amendments to the Original Sublease including to extend the term of the Original Sublease as to the Suite 200 space on the terms and conditions set forth below.
NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth below, and for other valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:
1.Recitals.  The Recitals set forth above are true and correct and are incorporated into the body of this First Amendment as though set forth herein.
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2.Defined Terms.  Except as otherwise expressly provided herein, the capitalized terms used herein shall have the meanings set forth in the Original Sublease.  From and after the date hereof, the term “Sublease” as used in the Original Sublease covering the Suite 200 space shall mean the Original Sublease, as amended by this First Amendment.
3.Expansion Premises.  Subject to the terms and conditions set forth below, Sublandlord hereby subleases to Subtenant and Subtenant hereby subleases from Sublandlord the Expansion Premises referred to in Recital C above.  Except to the extent that such meaning would clearly be inconsistent with the terms of this First Amendment, from and after the Expansion Premises Commencement Date (defined in Section 4 below) wherever the term “Sublease Premises” is used in the Original Sublease, such term shall include Suite 200 and Suite 250, and the total rentable square footage of the Sublease Premises shall total twenty-five thousand two hundred fifty-four (25,254) rentable square feet, provided, however, at such time following the Expansion Premises Commencement Date that Subtenant is subleasing only Suite 250 and not Suite 200, the “Sublease Premises: shall be deemed to mean only Suite 250.  At such time as Subtenant is subleasing Suite 200 and Suite 250, the description of the Sublease Premises (containing Suite 200 and Suite 250) shall be as shown on Exhibit A attached to the Master Lease.  Sublandlord and Subtenant have agreed to use the square footage numbers set forth in the Original Sublease and this First Amendment as the basis for calculating monthly installments of Base Rent and Subtenant’s Share.  The Base Rent and Additional Rent payable under the Original Sublease and this First Amendment shall not be subject to revision in the event the actual square footage of Suite 200 or Suite 250 is more or less than the numbers used as the basis for calculation of such Base Rent and Additional Rent.
4.Expansion Premises Sublease Term.  The initial term of the Sublease with respect to the Expansion Premises (“Expansion Premises Sublease Term”) shall be for a term of forty-eight (48) months (the first month of which shall include the partial month in which the Expansion Premises Commencement Date occurs if such date is not the first day of a calendar month, as described below), commencing on the date Master Landlord consents to the subletting of Suite 250 by Sublandlord to Subtenant as provided in Section 19 below (“Expansion Premises Commencement Date”) and expiring on the last day of the forty-eighth (48th) full calendar month following the Expansion Premises Commencement Date (the “Expansion Premises Ending Date”), subject to extension or sooner termination as provided in the Sublease.  If the Expansion Premises Commencement Date is other than the first day of a calendar month, the first month of the Expansion Premises Sublease Term shall include the remainder of the calendar month in which the Expansion Premises Commencement Date occurs plus the first full calendar month thereafter.  When the Expansion Premises Commencement Date has been determined, Sublandlord and Subtenant shall specify the same in writing, which writing shall be deemed incorporated herein; provided, however, that a delay in memorializing such date in writing shall not delay the Expansion Premises Commencement Date.
5.Option to Extend Expansion Premises Sublease Term.  Sublandlord hereby  grants to Subtenant the option to extend the Expansion Premises Sublease Term with respect to Suite 250 only for one (1) additional period commencing on the date one (1) day following the Expansion Premises Ending Date and ending on the date twelve (12) months thereafter, unless 
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sooner terminated in accordance with the terms of this Sublease (the “Expansion Premises Extended Term”), on the following terms and conditions:
A.Subtenant shall give Sublandlord written notice of its exercise of the option “Exercise Notice”) to extend Expansion Premises Sublease Term for the Expansion Premises Extended Term no earlier than twelve (12) months nor later than nine (9) months before the expiration of the Expansion Premises Sublease Term, time being of the essence.  Within ten (10) days following receipt of Subtenant’s Exercise Notice, Sublandlord shall provide written notice to Subtenant accepting or rejecting Subtenant’s  request  to  extend  the  Expansion  Premises  Ending  Date.  If  Sublandlord  timely  gives Subtenant written notice rejecting Subtenant’s request to extend the Expansion Premises Ending Date, then notwithstanding anything herein to the contrary, Subtenant’s Exercise Notice shall be deemed void and of no force and effect and Subtenant shall have no right to extend the Expansion Premises Sublease Term.
B.Subtenant may not extend the Expansion Premises Sublease Term pursuant to this Section 5 if Subtenant is in default beyond any applicable notice and cure period in the performance of any of the terms and conditions of the Sublease, at the time of Subtenant’s Exercise Notice or on the date that the Expansion Premises Extended Term is to commence or if Subtenant shall have assigned or otherwise transferred its interest in the Sublease and/or Expansion Premises, or any portion thereof, to any third party other than an assignment of Subtenant’s rights and obligations under the Sublease to (i) an entity controlling, controlled by or under common control with Subtenant or (ii) a successor entity related to Subtenant by merger, consolidation, or non-bankruptcy reorganization or (iii) an entity that acquires all or substantially all of the assets or stock of Subtenant; provided that in the case of an assignment pursuant to clause (ii) or (iii) immediately above, the successor entity has a net worth not less than the greater of (x) the net worth of Subtenant at the time that Subtenant executes this First Amendment, or (y) the net worth of Subtenant as of the effective date of such assignment or subletting (each, a “Permitted Transferee”) (unless Sublandlord has waived such restriction in any written consent to such assignment, which waiver may be withheld in Sublandlord’s sole and absolute discretion) and such Permitted Transferee is approved by Master Landlord.  In the event of an assignment of the Sublease by Subtenant to a Permitted Transferee, Subtenant shall not be released or relieved of any of its obligations under the Sublease and such Permitted Transferee shall not be permitted to assign or sublet the Sublease or the Expansion Premises, or any portion thereof.
C.Once Subtenant delivers the Exercise Notice to Sublandlord, such notice shall operate to extend the Expansion Premises Sublease Term, except as otherwise provided in the last two sentences of Section 5.A. above.  In the event Subtenant’s exercise of the option to extend the Expansion Premises Sublease Term is not deemed rescinded and rendered null and void as provided in Section 5.A above, all terms and conditions of this Sublease, shall apply to Subtenant’s lease of the Expansion Space during the Expansion Premises Extended Term, except that the monthly Base Rent payable by Subtenant with respect to the Expansion Premises for the Expansion Space Extended Term shall be as set forth in Section 8(a) of this First Amendment, there shall be no further rights to extend the Expansion Premises Sublease Term, and Sublandlord shall have no obligation to construct any improvements on, in or around the Expansion Premises or Suite 200 or in the Building or to provide any improvement allowance.
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D.Upon the extension of the Expansion Premises Sublease Term pursuant to this Section 5, the term “Expansion Premises Sublease Term” or “Sublease Term” as used in the Sublease, and applicable to the Expansion Premises shall thereafter include the Expansion Premises Extended Term and the expiration date of the Sublease, with respect to the Expansion Premises shall be the expiration date of the Expansion Premises Extended Term.
6.Extension of Sublease Term as to Suite 200.  Commencing on the Expansion Premises Commencement Date, the term of the Sublease solely as to Suite 200 shall be extended to expire on May 31, 2024, the “Sublease  Term” or “Term” or words of similar import as used in the Original Sublease and this First Amendment as to Suite 200 shall end on May 31, 2024, and the “Expiration Date”, “ending date of the Sublease” or words of similar import as used in the Original Sublease shall mean, as to Suite 200 only,  May  31,  2024,  all  subject  to  sooner  termination  as  provided  in  the  Original  Sublease,  and Sublandlord an Subtenant’s right to terminate the Sublease early as to Suite 200 (as provided in Section 11 of the Original Sublease) shall continue in full force and effect in accordance with the provisions of such Section 11 of the Original Sublease.  The monthly Base Rent to be paid by Subtenant to Sublandlord each month solely with respect to Suite 200 during the period commencing on June 1, 2023 and ending on May 31, 2024, shall be equal to Forty-Six Thousand One Hundred Ninety-Nine and 61/100 Dollars ($46,199.61).
7.Alterations.  As provided in Section 3.4 of the Original Sublease, Subtenant shall have no right to construct or install, or cause to be constructed or installed, any Alterations, additions or improvements in or to Suite 200 or Suite 250 unless such Alterations are approved by Sublandlord such consent not to be unreasonably withheld, conditioned or delayed, and Master Landlord.  To the extent permitted by Master Landlord and subject to all the terms and conditions set forth in the Tenant Work Letter attached as Exhibit B to the Master Lease (the “Work Letter”), as modified herein, Master Landlord shall provide to Subtenant (or to Sublandlord for disbursement to Subtenant) a tenant improvement allowance (“Allowance”) in the amount of Six Hundred Thirty-One Thousand Three Hundred Fifty and 00/100 Dollars ($631,350.00) (which equates to Twenty-Five Dollars ($25.00) per rentable square feet of the aggregate rentable square footage of Suite 200 and Suite 250), and such Allowance  shall  be  applied  and  disbursed  in  accordance  with  the  provisions  of  the  Work  Letter. Subtenant  acknowledges  and  agrees  that  the  availability  and  disbursement  of  such  Allowance  to Subtenant is conditioned upon (i) Master Landlord making such Allowance available to Subtenant or to Sublandlord for disbursement to Subtenant for its Alterations, additions and improvements to Suite 200 and/or Suite 250 and (ii) the satisfaction of the conditions to disbursement of such Allowance set forth in the Work Letter, including, without limitation, the condition that any portion of the Allowance  that has not been requested within the first eighteen (18) months of the term of the Master Lease shall revert to the Master Landlord and cannot be used by Subtenant. The Work Letter attached as Exhibit B to the Master Lease is incorporated herein by reference and made a part hereof, except that, for purposes  of the design, permitting and construction of Alterations, additions or improvements in or on Suite 200 and/or Suite 250 by or on behalf of Subtenant and/or the disbursement of the Allowance to Subtenant, all references in such Work Letter to Tenant shall mean Subtenant.  Subtenant shall timely perform all of its respective obligations set forth in the Work Letter. Except for any of Sublandlord’s obligations to repair and maintain Suite 200 and/or 
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Suite 250 set forth in the Sublease (and in the Master Lease to the extent not assumed by Subtenant under the Sublease), Sublandlord shall have no obligation to alter, improve or refurbish Suite 200 or the Expansion Premises as a condition to Subtenant’s leasing of the Expansion Premises or extending the Sublease Term of the Original Sublease as to Suite 200 as provided above.  In addition, as a condition to Subtenant’s subleasing of the Expansion Premises or the extension of the Sublease  Term  of  the  Original  Sublease,  Sublandlord  shall  have  no  obligation  to  provide  any improvement allowance to Subtenant except as provided in this Section 7.   All costs of Alterations, additions or improvements performed, or caused to be performed, by or on behalf of Subtenant in excess of the Allowance disbursed to Subtenant shall be borne solely by Subtenant. Sublandlord hereby approves the drawings for Alterations attached hereto as Exhibit B and the same are also approved as the Final Space Plan (as defined in the Work Letter). Notwithstanding the terms of the immediately preceding sentence, such Alterations referred to in the immediately preceding sentence shall not be undertaken, or caused to be undertaken, by Subtenant unless Master Landlord approves the same in writing and also agrees in writing that such Alterations shall not have to be removed by Subtenant by the expiration or earlier termination of the Sublease. All Alterations that may be installed in or about the Sublease Premises by or on behalf of Subtenant in accordance with the drawings for Alterations attached hereto as Exhibit B, shall become the property of Master Landlord and remain in place at the Sublease Premises following the expiration or earlier termination of the Sublease as to Suite 200 and Suite 250, as applicable, subject to Sublandlord’s final review and approval (not to be unreasonably withheld, conditioned or delayed) of final  plans  and  specifications  for  such  Alterations and  Master  Landlord’s  written  approval  of  such Alterations and written confirmation that such Alterations shall not have to be removed by Subtenant by the expiration or earlier termination of the Sublease.
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8.Base Rent for Expansion Premises.
(a)Commencing on the Expansion Premises Commencement Date, the monthly installments of Base Rent payable under the Sublease for the Expansion Premises for the Expansion Premises Sublease Term, shall be set forth in this Section 8 below, payable in advance, on the first day of each calendar month, and continuing through the remainder of the Expansion Premises Sublease Term. The Base Rent set forth in the schedule below shall be payable by Subtenant without deduction, offset, prior notice or demand in lawful money of the United States to Sublandlord via wire transfer to the account noted on Exhibit C to the Original Sublease, or at such other place or places as Sublandlord may from time to time direct. Subject to the foregoing, Base Rent shall be paid in the same manner and shall be subject to the same requirements as set forth in the Original Sublease as it relates to Base Rent payable for Suite 200:
												
	Expansion Premises
Sublease Term Months
	Annualized Base
Rent
	Monthly
Installments of Base Rent for Expansion Premises
	Approximate Monthly
Base Rent Rates Per Rentable Square Foot of Expansion Premises

	Expansion Premises Commencement
Date - 02/14/2021
	$0.00	$0.00	$0.00
	02/15/2021 – 05/31/2021
	$1,060,673.40 (to
be prorated for partial 12-month period)
	$88,389.45	$5.15/RSF

	06/01/2021 – 05/31/2022
	$1,097,821.24
	$91,485.10	$5.33/RSF

	06/01/2022 – 05/31/2023
	$1,135,910.04
	$94,659.17	$5.52/RSF

	06/01/2023 – 05/31/2024
	$1,175,987.52
	$97,998.96	$5.71/RSF

	06/01/2024 – last day of 48th full calendar month following the Expansion Premises
Commencement Date
	$1,217,199.96
	$101,433.33
	$5.91/RSF

	Expansion Premises Extended Term Commencement Date –
05/31/2025 (if applicable)
	$1,217,199.96 (to be prorated for partial 12-month period)
	$101,433.33
	$5.91/RSF

	06/01/2025 – expiration of Expansion Premises Extended Term (if applicable)
	$1,260,450.72
	$105,037.56
	$6.12/RSF

Concurrently with Subtenant’s execution of this First Amendment, Subtenant shall pay to Sublandlord in cash or certified funds the monthly installment of Base Rent due for the period February 15, 2021 through February 28, 2021 (i.e., the amount of Forty-Four Thousand One Hundred Ninety-Four and 73/100 Dollars ($44,194.73)).
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(b)In addition to the payment of the monthly Base Rent with respect to Suite 250 during the Expansion Premises Sublease Term, as the same may be extended, Subtenant shall pay to Sublandlord with respect to the Expansion Premises (i) Subtenant’s Share (stated in Section 5.3(a) of the Original Sublease, as amended pursuant to Section 7 below) of Direct Expenses (as defined in the Master Lease)  and (ii) all  other costs,  expenses  and charges, and all  other sums  and  amounts,  payable  to Sublandlord under the provisions of the Sublease.  All such costs, expenses, charges, sums and amounts shall be payable at the times, in the manner and at the place as set forth in the Sublease.
(c)Monthly  Base  Rent  and  Additional  Rent  for  Suite  200,  including,  without limitation,  Subtenant’s  Share  of  Direct  Expenses  payable  by  Subtenant  to  Sublandlord  under  the Sublease, with respect to Suite 200 only for the Sublease Term, as the same may be extended for twelve months pursuant to Section 6 of this First Amendment, shall be in accordance with the terms and conditions of the Original Sublease, except that monthly Base Rent payable by Subtenant to Sublandlord each month solely with respect to Suite 200 during the period commencing on June 1, 2023 and ending on May 31, 2024, shall be equal to Forty-Six Thousand One Hundred Ninety-Eight and 78/100 Dollars ($46,198.78).
(d)During  such  time  that  Subtenant  is  subleasing  Suite  200  and  Suite  250,  all references to “Base Rent” in the Master Lease and incorporated into the Sublease by reference shall be deemed references to the Base Rent described in Section 5.2 of the Original Sublease, as amended by Section 8(c) of this First Amendment, and described in this Section 8(a) above.
9.Subtenant’s Share.
(a)For purposes of the Sublease, during the period that Subtenant is subleasing from Sublandlord Suite 200 but not Suite 250, “Subtenant’s Share” shall be thirty-two and four one hundredths percent (32.04%) of the Building and one and twenty-six hundredths percent (1.26%) of the Project.
(b)For purposes of the Sublease, during the period that Subtenant is subleasing from Sublandlord Suite 200 and Suite 250, “Subtenant’s Share” shall be one hundred percent (100.0%) of the Building and three and ninety-three one hundredths percent (3.93%) of the Project.
(c)For purposes of the Sublease, during the period that Subtenant is subleasing form Sublandlord Suite 250 but not Suite 200, “Subtenant’s Share” shall be sixty-seven and ninety-six one hundredths percent (67.96%) of the Building and two and sixty-seven one hundredths percent (2.67%) of the Project.
(d)During the remaining Sublease Term, as the same may be extended, Subtenant shall continue to be obligated to pay to Sublandlord Subtenant’s Share of Direct Expenses in accordance with the provisions of the Sublease.
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10.Use.  Subtenant shall use the Expansion Premises solely for the uses expressly permitted under Section 3.2 of the Original Sublease and, to the extent expressly approved by Master Landlord in writing, for mechanical assembly of medical devices within a portable controlled environment room. Subject to the terms of the immediately preceding sentence, the provisions of Section 3.4 of the Original Sublease shall be applicable to Subtenant’s sublease of the Expansion Premises.   Subtenant hereby agrees and warrants that it has been given the opportunity to inspect the condition of the Expansion Premises and the suitability of same for Subtenant’s purposes, and Subtenant does hereby waive and disclaim any objection to, cause of action based upon, or claim that its obligations hereunder should be reduced or limited because  of  the  suitability  of  the  same  for  Subtenant’s  purposes.  Notwithstanding  the  foregoing, Sublandlord shall deliver the Expansion Premises to Subtenant vacant of all occupants and personal property, and clean and free of debris. Further, Sublandlord represents and warrants to Subtenant that, to Sublandlord’s actual knowledge as of the Effective Date, the Building’s systems, including HVAC, electrical, plumbing, fire alarm and roof (collectively, the “Building Systems”), are in good operating condition and repair. The phrase “to Sublandlord’s actual knowledge” shall mean the current actual knowledge of Rick Sage, Director of Lease Administration and Projects, as of the Effective Date of this Sublease, without any investigation or duty of inquiry, and without any knowledge of any other person being imputed to Rick Sage. Neither Sublandlord nor Rick Sage shall be charged with constructive, inquiry, imputed or deemed knowledge. In the event of any breach of any representation or warranty of Sublandlord set forth herein, Subtenant agrees that Rick Sage shall not be personally liable for any damages, losses, liabilities, claims, costs or expenses suffered or incurred by Subtenant in connection with such breach of such representation or warranty.
11.Parking Spaces.
(a)Subject to the terms and conditions of Article 28 of the Master Lease, during the period that Subtenant is subleasing only Suite 200, Subtenant shall be entitled to the use twenty-four (24) unreserved parking spaces (i.e., 3 unreserved parking spaces for every 1,000 rentable square feet of Suite 200).
(b)Subject to the terms and conditions of Article 28 of the Master Lease, during the period that Subtenant is subleasing Suite 200 and Suite 250 Subtenant shall be entitled to the use seventy- five (75) unreserved parking spaces (i.e., 3 unreserved parking spaces for every 1,000 rentable square feet of the combined Suite 200 and Suite 250).
(c)Subject to the terms and conditions of Article 28 of the Master Lease, during the period that Subtenant is subleasing only Suite 250, Subtenant shall be entitled to the use fifty-one (51) unreserved parking spaces (i.e., 3 unreserved parking spaces for every 1,000 rentable square feet of Suite 250).
12.Security Deposit.  Concurrently  with  the  execution  of  this  First  Amendment, Subtenant shall deliver to Sublandlord an additional One Hundred Two Thousand Nine Hundred Sixty- Eight and 02/100 Dollars ($102,968.02) and such amount, when added to the Forty-Four Thousand Six Hundred Sixty-Two and 32/100 Dollars ($44,662.32) Security Deposit previously delivered by Subtenant to Sublandlord, shall be the Security Deposit under the Sublease, and such 
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sum (totaling One Hundred Forty-Seven Thousand Six Hundred Thirty and 344/100 Dollars ($147,630.34) shall be held and applied by Sublandlord in accordance with the provisions of Section 5.4 of the Sublease. If, at the expiration of the  Sublease  Term,  as extended,  as to  Suite  200, Subtenant is  not in  breach  or  default  under  any provision(s) of the Sublease, then Sublandlord shall within thirty (30) days refund to Subtenant from the Security Deposit the sum of Forty-Six Thousand One Hundred Ninety-Seven and 01/100 Dollars ($46,197.01).   The remaining portion of the Security Deposit not so refunded as provided in the immediately preceding sentence shall continue to be held by Sublandlord and disbursed in accordance with the provisions of Section 5.4 of the Original Sublease.
13.Intentionally Deleted.
14.Signage.  Subject  to  Sublandlord’s  prior  written  approval,  which  shall  not  be unreasonably withheld, conditioned or delayed, and the prior written approval of Master Landlord, and provided that all signs are in keeping with the quality, design and style of the Building and Project, Subtenant, at its sole cost and expense, shall have the right to install Subtenant identification signage at the entrance to Suite 250 and such other signage as the Master Landlord may approve in writing.  Such signage  referred  to  in  the  immediately  preceding  sentence  shall  be  deemed part  of  the  “Subtenant Signage” referred to in Section 16(a) of the Original Sublease and subject to the terms and conditions of Section 16 of the Original Sublease. Upon the expiration or earlier termination of the Sublease Term as extended, with respect to Suite 200, Subtenant shall, at its sole cost and expense, remove all Subtenant’s Signage applicable to Suite 200 and restore any and all damage caused by such removal.   Upon the expiration or earlier termination of the Sublease, with respect to Suite 250, Subtenant shall, at its sole cost and expense, removal all Subtenant’s Signage applicable to Suite 250 and restore any and all damage caused by such removal.
15.Additional Sublease Modifications.
(a)With respect to Section 1.2 of the Master Lease incorporated into the Sublease by reference, the parties hereto agree that (i) at such time as Subtenant is subleasing Suite 200 and Suite 250, the aggregate square footage of Suite 200 and Suite 250 shall be approximately 25,254 rentable square feet and (ii) at such time as Subtenant is subleasing only Suite 250, the aggregate square footage of the such Suite 250 shall be approximately 17,163 rentable square feet.
(b)Section 2.3(h) of the Original Sublease is hereby amended to provide that, (i) at such time as Subtenant is subleasing Suite 200 and Suite 250, Subtenant’s obligation to maintain and repair the Building Systems, including HVAC, main electrical, plumbing and fire/life-safety systems pursuant to Section 7.2 of the Master Lease incorporated herein by reference shall be with respect to those Building Systems, including HVAC, main, electrical, plumbing and fire/life safety systems, that serve Suite 200 and/or Suite 250, and (ii) at such time as Subtenant is subleasing only Suite 250, Subtenant’s obligation to maintain and repair the Building Systems, including HVAC, main electrical, plumbing and fire/life-safety systems pursuant to Section 7.2 of the Master Lease incorporated herein by reference shall be only with respect to those Building 
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Systems, including HVAC, main, electrical, plumbing and fire/life safety systems, that exclusively serve Suite 250 (and not any Building Systems that serve Suite 200).
(c)During the period that Subtenant is subleasing Suite 200 and Suite 250, there shall be no “Reserved Premises” as described in Section 2.4 of the Original Sublease, and during the period that Subtenant is subleasing only Suite 250, the “Reserved Premises” (as described in Section 2.4 of the Original Sublease) shall mean Suite 200.
(d)The provisions of Section 4.1(a) of the Original Sublease (concerning early occupancy right in favor of Subtenant) shall not apply to the Expansion Premises.
(e)For purposes of Section 4.2 of the Original Sublease, (i) with respect to Suite 200, the Expiration Date or earlier termination of the Sublease shall mean the date that the Sublease expires or earlier terminates as to Suite 200 and (ii) with respect to Suite 250, the Expiration Date or earlier termination of the Sublease shall mean the date that this First Amendment expires or terminates as to Suite 250.
(f)All other terms and conditions of the Original Sublease shall apply to the Expansion Premises unless inconsistent with the terms of this First Amendment or otherwise expressly provided in this First Amendment.
16.Brokers.  Each party represents and warrants to the other party that it has not had dealings in any manner with any real estate broker, finder or other person with respect to the Expansion Premises and the negotiation and execution of this First Amendment or the extension of the Sublease Term as to Suite 200.   Subtenant shall indemnify, defend and hold harmless Sublandlord from all damage, loss, liability and expense (including attorneys’ fees and related costs) arising out of or resulting from any claims for commissions or fees that may or have been asserted against Sublandlord by any broker, finder or other person with whom Subtenant has or purportedly has dealt with in connection with the Expansion Premises and the negotiation and execution of this First Amendment, and the extension of the Sublease Term as to Suite 200.  Sublandlord shall indemnify, defend and hold harmless Subtenant from all damage, loss, liability and expense (including attorneys’ fees and related costs) arising out of or resulting from any claims for commissions or fees that may or have been asserted against Subtenant by any broker, finder or other person with whom Sublandlord has or purportedly has dealt with in connection with the Expansion Premises and the negotiation and execution of this First Amendment, and the extension of the Sublease Term as to Suite 200.
17.Intentionally Deleted.
18.Early Termination.  The early termination provisions set forth in Section 11 of the Original Sublease shall not apply to any early termination of the sublease of the Expansion Premises by Subtenant. The provisions of Section 11 of the Original Sublease shall apply solely to Suite 200.
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19.Condition Precedent to Sublease of the Expansion Premises.
19.1Master Landlord Consent to Sublease of Expansion Premises. The submission of this First Amendment for examination by Subtenant does not constitute an option or offer to sublease the Expansion Premises.  The effectiveness of the subletting of the Expansion Premises contemplated under this First Amendment (and the extension of the Sublease Term as to Suite 200 as provided in Section 6 above) is expressly conditioned upon Master Landlord’s consent to the subletting of the Expansion Premises to Subtenant (and the extension of the Sublease Term as to Suite 200 as provided in Section 6 above) pursuant to the terms of this First Amendment (with the provisions substantially similar to the clauses in (i) and (ii) of Section 19.2 below included in such Master Landlord’s consent unless waived in writing by Subtenant).  Sublandlord shall use commercially reasonable efforts to obtain such consent as soon as reasonably practicable following the execution of this First Amendment by Sublandlord and Subtenant.  Notwithstanding the foregoing, Sublandlord shall have no liability whatsoever to Subtenant if Sublandlord is unable to obtain such consent from Master Landlord.  In the event that Master Landlord’s consent is not obtained on or before September 30, 2020, either Sublandlord or Subtenant shall have the right to terminate this First Amendment (but not the Original Sublease) by providing written notice thereof to the other unless Master Landlord’s consent is obtained prior to the giving of any such notice, in which event such notice of termination pursuant to this Section 19 shall be of no force or effect.  In the event such written termination notice is given following September 30, 2020 and prior to Master Landlord’s consent being obtained, this First Amendment shall be deemed null and void and neither Sublandlord nor Subtenant shall have any liability or obligations to the other hereunder, except that Sublandlord  shall  promptly  return  to  Subtenant  any  prepayment  of  Rents  or  other  sums  paid  to Sublandlord  in  connection  with  the  subletting  of  the  Expansion  Premises.    For  purposes  of  this Section 19,   “Master   Landlord’s   consent”   shall   mean   the   date   upon   which   Master   Landlord’s unconditional consent to this Sublease has been obtained or, in the event such consent is conditional, the date upon which such conditions have been fully satisfied (or waived by Master Landlord).
19.2Additional Terms to Include in Master Landlord’s Consent. Sublandlord shall use commercially reasonable efforts to ensure that the Master Landlord’s consent includes the following provisions: (i) Master Landlord agrees to make the $631,350.00 Allowance referred to in Section 2.1 of the Work Letter attached as Exhibit B to the Master Lease (and referred to in Section 7 of this First Amendment) available to Subtenant to pay or reimburse Subtenant for costs that Subtenant intends to incur in connection with the design, permitting and construction or installation of certain Alterations, additions or improvements that Subtenant desires to undertake, or cause to be undertaken, in connection with  Suite  200  and/or  Suite  250,  which  such  Allowance  shall  be  made  available  to  Subtenant  in accordance with the terms and conditions set forth in the  Work Letter referred to above, (ii) Subtenant shall have the right to occupy and use the Expansion Premises for the permitted uses applicable to Suite 200 under the Master Lease and for mechanical assembly of medical devices with a portable controlled environment room, (iii) Master Landlord agrees to approve the drawings attached as Exhibit B hereto as the  Final  Space  Plan  (as  defined  in  the  Work  Letter),  (iv)  Master  Landlord  will  not  unreasonably withhold, condition or delay its consent to Final Working Drawings based on the plans attached 
-11-

as Exhibit B, and (v) the Master Landlord will not require removal and restoration of Alterations set forth on Exhibit B hereto at the end of the Sublease Term.
20.OFAC.  Subtenant represents, warrants and covenants that neither Subtenant nor any of its  partners,  officers,  directors,  members  or  shareholders  (i)  is  listed  on  the  Specially  Designated Nationals and Blocked Persons List maintained by the Office of Foreign Asset Control, Department of the Treasury  (“OFAC”)  pursuant  to  Executive  Order  No.  13224,  66  Fed.  Reg.  49079  (Sept.  25, 2001)(“Order”)and all applicable provisions of Title III of the USA Patriot Act (Public Law No. 107-56 (October 26, 2001)); (ii) is listed on the Denied Persons List and Entity List maintained by the United States Department of Commerce; (iii) is listed on the List of Terrorists and List of Disbarred Parties maintained by the United States Department of State, (iv) is listed on any list or qualification of “Designated Nationals” as defined in the Cuban Assets Control Regulations 31 C.F.R. Part 515; (v) is listed on any other publicly available list of terrorists, terrorist organizations or narcotics traffickers maintained by the United States Department of State, the United States Department of Commerce or any other governmental authority or pursuant to the Order, the rules and regulations of OFAC (including without limitation the Trading with the Enemy Act, 50 U.S.C. App. 1-44; the International Emergency Economic Powers Act, 50 U.S.C. §§ 1701-06; the unrepealed provision of the Iraq Sanctions Act, Publ.L. No. 101-513; the United Nations Participation Act, 22 U.S.C. § 2349 aa-9; The Cuban Democracy Act, 22 U.S.C. §§ 60-01-10; The Cuban Liberty and Democratic Solidarity Act, 18.U.S.C. §§ 2332d and 233; and The Foreign Narcotic Kingpin Designation Act, Publ. L. No. 106-120 and 107-108, all as may be amended from time to time); or any other applicable requirements contained in any enabling legislation or other Executive Orders in respect of the Order (the Order and such other rules, regulations, legislation or orders are collectively called the “Orders”); (vi) is engaged in activities prohibited in the Orders; or (vii) has been convicted, pleaded nolo contendere, indicted, arraigned or custodially detained on charges involving money laundering or predicate crimes to money laundering, drug trafficking, terrorist-related activities or other money laundering predicate crimes or in connection with the Bank Secrecy Act (31 U.S.C. §§ 5311 et. seq.).
21.CASp Inspection Disclosure. Sublandlord and Subtenant acknowledge and agree that, to Sublandlord’s  actual  knowledge  (as  of  the  Effective  Date),  the  Expansion  Premises  have  not  been inspected by a Certified Access Specialist (“CASp”) pursuant to Section 1938 of the Civil Code. The parties further agree as follows:
Pursuant to California Civil Code Section 1938(e), Sublandlord hereby further discloses to Subtenant the following: “A Certified Access Specialist (CASp) can inspect the subject premises and determine  whether  the  subject  premises  comply  with  all  of  the  applicable  construction-related accessibility standards under state law. Although state law does not require a CASp inspection of the subject premises, the commercial property owner or lessor may not prohibit the lessee or tenant from obtaining a CASp inspection of the subject premises for the occupancy or potential occupancy of the lessee or tenant, if requested by the lessee or tenant. The parties shall mutually agree on the arrangements for the time and manner of the CASp inspection, the payment of the fee for the CASp inspection, and the cost of making any repairs necessary to correct violations of construction-related accessibility standards within the premises.”
-12-

All obligations with respect to the CASp shall be governed by Section 14 of the Original Sublease and shall apply to Suite 200 and Suite 250.
22.Sublease Terms.  Except as otherwise modified herein, the terms and conditions of the Original Sublease shall remain unmodified and in full force and effect.  In the event of any conflict or inconsistency between the terms of this First Amendment and the terms of the Original Sublease, the terms of this First Amendment shall control.
23.General.
23.1Counterparts.  This First Amendment may be executed in counterparts, each of which shall be deemed an original for all purposes and together shall constitute one instrument. Furthermore, Sublandlord and Subtenant agree that transmission of this First Amendment via e-mail in a “PDF” format shall be deemed transmission of the original First Amendment for all purposes.
23.2Interpretation of First Amendment Provisions.  This First Amendment shall not be construed either for or against Subtenant or Sublandlord but shall be construed in accordance with the general tenor of the language to reach a fair and equitable result.
23.3Entire Agreement.   The Original Sublease (together with all exhibits attached thereto), as amended by this First Amendment, together with all exhibits attached hereto, and the Master Landlord’s consent to such Original Sublease, is the entire agreement between Sublandlord and Subtenant with respect to Suite 200 and the Expansion Premises, and there are no binding agreements or representations between Sublandlord and Subtenant except as expressed therein and herein.   Any agreements, warranties or representations not expressly contained therein or herein shall in no way bind either Sublandlord or Subtenant, and Sublandlord and Subtenant expressly waive all claims for damages by reason of any statement, representation, warranty, promise or agreement, if any, not contained in the documents referred to in the first sentence of this Section 23.3. No addition to, or modification of, any term or provision of the Sublease, shall be effective until and unless set forth in a written instrument signed by both Sublandlord and Subtenant.
23.4Exhibits.  All exhibits attached to this First Amendment shall be deemed to be incorporated herein by the individual reference to each such exhibit, and all such exhibits shall be deemed a part of this First Amendment as though set forth in full in the body of this First Amendment.
23.5Representations and Warranties of Subtenant.  Subtenant, with the understanding that Sublandlord is relying upon the following representations and warranties of Subtenant in entering into this First Amendment, represents and warrants to and for the benefit of Sublandlord as follows:
a.Subtenant is Holder of Leasehold.   Subtenant is the “Subtenant” under the Original Sublease and the sole holder of the subleasehold estate in Suite 200 created under the Original Sublease.
-13-

b.No Assignment.  Subtenant has not voluntarily, by operation of law or otherwise: (i) assigned the Original Sublease or any of the interest of Subtenant in or under the Original Sublease; (ii) sublet Suite 200 or any part thereof; (iii) allowed the occupancy or use of Suite 200, or any portion of Suite 200, by any person or entity other than the employees of Subtenant; (iv) hypothecated, mortgaged or granted any security interest in all or any portion of the subleasehold estate in Suite 200 created under the Original Sublease; (v) created any lien or encumbrance, whether voluntary, involuntary or by operation of law, upon all or any portion of the subleasehold estate in Suite 200 created under the Original Sublease; or (vi) divested itself of all or any portion of the subleasehold estate in Suite 200 created under the Original Sublease.
c.Authority.  The person(s) who has (have) executed this First Amendment on behalf of Subtenant are authorized to execute this First Amendment on behalf of Subtenant and to bind Subtenant to the covenants and provisions of this First Amendment by her, his or their execution.
The  representations and warranties  of  Subtenant  set  forth  in this  Section 23.5  shall survive the execution and delivery of this First Amendment.
23.6Choice of Law.   The terms and provisions of this First Amendment shall be construed in accordance with, and governed by, the laws of the State of California without application of any choice of laws provisions.
23.7Attorneys’  Fees.    If  Sublandlord  or  Subtenant  fails  to  perform  any  of  its obligations under this First Amendment or if any dispute arises between Sublandlord and Subtenant concerning the meaning or interpretation of any provision of the Sublease, then the prevailing party shall be entitled to recover and receive from the defaulting party or the party not prevailing in such dispute, as the case may be, all costs and expenses incurred by the prevailing party on account of such default and/or in enforcing or establishing the rights of the prevailing party under the Sublease, including, without limitation, court costs, attorneys’ fees and disbursements.  Any such attorneys` fees and other expenses incurred  by  the  prevailing party in  enforcing  a  judgment  in  its  favor  under  the  Sublease,  shall  be recoverable separately from and in addition to any other amount included in such judgment, and such attorneys` fees obligation is intended to be severable from the other provisions the Sublease, and to survive and not be merged into any such judgment.
[balance of page is intentionally blank; signature page follows on next page]
-14-

IN WITNESS WHEREOF, Sublandlord and Subtenant have caused this First Amendment to be executed as of the day and year written below.
						
	SUBLANDLORD:	
		
	GENOMIC HEALTH, INC.,	
	a Delaware corporation	
		
	By:	/s/ Scott Coward
	Name:	Scott Coward
	Title:	Authorized Signatory
	Dated:	9/11/2020
		
		
	SUBTENANT:	
		
	PULMONX CORPORATION,	
	a Delaware corporation	
		
	By:	/s/ Derrick Sung
	Name:	Derrick Sung
	Title:	Chief Financial Officer
	Dated:	9/11/2020
		

-15-

EXHIBIT A
FLOOR PLAN SHOWING EXPANSION PREMISES
[see attached]
- 1 -

Exhibit A - 250 Chesapeake Drive (existing space plan)

EXHIBIT B
FINAL SPACE PLAN
[see attached]
- 2 -Monaker Group, Inc. 8-K

 

Exhibit 10.1

 

Convertible
Note

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

 

	$700,000.00 	Effective September 18, 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 SEVEN
HUNDRED THOUSAND Dollars ($700,000.00), 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.

		(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.

    	Monaker Group, Inc. – Convertible Promissory Note ($700,000)
Effective September 18, 2020
1

    	 

    

		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.

		(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”).

    	Monaker Group, Inc. – Convertible Promissory Note ($700,000)
Effective September 18, 2020
2

    	 

    

		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.

		(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.

    	Monaker Group, Inc. – Convertible Promissory Note ($700,000)
Effective September 18, 2020
3

    	 

    

		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.

		(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.

		(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.

    	Monaker Group, Inc. – Convertible Promissory Note ($700,000)
Effective September 18, 2020
4

    	 

    

		(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 Seven Hundred Thousand Dollars ($700,000.00).

		(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.

		(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.

    	Monaker Group, Inc. – Convertible Promissory Note ($700,000)
Effective September 18, 2020
5

    	 

    

		(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.

		(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.

    	Monaker Group, Inc. – Convertible Promissory Note ($700,000)
Effective September 18, 2020
6

    	 

    

		(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.

		(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 ($700,000)
Effective September 18, 2020
7

    	 

    

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:	/s/ William Kerby

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

 

    	Monaker Group, Inc. – Convertible Promissory Note ($700,000)
Effective September 18, 2020
8

    	 

    

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

 

 

 

	 	Investor:
	 	HOTPLAY ENTERPRISE LIMITED
	 	 
	 	By:	/s/ Athid Nanthawaroon

	 	 	 
	 	 	/s/ Nithinan Boonyawattanapisut

	 	 	 
	 	Name:	
        Athid Nanthawaroon and

        Nithinan Boonyawattanapisut

	 	 	 
	 	Title:	Director
	 	 	 
	 	Address:	 

 

 

    	Monaker Group, Inc. – Convertible Promissory Note ($700,000)
Effective September 18, 2020
9

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