Document:

Exhibit 10.1

 

AMENDMENT
NO. 2

 

BOXLIGHT
CORPORATION

 

(formerly,
Logical CHoice Corporation)

 

2014
Stock Incentive Plan

 

    	 

    	 

    

 

TABLE
OF CONTENTS

 

	SECTION
    1. DEFINITIONS	1
	 	“Acquired
    Share(s)”	1
	 	“Board
    of Directors”	1
	 	“Business
    Day”	1
	 	“Call
    Price”	1
	 	“Cause”	1
	 	“Code”	1
	 	“Committee”	1
	 	“Common
    Stock”	1
	 	“Company”	1
	 	“Competitor”	1
	 	“Confidential
    Information”	1
	 	“Disability”	2
	 	“Disloyal
    Act”	2
	 	“Disposition”	2
	 	“Effective
    Date of Termination”	2
	 	“Exercise
    Agreement”	2
	 	“Exercise
    Price”	2
	 	“Family
    Group”	2
	 	“Fair
    Value”	2
	 	“Holding
    Period”	3
	 	“Incentive
    Shares”	3
	 	“Incentive
    Stock Option” or “Qualified Stock Option”	3
	 	“ISO-FMV”	3
	 	“Non-Employee
    Director”	3
	 	“Non-Qualified
    Stock Option”	4
	 	“Offer”	4
	 	“Option”	4
	 	“Over
    10% Owner”	4
	 	“Parent”	4
	 	“Participant”	4
	 	“Plan”	4
	 	“Prime
    Rate”	4
	 	“Proposed
    Purchase Price”	4
	 	“Proposed
    Purchaser”	4
	 	“Public
    Offering”	4
	 	“Resignation
    For Good Reason”	4
	 	“Restricted
    Stock Award”	5
	 	“Restricted
    Stock Award Agreement”	5
	 	“Stock
    Appreciation Right”	5
	 	“Stock
    Appreciation Right Agreement”	5
	 	“Stock
    Incentive”	5
	 	“Stock
    Incentive Agreement”	5
	 	“Stock
    Option Agreement” or “Stock Option Certificate”	5
	 	“Subsidiary”	5
	 	“Tax
    Date”	5
	 	“Termination
    of Employment”	5
	 	“Trade
    Secret(s)”	5
	 	“Transaction”	6
	 	“Transfer
    Notice”	6
	 	“Transferee”	6
	 	“Withholding
    Election”	6

 

    	i

    	 

    

 

	Section
    2. Stock Incentive Plan	6
	 	Section
    2.1.	Plan
    Purpose.	6
	 	Section
    2.2	Stock
    Subject to the Plan.	6
	 	Section
    2.3	Plan
    Administration.	7
	 	Section
    2.4	Composition
    of Committee after Initial Public Offering.	7
	 	Section
    2.5	Eligibility
    and Limits.	7
	 	 	 	 
	Section
    3. Terms and Conditions of All Stock Incentives	7
	 	Section
    3.1.	Number
    of Shares.	7
	 	Section
    3.2.	Stock
    Incentive Agreement.	7
	 	Section
    3.3.	Date
    of Grant.	7
	 	Section
    3.4.	Accelerated
    Vesting upon Consummation of a Transaction.	8
	 	Section
    3.5.	Redemption
    of Stock Incentives.	8
	 	Section
    3.6.	Certain
    Termination Events.	8
	 	 	 	 
	Section
    4. Terms and Conditions of Options	9
	 	Section
    4.1.	Type
    of Option.	9
	 	Section
    4.2.	Exercise
    Price.	9
	 	Section
    4.3.	Term
    of Option.	9
	 	Section
    4.4.	Payment
    of Exercise Price.	9
	 	Section
    4.5.	Vesting.	9
	 	Section
    4.6.	Nontransferability
    of Options.	9
	 	Section
    4.7.	Substitution
    of Previously Issued Options.	9
	 	 	 	 
	Section
    5. Terms and Conditions of Stock Appreciation Rights	10
	 	Section
    5.1.	Award.	10
	 	Section
    5.2.	Payment
    under Stock Appreciation Right.	10
	 	Section
    5.3.	Exercise.	10
	 	Section
    5.4.	Nontransferability
    of Stock Appreciation Rights.	10
	 	Section
    5.5.	Effect
    of Termination of Employment.	11
	 	 	 	 
	Section
    6. Terms and Conditions of Restricted Stock Awards	11
	 	Section
    6.1.	Award.	11
	 	Section
    6.2.	Payment
    under Restricted Stock Award.	11
	 	 	 	 
	Section
    7. Terms and Conditions of Awards of Restricted Stock Units.	11
	 	Section
    7.1 	Grant.	11
	 	Section
    7.2	Vesting
    Criteria and Other Terms.	11
	 	Section
    7.3	Earning
    Restricted Stock Units.	12
	 	Section
    7.4	Cancellation.	12
	 	 	 	 
	Section
    8. Restrictions on Acquired Shares	12
	 	Section
    8.1.	Restrictions
    on Transfer of Acquired Shares.	12
	 	Section
    8.2.	Right
    of First Refusal.	13
	 	Section
    8.3.	Right
    to Purchase Upon Termination of Employment.	13
	 	Section
    8.4.	Determination
    of Call Price.	14
	 	Section
    8.5	Mandatory
    Sale.	14
	 	Section
    8.6	Disloyal
    Acts.	14
	 	Section
    8.7	Pledging
    of Shares.	15
	 	Section
    8.8	Delivery
    of Certificate.	15
	 	Section
    8.9	Lockup
    Agreement in Public Offering.	15
	 	Section
    8.10	Termination
    of Restrictions.	15
	 	Section
    8.11	Removal
    of Legends.	15
	 	 	 	 

    	ii

    	 

    

 

	Section
    9. General Provisions	16
	 	Section
    9.1.	Withholding.	16
	 	Section
    9.2.	Changes
    in Capitalization; Merger; Liquidation.	16
	 	Section
    9.3.	Investment
    Representations.	17
	 	Section
    9.4.	Compliance
    with Code.	17
	 	Section
    9.5.	Set-Off.	17
	 	Section
    9.6.	Right
    to Terminate Employment.	17
	 	Section
    9.7.	Restrictions
    on Delivery and Sale of Shares.	18
	 	Section
    9.8.	Shareholders
    Agreement.	18
	 	Section
    9.9.	Plan
    Termination and Amendment.	18
	 	Section
    9.10.	Effective
    Date of Plan.	18

 

    	iii

    	 

    

 

AMEndMENT
No. 2 to the Boxlight Corporation

 

(formerly,
Logical Choice CORPORATION)

2014
Stock Incentive Plan

 

SECTION
1. DEFINITIONS

 

The
following capitalized terms are used throughout the Plan, Stock Incentive Agreements, and Exercise Agreements with the meaning
thereafter ascribed:

 

“Acquired
Share(s)” means any and all outstanding shares of Common Stock issued pursuant to Stock Incentives awarded under the
Plan. For purposes of the restrictions on transfer set forth in Section 8.1 hereof, “Acquired Shares” excludes shares
which have been sold and transferred: (a) in a Public Offering, (b) in a Transaction, (c) after compliance with the right of first
refusal in Section 7.2 hereof, and (d) after a Public Offering, in a transaction effected pursuant to Rule 144 promulgated under
the Securities Act.

 

“Board
of Directors” means the board of directors of the Company.

 

“Business
Day” means a day on which the New York Stock Exchange is open for trading.

 

“Call
Price” means the purchase price, determined in accordance with Section 8.4 hereof, to be paid by the Company for each
Acquired Share repurchased by the Company in accordance with Section 8.3 hereof.

 

“Cause”
means conduct amounting to: (a) fraud or dishonesty against the Company, (b) willful misconduct, insubordination, or repeated
refusal or inability to follow the reasonable and lawful directives of the Board of Directors, (c) or knowing violation of law
in the course of performance of duties or services of a Participant’s employment or other relationship with the Company,
(d) repeated absences from work without a reasonable excuse, (e) intoxication with alcohol or drugs while on the Company’s
premises or during regular business hours, (f) a conviction or plea of guilty or nolo contendere to a felony or a crime
involving dishonesty, (g) a breach or violation of the terms of any employment or other agreement to which Participant and the
Company are party, (h) substandard or ineffective performance of the duties of employment as determined by the Committee, or (i)
a Disloyal Act.

 

“Code”
means the Internal Revenue Code, as amended from time to time.

 

“Committee”
means the committee appointed by the Board of Directors to administer the Plan or, in the absence of appointment of such committee,
the Board of Directors.

 

“Common
Stock” means the Company’s Class A common stock, par value $0.0001 per share, or any successor securities thereto.

 

“Company”
means Boxlight Corporation (formerly, Logical Choice Corporation), a Nevada corporation.

 

“Competitor”
means a business which involves providing consulting, development, discovery, licensing, marketing and/or distribution of
software which provides linking or communications between imaging software and database software.

 

“Confidential
Information” means information, other than Trade Secrets, that is of value to its owner and is treated as confidential,
including, but not limited to, future business plans, licensing strategies, advertising campaigns, information regarding executives
or employees, and the terms and conditions of the Plan and any Option Agreement.

 

    	 

    	 

    

 

“Disability”
means: (a) the inability to perform the duties of employment due to physical or emotional incapacity or illness, where such
inability is expected to be of long-continued and indefinite duration, or (b) a Participant shall be entitled to: (i) disability
retirement benefits under the federal Social Security Act, or (ii) recover benefits under any long-term disability plan or policy
maintained by the Company. In the event of a dispute, the determination of Disability shall be made by the Committee and shall
be supported by advice of a physician competent in the area to which such Disability relates.

 

“Disloyal
Act” means: (a) improper or unauthorized disclosure of Trade Secrets or Confidential Information, or (b) Performing
Services (as such term is defined below), without the written consent or acquiescence of the Committee. As used in the preceding
sentence, “Performing Services” means that the Participant performs services for a Competitor that are substantially
the same as the services Participant performs or performed for the Company: (i) during the time the Participant is employed by,
or is engaged to perform services for, the Company, its Parent, or a Subsidiary, or (ii) during the one (1) year period which
commences on the Effective Date of Termination. The Committee shall not be deemed to have acquiesced in a Disloyal Act, even if
the Committee has actual knowledge of the Disloyal Act, unless: (A) the activities which constitute a Disloyal Act are listed
on an exhibit to any employment agreement between the Company and such Participant, (B) the Participant gave written notice of
the Participant’s intention to perform such Disloyal Act to the Board of Directors not less than thirty (30) Business Days
prior to the performance of such Disloyal Act and the Committee did not object, or (C) the Participant was directed in writing
by an officer or a managerial employee of the Company to perform such Disloyal Act and the Participant delivered
a copy of such written direction to the Committee within ten (10) days of the Committee’s request for such a copy.

 

“Disposition”
means any conveyance, sale, transfer, assignment, pledge, or hypothecation of Common Stock, whether outright or as security,
inter vivos or testamentary, with or without consideration, voluntary or involuntary.

 

“Effective
Date of Termination” means the effective date of Termination of Employment as determined by the Committee. In making
its determination, the Committee shall consider the date stated in any notice of termination given by the Company, and if no notice
of termination is given by the Company, the date on which a Participant last performs the duties or services of the Participant’s
employment or other relationship with the Company as determined by the Committee. In the absence of manifest error, the Committee’s
determination is final, binding, and nonappealable.

 

“Exercise
Agreement” means an agreement entered into by and between a Participant and the Company which sets forth the terms and
conditions with respect to the Participant’s exercise of an Option and the issuance of Shares thereupon.

 

“Exercise
Price” means the consideration which must be paid by a Participant or a Transferee to purchase one share of Common Stock
upon exercise of an Option.

 

“Family
Group” means, with respect to any Participant, such Participant’s spouse and descendants (whether natural or adopted),
and any trust solely for the benefit of such Participant and/or such Participant’s spouse and/or their respective ancestors
and/or descendants.

 

“Fair
Value” means the value of one share of Common Stock determined as set forth below, as of the business day which immediately
precedes the date for which Fair Value is determined.

 

(a)
If the Common Stock is not: (i) listed on any securities exchange, (ii) quoted in the NASDAQ National Market System, or (iii)
quoted in the over-the-counter market as reported by the National Quotation Bureau, “Fair Value” means an amount determined
by the Committee in good faith. In making the determination of the Fair Value pursuant to this subparagraph (a), the Committee
shall assume: (A) that the value of the Company is equal to the amount which would be paid in cash for the Company, as a going
concern, by an unaffiliated third party buyer, and may take into account such additional factors as may be relevant to such valuation,
including, without limitation, the absence of a trading market for the Common Stock, the minority status of the shares of Common
Stock, and such other facts and circumstances as may be material, in the judgment of the Committee, and (B) that the Fair Value
of one share of Common Stock is equal to: (I) the value of the Company, divided by (II) the sum of the number of
outstanding shares of Common Stock, plus all Incentive Shares, plus all shares of Common Stock issuable
upon: (x) the exercise of all outstanding options not issued under the Plan, warrants, and rights to purchase Common Stock, and
(y) the conversion of all outstanding convertible securities. The Fair Value established by the Committee shall, in the absence
of manifest error, be final, binding, and conclusive upon the Company and all affected Participants.

 

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(b)
If the Common Stock is: (x) listed on a securities exchange, (y) quoted in the NASDAQ National Market System, or (z) quoted in
the over-the-counter market as reported by the National Quotation Bureau, “Fair Value” means the average Daily Price
(as such term is defined below) over a twenty (20) Business Day period consisting of the day as of which Fair Value is being determined
and the nineteen (19) consecutive Business Days prior to such date. For the purposes of computing Fair Value, the “Daily
Price” for each of the twenty (20) consecutive Business Days shall be determined as follows:

 

(i)
If the Common Stock is listed on a securities exchange, the “Daily Price” is the closing price of the Common Stock
on the securities exchange having the greatest trading volume over the preceding thirty (30) calendar day period, or,
if there have been no sales on a particular Business Day, the average of the last reported bid and asked quotations on such exchange
at the close of business for such Business Day.

 

(ii)
If the Common Stock is quoted on the NASDAQ National Market System, the “Daily Price” is the average of the representative
bid and asked prices of the Common Stock quoted in the NASDAQ National Market System as of 4:00 p.m., Eastern Time.

 

(iii)
If the Common Stock is quoted on the over-the-counter market as reported by the National Quotation Bureau, the “Daily Price”
is the average of the highest bid and asked prices of the Common Stock on the over-the-counter market as reported by the National
Quotation Bureau.

 

“Holding
Period” means a one (1) year period which commences on the Effective Date of Termination, except that, if the Company
is or becomes a party to an agreement with a third party which prohibits the Company from exercising the right of first refusal
in Section 7.2 hereof or the Company’s right to purchase Acquired Shares upon Termination of Employment in Section 7.3 hereof,
or, if the exercise of such rights would cause the Company to breach any financial or other covenant in any agreement to which
the Company is a party, Holding Period means the period which commences on the Effective Date of Termination and ends on the first
anniversary of the date that the Company is no longer subject to, or obtains a waiver of, such prohibition or covenant.

 

“Incentive
Shares” means all shares of Common Stock subject to issuance upon exercise or payment of all outstanding Stock Incentives.

 

“Incentive
Stock Option” or “Qualified Stock Option” means an incentive stock option, as defined in Code Section 422,
which is awarded under the Plan.

 

“ISO-FMV”
means the Fair Value of one (1) share of Common Stock, determined without consideration of factors such as the absence of
a trading market, the minority status of the shares of Common Stock, or any other factor, except a restriction which, by its terms,
will never lapse.

 

“Non-Employee
Director” means a member of the Board of Directors who:

 

(a)
is not currently an officer or otherwise employed by the Company, its Parent, or any Subsidiary;

 

(b)
does not receive compensation directly or indirectly from the Company, its Parent, or any Subsidiary, for services rendered as
a consultant or in any capacity other than as a director, except for compensation in an amount for which disclosure would not
be required pursuant to Item 404(a) of Regulation S-K promulgated pursuant to the Securities Act of 1933;

 

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(c)
does not possess an interest in any other transaction for which disclosure would be required pursuant to Item 404(a) of Regulation
S-K promulgated pursuant to the Securities Act of 1933; and

 

(d)
is not engaged in a business relationship for which disclosure would be required pursuant to Item 404(a) of Regulation S-K promulgated
pursuant to the Securities Act of 1933.

 

“Non-Qualified
Stock Option” means a stock option awarded under the Plan which does not qualify as an Incentive Stock Option.

 

“Offer”
means a bona fide written offer made by a Proposed Purchaser to a Participant or Transferee to purchase Acquired Shares owned
by such Participant or Transferee in an arm’s length transaction.

 

“Option”
means a Non-Qualified Stock Option or an Incentive Stock Option.

 

“Over
10% Owner” means an individual who, at the time an Incentive Stock Option is granted, owns Common Stock possessing more
than ten percent (10%) of the total combined voting power of the Company, or one of its Parents or Subsidiaries, determined by
applying the attribution rules of Code Section 424(d).

 

“Parent”
means any corporation (other than the Company) in an unbroken chain of corporations ending with the Company if (with respect
to Incentive Stock Options, at the time of granting of the Option), each of the corporations other than the Company owns stock
possessing fifty percent (50%) or more of the total combined voting power of all classes of stock in one of the other corporations
in the chain.

 

“Participant”
means an individual who receives a Stock Incentive.

 

“Plan”
means Amendment No. 2 to the Boxlight Corporation 2014 Stock Incentive Plan.

 

“Prime
Rate” means the prime rate as published in the “Money Rates” column of the Wall Street Journal, and if more
than one rate is published, the average of such rates, and if there is a range of such rates, the average of such rates.

 

“Proposed
Purchase Price” means the price per Acquired Share offered in an Offer by a Proposed Purchaser.

 

“Proposed
Purchaser” means an unrelated third party who is not a Competitor who makes a bona fide arm’s length written offer
to a Participant or a Transferee to purchase Acquired Shares owned by such Participant or Transferee.

 

“Public
Offering” means the offering for sale by the Company of Common Stock pursuant to a registration statement filed in accordance
with the Securities Act of 1933, as amended, or any comparable law then in effect, which results in gross proceeds to the Company
in excess of five million dollars ($5,000,000.00). The effective date of any such Public Offering shall be the first day on which
the securities covered thereby may lawfully be offered and sold pursuant to such registration statement.

 

“Resignation
For Good Reason” means any voluntary resignation of employment by a Participant, because of: (a) a material reduction
in the Participant’s total compensation package, (b) the Participant’s involuntary relocation by the Company to a
location which is outside the boundaries established by the Internal Revenue Service for determining whether expenses incurred
in commuting to and from a place of employment are tax deductible, or (c) a material change in the responsibilities of employment
which is not based upon substandard or ineffective job performance. In order to qualify as a Resignation for Good Reason, the
Participant must tender written notice of resignation within thirty (30) days of the first to occur of the events described in
clause (a), (b), or (c). Any resignation after such thirty (30) day period shall not, without the consent of the Committee, be
a Resignation For Good Reason. The Committee shall, in good faith, make the final determination as to whether a resignation is
a Resignation for Good Reason, and such determination, in the absence of manifest error, shall be final, binding, and nonappealable.

 

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“Restricted
Stock Award” means restricted stock awarded pursuant to the Plan.

 

“Restricted
Stock Award Agreement” means an agreement between the Company and a Participant evidencing an award of a Restricted
Stock Award.

 

“Restricted
Stock Unit” means a bookkeeping entry representing an amount equal to the Fair Market Value of one share of Common Stock,
granted pursuant to Section 7 hereof. Each Restricted Stock Unit represents an unfunded and unsecured obligation of the Company.

 

“Restricted
Stock Unit Award Agreement” means an agreement between the Company and a participant evidencing an award of Restricted
Stock Units.

 

“Stock
Appreciation Right” means a stock appreciation right awarded pursuant to the Plan.

 

“Stock
Appreciation Right Agreement” means an agreement between the Company and a Participant evidencing an award of a Stock
Appreciation Right.

 

“Stock
Incentive” means an Incentive Stock Option, a Non-Qualified Stock Option, a Restricted Stock Award, a Restricted Stock
Unit Award, or a Stock Appreciation Right.

 

“Stock
Incentive Agreement” means an agreement between the Company and a Participant evidencing an award of a Stock Incentive,
including a Stock Option Agreement, a Stock Appreciation Right Agreement, a Restricted Stock Award Agreement or a Restricted Stock
Unit Award Agreement.

 

“Stock
Option Agreement” or “Stock Option Certificate” means an agreement between the Company and a Participant
evidencing the grant of an Option.

 

“Subsidiary”
means any corporation (other than the Company) in an unbroken chain of corporations beginning with the Company if (with respect
to Incentive Stock Options, at the time of the granting of the Option) each of the corporations other than the last corporation
in the unbroken chain owns stock possessing fifty percent (50%) or more of the total combined voting power of all classes of stock
in one of the other corporations in the chain.

 

“Tax
Date” means the date on which the amount of any tax required to be withheld is determined.

 

“Termination
of Employment” means the termination of the employer-employee relationship between a Participant and the Company (and
its Parents and Subsidiaries), regardless of the fact that severance or similar payments are made to the Participant, for any
reason, including, without limitation, a termination by resignation, discharge, death, Disability, or retirement. The Committee
shall, in its absolute discretion, determine the effect of all matters and questions relating to Termination of Employment, including,
without limitation, the question of whether a leave of absence constitutes a Termination of Employment, or whether a Termination
of Employment is for Cause.

 

“Trade
Secret(s)” means information, without regard to form, which derives economic value, actual or potential, from not being
generally known and not being readily ascertainable to other persons who can obtain economic value from its disclosure or use
and which is the subject of efforts that are reasonable under the circumstances to maintain its secrecy or confidentiality. Trade
Secrets may include either technical or non-technical data, including without limitation: (a) any useful process, machine, chemical
formula, composition of matter, or other device which: (i) is new or which the Participant has a reasonable basis to believe may
be new, (ii) is being used or studied by the Company and is not described in a patent or in any literature already published and
distributed externally by the Company, and (iii) is not readily ascertainable from inspection of a product of the Company; (b)
any engineering, technical, or product specifications including those of features used in any current product of the Company,
or to be used, or the use of which is contemplated, in a future product of the Company; (c) any application, operating system,
communication system, or other computer software (whether in source or object code) and all flow charts, algorithms, coding sheets,
routines, subroutines, compilers, assemblers, design concepts, test data, documentation, or manuals related thereto, whether or
not copyrighted, patented or patentable, related to or used in the business of the company; and (d) information concerning the
customers, suppliers, products, pricing strategies of the Company, personnel assignments, and policies of the Company, or matters
concerning the financial affairs and management of the Company or any parent, subsidiary, or affiliate of the Company.

 

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“Transaction”
means any: (a) dissolution or liquidation of the Company; (b) merger, consolidation, combination, reorganization, or like
transaction in which the Company is not the survivor, or any share exchange in which the Company is not the parent; (c) sale or
transfer (other than as security for the Company’s obligations) of all or substantially all of the assets of the Company;
or (d) sale or transfer of ninety percent (90%) or more of the issued and outstanding shares of Common Stock by the holders thereof
in a single transaction or in a series of related transactions, except that a distribution of shares of Common Stock
by a holder that is (A) an entity to: (x) the employees, officers, and/or directors of such holder, (y) the shareholders, partners,
other equity security holders, or beneficiaries of such holder, or (z) to any Parent or Subsidiary, or (B) an individual to members
of such holder’s Family Group, for no consideration, shall not be deemed a “transfer” for purposes of this clause.

 

“Transfer
Notice” means a written notice of an Offer which states the number of Acquired Shares subject to such Offer, the Proposed
Purchase Price, and terms of payment offered by a Proposed Purchaser in such Offer.

 

“Transferee”
means the estate, or the executor or administrator of the estate, of a deceased Participant, or the personal representative
of a Participant suffering a Disability, or any subsequent transferee of the Transferee.

 

“Withholding
Election” means a Participant’s election: (a) with respect to Common Stock issued pursuant to any Stock Incentive,
to have the number of shares of Common Stock so issued reduced in accordance with Section 9.1 hereof by the smallest number of
whole shares of Common Stock which, when multiplied by the Fair Value of such shares of Common Stock, determined as of the Tax
Date, is sufficient to satisfy all federal, state, and local tax withholding obligations arising from the issuance of such shares
of Common Stock, or (b) with respect to the vesting of any Restricted Stock Award, to tender, in accordance with Section 8.1 hereof,
the smallest number of whole shares of Common Stock back to the Company which, when multiplied by the Fair Value determined as
of the Tax Date, is sufficient to satisfy all federal, state, and local, tax withholding obligations arising from the vesting
of such Restricted Stock Award.

 

Section
2. Stock Incentive Plan

 

Section
2.1. Plan Purpose. The Plan is intended to provide an opportunity for directors, officers, key employees, and consultants
of the Company to acquire Common Stock, or to receive compensation which is based upon appreciation in the value of Common Stock.
The Plan provides for the grant of Incentive Stock Options, Non-Qualified Stock Options, Restricted Stock Awards, Restricted Stock
Units and Stock Appreciation Rights to aid the Company in retaining and obtaining key personnel of outstanding ability. The Company
expects the grant of Stock Incentives to benefit the Company by motivating such key personnel to help the Company succeed.

 

Section
2.2 Stock Subject to the Plan. Subject to adjustment in accordance with Section 8.2 hereof, SIX MILLION THREE HUNDRED NINETY
THOUSAND FOUR HUNDRED THIRTY-EIGHT (6,390,438) shares of Common Stock (the “Total Reserved Shares”) are hereby reserved
exclusively for issuance pursuant to Stock Incentives granted under the Plan. At no time shall the Company have outstanding Incentive
Shares and Acquired Shares in excess of the Total Reserved Shares, minus the number of Acquired Shares redeemed
by the Company pursuant to Sections 7.2 and 7.3 hereof. Acquired Shares redeemed by the Company may be either (a) authorized and
unissued Common Stock or (b) Common Stock held in the treasury of the Company, as shall be determined by the Committee. If an
Option or Stock Appreciation Right expires or terminates for any reason without being exercised in full, or if Acquired Shares
issued under a Restricted Stock Award are transferred back to the Company pursuant to the restrictions thereon, other than pursuant
to the Company’s call right pursuant to Section 7.3 or the Company’s right of first refusal pursuant to Section 7.2,
such Shares shall again be available for purposes of the Plan. Acquired Shares purchased by the Company pursuant to Section 7.2
hereof and Section 7.3 hereof shall not be available for the purposes of the Plan.

 

    	6

    	 

    

 

Section
2.3 Plan Administration. The Plan shall be administered by the Committee. The Committee shall have full and plenary power
and authority in its discretion to determine the directors, officers, key employees, and consultants of the Company to whom Stock
Incentives shall be granted and the terms and provisions of all Stock Incentives, subject to the provisions of the Plan. Subject
to the provisions of the Plan, the Committee shall have full and plenary power and authority to interpret the Plan, to prescribe,
amend, and rescind rules and regulations relating to the Plan, to determine the terms and provisions of the Stock Incentive Agreements,
and to make all other determinations necessary or advisable for the proper administration of the Plan. The Committee’s determinations
under the Plan need not be uniform and may be made by it selectively among persons who receive, or are eligible to receive, awards
under the Plan (whether or not such persons are similarly situated). The Committee’s decisions, in the absence of manifest
error, shall be final and binding on all Participants. No member of the Committee shall be liable for damages for any action taken
as a member of the Committee.

 

Section
2.4 Composition of Committee after Initial Public Offering. Following the first registration of an equity security under Section
12 of the Securities Exchange Act of 1934, as amended, the Committee shall consist of at a minimum two (2) or more Non-Employee
Directors.

 

Section
2.5 Eligibility and Limits. Stock Incentives may be granted only to directors, officers, key employees, and consultants of
the Company or a Parent or Subsidiary the Company; provided, however, that an Incentive Stock Option may only be
granted to an employee of any such entity.

 

Section
3. Terms and Conditions of All Stock Incentives

 

Every
Stock Incentive granted under the Plan shall conform to the following provisions of the Plan and may contain such other terms
and conditions which are not inconsistent with the Plan as the Committee determines are advisable and in the interest of the Company:

 

Section
3.1. Number of Shares. The number of Incentive Shares subject to a Stock Incentive shall be determined by the Committee in
its sole discretion, subject to the provisions of Section 2.2 of the Plan. The number of Incentive Shares shall be set forth in
the Stock Incentive Agreement, and shall be subject to adjustment as provided in Section 8.2 hereof.

 

Section
3.2. Stock Incentive Agreement. Each Stock Incentive shall be evidenced by a Stock Incentive Agreement executed by the Company
and the Participant, which shall be in such form and contain such terms and conditions as the Committee in its discretion may,
subject to the provisions of the Plan, from time to time determine.

 

Section
3.3. Date of Grant. The date a Stock Incentive is granted shall be the date on which the Committee has approved the terms
and conditions of the Stock Incentive Agreement, has determined the recipient of the Stock Incentive, the number of Incentive
Shares subject to the Stock Incentive, and has taken all such other action necessary to complete the grant of the Stock Incentive.
Such date shall be set forth in the Stock Incentive Agreement.

 

Section
3.4. Accelerated Vesting upon Consummation of a Transaction. Unless otherwise set forth in a Stock Incentive Agreement: (a)
each unexpired Option which is vested or would vest within twelve (12) months after the date of consummation of a Transaction
shall become exercisable upon the consummation of a Transaction with respect to all of the Incentive Shares subject to such Option,
without regard to the date of grant of the Option, and notwithstanding that such Option would be unvested or otherwise unexercisable
with respect to some or all of such Incentive Shares, (b) each unexpired Stock Appreciation Right which is vested or would vest
within twelve (12) months after the date of consummation of a Transaction shall become payable upon the consummation of a Transaction
as to all of the Incentive Shares subject to the Stock Appreciation Right, without regard to the date of award of the Stock Appreciation
Right, and (c) each unexpired Restricted Stock Award which has not been previously forfeited which is vested or would vest within
twelve (12) months after the date of consummation of a Transaction shall be vested as to all of the Acquired Shares subject to
such Restricted Stock Award upon the consummation of a Transaction, without regard to the date of award of the Restricted Stock
Award. The preceding sentence notwithstanding, at any time prior to the consummation of a Transaction, the Committee may impose
conditions on the exercise, redemption, or substitution of any outstanding Stock Incentive, including, without limitation, a condition
of the continued employment of the affected Participant with the Company, or any successor to the Company, after the closing of
a Transaction, in order to receive payment of any consideration payable in a Transaction in respect of Incentive Shares, which,
in the absence of an acceleration pursuant to this Section 3.4, would be unvested Incentive Shares, provided, however,
that if the Committee imposes an employment condition after the closing of a Transaction, such condition shall be deemed satisfied
if a Termination of Employment results from (x) the death or Disability of a Participant or (y) a Resignation for Good Reason.

 

    	7

    	 

    

 

Section
3.5. Redemption of Stock Incentives. Notwithstanding anything to the contrary contained herein or in any Stock Incentive Agreement,
the Company shall have the absolute right to redeem any or all outstanding Stock Incentives from any or all Participants in connection
with a Transaction for an amount which, with respect to each Participant, represents the Committee’s best estimate of the
amount and type of consideration a holder of the number of shares of Common Stock equal to the number of vested Incentive Shares
held by such Participant would receive in the Transaction after deduction of the Exercise Price and all legal, accounting, and
other expenses incurred in the Transaction, and satisfaction of excluded liabilities and indebtedness not assumed in the Transaction
(the “Redemption Price”), and subject to such other terms and conditions set by the Committee. If the Company calls
any or all of the outstanding Stock Incentives for redemption, the affected Participants shall be under a mandatory obligation
to sell their Stock Incentives to the Company at the Redemption Price and upon such other terms as may be established by the Committee.
In the event a Participant fails to deliver a Stock Incentive for redemption to the Company in accordance with this Section 3.5,
the Company may terminate and cancel any Stock Incentive upon delivery of the Redemption Price to such Participant, whereupon
all rights of such Participant under the Stock Incentive shall be extinguished.

 

Section
3.6. Certain Termination Events. Unless otherwise set forth in a Stock Incentive Agreement, an outstanding Stock Incentive
shall terminate upon the first to occur of any of the following events:

 

(a)
5:00 p.m. Eastern Time on the date on which the Participant holding a Stock Incentive commits a Disloyal Act;

 

(b)
5:00 p.m. Eastern Time on the fifth (5th) anniversary of the Award Date set forth in the Stock Incentive Agreement;

 

(c)
5:00 p.m. Eastern Time on the date of closing of a Transaction;

 

(d)
If the Stock Incentive is not an Incentive Stock Option, 5:00 p.m. Eastern Time on the Effective Date of Termination of the Participant
holding the Stock Incentive, provided however, if Termination of Employment results from death or Disability of
such Participant, the Stock Incentive shall not terminate until 5:00 p.m. Eastern Time ninety (90) days after the Effective Date
of Termination, or in the case of a Stock Appreciation Right only upon the consummation of a Transaction in accordance with Section
5.5;

 

(e)
If the Stock Incentive is an Incentive Stock Option, 5:00 p.m. Eastern Time on the ninetieth (90th) day after a Termination of
Employment of the Participant holding the Stock Incentive.

 

(f)
5:00 p.m. Eastern Time on the date the Stock Incentive is redeemed pursuant to Section 3.5 of the Plan; or

 

(g)
5:00 p.m. Eastern Time on the date a substituted stock option is issued pursuant to Section 4.7 of the Plan in replacement of
any Option issued under the Plan.

 

    	8

    	 

    

 

Section
4. Terms and Conditions of Options

 

Every
Option granted under the Plan shall be evidenced by a Stock Option Agreement which conforms to the following provisions
of the Plan, and which may contain such other terms and conditions which are not inconsistent with the Plan as the Committee determines
are advisable and in the interest of the Company under the circumstances.

 

Section
4.1. Type of Option. At the time any Option is granted, the Committee shall determine whether the Option is to be an Incentive
Stock Option or a Non-Qualified Stock Option, and the Option shall be clearly identified as either an Incentive Stock Option or
a Non-Qualified Stock Option. At the time any Incentive Stock Option is exercised, the Company shall be entitled to place a legend
on the certificates representing the Acquired Shares purchased pursuant to the Option to clearly identify them as Acquired Shares
purchased upon exercise of an Incentive Stock Option. An Incentive Stock Option may only be granted within ten (10) years from
the earlier of the date the Plan is adopted or approved by the Company’s shareholders.

 

Section
4.2. Exercise Price. The Exercise Price of each Option granted under the Plan shall be set forth in the Stock Option Agreement
evidencing such Option. The Exercise Price shall be subject to adjustment in accordance with Section 8.2 hereof; provided however,
that the Exercise Price of any Incentive Stock Option that is granted to a Participant who is not an Over 10% Owner shall not
be less than the ISO-FMV on the date the Incentive Stock Option is granted; and provided further, that the Exercise Price of any
Incentive Stock Option that is awarded to a Participant who is an Over 10% Owner shall not be less than one hundred ten percent
(110%) of the ISO-FMV on the date the Incentive Stock Option is granted.

 

Section
4.3. Term of Option. The term of any Option shall be as set forth in the applicable Stock Option Agreement; provided, however,
that the term of any Incentive Stock Option granted to a Participant who is not an Over 10% Owner shall not exceed ten (10) years
after the date the Option is granted, and provided further, that the term of any Incentive Stock Option granted to an Over 10%
Owner shall not exceed five (5) years after the date the Option is granted.

 

Section
4.4. Payment of Exercise Price. The Exercise Price of any Option shall be paid in cash, or, after a Public Offering, or other
exercise with the consent of the Committee, by a cashless exercise through a brokerage transaction or such other means as the
Committee determines. The Committee, prior to a Public Offering, may, but shall not be obligated to, accept payment of the Exercise
Price by a promissory note of the Participant which is secured by the Acquired Shares issued upon exercise of the Option. No Acquired
Shares shall be issued or delivered upon exercise of an Option until full payment of the Exercise Price has been made by the Participant.
The holder of an Option, as such, shall have none of the rights of a shareholder until Acquired Shares are issued upon exercise
of the Option.

 

Section
4.5. Vesting. Each Option granted under the Plan shall be exercisable at such time or times, or upon the occurrence of such
event or events, and in such amounts, as the Committee shall specify in the Stock Option Agreement; provided, however, that subsequent
to the grant of an Option, the Committee, at any time before complete termination of such Option, may accelerate the time or times
at which such Option may be exercised in whole or in part.

 

Section
4.6. Nontransferability of Options. Except as provided in Section 4.7 below, an Option shall not be transferable, or assignable,
except by will or by the laws of descent and distribution, and shall be exercisable during the Participant’s lifetime only
by the Participant, or in the event of the Disability of the Participant, by the Participant’s Transferee.

 

Section
4.7. Substitution of Previously Issued Options.

 

(a)
Notwithstanding anything to the contrary in the Plan, any Option granted in substitution for an option previously issued by another
entity, which substitution occurs in connection with a transaction to which Code Section 424(a) is applicable, may provide for
an Exercise Price computed in accordance with such Code Section and the regulations thereunder, and may contain such other terms
and conditions as the Committee may prescribe to cause such substitute Option to contain as nearly as possible the same terms
and conditions (including the applicable vesting and termination provisions) as those contained in the previously issued option
being replaced thereby.

 

    	9

    	 

    

 

(b)
The Company shall have the absolute right in connection with any Transaction in which the Company will not be the surviving entity
(including a sale of assets) to negotiate for the substitution of all or part of the outstanding Options for options issued by
the surviving entity, or its parent or a subsidiary of such surviving entity, provided the number of shares subject
to such substituted option, the number of shares “vested” or otherwise immediately exercisable thereunder, the exercise
price of such substituted option, and all other terms and conditions of such substituted option are such that the Participant
is in substantially the same economic position after receiving the substitute option as such Participant was in immediately prior
to such substitution (after taking into account the effect of Section 3.4 of the Plan). The Company shall use best efforts to
cause any such substituted option to be issued at the closing of the Transaction.

 

Section
5. Terms and Conditions of Stock Appreciation Rights

 

Every
Stock Appreciation Right awarded under the Plan shall be evidenced by a Stock Appreciation Right Agreement that conforms to the
following provisions of the Plan and which may contain such other terms and conditions which are not inconsistent with the Plan
as the Committee determines are advisable and in the interest of the Company:

 

Section
5.1. Award. A Stock Appreciation Right may be awarded in connection with all or any portion of a previously or contemporaneously
granted Option or not in connection with an Option. A Stock Appreciation Right shall entitle the Participant to receive upon exercise
or payment the excess of: (a) the Fair Value of a specified number of Incentive Shares at the time of exercise, minus
(b) a specified price which shall be not less than the Option’s Exercise Price for that number of Incentive Shares, in the
case of a Stock Appreciation Right granted in connection with a previously or contemporaneously granted Option, or, in the case
of any other Stock Appreciation Right, not less than one hundred percent (100%) of the Fair Value of the specified number of Incentive
Shares at the time the Stock Appreciation Right was awarded. A Stock Appreciation Right granted in connection with the grant of
an Option may only be exercised to the extent that the related Option has not been exercised. The exercise of a Stock Appreciation
Right shall result in a pro rata surrender of any related Option to the extent the Stock Appreciation Right has been exercised.

 

Section
5.2. Payment under Stock Appreciation Right. Upon exercise or payment of a Stock Appreciation Right, the Company shall pay
to the Participant the appreciation in cash, or by issuance of Acquired Shares (at the aggregate Fair Value on the date of payment
or exercise), as provided in the Stock Incentive Agreement or, in the absence of such provision, as the Committee may determine.

 

Section
5.3. Exercise. Each Stock Appreciation Right shall be payable at such time or times, or upon the occurrence of such event
or events, and in such amounts, as the Committee shall specify in the Stock Appreciation Right Agreement; provided, however, that
subsequent to the award of a Stock Appreciation Right, the Committee, at any time before complete termination of such Stock Appreciation
Right, may accelerate the time or times at which such Stock Appreciation Right may be exercised in whole or in part.

 

Section
5.4. Nontransferability of Stock Appreciation Rights. A Stock Appreciation Right shall not be transferable or assignable,
except by will or by the laws of descent and distribution, and shall be payable during the Participant’s lifetime only to
the Participant, or in the event of the Disability of the Participant, to the legal representative of the Participant.

 

    	10

    	 

    

 

Section
5.5. Effect of Termination of Employment. Stock Appreciation Rights, and all rights thereunder, terminate upon Termination
of Employment, except that, if Termination of Employment is the result of death or Disability, no additional Incentive Shares
shall become vested, however, the Stock Appreciation Right shall not terminate and shall remain in full force and effect, and
shall be exercisable by the Transferee upon the consummation of a Transaction upon compliance with the terms of this Plan and
the terms of the Stock Appreciation Right Certificate.

 

Section
6. Terms and Conditions of Restricted Stock Awards

 

Every
Restricted Stock Award awarded under the Plan shall be evidenced by a Restricted Stock Award Agreement that conforms to the following
provisions of the Plan and which may contain such other terms and conditions which are not inconsistent with the Plan as the Committee
determines are advisable and in the interest of the Company.

 

Section
6.1. Award. Shares awarded pursuant to Restricted Stock Awards shall be subject to such restrictions for such periods of time
as determined by the Committee. The Committee shall have the power to permit, in its discretion, an acceleration of the expiration
of the applicable restriction periods with respect to any part or all of the Acquired Shares subject to a Restricted Stock Award.

 

Section
6.2. Payment under Restricted Stock Award. As a condition precedent to the award of a Restricted Stock Award, the Committee
may require a cash payment from the Participant in an amount no greater than the aggregate Fair Value of the Acquired Shares awarded
pursuant to the Restricted Stock Award, determined as of the date of award of the Restricted Stock Award. The Committee may accept
payment by the Participant of any amount required to be paid pursuant to this Section 6.2 by a promissory note of the Participant
(the “Participant Note”). The Participant Note shall bear interest at the applicable federal rate in effect on the
effective date of the Restricted Stock Award, such interest shall be payable or accrue on the terms established by the Committee
in its sole discretion. The term of any Participant Note shall not exceed ten (10) years, and shall be as determined by the Committee,
in its sole discretion; provided, however, that such Participant Note shall become immediately due and payable upon consummation
of a Transaction. The principal balance and interest accrued under any such Participant Note shall be payable as determined by
the Committee, in its sole discretion. The Participant Note shall be secured by all Acquired Shares held by Participant pursuant
to the Restricted Stock Award, and any and all earnings thereon, and shall, in addition, have a general right of recourse against
the Participant for payment under Participant Note as to no less than fifty percent (50%) of the principal balance of any such
Participant Note, and any accrued but unpaid interest thereon.

 

SECTION
7. TERMS AND CONDITIONS OF AWARDS OF RESTRICTED STOCK UNITS

 

All
Restricted Stock Units awarded under the Plan shall be evidenced by a Restricted Stock Unit Award Agreement that conforms to the
following provisions of the Plan and which may contain such other terms and conditions which are not inconsistent with the Plan
as the Committee determines are advisable and in the interest of the Company.

 

Section
7.1. Grant. Restricted Stock Units may be granted at any time and from time to time as determined by the Committee. All Restricted
Stock Units granted will be evidenced by an Restricted Stock Unit Award Agreement that will specify such other terms and conditions
as the Committee, in its sole discretion, will determine in accordance with the terms and conditions of the Plan, including all
terms, conditions, and restrictions related to the grant, the number of Restricted Stock Units and the form of payout, which,
subject to Section 7.4 hereof, may be left to the discretion of the Committee.

 

Section
7.2. Vesting Criteria and Other Terms. The Committee will set vesting criteria in its discretion, which, depending on the
extent to which the criteria are met, will determine the number of Restricted Stock Units that will be paid out to the Participant.
After the grant of Restricted Stock Units, the Committee, in its sole discretion, may reduce or waive any restrictions for such
Restricted Stock Units. Each Award of Restricted Stock Units will be evidenced by an Award Agreement that will specify the vesting
criteria, and such other terms and conditions as the Committee, in its sole discretion will determine. The Committee, in its discretion,
may accelerate the time at which any restrictions will lapse or be removed, subject to the prohibition on acceleration of the
timing of distribution of deferred compensation subject to Section 409A of the Code, to the extent applicable to the Award.

 

    	11

    	 

    

 

Section
7.3. Earning Restricted Stock Units. Upon meeting the applicable vesting criteria, the Participant will be entitled to receive
a payout as specified in the Award Agreement.

 

Section
7.4. Form and Timing of Payment. Payment of earned Restricted Stock Units will be made as soon as practicable after the date(s)
set forth in the Award Agreement, which shall satisfy the requirements of Section 409A of the Code, to the extent applicable to
such Award. The Committee, in its sole discretion, may pay earned Restricted Stock Units in cash, Incentive Shares, or a combination
thereof. Incentive Shares represented by Restricted Stock Units that are fully paid in cash again will be available for grant
under the Plan.

 

Section
7.5. Cancellation. On the date set forth in the Award Agreement, all unearned Restricted Stock Units will be forfeited to
the Company.

 

Section
8. Restrictions on Acquired Shares

 

Section
8.1. Restrictions on Transfer of Acquired Shares. All Acquired Shares shall be subject to the following restrictions:

 

(a)
Except for transfers made in compliance with Section 8.1(b) hereof, or as otherwise required or permitted hereunder, no Acquired
Shares and no interest in Acquired Shares may be conveyed, pledged, assigned, transferred, hypothecated, encumbered, or otherwise
disposed of by a Participant or Transferee.

 

(b)
Except as provided for in connection with any pledge pursuant to Section 8.7 hereof, a Participant may transfer the Acquired Shares:

 

(i)
to a Transferee upon Participant’s death or Disability; provided, that all such Acquired Shares, after transfer to a Transferee,
shall remain subject to all the restrictions set forth in this Section 8 and to all applicable rights in favor of the Company
set forth elsewhere in the Plan. Execution of a counterpart of these restrictions by such Transferee shall be a condition precedent
to the issuance of any certificate evidencing the Acquired Shares registered in the name of any such Transferee;

 

(ii)
during the Holding Period, only: (A) in a Transaction, (B) in a Public Offering (subject to any limitations imposed by the managing
underwriters in an underwritten Public Offering), or (C) in connection with the exercise of the Company’s right to repurchase
Acquired Shares after a Termination of Employment; or (D) if approved by the President of the Company, to any member of the Participant’s
Family Group, provided that all such Acquired Shares, after transfer to such member of the Participant’s Family Group and
any subsequent transferee of such member of the Participant’s Family Group, shall remain subject to the restrictions set
forth in this Section 8 and subject to all applicable rights in favor of the Company set forth elsewhere in the Plan, and the
execution of a counterpart of these restrictions by such member of the Participant’s Family Group shall be a condition precedent
to the issuance of any certificate evidencing the Acquired Shares registered in the name of any such member of the Participant’s
Family; and

 

(iii)
after the expiration of the Holding Period, only: (A) in a Transaction, (B) in a Public Offering (subject to any limitations imposed
by the managing underwriters in an underwritten Public Offering), (C) to any member of the Participant’s Family Group, provided
that all such Acquired Shares, after transfer to any member of the Participant’s Family Group, and of any subsequent transferee
of such member of the Participant’s Family Group, shall remain subject to the restrictions set forth in this Section 8 and
to all applicable rights in favor of the Company set forth elsewhere in the Plan. Approval of the transfer by the President of
the Company and execution of a counterpart of these restrictions by such member of the Participant’s Family Group, shall
be conditions precedent to the issuance of any certificate evidencing the Acquired Shares registered in the name of any such member
of the Participant’s Family Group, or (D) if the Participant or Transferee, as the case may be, shall have complied with
the right of first refusal described in Section 8.2 hereof.

 

    	12

    	 

    

 

Section
8.2. Right of First Refusal. If, after the expiration of the Holding Period, a Participant or Transferee, as the case may
be, shall receive an Offer from a Proposed Purchaser, which Offer such Participant or Transferee intends to accept, such Participant
or Transferee, as the case may be, as a condition precedent to any sale of Acquired Shares to such Proposed Purchaser, shall provide
a Transfer Notice with respect to such Offer to the Company. A copy of the Offer shall be attached to the Transfer Notice. The
Transfer Notice shall constitute an irrevocable offer by the Participant or Transferee, as the case may be, to sell the Acquired
Shares which are subject to such Offer to the Company at the Proposed Purchase Price and upon the terms of payment and conditions
set forth in the Transfer Notice, which irrevocable offer shall be open for thirty (30) days from the date the Transfer Notice
is delivered to the Company. The Company shall have thirty (30) days after receipt of the Transfer Notice to notify such Participant
or Transferee, as the case may be, in writing, of its election to purchase all of the Acquired Shares which are subject to the
Offer at the Proposed Purchase Price and upon the same terms of payment and conditions as are contained in the Offer. Failure
by the Company to give such written notice within such thirty (30) day period shall constitute a rejection of the irrevocable
offer by the Company. If the Company rejects the irrevocable offer, or fails to accept the irrevocable offer timely, or, if after
timely accepting the irrevocable offer, the Company fails to consummate the purchase of the Acquired Shares which are subject
to the Offer timely, then such Participant or Transferee, as the case may be, shall be free to sell such Acquired Shares to the
Proposed Purchaser at the Proposed Purchase Price and upon the same terms and conditions as are set forth in the Offer; provided,
however, if such Participant or Transferee, as the case may be, does not consummate such sale to the Proposed Purchaser within
thirty (30) days after rejection by the Company of the irrevocable offer, such Acquired Shares shall once again become subject
to the provisions of this Section 8.2, and any subsequent disposition of such Acquired Shares shall be made only after compliance
with the terms of this Section 8.2. If the Company accepts the irrevocable offer set forth in the Transfer Notice, the Company’s
consummation of the purchase of the Acquired Shares shall be held at the Company’s offices no later than thirty (30) days
following the date on which the Company gives written notice of its acceptance of the irrevocable offer set forth in the Transfer
Notice. Notwithstanding anything contained herein to the contrary, no Participant may accept an offer from any Competitor, and
any attempted transfer of Acquired Shares to such Competitor shall be void and of no force or effect. Compliance with this Section
8.2 shall not be required for any transfer of Acquired Shares in: (i) a Public Offering, (ii) effected after a Public Offering
under Rule 144 promulgated under the Securities Act, (iii) to the Company upon exercise of its rights to redeem or repurchase
Acquired Shares after a Termination of Employment, or (iv) in a Transaction.

 

Section
8.3. Right to Purchase Upon Termination of Employment.

 

(a)
During the Holding Period, the Company shall have the right, but not the obligation, to purchase from a Participant or Transferee,
as the case may be, all or any portion of any Acquired Shares owned by such Participant or Transferee. The purchase price of any
Acquired Shares purchased by the Company in accordance with this Section 8.3 shall be the Call Price. If the Company elects to
exercise its right to repurchase any Acquired Shares pursuant to this Section, it shall do so by giving written notice thereof
to such Participant or Transferee, as the case may be, which notice shall specify the number of Acquired Shares held by such Participant
or Transferee as to which the Company is exercising its repurchase right. The Company’s repurchase, and the sale by Participant
or Transferee, as the case may be, of such Acquired Shares shall be consummated at a closing to be held at the Company’s
offices no later than thirty (30) days following the date on which the Company gives written notice of its exercise of such repurchase
right. At the closing, the Participant or Transferee, as the case may be, shall deliver all certificates representing the Acquired
Shares to be purchased, properly endorsed for transfer, and the Company shall pay the Participant or Transferee, as the case may
be, the aggregate purchase price for the Acquired Shares as follows: (i) ten percent (10%) of the total purchase price in cash,
and (ii) ninety percent (90%) of the total purchase price by delivery of a promissory note of the Company, payable to the order
of the Participant or Transferee, as the case may be, and bearing interest at the Prime Rate in effect on the Business Day ended
immediately prior to date of the closing, with accrued and unpaid interest being due on each principal installment payment date.
The principal amount of such note shall be payable in: (A) eight (8) equal quarterly installments if the original principal amount
of the note is equal to, or less than, twenty five thousand dollars ($25,000), or (B) if the original principal amount of the
note is greater than twenty five thousand dollars ($25,000), the original principal amount of such note shall be payable in equal
quarterly installments, over a term equal to two (2) years plus one (1) year for each additional twenty five thousand dollars
($25,000), or part thereof, that the original principal amount of the note exceeds twenty five thousand dollars ($25,000), provided,
however, the entire unpaid principal amount of such note, together with all accrued but unpaid interest thereon, shall become
due and payable in cash immediately upon the closing of a Transaction or a Public Offering. Payment of quarterly installments
shall commence on the first three (3) month anniversary of the closing date. The promissory note shall be secured by a pledge
of the Acquired Shares purchased from the Participant, and such Acquired Shares shall be released from the pledge quarterly upon
the payment of each principal payment due under the note, such that the number of Acquired Shares pledged shall never be more
than the quotient of the then outstanding principal amount of the note divided by the purchase price per Acquired
Share paid to the Participant.

 

    	13

    	 

    

 

(b)
All Acquired Shares not purchased by the Company prior to the expiration of the Holding Period shall, upon request of the Committee,
be deposited into a voting trust which shall be in such form and contain such terms and conditions as the Committee may determine
in its sole discretion, provided that the term of the voting trust shall terminate upon the closing of a Public Offering. The
voting trustee shall vote the Acquired Shares held by the voting trust as directed by the Board of Directors on all matters submitted
to a vote of shareholders.

 

Section
8.4. Determination of Call Price.

 

(a)
The Call Price for Acquired Shares issued upon exercise of Stock Options shall be determined as follows:

 

(i)
If the Termination of Employment of a Participant is: (A) for Cause, or (B) the resignation of such Participant (excluding a Resignation
for Good Reason), the Call Price shall be the lesser of (x) Fair Value or (y) the Exercise Price paid by such Participant multiplied
by the number of Acquired Shares being purchased by the Company;

 

(ii)
If the Termination of Employment of a Participant is (A) a Resignation For Good Reason or (B) not for Cause, the Call Price shall
be Fair Value.

 

(b)
The Call Price for Acquired Shares issued pursuant to a Restricted Stock Award or a Stock Appreciation Right shall be determined
as set forth in the Restricted Stock Award Agreement or Stock Appreciation Right Agreement

 

Section
8.5 Mandatory Sale. If the Board of Directors and/or the holders of a majority of the outstanding shares of Common Stock approve
a Transaction with a third party, each Participant shall, upon request of the Board of Directors, consent to, raise no objection
to, and support the Transaction. If the Transaction is structured as a sale of Common Stock by the holders thereof, each Participant
holding Acquired Shares shall sell all such Acquired Shares to such buyer on the terms and conditions approved by the Board of
Directors or the holders or a majority of the outstanding shares of Common Stock. The right of first refusal provided in Section
7.2 hereof shall be inapplicable to a sale effected under this Section 8.5.

 

Section
8.6 Disloyal Acts. The Company shall have the following rights with respect to any Participant who commits a Disloyal Act:

 

(a)
If a Disloyal Act is committed by a Participant that is a holder of Acquired Shares, all Acquired Shares held by such Participant
shall be canceled upon the books and records of the Company, and the Company shall deliver to the Participant an unsecured sixty
(60) month promissory note bearing interest at the Prime Rate in effect on the Business Day which immediately precedes the date
such note is issued, in a principal amount equal to the product of the lesser of Fair Value or the Exercise Price paid by such
Participant multiplied by the number of Acquired Shares being canceled. The cancellation of such Acquired Shares
shall be effective as of the date on which the Company delivers the promissory note to the Participant in accordance with this
Subsection (a).

 

    	14

    	 

    

 

(b)
If a Disloyal Act is committed by a Participant that is a holder of a note issued by the Company pursuant to Section 8.3 hereof,
the outstanding balance of such note shall be reduced to an amount equal to the product of the lesser of Fair Value or the Exercise
Price, multiplied by the number of Acquired Shares purchased from such Participant pursuant to Section 8.3 hereof,
minus the amount of cash paid at the closing of the sale pursuant to Section 8.3 hereof, and minus the
amount all principal payments made under the such note between the date of such note and the date on which this adjustment to
the principal balance of the note is made, but in no event shall the note be reduced below zero.

 

Section
8.7 Pledging of Shares. The Company may, as a condition precedent to the issuance of any Acquired Shares pursuant to any Stock
Incentive, require a Participant to pledge any such Acquired Shares for the benefit of certain Company lenders if all other Company
shareholders have pledged their shares of Common Stock, or will pledge their shares of Common Stock, on the same terms and conditions
as the other Company shareholders.

 

Section
8.8 Delivery of Certificate. At any closing of a purchase by the Company of Acquired Shares pursuant to Section 8.2 or 8.3
hereof, a certificate representing the Acquired Shares purchased by the Company, duly endorsed for transfer to the Company, shall
be delivered by the Participant to the Company, and upon receipt of the certificate, the Company shall pay the consideration for
the Acquired Shares; provided that, if the certificate representing the Acquired Shares purchased by the Company is not delivered,
duly endorsed, to the Company at the closing, the Company may, in addition to all other remedies it may have, tender to the Participant,
at the address set forth in the stock transfer records of the Company, the purchase price for such Acquired Shares as is herein
specified, and cancel such Acquired Shares on its books and records, whereupon all of the Participant’s right, title, and
interest in and to such Acquired Shares shall terminate. The Company shall have the right to set off against, and to deduct from,
any sums payable by it in connection with the purchase of Acquired Shares, the principal amount of, and all accrued but unpaid
interest on, any indebtedness of the Participant owing to the Company on the date of the closing.

 

Section
8.9 Lockup Agreement in Public Offering. Each holder of Acquired Shares shall execute any form of “lockup agreement”
required by any managing underwriter(s) in connection with any Public Offering, provided that no holder of Acquired Shares shall
be required to sign such a lockup agreement unless all holders of Acquired Shares are also required to execute such agreements.

 

Section
8.10 Termination of Restrictions. The restrictions on transfer of Acquired Shares contained in this Section 8 shall continue
in effect until the twentieth (20th) anniversary of the date of this Plan. Any certificate issued by the Company which represents
any Acquired Shares shall contain the following legend:

 

transfer
is restricted

 

the
securities evidenced by this certificate are subject to a right of first refusal and other restrictions on transfer set forth
in amendment no 2 to THE boxlight corporation stock Incentive Plan, a copy of which is available from the company.

 

The
securities evidenced by this certificate have not been registered under the securities act of 1933, as amended, and may not be
sold, transferred, assigned, or hypothecated unless (1) there is an effective registration under such act covering such securities,
(2) the transfer is made in compliance with rule 144 promulgated under such act, or (3) the COMPANY receives an opinion of counsel,
reasonably satisfactory to the company, stating that such sale, transfer, assignment or hypothecation is exempt from the registration
requirements of such act.

 

Section
8.11 Removal of Legends. Any legend endorsed on a certificate pursuant to Section 8.10, and any stop transfer instructions
with respect to the Acquired Shares, shall be removed and the Company shall issue a certificate without such legend to the holder
thereof, if such Acquired Shares are (a) registered under the Securities Act and a prospectus meeting the requirements of Section
10 of the Securities Act is available or (b) the holder of Acquired Shares delivers an opinion of counsel acceptable to the Company
to the effect that such legend is no longer required under the Securities Act.

 

    	15

    	 

    

 

Section
9. General Provisions

 

Section
9.1. Withholding. Whenever the Company issues Acquired Shares under the Plan, or upon the vesting (partial or complete) of
any Restricted Stock Award, the Participant shall remit to the Company an amount sufficient to satisfy all federal, state, and
local withholding tax requirements, if any, prior to the delivery of any certificate or certificates for Acquired Shares or the
vesting of such Restricted Stock Award. A Participant may pay such withholding taxes in cash, or the Participant may make a Withholding
Election, provided the Committee consents to such Withholding Election. In the event the Committee does not consent to such a
Withholding Election, the Participant shall pay such withholding taxes in cash. A Participant may make a Withholding Election
only if both of the following conditions are met:

 

(a)
The Withholding Election must be made on or prior to the Tax Date by executing and delivering to the Company a properly completed
notice of Withholding Election as prescribed by the Committee; and

 

(b)
Any Withholding Election made will be irrevocable; however, the Committee may in its sole discretion disapprove and give no effect
to the Withholding Election.

 

Section
9.2. Changes in Capitalization; Merger; Liquidation.

 

(a)
The Total Reserved Shares under the Plan, and the number of Incentive Shares and the Exercise Price of each outstanding Stock
Incentive shall be proportionately adjusted for any increase or decrease in the number of issued shares of Common Stock resulting
from a subdivision or combination of shares including without limitations a split-up, a stock split or a reverse stock split of
Common Stock or the payment of a stock dividend in shares of Common Stock to holders of outstanding securities.

 

(b)
If the Company shall be the surviving corporation in any merger or consolidation, recapitalization, or reclassification of shares
of Common Stock, or similar reorganization, an appropriate adjustment shall be made to each outstanding Stock Incentive such that
the Participant shall be entitled to purchase or receive, as the case may be, the number and class of securities which a holder
of the number of shares of Common Stock equal to the number of Incentive Shares subject to such Stock Incentive at the time of
such transaction would have been entitled to receive as a result of such transaction, and, if necessary, a corresponding adjustment
shall be made in the Exercise Price of each outstanding Stock Incentive, provided however, that if the Company’s Common
Stock outstanding immediately prior to the Transaction is not exchanged for a new security, no adjustments shall be made to outstanding
Stock Incentives pursuant to this Section 8.2 as a result of the merger or reorganization.

 

(c)
In the event of any other changes in capitalization of the Company, the Committee shall make such additional adjustments in the
number and class of Incentive Shares subject to outstanding Stock Incentives, and with respect to which future Stock Incentives
may be granted as the Committee, in its sole discretion, shall deem equitable or appropriate. Any adjustment pursuant to this
Section may provide, in the Committee’s discretion, for the elimination of any fractional Incentive Shares that might otherwise
become subject to any Stock Incentive without payment therefor.

 

(d)
Except for the adjustments in Sections (a) and (b) of this Section 9.2, the holder of a Stock Incentive shall have no rights by
reason of any: subdivision or combination of shares of stock of any class, payment of any stock or cash dividend, or any other
increase or decrease in the number of shares of Common Stock, or by reason of any Transaction or distribution to the Company’s
shareholders of assets or stock of another corporation. The existence of the Plan and any Stock Incentives granted pursuant to
the Plan shall not affect in any way the right or power of the Company to make or authorize any adjustment, reclassification,
reorganization, or other change in its capital or business structure, any merger or consolidation of the Company, any issue of
debt or equity securities having preferences or priorities as to the Common Stock or the rights thereof, the dissolution or liquidation
of the Company, any sale or transfer of all or any part of its business or assets, or any other corporate act or proceeding.

 

    	16

    	 

    

 

Section
9.3. Investment Representations. As a condition precedent to the issuance of any Acquired Shares pursuant to any Stock Incentive,
the Participant receiving such Acquired Shares shall represent and agree as follows:

 

(a)
The Acquired Shares are being acquired by Participant for Participant’s own account, without the participation of any other
person, with the intent of holding the Acquired Shares for investment, and without the intent of participating, directly or indirectly,
in a distribution of the Acquired Shares, or for resale in connection with, any distribution of the Common Stock of the Company.

 

(b)
Participant is not acquiring the Acquired Shares based upon any representation, oral or written, by any person with respect to
the future value of, or income from, the Acquired Shares, but rather upon an independent examination and judgment as to the prospects
of the Company.

 

(c)
Participant understands and agrees that the Acquired Shares will be issued and sold to Participant without registration under
the Securities Act and any state law relating to the registration of securities for sale, and will be issued and sold in reliance
on the exemptions from registration under the Securities Act of 1933, provided by Sections 3(b) and/or 4(2) thereof and the rules
and regulations promulgated thereunder.

 

(d)
The Acquired Shares cannot be offered for sale, sold or transferred by Participant other than pursuant to: (A) an effective registration
under the Securities Act of 1933 or in a transaction otherwise in compliance with the Securities Act of 1933; (B) evidence satisfactory
to the Company of compliance with the applicable securities laws of other jurisdictions; and (C) compliance with all terms and
conditions of the Plan and the corresponding Stock Incentive. The Company shall be entitled to rely upon an opinion of counsel
satisfactory to it with respect to compliance with the above laws, the Plan, and any Stock Incentive.

 

(e)
The Company will be under no obligation to register the Acquired Shares, or to comply with any exemption available for sale of
the Acquired Shares, without registration or filing, and the information or conditions necessary to permit routine sales of securities
of the Company under Rule 144 of the Securities Act of 1933 are not now available, and no assurance has been given that it or
they will become available. The Company is under no obligation to act in any manner so as to make Rule 144 available with respect
to the Acquired Shares.

 

(f)
The agreements, representations, warranties, and covenants made by Participant herein extend to and apply to all Acquired Shares
issued to Participant pursuant to any Stock Incentive. Acceptance by Participant of a certificate representing Acquired Shares
shall constitute a confirmation by Participant that all such agreements, representations, warranties, and covenants made herein
shall be true and correct at that time.

 

Section
9.4. Compliance with Code. All Incentive Stock Options to be granted hereunder are intended to comply with Code Section 422,
and all provisions of the Plan and all Incentive Stock Options granted hereunder shall be construed in such manner as to effectuate
that intent.

 

Section
9.5. Set-Off. The Company shall have the right to set-off against any payment made by the Company to a Participant in connection
with any Stock Incentive, Acquired Shares, or Incentive Shares, the amount of any indebtedness, including accrued but unpaid interest,
then owed by such Participant to the Company, or reasonably believed to be owed by Participant to the Company.

 

Section
9.6. Right to Terminate Employment.

 

Nothing
in the Plan or in any Stock Incentive shall confer upon any Participant the right to continue as an employee of the Company, or
any of its Parents or Subsidiaries, or affect the right of the Company, or any of its Parents or Subsidiaries, to terminate the
Participant’s employment at any time.

 

    	17

    	 

    

 

Section
9.7. Restrictions on Delivery and Sale of Shares.

 

Each
Stock Incentive is subject to the condition that, if at any time the Committee, in its discretion, shall determine that the listing,
registration, or qualification of the shares covered by such Stock Incentive upon any securities exchange or under any state or
federal law is necessary or desirable as a condition of or in connection with the granting of such Stock Incentive or the purchase
of delivery of shares thereunder, the delivery of any or all Acquired Shares pursuant to such Stock Incentive may be withheld
unless and until such listing, registration or qualification shall have been effected.

 

Section
9.8. Shareholders Agreement. Holders of Acquired Shares may be required to execute a Joinder Agreement to the Logical Choice
of Georgia Inc., Employee Shareholders’ Agreement dated April 16, 1999.

 

Section
9.9. Plan Termination and Amendment. The Plan may be terminated, modified, or amended by the Board of Directors of the Company;
provided, however, that no such termination, modification, or amendment without the consent of the holder of a Stock Incentive
shall adversely affect the rights of a Participant under such Stock Incentive.

 

Section
9.10. Effective Date of Plan. The Plan shall become effective on the date the Plan is adopted by the Board of Directors and
is ratified by the holders of a majority of the issued and outstanding shares of voting capital stock of the Company entitled
to vote.

 

    	18

    	 

    

 

BY
ORDER OF THE BOARD OF DIRECTORS, this Plan has
been executed by the duly authorized officers of the Company as of the Effective Date.

 

	 	BOXLIGHT
    CORPORATION
	 	 	 
	 	By:	 /s/
    Michael Pope
	 	Name:
    	Michael
    Pope
	 	Title:	Chief
    Executive Officer

 

	Attest:	 
	 	 
	 /s/
    Takesha Brown	 
	Secretary	 
	 	 
	[Corporate
    Seal]	 
	 	 
	Effective
    Date Plan adopted by the Board: 7/10/2020	 
	 	 
	Effective
    Date Plan adopted by the Shareholders: 9/4/2020	 

 

    	19Exhibit
10.1

 

DATED
THE 1ST DAY OF OCTOBER 2020

 

Victory
Commercial Investment Ltd.

(Vendor)

 

and

 

SINO
PRIDE DEVELOPMENT (HK) LIMITED

(Purchaser)

 

and

 

Victory
Commercial Management Inc.

(Vendor’s
Parent)

 

 

 

SALE
AND PURCHASE AGREEMENT

relating
to

the
sale and purchase of 100% of the issued shares of

SINO
PRIDE DEVELOPMENT LIMITED

 

 

 

    	1

     

    

 

THIS
SALE AND PURCHASE AGREEMENT (“this Agreement”) is made On THE 1ST
DAY OF OCTOBER 2020

 

BETWEEN:-

 

	(1)	Victory
    Commercial Investment Ltd., a BVI Business Company incorporated in the British
    Virgin Islands with Company Number 1950856, registered office situated at Vistra Corporate Services Centre, Wickhams Cay II,
    Road Town, VG1110, British Virgin Islands (“the Vendor”);
	 	 
	(2)	SINO
    PRIDE DEVELOPMENT (HK) LIMITED, a private company limited by shares incorporated
    in Hong Kong with Company Number 2962728, registered office situated at Room 1301, 13/F., Tower A, New Mandarin Plaza, 14
    Science Museum Road, TST East, Kowloon, Hong Kong (“the Purchaser”); and
	 	 
	(3)	Victory
    Commercial Management Inc., a Nevada company with its principal executive office located at 424 Madison Ave. Suite 1002, New
    York, NY 10017 USA (“the Vendor’s Parent”)

 

WHEREAS:-

 

	(A)	The
    Company is a company incorporated in Hong Kong of which the number of issued ordinary shares is 30,000,000, with a total share
    capital of HK$30,000,000.00, and are fully paid up as at the date hereof. Details of the Company are set out in Schedule 1.
	 	 
	(B)	The
    Vendor is the registered and beneficial owner of the Sale Share.
	 	 
	(C)	The
    Vendor has agreed to sell and the Purchaser has agreed to purchase the Sale Share on the terms and conditions set out in this
    Agreement.
	 	 
	(D)	In
    consideration of the Purchaser agreeing to enter into this Agreement, the Vendor have agreed to give the Warranties, each
    subject to and upon the terms and conditions of this Agreement.

 

IT
IS HEREBY AGREED BY THE PARTIES:-

 

	1.	INTERPRETATION

 

	(A)	In
    this Agreement and the recitals hereto, unless the context otherwise requires:-

 

	“Business
    Day” 	means
    a day (other than a Saturday, Sunday and public holiday) on which banks are open for business in Hong Kong;
	 	 
	“Company”	means
    SINO PRIDE DEVELOPMENT LIMITED, details of which are set out in Schedule 1;
	 	 
	“Completion”
    	means
    the completion of the sale and purchase of the Sale Share pursuant to Clause 6(A) and where the context requires also means
    the performance by the parties of their respective obligations in accordance with the provisions of Clause 6;

 

    	2

     

    

 

	“Completion
    Date”	means
    a date mutually agreed to by the parties after all conditions are met but no later than 45 days after the date of this Agreement.
    Should such day fall on a Saturday, Sunday or a public holiday of Hong Kong, it shall mean the following day which is not
    a Saturday, Sunday or a public holiday of Hong Kong.
	 	 
	“Conditions”
    	means
    the conditions set out in Clause 2(A);
	 	 
	“Consent”	includes
    any licence, consent, approval, authorisation, permission, waiver, order, agreement, grant or exemption;
	 	 
	“HK$”
    	means
    Hong Kong dollars, the lawful currency of Hong Kong;
	 	 
	“Hong
    Kong” 	means
    the Hong Kong Special Administrative Region of the PRC;

 

	“Liability
    for Taxation”	(a)	a
                                         liability of the Company to make an actual payment in respect of any taxation;

	 	 	 
	 	(b)	the loss of
    or failure to obtain (i) any relief, allowance, credit or deduction in respect of any Taxation (“Tax Relief”),
    or (ii) any right to repayment of Taxation (“Tax Repayment”), or (iii) the setting off against any profits of
    the Company of any Tax Relief, or (iv) the setting off against any liability for Taxation mentioned in (a) above of any Tax
    Repayment; and
	 	 	 
	 	(c)	any reference
    to income, profits or gains earned, accrued or received shall include income, profits or gains deemed to have been or treated
    as or regarded as earned, accrued or received;

 

	“Material
    Adverse Change”	means
    any change (or effect), the consequence of which is to materially and adversely affect the financial position, business or
    property, results of operations, business prospects or assets of the Company as a whole;
	 	 
	“Regulatory
    Bodies”	means
    the Stock Exchange and the Securities and Futures Commission (if necessary) and U.S. Securities and Exchange Commission and
    all filings with any relevant governmental or regulatory authorities and other relevant third parties in Hong Kong, the United
    States or elsewhere which are required or appropriate for the entering into and the implementation of this Agreement;

 

    	3

     

    

 

	“Sale
    Share” 	means
    100% of the issued Shares of the Company;
	 	 
	“Share(s)”	means
    share(s) each in the capital of the Company;
	 	 
	“Stock
    Exchange” 	means
    The Stock Exchange of Hong Kong Limited and the U.S. Securities and Exchange Commission; and
	 	 
	“Tax”	means
    (a) any form of tax whenever created or imposed and whether of Hong Kong or elsewhere, payable to or imposed by any taxation
    authority and includes profits tax, provisional profits tax, interest tax, salaries tax, property tax, tax on income, corporation
    tax, advance corporation tax, national insurance and social security contributions, capital gains tax, inheritance tax, capital
    transfer tax, development land tax, customs, excise and import duties, goods and services tax, ad valorem tax, estate duty,
    capital duty, stamp duty, payroll tax and other similar liabilities or contributions and any other taxes, levies, duties,
    charges, imposts, mandatory pension fund contributions or withholdings similar to, corresponding with, or replacing or replaced
    by any of the foregoing; and (b) all charges, interest, penalties and fines, incidental or relating to any taxation falling
    within (a) above, and “Taxation” shall have the corresponding meaning;
	 	 
	“Warranties”
    	means
    the representations, warranties and undertakings on the part of the Vendor given pursuant to Clause 5 and in Schedule 2.

 

	(B)	In
    this Agreement, words importing the singular include the plural and vice versa, words importing gender or the neuter include
    both genders and the neuter and references to persons include bodies corporate or unincorporate.
	 	 
	(C)	References
    in this Agreement to statutory provisions are references to those provisions as respectively amended, extended or re-enacted
    from time to time (if and to the extent that the provisions as amended, extended or re-enacted are for the purposes hereof
    equivalent to those provisions before such amendment, extension or re-enactment) and shall include any provision of which
    there are re-enactments (if and to the extent aforesaid) and any subordinate legislation made under such provisions.
	 	 
	(D)	References
    herein to “Clauses”, “Schedules” and “Annexures” are to clauses of and schedules and annexures
    to this Agreement respectively and a reference to this Agreement includes a reference to each Schedule and to any Annexures
    hereto.
	 	 
	(E)	The
    headings in this Agreement are for convenience only and shall not affect its interpretation.
	 	 
	(F)	The
    expressions “Vendor” and the “Purchaser” shall, where the context permits, include their respective
    successors, personal representatives and permitted assigns.

 

    	4

     

    

 

	(G)	Any
    reference to a document in the “agreed form” is to a form of the relevant document which is in form and substance
    as may be approved by the Purchaser and the Vendor.

 

	2.	CONDITIONS

 

	(A)	The
    respective obligations of the parties to effect Completion shall be conditional upon the following conditions being fulfilled:-

 

	 	(i)	no
    event having occurred since the date hereof to Completion, the consequence of which is to materially and adversely affect
    the financial position, business, property, results of operations or business prospects of the Company and such material adverse
    effect shall not have been caused;
	 	 	 
	 	(ii)	the
    Warranties remaining true, accurate and correct in all material respects;
	 	 	 
	 	(iii)	all
    Consents of the Regulatory Bodies having been given or made; all waiting periods required, if any, under the laws of Hong
    Kong, United States or any other relevant jurisdictions having expired or terminated; all applicable statutory or other legal
    obligations having been complied with; and receipt by the Purchaser of all necessary Consents in respect of the transactions
    contemplated under this Agreement.

 

	(B)	The
    Vendor shall use all reasonable endeavours to ensure the fulfilment of the Conditions set out in Clauses 2(A).

 

	3.	SALE
    AND PURCHASE 

 

	(A)	Subject
    to the terms and conditions of this Agreement, the Vendor shall sell as beneficial owner and the Purchaser shall purchase
    (or procure the purchase of) the Sale Share free from all rights of pre-emption, options, liens, claims, equities, charges,
    encumbrances or third-party rights of whatsoever nature and with all rights now or hereafter becoming attached thereto (including,
    the right to receive all dividends and distributions declared, made or paid on or after the date of this Agreement).
	 	 
	(B)	The
    consideration shall be HK$1.00 in total payable in cash. The Vendor hereby acknowledges receipt of the said consideration
    at the time of executing this Agreement.

 

	4.	CONDUCT
    OF BUSINESS PRIOR TO COMPLETION

 

	(A)	The
    Vendor undertake to the Purchaser that the business of the Company will be operated in a normal and prudent basis and in the
    ordinary course of day-to-day operations and that it will not do or omit to do (or allow to be done) or to be omitted to be
    done any act or thing (in either case whether or not in the ordinary course of day-to-day operations) which is material without
    the prior written consent of the Purchaser.

 

    	5

     

    

 

	4A.	DUE
    DILIGENCE

 

	(A)	The
    Purchaser has carried out a legal, financial and technical due diligence review and investigation on the assets, liabilities,
    financial position, business, operations and affairs and the structure of the Company. Without prejudice and subject to Clauses
    3 and 5, the Purchaser hereby confirms:

 

	 	(i)	it
    is fully satisfied with the results of such due diligence review and investigation;
	 	 	 
	 	(ii)	it
    fully accepts the status quo of the assets, liabilities, financial position, business, operations and affairs and the structure
    of the Company; and
	 	 	 
	 	(iii)	its
    intention to purchase the Sale Share on the terms and conditions set out in this Agreement.

 

	5.	REPRESENTATIONS,
    WARRANTIES AND UNDERTAKINGS

 

	(A)	The
    Vendor hereby represent, warrant and undertake to the Purchaser as at the date of this Agreement and the date of Completion
    in the terms set out in Schedule 2 and acknowledge that the Purchaser in entering into this Agreement is relying on such representations,
    warranties and undertakings and the Purchaser shall be entitled to treat the same as conditions of this Agreement.
	 	 
	(B)	Insofar
    as the Warranties relate in whole or in part to material matters of fact they shall constitute representations upon which
    the Purchaser has entered into this Agreement and each of the Warranties (save as expressly provided to the contrary) shall
    not be limited or restricted by reference to or inference from the terms of any other Warranties or any other term of this
    Agreement.
	 	 
	(C)	In
    addition to the Purchaser’s right to damages or any other right at common law in respect of any breach of the Warranties,
    the Vendor undertake with the Purchaser to hold the Purchaser indemnified against any loss or liability suffered by the Purchaser
    as a result of or in connection with any breach of any of the Warranties and in respect of any depletion in the assets of
    the Company occasioned or suffered in connection therewith or with the rectifying of any breach of the Warranties together
    with all costs, charges, interest, penalties and expenses incidental or relating thereto properly incurred.
	 	 
	(D)	The
    Vendor undertakes to timely notify the Purchaser in writing of any matter or thing of which they become aware which is or
    may be a material breach of or materially inconsistent with any of the Warranties before Completion.
	 	 
	(E)	The
    Vendor waives any and all claims which they might otherwise have against the Company in respect of the completeness or accuracy
    of any information supplied, or of any failure to supply information, by or on behalf of the Company or any director or employee
    thereof to the Vendor or any of their advisers in connection with this Agreement or otherwise.

 

    	6

     

    

 

	(F)	The
    Vendor shall not do, allow or procure any act or permit any omission by the Company before Completion which would constitute
    a breach of any of the Warranties in any material respect if they were given at the time of such act or omission or at Completion
    or which would make any of the Warranties inaccurate or misleading in any material respect if they were so given. The Vendor
    undertake to disclose to the Purchaser in writing any matter occurring prior to Completion which constitutes or may lead to
    a breach of or is inconsistent with any of the Warranties in any material respect or which may render any of the Warranties
    inaccurate or misleading in any material respect (or which would constitute a breach of or be inconsistent with any of the
    Warranties in any material respect , or renders any of them inaccurate or misleading in any material respect, if the Warranties
    were given at the time of such occurrence) immediately upon becoming aware of the same.
	 	 
	(G)	Where
    a Warranty is made or given “so far as the Vendor are aware”, such Warranty shall be deemed to be given to the
    knowledge, information and belief of the Vendor after making due and careful enquiries before giving such Warranty of the
    appropriate directors, employees and professional advisers to confirm the accuracy of each Warranty so given and having used
    all their reasonable endeavours to ensure that the matters so warranted by them are true and accurate in all respects.
	 	 
	(H)	If
    it is found on or prior to Completion that any of the Warranties is in any material respect untrue, incorrect or unfulfilled
    or if the Purchaser becomes aware of the occurrence of a Material Adverse Change (or its effect), the Purchaser shall be entitled
    by notice in writing to the Vendor to rescind this Agreement but (i) the failure by the Purchaser to exercise this right of
    rescission shall not constitute a waiver of any other rights of the Purchaser arising by reason of any breach of any of the
    Warranties and (ii) exercise of such right shall be without prejudice to any other rights and remedies the Purchaser may have
    hereunder.
	 	 
	(I)	The
    Vendor undertakes with the Purchaser to hold the Purchaser at all times indemnified against any Liability for Taxation which
    has arisen or may arise (or is deemed to have arisen) wholly or partly in respect of or in consequence of any event occurring
    or any income, profits or gains earned, accrued or received by the Company on or before the Completion Date, whether or not
    such taxation is chargeable against or attributable to any other person and against any costs, fees or expenses incurred in
    investigating, assessing or contesting that liability.

 

	6.	COMPLETION

 

	(A)	Subject
    to satisfaction of all the Conditions in full (save for any Condition the full compliance or satisfaction of which has been
    waived by the Purchaser) and the Purchaser’s rights under this Agreement, Completion shall take place on the Completion
    Date at such place and time as shall be mutually agreed by the parties hereto (time being of the essence) when all (but not
    part only) of the following businesses shall be transacted:-

 

	 	(i)	the
    Vendor shall deliver to the Purchaser or his nominee:

 

	 	(a)	instruments
    of transfer and sold notes in respect of the Sale Share duly executed on its behalf in favour of the Purchaser (or its nominee(s))
    accompanied by the relevant certificate for the Sale Share;
	 	 	 
	 	(b)	certified
    true copies of any powers of attorney or other authorities (if any) under which the instruments of transfer and bought and
    sold notes in respect of the Sale Share have been executed; 

 

    	7

     

    

 

	 	(c)	such
    other documents, if any, as may reasonably be required to give to the Purchaser and/or his nominee(s) good title to the Sale
    Share and to enable the Purchaser and/or his nominee(s) to become the registered holder(s) thereof;
	 	 	 
	 	(d)	business
    licence, minutes, books, other statutory books and records, constitutive documents, common seal and company chops of the Company,
    all accounts books and all documents and papers in connection with its affairs and all documents of title to its assets in
    so far as not already delivered to the Purchaser, including without limitation, all returns and correspondences of the Company
    with the relevant government departments;
	 	 	 
	 	(e)	such
    other documents as may be reasonably requested by the Purchaser in order to complete the transaction contemplated by this
    Agreement.
	 	 	 
	 	(f)	duly
    signed minutes of board meeting of the Company at which the transfer of the Sale Share to the Purchaser be approved and any
    director be authorized to register the Purchaser as a member of the Company and to issue share certificate evidencing the
    same; 
	 	 	 
	 	(g)	duly
    signed minutes of board meeting of the Company at which this Agreement and the transactions contemplated thereunder be approved;

 

	 	(ii)	the
    Vendor’s Parent shall deliver to the Purchaser or his nominee:

 

	 	(a)	duly
    signed minutes of the board meeting of the Vendor’s Parent at which this Agreement and the transactions contemplated
    thereunder be approved; and
	 	 	 
	 	(b)	duly
    signed shareholder resolution of the Vendor’s Parent at which this Agreement and the transactions contemplated thereunder
    be approved.

 

	(B)	The
    Purchaser shall not be obliged to complete this Agreement or perform any obligations hereunder unless the Vendor complies
    fully with the requirements of Clause 6(A). Without prejudice to any other remedies which may be available to the Purchaser
    hereunder, if any provision of this Clause 6 is not complied with by the Vendor on the Completion Date, the Purchaser may:-

 

	 	(i)	defer
    Completion to a date falling not more than 28 days after the original Completion Date (and the provisions of this Clause 6
    shall apply to the deferred Completion) provided that, time shall be of the essence as regards the deferred Completion and
    if Completion is not effected on such deferred date, the Purchaser may rescind this Agreement and claim damages from the Vendor;
    or
	 	 	 
	 	(ii)	proceed
    to Completion so far as practicable (but without prejudice to the Purchaser’s rights hereunder) insofar as the Vendor
    shall not have complied with its obligations hereunder; or

 

    	8

     

    

 

	 	(iii)	treat
    this Agreement as terminated for breach by the Vendor of a condition of this Agreement.

 

	7.	CONFIDENTIALITY
    AND ANNOUNCEMENTS

 

	(A)	Any
    party to this Agreement shall, and shall procure its associates and advisers, treat in confidence all non-public information
    regarding the matters disclosed in this Agreement (“Confidential Material”) subject to disclosure required by
    law or regulation. For the avoidance of doubt, the non-public information referred to herein does not include (i) any information
    that is in, or has, after the disclosure to or acquisition by such party, entered the public domain, or (ii) any information
    that is properly and lawfully in possession of such party prior to the time that it is disclosed hereunder.
	 	 
	(B)	No
    public announcement or communication of any kind shall be made in respect of the subject matter of this Agreement unless specifically
    agreed by the Purchaser or unless an announcement is required pursuant to relevant law or the requirements of the Stock Exchange.

 

	8.	NOTICES

 

	(A)	Each
    notice, demand or other communication given or made under this Agreement shall be in writing and delivered or sent by post
    or by email to the relevant party at its address or email address set out below (or such other address or email address as
    the addressee has by three (3) days’ prior written notice specified to the other parties):-

 

	 	To
    Vendor :	Room
    1301, 13/F., Tower A, New Mandarin Plaza, 14 Science Museum Road, TST East, Kowloon, Hong Kong
	 	Attention:	Ying
    Hua Liu
	 	Email
    address:	yinghua.liu@victoryglobalgroup.com
	 	 	 
	 	To
    Purchaser :	Room
    1301, 13/F., Tower A, New Mandarin Plaza, 14 Science Museum Road, TST East, Kowloon, Hong Kong
	 	Attention: 	Ms.
    Chloe Kan
	 	Email
    address:	info@sino-pride.com
	 	 	 
	 	To
    Vendor’s Parent:	424
    Madison Ave. Suite 1002, New York, NY 10017
	 	Attention:	Alex
    Brown
	 	Email
    address:	alex@victoryglobalgroup.com

 

	(B)	Any
    notice, demand or other communication so addressed to the relevant party shall be deemed to have been delivered (a) if given
    or made by letter shall be deemed received three (3) Business Days after the date of despatch; and (b) if given or made by
    email, when despatched.

 

    	9

     

    

 

	9.	MISCELLANEOUS

 

	(A)	All
    provisions of this Agreement shall so far as they are capable of being performed or observed continue in full force and effect
    notwithstanding Completion except in respect of those matters then already performed.
	 	 
	(B)	If
    at any time one or more provisions hereof is or becomes invalid, illegal, unenforceable or incapable of performance in any
    respect under the laws of any relevant jurisdiction, the validity, legality, enforceability or performance in that jurisdiction
    of the remaining provisions hereof or the validity, legality, enforceability or performance under the laws of any other relevant
    jurisdiction of these or any other provisions hereof shall not thereby in any way be affected or impaired.
	 	 
	(C)	Time
    shall be of the essence of this Agreement, both as regards the dates and periods specifically mentioned and as to any dates
    and periods which may, by agreement in writing between the parties hereto, be substituted therefor.
	 	 
	(D)	Each
    party shall bear its own legal and professional fees, costs and expenses incurred in connection with this Agreement.
	 	 
	(E)	This
    Agreement shall be binding on and shall ensure for the benefit of the successors and assigns of the parties hereto but shall
    not be capable of being assigned by the parties hereto without the prior written consent of the other.
	 	 
	(F)	This
    Agreement sets forth the entire agreement and understanding between the parties or any of them in relation to the sale and
    purchase of the Sale Share and the transactions contemplated by this Agreement and supersedes and cancels in all respects
    all previous agreements, letters of intent, correspondence, understandings, agreements and undertakings (if any) between the
    parties hereto with respect to the subject matter hereof, whether such be written or oral.
	 	 
	(G)	This
    Agreement may be signed in any number of counterparts, all of which taken together shall constitute one and the same instrument.
    Any party may enter into this Agreement by signing any such counterpart.
	 	 
	(H)	The
    parties shall do and execute or procure to be done and executed all such further acts, deeds, things and documents as may
    be necessary to give effect to the terms of this Agreement.
	 	 
	(I)	No
    waiver by any parties of this Agreement of any breach by any other party of any provision hereof shall be deemed to be a waiver
    of any subsequent breach of that or any other provision hereof and any forbearance or delay by the relevant party in exercising
    any of its rights hereunder shall not be constitute as a waiver thereof.

 

	10.	GOVERNING
    LAW AND JURISDICTION

 

	(A)	This
    Agreement is governed by and shall be construed in accordance with the laws of Hong Kong and the parties hereto hereby submit
    to the non-exclusive jurisdiction of the courts of Hong Kong in connection herewith.

 

[The
remainder of this page is intentionally left blank]

 

    	10

     

    

 

SCHEDULE
1

 

THE
COMPANY

 

	Name	:	SINO
    PRIDE DEVELOPMENT LIMITED
	 	 	 
	Company
    Number	:	0253599
	 	 	 
	Place
    of incorporation	:	Hong
    Kong
	 	 	 
	Date
    of incorporation	:	26
    May 1989
	 	 	 
	Registered
    office	:	Room
    1301, 13/F., Tower A, New Mandarin Plaza, 14 Science Museum Road, TST East, Kowloon, Hong Kong
	 	 	 
	Issued
    shares	:	30,000,000
	 	 	 
	Share
    capital	:	HK$30,000,000.00
	 	 	 
	Shareholder	:	Victory
    Commercial Investment Ltd.
	 	 	 
	Director	:	Alex
    Brown

 

[The
remainder of this page is intentionally left blank]

 

    	11

     

    

 

SCHEDULE
2

 

THE
WARRANTIES

 

The
Vendor hereby represents and warrants to the Purchaser that all representations and statements of fact set out in this Schedule
2 or otherwise contained in this Agreement are and will be true and accurate in all material respects as at the date hereof and
as at Completion.

 

	1.	Compliance
    with Legal Requirements and General Information

 

	(A)	All
    corporate or other documents of the Company required to be filed or registered with the Regulatory Bodies have been duly filed
    as appropriate.
	 	 
	(B)	The
    statutory books and minute books of the Company have been properly written up.
	 	 
	(C)	The
    Vendor has full power to enter into this Agreement and to exercise their rights and perform their obligations hereunder and
    this Agreement will, when executed by the Vendor, be a legal, valid and binding agreement on them and enforceable in accordance
    with the terms hereof.

 

	2.	Shares
    and Options
	 	 
	(A)	There
    is no option, right to acquire, mortgage, charge, pledge, lien or other form of security or encumbrance on, over or affecting
    any part of the issued or unissued share capital of the Company and there is no agreement or commitment to give or create
    any of the foregoing and no claim has been made by any person to be entitled to any of the foregoing which has not been waived
    in its entirety or satisfied in full.

 

	3.	Litigation
	 	 
	(A)	The
    Company is not a party to any material litigation or arbitration proceedings or to any material disputes and no material litigation
    or arbitration proceedings are, to the Vendor’s knowledge, threatened or pending either by or against the Company and
    there are no facts known to the Vendor (having made all due enquiry) which might give rise to any such proceeding or to any
    dispute or to any payment otherwise than in the ordinary course of business and there are no unfulfilled or unsatisfied judgment
    or court orders against the Company.

 

	4.	Insolvency
	 	 
	(A)	No
    order has been made or resolution passed for the winding up of the Company and there is not outstanding:-

 

	 	(i)	any
    petition or order for the winding up of the Company;
	 	 	 
	 	(ii)	any
    receivership of the whole or any part of the undertaking or assets of the Company;
	 	 	 
	 	(iii)	any
    petition or order for the administration of the Company; or
	 	 	 
	 	(iv)	any
    voluntary arrangement between the Company and any of its creditors.

 

    	12

     

    

 

IN
WITNESS whereof the parties hereto have executed this Agreement the day and year first before written.

 

	SIGNED
    by Alex Brown, director	)
    /s/ Alex Brown
	for
    and on behalf of the Vendor	)
	Victory
    Commercial Investment Ltd.	)
	in
    the presence of:-	)
	 	)
	 	)

 

	SIGNED
    by Chen Fa, director	)
    /s/ Chen Fa
	for
    and on behalf of the Purchaser	)
	SINO
                                         PRIDE DEVELOPMENT

        (HK)
        LIMITED
	)

        )

	in
    the presence of:-	)
	 	)
	 	)

 

	SIGNED
    by Alex Brown, director	)
    /s/ Alex Brown
	for
    and on behalf of the Vendor’s Parent	)
	Victory
    Commercial Management Inc.	)
	in
    the presence of:-	)
	 	)
	 	)

 

    	13

     

    

 

DATED
THE 1ST DAY OF OCTOBER 2020

 

Victory
Commercial Investment Ltd.

(Vendor)

 

and

 

SINO
PRIDE DEVELOPMENT (HK) LIMITED

(Purchaser)

 

and

 

Victory
Commercial Management Inc.

(Vendor’s
Parent)

 

 

 

SALE
AND PURCHASE AGREEMENT

relating
to

the
sale and purchase of 100% of the issued shares of

SINO
PRIDE DEVELOPMENT LIMITED

 

 

 

C.
L. CHOW & MACKSION CHAN

21st
Floor, Tesbury Centre,

28
Queen’s Road East,

Hong
Kong

Tel.
No. : 2877 3318 / 2810 7979

Fax
No. : 2877 2620 / 2845 2189

Ref.
No. : JD/GE/45744/20

 

    	14

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