Document:

EX-10.1

 Exhibit 10.1 

AMENDMENT TO 
 AMENDED
AND RESTATED LOAN AND SECURITY AGREEMENT 
 November 9, 2021 

 

							
	PARTIES:	  	Borrowers:	  	Amyris, Inc., a Delaware corporation (“Parent”), Amyris Fuels, LLC, a Delaware limited liability company, Amyris Clean Beauty, Inc., a Delaware corporation, and AB Technologies LLC, a Delaware limited
liability company
			
		  	Lender:	  	Foris Ventures, LLC (“Foris”)

 RECITALS 

A. Foris is the administrative agent and lender pursuant to that certain Amended and Restated Loan and Security Agreement, dated as of
October 28, 2019 (as such Amended and Restated Loan and Security Agreement may from time to time be amended, modified or supplemented in accordance with its terms, the “Loan Agreement”). 

B. Parent has requested that Foris agree to modify certain terms of the Loan Agreement and to provide certain other accommodations to the
Borrowers. 
 D. Foris has agreed to modify the Loan Agreement on the terms set forth in this Amendment (“Amendment”). 

E. Capitalized terms used but not defined herein have the meaning given to such terms in the Loan Agreement. 

AGREEMENT 
 For good and
valuable consideration, the receipt and sufficient of which are hereby acknowledged, the Borrowers and Foris agree as follows: 
 SECTION 1.
Amendment to Loan Agreement. With effect from the Effective Date, the Loan Agreement is modified as follows: 
 1.1. adding the
following definitions to Section 1.1 in alphabetical order: 
 “Offering Memorandum” means the
offering memorandum of the Parent dated on or about November 9, 2021 relating to the Permitted Convertible Indebtedness and substantially in the form of the Preliminary Offering Memorandum (but including pricing terms (which may include, for
the avoidance of doubt, an increase to the size of the offering)). 

 “Permitted Bond Hedge Transaction” means any capped call option (or
substantively equivalent derivative transaction) relating to the Parent’s common stock purchased by the Parent in connection with (and with the proceeds of) the issuance of the Permitted Convertible Indebtedness provided that the terms,
conditions and covenants of such transactions shall be consistent in all material respects with the form provided to counsel to Foris prior to the date of the Offering Memorandum (other than pricing terms). 

“Permitted Convertible Indebtedness” means unsecured Indebtedness of the Parent issued on or prior to November 30, 2021,
on substantially the terms set out in the Offering Memorandum. 
 “Preliminary Offering Memorandum” means the preliminary
offering memorandum of the Parent dated on or about November 8, 2021 relating to the Permitted Convertible Indebtedness. 
 1.2.
amending the definition of Permitted Indebtedness by adding the following at the end of that definition: 
 (xvi) Permitted Convertible
Indebtedness in an aggregate principal amount not to exceed such amount as may be approved by the Pricing Committee of the Board of Directors of Parent, provided that with effect from the date falling ten Business Days from the date of the Offering
Memorandum, Indebtedness which is (A) permitted under clauses (x), (xiv) and (xv) of this definition, and (B) outstanding at the date of the Offering Memorandum in favor of Gingko Bioworks, Inc., Naxyris S.A and Nikko Chemicals Co.
Ltd, will in each case no longer be Permitted Indebtedness. 
 1.3. adding the following clause to the definition of Permitted Investment:

 , and (xv) to the extent constituting Investments, Permitted Convertible Indebtedness and any Permitted Bond Hedge Transaction. 

1.4. adding the following at the end of the definition of Permitted Lien: 

, provided that with effect from the date falling ten Business Days from the date of the Offering Memorandum, Liens which are
(A) permitted under clauses (xv), (xvi) and (xvii) of this definition, and (B) outstanding at the date of the Offering Memorandum in favor of Gingko Bioworks, Inc., Naxyris S.A and Nikko Chemicals Co. Ltd, will in each case no longer
be Permitted Liens. 

  
 2 

 1.5. adding the following clause to the definition of Permitted Transfer: 

, (vii) any disposition of Common Stock in connection with Permitted Convertible Indebtedness and any Permitted Bond Hedge Transaction in each
case in accordance with the terms of the Offering Memorandum and of any Permitted Bond Hedge Transaction, and (viii) any unwinding or termination of any Permitted Bond Hedge Transaction in accordance with the terms thereof which does not
constitute an Event of Default. 
 1.6. adding the following at the end of Section 2.6(b): 

Notwithstanding the foregoing, no prepayment shall be required under this Section 2.6(b) from the proceeds of any
Permitted Convertible Indebtedness. 
 1.7. replacing Section 7.4 with: 

Indebtedness; Amendments to Indebtedness. The Borrowers shall not and shall not permit any Subsidiary to: (a) create, incur,
assume, guarantee or be or remain liable with respect to any Indebtedness, other than Permitted Indebtedness; (b) pay any principal or interest on any Indebtedness other than on Permitted Indebtedness in accordance with the terms of such
Indebtedness while the Secured Obligations are outstanding without the prior written consent of the Lender, except that the Borrowers may prepay Indebtedness that is outstanding on the date hereof with the proceeds of the sale of Permitted
Convertible Indebtedness and (without limiting the foregoing) may pay Permitted Convertible Indebtedness in accordance with clause (c); (c) make any cash payment or prepayment of principal of, premium, if any, or cash redemption, purchase,
retirement, defeasance, sinking fund, settlement, conversion or similar cash payment (each a “Payment”) with respect to any Permitted Convertible Indebtedness not expressly required pursuant to the terms of the agreements governing
such Permitted Convertible Indebtedness except for settlement of conversions by payment in cash up to the principal amount of any Permitted Convertible Indebtedness being converted and/or in lieu of fractional shares, in accordance with the terms
described in the Offering Memorandum, and (d) other than to amend or modify this Agreement or any of the Loan Documents, amend or modify any documents or notes evidencing any Indebtedness (including any documents entered into evidencing the
terms of the Offering Memorandum), in each case in any manner which imposes materially more burdensome terms upon any Borrower or its Subsidiaries than exist with respect to such Indebtedness or arrangements prior to such amendment or modification
without the prior written consent of the Lender. 
 1.8. replacing Section 7.7(a) with: 

(a) repurchase or redeem any class of stock or other equity interest other than pursuant to (1) employee, director or consultant
repurchase plans or other similar agreements, provided, however, in each case the repurchase or redemption price does not exceed the original consideration paid for such stock or equity interest, or (2) any Permitted Bond Hedge Transaction in
accordance with the terms thereof” 

  
 3 

 1.9. adding the following to the end of Section 7.7: 

For the avoidance of doubt, any Indebtedness arising under Permitted Convertible Indebtedness shall not constitute a class of stock or other
equity interest but any stock of the Parent issued in relation to such Permitted Convertible Indebtedness shall constitute a class of stock or other equity interest upon issuance. 

1.10. adding the following at the end of Section 7.26, “other than any Permitted Bond Hedge Transaction.”

 1.11. replacing Section 8.6 with: 

Other Obligations. Any of (a) the occurrence of any default or breach under any agreement or obligation of any Borrower involving
any Indebtedness in excess of $500,000, or (b) receipt of written notice of the occurrence of any default or breach under any other agreement or obligation of any Borrower with annual payments or receipts in excess of $500,000, which, in the
case of such default or breach, is not cured within any applicable grace or cure period or (c) the occurrence of a fundamental change or an event of default (as those terms are defined in the Offering Memorandum) which, in the case of such
default or breach, is not cured within any applicable grace or cure period, or (d) an event of default under the terms of any Permitted Bond Hedge Transaction which is not cured within any applicable grace or cure period. 

SECTION 2. Acknowledgments. 

2.1. The Borrowers hereby acknowledge, confirm, and agree that all Secured Obligations, together with any interest accrued and accruing
thereon, and all fees, costs, expenses, and other charges now or hereafter payable to Foris, in each case in accordance with the terms of the Loan Documents, are unconditionally owing by the Borrowers, without offset, defense, or counterclaim of any
kind, nature, or description whatsoever. 
 2.2. Each Borrower does hereby reaffirm the Loan Agreement and other Loan Documents to which it
is a party, and ratifies the Loan Agreement and such other Loan Documents to which it is a party, as amended, modified, and supplemented. Each Borrower does hereby ratify, affirm, reaffirm, acknowledge, confirm and agree that (a) the
prior grant or grants of Liens and guarantees in favor of Agent for the benefit of Agent and Lender in its properties and assets, whether under the Loan Agreement or under any Loan Document to which each Borrower is a party, shall also be for the
benefit of Foris and in respect of the Secured Obligations under the Loan Agreement and the other Loan Documents; (b) all of its obligations owing to Foris under the Loan Agreement and the other Loan Documents, and all prior grants of Liens and
guarantees in favor of Agent for the benefit of Lender under the Loan Agreement and each other Loan Document are hereby reaffirmed; and (c) the Loan Agreement and other Loan Documents to which each Borrower is a party are the legal, valid and
binding obligations of each Borrower and are enforceable against each Borrower in accordance with their respective terms, except as enforceability may be limited by applicable equitable principles or by bankruptcy, insolvency, reorganization,
moratorium or other similar laws affecting creditors’ rights generally. 

  
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 SECTION 3. [RESERVED] 

SECTION 4. Representations and Warranties. 

4.1. Each Borrower hereby represents, warrants and covenants that: 

(a) the Loan Documents as modified herein and in any Loan Documents executed concurrently herewith are the legal, valid, and binding
obligation of Borrower, enforceable against such Borrower in accordance with their terms, except as such enforceability may be limited by bankruptcy, insolvency, moratorium, reorganization, or similar laws or by equitable principals of general
application; 
 (b) the execution, delivery, and performance of this Amendment by such Borrower will not violate any requirement of law or
contractual obligation of such Borrower where any such violation could individually or in the aggregate reasonably be expected to have a Material Adverse Effect and will not result in, or require, the creation or imposition of any Lien on any of
their properties or revenues (other than a Lien of Foris or Permitted Liens); 
 (c) it understands fully the terms of this Amendment
and the consequences of the execution and delivery of this Amendment, it has been afforded an opportunity to discuss this Amendment with, and have this Amendment reviewed by, such attorneys and other persons as such Borrower may wish, and
it has entered into this Amendment and executed and delivered all documents in connection herewith of its own free will and accord and without threat, duress, or other coercion of any kind by any Person; and 

(d) as of the Effective Date, such Borrower is not aware of any Event of Default that has not been previously disclosed to Foris. 

SECTION 5. Release. 
 5.1.
In consideration of the agreements of Foris set forth herein, each Borrower hereby releases, remises, acquits and forever discharges Foris and Foris’ employees, agents, representatives, consultants, attorneys, fiduciaries, servants, officers,
directors, partners, predecessors, successors and assigns, subsidiary corporations, parent corporation, and related corporate divisions (all of the foregoing hereinafter called the “Released Parties”), from any and all action and
causes of action, judgments, executions, suits, debts, claims, demands, liabilities, obligations, damages and expenses of any and every character, known or unknown, direct and/or indirect, at law or in equity, of whatsoever kind or nature, whether
heretofore or hereafter arising, for or because of any matter or things done, omitted or suffered to be done by any of the Released Parties prior to and including the date of execution hereof, and in any way directly or indirectly arising out of or
in any way connected to this Amendment, the Loan Agreement and the other Loan Documents (all of the foregoing hereinafter called the “Released Matters”). Each Borrower acknowledges that the agreements in this section are intended to
be in full satisfaction of all or any alleged injuries or damages arising in connection with the Released Matters. Each Borrower represents and warrants to Foris that it has not purported to transfer, assign or otherwise convey any right, title or
interest of such Borrower in any Released Matter to any other Person and that the foregoing constitutes a full and complete release of all Released Matters. 

  
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 5.2. Each Borrower understands, acknowledges, and agrees that the release set forth above
may be pleaded as a full and complete defense to any Released Matter and may be used as a basis for an injunction against any action, suit, or other proceeding which may be instituted, prosecuted, or attempted in breach of the provisions of such
release. 
 5.3. Each Borrower agrees that no fact, event, circumstance, evidence, or transaction which could now be asserted or which may
hereafter be discovered will affect in any manner the final, absolute, and unconditional nature of the release set forth above. 
 5.4. In
furtherance hereof, each Borrower expressly acknowledges and waives any and all rights under Section 1542 of the California Civil Code, which provides as follows: 

“A general release does not extend to claims that the creditor or releasing party does not know or suspect to exist in his or her favor at
the time of executing the release and that, if known by him or her, would have materially affected his or her settlement with the debtor or released party.” 

By entering into this Amendment, each Borrower recognizes that no facts or representations are ever absolutely certain and it may hereafter discover facts in
addition to or different from those which it presently knows or believes to be true, but that it is the intention of such Borrower hereby to fully, finally and forever settle and release all matters, disputes and differences, known or unknown,
suspected or unsuspected; accordingly, if such Borrower should subsequently discover that any fact that it relied upon in entering into this Amendment was untrue, or that any understanding of the facts was incorrect, such Borrower shall not be
entitled to set aside this Amendment or any release contained herein by reason thereof, regardless of any claim of mistake of fact or law or any other circumstances whatsoever. Each Borrower acknowledges that it is not relying upon and has not
relied upon any representation or statement made by Foris with respect to the facts underlying this Amendment or with regard to any of such party’s rights or asserted rights. 

The release set forth in this Amendment may be pleaded as a full and complete defense and/or as a cross-complaint or counterclaim against any action, suit, or
other proceeding that may be instituted, prosecuted or attempted in breach of this release. Each Borrower acknowledges that the release contained in this Amendment constitutes a material inducement to Foris to enter into this Amendment and that
Foris would not have done so but for Foris’ expectation that such release is valid and enforceable in all events. 
 5.5. Each Borrower
hereby absolutely, unconditionally and irrevocably covenants and agrees with and in favor of each Released Party that it will not sue (at law, in equity, in any regulatory proceeding, or otherwise) any Released Party on the basis of any Released
Matter released, remised, and discharged by such Borrower pursuant to Section 5.1 hereof. If any Borrower violates the foregoing covenant, such Borrower, for itself and its successors and assigns, and its present and former
members, managers, shareholders, affiliates, subsidiaries, divisions, predecessors, directors, officers, attorneys, employees, agents, legal representatives, and other representatives, agrees to pay, in addition to such other damages as any Released
Party may sustain as a result of such violation, all attorneys’ fees and costs incurred by any Released Party as a result of such violation. 

  
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 SECTION 6. Conditions. 

6.1 This Amendment will take effect on the date (the “Effective Date”) on which Foris receives the following documents and other
evidence, each in form and substance satisfactory to Foris: 
 6.1.1. this Amendment, signed by all the Borrowers. 

6.1.2. a draft, form of capped call option (or substantively equivalent derivative transaction) relating to the Parent’s common stock
purchased by the Parent; 
 6.1.3. the preliminary offering memorandum of the Parent dated on or about November 8, 2021; and 

6.1.4. evidence that the offering described in the preliminary offering memorandum of the Parent dated on or about November 8, 2021 has
been announced. 
 7. Additional Covenants The Parent agrees that it will provide the following documents and other evidence to Foris on or
before the dates set out in this Section 7 and agrees that non-compliance with this Section 6.2 will be an Event of Default under
Section 8.2 of the Loan Agreement: 
 6.2.1 within two Business Days of the Effective Date: 

(a) the offering memorandum of the Parent dated on or about November 9, 2021, substantially in the form of the document provided under
Section 6.1.3 (but including pricing terms (which may include, for the avoidance of doubt, an increase to the size of the offering)); 

(b) the capped call options (or substantively equivalent derivative transactions) relating to the Parent’s common stock purchased by the
Parent on or about November 9, 2021, substantially in the form of the document provided under Section 6.1.2 (but including pricing terms and any customary counterparty-specific “boilerplate” provisions as
reasonably determined by the Parent in good faith). 
 SECTION 8. Miscellaneous. 

8.1. The Loan Documents as modified herein and in each of the Loan Documents executed concurrently herewith contain the entire understanding
and agreement of each Borrower and Foris in respect of the Loan and supersede all prior representations, warranties, agreements, arrangements, and understandings with respect thereto. No provision of the Loan Documents as modified herein and in each
of the Loan Documents executed concurrently herewith may be changed, discharged, supplemented, terminated, or waived except in a writing signed by Foris and the Borrowers. The Borrowers and Foris agree that this Amendment is a Loan Document. 

  
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 8.2. Except as specifically provided in this Amendment, no implied consent involving any of
the matters set forth in this Amendment or otherwise shall be inferred or implied by Foris’ execution of this Amendment or any other action of Lender. Foris’ execution of this Amendment shall not constitute a waiver, either express or
implied, of the requirement that any waiver with respect to or further modification of the Loan or of the Loan Documents shall require the express written approval of Foris, as further set forth in the Loan Documents. Foris’ execution of this
Amendment shall not constitute a waiver of any of the rights and remedies that Foris may have against Borrower, or of any of Foris’ rights and remedies arising out of the Loan Documents as modified herein and such rights and remedies are hereby
expressly reserved. 
 8.3. This Amendment shall be governed by the laws of the State of California, excluding conflict of laws principles
that would cause the application of laws of any other jurisdiction. 
 8.4. The Loan Documents as modified herein are binding upon, and inure
to the benefit of, the Borrowers and Foris and their respective successors and assigns. 
 8.5. This Amendment may be executed in one or more
counterparts, each of which is deemed an original and all of which together constitute one and the same document. Signature pages may be detached from the counterparts and attached to a single copy of this Amendment to physically form one document.

 8.6. All reasonable and documented out-of-pocket expenses
and costs of Foris (including, without limitation, the reasonable and documented attorney fees of counsel for Foris and expenses of counsel for Foris) in connection with the preparation, negotiation, execution and approval of this Amendment and any
and all other documents, instruments and things contemplated hereby, whether or not such transactions are consummated, together with all other reasonable and documented expenses and costs incurred by Foris are Secured Obligations chargeable to the
Borrowers pursuant to the terms of the Loan Agreement. 
 8.7. At Borrower’s expense, the parties hereto will execute and deliver such
additional documents and take such further action as may be necessary or reasonably requested by Foris to effectuate the provisions and purposes of this Amendment, including providing evidence of the discharge of Indebtedness and Liens in accordance
with the terms of the Loan Agreement. 
 8.8. This Amendment will be binding upon and inure to the benefit of each of the parties hereto and
their respective successors and assigns. No Person other than the parties hereto, and in the case of Section 5 hereof, the Released Parties, shall have any rights hereunder or be entitled to rely on this Amendment and all
third-party beneficiary rights (other than the rights of the Released Parties under Section 5 hereof) are hereby expressly disclaimed. 

8.9. Any provision of this Amendment held by a court of competent jurisdiction to be invalid or unenforceable will not impair or invalidate the
remainder of this Amendment. 
 8.10. The parties hereto acknowledge and agree that no inference in favor of, or against, any party will be
drawn from the fact that such party has drafted any portion of this Amendment, the Loan Agreement, or any other Loan Document, as each may be amended. 

  
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 8.11. If Foris is, for any reason, compelled by a court or other tribunal of competent
jurisdiction to surrender or disgorge any payment, interest, or other consideration described hereunder to any person because the same is determined to be void or voidable as a preference, fraudulent conveyance, impermissible set-off or for any other reason, such indebtedness or part thereof intended to be satisfied by virtue of such payment, interest, or other consideration will be revived and continue as if such payment, interest, or
other consideration had not been received by Foris, and the Borrowers will be liable to, and will indemnify, defend, and hold Foris harmless for, the amount of such payment or interest surrendered or disgorged. The provisions of this section will
survive repayment of the Secured Obligations or any termination of the Loan Agreement or any other Loan Document. 
 8.12. The Borrowers
agree that the relationship between each of them, on one hand, and Foris, on the other hand, under the Loan Documents is that of creditor and debtor and not that of partners or joint venturers. This Amendment does not constitute a partnership
agreement or any other association among the parties. The Borrowers acknowledge that Foris has acted at all times in connection with the Loan Documents only as a creditor to it within the normal and usual scope of the activities normally undertaken
by a creditor and in no event has Foris attempted to exercise any control over it or its business or affairs. The Borrowers further acknowledge that Foris has not taken or failed to take any action under or in connection with its respective rights
under the Loan Agreement or any of the other Loan Documents that in any way, or to any extent, has interfered with or adversely affected its ownership of Collateral. 

[Signature Page Follows] 

  
 9 

 IN WITNESS WHEREOF, this Amendment is executed and delivered as of the day and year first above written.

 Borrowers: 
  

			
	AMYRIS, INC., a Delaware corporation
		
	By:	 	/s/ Han Kieftenbeld
	Name: Han Kieftenbeld
	Title: Chief Financial Officer
	
	AMYRIS FUELS, LLC, a Delaware limited liability company
		
	By:	 	/s/ Han Kieftenbeld
	Name: Han Kieftenbeld
	Title: Chief Financial Officer
	
	AMYRIS CLEAN BEAUTY, INC., a Delaware corporation
		
	By:	 	/s/ Han Kieftenbeld
	Name: Han Kieftenbeld
	Title: Chief Financial Officer
	
	AB TECHNOLOGIES LLC, a Delaware limited liability company
		
	By:	 	/s/ Han Kieftenbeld
	Name: Han Kieftenbeld
	Title: Chief Financial Officer

 FORIS:

			
	
	FORIS VENTURES, LLC, a Delaware limited liability company
		
	By:	 	/s/ Barbara Hager
	Name: Barbara Hager
	Title: Manager

 [Signature Page to Amendment No 1 to Amended and Restated Loan and Security Agreement]Exhibit
No. 10.10

 

ORBSAT
CORP

 

STOCK
OPTION AGREEMENT

 

This
STOCK OPTION AGREEMENT (the “Option Agreement”), effective as of the August 24, 2021 (the “Grant Date”),
is between Orbsat Corp, a Nevada corporation (the “Company”), and Douglas Ellenoff (the “Optionee”),
the Chief Business Development Strategist of the Company and Vice Chairman of the Company’s Board of Directors.

 

WHEREAS,
the Company desires to give the Optionee the opportunity
to purchase 1,500,000 shares of common stock of the Company, par value $0.0001 per
share (“Common Shares”).

 

NOW,
THEREFORE, in consideration of the mutual covenants hereinafter set forth and for other good and valuable consideration, the parties
hereto, intending to be legally bound hereby, agree as follows:

 

1.
Grant of Option. The Company hereby grants to
the Optionee the right and option (the “Option”) to purchase all or any part of an aggregate of 1,500,000 Common
Shares. The Option is in all respects limited and conditioned as hereinafter provided. In the event of any conflict, however,
between the terms of this Option Agreement and the Employment Agreement (defined below) the terms of the Employment Agreement shall control.

 

2.
Exercise Price. The exercise price of the Common
Shares covered by this Option shall be $5.35 per share.

 

3.
Term. Unless earlier terminated pursuant to any
provision of this Option Agreement, this Option shall expire five years from the Grant Date (the “Expiration Date”).
This Option shall not be exercisable on or after the Expiration Date.

 

4.
Vesting and Exercise of Option. The Option shall
vest as follows:

 

	Incremental
                                            Number of Common Shares Vesting

                                                                               Under Option
	 	 	Vesting Date
	 	 	 	 
	 	300,000	 	 	Grant Date
	 	150,000	 	 	One year anniversary of Grant Date*
	 	150,000	 	 	Second year anniversary of Grant Date*
	 	150,000	 	 	Third year anniversary of Grant Date*
	 	250,000	 	 	One year anniversary of Grant
    Date+
	 	250,000	 	 	Second year anniversary of
    Grant Date+
	 	250,000	 	 	Third year anniversary of
    Grant Date+

 

*
Option shall vest subject to that certain Employment Agreement, dated August 24, 2021, by and between the Company and the Optionee (the
“Employment Agreement”) remains in full force and effect as of that date.

 

+
Option shall vest subject to (a) the Employment Agreement remains in full force and effect as of that date, and (b) Optionee shall
have introduced the Company to twelve (12) or more potential Business Transactions (as defined in the Employment Agreement) intended
to expand the business of the Company during the preceding year, one of which the Chief Executive Officer (“CEO”)
determined was sufficiently of interest to the Company to cause an in person or virtual meeting with the relevant parties. Notwithstanding
this requirement, should the CEO believe that Optionee provided sufficient other benefits and value to the Company, the CEO may, in his
sole and absolute discretion, waive the requirements in any given year and the Optionee will be fully entitled to the vesting of the
options for such period.

 

The
Option shall remain exercisable until it is exercised or until it terminates and shall not be forfeited or cancelled other than as set
forth in the Employment Agreement. All Options shall vest immediately upon a Change in Control (as defined in the Employment Agreement)
and as otherwise specifically set forth in the Employment Agreement in connection with the termination of Mr. Ellenoff’s employment.

 

5.
Method of Exercising Option. Subject to the terms
and conditions of this Option Agreement, the Option may be exercised by written notice to
the Company at its principal office. The form of such notice is attached hereto and
shall state the election to exercise the Option and the number of whole shares with
respect to which it is being exercised; shall be signed by the person or persons so exercising the Option; and shall be accompanied by
payment of the full exercise price of such shares.
Only full shares will be issued.

 

    	 

     

    

 

The
exercise price shall be paid to the Company

 

(a)
in Common Shares newly acquired by the Optionee upon
cashless exercise of the Option in accordance with Section 4(c)(iv) of the Employment Agreement: or

 

(b)
at the sole option of the Optionee:

 

	 	(i)	in
    cash, or by certified check, bank draft, or postal or express money order;
	 	 	 
	 	(ii)	through
    the delivery of Common Shares previously acquired by the Optionee; or
	 	 	 
	 	(iii)	by
    delivering a properly executed notice of exercise of the Option to the Company and a broker, with irrevocable instructions to the
    broker promptly to deliver to the Company the amount necessary to pay the exercise price of the Option;
	 	 	 
	 	(iv)	in
    any combination of (a), (b)(i), (b)(ii) or (b)(iii) above.

 

In
the event the exercise price is paid, in whole or in part, with Common Shares, the Company shall issue to the Optionee such number of
fully paid and non-assessable Common Shares as are computed using the following formula: X = Y(A-B)/A where: X = the number of Shares
to be issued to the Optionee; Y = the number of Shares with respect to which the Option is being exercised (inclusive of the Shares surrendered
to the Company in payment of the aggregate exercise price); A = the Fair Market Value of one Share; and B = the exercise price, in this
case $5.35 per share.

 

Upon
receipt of notice of exercise and payment, the Company shall deliver a book entry confirmation representing the Common Shares with respect
to which the Option is so exercised. The Optionee shall obtain the rights of a shareholder upon receipt of such confirmation.

 

Common
Shares purchased upon exercise of the Option shall be registered in the name of the person
so exercising the Option (or, if the Option is exercised by the Optionee and if the Optionee so requests in the notice exercising the
Option, shall be registered in the name of the Optionee and the Optionee’s spouse,
jointly, with right of survivorship), and shall be delivered as provided above to, or upon
the written order of, the person exercising the Option. In the event the Option is exercised
by any person after the death or disability of the Optionee, the notice shall be accompanied by
appropriate proof of the right of such person to exercise the Option. All Common Shares that are purchased upon exercise of the Option
as provided herein shall be fully paid and non-assessable.

 

Upon
exercise of the Option, Optionee shall be responsible for all employment and income taxes then or thereafter due (whether Federal, State
or local), and the Company shall satisfy any withholding requirements for any such tax by disposing of Common Shares at exercise in accordance
with Section 4(c)(iv) of the Employment Agreement..

 

6.
Non-Transferability of Option. This Option is
not assignable or transferable, in whole or in part, by the Optionee other than by will or by the laws of descent and distribution. During
the lifetime of the Optionee, the Option shall be exercisable only by the Optionee or, in the event of his or her disability, by his
or her guardian or legal representative.

 

7.
Disability. If the Optionee becomes disabled
prior to the Expiration Date, then this Option may be exercised by the Optionee or by the
Optionee’s legal representative.

 

8.
Death. If the Optionee dies prior to the Expiration
Date, then this Option may be exercised by the Optionee’s estate, personal representative
or beneficiary who acquired the right to exercise this Option by bequest or inheritance or by reason of the Optionee’s death, to
the extent of the number of Common Shares with respect to which the Optionee could have
exercised it on the date of his or her death, at any time prior to the earlier of (i) the Expiration
Date or (ii) one year after the date of the Optionee’s death. Any part of the Option that was not exercisable immediately
before the Optionee’s death shall terminate at that time.

 

    	2

     

    

 

10.
Securities Matters. (a) If, at any time, counsel
to the Company shall determine that the listing,
registration or qualification of the Common Shares subject to the Option upon any securities
exchange or under any state or federal law, or the consent or approval of any governmental or regulatory body, or that the disclosure
of non-public information or the satisfaction of any other condition is necessary as a condition
of, or in connection with, the issuance or purchase of Common Shares hereunder, such Option
may not be exercised, in whole or in part, unless such listing, registration, qualification,
consent or approval, or satisfaction of such condition shall have been effected or obtained on conditions acceptable to the Board of
Directors. The Company shall be under no obligation to apply for or to obtain such listing, registration or qualification, or to satisfy
such condition. The Board shall inform the Optionee in writing of any decision to defer or prohibit the exercise
of an Option. During the period that the effectiveness of the exercise of an Option has been deferred or prohibited, the Optionee
may, by written notice, withdraw the Optionee’s decision to exercise and obtain a
refund of any amount paid with respect thereto.

 

(b)
The Company may require: (i) the Optionee (or any other
person exercising the Option in the case of the Optionee’s death or disability) as a condition of exercising the Option, to give
written assurances, in substance and form satisfactory to the Company, to the effect that
such person is acquiring the Common Shares subject to the Option for his or her own account for investment and not with any present intention
of selling or otherwise distributing the same, and to make such other representations or covenants; and (ii) that any certificates for
Common Shares delivered in connection with the exercise of the Option bear such legends, in each case as the Company deems necessary
or appropriate, in order to comply with federal and applicable state securities laws, to comply with covenants or representations made
by the Company in connection with any public offering of its Common Shares or otherwise. The Optionee specifically understands and agrees
that the Common Shares, if and when issued upon exercise of the Option, may be “restricted securities,” as that term is defined
in Rule 144 under the Securities Act of 1933 and, accordingly, the Optionee may be required to hold the shares indefinitely unless they
are registered under such Securities Act of 1933, as amended, or an exemption from such registration is available.

 

(c)
The Optionee shall have no rights as a shareholder with
respect to any Common Shares covered by the Option (including, without limitation, any rights
to receive dividends or non-cash distributions with respect to such shares) until the date of issue of a stock certificate to the Optionee
for such Common Shares. No adjustment shall be made for dividends or other rights for which
the record date is prior to the date such stock certificate is issued.

 

11.
Governing Law. The laws of the State of Nevada
(without reference to the principles of conflict of laws) shall govern the operation of, and the rights of the Optionee and the Options
granted herein.

 

[SIGNATURE
PAGE FOLLOWS]

 

    	3

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Stock Option Agreement to be duly executed by its duly authorized officer, and the Optionee
has hereunto set his hand and seal, all as of the 24th day of August 2021.

 

	ORBSAT
    CORP	 
	 	 
	By:	 /s/
    Charles M. Fernandez	 
	Name:	 Charles
    M. Fernandez	 
	Title:	 Executive
    Chairman & Chief Executive Officer	 

 

	ACCEPTED
    AND ACKNOWLEDGED	 
	 	 
	/s/
    Douglas Ellenoff	 
	Douglas
    Ellenoff	 

 

    	4

     

    

 

ORBSAT
CORP.

Notice
of Exercise of Stock Option

 

I
hereby exercise the stock option granted to me pursuant to the Stock Option Agreement effective as of August 24, 2021, by Orbsat Corp
(the “Company”), with respect to the following number of shares of the Company’s common stock (“Shares”),
par value $0.0001 per Share, covered by said option:

 

Number
of Shares to be purchased:______________

 

Number
of Options to be exercised:______________

 

Number
Options used for cashless exercise: ______________

 

Purchase
price per Share: $5.35

 

Total
purchase price: Cashless Exercise, (see D, below).

 

	 	A.	Enclosed
    is cash or my certified check, bank draft, or postal or express money order in the amount
    of $_______ in full/partial [circle one] payment for such Shares;
	 	 	 
	 	 	and/or
	 	 	 
	 	B.	Enclosed
    is/are Share(s) with a total Fair Market Value of $_______ in full/partial [circle one] payment for such Shares;
	 	 	 
	 	 	and/or
	 	 	 
	 	C.	I
    have provided notice to [insert name of broker], a broker, who will render full/partial
    [circle one] payment for such Shares. [Optionee should attach to the notice of exercise provided to such
    broker a copy of this Notice of Exercise and irrevocable instructions to pay to the
    Company the full exercise price.]
	 	 	 
	 	 	and/or
	 	 	 
	 	D.	I
    elect to satisfy the payment for Shares purchased hereunder by having the Company withhold ____________ newly acquired Shares pursuant
    to the exercise of the Option and/or [circle one] I elect to satisfy related federal and/or [circle one]
    state tax obligations by having the Company withhold ____________ newly acquired Shares pursuant to the exercise of the Option.

 

Please
have the certificate or certificates representing the purchased Shares registered in the following name or names*:

 

and
sent to:_____________________

 

DATED:

 

__________________

Optionee’s
Signature

 

*Certificates
may be registered in the name of the Optionee alone or in the joint names (with right of survivorship) of the Optionee and his or her
spouse.

 

    	5

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