Document:

plpc-ex102_284.htm

 

Exhibit 10.2

 

JOINDER AND AMENDMENT NO. 5

TO AMENDED AND RESTATED LOAN AGREEMENT

This JOINDER AND AMENDMENT NO. 5 TO AMENDED AND RESTATED LOAN AGREEMENT (this “Amendment”), is entered into as of April 25, 2019, by and among PREFORMED LINE PRODUCTS COMPANY, an Ohio corporation (“PLP”), PREFORMED LINE PRODUCTS (AUSTRALIA) PTY LTD., a corporation incorporated under the laws of the Commonwealth of Australia (“PLP Australia”). BELOS-PLP S.A., a company organized under the laws of Poland (“PLP Poland”, and collectively with PLP and PLP Australia, the “Existing Borrowers”), and PT PREFORMED LINE PRODUCTS INDONESIA, a company organized under the laws of Indonesia (“PLP Indonesia”, and collectively with the Existing Borrowers, the “Borrowers” and each a “Borrower”), and PNC BANK, NATIONAL ASSOCIATION, a national banking association, its successors and assigns, as lender (“Bank”).

WITNESSETH:

WHEREAS, PLP, PLP Australia and Bank have entered into that certain Amended and Restated Loan Agreement, dated as of September 24, 2015, as amended pursuant to that certain (1) Amendment No. 1 to Amended and Restated Loan Agreement, dated as of November 6, 2015, by and among PLP, PLP Australia, and Bank, (2) Amendment No. 2 to Amended and Restated Loan Agreement, dated as of August 22, 2016, by and among PLP, PLP Australia, and Bank, (3) Joinder and Amendment No. 3 to Amended and Restated Loan Agreement, dated as of March 13, 2018, by and among PLP, PLP Australia, PLP Poland, and Bank, and (4) Amendment No. 4 to Amended and Restated Loan Agreement, dated as of November 30, 2018, by and among PLP, PLP Australia, PLP Poland, and Bank (as further amended, restated, modified or supplemented from time to time, the “Loan Agreement”), pursuant to which Bank has made certain loans and financial accommodations available to Existing Borrowers;

WHEREAS, the Existing Borrowers desire to add PLP Indonesia to the Loan Agreement as a Borrower; and

WHEREAS, the parties desire to otherwise amend the Loan Agreement as hereinafter set forth;

NOW, THEREFORE, in consideration of the mutual promises and agreements contained herein and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto do hereby agree as follows:

1.DEFINED TERMS.

Each defined term used herein and not otherwise defined herein shall have the meaning ascribed to such term in the Loan Agreement.

2.JOINDER.

In consideration of PLP Indonesia becoming a Borrower under the terms of the Loan Agreement, PLP Indonesia hereby agrees that effective as of the date of this Amendment it hereby is, and shall be deemed to be, a “Borrower” under the Loan Agreement, the Term Note and other Loan Documents to which Borrowers are a party, and agrees that from the date of this Amendment and so long as any Term Loan shall remain outstanding and until the payment in full of the advances under the Term Note and all other amounts payable under the Term Note and the other Loan Documents, PLP Indonesia has, subject to the terms and limitations of the Loan Agreement and the Term Note, assumed the joint and several obligations of a “Borrower” under, and PLP Indonesia shall perform, comply with and be subject to and bound by, jointly and severally, each of the terms, provisions and waivers of, the Loan Agreement, the Term Note and each of the other Loan Documents which are stated to apply to or are made by a “Borrower” or a “Company.” Notwithstanding anything to the contrary in the foregoing, and for the avoidance of doubt, PLP Indonesia may not borrow Revolving Loans under the Loan Agreement. Without limiting the generality of the foregoing, PLP Indonesia hereby represents and warrants that (i) each of the representations and warranties set forth in Section 3 of the Loan Agreement are true and correct as to PLP Indonesia on and as of the date of this Amendment, and (ii) PLP Indonesia has heretofore received a true and correct copy of the Loan Agreement, the Term Note and each of the other Loan Documents (including any modifications or amendments thereof or supplements or waivers thereto) in effect on the date hereof. PLP Indonesia hereby makes, affirms and ratifies in favor of the Bank, the Loan Agreement, the Term Note and each of the other Loan Documents given by the Borrowers to the Bank. In furtherance of the foregoing, PLP Indonesia shall execute and deliver or cause to be executed and delivered at any time and from time to time such further certificates, instruments, agreements and documents and do or cause to be done such further acts as may be necessary in the opinion of Bank to carry out more effectively the provisions and purposes of this Section.

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3.AMENDMENTS TO THE LOAN AGREEMENT.

3.1Amendment to Loan Agreement.

The first paragraph of the Loan Agreement is amended by deleting such paragraph in its entirety and substituting the following therefor:

THIS AMENDED AND RESTATED LOAN AGREEMENT (the “Agreement”), is entered into as of September 24, 2015, between PREFORMED LINE PRODUCTS COMPANY, a corporation incorporated under the laws of the State of Ohio (“PLP”), with an address at 660 Beta Drive, Mayfield Village, Ohio 44143, PREFORMED LINE PRODUCTS (AUSTRALIA) PTY ltd, a corporation incorporated under the laws of the Commonwealth of Australia (“PLP Australia”), with an address at 190 Power Street, Glendenning NSW 2761, Australia, BELOS-PLP S.A., a company organized under the laws of Poland, (“PLP Poland”), with an address at 43-301 Bielsko-Biala, ul. Gen. J. Kustronia 74, Poland, PT PREFORMED LINE PRODUCTS INDONESIA, a company organized under the laws of Indonesia (“PLP Indonesia”), with an address at MM2100 Industrial Area, Jalan Irian VIII Block NN No. 12, Bekasi, Jawa Barat 17530, Indonesia, and PNC BANK, NATIONAL ASSOCIATION (the “Bank”), with an address at 1900 East Ninth Street, Cleveland, Ohio 44114.

3.2Amendment to Section 1.

The first paragraph of Section 1 of the Loan Agreement is amended by deleting such paragraph in its entirety and substituting the following two new paragraphs therefor:

The Bank has made or may make one or more revolving loans (collectively and individually, the “Revolving Loan” or a “Revolving Loan”) to the Existing Borrowers subject to the terms and conditions and in reliance upon the representations and warranties of the Borrowers set forth in this Agreement. The Revolving Loan is or will be evidenced by a promissory note or notes of the Existing Borrowers and all renewals, extensions, amendments and restatements thereof (if one or more, collectively, the “Revolving Note”) acceptable to the Bank, which shall set forth the interest rate, repayment and other provisions, the terms of which are incorporated into this Agreement by reference. For the avoidance of doubt, PLP Indonesia may not borrow Revolving Loans hereunder.

One of the loans governed by this Agreement is a term loan in the amount of $8,000,000 (the “Term Loan”, and together with the Revolving Loan, the “Loan”) to PLP and PLP Indonesia subject to the terms and conditions and in reliance upon the representations and warranties of the Borrowers set forth in this Agreement. The Term Loan is or will be evidenced by a promissory note or notes of PLP and PLP Indonesia and all renewals, extensions, amendments and restatements thereof (if one or more, collectively, the “Term Note”, and together with the Revolving Note, the “Note”) acceptable to the Bank, which shall set forth the interest rate, repayment and other provisions, the terms of which are incorporated into this Agreement by reference. The proceeds of the Term Loan will be used for the purchase of a commercial building located at MM2100 Industrial Area, Jalan Irian VIII Block NN No. 12, Bekasi, Jawa Barat 17530, Indonesia.

3.3Further Amendment to Section 1.

The third paragraph (for the avoidance of doubt, the third paragraph before giving effect to this Amendment) of Section 1 of the Loan Agreement is amended by deleting such paragraph in its entirety and substituting the following therefor:

The term “Borrowers” shall mean, collectively, PLP, PLP Australia, PLP Poland, and PLP Indonesia, and “Borrower” means any one of them, as the context may require.

3.4Amendment to Section 2.1.

Section 2.1 of the Loan Agreement shall be amended by deleting section 2.1(b) in its entirety and substituting the following therefor:

(b)the sum of the then aggregate outstanding Revolving Loans plus the then LC Exposure would exceed $65,000,000.

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3.5Amendment to Section 2.6.

Section 2.6 of the Loan Agreement shall be amended by deleting such section in its entirety and substituting the following therefor:

2.6Subject to Loan Back-up. In the event of a draw under any subject LC, Bank is irrevocably authorized to prepare, to sign any Borrower’s name to, and to deliver on any Borrower’s behalf an appropriate credit request requesting a Revolving Loan in an amount equal to the reimbursement amount plus any interest thereon, in the applicable currency. Bank will make the requested Revolving Loan even if any Event of Default shall then exist and even if Borrowers for any other reason would then not be entitled to obtain any subject loan. Bank shall disburse all such loan proceeds directly to Bank to satisfy Borrowers’ reimbursement liability.

3.6Amendment to Section 2.7.

The opening sentence of Section 2.7 of the Loan Agreement shall be amended by deleting such sentence in its entirety and substituting the following therefor:

The obligation of Bank to make, and of Borrowers to pay, the Revolving Loans made pursuant to the preceding section shall be absolute and unconditional and shall be performed under all circumstances, including (without limitation):

3.7Amendment to Section 2.8.

The last sentence of Section 2.8 of the Loan Agreement shall be amended by deleting such sentence in its entirety and substituting the following therefor:

Moneys in such account shall be applied by the Bank for draws on subject LCs for which it has not been reimbursed and, to the extent not so applied, shall be held for the satisfaction of the reimbursement obligations of the Borrowers for the LC Exposure at such time or, if the maturity of the Revolving Loans has been accelerated, be applied to satisfy any other obligations.

3.8Amendment to Section 5.8.

Clause (i) of the first sentence of Section 5.8 of the Loan Agreement shall be amended by deleting such sentence in its entirety and substituting the following therefor:

5.8Acquisitions. Make acquisitions of all or substantially all of the property or assets of any person, firm, corporation or other entity, except that PLP may make purchases or other acquisitions of all or substantially all of the capital stock or assets and business of any corporation, division or other business enterprise so long as (i) the aggregate consideration of any individual transaction does not exceed $35,000,000 and the aggregate consideration of all such transactions consummated after September 24, 2015 does not exceed $55,000,000, (ii) both immediately before and after giving effect to the proposed transaction, no Default or Event of Default shall exist, (iii) both immediately before and after giving effect to the proposed transaction, PLP shall be in compliance with the Financial Covenants, (iv) (A) not less than 30 days prior to the consummation of the proposed transaction, PLP shall have provided the Bank with notice of such transaction, (B) not less than ten (10) Business Days prior to the consummation of the proposed transaction, (1) copies of then available drafts of all agreements and other instruments and documents to be executed in connection with such transaction and (2) a copy of all business and financial information reasonably requested by the Bank including pro forma consolidating financial statements and statements of cash flow, and (C) not less than two (2) Business Days prior to the consummation of the proposed transaction, copies of the final forms of all agreements and other instruments and documents to be executed in connection with such transaction (collectively, the “Final Agreements”) (together with all drafts thereof produced after the delivery of the drafts delivered under clause (iv)(B) of this Section 5.8), and (v) the terms of the proposed transaction are reasonably acceptable to the Bank. So long as Bank shall have received all of the items referred to in the foregoing clause (iv) of this Section 5.8 within the time periods set forth therein, the Bank shall notify PLP not later than one (1) Business Day prior to the consummation of the proposed transaction whether or not the terms of such transaction are acceptable to the Bank. In the event that Bank so notifies PLP that the terms of the proposed transaction are acceptable to the Bank, so long as all of the conditions set forth in this Section 5.8 shall have been met, PLP may proceed to consummate the proposed transaction in accordance with, and utilizing, the Final Agreements with respect to such proposed transaction (it being understood that such Final Agreements may contain minor, non-substantive changes to the non-material terms thereof). Not later than ten (10) Business Days after the consummation of any such transaction, PLP shall deliver to Bank copies of all of the agreements, instruments and other documents executed and delivered in connection therewith.

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3.9Amendment to Section 7.2.

Section 7.2 of the Loan Agreement shall be amended by deleting section 7.2(c) in its entirety and substituting the following therefor:

(c)After giving effect to any Revolving Loan or the issuance of any subject LC, the aggregate outstanding balance of the Revolving Loans plus the aggregate face amount of all outstanding subject LCs shall not exceed $65,000,000.

3.10Amendment to Section 11.

The first sentence of Section 11 of the Loan Agreement shall be amended by deleting such sentence in its entirety and substituting the following therefor:

Subject to the limitations with respect to the obligation and liability of PLP Australia, PLP Poland, and PLP Indonesia set forth in the Note, all obligations arising under this Agreement and the other the Loan Documents shall be joint and several, and each Borrower shall make payment upon the maturity of such obligations by acceleration or otherwise, and such obligation and liability on the part of each Borrower shall in no way be affected by any extensions, renewals and forbearance granted by the Lender to any Borrower, failure of the Lender to give any Borrower notice of borrowing or any other notice, any failure of the Lender to pursue or preserve its rights against any Borrower, the release by the Lender of any collateral (if any) now or thereafter acquired from any Borrower, and such agreement by each Borrower to pay upon any notice issued pursuant thereto is unconditional and unaffected by prior recourse by the Lender to the other Borrowers or any collateral for such Borrower’s obligations or the lack thereof.

3.11Amendment to Section 12.11.

Section 12 of the Loan Agreement shall be amended by deleting Section 12.11 in its entirety and substituting the following therefor:

12.11Governing Law and Jurisdiction: Arbitration, (a) This Agreement has been delivered to and accepted by the Bank and will be deemed to be made in the State where the Bank’s office indicated above is located. This Agreement will be interpreted and the rights and LIABILITIES OF THE PARTIES HERETO DETERMINED IN ACCORDANCE WITH THE LAWS OF THE STATE WHERE THE BANK’S OFFICE INDICATED ABOVE IS LOCATED, EXCLUDING ITS CONFLICT OF LAWS RULES. Each Borrower hereby irrevocably consents to the exclusive jurisdiction of any state or federal court in the county or judicial district where the Bank’s office indicated above is located; provided that nothing contained in this Agreement will prevent the Bank from bringing any action, enforcing any award or judgment or exercising any rights against any Borrower individually, against any security or against any property of any Borrower within any other county, state or other foreign or domestic jurisdiction. The Bank and each Borrower agree that the venue provided above is the most convenient forum for both the Bank and the Borrowers. Each Borrower waives any objection to venue and any objection based on a more convenient forum in any action instituted under this Agreement.

(b)Arbitration. Upon demand of PLP Indonesia or Bank, whether made before or after institution of any judicial proceeding, any claim or controversy between Bank and PLP Indonesia arising out of or relating to the Loan Documents (a “Dispute”) shall be resolved by binding arbitration conducted under and governed by the Commercial Financial Disputes Arbitration Rules (the “Arbitration Rules”) of the American Arbitration Association (the “AAA”) and the Federal Arbitration Act. Disputes may include, without limitation, tort claims, counterclaims, a dispute as to whether a matter is subject to arbitration, claims brought as class actions, or claims arising from documents executed in the future. A judgment upon the award may be entered in any court having jurisdiction. Notwithstanding the foregoing, this arbitration provision does not apply to disputes under or related to swap agreements. Special Rules. All arbitration hearings shall be conducted in the city named in the address of Bank first stated above. A hearing shall begin within 90 days of demand for arbitration and all hearings shall conclude within 120 days of demand for arbitration. These time limitations may not be extended unless a party shows cause for extension and then for no more than a total of 60 days. The expedited procedures set forth in Rule 51 et seq. of the Arbitration Rules shall be applicable to claims of less than $1,000,000.00. Arbitrators shall be licensed attorneys selected from the Commercial Financial Dispute Arbitration Panel of the AAA. The parties do not waive applicable Federal or state substantive law except as provided herein. Preservation and Limitation of Remedies. Notwithstanding the preceding binding arbitration provisions, the parties agree to preserve, without diminution, certain remedies that any party may exercise before or after an arbitration proceeding is brought. The parties shall have the right to proceed in any court of proper jurisdiction or by self-help to exercise or prosecute the following remedies, as applicable: (i) all rights to foreclose against any real or personal property or other security by exercising 

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a power of sale or under applicable law by judicial foreclosure including a proceeding to confirm the sale; (ii) all rights of self-help including peaceful occupation of real property and collection of rents, set-off, and peaceful possession of personal property; (iii) obtaining provisional or ancillary remedies including injunctive relief, sequestration, garnishment, attachment, appointment of receiver and filing an involuntary bankruptcy proceeding; and (iv) when applicable, a judgment by confession of judgment. Any claim or controversy with regard to any party's entitlement to such remedies is a Dispute. Waiver of Jury Trial. EACH OF PLP INDONESIA AND THE BANK ACKNOWLEDGES THAT BY AGREEING TO BINDING ARBITRATION THEY HAVE IRREVOCABLY WAIVED ANY RIGHT THEY MAY HAVE TO JURY TRIAL WITH REGARD TO A DISPUTE. Representation by PLP Indonesia. PLP Indonesia represents and warrants to the Bank that it has received the requisite authorizations from the applicable governmental authority to submit disputes arising under the Loan Documents to arbitration in the manner set forth herein.

3.12Amendment to Addendum.

The opening paragraph of the Addendum to the Loan Agreement shall be amended by deleting such paragraph in its entirety and substituting the following therefor

ADDENDUM to that certain Amended and Restated Loan Agreement dated September 24, 2015 between PREFORMED LINE PRODUCTS COMPANY, PREFORMED LINE PRODUCTS PTY LTD, BELOS-PLP S.A., and PT PREFORMED LINE PRODUCTS INDONESIA, as the Borrowers and PNC Bank, National Association, as the Bank. Capitalized terms used in this Addendum and not otherwise defined shall have the meanings given them in the Agreement. Section numbers below refer to the sections of the Agreement.

4.REPRESENTATIONS AND WARRANTIES.

Each of the Borrowers hereby represents and warrants to Bank as follows:

4.1The Amendment. This Amendment has been duly and validly executed by an authorized officer of such Borrower and constitutes the legal, valid and binding obligation of such Borrower enforceable against such Borrower in accordance with its terms.

4.2Loan Agreement. The Loan Agreement, as amended by this Amendment, remains in full force and effect and remains the valid and binding obligation of each Borrower enforceable against each Borrower in accordance with its terms. Each Borrower hereby ratifies and confirms the Loan Agreement.

4.3Claims and Defenses. As of the date of this Amendment, no Borrower has any defenses, claims, counterclaims or setoffs with respect to the Loan Agreement or its Obligations thereunder or with respect to any actions of Bank or any of its respective officers, directors, shareholders, employees, agents or attorneys, and each Borrower irrevocably and absolutely waives any such defenses, claims, counterclaims and setoffs and releases Bank and each of its respective officers, directors, shareholders, employees, agents and attorneys from the same.

4.4Representations and Warranties. The representations and warranties of each Borrower contained in the Loan Agreement (as amended hereby) and the other Loan Documents (as amended in connection herewith), are true and correct.

4.5No Event of Default. No Event of Default or condition which, but for the giving of notice or passage of time, would give rise to an Event of Default has occurred and is continuing.

4.6Material Adverse Change. No Material Adverse Change has occurred since the Closing Date.

5.REAFFIRMATION.

Each of the Borrowers hereby acknowledges and agrees that the terms and provisions hereof shall not affect in any way any payment, performance, observance or other obligations or liabilities of such Borrower under the Loan Agreement or under any of the other Loan Documents, all of which obligations and liabilities shall remain in full force and effect and extend to the further loans, extensions of credit and other Obligations incurred under the Loan Documents, and each of which obligations and liabilities are hereby ratified, confirmed and reaffirmed in all respects.

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6.CONDITIONS PRECEDENT TO EFFECTIVENESS OF THIS AMENDMENT.

In addition to all of the other conditions and agreements set forth herein, the effectiveness of this Amendment is subject to each of the following conditions precedent:

6.1Joinder and Amendment No. 5 to Amended and Restated Loan Agreement. Bank shall have received an original counterpart of this Amendment, executed and delivered by a duly authorized officer of each Borrower.

6.2Term Note. Bank shall have received that certain Term Note, dated as of the date hereof, executed and delivered by a duly authorized officer of PLP and PLP Indonesia in favor of Bank.

6.3Fees and Expenses. Borrowers shall have paid all fees of Bank in connection with this Amendment including, without limitation, all legal fees.

6.4Resolutions: Officer’s Certificate of PLP. Bank shall have received (a) a copy of the resolutions, in form and substance satisfactory to Bank, of the Board of Directors of PLP authorizing the execution, delivery and performance of this Amendment and the Term Note and all other agreements, documents and instruments executed in connection therewith, (b) a certificate of the Secretary or Assistant Secretary of PLP, as to the incumbency and signature of the officers of PLP executing this Amendment and the Term Note and all other agreements, documents or instruments executed in connection therewith, together with evidence of the incumbency of such Secretary or Assistant Secretary, and (c) a certificate of the Secretary or Assistant Secretary of PLP as to the Articles of Incorporation of PLP and as to the Code of Regulations of PLP.

6.5Resolutions: Officer’s Certificate of PLP Indonesia. Bank shall have received (a) a copy of the resolutions, in form and substance satisfactory to Bank, of the Board of Directors or other governing body of PLP Indonesia authorizing the joinder to the Loan Agreement and the other Loan Documents and the execution, delivery and performance of this Amendment, the Term Note and all other agreements, documents and instruments executed in connection therewith, (b) a certificate of the Secretary or Assistant Secretary of PLP Indonesia, as to the incumbency and signature of the officers of PLP Indonesia executing this Amendment, the Term Note and all other agreements, documents or instruments executed in connection therewith, together with evidence of the incumbency of such Secretary or Assistant Secretary, and (c) a certificate of the Secretary or Assistant Secretary of PLP Indonesia as to the organizational documents of PLP Indonesia.

6.6Opinion of Counsel to PLP. Bank shall have received an opinion letter from U.S. counsel to PLP with respect to the Amendment, the Term Note, the Loan Agreement and the other Loan Documents in form and substance satisfactory to Bank.

6.7Opinion of Counsel to PLP Indonesia. Bank shall have received an opinion letter from Indonesian counsel to PLP Indonesia with respect to the Amendment, the Term Note, the Loan Agreement and the other Loan Documents in form and substance satisfactory to Bank.

6.8Good Standing Certificates. Bank shall have received good standing certificates (or foreign equivalents as applicable) for PLP and PLP Indonesia dated not more than 30 days prior to the date hereof, issued by the Secretary of State or other appropriate official of PLP’s and PLP Indonesia’s jurisdiction of incorporation and each jurisdiction where the conduct of PLP’s and PLP Indonesia’s business activities or the ownership of its properties necessitates qualification.

6.8Other Documents and Deliveries. Bank shall have received such other agreements, documents, and instruments executed in connection with this Amendment and any other materials as reasonably requested by Bank.

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7.MISCELLANEOUS.

7.1Governing Law. This Amendment shall be governed by and construed in accordance with the law of the State of Ohio, without regard to principles of conflict of law.

7.2Severability. Each provision of this Amendment shall be interpreted in such manner as to be valid under applicable law, but if any provision hereof shall be invalid under applicable law, such provision shall be ineffective to the extent of such invalidity, without invalidating the remainder of such provision or the remaining provisions hereof.

7.3Counterparts. This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute but one and the same agreement. Delivery of an executed counterpart hereof by facsimile shall be effective as manual delivery of such counterpart; provided, however. that, each party hereto will promptly thereafter deliver counterpart originals of such counterpart facsimiles delivered by or on behalf of such party.

7.4Nonwaiver. The execution, delivery, performance and effectiveness of this Amendment shall not operate nor be deemed to be nor construed as a waiver (i) of any right, power or remedy of Bank under the Loan Agreement, nor (ii) of any term, provision, representation, warranty or covenant contained in the Loan Agreement or any other documentation executed in connection therewith. Further, none of the provisions of this Amendment shall constitute, be deemed to be or construed as, a waiver of any Event of Default under the Loan Agreement, as amended by this Agreement.

7.5Reference to and Effect on the Loan Agreement. Upon the effectiveness of this Amendment, each reference in the Loan Agreement to “this Agreement”, “hereunder”, “hereof’, “herein”, or words of like import shall mean and be a reference to the Loan Agreement, as amended hereby, and each reference to the Loan Agreement in any other document, instrument or agreement executed and/or delivered in connection with the Loan Agreement shall mean and be a reference to the Loan Agreement, as amended hereby.

[Remainder of this page intentionally left blank; Signature page follows]

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IN WITNESS WHEREOF, Borrowers have caused this Amendment to be duly executed and delivered by its duly authorized officer as of the date first above written.

 

	
PREFORMED LINE PRODUCTS COMPANY

	
 

	
By:
	
/s/ Michael Weisbarth

	
Name:
	
Michael Weisbarth

	
Title:
	
Vice President - Finance

 

	
PREFORMED LINE PRODUCTS (AUSTRALIA) PTY LTD

	
 

	
By:
	
/s/ Robert G Ruhlman

	
Name:
	
Robert G Ruhlman

	
Title:
	
Director

 

	
BELOS-PLP S.A.

	
 

	
By:
	
/s/ Robert G Ruhlman

	
Name:
	
Robert G Ruhlman

	
Title:
	
Director

 

	
PT PREFORMED LINE PRODUCTS INDONESIA

	
 

	
By:
	
/s/ Robert G Ruhlman

	
Name:
	
Robert G Ruhlman

	
Title:
	
Owner

 

	
ACCEPTED BY:

	
 

	
PNC BANK, NATIONAL ASSOCIATION,

as Bank

	
 

	
By:
	
/s/ Sherri A Barr

	
Name:
	
Sherri A Barr

	
Title:
	
Senior Vice President

 

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4816-3512-3855, v.1SHARE
EXCHANGE AGREEMENT

 

This
SHARE EXCHANGE AGREEMENT (this “Agreement”), dated as of May 1, 2019 is by and among Transportation and Logistics
Systems, Inc., a Nevada corporation (the “Parent”), Save On Transport Inc., a Florida corporation (the “Company”)
and Steven Yariv (the “Stockholder”).

 

BACKGROUND

 

The
Parent owns all of the Company’s outstanding capital stock (the “Company Stock”). Parent has agreed to
transfer all of its shares of Company Stock to the Stockholder in exchange for one million (1,000,000) shares of common stock
(the “Shares”), par value $0.001 per share, of the Parent (the “Parent Stock”).

 

The
exchange of Company Stock for Parent Stock is intended to constitute a reorganization within the meaning of Section 368(a)(1)(B)
of the Internal Revenue Code of 1986 (the “Code”), as amended or such other tax free reorganization exemptions
that may be available under the Code.

 

The
Board of Directors of the Parent and of the Company has determined that it is desirable to effect this share exchange.

 

AGREEMENT

 

NOW
THEREFORE, the parties agree as follows:

 

ARTICLE
I

EXCHANGE OF SHARES

 

Section
1.01 EXCHANGE BY STOCKHOLDER. At the Closing
(as defined in ‎Section 1.02 below), (A) the Parent shall sell, transfer, convey, assign and deliver to the Stockholder
its Company Stock free and clear of all Liens (as defined in ‎Section 2.01 below) in exchange for the Parent Stock
and (B) the Stockholder shall sell, transfer, convey, assign and deliver to Parent the Parent Stock free and clear of all Liens
(as defined in ‎Section 2.01 below) in exchange for the Company Stock.

 

Section
1.02 CLOSING. The closing (the “Closing”)
of the transactions contemplated hereby (the “Transactions”) shall take place on the date hereof or on such
later date as the parties hereto may agree (the “Closing Date”).

 

ARTICLE
II

REPRESENTATIONS AND WARRANTIES OF THE PARENT

 

The
Parent hereby represents and warrants to the Stockholder as follows:

 

Section
2.01 GOOD TITLE. The Parent is the record
and beneficial owner, and has good title to its Company Stock, with the right and authority to sell and deliver such Company Stock
to the Stockholder. Upon delivery of any certificate or certificates duly assigned, representing the same as herein contemplated
and/or upon registering of the Stockholder as the new owner of the Company Stock in the share register of the Company, the Stockholder
will receive good title to its Company Stock, free and clear of all liens, security interests, pledges, equities and claims of
any kind, voting trusts, stockholder agreements and other encumbrances (collectively, “Liens”).

 

    	 	 	 

    	 

    

 

Section
2.02 ORGANIZATION AND STANDING OF PARENT.
Parent is duly incorporated, validly existing and in good standing under the laws of Nevada.

 

Section
2.03 AUTHORITY; EXECUTION AND DELIVERY; ENFORCEABILITY.
The Parent has the requisite corporate power and authority to enter into and perform this Agreement. The execution, delivery and
performance of this Agreement by the Parent and the consummation by the Parent of the transactions contemplated thereby have been
duly and validly authorized by all necessary corporate action, and no further consent or authorization of the Parent or its Board
of Directors is required. This Agreement has been duly executed and delivered by the Parent. This Agreement constitutes a valid
and binding obligation of the Parent enforceable against the Parent in accordance with its terms, except as such enforceability
may be limited by applicable bankruptcy, reorganization, moratorium, liquidation, conservatorship, receivership or similar laws
relating to, or affecting generally the enforcement of, creditor’s rights and remedies or by equitable principles or remedies
of general application.

 

Section
2.04 SECURITIES ACT OF 1933. Parent has
complied and will comply with all applicable federal and state securities laws in connection with the offer, issuance and sale
of the Company Stock hereunder and no registration under the Securities Act is required for the offer and sale of the Company
Stock by the Parent to the Stockholder under this Agreement. Neither Parent nor anyone acting on its behalf, directly or indirectly,
has or will sell, offer to sell or solicit offers to buy any of the Company Stock, or similar securities to, or solicit offers
with respect thereto from, or enter into any preliminary conversations or negotiations relating thereto with, any person, or has
taken or will take any action so as to require registration of the issuance and sale of any of the Company Stock under the registration
provisions of the Securities Act and applicable state securities laws. Neither Parent nor any of its affiliates, nor any person
acting on its or their behalf, has engaged in any form of general solicitation or general advertising (within the meaning of Regulation
D under the Securities Act) in connection with the offer or sale of any of the Company Stock.

 

ARTICLE
III

REPRESENTATIONS AND WARRANTIES OF THE COMPANY

 

The
Company hereby represents and warrants to the Parent as follows:

 

Section
3.01 ORGANIZATION, STANDING AND POWER.
The Company is a corporation duly incorporated, validly existing and in good standing under the laws of the State of Florida and
has the requisite corporate power to own, lease and operate its properties and assets and to conduct its business as it is now
being conducted. The Company does not own securities of any kind in any other entity. The Company is duly qualified as a foreign
corporation to do business and is in good standing in every jurisdiction in which the nature of the business conducted or property
owned by it makes such qualification necessary, except for any jurisdiction(s) (alone or in the aggregate) in which the failure
to be so qualified will not have a Material Adverse Effect. For the purposes of this Agreement, “Material Adverse Effect”
shall mean any adverse effect on an entity’s business, operations, assets, prospects or financial condition of such entity,
taken as a whole, and which is material to such entity or other entities controlling or controlled by such entity or which is
likely to materially hinder the performance by such entity of its respective obligations hereunder.

 

Section
3.02 AUTHORITY; EXECUTION AND DELIVERY; ENFORCEABILITY.
The Company has the requisite corporate power and authority to enter into and perform this Agreement. The execution, delivery
and performance of this Agreement by the Company and the consummation by the Company of the transactions contemplated thereby
have been duly and validly authorized by all necessary corporate action, and no further consent or authorization of the Company
or its Board of Directors or the Stockholder is required. This Agreement has been duly executed and delivered by the Company.
This Agreement constitutes a valid and binding obligation of the Company enforceable against the Company in accordance with its
terms, except as such enforceability may be limited by applicable bankruptcy, reorganization, moratorium, liquidation, conservatorship,
receivership or similar laws relating to, or affecting generally the enforcement of, creditor’s rights and remedies or by
equitable principles or remedies of general application.

 

    	 	2	 

    	 

    

 

ARTICLE
IV

REPRESENTATIONS AND WARRANTIES OF THE STOCKHOLDER

 

The
Stockholder hereby represents and warrants to the Parent as follows:

 

Section
4.01 GOOD TITLE. Stockholder is the record
and beneficial owner, and has good title to its Parent Stock, with the right and authority to sell and deliver such Parent Stock
to the Parent. Upon delivery of any certificate or certificates duly assigned, representing the same as herein contemplated and/or
upon registering of the Parent as the new owner of the Parent Stock in the share register of the Parent, the Parent will receive
good title to its Parent Stock, free and clear of all Liens.

 

Section
4.02 AUTHORITY; EXECUTION AND DELIVERY; ENFORCEABILITY.
The Stockholder has the requisite power and authority to enter into and perform this Agreement. The execution, delivery and performance
of this Agreement by the Stockholder and the consummation by the Stockholder of the transactions contemplated thereby have been
duly and validly authorized by all necessary corporate action, and no further consent or authorization from any party is required.
This Agreement has been duly executed and delivered by the Stockholder. This Agreement constitutes a valid and binding obligation
of the Stockholder enforceable against the Stockholder in accordance with its terms, except as such enforceability may be limited
by applicable bankruptcy, reorganization, moratorium, liquidation, conservatorship, receivership or similar laws relating to,
or affecting generally the enforcement of, creditor’s rights and remedies or by equitable principles or remedies of general
application.

 

Section
4.03 SECURITIES ACT OF 1933. Stockholder
has complied and will comply with all applicable federal and state securities laws in connection with the offer, issuance and
sale of the Shares hereunder and no registration under the Securities Act is required for the offer and sale of the Shares by
the Stockholder to the Parent under this Agreement. Neither Stockholder nor anyone acting on its behalf, directly or indirectly,
has or will sell, offer to sell or solicit offers to buy any of the Shares, or similar securities to, or solicit offers with respect
thereto from, or enter into any preliminary conversations or negotiations relating thereto with, any person, or has taken or will
take any action so as to require registration of the issuance and sale of any of the Shares under the registration provisions
of the Securities Act and applicable state securities laws. Neither Stockholder nor any of its affiliates, nor any person acting
on its or their behalf, has engaged in any form of general solicitation or general advertising (within the meaning of Regulation
D under the Securities Act) in connection with the offer or sale of any of the Shares.

 

ARTICLE
V

DELIVERIES

 

Section
5.01 DELIVERIES OF THE STOCKHOLDER.

 

(a)
Concurrently herewith Stockholder is delivering
to the Parent duly executed stock powers for transfer by the Stockholder of its Parent Stock to the Parent, as well as a certificate(s)
representing the Parent Stock; and

 

(b)
to the Parent, a letter of resignation of Steven
Yariv from his position as an officer and director of the Parent that will become effective upon the consummation of the Closing.

 

    	 	3	 

    	 

    

 

Section
5.02 DELIVERIES OF THE PARENT.

 

(a)
Concurrently herewith, the Parent is delivering:

 

(i)
to the Stockholder, all books and records of
the Company; and

 

(b)
At or immediately after the Closing, the Parent
shall deliver to Stockholder, certificates representing the Company Stock.

 

ARTICLE
VI

CONDITIONS TO CLOSING

 

Section
6.01 CONDITIONS PRECEDENT. The obligations
of the Parent, Stockholder and the Company to enter into and complete the Closing is subject to the fulfillment on or prior to
the Closing Date of the following conditions.

 

(a)
REPRESENTATIONS AND COVENANTS. The representations
and warranties of the parties contained in this Agreement shall be true in all material respects on and as of the Closing Date
with the same force and effect as though made on and as of the Closing Date. Each party shall have performed and complied in all
material respects with all covenants and agreements required by this Agreement to be performed or complied with by such party
on or prior to the Closing Date.

 

(b)
LITIGATION. No action, suit or proceeding
shall have been instituted before any court or governmental or regulatory body or instituted or threatened by any governmental
or regulatory body to restrain, modify or prevent the carrying out of the Transactions or to seek damages or a discovery order
in connection with such Transactions, or which has or may have, in the reasonable opinion of the Parent, a materially adverse
effect on the assets, properties, business, operations or condition (financial or otherwise) of the Parent or Company.

 

(c)
NO MATERIAL ADVERSE CHANGE. There shall
not have been any occurrence, event, incident, action, failure to act, or transaction since the date hereof which has had or is
reasonably likely to cause a Material Adverse Effect on the Parent or Company.

 

(d)
DELIVERIES. The deliveries specified in Article
5 shall have been made.

 

ARTICLE
VII

COVENANTS

 

Section
7.01 FEES AND EXPENSES. All fees and expenses
incurred in connection with this Agreement shall be paid by the party incurring such fees or expenses, whether or not this Agreement
is consummated.

 

Section
7.02 CONTINUED EFFORTS. Each party hereto
shall use commercially reasonable efforts to (a) take all action reasonably necessary to consummate the Transactions, and (b)
take such steps and do such acts as may be necessary to keep all of its representations and warranties true and correct as of
the Closing Date with the same effect as if the same had been made, and this Agreement had been dated, as of the Closing Date.

 

    	 	4	 

    	 

    

 

Section
7.03 CONDUCT OF BUSINESS. During the period
from the date hereof through the Closing Date, Parent and the Company shall carry on their respective businesses in the ordinary
and usual course consistent with past practice.

 

Section
7.04 ISSUANCE OF OPTIONS. Promptly following
the Closing Date, the Parent shall issue options to purchase shares of common stock of the Parent to the following individuals,
in the following amounts: (1) Terri Lee Reid: 10,000; (2) Mark Longhini: 18,500; (3) Joeanna Giammarco: 19,000; and (4) Leslie
Spallholtz: 32,500. The exercise price of such options shall be the closing price of the Parent common stock on the date of this
agreement. Each recipient shall execute an option agreement which includes a vesting schedule such that 25% of each recipient’s
options shall vest on each of January 1, 2020, January 1, 2021, January 1, 2022 and January 1, 2023, as well as non-compete and
non-solicitation provisions.

 

Section
7.05 COMPANY RECORDS. Parent shall retain
any records of the Company that it possesses for three (3) years from the date hereof.

 

Section
7.06 STOCKHOLDER SALES. Should Stockholder
make any sales of common stock of the Parent, it covenants not to sell, on any one trading day, greater than 5% of the average
daily trading volume of the Parent common stock for the five trading days prior to the date of such sale(s).

 

Section
7.07 PARENT FILINGS. Stockholder and the
Company shall cooperate with Parent in all respects and provide whatever materials are required with respect to the Company in
connection with any audits, public filings, or disclosure required made by the Parent.

 

Section
7.08 NON-DISPARAGEMENT. Commencing on
the date hereof, no party hereto shall disparage or make any statement which might adversely affect the reputation of any other
party. For the purpose of this paragraph, the term “disparage” shall include, without limitation, any statement accusing
the aforesaid individuals or entities of acting in violation of any law or governmental regulation or of condoning any such action,
or otherwise acting in an unprofessional, dishonest, disreputable, improper, incompetent or negligent manner.

 

Section
7.09 RELEASES. In consideration for the
receipt of Parent Stock or Company Stock, as applicable, Parent, on the one hand, and the Company and Stockholder, on the other
hand, each knowingly and voluntarily release and forever discharge the other, any of its parent, subsidiary, division, and related
companies, and any of its past and present directors, managers, officers, shareholders, partners, employees, agents, attorneys
and servants, and each of its predecessors, successors and assigns (the “Releasees”) from any and all complaints,
causes of action, or claims for relief, of any nature whatsoever, known or unknown (the “Release”). This Release
includes, without limitation, any rights or claims relating in any way to your employment relationship with any of the Releasees,
or the termination thereof, or arising under any statute or regulation, including, but not limited to, any rights or claims you
may have under the Age Discrimination in Employment Act (ADEA), which prohibits age discrimination in employment; Title VII of
the Civil Rights Act of 1964, as amended, which prohibits discrimination in employment based on race, color, national origin,
religion, or sex; the Equal Pay Act, which prohibits paying men and women unequal pay for equal work; the Americans with Disabilities
Act (ADA), which prohibits discrimination in employment by reason of disability; the Employee Retirement Income Security Act (ERISA),
which protects employee’s interests in certain health and retirement benefits; the Family and Medical Leave Act (FMLA),
which protects the right of employees to take certain leave periods; the Fair Labor Standards Act (FLSA), which protects employees’
wages and regulates hours; the Federal Wiretap Act, the Electronic Communications Privacy Act, and the Stored Communications Act,
all of which protect privacy, or any other federal, state, or local laws or regulations which govern the workplace, or any other
state, federal or local statute or regulation which may be applicable to such party. This Release also includes a release by you
of any claims for wrongful discharge, defamation, intentional tort, invasion of privacy, and breach of contract, implied or otherwise.
This Release includes both claims that you know about and those you may not know about. You represent that as of the date of your
execution of this Agreement, you have incurred no disability or injury in relation to or as a result of your employment and assert
no claim for any form of compensation for such disability, injury or job-related condition.

 

    	 	5	 

    	 

    

 

ARTICLE
VIII

MISCELLANEOUS

 

Section
8.01 NOTICES. All notices, requests, claims,
demands and other communications under this Agreement shall be in writing and shall be deemed given upon receipt by the parties
at the following addresses (or at such other address for a party as shall be specified by like notice):

 

If
to the Stockholder, to the address set forth below Stockholder’s signature hereto.

 

If
to the Parent, to:

 

Transportation
and Logistics Systems, Inc.

3
Riverway, Suite 14300

Houston,
TX 77056

Attention:
Douglas M. Cerny

Telephone:
713-304-0838

Telecopy:
###-##-####

 

with
a copy to:

 

Pryor
Cashman LLP

7
Times Square

New
York, New York 10036

Attention:
M. Ali Panjwani, Esq.

Telephone:
212-326-0820

Telecopy:
212-326-0806

 

Section
8.02 AMENDMENTS; WAIVERS. No provision
of this Agreement may be waived or amended except in a written instrument signed by the Company, Parent and the Stockholder. No
waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing
waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof,
nor shall any delay or omission of either party to exercise any right hereunder in any manner impair the exercise of any such
right.

 

    	 	6	 

    	 

    

 

Section
8.03 INDEMNIFICATION.
Subject to the provisions of this Section 8.03, the Parent or Stockholder, as applicable, will indemnify and hold the other party
and its directors, officers, managers, shareholders, members, partners, employees and agents (and any other persons with a functionally
equivalent role of a person holding such titles notwithstanding a lack of such title or any other title), each person who controls
such party (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers,
managers, shareholders, agents, members, partners or employees (and any other persons with a functionally equivalent role of a
person holding such titles notwithstanding a lack of such title or any other title) of such controlling persons (each, a “Purchaser
Party”) harmless from any and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses,
including all judgments, amounts paid in settlements, court costs and reasonable attorneys’ fees and costs of investigation
that any the Purchaser Party may suffer or incur as a result of or relating to (a) any breach of any of the representations, warranties,
covenants or agreements made by a party in this Agreement or (b) any action instituted against the Purchaser Parties in any capacity,
or any of them or their respective affiliates, by any stockholder of the Parent who is not an affiliate of the Parent, with respect
to any of the transactions contemplated by the Agreement (unless such action is based upon a breach of the Purchaser Party’s
representations, warranties or covenants under this Agreement or any agreements or understandings the Purchaser Party may have
with any such stockholder or any violations by such Purchaser Party of state or federal securities laws or any conduct by the
Purchaser Party which constitutes fraud, gross negligence, willful misconduct or malfeasance). If any action shall be brought
against any Purchaser Party in respect of which indemnity may be sought pursuant to this Agreement, the Purchaser Party shall
promptly notify the other party in writing, and such other party shall have the right to assume the defense thereof with counsel
of its own choosing reasonably acceptable to the Purchaser Party. A party will not be liable to any Purchaser Party under this
Agreement (x) for any settlement by a Purchaser Party effected without the other party’s prior written consent, which shall
not be unreasonably withheld or delayed; or (y) to the extent, but only to the extent that a loss, claim, damage or liability
is attributable to any Purchaser Party’s breach of any of the representations, warranties, covenants or agreements made
by the Purchaser Party in this Agreement. The indemnification contained herein shall be in addition to any cause of action or
similar right of any Purchaser Party against the other party or others and any liabilities the other party may be subject to pursuant
to law.

 

Section
8.04 REPLACEMENT OF SHARES. If any certificate
or instrument evidencing any Shares is mutilated, lost, stolen or destroyed, the Parent shall issue or cause to be issued in exchange
and substitution for and upon cancellation thereof, or in lieu of and substitution therefor, a new certificate or instrument,
but only upon receipt of evidence reasonably satisfactory to the Parent of such loss, theft or destruction and customary and reasonable
indemnity, if requested. The applicants for a new certificate or instrument under such circumstances shall also pay any reasonable
third-party costs associated with the issuance of such replacement Shares. If a replacement certificate or instrument evidencing
any Shares is requested due to a mutilation thereof, the Parent may require delivery of such mutilated certificate or instrument
as a condition precedent to any issuance of a replacement.

 

Section
8.05 REMEDIES. In addition to being entitled
to exercise all rights provided herein or granted by law, including recovery of damages, the Stockholder, Parent and the Company
will be entitled to specific performance under this Agreement. The parties agree that monetary damages may not be adequate compensation
for any loss incurred by reason of any breach of obligations described in the foregoing sentence and hereby agrees to waive in
any action for specific performance of any such obligation the defense that a remedy at law would be adequate.

 

Section
8.06 INTERPRETATION. When a reference
is made in this Agreement to a Section, such reference shall be to a Section of this Agreement unless otherwise indicated. Whenever
the words “include”, “includes” or “including” are used in this Agreement, they shall be deemed
to be followed by the words “without limitation”.

 

Section
8.07 SEVERABILITY. If any term or other
provision of this Agreement is invalid, illegal or incapable of being enforced by any rule or Law, or public policy, all other
conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal
substance of the Transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination
that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good
faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner
to the end that Transactions contemplated hereby are fulfilled to the extent possible.

 

    	 	7	 

    	 

    

 

Section
8.08 COUNTERPARTS; FACSIMILE EXECUTION.
This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement and shall
become effective when one or more counterparts have been signed by each of the parties and delivered to the other parties. Facsimile
execution and delivery of this Agreement is legal, valid and binding for all purposes.

 

Section
8.09 ENTIRE AGREEMENT; THIRD PARTY BENEFICIARIES.
This Agreement shall constitute the entire agreement, and supersede all prior agreements and understandings, both written and
oral, among the parties with respect to the Transactions and are not intended to confer upon any person other than the parties
any rights or remedies.

 

Section
8.10 GOVERNING LAW. All
questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by and construed
and enforced in accordance with the internal laws of the State of Florida, without regard to the principles of conflicts of law
thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of the transactions
contemplated by this Agreement (whether brought against a party hereto or its respective affiliates, directors, officers, shareholders,
partners, members, employees or agents) shall be commenced exclusively in the state and federal courts sitting in Palm Beach County,
Florida. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in Palm Beach
County, Florida for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby
or discussed herein (including with respect to the enforcement of this Agreement), and hereby irrevocably waives, and agrees not
to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court,
that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably
waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy
thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect
for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and
notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted
by law. If either party shall commence an action, suit or proceeding to enforce any provisions of this Agreement, then, in addition
to the obligations of the Company under this Section, the prevailing party in such action, suit or proceeding shall be reimbursed
by the other party for its reasonable attorneys’ fees and other costs and expenses incurred with the investigation, preparation
and prosecution of such action or proceeding.

 

Section
8.11 ASSIGNMENT. Neither this Agreement
nor any of the rights, interests or obligations under this Agreement shall be assigned, in whole or in part, by operation of law
or otherwise by any of the parties without the prior written consent of the other parties. Any purported assignment without such
consent shall be void. Subject to the preceding sentences, this Agreement will be binding upon, inure to the benefit of, and be
enforceable by, the parties and their respective successors and assigns.

 

[REMAINDER
OF THE PAGE INTENTIONALLY LEFT BLANK; SIGNATURES FOLLOW]

 

    	 	8	 

    	 

    

 

IN
WITNESS WHEREOF, the parties hereto have executed and delivered this Share Exchange Agreement as of the date first above written.

 

	 	PARENT
	 	 	 
	 	TRANSPORTATION
    AND LOGISTICS SYSTEMS, INC.
	 	 	 
	 	By:
    	/s/
    Douglas Cerny
	 	Name:	Douglas
    M. Cerny
	 	Title:	Senior
    VP and Chief Development Officer
	 	 	 
	 	COMPANY
	 	 	 
	 	SAVE
    ON TRANSPORT INC.
	 	 	 
	 	By:
    	/s/
    Steven Yariv
	 	Name:	 
	 	Title:	 

 

	
	 	STOCKHOLDER:
	 	 
	 	/s/
    Steven Yariv
	 	Steven
    Yariv
	 	 
	 	Address:_________________________________________
	 	 ________________________________________________

 

Signature
Page to

Share
Exchange Agreement

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