Document:

Exhibit
10.1

 

EXECUTION
COPY

 

EMPLOYMENT
AGREEMENT

 

THIS
AGREEMENT (this “Agreement”), dated February 21, 2020 (the “Effective Date”), by and
between BOXLIGHT CORPORATION, a Nevada corporation (the “Corporation”) and TAKESHA BROWN, an
individual residing at 1887 Misty Woods Drive, Duluth, Georgia 30097 (the “Executive”).

 

W
I T N E S S E T H:

 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements contained herein, the parties hereto intending to be bound
hereby, it is hereinafter agreed as follows:

 

1.
Term. The Corporation hereby employs the Executive, and the Executive hereby accepts employment, for term commencing on Effective
Date hereof and, subject to earlier termination as provided in Section 5 hereof, continuing for the period commencing on
the Effective Date through February 20, 2021 (the “Initial Term”); which Initial Term may be renewed or extended
by mutual agreement of the Corporation and the Executive (such Initial Term, as the same may be so renewed or extended, being
hereinafter sometimes called the “Term of Employment”). The Executive shall perform the services specified
herein, all upon the terms and conditions hereinafter stated. This Agreement may be extended only upon the written consent of
the parties hereto.

 

2.
Duties and Responsibilities.

 

General.
The Executive shall serve as the CFO of the Corporation and report to the CEO of the Corporation. The Executive’s duties
shall will be as normally associated with the role of CFO and as directed by the CEO.

 

Time.
The Executive shall devote her professional and business time, attention and energy to the Corporation as necessary and
appropriate to meet the requirements directed by the CEO and further the interests of the Corporation.

 

3.
Salary and Incentive Compensation.

 

a.
Base Salary. During the period commencing on the Effective Date and ending February 20, 2021, the Corporation shall pay
to the CFO a salary (the “Base Salary”) at an annual rate of One Hundred and Seventy Thousand ($170,000) Dollars.

 

b.
Incentive Compensation. During the Term of Employment, the Executive shall be eligible to participate in the annual executive
incentive compensation plan.

 

4.
Awards and Fringe Benefits.

 

a.
Benefit Plans. In addition to the other compensation payable to the Executive hereunder, and except as otherwise set
forth herein, the Executive shall be eligible to participate in all retirement savings plan, 401K or other similar benefit, medical,
disability and other employee benefit plans and programs generally provided by the Corporation to its senior staff from time to
time hereafter (other than those provided pursuant to separately negotiated individual employment agreements or arrangements),
subject to, and to the extent the Executive is eligible for the respective terms of such benefit plans and programs.

 

    	 

    	 

    

 

b.
Expenses. During the Term of Employment, the Corporation shall pay or reimburse the Executive, upon submission of appropriate
documentation by her, for all out-of-pocket expenses for entertainment, travel, meals, hotel accommodations, subscription services,
event fees, office expenses, and the like incurred by her in the interest of the Business.

 

c.
Vacation. The Executive shall be entitled to five (5) weeks annual paid vacation days and twelve (12) paid holidays
per calendar year in accordance with Corporation policies.

 

d.
Insurance. During the Term of Employment, the Executive shall be entitled to participate in any group insurance plan,
including health insurance, term life insurance, and disability insurance policies (collectively, “Corporation Plans”)
from time to time maintained by the Corporation; provided that such insurance can be obtained on economically reasonable terms.

 

e.
Continuing Education. The Corporation shall pay for continuing education expenses as selected by the Executive and
approved by the CEO, subject to an annual limit of $5,000. Attendance of such continuing education, not to exceed 5 business days,
shall not constitute vacation time.

 

5.
Termination; Change of Control.

 

a.
Death. If the Executive shall die prior to the expiration of the Term of Employment, the Corporation shall have no
further obligation hereunder, other than to the Executive or her estate except to pay to the Executive’s estate the amount
of the Executive’s Base Salary accrued to the date of her death. Such payment shall be made promptly after the date of death
to the Executive’s estate.

 

b.
Disability. If prior to the expiration of the Term of Employment, the Executive shall be prevented, during a continuous
period of ninety (90) days (the “Disability Period”), from performing her duties by reason of “disability,”
the Corporation may terminate this Agreement, in which event the Executive shall receive: (i) her Base Salary accrued to the date
upon which any determination of disability shall have been made as hereinafter provided, and continuing until the date on which
disability income payments commence under the Company’s long term disability plan (or the beginning of Social Security disability
income, if sooner), which Base Salary payment may be reduced by the amount of any disability income payments the Executive may
receive in connection with such occurrence of disability during the Disability Period under any policy or plan carried or maintained
by the Corporation and under which the Executive is a beneficiary or participant.

 

For
purposes of this Agreement, the Executive shall be deemed to have become disabled when the Corporation, upon the diagnosis of
a reputable, licensed physician of the Corporation’s choice, in consultation with the Executive’s primary physician,
shall have determined that the Executive shall have become unable to perform her duties under this Agreement; provided that such
incapacity shall have continued uninterrupted for a period of not less than ninety (90) days.

 

    	 

    	 

    

 

c.
Cause. Notwithstanding any other provision of this Agreement, if prior to the expiration of the Term of Employment,
the Corporation shall have the right to discharge the Executive “for Cause,” as defined below, then this Agreement
shall terminate effective upon such discharge, and upon such termination, neither the Corporation nor any other member of the
Corporation shall have any further obligation to the Executive or her estate, except that the Corporation will cause the Corporation
to pay to the Executive, within thirty (30) days of such termination, or in the event of her subsequent death, her estate, an
amount equal to the Executive’s Base Salary, as provided in Section 3 hereof, accrued to the date of termination.
In addition, the Executive shall not, after the date of termination, be entitled to receive any further Current Benefits, or other
benefits, if any, under any Corporation Plans. In the event of termination of the Executive’s employment for Cause, neither
the Corporation nor any member of the Corporation shall be obligated to pay, and the Executive shall not be entitled to receive,
any Incentive Compensation.

 

For
the purposes hereof, the term “Cause” shall mean and be limited to a discharge resulting from any one of the
following:

 

(i)
the Executive’s conviction of a felony or any other crime involving moral turpitude,

 

(ii)
a breach by the Executive of her fiduciary duties to the Corporation as specified herein, or

 

(iii)
the Executive’s failure or refusal to follow the lawful polices or directives established by the CEO; provided that in the
case of clauses (ii) or (iii) above, the CEO shall have first given written notice thereof to the Executive on each occasion describing
in reasonable detail of the alleged breach, failure or refusal, and such breach or willful failure or refusal to follow written
lawful policies or directives shall remain uncured for a period of thirty (30) days following receipt of each such notice.

 

d.
Termination Without Cause. Notwithstanding anything to the contrary, express or implied, contained in this Agreement,
the Corporation may terminate the employment of the Executive at any time without Cause (a “Non-Cause Termination”);
provided that the Corporation shall pay to the Executive severance pay equal to Twelve (12) months of the Base Salary then in
effect (the “Severance Payment”), payable in equal monthly installments over the twelve-month period following
such Non-Cause Termination.

 

    	 

    	 

    

 

e.
Other Reasons for Termination.

 

The
Executive may terminate this Agreement prior to the end of the Term of Employment either (A) upon thirty (30) days written notice
with Good Reason (“Termination with Good Reason”), or (B) for any or no reason by providing three (3) months’
advance written notice is given by the Executive to the Corporation.

 

As
used herein, the term “Termination for Good Reason” shall mean: (a) a material reduction in the scope of the
Executive’s title, authority, duties or responsibilities in effect as of the Effective Date, which reduction is not remedied
by the Corporation within thirty (30) days after notification to the Corporation containing a reasonably detailed description
of such reduction; (b) the Corporation’s breach of any material obligation owed to the Executive under this Agreement, including
any Base Salary or; provided that the Executive has given the Corporation notice thereof describing in reasonable detail the alleged
breach or failure, and the Corporation has failed to cure such breach or failure within a period of thirty (30) days following
receipt of such notice.

 

f.
Public Notice.

 

The
Corporation and Executive shall mutually agree on any public communications regarding the cancellation of this Agreement by either
party. Neither party shall defame, disparage or denigrate the other in public statements.

 

6.
Certain Covenants of the Executive.

 

a.
Confidential Information. The Executive acknowledges that in the course of his employment with the Corporation she
may receive certain information, knowledge and data concerning the Business of the Corporation and its affiliates or pertaining
to any individual, firm, corporation, partnership, joint venture, business, organization, entity or other person which the Corporation
may do business with during the Term of Employment, which is not in the public domain, including but not limited to trade secrets,
employee records, names and lists of suppliers and customers, programs, statistics, processes, techniques, pricing, marketing,
software and designs, or any other matters, and all other confidential information of the Corporation and its and affiliates acquired
in connection with your employment (hereinafter referred to collectively as “Confidential Information”), which
the Corporation and its affiliates desire to protect. The Executive understands that such Confidential Information is confidential,
and she agrees not to reveal or disclose or otherwise make accessible such Confidential Information to anyone outside of the Corporation
or any affiliate and their respective officers, employees, directors, consultants or agents, so long as the confidential or secret
nature of such Confidential Information shall continue, whether or not he is employed by the Corporation, except as may be required
by law, regulation or court order.

 

b.
Return of Information. At such time as the Executive shall cease to be employed by the Corporation or the Corporation
for whatever reason or at any other time the Corporation may reasonably request, she shall promptly deliver and surrender to the
Corporation all papers, memoranda, notes, records, reports, sketches, specifications, designs and other documents, writings (and
all copies thereof), and other property produced by her or coming into her possession by or through her employment hereunder and
relating to the Confidential Information referred to in this Section 6 or otherwise to the Business, and the Executive
agrees that all such materials will at all times remain the property of the Corporation.

 

    	 

    	 

    

 

c.
Non-Competition Agreement. Executive acknowledges that the agreements and covenants contained in this Section 6(c)
are essential to protect the business, goodwill, trade secrets and confidential information of the Corporation and are appropriate
in scope and the Business is conducted in the United States (the “Territory”). Executive covenants and agrees
that during the period commencing on the Effective Date and ending on the earlier of the Executive’s termination of employment
for Good Reason or the second (2nd) anniversary following Executive’s termination of employment by the Company
Without Cause or by the Executive without Good Reason (the “Restricted Period”), Executive shall not, directly
or indirectly, (i) engage in any related business activity in the Territory that competes with the Business; (ii) render any services
to any person for use in competing with the Corporation in connection with the Business in the Territory; or (iii) have an interest
in any person engaged in any business that competes with the Corporation in connection with the Business in the Territory, directly
or indirectly, in any capacity, including as a partner, member, officer, director, manger, principal, agent, trustee or consultant
or any other relationship or capacity; provided, however, that each Restricted Party may own, directly or indirectly, solely as
an investment, securities of any Person which are publicly traded if such Restricted Party (A) is not a controlling person of,
or a member of a group which controls, such person and (B) does not, directly or indirectly, own 5% or more of any class of securities
of such Person; or (iv) interfere with business relationships (whether formed heretofore or hereafter) between Buyer or any of
its Affiliates and customers, suppliers or prospects of the Business.

 

d.
Agreement Not to Solicit. For so long as the Executive shall be employed with the Corporation and for a period of two (2)
years following the termination of this Agreement for any reason, the Executive agrees that she will not, either directly or indirectly,
through any person, firm, association, corporation, partnership, agency or other business entity or person with which he is now
or may hereafter become associated, (i) cause or induce any present or future employee of the Corporation to leave the employ
of the Corporation or any affiliate to accept employment with the Executive or with such person, firm, association or corporation,
agency or other business entity or (ii) solicit any person or entity which is a customer of the Corporation for the purpose of
directly or indirectly furnishing services competitive with the Corporation.

 

e.
Scope. It is expressly agreed that if any restrictions set forth in this Section 6 are found by any court having
jurisdiction to be unreasonable because they are too broad in any respect, then and in each such case, the remaining restrictions
herein contained shall, nevertheless, remain effective, and this Agreement, or any portion thereof, shall be considered to be
amended so as to be considered reasonable and enforceable by such court, and the court shall specifically have the right to restrict
the business or geographical scope of such restrictions to any portion of the business or geographic areas described above to
the extent the court deems such restriction to be necessary to cause the covenants to be enforceable, and in such event, the covenants
shall be enforced to the extent so permitted.

 

f.
Specific Performance. The Executive acknowledges that a remedy at law for any breach or attempted breach of Section
6 of this Agreement may be inadequate, agrees that the Corporation shall be entitled to seek specific performance and injunctive
and other equitable relief in case of any such breach or attempted breach, and further agrees to waive any requirement for the
securing or posting of any bond in connection with the obtaining of any such injunctive or any other equitable relief.

 

    	 

    	 

    

 

7.
Indemnification. Throughout the Term of Employment, the Corporation hereby agrees to maintain officers and directors’
liability insurance with one or more recognized insurance carriers in an amount of not less than Five Million ($5,000,000) and
to cover the Executive under all of such policies and to provide indemnity to the Executive, in her capacity described in this
Agreement, to the fullest extent provided under Georgia Law as provided herein. In addition, throughout the Term of Employment,
the Corporation hereby agrees to agree to indemnify, defend and hold harmless the Executive to the fullest extent permitted under
Georgia law, from and against any and all claims, liabilities, costs, expenses, including without limitation the payment by the
Corporation of all legal fees, court costs and filing fees, as incurred by the Executive (collectively, “Claims”),
based upon, arising out of or otherwise in respect of (i) any act of omission or commission by the Corporation or its board of
directors, (ii) the failure of the Corporation to perform or observe fully any covenant, agreement or provision to be performed
or observed by the Corporation to any third party, or (iii) any third-party Claim arising out of or in connection with the operation
of the Business of the Corporation.

 

8.
Severability. In case of any term, phrase, clause, Section, section, restriction, covenant, or agreement contained in this
Agreement shall be held to be invalid or unenforceable, the same shall be deemed, and it is hereby agreed that the same are meant
to be several, and shall not defeat or impair the remaining provisions hereof.

 

9.
Waiver. The waiver by the Corporation of a breach of any provision of this Agreement by the Executive shall not operate
or be construed as a waiver of any subsequent or continuing breach of this Agreement by the Executive.

 

10.
Assignment; Binding Affect. This Agreement may not be assigned under any circumstances by either party. Neither the Executive
nor her estate shall have any right to commute, encumber or dispose any rights to receive payments hereunder, it being agreed
that such payment and the right thereto are nonassignable and nontransferable. Subject to the provisions of this Section 9
this Agreement shall be binding upon and inure to the benefit of the parties hereto, the Executive’s heirs and personal
representatives, and the successors and assigns of the Corporation.

 

11.
Amendments. This Agreement may not be changed, amended, terminated or superseded orally, but only by an agreement in writing,
nor may any of the provisions hereof be waived orally, but only by an instrument in writing, in any such case signed by the party
against whom enforcement of any change, amendment, termination, waiver, modification, extension or discharge is sought.

 

12.
Entire Agreement; Amendment; Governing Law. This Agreement embodies the entire agreement and understanding between the parties
hereto with respect to the matters covered hereby. Only an instrument in writing executed by the parties hereto may amend this
Agreement.

 

    	 

    	 

    

 

13.
Governing Law; Jurisdiction. This Agreement shall be governed by and construed in accordance with the laws of the State of
Georgia. All actions and proceedings arising out of or relating to this Agreement shall be brought by the parties and heard and
determined only in a Federal or state court located in the City of Atlanta and State of Georgia and the parties hereto consent
to jurisdiction before and waive any objections to the venue of such Federal and New York courts. The parties hereto agree to
accept service of process in connection with any such action or proceeding in any manner permitted for a notice hereunder.

 

14.
Attorneys’ Fees. Except as otherwise provided in Section 7 above, in the event that any suit or other legal proceeding
is brought for the enforcement of any of the provisions of this Agreement, the parties hereto agree that the prevailing party
or parties shall be entitled to recover from the other party or parties upon final judgment on the merits reasonable attorneys’
fees, including attorneys’ fees for any appeal and costs incurred in bringing such suit or proceeding.

 

15.
Headings. All descriptive headings of the several Sections or Sections of this Agreement are inserted for convenience only
and do not constitute a part of this Agreement.

 

16.
Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and same instrument. Facsimile and pdf signatures hereto shall have the same validity as original
signatures hereto.

 

17.
Representations and Warranties. (a) Executive represents and warrants to Corporation that (i) Executive is under no contractual
or other restriction or obligation which is inconsistent with his execution of this Agreement or performance of her duties hereunder,
(ii) Executive has no physical or mental disability that would hinder her performance of her duties under this Agreement, and
(iii) she has had the opportunity to consult with an attorney of his choosing in connection with the negotiation of this Agreement.

 

18.
Notices. Any notice required or permitted to be given under this Agreement shall be in writing and shall be sent by certified
mail, by personal delivery or by overnight courier to the Executive at her residence (as set forth in Corporation’s corporate
records) or to the Corporation at its principal office and shall be effective upon receipt, if by personal delivery, three (3)
business days after mailing, if sent by certified mail or one (1) business day after deposit with an overnight courier.

 

[SIGNATURE
PAGE FOLLOWS]

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this agreement as of the date and year first above written.

 

	 	BOXLIGHT
    CORPORATION
	 	 
	 	By:	/s/
    Harold Bevis
	 	Name:	Harold Bevis
	 	Title:	CEO
	 	 
	 	EXECUTIVE:
	 	 
	 	By:	/s/
    Takesha Brown
	 	Name:	Takesha Brown
	 	Title:	CFODocument

Exhibit 4.3

DESCRIPTION OF THE COMPANY’S CAPITAL STOCK REGISTERED PURSUANT TO SECTION 12 OF THE  SECURITIES EXCHANGE ACT OF 1934

The following description of our capital stock registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is a summary and does not purport to be complete. It is subject to and qualified in its entirety by reference to the complete text of our Second Amended and Restated Certificate of Incorporation (the “Certificate of Incorporation”) and our Second Amended and Restated Bylaws (the “Bylaws”), each of which are incorporated by reference as an exhibit to the Annual Report on Form 10-K of which this Exhibit 4.3 is a part. We encourage you to read our Certificate of Incorporation, our Bylaws and the applicable provisions of the General Corporation Law of the State of Delaware (the “DGCL”), Title 8 of the Delaware Code for additional information.

The authorized capital stock of Smart Sand, Inc. consists of 350,000,000 shares of common stock, $0.001 par value per share (“common stock”), and 10,000,000 shares of preferred stock, $0.001 par value per share (“preferred stock”). Our preferred stock is not registered pursuant to Section 12 of the Exchange Act.

As of February 19, 2020, 43,590,249 shares of common stock were issued and 42,847,996 shares of common stock were outstanding. As of that date, 2,568,876 shares of common stock were reserved for issuance upon exercise of options or in connection with other awards outstanding under various employee or director incentive, compensation and option plans.

Common Stock

Dividend Rights

Subject to the rights of any holders of any outstanding shares or series of preferred stock, holders of common stock are entitled to the payment of dividends when and as declared by our board of directors in accordance with applicable law and to receive other distributions.

Voting Rights

Except as provided by law or in a preferred stock designation, holders of common stock are entitled to one vote for each share held of record on all matters submitted to a vote of the stockholders, have the exclusive right to vote for the election of directors and do not have cumulative voting rights. Except as otherwise required by law, holders of common stock are not entitled to vote on any amendment to the Certificate of Incorporation (including any certificate of designations relating to any series of preferred stock) that relates solely to the terms of any outstanding series of preferred stock if the holders of such affected series are entitled, either separately or together with the holders of one or more other such series, to vote thereon pursuant to the Certificate of Incorporation (including any certificate of designations relating to any series of preferred stock) or pursuant to the DGCL.

Liquidation Rights

Subject to the rights of any holders of any outstanding shares or series of preferred stock, in the event of any liquidation, dissolution or winding up of our affairs, whether voluntary or involuntary, our funds and assets, to the extent they may be legally distributed to holders of common stock, shall be distributed among the holders of the then outstanding common stock pro rata in accordance with the number of shares of common stock held by each such holder.

Other Rights and Preferences

All outstanding shares of common stock are fully paid and non-assessable. The holders of common stock have no pre-emptive or other subscription rights.

Classification of the Board of Directors

Our Certificate of Incorporation divide our board of directors into three classes, as nearly equal in number as possible, with staggered three-year terms. Subject to our stockholders agreement, under our Certificate of Incorporation and our Bylaws, any vacancy on our board of directors, including a vacancy resulting from an enlargement of our board of directors, may be filled only by the affirmative vote of a majority of our directors then in office, even though less than a quorum of the board of directors. 

Listing
Our common stock is traded on the NASDAQ Global Select Market under the symbol, “SND.”

Anti-Takeover Effects of Provisions of Our Certificate of Incorporation and our Bylaws 

Provisions of our Certificate of Incorporation and Bylaws may delay or discourage transactions involving an actual or potential change in control or change in our management, including transactions in which stockholders might otherwise receive a premium for their shares, or transactions that our stockholders might otherwise deem to be in their best interests. Therefore, these provisions could adversely affect the price of our common stock. 

Among other things our Certificate of Incorporation and Bylaws: 

•establish advance notice procedures with regard to stockholder proposals relating to the nomination of candidates for election as directors or new business to be brought before meetings of our stockholders. These procedures provide that notice of stockholder proposals must be timely given in writing to our corporate secretary prior to the meeting at which the action is to be taken. Generally, to be timely, notice must be received at our principal executive offices not less than 90 days nor more than 120 days prior to the first anniversary date of the annual meeting for the preceding year. Our Bylaws specify the requirements as to form and content of all stockholders’ notices. These requirements may preclude stockholders from bringing matters before the stockholders at an annual or special meeting; 

•provide our board of directors the ability to authorize undesignated preferred stock. This ability makes it possible for our board of directors to issue, without stockholder approval, preferred stock with voting or other rights or preferences that could impede the success of any attempt to change control of us. These and other provisions may have the effect of deferring hostile takeovers or delaying changes in control or management of our company; 

•provide that our board of directors will be divided into three classes, as nearly equal in number as possible, with staggered three-year terms; 

•subject to the stockholders agreement, provide that the size of our board of directors may be changed only by resolution of the board of directors; 

•subject to the stockholders agreement, provide that all vacancies, including newly created directorships, shall, except as otherwise required by law or, if applicable, the rights of holders of a series of preferred stock, be filled exclusively by the affirmative vote of a majority of directors then in office, even if less than a quorum; 

•provide that any action required or permitted to be taken by the stockholders must be effected at a duly called annual or special meeting of stockholders and may not be effected by any consent in writing in lieu of a meeting of such stockholders, subject to the rights of the holders of any series of preferred stock with respect to such series; 

•provide that our stockholders may only amend or repeal our Bylaws with the affirmative vote of at least 66 2/3% of the voting power of the outstanding shares of our stock entitled to vote; 

•provide that special meetings of our stockholders may only be called by the board of directors (except that Clearlake Capital Group, L.P., together with its affiliates and related persons, and Charles E. Young (each, a “Principal Stockholder”) may also call special meetings of our stockholders so long as such Principal Stockholder beneficially owns at least 20% of the voting power of the outstanding shares of our stock); 

•provide that our stockholders may only amend our Certificate of Incorporation with the affirmative vote of at least 66 2/3% of the voting power of the outstanding shares of our stock entitled to vote; 

•provide that, subject to the rights of the preferred stockholders and the stockholders agreement, if any, any director may be removed only upon the affirmative vote of the holders of at least 66 2/3% of the voting power of the outstanding shares of our stock entitled to vote; and 

•provide that our Bylaws can be amended or repealed by the board of directors.

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