Document:

Monaker Group, Inc. 8-K

 

Exhibit 10.3

 

EXCHANGE AGREEMENT

 

This Exchange Agreement
(this “Agreement”) dated April 8, 2021 (the “Effective Date”), is by and between,
Monaker Group, Inc., a Nevada corporation (the “Company”), and Mr. William Kerby (“Kerby”)
and Monaco Investment Partners II, LP (“Monaco”) (Kerby and Monaco are collectively referred to herein
as the “Accrued Dividend Holders”), each a “Party” and collectively the “Parties.”

 

W I T N E S S E T H:

 

WHEREAS, dividends
in arrears on the previously outstanding shares of Series A Preferred Stock shares of the Company total $1,016,314 as of the Effective
Date (the “Accrued Dividends”);

 

WHEREAS, notwithstanding
the prior conversion of all shares of Series A Preferred Stock into common stock of the Company, such Accrued Dividends remained
outstanding and are only payable when and if declared by the Board of Directors;

 

WHEREAS, the
Accrued Dividends are owed to Accrued Dividend Holders, each former holders of the Company’s Series A Preferred Stock; and

 

WHEREAS, the
Company desires to exchange, and the Board of Directors of the Company have approved the exchange of, the Accrued Dividends for
Convertible Promissory Notes (the “Exchange”); and

 

WHREAS, the
Company and the Accrued Dividend Holders desire to set forth in writing herein the terms and conditions of their agreement and
understanding concerning the Exchange.

 

NOW, THEREFORE,
in consideration of the premises and the mutual covenants, agreements, and considerations herein contained, the receipt and sufficiency
of which is hereby acknowledged by the Parties, the Parties hereto agree as follows:

 

1.            Exchange.

 

(a)           The Accrued Dividend Holders and the Company, pursuant their entry into this Agreement, hereby exchange the full amount
of the Accrued Dividends (held 57.6/42.4 by Monaco and Kerby, respectively) for Convertible Promissory Notes in the form of Exhibit
A hereto, in the aggregate principal amount of $1,016,314 ($585,425 for Monaco and $430,889 for Kerby)(the “Convertible
Notes”).

 

(b)           Accrued Dividend Holders represent that they are the sole owners of the Accrued Dividends (held 57.6/42.4) and have good
and marketable title to the Accrued Dividends, free and clear of any liens, claims, charges, options, rights of tenants or other
encumbrances. The Accrued Dividend Holders have sole managerial and dispositive authority with respect to the Accrued Dividends.

 

    
Exchange Agreement
Monaker Group, Inc. and Accured Dividend Holders
Page 1 of 4

     

    

 

2.            Full Satisfaction.

 

(a)           Accrued Dividend Holders agree that they are accepting the Convertible Notes in full satisfaction of the Accrued Dividends.

 

3.            Representations of Accrued Dividend Holders.

 

(a)           Each of the Accrued Dividend Holders represent and warrant to the Company that each is acquiring its Convertible Note, for
his/its own account, for investment purposes only and not with a view to, or for sale in connection with, a distribution, as that
term is used in Section 2(11) of the Securities Act of 1933, as amended (the “Securities Act,” or the
“Act”) in a manner which would require registration under the Securities Act or any state securities
laws. Such Party can bear the economic risk of investment in the applicable Convertible Note, has knowledge and experience in financial
business matters, is capable of bearing and managing the risk of investment in the applicable Convertible Note and is an “accredited
investor” as defined in Regulation D under the Securities Act.

 

4.            Miscellaneous.

 

(a)           Applicable Law. This Agreement shall be construed under and governed by the laws of the State of Florida,
excluding any provision which would require the use of the laws of any other jurisdiction.

 

(b)           Entire Agreement, Amendments, and Waivers. This Agreement constitutes the entire agreement of the Parties
regarding the subject matter of the Agreement and expressly supersedes all prior and contemporaneous understandings and commitments,
whether written or oral, with respect to the subject matter hereof. No variations, modifications, changes or extensions of this
Agreement or any other terms hereof shall be binding upon any Party hereto unless set forth in a document duly executed by such
Party or an authorized agent of such Party.

 

(c)           Headings; Gender. The paragraph headings contained in this Agreement are for convenience only, and shall in
no manner be construed as part of this Agreement. All references in this Agreement as to gender shall be interpreted in the applicable
gender of the Parties.

 

(d)           Binding Effect. This Agreement shall be binding on the Company and Accrued Dividend Holders. Upon such execution,
this Agreement shall be binding on and inure to the benefit of each of the Parties and their respective heirs, successors, assigns,
directors, officers, agents, employees, and personal representatives.

 

    
Exchange Agreement
Monaker Group, Inc. and Accured Dividend Holders
Page 2 of 4

     

    

 

(e)           Severability. Should any clause, sentence, paragraph, subsection, Section or Article of this Agreement be
judicially declared to be invalid, unenforceable or void, such decision will not have the effect of invalidating or voiding the
remainder of this Agreement, and the Parties agree that the part or parts of this Agreement so held to be invalid, unenforceable
or void will be deemed to have been stricken herefrom by the Parties, and the remainder will have the same force and effectiveness
as if such stricken part or parts had never been included herein.

 

(f)            Counterparts, Effect of Facsimile, Emailed and Photocopied Signatures. This Agreement and any signed agreement
or instrument entered into in connection with this Agreement, and any amendments hereto or thereto, may be executed in one or more
counterparts, all of which shall constitute one and the same instrument. Any such counterpart, to the extent delivered by means
of a facsimile machine or by .pdf, .tif, .gif, .jpeg or similar attachment to electronic mail (any such delivery, an “Electronic
Delivery”) shall be treated in all manner and respects as an original executed counterpart and shall be considered
to have the same binding legal effect as if it were the original signed version thereof delivered in person. At the request of
any Party, each other Party shall re-execute the original form of this Agreement and deliver such form to all other Parties. No
Party shall raise the use of Electronic Delivery to deliver a signature or the fact that any signature or agreement or instrument
was transmitted or communicated through the use of Electronic Delivery as a defense to the formation of a contract, and each such
Party forever waives any such defense, except to the extent such defense relates to lack of authenticity.

 

[Remainder of page left intentionally blank.
Signature page follows.]

 

    
Exchange Agreement
Monaker Group, Inc. and Accured Dividend Holders
Page 3 of 4

     

    

IN WITNESS WHEREOF,
the Parties hereto have executed this Agreement as of the day and year first written above. 

	 	 	 
	 	“Company”
	 	 
	 	Monaker Group, Inc.

	 	 	 
	 	By	/s/ Sirapop Taepakdee
	 	 	 
	 	Its:	Chief Financial Officer

	 	 	 
	 	Printed Name:	Sirapop Taepakdee

  

“Accrued
Dividend Holders”

 

/s/ William Kerby                            

William Kerby

 

Monaco Investment Partners II, LP 

 

/s/ Donald P. Monaco    

Donald P. Monaco

General Partner

 

    
Exchange Agreement
Monaker Group, Inc. and Accured Dividend Holders
Page 4 of 4Monaker Group, Inc. 8-K

 

Exhibit 10.4

 

THIS NOTE AND THE SHARES OF COMMON STOCK
ISSUABLE UPON CONVERSION OF THIS NOTE (THE “SECURITIES”) HAVE BEEN ACQUIRED FOR INVESTMENT PURPOSES ONLY AND
MAY NOT BE TRANSFERRED UNTIL (i) A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”
OR THE “SECURITIES ACT”) SHALL HAVE BECOME EFFECTIVE WITH RESPECT THERETO OR (ii) RECEIPT BY THE COMPANY OF
AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY TO THE EFFECT THAT REGISTRATION UNDER THE ACT IS NOT REQUIRED IN CONNECTION
WITH SUCH PROPOSED TRANSFER NOR IS IN VIOLATION OF ANY APPLICABLE STATE SECURITIES LAWS. THIS LEGEND SHALL BE ENDORSED UPON ANY
NOTE ISSUED IN EXCHANGE FOR THIS NOTE AND ANY SECURITIES ISSUABLE UPON CONVERSION OF THIS NOTE (EXCEPT AS OTHERWISE PROVIDED BELOW).

 

CONVERTIBLE
PROMISSORY NOTE

 

		CN-1	Effective April 8, 2021

 

NOW THEREFORE FOR
VALUE RECEIVED, the undersigned, Monaker Group, Inc.,
a Nevada corporation (the “Maker”), hereby promises to pay to the order of Mr. William Kerby
and assigns (“Holder”), the principal amount of $430,889 (the “Principal”),
in lawful money of the United States of America, which shall be legal tender, bearing interest and payable as provided herein.
This Convertible Promissory Note (this “Note” or “Promissory Note”) has an
effective date of April 8, 2021 (the “Effective Date”). 

 

1.            Interest (“Interest”) shall accrue on the Principal amount of this Note then outstanding at
the rate of 12% per annum (the “Interest Rate”), compounded monthly at the rate of 1/12th
of such annual interest per month, on the last day of each calendar month (“Monthly Interest”). The Monthly
Interest shall accrue and be payable on the Maturity Date, if not paid prior to such Maturity Date, or converted into Shares (as
defined in Section 2) as provided herein.

 

2.            Holder’s Option to Convert This Note Into Shares.

 

(a)           At any time beginning 7 days after the Closing Date and prior to the payment in full by the Maker of this Note, subject
to the provisions of Section 2, below, Holder shall have the option to convert the Principal (or any portion thereof) and
accrued Interest (or any portion thereof), into shares (the “Shares”) of common stock of the Maker (“Common
Stock”), at the Conversion Price (the “Holder Conversion Option”), which shall apply for
the conversion of Principal and all accrued Interest (each a “Conversion”). The “Conversion
Price” shall equal the greater of (i) the closing consolidated bid price on the date of this Note (as calculated
according to applicable NASDAQ rules and requirements); and (ii) the five-day volume weighted average price of the Company’s
common stock for the five trading days following the Closing Date. “Closing Date” means the date that
the share exchange contemplated by the Company’s July 2020 Share Exchange Agreement entered into with HotPlay Enterprise
Limited and its stockholders, as amended from time to time, closes.

 

    
Convertible Promissory Note CN-1
Monaker Group, Inc.
Page 1 of 7

     

    

 

(b)           In order to exercise this Holder Conversion Option, the Holder shall provide the Maker a written notice of its intentions
to exercise this Holder Conversion Option, which notice shall set forth the amount of this Promissory Note to be converted, the
applicable Principal and Interest to be converted and the calculation of the applicable Conversion Price, which shall be in the
form of Exhibit A, attached hereto (“Notice of Conversion”). Within three (3) business days
of the Maker’s receipt of the Notice of Conversion (reflecting the Conversion Price confirmed by the Maker), the Maker shall
deliver or cause to be delivered to the Holder, written confirmation that the Shares have been issued in the name of the Holder.
If the Maker reasonably believes that there is an error in Holder’s calculation of the Shares issuable in connection with
the Notice of Conversion or the Conversion Price provided for therein, or another issue with the conversion, the Maker shall not
be obligated to honor such defective Notice of Conversion and shall promptly notify Holder of such errors.

 

3.             General Provisions Relating to the Shares and Conversions.

 

(a)           Conversion calculations pursuant to Section 2, shall be rounded to the nearest whole share of Common Stock.

 

(b)           If the Maker at any time or from time to time on or after the Effective Date effects a subdivision of its outstanding Common
Stock, the Conversion Price then in effect immediately before that subdivision shall be proportionately decreased, and conversely,
if the Maker at any time or from time to time on or after the Effective Date combines its outstanding shares of Common Stock into
a smaller number of shares, the Conversion Price then in effect immediately before the combination shall be proportionately increased.

 

4.            All past-due Principal and Interest shall bear interest at the lesser of (a) the rate of eighteen percent (18%)
per annum; and (b) the Maximum Rate, until paid in full (the “Default Rate”).

 

5.            The “Maturity Date” of this Note shall be the earlier of (a) April 7, 2022; and (b) the
date that the Holder has affected an Acceleration as described in Section 16, below.

 

6.            Upon the occurrence of an Event of Default hereunder the Principal amount of this Note and any accrued Interest thereon
shall bear interest at the Default Rate.

 

7.            This Note may be prepaid in whole or in part, at any time and from time to time, without premium or penalty, with such
payments to be applied as described in Section 8 below.

 

    
Convertible Promissory Note CN-1
Monaker Group, Inc.
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8.            All payments made by Maker under this Note will be applied: (i) first, to late charges, costs of collection or enforcement,
and similar amounts due, if any, under the Note; (ii) second, to Interest that is due and payable under this Note, if any; and
(iii) third, the remainder to Principal due and payable under this Note.

 

9.            If any payment of Principal or Interest on this Note shall become due on a non-business day, such payment shall be made
on the next succeeding business day.

 

10.          Notwithstanding anything to the contrary in this Note or any other agreement entered into in connection herewith, whether
now existing or hereafter arising and whether written or oral, it is agreed that the aggregate of all Interest and any other charges
constituting interest, or adjudicated as constituting interest, and contracted for, chargeable or receivable under this Note or
otherwise in connection with this loan transaction, shall under no circumstances exceed the Maximum Rate.

 

11.          If an Event of Default (as defined herein) occurs (unless all Events of Default have been
cured or waived by the Holder), the Holder, may, by written notice to the Maker, declare the Principal amount then outstanding
of, and the accrued Interest and all other amounts payable on, this Note to be immediately due and payable (an “Acceleration”)
(provided that upon the occurrence of an Event of Default described in Section 16(c) below, the Principal amount then outstanding
of, and the accrued Interest and all other amounts payable on, this Note shall immediately be due and payable) and can take any
and all other actions provided for under applicable law. The following events and/or any other Events of Default defined elsewhere
in this Note are “Events of Default” under this Note, unless waived
in writing by the Holder:

 

(a)          Maker shall fail to pay, when and as due, the Principal, Interest or any other amount payable hereunder (including, the
Shares), and such failure has continued for ten (10) days from the date that the Holder has provided the Maker written notice of
such failure; or

 

(b)          Maker shall have breached in any material respect any covenant, term or conditions in this Note, and, with respect to breaches
capable of being cured, such breach shall not have been cured within ten (10) days from the date that the Holder has provided the
Maker written notice of such breach; or

 

(c)          Maker shall: (i) become insolvent or take any action which constitutes its admission of inability to pay its debts as they
mature; (ii) make an assignment for the benefit of creditors, file a petition in bankruptcy, petition or apply to any tribunal
for the appointment of a custodian, receiver or a trustee for it or a substantial portion of its assets; (iii) commence any proceeding
under any bankruptcy, reorganization, arrangement, readjustment of debt, dissolution or liquidation or statute of any jurisdiction,
whether now or hereafter in effect; (iv) have filed against it any such petition or application in which an order for relief is
entered or which remains undismissed for a period of ninety (90) days or more; (v) indicate its consent to, approval of or acquiescence
in any such petition, application, proceeding or order for relief or the appointment of a custodian, receiver or trustee for it
or a substantial portion of its assets; or (vi) suffer any such custodianship, receivership or trusteeship to continue undischarged
for a period of ninety (90) days or more; or

 

    
Convertible Promissory Note CN-1
Monaker Group, Inc.
Page 3 of 7

     

    

 

(d)          Maker shall take any action authorizing, or in furtherance of, any of the foregoing.

 

In case any one or
more Events of Default shall occur and be continuing, the Holder, may proceed to protect and enforce the rights of the Holder
by an action at law, suit in equity or other appropriate proceeding, whether for the specific performance of any agreement contained
herein or for an injunction against a violation of any of the terms hereof, or in aid of the exercise of any power granted hereby
or thereby or by law or otherwise. In case of a default in the payment of any Principal of or premium, if any, or Interest on
this Note, Maker will pay to the Holder such further amount as shall be sufficient to cover the reasonable cost and expenses of
collection, including, without limitation, reasonable attorneys’ fees, expenses and disbursements. No course of dealing
and no delay on the part of the Holder in exercising any right, power or remedy shall operate as a waiver thereof or otherwise
prejudice the Holder’s rights, powers or remedies. No right, power or remedy conferred by this Note upon the Holder shall
be exclusive of any other right, power or remedy referred to herein or therein or now or hereafter available at law, in equity,
by statute or otherwise. 

 

12.          Except as expressly provided otherwise in this Note, Maker and every endorser or guarantor, if any, of this Note waive
presentment, demand, notice, protest and all other demands and notices in connection with the delivery, acceptance, performance,
default or enforcement of this Note, and assent to any extension or postponement of the time of payment or any other indulgence,
to any substitution, exchange or release of collateral available to the Holder, if any, and to the addition or release of any other
party or person primarily or secondarily liable.

 

13.          If from any circumstance any holder of this Note shall ever receive Interest or any other charges constituting interest,
or adjudicated as constituting interest, the amount, if any, which would exceed the Maximum Rate shall be applied to the reduction
of the Principal amount owing on this Note, and not to the payment of interest; or if such excessive interest exceeds the unpaid
balance of Principal hereof, the amount of such excessive interest that exceeds the unpaid balance of Principal hereof shall be
refunded to Maker. In determining whether or not the interest paid or payable exceeds the Maximum Rate, to the extent permitted
by applicable law (i) any non-Principal payment shall be characterized as an expense, fee or premium rather than as Interest; and
(ii) all Interest at any time contracted for, charged, received or preserved in connection herewith shall be amortized, prorated,
allocated and spread in equal parts during the period of the full stated term of this Note. The term “Maximum Rate”
shall mean the maximum rate of interest allowed by applicable federal or state law.

 

    
Convertible Promissory Note CN-1
Monaker Group, Inc.
Page 4 of 7

     

    

 

14.          It is the intention of the parties hereto that the terms and provisions of this Note are to be construed in accordance
with and governed by the laws of the State of Florida, except as such laws may be preempted by any federal law controlling the
rate of Interest which may be charged on account of this Note. The parties hereby consent and agree that, in any actions predicated
upon this Note, venue is properly laid in Florida and Florida, shall have full subject matter and personal jurisdiction over the
parties to determine all issues arising out of or in connection with the execution and enforcement of this Note.

 

15.          Neither this Note nor any term hereof may be amended or waived orally or in writing, except that any term of this Note
may be amended and the observance of any term of this Note may be waived (either generally or in a particular instance and either
retroactively or prospectively), upon the approval of the Maker and the written consent of the Holder.

 

16.          The Note constitutes the entire agreement of the parties regarding the matters contemplated herein, or related thereto,
and supersedes all prior and contemporaneous agreements, and understandings of the parties in connection therewith.

 

17.          This
Note and any signed agreement or instrument entered into in connection with this Note, and any amendments hereto or thereto, may
be executed in one or more counterparts, all of which shall constitute one and the same instrument. Any such counterpart, to the
extent delivered by means of a facsimile machine or by .pdf, .tif, .gif, .jpeg or similar attachment to electronic mail (any such
delivery, an “Electronic Delivery”) shall be treated in all manner and respects as an original executed
counterpart and shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered
in person. At the request of any party, each other party shall re execute the original form of this Note and deliver such form
to all other parties. No party shall raise the use of Electronic Delivery to deliver a signature or the fact that any signature
or agreement or instrument was transmitted or communicated through the use of Electronic Delivery as a defense to the formation
of a contract, and each such party forever waives any such defense, except to the extent such defense relates to lack of authenticity.

 

[Remainder of page left
intentionally blank. Signature page follows.]

 

    
Convertible Promissory Note CN-1
Monaker Group, Inc.
Page 5 of 7

     

    

 

IN WITNESS
WHEREOF, Maker has duly executed this Promissory Note as of April 8, 2021, with an Effective
Date as provided above.

 

	 	“Maker”
	 	 
	 	Monaker Group, Inc.
	 	 	 
	 	By:	/s/ Sirapop Taepakdee
	 	 	 
	 	Its:	Chief Financial Officer

	 	 	 
	 	Printed Name:	Sirapop Taepakdee

   

    
Convertible Promissory Note CN-1
Monaker Group, Inc.
Page 6 of 7

     

    

 

EXHIBIT A

Conversion Election Form

____________, 20__

 

Re:           Conversion of Convertible Promissory Note CN-1

 

Ladies and Gentlemen:

 

You are hereby
notified that, pursuant to, and upon the terms and conditions of that certain Convertible Promissory Note CN-1 of Monaker Group,
Inc. (the “Company”) dated April 8, 2021 in the amount of $430,889 (the “Note”
– certain capitalized terms used herein have the meanings given to such terms in the Note), held by us, we hereby elect to
exercise our Holder Conversion Option (as such term in defined in the Note), in connection with $__________ of the amount currently
owed under the Note (including $___________ of Principal and $_________ of accrued Interest), effective as of the date of this
writing, which amount will convert into __________ shares of the Common Stock of the Company (the “Conversion”),
respectively, based on Conversion Price of $___________ (as defined in the Note). Please issue certificate(s) for the applicable
securities issuable upon the Conversion, in the name of the person provided below.

  

	 	Very truly yours,
	 	________________________________
	 	Name:____________________________
	 	 
	 	If on behalf of Entity: 
	 	Entity Name:___________________
	 	
        Signatory’s Position with Entity:

        __________________________________

	 	 
	 	If held jointly:
	 	Joint Holder:________________________
	 	Name:_____________________________

        

Please issue certificate(s) for Common Stock as follows:

 

Name______________________________________________

Address______________________________________________

Social Security No./EIN of Shareholder ______________________________________

 

Please send the certificate(s) evidencing the Common Stock to:

Attn:___________________________________________

Address:________________________________________

 

    
Convertible Promissory Note CN-1
Monaker Group, Inc.
Page 7 of 7

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