Document:

Exhibit 10.25 Amended and Restated Exchange Agreement dated September 28, 2018 by and among the Company, DataSight and certain shareholders of DataSight

 

AMENDED AND RESTATED

EXCHANGE AGREEMENT 

BY AND AMONG 

LED LIGHTING COMPANY 

DATASIGHT, INC.

AND

CERTAIN OPTIONHOLDERS AND SHAREHOLDERS OF DATASIGHT, INC.

 

Dated September 28, 2018

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TABLE OF CONTENTS

 

	 

	 

	Page

	ARTICLE I EXCHANGE OF SECURITIES

	 

	 

	Section 1.1 The Exchange

	5

	 

	Section 1.2 Exchange Ratio

	5

	ARTICLE II THE CLOSING

	 

	 

	Section 2.1 Closing Date

	6

	 

	Section 2.2 Transactions at Closing

	6

	ARTICLE III REPRESENTATIONS AND WARRANTIES OF LEDCO

	 

	Section 3.1 Organization

	7

	 

	Section 3.2 Authorization

	7

	 

	Section 3.3 Validity and Effect of Agreement

	7

	 

	Section 3.4 No Conflict

	7

	 

	Section 3.5 Capitalization

	7

	 

	Section 3.6 Status of Common Stock

	8

	 

	Section 3.7 SEC Reports and Financial Statements

	8

	 

	Section 3.8 No Undisclosed Liabilities

	8

	 

	Section 3.9 Litigation

	8

	 

	Section 3.10 Tax-Free Exchange

	8

	 

	Section 3.11 Brokers and Finders

	8

	 

	Section 3.12 Taxes

	8

	 

	Section 3.13 Access to Information

	8

	ARTICLE IV REPRESENTATIONS AND WARRANTIES OF DataSight

	 

	Section 4.1 Organization

	9

	 

	Section 4.2 Authorization

	9

	 

	Section 4.3 Validity and Effect of Agreement

	9

	 

	Section 4.4 No Conflict

	9

	 

	Section 4.5 Capitalization

	9

	 

	Section 4.6 No Undisclosed Liabilities

	9

	 

	Section 4.7 Material Contracts

	10

	 

	Section 4.8 Intellectual Property Rights.

	10

	 

	Section 4.9 Litigation

	10

	 

	Section 4.10 Tax-Free Exchange

	10

	 

	Section 4.11 Brokers and Finders

	10

	ARTICLE V REPRESENTATIONS AND WARRANTIES OF EACH SELLER

	 

	Section 5.1 Authorization

	11

	 

	Section 5.2 Validity and Effect of Agreement

	11

	 

	Section 5.3 No Breach or Violation

	11

	 

	Section 5.4 Consents and Approvals

	11

	 

	Section 5.5 Title

	11

	 

	Section 5.6 Investor Status

	11

	 

	Section 5.7 No Government Review

	11

	 

	Section 5.8 Investment Intent

	11

	 

	Section 5.9 Restrictions on Transfer

	12

	 

	Section 5.10 Informed Investment

	12

	 

	Section 5.11 Access to Information

	12

	 

	Section 5.12 Reliance on Representations

	12

	 

	Section 5.13 No General Solicitation

	12

	 

	Section 5.14 Legends

	13

	 

	Section 5.15 Placement and Finder's Fees

	13

	ARTICLE VI CERTAIN COVENANTS

	 

	 

	Section 6.1 No Shop

	13

	 

	Section 6.2 Further Assurances

	13

	 

	Section 6.3 Public Announcements

	14

	 

	Section 6.4 Notification of Certain Matters

	14

2

 

	 

	Section 6.5 Tax-Free Exchange Status

	14

	 

	Section 6.6 Resignation of Directors

	14

	 

	Section 6.7 DataSight Audit

	14

	 

	Section 6.8 Option Plan

	14

	 

	Section 6.9 Ordinary Course

	14

	ARTICLE VII CONDITIONS TO CONSUMMATION OF THE EXCHANGE

	 

	Section 7.1 Conditions to Obligations of DataSight

	14

	 

	Section 7.2 Conditions to Obligations of LEDCO

	15

	ARTICLE VIII TERMINATION

	 

	 

	Section 8.1 Termination

	15

	 

	Section 8.2 Procedure and Effect of Termination

	16

	ARTICLE IX MISCELLANEOUS

	 

	 

	Section 9.1 Entire Agreement

	16

	 

	Section 9.2 Amendment and Modifications

	16

	 

	Section 9.3 Extensions and Waivers

	16

	 

	Section 9.4 Successors and Assigns

	16

	 

	Section 9.5 Headings; Definitions

	16

	 

	Section 9.6 Specific Performance

	16

	 

	Section 9.7 Notices

	17

	 

	Section 9.8 Governing Law

	17

	 

	Section 9.9 Consent to Jurisdiction

	17

	 

	Section 9.10 Counterparts

	17

	 

	Section 9.11 Certain Definitions

	17

  

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EXHIBITS AND SCHEDULES

 

Exhibit AForm of Notice of Exchange for DataSight Shares 

 

Exhibit BCertificate of Designations for Series A Preferred Stock  

 

Schedule ISchedule of DataSight Shares to be exchanged for LEDCO  

Series A Preferred Stock

 

Schedule IISchedule of DataSight Options to be exchanged for LEDCO Options 

 

Schedule IIIInvestor Questionnaire 

 

Schedule 4.7DataSight Agreements 

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AMENDED AND RESTATED EXCHANGE AGREEMENT 

 

This Amended and Restated Exchange Agreement ("Agreement") is made and entered into as of September 28, 2018 by and among LED Lighting Company, a Delaware corporation (which shall change its name to “DataSight Corporation” as of the Closing Date) ("LEDCO"), DataSight, Inc., a Nevada corporation ("DataSight"), and the shareholders and option holders of DataSight set forth on the signature pages to this Agreement (collectively, the "Sellers" and individually, a "Seller") with respect to the following facts: 

 

RECITALS

 

A.Sellers own (i) more than ninety percent (90%) of the issued and outstanding shares of Common Stock, $.01 par value, of DataSight (the "DataSight Shares") in the denominations as set forth opposite their respective names on Schedule I to this Agreement; and (ii) one hundred percent (100%) of the outstanding options (the “DataSight Options”) to purchase DataSight Shares in the amounts and exercise prices as set forth opposite their respective names on Schedule II to this Agreement and with the other terms described on Schedule II to this Agreement; 

 

B.LEDCO desires to acquire from Sellers, and Sellers desire to exchange and transfer to LEDCO, (i) all of the DataSight Shares owned by Sellers on the Closing Date in exchange for the issuance and delivery by LEDCO of one (1) share of Series A Convertible Preferred Stock of LEDCO ("Series A Preferred Stock") for each one (1) DataSight Share (the "Exchange Ratio"); and (ii) all of the DataSight Options owned by Sellers on the Closing Date in exchange for the issuance and delivery by LEDCO of options to purchase shares of LEDCO Common Stock (the “LEDCO Options”) as described on Schedule II (the "Exchange"); 

 

C.It is intended that, for federal income tax purposes, the Exchange shall qualify as an exchange described in Section 351 of the of the Internal Revenue Code of 1986, as amended (the "Code") and a reorganization described in Section 368 of the Code. 

 

D.The parties intended for this Agreement to amend and restate the Exchange Agreement dated August 14, 2018 previously entered into by the parties.  

 

NOW, THEREFORE, in consideration of the foregoing premises and representations, warranties, covenants and agreements contained herein, and intending to be legally bound hereby, the parties hereto agree as follows:

 

ARTICLE I

EXCHANGE OF SECURITIES

 

Section 1.1 The Exchange

 

On the terms and subject to the conditions of this Agreement, (i) LEDCO shall issue and deliver to each of the Sellers owning DataSight Shares such number of shares of Series A Preferred Stock as is set forth opposite such Seller's name on Schedule I hereto, and each such Seller shall sell, transfer and deliver to LEDCO, the number of issued and outstanding DataSight Shares set forth opposite such Seller's name on Schedule I hereto along with a duly executed share assignment endorsed in favor of LEDCO on the Closing Date; and (ii) after the Reverse Split, LEDCO shall issue and deliver to each of the Sellers owning DataSight Options such number of LEDCO Options as set forth opposite such Seller's name on Schedule II hereto, and each such Seller shall agree that the number of issued DataSight Options set forth opposite such Seller's name on Schedule II hereto shall be terminated and of no further effect. 

 

Section 1.2 Exchange Ratio

 

Series A Preferred Stock.

 

(a)At the Closing, the former shareholders of DataSight shall own no more than 7,317,767 shares of Series A Preferred Stock of LEDCO (as provided on Schedule I); the stockholders of LEDCO shall own no more than 27,890, 537 shares of Common Stock of LEDCO. 

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(b)If between the date of this Agreement and the Closing Date, the holders of issued and outstanding DataSight Shares constituting less than one hundred percent (100%) but more than ninety percent (90%) have agreed to the Exchange contemplated hereunder (all other DataSight shareholders are hereinafter the "Delayed Equityholders"), then DataSight shall proceed to the Closing of the Exchange, subject to satisfaction of the conditions set forth in Section 7.1. For a period of three months following the Closing Date, LEDCO may, but shall not be required to accept for Exchange any DataSight Shares then held by any Delayed Equityholder, subject to such Delayed Equityholder's execution of this Agreement as a Seller for all intents and purpose, including but not limited to assuming all representations, warranties and undertakings of the Sellers hereunder and performance of all of the conditions for Closing to be performed by each Seller hereunder. Until such time as a Delayed Equityholder executes this Agreement and submits his DataSight Shares in exchange for shares of Common Stock (thereby becoming a Seller), and such exchange is accepted by LEDCO, such Delayed Equityholder shall remain a stockholder or option holder of DataSight and shall not be considered a stockholder or option holder of LEDCO and shall not be entitled to any of the rights thereof, including without limitation the right to vote or receive any distributions with respect thereto.  

 

(c)On the Closing Date, LEDCO shall file with the Secretary of State of the State of Delaware the Certificate of Designations in the form attached hereto as Exhibit B to create the Series A Preferred Stock (the “Certificate of Designations”). The Series A Preferred Stock shall have the rights, privileges and preferences set forth in the Certificate of Designations, including, without limitation, the following: (i) the Common Stock and Series A Preferred Stock shall vote together as one class on all matters requiring LEDCO shareholder approval, and each 1 share of Series A Preferred Stock shall have 26 votes to each 1 share of LEDCO common stock on all matters requiring LEDCO shareholder approval; and (ii) each 1 share of Series A Preferred Stock shall automatically convert into 1 share of LEDCO Common Stock upon the filing of an amendment to LEDCO’s Certificate of Incorporation to reverse split the total number of outstanding shares of LEDCO Common Stock at a ratio of 26 to 1 (the “Reverse Split”).  

 

(d)The parties intend to complete the 26 to 1 Reverse Split after the Closing. Each Seller receiving Series A Preferred Stock intends to provide his or her consent, vote or approval for the 26 to 1 Reverse Split, and shall not consent, vote or approve of any other reverse split.  

 

ARTICLE II

THE CLOSING

 

Section 2.1 Closing Date

 

The closing of the Exchange and the other transactions contemplated by this Agreement (the "Closing") shall take place at the location and time as LEDCO and DataSight may agree on a date which is within three (3) business days after the closing conditions in Article 7 are satisfied. The time and date upon which the Closing actually occurs being referred to herein as the "Closing Date". 

 

Section 2.2 Transactions at Closing

 

At the Closing, the following transactions shall take place, which transactions shall be deemed as having taken place simultaneously and no transaction shall be deemed to have been completed or any document delivered until all such transactions have been completed and all required documents delivered:

 

(a)LEDCO shall deliver to DataSight, as agent for Sellers, the following documents: 

 

(i)A treasury order executed by the LEDCO Secretary corresponding to the number of shares of Series A Preferred Stock issued in the name of the Sellers (which may be evidenced by book entry on the LEDO shareholder register) in the amounts set forth in Schedule I;  

 

(ii)True copies of all consents and waivers obtained by LEDCO, in accordance with the provisions of Section 7.1 below; and 

 

(iii)Such other documents and instruments as DataSight may reasonably request. 

 

(b)DataSight shall deliver, or cause to be delivered, to LEDCO the following documents and/or shall take the following actions:  

 

(i)Validly executed Assignment Separate from Stock Certificates corresponding to the number of DataSight shares being transferred by the Sellers, issued in the name of LEDCO and shall register the shares in the name of LEDCO in the shareholders register of DataSight; and 

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(ii)Such other documents as LEDCO may reasonably request. 

 

(c)The Sellers shall deliver the following documents: 

 

(i)to LEDCO, duly executed assignments in the form attached hereto as Exhibit A effecting the immediate and unconditional sale, assignment and irrevocable transfer of DataSight Shares to LEDCO, free and clear of any Liens, or any other third party rights of any kind and nature, whether voluntarily incurred or arising by operation of law; and 

(ii)to DataSight, as agent for LEDCO, all share certificates in respect of DataSight Shares.  

 

ARTICLE III

REPRESENTATIONS AND WARRANTIES OF LEDCO

 

LEDCO represents and warrants to DataSight and each Seller that, subject to such exceptions as may be specifically set forth in the LEDCO Form 10-K for the year ended December 31, 2017 and the quarterly reports on Form 10-Q for the three months ended March 31, 2018 and the quarterly reports on Form 10-Q for the six months ended June 30, 2018 filed by LEDCO on the SEC's EDGAR database, the statements contained in this Article III are true and correct as of the date of this Agreement and the date of Closing:

 

Section 3.1 Organization

 

LEDCO is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization, with the corporate power and authority to own and operate its business as presently conducted, except where the failure to be or have any of the foregoing would not have a Material Adverse Effect. 

 

Section 3.2 Authorization

 

LEDCO has the requisite corporate power and authority to execute, deliver and perform its obligations under this Agreement and to consummate the Exchange. 

 

Section 3.3 Validity and Effect of Agreement

 

This Agreement has been duly and validly executed and delivered by LEDCO and, assuming that it has been duly authorized, executed and delivered by the other parties hereto, constitutes a legal, valid and binding obligation of LEDCO, in accordance with its terms except as limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other laws of general application affecting enforcement of creditors' rights generally.

 

Section 3.4 No Conflict

 

Neither the execution and delivery of this Agreement by LEDCO nor the performance by LEDCO of its obligations hereunder, nor the consummation of the Exchange, will: (i) conflict with LEDCO's Certificate of Incorporation or Bylaws; (ii) violate any statute, law, ordinance, rule or regulation, applicable to LEDCO or any of the properties or assets of LEDCO; or (iii) violate, breach, be in conflict with or constitute a default (or an event which, with notice or lapse of time or both, would constitute a default) under, or permit the termination of any provision of, or result in the termination of, the acceleration of the maturity of, or the acceleration of the performance of any obligation of LEDCO, or result in the creation or imposition of any Lien upon any properties, assets or business of LEDCO under, any Contract or any order, judgment or decree to which LEDCO is a party or by which it or any of its assets or properties is bound or encumbered except, in the case of clauses (ii) and (iii), for such violations, breaches, conflicts, defaults or other occurrences which, individually or in the aggregate, would not have a Material Adverse Effect on LEDCO, or would not prevent or materially delay consummation of the Exchange or otherwise prevent the parties hereto from performing their respective obligations under this Agreement.

 

Section 3.5 Capitalization

 

The authorized capital stock of LEDCO consists of (i) 100,000,000 shares of Common Stock, par value $0.0001 per share, of which 27,890,537 shares of Common Stock are issued and outstanding as of the date of this Agreement, and (ii) 20,000,000 shares of Preferred Stock, par value $0.0001 per share, of which no shares are issued and outstanding as of the date of this Agreement. As of the Closing Date, the Company shall have no more than 27,890,537 shares of Common Stock issued and outstanding or reserved for issuance. . All shares of capital stock of LEDCO outstanding as of the date of this Agreement have been duly authorized and validly issued, are fully paid and non-assessable, and are free of preemptive rights.

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Section 3.6 Status of Series A Preferred Stock and Common Stock

 

The Series A Preferred Stock, when issued and allotted at the Closing in exchange for DataSight Shares, will be duly authorized, validly issued, fully paid, non-assessable, and free of any preemptive rights, will be issued in compliance with all applicable laws concerning the issuance of securities, and will have the rights, preferences, privileges, and restrictions set forth in LEDCO's Certificate of Incorporation and bylaws, and will be free and clear of any Liens of any kind and duly registered in the name of the Sellers, in LEDCO's stockholders ledger. The Common Stock, when issued in conversion of the Series A Preferred Stock, will be duly authorized, validly issued, fully paid, non-assessable, and free of any preemptive rights, will be issued in compliance with all applicable laws concerning the issuance of securities, and will have the rights, preferences, privileges, and restrictions set forth in LEDCO's Certificate of Incorporation and bylaws, and will be free and clear of any Liens of any kind and duly registered in the name of the Sellers, in LEDCO's stockholders ledger. 

 

Section 3.7 SEC Reports and Financial Statements

 

LEDCO has filed with the SEC all reports required to be filed by it under the Exchange Act or the Securities Act (the "LEDCO SEC Documents"). As of their respective dates or, if amended, as of the date of the last such amendment, the LEDCO SEC Documents, including any financial statements or schedules included therein (i) did not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements made therein, in light of the circumstances under which they were made, not misleading, (ii) were complete and accurate in all material respects, and (iii) complied in all material respects with the applicable requirements of the Exchange Act and the Securities Act, as the case may be, and the applicable rules and regulations of the SEC thereunder. 

 

Section 3.8 No Undisclosed Liabilities

 

Except as disclosed in the LEDCO financial statements, included in the LEDCO SEC Documents, LEDCO does not have any liabilities, indebtedness or obligations, whether known or unknown, absolute, accrued, contingent or otherwise, and whether due or to become due (each a “Liability” and collectively, "Liabilities"). As of the Closing Date, LEDCO shall have no Liabilities other than up to $10,000 in unsecured accounts payable or accrued expenses.

 

Section 3.9 Litigation

 

There is no action pending or, to the knowledge of LEDCO, threatened against LEDCO that, individually or in the aggregate, directly or indirectly, would be reasonably likely to have a Material Adverse Effect, nor is there any outstanding judgment, decree or injunction, in each case against LEDCO, that, individually or in the aggregate, has or would be reasonably likely to have a Material Adverse Effect.

 

Section 3.10 Tax-Free Exchange

 

LEDCO has not taken any action, nor does LEDCO know of any fact, that is reasonably likely to prevent the Exchange from qualifying as a "reorganization" within the meaning of Section 351 or 368 of the Code.

 

Section 3.11 Brokers and Finders

 

Neither LEDCO, nor any of its officers, directors, employees or managers, has employed any broker, finder, advisor or consultant, or incurred any liability for any investment banking fees, brokerage fees, commissions or finders' fees, advisory fees or consulting fees in connection with the Exchange for which LEDCO has or could have any liability.

 

Section 3.12 Taxes. 

 

The Company has filed all required Federal and State tax returns.

 

Section 3.13 Access to Information

 

LEDCO acknowledges that it has had access to and has reviewed all documents and records relating to DataSight that it has deemed necessary in order to make an informed investment decision with respect to the acquisition of the DataSight shares.

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ARTICLE IV

REPRESENTATIONS AND WARRANTIES OF DATASIGHT

 

DataSight represents and warrants to LEDCO and each Seller that the statements contained in this Article IV are true and correct as of the date of this Agreement, as of the date of Closing, and for a period of one year subsequent to the Closing:

 

Section 4.1 Organization

 

DataSight is duly organized and validly existing under the laws of the State of Nevada, with the corporate power and authority to own and operate its business as presently conducted, except where the failure to be or have any of the foregoing would not have a Material Adverse Effect. DataSight has no subsidiaries.

 

Section 4.2 Authorization

 

DataSight has the requisite corporate power and authority to execute, deliver and perform its obligations under this Agreement and to consummate the Exchange. 

 

Section 4.3 Validity and Effect of Agreement

 

This Agreement has been duly and validly executed and delivered by DataSight and, assuming that it has been duly authorized, executed and delivered by the other parties hereto, constitutes a legal, valid and binding obligation of DataSight, in accordance with its terms except as limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other laws of general application affecting enforcement of creditors' rights generally. 

 

Section 4.4 No Conflict

 

Neither the execution and delivery of this Agreement by DataSight nor the performance by DataSight of its obligations hereunder, nor the consummation of the Exchange, will: (i) conflict with DataSight's Articles of Incorporation; (ii) violate any statute, law, ordinance, rule or regulation, applicable to DataSight or any of its properties or assets; or (iii) violate, breach, be in conflict with or constitute a default (or an event which, with notice or lapse of time or both, would constitute a default) under, or permit the termination of any provision of, or result in the termination of, the acceleration of the maturity of, or the acceleration of the performance of any obligation of DataSight, or result in the creation or imposition of any Lien upon any properties, assets or business of DataSight under, any Material Contract or any order, judgment or decree to which DataSight is a party or by which it or any of its assets or properties is bound or encumbered except, in the case of clauses (ii) or (iii), for such violations, breaches, conflicts, defaults or other occurrences which, individually or in the aggregate, would not have a Material Adverse Effect on DataSight, or materially delay consummation of the Exchange or otherwise prevent the parties hereto from performing their obligations under this Agreement.

 

Section 4.5 Capitalization

 

At the Closing, the authorized capital stock of DataSight shall consists of 10,000,000 shares of DataSight's common stock, and as of the Closing Date (i) no more than 7,317,767 shares of common stock will be issued and outstanding; (ii) no more than 710,000 DataSight Option shall be issued; and (iii) no more than 175,000 shares of DataSight common stock shall be issuable upon outstanding DataSight convertible notes. Except for the transactions contemplated by this Agreement, there are no other share capital, preemptive rights, convertible securities, outstanding warrants, options or other rights to subscribe for, purchase or acquire from DataSight. All DataSight Shares outstanding as of the date of this Agreement have been duly authorized and validly issued, are fully paid and non-assessable, and are free of preemptive rights.

 

Section 4.6 No Undisclosed Liabilities

 

DataSight has no material Liabilities, indebtedness or obligations, except those that have been incurred in the ordinary course of business, whether absolute, accrued, contingent or otherwise, and whether due or to become due. As of the Closing Date, DataSight shall have no Liabilities other than up to $60,000 in unsecured accounts payable or accrued expenses and $100,000 in convertible notes.

 

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Section 4.7 Material Contracts

 

DataSight has provided on Schedule 4.7 attached hereto (i) a true and correct list of each DataSight Material Contract; and (ii) a true and correct list of all contracts and agreements with any DataSight officer, director, consultant and shareholder. Each DataSight Material Contract (i) is legal, valid, binding and enforceable and in full force and effect with respect to DataSight, and to DataSight's knowledge is legal, valid, binding, enforceable and in full force and effect with respect to each other party thereto, in either case subject to the effect of bankruptcy, insolvency, moratorium or other similar laws affecting the enforcement of creditors' rights generally and except as the availability of equitable remedies may be limited by general principles of equity; and (ii) will continue to be legal, valid, binding and enforceable and in full force and effect immediately following the Closing (but only for such Material Contracts that have a contract term that continues beyond the Closing) in accordance with the terms thereof as in effect prior to the Closing, subject to the effect of bankruptcy, insolvency, moratorium or other similar laws affecting the enforcement of creditors' rights generally and except as the availability of equitable remedies may be limited by general principles of equity. Neither DataSight nor, to DataSight's knowledge, any other party, is in breach or default, and no event has occurred which with notice or lapse of time would (i) constitute a breach or default by DataSight or, to DataSight's knowledge, by any such other party, or (ii) permit termination, modification or acceleration, under the DataSight Material Agreement. 

 

Section 4.8 Intellectual Property Rights. 

 

(a)DataSight owns, or is licensed or otherwise possesses legally enforceable rights to use, all patents, trademarks, common law trademarks, trade names, trade secrets (including customer lists), service marks and copyrights, and any applications for and registrations of such patents, trademarks, service marks, and copyrights and all processes, formulas, methods, schematics, technology, know-how, computer software programs, data or applications and tangible or intangible proprietary information or material that are used in its business, free and clear of all liens, claims or encumbrances (all of which are referred to as the "DataSight Intellectual Property Rights"). The foregoing representation as it relates to all licenses, sublicenses and other agreements to which DataSight is a party and pursuant to which DataSight is authorized to use any third party technology, trade secret, know-how, process, patent, trademark or copyright, including software ("Licensed Intellectual Property") is limited to the interests of DataSight pursuant to licenses from third parties, each of which is in full force and effect, is valid, binding and enforceable and grants DataSight such rights to such intellectual property as are used in the business as currently conducted.  

 

(b)DataSight (i) has not received notice of a claim of infringement of any patent, trademark, service mark, copyright, trade secret or other proprietary right of any third party and (ii) does not have any knowledge of any claim challenging or questioning the validity or effectiveness of any license or agreement relating to any DataSight Intellectual Property Rights or Licensed Intellectual Property. DataSight has at all times used reasonable efforts to protect its proprietary information and to prevent such information from being released into the public domain.  

 

Section 4.9 Litigation

 

There is no action pending or, to the knowledge of DataSight, threatened against DataSight that, individually or in the aggregate, directly or indirectly, would be reasonably likely to have a Material Adverse Effect, nor is there any outstanding judgment, decree or injunction, in each case against DataSight, that, individually or in the aggregate, has or would be reasonably likely to have a Material Adverse Effect.

 

Section 4.10 Tax-Free Exchange

 

DataSight has not taken any action, nor does DataSight know of any fact, that is reasonably likely to prevent the Exchange from qualifying as a "reorganization" within the meaning of Section 351 or 368 of the Code.

 

Section 4.11 Brokers and Finders

 

Except as described herein, neither DataSight nor any of its officers, directors, employees or managers, have employed any broker, finder, advisor or consultant, or incurred any liability for any investment banking fees, brokerage fees, commissions or finders' fees, advisory fees or consulting fees in connection with the Exchange for which DataSight has or could have any liability. 

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ARTICLE V

REPRESENTATIONS AND WARRANTIES OF EACH SELLER

 

Each Seller, individually and not jointly, hereby makes the following representations and warranties to DataSight and LEDCO:

 

Section 5.1 Authorization

 

Such Seller has all requisite power to execute and deliver, to perform its obligations under, and to consummate the transactions contemplated by, this Agreement. 

 

Section 5.2 Validity and Effect of Agreement

 

Upon the execution and delivery of each other document to which such Seller is a party (assuming due execution and delivery by each other party thereto) each such other document will be the legal, valid and binding obligations of such Seller, enforceable against such Seller in accordance with their respective terms except as limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other laws of general application affecting enforcement of creditors' rights generally.

 

Section 5.3 No Breach or Violation

 

The execution, delivery and performance by such Seller of this Agreement and each other document to which it is a party, and the consummation of the transactions contemplated hereby and thereby in accordance with the terms and conditions hereof and thereof, do not and will not conflict with (i) the certificate of incorporation or bylaws of such Seller, if applicable, or (ii) any agreement to which such Seller is a party, or by which such Seller or such Seller's assets are bound or affected.

 

Section 5.4 Consents and Approvals

 

No consent, approval, authorization or order of, registration or filing with, or notice to, any Government Authority or any other Person is necessary to be obtained, made or given by such Seller in connection with the execution, delivery and performance by such Seller of this Agreement or any other document to which it is a party or for the consummation by such Seller of the transactions contemplated hereby or thereby.

 

Section 5.5 Title

 

The DataSight Shares to be delivered by such Seller in connection with the transactions contemplated herein are, and at the Closing will be owned, of record and beneficially, solely by such Seller, free and clear of any Lien and represent such Seller's entire ownership interest in DataSight. 

 

Section 5.6 Investor Status

 

Such Seller is an "accredited investor" as that term is defined in Rule 501(a) of Regulation D under the Securities Act and has properly completed the form attached hereto as Schedule II.

 

Section 5.7 No Government Review

 

Such Seller understands that neither the SEC nor any securities commission or other Governmental Authority of any state, country or other jurisdiction has approved the issuance of the Series A Preferred Stock (or the Common Stock into which the Series A Preferred Stock shall convert) or passed upon or endorsed the merits of the Series A Preferred Stock (or the Common Stock into which the Series A Preferred Stock shall convert) or this Agreement or any of the other documents relating to the Exchange (collectively, the "Offering Documents"), or confirmed the accuracy of, determined the adequacy of, or reviewed the Exchange Agreement or the other Offering Documents.

 

Section 5.8 Investment Intent

 

The shares of Series A Preferred Stock (and the Common Stock into which the Series A Preferred Stock shall convert) are being acquired by Seller for Seller's own account for investment purposes only, not as a nominee or agent and not with a view to the resale or distribution of any part thereof, and Seller has no present intention of selling, granting any participation in or otherwise distributing the same. Seller further represents that Seller does not have any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant participation to such person or third person with respect to any of DataSight Shares.

 

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Section 5.9 Restrictions on Transfer

 

Seller understands that the shares of Series A Preferred Stock (and the Common Stock into which the Series A Preferred Stock shall convert) have not been registered under the Securities Act or registered or qualified under any foreign or state securities law, and may not be, directly or indirectly, sold, transferred, offered for sale, pledged, hypothecated or otherwise disposed of without registration under the Securities Act and registration or qualification under applicable state securities laws or the availability of an exemption therefrom. In any case where such an exemption is relied upon by Seller from the registration requirements of the Securities Act and the registration or qualification requirements of such state securities laws, Seller shall furnish LEDCO with an opinion of counsel stating that the proposed sale or other disposition of such securities may be effected without registration under the Securities Act and will not result in any violation of any applicable state securities laws relating to the registration or qualification of securities for sale, such counsel and opinion to be satisfactory to LEDCO. Seller acknowledges that it is able to bear the economic risks of an investment in the Series A Preferred Stock (and the Common Stock into which the Series A Preferred Stock shall convert)for an indefinite period of time, and that its overall commitment to investments that are not readily marketable is not disproportionate to its net worth.

 

Section 5.10 Informed Investment

 

Seller has made such investigations in connection herewith as it deemed necessary or desirable so as to make an informed investment decision without relying upon DataSight for legal or tax advice related to this investment. In making its decision to acquire the Series A Preferred Stock (and the Common Stock into which the Series A Preferred Stock shall convert), Seller has not relied upon any information other than information contained in this Agreement and in the other Offering Documents.

 

Section 5.11 Access to Information

 

Seller acknowledges that it has had access to and has reviewed all documents and records relating to LEDCO and DataSight, including, but not limited to, the LEDCO SEC Documents, that it has deemed necessary in order to make an informed investment decision with respect to an investment in LEDCO.

 

Section 5.12 Reliance on Representations

 

Seller understands that the shares of Series A Preferred Stock (and the Common Stock into which the Series A Preferred Stock shall convert) are being offered and sold to Seller in reliance on specific exemptions from the registration and/or public offering requirements of the U.S. federal and state securities laws and that LEDCO and DataSight are relying in part upon the truth and accuracy of, and such Seller's compliance with, the representations, warranties, agreements, acknowledgments and understandings of such Seller set forth herein in order to determine the availability of such exemptions and the eligibility of such Seller to acquire the Series A Preferred Stock (and the Common Stock into which the Series A Preferred Stock shall convert). Seller represents and warrants to LEDCO and DataSight that any information Seller has heretofore furnished or furnishes herewith to LEDCO and DataSight is complete and accurate, and further represents and warrants that it will notify and supply corrective information to LEDCO and DataSight immediately upon the occurrence of any change therein occurring prior to DataSight's issuance of the Series A Preferred Stock (and the Common Stock into which the Series A Preferred Stock shall convert). Within five (5) days after receipt of a request from DataSight, Seller will provide such information and deliver such documents as may reasonably be necessary to comply with any and all laws and regulations to which DataSight is subject.

 

Section 5.13 No General Solicitation

 

Seller is unaware of, and in deciding to participate in the transactions contemplated hereby is in no way relying upon, and did not become aware of the transactions contemplated hereby through or as a result of, any form of general solicitation or general advertising including, without limitation, any article, notice, advertisement or other communication published in any newspaper, magazine or similar media, or broadcast over television or radio or the internet, in connection with the transactions contemplated hereby.

12

 

 

Section 5.14 Legends

 

Seller understands that the certificates representing the Series A Preferred Stock (if certificated) and the Common Stock shall have endorsed thereon the following legend, and stop transfer instructions reflecting that these restrictions on transfer will be placed with the transfer agent of the Common Stock: 

 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933. THEY MAY NOT BE OFFERED OR TRANSFERRED BY SALE, ASSIGNMENT, PLEDGE OR OTHERWISE UNLESS (I) A REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933 IS IN EFFECT, (II) THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL, WHICH OPINION IS SATISFACTORY TO THE COMPANY, TO THE EFFECT THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933. HEDGING TRANSACTIONS INVOLVING THESE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE SECURITIES ACT OF 1933.”

 

Section 5.15 Placement and Finder's Fees

 

No agent, broker, investment banker, finder, financial advisor or other person acting on behalf of Seller or under its authority is or will be entitled to any broker's or finder's fee or any other commission or similar fee, directly or indirectly, in connection with the transactions contemplated hereby, and no person is entitled to any fee or commission or like payment in respect thereof based in any way on any agreements, arrangements or understanding made by or on behalf of Seller.

 

ARTICLE VI

CERTAIN COVENANTS

 

Section 6.1 No Shop 

 

Until the earlier of the Closing Date and the date of termination of this Agreement pursuant to VIII, neither LEDCO, nor DataSight, nor the Sellers, nor any of their respective representatives shall, directly or indirectly, take any of the following actions with any third party: (i) solicit, initiate, encourage, entertain or agree to any proposals or offers from any Person relating to (A) any merger, share exchange, business combination, reorganization, consolidation or similar transaction involving LEDCO or DataSight, (B) the acquisition of beneficial ownership of any equity interest in LEDCO or DataSight, whether by issuance or by purchase (through a tender offer, exchange offer, negotiated purchase or otherwise) from the Sellers or otherwise, (C) the license or transfer of all or a material portion of the assets of LEDCO or DataSight or (D) any transaction that may be inconsistent with or that may have an adverse effect upon the transactions contemplated by this Agreement (any of the transactions described in clauses (A) through (D), a “Third-Party Acquisition”); or (ii) participate in any discussions or negotiations regarding, or furnish to any person any information with respect to LEDCO or DataSight in connection with, or take any other action to solicit, consider, entertain, facilitate or encourage any Inquiries or the making of any proposal that constitutes, or may reasonably be expected to lead to, any Third-Party Acquisition. The Parties acknowledge and agreed that money damages would not be a sufficient remedy for any breach of this Section and that any aggrieved party shall therefore be entitled to seek equitable relief, including an injunction or specific performance, as a remedy for any such breach. Such remedies shall not be deemed to be the exclusive remedies but shall be in addition to all other remedies available at law or equity.

 

Section 6.2 Further Assurances

 

Each of the parties hereto agrees to use commercially reasonable efforts before and after the Closing Date to take or cause to be taken all action, to do or cause to be done, and to assist and cooperate with the other party hereto in doing, all things necessary, proper or advisable under applicable laws to consummate and make effective, in the most expeditious manner practicable, the Exchange, including, but not limited to: (i) satisfying the conditions precedent to the obligations of any of the parties hereto; (ii) obtaining all waivers, consents and approvals from other parties necessary for the consummation of the Exchange, (iii) making all filings with, and obtain all consents, approvals and authorizations that are required to be obtained from, Governmental Authorities, (iv) defending of any lawsuits or other legal proceedings, whether judicial or administrative, challenging this Agreement or the performance of the obligations hereunder; and (v) executing and delivering such instruments, and taking such other actions, as the other party hereto may reasonably require in order to carry out the intent of this Agreement.

13

 

 

Section 6.3 Public Announcements

 

LEDCO and DataSight shall consult with each other before issuing any press release or otherwise making any public statements with respect to the Exchange or this Agreement, and shall not issue any other press release or make any other public statement without prior consent of the other parties, except as may be required by law or, with respect to LEDCO, by obligations pursuant to rule or regulation of the Exchange Act, the Securities Act, any rule or regulation promulgated thereunder or any rule or regulation of FINRA.

 

Section 6.4 Notification of Certain Matters

 

Each party hereto shall promptly notify the other party in writing of any events, facts or occurrences that would result in any breach of any representation or warranty or breach of any covenant by such party contained in this Agreement.

 

Section 6.5 Tax-Free Exchange Status

 

The parties hereto shall take (or refrain from taking) any and all actions necessary to ensure that, for United States federal income tax purposes: (i) the Exchange shall qualify as a reorganization within the meaning of Sections 368(a)(1)(B) of the Code, and (ii) that the tax consequences to the stockholders of both companies are minimized. 

 

Section 6.6 Appointment of Officers.

 

At the Closing, Kevin Kearney shall (i) appoint Mr. Probst as President, Mr. Whorton as Chief Operating Officer and acting Treasurer, and Allison Tomek as Secretary of LEDCO; and (ii) shall resign as the sole officer of LEDCO. 

 

Section 6.7 DataSight Audit.

 

Within the applicable SEC filing requirement, DataSight shall have completed an SEC compliant audit to be included within a Form 8-K. 

 

Section 6.8 Option Plan.

 

Within 60 days after the Closing Date, LEDCO shall have adopted an Option Plan with the terms and number of allocated shares as determined by the LEDCO Board of Directors. 

 

Section 6.9 Ordinary Course. 

 

Between execution of this Agreement and the Closing Date, each of LEDCO and DataSight shall continue to operate their respective companies in the ordinary course and consistent with past practices. 

 

ARTICLE VII

CONDITIONS TO CONSUMMATION OF THE EXCHANGE

 

Section 7.1 Conditions to Obligations of DataSight

 

The obligations of DataSight and Sellers to consummate the Exchange shall be subject to the fulfillment, or written waiver by DataSight, at or prior to the Closing, of each of the following conditions:

 

(a)The representations and warranties of LEDCO set out in this Agreement shall be true and correct in all material respects at and as of the time of the Closing as though such representations and warranties were made at and as of such time; 

 

(b)LEDCO shall have performed and complied in all material respects with all covenants, conditions, obligations and agreements required by this Agreement to be performed or complied with by it on or prior to the Closing Date; 

 

(c)All consents, approvals, permits, authorizations and orders required to be obtained from, and all registrations, filings and notices required to be made with or given to, any Regulatory Authority or Person as provided herein shall have been obtained; and 

 

(d)LEDCO shall have filed with the Secretary of State of the State of Delaware with the Secretary of State of the State of Delaware (i) an amendment to its Certificate of Incorporation (the “Amendment”) to change the name of LEDCO to “DataSight Corporation” (or such alternative name agreed upon by DataSight), and (ii) the Certificate of Designations to create the Series A Preferred Stock. 

14

 

 

Section 7.2 Conditions to Obligations of LEDCO

 

The obligations of LEDCO to consummate the Exchange shall be subject to the fulfillment, or written waiver by LEDCO, at or prior to the Closing of each of the following conditions:

 

(a)The representations and warranties of DataSight set out in this Agreement shall be true and correct in all material respects at and as of the time of the Closing as though such representations and warranties were made at and as of such time; 

 

(b)DataSight shall have performed and complied in all material respects with all covenants, conditions, obligations and agreements required by this Agreement to be performed or complied with by DataSight on or prior to the Closing Date; 

 

(c)All consents, approvals, permits, authorizations and orders required to be obtained from, and all registrations, filings and notices required to be made with or given to, any Regulatory Authority or Person as provided herein shall have been obtained;  

 

(d)Sellers owning at least ninety percent (90%) of the issued and outstanding DataSight Shares and DataSight Options shall have executed this Agreement;  

 

(e)LEDCO shall have filed with the Secretary of State of the State of Delaware with the Secretary of State of the State of Delaware (i) an amendment to its Certificate of Incorporation (the “Amendment”) to change the name of LEDCO to “DataSight Corporation” (or such alternative name agreed upon by DataSight), and (ii) the Certificate of Designations to create the Series A Preferred Stock; and 

 

(f)LEDCO shall have provided to DataSight satisfactory documentation demonstrating that the $82,129 of shareholder advances recorded on LEDCO’s financial statements has been validly converted into paid in capital and are no longer a liability of LEDCO.  

 

ARTICLE VIII

TERMINATION

 

Section 8.1 Termination

 

This Agreement may be terminated at any time prior to the Closing:

 

(a)by mutual consent of LEDCO and DataSight; 

 

(b)by DataSight, upon written notice to LEDCO, if the Closing shall not have occurred on or before October 5, 2018 or if any of the conditions to the Closing set forth in Section 7.1 shall have become incapable of fulfillment by October 5, 2018 and shall not have been waived in writing by DataSight; provided, however, that the right to terminate this Agreement under this Section 8.1(b) shall not be available to DataSight if its action or failure to act has been a principal cause of or resulted in the failure of the Exchange to occur on or before such date and such action or failure to act constitutes a breach of this Agreement;  

 

(c)by LEDCO, upon written notice to DataSight, if the Closing shall not have occurred on or before October 5, 2018 or if any of the conditions to the Closing set forth in Section 7.2 shall have become incapable of fulfillment by October 5, 2018 and shall not have been waived in writing by LEDCO; provided, however, that the right to terminate this Agreement under this Section 8.1(c) shall not be available to LEDCO if its action or failure to act has been a principal cause of or resulted in the failure of the Exchange to occur on or before such date and such action or failure to act constitutes a breach of this Agreement; or 

 

(d)by LEDCO or DataSight if any Governmental or judicial Authority shall have issued an injunction, order, decree or ruling or taken any other action restraining, enjoining or otherwise prohibiting any material portion of the Exchange and such injunction, order, decree, ruling or other action shall have become final and non-appealable; 

15

 

 

Section 8.2 Procedure and Effect of Termination

 

In the event of termination of this Agreement pursuant to Section 8.1 hereof, written notice thereof shall forthwith be given by the terminating party to the other party, and, except as set forth below, this Agreement shall terminate and be void and have no effect and the Exchange shall be abandoned without any further action by the parties hereto. Neither LEDCO nor DataSight shall have any liability to the other for any termination under this Article VIII. If this Agreement is terminated as provided herein:

 

(a)each party hereto shall redeliver, and shall cause its agents (including, without limitation, attorneys and accountants) to redeliver, all documents, work papers and other material of each party hereto relating to the Exchange, whether obtained before or after the execution hereof; and 

 

(b)each party agrees that all Confidential Information received by LEDCO or DataSight with respect to the other party, this Agreement or the Exchange shall be kept confidential notwithstanding the termination of this Agreement. 

 

ARTICLE IX

MISCELLANEOUS 

 

Section 9.1 Entire Agreement

 

This Agreement and the Schedules and Exhibits hereto contain the entire agreement between the parties and supersede all prior agreements and understandings, both written and oral, between the parties with respect to the subject matter hereof. 

 

Section 9.2 Amendment and Modifications

 

This Agreement may not be amended, modified or supplemented except by an instrument or instruments in writing signed by the party against whom enforcement of any such amendment, modification or supplement is sought.

 

Section 9.3 Extensions and Waivers

 

At any time prior to the Closing, the parties hereto entitled to the benefits of a term or provision may (a) extend the time for the performance of any of the obligations or other acts of the parties hereto, (b) waive any inaccuracies in the representations and warranties contained herein or in any document, certificate or writing delivered pursuant hereto, or (c) waive compliance with any obligation, covenant, agreement or condition contained herein. Any agreement on the part of a party to any such extension or waiver shall be valid only if set forth in an instrument or instruments in writing signed by the party against whom enforcement of any such extension or waiver is sought. No failure or delay on the part of any party hereto in the exercise of any right hereunder shall impair such right or be construed to be a waiver of, or acquiescence in, any breach of any representation, warranty, covenant or agreement.

 

Section 9.4 Successors and Assigns

 

This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns, provided, however, that no party hereto may assign its rights or delegate its obligations under this Agreement without the express prior written consent of the other party hereto. 

 

Section 9.5 Headings; Definitions

 

The Section and Article headings contained in this Agreement are inserted for convenience of reference only and will not affect the meaning or interpretation of this Agreement. All references to Sections or Articles contained herein mean Sections or Articles of this Agreement unless otherwise stated. All capitalized terms defined herein are equally applicable to both the singular and plural forms of such terms.

 

Section 9.6 Specific Performance

 

The parties hereto agree that in the event that any party fails to consummate the Exchange in accordance with the terms of this Agreement, irreparable damage would occur, no adequate remedy at law would exist and damages would be difficult to determine. It is accordingly agreed that the parties shall be entitled to specific performance in such event, without the necessity of proving the inadequacy of money damages as a remedy, in addition to any other remedy at law or in equity.

16

 

 

Section 9.7 Notices

 

All notices hereunder shall be sufficiently given for all purposes hereunder if in writing and delivered personally, sent by documented overnight delivery service or, to the extent receipt is confirmed, telecopy, telefax, email or other electronic transmission service to the appropriate address or number as set forth below (or any other address duly notified by a party hereto pursuant to the provisions of this Section 9.7).

 

	If to LEDCO:

	with a copy to:

	LED Lighting Company 

	SD Law Group APC

	405 East D Street, Suite G

	10531 4S Commons Drive, B464

	Petaluma, California 94952

	San Diego, California 92027

	Attn:Kevin Kearney 

	 

	Phone: 415)819-1157 

	Phone:(619) 788-2383 

	Fax:

	Fax:(858) 367-8138 

	Email: kevin@kearneyobanion.com

	Email:steve@sjdavislaw.com 

	 

	 

	If to DataSight or a Seller:

	with a copy to:

	DataSight, Inc. 

	 

	2451 South Buffalo Drive, Suite 105

	 

	Las Vegas, NV 89117

	 

	Attn: 

	 

	Phone:

	 

	Fax:

	 

	Email: 

	 

 

Section 9.8 Governing Law

 

This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to the laws that might otherwise govern under applicable principles of conflicts of laws thereof.

 

Section 9.9 Consent to Jurisdiction

 

Any action, suit or other legal proceeding which is commenced to resolve any matter arising under or relating to any provision of this Agreement shall be commenced only in a state or federal court of competent jurisdiction the State of Nevada, Clark County, and the parties hereto each consents to the jurisdiction of such a court. 

 

Section 9.10 Counterparts

 

This Agreement may be executed in two or more counterparts and may be delivered by facsimile or electronic/PDF transmission, each of which shall be deemed to be an original, but all of which together shall constitute one and the same agreement.

 

Section 9.11 Certain Definitions

 

As used herein:

 

(a)"Confidential Information" shall mean the existence and contents of this Agreement and the Schedules and Exhibits hereto, and all proprietary technical, economic, environmental, operational, financial and/or business information or material of one party which, prior to or following the Closing Date, has been disclosed by DataSight, on the one hand, or LEDCO, on the other hand, in written, oral (including by recording), electronic, or visual form to, or otherwise has come into the possession of, the other; 

 

(b)"Contract" shall mean any oral, written or implied contracts, agreements, licenses, instruments, indentures leases, powers of attorney, guaranties, surety arrangements or other commitments of any kind;  

 

(c)"Exchange Act" shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder; 

17

 

(d)"Governmental Authority" shall mean any nation or government, any state, municipality or other political subdivision thereof and any entity, body, agency, commission or court, whether domestic, foreign or multinational, exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government and any executive official thereof; 

 

(e)"Lien" shall mean any security or other property interest or right, claim, lien, pledge, option, charge, security interest, contingent or conditional sale, or proxy, pre-emptive rights, first refusal rights, participation rights, or other title claim or retention agreement, interest or other right or claim of third parties, whether perfected or not perfected, voluntarily incurred or arising by operation of law, and including any agreement (other than this Agreement) to grant or submit to any of the foregoing in the future;  

 

(f)"Material Adverse Effect" shall mean any adverse effect on the business, condition (financial or otherwise) or results of operation of the applicable entity; 

 

(g)"Material Contract" shall mean any Contract where the liabilities or commitments associated therewith exceed $5,000 individually or $20,000 in the aggregate;  

 

(h)"Person" shall mean any individual, corporation, partnership, association, trust or other entity or organization, including a governmental or political subdivision or any agency or institution thereof;  

 

(i)"SEC" shall mean the Securities and Exchange Commission; 

 

(j)"Securities Act" shall mean the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder; and 

 

IN WITNESS WHEREOF, each of the parties have caused this Agreement to be signed by their respective officers hereunto duly authorized, all as of the date first written above.

 

 

	LED LIGHTING COMPANY 

	DATASIGHT, INC.

	 

	 

	By:/s/ Kevin Kearney

	By:/s/ Lyle L. Probst

	Name: Kevin Kearney

	Name: Lyle L. Probst

	Title: Chief Executive Officer

	Title: President

	 

	 

 

[Signature Page to Amended and Restated Exchange Agreement]

18Exhibit 4.4

 

WARRANT AGREEMENT

 

This agreement is made as of October 5, 2018 between EdtechX
Holdings Acquisition Corp., a Delaware corporation, with offices at c/o IBIS Capital Limited, 22 Soho Square, London W1D 4NS, United
Kingdom (“Company”), and Continental Stock Transfer & Trust Company, a New York corporation, with offices
at 1 State Street Plaza, New York, New York 10004 (“Warrant Agent”).

 

WHEREAS, the Company is engaged in a public offering (“Public
Offering”) of up to 6,325,000 units, each unit (“Unit”) comprised of one share of common stock of
the Company, par value $.0001 per share (“Common Stock”), and one warrant, where each warrant entitles the holder
to purchase one share of Common Stock at a price of $11.50 per share, subject to adjustment as described herein, and, in connection
therewith, will issue and deliver up to 6,325,000 warrants (the “Public Warrants”) to the public investors in
connection with the Public Offering; and

 

WHEREAS, the Company has filed with the Securities and Exchange
Commission (the “SEC”) a Registration Statement on Form S-1, No. 333-227257 (“Registration Statement”),
for the registration, under the Securities Act of 1933, as amended (“Act”) of, among other securities, the Public
Warrants; and

 

WHEREAS, the Company has agreed to issue to Chardan Capital
Markets, LLC and I-Bankers Securities, Inc. (the “Joint Book-Running Managers”) and/or their designees unit
purchase options to purchase up to 250,000 Units pursuant to which up to an aggregate of 250,000 warrants (the “Co-Book-Running
Manager Warrants”) may be issued; and

 

WHEREAS, the Company has received binding commitments (“Subscription
Agreements”) from its initial stockholders and the Co-Book Running Managers to purchase up to an aggregate of 3,780,000
Warrants (the “Private Warrants”) upon consummation of the Public Offering; and

 

WHEREAS, the Company may issue up to an additional 1,500,000
Warrants (“Working Capital Warrants”) in satisfaction of certain working capital loans made by the Company’s
officers, directors, initial stockholders, and affiliates; and

 

WHEREAS, following consummation of the Public
Offering, the Company may issue additional warrants (“Post IPO Warrants” and together with the Public Warrants,
Co-Book-Running Manager Warrants, Private Warrants and Working Capital Warrants, the “Warrants”) in connection
with, or following the consummation by the Company of, a Business Combination (defined below); and

 

WHEREAS, the Company desires the Warrant Agent to act on behalf
of the Company, and the Warrant Agent is willing to so act, in connection with the issuance, registration, transfer, exchange,
redemption, and exercise of the Warrants; and

 

WHEREAS, the Company desires to provide for the form and provisions
of the Warrants, the terms upon which they shall be issued and exercised, and the respective rights, limitation of rights, and
immunities of the Company, the Warrant Agent, and the holders of the Warrants; and

 

     

     

    

 

WHEREAS, all acts and things have been done and performed which
are necessary to make the Warrants, when executed on behalf of the Company and countersigned by or on behalf of the Warrant Agent,
as provided herein, the valid, binding, and legal obligations of the Company, and to authorize the execution and delivery of this
Agreement.

 

NOW, THEREFORE, in consideration of the mutual agreements herein
contained, the parties hereto agree as follows:

 

1. Appointment of Warrant Agent. The Company hereby appoints
the Warrant Agent to act as agent for the Company for the Warrants, and the Warrant Agent hereby accepts such appointment and agrees
to perform the same in accordance with the terms and conditions set forth in this Agreement.

 

2. Warrants.

 

2.1. Form of Warrant. Each Warrant shall be issued in
registered form only, shall be in substantially the form of Exhibit A hereto, the provisions of which are incorporated herein and
shall be signed by, or bear the facsimile signature of, the Chairman of the Board of Directors or Chief Executive Officer and Treasurer,
Secretary or Assistant Secretary of the Company and shall bear a facsimile of the Company’s seal. In the event the person
whose facsimile signature has been placed upon any Warrant shall have ceased to serve in the capacity in which such person signed
the Warrant before such Warrant is issued, it may be issued with the same effect as if he or she had not ceased to be such at the
date of issuance.

 

2.2. Uncertificated Warrants. Notwithstanding anything
herein to the contrary, any Warrant, or portion thereof, may be issued as part of, and be represented by, a Unit, and any Warrant
may be issued in uncertificated or book-entry form through the Warrant Agent and/or the facilities of The Depository Trust Company
(the “Depositary”) or other book-entry depositary system, in each case as determined by the Board of Directors
of the Company or by an authorized committee thereof. Any Warrant so issued shall have the same terms, force and effect as a certificated
Warrant that has been duly countersigned by the Warrant Agent in accordance with the terms of this Agreement.

 

2.3. Effect of Countersignature.
Except with respect to uncertificated Warrants as described above, unless and until countersigned by the Warrant Agent pursuant
to this Agreement, a Warrant shall be invalid and of no effect and may not be exercised by the holder thereof.

 

2.4. Registration.

 

2.4.1. Warrant Register. The Warrant Agent shall maintain
books (“Warrant Register”) for the registration of original issuance and the registration of transfer of the
Warrants. Upon the initial issuance of the Warrants, the Warrant Agent shall issue and register the Warrants in the names of the
respective holders thereof in such denominations and otherwise in accordance with instructions delivered to the Warrant Agent by
the Company.

 

    	 	2	 

     

    

 

2.4.2. Registered Holder. Prior to due presentment for
registration of transfer of any Warrant, the Company and the Warrant Agent may deem and treat the person in whose name such Warrant
is then registered in the Warrant Register (“registered holder”) as the absolute owner of such Warrant and of
each Warrant represented thereby (notwithstanding any notation of ownership or other writing on the Warrant certificate made by
anyone other than the Company or the Warrant Agent), for the purpose of any exercise thereof, and for all other purposes, and neither
the Company nor the Warrant Agent shall be affected by any notice to the contrary.

 

2.5. Detachability of Warrants. The securities comprising
the Units will not be separately transferable until the 90th day following the date of the prospectus or, if such 90th
day is not on a day, other than Saturday, Sunday or federal holiday, on which banks in New York City are generally open for normal
business (a “Business Day”), then on the immediately succeeding Business Day following such date, or earlier
with the consent of the Joint Book-Running Managers, but in no event will the Joint Book-Running Managers allow separate trading
of the securities comprising the Units until (i) the Company has filed a Current Report on Form 8-K which includes an audited balance
sheet reflecting the receipt by the Company of the gross proceeds of the Public Offering including the proceeds received by the
Company from the exercise of the underwriters’ over-allotment option in the Public Offering, if the over-allotment option
is exercised prior to the filing of the Form 8-K, and (ii) the Company has issued a press release and has filed a Current Report
on Form 8-K announcing when such separate trading shall begin (the “Detachment Date”).

 

2.6. Private Warrant and Working Capital Warrant Attributes.
The Private Warrants and Working Capital Warrants will be issued in the same form as the Public Warrants but they (i) will not
be redeemable by the Company and (ii) may be exercised for cash or on a cashless basis at the holder’s option, in either
case as long as they are held by the initial purchasers or their permitted transferees (as prescribed in Section 5.6 hereof). Once
a Private Warrant or Working Capital Warrant is transferred to a holder other than an affiliate or permitted transferee, it shall
be treated as a Public Warrant hereunder for all purposes.

 

2.7. Co-Book-Running Manager Warrants. The Co-Book-Running
Manager Warrants, when issued, shall have the same terms and be in the same form as the Public Warrants. The provisions of this
Section 2.7 may not be modified, amended or deleted without the prior written consent of the Joint Book-Running Managers.

 

2.8. Post IPO Warrants. The Post IPO Warrants, when and
if issued, shall have the same terms and be in the same form as the Public Warrants except as may be agreed upon by the Company.

 

3. Terms and Exercise of Warrants.

 

3.1. Warrant Price. Each Warrant shall, when countersigned
by the Warrant Agent, entitle the registered holder thereof, subject to the provisions of such Warrant and of this Agreement, to
purchase from the Company the number of shares of Common Stock stated therein, at the price of $11.50 per share, subject to the
adjustments provided in Section 4 hereof and in the last sentence of this Section 3.1. The term “Warrant Price” as
used in this Agreement refers to the price per share at which the shares of Common Stock may be purchased at the time a Warrant
is exercised. The Company in its sole discretion may lower the Warrant Price at any time prior to the Expiration Date (as defined
below) for a period of not less than ten (10) Business Days; provided, that the Company shall provide at least ten (10) days prior
written notice of such reduction to registered holders of the Warrants and, provided further that any such reduction shall be applied
consistently to all of the Warrants.

 

    	 	3	 

     

    

 

3.2. Duration of Warrants. A Warrant may be exercised
only during the period commencing on the later of the consummation by the Company of a merger, share exchange, asset acquisition,
stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities
(“Business Combination”) (as described more fully in the Registration Statement) or 12 months from the effective
date of the Registration Statement, and terminating at 5:00 p.m., New York City time on the earlier to occur of (i) five years
from the consummation of a Business Combination and (ii) the Redemption Date as provided in Section 6.2 of this Agreement (“Expiration
Date”). The period of time from the date the Warrants will first become exercisable until the expiration of the Warrants
shall hereafter be referred to as the “Exercise Period.” Except with respect to the right to receive the Redemption
Price (as set forth in Section 6 hereunder), each Warrant not exercised on or before the Expiration Date shall become void, and
all rights thereunder and all rights in respect thereof under this Agreement shall cease at the close of business on the Expiration
Date. The Company in its sole discretion may extend the duration of the Warrants by delaying the Expiration Date; provided, however,
that the Company will provide at least twenty (20) days prior written notice of any such extension to registered holders and, provided
further that any such extension shall be applied consistently to all of the Warrants.

 

3.3. Exercise of Warrants.

 

3.3.1. Payment. Subject to the provisions of the Warrant
and this Agreement, a Warrant, when countersigned by the Warrant Agent, may be exercised by the registered holder thereof by surrendering
it, at the office of the Warrant Agent, or at the office of its successor as Warrant Agent, in the Borough of Manhattan, City and
State of New York, with the subscription form, as set forth in the Warrant, duly executed, and by paying in full the Warrant Price
for each share of Common Stock as to which the Warrant is exercised and any and all applicable taxes due in connection with the
exercise of the Warrant, as follows:

 

(a) by good certified check or
good bank draft payable to the order of the Warrant Agent; or

 

(b) in the event of redemption
pursuant to Section 6 hereof in which the Company’s management has elected to force all holders of Warrants to exercise such
Warrants on a “cashless basis,” by surrendering the Warrants for that number of shares of Common Stock equal to the
quotient obtained by dividing (x) the product of the number of shares of Common Stock underlying the Warrants, multiplied by the
difference between the Warrant Price and the “Fair Market Value” (defined below) by (y) the Fair Market Value. Solely
for purposes of this Section 3.3.1(b), the “Fair Market Value” shall mean the average reported last sale price of the
Common Stock for the five (5) trading days ending on the third trading day prior to the date on which the notice of redemption
is sent to holders of the Warrants pursuant to Section 6 hereof; or

 

    	 	4	 

     

    

 

(c) with respect to any Private
Warrants or Working Capital Warrants, so long as such Private Warrants or Working Capital Warrants are held by the initial purchasers
or their permitted transferees, by surrendering such Private Warrants or Working Capital Warrants for that number of shares of
Common Stock equal to the quotient obtained by dividing (x) the product of the number of shares of Common Stock underlying the
Warrants, multiplied by the difference between the exercise price of the Warrants and the “Fair Market Value” by (y)
the Fair Market Value; provided, however, that no cashless exercise shall be permitted unless the Fair Market Value is equal to
or higher than the exercise price. Solely for purposes of this Section 3.3.1(c), the “Fair Market Value” shall mean
the average reported last sale price of the Common Stock for the five (5) trading days ending on the trading day prior to the date
of exercise; or

 

(d) in the event the registration
statement required by Section 7.4 hereof is not effective and current within ninety (90) days after the closing of a Business Combination,
by surrendering such Warrants for that number of shares of Common Stock equal to the quotient obtained by dividing (x) the product
of the number of shares of Common Stock underlying the Warrants, multiplied by the difference between the exercise price of the
Warrants and the “Fair Market Value” by (y) the Fair Market Value; provided, however, that no cashless exercise shall
be permitted unless the Fair Market Value is equal to or higher than the exercise price. Solely for purposes of this Section 3.3.1(d),
the “Fair Market Value” shall mean the average reported last sale price of the Common Stock for the five (5) trading
days ending on the trading day prior to the date of exercise.

 

3.3.2. Issuance of Certificates. As soon as practicable
after the exercise of any Warrant and the clearance of the funds in payment of the Warrant Price (if any), the Company shall issue
to the registered holder of such Warrant a certificate or certificates for the number of shares of Common Stock to which he, she
or it is entitled, registered in such name or names as may be directed by him, her or it, and if such Warrant shall not have been
exercised in full, a new countersigned Warrant for the number of shares as to which such Warrant shall not have been exercised.
Notwithstanding the foregoing, in no event will the Company be required to net cash settle the Warrant exercise. No Warrant shall
be exercisable for cash and the Company shall not be obligated to issue shares of Common Stock upon exercise of a Warrant unless
the Common Stock issuable upon such Warrant exercise has been registered, qualified or deemed to be exempt under the securities
laws of the state of residence of the registered holder of the Warrants. In the event that the condition in the immediately preceding
sentence is not satisfied with respect to a Warrant, the holder of such Warrant shall not be entitled to exercise such Warrant
for cash and such Warrant may have no value and expire worthless, in which case the purchaser of a Unit containing such Public
Warrants shall have paid the full purchase price for the Unit solely for the shares of Common Stock underlying such Unit. Warrants
may not be exercised by, or securities issued to, any registered holder in any state in which such exercise would be unlawful.

 

3.3.3. Valid Issuance. All shares of Common Stock issued
upon the proper exercise of a Warrant in conformity with this Agreement shall be validly issued, fully paid and nonassessable.

 

    	 	5	 

     

    

 

3.3.4. Date of Issuance. Each person in whose name any
such certificate for shares of Common Stock is issued shall for all purposes be deemed to have become the holder of record of such
shares on the date on which the Warrant was surrendered and payment of the Warrant Price was made, irrespective of the date of
delivery of such certificate, except that, if the date of such surrender and payment is a date when the share transfer books of
the Company are closed, such person shall be deemed to have become the holder of such shares at the close of business on the next
succeeding date on which the share transfer books are open.

 

3.3.5. Maximum Percentage. A holder of a Warrant may notify
the Company in writing in the event it elects to be subject to the provisions contained in this subsection 3.3.5; however, no holder
of a Warrant shall be subject to this subsection 3.3.5 unless he, she or it makes such election. If the election is made by a holder,
the Warrant Agent shall not effect the exercise of the holder’s Warrant, and such holder shall not have the right to exercise
such Warrant, to the extent that after giving effect to such exercise, such person (together with such person’s affiliates),
to the Warrant Agent’s actual knowledge, would beneficially own in excess of 9.8% (the “Maximum Percentage”)
of the shares of Common Stock outstanding immediately after giving effect to such exercise. For purposes of the foregoing sentence,
the aggregate number of shares of Common Stock beneficially owned by such person and its affiliates shall include the number of
shares of Common Stock issuable upon exercise of the Warrant with respect to which the determination of such sentence is being
made, but shall exclude shares of Common Stock that would be issuable upon (x) exercise of the remaining, unexercised portion of
the Warrant beneficially owned by such person and its affiliates and (y) exercise or conversion of the unexercised or unconverted
portion of any other securities of the Company beneficially owned by such person and its affiliates (including, without limitation,
any convertible notes or convertible preferred stock or warrants) subject to a limitation on conversion or exercise analogous to
the limitation contained herein. Except as set forth in the preceding sentence, for purposes of this paragraph, beneficial ownership
shall be calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”). For purposes of the Warrant, in determining the number of outstanding shares of Common Stock, the holder may rely
on the number of outstanding shares of Common Stock as reflected in (1) the Company’s most recent annual report on Form 10-K,
quarterly report on Form 10-Q, current report on Form 8-K or other public filing with the Securities and Exchange Commission as
the case may be, (2) a more recent public announcement by the Company or (3) any other notice by the Company or Continental Stock
Transfer & Trust Company setting forth the number of shares of Common Stock outstanding. For any reason at any time, upon the
written request of the holder of the Warrant, the Company shall, within two (2) Business Days, confirm orally and in writing to
such holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock
shall be determined after giving effect to the conversion or exercise of equity securities of the Company by the holder and its
affiliates since the date as of which such number of outstanding shares of Common Stock was reported. By written notice to the
Company, the holder of a Warrant may from time to time increase or decrease the Maximum Percentage applicable to such holder to
any other percentage specified in such notice; provided, however, that any such increase shall not be effective until the sixty-first
(61st) day after such notice is delivered to the Company.

 

    	 	6	 

     

    

 

4. Adjustments.

 

4.1. Stock Dividends; Split Ups. If after the date hereof,
the number of outstanding shares of Common Stock is increased by a stock dividend payable in shares of Common Stock, or by a split
up of shares of Common Stock, or other similar event, then, on the effective date of such stock dividend, split up or similar event,
the number of shares of Common Stock issuable on exercise of each Warrant shall be increased in proportion to such increase in
outstanding shares of Common Stock.

 

4.2. Aggregation of Shares. If after the date hereof,
the number of outstanding shares of Common Stock is decreased by a consolidation, combination, reverse stock split or reclassification
of shares of Common Stock or other similar event, then, on the effective date of such consolidation, combination, reverse stock
split, reclassification or similar event, the number of shares of Common Stock issuable on exercise of each Warrant shall be decreased
in proportion to such decrease in outstanding shares of Common Stock.

 

4.3. Extraordinary Dividends. If the Company, at any time
while the Warrants are outstanding and unexpired, shall pay a dividend or make a distribution in cash, securities or other assets
to the holders of the shares of Common Stock or other shares of the Company’s capital stock into which the Warrants are convertible
(an “Extraordinary Dividend”), then the Warrant Price shall be decreased, effective immediately after the effective
date of such Extraordinary Dividend, by the amount of cash and the fair market value (as determined by the Company’s Board
of Directors, in good faith) of any securities or other assets paid on each share of Common Stock in respect of such Extraordinary
Dividend; provided, however, that none of the following shall be deemed an Extraordinary Dividend for purposes of this provision:
(a) any adjustment described in subsection 4.1 above, (b) any cash dividends or cash distributions which, when combined on a per
share basis with all other cash dividends and cash distributions paid on the Common Stock during the 365-day period ending on the
date of declaration of such dividend or distribution does not exceed $0.50 (as adjusted to appropriately reflect any of the events
referred to in other subsections of this Section 4 and excluding cash dividends or cash distributions that resulted in an adjustment
to the Warrant Price or to the number of shares of Common Stock issuable on exercise of each Warrant) but only with respect to
the amount of the aggregate cash dividends or cash distributions equal to or less than $0.50, (c) any payment to satisfy the conversion
rights of the holders of the shares of Common Stock in connection with a proposed initial Business Combination or (d) any payment
in connection with the Company’s liquidation and the distribution of its assets upon its failure to consummate a Business
Combination. Solely for purposes of illustration, if the Company, at a time while the Warrants are outstanding and unexpired, pays
a cash dividend of $0.35 and previously paid an aggregate of $0.40 of cash dividends and cash distributions on the Common Stock
during the 365-day period ending on the date of declaration of such $0.35 dividend, then the Warrant Price will be decreased, effectively
immediately after the effective date of such $0.35 dividend, by $0.25 (the absolute value of the difference between $0.75 (the
aggregate amount of all cash dividends and cash distributions paid or made in such 365-day period, including such $0.35 dividend)
and $0.50 (the greater of (x) $0.50 and (y) the aggregate amount of all cash dividends and cash distributions paid or made in such
365-day period prior to such $0.35 dividend)).

 

    	 	7	 

     

    

 

4.4. Adjustments in Exercise Price.

 

4.4.1. Whenever the number of shares of Common
Stock purchasable upon the exercise of the Warrants is adjusted, as provided in Sections 4.1 and 4.2 above, the Warrant Price shall
be adjusted (to the nearest cent) by multiplying such Warrant Price immediately prior to such adjustment by a fraction (x) the
numerator of which shall be the number of shares of Common Stock purchasable upon the exercise of the Warrants immediately prior
to such adjustment, and (y) the denominator of which shall be the number of shares of Common Stock so purchasable immediately thereafter.

 

4.4.2. If (i) the Company issues additional
shares of Common Stock or securities convertible into or exercisable or exchangeable for shares of Common Stock for capital raising
purposes in connection with the closing of the Business Combination at an issue price or effective issue price of less than $9.50
per share of Common Stock, with such issue price or effective issue price to be determined in good faith by the Company’s
Board of Directors, (ii) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds,
and interest thereon, available for funding the initial Business Combination, and (iii) the volume weighted average trading price
of the Common Stock during the 20 trading day period starting on the trading day prior to the day on which the Company consummates
the Business Combination (the “ Market Value”) is below $9.50 per share, the Warrant Price shall be adjusted
(to the nearest cent) to be equal to 115% of the Market Value, and the last sales price of the Common Stock that triggers the Company’s
right to redeem the Warrants pursuant to Section 6.1 below shall be adjusted (to the nearest cent) to be equal to 165% of the Market
Value. Notwithstanding anything to the contrary contained herein, the Warrant Price of the Private Warrants initially issued to
the Joint Book-Running Managers or their designees shall not be adjusted as set forth in this Section 4.4.2.

 

4.5. Replacement of Securities upon Reorganization, etc.
In case of any reclassification or reorganization of the outstanding shares of Common Stock (other than a change covered by Section
4.1, 4.2 or 4.3 hereof or that solely affects the par value of the Common Stock), or in the case of any merger or consolidation
of the Company with or into another corporation (other than a consolidation or merger in which the Company is the continuing corporation
and that does not result in any reclassification or reorganization of the outstanding Common Stock), or in the case of any sale
or conveyance to another corporation or entity of the assets or other property of the Company as an entirety or substantially as
an entirety in connection with which the Company is dissolved, the Warrant holders shall thereafter have the right to purchase
and receive, upon the basis and upon the terms and conditions specified in the Warrants and in lieu of the shares of Common Stock
of the Company immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind
and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization,
merger or consolidation, or upon a dissolution following any such sale or transfer, that the Warrant holder would have received
if such Warrant holder had exercised his, her or its Warrant(s) immediately prior to such event; and if any reclassification also
results in a change in the Common Stock covered by Section 4.1, 4.2 or 4.3, then such adjustment shall be made pursuant to Sections
4.1, 4.2, 4.3, 4.4 and this Section 4.5. The provisions of this Section 4.5 shall similarly apply to successive reclassifications,
reorganizations, mergers or consolidations, sales or other transfers.

 

    	 	8	 

     

    

 

4.6. Notices of Changes in Warrant. Upon every adjustment
of the Warrant Price or the number of shares issuable upon exercise of a Warrant, the Company shall give written notice thereof
to the Warrant Agent, which notice shall state the Warrant Price resulting from such adjustment and the increase or decrease, if
any, in the number of shares purchasable at such price upon the exercise of a Warrant, setting forth in reasonable detail the method
of calculation and the facts upon which such calculation is based. Upon the occurrence of any event specified in Sections 4.1,
4.2, 4.3, 4.4 or 4.5, then, in any such event, the Company shall give written notice to each Warrant holder, at the last address
set forth for such holder in the Warrant Register, of the record date or the effective date of the event. Failure to give such
notice, or any defect therein, shall not affect the legality or validity of such event.

 

4.7. No Fractional Warrants or Shares. No fractional
Warrants will be issued hereunder. Additionally, notwithstanding any provision contained in this Agreement to the contrary, the
Company shall not issue fractional shares upon exercise of Warrants. If, by reason of any adjustment made pursuant to this Section
4, the holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share,
the Company shall, upon such exercise, round up to the nearest whole number of shares of Common Stock to be issued to the Warrant
holder.

 

4.8. Form of Warrant. The form of Warrant need not be
changed because of any adjustment pursuant to this Section 4, and Warrants issued after such adjustment may state the same Warrant
Price and the same number of shares as is stated in the Warrants initially issued pursuant to this Agreement. However, the Company
may at any time in its sole discretion make any change in the form of Warrant that the Company may deem appropriate and that does
not affect the substance thereof, and any Warrant thereafter issued or countersigned, whether in exchange or substitution for an
outstanding Warrant or otherwise, may be in the form as so changed.

 

4.9. Other Events. In case any event shall occur affecting
the Company as to which none of the provisions of preceding subsections of this Section 4 are strictly applicable, but which would
require an adjustment to the terms of the Warrants in order to (i) avoid an adverse impact on the Warrants and (ii) effectuate
the intent and purpose of this Section 4, then, in each such case, the Company shall appoint a firm of independent public accountants,
investment banking or other appraisal firm of recognized national standing, which shall give its opinion as to whether or not any
adjustment to the rights represented by the Warrants is necessary to effectuate the intent and purpose of this Section 4 and, if
they determine that an adjustment is necessary, the terms of such adjustment. The Company shall adjust the terms of the Warrants
in a manner that is consistent with any adjustment recommended in such opinion.

 

5. Transfer and Exchange of Warrants.

 

5.1. Registration of Transfer. The Warrant Agent shall
register the transfer, from time to time, of any outstanding Warrant upon the Warrant Register, upon surrender of such Warrant
for transfer, properly endorsed with signatures properly guaranteed and accompanied by appropriate instructions for transfer. Upon
any such transfer, a new Warrant representing an equal aggregate number of Warrants shall be issued and the old Warrant shall be
cancelled by the Warrant Agent. The Warrants so cancelled shall be delivered by the Warrant Agent to the Company from time to time
upon request.

 

    	 	9	 

     

    

 

5.2. Procedure for Surrender of Warrants. Warrants may
be surrendered to the Warrant Agent, together with a written request for exchange or transfer, and thereupon the Warrant Agent
shall issue in exchange therefor one or more new Warrants as requested by the registered holder of the Warrants so surrendered,
representing an equal aggregate number of Warrants; provided, however, that in the event that a Warrant surrendered for transfer
bears a restrictive legend, the Warrant Agent shall not cancel such Warrant and issue new Warrants in exchange therefor until the
Warrant Agent has received an opinion of counsel for the Company stating that such transfer may be made and indicating whether
the new Warrants must also bear a restrictive legend.

 

5.3. Fractional Warrants. The Warrant Agent shall not
be required to effect any registration of transfer or exchange which will result in the issuance of a warrant certificate for a
fraction of a warrant.

 

5.4. Service Charges. No service charge shall be made
for any exchange or registration of transfer of Warrants.

 

5.5. Warrant Execution and Countersignature. The Warrant
Agent is hereby authorized to countersign and to deliver, in accordance with the terms of this Agreement, the Warrants required
to be issued pursuant to the provisions of this Section 5, and the Company, whenever required by the Warrant Agent, will supply
the Warrant Agent with Warrants duly executed on behalf of the Company for such purpose.

 

5.6. Private Warrants. The Warrant Agent shall not register
any transfer of Private Warrants or Working Capital Warrants until after the consummation by the Company of an initial Business
Combination, except for transfers (i) among the initial stockholders or to the initial stockholders’, the Company’s
or the Joint Book-Running Managers’ officers, directors, consultants or their affiliates, (ii) to a holder’s stockholders
or members upon the holder’s liquidation, in each case if the holder is an entity, (iii) by bona fide gift to a member of
the holder’s immediate family or to a trust, the beneficiary of which is the holder or a member of the holder’s immediate
family, in each case for estate planning purposes, (iv) by virtue of the laws of descent and distribution upon death, (v) pursuant
to a qualified domestic relations order, (vi) to the Company for no value for cancellation in connection with the consummation
of a Business Combination or (vii) in connection with the consummation of a Business Combination by private sales at prices no
greater than the price at which the Private Warrants were originally purchased, in each case (except for clause (vi) or with the
Company’s and the Joint Book-Running Managers’ prior written consent) on the condition that prior to such registration
for transfer, the Warrant Agent shall be presented with written documentation pursuant to which each transferee or the trustee
or legal guardian for such transferee agrees to be bound by the terms of the Subscription Agreement and any other applicable agreement
the transferor is bound by.

 

5.7. Transfers prior to Detachment. Prior to the Detachment
Date, the Public Warrants may be transferred or exchanged only together with the Unit in which such Warrant is included, and only
for the purpose of effecting, or in conjunction with, a transfer or exchange of such Unit. Furthermore, each transfer of a Unit
on the register relating to such Units shall operate also to transfer the Warrants included in such Unit. Notwithstanding the foregoing,
the provisions of this Section 5.7 shall have no effect on any transfer of Warrants on or after the Detachment Date.

 

    	 	10	 

     

    

 

6. Redemption.

 

6.1. Redemption. Subject to Section 6.4 hereof, not less
than all of the outstanding Warrants may be redeemed, at the option of the Company, at any time during the Exercise Period (so
long as there is a current registration statement in effect with respect to the shares of Common Stock underlying the Warrants),
at the office of the Warrant Agent, upon the notice referred to in Section 6.2, at the price of $0.01 per Warrant (“Redemption
Price”), provided that the last sales price of the Common Stock equals or exceeds $16.50 per share (subject to adjustment
in accordance with Section 4 hereof), on each of twenty (20) trading days within any thirty (30) trading day period ending on the
third business day prior to the date on which notice of redemption is given.

 

6.2. Date Fixed for, and Notice of, Redemption. In the
event the Company shall elect to redeem all of the Warrants that are subject to redemption, the Company shall fix a date for the
redemption (the “Redemption Date”). Notice of redemption shall be mailed by first class mail, postage prepaid,
by the Company not less than thirty (30) days prior to the Redemption Date to the registered holders of the Warrants to be redeemed
at their last addresses as they shall appear on the registration books. Any notice mailed in the manner herein provided shall be
conclusively presumed to have been duly given whether or not the registered holder received such notice.

 

6.3. Exercise After Notice of Redemption. The Public
Warrants may be exercised, for cash (or on a “cashless basis” in accordance with Section 3 of this Agreement) at any
time after notice of redemption shall have been given by the Company pursuant to Section 6.2 hereof and prior to the Redemption
Date. In the event the Company determines to require all holders of Public Warrants to exercise their Warrants on a “cashless
basis” pursuant to Section 3.3.1(b), the notice of redemption will contain the information necessary to calculate the number
of shares of Common Stock to be received upon exercise of the Warrants, including the “Fair Market Value” in such case.
On and after the Redemption Date, the record holder of the Warrants shall have no further rights except to receive, upon surrender
of the Warrants, the Redemption Price.

 

6.4. Exclusion of Certain Warrants. The Company understands
that the redemption rights provided for by this Section 6 apply only to outstanding Warrants. To the extent a person holds rights
to purchase Warrants, such purchase rights shall not be extinguished by redemption. However, once such purchase rights are exercised,
the Company may redeem the Warrants issued upon such exercise provided that the criteria for redemption is met. Additionally, the
Company agrees that the redemption rights provided in this Section 6 shall not apply to (i) the Private Warrants and Working Capital
Warrants if at the time of the redemption such Private Warrants or Working Capital Warrants continue to be held by the initial
purchasers or their permitted transferees or (ii) Post IPO Warrants if such warrants provide that they are non-redeemable by the
Company. However, with respect to the Private Warrants or Working Capital Warrants, once such Private Warrants or Working Capital
Warrants are transferred (other than to permitted transferees under Section 5.6), the Company may redeem the Private Warrants and
Working Capital Warrants in the same manner as the Public Warrants. The provisions of this Section 6.4 may not be modified, amended
or deleted without the prior written consent of the Joint Book-Running Managers.

 

    	 	11	 

     

    

 

7. Other Provisions Relating to Rights of Holders of Warrants.

 

7.1. No Rights as Stockholder. A Warrant does not entitle
the registered holder thereof to any of the rights of a stockholder of the Company, including, without limitation, the right to
receive dividends, or other distributions, exercise any preemptive rights to vote or to consent or to receive notice as stockholders
in respect of the meetings of stockholders or the election of directors of the Company or any other matter.

 

7.2. Lost, Stolen, Mutilated, or Destroyed Warrants.
If any Warrant is lost, stolen, mutilated, or destroyed, the Company and the Warrant Agent may on such terms as to indemnity or
otherwise as they may in their discretion impose (which shall, in the case of a mutilated Warrant, include the surrender thereof),
issue a new Warrant of like denomination, tenor, and date as the Warrant so lost, stolen, mutilated, or destroyed. Any such new
Warrant shall constitute a substitute contractual obligation of the Company, whether or not the allegedly lost, stolen, mutilated,
or destroyed Warrant shall be at any time enforceable by anyone.

 

7.3. Reservation of Shares of Common Stock. The Company
shall at all times reserve and keep available a number of its authorized but unissued shares of Common Stock that will be sufficient
to permit the exercise in full of all outstanding Warrants issued pursuant to this Agreement.

 

7.4. Registration of Shares of Common Stock. The Company
agrees that as soon as practicable after the closing of its initial Business Combination, it shall use its best efforts to file
with the Securities and Exchange Commission a registration statement for the registration, under the Act, of the shares of Common
Stock issuable upon exercise of the Warrants, and it shall use its best efforts to take such action as is necessary to register
or qualify for sale, in those states in which the Warrants were initially offered by the Company and in those states where holders
of Warrants then reside, the shares of Common Stock issuable upon exercise of the Warrants, to the extent an exemption is not available.
The Company will use its best efforts to cause the same to become effective and to maintain the effectiveness of such registration
statement until the expiration of the Warrants in accordance with the provisions of this Agreement. If any such registration statement
has not been declared effective by the 90th day following the closing of the Business Combination, holders of the Warrants shall
have the right, during the period beginning on the 91st day after the closing of the Business Combination and ending upon such
registration statement being declared effective by the Securities and Exchange Commission, and during any other period when the
Company shall fail to have maintained an effective registration statement covering the shares of Common Stock issuable upon exercise
of the Warrants, to exercise such Warrants on a “cashless basis” as determined in accordance with Section 3.3.1(d).
The Company shall provide the Warrant Agent with an opinion of counsel for the Company (which shall be an outside law firm with
securities law experience) stating that (i) the exercise of the Warrants on a cashless basis in accordance with this Section 7.4
is not required to be registered under the Act and (ii) the shares of Common Stock issued upon such exercise will be freely tradable
under U.S. federal securities laws by anyone who is not an affiliate (as such term is defined in Rule 144 under the Act) of the
Company and, accordingly, will not be required to bear a restrictive legend. For the avoidance of any doubt, unless and until all
of the Warrants have been exercised on a cashless basis, the Company shall continue to be obligated to comply with its registration
obligations under the first three sentences of this Section 7.4. The provisions of this Section 7.4 may not be modified, amended
or deleted without the prior written consent of the Joint Book-Running Managers.

 

    	 	12	 

     

    

 

8. Concerning the Warrant Agent and Other Matters.

 

8.1. Payment of Taxes. The Company will from time to
time promptly pay all taxes and charges that may be imposed upon the Company or the Warrant Agent in respect of the issuance or
delivery of shares of Common Stock upon the exercise of Warrants, but the Company shall not be obligated to pay any transfer taxes
in respect of the Warrants or such shares.

 

8.2. Resignation, Consolidation, or Merger of Warrant Agent.

 

8.2.1. Appointment of Successor Warrant Agent. The Warrant
Agent, or any successor to it hereafter appointed, may resign its duties and be discharged from all further duties and liabilities
hereunder after giving sixty (60) days’ notice in writing to the Company. If the office of the Warrant Agent becomes vacant
by resignation or incapacity to act or otherwise, the Company shall appoint in writing a successor Warrant Agent in place of the
Warrant Agent. If the Company shall fail to make such appointment within a period of thirty (30) days after it has been notified
in writing of such resignation or incapacity by the Warrant Agent or by the holder of the Warrant (who shall, with such notice,
submit his Warrant for inspection by the Company), then the holder of any Warrant may apply to the Supreme Court of the State of
New York for the County of New York for the appointment of a successor Warrant Agent at the Company’s cost. Any successor
Warrant Agent, whether appointed by the Company or by such court, shall be a corporation organized and existing under the laws
of the State of New York, in good standing and having its principal office in the Borough of Manhattan, City and State of New York,
and authorized under such laws to exercise corporate trust powers and subject to supervision or examination by federal or state
authority. After appointment, any successor Warrant Agent shall be vested with all the authority, powers, rights, immunities, duties,
and obligations of its predecessor Warrant Agent with like effect as if originally named as Warrant Agent hereunder, without any
further act or deed; but if for any reason it becomes necessary or appropriate, the predecessor Warrant Agent shall execute and
deliver, at the expense of the Company, an instrument transferring to such successor Warrant Agent all the authority, powers, and
rights of such predecessor Warrant Agent hereunder; and upon request of any successor Warrant Agent the Company shall make, execute,
acknowledge, and deliver any and all instruments in writing for more fully and effectually vesting in and confirming to such successor
Warrant Agent all such authority, powers, rights, immunities, duties, and obligations.

 

8.2.2. Notice of Successor Warrant Agent. In the event
a successor Warrant Agent shall be appointed, the Company shall give notice thereof to the predecessor Warrant Agent and the transfer
agent for the shares of Common Stock not later than the effective date of any such appointment.

 

8.2.3. Merger or Consolidation of Warrant Agent. Any
corporation into which the Warrant Agent may be merged or with which it may be consolidated or any corporation resulting from any
merger or consolidation to which the Warrant Agent shall be a party shall be the successor Warrant Agent under this Agreement without
any further act.

 

    	 	13	 

     

    

 

8.3. Fees and Expenses of Warrant Agent.

 

8.3.1. Remuneration. The Company agrees to pay the Warrant
Agent reasonable remuneration for its services as such Warrant Agent hereunder and will reimburse the Warrant Agent upon demand
for all expenditures that the Warrant Agent may reasonably incur in the execution of its duties hereunder.

 

8.3.2. Further Assurances. The Company agrees to perform,
execute, acknowledge, and deliver or cause to be performed, executed, acknowledged, and delivered all such further and other acts,
instruments, and assurances as may reasonably be required by the Warrant Agent for the carrying out or performing of the provisions
of this Agreement.

 

8.4. Liability of Warrant Agent.

 

8.4.1. Reliance on Company Statement. Whenever in the
performance of its duties under this Agreement, the Warrant Agent shall deem it necessary or desirable that any fact or matter
be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless other evidence
in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established by a statement signed
by the Chief Executive Officer or Chairman of the Board of Directors of the Company and delivered to the Warrant Agent. The Warrant
Agent may rely upon such statement for any action taken or suffered in good faith by it pursuant to the provisions of this Agreement.

 

8.4.2. Indemnity. The Warrant Agent shall be liable hereunder
only for its own gross negligence, willful misconduct or bad faith. The Company agrees to indemnify the Warrant Agent and save
it harmless against any and all liabilities, including judgments, costs and reasonable counsel fees, for anything done or omitted
by the Warrant Agent in the execution of this Agreement except as a result of the Warrant Agent’s gross negligence, willful
misconduct, or bad faith.

 

8.4.3. Exclusions. The Warrant Agent shall have no responsibility
with respect to the validity of this Agreement or with respect to the validity or execution of any Warrant (except its countersignature
thereof); nor shall it be responsible for any breach by the Company of any covenant or condition contained in this Agreement or
in any Warrant; nor shall it be responsible to make any adjustments required under the provisions of Section 4 hereof or responsible
for the manner, method, or amount of any such adjustment or the ascertaining of the existence of facts that would require any such
adjustment; nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation
of any shares of Common Stock to be issued pursuant to this Agreement or any Warrant or as to whether any shares of Common Stock
will, when issued, be valid and fully paid and nonassessable.

 

8.5. Acceptance of Agency. The Warrant Agent hereby accepts
the agency established by this Agreement and agrees to perform the same upon the terms and conditions herein set forth and among
other things, shall account promptly to the Company with respect to Warrants exercised and concurrently account for, and pay to
the Company, all monies received by the Warrant Agent for the purchase of shares of Common Stock through the exercise of Warrants.

 

    	 	14	 

     

    

 

9. Miscellaneous Provisions.

 

9.1. Successors. All the covenants and provisions of
this Agreement by or for the benefit of the Company or the Warrant Agent shall bind and inure to the benefit of their respective
successors and assigns.

 

9.2. Notices. Any notice, statement or demand authorized
by this Agreement to be given or made by the Warrant Agent or by the holder of any Warrant to or on the Company shall be sufficiently
given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five (5)
days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Company with the
Warrant Agent), as follows:

 

EdtechX Holdings Acquisition Corp.

c/o IBIS Capital Limited

22 Soho Square

London W1D 4NS

United Kingdom

Attn: Benjamin Vedrenne-Cloquet

 

Any notice, statement or demand authorized by this Agreement
to be given or made by the holder of any Warrant or by the Company to or on the Warrant Agent shall be sufficiently given when
so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five days after deposit
of such notice, postage prepaid, addressed (until another address is filed in writing by the Warrant Agent with the Company), as
follows:

 

Continental Stock Transfer & Trust Company

1 State Street Plaza

New York, New York 10004

Attn: Compliance Department

 

with a copy in each case to:

 

Graubard Miller

The Chrysler Building

405 Lexington Avenue

New York, New York 10174

Attn: David Alan Miller, Esq.

 

and

Schiff Hardin LLP

901 K Street NW

Suite 700

Washington, D.C. 20001

Attn: Ralph V. DeMartino, Esq.

 

    	 	15	 

     

    

 

and

Chardan Capital Markets, LLC

17 State Street, 21st Floor

New York, New York 10004

Attn: George Kaufman, Partner and Head of Investment
Banking

 

and

I-Bankers Securities, Inc.

535 5th Avenue, Suite 423

New York, NY 10017

Attn: Mike McCrory

 

9.3. Applicable Law. The validity, interpretation, and
performance of this Agreement and of the Warrants shall be governed in all respects by the laws of the State of New York, without
giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction.
The Company hereby agrees that any action, proceeding or claim against it arising out of or relating in any way to this Agreement
shall be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District
of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any
objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any such process or summons to be
served upon the Company may be served by transmitting a copy thereof by registered or certified mail, return receipt requested,
postage prepaid, addressed to it at the address set forth in Section 9.2 hereof. Such mailing shall be deemed personal service
and shall be legal and binding upon the Company in any action, proceeding or claim.

 

9.4. Persons Having Rights under this Agreement. Nothing
in this Agreement expressed and nothing that may be implied from any of the provisions hereof is intended, or shall be construed,
to confer upon, or give to, any person or corporation other than the parties hereto and the registered holders of the Warrants
and, for the purposes of Sections 2.7, 6.4, 7.4, 9.4 and 9.8 hereof, the Joint Book-Running Managers, any right, remedy, or claim
under or by reason of this Warrant Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. the Joint
Book-Running Managers shall be deemed to be a third-party beneficiary of this Agreement with respect to Sections 2.7, 6.4, 7.4,
9.4 and 9.8 hereof. All covenants, conditions, stipulations, promises, and agreements contained in this Warrant Agreement shall
be for the sole and exclusive benefit of the parties hereto (and the Joint Book-Running Managers with respect to the Sections 2.7,
6.4, 7.4, 9.4 and 9.8 hereof) and their successors and assigns and of the registered holders of the Warrants.

 

9.5. Examination of the Warrant Agreement. A copy of
this Agreement shall be available at all reasonable times at the office of the Warrant Agent in the Borough of Manhattan, City
and State of New York, for inspection by the registered holder of any Warrant. The Warrant Agent may require any such holder to
submit his Warrant for inspection by it.

 

    	 	16	 

     

    

 

9.6. Counterparts. This Agreement may be executed in
any number of original or facsimile counterparts and each of such counterparts shall for all purposes be deemed to be an original,
and all such counterparts shall together constitute but one and the same instrument.

 

9.7. Effect of Headings. The section headings herein
are for convenience only and are not part of this Agreement and shall not affect the interpretation thereof.

 

9.8. Amendments. This Agreement may be amended by the
parties hereto (and the Joint Book-Running Managers, if required) without the consent of any registered holder for the purpose
of curing any ambiguity, or of curing, correcting or supplementing any defective provision contained herein or adding or changing
any other provisions with respect to matters or questions arising under this Agreement as the parties may deem necessary or desirable
and that the parties deem shall not adversely affect the interest of the registered holders. All other modifications or amendments,
including any amendment to increase the Warrant Price or shorten the Exercise Period, shall require the written consent or vote
of the registered holders of (i) a majority of the then outstanding Public Warrants, Private Warrants and Co-Book-Running Manager
Warrants if such modification or amendment is being undertaken prior to, or in connection with, the consummation of a Business
Combination or (ii) a majority of the then outstanding Warrants if such modification or amendment is being undertaken after the
consummation of a Business Combination. Notwithstanding the foregoing, the Company may lower the Warrant Price or extend the duration
of the Exercise Period pursuant to Sections 3.1 and 3.2, respectively, without the consent of the registered holders.

 

9.9. Trust Account Waiver. The Warrant Agent acknowledges
and agrees that it shall not make any claims or proceed against the trust account established by the Company in connection with
the Public Offering (as more fully described in the Registration Statement) (“Trust Account”), including by
way of set-off, and shall not be entitled to any funds in the Trust Account under any circumstance. In the event that the Warrant
Agent has a claim against the Company under this Agreement, the Warrant Agent will pursue such claim solely against the Company
and not against the property held in the Trust Account.

 

9.10. Severability. This Agreement shall be deemed severable,
and the invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of this
Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision,
the parties hereto intend that there shall be added as a part of this Agreement a provision as similar in terms to such invalid
or unenforceable provision as may be possible and be valid and enforceable.

 

[signature page follows]

 

    	 	17	 

     

    

 

IN WITNESS WHEREOF, this Agreement has been duly executed by
the parties hereto as of the day and year first above written.

 

	 	EDTECHX HOLDINGS ACQUISITION CORP.
	 	 	 	 
	 	By: 	/s/ Benjamin Vedrenne-Cloquet
	 	 	Name:	Benjamin Vedrenne-Cloquet
	 	 	Title:	CEO
	 	 	 	 
	 	CONTINENTAL STOCK TRANSFER

& TRUST COMPANY
	 	 	 	 
	 	By:	/s/ Isaac Kagan
	 	 	Name:	 
	 	 	Title:	 

 

    	 	18

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