Document:

Exhibit 10.7

 

November 2, 2020

 

MICT, Inc.

28 West Grand Avenue, Suite 3

Montvale, New Jersey 07645

Attention: Darren Mercer

   Chief Executive Officer and President

 

Dear Mr. Mercer:

 

This letter (the “Agreement”)
constitutes the agreement between A.G.P./Alliance Global Partners, as lead placement agent (“A.G.P.” or the
“Placement Agent”), and MICT, Inc., a company organized under the laws of the state of Delaware (the “Company”),
that the Placement Agent shall serve as the placement agent for the Company, on a “reasonable best efforts” basis,
in connection with the proposed placement (the “Placement”) of (i) shares of common stock, par value, $0.001
per share (the “Shares”) and (ii) accompanying warrants to purchase 0.8 share of common stock per Share (the
“Warrants”). The Shares shall be sold in units of one Share and one Warrant (the “Units”
and together with the Shares and Warrants, the “Securities”). The Securities actually placed by the Placement
Agent are referred to herein as the “Placement Agent Securities.” The Placement Agent Securities shall be offered
and sold under the Company’s registration statement on Form S-3 (File No. 333-248602) (the “Registration Statement”).
The documents executed and delivered by the Company and the Purchasers (as defined below), as applicable, in connection with the
Placement, including, without limitation, a securities purchase agreement (the “Purchase Agreement”) and Warrant
certificates, shall be collectively referred to herein as the “Transaction Documents.”

 

The Units shall be
sold to the Purchasers for a purchase price of $2.50 per Unit. The Placement Agent may retain other brokers or dealers to act as
sub-agents or selected-dealers on its behalf in connection with the Placement. 

 

The terms of the Placement
shall be mutually agreed upon by the Company and the purchasers listed in the Purchase Agreement (each, a “Purchaser”
and collectively, the “Purchasers”), and nothing herein shall imply that the Placement Agent would have the
power or authority to bind the Company or any Purchaser, or shall imply that the Company has an obligation to issue any Securities
or complete the Placement. The Company expressly acknowledges and agrees that the Placement Agent’s obligations hereunder
are on a reasonable best efforts basis only and that the execution of this Agreement does not constitute a commitment by the Placement
Agent to purchase the Securities and does not ensure the successful placement of the Securities or any portion thereof or the success
of the Placement Agent with respect to securing any other financing on behalf of the Company. Certain affiliates of the Placement
Agent may participate in the Placement by purchasing some of the Placement Agent Securities. In addition, certain additional purchasers
with pre-existing relationships with the Company (the “Pre Existing Investors”) may participate in the Placement
by purchasing Securities. The sale of Placement Agent Securities to any Purchaser will be evidenced by the Purchase Agreement between
the Company and such Purchaser, in a form reasonably acceptable to the Company and the Purchaser. Capitalized terms that are not
otherwise defined herein have the meanings given to such terms in the Purchase Agreement. Prior to the signing of any Purchase
Agreement, officers of the Company will be available to answer inquiries from prospective Purchasers.

 

SECTION 1. REPRESENTATIONS
AND WARRANTIES OF THE COMPANY; COVENANTS OF THE COMPANY.

 

A. Representations
of the Company. With respect to the Placement Agent Securities, each of the representations and warranties and covenants made
by the Company to the Purchasers in the Purchase Agreement in connection with the Placement, is hereby incorporated herein by reference
into this Agreement (as though fully restated herein) and is, as of the date of this Agreement and as of the Closing Date, hereby
made to, and in favor of, the Placement Agent. In addition to the foregoing, the Company represents and warrants that, to its knowledge,
there are no affiliations with any FINRA member firm among the Company’s officers, directors or any five percent (5.0%) or
greater stockholder of the Company.

 

     

     

    

 

B. Covenants
of the Company. The Company covenants and agrees to continue to retain (i) a firm of independent PCAOB registered public accountants
for a period of at least two (2) years after the Closing Date and (ii) a competent transfer agent with respect to the Placement
Agent Securities for a period of two (2) years after the Closing Date.

 

SECTION 2.  REPRESENTATIONS
OF THE PLACEMENT AGENT. The Placement Agent represents and warrants that it (i) is a member in good standing of the Financial
Industry Regulatory Authority (“FINRA”), (ii) is registered as a broker/dealer under the Securities Exchange
Act of 1934, as amended (the “Exchange Act”), (iii) is licensed as a broker/dealer under the laws of the United
States of America, applicable to the offers and sales of the Placement Agent Securities by the Placement Agent, (iv) is and will
be a corporate body validly existing under the laws of its place of incorporation, and (v) has full power and authority to enter
into and perform its obligations under this Agreement. The Placement Agent will immediately notify the Company in writing of any
change in its status with respect to subsections (i) through (v) above. The Placement Agent covenants that it will use its reasonable
best efforts to conduct the Placement hereunder in compliance with the provisions of this Agreement and the requirements of applicable
law. 

 

SECTION 3.  COMPENSATION. 
In consideration of the services to be provided for hereunder, the Company shall pay to the Placement Agent or its respective designees
a total cash fee equal to seven percent (7.0%) of gross proceeds from the Placement of the total amount of Placement Agent Securities
sold by the Placement Agent. In addition, the Company shall pay to the Placement Agent or its respective designees a total cash
fee equal to three and one half percent (3.5%) of gross proceeds from the placement of any additional Securities sold in offering,
including Securities sold to Pre-Existing Investors. In addition, the Company shall pay the Placement Agent an accountable expense
allowance as set forth in Section 4 below. A.G.P. reserves the right to reduce any item of compensation or adjust the terms thereof
as specified herein in the event that a determination shall be made by FINRA to the effect that the Placement Agent’s aggregate
compensation is in excess of FINRA Rules or that the terms thereof require adjustment.

 

SECTION 4.
EXPENSES.  The Company agrees to pay all costs, fees and expenses incurred by the Company in connection with the performance
of its obligations hereunder and in connection with the transactions contemplated hereby, including, without limitation: (i) all
expenses incident to the issuance, delivery and qualification of the Securities (including all printing and engraving costs); (ii)
all fees and expenses of the registrar and transfer agent of the Shares; (iii) all necessary issue, transfer and other stamp taxes
in connection with the issuance and sale of the Placement Agent Securities; (iv) all fees and expenses of the Company’s
counsel, independent public or certified public accountants and other advisors; (v) all costs and expenses incurred in connection
with the preparation, printing, filing, shipping and distribution of the Registration Statement (including financial statements,
exhibits, schedules, consents and certificates of experts), the Base Prospectus and the Prospectus Supplement, and all amendments
and supplements thereto, and this Agreement; (vi) all filing fees, reasonable attorneys’ fees and expenses incurred by the
Company in connection with qualifying or registering (or obtaining exemptions from the qualification or registration of) all or
any part of the Securities for offer and sale under the state securities or blue sky laws or the securities laws of any other country;
and (vii) the fees and expenses associated with including the Shares on the Trading Market. Notwithstanding the foregoing, any
advance received by the Placement Agent will be reimbursed to the Company to the extent not actually incurred in compliance with
FINRA Rule 5110(f)(2)(C). If the transactions hereunder are consummated, the Company shall also pay a non-accountable expense allowance
to the Placement Agent in an amount equal to one percent (1%) of the aggregate gross proceeds of the offering. In the event that
this Agreement shall not be carried out for any reason whatsoever, within the time specified herein or any extensions thereof pursuant
to the terms herein, the Company shall be obligated to pay to the Placement Agent their actual and accountable out-of-pocket expenses
related to the transactions contemplated herein then due and payable (including the fees and disbursements of A.G.P.’s counsel)
and upon demand the Company shall pay the full amount thereof to the Placement Agent; provided, however, that such
expense payment in no way limits or impairs the indemnification and contribution provisions of this Agreement.

 

    	 	2	 

     

    

 

SECTION 5.  INDEMNIFICATION.

 

A.  To
the extent permitted by law, with respect to the Placement Agent Securities, the Company will indemnify the Placement Agent and
its affiliates, stockholders, directors, officers, employees, members and controlling persons (within the meaning of Section 15
of the Securities Act or Section 20 of the Exchange Act) against all losses, claims, damages, expenses and liabilities, as the
same are incurred (including the reasonable fees and expenses of counsel), relating to or arising out of its activities hereunder
or pursuant to this Agreement, except to the extent that any losses, claims, damages, expenses or liabilities (or actions in respect
thereof) are found in a final judgment (not subject to appeal) by a court of law to have resulted primarily and directly from the
Placement Agent’s willful misconduct or gross negligence in performing the services described herein.

 

B.  Promptly
after receipt by the Placement Agent of notice of any claim or the commencement of any action or proceeding with respect to which
the Placement Agent is entitled to indemnity hereunder, the Placement Agent will promptly notify the Company in writing of such
claim or of the commencement of such action or proceeding, but failure to so notify the Company shall not relieve the Company from
any obligation it may have hereunder, except and only to the extent such failure results in the forfeiture by the Company of substantial
rights and defenses. If the Company so elects or is requested by the Placement Agent, the Company will assume the defense of such
action or proceeding and will employ counsel reasonably satisfactory to the Placement Agent and will pay the fees and expenses
of such counsel. Notwithstanding the preceding sentence, the Placement Agent will be entitled to employ its own counsel separate
from counsel for the Company and from any other party in such action if counsel for the Placement Agent reasonably determines that
it would be inappropriate under the applicable rules of professional responsibility for the same counsel to represent both the
Company and the Placement Agent. In such event, the reasonable fees and disbursements of no more than one such separate counsel
will be paid by the Company, in addition to fees of local counsel. The Company will have the right to settle the claim or proceeding,
provided that the Company will not settle any such claim, action or proceeding without the prior written consent of the Placement
Agent, which will not be unreasonably withheld.

 

C.  The
Company agrees to notify the Placement Agent promptly of the assertion against it or any other person of any claim or the commencement
of any action or proceeding relating to a transaction contemplated by this Agreement.

 

D.  If
for any reason the foregoing indemnity is unavailable to the Placement Agent or insufficient to hold the Placement Agent harmless,
then the Company shall contribute to the amount paid or payable by the Placement Agent as a result of such losses, claims, damages
or liabilities in such proportion as is appropriate to reflect not only the relative benefits received by the Company on the one
hand and the Placement Agent on the other.The amounts paid or payable by a party in respect of losses, claims, damages and liabilities
referred to above shall be deemed to include any legal or other fees and expenses incurred in defending any litigation, proceeding
or other action or claim. Notwithstanding the provisions hereof, the liable Placement Agent’s share of the liability hereunder
shall not be in excess of the amount of fees actually received, or to be received, by the Placement Agent under this Agreement
(excluding any amounts received as reimbursement of expenses incurred by the Placement Agent).

 

E.  These
indemnification provisions shall remain in full force and effect whether or not the transaction contemplated by this Agreement
is completed and shall survive the termination of this Agreement, and shall be in addition to any liability that the Company might
otherwise have to any indemnified party under this Agreement or otherwise.

 

SECTION 6.  
  COMPANY LOCK-UP AGREEMENTS.

 

A.   Restriction
on Sales of Capital Stock. The Company, on behalf of itself and any successor entity, agrees that, without the prior written
consent of the Placement Agent and Purchasers which purchased at least 67.0% in interest of the Shares based on the initial subscription
amounts, it will not, for a period beginning on the date of this Agreement and ending on the date that is the 90th day after the
date of this Agreement (the “Lock-Up Period”), (i) offer, pledge, sell, contract to sell, sell any option or
contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise
transfer or dispose of, directly or indirectly, any shares of capital stock of the Company or any securities convertible into or
exercisable or exchangeable for shares of capital stock of the Company; (ii) file or cause to be filed any registration statement
with the Commission relating to the offering of any shares of capital stock of the Company or any securities convertible into or
exercisable or exchangeable for shares of capital stock of the Company; (iii) complete any offering of debt securities of the Company,
other than entering into a line of credit with a traditional bank or (iv) enter into any swap or other arrangement that transfers
to another, in whole or in part, any of the economic consequences of ownership of capital stock of the Company, whether any such
transaction described in clause (i), (ii), (iii) or (iv) above is to be settled by delivery of shares of capital stock of the Company
or such other securities, in cash or otherwise.

 

    	 	3	 

     

    

 

The restrictions contained
in this Section 6(a) (collectively, the “Restrictions”) shall not apply to (i) the Securities, (ii) the issuance
by the Company of securities of the Company pursuant to any documents, agreements or securities existing or outstanding as of the
Closing Date, provided that such existing or outstanding documents, agreements or securities have not been amended since the date
of this Agreement to increase the number of securities or to decrease the exercise price, exchange price or conversion price of
securities (other than in connection with stock splits or combinations or otherwise in accordance with their terms at the time
of the Closing Date) or to extend the term of such documents, agreements or securities, (iii) the issuance by the Company of any
securities of the Company under any equity compensation plan of the Company for services rendered to the Company; or (iv) the issuance
of any securities of the Company in connection with a merger, joint venture, licensing arrangement or any other similar non-capital
raising transaction, provided that any such issuance shall only be to a Person (or to the equityholders of a Person) which is,
itself or through its subsidiaries, an operating company or an owner of an asset in a business synergistic with the business of
the Company and shall provide to the Company additional benefits in addition to the investment of funds, but shall not include
a transaction in which the Company is issuing securities primarily for the purpose of raising capital or to an entity whose primary
business is investing in securities, provided that in each of (ii) through (iv) above, the securities shall be restricted from
sale during the entire Lock-Up Period.

 

B.  Restriction
on Continuous Offerings. Notwithstanding the restrictions contained in Section 6(a), the Company, on behalf of itself and any
successor entity, agrees that, without the prior written consent of the Placement Agent, it will not engage, for a period of 90
days after the date of this Agreement, directly or indirectly in any “at the market” or continuous equity transaction,
offer to sell, sell, contract to sell, grant any option to sell or otherwise dispose of shares of capital stock of the Company
or any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company.

 

SECTION 7.  ENGAGEMENT
TERM. The Placement Agent’s engagement hereunder will be until the earlier of (i) the 90th day after this
Agreement and (ii) the Closing Date. The date of termination of this Agreement is referred to herein as the “Termination
Date.” In the event, however, in the course of the Placement Agent’s performance of due diligence it deems it necessary
to terminate the engagement, the Placement Agent may do so prior to the Termination Date. The Company may elect to terminate the
engagement hereunder for any reason prior to the Termination Date but will remain responsible for fees pursuant to Section 3 hereof
with respect to the Placement Agent Securities if sold in the Placement and will remain responsible to reimburse expenses actually
incurred and reimbursable pursuant to Section 4 hereof. Notwithstanding anything to the contrary contained herein, the provisions
concerning the Company’s obligation to pay any fees actually earned pursuant to Section 3 hereof and any reimbursable expenses
actually incurred and reimbursable pursuant to Section 4 hereof and the provisions concerning confidentiality, indemnification
and contribution contained herein will survive any expiration or termination of this Agreement. If this Agreement is terminated
prior to the completion of the Placement, all fees due to the Placement Agent as set forth in Section 3 and 4 shall be paid by
the Company to the Placement Agent on or before the Termination Date (in the event such fees are earned or owed as of the Termination
Date). The Placement Agent agrees not to use any confidential information concerning the Company provided to the Placement Agent
by the Company for any purposes other than those contemplated under this Agreement.

 

 SECTION 8. PLACEMENT
AGENT INFORMATION. The Company agrees that any information or advice rendered by the Placement Agent in connection with this
engagement is for the confidential use of the Company only in their evaluation of the Placement and, except as otherwise required
by law, the Company will not disclose or otherwise refer to the advice or information in any manner without the Placement Agent’s
prior written consent.

 

SECTION 9.  NO
FIDUCIARY RELATIONSHIP. This Agreement does not create, and shall not be construed as creating rights enforceable by any person
or entity not a party hereto, except those entitled hereto by virtue of the indemnification provisions hereof. The Company acknowledges
and agrees that the Placement Agent is not and shall not be construed as a fiduciary of the Company and shall have no duties or
liabilities to the equity holders or the creditors of the Company or any other person by virtue of this Agreement or the retention
of the Placement Agent hereunder, all of which are hereby expressly waived.

 

    	 	4	 

     

    

 

SECTION 10. CLOSING.
The obligations of the Placement Agent, and the closing of the sale of the Placement Agent Securities hereunder are subject to
the accuracy, when made and on the Closing Date, of the representations and warranties on the part of the Company contained herein
and in the Purchase Agreement, to the performance by the Company of its obligations hereunder, and to each of the following additional
terms and conditions, except as otherwise disclosed to and acknowledged and waived by the Placement Agent:

 

A.  All
corporate proceedings and other legal matters incident to the authorization, form, execution, delivery and validity of each of
this Agreement, the Placement Agent Securities, and all other legal matters relating to this Agreement and the transactions contemplated
hereby with respect to the Placement Agent Securities shall be reasonably satisfactory in all material respects to the Placement
Agent.

 

B. The
Placement Agent shall have received from outside counsels to the Company such counsels’ written opinions with respect to
the Placement Agent Securities, addressed to the Placement Agent and dated as of the Closing Date, in form and substance reasonably
satisfactory to the Placement Agent.

 

C. The
Shares shall be registered under the Exchange Act and listed on the Trading Market. The Company shall have taken no action designed
to, or likely to have the effect of terminating the registration of the Common Stock under the Exchange Act or delisting or suspending
from trading the Shares from the Trading Market or other applicable U.S. national exchange, nor has the Company received any information
suggesting that the Commission or the Trading Market or other U.S. applicable national exchange is contemplating terminating such
registration or listing.

 

D. No
action shall have been taken and no statute, rule, regulation or order shall have been enacted, adopted or issued by any governmental
agency or body which would, as of the Closing Date, prevent the issuance or sale of the Placement Agent Securities or materially
and adversely affect or potentially and adversely affect the business or operations of the Company; and no injunction, restraining
order or order of any other nature by any federal or state court of competent jurisdiction shall have been issued as of the Closing
Date which would prevent the issuance or sale of the Placement Agent Securities or materially and adversely affect or potentially
and adversely affect the business or operations of the Company.

 

E. The
Company shall have entered into a Purchase Agreement with each of the Purchasers of the Placement Agent Securities and such agreements
shall be in full force and effect and shall contain representations, warranties and covenants of the Company as agreed upon between
the Company and the Purchasers.

 

F. FINRA
shall have raised no objection to the fairness and reasonableness of the terms and arrangements of this Agreement. In addition,
the Company shall, if requested by the Placement Agent, make or authorize Placement Agent’s counsel to make on the Company’s
behalf, any filing with the FINRA Corporate Financing Department pursuant to FINRA Rule 5110 with respect to the Placement and
pay all filing fees required in connection therewith.

 

G.  Each
Prospectus Supplement (in accordance with Rule 424(b)) and “free writing prospectus” (as defined in Rule 405
of the Securities Act), if any, shall have been duly filed with the Commission, as appropriate; no stop order suspending the effectiveness
of the Registration Statement or any part thereof shall have been issued and no proceeding for that purpose shall have been initiated
or threatened by the Commission; no order preventing or suspending the use of any Prospectus Supplement shall have been issued
and no proceeding for that purpose shall have been initiated or threatened by the Commission; no order having the effect of ceasing
or suspending the distribution of the Securities or any other securities of the Company shall have been issued by any securities
commission, securities regulatory authority or stock exchange and no proceedings for that purpose shall have been instituted or
shall be pending or, to the knowledge of the Company, contemplated by any securities commission, securities regulatory authority
or stock exchange; and all requests for additional information on the part of the Commission shall have been complied with.

 

H.  Subsequent
to the execution and delivery of this Agreement and prior to each Closing Date, in the Placement Agent's sole judgment after consultation
with the Company, there shall not have occurred any Material Adverse Effect or development involving a prospective material adverse
change in the condition or the business activities, financial or otherwise, of the Company from the latest dates as of which such
condition is set forth in the Registration Statement and Prospectus.

 

    	 	5	 

     

    

 

I.  Officers’
Certificate. The Placement Agent shall have received on each Closing Date a certificate of the Company, dated as of such Closing
Date, signed by the Chief Executive Officer and Chief Financial Officer of the Company, to the effect that, and the Placement Agent
shall be satisfied that, the signers of such certificate have reviewed the Registration Statement, the documents incorporated by
reference therein (the “Incorporated Documents”), any Prospectus Supplement, and this Agreement and to the further
effect that:

 

(i) The representations
and warranties of the Company in this Agreement are true and correct, as if made on and as of such Closing Date, and the Company
has complied with all the agreements and satisfied all the conditions on its part to be performed or satisfied at or prior to such
Closing Date;

 

(ii) No stop order suspending
the effectiveness of the Registration Statement or the use of the Base Prospectus or any Prospectus Supplement has been issued
and no proceedings for that purpose have been instituted or are pending or, to the Company’s knowledge, threatened under
the Securities Act; no order having the effect of ceasing or suspending the distribution of the Securities or any other securities
of the Company has been issued by any securities commission, securities regulatory authority or stock exchange in the United States
and no proceedings for that purpose have been instituted or are pending or, to the knowledge of the Company, contemplated by any
securities commission, securities regulatory authority or stock exchange in the United States;

 

(iii) When the Registration
Statement became effective, at the time of sale, and at all times subsequent thereto up to the delivery of such certificate, the
Registration Statement and the Incorporated Documents, if any, when such documents became effective or were filed with the Commission,
and any Prospectus Supplement, contained all material information required to be included therein by the Securities Act and the
Exchange Act and the applicable rules and regulations of the Commission thereunder, as the case may be, and in all material respects
conformed to the requirements of the Securities Act and the Exchange Act and the applicable rules and regulations of the Commission
thereunder, as the case may be, and the Registration Statement and the Incorporated Documents, if any, and any Prospectus Supplement,
did not and do not include any untrue statement of a material fact or omit to state a material fact required to be stated therein
or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading (provided,
however, that the preceding representations and warranties contained in this paragraph (iii) shall not apply to any statements
or omissions made in reliance upon and in conformity with information furnished in writing to the Company by the Placement Agent
expressly for use therein) and, since the effective date of the Registration Statement, there has occurred no event required by
the Securities Act and the rules and regulations of the Commission thereunder to be set forth in the Incorporated Documents which
has not been so set forth; and

 

(iv) Subsequent to the
respective dates as of which information is given in the Registration Statement, the Incorporated Documents and any Prospectus
Supplement, there has not been: (a) any Material Adverse Effect; (b) any transaction that is material to the Company and the subsidiaries
taken as a whole, except transactions entered into in the ordinary course of business; (c) any obligation, direct or contingent,
that is material to the Company and the subsidiaries taken as a whole, incurred by the Company or any subsidiary, except obligations
incurred in the ordinary course of business; (d) any material change in the capital stock (except changes thereto resulting from
the exercise of outstanding stock options or warrants) or outstanding indebtedness of the Company or any subsidiary; (e) any dividend
or distribution of any kind declared, paid or made on the capital stock of the Company; or (f) any loss or damage (whether or not
insured) to the property of the Company or any subsidiary which has been sustained or will have been sustained which has a Material
Adverse Effect.

 

J. On or before
each Closing Date, the Placement Agent and counsel for the Placement Agent shall have received such information and documents
as they may reasonably require for the purposes of enabling them to pass upon the issuance and sale of the Securities as
contemplated herein, or in order to evidence the accuracy of any of the representations and warranties, or the satisfaction
of any of the conditions or agreements, herein contained. 

 

If any of the conditions
specified in this Section 10 shall not have been fulfilled when and as required by this Agreement, all obligations of the Placement
Agent hereunder may be cancelled by the Placement Agent at, or at any time prior to, the Closing Date. Notice of such cancellation
shall be given to the Company in writing or orally. Any such oral notice shall be confirmed promptly thereafter in writing.

 

    	 	6	 

     

    

 

SECTION 11. 
 GOVERNING LAW. This Agreement will be governed by, and construed in accordance with, the laws of the State of
New York applicable to agreements made and to be performed entirely in such State, without regard to principles of conflicts of
law. This Agreement may not be assigned by either party without the prior written consent of the other party. This Agreement shall
be binding upon and inure to the benefit of the parties hereto, and their respective successors and permitted assigns. Any right
to trial by jury with respect to any dispute arising under this Agreement or any transaction or conduct in connection herewith
is waived. Any dispute arising under this Agreement may be brought into the courts of the State of New York or into the Federal
Court located in New York, New York and, by execution and delivery of this Agreement, the Company hereby accepts for itself and
in respect of its property, generally and unconditionally, the jurisdiction of aforesaid courts. Each party hereto hereby irrevocably
waives personal service of process and consents to process being served in any such suit, action or proceeding by delivering a
copy thereof via overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under
this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing
contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. If either party
shall commence an action or proceeding to enforce any provisions of this Agreement, then the prevailing party in such action or
proceeding shall be reimbursed by the other party for its attorney’s fees and other costs and expenses incurred with the
investigation, preparation and prosecution of such action or proceeding.

  

SECTION 12. ENTIRE
AGREEMENT/MISCELLANEOUS. This Agreement embodies the entire agreement and understanding between the parties hereto, and supersedes
all prior agreements and understandings, relating to the subject matter hereof. If any provision of this Agreement is determined
to be invalid or unenforceable in any respect, such determination will not affect such provision in any other respect or any other
provision of this Agreement, which will remain in full force and effect. This Agreement may not be amended or otherwise modified
or waived except by an instrument in writing signed by the Placement Agent and the Company. The representations, warranties, agreements
and covenants contained herein shall survive the Closing Date of the Placement and delivery of the Placement Agent Securities.
This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same
agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being
understood that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission
or a .pdf format file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such
signature is executed) with the same force and effect as if such facsimile or .pdf signature page were an original thereof.

 

SECTION 13. NOTICES.
Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and
shall be deemed given and effective on the earliest of (a) the date of transmission, if such notice or communication is sent to
the email address specified on the signature pages attached hereto prior to 6:30 p.m. (New York City time) on a business day, (b)
the next business day after the date of transmission, if such notice or communication is sent to the email address on the signature
pages attached hereto on a day that is not a business day or later than 6:30 p.m. (New York City time) on any business day, (c)
the third business day following the date of mailing, if sent by U.S. internationally recognized air courier service, or (d) upon
actual receipt by the party to whom such notice is required to be given. The address for such notices and communications shall
be as set forth on the signature pages hereto.

 

SECTION 14. Press
Announcements. The Company agrees that the Placement Agent shall, on and after the Closing Date, have the right to reference
the Placement and the Placement Agent’s role in connection therewith in the Placement Agent’s marketing materials and
on its website and to place advertisements in financial and other newspapers and journals, in each case at its own expense.

 

[The remainder of
this page has been intentionally left blank.]

 

    	 	7	 

     

    

 

Please confirm that the foregoing correctly
sets forth our agreement by signing and returning to the Placement Agent the enclosed copy of this Agreement.

 

	 	Very truly yours,
	 	 
	 	A.G.P./ALLIANCE GLOBAL PARTNERS
	 	 
	 	By:  	                                 
	 	 	Name: 
	 	 	Title:  
	 	 
	 	Address for notice:
	 	
        590 Madison Avenue 36th Floor

        New York, New York 10022

        Attn: Thomas Higgins

        Email: thiggins@allianceg.com

 

[Signature Page to Placement Agency Agreement]

 

    	 	8	 

     

    

 

Accepted and Agreed to as of

the date first written
above:

 

	MICT, INC.	 
	 	 
	By:	                                      	 
	 	Name: 	 
	 	Title:  	 
	 	 
	Address for notice:	 
	 	 

 

28 West Grand Avenue, Suite 3

Montvale, New Jersey 07645

Attention: Darren Mercer

   Chief Executive Officer
and President

 

 

[Signature Page to Placement Agency Agreement]

 

 

9ex_214825.htm

Exhibit 10.1

 

 

CONSULTING AGREEMENT

 

 

This Consulting Agreement (“Agreement”) is entered into as of November 17, 2020 (“Effective Date”), by and between Eric Wu, an individual with principal place of business at 700 Yan An East Road, Gang Tai Plaza Suite 1907, Shanghai China (“Consultant”), and NovaBay Pharmaceuticals, Inc. (“Company”), a Delaware corporation whose address 2000 Powell St. Suite 1150, Emeryville, CA 94608, each separately referred as a “Party” and collectively the “Parties.”

 

Company desires to retain Consultant to provide consulting services to Company, and Consultant is willing to provide such services to Company, on the terms and conditions set forth herein.

 

	
			1.

				
			Consulting Services

			

 

1.1      Statement of Work. Company wishes Consultant to undertake the Services set forth in the Statement of Work attached to this Agreement as Exhibit A. Company may from time to time offer Consultant other projects that will be described and set forth in a Statement of Work in the form of Exhibit A (each a “Statement of Work”). Each Statement of Work will, upon execution by both Parties, form a part of this Agreement and be subject to these terms and conditions, except to the extent, if any, otherwise expressly set forth in the applicable Statement of Work.

 

1.2      Performance of Services. Consultant will use commercially reasonable efforts to perform the services set forth in each Statement of Work (the “Services”), in a timely and professional manner consistent with applicable industry standards and terms set forth in the applicable Statement of Work. Consultant may not subcontract or otherwise delegate his obligations under this Agreement or hire any employees to fulfill any of the Services without Company’s prior written consent. To the extent applicable, Consultant will comply with Company’s security, confidentiality, safety and health policies.

 

1.3      No Conflict of Interest. Consultant represents and warrants that entering into this Agreement or the performance of the Services under this Agreement do not conflict with or violate any duties or any agreement of which Consultant is a Party or third Party beneficiary. Consultant agrees during the term of any Statement of Work not to accept work, enter into any agreement, or accept any obligation that is inconsistent or incompatible with his obligations under this Agreement, or the scope of Services rendered to Company under any applicable Statement of Work.

 

	
			2.

				
			Compensation

			

 

2.1      Compensation for Services. As full compensation for Services performed by Consultant, Company will grant Consultant an option award, or pay a fee, for Services rendered as set forth in the applicable Statement of Work. Unless other terms are set forth in the applicable Statement of Work, Company will pay any applicable cash fee, to Consultant for Services within thirty (30) calendar days of the date of Consultant’s invoice; any option award will be issued pursuant to the terms of the applicable Statement of Work. If applicable, Consultant shall submit invoices for services rendered on a monthly basis, and invoices shall be submitted to Company via email to ap@novabay.com and copied to jhall@novabay.com. Except as may be agreed to in a Statement of Work regarding reimbursed expenses, Consultant will be responsible for all expenses incurred in performing Services under this Agreement. Upon termination of this Agreement (other than for Consultant’s material breach), Consultant will be paid fees, to the extent any, on a proportional basis for Services performed, up to and including the effective date of such termination.

 

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2.2      Invoice Disputes. In the event that Company disputes any invoice, Company will pay the undisputed portions in accordance with the terms of this Section. The Parties will work in good faith to resolve any disputed invoices within thirty (30) calendar days of notice to Consultant of the disputed invoices by Company.

 

2.3      Travel Expenses. Unless otherwise agreed in the Statement of Work, travel expenses are not reimbursable except for pre-approved and reasonable travel expenses incurred by Consultant for travels requested by the Company, and solely and exclusively for the purpose of carrying on the Company’s business at such travels. However, in no case shall travel time be reimbursed. Air fares shall be economy class.

 

2.4      Other Expenses. The Company shall not pay or reimburse the Consultant for expenses incurred by the Consultant in connection with the performance of the Services and related to the business of the Company, unless prior approval has been provided by the Company.

 

	
			3.

				
			Independent Contractor

			

 

3.1      Relationship. Consultant’s relationship with Company will be that of an independent contractor and nothing in this Agreement should be construed to create a partnership, joint venture, fiduciary, agency or employer-employee relationship between the Parties. Consultant is not the agent of Company and is not authorized and will not have any authority to make any representation, contract or commitment on behalf of Company. Further, nothing in this Agreement will be construed to confer upon any third Party other than the Parties hereto a right of action under this Agreement or in any manner whatsoever. Consultant understands and agrees that Consultant will not be entitled to any of the employee benefits which Company may make available to its employees. Consultant will not represent or promise to any subcontractor or employee Consultant hires or employs, with Company’s consent as required by Section 1.2, to assist him/her in the performance of the Services that they will be entitled to any of the employee benefits which Company may make available to its employees.

 

3.2      Taxes. Consultant will be solely responsible for all taxes and the filing of tax returns, social security, disability and other contributions with respect to Consultant’s income from the payments made by Company under this Agreement. Company will not withhold or make payments for social security, unemployment insurance or disability insurance contributions, or obtain worker’s compensation insurance for Consultant or any of his employees or agents.

 

	
			4.

				
			Intellectual Property

			

 

4.1      Prior Work. Company understands that Consultant has experience and knowledge in the field of the Services, and acknowledges that such prior experience is one of the factors for Company’s choice of Consultant for the Services. Company agrees that all creations (including, without limitation, any technology, inventions, discoveries, works of authorship or other prior creations) that were conceived, created or reduced to practice by or for Consultant (alone or with others) prior to commencement of Consultant’s professional services work for Company (collectively, “Prior Work”) are owned by Consultant and not assigned to Company under this Agreement.

 

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4.2      Developments. Consultant agrees that all worldwide rights, title and interest in any ideas, techniques, inventions, systems, feedback, formulae, business or marketing plans, projections or analyses, discoveries, technical information, programs, prototypes, improvements or creations that are related to the Company’s business or products and that Consultant creates, conceives, discovers, reduces to practice or makes, alone or with others, in the course of performing the Services (collectively “Developments”) will belong exclusively to Company or its affiliates. In accordance with these obligations:

 

(i)     Consultant hereby assigns in perpetuity to Company or its affiliates all rights, title and interest in any invention, improvement or discovery conceived of, or first reduced to practice, by Consultant or its employees or assistants in the course of performing the Services.

 

(ii)     Consultant hereby assigns in perpetuity to Company or its affiliates all rights, title and interest in the copyright to any copyrightable Development that is a work of authorship, whether in human readable or machine readable form, first created or composed by Consultant in the course of performing the Services, including without limitation any and all literary works, musical works, dramatic works, pictorial works, graphic works, audiovisual works and sound recordings. Consultant agrees to waive any moral rights it may have or acquire in the Developments, and to the extent any such moral rights cannot be waived, Consultant hereby grants Company an exclusive, irrevocable, royalty free license to reproduce, distribute, sell, modify, make derivative works of, translate, publish, dispose of, and use any such moral rights and to authorize others to exercise the foregoing rights.

 

(iii)     Consultant represents and warrants that if Consultant furnishes to Company any patented or patentable inventions or any copyrighted or copyrightable material that were not first conceived of, reduced to practice, discovered, created or composed by Consultant in performing the Services, Consultant (1) will identify in writing such inventions or material before or at the time of delivering the Developments to Company and (2) hereby grants Company or its affiliates a royalty-free, nonexclusive, and irrevocable license to reproduce, distribute, sell, modify, make derivative works of, translate, publish, use and dispose of these inventions and material and to sub-licenses all of the foregoing rights. Notwithstanding the foregoing, Consultant will not incorporate pre-existing material owned by any third Party into any Development without Company’s prior written knowledge and consent.

 

(iv)     Consultant agrees to execute (or have executed) all documents and to take all other action reasonably requested by Company to enable the Company or its affiliates to secure, perfect, record or preserve the ownership, assignment and license rights in the Developments as set forth in this Section 4 anywhere in the world.

 

(v)     Consultant agrees to take all legally necessary action to ensure that all associates and employees engaged by Consultant in the performance of this Agreement will be bound by the terms of this Section 4. Consultant represents and warrants that it has or will have with its associates and employees written agreements sufficient to ensure that all rights, including moral rights, in the Developments will be assigned and licensed to Company or its affiliates as set forth under this Section 4.

 

	
			5.

				
			CONFIDENTIAL INFORMATION AND HIPAA. 

			

 

5.1      Confidential Information. Consultant agrees and acknowledges that during the performance of the Services, Consultant may receive and have access to confidential, proprietary, and trade secret information about Company and/or its clients (“Confidential Information”). For purposes of this Agreement, “Confidential Information” means and will include, but not limited to: (i) any information, materials or knowledge regarding Company and its business, financial condition, products, programming techniques, customers, suppliers, technology or research and development that is disclosed to Consultant or to which Consultant has access in connection with performing Services; (ii) the Developments; and (iii) the existence and terms and conditions of this Agreement. Regardless of whether so marked or identified, however, any information that the Recipient knew or should have known, under the circumstances, was considered confidential or proprietary by the Discloser, will be considered Confidential Information of the Discloser.

 

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5.2      Protection of Confidential Information. Consultant agrees to hold all Confidential Information in strict confidence, not to use it in any way, commercially or otherwise, except in performing the Services, and not to disclose it to others. Consultant further agrees to take all action reasonably necessary to protect the confidentiality of all Confidential Information including, without limitation, implementing and enforcing procedures to minimize the possibility of unauthorized use or disclosure of Confidential Information. Consultant will ensure that each of his subcontractors or employees (if any) who will have access to the Confidential Information executes an agreement, the form of which may be subject to the approval of NovaBay in its sole discretion (the “Confidentiality Agreement”), obligating the subcontractor or employee to keep all Confidential Information confidential and not to use the Confidential Information in any way, commercially or otherwise, except in performing the Services.

 

5.3      Exceptions: Confidential Information excludes information that Consultant can establish through written records, (i) is readily accessible to the public in a written publication prior to the date of this Agreement; (ii) becomes generally known, previously disclosed or available to the public through no improper action by Consultant; (iii) was independently developed by the Consultant without use or reference to Company’s Confidential Information; (iv) becomes known to the Consultant, without restriction, from a third Party not bound by an obligation of confidentiality covering the Confidential Information; (v) as required by law or any regulatory or government authority, provided that Consultant shall provide prompt prior written notice thereof to the Company to enable Company to seek a protective order or otherwise prevent the disclosure.

 

5.4      HIPAA. In performing the services hereunder, Consultant may receive from NovaBay, or create or receive on behalf of NovaBay, patient healthcare, billing, or other confidential patient information, “Patient Information”. Patient Information, as the term is used herein, includes all “Protected Health Information,” as that term is defined in 45 Code of Federal Register 164.501. Consultant shall use Patient Information only as necessary to provide the services to NovaBay as set forth in this Agreement. Consultant shall comply with all laws, rules and regulations relating to the confidentiality of Patient Information, including the applicable provisions of the privacy regulations promulgated pursuant to Health Insurance Portability and Accountability Act of 1996, Title XIII of the American Recovery and Reinvestment Act of 2009 (Public Law 111-005) “HIPAA” and the rules, guidance and regulations promulgated thereunder, as amended from time to time.

 

	
			6.

				
			Term and Termination

			

 

6.1      Term. The term of this Agreement shall be one (1) year from Effective Date, unless extended through a Statement of Work, or terminated sooner as provided hereunder. The term may be modified or extended only by mutual written agreement of Parties.

 

6.2      Termination. Either Party reserves the right forthwith to terminate this Agreement at any time by providing the other Party with fifteen (15) days prior written notice.

 

6.3      Effect of Termination. Upon the effective date of any termination of this Agreement, Consultant will immediately cease performing Services under this Agreement. Unless this Agreement has been terminated by Company for material breach by Consultant, Company agrees to pay Consultant compensation due for Services actually rendered, in accordance with Section 2, and such amounts will be in full satisfaction of any obligation or liability of Company to Consultant for payments due to Consultant under this Agreement. Sections 3, 4, 5, 6, 7, 8, and 9 will survive the expiration or termination of this Agreement. Termination of this Agreement by either Party will not act as a waiver of any breach of this Agreement and will not act as a release of either Party from any liability for breach of such Party’s obligations under this Agreement. Neither Party will be liable to the other for damages of any kind solely as a result of terminating this Agreement in accordance with its terms, and termination of this Agreement by a Party will be without prejudice to any other right or remedy of such Party under this Agreement or applicable law.

 

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6.4      Delivery of Materials. Upon any termination of this Agreement or at any time upon Company’s request, Consultant will promptly return to Company any and all Information of Company. Upon any termination and receipt of payment therefore, Consultant will also promptly deliver all work product, including Developments then in progress for deliverables under a Statement of Work.7.     Indemnification

 

The Parties shall mutually indemnify, defend and hold harmless each other from and against any and all losses incurred by the other (the “Indemnified Party”) which arise out of or result from misrepresentation, or breach or non- fulfillment of any covenant contained in this Agreement. Notwithstanding the foregoing, the Indemnifying Party shall not be responsible for any liability, loss or damage resulting from (i) the negligence, intentional misconduct or willful malfeasance by the Indemnified Party.

 

	
			8.

				
			Limitation Of Liabilities

			

 

IN NO EVENT WILL NOVABAY BE LIABLE FOR ANY SPECIAL, INCIDENTAL, PUNITIVE OR CONSEQUENTIAL DAMAGES OF ANY KIND IN CONNECTION WITH THIS AGREEMENT, EVEN IF NOVABAY HAS BEEN INFORMED IN ADVANCE OF THE POSSIBILITY OF SUCH DAMAGES.

 

	
			9.

				
			General Provisions. 

			

 

9.1      Arbitration. Any controversy or claim arising out of or relating to this Agreement, or the breach thereof, shall be settled by arbitration in San Francisco, California in accordance with the Commercial Arbitration Rules of the American Arbitration Association, and judgment upon the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof. Consultant agrees that Company's damages arising from any breach of this Agreement by Consultant would be difficult, if not impossible, and inadequate to measure and calculate.

 

9.2      Governing Law; Venue. This Agreement and the rights and obligations of both Parties shall be governed and construed in accordance with the laws of the State of California, without giving effect to its choice of law or conflict of laws rules Any legal action or proceeding arising under this Agreement will be brought exclusively in the federal or state courts located in the Northern District of California and the Parties hereby irrevocably consent to the personal jurisdiction and venue therein.

 

9.3      Equitable Remedies. Due to the personal and unique nature of the Services and Consultant’s access to Confidential Information of Company, Company shall have the right to enforce this Agreement and any of its provisions by injunction, specific performance or other equitable relief without prejudice to any other rights and remedies that Company may have for a breach of this Agreement. Consultant further agrees that no bond or other security shall be required in obtaining such equitable relief.

 

9.4      Severability. If any provision of this Agreement is determined to be invalid, illegal or unenforceable, that provision of the Agreement will be enforced to the maximum extent permissible so as to affect the intent of the Parties and the validity or enforceability of the other provisions will not be affected.

 

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9.5      Waiver. The waiver of any breach of any provision of this Agreement will not constitute a waiver of any subsequent breach of the same other provisions hereof.

 

9.6      Assignment. Consultant will not and will not have the right to assign, transfer, delegate or otherwise dispose of, this Agreement or any of Consultant’s rights or obligations under this Agreement without the prior written consent of Company. Subject to the foregoing, this Agreement will be binding upon and will inure to the benefit of the Parties and their respective successors and permitted assigns.

 

9.7      Notices. Any notice, request, demand, or other communication required or permitted hereunder will be in writing, will reference this Agreement and will be deemed to be properly given: (a) when delivered personally; (b) when sent by facsimile, with written confirmation of receipt by the sending facsimile machine; (c) five (5) business days after having been sent by registered or certified mail, return receipt requested, postage prepaid; or (d) two (2) business days after deposit with a private industry overnight courier, with written confirmation of receipt. All notices will be sent to the address set forth on the signature page of this Agreement and to the notice of the person executing this Agreement (or to such other address or person as may be designated by a Party by giving written notice to the other Party pursuant to this Section).

 

9.8      Entire Agreement; Amendment. This Agreement (including the Exhibits attached hereto, which are incorporated herein by reference) are the final, complete and exclusive agreement of the Parties with respect to the subject matter hereof and supersedes and merges all prior or contemporaneous representations, discussions, proposals, negotiations, conditions, communications and agreements, whether written or oral, between the Parties relating to the subject matter hereof and all past courses of dealing or industry custom. No modification of or amendment to this Agreement will be effective unless in writing and signed by each of the Parties.

 

9.9      Counterparts. This Agreement may be executed (including, without limitation, by facsimile signature) in multiple counterparts, with the same effect as if the Parties had signed the same document. Each counterpart so executed will be deemed to be an original, and all such counterparts will be construed together and will constitute one Agreement.

 

IN WITNESS WHEREOF the Parties hereto have caused this Agreement to be duly executed as of the date first written above.

 

 

	 	
			NOVABAY PHARMACEUTICALS, INC. 

				 	
			CONSULTANT 

				 
	 	 	 	 	 
	 	 	 	 	 
	 	
			By: /s/ Justin M. Hall, Esq

				 	
			By: /s/ Bing Wu (Eric)

				 
	 	 	 	 	 
	 	
			Name: Justin M. Hall, Esq

				 	
			Name: Bing Wu (Eric)

				 
	 	
			Title: CEO and General Counsel

				 	
			Partner, Senior Vice President,

			China Kington Asset Management Co. Ltd.

				 
	 	 	 	 	 

Page 6 of 7

 

 

 

 

 

EXHIBIT A –STATEMENT OF WORK

 

	 	1.	Services: The Services provided by Consultant to NovaBay shall include, but shall not be limited to, assisting NovaBay in searching for M&A opportunities and will support any potential financings or fundraising the Company may need. Additionally, Consultant will support the CelleRx product launch and help oversee the TLF group.
	 	 	 
	 	
			2.

				
			Compensation and Billing: NovaBay shall grant 300,000 common stock options under the Company’s 2017 Omnibus Incentive Plan to be granted on the later of November 17, 2020 or the date this Agreement is entered into with an exercise price equal to the Company’s closing stock price on the date of grant and to vest on the one year anniversary of the grant date. Consultant will be solely responsible for expenses incurred in the performance of the Services unless NovaBay has approved the expense for reimbursement in advance.

			

 

	 	
			3.

				
			Term: This Agreement will commence on the Effective Date and continue for twelve (12) months.

			

 

Except to the extent, if any, otherwise expressly set forth in this Statement of Work, this Statement of Work is governed by the terms of the Consulting Agreement, dated November 17, 2020 in effect between NovaBay and Consultant.

 

 

 

	 	
			NOVABAY PHARMACEUTICALS, INC. 

				 	
			CONSULTANT 

				 
	 	 	 	 	 
	 	 	 	 	 
	 	
			By: /s/ Justin M. Hall, Esq

				 	
			By: /s/ Bing Wu (Eric)

				 
	 	 	 	 	 
	 	
			Name: Justin M. Hall, Esq

				 	
			Name: Bing Wu (Eric)

				 
	 	
			Title: CEO and General Counsel

				 	
			Partner, Senior Vice President,

			China Kington Asset Management Co. Ltd.

				 

 

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