Document:

EXHIBIT 10.6

 

4% PROMISSORY NOTE

 

	$ ______	Issuance Date: As of September 24, 2014

 

FOR VALUE RECEIVED,
each of the persons and entities who are listed on Schedule A hereto (each a “Maker” and collectively,
the “Maker”), does hereby severally and not jointly and severally, unconditionally agrees and promises
to pay to the order of LOGICAL CHOICE CORPORATION, a Nevada corporation (“LCC”) and/or its successors
and assigns (collectively, with LCC, the “Holder”), at 1045 Progress Circle, Lawrenceville, Georgia, the principal
amount that is set forth above (the “Principal Indebtedness”), together with interest payable on the outstanding
Principal Indebtedness evidenced by this Note, calculated from the Issuance Date to the payment date, at the rate of four (4%)
percent per annum (the “Interest Rate”).

 

1.Purchase Agreement.This Note
is given as consideration for the purchase by the Maker of shares of common stock of LCC (the “Shares”), pursuant
to a share purchase agreement, effective as of the Issuance Date, among the Maker, LCC and other individuals and entities (the
“Purchase Agreement”). Unless otherwise expressly defined in this Note, all capitalized terms used herein shall
have the same meaning as assigned to them in the Purchase Agreement.

 

 2. Maturity Date; Prepayment Options. 

 

(a)The entire Principal
Indebtedness of this Note that is attributable to the Maker, together with all interest accrued on the outstanding Principal Indebtedness
at the Interest Rate shall be due and payable by Maker ON DEMAND by the Holder, but in no event later than the date that either
(i) a registration statement on Form S- in connection with an initial public offering of Common Stock of the Company (an “IPO”)
1declared effective by the SEC, or (ii) a transaction is consummated pursuant to which the Shares shall be exchanged or substituted
for shares of common stock of a publicly traded corporation (an “RTO”) (either, the “Maturity
Date”).

 

(b)The Maker may prepay
this Note, in whole or in part, at any time on or before the Maturity Date, without premium or penalty of any kind.

 

3.Method of Payment.The
Maker shall pay or prepay the Principal Indebtedness and accrued interest due under this Note either in cash, or if requested by
the Maker and approved by the Holder, by delivering back to LLC the Shares for cancellation.

 

4.  Events
of Default. The occurrence of any one or more of the following events shall constitute an event of default
(“Event of Default”) hereunder:

 

(a) A
Maker shall fail to make the payment on this Note or pay any amounts due and owing on this Note when due, whether at maturity,
by acceleration, by notice of prepayment or otherwise;

 

(b) If,
pursuant to or within the meaning of the United States Bankruptcy Code or any other federal or state law relating to insolvency
or relief of debtors (a “Bankruptcy Law”), a Maker shall (i) commence a voluntary case or proceeding; (ii)
consent to the entry of an order for relief against it in an involuntary case; (iii) consent to the appointment of a trustee,
receiver, assignee, liquidator or similar official; (iv) make an assignment for the benefit of its creditors, or (v) admit in
writing its inability to pay its debts as they become due; or

 

    	 

    	 

    

 

(c) If
a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that (i) is for relief against a Maker in
an involuntary case, (ii) appoints a trustee, receiver, assignee, liquidator or similar official for Maker for all or substantially
all of Maker’s properties, or (iii) orders the liquidation of Maker, and in each case the order or decree is not dismissed
within ninety (90) days.

 

5.  Remedies.
Upon the occurrence of an Event of Default (unless all Events of Default have been cured or waived by Holder), the entire unpaid
Principal Indebtedness of this Note and all interest thereon shall be due and payable, and Holder may exercise any and all rights
and remedies available to it under applicable law, including without limitation, the right to collect from the applicable Maker
all sums due under this Note. Whether or not Holder exercises such option to accelerate
the Note, the entire Principal Indebtedness then outstanding and all accrued interest shall bear interest from the date of such
Event of Default at a default rate of Ten Percent (10%) (“Default Interest”) and the Principal balance shall
continue to bear the Default Interest until such time as any and all Event(s) of Default have been cured. Default Interest is
payable on demand. Holder’s failure to exercise any right or remedy shall not be a waiver of the right to exercise the same
upon any subsequent Event of Default.

 

6.  Cancellation.
After all Principal Indebtedness and accrued interest at any time owed on this Note has been paid in full, this Note shall be
surrendered to Maker for cancellation and shall not be reissued. 

 

7.  Governing
Law and Jurisdiction. This Note shall be governed by the interpreted in accordance with the laws of the State of Nevada
without reference to its conflicts of laws rules or principles. Each of the Maker hereby consent to the exclusive
jurisdiction of any federal or state court of competent jurisdiction in the State of Nevada in connection with any dispute
arising under this Note and hereby waives, to the maximum extent permitted by law, any objection, including any objection
based on forum non coveniens, to the bringing of any such proceeding in such jurisdictions.

 

8. Severability.
Whenever possible, each provision of this Note shall be interpreted in such manner as to be effective and valid under
applicable law. If there is any provision of this Note or the application thereof to any party or circumstance, which shall
be prohibited by, or invalid under applicable law, such provision shall be ineffective to the minimal extent of such
prohibition or invalidity without invalidating the remainder of such provision or the remaining provisions of this Note, or
the application of such provisions to other parties or circumstances. If at any time the rate of interest provided for herein
shall exceed the maximum permitted by law, the rate of interest provided for herein shall be deemed to be the maximum
permitted under applicable law.

 

    	 

    	 

    

 

9.  Expenses.
If this Note is placed in the hands of an attorney for collection after default or maturity, or is collected by legal
proceedings of any kind, Maker agrees to pay all costs of collection incurred by Holder, including attorneys’
fees.

 

10. Assignment.
This Note shall be binding upon and inure to the benefit of Maker and Holder (or other holder of this Note) and their
respective successors and permitted assigns, but shall not be assignable or delegable by Maker without the prior written
consent of Holder; provided, further, that nothing in this Note is intended to limit Holder’s ability to
either sell or assign his rights under this Note to any party identified by Holder. 

 

11. Headings
and Pronouns. The headings, titles and subtitles herein are inserted for convenience of reference only and are to be
ignored in any construction of the provisions hereof. As used herein, all pronouns shall include the masculine, feminine,
neuter, singular and plural thereof wherever the context and facts require such construction.

 

12. Application
of Payments.All payments shall be applied first to accrued interest at the Interest Rate (or Default Interest Rate)
and then to the then outstanding Principal Indebtedness of this Note.

 

[Remainder of page left blank intentionally;
signature page to follow]

 

    	 

    	 

    

 

IN WITNESS WHEREOF, this Note has been executed
by the Maker as of the ___ day of November 2014 to be effective as of the Issuance Date set forth above.

 

	 	Name of Maker
	 	 
	 	 
	 	 
	 	 
	 	Name:
	 	Title:EXHIBIT 10.7

 

INTELLECTUAL PROPERTY ASSET PURCHASE 

AND ASSIGNMENT AGREEMENT

 

This Intellectual Property
Asset Purchase and Assignment Agreement (the “Agreement”) is made and entered into this __ day of October 2014 by and
among HERBERT H. MYERS, a United States citizen (“IP Asset Owner”) with an address at 17023 Lark Lane,
N.W., Poulsbo, Washington 98370; BOXLIGHT, INC. (formerly, Display Projection Corp.), a Washington corporation (“IP
Asset Licensee”) with an address at PO Box 2609, Belfair, Washington 98528; BOXLIGHT TECHNOLOGIES LTD., a Taiwan
corporation (“Assignee”), with an office at 4F., No.1, Lising 6 th Rd., Hsinchu City 300, Taiwan, R.O.C.; and
LOGICAL CHOICE CORPORATION, a Nevada corporation (“LCC”) with an address at 10951 W. Pico Blvd, Suite
204, Los Angeles, California 90064.

 

WHEREAS, Assignee is the
owner of 100% of the share capital of IP Asset Licensee; and

 

WHEREAS, IP Asset Owner
and IP Asset Licensee are parties to that certain Trademark License Agreement, dated as of April 16, 2009 (as the same may be amended
from time to time (the “Trademark License Agreement”),

 

WHEREAS, IP Asset Owner
is the owner of all right, title and interest in and to the registered trademarks and domain name listed on the attached Exhibit
A (collectively, the “Assets”); and

 

WHEREAS, LCC and its affiliates
have entered into an amended and restated share purchase agreement dated October __, 2014 with Assignee and its shareholders and
affiliates, pursuant to which LCC will acquire a majority of the share capital of Assignee and its subsidiaries and affiliates,
including the IP Asset Licensee; and

 

WHEREAS, consummation of
the share capital of Assignee and its affiliates is conditional upon LCC consummating an initial public offering of its shares
of common stock (the “LCC Common Stock”) and listing such LCC Common Stock for trading on NASDAQ or another
national securities exchange in the United States (the “LCC IPO”), with a a valuation of the fully-diluted LCC
Common Stock immediately prior to such IPO of not less than $80,000,000; and

 

WHEREAS, subject to consummation
of the LCC IPO, LCC and Assignee desire to purchase and the IP Asset Owner desires to sell and assign all right, title and interest
in the Assets and associated goodwill in the Assets throughout the world to Assignee and Assignee desires to acquire all of the
IP Asset Owner’s right title and interest in, to and under the Assets, together with the goodwill of the business in connection
with which the trademarks are used;

 

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

 

1. On
the date that the registration statement on Form S-1 is declared effective by the Securities and Exchange Commission (“SEC”)
in respect of the LCC IPO and LCC shall consummate the purchase of a majority of the issued and outstanding share capital of the
Assignee (the “Closing Date”), LCC shall issue to the IP Asset Owner a number of shares of LCC Common Stock
(the “Asset Purchase Price”) as shall be determined by dividing $250,000 by the initial price per share of
shares of LCC Common Stock sold in the IPO (the “IPO Offering Price”).

 

2. On
the Closing Date, the IP Asset Owner shall sell, assign, transfer and set over to Assignee, its successors, legal representatives
and assigns, all of IP Asset Owner’s right, title and interest in and to the Assets together with the goodwill and the business
associated with said Assets and registrations thereof, including any rights under common law, and including, without limitation,
all claims, proceeds and causes of action relating to and the right to sue for past, present and future infringements of said
Assets, the same to be held and enjoyed by Assignee for its own use and on behalf of its successors, legal representatives and
assigns, as fully and entirely as the same would have been held and enjoyed by IP Asset Owner, had this assignment not been made.

 

3.The IP Asset Owner
hereby requests the Commissioner of Patents and Trademarks, or the relevant foreign trademark office, to record Assignee, as assignee
and owner of any and all of IP Asset Owner’s in the Assets and to issue to Assignee any and all registrations resulting from
said applications, or any renewals of said registrations.

 

4.The IP Asset Owner
agrees to execute and deliver at a future date, for no additional consideration (other than the Asset Purchase Price, any additional
documents that the Assignee reasonably determines are required to reflect the Assignee’s ownership of the Assets anywhere
in the world.

 

5.The IP Asset Owner
will assist in obtaining or providing any further documents which may be required to confirm chain of title thereto.

 

6.Assignee shall have
the sole and absolute right to assign the Assets to any wholly-owned subsidiary or affiliate of Assignee or to any successor-in-interest
to the assets, business or securities of Assignee.

 

7.This Agreement may
be signed in counterparts, each of which shall be deemed an original, but together shall constitute a single instrument

 

8.By its execution
of this Agreement the IP Asset Licensee does hereby consent to all of the terms and conditions of this Agreement.

 

9.By their execution
of this Agreement, each of the IP Asset Owner and the IP Asset Licensee do hereby acknowledge and agree that on the Closing Date,
the Trademark License Agreement shall be terminated ab initio and deemed to have no further force or effect.

 

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10.This Agreement and
the Note shall be governed by and construed under the laws of the laws of the State of Washington as applied to agreements among
residents of the Washington, made and to be performed entirely within the State of Washington.

 

11.EACH OF THE PARTIES
HERETO HEREBY JOINTLY AND SEVERALLY WAIVE ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT,
THE OBLIGATIONS HEREUNDER AND EACH PARTY REPRESENTS TO THE OTHER THAT THIS WAIVER IS KNOWINGLY, WILLINGLY AND VOLUNTARILY GIVEN.

 

12.THIS
AGREEMENT IS THE FINAL EXPRESSION OF THE AGREEMENT AND UNDERSTANDING OF THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF
ANY ALLEGED ORAL AGREEMENT.

 

13.This
Agreement may be executed by facsimile signatures and delivered electronically in pdf format, each of which shall be given the
same legal weight as though they were ribbon original signatures.

 

[balance of page intentionally
left blank]

 

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IN WITNESS WHEREOF, this
Agreement has been duly executed by the IP Asset Owner and duly authorized representatives of each of the IP Asset Licensee, the
Assignee and LCC on the __ day of October 2014.

 

	 	IP ASSET OWNER:
	 	 	 
	 	/s/ Herbert H. Myers
	 	HERBERT H. MYERS
	 	 	 
	 	IP ASSET LICENSEE:
	 	 
	 	BOXLIGHT, INC.
	 	 	 
	 	By:	/s/ Henry F. Nance
	 	Name:	Henry F. Nance
	 	Title:	President
	 	 	 
	 	ASSIGNEE:
	 	 
	 	BOXLIGHT TECHNOLOGIES LTD.
	 	 	 
	 	By:	/s/ James M. Elliott
	 	Name:	James M. Elliott
	 	Title:	Chief Executive Officer
	 	 	 
	 	LCC:
	 	 
	 	LOGICAL CHOICE CORPORATION
	 	 	 
	 	By:	/s/ James M. Elliott
	 	Name:	James M. Elliott
	 	Title:	Chief Executive Officer

 

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EXHIBIT A

 

Purchased Assets

 

Registered
Trademarks, domain name and other
assets:

 

BOXLIGHT

 

www.boxlight.com

 

BOXLIGHT

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