Document:

Exhibit 10.1

 

JANEL CORPORATION

RESTRICTED STOCK AWARD AGREEMENT

 

THIS RESTRICTED STOCK
AWARD AGREEMENT (this “Award”) is made as of May 12, 2017 (the “Grant Date”), by and between
JANEL CORPORATION, a Nevada corporation (the “Company”), and GERARD VAN KESTEREN (“Grantee”).

 

EXPLANATORY STATEMENT

 

Grantee is a Director
of the Company and eligible to receive Stock Awards as defined in Section 2 of the Company’s 2017 Equity Incentive
Plan (as from time to time amended, the “Plan”). As an additional incentive to Grantee to further the Company’s
growth and success, the Company has agreed to grant and issue to Grantee, pursuant to the Plan, Fifteen Thousand (15,000) shares
of the Company’s common stock, par value $0.001 per share (“Common Stock”), subject to the restrictions
and conditions set forth in this Award (which constitutes an “Stock Award Agreement” and a “Restricted Stock
Award agreement” within the meaning of the Plan).

NOW, THEREFORE, in consideration of the
mutual promises set forth below, and for other good and valuable consideration the receipt and sufficiency of which are hereby
acknowledged, and to evidence the grant of and to set forth the terms and conditions governing the grant and ownership of the Award
Shares (as defined below) and the parties’ other agreements related thereto, Grantee and the Company agree as follows:

 

AGREEMENT

SECTION
1.GRANT

 

The Company hereby
grants to Grantee as of the Grant Date, and Grantee hereby accepts from the Company Fifteen Thousand (15,000) shares of Common
Stock (the “Award Shares”), subject to the terms and conditions set forth in this Award and to the provisions
of the Plan (which are incorporated herein by reference). All Award Shares shall be deemed fully paid and nonassessable.

 

SECTION
2.DEFINED TERMS

 

Capitalized terms defined
in the Plan and used in this Award without further definition have the meanings ascribed to them in the Plan.

 

SECTION
3.VESTING AND FORFEITURE OF AWARD SHARES

 

3.1.       In
General. As of the Grant Date, all Award Shares are not vested. Except as otherwise provided in the Plan, Award Shares shall
vest on the dates set forth in the Vesting Schedule attached hereto (each such date a “Vesting Date”) on the
terms set forth in the Plan.

 

3.2.       Forfeiture
of Nonvested Shares Upon Separation from Company. If, at any time before all Award Shares have vested, Grantee’s position
as a Director of the Company (and any other position with the Company or subsidiary of the Company) terminates for any reason whatsoever,
whether as a result of termination by the Company (or Company subsidiary) with or without Cause, termination by Grantee with or
without Good Reason, or termination on account of death or Disability, any and all then-nonvested shares of Common Stock shall
immediately be forfeited and returned to the Company without compensation to Grantee.

 

SECTION
4.ADJUSTMENT OF NUMBER OF SHARES

 

In the event of any
change in the outstanding Common Stock resulting from a subdivision or consolidation of shares, whether through reorganization,
recapitalization, share split, reverse share split, share distribution, or combination of shares or the payment of a share dividend,
the Award Shares, whether Vested Shares or Nonvested Shares, shall be treated in the same manner in any such transaction as other
outstanding shares of Common Stock. Any shares of Common Stock or other securities received by Grantee with respect to any Nonvested
Shares in any such transaction shall be subject to the same restrictions and conditions as the Nonvested Shares with respect to
which such Common Stock or other securities were received and, in the case of shares of Common Stock, such shares shall constitute
Nonvested Shares for purposes of this Award. Grantee acknowledges that the number of Award Shares is also subject to adjustment
pursuant to the provisions of the Plan.

 

    	 		 

     

    

 

SECTION
5.RESTRICTIONS ON TRANSFER

 

5.1.       No
Transfer of Nonvested Award Shares. Grantee may not transfer any nonvested Award Shares, and any purported transfer of nonvested
Award Shares shall be ineffective.

 

5.2.       Right
to Transfer Vested Shares. Except as provided in ‎SECTION 7 (Company Right of First Refusal), Grantee shall have the full
and unencumbered ownership of and right to Transfer and otherwise deal with all Vested Shares as Grantee deems fit, subject only
to such restrictions as may be imposed by federal and state securities laws.

 

5.3.       Company
Not Required to Register, etc. The Company shall not be required to secure any registration or approval in order to facilitate
a Transfer of Vested Shares by Grantee or any other person (including any sale or distribution of any Vested Shares in a transaction
involving a public offering within the meaning of the Securities Act) or to take any steps necessary for Grantee or any other person
to Transfer any Vested Shares pursuant to one or more exemptions from registration under applicable federal or state securities
laws (even though the shares may constitute “restricted securities” or the holder of such shares may be unable to transfer
the shares without registration or the availability of a suitable exemption from registration under such laws).

 

5.4.       Securities
Laws Restrictions; Opinion of Counsel. Notwithstanding any other provision of this Agreement, the Company may condition any
Transfer of Vested Shares upon receipt by the Company of an opinion of counsel satisfactory in form and substance to the Company
to the effect that such Transfer may be made without compliance with the registration and prospectus delivery requirements of the
Securities Act and that such assignment does not otherwise violate the Securities Act and applicable state securities laws.

 

SECTION
6.RIGHTS AS STOCKHOLDER

 

Grantee shall not have
or be entitled to exercise any of the rights of a stockholder with respect to Nonvested Shares until such time (if any) as such
Nonvested Shares vest in accordance with ‎SECTION 3, including any right to vote such Nonvested Shares (to the extent that
a holder of shares of Common Stock may otherwise by law be entitled to vote such shares) or to receive dividends or other distributions
payable with respect to such Nonvested Shares.

 

SECTION
7.COMPANY RIGHT OF FIRST REFUSAL

 

7.1.       Offer
to Sell. Except as provided in Section ‎7.4, if Grantee receives a bona fide written offer (the “Transferee
Offer”) from any other person (the “Proposed Transferee”) to purchase all or any portion of the Vested
Shares held by Grantee (the “Offered Shares”) that Grantee wishes to accept, then, before any Transfer of the
Offered Shares, Grantee shall give written notice to the Company (the “Transfer Notice”) identifying the Proposed
Transferee and offering to sell the Offered Shares to the Company at the price and on the terms contained in the Transferee Offer,
which notice shall be accompanied by a copy of the Transferee Offer and shall specify the address to which notices to Grantee relating
to the Transferee Offer shall be sent.

 

7.2.       Acceptance
and Purchase. The Company may accept Grantee’s offer by written notice to Grantee sent within twenty (20) days after
the date (the “Offer Commencement Date”) on which the Transfer Notice is received by the Company. If Grantee’s
offer is accepted by the Company within the time provided in Section ‎7.2, then Grantee shall sell, and the Company shall
purchase, all of the Offered Shares at the price and on the terms set forth in the Transfer Notice. Such purchase and sale shall
be consummated within thirty (30) days after the Company’s acceptance of Grantee’s offer.

 

7.3.       Grantee’s
Right to Sell. If the Company does not accept Grantee’s offer and purchase the Offered Shares as provided in Section ‎7.2,
then Grantee shall be free for a period of four (4) months from the Offer Commencement Date to Transfer the Offered Shares to the
Proposed Transferee, but only for the same or a greater price and on the same terms and conditions as are set forth in the Transfer
Notice. Upon consummation of such Transfer, the Vested Shares so Transferred shall no longer be subject to the provisions of this
‎SECTION 7. If Grantee does not Transfer the Offered Shares within such period, then the Offered Shares may not thereafter
be Transferred without complying again with the provisions of this ‎SECTION 7.

 

7.4.       Exceptions.
The provisions of this ‎SECTION 7 shall not apply to, and for purposes of this ‎SECTION 7 term “Transfer” shall
not be deemed to include or extend to:

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(a)       a
Transfer by Grantee to one or more members of Grantee’s family, or to a trust exclusively for the benefit of Grantee or one
or more members of Grantee’s family;

 

(b)       a
transfer by reason of the death of Grantee, either under the provisions of Grantee’s will or by virtue of the laws of descent
and distribution;

 

(c)       any
Transfer of Vested Shares (including any conversion of Vested Shares into or exchange of Vested Shares for cash, securities, or
other property) in connection with any Change in Control; or

 

(d)       any
Transfer of Vested Shares made at a time when shares of the Company’s Common Stock are Publicly Traded.

 

In the case of any transfer of Vested Shares
not subject to the provisions of this ‎SECTION 7 by virtue of subsection ‎(a) or ‎(b) above, the Vested Shares
so transferred shall remain subject to, and the transferee shall take subject to and be obligated to comply with, the provisions
of this ‎SECTION 7 with respect to any subsequent Transfer of all or any portion of such Vested Shares. In the case of any
transfer of Vested Shares not subject to the provisions of this ‎SECTION 7 by virtue of subsection ‎(c) or ‎(d)
above, the Vested Shares so Transferred shall no longer be subject to the provisions of this ‎SECTION 7.

 

7.5.       Noncompliant
Transfer Void. Any purported Transfer made other than in compliance with the provisions of this ‎SECTION 7 shall be ineffective
as against the Company.

 

SECTION
8.CERTIFICATES

 

8.1.       In
General. No certificates evidencing Nonvested Shares shall be issued in Grantee’s name. As and when Nonvested Shares
from time to time vest, Grantee shall be entitled to receive possession of certificates evidencing such Vested Shares, subject
only to such restrictions as may be imposed by this Award or by federal and state securities laws.

 

8.2.       Legends.
Each certificate evidencing Vested Shares shall, until such time (if any) as shares of Common Stock are Publicly Traded and for
as long thereafter as the Company reasonably deems necessary or appropriate, bear legends in substantially the following form:

 

The shares represented by this certificate have not been
registered under the Securities Act of 1933 (the “Act”) or the securities laws of any state and may not be offered,
sold, or otherwise transferred, assigned, pledged, or hypothecated unless and until registered under the Act and relevant state
securities laws or unless the Company has received an opinion of counsel or such other evidence satisfactory to the Company and
its counsel that such registration is not required.

The shares represented by this certificate have been issued
pursuant to a Restricted Stock Award between the Company and the registered holder of such shares. Any sale, pledge, hypothecation,
or other transfer of such shares is subject to, and may be prohibited by, the terms and conditions of such Restricted Stock Award,
and any otherwise permitted transferee of such shares may be bound by some or all of such conditions and restrictions. Upon written
request directed to the Secretary of the Company at its principal office in New York, the Company will furnish without charge a
copy of such Restricted Stock Award to any person having a valid interest therein.

 

Grantee acknowledges that, in addition to the foregoing legend,
the Company shall be entitled to affix to any such certificate such additional or different legends as the Company may determine
are necessary or appropriate under federal or state securities laws.

 

SECTION
9.REPRESENTATIONS OF GRANTEE

 

Grantee represents
and warrants to the Company as follows:

 

(a)       Grantee
is acquiring the shares of Common Stock for investment, solely for his own account, with the intention of holding such interest
for investment and not with a view to, or for resale in connection with, any distribution or public offering or resale of any portion
of such interest within the meaning of the Securities Act of 1933 as amended from time to time (the “Securities Act”)
or any other applicable federal or state securities law, rule or regulation (“Securities Laws”), and no other
person has a direct or indirect beneficial interest in any shares so acquired.

 

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(b)       Grantee
acknowledges that he is acquiring the shares of Common Stock without being furnished any offering literature or prospectus. Grantee
understands and has evaluated the risks of an investment in the Company.

 

(c)       Grantee
understands that the issuance of shares of the Company’s Common Stock has not been registered under the Securities Act and
that the shares are being sold in reliance upon the exemption from the registration requirements under the Securities Act provided
in Regulation D promulgated thereunder or pursuant to other exemptions not inconsistent therewith. Grantee further understands
that there is a limited public trading market for shares of the Company’s Common Stock and there can be no assurance that
an active market will develop.

 

(d)       Grantee
has consulted with his legal and tax advisors with respect to legal matters and the financial and tax consequences of ownership
of shares of Common Stock, as well as the suitability of such ownership, based on Grantee’s individual circumstances.

 

(e)       In
making a decision to acquire the shares of Common Stock, Grantee has relied solely upon his independent investigation. Grantee
has had the opportunity to ask questions of and receive answers from the Company (or persons acting on its behalf) concerning the
Company, the activities of the Company, and other matters pertaining to being a shareholder in the Company and to obtain any additional
information which the Company possesses or can acquire without unreasonable effort or expense in order for Grantee to evaluate
the merits and risks of ownership of shares of Common Stock, and has not been furnished any other offering literature or prospectus.
All such questions and requests for information have been answered to the full satisfaction of Grantee.

 

(f)       Grantee
is an “Accredited Investor,” as such term is defined in Rule 501(a) under the Securities Act.

 

(g)       Grantee
acknowledges that the acquisition of shares of Common Stock is a speculative investment involving a high degree of risk and any
estimates and predictions that may have been made by the Company merely represent predictions of future events, which may or may
not occur and are based on assumptions, which may or may not occur. As a consequence, such predictions may not be relied upon to
indicate the actual results, which might be attained. Grantee understands that he must therefore bear the economic risk of this
investment for an indefinite period of time and be able to withstand a total loss of the investment.

 

(h)       Grantee
acknowledges and understands that: (a) the shares of Common Stock have not been registered under the Securities Act and any applicable
state or foreign securities laws, and may not be sold, pledged, hypothecated, donated or otherwise transferred (whether or not
for consideration) by Grantee unless registered pursuant to such laws, or upon presentation to the Company of evidence satisfactory
to the Company, or submission to the Company of a favorable opinion of counsel acceptable to the Company, to the effect that any
such transfer is subject to an applicable exemption under and will not be in violation of such laws; (b) the Company has not agreed
to register such shares for distribution in accordance with the provisions of such laws, and has not agreed to comply with any
exemption under such laws for the transfer of such shares; and (c) as a result of the limitations on the ability to transfer such
shares, Grantee may be required to hold such shares indefinitely and therefore may not realize any liquidity from any sale of such
shares.

 

SECTION
10.WITHHOLDING AND TAXES

 

10.1.       In
General. The Company shall have the right to require Grantee to remit to the Company, or to withhold from other amounts payable
to Grantee, as compensation, fees, or otherwise, an amount sufficient to satisfy any and all federal, state, and local withholding
tax requirements when such amounts become due, if applicable.

 

10.2.       Notice
to Grantee. The Company shall endeavor to give written notice to Grantee no later than ten (10) days before the date by which
the Company must collect or withhold any taxes relating to this Award of the date any such taxes must be received by the Company
and an estimate of the amount of such taxes.

 

10.3.       Surrender
of Award Shares to Pay Taxes. Grantee may elect, by written notice to the Company at least five (5) days before the date on
which such taxes must be received by the Company, to surrender a whole number of Vested Shares having a fair market value that
equals the amount of the taxes that the Company is required to withhold (determined at the applicable statutory rates and without
regard to circumstances particular to the Grantee) (the “Statutory Withholding Amount”). To the extent that
the number of Vested Shares so surrendered exceeds the Statutory Withholding Amount, the Company shall, in lieu of issuing any
fractional shares, remit to Grantee in cash the difference between the value of the Award Shares surrendered and the Statutory
Withholding Amount as soon as administratively feasible after Grantee surrenders the Award Shares. The Board of Directors, in the
exercise of its sole discretion, shall (consistent with Section ‎10.4) determine both the fair market value of such Award
Shares surrendered pursuant to this Section 10 and the date as of which such valuation occurs.

 

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10.4.       Definition
of “Fair Market Value.” The “fair market value” of Award Shares on any given day means the last
reported sale price of shares of Common Stock on any national securities exchange, NASDAQ, or other quotation system providing
such information on the day before the date of the determination or, if not so listed or quoted, the fair market value of the shares
as of the day before the date of such determination as determined in good faith by the Board of Directors.

 

10.5.       Section
409A. Any payments to Grantee pursuant to this Agreement are intended to be exempt from Section 409A of the Internal Revenue
Code of 1986, as amended, as short-term deferrals pursuant to Treasury Regulation §1.409A-1(b)(4), and for this purpose each
payment shall constitute a “separately identified” amount within the meaning of Treasury Regulation §1.409A-2(b)(2).

 

SECTION
11.MISCELLANEOUS

 

11.1.       Notices.
Any notice or communication required or permitted by this Award will be deemed to be received by the party to whom the notice or
communication is addressed if delivered in person or by commercial courier service or sent by first class mail, postage prepaid:
if to the Company, addressed to the attention of the Company’s Chief Financial Officer at the Company’s principal office
in the State of New York and, if to Grantee, addressed to Grantee to the address set forth below Grantee’s signature to this
Award or at the address reflected in the Company’s records; or in either case to such other address as either party notifies
the other in accordance with this Section.

 

11.2.       Entire
Agreement. This Award contains the entire agreement between the parties, and supersedes any prior agreements or understandings
between them, relating to the subject of this Award. 

 

11.3.       Governing
Law. The validity, construction and effect of this Award, and any rules and regulations relating thereto, shall be determined
in accordance with federal law and the laws of the State of Nevada (without regard to any provision that would result in the application
of the laws of any other state or jurisdiction).

 

11.4.       Severability.
If any provision of this Award is or becomes or is deemed to be invalid, illegal, or unenforceable in any jurisdiction, such provision
shall be construed or deemed amended to conform to applicable laws, or, if it cannot be so construed or deemed amended without,
in the determination of the Board of Directors, materially altering the intent of this Award, such provision shall be stricken
as to such jurisdiction and the remainder of this Award shall remain in full force and effect.

 

11.5.       Amendment
of Award. Except as otherwise provided in the Plan, this Award may not be amended except in writing and executed by both parties
hereto, and no course of conduct by either party or between the parties will be deemed to amend the terms and conditions of this
Award, unless such amendment is reduced to writing and executed by both parties.

 

11.6.       Waiver.
The waiver of any breach of any provision of this Award by either of the parties shall not constitute or operate as a waiver of
any other breach of any provision of this Award, and any failure to enforce any provision of this Award in any particular instance
shall not operate as a waiver of any existing or future rights, duties, or obligations arising out of this Award.

 

11.7.       No
Fractional Shares. No fractional shares of Common Stock shall be issued or delivered pursuant to this Award, and the Board
of Directors shall determine whether cash, other securities, or other property shall be paid or transferred in lieu of any fractional
shares or whether such fractional shares or any rights thereto shall be canceled, terminated, or otherwise eliminated.

 

11.8.       Headings.
The headings and subheadings in this Award are for convenience of reference only and shall not be given any effect in the interpretation
of this Award.

 

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11.9.       Board
of Directors. References in this Award to any action or determination to be made by the Board of Directors may, to the extent
contemplated or provided in the Plan, be made by a committee of the Board of Directors.

 

11.10.       Counterparts.
This Award may be executed in two or more counterparts, each of which shall be deemed an original but all of which taken together
shall constitute one and the same instrument. A counterpart signature page delivered by fax or other electronic means shall be
effective to the same extent as an original thereof.

 

IN WITNESS WHEREOF,
the parties have caused this Restricted Stock Award to be executed as of the Grant Date.

 

 

	 	The Company:
	 	JANEL CORPORATION
	 	 	 
	 	By:	/s/ 
	 	 	Brendan J. Killackey
	 	 	President and Chief Executive Officer
	 	 	 
	 	GRANTEE:
	 	 
	 	 	/s/ 
	 	

GERARD VAN KESTEREN
	 	 	Address:
	 	 	 
	 	 	 

 

  

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JANEL CORPORATION

 

RESTRICTED STOCK AWARD AGREEMENT

 

Dated May 12, 2017

 

In Favor of

 

GERARD VAN KESTEREN

 

 

EXHIBIT A

VESTING SCHEDULE

Subject to the provisions of ‎SECTION
3 of the Award, the total number of Award Shares shall vest on each of the Vesting Dates indicated below:

 

	

Vesting Date	Cumulative

No. of Shares
	May 12, 2018	5,000
	May 12, 2019	10,000
	May 12, 2020	15,000EX-10.1

 Exhibit 10.1 

PURCHASE AGREEMENT 

This PURCHASE AGREEMENT (this “Agreement”) is made and entered into as of August 31, 2017, by and among Emerson Radio
Corp., a Delaware corporation (the “Company”), and BML Investment Partners, L.P., (“Seller”). 
 WHEREAS,
Seller is the beneficial holder of 2,000,000 shares of the issued and outstanding common stock, par value $0.01 per share, of the Company (the “Shares”); and 

WHEREAS, Seller desires to sell to the Company, and the Company desires to purchase from Seller, free and clear of any and all Liens (as
defined herein), the Shares. 
 NOW, THEREFORE, in consideration of the foregoing premises and the covenants, agreements and representations
and warranties contained herein, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

ARTICLE I 
 PURCHASE AND
SALE; CLOSING 
 Section 1.1 Purchase and Sale. Upon the terms and subject to the conditions of
this Agreement, Seller agrees to sell, convey, assign, transfer and deliver to the Company, and the Company agrees to purchase from Seller, all of the Shares, free and clear of any and all mortgages, pledges, encumbrances, liens, security interests,
options, charges, deeds of trust, deeds to secure debt, title retention agreements, rights of first refusal or offer, limitations on voting rights, proxies, voting agreements, limitations on transfer or claims of any kind or nature whatsoever
(collectively, “Liens”). 
 Section 1.2 Purchase Price. Upon the terms and subject to the
conditions of this Agreement, in consideration of the sale, conveyance, assignment, transfer and delivery to the Company of the Shares, the Company shall pay to Seller a price per Share of $1.50 (the “Purchase Price”), for an
aggregate price of $3,000,000 in cash. 
 Section 1.3 Expenses. Except as expressly set forth in this Agreement, all
fees and expenses incurred by a party hereto in connection with the matters contemplated by this Agreement shall be borne by the party incurring such fee or expense, including without limitation the fees and expenses of any investment banks,
attorneys, accountants or other experts or advisors retained by such party. 
 Section 1.4 Closing. The consummation
of the transactions contemplated by this Agreement (the “Closing”) shall take place or be directed from the offices of Orrick, Herrington & Sutcliffe LLP, 51 West 52nd Street, New York, New York 10019, at 10:00 a.m. local
time, on the date hereof, or at such other place, date or time as the parties may agree in writing (the “Closing Date”). 

Section 1.5 Closing Deliveries. 

(a) At the Closing, in accordance with Section 1.2, the Company shall deliver or cause to be delivered to Seller the
Purchase Price, by wire transfer of immediately available funds to such account or accounts as Seller has specified in writing. 

 (b) At the Closing, Seller shall cause to be delivered to the Company, by electronic delivery,
the Shares, free and clear of any and all Liens. 
 Section 1.6 Public Announcement; Public Filings. 

(a) Except as otherwise provided in this Section 1.6 or as required by law or valid legal process, each party agrees
not to issue any press release or make any other public statement regarding this Agreement or the transactions contemplated herein without the other parties’ prior written consent (not to be unreasonably withheld, delayed or conditioned). 

(b) Promptly following the date hereof, Seller will cause to be filed with the Securities and Exchange Commission an amendment to its Schedule
13G and, prior to filing, will provide the Company and its counsel a reasonable opportunity to review and comment upon such amendment. 
 (c)
Following the date hereof (and within four business days hereafter), the Company shall file with the Securities and Exchange Commission a Current Report on Form 8-K regarding the transactions contemplated
herein and, prior to filing, will provide Seller and its counsel a reasonable opportunity to review and comment on such Form 8-K. 

ARTICLE II 

REPRESENTATIONS AND WARRANTIES OF SELLER 

Seller represents and warrants to the Company that: 

Section 2.1 Existence; Authority. Seller is duly organized, validly existing and in good standing under the laws of
the jurisdiction of its organization, has all requisite power and authority to execute and deliver this Agreement, to perform its obligations hereunder and to consummate the transactions contemplated hereby and has taken all necessary action to
authorize the execution, delivery and performance of this Agreement. 
 Section 2.2 Enforceability. This Agreement
has been duly and validly executed and delivered by Seller and, assuming due and valid authorization, execution and delivery by the Company, this Agreement constitutes a legal, valid and binding obligation of Seller, enforceable against it in
accordance with its terms, except as such enforceability may be affected by bankruptcy, insolvency, moratorium and other similar laws relating to or affecting creditors’ rights generally and general equitable principles. 

Section 2.3 Ownership. Seller is the sole beneficial owner of the Shares, free and clear of any and all Liens. Seller
has full power and authority to transfer to the Company full legal ownership of the Shares, is not required to obtain the approval of any person or governmental agency or organization to effect the sale of the Shares and the transfer of the Shares
as contemplated hereby will effectively vest in the Company good, valid and marketable title to the Shares, free and clear of any and all Liens. 

  
 2 

 Section 2.4 No Proceedings. There is no suit, action, investigation or
proceeding pending or, to the knowledge of Seller, threatened against Seller before any relevant governmental authority that could impair Seller’s ability to perform its obligations hereunder or to consummate the transactions contemplated
hereby. 
 Section 2.5 Other Acknowledgments. 

(a) Seller is a sophisticated investor and has such knowledge and experience in financial and business matters as to be capable of
independently evaluating the merits, risks and suitability of entering into this Agreement and the transactions contemplated hereby, and is able to bear the risks attendant to the transactions contemplated hereby. Seller acknowledges that the
Company may have material non-public information concerning the Company and its condition (financial and otherwise), results of operations, businesses, properties, plans and prospects and that such information
could be material to Seller’s decision to sell its Shares or otherwise materially adverse to its interests. Seller acknowledges and agrees that the Company shall have no obligation to disclose to it any such information and hereby waives and
releases, to the fullest extent permitted by law (including the federal securities laws), any and all claims and causes of action it has or may have against the Company and its affiliates, officers, directors, employees, agents and representatives
based upon, relating to or arising out of nondisclosure of such information or the sale of the Shares hereunder. 
 (b) Seller has had the
opportunity to obtain and has obtained adequate information concerning the business and financial condition of the Company to make an informed decision regarding the sale of the Shares and has, independently and without reliance upon the Company or
its affiliates, made its own analysis and decision to sell the Shares. With respect to legal, tax, accounting, financial and other considerations involved in the transactions contemplated by this Agreement, including the sale of the Shares, Seller
is not relying on the Company (or any agent or representative thereof). Seller has carefully considered and, to the extent it believes such discussion necessary, discussed with professional legal, tax, accounting, financial and other advisors the
suitability of the transactions contemplated by this Agreement, including the sale of the Shares. Seller acknowledges that neither the Company nor any of its directors, officers, subsidiaries or affiliates has made or makes any representations or
warranties, whether express or implied, of any kind with respect to the Company except as expressly set forth in this Agreement. 
 (c)
Seller is an “accredited investor” as defined in Rule 501 promulgated under the Securities Act of 1933, as amended. The sale of the Shares by Seller (i) was privately negotiated in an independent transaction and (ii) does not
violate any rules or regulations applicable to Seller. 
 ARTICLE III 

REPRESENTATIONS AND WARRANTIES OF THE COMPANY 

The Company represents and warrants to Seller that: 

Section 3.1 Existence; Authority. The Company is validly existing and in good standing under the laws of the
jurisdiction of its organization, has all requisite corporate power and authority to execute and deliver this Agreement, to perform its obligations hereunder and to consummate the transactions contemplated hereby and has taken all necessary
corporate action to authorize the execution, delivery and performance of this Agreement. 

  
 3 

 Section 3.2 Enforceability. This Agreement has been duly and validly
executed and delivered by the Company and, assuming due and valid authorization, execution and delivery by Seller, this Agreement constitutes a legal, valid and binding obligation of the Company, enforceable against it in accordance with its terms,
except as such enforceability may be affected by bankruptcy, insolvency, moratorium and other similar laws relating to or affecting creditors’ rights generally and general equitable principles. 

Section 3.3 No Proceedings. There is no suit, action, investigation or proceeding pending or, to the knowledge of the
Company, threatened against the Company before any relevant governmental authority that could impair the Company’s ability to perform its obligations hereunder or to consummate the transactions contemplated hereby. 

Section 3.4 Other Acknowledgments. The purchase of the Shares by the Company (i) was privately negotiated in an
independent transaction and (ii) does not violate any rules or regulations applicable to the Company. 
 Section 3.5 No
Conflict. Neither the execution and delivery of this Agreement nor the consummation of the transaction contemplated hereby, nor compliance with or fulfillment of the terms, conditions, and provisions hereof, will conflict with, result in a
breach of the terms, conditions, or provisions of, or constitute a default, event of default, or an event creating rights of acceleration, termination, or cancellation or a loss of rights under (i) the certificate of incorporation or bylaws of
the Company, or (ii) any material note, instrument, agreement, mortgage, lease, license, franchise, permit, or other authorization, right, restriction, or obligation to which the Company is a party or by which the Company is bound. 

ARTICLE IV 

MISCELLANEOUS 

Section 4.1 Survival. Each of the representations, warranties, covenants, and agreements in this Agreement or pursuant
hereto shall survive the Closing. Notwithstanding any knowledge of facts determined or determinable by any party by investigation, each party shall have the right to fully rely on the representations, warranties, covenants and agreements of the
other parties contained in this Agreement or in any other documents or papers delivered in connection herewith. Each representation, warranty, covenant and agreement of the parties contained in this Agreement is independent of each other
representation, warranty, covenant and agreement. Except as expressly set forth in this Agreement, no party has made any representation warranty, covenant or agreement with respect to the Shares or the Company. 

Section 4.2 Notices. All notices, requests, claims, demands and other communications hereunder shall be in writing and
shall be given (and shall be deemed to have been duly given if so given) by hand delivery, electronic transmission, telecopy or mail (registered or certified, postage prepaid, return receipt requested) to the respective parties hereto addressed as
follows: 

  
 4 

 If to the Company: 

c/o Emerson Radio Corp. 
 3
University Plaza, Suite 405 
 Hackensack, NJ 07601 

Attn: Barry Smith 
 Facsimile:
(973) 428-2072 
 Email: bsmith@emersonradio.com 

With a copy to: 
 Orrick,
Herrington & Sutcliffe LLP 
 51 West 52nd Street 

New York, NY 10019 
 Attn:
Christopher Austin 
 Facsimile: (212) 506-5151 

Email: caustin@orrick.com 
 If to
Seller: 
 c/o BML Investment Partners, L.P. 

65 E Cedar – Suite 2 

Zionsville, IN 46077 
 Attn:
General Partner 
 Facsimile: (317) 344- 6690 

Email: bleonard@bmlcapital.com 

With a copy to: 

Barnes & Thornburg LLP 

11 S. Meridian Street 

Indianapolis, IN 46204 
 Attn:
David P. Hooper 
 Facsimile: (317) 231-7433 

Email: dhooper@btlaw.com 

Section 4.3 Specific Performance. The Company, on the one hand, and Seller, on the other hand, acknowledge and agree
that the other would be irreparably injured by a breach of this Agreement and that money damages are an inadequate remedy for an actual or threatened breach of this Agreement. Accordingly, the parties agree to the granting of specific performance of
this Agreement and injunctive or other equitable relief as a remedy for any such breach or threatened breach, without proof of actual damages, and further agree to waive any requirement for the securing or posting of any bond in connection with any
such remedy. Such remedy shall not be deemed to be the exclusive remedy for a breach of this Agreement, but shall be in addition to all other remedies available at law or equity. 

  
 5 

 Section 4.4 No Waiver. Any waiver by any party hereto of a breach of any
provision of this Agreement shall not operate as or be construed to be a waiver of any other breach of such provision or of any breach of any other provision of this Agreement. The failure of a party hereto to insist upon strict adherence to any
term of this Agreement on one or more occasions shall not be considered a waiver or deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement. 

Section 4.5 Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of
competent jurisdiction or other authority to be invalid or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or
invalidated by such holding. The parties agree that the court making any such determination of invalidity or unenforceability shall have the power to reduce the scope, duration or area of, delete specific words or phrases in, or replace any such
invalid or unenforceable provision with one that is valid and enforceable and that comes closest to expressing the intention of such invalid or unenforceable provision, and this Agreement shall be enforceable as so modified after the expiration of
the time within which the judgment may be appealed. 
 Section 4.6 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 that this Agreement (and any of the rights, interests or obligations of any party hereunder) may not be assigned by any party without
the prior written consent of the other parties hereto, such consent not to be unreasonably withheld. Any purported assignment of a party’s rights under this Agreement in violation of the preceding sentence shall be null and void. 

Section 4.7 Entire Agreement; Amendments. This Agreement constitutes the entire agreement between the parties with
respect to the subject matter hereof and supersedes all other prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof and, except as expressly set forth herein, is not intended to
confer upon any person other than the parties hereto any rights or remedies hereunder. This Agreement may be amended only by a written instrument duly executed by the parties hereto or their respective permitted successors or assigns. 

Section 4.8 Headings. The section headings contained in this Agreement are for reference purposes only and shall not
affect in any way the meaning or interpretation of this Agreement. 
 Section 4.9 Governing Law. This Agreement
shall be governed by and construed and enforced in accordance with the laws of the State of New York applicable to agreements made and to be performed in such state. 

Section 4.10 Submission to Jurisdiction. Each of the parties hereto irrevocably submits to the exclusive jurisdiction
of the U.S. federal and New York state courts in the Borough of Manhattan in The City of New York in any suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. Each of the parties hereto irrevocably
and unconditionally waives any objections to the laying of venue of any action, suit or proceeding relating to this Agreement in such courts, and hereby further irrevocably and unconditionally waives and agrees

  
 6 

 
not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum. Each of the parties hereto agrees that final
judgment in any such suit, action or proceeding brought in such court shall be conclusive and binding upon the Company and Seller, as applicable, and may be enforced in any court to the jurisdiction of which the Company and Seller, as applicable, is
subject by a suit upon such judgment. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES THE RIGHT TO A TRIAL BY JURY IN ANY SUIT OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT. 

Section 4.11 Counterparts; Facsimile. This Agreement may be executed in counterparts, including by facsimile or .pdf
electronic transmission, each of which shall be deemed an original, but all of which together shall constitute one and the same Agreement. 

Section 4.12 Further Assurances. Upon the terms and subject to the conditions of this Agreement, each of the parties
hereto agrees to execute such additional documents, to use commercially reasonable efforts to take, or cause to be taken, all actions, and to do, or cause to be done, and to assist and cooperate with the other parties in doing, all things necessary,
proper or advisable to consummate or make effective, in the most expeditious manner practicable, the transactions contemplated by this Agreement. 

Section 4.13 Interpretation. The parties acknowledge and agree that this Agreement has been negotiated at arm’s
length and among parties equally sophisticated and knowledgeable in the matters covered hereby. Accordingly, any rule of law or legal decision that would require interpretation of any ambiguities in this Agreement against the party that has drafted
it is not applicable and is hereby waived. 
 [Signature Page Follows] 

  
 7 

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

			
	EMERSON RADIO CORP.
		
	By:	 	 /s/ Barry Smith

		 	Name: Barry Smith
		 	Title: Treasurer & SVP Operations
	
	BML INVESTMENT PARTNERS, L.P.
		
	By:	 	 BML Capital Management, LLC,
 its General
Partner

		
	By:	 	 /s/ Braden M. Leonard

		 	Name: Braden M. Leonard
		 	Title: Managing Member

 Signature Page to Purchase Agreement

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