Document:

Monaker Group, Inc. 8-K

 

Exhibit 10.5

 

 

 

MONAKER
GROUP, INC.

2017
EQUITY INCENTIVE PLAN

TABLE
OF CONTENTS

	ARTICLE I. PREAMBLE 	 	 	1	 
	ARTICLE II. DEFINITIONS	 	 	2	 
	ARTICLE III. ADMINISTRATION	 	 	6	 
	ARTICLE IV. INCENTIVE STOCK OPTIONS	 	 	11	 
	ARTICLE V. NONQUALIFIED STOCK OPTIONS	 	 	13	 
	ARTICLE VI. INCIDENTS OF STOCK OPTIONS	 	 	14	 
	ARTICLE VII. RESTRICTED STOCK	 	 	16	 
	ARTICLE VIII. STOCK AWARDS	 	 	18	 
	ARTICLE IX. PERFORMANCE SHARES	 	 	18	 
	ARTICLE X. CHANGES OF CONTROL OR OTHER FUNDAMENTAL CHANGES	 	 	20	 
	ARTICLE XI. AMENDMENT AND TERMINATION	 	 	21	 
	ARTICLE XII. MISCELLANEOUS PROVISIONS	 	 	22	 

 

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 Monaker Group, Inc.

    	 

    

 

MONAKER
GROUP, INC.

2017
EQUITY INCENTIVE PLAN

ARTICLE
I.

PREAMBLE

1.1.       

This
2017 Equity Incentive Plan of Monaker Group, Inc. (the “Company”) is intended to secure for the Company
and its Affiliates the benefits arising from ownership of the Company’s Common Stock by the Employees, Officers, Directors
and Consultants of the Company and its Affiliates, all of whom are and will be responsible for the Company’s future growth.
The Plan is designed to help attract and retain for the Company and its Affiliates personnel of superior ability for positions
of exceptional responsibility, to reward Employees, Officers, Directors and Consultants for their services and to motivate such
individuals through added incentives to further contribute to the success of the Company and its Affiliates. With respect to persons
subject to Section 16 of the Act, transactions under this Plan are intended to satisfy the requirements of Rule 16b-3 of the Act.

1.2.       

Awards
under the Plan may be made to an Eligible Person in the form of (i) Incentive Stock Options (to Eligible Employees only); (ii)
Nonqualified Stock Options; (iii) Restricted Stock; (iv) Stock Awards; (v) Performance Shares; or (vi) any combination of the
foregoing.

1.3.       

The
Company’s board of directors adopted the Plan on August 25, 2017 (the “Effective Date”). The
grant of Incentive Stock Options is subject to approval by the Company’s shareholders within twelve (12) months of the
Effective Date. Shareholder approval is to be obtained in accordance with the Company’s Certificate of Formation and
Bylaws, each as amended, and applicable laws. The Board may grant Incentive Stock Options prior to shareholder approval, but
until the Company obtains this approval, a grantee shall not exercise them. If the Company does not timely obtain shareholder
approval (or a grantee desires to exercise such Incentive Stock Options prior to shareholder approval), a grantee may
exercise previously granted Incentive Stock Options as Nonqualified Stock Options. Unless sooner terminated as provided
elsewhere in this Plan, this Plan shall terminate upon the close of business on the day next preceding the tenth (10th)
anniversary of the Effective Date. Award Agreements outstanding on such date shall continue to have force and effect in
accordance with the provisions thereof.

1.4.       

The
Plan shall be governed by, and construed in accordance with, the laws of the State of Nevada (except its choice-of-law provisions).

1.5.       

Capitalized
terms shall have the meaning provided in ARTICLE II unless otherwise provided in this Plan or any related Award Agreement.

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ARTICLE
II.

DEFINITIONS

DEFINITIONS.
Except where the context otherwise indicates, the following definitions apply:

2.1.       

“Act”
means the Securities Exchange Act of 1934, as now in effect or as hereafter amended.

2.2.       

“Affiliate”
means any parent corporation or subsidiary corporation of the Company, whether now or hereinafter existing, as those terms are
defined in Sections 424(e) and (f), respectively, of the Code.

2.3.       

“Award”
means an award granted to a Participant in accordance with the provisions of the Plan, including, but not limited to, Stock Options,
Restricted Stock, Stock Awards, Performance Shares, or any combination of the foregoing.

2.4.       

“Award
Agreement” means the separate written agreement evidencing each Award granted to a Participant under the Plan.

2.5.       

“Board
of Directors” or “Board” means the Board of Directors of the Company, as constituted from
time to time.

2.6.       

“Bylaws”
means the Company’s Bylaws as amended and restated from time to time.

2.7.       

“Change
of Control” means (i) the adoption of a plan of merger or consolidation of the Company with any other corporation
or association as a result of which the holders of the voting capital stock of the Company as a group would receive less than
50% of the voting capital stock of the surviving or resulting corporation; (ii) the approval by the Board of Directors of an agreement
providing for the sale or transfer (other than as security for obligations of the Company) of substantially all the assets of
the Company; or (iii) in the absence of a prior expression of approval by the Board of Directors, the acquisition of more than
20% of the Company’s voting capital stock by any person within the meaning of Rule 13d-3 under the Act (other than the Company
or a person that directly or indirectly controls, is controlled by, or is under common control with, the Company).

2.8.       

“Code”
means the Internal Revenue Code of 1986, as amended, and the regulations and interpretations promulgated thereunder.

2.9.       

“Committee”
means a committee of two or more members of the Board appointed by the Board in accordance with Section 3.2 of the Plan.
In the event the Company has not designated a Committee pursuant to Section 3.2 of the Plan, “Committee”
shall refer to the Compensation Committee of the Company (in the event the Compensation Committee has authority to administer
the Plan), if any, or the Board of Directors of the Company.

2.10.       

“Common
Stock” means the Company’s common stock.

2.11.       

“Company”
means Monaker Group, Inc., a Nevada corporation.

2.12.       

“Consultant”
means any person, including an advisor engaged by the Company or an Affiliate to render bona fide consulting or advisory services
to the Company or an Affiliate, other than as an Employee, Director or Non-Employee Director.

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2.13.       

“Director”
means a member of the Board of Directors of the Company.

2.14.       

“Disability”
means the permanent and total disability of a person within the meaning of Section 22(e)(3) of the Code.

2.15.       

“Effective
Date” shall be the date set forth in Section 1.3 of the Plan.

2.16.       

“Eligible
Employee” means an Eligible Person who is an Employee of the Company or any Affiliate.

2.17.       

“Eligible
Person” means any Employee, Officer, Director, Non-Employee Director or Consultant of the Company or any Affiliate,
except for instances where services are in connection with the offer or sale of securities in a capital-raising transaction, or
they directly or indirectly promote or maintain a market for the Company’s securities, subject to any other limitations
as may be provided by the Code, the Act, or the Board. In making such determinations, the Board may take into account the nature
of the services rendered by such person, his or her present and potential contribution to the Company’s success, and such
other factors as the Board in its discretion shall deem relevant.

2.18.       

“Employee”
means an individual who is a common-law employee of the Company or an Affiliate including employment as an Officer. Mere service
as a Director or payment of a director’s fee by the Company or an Affiliate shall not be sufficient to constitute “employment”
by the Company or an Affiliate.

2.19.       

“ERISA”
means the Employee Retirement Income Security Act of 1974, as now in effect or as hereafter amended.

2.20.       

“Fair
Market Value” means, as of any date and unless the Committee determines otherwise, the value of Common Stock determined
as follows:

2.20.1       

If
the Common Stock is listed on any established stock exchange or a national market system, including without limitation the NYSE
MKT, Nasdaq National Market or The Nasdaq SmallCap Market of The Nasdaq Stock Market, its Fair Market Value will be the closing
sales price for such stock (or the closing bid, if no sales were reported) as quoted on such exchange or system for the day of
determination, as reported in The Wall Street Journal or such other source as the Committee deems reliable;

2.20.2       

If
the Common Stock is regularly quoted by a recognized securities dealer but selling prices are not reported for the date in question,
or the Common Stock is quoted on an over-the-counter market, the Fair Market Value will be the mean between the high bid and low
asked prices for the Common Stock for the day of determination, as reported in The Wall Street Journal or such other source as
the Committee deems reliable; or

2.20.3       

In
the absence of an established market for the Common Stock, the Fair Market Value will be determined in good faith by the Committee.

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2.20.4       

The
Committee also may adopt a different methodology for determining Fair Market Value with respect to one or more Awards if a different
methodology is necessary or advisable to secure any intended favorable tax, legal or other treatment for the particular Award(s)
(for example, and without limitation, the Committee may provide that Fair Market Value for purposes of one or more Awards will
be based on an average of closing prices (or the average of high and low daily trading prices) for a specified period preceding
the relevant date).

2.21.       

“Grant
Date” means, as to any Award, the latest of:

2.21.1       

the
date on which the Board authorizes the grant of the Award; or

2.21.2       

the
date the Participant receiving the Award becomes an Employee or a Director of the Company or its Affiliate, to the extent employment
status is a condition of the grant or a requirement of the Code or the Act; or

2.21.3       

such
other date (later than the dates described in 2.21.1 and 2.21.2 above) as the Board may designate and as set forth
in the Participant’s Award Agreement.

2.22.       

“Immediate
Family” means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law,
father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law and shall include adoptive relationships.

2.23.       

“Incentive
Stock Option” means a Stock Option intended to qualify as an incentive stock option within the meaning of Section
422 of the Code and is granted under ARTICLE IV of the Plan and designated as an Incentive Stock Option in a Participant’s
Award Agreement.

2.24.       

“Non-Employee
Director” shall have the meaning set forth in Rule 16b-3 under the Act.

2.25.       

“Nonqualified
Stock Option” means a Stock Option not intended to qualify as an Incentive Stock Option and is not so designated
in the Participant’s Award Agreement.

2.26.       

“Officer”
means a person who is an officer of the Company within the meaning of Section 16 of the Act.

2.27.       

“Option
Period” means the period during which a Stock Option may be exercised from time to time, as established by the Board
and set forth in the Award Agreement for each Participant who is granted a Stock Option.

2.28.       

“Option
Price” means the purchase price for a share of Common Stock subject to purchase pursuant to a Stock Option, as
established by the Board and set forth in the Award Agreement for each Participant who is granted a Stock Option.

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2.29.       

“Outside
Director” means a Director who either (i) is not a current employee of the Company or an
“affiliated corporation” (within the meaning of Treasury Regulations promulgated under Section
162(m) of the Code), is not a former employee of the Company or an “affiliated corporation”
receiving compensation for prior services (other than benefits under a tax qualified pension plan), was not an officer of the
Company or an “affiliated corporation” at any time and is not currently receiving direct or
indirect remuneration from the Company or an “affiliated corporation” for services in any capacity
other than as a Director or (ii) is otherwise considered an “outside director” for purposes of
Section 162(m) of the Code.

2.30.       

“Participant”
means an Eligible Person to whom an Award has been granted and who has entered into an Award Agreement evidencing the Award or,
if applicable, such other person who holds an outstanding Award.

2.31.       

“Performance
Objectives” shall have the meaning set forth in ARTICLE IX of the Plan.

2.32.       

“Performance
Period” shall have the meaning set forth in ARTICLE IX of the Plan.

2.33.       

“Performance
Share” means an Award under ARTICLE IX of the Plan of a unit valued by reference to the Common Stock, the
payout of which is subject to achievement of such Performance Objectives, measured during one or more Performance Periods, as
the Board, in its sole discretion, shall establish at the time of such Award and set forth in a Participant’s Award Agreement.

2.34.       

“Plan”
means this Monaker Group, Inc. 2017 Equity Incentive Plan, as it may be amended from time to time.

2.35.       

“Reporting
Person” means a person required to file reports under Section 16(a) of the Act.

2.36.       

“Restricted
Stock” means an Award under ARTICLE VII of the Plan of shares of Common Stock that are at the time of the
Award subject to restrictions or limitations as to the Participant’s ability to sell, transfer, pledge or assign such shares,
which restrictions or limitations may lapse separately or in combination at such time or times, in installments or otherwise,
as the Board, in its sole discretion, shall determine at the time of such Award and set forth in a Participant’s Award Agreement.

2.37.       

“Restriction
Period” means the period commencing on the Grant Date with respect to such shares of Restricted Stock and ending
on such date as the Board, in its sole discretion, shall establish and set forth in a Participant’s Award Agreement.

2.38.       

“Retirement”
means retirement as determined under procedures established by the Board or in any Award, as set forth in a Participant’s
Award Agreement.

2.39.       

“Rule
16b-3” means Rule 16b-3 promulgated under the Act or any successor to Rule 16b-3, as in effect from time to time.
Those provisions of the Plan which make express reference to Rule 16b-3, or which are required in order for certain option transactions
to qualify for exemption under Rule 16b-3, shall apply only to a Reporting Person.

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2.40.       

“Stock
Award” means an Award of shares of Common Stock under ARTICLE VIII of the Plan.

2.41.       

“Stock
Option” means an Award under ARTICLE IV or ARTICLE V of the Plan of an option to purchase Common Stock.
A Stock Option may be either an Incentive Stock Option or a Nonqualified Stock Option.

2.42.       

“Ten
Percent Stockholder” means an individual who owns (or is deemed to own pursuant to Section 424(d) of the Code),
at the time of grant, stock possessing more than ten percent (10%) of the total combined voting power of all classes of stock
of the Company or any of its Affiliates.

2.43.       

“Termination
of Service” means (i) in the case of an Eligible Employee, the discontinuance of employment of such Participant
with the Company or its Subsidiaries for any reason other than a transfer to another member of the group consisting of the Company
and its Affiliates and (ii) in the case of a Director who is not an Employee of the Company or any Affiliate, the date such Participant
ceases to serve as a Director. The determination of whether a Participant has discontinued service shall be made by the Board
in its sole discretion. In determining whether a Termination of Service has occurred, the Board may provide that service as a
Consultant or service with a business enterprise in which the Company has a significant ownership interest shall be treated as
employment with the Company.

ARTICLE
III.

ADMINISTRATION

3.1.       

The
Plan shall be administered by the Board of Directors of the Company. The Board shall have the exclusive right to interpret and
construe the Plan, to select the Eligible Persons who shall receive an Award, and to act in all matters pertaining to the grant
of an Award and the determination and interpretation of the provisions of the related Award Agreement, including, without limitation,
the determination of the number of shares subject to Stock Options and the Option Period(s) and Option Price(s) thereof, the number
of shares of Restricted Stock or shares subject to Stock Awards or Performance Shares subject to an Award, the vesting periods
(if any) and the form, terms, conditions and duration of each Award, and any amendment thereof consistent with the provisions
of the Plan. The Board may adopt, establish, amend and rescind such rules, regulations and procedures as it may deem appropriate
for the proper administration of the Plan, make all other determinations which are, in the Board’s judgment, necessary or
desirable for the proper administration of the Plan, amend the Plan or a Stock Award as provided in ARTICLE XI, and terminate
or suspend the Plan as provided in ARTICLE XI. All acts, determinations and decisions of the Board made or taken pursuant
to the Plan or with respect to any questions arising in connection with the administration and interpretation of the Plan or any
Award Agreement, including the severability of any and all of the provisions thereof, shall be conclusive, final and binding upon
all persons. On or after the date of grant of an Award under the Plan, the Board may (i) accelerate the date on which any such
Award becomes vested, exercisable or transferable, as the case may be, (ii) extend the term of any such Award, including, without
limitation, extending the period following a termination of a Participant’s employment during which any such Award may remain
outstanding, or (iii) waive any conditions to the vesting, exercisability or transferability, as the case may be, of any such
Award; provided, that the Board shall not have any such authority to the extent that the grant of such authority would cause any
tax to become due under Section 409A of the Code.

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3.2.       

The
Board may, to the full extent permitted by and consistent with applicable law and the Company’s Bylaws, and subject to Subparagraph
3.2.1 herein below, delegate any or all of its powers with respect to the administration of the Plan to the Company’s
Compensation Committee or another Committee of the Company consisting of not fewer than two members of the Board each of whom
shall qualify (at the time of appointment to the Committee and during all periods of service on the Committee) in all respects
as a Non-Employee Director and as an Outside Director.

3.2.1       

If
administration is delegated to a Committee, the Committee shall have, in connection with the administration of the Plan, the powers
theretofore possessed by the Board, including the power to delegate to a subcommittee any of the administrative powers the Committee
is authorized to exercise (and references in the Plan to the Board shall thereafter be to the Committee or subcommittee), subject,
however, to such resolutions, not consistent with the provisions of the Plan, as may be adopted from time to time by the Board.

3.2.2       

The
Board may abolish the Committee at any time and reassume all powers and authority previously delegated to the Committee.

3.2.3       

For
purposes of clarifying the preceding paragraph, shares of Common Stock covered by Awards shall only be counted as used to the
extent they are actually issued and delivered to a Participant (or such Participant’s permitted transferees as described
in the Plan) pursuant to the Plan. If an Award is settled for cash or if shares of Common Stock are withheld to pay the exercise
price of a Stock Option or to satisfy any tax withholding requirement in connection with an Award, only the shares issued (if
any), net of the shares withheld, will be deemed delivered for purposes of determining the number of shares of Common Stock that
are available for delivery under the Plan. In addition, shares of Common Stock related to Awards that expire, are forfeited or
cancelled or terminate for any reason without the issuance of shares shall not be treated as issued pursuant to the Plan. In addition,
if shares of Common Stock owned by a Participant (or such Participant’s permitted transferees as described in the Plan)
are tendered (either actually or through attestation) to the Company in payment of any obligation in connection with an Award,
the number of shares tendered shall be added to the number of shares of Common Stock that are available for delivery under the
Plan.

3.2.4       

In
addition to, and not in limitation of, the right of any Committee so designated by the Board to administer this Plan to grant
Awards to Eligible Persons under this Plan, the full Board of Directors and/or the Company’s Compensation Committee may
from time to time grant Awards to Eligible Persons pursuant to the terms and conditions of this Plan, subject to the requirements
of the Code, Rule 16b-3 under the Act or any other applicable law, rule or regulation. In connection with any such grants, the
Board of Directors and/or the Company’s Compensation Committee shall have all of the power and authority of the Committee
to determine the Eligible Persons to whom such Awards shall be granted and the other terms and conditions of such Awards.

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3.3.       

Without
limiting the provisions of this ARTICLE III, and subject to the provisions of ARTICLE X, the Board is authorized
to take such action as it determines to be necessary or advisable, and fair and equitable to Participants and to the Company,
with respect to an outstanding Award in the event of a Change of Control as described in ARTICLE X or other similar event.
Such action may include, but shall not be limited to, establishing, amending or waiving the form, terms, conditions and duration
of an Award and the related Award Agreement, so as to provide for earlier, later, extended or additional times for exercise or
payments, differing methods for calculating payments, alternate forms and amounts of payment, an accelerated release of restrictions
or other modifications. The Board may take such actions pursuant to this Section 3.3 by adopting rules and regulations
of general applicability to all Participants or to certain categories of Participants, by including, amending or waiving terms
and conditions in an Award and the related Award Agreement, or by taking action with respect to individual Participants from time
to time. In the event any Award is not evidenced by a written Award Agreement, such Award shall be governed by the terms of this
Plan and the terms and conditions of the grant of the Award as evidenced by the minutes of the Board (or any authorized Committee
thereof). For the sake of clarity, the failure of the Company to document an Award by way of a written Award Agreement shall not
affect the validity of such Award.

3.4.       

Subject
to the provisions of Section 3.9 and this Section 3.4, the maximum aggregate number of shares of Common Stock which
may be issued pursuant to Awards under the Plan shall be 1,250,000 shares. Such shares of Common Stock shall be
made available from authorized and unissued shares of the Company.

3.4.1       

For
all purposes under the Plan, each Performance Share awarded shall be counted as one share of Common Stock subject to an Award.

3.4.2       

If,
for any reason, any shares of Common Stock (including shares of Common Stock subject to Performance Shares) that have been awarded
or are subject to issuance or purchase pursuant to Awards outstanding under the Plan are not delivered or purchased, or are reacquired
by the Company, for any reason, including but not limited to a forfeiture of Restricted Stock or failure to earn Performance Shares
or the termination, expiration or cancellation of a Stock Option, or any other termination of an Award without payment being made
in the form of shares of Common Stock (whether or not Restricted Stock), such shares of Common Stock shall not be charged against
the aggregate number of shares of Common Stock available for Award under the Plan and shall again be available for Awards under
the Plan. In no event, however, may Common Stock that is surrendered or withheld to pay the exercise price of a Stock Option or
to satisfy tax withholding requirements be available for future grants under the Plan.

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3.4.3       

For
purposes of clarifying the preceding paragraph, shares of Common Stock covered by Awards shall only be counted as used to the
extent they are actually issued and delivered to a Participant (or such Participant’s permitted transferees as described
in the Plan) pursuant to the Plan. If an Award is settled for cash or if shares of Common Stock are withheld to pay the exercise
price of a Stock Option or to satisfy any tax withholding requirement in connection with an Award, only the shares issued (if
any), net of the shares withheld, will be deemed delivered for purposes of determining the number of shares of Common Stock that
are available for delivery under the Plan. In addition, shares of Common Stock related to Awards that expire, are forfeited or
cancelled or terminate for any reason without the issuance of shares shall not be treated as issued pursuant to the Plan. In addition,
if shares of Common Stock owned by a Participant (or such Participant’s permitted transferees as described in the Plan)
are tendered (either actually or through attestation) to the Company in payment of any obligation in connection with an Award,
the number of shares tendered shall be added to the number of shares of Common Stock that are available for delivery under the
Plan.

3.4.4       

The
foregoing subsections 3.4.1 and 3.4.2 of this Section 3.4 shall be subject to any limitations provided by
the Code or by Rule 16b-3 under the Act or by any other applicable law, rule or regulation.

3.5.       

Each
Award granted under the Plan shall be evidenced by a written Award Agreement, which shall be subject to and shall incorporate
(by reference or otherwise) the applicable terms and conditions of the Plan and shall include any other terms and conditions (not
inconsistent with the Plan) required by the Board. In the event any Award is not evidenced by a written Award Agreement, such
Award shall be governed by the terms of this Plan and the terms and conditions of the grant of the Award as evidenced by the minutes
of the Board (or any authorized Committee thereof). For the sake of clarity, the failure of the Company to document an Award by
way of a written Award Agreement shall not affect the validity of such Award.

3.6.       

Securities
Matters.

3.6.1       

The
Company shall be under no obligation to affect the registration pursuant to the Act of any shares of Common Stock to be issued
hereunder or to effect similar compliance under any state or local laws. Notwithstanding anything herein to the contrary, the
Company shall not be obligated to cause to be issued any shares of Common Stock pursuant to the Plan unless and until the Company
is advised by its counsel that the issuance of such shares is in compliance with all applicable laws, regulations of governmental
authority and the requirements of any securities exchange on which shares of Common Stock are traded. The Board may require, as
a condition to the issuance of shares of Common Stock pursuant to the terms hereof, that the recipient of such shares make such
covenants, agreements and representations, and that any certificates representing such shares bear such legends, as the Board
deems necessary or desirable.

3.6.2       

The
exercise of any Stock Option granted hereunder shall only be effective at such time as counsel to the Company shall have determined
that the issuance of shares of Common Stock pursuant to such exercise is in compliance with all applicable laws, regulations of
governmental authority and the requirements of any securities exchange on which shares of Common Stock are traded. The Company
may, in its sole discretion, defer the effectiveness of an exercise of a Stock Option hereunder or the issuance of shares of Common
Stock pursuant to any Award pending or to ensure compliance under federal, state or local securities laws. The Company shall inform
the Participant in writing of its decision to defer the effectiveness of the exercise of a Stock Option or the issuance of shares
of Common Stock pursuant to any Award. During the period that the effectiveness of the exercise of a Stock Option has been deferred,
the Participant may, by written notice, withdraw such exercise and obtain the refund of any amount paid with respect thereto.

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3.6.3       

In
the event the Plan and/or the Common Stock issuable in connection with Awards hereunder are registered with the Securities Exchange
Commission (the “SEC”) under the Act, no free-trading shares of Common Stock shall be issuable by the
Company under the Plan and pursuant to such registration statement, (a) except to natural person (as such term is interpreted
by the SEC); (b) in connection with services associated with the offer or sale of securities in a capital-raising transaction;
or (c) where the services directly or indirectly promote or maintain a market for the Company’s securities.

3.7.       

The
Board may require any Participant acquiring shares of Common Stock pursuant to any Award under the Plan to represent to and agree
with the Company in writing that such person is acquiring the shares of Common Stock for investment purposes and without a view
to resale or distribution thereof. Shares of Common Stock issued and delivered under the Plan shall also be subject to such stop-transfer
orders and other restrictions as the Board may deem advisable under the rules, regulations and other requirements of the Securities
and Exchange Commission, any stock exchange upon which the Common Stock is then listed and any applicable federal or state laws,
and the Board may cause a legend or legends to be placed on the certificate or certificates representing any such shares to make
appropriate reference to any such restrictions. In making such determination, the Board may rely upon an opinion of counsel for
the Company.

3.8.       

Except
as otherwise expressly provided in the Plan or in an Award Agreement with respect to an Award, no Participant shall have any right
as a shareholder of the Company with respect to any shares of Common Stock subject to such Participant’s Award except to
the extent that, and until, one or more certificates representing such shares of Common Stock shall have been delivered to the
Participant. No shares shall be required to be issued, and no certificates shall be required to be delivered, under the Plan unless
and until all of the terms and conditions applicable to such Award shall have, in the sole discretion of the Board, been satisfied
in full and any restrictions shall have lapsed in full, and unless and until all of the requirements of law and of all regulatory
bodies having jurisdiction over the offer and sale, or issuance and delivery, of the shares shall have been fully complied with.

3.9.       

The
total amount of shares with respect to which Awards may be granted under the Plan and rights of outstanding Awards (both as to
the number of shares subject to the outstanding Awards and the Option Price(s) or other purchase price(s) of such shares, as applicable)
shall be appropriately adjusted for any increase or decrease in the number of outstanding shares of Common Stock of the Company
resulting from payment of a stock dividend on the Common Stock, a stock split or subdivision or combination of shares of the Common
Stock, or a reorganization or reclassification of the Common Stock, or any other change in the structure of shares of the Common
Stock. The foregoing adjustments and the manner of application of the foregoing provisions shall be determined by the Board in
its sole discretion. Any such adjustment may provide for the elimination of any fractional shares which might otherwise become
subject to an Award. All adjustments made as a result of the foregoing in respect of each Incentive Stock Option shall be made
so that such Incentive Stock Option shall continue to be an Incentive Stock Option, as defined in Section 422 of the Code.

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3.10.       

No
director or person acting pursuant to authority delegated by the Board shall be liable for any action or determination under the
Plan made in good faith. The members of the Board shall be entitled to indemnification by the Company in the manner and to the
extent set forth in the Company’s Articles of Incorporation, as amended, Bylaws or as otherwise provided from time to time
regarding indemnification of Directors.

3.11.       

The
Board shall be authorized to make adjustments in any performance based criteria or in the other terms and conditions of outstanding
Awards in recognition of unusual or nonrecurring events affecting the Company (or any Affiliate, if applicable) or its financial
statements or changes in applicable laws, regulations or accounting principles. The Board may correct any defect, supply any omission
or reconcile any inconsistency in the Plan or any Award Agreement in the manner and to the extent it shall deem necessary or desirable
to reflect any such adjustment. In the event the Company (or any Affiliate, if applicable) shall assume outstanding employee benefit
awards or the right or obligation to make future such awards in connection with the acquisition of another corporation or business
entity, the Board may, in its sole discretion, make such adjustments in the terms of outstanding Awards under the Plan as it shall
deem appropriate.

3.12.       

Subject
to the express provisions of the Plan, the Board shall have full power and authority to determine whether, to what extent and
under what circumstances any outstanding Award shall be terminated, canceled, forfeited or suspended. Notwithstanding the foregoing
or any other provision of the Plan or an Award Agreement, all Awards to any Participant that are subject to any restriction or
have not been earned or exercised in full by the Participant shall be terminated and canceled if the Participant is terminated
for cause, as determined by the Board in its sole discretion.

ARTICLE
IV.

INCENTIVE STOCK OPTIONS

4.1.       

The
Board, in its sole discretion, may from time to time on or after the Effective Date grant Incentive Stock Options to Eligible
Employees, subject to the provisions of this ARTICLE IV and ARTICLE III and ARTICLE VI and subject to the
following conditions:

4.1.1       

Incentive
Stock Options shall be granted only to Eligible Employees, each of whom may be granted one or more of such Incentive Stock Options
at such time or times determined by the Board.

4.1.2       

The
Option Price per share of Common Stock for an Incentive Stock Option shall be set in the Award Agreement, but shall not be less
than (i) one hundred percent (100%) of the Fair Market Value of the Common Stock at the Grant Date, or (ii) in the case of an
Incentive Stock Option granted to a Ten Percent Stockholder, one hundred ten percent (110%) of the Fair Market Value of the Common
Stock at the Grant Date.

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4.1.3       

An
Incentive Stock Option may be exercised in full or in part from time to time within ten (10) years from the Grant Date, or such
shorter period as may be specified by the Board as the Option Period and set forth in the Award Agreement; provided, however,
that, in the case of an Incentive Stock Option granted to a Ten Percent Stockholder, such period shall not exceed five (5) years
from the Grant Date; and further, provided that, in any event, the Incentive Stock Option shall lapse and cease to be exercisable
upon a Termination of Service or within such period following a Termination of Service as shall have been determined by the Board
and set forth in the related Award Agreement; and provided, further, that such period shall not exceed the period of time ending
on the date three (3) months following a Termination of Service (except as otherwise provided in any employment agreement approved
by the Board), unless employment shall have terminated:

(i)       

as
a result of Disability, in which event such period shall not exceed the period of time ending on the date twelve (12) months following
a Termination of Service; or

(ii)       

as
a result of death, or if death shall have occurred following a Termination of Service (other than as a result of Disability) and
during the period that the Incentive Stock Option was still exercisable, in which event such period may not exceed the period
of time ending on the earlier of the date twelve (12) months after the date of death;

(iii)       

and
provided, further, that such period following a Termination of Service or death shall in no event extend beyond the original Option
Period of the Incentive Stock Option.

4.1.4       

The
aggregate Fair Market Value of the shares of Common Stock with respect to which any Incentive Stock Options (whether under this
Plan or any other plan established by the Company) are first exercisable during any calendar year by any Eligible Employee shall
not exceed one hundred thousand dollars ($100,000), determined based on the Fair Market Value(s) of such shares as of their respective
Grant Dates; provided, however, that to the extent permitted under Section 422 of the Code, if the aggregate Fair Market Values
of the shares of Common Stock with respect to which Stock Options intended to be Incentive Stock Options are first exercisable
by any Eligible Employee during any calendar year (whether such Stock Options are granted under this Plan or any other plan established
by the Company) exceed one hundred thousand dollars ($100,000), the Stock Options or portions thereof which exceed such limit
(according to the order in which they were granted) shall be treated as Nonqualified Stock Options.

4.1.5       

No
Incentive Stock Options may be granted more than ten (10) years from the Effective Date.

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4.1.6       

The
Award Agreement for each Incentive Stock Option shall provide that the Participant shall notify the Company if such Participant
sells or otherwise transfers any shares of Common Stock acquired upon exercise of the Incentive Stock Option within two (2) years
of the Grant Date of such Incentive Stock Option or within one (1) year of the date such shares were acquired upon the exercise
of such Incentive Stock Option.

4.2.       

Subject
to the limitations of Section 3.4, the maximum aggregate number of shares of Common Stock subject to Incentive Stock Option
Awards shall be the maximum aggregate number of shares available for Awards under the Plan.

4.3.       

The
Board may provide for any other terms and conditions which it determines should be imposed for an Incentive Stock Option to qualify
under Section 422 of the Code, as well as any other terms and conditions not inconsistent with this ARTICLE IV or ARTICLE
III or ARTICLE VI, as determined in its sole discretion and set forth in the Award Agreement for such Incentive Stock
Option.

4.4.       

Each
provision of this ARTICLE IV and of each Incentive Stock Option granted hereunder shall be construed in accordance with
the provisions of Section 422 of the Code, and any provision hereof that cannot be so construed shall be disregarded.

ARTICLE
V.

NONQUALIFIED STOCK OPTIONS

5.1.       

The
Board, in its sole discretion, may from time to time on or after the Effective Date grant Nonqualified Stock Options to Eligible
Persons, subject to the provisions of this ARTICLE V and ARTICLE III or ARTICLE VI and subject to the following
conditions:

5.1.1       

Nonqualified
Stock Options may be granted to any Eligible Person, each of whom may be granted one or more of such Nonqualified Stock Options,
at such time or times determined by the Board.

5.1.2       

The
Option Price per share of Common Stock for a Nonqualified Stock Option shall be set in the Award Agreement and may be less than
one hundred percent (100%) of the Fair Market Value of the Common Stock at the Grant Date; provided, however, that the exercise
price of each Nonqualified Stock Option granted under the Plan shall in no event be less than the par value per share of the Company’s
Common Stock.

5.1.3       

A
Nonqualified Stock Option may be exercised in full or in part from time to time within the Option Period specified by the Board
and set forth in the Award Agreement; provided, however, that, in any event, the Nonqualified Stock Option shall lapse and cease
to be exercisable upon a Termination of Service or within such period following a Termination of Service as shall have been determined
by the Board and set forth in the related Award Agreement.

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5.2.       

The
Board may provide for any other terms and conditions for a Nonqualified Stock Option not inconsistent with this ARTICLE V
or ARTICLE III or ARTICLE VI, as determined in its sole discretion and set forth in the Award Agreement for such
Nonqualified Stock Option.

ARTICLE
VI.

INCIDENTS OF STOCK OPTIONS

6.1.       

Each
Stock Option shall be granted subject to such terms and conditions, if any, not inconsistent with this Plan, as shall be determined
by the Board and set forth in the related Award Agreement, including any provisions as to continued employment as consideration
for the grant or exercise of such Stock Option and any provisions which may be advisable to comply with applicable laws, regulations
or rulings of any governmental authority.

6.2.       

Except
as hereinafter described, a Stock Option shall not be transferable by the Participant other than by will or by the laws of descent
and distribution, and shall be exercisable during the lifetime of the Participant only by the Participant or the Participant’s
guardian or legal representative. In the event of the death of a Participant, any unexercised Stock Options may be exercised to
the extent otherwise provided herein or in such Participant’s Award Agreement by the executor or personal representative
of such Participant’s estate or by any person who acquired the right to exercise such Stock Options by bequest under the
Participant’s will or by inheritance. The Board, in its sole discretion, may at any time permit a Participant to transfer
a Nonqualified Stock Option for no consideration to or for the benefit of one or more members of the Participant’s Immediate
Family (including, without limitation, to a trust for the benefit of the Participant and/or one or more members of such Participant’s
Immediate Family or a corporation, partnership or limited liability company established and controlled by the Participant and/or
one or more members of such Participant’s Immediate Family), subject to such limits as the Board may establish. The transferee
of such Nonqualified Stock Option shall remain subject to all terms and conditions applicable to such Nonqualified Stock Option
prior to such transfer. The foregoing right to transfer the Nonqualified Stock Option, if granted by the Board shall apply to
the right to consent to amendments to the Award Agreement.

6.3.       

Shares
of Common Stock purchased upon exercise of a Stock Option shall be paid for in such amounts, at such times and upon such terms
as shall be determined by the Board, subject to limitations set forth in the Stock Option Award Agreement. The Board may, in its
sole discretion, permit the exercise of a Stock Option by payment in cash or by tendering shares of Common Stock (either by actual
delivery of such shares or by attestation), or any combination thereof, as determined by the Board. In the sole discretion of
the Board, payment in shares of Common Stock also may be made with shares received upon the exercise or partial exercise of the
Stock Option, whether or not involving a series of exercises or partial exercises and whether or not share certificates for such
shares surrendered have been delivered to the Participant. The Board also may, in its sole discretion, permit the payment of the
exercise price of a Stock Option by the voluntary surrender of all or a portion of the Stock Option. Shares of Common Stock previously
held by the Participant and surrendered in payment of the Option Price of a Stock Option shall be valued for such purpose at the
Fair Market Value thereof on the date the Stock Option is exercised.

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6.4.       

The
holder of a Stock Option shall have no rights as a shareholder with respect to any shares covered by the Stock Option (including,
without limitation, any voting rights, the right to inspect or receive the Company’s balance sheets or financial statements
or any rights to receive dividends or non-cash distributions with respect to such shares) until such time as the holder has exercised
the Stock Option and then only with respect to the number of shares which are the subject of the exercise. No adjustment shall
be made for dividends or other rights for which the record date is prior to the date such stock certificate is issued.

6.5.       

The
Board may permit the voluntary surrender of all or a portion of any Stock Option granted under the Plan to be conditioned upon
the granting to the Participant of a new Stock Option for the same or a different number of shares of Common Stock as the Stock
Option surrendered, or may require such voluntary surrender as a condition precedent to a grant of a new Stock Option to such
Participant. Subject to the provisions of the Plan, such new Stock Option shall be exercisable at such Option Price, during such
Option Period and on such other terms and conditions as are specified by the Board at the time the new Stock Option is granted.
Upon surrender, the Stock Options surrendered shall be canceled and the shares of Common Stock previously subject to them shall
be available for the grant of other Stock Options.

6.6.       

The
Board may at any time offer to purchase a Participant’s outstanding Stock Option for a payment equal to the value of such
Stock Option payable in cash, shares of Common Stock or Restricted Stock or other property upon surrender of the Participant’s
Stock Option, based on such terms and conditions as the Board shall establish and communicate to the Participant at the time that
such offer is made.

6.7.       

The
Board shall have the discretion, exercisable either at the time the Award is granted or at the time the Participant discontinues
employment, to establish as a provision applicable to the exercise of one or more Stock Options that, during a limited period
of exercisability following a Termination of Service, the Stock Option may be exercised not only with respect to the number of
shares of Common Stock for which it is exercisable at the time of the Termination of Service but also with respect to one or more
subsequent installments for which the Stock Option would have become exercisable had the Termination of Service not occurred.

6.8.       

Notwithstanding
anything to the contrary herein, the Company may reprice any Stock Option without the approval of the stockholders of the Company.
For this purpose, “reprice” means (i) any of the following or any other action that has the same effect:
(A) lowering the exercise price of a Stock Option after it is granted, (B) any other action that is treated as a repricing under
U.S. generally accepted accounting principles (“GAAP”), or (C) cancelling a Stock Option at a time when
its exercise price exceeds the Fair Market Value of the underlying Common Stock, in exchange for another Stock Option, restricted
stock or other equity, unless the cancellation and exchange occurs in connection with a merger, acquisition, spin-off or other
similar corporate transaction; and (ii) any other action that is considered to be a repricing under formal or informal guidance
issued by exchange or market on which the Company’s Common Stock then trades or is quoted.

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6.9.       

In
addition to, and without limiting the above Section 6.8, the Board may permit the voluntary surrender of all or a portion
of any Stock Option granted under the Plan to be conditioned upon the granting to the Participant of a new Stock Option for the
same or a different number of shares of Common Stock as the Stock Option surrendered, or may require such voluntary surrender
as a condition precedent to a grant of a new Stock Option to such Participant. Subject to the provisions of the Plan, such new
Stock Option shall be exercisable at such Option Price, during such Option Period and on such other terms and conditions as are
specified by the Board at the time the new Stock Option is granted. Upon surrender, the Stock Options surrendered shall be canceled
and the shares of Common Stock previously subject to them shall be available for the grant of other Stock Options.

ARTICLE
VII.

RESTRICTED STOCK

7.1.       

The
Board, in its sole discretion, may from time to time on or after the Effective Date award shares of Restricted Stock to Eligible
Persons as a reward for past service and an incentive for the performance of future services that will contribute materially to
the successful operation of the Company and its Affiliates, subject to the terms and conditions set forth in this ARTICLE VII.

7.2.       

The
Board shall determine the terms and conditions of any Award of Restricted Stock, which shall be set forth in the related Award
Agreement, including without limitation:

7.2.1       

the
purchase price, if any, to be paid for such Restricted Stock, which may be zero, subject to such minimum consideration as may
be required by applicable law;

7.2.2       

the
duration of the Restriction Period or Restriction Periods with respect to such Restricted Stock and whether any events may accelerate
or delay the end of such Restriction Period(s);

7.2.3       

the
circumstances upon which the restrictions or limitations shall lapse, and whether such restrictions or limitations shall lapse
as to all shares of Restricted Stock at the end of the Restriction Period or as to a portion of the shares of Restricted Stock
in installments during the Restriction Period by means of one or more vesting schedules;

7.2.4       

whether
such Restricted Stock is subject to repurchase by the Company or to a right of first refusal at a predetermined price or if the
Restricted Stock may be forfeited entirely under certain conditions;

7.2.5       

whether
any performance goals may apply to a Restriction Period to shorten or lengthen such period; and

7.2.6       

whether
dividends and other distributions with respect to such Restricted Stock are to be paid currently to the Participant or withheld
by the Company for the account of the Participant.

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7.3.       

Awards
of Restricted Stock must be accepted within a period of thirty (30) days after the Grant Date (or such shorter or longer period
as the Board may specify at such time) by executing an Award Agreement with respect to such Restricted Stock and tendering the
purchase price, if any. A prospective recipient of an Award of Restricted Stock shall not have any rights with respect to such
Award, unless such recipient has executed an Award Agreement with respect to such Restricted Stock, has delivered a fully executed
copy thereof to the Board and has otherwise complied with the applicable terms and conditions of such Award.

7.4.       

In
the sole discretion of the Board and as set forth in the Award Agreement for an Award of Restricted Stock, all shares of Restricted
Stock held by a Participant and still subject to restrictions shall be forfeited by the Participant upon the Participant’s
Termination of Service and shall be reacquired, canceled and retired by the Company. Notwithstanding the foregoing, unless otherwise
provided in an Award Agreement with respect to an Award of Restricted Stock, in the event of the death, Disability or Retirement
of a Participant during the Restriction Period, or in other cases of special circumstances (including hardship or other special
circumstances of a Participant whose employment is involuntarily terminated), the Board may elect to waive in whole or in part
any remaining restrictions with respect to all or any part of such Participant’s Restricted Stock, if it finds that a waiver
would be appropriate.

7.5.       

Except
as otherwise provided in this ARTICLE VII, no shares of Restricted Stock received by a Participant shall be sold, exchanged,
transferred, pledged, hypothecated or otherwise disposed of during the Restriction Period.

7.6.       

Upon
an Award of Restricted Stock to a Participant, a certificate or certificates representing the shares of such Restricted Stock
will be issued to and registered in the name of the Participant. Unless otherwise determined by the Board, such certificate or
certificates will be held in custody by the Company until (i) the Restriction Period expires and the restrictions or limitations
lapse, in which case one or more certificates representing such shares of Restricted Stock that do not bear a restrictive legend
(other than any legend as required under applicable federal or state securities laws) shall be delivered to the Participant, or
(ii) a prior forfeiture by the Participant of the shares of Restricted Stock subject to such Restriction Period, in which case
the Company shall cause such certificate or certificates to be canceled and the shares represented thereby to be retired, all
as set forth in the Participant’s Award Agreement. It shall be a condition of an Award of Restricted Stock that the Participant
deliver to the Company a stock power endorsed in blank relating to the shares of Restricted Stock to be held in custody by the
Company.

7.7.       

Except
as provided in this ARTICLE VII or in the related Award Agreement, a Participant receiving an Award of shares of Restricted
Stock Award shall have, with respect to such shares, all rights of a shareholder of the Company, including the right to vote the
shares and the right to receive any distributions, unless and until such shares are otherwise forfeited by such Participant; provided,
however, the Board may require that any cash dividends with respect to such shares of Restricted Stock be automatically reinvested
in additional shares of Restricted Stock subject to the same restrictions as the underlying Award, or may require that cash dividends
and other distributions on Restricted Stock be withheld by the Company or its Affiliates for the account of the Participant. The
Board shall determine whether interest shall be paid on amounts withheld, the rate of any such interest, and the other terms applicable
to such withheld amounts.

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ARTICLE
VIII.

STOCK AWARDS

8.1.       

The
Board, in its sole discretion, may from time to time on or after the Effective Date grant Stock Awards to Eligible Persons in
payment of compensation that has been earned or as compensation to be earned, including without limitation compensation awarded
or earned concurrently with or prior to the grant of the Stock Award, subject to the terms and conditions set forth in this ARTICLE
VIII.

8.2.       

For
the purposes of this Plan, in determining the value of a Stock Award, all shares of Common Stock subject to such Stock Award shall
be set in the Award Agreement and may be less than one hundred percent (100%) of the Fair Market Value of the Common Stock at
the Grant Date.

8.3.       

Unless
otherwise determined by the Board and set forth in the related Award Agreement, shares of Common Stock subject to a Stock Award
will be issued, and one or more certificates representing such shares will be delivered, to the Participant as soon as practicable
following the Grant Date of such Stock Award. Upon the issuance of such shares and the delivery of one or more certificates representing
such shares to the Participant, such Participant shall be and become a shareholder of the Company fully entitled to receive dividends,
to vote and to exercise all other rights of a shareholder of the Company. Notwithstanding any other provision of this Plan, unless
the Board expressly provides otherwise with respect to a Stock Award, as set forth in the related Award Agreement, no Stock Award
shall be deemed to be an outstanding Award for purposes of the Plan.

ARTICLE
IX.

PERFORMANCE SHARES

9.1.       

The
Board, in its sole discretion, may from time to time on or after the Effective Date award Performance Shares to Eligible Persons
as an incentive for the performance of future services that will contribute materially to the successful operation of the Company
and its Affiliates, subject to the terms and conditions set forth in this ARTICLE IX.

9.2.       

The
Board shall determine the terms and conditions of any Award of Performance Shares, which shall be set forth in the related Award
Agreement, including without limitation:

9.2.1       

the
purchase price, if any, to be paid for such Performance Shares, which may be zero, subject to such minimum consideration as may
be required by applicable law;

9.2.2       

the
performance period (the “Performance Period”) and/or performance objectives (the “Performance
Objectives”) applicable to such Awards;

9.2.3       

the
number of Performance Shares that shall be paid to the Participant if the applicable Performance Objectives are exceeded or met
in whole or in part; and

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9.2.4       

the
form of settlement of a Performance Share.

9.3.       

At
any date, each Performance Share shall have a value equal to the Fair Market Value of a share of Common Stock.

9.4.       

Performance
Periods may overlap, and Participants may participate simultaneously with respect to Performance Shares for which different Performance
Periods are prescribed.

9.5.       

Performance
Objectives may vary from Participant to Participant and between Awards and shall be based upon such performance criteria or combination
of factors as the Board may deem appropriate, including, but not limited to, minimum earnings per share or return on equity. If
during the course of a Performance Period there shall occur significant events which the Board expects to have a substantial effect
on the applicable Performance Objectives during such period, the Board may revise such Performance Objectives.

9.6.       

In
the sole discretion of the Board and as set forth in the Award Agreement for an Award of Performance Shares, all Performance Shares
held by a Participant and not earned shall be forfeited by the Participant upon the Participant’s Termination of Service.
Notwithstanding the foregoing, unless otherwise provided in an Award Agreement with respect to an Award of Performance Shares,
in the event of the death, Disability or Retirement of a Participant during the applicable Performance Period, or in other cases
of special circumstances (including hardship or other special circumstances of a Participant whose employment is involuntarily
terminated), the Board may determine to make a payment in settlement of such Performance Shares at the end of the Performance
Period, based upon the extent to which the Performance Objectives were satisfied at the end of such period and pro-rated for the
portion of the Performance Period during which the Participant was employed by the Company or an Affiliate; provided, however,
that the Board may provide for an earlier payment in settlement of such Performance Shares in such amount and under such terms
and conditions as the Board deems appropriate or desirable.

9.7.       

The
settlement of a Performance Share shall be made in cash, whole shares of Common Stock or a combination thereof and shall be made
as soon as practicable after the end of the applicable Performance Period. Notwithstanding the foregoing, the Board in its sole
discretion may allow a Participant to defer payment in settlement of Performance Shares on terms and conditions approved by the
Board and set forth in the related Award Agreement entered into in advance of the time of receipt or constructive receipt of payment
by the Participant.

9.8.       

Performance
Shares shall not be transferable by the Participant. The Board shall have the authority to place additional restrictions on the
Performance Shares including, but not limited to, restrictions on transfer of any shares of Common Stock that are delivered to
a Participant in settlement of any Performance Shares.

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ARTICLE
X.

CHANGES OF CONTROL OR OTHER FUNDAMENTAL CHANGES

10.1.       

Upon
the occurrence of a Change of Control and unless otherwise provided in the Award Agreement with respect to a particular Award:

10.1.1       

all
outstanding Stock Options shall become immediately exercisable in full, subject to any appropriate adjustments in the number of
shares subject to the Stock Option and the Option Price, and shall remain exercisable for the remaining Option Period, regardless
of any provision in the related Award Agreement limiting the exercisability of such Stock Option or any portion thereof for any
length of time;

10.1.2       

all
outstanding Performance Shares with respect to which the applicable Performance Period has not been completed shall be paid out
as soon as practicable as follows:

(i)       

all
Performance Objectives applicable to the Award of Performance Shares shall be deemed to have been satisfied to the extent necessary
to earn one hundred percent (100%) of the Performance Shares covered by the Award;

(ii)       

the
applicable Performance Period shall be deemed to have been completed upon occurrence of the Change of Control;

(iii)       

the
payment to the Participant in settlement of the Performance Shares shall be the amount determined by the Board, in its sole discretion,
or in the manner stated in the Award Agreement, as multiplied by a fraction, the numerator of which is the number of full calendar
months of the applicable Performance Period that have elapsed prior to occurrence of the Change of Control, and the denominator
of which is the total number of months in the original Performance Period; and

(iv)       

upon
the making of any such payment, the Award Agreement as to which it relates shall be deemed terminated and of no further force
and effect; and

10.1.3       

all
outstanding shares of Restricted Stock with respect to which the restrictions have not lapsed shall be deemed vested, and all
such restrictions shall be deemed lapsed and the Restriction Period ended.

10.2.       

Anything
contained herein to the contrary notwithstanding, upon the dissolution or liquidation of the Company, each Award granted under
the Plan and then outstanding shall terminate; provided, however, that following the adoption of a plan of dissolution or liquidation,
and in any event prior to the effective date of such dissolution or liquidation, each such outstanding Award granted hereunder
shall be exercisable in full and all restrictions shall lapse, to the extent set forth in Section 10.1.1, 10.1.2
and 10.1.3 above.

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10.3.       

After
the merger of one or more corporations into the Company or any Affiliate, any merger of the Company into another corporation,
any consolidation of the Company or any Affiliate of the Company and one or more corporations, or any other corporate reorganization
of any form involving the Company as a party thereto and involving any exchange, conversion, adjustment or other modification
of the outstanding shares of the Common Stock, each Participant shall, at no additional cost, be entitled, upon any exercise of
such Participant’s Stock Option, to receive, in lieu of the number of shares as to which such Stock Option shall then be
so exercised, the number and class of shares of stock or other securities or such other property to which such Participant would
have been entitled to pursuant to the terms of the agreement of merger or consolidation or reorganization, if at the time of such
merger or consolidation or reorganization, such Participant had been a holder of record of a number of shares of Common Stock
equal to the number of shares as to which such Stock Option shall then be so exercised. Comparable rights shall accrue to each
Participant in the event of successive mergers, consolidations or reorganizations of the character described above. The Board
may, in its sole discretion, provide for similar adjustments upon the occurrence of such events with regard to other outstanding
Awards under this Plan. The foregoing adjustments and the manner of application of the foregoing provisions shall be determined
by the Board in its sole discretion. Any such adjustment may provide for the elimination of any fractional shares which might
otherwise become subject to an Award. All adjustments made as the result of the foregoing in respect of each Incentive Stock Option
shall be made so that such Incentive Stock Option shall continue to be an Incentive Stock Option, as defined in Section 422 of
the Code.

ARTICLE
XI.

AMENDMENT AND TERMINATION

11.1.       

Subject
to the provisions of Section 11.2, the Board of Directors at any time and from time to time may amend or terminate the
Plan as may be necessary or desirable to implement or discontinue the Plan or any provision hereof. To the extent required by
the Act or the Code, however, no amendment, without approval by the Company’s shareholders, shall:

11.1.1       

materially
alter the group of persons eligible to participate in the Plan;

11.1.2       

except
as provided in Section 3.4, change the maximum aggregate number of shares of Common Stock that are available for Awards
under the Plan; or

11.1.3       

alter
the class of individuals eligible to receive an Incentive Stock Option or increase the limit on Incentive Stock Options set forth
in Section 4.1.4 or the value of shares of Common Stock for which an Eligible Employee may be granted an Incentive Stock
Option.

11.2.       

No
amendment to or discontinuance of the Plan or any provision hereof by the Board of Directors or the shareholders of the Company
shall, without the written consent of the Participant, adversely affect (in the sole discretion of the Board) any Award theretofore
granted to such Participant under this Plan; provided, however, that the Board retains the right and power to:

11.2.1       

annul
any Award if the Participant is terminated for cause as determined by the Board; and

11.2.2       

convert
any outstanding Incentive Stock Option to a Nonqualified Stock Option.

    		2017 Equity Incentive Plan
 Monaker Group, Inc.
 21 of 24
	 

    	 

    

 

11.3.       

If
a Change of Control has occurred, no amendment or termination shall impair the rights of any person with respect to an outstanding
Award as provided in ARTICLE X.

ARTICLE
XII.

MISCELLANEOUS PROVISIONS

12.1.       

Nothing
in the Plan or any Award granted hereunder shall confer upon any Participant any right to continue in the employ of the Company
or its Affiliates or to serve as a Director or shall interfere in any way with the right of the Company or its Affiliates or the
shareholders of the Company, as applicable, to terminate the employment of a Participant or to release or remove a Director at
any time. Unless specifically provided otherwise, no Award granted under the Plan shall be deemed salary or compensation for the
purpose of computing benefits under any employee benefit plan or other arrangement of the Company or its Affiliates for the benefit
of their respective employees unless the Company shall determine otherwise. No Participant shall have any claim to an Award until
it is actually granted under the Plan and an Award Agreement has been executed and delivered to the Company. To the extent that
any person acquires a right to receive payments from the Company under the Plan, such right shall, except as otherwise provided
by the Board, be no greater than the right of an unsecured general creditor of the Company. All payments to be made hereunder
shall be paid from the general funds of the Company, and no special or separate fund shall be established and no segregation of
assets shall be made to assure payment of such amounts, except as provided in ARTICLE VII with respect to Restricted Stock
and except as otherwise provided by the Board.

12.2.       

The
Plan and the grant of Awards shall be subject to all applicable federal and state laws, rules, and regulations and to such approvals
by any government or regulatory agency as may be required. Any provision herein relating to compliance with Rule 16b-3 under the
Act shall not be applicable with respect to participation in the Plan by Participants who are not subject to Section 16 of the
Act.

12.3.       

The
terms of the Plan shall be binding upon the Company, its successors and assigns.

12.4.       

Neither
a Stock Option nor any other type of equity-based compensation provided for hereunder shall be transferable except as provided
for in Section 6.2. In addition to the transfer restrictions otherwise contained herein, additional transfer restrictions
shall apply to the extent required by federal or state securities laws. If any Participant makes such a transfer in violation
hereof, any obligation hereunder of the Company to such Participant shall terminate immediately.

12.5.       

This
Plan and all actions taken hereunder shall be governed by the laws of the State of Nevada.

12.6.       

Each
Participant exercising an Award hereunder agrees to give the Board prompt written notice of any election made by such Participant
under Section 83(b) of the Code, or any similar provision thereof.

    		2017 Equity Incentive Plan
 Monaker Group, Inc.
 22 of 24
	 

    	 

    

 

12.7.       

If
any provision of this Plan or an Award Agreement is or becomes or is deemed invalid, illegal or unenforceable in any jurisdiction,
or would disqualify the Plan or any Award Agreement under any law deemed applicable by the Board, such provision shall be construed
or deemed amended to conform to applicable laws, or if it cannot be construed or deemed amended without, in the determination
of the Board, materially altering the intent of the Plan or the Award Agreement, it shall be stricken, and the remainder of the
Plan or the Award Agreement shall remain in full force and effect.

12.8.       

The
grant of an Award pursuant to this Plan shall not affect in any way the right or power of the Company or any of its Affiliates
to make adjustments, reclassification, reorganizations, or changes of its capital or business structure, or to merge or consolidate,
or to dissolve, liquidate or sell, or to transfer all or part of its business or assets.

12.9.       

The
Plan is not subject to the provisions of ERISA or qualified under Section 401(a) of the Code.

12.10.       

If
a Participant is required to pay to the Company an amount with respect to income and employment tax withholding obligations in
connection with (i) the exercise of a Nonqualified Stock Option, (ii) certain dispositions of Common Stock acquired upon the exercise
of an Incentive Stock Option, or (iii) the receipt of Common Stock pursuant to any other Award, then the issuance of Common Stock
to such Participant shall not be made (or the transfer of shares by such Participant shall not be required to be effected, as
applicable) unless such withholding tax or other withholding liabilities shall have been satisfied in a manner acceptable to the
Company. To the extent provided by the terms of an Award Agreement, the Participant may satisfy any federal, state or local tax
withholding obligation relating to the exercise or acquisition of Common Stock under an Award by any of the following means (in
addition to the Company’s right to withhold from any compensation paid to the Participant by the Company) or by a combination
of such means: (i) tendering a cash payment; (ii) authorizing the Company to withhold shares of Common Stock from the shares of
Common Stock otherwise issuable to the Participant as a result of the exercise or acquisition of Common Stock under the Award,
provided, however, that no shares of Common Stock are withheld with a value exceeding the minimum amount of tax required to be
withheld by law; or (iii) delivering to the Company owned and unencumbered shares of Common Stock.

12.11.       

Compliance
with other laws.

12.11.1       For
Reporting Persons:

(i)       

the
Plan is intended to satisfy the provisions of Rule 16b-3;

(ii)       

all
transactions involving Participants who are subject to Section 16(b) of the Exchange Act of 1934, as amended, are subject to the
provisions of Rule 16b-3 regardless of whether they are set forth in the Plan; and

(iii)       

any
provision of the Plan that conflicts with Rule 16b-3 does not apply to the extent of the conflict.

    		2017 Equity Incentive Plan
 Monaker Group, Inc.
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12.11.2       

If
any provision of the Plan, any Award, or Award Agreement conflicts with the requirements of Code Section 162(m) or 422 for Awards
subject to these requirements, then that provision does not apply to the extent of the conflict.

12.11.3       

Notwithstanding
any other provision of the Plan, the Board and each applicable Committee shall administer the Plan and exercise all authority
and discretion under the Plan to satisfy the requirements of Code Section 409A or any exemption thereto.

12.11.4       

Notwithstanding
any other provision of the Plan, if, for an Employee of a parent company, the conversion of an Incentive Stock Option to a Nonqualified
Stock Option or the treatment of an Incentive Stock Option as a Nonqualified Stock Option would not satisfy the requirements of
Code Section 409A or an exemption thereto, as determined by the Board in its exclusive discretion, then the Incentive Stock Option
shall terminate on the date that it would no longer qualify as an Incentive Stock Option as determined by the Board in its exclusive
discretion.

12.12.       

Any
reference in the Plan to a written document includes any document delivered electronically or posted on the Company’s intranet.

12.13.       

The
headings and captions in the Plan are inserted as a matter of convenience for organizational purposes, and do not construe, define,
extend, interpret, or limit any provision of the Plan.

12.14.       

Whenever
the context may require, any pronoun includes the corresponding masculine, feminine, or neuter form, and the singular includes
the plural and vice versa.

12.15.       

Any
reference in the Plan to a statutory or regulatory provision includes corresponding successor provisions.

12.16.       

The
proceeds from the sale of shares pursuant to Awards granted under the Plan shall constitute general funds of the Company.

12.17.       

Nothing
contained in the Plan or in any Award agreement executed pursuant hereto shall be deemed to confer upon any individual or entity
to whom an Award is or may be granted hereunder any right to remain in the employ or service of the Company or a parent or subsidiary
of the Company or any entitlement to any remuneration or other benefit pursuant to any consulting or advisory arrangement.

 

    		2017 Equity Incentive Plan
 Monaker Group, Inc.
 24 of 24Exhibit

FOURTH AMENDMENT
TO 
THIRD AMENDED AND RESTATED  
LOAN AND SECURITY AGREEMENT

THIS FOURTH AMENDMENT TO THIRD AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT (this “Amendment”) is entered into this 31st day of August, 2017, by and between SILICON VALLEY BANK, a California banking corporation (“Bank”) and QUICKLOGIC CORPORATION, a Delaware corporation (“Borrower”) whose address is 1277 New Orleans Drive, Sunnyvale, CA 94089-1138.
RECITALS
A.    Bank and Borrower have entered into that certain Third Amended and Restated Loan and Security Agreement dated as of June 30, 2014, as amended by that certain First Amendment to Third Amended and Restated Loan and Security Agreement dated as of September 26, 2014, that certain Second Amendment to Third Amended and Restated Loan and Security Agreement dated as of September 25, 2015, and that certain Third Amendment to Third Amended and Restated Loan and Security Agreement dated as of February 10, 2016 (as the same may from time to time be further amended, modified, supplemented or restated, the “Loan Agreement”).  
B.    Bank has extended credit to Borrower for the purposes permitted in the Loan Agreement.  
C.    Borrower has requested that Bank amend the Loan Agreement to make certain revisions, each as more fully set forth herein.
D.    Bank has agreed to so amend certain provisions of the Loan Agreement, but only to the extent, in accordance with the terms, subject to the conditions and in reliance upon the representations and warranties set forth below.
AGREEMENT
NOW, THEREFORE, in consideration of the foregoing recitals and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows:
1.Definitions.  Capitalized terms used but not defined in this Amendment shall have the meanings given to them in the Loan Agreement.
2.    Amendments to Loan Agreement.

2.1    Section 2.4(b) (Fees).  Section 2.4(b) of the Loan Agreement is hereby amended and restated in its entirety and replaced with the following:

1
BN 30255653v3

“(b)    Revolving Line of Credit Fee.  A non-refundable Committed Non-Formula Revolving Line fee, fully earned on the Fourth Amendment Effective Date and due and payable within 10 Business Days of the Fourth Amendment Effective Date in an amount equal to $17,500.”  
2.2    Section 6.8 (Financial Covenants).  Section 6.8  of the Loan Agreement is hereby amended and restated in its entirety and replaced with the following:
“6.8    Financial Covenants.  Borrower will comply with each of the following financial covenants:
(a)    Quick Ratio (Adjusted).  Borrower will maintain a ratio, tested as of the last day of each month, of (a) Quick Assets to (b) the result of (i) Current Liabilities minus (ii) the current portion of Deferred Revenue plus (iii) the long-term portion of the Obligations, of at least 1.40 to 1.00.
(b)    Cash.  Unrestricted cash or Cash Equivalents at Bank or at any of Bank’s Affiliates at all times in an amount of at least $6,000,000.”
2.3    Section 13 (Definitions).  
(a)    Revolving Maturity Date.  The definition of “Revolving Maturity Date” set forth in Section 13.1 of the Loan Agreement is hereby amended and restated in its entirety and replaced with the following:
 ““Revolving Maturity Date” is September 24, 2018.”  
(b)    Fourth Amendment Effective Date.  The definition of “Fourth Amendment Effective Date” is hereby added to Section 13.1 of the Loan Agreement in appropriate alphabetical order as set forth below:
““Fourth Amendment Effective Date” is the date of the Fourth Amendment to Third Amended and Restated Loan and Security Agreement.”
2.4    Exhibits.  Exhibit C of the Loan Agreement is hereby amended and restated in its entirety with Exhibit C set forth in Exhibit A attached hereto.  
3.    Limitation of Amendments.
3.1    The amendments set forth in Section 2, above, are effective for the purposes set forth herein and shall be limited precisely as written and shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or (b) otherwise prejudice any right or remedy which Bank may now have or may have in the future under or in connection with any Loan Document.
3.2    This Amendment shall be construed in connection with and as part of the Loan Documents and all terms, conditions, representations, warranties, covenants and agreements 

2
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set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed and shall remain in full force and effect.
4.    Representations and Warranties.  To induce Bank to enter into this Amendment, Borrower hereby represents and warrants to Bank as follows:
4.1    Immediately after giving effect to this Amendment (a) the representations and warranties contained in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which case they are true and correct as of such date), and (b) no Event of Default has occurred and is continuing;
4.2    Borrower has the power and authority to execute and deliver this Amendment and to perform its obligations under the Loan Agreement, as amended by this Amendment;
4.3    The organizational documents of Borrower delivered to Bank on the Closing Date remain true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force and effect;
4.4    The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, have been duly authorized; 
4.5    The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not and will not contravene (a) any law or regulation binding on or affecting Borrower, (b) any contractual restriction with a Person binding on Borrower, (c) any order, judgment or decree of any court or other governmental or public body or authority, or subdivision thereof, binding on Borrower, or (d) the organizational documents of Borrower; 
4.6    The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by any governmental or public body or authority, or subdivision thereof, binding on either Borrower, except as already has been obtained or made; and
4.7    This Amendment has been duly executed and delivered by Borrower and is the binding obligation of Borrower, enforceable against Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and equitable principles relating to or affecting creditors’ rights.
5.    Integration.  This Amendment and the Loan Documents represent the entire agreement about this subject matter and supersede prior negotiations or agreements.  All prior agreements, understandings, representations, warranties, and negotiations between the parties about 

3
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the subject matter of this Amendment and the Loan Documents merge into this Amendment and the Loan Documents.
6.    Counterparts.  This Amendment may be executed in any number of counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument.
7.    Effectiveness.  This Amendment shall be deemed effective upon the due execution and delivery to Bank of this Amendment by each party hereto.
[Signature Pages Follow]

4
BN 30255653v3

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

	
		
	BANK
	BORROWER

	

SILICON VALLEY BANK

By:  /s/ Ted Wilson
Name: Ted Wilson
Title:  Managing Director
	

QUICKLOGIC CORPORATION

By:  /s/ Sue Cheung
Name: Sue Cheung
Title:  CFO

 

    
FOURTH AMENDMENT TO THIRD AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT

EXHIBIT A

EXHIBIT C

FORM OF COMPLIANCE CERTIFICATE
QUICKLOGIC CORPORATION
		
	TO:
	SILICON VALLEY BANK

3003 Tasman Drive
Santa Clara, CA 95054

		
	FROM:
	QUICKLOGIC CORPORATION

1227 Orleans Drive
Sunnyvale, CA  94089-1138

The undersigned authorized officer (“Officer”) of QuickLogic Corporation (“Borrower”) certifies that under the terms and conditions of the Third Amended and Restated Loan and Security Agreement between Borrower and Silicon Valley Bank (as amended, restated, supplemented or other modified from time to time, the “Agreement”), (i) Borrower is in complete compliance for the period ending _______________ with all required covenants except as noted below and (ii) all representations and warranties in the Agreement are true and correct in all material respects on this date, except for representations and warranties made as of a specific earlier date, which are to be true and correct in all material respects as of such earlier date.  Attached are the required documents supporting the certification.  The Officer certifies that these are prepared in accordance with Generally Accepted Accounting Principles (GAAP) consistently applied from one period to the next except as explained in an accompanying letter, footnotes or year-end adjustments.  The Officer acknowledges that no borrowings may be requested at any time or date of determination that Borrower is not in compliance with any of the terms of the Agreement, and that compliance is determined not just at the date this certificate is delivered.
Please indicate compliance status by circling Yes/No under “Complies” column.
	
				
	Reporting and Financial Covenants
	Required
	Complies

	Monthly financial statements, Compliance Certificate
	Monthly within 45 days
	Yes
	No

	Board Approved Projections
	Annual within 60 days of FYE or the date provided to Borrowers’ Board
	Yes
	No

	Accounts Payable and Accounts Receivable Listings
	Within 30 days of the end of each month
	Yes
	No

	10-Q, 10-K, and 8-K
	Within 5 days after filing with SEC
	Yes
	No

	Quick Ratio Adjusted
	Monthly; ≥ 1.40:1.00
	Yes
	No

	Minimum Cash
	Monthly; ≥ $6,000,000
	Yes
	No

	Have there been updates to Borrower’s intellectual property, if appropriate?
	Yes
	No

Exhibit A
BN 30255653v3

The following financial covenant analys[is][es] and information set forth in Schedule 1 attached hereto are true and accurate as of the date of this Certificate.

The following are the exceptions with respect to the certification above:  (If no exceptions exist, state “No exceptions to note.”)

----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

[Signature page follows]

	
		
	QUICKLOGIC CORPORATION

By:                  
Name:                  
Title:                  

	BANK USE ONLY

Received by:            
AUTHORIZED SIGNER
Date:                  

Verified:               
AUTHORIZED SIGNER
Date:                  

Compliance Status:   Yes     No

Exhibit A
BN 30255653v3

Schedule 1 to Compliance Certificate
Financial Covenants of Borrower

Calculations as of:    ____________________

I.    ADJUSTED QUICK RATIO (Section 6.8(a))

Required:   1.40:1.00                                                                                                  $_________

Actual:

	
			
	A.
	Aggregate value of the unrestricted cash and cash equivalents of  
Borrower and its Subsidiaries held at Bank
	$________

	B.
	Aggregate value of the net billed accounts receivable of Borrower  
and its Subsidiaries
	$________

	C.
	Aggregate value of the Investments with maturities of fewer than 12 months of Borrower and its Subsidiaries held at Bank or its affiliates
	$________

	D.
	Quick Assets (the sum of lines A through C)
	$________

	E.
	Current Liabilities
	$________

	F.
	the current portion of Deferred Revenue
	$________

	G.
	the long-term portion of the aggregate value of Obligations to Bank
	$________

	H.
	line E minus line F plus line G minus 
	$________

	J.
	Quick Ratio (line D divided by line H)
	$________

Is line J equal to or greater than 1.40:1.00?

 ̈ No, not in compliance     ̈ Yes, in compliance

II.    CASH (Section 6.8(b))

Required:    $6,000,000

Actual:

	
			
	A.
	Value of Line III. (Cash)
	$__________

Is line A equal to or greater than $6,000,000?

 ̈ No, not in compliance     ̈ Yes, in compliance

Exhibit A
BN 30255653v3

PRO FORMA INVOICE FOR LOAN CHARGES

		
	BORROWER:
	QUICKLOGIC CORPORATION

LOAN OFFICER:        ____________

DATE:                ____________

Loan Fee    $_____
Documentation Fee    _____

TOTAL FEES DUE    $______

{   }   A check for the total amount is attached.

{   }   Debit DDA # __________________ for the total amount.

    

BORROWER:

                    
Authorized Signer        (Date)

SILICON VALLEY BANK

                    
Loan Officer Signature        (Date)

BN 30255653v3

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