Document:

Exhibit 10.3

 

TRADEMARK SECURITY AGREEMENT

 

This TRADEMARK SECURITY
AGREEMENT (this “Agreement”) dated as of November
17, 2014, is between ELEPHANT TALK EUROPE HOLDING B.V., a besloten vennootschap met beperkte aansprakelijkheid organized
under the laws of the Netherlands (“Company”) and ATALYA ADMINISTRATIVE LLC, a New York limited liability
company, acting in it capacity as Collateral Agent for the benefit of itself and the other Secured Parties party to the Credit
Agreement referred to below (in such capacity, “Collateral Agent”).

 

W I T N E S S E T H:

 

WHEREAS
pursuant to the terms of that certain Credit Agreement dated as of the date hereof (as amended, restated, supplemented or otherwise
modified from time to time, the “Credit Agreement”), by and among Company, as borrower (“Borrower”),
ELEPHANT TALK COMMUNICATIONS CORP., a Delaware corporation (“Parent”), any subsidiaries of Parent that
are guarantors or become guarantors pursuant to Section 8.10 of the Credit Agreement (including Parent, the “Guarantors”,
and, together with Borrower, the “Credit Parties”), the lenders from time to time party thereto (the
“Lenders”), and ATALYA ADMINISTRATIVE LLC, a New York limited liability company, as Administrative Agent
for the Lenders (“Administrative Agent”) and Collateral Agent, Administrative Agent and the Lenders have
agreed to extend credit and make certain financial accommodations to Borrower.

 

WHEREAS
as of the date hereof, Company has become a party to that certain U.S. Security Agreement (as defined in the Credit Agreement),
pursuant to which the Company has granted to Collateral Agent a security interest and continuing lien on all of Company’s
right, title and interest in, to and under all Collateral, including the Trademark Collateral (as defined below), and all Collateral
in each case whether now owned or existing or hereafter acquired or arising to secure the prompt and complete payment and performance
of all Obligations (as defined in the Credit Agreement) including the obligations of Company under the Credit Agreement;

 

WHEREAS the parties
to the Credit Agreement contemplate and intend that, if an Event of Default (as defined in the Credit Agreement) shall occur and
be continuing, Collateral Agent shall have all rights of a secured party in and to the Trademark Collateral and any proceeds thereof,
including, without limitation, the right to exercise and enforce its rights remedies under the U.S. Security Agreement and under
the other Credit Documents in connection with all of Company’s right, title and interest in the Trademark Collateral; and

 

WHEREAS
pursuant to the Credit Agreement and the U.S. Security Agreement, Company is required to execute and deliver this Agreement.

 

NOW,
THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein contained, Company agrees
as follows:

 

		Section 1.	Defined Terms

 

Unless otherwise defined
herein, terms defined in the U.S. Security Agreement and used herein have the meaning given to them in the U.S. Security Agreement.

 

    	 

    	 

    

 

 

		Section 2.	Grant of Security Interest in Trademarks

 

The Company hereby
grants to Collateral Agent a security interest in all of its right, title and interest in, to and under the Trademarks, including
the Trademark listed in Schedule A, in each case whether now owned or hereafter acquired (collectively, the “Trademark
Collateral”).

 

		Section 3.	Security for Obligations

 

This Agreement secures,
and the Trademark Collateral is collateral security for, the prompt and complete payment or performance in full when due, whether
at stated maturity, by required prepayment, declaration, acceleration, demand or otherwise of all Obligations.

 

		Section 4.	Security Agreement

 

The security interests
granted pursuant to this Agreement are granted in conjunction with the security interests granted to Collateral Agent pursuant
to the U.S. Security Agreement, and Company hereby acknowledges and affirms that the rights and remedies of Collateral Agent with
respect to the security interest in the Trademark Collateral made and granted hereby are more fully set forth in the U.S. Security
Agreement, the terms and provisions of which are incorporated by reference herein as if fully set forth herein. In the event of
any irreconcilable conflict between the terms of this Agreement and the terms of the U.S. Security Agreement, the terms of the
U.S. Security Agreement shall control.

 

		Section 5.	Recordation

 

The Company hereby
authorizes and requests that the Commissioner for Trademarks and any other applicable United States government officer record this
Agreement.

 

		Section 6.	Miscellaneous

 

This Agreement shall
be governed by, and construed in accordance with the laws of the State of New York.

 

This Agreement may
be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original,
but all of which when taken together shall constitute a single agreement.

 

[Remainder of this page intentionally left
blank]

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, Company has caused this Trademark Security Agreement to be duly executed and delivered by its duly authorized
officer as of the date first set forth above.

 

ELEPHANT TALK EUROPE HOLDING B.V.

 

	 	By:	/s/ Mark D.M. Nije
	 	 	Name:  Mark D.M. Nije
	 	 	Title:  Director

 

ATALYA ADMINISTRATIVE LLC,

as Collateral Agent

 

	 	By:	/s/ Michael Bogdan
	 	 	Name:  Michael Bogdan
	 	 	Title:  Authorized SignatoryExhibit 10.1

 

CHINA
JO-JO DRUGSTORES, INC.

 

RESTRICTED
STOCK AWARD AGREEMENT

UNDER
THE 2010 EQUITY INCENTIVE PLAN

 

	Grantee:	 
	 
	Grant
    Date:	 
	 
	Number
    of Shares:	 
	 
	Original
    Value:	$

 

Pursuant
to the China Jo-Jo Drugstores, Inc. 2010 Equity Incentive Plan (the “Plan”) as amended through the date hereof,
China Jo-Jo Drugstores, Inc. (the “Company”) hereby grants a Restricted Stock Award (an “Award”)
to the Grantee named above.  Upon acceptance of this Award, the Grantee shall receive the number of shares of common
stock of the Company, par value $.001 per share (“Par Value”), specified above (the “Shares”)
having a fair value per share (“Original Value”) equal to the amount specified above, subject to the restrictions
and conditions set forth herein and in the Plan.  The Company acknowledges the receipt from the Grantee of consideration
with respect to the Original Value of the Shares in the form of cash, past or future services rendered by the Grantee to the Company,
a subsidiary of the Company and/or an affiliated or related entity which the Company controls (the “Company”),
or such other form of consideration as is acceptable to the Committee.

 

1.
Acceptance of Award.  The Grantee shall have no rights with respect to this Award unless he or she shall
have accepted this Award by signing and delivering to the Company a copy of this Award Agreement.  Upon acceptance
of this Award by the Grantee, the Shares so accepted shall be issued and held by the Company’s transfer agent in book
entry form, subject to Section 3, and the Grantee’s name shall be entered as the stockholder of record on the books of
the Company.  Thereupon, the Grantee shall have all the rights of a stockholder with respect to such shares,
including voting and dividend rights, subject, however, to the restrictions and conditions specified in Section 2
below.

 

2. Restrictions
and Conditions.

 

2.1The
Award granted herein may not be sold, assigned, transferred, pledged, or otherwise encumbered or disposed of by the Grantee prior
to vesting.

 

2.2In
the event Grantee's employment or service as a director/consultant is terminated by the Company “for cause” (as defined
below) or by Grantee for any or no reason, any portion of the Award not vested at the time of such termination shall be automatically
forfeited by the Grantee as of the date of such termination. Termination “for cause” means (i) as to employees or
consultants, termination for cause by the Company as defined in the Plan, this Agreement or in any employment or consulting agreement
between the Company and Grantee, or (ii) as to directors, removal pursuant to the Nevada Revised Statutes.

 

    	 

    	 

    

 

2.3In
the event Grantee’s employment or service as a director/consultant is terminated due to the Disability (as defined in the
Plan) or death of Grantee, or other than “for cause” as defined in Section 2.2 above, the Award shall fully vest on
the date of such termination and be free of any restrictions.

 

2.4In
the event Grantee desires to transfer any Shares prior to the ninety-first (91st) day from the termination of Grantee’s
employment or service as a director/consultant, Grantee shall first offer to sell such Shares to the Company. Grantee shall deliver
to the Company written notice of the intended sale, such notice to specify the number of Shares to be sold, the proposed purchase
price and terms of payment, and grant the Company an option for a period of thirty days following receipt of such notice to purchase
the offered Shares upon the same terms and conditions. To exercise such option, the Company shall give notice of that fact to
Grantee within the thirty (30) day notice period and agree to pay the purchase price in the manner provided in the notice. If
the Company does not purchase all of the Shares so offered during foregoing option period, Grantee shall be under no obligation
to sell any of the offered Shares to the Company, but may dispose of such Shares in any lawful manner during a period of one hundred
and eighty (180) days following the end of such notice period, except that Grantee shall not sell any such Shares to any other
person at a lower price or upon more favorable terms than those offered to the Company.

 

2.5The
Award shall further be subject to the restrictions and conditions set forth in the Plan, including the limitations on transferability.

 

3.
Vesting.  The Shares shall be issued in the amounts and on the dates specified in the following
schedule so long as the Grantee remains an employee or in the services of the Company on such dates.  The
restrictions and conditions of Section 2 shall lapse as to each amount of shares issued according to the schedule
below.  The Committee may at any time accelerate the vesting schedule specified in this Section 3.

 

	Number
    of Shares Vested	Vesting
    Date

 

4.
Dividends.  Dividends on the Shares, if any are declared, shall be paid currently to the Grantee and
shall be subject to the same restrictions as the Shares with regard to which they are issued.

 

5.
Incorporation of Plan.  Notwithstanding anything herein to the contrary, this Agreement shall be
subject to and governed by all the terms and conditions of the Plan, including the powers of the Committee set forth in
Section 1.4 of the Plan.  Capitalized terms in this Agreement shall have the meaning specified in the Plan, unless
a different meaning is specified herein.

 

    	2

    	 

    

 

6.
Notices.  Notices hereunder shall be mailed or delivered to the Company at its principal place of business
and shall be mailed or delivered to the Grantee at the address on file with the Company or, in either case, at such other
address as one party may subsequently furnish to the other party in writing.

 

7.
Invalid Provision. The invalidity or unenforceability of any particular provision thereof shall not affect the
other provisions hereof, and this Agreement shall be construed in all respects as if such invalid or unenforceable provision
had been omitted.

 

8. Modifications. No
change, modification or waiver of any provision of this Agreement shall be valid unless the same is in writing and signed by
the parties hereto.

 

9. Entire
Agreement. This Agreement and the Plan contain the entire agreement and understanding of the parties hereto with
respect to the subject matter contained herein and therein and supersede all prior communications, representations and
negotiations in respect thereto.

 

      10.
Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument.

 

	CHINA
    JO-JO DRUGSTORES, INC.	 	GRANTEE
	 
	By:	 	 	
	Name:	 	 	Name:
	Its:	 	 	 

 

 

3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00238-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00238-of-00352.parquet"}]]