Document:

Exhibit
10.02

 

EXECUTIVE
EMPLOYMENT AGREEMENT

 

This
EXECUTIVE EMPLOYMENT AGREEMENT (the “Agreement”) dated August 22, 2018 (the “Effective Date”)
by and between Solis Tek Inc., a company incorporated under the laws of Nevada (the “Company”), and Tiffany
Davis, an individual (the “Executive”) with reference to the following facts:

 

WHEREAS,
Executive currently serves as the Chief Operating Officer of the Company;

 

WHEREAS,
the Company wishes to retain Executive as its Chief Operating Officer; and

 

WHEREAS,
the parties wish to enter into this Agreement directly between Executive and the Company, on the terms and conditions contained
in this Agreement, which will supersede all prior agreements and understandings between the Company and Executive, oral or written
with respect to its subject matter.

 

NOW
THEREFORE, in consideration of the mutual covenants contained herein, the parties, intending to be legally bound, agree as follows:

 

1. Definitions.
As used in this Agreement, the following terms shall have the following meanings:

 

	 	(a)
    	“Board”
    means the Board of Directors of the Company.
	 	 	 
	 	(b)
    	“Cause”
    means any of the following:

 

	 	 	(i)	the
    commission of an act of fraud, embezzlement or dishonesty by Executive, or the commission of some other illegal act by Executive
    (other than traffic violations or other offenses or violations outside of the course of Executive’s employment), that
    has a demonstrable material adverse impact on the Company or any successor or affiliate thereof, provided however,
    that no act shall be deemed an illegal act, if such act would otherwise be legal, but for 21 U.S.C. § 801 et seq.
    (a/k/a the “Controlled Substances Act”). 
	 	 	 	 
	 	 	(ii)	a
    conviction of, or plea of “guilty” or “no contest” to, a felony by Executive;
	 	 	 	 
	 	 	(iii)	any
    unauthorized use or disclosure by Executive of confidential information or trade secrets of the Company or any successor or
    affiliate thereof that has, or may reasonably be expected to have, a material adverse impact on any such entity;
	 	 	 	 
	 	 	(iv)	Executive’s
    gross negligence, failure to follow a material, lawful and reasonable request of the Company’s chief executive officer
    (“CEO”) or material violation of any duty of loyalty to the Company or any successor or affiliate thereof, or
    any other demonstrable material willful misconduct on the part of Executive;

 

    	 	 	 

    	 

    

 

	 	 	(v)	Executive’s
    ongoing and repeated failure or refusal to perform or neglect of Executive’s duties as required by this Agreement, which
    failure, refusal or neglect continues for thirty (30) days following Executive’s receipt of written notice from the
    Company stating with specificity the nature of such failure, refusal or neglect; or
	 	 	 	 
	 	 	(vi)	Executive’s
    material breach of any Company policy or any material provision of this Agreement;

 

provided,
however, that prior to the determination that “Cause” under this Section 1(b) has occurred, the Company shall
(A) provide to Executive in writing, in reasonable detail, the reasons for the determination that such “Cause” exists,
(B) other than with respect to clause (v) above which specifies the applicable period of time for Executive to remedy her breach,
afford Executive a reasonable opportunity to remedy any such breach, (C) provide Executive an opportunity to be heard by the Board
(with counsel present) prior to the final decision to terminate Executive’s employment hereunder for such “Cause”
and (D) make any decision that such “Cause” exists in good faith and with the approval of two-thirds (2/3rds) of the
independent members of the Board. For purposes hereof, no act shall be deemed “willful” if taken (or omitted) on the
reasonable belief that it was in the best interest of the Company or upon the advice of counsel or other expert.

 

The
foregoing definition shall not in any way preclude or restrict the right of the Company or any successor or affiliate thereof
to discharge or dismiss Executive for any other acts or omissions, but such other acts or omissions shall not be deemed, for purposes
of this Agreement, to constitute grounds for termination for Cause.

 

(c)
Change in Control. For purposes of this Agreement, “Change in Control” means the first to occur of any
of the following transactions that also constitutes a change in the ownership or effective control of the Company, or a change
in the ownership of a substantial portion of the Company’s assets, as described in Treasury Regulation Section 1.409A-3(i)(5):
(A) a merger or consolidation in which the Company is not the surviving entity, except for a transaction the principal purpose
of which is to change the state in which the Company is incorporated; (B) the sale, transfer or other disposition of all or substantially
all of the assets of the Company (including the capital stock of the Company’s subsidiary corporations); (C) the complete
liquidation or dissolution of the Company; (D) any reverse merger in which the Company is the surviving entity but in which securities
possessing more than fifty percent (50%) of the total combined voting power of the Company’s outstanding securities are
transferred to a person or persons different from those who held such securities immediately prior to such merger; or (E) an acquisition
of the Company in a single or series of related transactions by any person or related group of persons (other than the Company
or by a Company-sponsored employee benefit plan) of beneficial ownership (within the meaning of Rule 13d-3 of the Exchange Act)
of securities possessing more than fifty percent (50%) of the total combined voting power of the Company’s outstanding securities.
Notwithstanding anything to the contrary contained herein, the following transactions shall not constitute a Change in Control
hereunder: (i) a sale by the Company of its securities in a bona fide financing transaction; and (ii) a sale of assets, merger
or other transaction effected exclusively for the purpose of changing the domicile of the Company. To the extent required for
compliance with Section 409A of the Internal Revenue Code, in no event will a Change in Control be deemed to have occurred if
such transaction is not also a “change in the ownership or effective control of” the Company or “a change in
the ownership of a substantial portion of the assets of” the Company as determined under Treasury Regulations Section 1.409A-3(i)(5)
(without regard to any alternative definition thereunder).

 

    	 	 2	 

    	 

    

 

Benefits
upon a Change in Control. In the event of a Change in Control of the Company, in addition to any other benefits Executive is entitled
to pursuant to the terms of this Agreement, the vesting and/or exercisability of twenty-five percent (25%) of the outstanding
unvested equity awards then held by Executive (the “Equity Awards”) shall be accelerated as of immediately
prior to the effective date of the Change of Control transaction. Further, in the event that the Equity Awards are not assumed
or substituted and would otherwise terminate prior to and in connection with the Change in Control, the vesting and/or exercisability
of an additional fifty percent (50%) of the Equity Awards shall be accelerated as of immediately prior to the effective date of
the Change of Control transaction.

 

(d)
 “Code” means the Internal Revenue Code of 1986, as amended from time
to time, and the Treasury Regulations and other interpretive guidance issued thereunder.

 

(e)
 “Good Reason” means the occurrence of any of the following events
or conditions without Executive’s written consent:

 

	 	 	(i)	a
    material reduction of Executive’s title, authority, duties or responsibilities, or the assignment to Executive of duties
    materially inconsistent with Executive’s positions with the Company as stated in Section 2(a) hereof;
	 	 	 	 
	 	 	(ii)	a
    material diminution in Executive’s base compensation, unless a similar reduction is imposed across-the-board to senior
    management of the Company and is not greater than 15%;
	 	 	 	 
	 	 	(iii)	a
    material change in the geographic location at which Executive must perform her duties (and the parties acknowledge that a
    relocation of Executive’s principal office to a location more than twenty-five (25) miles from the Company’s then
    current offices (excepting reasonable travel on the Company’s business) shall constitute a material change for purposes
    of this clause (iii)); 
	 	 	 	 
	 	 	(iv)	any
    other action or inaction that constitutes a material breach by the Company or any successor or affiliate of its obligations
    to Executive under this Agreement; or
	 	 	 	 
	 	 	(v)	the
    Company’s delivery of a Non-Renewal Notice (as hereinafter defined).

 

    	 	 3	 

    	 

    

 

Executive
must provide written notice to the Company of the occurrence of any of the foregoing events or conditions without Executive’s
written consent within ninety (90) days of the occurrence of such event. The Company or any successor or affiliate shall have
a period of thirty (30) days to cure such event or condition after receipt of written notice of such event from Executive. “Good
Reason” shall not exist unless and until the Company fails to cure the condition within the allotted timeframe.

 

(f)
 “Involuntary Termination” means (i) Executive’s Separation
from Service by reason of Executive’s discharge by the Company (or its successor(s) within twelve (12) months following
a Change in Control) other than for Cause, or (ii) Executive’s Separation from Service by reason of Executive’s resignation
of employment with the Company (or its successor(s) within twelve (12) months following a Change in Control) for Good Reason.
Executive’s Separation from Service by reason of Executive’s death or discharge by the Company following Executive’s
Permanent Disability shall not constitute an Involuntary Termination. Executive’s Separation from Service by reason of resignation
from employment with the Company for Good Reason shall be an “Involuntary Termination” only if such Separation from
Service occurs within six (6) months following the initial existence of the act or failure to act constituting Good Reason, and
then only after an opportunity to cure has been provided in accordance with Section 1(d), or within twelve (12) months following
a Change in Control, as provided for hereinabove in this Sub-section.

 

(g)
 “Permanent Disability” of Executive shall be deemed to have occurred
if Executive shall become physically or mentally incapacitated or disabled or otherwise unable fully to discharge her duties hereunder
for a period of ninety (90) consecutive calendar days or for one hundred twenty (120) calendar days in any one hundred eighty
(180) calendar-day period. The existence of Executive’s Permanent Disability shall be determined by the Company on the advice
of a physician chosen by the Company and the Company reserves the right to have Executive examined by a physician chosen by the
Company at the Company’s expense.

 

(h)
 “Separation from Service,” with respect to Executive, means Executive’s
“separation from service,” as defined in Treasury Regulation Section 1.409A-1(h).

 

(i)
 “Stock Awards” means all stock options, restricted stock and such
other awards granted pursuant to the Company’s stock option and equity incentive award plans or agreements and any shares
of stock issued upon exercise thereof.

 

2. Services
to Be Rendered.

 

(a) Duties
and Responsibilities. Executive shall continue to serve as Chief Operating Officer of the Company. In the performance of such
duties, Executive shall report directly to and shall be subject to the direction of the CEO. In the event of the CEO’s incapacity
or unavailability, Executive shall be subject to the direction of the President or other person so designated by the Board. Executive
shall be employed by the Company on a full-time basis. Executive’s primary place of work shall be the Company’s executive
offices in Carson, California, or such other location within the Los Angeles metropolitan area as may be designated by the CEO
from time to time. Executive shall also render services at such other places within or outside the United States as the CEO may
direct from time to time. Executive shall be subject to and comply with the policies and procedures generally applicable to senior
executives of the Company to the extent the same are not inconsistent with any term of this Agreement.

 

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(b) Exclusive
Services. Executive shall at all times faithfully, industriously and to the best of her ability, experience and talent perform
to the satisfaction of the Company all of the duties that may be assigned to Executive hereunder and shall devote substantially
all of her productive time and efforts to the performance of such duties. Executive agrees that she will not join any boards,
other than community and civic boards (which do not interfere with her duties to the Company), without the prior approval of the
Board, such approval not to be unreasonably withheld or delayed. Except as provided below, the Company shall be entitled to all
benefits, profits or other issues arising from or incidental to all work, services and advice performed or provided by Executive.
Provided that the activities listed below do not materially interfere with Executive’s duties and responsibilities to the
Company and are not otherwise prohibited by this Agreement, nothing in this Agreement shall preclude Employee from:

 

	 	 	(i)	Serving
    as a member or owner of any organization involving no conflict of interest with the Company, provided that Executive must
    obtain the prior written approval of the Board, which approval shall not be unreasonably withheld or delayed;
	 	 	 	 
	 	 	(ii)	Serving
    as a consultant in her area of expertise to government, commercial and academic panels where it does not conflict with the
    interests of the Company; and
	 	 	 	 
	 	 	(iii)	Managing
    her personal investments, including owning shares of companies whose securities are publicly traded, so long as such securities
    do not constitute more than five percent (5%) of the outstanding securities of any such company.

 

3. Compensation
and Benefits. The Company shall pay or provide, as the case may be, to Executive the compensation and other benefits and rights
set forth in this Section 3.

 

(a) Base
Salary. As of the Effective Date, the Company shall pay to Executive a base salary (the “Base Salary”)
of $230,000 per year, payable in accordance with the Company’s usual pay practices (and in any event no less frequently
than monthly).

 

(b) Annual
Salary Increase. The Base Salary shall increase at an annual rate of eight percent (8%) of the Base Salary in effect for the
year immediately preceding such increase. Executive’s Base Salary shall be subject to review annually by the Board and/or
the Compensation Committee and may be greater increased but not decreased.

 

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(c) Annual
Bonus. Executive shall be entitled to participate in any bonus plan that the Board and/or Compensation Committee of the Board
or its designee may approve for the senior executives of the Company. Any bonus awarded under this Section 3(c) shall be calculated
following the close of the fiscal year to which the bonus relates, and paid in a lump sum by no later than two and one-half (2
1⁄2) months following the end of the fiscal year in which such bonus award is earned, provided that Executive remains employed
on the date of payment (and has not given notice of resignation).

 

(d)
 Signing Bonus. The Company shall pay to Executive a lump sum signing bonus of
$55,000 within thirty (30) days of the Effective Date.

 

(e) Performance-Based
Bonus. In addition to any other compensation that Executive is entitled to under this Agreement, and subject to the conditions
set forth in this Section 3(d), the Company shall pay to Executive an annual performance-based bonus (the “Performance-Based
Bonus”) as follows:

 

	 	(i)	If
    the Company’s total gross, top-line revenue for the fiscal year in which such bonus award is earned has increased by
    at least twenty percent (20%) from the prior fiscal year, Executive shall receive thirty percent (30%) of the Base Salary
    for the fiscal year in which such bonus award is earned, plus an option to purchase one percent (1%) of the Company’s
    total outstanding shares of common stock on the last trading day of the fiscal year in which such bonus award is earned, exercisable
    immediately upon issuance for a period of five (5) years, at 100% of the closing price of the Company’s common stock
    on the last trading day of the fiscal year in which such bonus award is earned; or
	 	 	 
	 	(ii)	If
    the Company’s total gross, top-line revenue for the fiscal year in which such bonus award is earned has increased by
    at least thirty percent (30%) from the prior fiscal year, Executive shall receive fifty percent (50%) of the Base Salary for
    the fiscal year in which such bonus award is earned, plus an option to purchase one percent (1%) of the Company’s total
    outstanding shares of common stock on the last trading day of the fiscal year in which such bonus award is earned, exercisable
    immediately upon issuance for a period of five (5) years, at 100% of the closing price of the Company’s common stock
    on the last trading day of the fiscal year in which such bonus award is earned.

 

Any
Performance-Based Bonus awarded under this Section 3(d) shall be calculated following the close of the fiscal year to which the
bonus relates, and paid in a lump sum by no later than two and one-half (2 1⁄2) months following the end of the fiscal year
in which such bonus award is earned, provided that Executive remains employed on the date of payment (and has not given notice
of resignation).

 

    	 	 6	 

    	 

    

 

(f) Equity
Awards. On the Effective Date, the Company shall grant to Executive an option to purchase three percent (3%) of the Company’s
total outstanding shares of common stock, exercisable at any time, for a period of five (5) years at one hundred percent (100%)
of the closing price on the last trading day preceding the Effective Date. Subsequently, on the (i) first (1st), (ii)
second (2nd) and (iii) third (3rd) year anniversaries of the Effective Date, the Company shall grant to
Executive an option to purchase (i) two percent (2%), (ii) two percent (2%) and (iii) three percent (3%), respectively, of the
Company’s then total outstanding shares of common stock exercisable, for a five (5) year period from the date of each grant,
at one hundred percent (100%) of the closing price on the last trading day preceding the first (1st), second (2nd),
and third (3rd) anniversaries of the Effective Date, respectively. Executive has the right to execute such options
on a “net exercise” or similar “cashless” conversion. Executive shall also be entitled to participate
in any equity or other employee benefit plan that is generally available to senior executive officers, as distinguished from general
management, of the Company. Except as otherwise provided in this Agreement, Executive’s participation in and benefits under
any such plan shall be on the terms and subject to the conditions specified in the governing document of the particular plan.
Executive shall also receive a stock equity grant of 750,000 shares vesting on the Effective Date.

 

(g) Benefits.
Executive shall be entitled to participate in benefits under the Company’s benefit plans, profit sharing and arrangements,
including, without limitation, any employee benefit plan or arrangement made available in the future by the Company to its employees
or senior executives, subject to and on a basis consistent with the terms, conditions and overall administration of such plans
and arrangements. The Company shall have the right to amend or delete any such benefit plan or arrangement made available by the
Company to its employees or senior executives and not otherwise specifically provided for herein. Notwithstanding the foregoing,
during the Employment Term (as hereinafter defined), the Company will provide, at the Company’s expense, health and major
medical insurance benefits to the Executive and her family members which are at least equal to the benefits provided to the Executive
and her family members immediately prior to the Effective Date.

 

(h) Expenses.
The Company shall promptly reimburse Executive for reasonable out-of-pocket business expenses incurred in connection with the
performance of her duties hereunder, subject to (i) such policies as the Company may from time to time establish, (ii) Executive
furnishing the Company with evidence in the form of receipts satisfactory to the Company substantiating the claimed expenditures,
and (iii) Executive receiving advance approval from the CEO in the case of expenses (or a series of related expenses) in excess
of $5,000.

 

(i) Vacation.
Executive shall have the right to four weeks of vacation during each successive one year period of her employment by the Company,
which vacation time shall be taken at such time or times in each such one year period so as not to materially and adversely interfere
with the performance of his responsibilities under this Agreement. Executive shall not be entitled to carry over any unused vacation
time from one year to the next and any accrued but unused vacation time will be waived. In addition, Executive shall be entitled
to additional paid time off in accordance with the policies of the Company applicable to senior management personnel from time
to time.

 

    	 	 7	 

    	 

    

 

(j) Withholding.
The Company shall be entitled to withhold from amounts payable or benefits accorded to Executive under this Agreement all federal,
state and local income, employment and other taxes, as and in such amounts as may be required by applicable law.

 

4. Employment
Term. The term of this Agreement (as it may be extended by the following sentence or terminated earlier pursuant to Section
5, the “Employment Term”) shall begin on the Effective Date and end on the third (3rd) anniversary
of the Effective Date. The Employment Term shall be automatically extended for additional one-year periods unless, at least sixty
(60) days prior to the end of the expiration of the Employment Term, Executive or the Company notifies the other party in writing
(a “Non-Renewal Notice”) that it does not wish to extend such Employment Term. Executive’s employment
hereunder shall be coterminous with the Employment Term, unless sooner terminated as provided in Section 5.

 

5. Termination;
Severance. Executive shall be entitled to receive benefits upon a Separation from Service only as set forth in this Section
5:

 

(a) General.
Either the Company or Executive may terminate Executive’s employment hereunder, for any reason, at any time prior to the
expiration of the Employment Term, upon thirty (30) days prior written notice to the other party. Upon termination of Executive’s
employment hereunder for any reason, Executive shall be deemed simultaneously to have resigned from any other position or office
she may at the time hold with the Company or any of its affiliates. In addition, upon termination of Executive’s employment
hereunder for any reason, including, without limitation, expiration of the Employment Term, the Company shall (i) reimburse Executive
for any expenses properly incurred under Section 3(g) and which have not previously been reimbursed as of the effective date of
the termination, (ii) pay Executive for any accrued, but unused, vacation time as of the effective date of the termination, and
(iii) pay Executive for any other accrued and unpaid compensation under Section 3, including, but not limited to, Base Salary
through and including the effective date of termination (the “Termination Date”) (collectively, the “Accrued
Compensation”). The Accrued Compensation will be paid in a lump sum on the Termination Date or on the first business
day after the Termination Date, if the Termination Date falls on a weekend or holiday.

 

(b) Separation
from Service by Death or Following Permanent Disability. Subject to Sections 5(e) and 10(p) and Executive’s continued
compliance with Section 6, in the event of Executive’s Separation from Service as a result of Executive’s death or
discharge by the Company following Executive’s Permanent Disability, Executive or Executive’s estate, as applicable,
shall be entitled to receive her base salary through the end of the month in which Executive’s Separation from Service occurs
as a result of Executive’s death or Permanent Disability.

 

(c) Severance
upon Involuntary Termination. Subject to Sections 5(e) and 10(p) and Executive’s continued compliance with Section 6,
if Executive’s employment is Involuntarily Terminated, Executive shall be entitled to receive, in lieu of any severance
benefits to which Executive may otherwise be entitled under any severance plan or program of the Company, the benefits provided
below, which, with respect to clause (ii) and the last sentence of clause (iii) (if applicable) will be payable in a lump sum
within ten (10) days following the effective date of Executive’s Release (as hereinafter defined):

 

    	 	 8	 

    	 

    

 

	 	 	(i)	the
    Company shall pay to Executive her fully earned but unpaid base salary, when due, through the date of Executive’s Involuntary
    Termination at the rate then in effect (without regard to any reduction in salary that gave rise to an event of Good Reason),
    plus all other benefits, if any, under any Company group retirement plan, nonqualified deferred compensation plan, equity
    award plan or agreement, health benefits plan or other Company group benefit plan to which Executive may be entitled pursuant
    to the terms of such plans or agreements at the time of Executive’s Involuntary Termination;
	 	 	 	 
	 	 	(ii)	Executive
    shall be entitled to receive severance pay in an amount equal to the base salary payable to Executive under Section 3(a) of
    this Agreement from the date of Executive’s Involuntary Termination until the one year anniversary of such Involuntary
    Termination (the “Severance Period”); 
	 	 	 	 
	 	 	(iii)	During
    the Severance Period (or, if earlier, until the date on which the applicable continuation period under COBRA expires), the
    Company shall arrange to provide Executive and her eligible dependents who were covered under the Company’s health insurance
    plans as of the date of Executive’s Involuntary Termination with health (including medical, dental and vision) insurance
    benefits substantially similar to those provided to Executive and his dependents immediately prior to the date of such Involuntary
    Termination. If any of the Company’s health benefits are self-funded as of the date of Executive’s Involuntary
    Termination, or if the Company cannot provide the foregoing benefits in a manner that is exempt from Section 409A (as defined
    below) or that is otherwise compliant with applicable law (including, without limitation, Section 2716 of the Public Health
    Service Act), instead of providing continued health insurance benefits as set forth above, the Company shall instead pay to
    Executive an amount equal to (A) the number of months from the date of Executive’s Involuntary Termination until the
    end of the Employment Term, as appropriate multiplied by (B) the monthly premium Executive would be required to pay for continuation
    coverage pursuant to COBRA for Executive and her eligible dependents who were covered under the Company’s health plans
    as of the date of Executive’s Involuntary Termination (calculated by reference to the premium as of the date of Involuntary
    Termination); and

 

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	 	 	(iv)	That
    portion of the Stock Awards that would have vested over the Severance Period shall be automatically accelerated so as to be
    immediately vested as of the date of Involuntary Termination and any vested options or similar award (e.g., a stock appreciation
    right) may be exercised at any time during the Severance Period (subject to earlier termination (A) in connection with a recapitalization
    or similar transaction pursuant to the Company’s equity incentive plans governing such Stock Awards or (B) the contractual
    term of the Stock Award), or if longer, through the date such vested options or similar award are exercisable under the terms
    of the applicable Stock Award.

 

(d) Termination
for Cause or Voluntary Resignation Without Good Reason. In the event of Executive’s termination of employment as a result
of Executive’s discharge by the Company for Cause or Executive’s resignation without Good Reason (other than as a
result of Executive’s death or Separation from Service by reason of discharge by the Company following Executive’s
Permanent Disability), the Company shall not have any other or further obligations to Executive under this Agreement (including
any financial obligations) except that Executive shall be entitled to receive the Accrued Compensation. In addition, in the event
of Executive’s Separation from Service as a result of Executive’s discharge by the Company for Cause or Executive’s
resignation without Good Reason (other than as a result of Executive’s death or Separation from Service by reason of discharge
by the Company following Executive’s Permanent Disability), all vesting of Executive’s unvested Stock Awards previously
granted to her by the Company shall cease and none of such unvested Stock Awards shall be exercisable following the 90th
day following the date of such termination. The foregoing shall be in addition to, and not in lieu of, any and all other
rights and remedies which may be available to the Company under the circumstances, whether at law or in equity.

 

(e)
Termination in Connection with a Change in Control Event. Subject to Sections 5(f) and 10(p) and Executive’s continued
compliance with Section 6, if Executive’s employment is Involuntarily Terminated within twelve (12) months after consummation
of a Change in Control transaction or within ninety (90) days prior to the consummation of a Change in Control or if terminated
after an agreement has been executed that contemplates the consummation of an Change in Control but before it closes, Executive
shall be entitled to receive, in addition to (A) any severance benefits to which Executive may otherwise be entitled under any
severance plan or program of the Company and (B) pursuant to Section 5(c) hereof, the vesting and/or exercisability of any outstanding
unvested portions of such Stock Awards shall be automatically accelerated so as to be immediately vested and exercisable as of
the date of Involuntary Termination and shall remain exercisable through the Severance Period (subject to earlier termination
(A) in connection with a recapitalization or similar transaction pursuant to the Company’s equity incentive plans governing
such Stock Awards or (B) the contractual term of the Stock Award).

 

(f) Release.
As a condition to Executive’s receipt of any post-termination benefits pursuant to Sections 5(b), (c) or (d) above, Executive
(or, in the event of Executive’s incapacity as a result of his Permanent Disability, Executive’s legal representative)
shall execute and not revoke a general release of all claims in favor of the Company (the “Release”) in a form
reasonably acceptable to the Company. In the event the Release does not become effective within the fifty-five (55) day period
following the date of Executive’s Separation from Service, Executive shall not be entitled to the aforesaid payments and
benefits.

 

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(g) Exclusive
Remedy. Except as otherwise expressly required by law (e.g., COBRA) or as specifically provided herein, all of Executive’s
rights to salary, severance, benefits, bonuses and other amounts hereunder (if any) accruing after the termination of Executive’s
employment shall cease upon such termination. In the event of Executive’s termination of employment with the Company, Executive’s
sole remedy shall be to receive the payments and benefits described in this Section 5. In addition, Executive acknowledges and
agrees that she is not entitled to any reimbursement by the Company for any taxes payable by Executive as a result of the payments
and benefits received by Executive pursuant to this Section 5, including, without limitation, any excise tax imposed by Section
4999 of the Code.

 

(h) No
Mitigation. Executive shall not be required to mitigate the amount of any payment provided for in this Section 5 by seeking
other employment or otherwise, nor shall the amount of any payment or benefit provided for in this Section 5 be reduced by any
compensation earned by Executive as the result of employment by another employer or self-employment or by retirement benefits;
provided, however, that loans, advances or other amounts owed by Executive to the Company may be offset by the Company
against amounts payable to Executive under this Section 5.

 

(i) Return
of the Company’s Property. In the event of Executive’s termination of employment for any reason, the Company shall
have the right, at its option, to require Executive to vacate her offices prior to or on the effective date of separation and
to cease all activities on the Company’s behalf. Upon Executive’s termination of employment in any manner, as a condition
to Executive’s receipt of any severance benefits described in this Agreement, Executive shall immediately surrender to the
Company all lists, books and records of, or in connection with, the Company’s business, and all other property belonging
to the Company, it being distinctly understood that all such lists, books and records, and other documents, are the property of
the Company. Executive shall deliver to the Company a signed statement certifying compliance with this Section 5(h) prior to the
receipt of any severance benefits described in this Agreement.

 

6. Certain
Covenants.

 

(a) Confidential
Information. Executive recognizes and acknowledges that by reason of Executive’s employment by and service to the Company
before, during and, if applicable, after the Employment Term, Executive will have access to certain confidential and proprietary
information relating to the Company’s business, which may include, but is not limited to, unique business strategies, theories
and concepts, information regarding plans, strategies, opportunities, processes, ideas, research and know-how developed by or
for the Company, trade secrets, patents, other intellectual property, clinical studies, regulatory dossiers, manufacturing, marketing,
personnel, financial data, technical information, methods, processes, formulae and information which Company has obtained from
third parties (collectively referred to as “Confidential Information”). Executive acknowledges that such Confidential
Information is a valuable and unique asset of the Company and Executive covenants that he will not, unless expressly authorized
in writing by the Company, at any time during the course of Executive’s employment use any Confidential Information or divulge
or disclose any Confidential Information to any person, firm or corporation except in connection with the performance of Executive’s
duties for the Company and in a manner consistent with the Company’s policies regarding Confidential Information. Executive
also covenants that at any time after the termination of such employment, directly or indirectly, she will not use any Confidential
Information or divulge or disclose any Confidential Information to any person, firm or corporation, unless such information is
in the public domain through no fault of Executive or except when required to do so by a court of law, by any governmental agency
having supervisory authority over the business of the Company or by any administrative or legislative body (including a committee
thereof) with apparent jurisdiction to order Executive to divulge, disclose or make accessible such information. All written Confidential
Information (including, without limitation, in any computer or other electronic format) which comes into Executive’s possession
during the course of Executive’s employment shall remain the property of the Company. Except as required in the performance
of Executive’s duties for the Company, or unless expressly authorized in writing by the Company, Executive shall not remove
any written Confidential Information from the Company’s premises, except in connection with the performance of Executive’s
duties for the Company and in a manner consistent with the Company’s policies regarding Confidential Information. Upon termination
of Executive’s employment, Executive agrees to return immediately to the Company all written Confidential Information (including,
without limitation, in any computer or other electronic format) in Executive’s possession. As a condition of Executive’s
continued employment with the Company and in order to protect the Company’s interest in such proprietary information, the
Company shall be allowed to require Executive’s execution of a confidentiality agreement and/or proprietary information
and inventions agreement, as reasonably requested by the Board not inconsistent with the provisions of this paragraph 6(b).

 

    	 	 11	 

    	 

    

 

(b) Solicitation
of Employees. During the Restricted Period, Executive shall not, directly or indirectly, solicit or encourage any person to
leave the employment of the Company or any of its affiliates, any employee of the Company or any of its affiliates.

 

(c) Solicitation
of Consultants and other Third Parties. During the Restricted Period, Executive shall not, directly or indirectly, hire, solicit
or encourage any person to cease work with the Company or any of its affiliates, consultants, distributors, licensees or other
third party partners then under contract with the Company or any of its affiliates within one year of the termination of such
consultant’s engagement by the Company or any of its affiliates.

 

(d) Rights
and Remedies Upon Breach. If Executive breaches or threatens to commit a breach of any of the provisions of this Section 6
(the “Restrictive Covenants”), the Company shall have the following rights and remedies, each of which rights
and remedies shall be independent of the other and severally enforceable, and all of which rights and remedies shall be in addition
to, and not in lieu of, any other rights and remedies available to the Company under law or in equity:

 

    	 	 12	 

    	 

    

 

 

	 	 	(i)	Specific
    Performance. The right and remedy to have the Restrictive Covenants specifically enforced by any court having equity jurisdiction
    by way of a temporary restraining order, preliminary injunction, permanent injunction, or other equitable remedy, all without
    the need to post a bond or any other security or to prove any amount of actual damage or that money damages would not provide
    an adequate remedy, it being acknowledged and agreed that any such breach or threatened breach may cause irreparable injury
    to the Company and that money damages will not provide adequate remedy to the Company; and
	 	 	 	 
	 	 	(ii)	Accounting
    and Indemnification. The right and remedy to require Executive (A) to account for and pay over to the Company all compensation,
    profits, monies, accruals, increments or other benefits derived or received by Executive or any associated party deriving
    such benefits as a result of any such breach of the Restrictive Covenants; 

 

(e) Definitions.
For purposes of this Section 6, the term “Company” means not only Solis Tek Inc., but also any company, partnership
or entity which, directly or indirectly, controls, is controlled by or is under common control with Solis Tek Inc.

 

7. Insurance;
Indemnification.

 

(a) Insurance.
The Company shall have the right to take out life, health, accident, “key-man” or other insurance covering Executive,
in the name of the Company and at the Company’s expense in any amount deemed appropriate by the Company. Executive shall
assist the Company in obtaining such insurance, including, without limitation, submitting to any required examinations and providing
information and data required by insurance companies.

 

(b) Indemnification.
Executive will be provided with indemnification against third party claims related to her work for the Company to the fullest
extent permitted by California law. The Company shall provide Executive with directors and officers liability insurance coverage
at least as favorable as that which the Company shall maintain for members of the Board and other executive officers.

 

8. General
Relationship. Executive shall be considered an employee of the Company within the meaning of all federal, state and local
laws and regulations including, but not limited to, laws and regulations governing unemployment insurance, workers’ compensation,
industrial accident, labor and taxes.

 

9. Representations
and Warranties of Executive. Executive hereby represents and warrants to the Company that (a) the execution, delivery and
performance of this Agreement by Executive does not and shall not conflict with, breach, violate or cause a default under any
agreement, contract or instrument to which the Executive is a party or any judgment, order or decree to which Executive is subject,
(b) Executive is not a party to or bound by any employment agreement, (c) Executive is not a party to or bound by any consulting
agreement, non-compete agreement, confidentiality agreement or similar agreement with any other person or entity that would affect
the Company or the obligations of Executive hereunder and (d) upon the execution and delivery of this Agreement by the Company
and Executive, this Agreement will be a valid and binding obligation of Executive, enforceable in accordance with its terms.

 

    	 	 13	 

    	 

    

 

10. Miscellaneous.

 

(a) Modification;
Prior Claims. This Agreement sets forth the entire understanding of the parties with respect to the subject matter hereof,
supersedes all existing agreements between them concerning such subject matter. This Agreement may be amended or modified only
with the written consent of Executive and an authorized representative of the Company. No oral waiver, amendment or modification
will be effective under any circumstances whatsoever.

 

(b) Assignment;
Assumption by Successor. The rights of the Company under this Agreement may, without the consent of Executive, be assigned
by the Company, in its sole and unfettered discretion, to any person, firm, corporation or other business entity which at any
time, (whether direct or indirect and whether by purchase, lease, merger, consolidation, liquidation or otherwise, acquires all
or substantially all of the assets or business of the Company. The Company will require any successor(s) (whether direct or indirect,
by purchase, merger or otherwise) to all or substantially all of the business or assets of the Company expressly to assume and
to agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it
if no such succession had taken place; provided, however, that no such assumption shall relieve the Company of its
obligations hereunder. As used in this Agreement, the “Company” shall mean the Company as hereinbefore defined
and any successor to its business and/or assets as aforesaid which assumes and agrees to perform this Agreement by operation of
law or otherwise.

 

(c) Survival.
The covenants, agreements, representations and warranties contained in or made in Sections 3(e), 3(f), 5, 6, 7, 9 and 10 of this
Agreement shall survive the termination of Executive’s employment.

 

(d) Third-Party
Beneficiaries. This Agreement does not create, and shall not be construed as creating, any rights enforceable by any person
not a party to this Agreement.

 

(e) Waiver.
The failure of either party hereto at any time to enforce performance by the other party of any provision of this Agreement shall
in no way affect such party’s rights thereafter to enforce the same, nor shall the waiver by either party of any breach
of any provision hereof be deemed to be a waiver by such party of any other breach of the same or any other provision hereof.

 

(f) Section
Headings. The headings of the several sections in this Agreement are inserted solely for the convenience of the parties and
are not a part of and are not intended to govern, limit or aid in the construction of any term or provision hereof.

 

    	 	 14	 

    	 

    

 

(g) Notices.
Any notice required or permitted by this Agreement shall be in writing and shall be delivered as follows with notice deemed given
as indicated: (i) by personal delivery when delivered personally; (ii) by overnight courier upon written verification of receipt;
(iii) by email, telecopy or facsimile transmission upon acknowledgment of receipt of electronic transmission; or (iv) by certified
or registered mail, return receipt requested, upon verification of receipt. Notice shall be sent to Executive at the address listed
on the Company’s personnel records and to the Company at its principal place of business, or such other address as either
party may specify in writing.

 

(h) Severability.
All Sections, clauses and covenants contained in this Agreement are severable, and in the event any of them shall be held to be
invalid by any court, this Agreement shall be interpreted as if such invalid Sections, clauses or covenants were not contained
herein.

 

(i) Governing
Law. This Agreement shall be governed by, and construed in accordance with and subject to, the laws of the State of California
applicable to agreements made and to be performed entirely within such state without regard to its conflicts of law rules.

 

(j) Jurisdiction
and Venue. The Company and Executive hereby irrevocably and unconditionally submit, for themselves and their property, to
the exclusive jurisdiction of the California State courts or the United States District Court for the Central District of California,
and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or for recognition
or enforcement of any judgment, and the Company and Executive hereby irrevocably and unconditionally agree that all claims in
respect of any such action or proceeding may be heard and determined in any such California State court or, to the extent permitted
by law, in the United States District Court for the Central District of California. The Company and Executive irrevocably waive,
to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in
any such court. The Company and Executive agree that a final judgment in any such action or proceeding shall be conclusive and
may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.

 

(k) Non-transferability
of Interest. None of the rights of Executive to receive any form of compensation payable pursuant to this Agreement shall
be assignable or transferable except through a testamentary disposition or by the laws of descent and distribution upon the death
of Executive. Any attempted assignment, transfer, conveyance, or other disposition (other than as aforesaid) of any interest in
the rights of Executive to receive any form of compensation to be made by the Company pursuant to this Agreement shall be void.

 

(l) Gender.
Where the context so requires, the use of the masculine gender shall include the feminine and/or neuter genders and the singular
shall include the plural, and vice versa, and the word “person” shall include any corporation, firm, partnership or
other form of association.

 

(m) Counterparts.
The parties may execute this Agreement in multiple counterparts, each of which constitutes an original as against the party that
signed it, and both of which together constitute one agreement. The signatures of both parties need not appear on the same counterpart.
In the event that any signature is delivered by facsimile transmission or by an e-mail which contains a portable document format
(.pdf) file of an executed signature page, such signature page shall create a valid and binding obligation of the party executing
(or on whose behalf such signature is executed) with the same force and effect as if such signature page were an original thereof.

 

    	 	 15	 

    	 

    

 

(n) Construction.
The language in all parts of this Agreement shall in all cases be construed simply, according to its fair meaning, and not strictly
for or against any of the parties hereto. Without limitation, there shall be no presumption against any party on the ground that
such party was responsible for drafting this Agreement or any part thereof.

 

(o) Withholding
and other Deductions. All compensation payable to Executive hereunder shall be subject to such deductions as the Company is
from time to time required to make pursuant to law, governmental regulation or order.

 

(p) Code
Section 409A.

 

	 	 	(i)	This
    Agreement is not intended to provide for any deferral of compensation subject to Section 409A of the Code, and, accordingly,
    the severance payments payable under Sections 5(c)(ii) and 5(c)(iii) shall be paid no later than the later of: (A) the fifteenth
    (15th) day of the third month following Executive’s first taxable year in which such severance benefit is no longer
    subject to a substantial risk of forfeiture, and (B) the fifteenth (15th) day of the third month following first taxable year
    of the Company in which such severance benefit is no longer subject to substantial risk of forfeiture, as determined in accordance
    with Code Section 409A and any Treasury Regulations and other guidance issued thereunder. To the extent applicable, this Agreement
    shall be interpreted in accordance with Code Section 409A and Department of Treasury regulations and other interpretive guidance
    issued thereunder.
	 	 	 	 
	 	 	(ii)	If
    Executive is a “specified employee” (as defined in Section 409A of the Code), as determined by the Company in
    accordance with Section 409A of the Code, on the date of Executive’s Separation from Service, to the extent that the
    payments or benefits under this Agreement are subject to Section 409A of the Code and the delayed payment or distribution
    of all or any portion of such amounts to which Executive is entitled under this Agreement is required in order to avoid a
    prohibited distribution under Section 409A(a)(2)(B)(i) of the Code, then such portion deferred pursuant to this Section 9(p)(ii)
    shall be paid or distributed to Executive in a lump sum on the earlier of (A) the date that is six (6)-months following Executive’s
    Separation from Service, (B) the date of Executive’s death or (C) the earliest date as is permitted under Section 409A
    of the Code. Any remaining payments due under the Agreement shall be paid as otherwise provided herein.

 

    	 	 16	 

    	 

    

 

	 	 	(iii)	To
    the extent applicable, this Agreement shall be interpreted in accordance with the applicable exemptions from Section 409A
    of the Code. If Executive and the Company determine that any payments or benefits payable under this Agreement intended to
    comply with Sections 409A(a)(2), (3) and (4) of the Code do not comply with Section 409A of the Code, Executive and the Company
    agree to amend this Agreement, or take such other actions as Executive and the Company deem reasonably necessary or appropriate,
    to comply with the requirements of Section 409A of the Code and the Treasury Regulations thereunder (and any applicable transition
    relief) while preserving the economic agreement of the parties. To the extent that any provision in this Agreement is ambiguous
    as to its compliance with Section 409A of the Code, the provision shall be read in such a manner that no payments payable
    under this Agreement shall be subject to an “additional tax” as defined in Section 409A(a)(1)(B) of the Code.
	 	 	 	 
	 	 	(iv)	Any
    reimbursement of expenses or in-kind benefits payable under this Agreement shall be made in accordance with Treasury Regulation
    Section 1.409A-3(i)(1)(iv) and shall be paid on or before the last day of Executive’s taxable year following the taxable
    year in which Executive incurred the expenses. The amount of expenses reimbursed or in-kind benefits payable in one year shall
    not affect the amount eligible for reimbursement or in-kind benefits payable in any other taxable year of Executive’s,
    and Executive’s right to reimbursement for such amounts shall not be subject to liquidation or exchange for any other
    benefit.
	 	 	 	 
	 	 	(v)	In
    the event that the amounts payable under Sections 5(c)(ii) and 5(c)(iii) are subject to Section 409A of the Code and the timing
    of the delivery of Executive’s Release could cause such amounts to be paid in one or another taxable year, then notwithstanding
    the payment timing set forth in such sections, such amounts shall not be payable until the later of (A) the payment date specified
    in such Section or (B) the first business day of the taxable year following Executive’s Separation from Service.

 

    	 	 17	 

    	 

    

 

IN
WITNESS WHEREOF, the undersigned, intending to be legally bound, have executed this Agreement as of the date first written above.

 

	EXECUTIVE:	 	SOLIS TEK INC.
	 	 	 
	/s/
    TIFFANY DAVIS	 	/s/ ALAN LIEN
	Tiffany
    Davis	 	Name:	Alan
    Lien 
	 	 	Title:	Chief
    Executive Officer

 

    	 	 18MONAKER GROUP, INC. 8-K

 

Exhibit
10.1

  

PROMISSORY
NOTE

	$300,000.00
	August
                                         23, 2018

FOR
VALUE RECEIVED, the undersigned, Monaker Group, Inc, a Nevada company, having an address at 2893 Executive Park
Drive, Suite 201, Weston FL 33331 (“Borrower”), promises to pay to the order of the Donald P. Monaco
Insurance Trust (“Lender”), located at 353 E. Liberty Drive, Wheaton, IL 60187, the principal sum of THREE
HUNDRED Thousand ($300,000.00) Dollars (the “Principal
Amount”), together with interest on the unpaid Principal Amount thereof from the date of the execution (the
“Execution Date”), at the rates provided herein until September 30th , 2018 (the
“Maturity Date”); provided, however, that from and after (i) the Maturity Date, whether upon stated
maturity, acceleration or otherwise, or (ii) the date on which the interest rate hereunder is increased to the Default
Rate (as hereinafter defined) as provided herein, such additional interest shall be computed at the Default Rate. The Term
Period for this Promissory Note is from the date first written above until September 30th, 2018.

As
used herein, the term “Default Rate” shall mean a rate of interest of eighteen percent (18.0%) per annum, but
in no event shall the Default Rate be in excess of the Maximum Rate (as hereinafter defined).

Principal
and interest hereunder shall be payable from the Execution Date, interest on the Principal Amount outstanding hereof shall accrue
at the rate of twelve (12.0%) percent per annum, for the period beginning on and including the Execution Date to the Maturity
Date of the Loan. All principal, interest and other sums due hereunder shall be due and payable in full on the Maturity Date.

This
Note may be prepaid in whole or in part at any time, without penalty or premium.

Borrower
and each surety, endorser and guarantor hereof hereby waive all demands for payment, presentations for payment, notices of intention
to accelerate maturity, notices of acceleration of maturity, demand for payment, protest, notice of protest and notice of dishonor,
to the extent permitted by law. Borrower further waives trial by jury. No extension of time for payment of this Note or any installment
hereof, no alteration, amendment or waiver of any provision of this Note and no release or substitution of any collateral securing
Borrower’s obligations hereunder shall release, modify, amend, waive, extend, change, discharge, terminate or affect the
liability of Borrower under this Note.

Any
forbearance by the holder of this Note in exercising any right or remedy hereunder or under any other agreement or instrument
in connection with the Loan or otherwise afforded by applicable law, shall not be a waiver or preclude the exercise of

 

     

     

    

 

any
right or remedy by the holder of this Note. The acceptance by the holder of this Note of payment of any sum payable hereunder
after the due date of such payment shall not be a waiver of the right of the holder of this Note to require prompt payment when
due of all other sums payable hereunder or to declare a default for failure to make prompt payment.

If
this Note is placed in the hands of an attorney for collection, Borrower shall pay all costs incurred and reasonable attorneys’
fees for legal services in the collection effort, whether or not suit be brought.

At
the election of the holder of this Note, all payments due hereunder may be accelerated, and this Note shall become immediately
due and payable without notice or demand, upon the occurrence of any of the following events (each an “Event of Default”):
(1) Borrower fails to pay on or before the date due, any amount of principal and/or interest payable hereunder; (2) Borrower fails
to perform or observe any other term or provision of this Note with respect to payment; provided, however, that
Borrower shall be provided with a ten (10) calendar day period to cure same; (3) Borrower fails to perform or observe any other
term or provision of this Note; provided, however, that Borrower shall be provided with written notice from Lender
of any non-monetary default under this Note and a thirty (30) calendar day period to cure same; or (4) there exists a default
under or misrepresentation contained in any other agreement, document or certificate of Borrower in connection with the Loan,
which default is not cured within any grace period expressly provided therefor in such document. In addition to the rights and
remedies provided herein, the holder of this Note may exercise any other right or remedy in any other document, instrument or
agreement evidencing, securing or otherwise relating to the indebtedness evidenced hereby in accordance with the terms thereof,
or under applicable law, all of which rights and remedies shall be cumulative.

If
this Note is transferred in any manner, the right, option or other provisions herein shall apply with equal effect in favor of
any subsequent holder hereof.

Notwithstanding
anything to the contrary contained herein, under no circumstances shall the aggregate amount paid or agreed to be paid hereunder
exceed the highest lawful rate permitted under applicable usury law (the “Maximum Rate”) and the payment obligations
of Borrower under this Note are hereby limited accordingly. If under any circumstances, whether by reason of advancement or acceleration
of the maturity of the unpaid principal balance hereof or otherwise, the aggregate amounts paid on this Note shall include amounts
which by law are deemed interest and which would exceed the Maximum Rate, Borrower stipulates that payment and collection of such
excess amounts shall have been and will be deemed to have been the result of a mistake on the part of both Borrower and the holder
of this Note, and the party receiving such excess payments shall promptly credit such excess (to the extent only of such payments
in excess of the Maximum Rate) against the unpaid principal balance hereof and any portion of such excess payments not capable
of being so credited shall be refunded to Borrower.

 

     

     

    

 

All
payments of principal and interest hereunder are payable in lawful money of the United States of America and shall be made as
instructed by Lender.

Borrower
is hereby prohibited from exercising against Lender, any right or remedy which it might otherwise be entitled to exercise against
Lender, including, without limitation, any right of setoff or any defense. Any other claim that Borrower may have, arising from
or related to the transaction evidenced by this Note shall be asserted only against the Lender.

This
Note shall be binding on the parties hereto and their respective heirs, legal representatives, executors, successors and assigns.

This
Note shall be construed without any regard to any presumption or rule requiring construction against the party causing such instrument
or any portion thereof to be drafted.

This
Note shall be governed by the laws of the State of Florida without regard to choice of law consideration. Borrower hereby irrevocably
consents to the jurisdiction of the courts of the State of Florida and of any federal court located in such State in connection
with any action or proceeding arising out of or relating to this Note or the Agreement.

This
Note may not be changed or terminated orally.

A
determination that any portion of this Note is unenforceable or invalid shall not affect the enforceability or validity of any
other provision, and any determination that the application of any provision of this Note to any person or circumstance is illegal
or unenforceable shall not affect the enforceability or validity of such provision to the extent legally permissible and otherwise
as it may apply to other persons or circumstances.

JURY
TRIAL WAIVER. BORROWER AGREES THAT ANY SUIT, ACTION OR PROCEEDING, WHETHER CLAIM OR COUNTERCLAIM, BROUGHT BY BORROWER OR THE HOLDER
OF THIS NOTE ON OR WITH RESPECT TO THIS NOTE OR ANY OTHER LOAN DOCUMENT OR THE DEALINGS OF THE PARTIES WITH RESPECT HERETO OR
THERETO, SHALL BE TRIED ONLY BY A COURT AND NOT BY A JURY. BORROWER AND LENDER EACH HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY
WAIVE ANY RIGHT TO A TRIAL BY JURY IN ANY SUCH SUIT, ACTION OR PROCEEDING. BORROWER ACKNOWLEDGES AND AGREES THAT AS OF THE DATE
HEREOF THERE ARE NO DEFENSES OR OFFSETS TO ANY AMOUNTS DUE IN CONNECTION WITH THE LOAN. FURTHER, BORROWER WAIVES ANY RIGHT IT
MAY HAVE TO CLAIM OR RECOVER, IN ANY SUCH SUIT, ACTION OR PROCEEDING, ANY SPECIAL, EXEMPLARY, PUNITIVE, CONSEQUENTIAL OR OTHER
DAMAGES OTHER

 

     

     

    

 

THAN,
OR IN ADDITION TO, ACTUAL DAMAGES. BORROWER ACKNOWLEDGES AND AGREES THAT THIS PARAGRAPH IS A SPECIFIC AND MATERIAL ASPECT OF THIS
NOTE AND THAT LENDER WOULD NOT EXTEND CREDIT TO BORROWER IF THE WAIVERS SET FORTH IN THIS PARAGRAPH WERE NOT A PART OF THIS NOTE.

[Remainder
of this page intentionally left blank.]

 

 

 

    	 

    	 

    

IN
WITNESS WHEREOF, the undersigned has executed this Note on the date set forth above. 

	WITNESS:	 	BORROWER:
	 	 	 
	 	 	Monaker Group, Inc,
    a Nevada company

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