Document:

Exhibit 10.11

 

SECURITIES
ASSIGNMENT AGREEMENT

 

This Securities Assignment
Agreement (this “Agreement”) is entered into as of June 23, 2017, by and among Pensare Sponsor Group, LLC, a
Delaware limited liability company (the “Sponsor”), Pensare Acquisition Corp., a Delaware corporation (the “Company”),
and MasTec, Inc., a Florida corporation (the “Buyer”). The Sponsor, the Company and the Buyer are sometimes
referred to herein individually as a “Party” and collectively as the “Parties.”

 

WHEREAS, the
Buyer wishes to purchase from the Sponsor 1,575,000 shares of the Company’s common stock, $0.0001 par value per share (the
“Shares”), up to 212,074 of which Shares are subject to complete or partial forfeiture (the “forfeiture”)
if the underwriters of the proposed initial public offering (“IPO”) of units of the Company do not fully exercise
their over-allotment option (the “Over-allotment Option”), and the Parties desire to confirm certain other agreements
relating to the IPO, in each case on the terms and subject to the conditions set forth in this Agreement.

 

NOW, THEREFORE,
in consideration of the premises, representations, warranties and the mutual covenants contained in this Agreement, and for other
good and valuable consideration, the receipt, sufficiency and adequacy of which are hereby acknowledged, the parties hereto, intending
to be legally bound, hereby agree as follows:

 

1. Purchase of Securities.

 

		1.1.	Purchase of Shares. For the sum of $5,478 (the “Purchase Price”), which
the Sponsor acknowledges receiving in cash from or on behalf of the Buyer, the Sponsor hereby assigns, sells and transfers the
Shares to the Buyer, and the Buyer hereby purchases the Shares from the Sponsor, subject to forfeiture by the Buyer, on the terms
and subject to the conditions set forth in this Agreement.

 

		1.2.	Commitment to Purchase Warrants. If the IPO is consummated, the Buyer will purchase from
the Company, and the Company will sell to the Buyer, 2,000,000 warrants, at a purchase price of $1.00 per warrant, with each such
warrant exercisable to purchase one share of the Company’s common stock at a purchase price of $11.50, pursuant to a warrant
purchase agreement to be entered into in connection with the consummation of the IPO, in substantially the same form as the warrant
purchase agreement to be entered into between the Company and the Sponsor, and otherwise in form and substance substantially similar
to private placement warrant purchase agreements typically entered into in connection with the consummation of initial public offerings
by special purpose acquisition companies comparable to the Company. Notwithstanding the foregoing, if the Company sells a different
type of security (or more than one type of securities) to the Sponsor in connection with the consummation of the IPO, the Buyer
will purchase from the Company, and the Company will sell to the Buyer, $2,000,000 of the same security purchased from the Company
by the Sponsor (or, in the case of the sale to the Sponsor of more than one type of security, allocated pro rata to the different
types of securities in the same proportions as issued to the Sponsor), at the same prices and on substantially the same terms as
that applicable to the purchase by the Sponsor.

 

    	 

     

    

 

2 Representations, Warranties and Agreements.

 

2.1. Buyer’s
Representations, Warranties and Agreements. To induce the Company and the Sponsor to enter into this Agreement, the Buyer hereby
represents and warrants to the Company and the Sponsor and agrees with the Company and the Sponsor as follows:

 

2.1.1. No Government
Recommendation or Approval. The Buyer understands that no federal or state agency has passed upon or made any recommendation
or endorsement of the offering of the Shares.

 

2.1.2. No Conflicts.
The execution, delivery and performance of this Agreement and the consummation by the Buyer of the transactions contemplated hereby
do not violate, conflict with or constitute a default under (i) the formation and governing documents of the Buyer, (ii) any agreement,
indenture or instrument to which the Buyer is a party or (iii) any law, statute, rule or regulation to which the Buyer is subject,
or any agreement, order, judgment or decree to which the Buyer is subject.

 

2.1.3. Authority.
Upon execution and delivery by you, this Agreement is a legal, valid and binding agreement of Buyer, enforceable against Buyer
in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance
or other laws affecting the enforcement of creditors’ rights generally and subject to general principles of equity (regardless
of whether enforcement is sought in a proceeding at law or in equity).

 

2.1.4. Experience,
Financial Capability and Suitability. Buyer is: (i) sophisticated in financial matters and is able to evaluate the risks and
benefits of the investment in the Shares and (ii) able to bear the economic risk of its investment in the Shares for an indefinite
period of time because the Shares have not been registered under the Securities Act (as defined below) and therefore cannot be
sold unless subsequently registered under the Securities Act or an exemption from such registration is available. Buyer is capable
of evaluating the merits and risks of its investment in the Company and has the capacity to protect its own interests. Buyer must
bear the economic risk of this investment until the Shares are sold pursuant to an effective registration statement under the Securities
Act or an exemption from registration available with respect to such sale. Buyer is able to afford a complete loss of Buyer’s
investment in the Shares.

 

2.1.5. Access to
Information; Independent Investigation. Prior to the execution of this Agreement, the Buyer has had the opportunity to ask
questions of and receive answers from representatives of the Company concerning an investment in the Company, as well as the finances,
operations, business and prospects of the Company, and the opportunity to obtain additional information to verify the accuracy
of all information so obtained. In determining whether to make this investment, Buyer has relied solely on Buyer’s own knowledge
and understanding of the Company and its business based upon Buyer’s own due diligence investigation and the information
furnished pursuant to this paragraph. Buyer understands that no person has been authorized to give any information or to make any
representations which were not furnished pursuant to this Section 2 and Buyer has not relied on any other representations or information
in making its investment decision, whether written or oral, relating to the Company, its operations and/or its prospects.

 

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2.1.6. Accredited
Investor. Buyer represents that it is an “accredited investor” as such term is defined in Rule 501(a) of Regulation
D under the Securities Act of 1933, as amended (the “Securities Act”).

 

2.1.7. Investment
Purposes. The Buyer is purchasing the Shares solely for investment purposes, for the Buyer’s own account and not for
the account or benefit of any other person, and not with a view towards the distribution or dissemination thereof. The Buyer did
not decide to enter into this Agreement as a result of any general solicitation or general advertising within the meaning of Rule
502 under the Securities Act.

 

2.1.8. Restrictions
on Transfer; Shell Company. Buyer understands the Shares will be “restricted securities” within the meaning of
Rule 144(a)(3) under the Securities Act, and Buyer understands that the certificates representing the Shares will contain a legend
in respect of such restrictions. If in the future the Buyer decides to offer, resell, pledge or otherwise transfer the Shares,
such Shares may be offered, resold, pledged or otherwise transferred only pursuant to (i) registration under the Securities Act,
or (ii) an available exemption from registration. Buyer agrees that if any transfer of its Shares or any interest therein is proposed
to be made, as a condition precedent to any such transfer, Buyer may be required to deliver to the Company an opinion of counsel
satisfactory to the Company. Absent registration or an exemption, the Buyer agrees not to resell the Shares. Buyer further acknowledges
that because the Company is a shell company, Rule 144 may not be available to the Buyer for the resale of the Shares until one
year following consummation of the initial business combination by the Company, despite technical compliance with the requirements
of Rule 144 and the release or waiver of any contractual transfer restrictions.

 

2.1.9. No Governmental
Consents. No governmental, administrative or other third party consents or approvals are required, necessary or appropriate
on the part of Buyer in connection with the transactions contemplated by this Agreement.

 

2.2. Company’s
Representations, Warranties and Agreements. To induce the Buyer to enter into this Agreement, the Company hereby represents
and warrants to the Buyer and agrees with the Buyer as follows:

 

2.2.1. Organization
and Corporate Power; Capitalization. The Company is a Delaware corporation and is qualified to do business in every jurisdiction
in which the failure to so qualify would reasonably be expected to have a material adverse effect on the financial condition, operating
results or assets of the Company. The Company possesses all requisite corporate power and authority necessary to carry out the
transactions contemplated by this Agreement. Immediately prior to the consummation of the IPO, the Company will, unless otherwise
consented to in writing by the Buyer, have outstanding (i) no more than 7,187,500 shares of Common Stock (“Founder Shares”),
(ii) warrants to purchase not more than 9,000,000 shares of Common Stock at an exercise price of $11.50 per share and (iii) no
other obligations to issue or rights to purchase or acquire any shares of its capital stock other than those securities offered
in the IPO and the unit purchase options to be granted to the underwriters in connection with the IPO; subject to adjustment in
the case of the foregoing clauses (i) and (ii) in the event of any stock splits, stock dividends, reorganizations or recapitalizations
between the date hereof and the consummation of the IPO.

 

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2.2.2. No Conflicts.
The execution, delivery and performance of this Agreement and the consummation by the Company of the transactions contemplated
hereby do not violate, conflict with or constitute a default under (i) the certificate of incorporation of the Company, (ii) any
agreement, indenture or instrument to which the Company is a party or (iii) any law, statute, rule or regulation to which the Company
is subject, or any agreement, order, judgment or decree to which the Company is subject.

 

2.2.3 No Adverse
Actions. There are no actions, suits, investigations or proceedings pending, threatened against or affecting the Company which
(i) seek to restrain, enjoin, prevent the consummation of or otherwise affect the transactions contemplated by this Agreement or
(ii) question the validity or legality of any transactions or seek to recover damages or to obtain other relief in connection with
any transactions.

 

2.3. Sponsor’s
Representations, Warranties and Agreements. To induce the Buyer to enter into this Agreement, the Sponsor hereby represents
and warrants to the Buyer and agrees with the Buyer as follows:

 

2.3.1. Limited Liability
Company Power. The Sponsor possesses all requisite limited liability company power and authority necessary to carry out the
transactions contemplated by this Agreement.

 

2.3.2. No Conflicts.
The execution, delivery and performance of this Agreement and the consummation by the Sponsor of the transactions contemplated
hereby do not violate, conflict with or constitute a default under (i) the certificate of formation of the Sponsor, (ii) any agreement,
indenture or instrument to which the Sponsor is a party or (iii) any law, statute, rule or regulation to which the Sponsor is subject,
or any agreement, order, judgment or decree to which the Sponsor is subject.

  

2.3.3. Title to
Securities. Upon transfer in accordance with, and payment pursuant to, the terms hereof, (i) the Shares will be duly and validly
issued, fully paid and nonassessable, (ii) the Buyer will have or receive good title to the Shares, free and clear of all liens,
claims and encumbrances of any kind, other than (a) transfer restrictions hereunder and other agreements to which the Shares may
be subject, (b) transfer restrictions under federal and state securities laws, and (c) liens, claims or encumbrances imposed due
to the actions of the Buyer.

 

2.3.4. No Adverse
Actions. There are no actions, suits, investigations or proceedings pending, threatened against or affecting the Sponsor which
(i) seek to restrain, enjoin, prevent the consummation of or otherwise affect the transactions contemplated by this Agreement or
(ii) question the validity or legality of any transactions or seek to recover damages or to obtain other relief in connection with
any transactions.

 

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3. Forfeiture of Shares.

 

3.1. Partial or
No Exercise of the Over-allotment Option. In the event the Over-allotment Option is not exercised in full, the Buyer shall,
following the expiration or termination of the Over-allotment Option, forfeit any and all rights to up to 212,074 Shares (based
upon the percentage of the Over-allotment Option not exercised, and subject to adjustment for any stock splits, stock dividends,
reorganizations and recapitalizations) on a pro rata basis together with all other holders of the Company’s Common Stock
immediately prior to consummation of the IPO (other than the not more than 225,000 shares (subject to adjustment for any stock
splits, stock dividends, reorganizations and recapitalizations) of Common Stock that are to be issued to independent directors
and one advisor to the Company) (the “Initial Holders”) such that immediately following such forfeiture, the
Buyer and all other Initial Holders prior to the IPO will own an aggregate number of Shares (excluding shares issuable upon exercise
of any warrants or any shares purchased by the Buyer in the Company’s IPO or in the aftermarket) equal to 20% of the issued
and outstanding shares of the Company.

 

3.2. Termination
of Rights as Stockholder. If any of the Shares are forfeited by the Buyer in accordance with this Section 3, then after such
time, the Buyer (or successor in interest), shall no longer have any rights as a holder of such Shares, and the Company shall take
such action as is appropriate to cancel such Shares. In addition, the Buyer hereby irrevocably grants the Company a limited power
of attorney for the purpose of effectuating the foregoing and agrees to take any and all actions reasonably requested by the Company
necessary to effect any adjustment in this Section 3.

 

4. Waiver of Liquidation Distributions;
Redemption Rights. In connection with the Shares purchased pursuant to this Agreement, the Buyer hereby waives any and all
right, title, interest or claim of any kind in or to any distributions by the Company from the trust account which will be established
for the benefit of the Company’s public stockholders and into which substantially all of the proceeds of the IPO will be
deposited (the “Trust Account”), in the event of a liquidation of the Company upon the Company’s failure
to timely complete an initial business combination. For purposes of clarity, in the event the Buyer purchases Shares in the IPO
or in the aftermarket, any additional Shares so purchased shall be eligible to receive any liquidating distributions by the Company
nor shall any such additional Shares be subject to the other restrictions and limitations set forth in Agreement; provided,
however, in no event will the Buyer have the right to redeem any Shares into funds held in the Trust Account upon the successful
completion of an initial business combination.

 

5. Restrictions on Transfer.

 

5.1. Securities
Law Restrictions. In addition to any restrictions to be contained in that certain letter agreement (commonly known as an “Insider
Letter”) by and between Buyer and the Company and the escrow agreement between the Buyer and the Company’s transfer
agent as escrow agent to be substantially in the form attached hereto (commonly known as the “Escrow Agreement”),
in each case to be entered into in connection with the closing of the IPO and in substantially the same form as the corresponding
agreements to be entered into by the Sponsor with respect to its Founder Shares, and otherwise in form and substance substantially
similar to comparable agreements customarily and typically entered into in connection with the consummation of initial public offerings
by special purpose acquisition companies comparable to the Company underwritten by EarlyBirdCapital, Inc. (provided that for the
avoidance of doubt, Buyer shall not be obligated to indemnify or reimburse the Company, any vendor to the Company or any other
person, or otherwise incur any expense in connection with any obligations under the Insider Letter or the Escrow Agreement), Buyer
agrees not to sell, transfer, pledge, hypothecate or otherwise dispose of all or any part of the Shares unless, prior thereto (a)
a registration statement on the appropriate form under the Securities Act and applicable state securities laws with respect to
the Shares proposed to be transferred shall then be effective or (b) the Company has received an opinion from counsel reasonably
satisfactory to the Company, that such registration is not required because such transaction is exempt from registration under
the Securities Act and the rules promulgated by the Securities and Exchange Commission thereunder and with all applicable state
securities laws.

 

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5.2. Restrictive Legends. Any certificates
representing the Shares shall have endorsed thereon legends substantially as follows:

 

“THE SECURITIES REPRESENTED HEREBY
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND NEITHER THE SECURITIES
NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER SUCH ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND SUCH LAWS WHICH, IN THE OPINION OF COUNSEL,
IS AVAILABLE.”

 

“THE SECURITIES REPRESENTED BY THIS
CERTIFICATE ARE SUBJECT TO THE TERMS OF A STOCK ESCROW AGREEMENT AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE
DISPOSED DURING THE TERM OF THE ESCROW AGREEMENT.”

 

5.3. Additional
Shares or Substituted Securities. In the event of the declaration of a share dividend, the declaration of an extraordinary
dividend payable in a form other than Shares, a spin-off, a share split, an adjustment in conversion ratio, a recapitalization
or a similar transaction affecting the Company’s outstanding Shares without receipt of consideration, any new, substituted
or additional securities or other property which are by reason of such transaction distributed with respect to any Shares subject
to this Section 5 or into which such Shares thereby become convertible shall immediately be subject to this Section 5 and Section
3. Appropriate adjustments to reflect the distribution of such securities or property shall be made to the number and/or class
of Shares subject to this Section 5 and Section 3.

 

5.4. Escrow.
The Buyer acknowledges that the Shares will be held in escrow pursuant to the Escrow Agreement. Pursuant to the Escrow Agreement,
the Shares will be held in escrow and may not be released until the earlier of the one year anniversary of the date of the Company’s
initial business combination (the “Consummation Date”) and the date on which the closing price of the Company’s
ordinary shares exceeds $12.50 per share for any 20 trading days within a 30-trading day period after the Consummation Date (as
adjusted for share splits, share dividends, reorganizations and recapitalizations). Notwithstanding the foregoing, the Shares shall
be immediately released from escrow if, subsequent to the Consummation Date, the Company consummates a subsequent liquidation,
merger, stock exchange or other similar transaction which results in all of the Company’s shareholders having the right to
exchange their shares of common stock for cash, securities or property.

 

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5.5 Registration
Rights. Buyer acknowledges that the Shares are being purchased pursuant to an exemption from the registration requirements
of the Securities Act and will become freely tradable only after certain conditions are met or they are registered pursuant to
a Registration Rights Agreement (the “Registration Rights Agreement”) to be entered into with the Company prior
to the closing of the IPO.

 

6. Other Agreements.

 

6.1. Further Assurances.
Buyer agrees to execute such further instruments and to take such further action as may reasonably be necessary to carry out the
intent of this Agreement.

 

6.2. Notices.
All notices, statements or other documents which are required or contemplated by this Agreement shall be: (i) in writing and delivered
personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission
to the addresses set forth on the first page of this Agreement or otherwise designated in writing by a party, (ii) by facsimile
to the number most recently provided to such party or such other address or fax number as may be designated in writing by such
party and (iii) by electronic mail, to the electronic mail address most recently provided to such party or such other electronic
mail address as may be designated in writing by such party and in the case of Buyer shall be directed to the attention of its Chief
Executive Officer and its General Counsel, with a copy, which shall not serve as notice, to Ira N. Rosner at Holland & Knight
LLP, 701 Brickell Avenue, Miami, Florida 33131, email: ira.rosner@hklaw.com. Any notice or other communication so transmitted shall
be deemed to have been given on the day of delivery, if delivered personally, on the business day following receipt of written
confirmation, if sent by facsimile or electronic transmission, one (1) business day after delivery to an overnight courier service
or five (5) days after mailing if sent by mail.

 

6.3. Entire Agreement.
This Agreement, together with (a) that certain Insider Letter to be entered into between Buyer and the Company, (b) that certain
Escrow Agreement to be entered into among Buyer, the Company, the Company’s transfer agent and certain other shareholders
of the Company, and (c) that certain Registration Rights Agreement to be entered into among Buyer, the Company and certain other
shareholders of the Company, each substantially in the form to be filed as an exhibit to the Registration Statement on Form S-1
associated with the Company’s IPO, embodies the entire agreement and understanding among the Buyer, the Sponsor and the Company
with respect to the subject matter hereof and supersedes all prior oral or written agreements and understandings relating to the
subject matter hereof. No statement, representation, warranty, covenant or agreement of any kind not expressly set forth in this
Agreement shall affect, or be used to interpret, change or restrict, the express terms and provisions of this Agreement.

 

6.4. Modifications
and Amendments. The terms and provisions of this Agreement may be modified or amended only by written agreement executed by
all parties hereto.

 

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6.5. Waivers and
Consents. The terms and provisions of this Agreement may be waived, or consent for the departure therefrom granted, only by
a written document executed by the party entitled to the benefits of such terms or provisions. No such waiver or consent shall
be deemed to be or shall constitute a waiver or consent with respect to any other terms or provisions of this Agreement, whether
or not similar. Each such waiver or consent shall be effective only in the specific instance and for the purpose for which it was
given, and shall not constitute a continuing waiver or consent.

 

6.6. Assignment.
The rights and obligations under this Agreement may not be assigned by any party hereto without the prior written consent of each
other party.

 

6.7. Benefit.
All statements, representations, warranties, covenants and agreements in this Agreement shall be binding on the parties hereto
and shall inure to the benefit of the respective successors and permitted assigns of each party hereto. Nothing in this Agreement
shall be construed to create any rights or obligations except among the parties hereto, and no person or entity shall be regarded
as a third-party beneficiary of this Agreement.

 

6.8. Governing
Law. This Agreement and the rights and obligations of the parties hereunder shall be construed in accordance with and governed
by the laws of the State of Delaware applicable to contracts wholly performed within the borders of such state, without giving
effect to the conflict of law principles thereof.

 

6.9. Severability.
In the event that any court of competent jurisdiction shall determine that any provision, or any portion thereof, contained in
this Agreement shall be unreasonable or unenforceable in any respect, then such provision shall be deemed limited to the extent
that such court deems it reasonable and enforceable, and as so limited shall remain in full force and effect. In the event that
such court shall deem any such provision, or portion thereof, wholly unenforceable, the remaining provisions of this Agreement
shall nevertheless remain in full force and effect.

 

6.10. No Waiver
of Rights, Powers and Remedies. No failure or delay by a party hereto in exercising any right, power or remedy under this Agreement,
and no course of dealing between the parties hereto, shall operate as a waiver of any such right, power or remedy of such party.
No single or partial exercise of any right, power or remedy under this Agreement by a party hereto, nor any abandonment or discontinuance
of steps to enforce any such right, power or remedy, shall preclude such party from any other or further exercise thereof or the
exercise of any other right, power or remedy hereunder. The election of any remedy by a party hereto shall not constitute a waiver
of the right of such party to pursue other available remedies. No notice to or demand on a party not expressly required under this
Agreement shall entitle the party receiving such notice or demand to any other or further notice or demand in similar or other
circumstances or constitute a waiver of the rights of the party giving such notice or demand to any other or further action in
any circumstances without such notice or demand.

 

6.11. Survival
of Representations and Warranties. All representations and warranties made by the parties hereto in this Agreement or in any
other agreement, certificate or instrument provided for or contemplated hereby, shall survive the execution and delivery hereof
and any investigations made by or on behalf of the parties.

 

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6.12. No Broker
or Finder. Each of the parties hereto represents and warrants to the other that no broker, finder or other financial consultant
has acted on its behalf in connection with this Agreement or the transactions contemplated hereby in such a way as to create any
liability on the other. Each of the parties hereto agrees to indemnify and save the other harmless from any claim or demand for
commission or other compensation by any broker, finder, financial consultant or similar agent claiming to have been employed by
or on behalf of such party and to bear the cost of legal expenses incurred in defending against any such claim.

 

6.13. Headings
and Captions. The headings and captions of the various subdivisions of this Agreement are for convenience of reference only
and shall in no way modify or affect the meaning or construction of any of the terms or provisions hereof.

 

6.14. Counterparts.
This Agreement may be executed in one or more counterparts, all of which when taken together shall be considered one and the same
agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being
understood that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission
or any other form of electronic delivery, such signature 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.

 

6.15. Construction.
The parties hereto have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or question of
intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties hereto and no presumption
or burden of proof will arise favoring or disfavoring any party hereto because of the authorship of any provision of this Agreement.
The words “include,” “includes,” and “including” will be deemed to be
followed by “without limitation.” Pronouns in masculine, feminine, and neuter genders will be construed to include
any other gender, and words in the singular form will be construed to include the plural and vice versa, unless the context otherwise
requires. The words “this Agreement,” “herein,” “hereof,” “hereby,”
“hereunder,” and words of similar import refer to this Agreement as a whole and not to any particular subdivision
unless expressly so limited. The parties hereto intend that each representation, warranty, and covenant contained herein will have
independent significance. If any party hereto has breached any representation, warranty, or covenant contained herein in any respect,
the fact that there exists another representation, warranty or covenant relating to the same subject matter (regardless of the
relative levels of specificity) which such party hereto has not breached will not detract from or mitigate the fact that such party
hereto is in breach of the first representation, warranty, or covenant.

 

7. Voting, Governance and Offering Materials.

 

7.1. Voting and
Tender of Shares. Buyer agrees to vote the Shares in favor of an initial business combination that the Company negotiates
and submits for approval to the Company’s stockholders and shall not seek redemption with respect to such Shares. Additionally,
the Buyer agrees not to tender any Shares in connection with a tender offer presented to the Company’s stockholders in connection
with an initial business combination negotiated by the Company.

 

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7.2. Board Composition. Upon
consummation of the IPO, one of the members of the Board of Directors of the Company shall be designated by Buyer (the “Buyer
Designee”). Prior to the consummation of the Company’s initial business combination transaction, provided that
Buyer, together with its affiliates (as defined for purposes of Rule 405 under the Securities Act), owns not less than 25% of (i)
the number of net Shares issued and not forfeited pursuant to this Agreement and (ii) warrants to purchase shares of the Company’s
common stock (or the underlying shares of such common stock) owned by Buyer immediately following consummation of the IPO, the
Company shall nominate, and recommend to the stockholders the election as a director of the Company, a Buyer Designee at each subsequent
meeting called for, among other purposes, the election of directors and take all other actions reasonably requested by Buyer to
cause the Buyer Designee to be so elected. So long as Buyer has the right to designate a Buyer Designee, the Buyer Designee shall
not be removed or replaced as a director (including by action of the board to fill a vacancy) except with the prior written consent
of Buyer, which consent may be withheld in its sole and absolute discretion. The Company covenants and agrees that no member of
the Board of Directors of the Company who, or the affiliates of whom, directly or indirectly beneficially owns or has a pecuniary
interest in any Founder Shares shall be issued, on account of such member’s service on the Board of Directors, any securities
of the Company (or any subsidiary or parent company thereof) or rights to acquire such securities, in each case for no or nominal
consideration, unless the Buyer Designee is also issued an equal amount of any such securities.

 

7.3. Disclosure
Regarding Buyer. All disclosure regarding Buyer contained in the IPO registration statement, prospectus, preliminary prospectus,
road show materials, free writing prospectus and other offering materials (oral or written) shall be subject to the Buyer’s
prior written consent in its sole an absolute discretion.

 

[Signature Page Follows]

 

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IN WITNESS WHEREOF,
the undersigned have executed this Assignment to be effective as of the date first set forth above.

 

	 	PENSARE ACQUISITION CORP.
	 	 	 
	 	By:	/s/ Darrell Mays
	 	 	Name: Darrell Mays
	 	 	Title: CEO

 

	  	PENSARE SPONSOR GROUP, LLC
	 	 	 
	 	By:	/s/ Darrell Mays
	 	 	Name: Darrell Mays
	 	 	Title: Managing Partner

 

	 	MASTEC, INC.
	 	 	 
	 	By:	/s/ Paul DiMarco
	 	 	Name: Paul DiMarco
	 	 	Title: Senior Vice President and Treasurer

 

[Signature
Page to Securities Assignment Agreement]bicx_ex101.htm

EXHIBIT 10.1

 

SECOND AMENDMENT TO SENIOR SECURED CONVERTIBLE 

NOTE PURCHASE AGREEMENT AND SENIOR SECURED CONVERTIBLE NOTE 

 

This Second Amendment to Senior Secured Convertible Note Purchase Agreement and Senior Secured Convertible Note is made this 29th day of June, 2017 (the “Second Amendment”), by and among BioCorRx Inc., a Nevada corporation (the “Company”), and BICX Holding Company LLC (the “Purchaser”), the parties to that certain Senior Secured Convertible Note Purchase Agreement, dated June 10, 2016, as first amended on March 3, 2017 (collectively, the “Initial Agreement”).

 

WHEREAS, on June 14, 2016, the Company and the Purchaser closed a financing which consisted of the issuance of a note of $2,500,000 to the Purchaser in exchange for an investment of the same amount;

 

WHEREAS, on March 3, 2017, the Company and the Purchaser closed a financing which consisted of: (i) the Purchaser returning the note of $2,500,000 to the Company; and (ii) the Company issuing a new note for a total of $4,160,000 (the “March 2017 Note”) to the Purchaser in exchange for a new investment by the Purchaser of another $1,660,000 in the Company;

 

WHEREAS, the Company is planning to conduct an underwritten offering of shares of its common stock and to apply to have its shares of common stock listed on a national securities exchange;

 

WHEREAS, the Purchaser will receive substantial benefit from the Company completing an underwritten offering of shares of the Company’s common stock and the Company being approved to list its shares of common stock on a national securities exchange; and

 

WHEREAS, the Purchase is willing to waive certain rights it has under the Initial Agreement and the March 2017 Note.

 

NOW THEREFORE, in consideration of the promises and mutual covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby consent and agree as follows:

 

1. All capitalized terms used, and not otherwise defined, herein, shall have the meanings ascribed to them in the Initial Agreement.

 
	 
	 
	

 
	 

 

2. The Company and the Purchaser agree that Section 3.14 of the Initial Agreement is hereby amended in its entirety to read as follows:

 

Section 3.14 Subsequent Financings. Without written consent of the Purchaser, the Company shall not engage in any Subsequent Equity Financing at a price lower than $0.0187 per share with the exception of a Permitted Financing. A “Permitted Financing” shall mean: (i) securities issued pursuant to a bona fide acquisition of another business entity or business segment of any such entity by the Company pursuant to a merger, purchase of substantially all the assets or any type of reorganization (each an “Acquisition”) provided that (A) the Company will own more than fifty percent (50%) of the voting power of such business entity or business segment of such entity and (B) such Acquisition is approved by the Company's Board of Directors and provided further that such securities are not issued for the purpose of raising capital and in which holders of such securities or debt are not at any time granted registration rights; (ii) securities issued pursuant to the conversion or exercise of convertible or exercisable securities issued or outstanding on or prior to the date of this Agreement or issued pursuant to this Agreement (so long as the terms governing the conversion or exercise price in such securities are not amended to lower such price and/or adversely affect the Purchaser); (iii) securities issued in connection with bona fide strategic license agreements or other partnering arrangements so long as such issuances are not for the primary purpose of raising capital; (iv) Common Stock issued or the issuance or grants of options to purchase Common Stock, in each case, at no less than the then-applicable fair market value, pursuant to equity incentive plans that are adopted by the Company's Board of Directors (including, without limitation, the BioCorRx Inc. 2016 Equity Incentive Plan) within thirty (30) days attached hereto; (v) securities issued to any placement agent and its respective designees for the transactions contemplated by this Agreement; (vi) securities issued at no less than the then-applicable fair market value to advisors or consultants (including, without limitation, financial advisors and investor relations firms) in connection with any engagement letter or consulting agreement, provided that any such issuance is approved by the Company's Board of Directors; (vii) securities issued to financial institutions or lessors in connection with reasonable commercial credit arrangements, equipment financings or similar transactions, provided that any such issuance is approved by the Company's Board of Directors; (viii) securities issued to vendors or customers or to other persons in similar commercial situations as the Company, provided that any such issuance is approved by the Company's Board of Directors; (ix) securities issued in connection with any recapitalization of the Company; or (x) securities issued pursuant to an underwritten public offering of the Common Stock. Notwithstanding anything contained herein to the contrary, although the Company shall be entitled to complete a Permitted Financing, all Permitted Financings shall rank junior to the Note. For purposes of this Agreement, “Subsequent Equity Financing” shall include convertible debt, warrants, options and other equity equivalents and the per share price for purposes of this Agreement shall be the conversion or exercise price of such equity equivalent.

 

3. The Company and the Purchaser agree that Section 4(d)(iii) of the March 2017 Note is hereby amended in its entirety read as follows:

 

(iii) Subsequent Equity Sales. Without written consent of the Holder, the Company shall not engage in any Subsequent Equity Financing at a price lower than $0.0187 per share with the exception of a “Permitted Financing” (as such term is defined in Section 3.14 of the Note Purchase Agreement). For purposes of this Note, “Subsequent Equity Financing” shall include convertible debt, warrants, options and other equity equivalents and the per share price for purposes of this Note shall be the conversion or exercise price of such equity equivalent.

 

4. All other terms of the Initial Agreement and the March 2017 Note shall remain unamended and in full force and effect.

 

5. This Second Amendment constitutes the entire agreement among the parties, and supersedes all prior and contemporaneous agreements and understandings of the parties, in connection with the subject matter of this Second Amendment. No changes, modifications, terminations or waivers of any of the provisions hereof shall be binding unless in writing and signed by all of the parties thereto.

 

6. This Second Amendment may be executed in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. This Second Amendment may also be executed by either party hereto by facsimile signature, which shall be deemed to be an original signature of such party hereon.

 

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IN WITNESS WHEREOF, the undersigned have executed and delivered this Second Amendment as of the date first written above.

 

 

	
“COMPANY”
	
 
	
“PURCHASER”
	
 

	
 
	
 
	
 
	
 

	
BIOCORRX INC.
	
 
	
BICX HOLDING COMPANY LLC
	
 

	
a Nevada corporation
				
		 			 	
 

	
By:
		
 
	
By:
		
	
 
	
Lourdes Felix 
		
 
	
Travis Mullen
	
 

	
Its:
	
Chief Financial Officer 
	
 
	
Its:
		

 

 

	 
	
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