Document:

Exhibit 10.3

 

Lock-Up Agreement

  

February 11, 2021

 

A.G.P./Alliance Global Partners

590 Madison Avenue, 36th Floor

New York, New York 10022

 

Re: MICT, Inc. Proposed
Offering

 

Ladies and Gentlemen:

 

The undersigned understands
that you (the “Placement Agent”) proposes to enter into a Placement Agency Agreement (the “Placement
Agency Agreement”) providing for the offer and sale (the “Offering”) of shares (the “Shares”)
of common stock, par value $0.001 per share (the “Common Stock”) and warrants to purchase shares of the
Company’s Common Stock (the “Warrants” and together with the Shares, the “Securities”),
of MICT, Inc., a Delaware corporation (the “Company”).

 

In consideration of
the execution of the Placement Agency Agreement by the Placement Agent, and for other good and valuable consideration, the undersigned
hereby irrevocably agrees that, without the prior written consent of the Placement Agent, the undersigned will not, directly or
indirectly, (a) offer for sale, sell, pledge, or otherwise transfer or dispose of (or enter into any transaction or device that
is designed to, or could be expected to, result in the transfer or disposition by any person at any time in the future of) any
shares of Common Stock (including, without limitation, shares of Common Stock that may be deemed to be beneficially owned by the
undersigned in accordance with the rules and regulations of the Securities and Exchange Commission and shares of Common Stock that
may be issued upon exercise of any options or warrants) or securities convertible into or exercisable or exchangeable for Common
Stock; (b) enter into any swap or other derivatives transaction that transfers to another, in whole or in part, any of the economic
benefits or risks of ownership of shares of Common Stock, whether any such transaction described in clause (a) or (b) above is
to be settled by delivery of Common Stock or other securities, in cash or otherwise; (c) except as provided for below, make any
demand for or exercise any right or cause to be filed a registration statement, including any amendments thereto, with respect
to the registration of any shares of Common Stock or securities convertible into or exercisable or exchangeable for Common Stock
or any other securities of the Company; or (d) publicly disclose the intention to do any of the foregoing for a period commencing
on the date hereof and ending ninety (90) days after the date of the closing of the Offering (such 90-day period, the “Lock-Up
Period”).

 

     

     

    

 

The foregoing paragraph
shall not apply to (a) transactions relating to shares of Common Stock or other securities acquired in the open market after the
completion of the Offering, provided that no filing under Section 16(a) of the Securities Exchange Act of 1934, as amended
(the “Exchange Act”), shall be required or shall be voluntarily made in connection with such transfers;
(b) bona fide gifts of shares of any class of the Company’s capital stock or any security convertible into Common Stock,
in each case that are made exclusively between and among the undersigned or members of the undersigned’s family, or affiliates
of the undersigned, including its partners (if a partnership) or members (if a limited liability company); (c) any transfer of
shares of Common Stock or any security convertible into Common Stock by will or intestate succession upon the death of the undersigned;
(d) transfer of shares of Common Stock or any security convertible into Common Stock to an immediate family member (for purposes
of this Lock-Up Letter Agreement, “immediate family” shall mean any relationship by blood, marriage or adoption,
not more remote than first cousin) or any trust, limited partnership, limited liability company or other entity for the direct
or indirect benefit of the undersigned or any immediate family member of the undersigned; provided that, in the case of
clauses (b), (c) and (d) above, it shall be a condition to any such transfer that (i) the transferee/donee agrees to
be bound by the terms of this Lock-Up Letter Agreement (including, without limitation, the restrictions set forth in the preceding
sentence) to the same extent as if the transferee/donee were a party hereto; (ii) each party (donor, donee, transferor or transferee)
shall not be required by law (including without limitation the disclosure requirements of the Securities Act of 1933, as amended
(the “Securities Act”), and the Exchange Act) to make, and shall agree to not voluntarily make, any filing
or public announcement of the transfer or disposition prior to the expiration of the 90-day period referred to above; and (iii) the
undersigned notifies the Placement Agent at least two (2) business days prior to the proposed transfer or disposition; (e) the
transfer of shares to the Company to satisfy withholding obligations for any equity award granted pursuant to the terms of the
Company’s stock option/incentive plans, such as upon exercise, vesting, lapse of substantial risk of forfeiture, or other
similar taxable event, in each case on a “cashless” or “net exercise” basis (which, for the avoidance of
doubt shall not include “cashless” exercise programs involving a broker or other third party), provided that
as a condition of any transfer pursuant to this clause (e), that if the undersigned is required to file a report under Section
16(a) of the Exchange Act, reporting a reduction in beneficial ownership of shares of Common Stock or any securities convertible
into or exercisable or exchangeable for Common Stock during the Lock-Up Period, the undersigned shall include a statement in such
report, and if applicable an appropriate disposition transaction code, to the effect that such transfer is being made as a share
delivery or forfeiture in connection with a net value exercise, or as a forfeiture or sale of shares solely to cover required tax
withholding, as the case may be; (f) transfers of shares of Common Stock or any security convertible into or exercisable or
exchangeable for Common Stock pursuant to a bona fide third party tender offer made to all holders of the Common Stock, merger,
consolidation or other similar transaction involving a change of control (as defined below) of the Company, including voting in
favor of any such transaction or taking any other action in connection with such transaction, provided that in the event
that such merger, tender offer or other transaction is not completed, the Common Stock and any security convertible into or exercisable
or exchangeable for Common Stock shall remain subject to the restrictions set forth herein; (g) the exercise of warrants or
the exercise of stock options granted pursuant to the Company’s stock option/incentive plans or otherwise outstanding on
the date hereof; provided, that the restrictions shall apply to shares of Common Stock issued upon such exercise or conversion;
(h) the establishment of any contract, instruction or plan that satisfies all of the requirements of Rule 10b5-1 (a “Rule
10b5-1 Plan”) under the Exchange Act; provided, however, that no sales of Common Stock or securities
convertible into, or exchangeable or exercisable for, Common Stock, shall be made pursuant to a Rule 10b5-1 Plan prior to the expiration
of the Lock-Up Period; provided further, that the Company is not required to report the establishment of such Rule 10b5-1
Plan in any public report or filing with the Commission under the Exchange Act during the Lock-Up Period and does not otherwise
voluntarily effect any such public filing or report regarding such Rule 10b5-1 Plan; and (i) any demands or requests for, exercise
any right with respect to, or take any action in preparation of, the registration by the Company under the Securities Act of the
undersigned’s shares of Common Stock, provided that no transfer of the undersigned’s shares of Common Stock registered
pursuant to the exercise of any such right and no registration statement shall be filed under the Securities Act with respect to
any of the undersigned’s shares of Common Stock during the Lock-Up Period; provided, however, clause (i) shall not apply
to the registration of such securities as set forth in Schedule 3.1(v) of that certain Securities Purchase Agreement dated
as of February 11, 2021 by and among the Company and the purchasers identified on the signatures pages thereto. For purposes of
clause (f) above, “change of control” shall mean the consummation of any bona fide third party tender offer,
merger, purchase, consolidation or other similar transaction the result of which is that any “person” (as defined
in Section 13(d)(3) of the Exchange Act), or group of persons, becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5
of the Exchange Act) of a majority of total voting power of the voting stock of the Company.

 

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The undersigned also
agrees and consents to the entry of stop transfer instructions with the Company’s transfer agent and registrar against the
transfer of the undersigned’s securities subject to this Lock-Up Letter Agreement except in compliance with this Lock-Up
Letter Agreement.

 

It is understood that,
if the Company notifies the Placement Agent that it does not intend to proceed with the Offering, if the Placement Agency Agreement
does not become effective, or if the Placement Agency Agreement (other than the provisions thereof which survive termination) shall
terminate or be terminated prior to payment for and delivery of the Securities, the undersigned will be released from its obligations
under this Lock-Up Letter Agreement.

 

The undersigned understands
that the Company and the Placement Agent will proceed with the Offering in reliance on this Lock-Up Letter Agreement.

 

This Lock-Up Letter
Agreement shall automatically terminate upon (a) the termination of the Placement Agency Agreement prior to the issuance and delivery
of the Securities, (b) the date that either the Company or the Placement Agent provides written notice to the other that it has
determined not to proceed with the proposed Offering and, with respect to the Company, is terminating this Lock-Up Letter Agreement
on behalf of all of the Company’s holders of securities subject to a Lock-Up Agreement, provided that the Company and the
Placement Agent shall not have executed the Placement Agency Agreement on or prior to such date. Notwithstanding anything herein
to the contrary, this Lock-Up Letter Agreement shall lapse and become null and void if the closing of the offering shall not have
occurred on or before February 26, 2021.

 

This Lock-Up Agreement
shall be governed by and construed in accordance with the laws of the State of New York, without regard to the conflict of laws
principles thereof. Delivery of a signed copy of this Lock-Up Agreement by facsimile or e-mail/.pdf transmission shall be effective
as the delivery of the original hereof.

 

The undersigned hereby
represents and warrants that the undersigned has full power and authority to enter into this Lock-Up Letter Agreement and that,
upon request, the undersigned will execute any additional documents necessary in connection with the enforcement hereof. Any obligations
of the undersigned shall be binding upon the heirs, personal representative, successors and assigns of the undersigned.

 

[Signature page follows]

 

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	 	Very truly yours,
	 	 
	 	 
	 	(Name)
	 	 
	 	 
	 	(Signature)
	 	 
	 	 
	 	(Name of Signatory, in the case of entities –
	 	Please Print)
	 	 
	 	 
	 	(Title of Signatory, in the case of entities –
	 	Please Print)
	 	 
	 	Address:	 
	 	 
	 	 

 

 

4Exhibit 10.4

 

LEAK-OUT AGREEMENT

 

February 11,
2021

 

This agreement (the
“Leak-Out Agreement”) is being delivered to you in connection with an understanding by and between MICT, Inc.,
a Delaware corporation (the “Company”), and the person or persons named on the signature pages hereto (collectively,
the “Holder”).

 

Reference is hereby
made to (a) the Securities Purchase Agreement, dated February 11, 2021, by and among the Company and the Holder and certain other
purchasers signatory thereto (the “Purchase Agreement”) pursuant to which the Holder acquired (i) shares (the
“Shares”) of common stock, par value $0.001 per share (the “Common Stock”), (ii) Series A
warrants to purchase shares of the Company’s Common Stock (“Series A Warrants”), and (iii) 0.5 Series
B warrants to purchase shares of the Company’s Common Stock (“Series B Warrants,” and collectively with
the Series A Warrants the “Warrants;” and together with the Shares, the “Securities”) and
(b) the registration statement on Form S-3 (File No. 333-248602) (“Registration Statement”). Capitalized terms
not defined herein shall have the meaning as set forth in the Purchase Agreement, unless otherwise set forth herein.

 

The Holder agrees solely
with the Company that from the date that the undersigned executes the Purchase Agreement (the “Effective Date”)
and ending at 4:00 pm (New York City time) on the earlier of (y) March 18, 2021 and (z) the Trading Day that the aggregate trading
volume for the Common Stock on the principal Trading Market beginning on the date hereof exceeds 100,000,000 shares (subject to
adjustment for forward and reverse stock splits and the like) (such period, the “Restricted Period”), neither
the Holder, nor any affiliate of such Holder which (x) had or has knowledge of the transactions contemplated by the Purchase Agreement,
(y) has or shares discretion relating to such Holder’s investments or trading or information concerning such Holder’s
investments, including in respect of the Securities, or (z) is subject to such Holder’s review or input concerning such affiliate’s
investments or trading (together, the “Holder’s Trading Affiliates”), collectively, shall sell, dispose
or otherwise transfer, directly or indirectly, (including, without limitation, any sales, short sales, swaps or any derivative
transactions that would be equivalent to any sales or short positions) on any Trading Day during the Restricted Period (any such
date, a “Date of Determination”), shares of Common Stock of the Company, or shares of Common Stock of the Company
underlying any convertible securities or options, held by the Holder on the date hereof, including, without limitations, the Securities
(collectively, the “Restricted Securities”), in an amount representing more than 4.285% of the trading volume
of Common Stock as reported by Bloomberg, LP for each applicable Date of Determination (“Leak-Out Percentage”);
provided, further that the foregoing restrictions shall not apply to any sales by the Holder or any of the Holder’s Trading
Affiliates at a price per share greater than $3.00 (as adjusted for stock splits, stock dividends, stock combinations, recapitalizations
or other similar events occurring after the date hereof).

 

Notwithstanding anything
herein to the contrary, during the Restricted Period, the Holder may, directly or indirectly, sell or transfer all, but not less
than all, of any Restricted Securities to any Person (an “Assignee”) in a transaction which does not need to
be reported on the consolidated tape on the Trading Market (as defined in the Warrants), without complying with (or otherwise limited
by) the restrictions set forth in this Leak-Out Agreement; provided, that as a condition to any such sale or transfer an authorized
signatory of the Company and such Assignee duly execute and deliver a leak-out agreement in the form of this Leak-Out Agreement
(an “Assignee Agreement”, and each such transfer a “Permitted Transfer”) and.

 

     

     

    

 

Any notices, consents,
waivers or other communications required or permitted to be given under the terms of this Leak-Out Agreement must be in writing
and shall be given in accordance with the terms of the Purchase Agreement; provided that with respect to any notices, consents,
waivers or other communications to be made by the Company to the Holder, such notice, consent, waiver or other communication shall
be delivered to the Holder at the facsimile number or e-mail address provided on the signature page hereto.

 

This Leak-Out Agreement
constitutes the entire agreement among the parties hereto with respect to the subject matter hereof and supersedes all prior negotiations,
letters and understandings relating to the subject matter hereof and are fully binding on the parties hereto.

 

This Leak-Out Agreement
may be executed simultaneously in any number of counterparts. Each counterpart shall be deemed to be an original, and all such
counterparts shall constitute one and the same instrument. This Leak-Out Agreement may be executed and accepted by facsimile or
PDF signature and any such signature shall be of the same force and effect as an original signature.

 

The terms of this Leak-Out
Agreement shall be binding upon and shall inure to the benefit of each of the parties hereto and their respective successors and
assigns.

 

This Leak-Out Agreement
may not be amended or modified except in writing signed by each of the parties hereto.

 

All questions concerning
the construction, validity, enforcement and interpretation of this Leak-Out Agreement shall be governed by the applicable provisions
of the Purchase Agreement.

 

Each party hereto acknowledges
that, in view of the uniqueness of the transactions contemplated by this Leak-Out Agreement, the other party or parties hereto
may not have an adequate remedy at law for money damages in the event that this Leak-Out Agreement has not been performed in accordance
with its terms, and therefore agrees that such other party or parties shall be entitled to seek specific enforcement of the terms
hereof in addition to any other remedy it may seek, at law or in equity.

 

Neither this Leak-Out
Agreement nor the transactions contemplated hereby are material to the Company and no material, non-public information has been
provided to the Holder by the Company or any of its Subsidiaries or any of their respective officers, directors, employees or agents
in connection with the transactions contemplated hereby. As of the date hereof, the Company acknowledges and agrees that any and
all confidentiality or similar obligations under any agreement, if any, whether written or oral, between the Company, any of its
Subsidiaries or any of their respective officers, directors, affiliates, employees or agents, on the one hand, and the Holder or
any of its affiliates, on the other hand, with respect to this Leak-Out Agreement and the transactions contemplated hereby shall
terminate. Notwithstanding anything contained in this Leak-Out Agreement to the contrary and without implication that the contrary
would otherwise be true, the Company expressly acknowledges and agrees that the Holder shall not have (unless expressly agreed
to by the Holder after the date hereof in a written definitive and binding agreement executed by the Company and the Holder), any
duty of confidentiality with respect to, or a duty to the Company not to trade on the basis of, any material, non-public information
regarding the Company or any of its Subsidiaries.

 

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The obligations of
the Holder under this Leak-Out Agreement are several and not joint with the obligations of any other holder of any of the Securities
issued under the Purchase Agreement (each, an “Other Holder”) under any other agreement, and the Holder shall
not be responsible in any way for the performance of the obligations of any Other Holder under any such other agreement, and the
Company agrees to use reasonable best efforts to enforce the terms of any Settlement Document. Nothing contained herein or in this
Leak-Out Agreement, and no action taken by the Holder pursuant hereto, shall be deemed to constitute the Holder and Other Holders
as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Holder and the
Other Holders are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated
by this Leak-Out Agreement and the Company acknowledges that the Holder and the Other Holders are not acting in concert or as a
group with respect to such obligations or the transactions contemplated by this Leak-Out Agreement or any other agreement. The
Company and the Holder confirm that the Holder has independently participated in the negotiation of the transactions contemplated
hereby with the advice of its own counsel and advisors. The Holder shall be entitled to independently protect and enforce its rights,
including, without limitation, the rights arising out of this Leak-Out Agreement, and it shall not be necessary for any Other Holder
to be joined as an additional party in any proceeding for such purpose.

 

The Company hereby
represents and warrants as of the date hereof and covenants and agrees from and after the date hereof that none of the terms offered
to any Other Holder with respect to any restrictions on the sale of Securities substantially in the form of this Leak-Out Agreement
(or any amendment, modification, waiver or release thereof) (each a “Settlement Document”), is or will be more
favorable to such Other Holder than those of the Holder and this Leak-Out Agreement. If, and whenever on or after the date hereof,
the Company enters into a Settlement Document with terms that are materially different from this Leak-Out Agreement, then (i) the
Company shall provide notice thereof to the Holder promptly following the occurrence thereof and (ii) the terms and conditions
of this Leak-Out Agreement shall be, without any further action by the Holder or the Company, automatically amended and modified
in an economically and legally equivalent manner such that the Holder shall receive the benefit of the more favorable terms and/or
conditions (as the case may be) set forth in such Settlement Document, provided that upon written notice to the Company at any
time the Holder may elect not to accept the benefit of any such amended or modified term or condition, in which event the term
or condition contained in this Leak-Out Agreement shall apply to the Holder as it was in effect immediately prior to such amendment
or modification as if such amendment or modification never occurred with respect to the Holder. The provisions of this paragraph
shall apply similarly and equally to each Settlement Document.

 

[The remainder of the page is intentionally
left blank]

 

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The parties hereto have executed this Leak-Out Agreement as
of the date first set forth above.

 

	 	Sincerely,
	 	 	 
	 	MICT, Inc. 
	 	 	 
	 	By: 	 
	 	 	Name: 
	 	 	Title:

 

Agreed to and Accepted:

 

“HOLDER”

 

__________________ 

 

	By: 	 	 
	 	Name: 	 
	 	Title: 	 
	 	Fax Number:	 
	 	Email Address: 	 

 

Acknowledged:

 

A.G.P./Alliance Global Partners

By: A.G.P./Alliance Global Partners

 

	By:	 	 
	Name:	 	 
	Title:

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