Document:

Exhibit
4.2

 

 

    	 

     

    

 

Exhibit
A to Certificate of Designation

 

BOXLIGHT
CORPORATION

 

The
undersigned, the Chief Executive Officer of Boxlight Corporation, a Nevada corporation (the “Corporation”),
does hereby certify that, pursuant to Nevada Revised Statute 78.1955 and the authority conferred upon the Board of Directors by
the Articles of Incorporation of the Corporation, the following resolution creating a series of preferred stock to be designated
as Series C Convertible Preferred Stock, was duly adopted on September 18, 2020.

 

RESOLVED,
that pursuant to the authority expressly granted to and vested in the Board of Directors of the Corporation by provisions of the
Articles of Incorporation of the Corporation, as amended and restated on December 13, 2016 as document number 20160540929-18 (the
“Articles of Incorporation”), there hereby is created out of the 50,000,000 shares of authorized preferred
stock, par value $0.0001 per share (the “Preferred Stock”), of the Corporation, as authorized in Article
FOURTH of the Corporation’s Articles of Incorporation, a series of Preferred Stock of the Corporation, to be designated
“Series C Preferred Stock,” consisting of up to One Million Three Hundred and Twenty Thousand Eight
Hundred and Fifty (1,320,850) shares of the Corporation’s Series C non-voting convertible and redeemable preferred stock,
par value $0.0001 per share, which Series C Preferred Stock shall have the following designations, powers, preferences and relative
and other special rights and the following qualifications, limitations and restrictions:

 

TERMS
OF SERIES C CONVERTIBLE PREFERRED STOCK

 

1.
Designation and Number.

 

(a)
A series of Preferred Stock of the Corporation, designated as non-voting, convertible and redeemable Series C Preferred Stock,
par value $0.0001 per share (“Series C Preferred Stock”), is hereby established. The number of authorized
shares of Series C Preferred Stock to be issued shall be One Million Three Hundred and Twenty Thousand Eight Hundred and Fifty
(1,320,850) shares.

 

(b)
The stated and liquidation value of the Series C Preferred Stock shall be Ten Dollars ($10.00) per share (“Stated
Value”).

 

(c)
The Series C Preferred Stock is being issued to the shareholders of Sahara Holdings Limited (“Sahara”)
pursuant to the terms of that certain share purchase agreement among the shareholders of Sahara (the “Sellers”)
and the Corporation, dated September __, 2020 (the “Purchase Agreement”). Unless otherwise separately
defined in this Certificate of Designation (this “Certificate”), all capitalized terms, when used herein,
shall have the same meaning as they are defined in the Purchase Agreement.

 

(d)
As used in this Certificate, the term “Holders” shall mean the shareholders of Sahara or one or more
other holder(s) of shares of Series C Preferred Stock.

 

2.
Rank. All shares of the Series C Preferred Stock shall rank:

 

(a)
senior to (i) the Corporation’s Class A voting common Stock, $0.0001 par value per share, of the Corporation
(the “Class A Common Stock”); and (ii) the Corporation’s Class B non-voting common Stock, $0.0001
par value per share, of the Corporation (the “Class B Common Stock”) and (iii) except as set forth in
Section 2(b) below, any other class of Preferred Stock which shall be specifically designated as junior to the Series B
Preferred Stock, (collectively, with the Common Stock and Preferred Stock, the “Junior Securities”),
in each case as to distribution of assets upon liquidation, dissolution or winding up of the Corporation, whether voluntary or
involuntary;

 

    	 

     

    

 

(b)
pari passu and on parity with the Corporation’s Series B Preferred Stock any other class or series of Preferred
Stock of the Corporation hereafter created specifically ranking, by its terms, on parity with the Series C Preferred Stock (the
“Pari Passu Securities”); and

 

(c)
junior to any class or series of secured debt securities or indebtedness of the Corporation hereafter created specifically
ranking, by its terms, senior to the Series C Preferred Stock (collectively, the “Senior Securities”),
in each case as to distribution of assets upon liquidation, dissolution or winding up of the Corporation, whether voluntary or
involuntary.

 

3.
Dividends. The Series C Preferred Stock shall pay no dividend.

 

4.
Liquidation Preference. In the event of a merger, sale (of substantially all assets or stock), any voluntary or involuntary
liquidation, dissolution or winding up of the affairs of the Corporation, then, either (i) after any distribution or payment on
Senior Securities, (ii) simultaneous and on a pro-rata basis with any distribution or payment on Pari Passu Securities, and (iii)
before any distribution or payment shall be made to the Holders of the Common Stock or any other Junior Securities, each Holder
of Series C Preferred Stock then outstanding shall be entitled to be paid, out of the assets of the Corporation available for
distribution to its stockholders, an amount (the “Liquidation Preference”) equal to the aggregate number
of shares of Series C Preferred Stock then outstanding multiplied by ten dollars ($10.00). If the assets of the Corporation are
not sufficient to generate cash sufficient to pay in full the Liquidation Preference, then the Holders of Series C Preferred Stock
shall share ratably (together with Holders of any Pari Passu Securities) in any distribution of cash generated by such assets
in accordance with the respective amounts that would have been payable in such distribution as if the amounts to which the Holders
of outstanding shares of Series C Preferred Stock are entitled were paid in full.

 

5.
Voting Rights. Except as otherwise set forth herein, the Holders of Series C Preferred Stock shall have no right to vote
as a separate class on any matter submitted to vote by the stockholders of the Corporation, excluding, however, any proposed amendment
that would adversely alter or change any preference or any relative or other right given to the Series C Preferred Stock; in which
event the Series C Preferred Stock may vote as a separate class with respect to such amendment.

 

6.
Conversion.

 

(a)
Optional Conversion. The Series C Preferred Stock shall not be convertible at the option or election of the Holder into
Class A Common Stock of the Corporation until January 1, 2026. Thereafter, but subject at all times to the provisions of Section
10 below, the Series C Preferred Stock may be converted, in whole or in part, at the option of any one or more Holder into
shares of Class A Common Stock of the Corporation (the “Conversion Shares”) at the Conversion Price
per share set forth in Section 6(c) below.

 

(b)
Mandatory Conversion. Notwithstanding the provisions of Section 6(a) or any other provision of this Certificate
(but subject at all times to the provisions of Section 10 below) in the event that the volume weighted average price (“VWAP”)
of the Corporation’s Class A Common Stock, as traded on the Nasdaq Capital Market (“Nasdaq”) or
other recognized securities exchange in the United States, for any twenty (20) consecutive trading days shall exceed
two hundred percent (200%) of the Conversion Price then in effect (a “Mandatory Conversion Event”),
then and in such event, all of the outstanding shares of Series C Preferred Stock shall automatically, and without
any further action on the part of the Holders, convert into shares of the Corporation’s Class A Common Stock at such Conversion
Price.

 

    	 

     

    

 

(c)
Conversion Price. The conversion price of the Series C Preferred Stock shall be $_____1 (the “Conversion
Price”). Such Conversion Price shall subject to adjustment pursuant to Section 8 below. Each share of Series
C Preferred Stock shall be convertible into that number of shares of Class A Common Stock as shall be determined by dividing (i)
$10.00 by (ii) the Conversion Price then in effect.

 

7.
Notice of Conversion.

 

(a)
In order to cause the Conversion of shares of Series C Preferred Stock pursuant to Section 6(a), the Holder of Series C Preferred
Stock shall: (i) fax (or otherwise deliver) a copy of the fully executed notice of Conversion to the Corporation (Attention: Chief
Financial Officer), no later than ten (10) days prior to the record date of such Conversion (the “Notice of Conversion”)
and (ii) the Holder of Series C Preferred Stock shall surrender or cause to be surrendered only those original certificates of
Series C Preferred Stock that shall be converted into Conversion Shares (the “Series C Preferred Stock Certificates”),
duly endorsed. Upon receipt by the Corporation of the Holder’s original certificates representing the Series C Preferred
Stock subject to Conversion and the Notice of Conversion, the Corporation shall promptly send, via facsimile or email, a confirmation
to such Holder stating that the Series C Preferred Stock Certificates has been received and the date upon which the Corporation
expects to deliver the Conversion Shares issuable upon such Conversion and the name and telephone number of a contact person at
the Corporation regarding the Conversion Shares.

 

(b)
Upon the occurrence of a Mandatory Conversion Event, the Corporation shall (i) fax or email the Holders of consummation of the
Mandatory Conversion Event, in which case the original certificates of Series C Preferred Stock shall automatically,
and without any further action on the party of the Holders, be converted into Conversion Shares and shall be deemed to represent
the applicable number of Conversion Shares. The Corporation shall electronically provide to each Holder evidence of such Person’s
ownership of Conversion Shares, as reflected on the Corporation’s Stock Register maintained by its transfer agent.

 

8.
Adjustment for Reclassification, Exchange, and Substitution. If at any time or from time to time after the date upon which
the first share of Series C Preferred Stock was issued by the Corporation (the “Original Issuance Date”),
the shares of the Corporation’s Class A Common Stock (which shall include the Conversion Shares issuable upon the conversion
of the Series C Preferred Stock), shall be changed into the same or a different number of shares of any class or classes of stock,
whether by forward or reverse split(s) of the outstanding Corporation Class A Common Stock, recapitalization, reclassification,
reorganization, merger, exchange, consolidation, sale of assets or otherwise, then, in any such event, each Holder of Series C
Preferred Stock shall have the right thereafter to convert such Series C Preferred Stock into the kind and amount of stock and
other securities and property receivable upon such stock split(s), recapitalization, reclassification, reorganization, merger,
exchange, consolidation, sale of assets or other change into the number of Conversion Shares into which such shares of Series
C Preferred Stock could have been converted immediately prior to such forward or reverse split(s), recapitalization, reclassification,
reorganization, merger, exchange, consolidation, sale of assets or other change, or with respect to such other securities or property
by the terms thereof.

 

9.
Reservation of Corporation Common Stock Issuable Upon Conversion. The Corporation shall at all times reserve and keep available
out of its authorized but unissued shares of the Corporation’s Common Stock, solely for the purpose of effecting the conversion
of the shares of the Series C Preferred Stock, such number of its shares of Corporation Common Stock as shall from time to time
be sufficient to effect the conversion of all outstanding shares of the Series C Preferred Stock; and if at any time the number
of authorized but unissued shares of Corporation Common Stock shall not be sufficient to effect the conversion of all then outstanding
shares of the Series C Preferred Stock, the Corporation will take such corporate action as may, in the opinion of its counsel,
be necessary to increase its authorized but unissued shares of Corporation Common Stock to such number of shares as shall be sufficient
for such purpose, including, without limitation, engaging in best efforts to obtain the requisite stockholder approval of any
necessary amendment to the Corporation’s Articles of Incorporation.

 

 

1
100% of the closing price of the Corporation’s Class A Common Stock, as traded on the Nasdaq Capital Market on September
__, 2020 [being the trading day immediately following Completion of the transactions contemplated by the Purchase Agreement],
as reported on Nasdaq.com.

 

    	 

     

    

 

10.
Compliance with Nasdaq Rule. In the event that the aggregate number of Conversion Shares into which all shares of Series
C Preferred Stock and all shares of Series C Preferred Stock issued pursuant to the Purchase Agreement may be converted shall
equal or exceed twenty (20%) percent of the issued and outstanding shares of Class A Common Stock of the Corporation, then and
in such event, and, in accordance with Nasdaq Rule 5635(d), the Corporation shall, on or before December 31, 2020, call a special
meeting of its shareholders for the purpose of approving, adopting and ratifying (a) all of the transactions contemplated by the
Purchase Agreement and (b) the issuance of the shares of Series C Preferred Stock and Series B Preferred Stock (the “Required
Shareholder Approvals”). In the event that for any reason, the requisite holders of a majority of the issued and
outstanding shares of Class A Common Stock of the Corporation do not provide such Required Shareholder Approvals, then and in
such event, the Series C Preferred Stock and the Series B Preferred Stock shall no longer be subject to optional or mandatory
conversion into Conversion Shares, but shall be subject to redemption at the option of the Holders in accordance with Section
11 below.

 

11.
Redemption. To the extent not previously converted into Conversion Shares, the outstanding shares of Series C Preferred
Stock shall be redeemable at the option of the Holders at any time or from time to time commencing on January 1, 2026, upon thirty
(30) days prior written notice to the Corporation, for a redemption price, payable in cash, equal to sum of (a) Ten ($10.00) multiplied
by the number of shares of Series C Preferred Stock being redeemed (the “Redeemed Shares”), plus (b)
all accrued and unpaid dividends, if any, on such Redeemed Shares.

 

12.
Fractional Shares. No fractional share shall be issued upon the conversion of any share or shares of Series C Preferred
Stock. All shares of Class A Common Stock of the Corporation (including fractions thereof) issuable upon conversion of more than
one share of Series C Preferred Stock by a Holder thereof shall be aggregated for purposes of determining whether the conversion
would result in the issuance of any fractional share.

 

13.
No Reissuance of Series C Preferred Stock. No share or shares of Series C Preferred Stock acquired by the Corporation by
reason of redemption, purchase, conversion or otherwise shall be reissued, and all such shares shall be canceled, retired and
eliminated from the shares which the Corporation shall be authorized to issue.

 

14.
Amendment. This Certificate or any provision hereof may be amended by obtaining the affirmative vote at a meeting duly
called for such purpose, or written consent without a meeting in accordance with the Nevada Revised Statutes, of (i) the Holders
of a majority of the outstanding shares of Series C Preferred Stock, voting separate as a single class, (ii) with such other stockholder
approval, if any, as may then be required pursuant to the Nevada Revised Statutes and the Articles of Incorporation, and (iii)
the Board of Directors of the Corporation.

 

    	 

     

    

 

15.
Protective Provisions. So long as any shares of Series C Preferred Stock are outstanding, the Corporation shall not, nor
shall it permit any of its Subsidiaries to, take any of the following corporate actions (whether by merger, consolidation or otherwise)
without first obtaining the approval (by vote or written consent) of the Holders of a majority of the issued and outstanding shares
of Series C Preferred Stock (the “Series C Majority Holders”):

 

(a)
alter or change the rights, preferences or privileges of the Series C Preferred Stock, or increase the authorized number of shares
of Series C Preferred Stock; or

 

(b)
issue any additional shares of Series C Preferred Stock.

 

Notwithstanding
the foregoing, no change pursuant to this Section 15 shall be effective to the extent that, by its terms, it applies to less than
all of the Holders of shares of Series C Preferred Stock then outstanding.

 

16.
Cancellation of Series C Preferred Stock. If any shares of Series C Preferred Stock are converted pursuant to this Certificate,
the shares so converted or redeemed shall be canceled, shall return to the status of authorized, but unissued Preferred Stock
of no designated series, and shall not be issuable by the Corporation as Series C Preferred Stock.

 

17.
Lost or Stolen Certificates. Upon receipt by the Corporation of (i) evidence of the lost, theft, destruction or mutilation
of any Series C Preferred Stock Certificate(s) and (ii) (y) in the case of loss, theft or destruction, indemnity (without any
bond or other security) reasonably satisfactory to the Corporation, or (z) in the case of mutilation, the Series C Preferred Stock
Certificate(s) (surrendered for cancellation), the Corporation shall execute and deliver new Series C Preferred Stock Certificate(s)
of like tenor and date. However, the Corporation shall not be obligated to reissue such lost, stolen, destroyed or mutilated Series
C Preferred Stock Certificate(s) if the Holders contemporaneously requests the Corporation to convert such Series C Preferred
Stock.

 

18.
Waiver. Notwithstanding any provision in this Certificate to the contrary, any provision contained herein and any right
of the Holders of Series C Preferred Stock granted hereunder may be waived as to all shares of Series C Preferred Stock (and the
Holders thereof) upon the written consent of the Series C Majority Holders, unless a higher percentage is required by applicable
law, in which case the written consent of the Holders of not less than such higher percentage of shares of Series C Preferred
Stock shall be required.

 

19.
Certain Definition. As used in this Certificate, the term “Subsidiary” shall mean, as it applies to
the Corporation, any one or more Persons, a majority of the capital stock or other equity interests of which are owned directly
or indirectly (through another Subsidiary) by the Corporation.

 

20.
Notices. Any notices required or permitted to be given under the terms hereof shall be sent by certified or registered
mail (return receipt requested) or delivered personally, by nationally recognized overnight carries or by confirmed facsimile
transmission, and shall be effective five days after being placed in the mail, if mailed, or upon receipt or refusal of receipt,
if delivered personally or by nationally recognized overnight carrier or confirmed facsimile transmission, in each case addressed
to a party. The addresses for such communications are as set forth in the Purchase Agreement, or such other address as may be
designated in writing hereafter, in the same manner, by such person

 

    	 

     

    

 

The
undersigned declares under penalty of perjury under the laws of the State of Nevada that the matters set forth in this certificate
are true and correct of his own knowledge.

 

The
undersigned has executed this certificate on September 25, 2020.

 

	 	BOXLIGHT
    CORPORATION
	 	 	 
	 	By:	 
	 	Name:	Michael
    Pope
	 	Title:	Chief
    Executive OfficerExhibit
10.1

 

	Dated	24
    September 2020

 

The
Sellers

and

Boxlight
Corporation

 

SHARE
PURCHASE AGREEMENT

relating
to the sale and purchase of the entire issued share capital of

SAHARA
HOLDINGS LIMITED

 

    	i

     

    

 

TABLE
OF CONTENTS

 

	 	 	Page
	INTRODUCTION	 	4
	1	DEFINITIONS
    AND INTERPRETATION	 	4
	2	SALE
    AND PURCHASE	 	14
	3	CONSIDERATION	 	14
	4	COMPLETION	 	14
	5	WARRANTIES	 	15
	6	TAX	 	16
	7	RESTRICTIVE
    COVENANTS	 	16
	8	SEVERAL
    LIABILITY	 	18
	9	RELEASE
    BY THE SELLERS	 	18
	10	ANNOUNCEMENTS	 	19
	11	CONFIDENTIALITY	 	19
	12	ENTIRE
    AGREEMENT	 	20
	13	CUMULATIVE
    RIGHTS	 	20
	14	ASSIGNMENT
    AND TRANSFER	 	20
	15	COSTS
    AND EXPENSES	 	21
	16	INTEREST
    ON LATE PAYMENTS	 	21
	17	WITHHOLDING
    & GROSSING-UP	 	21
	18	EFFECT
    OF COMPLETION	 	21
	19	WAIVER	 	21
	20	VARIATION	 	22
	21	SEVERANCE	 	22
	22	FURTHER
    ASSURANCE	 	22
	23	SELLERS’
    REPRESENTATIVES	 	23
	24	NOTICES	 	23
	25	COUNTERPARTS	 	24
	26	GOVERNING
    LANGUAGE	 	24
	27	SUCCESSORS	 	24
	28	RIGHTS
    OF THIRD PARTIES	 	25
	29	RIGHTS
    & REMEDIES	 	25
	30	DISPUTE
    RESOLUTION	 	25
	31	GOVERNING
    LAW	 	25
	32	JURISDICTION	 	25
	33	EXECUTION	 	25
	Schedule
    1 The Sellers	 	26
	Schedule
    2	 	28
	Part
    1: Particulars of the Company	 	28
	Part
    2: Particulars of the Subsidiaries	 	29
	Schedule
    3	 	36
	Part
    1: Documents to be delivered by the Sellers	 	36

 

    	ii

     

    

 

	Part
    2: Documents to be delivered by the Buyer	 	38
	Schedule
    4 Warranties	 	39
	Schedule
    5 Limitations on Liability	 	63
	Schedule
    6	 	68
	Part
    1: Key Customers	 	68
	Part
    2: Key Suppliers	 	69
	Schedule
    7	 	70
	Schedule
    8 Taxation	 	71
	Part
    1: Definitions and interpretations	 	71
	Part
    2 (Tax Covenant)	 	74
	Part
    3 (Limitations and general)	 	76
	SCHEDULE
    9 Form of Series B Consideration Shares Certificate of Designation
	 
	SCHEDULE
    10 Form of Series C Consideration Shares Certificate of Designation
	 
	SCHEDULE
    11 Form of Voting and Lockup Agreement

 

    	iii

     

    

 

	Dated	24
    September 2020

 

PARTIES

 

	(1)	THE
    PERSONS whose names and addresses are set out in Schedule 1 (the “Sellers”, and each a “Seller”);
    and

 

	(2)	BOXLIGHT
    CORPORATION, a United States corporation organized under the laws of the State of Nevada (the “Buyer”),
    whose registered office is at 1045 Progress Circle, Lawrenceville, Georgia 30043.

 

INTRODUCTION

 

	(A)	The
    Sellers are the legal and beneficial owners of the entire issued share capital of the Company and as such have the right,
    power and authority to sell and transfer the Shares in the manner contemplated by this Agreement.

 

	(B)	The
    Sellers have agreed to sell to the Buyer and the Buyer has agreed to purchase the Shares for the Consideration and otherwise
    in the manner and on and subject to the terms of this Agreement.

 

OPERATIVE
PROVISIONS

 

	1	DEFINITIONS
    AND INTERPRETATION

 

	1.1	In
    this Agreement, except where a different interpretation is necessary in the context, the words and expressions set out below
    shall have the following meanings:

 

“2020
Management Accounts” means the unaudited consolidated balance sheet as at 30 June 2020 and the unaudited comparative
consolidated profit and loss account for the six month period ended 30 June 2020, respectively, of the Company and each of the
Subsidiaries;

 

“Accounts”
means the audited consolidated balance sheet as at 31 December 2017, 31 December 2018 and 31 December 2019, and the audited consolidated
profit and loss account for the three Financial Years ended on 31 December 2017, 31 December 2018 and 31 December 2019, of the
Company and each of the Subsidiaries (including, in the case of the Company, the audited consolidated balance sheet as at such
dates and the audited consolidated profit and loss account for such Financial Years) together with the notes, reports, statements
(including cash flow statements, if applicable) and other documents which are or would be required by law to be annexed to the
accounts of the company concerned and to be sent or made available to members, a copy of each of which has been included in folder
2 of the Data Room;

 

“Accounts
Date” means 31 December 2019;

 

“Accounts
Standards” means the applicable requirements of the Companies Act 2006, together with the accounting principles, standards
and practices which are generally accepted in the United Kingdom (including FRS 102), in each case at the date to which the relevant
Accounts were made up to;

 

“Affiliate”
means in relation to any Person (whether or not registered in the United Kingdom), any parent undertaking or subsidiary undertaking
of such Person or any subsidiary undertaking of a parent undertaking of such Person, in each case from time to time;

 

“Agreement”
means this agreement including the Introduction and the Schedules;

 

“Announcement”
means the press announcement concerning the transactions contemplated by this Agreement in the agreed form;

 

    	4

     

    

 

“Breach
of Warranty Claim” means a claim by the Buyer for breach of Warranty, including Business Warranties and Tax Warranties
referred to in Schedule 4;

 

“Business”
means, collectively, the businesses of any of the Group Companies at the date hereof which generally involves the production and
distribution of products, including AV solutions, and related software to the education, health, public and corporate market sectors,
directly and through resellers;

 

“Business
Day” means a day other than a Saturday, Sunday or public holiday in England;

 

“Business
IP” means all Intellectual Property which is owned or which is used or exploited in the actual Business by any of the
Group Companies including all Intellectual Property in the products and services supplied and/or developed by them;

 

“Business
Warranties” means the Warranties excluding the Fundamental Warranties and Tax Warranties;

 

“Business
Warranty Claim” means any claim for breach of the Business Warranties;

 

“Buyer’s
Completion Documents” means this Agreement and any other documents which are to be executed by the Buyer pursuant to
this Agreement, as listed in Part 2 of Schedule 3;

 

“Buyer’s
Group” means the Buyer and its Affiliates and, from and after Completion, includes each Group Company;

 

“Buyer’s
Relief” has the meaning given to it in Schedule 8;

 

“Buyer’s
Solicitors” means Michelman & Robinson LLP (U.S. counsel) and Hinds & Small Limited. (U.K. counsel);

 

“CA
2006” means the Companies Act 2006;

 

“CAA
2001” means the Capital Allowances Act 2001;

 

“Cash
Consideration” means £52,000,000 (fifty-two million pounds);

 

“Cash
Reserves” means £12,000,000 (twelve million pounds);

 

“Claim”
means any a claim for breach of any of the Warranties or a Tax Claim.

 

“Class
A Common Stock” means the shares of the Class A voting common stock of Buyer, par value $0.0001 per share;

 

“Company”
means Sahara Holdings Limited, short particulars of which are set out in Schedule 2;

 

“Company
Option Exercise Tax” means the aggregate of any Option Exercise Tax that is not recoverable from the Option Sellers;

 

“Company
Web Site” means any web site(s) owned, operated or hosted by any Group Company or through which any Group Company conducts
any of the Business;

 

“Competing
Business” means any part of any trade or business which competes with all or any part of the Business carried on by
any of the Group Companies as at Completion or any business that develops or markets any products or services provided by any
Group Company at Completion (including for the avoidance of doubt, the Clevertouch brand screens and associated products);

 

    	5

     

    

 

“Completion”
means completion of the sale and purchase of the Shares in accordance with the terms of clause 4;

 

“Completion
Payment” means the amount to be paid to the Sellers on Completion in cash in the amounts set out against each Seller’s
name in column 7 of the table in Schedule 1, in accordance with clause 4.4(a), being, in aggregate, £40,000,000 of the Cash
Consideration;

 

“Confidential
Information” means all technical, financial, commercial and other information of a confidential nature relating to the
Business, including trade secrets, know-how, inventions, product information and unpublished information relating to Intellectual
Property, source code relating to Software, marketing and business plans, projections, current or projected plans or internal
affairs of the Group Companies, secret or confidential information, current and/or prospective suppliers and customers (including
any customer or supplier lists) and any other Person who has had material dealings with them;

 

“Connected
Person” means a Person connected with a Seller and/or Covenantor within the meaning of section 1122 CTA 2010;

 

“Consideration”
means the consideration referred to in clause 3.1;

 

“Control”
has the meaning given in section 1124 of the CTA 2010, and the expression change of Control shall be construed accordingly

 

“Controller”
has the meaning given to the term under the DPA;

 

“Covenantors”
means each of Kevin Batley, Nigel Batley, Sheila Batley, Annette Batley, Shaun Marklew and Simon Chidsey;

 

“CTA
2009” means the Corporation Tax Act 2009;

 

“CTA
2010” means the Corporation Tax Act 2010;

 

“Data
Protection Legislation” means:

 

	 	(a)	all
    legislation; and

 

	 	(b)	the
    Payment Card Industry Data Security Standard, and all other rules and requirements of payment card brands (to the extent applicable)

 

in
each case relating to the processing of personal data, to the privacy of individuals, to the transmission of marketing and/or
commercial messages and to the recording, interception and monitoring of communications, including without limitation the GDPR,
the DPA, Directive 2002/58/EC of the European Parliament and of the Council of 12 July 2002 on privacy and electronic communications
and the Privacy and Electronic Communications (EC Directive) Regulations 2003, as amended and any analogous legislation in any
jurisdiction in which any Group Company carries on its Business;

 

“Data
Room” means the Project Elliott virtual data room hosted by HighQ and operated by the Sellers’ Solicitors;

 

“Defined
Benefit Scheme” means a scheme under which the amount of some or all of the benefits payable to or in respect of a member
of the scheme is calculated in accordance with a formula which takes account of the service of the member to retirement, death
or withdrawal and the remuneration of the member averaged over his service at or close to his retirement, death or withdrawal;

 

“Defined
Contribution Scheme” means a scheme under which the amount of the benefits, or the amount of the benefits other than
some or all of the benefits payable on death before becoming a pensioner, payable to or in respect of a member of the scheme is
calculated by reference to the contributions made to the scheme by and in respect of the member;

 

    	6

     

    

 

“Directors”
means the Persons specified as directors of the Company in Schedule 2 (and a “Director” means any of them);

 

“Disclosed”
means fairly disclosed in sufficient detail to enable a reasonable purchaser to identify the nature and scope of the matter, fact
or circumstance disclosed;

 

“Disclosure
Bundle” means the contents of the Data Room a copy of the index of which is annexed to the Disclosure Letter;

 

“Disclosure
Letter” means a letter in the agreed form dated on or before the date of this Agreement from the Sellers to the Buyer,
delivered to the Buyer immediately before execution of this Agreement, for which the Buyer has acknowledged receipt, including
the Disclosure Bundle, together with the agreed form index of the Disclosure Bundle;

 

“DPA”
means the Data Protection Act 2018;

 

“Embargo
Countries” means those countries listed by the Foreign and Commonwealth Office or the US Department of the Treasury
Office of Foreign Assets Control as being subject to an embargo regime, and “Embargo Country” shall mean any
one of them;

 

“Embargo
Entity” means an Entity situated in an Embargo Country;

 

“Employees”
means those Persons who have entered into or work under terms of a contract of employment with a Group Company;

 

“Employee
List” has the meaning given to it in paragraph 9.1 of Schedule 4;

 

“Encumbrance”
means any interest or equity of any Person (including any right to acquire, option or right of pre-emption) or any mortgage, charge,
pledge, lien, assignment, hypothecation, security interest, title retention or any other security agreement or arrangement;

 

“Entity”
means any Person, corporation, partnership, organisation, government organisation, non-governmental or quasi-governmental organisation,
or other entity;

 

“Environmental
Laws” means all international, European Union, national, federal, state or local laws (including common and statute
law and civil and criminal law) and all subordinate legislation and regulatory codes of practice (including statutory instruments,
guidance notes, permits, circulars, industry agreements, directives, decisions, regulations, treaties and conventions) relating
to environmental matters which are or were binding on the Group Companies in the relevant jurisdiction in which Group Companies
are or have been operating;

 

“Environmental
Matters” means all or any matters relating to the pollution or protection of the environment or harm to or the protection
of human health and safety or the health of animals and plants or energy efficiency or reduction or emissions trading;

 

“FCA”
means the Financial Conduct Authority;

 

“Financial
Year” means a financial year as determined in accordance with section 390 Companies Act 2006;

 

“FRS”
means the Financial Reporting Standard issued or adopted by the Financial Reporting Council;

 

“FSMA”
means the Financial Services and Markets Act 2000, as amended and in force from time to time;

 

    	7

     

    

 

“Fundamental
Warranties” means the warranties contained in paragraphs 1 (Capacity and authority) and 2 (The Shares) of Schedule 4;

 

“Group
Companies” means the Company and the Subsidiaries, and each of them a “Group Company” and together
the “Group”;

 

“Health
and Safety Laws” means all international, European Union, national, federal, state or local laws (including common and
statute law and civil and criminal law) and all subordinate legislation and regulatory codes of practice (including statutory
instruments, guidance notes, permits, circulars, industry agreements, directives, decisions, regulations, treaties and conventions)
relating to human health and safety or the condition of the workplace which are or were binding on the Group Companies in the
relevant jurisdiction in which the Group Companies are or have been operating;

 

“Historic
Sale Contracts” has the meaning set out in paragraph 3.9 of Schedule 4;

 

“ICT
Infrastructure” means the information and communications technology infrastructure and systems including Software, hardware,
firmware and networks which is used in and is material to the operation of the Business;

 

“IHTA
1984” means the Inheritance Tax Act 1984;

 

“Intellectual
Property” means all:

 

	 	(a)	letters
    patent, patent applications, continuations, utility models, trade marks, service marks, registered designs, trade names, business
    names, domain names and email addresses, unregistered trade marks and service marks, rights in logos and get-up, copyright,
    database rights, all rights of whatsoever nature in computer software and data, semiconductor topographies, inventions, rights
    in confidential information, know-how, rights in designs;

 

	 	(b)	rights
    under licences, consents, statutes, orders or otherwise in relation to a right in paragraph (a) of this definition;

 

	 	(c)	rights
    of the same or similar effect or nature to those in paragraphs (a) and (b) of this definition anywhere in the world which
    now or in the future may subsist;

 

	 	(d)	renewals,
    reversions or extensions, applications and rights to apply for any of the rights in paragraphs (a), (b) and (c) of this definition;
    and

 

	 	(e)	the
    right to sue for damages for past infringement of any right referred to in this definition;

 

“Key
Contracts” means the agreements, arrangements and commitments (whether or not reduced to writing) which are material
to the Business that are in force at Completion being contracts with Key Customers, Key Suppliers, each Licence-In and Licence-Out;

 

“Key
Customers” means those customers listed in Part 1 of Schedule 6 and “Key Customer” shall mean any
one of them;

 

“Key
Employee” means any Person who:

 

	 	(a)	at
    the date of this Agreement; or

 

	 	(b)	at
    any time during the 12 months immediately preceding the date of this Agreement,

 

is
or was an employee or consultant of or to the Company or any Group Company and who is, or who was during that period (i) employed
or engaged on basic gross salary or fees in excess of £40,000 per annum, and/or (ii) acting at management grade;

 

    	8

     

    

 

“Key
Suppliers” means those suppliers listed in Part 2 of Schedule 6 and “Key Supplier” shall mean any
one of them;

 

“Licence-In”
means an agreement by a Person to license Intellectual Property to any Group Company;

 

“Licence-Out”
means an agreement by any Group Company to license or sub-license Intellectual Property to a Person;

 

“Licensed
Business IP” means any Business IP which is currently licensed or sub-licensed to any Group Company;

 

“Losses”
shall mean any liability, cost, damages or expenses (including reasonable attorneys’ fees), fines or penalties incurred
by Buyer or any of the Group Companies;

 

“Management
Accounts” means the unaudited consolidated balance sheets as at 30 June 2019 and 30 June 2020, and the unaudited comparative
consolidated profit and loss account for the six month periods ended 30 June 2019 and 30 June 2020, respectively, of the Company
and each of the Subsidiaries;

 

“Material
Adverse Effect” means any event, or act of omission or commission that could reasonably be expected have a material
adverse effect and impact on the Business, assets, liabilities, revenues, profits and prospects of the Group Companies, when taken
as a consolidated whole

 

“Missing
Asset” has the meaning given to it in clause 22.2;

 

“Nasdaq”
means the Nasdaq Capital Market securities exchange of the Nasdaq Stock Market;

 

“Non-Disclosable
Information” means all information (including but not limited to Confidential Information) which relates to:

 

	 	(a)	the
    Group Companies and/or their respective Affiliates;

 

	 	(b)	any
    aspect of the Business;

 

	 	(c)	the
    provisions of this Agreement or any other Transaction Document;

 

	 	(d)	the
    negotiations relating to this Agreement or any other Transaction Document;

 

	 	(e)	the
    subject matter of this Agreement or any other Transaction Document; or

 

	 	(f)	the
    Buyer and any of its Affiliates from time to time;

 

“Non-Option
Sellers” means each of Kevin Batley, Nigel Batley, Sheila Batley and Annette Batley;

 

“Notice
of Claim” means a notice of a Claim or Breach of Warranty Claim, specifying in reasonable detail the nature of the claim
and the Buyer’s estimate of the value of the relevant claim;

 

“Options”
the respective rights to acquire Option Shares granted to each Option Seller pursuant to an enterprise management incentives options
scheme dated 13 June 2019;

 

“Option
Exercise Tax” means the aggregate of the Tax (in any relevant jurisdiction) and other similar charges (including, but
not limited to, employee and employer’s national insurance contributions and PAYE contributions) payable by a Group Company
on exercise of an Option;

 

“Option
Sellers” means Shaun Marklew and Simon Chidsey;

 

    	9

     

    

 

“Option
Shares” means 426 B ordinary shares of £0.01 nominal value each in the capital of the Company to be issued to
the Option Sellers in the amounts set out opposite each Option Seller’s name in column 3 of the table set out in Schedule
1 on the exercise of their Options immediately prior to Completion and “Option Share” shall mean any one of
them;

 

“Ordinary
Shares” means the A ordinary shares, B ordinary shares, C ordinary shares and D ordinary shares of £0.01 nominal
value each in the capital of the Company set out opposite each Seller’s name in column 2 of the table set out in Schedule
1;

 

“Owned
Business IP” means any Business IP which is owned by any Group Company;

 

“Pension
Schemes” means the pension schemes operated by or on behalf of the Company as set out in section 8 of the Data Room;

 

“Pensionable
Employee” means a director or employee or former director or former employee of any Group Company;

 

“Person”
means and includes the individual or collective reference to any individual, corporation, partnership, limited liability company,
trust, governmental agency or other entity.

 

“Personal
Data” has the same meaning as the term “personal data” under the DPA;

 

“Policies”
means the current insurance and indemnity policies in respect of which any Group Company has an interest (including but not limited
to any active historic policies which provide cover on a “losses occurring” basis);

 

“PRA”
means the Prudential Regulation Authority;

 

“Principal
Sellers” means the individual and collective reference to Kevin Batley and Nigel Batley;

 

“Properties”
means each of the properties listed in Schedule 7 (each a “Property”);

 

“Publicly
Available Software” means any software that:

 

	 	(a)	contains,
    or is derived (in whole or in part) in any manner from, any software that is distributed as open source software, free software
    or pursuant to any similar distribution and/or licensing model; and

 

	 	(b)	requires,
    as a condition of its use, modification and/or distribution that any such software or any other software derived from, incorporated
    into, or distributed with such software be:

 

	 	(i)	distributed
    or disclosed in source code form;

 

	 	(ii)	licensed
    for the purpose of making derivative works; and/or

 

	 	(iii)	redistributable
    at a minimum charge or no charge;

 

“Relevant
Person” has the meaning given to it in clause 9.1;

 

“Sellers’
Completion Documents” means this Agreement and any other documents which are to be executed by the Sellers pursuant
to this Agreement, as listed in Part 1 of Schedule 3;

 

“Sellers’
Representatives” means Kevin Batley and Nigel Batley or such other Person as may be appointed in accordance with clause
23;

 

“Sellers’
Solicitors” means Cripps Pemberton Greenish LLP of Number 22, Mount Ephraim, Tunbridge Wells, Kent TN4 8AS;

 

    	10

     

    

 

“Sellers’
Solicitors Account” means the following bank account:

 

Account
name: Cripps LLP Client Account

Account
number: 04095642

Sort
code: 18-00-02

IBAN
number: GB55 COUT 1800 0204 0956 42

Swift
code: COUTGB22

Bank:
Coutts, Head Office, London

 

Quoting
reference: SYS/JJK/BA51571.1;

 

“Series
B Consideration Shares” means the Series B Redeemable Convertible Preferred Stock of the Buyer to be issued to the Sellers
on Completion in the amounts set out against each Seller’s name in column 5 of the table in Schedule 1, in accordance with
clause 4.4(b), being, in aggregate, the sum of £12,000,000;

 

“Series
C Consideration Shares” means the Series C Redeemable Convertible Preferred Stock of the Buyer to be issued to the Sellers
on Completion in the amounts set out against each Seller’s name in column 6 of the table in Schedule 1, in accordance with
clause 4.4(b), being, in aggregate, the sum of £10,000,000;

 

“Series
B Consideration Shares Certificate” means the certificate of designation containing the rights, privileges and preferences
of the Series B Consideration Shares to be filed on or immediately following the close of trading of the Buyer’s Class A
Common Stock on the Business Day immediately following the date of Completion with the Secretary of State of the State of Nevada,
USA, and in the form set forth on Schedule 9;

 

“Series
C Consideration Shares Certificate” means the certificate of designation containing the rights, privileges and preferences
of the Series B Consideration Shares to be filed on or immediately following the close of trading of the Buyer’s Class A
Common Stock on the Business Day immediately following the date of Completion with the Secretary of State of the State of Nevada,
USA, and in the form set forth on Schedule 10;

 

“Shares”
means the Ordinary Shares and the Option Shares;

 

“Software”
means any and all computer programs in both source and object code form, including all modules, routines and sub-routines and
all source and other preparatory materials relating to the above including user requirements, functional specifications and programming
specifications, programming languages, algorithms, flow charts, logic, logic diagrams, orthographic representations, file structures,
coding sheets, coding and including any manuals or other documentation and all enhancements, improvements, replacement and derivative
works relating to any of the above;

 

“Subsidiaries”
means those companies or other Persons short particulars of which appear in Part 2 of Schedule 2, and the expression “Subsidiary”
shall mean any one of the Subsidiaries;

 

“Tax”
or “Taxation” has the meaning given to it in Schedule 8;

 

“Tax
Authority” has the meaning given to it in Schedule 8;

 

“Tax
Claim” means a Tax Covenant Claim or a Tax Warranty Claim;

 

“Tax
Covenant” means the covenant contained in Part 2 of Schedule 8;

 

“Tax
Covenant Claim” mains a claim under the Tax Covenant;

 

“Tax
Warranties” means the warranties contained in paragraph 30 of Schedule 4;

 

“Tax
Warranty Claim” means a claim for breach of the Tax Warranties;

 

    	11

     

    

 

“Third
Party Claim” has the meaning given to it in paragraph 9 of Schedule 5;

 

“Transaction
Documents” means this Agreement and any of the documents executed pursuant to this Agreement (including, for the avoidance
of doubt, the Sellers’ Completion Documents);

 

“Transfer
Regulations/TUPE” means Transfer of Undertakings (Protection of Employment) Regulations 2006;

 

“U.K/United
Kingdom” means England, Scotland, Northern Ireland and Wales.

 

“U.S.
United States” means the United States of America

 

“Variation
to Service Agreements” means the variation to the service or employment agreements in the agreed form to be entered
into on Completion between the Sahara Presentation Systems Plc and each of Mark Starkey, as Chief Executive Officer, Pat Foley,
as Chief Financial Officer, and such other Key Employees as the Buyer and the Principal Sellers mutually agree upon;

 

“VAT”
means:

 

	 	(a)	value
    added tax imposed pursuant to VATA and legislation and regulations similar or supplemental thereto;

 

	 	(b)	any
    tax imposed in compliance with the European Council directive of 28 November 2006 on the common system of value added tax
    (EC Directive 2006/112); and

 

	 	(c)	any
    other tax of a similar nature, whether imposed in a member state of the European Union in substitution for, or levied in addition
    to, the tax referred to in (b) above, or elsewhere;

 

“VATA”
means the Value Added Tax Act 1994;

 

Voting
and Lockup Agreement” means the agreement among Boxlight and the Sellers to be executed and delivered at Completion
and in substantially the form set forth on Schedule 11 to this Agreement;

 

“Warranties”
means the individual and collective reference to any Fundamental Warranty, Business Warranty and Tax Warranty, and warranties
contained in Schedule 4 and each and warranty statement shall be a “Warranty”;

 

“Warranty
Claim” means a claim for breach of clause 5.2 and the Warranties;

 

“Workers”
means those individuals who are providing services to the Company or any Group Company under or pursuant to any agreement which
is not a contract of employment with the relevant company including where the individual acts as a consultant, contractor or worker,
non-executive director or officer of the Company or any Group Company and in each case whether directly contracted or supplied
by an agency, employment business, service company or other third party but excluding any Person in business on their own account
and in respect of whom the Company’s or any Group Company’s status is that of a customer or client;

 

“£”
means the lawful currency of the United Kingdom; and

 

“$”
means the lawful currency of the United States.

 

	1.2	The
    clause and paragraph headings and the table of contents used in this Agreement are inserted for ease of reference only and
    shall not affect construction.

 

    	12

     

    

 

	1.3	References
    in this Agreement and the Schedules to the parties, the Introduction, Schedules and clauses are references respectively to
    the parties, the Introduction and Schedules to and clauses of this Agreement.

 

	1.4	References
    to documents “in the agreed form” are to documents in terms agreed between the parties prior to execution of this
    Agreement.

 

	1.5	References
    to “writing” or “written” includes any other non-transitory form of visible reproduction of words.

 

	1.6	References
    to times of the day are to that time in London, England and references to a day are to a period of 24 hours running from midnight.

 

	1.7	References
    to any English legal term or legal concept shall in respect of any jurisdiction other than England be deemed to include that
    which most approximates in that jurisdiction to such English legal term or legal concept.

 

	1.8	References
    to Persons shall have the meaning set forth in the Definitions..

 

	1.9	References
    to the word “include” or “including” (or any similar term) are not to be construed as implying any
    limitation and general words introduced by the word “other” (or any similar term) shall not be given a restrictive
    meaning by reason of the fact that they are preceded by words indicating a particular class of acts, matters or things.

 

	1.10	Save
    where the context specifically requires otherwise, words importing one gender shall be treated as importing any gender, words
    importing individuals shall be treated as importing corporations and vice versa, words importing the singular shall be treated
    as importing the plural and vice versa, and words importing the whole shall be treated as including a reference to any part
    thereof.

 

	1.11	References
    to statutory provisions, enactments or EC Directives shall include references to any amendment, modification, extension, consolidation,
    replacement or re-enactment of any such provision, enactment or Directive (whether before or after the date of this Agreement),
    to any previous enactment which has been replaced or amended and to any regulation, instrument or order or other subordinate
    legislation made under such provision, enactment or Directive provided that, as between the parties, no such amendment, modification,
    extension, consolidation, replacement or re-enactment made after the date of this Agreement shall apply for the purposes of
    this Agreement to the extent that it would impose any new or extended obligation, liability or restriction on, or otherwise
    adversely affect the rights of, any party.

 

	1.12	A
    company or other entity shall be a “holding company” for the purposes of this Agreement if it falls within either
    the meaning attributed to that term in section 1159 and Schedule 6 Companies Act 2006 or the meaning attributed to the term
    “parent undertaking” in section 1162 and Schedule 7 of such Act, and a company or other entity shall be a “subsidiary”
    for the purposes of this Agreement if it falls within any of the meanings attributed to a “subsidiary” in section
    1159 and Schedule 6 Companies Act 2006 or any of the meanings attributed to the term “subsidiary undertaking”
    in section 1162 and Schedule 7 of such Act, and the terms “subsidiaries” and “holding companies” are
    to be construed accordingly, save that an undertaking shall also be treated, for the purposes only of the membership requirement
    contained in subsections 1162(2)(b) and (d) Companies Act 2006, as a member of another undertaking if any shares in that other
    undertaking are held by a Person (or its nominee) by way of security or in connection with the taking of security granted
    by the undertaking or any of its subsidiary undertakings.

 

	1.13	Section
    1122 CTA 2010 is to apply to determine whether one Person is connected with another for the purposes of this Agreement.

 

	1.14	References
    to those of the parties who are individuals include references to their respective legal personal representatives.

 

	1.15	The
    definitions contained in Schedule 8 apply throughout this Agreement.

 

    	13

     

    

 

	2	SALE
    AND PURCHASE

 

	2.1	Each
    of the Sellers shall sell on and with effect from Completion with full title guarantee, and the Buyer shall, subject to clause
    2.2, purchase all of the Shares set opposite that Seller’s name in Schedule 1 together with all rights attaching to
    them at Completion and free from all Encumbrances.

 

	2.2	The
    Buyer shall not be obliged to complete the purchase of any of the Shares unless the purchase of all the Shares is completed
    simultaneously in accordance with this Agreement.

 

	2.3	Each
    of the Sellers irrevocably and unconditionally waives any and all pre-emption rights, rights of first refusal and other similar
    rights in respect of the Shares and the shares in the Subsidiaries whether arising by virtue of any articles of association,
    agreement, law or otherwise.

 

	3	CONSIDERATION

 

	3.1	In
    consideration of the sale of the Shares in accordance with the terms of this Agreement, the Buyer shall pay (or, in the case
    of the Series B Consideration Shares and Series C Consideration Shares, issue) to the Sellers:

 

	 	(a)	the
    Cash Consideration; such Cash Consideration to be paid as follows: (i) £40,000,000 (forty million pounds) on Completion,
    and (ii) £12,000,000 (twelve million pounds) (Balancing Payment) on a date which shall be the earlier
    of 60 days following Completion (Longstop Date) or the Business Day after completion of the re-registration of Sahara
    Presentation Systems Plc as a limited company; plus

 

	 	(b)	the
    Series B Consideration Shares; plus

 

	 	(c)	the
    Series C Consideration Shares,

 

(in
aggregate, the “Consideration”).

 

	3.2	Any
    payment made by the Sellers to the Buyer under or in respect of any breach of this Agreement (including as a result of any
    Claim brought by the Buyer) shall be and shall be deemed to be a reduction in the price paid for the Shares under this Agreement
    to the extent legally possible, provided that the Consideration shall not be treated as being less than nil in consequence
    of the foregoing.

 

	3.3	All
    payments of Cash Consideration to be made by the Buyer to the Seller under this Agreement, which shall include the Cash Reserves,
    shall be made in sterling by electronic transfer of immediately available funds to the Sellers’ Solicitors Account (who
    are irrevocably authorised by the Sellers to receive the same). Payment in accordance with this clause and any other written
    directions to Sellers’ Solicitors shall be a good and valid discharge of the Buyer’s obligations to pay the sum
    in question, and the Buyer shall not be concerned to see the application of the monies so paid.

 

	4	COMPLETION

 

	4.1	Completion
    shall take place at the offices of the Sellers’ Solicitors (or any other place agreed upon by the Sellers and the Buyer)
    immediately following exchange of this Agreement.

 

	4.2	Immediately
    prior to Completion the Option Sellers shall exercise their Options and the Company shall allot and issue the Option Shares.

 

	4.3	At
    Completion, the Sellers shall deliver or cause to be delivered to the Buyer the items listed in Part 1 of Schedule 3 (the
    Buyer receiving them, where appropriate, as agent for the Company).

 

	4.4	The
    Buyer shall procure:

 

    	14

     

    

 

	 	(a)	on
    Completion, the payment to the Sellers’ Solicitors Account of the Completion Payment;

 

	 	(b)	on
    the Business Day following the date of Completion, the issue of the Series B Consideration Shares to the Sellers, by issuing
    to each Seller share certificates evidencing the Series B Consideration Shares appropriately registered in the name of each
    Seller;

 

	 	(c)	on
    the Business Day following the date of Completion, the issue of the Series C Consideration Shares to the Sellers, by issuing
    to each Seller share certificates evidencing the Series C Consideration Shares appropriately registered in the name of each
    Seller;

 

	 	(d)	on
    the Business Day following the date of Completion, the filing of the Series B Consideration Shares Certificate and the Series
    C Consideration Shares Certificate with the Secretary of State of the State of Nevada; and

 

	 	(e)	on
    Completion, the delivery to the Sellers of the items listed in Part 2 of Schedule 3.

 

	4.5	Out
    of the Cash Consideration which would otherwise have been receivable pursuant to clause 3.1, each of the Option Sellers hereby
    irrevocably and unconditionally instructs the Buyer to pay to the Company an amount (if any) equal to any Option Exercise
    Tax (less any Company Option Exercise Tax) and the Option Sellers agree that the amount so payable in respect of any Option
    Seller shall be deducted from the cash amount otherwise payable to that Option Seller for his/her Option Shares pursuant to
    clause 4.4(a) and the Buyer agrees to procure that the Company shall pay the Option Exercise Tax (if any) to the relevant
    Tax Authority within the relevant time limit for payment of such Tax.

 

	4.6	Each
    of the Sellers hereby confirms that the Sellers’ Solicitors are irrevocably authorised by the Sellers to receive payment
    of the amounts referred to as being payable to the Sellers’ Solicitors Account in clauses 4.4(a) on the Sellers’
    behalf and the receipt by the Sellers’ Solicitors shall be a sufficient discharge for the Buyer of its obligations under
    clauses 4.4(a), and the Buyer shall not be concerned to see to the application thereof or be responsible for the loss or misapplication
    of such sum.

 

	5	WARRANTIES

 

	5.1	Each
    of the Principal Sellers jointly and severally, and Sheila Batley and Annette Batley (in respect of themselves only) warrant
    to the Buyer for itself and for any successor in title to the Shares or to part or all of the Business that each Fundamental
    Warranty, is true, correct, accurate and not misleading at the date of this Agreement.

 

	5.2	The
    Non-Option Sellers warrant jointly and severally, and the Option Sellers warrant severally, to the Buyer in the terms of all
    of the Warranties subject to:

 

	 	(a)	the
    matters Disclosed in the Disclosure Letter, provided that such matters will be treated as qualifying or limiting the application
    of any Warranty only to the extent they are Disclosed; and

 

	 	(b)	any
    exceptions for which express provision is made pursuant to this Agreement.

 

	5.3	Each
    Warranty is a separate and independent warranty and, save as otherwise expressly provided, no Warranty shall be limited by
    reference to any other Warranty or any other provision in this Agreement.

 

	5.4	The
    liability of the Sellers in respect of any Claim shall be limited to the extent set out in Schedule 5 and Part 3 of Schedule
    8, except in relation to any Claim which arises out of any breach of Section 7 Restrictive Covenants, breach of any Fundamental
    Warranty or any fraud, dishonesty or wilful concealment by the Sellers.

 

    	15

     

    

 

	5.5	Any
    information supplied by any Group Company, its officers, employees or agents to the Sellers, its agents, representatives or
    advisers in connection with, or to form the basis of, the Warranties or any matter covered in the Disclosure Letter, or for
    any other reason, shall be deemed not to include or have included a representation, warranty or guarantee of its accuracy
    to the Sellers and shall not constitute a defence to the Sellers to any Claim made by the Buyer. Each Seller hereby waives
    any and all claims against the Company and all Group Companies, their officers, employees or agents in respect of any information
    so supplied (and undertakes that no other Person claiming under or through it will make any such claim). The Company, the
    Group Companies, their officers, employees and/or agents may enforce the terms of this clause 5.5 in accordance with the Contracts
    (Rights of Third Parties) Act 1999.

 

	5.6	Where
    any Warranty is qualified by the expression “so far as the Sellers are aware” or “to the best of the knowledge,
    information and belief of the Sellers” or words having similar effect, such Warranty shall be deemed to include a statement
    that such awareness means both the best knowledge, information and belief of any of the Sellers, Mark Starkey, Patrick Foley,
    Adam Kingshott and John Ginty and also such knowledge which the Sellers would have had if they had made due, reasonable and
    careful enquiry of each other Seller and of Mark Starkey, Patrick Foley, Adam Kingshott and John Ginty.

 

	5.7	For
    the purposes of the Warranties, references to the “Company” shall be deemed to extend both to the Company and
    to each of the Subsidiaries to the effect that each of the Warranties shall be deemed to be repeated (save where the context
    otherwise requires) in respect of each of the Subsidiaries as if the expression the “Company” had been replaced
    by the name of the Subsidiary concerned throughout.

 

	5.8	Each
    of the paragraphs in Schedule 4 shall be interpreted as being deemed to include all references to the foreign equivalent of
    terms used, statutes and regulations referred to and concepts applied where a Group Company is incorporated in, does business
    in or is affected by the laws or regulations of a country outside England and Wales.

 

	5.10	The
    Sellers shall not be liable for any Claim to the extent that the “Buyer had actual knowledge” of the facts, matters
    or circumstances (including, the magnitude of the potential risk), giving rise to the Claim prior to Completion. “Buyer
    had actual knowledge” (or words to that effect) means solely the actual (as opposed to constructive or imputed knowledge
    or which could have been discovered, whether by investigation made by the Buyer or on its behalf or was known by its advisors)
    knowledge of the Chief Executive Officer or Chief Financial Officer of the Buyer.

 

	5.11	For
    the avoidance of doubt, the rights and remedies of the Buyer in respect of any Claim or claim under the Tax Covenant shall
    not be affected by Completion.

 

	6	TAX

 

The
provisions of Schedule 8 apply in this Agreement in relation to Taxation.

 

	7	RESTRICTIVE
    COVENANTS

 

	7.1	Each
    Seller (herein defined as Covenantor) severally undertakes to the Buyer (contracting for itself and as trustee for each Group
    Company and for any successor in title to the Shares or to all or part of the Business) that, except with the prior written
    consent of the Buyer which may be withheld in its sole and absolute discretion, he shall not, directly or indirectly (and
    shall not encourage or direct their Connected Persons to)::

 

	 	(a)	in
    the period of three years from Completion in respect of the Non-Option Sellers and 12 months in respect of the Option Sellers,
    be concerned (as defined in clause 7.2 below) in any Competing Business within the United Kingdom, United States of America,
    Germany, Finland, Sweden, France, Spain, Denmark, Austria, Belgium, Russia, Australia, United Arab Emirates and Holland;

 

	 	(b)	in
    the period of three years from Completion in respect of the Non-Option Sellers and 12 months in respect of the Option Sellers,
    have any dealings with, canvass, solicit or approach or cause to be canvassed, solicited or approached any Person, firm or
    company who:

 

    	16

     

    

 

	 	(i)	at
    any time during the 24 months prior to Completion shall have been a direct or indirect client, customer, supplier, distributor
    or agent (or a client or customer of a distributor or agent who, at any time during the 24 months prior to Completion received
    or benefitted from services and/ or products of any Group Company through such distributor or agent) of or to any Group Company;
    or

 

	 	(ii)	at
    any time during the 24 months prior to Completion was a potential customer and was canvassed, solicited or approached by any
    Group Company;

 

	 	(c)	in
    the period of three years from Completion in respect of the Non-Option Sellers and 12 months in respect of the Option Sellers,
    interfere, seek to interfere or take such steps as may interfere with or adversely affect or influence supplies to any Group
    Company from any suppliers who have supplied goods or services to any Group Company for use in connection with its trade or
    business at any time during the 24 months prior to Completion provided always that any such dealings shall or are likely to
    adversely affect the manner in which the relevant supplier deals with the relevant Group Company;

 

	 	(d)	in
    the period of three years from Completion in respect of the Non-Option Sellers and 12 months in respect of the Option Sellers:

 

	 	(i)	offer
    employment to or employ or offer to conclude any contract of services with any Key Employee or procure or facilitate the making
    of such an offer by any Person, firm or company; or

 

	 	(ii)	solicit
    or approach or entice or endeavour to entice any Key Employee to terminate their employment or contract for services with
    any Group Company,

 

whether
or not such Person would commit any breach of his contract of employment or contract for services by reason of so leaving the
service of any Group Company or otherwise; or

 

	 	(e)	hold
    himself/herself out as being interested in or in any way connected other than as:

 

	 	(i)	a
    matter of historic fact;

 

	 	(ii)	in
    the course of continued employment with a member of the Buyer’s Group;

 

	 	(iii)	as
    a shareholder in a member of the Buyer’s Group

 

or
permit any Person to hold out any Covenantor as being so interested.

 

	7.2	For
    the purposes of this clause 7, a Covenantor will be concerned in a business if he/she carries it on as principal or agent
    or employee or if at the relevant time:

 

	 	(a)	he/she
    is a partner, employee, consultant, director or agent in, of or to any Person who carries on the business; or

 

	 	(b)	he/she
    has any direct or indirect financial interest (as shareholder or otherwise) in any Person who carries on the business; or

 

	 	(c)	he/she
    is a partner, employee, consultant, director or agent in, of or to any Person who has a direct or indirect financial interest
    (as shareholder or otherwise) in any Person who carries on the business,

 

    	17

     

    

 

disregarding
any financial interest of a Person in securities which are held for investment purposes only if that Person, a Seller and any
Person connected to it (the “Investors”) are together interested in units of an authorised unit trust and/or
not more than three per cent (3%) of any class of the issued share or loan capital of any company quoted on a recognised investment
exchange (as defined in FSMA) and provided that none of the Investors are involved in the management of the business of the issuer
of the securities or of any Person connected with it other than by the exercise of voting rights attaching to the securities.

 

	7.3	Each
    party acknowledges that each of the restrictions in this clause 7 is no more extensive than is reasonable and necessary to
    protect the interests of the Buyer as the buyer of the Shares. Each Covenantor confirms that it has received independent legal
    advice in relation to the terms of this clause 7.

 

	7.4	Each
    Covenantor acknowledges that if any one of them breaches or violates any of the provisions of this clause 7, the Buyer would
    be irreparably harmed and have no adequate remedy at law and the applicable duration of the restriction shall be extended
    for such period of the breach or violation. Accordingly, each Covenantor agrees that, in addition to any claim for monetary
    damages available to it, Buyer may (on behalf of itself or any Group Company) seek to obtain injunctive relief of such other
    and further equitable relief as a court of competent jurisdiction seated in the European Union, the United Kingdom or the
    United States may deem to be appropriate in the circumstances.

 

	7.5	Each
    Covenantor shall not, directly or indirectly, disparage any Group Company or and of its post-Completion shareholders, directors,
    officers, employees or agents. This clause 7.5 does not, in any way, restrict or impede you from exercising protected rights
    to the extent that such rights cannot be waived by agreement or from complying with any applicable law or regulation or a
    valid order of a court of competent jurisdiction or an authorized government agency, provided, that such compliance does not
    exceed that required by the law, regulation, or order.

 

	7.6	Each
    of the undertakings in clause is a separate undertaking by each Seller in relation to himself or herself and his or her interests
    and shall be enforceable by the Buyer and the Company separately and independently of their right to enforce any one or more
    of the other undertakings contained in that clause; provided, however, that the Buyer shall not be entitled to duplicate recoveries.

 

	7.7	The
    parties acknowledge that the Sellers have confidential information relating to the Business and that the Buyer is entitled
    to protect the goodwill of the Business as a result of buying the Shares. Accordingly, each of the undertakings in clause
    7 is considered fair and reasonable by the parties.

 

	7.8	The
    consideration for the undertakings in clause 7 is included in the Consideration.

 

	8	SEVERAL
    LIABILITY

 

	8.1	Unless
    expressly provided otherwise with respect to the Principal Sellers (whose Warranties are joint and several), all Warranties,
    undertakings, covenants, agreements and obligations made, given or entered into in this Agreement by the Sellers and/or Sellers
    (as applicable) are made, given or entered into severally by each of the Sellers and/or Sellers.

 

	8.2	The
    Buyer may take action against any one or more of the Sellers and/or Sellers and/or may release or compromise in whole or in
    part the liability of any one or more of the Sellers and/or Sellers under this Agreement or grant any time or other indulgence
    without affecting the liability of any other of the Sellers and/or Sellers.

 

	9	RELEASE
    BY THE SELLERS

 

	9.1	Each
    of the Sellers confirms that, immediately following Completion, he neither has any claim or has any reason to believe he will
    have a claim (whether in respect of any breach of contract, compensation for loss of office or monies due to him or on any
    account whatsoever (other than in respect of any accrued salary and expenses since the prior month’s payroll under such
    Seller’s respective employment agreement to the extent due and unpaid) outstanding against the Company, any Group Company
    or any of their respective present or former employees, directors or officers (together, the “Relevant Persons”)
    and that no agreement or arrangement (other than the Transaction Documents or in respect of the Option Sellers their existing
    employment contracts) is outstanding under which the Company, any Group Company or Relevant Person has or could have any obligation
    of any kind to him.

 

    	18

     

    

 

	9.2	To
    the extent that any such claim or obligation referred to in clause 9.1 exists, or may exist, each of the Sellers irrevocably
    and unconditionally waives such claim or obligation and any unknown or contingent claim or obligation, and releases the Company,
    any Group Company and Relevant Person from any liability whatsoever in respect of such claim or obligation.

 

	9.3	The
    Company, any Group Company or Relevant Person may enforce the terms of this clause 9 in accordance with the Contracts (Rights
    of Third Parties) Act 1999.

 

	10	ANNOUNCEMENTS

 

	10.1	Save
    for the Announcement and except to the extent otherwise expressly permitted by this Agreement, the parties shall keep confidential
    and not make any public announcement or issue a press release or respond to any enquiry from the press or other media concerning
    or relating to this Agreement or its subject matter or any ancillary matter.

 

	10.2	Notwithstanding
    any other provision in this Agreement, either party may, after consultation with the other party whenever practicable and
    to the extent permitted by law, make or permit to be made an announcement concerning or relating to this Agreement or its
    subject matter or any ancillary matter if and to the extent required by:

 

	 	(a)	law;
    or

 

	 	(b)	any
    securities exchange on which either party’s securities are listed or traded; or

 

	 	(c)	any
    regulatory or governmental or other authority with relevant powers to which either party is subject or submits, whether or
    not the requirement has the force of law; or

 

	 	(d)	to
    the extent required under the constitutional or fund documentation of the Institutional Investors.

 

	10.3	Clause
    10.1 shall not apply to any announcement, communication or circular made or sent by a member of the Buyer’s Group after
    Completion to an employee, customer, distributor or supplier of the Company or any Group Company informing it of the Buyer’s
    purchase of the Shares (but not of any terms of this Agreement).

 

	11	CONFIDENTIALITY

 

	11.1	Each
    of the Sellers hereby undertakes with the Buyer that it shall preserve the confidentiality of the Non-Disclosable Information,
    and except to the extent otherwise expressly permitted by this Agreement, take reasonable steps so as not to directly or indirectly
    reveal, report, publish, disclose or transfer or use for its own or any other purposes such Non-Disclosable Information.

 

	11.2	The
    Buyer hereby undertakes with the Sellers for itself and on behalf of each member of the Buyer’s Group that it shall
    preserve the confidentiality of the Non-Disclosable Information that relates to the Sellers and to this Agreement, and except
    to the extent otherwise expressly permitted by this Agreement, take reasonable steps so as not to directly or indirectly reveal,
    report, publish, disclose or transfer or use for its own or any other purposes such Non-Disclosable Information.

 

	11.3	Notwithstanding
    any other provision in this Agreement, the Sellers and/or Buyer (as the case may be) may, after consultation with the other
    party (to the extent permitted by law), disclose Non-Disclosable Information if and to the extent:

 

    	19

     

    

 

	 	(a)	required
    by law, including applicable federal and state securities laws of the United States;

 

	 	(b)	required
    by the rules of the Nasdaq Stock Market or any other securities exchange in which the Class A Common Stock of Buyer is listed
    or trades; or

 

	 	(c)	required
    by or for the purposes of making any returns or providing information as required by, any regulatory or governmental or Tax
    Authority or other authority with relevant powers to which the relevant Seller is subject or submits (whether or not the authority
    has the force of law); or

 

	 	(d)	required
    to vest the full benefit of this Agreement in the relevant party or to enforce any of the rights of the relevant party in
    this Agreement; or

 

	 	(e)	required
    by the relevant party’s professional advisers to provide their services (and subject always to similar duties of confidentiality);
    or

 

	 	(f)	that
    information is in or has come into the public domain through no fault of the relevant party; or

 

	 	(g)	the
    Buyer or the Institutional Investors or Sellers has/have given prior written consent to the disclosure; or

 

	 	(h)	necessary
    to obtain any relevant Tax clearances from any appropriate Tax Authority.

 

	11.4	The
    restrictions contained in this clause 11 shall continue to apply after Completion without limit in time.

 

	12	ENTIRE
    AGREEMENT

 

	12.1	This
    Agreement and the Schedules and other documents referred to or incorporated in it constitute the entire agreement between
    the parties relating to the subject matter of this Agreement and supersede and extinguish any prior drafts, agreements, undertakings,
    representations, warranties and arrangements of any nature whatsoever, whether or not in writing, between the parties in relation
    to the subject matter of this Agreement.

 

	12.2	Each
    of the parties acknowledges and agrees that it has not entered into this Agreement in reliance on any statement or representation
    of any Person (whether a party to this Agreement or not) other than as expressly incorporated in this Agreement. The Buyer
    agrees that rescission shall not be available as a remedy for any breach of this Agreement and the Buyer shall not be entitled
    to rescind or terminate this Agreement.

 

	12.3	Nothing
    in this Agreement or in any other document referred to herein shall be read or construed as excluding any liability or remedy
    as a result of fraud.

 

	13	CUMULATIVE
    RIGHTS

 

The
rights of the Buyer under this Agreement are independent, cumulative and without prejudice to all other rights available to it
whether as a matter of common law, statute, custom or otherwise.

 

	14	ASSIGNMENT
    AND TRANSFER

 

	14.1	This
    Agreement is personal to the parties and no party may assign, transfer, subcontract, delegate, charge or otherwise deal in
    any other manner with this Agreement or any of its rights or obligations nor grant, declare, create or dispose of any right
    or interest in it without the prior written consent of:

 

	 	(a)	the
    Buyer, in case of proposed dealing by a Seller; and

 

    	20

     

    

 

	 	(b)	either
    of the Sellers’ Representatives, in case of proposed dealing by the Buyer.

 

	14.2	Any
    purported assignment, transfer, subcontracting, delegation, charging or dealing in contravention of this clause 14 shall be
    ineffective.

 

	14.3	In
    the event there is an assignment of the Buyer’s rights pursuant to this Agreement, then the Sellers shall be under no
    greater liability to the assignee than they were to the Buyer.

 

	15	COSTS
    AND EXPENSES

 

Except
as otherwise stated in this Agreement, each party shall pay its own costs and expenses in relation to the negotiation, preparation,
execution, performance and implementation of this Agreement and each document referred to in it and other agreements forming part
of the transaction, save that this clause shall not prejudice the right of either party to seek to recover its costs in any litigation
or dispute resolution procedure which may arise out of this Agreement.

 

	16	INTEREST
    ON LATE PAYMENTS

 

	16.1	If
    a party fails to pay any sum payable by it on the due date for payment under this Agreement, it shall pay interest on the
    overdue sum for the period from and including the due date of payment up to the date of actual payment (after as well as before
    judgment) in accordance with clause 16.2.

 

	16.2	The
    interest referred to in clause 16.1 shall accrue from day to day and shall be paid on demand at the rate of five per cent
    (5%) above the base rate from time to time of the Bank of England.

 

	17	WITHHOLDING
    & GROSSING-UP

 

If,
in respect of or in connection with any Claim, or otherwise in connection with any payment made under this Agreement, any amount
payable to the Buyer by the Sellers is subject to Taxation or a Seller is required by law to deduct or withhold any amount of
or in respect of Taxation from any such payment, the amount to be paid to the Buyer by the Sellers shall be increased to such
amount as will ensure that the net amount received by the Buyer after such Taxation, deduction or withholding has been taken into
account is equal to the full amount which would have been received and retained by the Buyer had the amount not been subject to
Taxation, deduction or withholding, provided that no greater amount shall be payable under this clause 17 following any assignment
or transfer by the Buyer of any rights, or enforcement by any other Person of any rights of the Buyer, under this Agreement than
would have been payable in the absence of such assignment, transfer or enforcement by another Person.

 

	18	EFFECT
    OF COMPLETION

 

This
Agreement together with the other Transaction Documents shall, to the extent that they remain to be performed, continue in full
force and effect notwithstanding Completion.

 

	19	WAIVER

 

	19.1	A
    waiver of any right, power, privilege or remedy provided by this Agreement must be in writing and may be given subject to
    any conditions thought fit by the grantor. For the avoidance of doubt, any omission to exercise, or delay in exercising, any
    right, power, privilege or remedy provided by this Agreement shall not constitute a waiver of that or any other right, power,
    privilege or remedy.

 

	19.2	A
    waiver of any right, power, privilege or remedy provided by this Agreement shall not constitute a waiver of any other breach
    or default by the other party and shall not constitute a continuing waiver of the right, power, privilege or remedy waived
    or a waiver of any other right, power, privilege or remedy.

 

    	21

     

    

 

	19.3	Any
    single or partial exercise of any right, power, privilege or remedy arising under this Agreement shall not preclude or impair
    any other or further exercise of that or any other right, power, privilege or remedy.

 

	20	VARIATION

 

Any
variation of this Agreement or of any of the documents referred to in it is valid only if it is in writing and signed by or on
behalf of each party.

 

	21	SEVERANCE

 

	21.1	If
    any provision of this Agreement is held to be invalid or unenforceable by any judicial or other competent authority, all other
    provisions of this Agreement will remain in full force and effect and will not in any way be impaired.

 

	21.2	If
    any provision of this Agreement is held to be invalid or unenforceable but would be valid or enforceable if some part of the
    provision were deleted, or the period of the obligation reduced in time, or the range of activities or area covered, reduced
    in scope, the provision in question will apply with the minimum modifications necessary to make it valid and enforceable.

 

	22	FURTHER
    ASSURANCE

 

	22.1	The
    Sellers shall at their own cost from time to time on or following Completion, on being required to do so by the Buyer (acting
    reasonably), do or procure the doing of all such acts and/or execute or procure the execution of all such documents in a form
    satisfactory to the Buyer (acting reasonably) for giving full effect to the transfer of the legal and beneficial interest
    in the Shares to the Buyer.

 

	22.2	Without
    limiting the generality of clause 22.1, if the legal title to and/or the beneficial interest in and/or possession or control
    of any asset which is used in the Business remains vested in any Seller or their Connected Persons after Completion (the “Missing
    Asset”), the relevant Seller(s) or Connected Person(s) shall:

 

	 	(a)	be
    deemed to hold the Missing Asset in trust and/or as bailee for the Company or relevant Group Company (as applicable); and

 

	 	(b)	as
    soon as practicable procure that possession and control of, and title to and any interest in, the Missing Asset is transferred
    to the Company or Group Company (as applicable) (or as the Company or Group Company directs) on terms that no consideration
    is provided by any Person for such transfer.

 

	22.3	Without
    limiting the generality of clause 22.1, Principal Sellers hereby covenant to (a) review the required securities filing for
    the Buyer, as provided to the Principal Sellers by the Buyer with the U.S. Securities and Exchange Commission (“SEC”)
    following Completion to the extent that such filing discloses information concerning the business, management, share ownership
    of the Principal Sellers and related information concerning the Group Companies and/or the Sellers, (b) provide comments to
    drafts of such proposed filing furnished by the Buyer, and (c) will use their commercially reasonable efforts to ensure that
    such disclosures are true and accurate in all material respects and do not omit disclosures that, are necessary to make the
    statements contained therein, within the context made, not materially misleading. The Principal Seller’s obligations
    pursuant to this clause 22.3 shall expire 1) 6 months following Completion in relation to reviewing business, management,
    and related information concerning the Group Companies, and 2) on the date the Principal Sellers cease to hold any shares
    in the Buyer in respect of reviewing any share ownership information concerning the Principal Seller’s (or their Connected
    persons) ownership of shares in the Buyer.

 

	22.4	Each
    Seller agrees to notify the Buyer as soon as practicable upon it coming to its attention that there are any Missing Assets
    in their possession or control.

 

    	22

     

    

 

	22.5	The
    parties shall each use their best endeavours to procure that Sahara Presentation Systems Plc is re-registered as a limited
    company (the Re-registration) as soon as reasonably practicable following Completion.

 

	22.6	The
    Buyer hereby undertakes to the Sellers on behalf of itself and on behalf of each member of the Buyer’s Group to instruct
    and direct the Sellers’ Solicitors to hold the £12,000,000 cash currently held by the Sellers’ Solicitors
    on behalf of Sahara Presentation Systems Plc (Client Cash) as follows

 

	 	(a)	The
    Buyer shall, no later than the Business Day following Re-registration, instruct the Sellers’ Solicitors to release the
    Client Cash to the Sellers in satisfaction of its obligation to make the Balancing Payment.

 

	 	(b)	To
    the extent that some or all of the Balancing Payment has been paid by the Buyer to the Sellers using cash other than the Client
    Cash, the Buyer shall instruct and direct the Sellers’ Solicitors to return to the Buyer (or to such other party as
    the Buyer shall direct) such amount of the Client Cash as is equal to the amount of the Balancing Payment as has been paid
    to the Sellers.

 

	23	SELLERS’
    REPRESENTATIVES

 

	23.1	Each
    of the Sellers hereby appoint the Sellers’ Representatives to act as their representatives and agree that the Buyer
    may rely, without enquiry, upon any action of any of the Sellers’ Representatives as the act of the Sellers in all matters
    referred to in this Agreement as being carried out by either of the Sellers’ Representative.

 

	23.2	At
    any time, the Sellers may appoint a replacement Sellers’ Representative by decision taken by the Sellers holding the
    majority of the Shares immediately prior to Completion. Any such successor shall agree in writing to accept the appointment,
    and such appointment shall be promptly (and in any event within five Business Days) notified to the Buyer in writing.

 

	23.3	The
    Sellers undertake that at least one Sellers’ Representative shall be appointed at all times.

 

	24	NOTICES

 

	24.1	Any
    communication to be given in connection with this Agreement shall be in writing in English except where expressly provided
    otherwise and shall either be delivered by hand or email. Delivery by courier shall be regarded as delivery by hand.

 

	24.2	Such
    communication shall be sent to the address of the relevant party referred to in this Agreement or email address set out below
    or to such other address or email address as may previously have been communicated to the other party in accordance with this
    clause 24.2 and clause 24.5. Each communication shall be marked for the attention of the relevant Person.

 

	Party	 	Email
    address	 	For
    the attention of
	 	 	 	 	 
	Sellers’
    Representatives 	 	kbatley@hotmail.co.uk	 	Kevin
    Batley
	 	 	 	 	 
	 	 	nigel.batley@btinternet.com	 	Nigel
    Batley
	 	 	 	 	 
	with
    a copy (which shall not constitute notice) to	 	salim.somjee@crippspg.co.uk	 	Salim
    Somjee
	 	 	 	 	 
	Buyer	 	michael.pope@boxlight.com	 	Michael
    Pope
	 	 	 	 	 
	with
    a copy (which shall not constitute notice) to:	 	sweiss@mrllp.com	 	Stephen
    A. Weiss

 

    	23

     

    

 

	24.3	A
    communication shall be deemed to have been served:

 

	 	(a)	if
    delivered by hand at the address referred to in clause 24.2, at the time of delivery; or

 

	 	(b)	if
    sent by email to the email address specified in clause 24.2, at the time of completion of transmission by the sender, except
    that if the sender receives a notification of message delivery failure the notice shall not be deemed to have been served;

 

If
a communication would otherwise be deemed to have been delivered outside normal business hours (being 9:30 a.m. to 5:30 p.m. on
a Business Day) in the time zone of the territory of the recipient under the preceding provisions of this clause 24.2, it shall
be deemed to have been delivered at the next opening of such business hours in the territory of the recipient.

 

	24.4	In
    proving service of the communication, it shall be sufficient to show that delivery by hand was made or that the email was
    transmitted to the correct email address, whether or not opened or read by the recipient.

 

	24.5	A
    party may notify the other parties to this Agreement of a change to its name, relevant Person, address or email address for
    the purposes of clause 24.2 provided that such notification shall only be effective on:

 

	 	(a)	the
    date specified in the notification as the date on which the change is to take place; or

 

	 	(b)	if
    no date is specified or the date specified is less than five clear Business Days after the date on which notice is deemed
    to have been served, the date falling five clear Business Days after notice of any such change is deemed to have been given.

 

	24.6	Any
    communication required to be given to all or any of the Sellers in connection with this Agreement shall be deemed to be given
    if it is given to the Sellers’ Representatives, such Sellers’ Representatives receiving such communication as
    agent for the other Sellers. Service of any communication on the last known Sellers’ Representatives shall be deemed
    to constitute valid service thereof on all or any of the Sellers.

 

	24.7	For
    the avoidance of doubt, the parties agree that the provisions of clauses 24.1, 24.2, 24.3, 24.4 and 24.5 shall not apply in
    relation to the service of any claim form, application notice, order, judgment or other document relating to or in connection
    with any proceeding, suit or action arising out of or in connection with this Agreement.

 

	25	COUNTERPARTS

 

This
Agreement may be executed in any number of counterparts, each of which shall constitute an original, and all the counterparts
shall together constitute one and the same agreement.

 

	26	GOVERNING
    LANGUAGE

 

	26.1	If
    this Agreement or any other Transaction Document is translated into any language other than English, the English language
    text shall prevail in any event.

 

	26.2	Each
    notice, instrument, certificate or other communication to be given by one party to another in connection with this Agreement
    or any other Transaction Document shall be in English (being the language of negotiation of this Agreement) and in the event
    that such notice, instrument, certificate or other communication is translated into any other language, the English language
    text shall prevail.

 

	27	SUCCESSORS

 

This
Agreement is made for the benefit of the parties and their successors and permitted assigns, and the rights and obligations of
the parties under this Agreement shall continue for the benefit of, and shall be binding on, their respective successors and permitted
assigns.

 

    	24

     

    

 

	28	RIGHTS
    OF THIRD PARTIES

 

Except
as otherwise expressly stated herein, this Agreement does not confer any rights on any Person or party (other than the parties
to this Agreement) pursuant to the Contracts (Rights of Third Parties) Act 1999.

 

	29	RIGHTS
    & REMEDIES

 

Except
as expressly provided in this Agreement, the rights and remedies provided under this Agreement are in addition to, and not exclusive
of, any rights or remedies provided by law.

 

	30	DISPUTE
    RESOLUTION

 

In
the event of a dispute arising out of or relating to the interpretation or application of this Agreement, including any question
regarding its existence, validity or termination (‘Dispute’) which the parties cannot resolve by mutual agreement,
the parties shall first seek settlement of the Dispute by mediation in accordance with the London Court of International Arbitration
(LCIA) Mediation Procedure, which Procedure is deemed to be incorporated by reference into this clause. No party may commence
any court proceedings in relation to the Dispute until it has attempted to settle the Dispute by mediation and either the mediation
has terminated or the other party has failed to participate in the mediation, provided that the right to issue proceedings is
not prejudiced by a delay. If the Dispute is not settled by mediation within 30 Business Days of the appointment of the mediator,
or such further period as the parties shall agree in writing, then any party may commence court proceedings in relation to the
Dispute.

 

	31	GOVERNING
    LAW

 

This
Agreement and any dispute or claim arising out of or in connection with it or its subject matter, whether of a contractual or
non-contractual nature, shall be governed by and construed in accordance with the law of England and Wales.

 

	32	JURISDICTION

 

The
parties irrevocably agree that the courts of England and Wales located in London shall have exclusive jurisdiction to settle any
dispute which may arise out of or in connection with this Agreement in respect of any claim brought against the Buyer and shall
have non-exclusive jurisdiction in respect of any claim brought by the Buyer.

 

	33	EXECUTION

 

This
Agreement is executed as a deed by the parties and is delivered and takes effect on the date at the beginning of this Agreement.

 

    	25

     

    

 

Schedule
1 

 

The
Sellers

 

	(1)
 Name and address
	 	(2)
 Number of Ordinary Shares
	 	 	(3)
 Number of Option Shares
	 	 	(4)
 Exercise Amount
	 	 	(5)
 Series B Consideration Shares
	 	(6)
 Series C Consideration Shares 
	 	(7)
 Completion Payment 
	 	 	(8)
 Balancing Payment 
	 	 	(9)
 % of Consideration 
	 
	Kevin Batley 
5 Ashley Road Sevenoaks, Kent, TN13 3AN	 	 	4,400 A ordinary shares of £0.01 each	 	 	 	-	 	 	 	-	 	 	668,878 shares	 	557,399 shares	 	£	16,880,000	 	 	£	5,064,000	 	 	 	42.2	%
	Nigel Batley 
28 Brattle Wood, Sevenoaks, Kent, TN13 1QU	 	 	4,400 C ordinary shares of £0.01 each	 	 	 	-	 	 	 	-	 	 	668,878 shares	 	557,399 shares	 	£	16,880,000	 	 	£	5,064,000	 	 	 	42.2	%
	Sheila Batley 
5 Ashley Road, Sevenoaks, Kent, TN13 3AN	 	 	100 B ordinary shares of £0.01 each, and 500 A ordinary shares of £0.01 each	 	 	 	-	 	 	 	-	 	 	91,939 shares	 	75,949 shares	 	£	2,3000,000	 	 	£	690,000	 	 	 	5.75	%
	Annette Batley 
28 Brattle Wood, Sevenoaks, Kent, TN13 1QU	 	 	100 D ordinary shares of £0.01 each, and 500 C ordinary shares of £0.01 each	 	 	 	-	 	 	 	-	 	 	91,939 shares	 	75,949 shares	 	£	2,3000,000	 	 	£	690,000	 	 	 	5.75	%
	Shaun Marklew 
Caxton House, Hurtis Hill, Crowborough, East Sussex, TN6 3BL	 	 	-	 	 	 	213 B ordinary shares of £0.01 each	 	 	£	0.00	 	 	32,493 shares	 	27,077 shares	 	£	820,000	 	 	£	246,000	 	 	 	2.05	 
	Simon Chidsey 
6 Parker Lane, Mirfield, West Yorkshire, WF14 9NY	 	 	-	 	 	 	213 B ordinary shares of £0.01 each	 	 	£	0.00	 	 	32,493 shares	 	27,077 shares	 	£	820,000	 	 	£	246,000	 	 	 	2.05	 
	TOTAL	 	 	10,000	 	 	 	426	 	 	 	 	 	 	1,585,020 shares	 	1,320,850 shares	 	£	40,000,000	 	 	£	12,000,000	 	 	 	100	 

 

    	26

     

    

 

Schedule
2 

 

Part
1: Particulars of the Company

 

	Company
    name	 	Sahara
    Holdings Limited
	Registered
    number	 	03947832
	Date
    of incorporation	 	14
    March 2000
	Place
    of incorporation	 	England
    & Wales
	Address
    of registered office	 	Europa
    House Littlebrook Dc1, Shield Road, Dartford, Kent, England, DA1 5UR
	Issued
    share capital	 	4,900
        A ordinary shares of £0.01 each

        526
        B ordinary shares of £0.01 each

        4,900
        C ordinary shares of £0.01 each

        100
        D ordinary shares of £0.01 each

	Charges	 	N/A
	Directors	 	Nigel
        Batley

        Kevin
        Batley

        Annette
        Batley

        Sheila
        Batley

	Secretary	 	Nigel
    Batley
	Accounting
    reference date	 	31
    December
	Auditors
    	 	BDO
    LLP

 

    	27

     

    

 

Part
2: Particulars of the Subsidiaries

 

	Company
    name	 	Sahara
    Presentation Systems plc
	Registered
    number	 	01335211
	Date
    of incorporation	 	14
    March 2000
	Place
    of incorporation	 	England
    & Wales
	Address
    of registered office	 	Europa
    House Littlebrook Dc1, Shield Road, Dartford, Kent, England, DA1 5UR
	Issued
    share capital	 	50,440
    ordinary shares of £1 each 
	Charges	 	Fixed
        charge, floating charge and negative pledge in favour of Barclays Bank plc created on 31 July 2014

        Debenture
        in favour of Barclays Bank plc created on 5 April 1990

	Directors	 	Nigel
        Batley

        Kevin
        Batley

        Mark
        Starkey

        Shaun
        Marklew

        Adam
        Kingshott

        John
        Ginty

        Patrick
        Foley

        Simon
        Chidsey

	Secretary	 	Nigel
    Batley
	Accounting
    reference date	 	31
    December
	Auditors
    	 	BDO
    LLP

 

    	28

     

    

 

	Company
    name	 	Sedao
    Limited 
	Registered
    number	 	05217995
	Date
    of incorporation	 	31
    August 2004 
	Place
    of incorporation	 	England
    and Wales 
	Address
    of registered office	 	Europa
    House, Shield Road, Dartford, England DA1 5UR 
	Issued
    share capital	 	100
    ordinary shares of £1 each 
	Charges	 	None
	Directors	 	Nigel
    Batley 
	Secretary	 	None
    
	Accounting
    reference date	 	31
    December 
	Auditors
    	 	BDO
    LLP 

 

    	29

     

    

 

	Company
    name	 	Sahara
    Nordic AB
	Registered
    number	 	5568260003
	Date
    of incorporation	 	17
    November 2010
	Place
    of incorporation	 	Sweden
	Address
    of registered office	 	C/O
    Oscarshamns Business Centre, Södra Långgatan 15 – 17, 572 33 OSKARSHAMN, KALMAR 
	Issued
    share capital	 	500
    Shares at 100 SEK each
	Charges	 	None
	Directors	 	Kevin
        Batley

        Nigel
        Batley

	Secretary	 	None
	Accounting
    reference date	 	31
    December 
	Auditors
    	 	BDO

 

    	30

     

    

 

	Company
    name	 	Sahara
    Nordic OY
	Registered
    number	 	24282575
	Date
    of incorporation	 	Finland
    26 August 2011
	Place
    of incorporation	 	Finland
	Address
    of registered office	 	Laivalahden
    Puistotie 10, 00810 Helsinki 
	Issued
    share capital	 	100
    Shares at €25 each
	Charges	 	None
	Directors	 	Kevin
        Batley

        Nigel
        Batley

	Secretary	 	None
	Accounting
    reference date	 	31
    December
	Auditors
    	 	BDO

 

    	31

     

    

 

	Company
    name	 	Sahara
    Presentation Systems, Inc
	Registered
    number	 	6778018
    Delaware
	Date
    of incorporation	 	1
    March 2018
	Place
    of incorporation	 	Delaware,
    USA 
	Address
    of registered office	 	Suit
    Number 100, 401 West 6th Street, Georgetown, TX78626. Please refer to document 1.7.3.
	Issued
    share capital	 	100
    no par value common shares 
	Charges	 	None
	Directors	 	Kevin
        Batley

        Nigel
        Batley

	Secretary	 	Nigel
    Batley
	Accounting
    reference date	 	31
    December
	Auditors
    	 	BDO
    

 

    	32

     

    

 

	Company
    name	 	Sahara
    Presentation Systems GmbH
	Registered
    number	 	HRB
    85523
	Date
    of incorporation	 	15
    January 2019
	Place
    of incorporation	 	Germany
	Address
    of registered office	 	3rd
    Floor Johannstr. 37 40476 Düsseldorf
	Issued
    share capital	 	25,000
    Shares at €1 each 
	Charges	 	None
	Directors	 	Kevin
        Batley

        Nigel
        Batley

	Secretary	 	None
	Accounting
    reference date	 	31
    December
	Auditors
    	 	BDO

 

    	33

     

    

 

	Company
    name	 	Clevertouch
    B.V.
	Registered
    number	 	76186458
	Date
    of incorporation	 	24
    October 2019
	Place
    of incorporation	 	The
    Netherlands
	Address
    of registered office	 	Office
    Room 13, The Mixer, Landdrostlaan 51 te Apeldoorn
	Issued
    share capital	 	250
    Shares at €100 each
	Charges	 	None
	Directors	 	Kevin
        Batley

        Nigel
        Batley

	Secretary	 	None
	Accounting
    reference date	 	31
    December
	Auditors
    	 	BDO
    

 

    	34

     

    

 

Schedule
3 

 

Part
1: Documents to be delivered by the Sellers

 

At
Completion:

 

	1.	each
    Seller shall deliver to the Buyer (or the Buyer’s Solicitors):

 

	 	a.	duly
    executed transfer(s) in respect of the Shares to be transferred by it and the share certificate(s) for the Shares (or an indemnity
    in lieu thereof);

 

	 	b.	an
    exercise form duly executed by each Option Seller in respect of his Options;

 

	 	c.	an
    election in a form reasonably required by the Company for the transfer of liability of employer national insurance contributions
    in respect of exercise of any Options by the relevant Option Seller, duly executed by each Option Seller;

 

	 	d.	an
    election under section 431 of the Income Tax (Earnings and Pensions) Act 2003, in respect of the issue to each Option Seller
    of shares on exercise of their Options, duly executed by each Option Seller;

 

	 	e.	a
    duly executed power of attorney in respect of the exercise of the voting rights conferred on it by its Shares in the period
    after Completion;

 

	 	f.	the
    Disclosure Letter, duly executed;

 

	 	g.	the
    registers, minute books and other records required to be kept by the Company under the CA 2006, in each case properly written
    up as at the Completion Date, together with the common seals (if any), certificates of incorporation and any certificates
    of incorporation on change of name for each of the Company; and

 

	 	h.	a
    duly executed copy of the Voting and Lockup Agreement.

 

	2.	the
    Sellers shall deliver to the Buyer (or the Buyer’s Solicitors):

 

	 	a.	the
    resignations in the agreed form of each of Annette Batley and Sheila Batley from their position as Directors of the Company
    and each Group Company; as well as the resignations of Nigel Batley, Mark Starkey, Shaun Marklew, Adam Kingshott, John
    Ginty, Patrick Foley and Simon Chidsey as Directors of Sahara Presentation Systems Plc

 

	 	b.	the
    Variation to Service Agreements duly executed by each party to them;

 

	 	c.	signed
    board minutes and resolutions of the Company in the agreed form approving the transfers of the Shares, the resignations of
    Sheila Batley and Annette Batley as directors of the Company and each Group Company and the appointment of Mark Starkey, Michael
    Pope, Takesha Brown, Hank Nance and Daniel Leis as directors of the Company and Michael Pope and Takesha Brown as directors
    of Sahara Presentation Systems Plc;

 

	 	d.	all
    records, correspondence, documents, files, filing codes, memoranda and other papers and information relating to each Group
    Company or the Business not kept at the Properties or not otherwise in possession of the relevant Group Company;

 

	 	f,	Letter
    of Non-Crystallisation in relation to the Debenture in favour of Barclays Bank plc created on 5 April 1990 in relation to
    the Company;

 

	 	g.	statements
    from each bank at which the Group Companies has an account, giving the balance of such accounts at the close of business on
    the last Business Day before Completion;
	 	 	 
	 	h.	details
    of Group Companies cash book balances; and

 

	 	i	reconciliation
    statements reconciling the cash book balances with the bank statements delivered above.

 

    	35

     

    

 

Part
2: Documents to be delivered by the Buyer

 

	1.	At
    Completion, the Buyer shall deliver to the Sellers (or the Sellers’ Solicitors):

 

	 	a.	a
    counterpart of the Disclosure Letter, duly executed by the Buyer;

 

	 	b.	a
    copy of the minutes of a meeting of the directors of the Buyer authorising the execution by the appropriate signatories on
    behalf of the Buyer of the relevant Transaction Documents;

 

	 	c.	any
    power of attorney under which any Transaction Document has been executed;

 

	 	d.	a
    copy of the form of Series B Consideration Shares Certificate and Series C Consideration Shares Certificate;

 

	 	e.	within
    three Business Days after Completion, evidence of filing of the Series B Consideration Shares Certificate and Series C Consideration
    Shares Certificate with the Secretary of State of the State of Nevada;

 

	 	f.	within
    three Business Days after filing of the Series B Consideration Shares Certificate and Series C Consideration Shares Certificate
    has been approved by the Secretary of State of the State of Nevada, Share certificates evidencing the Series B Consideration
    Shares and Series C Consideration Shares;

 

	 	g.	on
    or following Completion, the Buyer will permit Key Employees of the Group Companies (to be allocated among such Persons as
    mutually agreed upon between the Principal Sellers and the Buyer) to be granted restricted stock units (“RSU’s”)
    entitling such Persons to purchase (i) up to 3,000,000 shares of Buyer’s Class A Common Stock which shall vest monthly
    over a period of forty-eight (48) months from Completion, plus (ii) such additional RSU’s as may be determined by the
    Board of Directors of Buyer on a case by case basis; and

 

	 	h.	a
    duly executed copy of the Voting and Lockup Agreement.

 

    	36

     

    

 

Schedule
4 

 

Warranties

 

	1	Capacity
    and authority

 

Capacity
and Authority of the Sellers

 

	1.1	Each
    of the Sellers has the requisite capacity and authority to enter into and perform this Agreement and each of the Sellers’
    Completion Documents.

 

	1.2	Each
    Seller has not:

 

	 	(a)	had
    a bankruptcy petition presented against them or been declared bankrupt;

 

	 	(b)	been
    served with a statutory demand, or is unable to pay any debts within the meaning of the Insolvency Act 1986;

 

	 	(c)	entered
    into, or has proposed to enter into, any composition or arrangement with, or for, their creditors (including an individual
    voluntary arrangement); or

 

	 	(d)	been
    the subject of any other event analogous to the foregoing in any jurisdiction.

 

Effect
of Completion

 

	1.3	This
    Agreement and the Sellers’ Completion Documents will, when executed by the Sellers, constitute binding obligations of
    the Sellers enforceable in accordance with their respective terms.

 

	1.4	The
    entry by the Sellers into this Agreement and, as applicable, into each of the Sellers’ Completion Documents to which
    it is or will be a party and the performance by each of the Sellers of its obligations under this Agreement and each Sellers’
    Completion Document does not and will not:

 

	 	(a)	conflict
    with, result in a breach of or constitute a default under any Group Company’s memorandum, articles of association or
    equivalent document, or any agreement or instrument to which such Seller is a party (other than any confidentiality provisions);
    or

 

	 	(b)	conflict
    with or result in a breach of any applicable law or regulation, or of any order, decree or judgment of any court, governmental
    agency or regulatory authority, that applies to such Seller.

 

	2	The
    Shares

 

	2.1	Each
    of the Sellers is the sole legal and beneficial owner of the Shares (or in the case of the Option Sellers, the Option Shares)
    set opposite his/her name in Schedule 1, and the Shares constitute the whole of the issued and allotted share capital of the
    Company and are duly authorized, validly issued, and fully paid or credited as fully paid.

 

	2.2	There
    is no Encumbrance on, over or affecting the Shares or any of them, nor any agreement or commitment to create any such Encumbrance
    and no claim has been made that any Person is entitled to any such Encumbrance.

 

	2.3	Save
    only as provided in this Agreement and the Options (all of which shall be exercised prior to Completion), there are no contracts,
    agreements or arrangements outstanding which call for the allotment, issue or transfer of, or accord to any Person the right
    to call for the allotment, issue or transfer of, the Shares, or any other shares, or any debentures in or securities of any
    Group Company.

 

    	37

     

    

 

	3	The
    Company

 

Incorporation
and existence

 

	3.1	Each
    Group Company is duly incorporated and validly existing under the laws of the jurisdiction in which it is incorporated. Each
    Group Company has all necessary organizational power and authority to own, operate or lease the properties and assets now
    owned, operated or leased by it and to carry on the Business as currently conducted. Each Group Company is duly licensed or
    qualified to do business in each jurisdiction in which the operation of the Business as currently conducted makes such licensing
    or qualification necessary.

 

	3.2	No
    Group Company has agreed to acquire, any shares, securities or other interests in, any other Person or undertaking.

 

	3.3	The
    information contained in Schedule 2 relating to the Company and its Subsidiaries is true and accurate.

 

Subsidiaries

 

	3.4	The
    Subsidiaries are the only subsidiaries of the Company, and the Company does not have and has never had any subsidiary other
    than the Subsidiaries.

 

	3.5	The
    number of shares in each of the Subsidiaries set out in Part 2 of Schedule 2 comprise the whole of the issued and allotted
    share capital of the Subsidiaries and all of them are issued fully paid or credited as fully paid. There is no Encumbrance
    on, over or affecting the shares of the Subsidiaries, nor any agreement or commitment to create any such Encumbrance and no
    claim has been made that any Person is entitled to any such Encumbrance.

 

No
partnership

 

	3.6	The
    Group Companies do not act or carry on business in partnership with any other Person, are not a member (other than as a shareholder)
    of any corporate or unincorporated body, undertaking or association, and do not hold and are not liable in respect of any
    share or security which is not fully paid or which carries any liability.

 

Share
capital

 

	3.7	The
    Company has not at any time in the last six years:

 

	 	(a)	issued
    or allotted any shares in excess of its authorised share capital;

 

	 	(b)	repaid,
    redeemed or purchased or agreed to repay, redeem or purchase any securities or shares of any class of its share capital or
    otherwise reduced or agreed to reduce its issued share capital or any class thereof;

 

	 	(c)	issued
    or agreed or resolved to issue securities or shares of any class otherwise than for cash;

 

	 	(d)	held
    any of its shares as treasury shares or sold or transferred any shares that immediately before such sale or transfer were
    held by it as treasury shares;

 

	 	(e)	directly
    or indirectly provided any financial assistance for the purpose of the acquisition of shares of the Company or of any holding
    company of the Company or for the purpose of reducing or discharging any liability incurred in any such acquisition;

 

	 	(f)	capitalised
    or agreed to capitalise in the form of shares, debentures or any other securities or in paying up any amounts unpaid on any
    shares, debentures or other securities any profits or reserves of any class or description or passed or agreed to pass any
    resolutions to do so;

 

    	38

     

    

 

	 	(g)	received
    an unlawful distribution from any company; or
	 	 	 
	 	(h)	declared,
    paid or made a dividend or other distribution otherwise than in accordance with the articles of association of the Company
    and the applicable laws.
	 	 	 
	 	(i)	No
    shares in the capital of the Company have been issued, and no transfer of any such shares has been registered, except in accordance
    with all applicable laws and the memorandum and articles of association of the Company (as the case may be), and all such
    transfers have been duly stamped (where applicable).
	 	 	 
	 	(j)	No
    warning notice or restrictions notice has been issued under Schedule 1B (Enforcement of disclosure requirements) of the CA
    2006 in respect of any shares or voting rights in, or any right to appoint or remove any member of the board of directors
    of, the Company

 

Joint
ventures

 

	3.8	No
    Group Company is or has in the last six years been party to any joint venture, consortium, partnership or profit sharing arrangement
    or agreement.

 

Historic
acquisitions and disposals

 

	3.9	In
    respect of all contracts entered into by a Group Company relating to the acquisition or disposal of companies or businesses
    during the last six years or longer if such contract imposes an obligation or liability on a Group Company which remains binding
    (the “Historic Sale Contracts”):

 

	 	(a)	accurate
    and not misleading copies of such Historic Sale Contracts are contained in the Data Room;
	 	 	 
	 	(b)	no
    Group Company, or any counterparty, is in material breach of any of a Historic Sale Contract, and, so far as the Sellers are
    aware, there are no circumstances existing that may give rise to any such breach; and
	 	 	 
	 	(c)	all
    consideration owed under such Historic Sale Contracts has been paid, and there is no consideration which could become payable
    under a Historic Sale Contract in the future.

 

Commissions
and Brokers Fees

 

	3.10	No
    Person is entitled to receive from a Group Company any finder’s fee, brokerage or other commission in connection with
    the sale and purchase of the Shares.

 

	4	Arrangements
    with the Sellers

 

Connected
party arrangements

 

	4.1	During
    the three-year period prior to the date of this Agreement there were no, and there are not currently outstanding, any contracts,
    agreements or arrangements (including customer and supply contracts) to which the Company is a party and in which any Seller
    or any director, officer, or shareholder of the Company or any of their respective Connected Persons is interested (and for
    the purposes of this paragraph a Person shall be deemed to be interested in a contract if, were he a director of the Company,
    he would be interested in that contract for the purposes of section 177 Companies Act 2006) save for employment contracts
    in the ordinary course of business.

 

    	39

     

    

 

Competition
with the Sellers

 

	4.2	Save
    through the Company, none of the Sellers nor any other Person who is a director of any Seller or is a Connected Person in
    relation to any Seller (whether alone or for, together with or as agent or officer of any other Person, firm or company or
    through the medium of any company, partnership, unincorporated body or otherwise) carries on or is engaged, concerned or interested,
    whether directly or indirectly, in any company or business which competes with (or it is currently contemplated may become
    competitive with) or trades with the Business.

 

Operation
of the Business

 

	4.3	The
    Business does not depend on the use of assets owned by or facilities or services provided by any of the Sellers which are
    not being acquired pursuant to this Agreement and no further steps will be required to be taken to enable the Buyer, at Completion,
    to carry on the Business as carried on immediately prior to Completion.

 

	5	Change
    of control

 

As
a result of the acquisition of the Shares by the Buyer:

 

	 	(a)	no
    party will be entitled to terminate any material agreement or arrangement with the Company (including, but not limited to,
    the Key Contracts);
	 	 	 
	 	(b)	no
    Key Supplier is entitled to cease or reduce or, so far as the Sellers are aware, will cease or reduce its supplies to the
    Company;
	 	 	 
	 	(c)	no
    Key Customer is entitled to cease dealing with or reduce the level of business with the Company or, so far as the Sellers
    are aware, will cease dealing with or reduce the level of business done with the Company;
	 	 	 
	 	(d)	no
    officer of the Company or Key Employee will become entitled to any payment or benefit or entitled to treat himself as redundant
    or otherwise dismissed or released from any obligation or, so far as the Sellers are aware, will leave the Company (other
    than as may be provided for in this Agreement); and

 

	 	(e)	no
    licence, consent or other permission or approval required for or in connection with the carrying on of the Business will terminate
    or be revoked or become capable of termination or revocation.

 

	 	6	Accuracy
    of information

 

Information
in this Agreement

 

	6.1	The
    information contained or referred to in Schedule 1 in respect of Share ownership and in Schedule 2 is true and accurate.

 

Records

 

	6.2	The
    records, statutory books and books of account of the Company are duly written up and maintained in accordance with all applicable
    legal requirements and all such books and all records and documents (including all documents of title, accounts, books, ledgers
    and contracts to which it is a party) which are the property of the Company are in its possession or under its control and
    all accounts, documents, returns and forms required to be delivered or made to the Registrar of Companies and any relevant
    foreign equivalent have been duly and correctly delivered or made.

 

Constitutional
documents

 

	6.3	The
    copies of the memorandum and articles of association of the Company as set out in the Disclosure Letter, are complete and
    accurate in all respects, have attached to them all resolutions, amendments and other documents required by law to be so attached
    and fully set out the rights and restrictions attaching to each class of share capital of the Company.

 

    	40

     

    

 

	6.4	All
    dividends or distributions declared, made or paid by the Company have been declared, made or paid in accordance with its memorandum
    and articles of association, all applicable laws and regulations and any agreements or arrangements made with any third party
    regulating the payment of dividends and distributions.
	 	 
	6.5	All
    deeds and documents belonging to the Company, or to which any of them is a party, are in the possession of the Company or
    the relevant Subsidiary (as the case may be).

 

	7	Accounts

 

True
and fair view

 

	7.1	The
    Accounts:

 

	 	(a)	have
    been prepared in accordance with the relevant Accounts Standards; and
	 	 	 
	 	(b)	give
    a true and fair view of the assets, liabilities and financial position of the Company at the Accounts Date and of the profits
    and losses for the period covered by the Accounts.

 

	7.2	So
    far as the Seller are aware, there are no material liabilities (whether actual, future, contingent, unqualified or disputed)
    which existed at the Accounts Date and which, pursuant to the Accounts Standards, was not permitted or required to be provided
    for or disclosed in the Accounts.

 

Consistency
of preparation

 

	7.3	The
    Accounts have been prepared on a basis consistent with the accounting policies, practices, estimation techniques, methods,
    assumptions and procedures used in the preparation of the accounts of the Company for the three consecutive accounting periods
    ending on 31 December 2019.
	 	 
	7.4	The
    Accounts (save as the Accounts expressly disclose) are not affected by any exceptional or non-recurring items; and
	 	 
	7.4	The
    Accounts have been audited by an individual or firm registered to act as auditors in the UK and the auditors’ reports
    thereon are unmodified.

 

	7.5	The Accounts have been:

 

	 	(a)	circulated
    to every person entitled to receive a copy in accordance with section 423 of the CA 2006; and
	 	 	 
	 	(b)	laid
    before the Company in general meeting, where required by the CA 2006 or the articles of association of the relevant company;
    and
	 	 	 
	 	(c)	filed
    with the Registrar of Companies,
	 	 	 
	 	in each case in accordance with the relevant requirements of the CA 2006 and all other applicable laws and regulations in the UK.

 

    	41

     

    

 

	7.6	Changes since 31 December 2019

 

Since
31 December 2019:

 

	 	(a)	there
    has been no Material Adverse Effect or other material adverse change in the turnover or financial position of the Company;
	 	 	 
	 	(b)	the
    Company has not issued or agreed to issue any share or loan capital other than pursuant to the EMI Options;
	 	 	 
	 	(c)	the
    Company has not borrowed or raised any money or given or taken any form of financial security;
	 	 	 
	 	(d)	no
    capital expenditure has been incurred on any individual item by the Company in excess of £100,000.00 and the Company
    has not acquired, invested or disposed of (or agreed to acquire, invest or dispose of) any individual item in excess of £100,000.00;
	 	 	 
	 	(e)	there
    has been no abnormal increase or reduction of inventory, nor has the Company offered price reductions or discounts or allowances
    on sales of inventory, or inventory at less than its value in the Accounts outside of the usual course of business;
	 	 	 
	 	(f)	the
    Company has paid its creditors within the applicable periods agreed with the relevant creditor and there are no amounts owing
    by the Company which have been outstanding for more than 60 days of their due date for payment; and
	 	 	 
	 	(g)	there
    has been no change in the issued share capital of the Company or in the legal or beneficial ownership of the Company;
	 	 	 
	 	(h)	no
    dividend or other distribution (whether in cash, stock or in kind) has been (or has been deemed) declared, authorised, paid
    or made, by the Company;
	 	 	 
	 	(i)	no
    resolution of the Company in general meeting has been passed other than resolutions relating to ordinary business at annual
    general meetings;
	 	 	 
	 	(j)	the
    business of the Group Companies has been carried on in the ordinary course and so as to maintain it as a going concern;
	 	 	 
	 	(k)	the
    Company has not acquired or disposed of or agreed to acquire or dispose of any business or any material asset, interest in
    any share, debenture or security of any company, or undertaking;
	 	 	 
	 	(l)	no
    material change has been made in the emoluments or other terms of employment of any of the Key Employees and the Company has
    not paid any bonus or special remuneration to any such Key Employee outside of the ordinary course of business;
	 	 	 
	 	(m)	the
    Company has not placed any of its employees on furlough; and
	 	 	 
	 	(n)	the
    terms (including as to amount) of any commission, rebate or discount agreements or arrangements between the Company and its
    Key Suppliers, Key Customers have not been materially altered or renegotiated.

 

	7.9	Financial and other records

 

All
financial and other records of the Company (Records):

 

	 	(a)	have
    been properly prepared and maintained;
	 	 	 
	 	(b)	constitute
    an accurate record of all matters required by law to appear in them, and in the case of the accounting records, comply with
    the requirements of section 386 and section 388 of the CA 2006;
	 	 	 
	 	(c)	so
    far as the Sellers are aware, do not contain any material inaccuracies or discrepancies; and
	 	 	 
	 	(d)	are
    in the possession of the Company.

 

    	42

     

    

 

	7.8	No
    notice has been received or allegation made that any of the Records are incorrect or should be rectified.

 

	8	Management
    Accounts; Working Capital and Financial Projections

 

Disclosure

 

	8.1	Having
    regard to the purpose for which they have been prepared, the 2020 Management Accounts:

 

	 	(a)	disclose
    with reasonable accuracy the financial position of the Company at each date and for the period to which they relate;
	 	 	 
	 	(b)	are
    not affected to any material extent by any exceptional or non-recurring item.

 

	8.2	Accurate
    copies of the Management Accounts are contained within the Disclosure Bundle.
	 	 
	8.3	At
    Completion, and in addition to the Cash Reserves, the Group Companies will have working capital (defined as consolidated current
    assets (including but not limited to cash, inventory and pre-payments) over consolidated current liabilities), which the Principal
    Shareholders reasonably believe is adequate to conduct the Business in the ordinary course as conducted in the 12 month period
    prior to Completion.
	 	 
	8.4	As
    far as the Principal Shareholders are aware, the financial projections furnished to the Buyer for the three fiscal years ending
    2023 and contained at folder 3.9 of the Disclosure Bundle, are based on assumptions that are deemed reasonable by the Principal
    Shareholders and Key Employees, and do not include projected turnover or profits regarding any planned or future products
    that are not currently sold by the Group Companies (for the avoidance of doubt, the assumptions are based on the prevailing
    economic climate as at Completion and do not include any macro-economic effects that are outside of the control of the Group
    Companies).

 

	9	Employees

 

The
Employees

 

	9.1	Data
    Room document 7.9.15 sets out an accurate list of all Employees (the “Employee List”) and, save as set
    out in the Employee List, there are no other Persons employed by the Company who are providing services to or assigned to
    the Business, or who will transfer to, or become the responsibility of (in whole or in part), the Company as a result of entering
    into this Agreement, or upon Completion.
	 	 
	9.2	The
    Employee List contains accurate details of:

 

	 	(a)	the
    contract commencement date and type, date on which continuous employment commenced, job title, remuneration and all privileges
    or benefits (whether or not contractual entitlements and whether in cash or in kind), fixed-term/permanent status, notice
    period and other termination entitlements, place of work, employing entity of each Employee and Worker;

 

	 	(b)	those
    Employees and Workers who are absent from work and whose absence has lasted or is expected to last one month or more, whether
    due to secondments, sabbaticals, maternity, adoption, paternity, parental, shared parental leave or other family-related leave,
    sickness or injury or disability or other long-term leave of absence and who have or may have a statutory or contractual right
    to return to work with the Company (including last working day and expected date of return if known);

 

    	43

     

    

 

	 	(c)	any
    Employee or Worker currently in their notice period, specifying whether notice was given by the Company, and if so the reason(s),
    or by the Employee or Worker; and
	 	 	 
	 	(d)	in
    respect of Workers, terms governing the ownership of intellectual property rights.

 

	9.3	No
    offer of a contract of service, or of employee shareholder status, or for services has been made by the Company to any individual
    which has not yet been accepted or which has been accepted but where the individual’s employment/engagement has not
    yet started.

 

Terms
and conditions

 

	9.4	The
    Sellers have provided the Buyer with copies of, or where no agreement or documents exist, details of the following:

 

	 	(a)	all
    directors’ service agreements and service agreements for all other Key Employees;
	 	 	 
	 	(b)	examples
    of all pro-forma contracts of employment and statements of terms and conditions for all Employees;
	 	 	 
	 	(c)	staff/employee
    handbooks, and all other benefits, procedures, schemes and policies relating to any of the Employees or Workers; and
	 	 	 
	 	(d)	all
    employee bonus, commission or incentive schemes or arrangements in which any Employee, Worker or director of the Company or
    any of their associates or nominees participates, is eligible to participate or has previously participated.

 

	9.5	All
    contracts of service or for services with Employees and Workers can be terminated by three months’ notice or less without
    giving rise to any claim for damages or compensation (other than a statutory redundancy payment or statutory compensation
    for unfair dismissal, if applicable).

 

Employment
history (including redundancies and business transfers)/Collective employment representation

 

	9.6	The
    Company has no obligation to make any payment or provide any benefit on the redundancy of any Employee in excess of the statutory
    redundancy payment, and has not, in the five years preceding Completion, operated any discretionary practice of making/providing
    any such excess payments or benefits to any of its employees. The Company has no obligation to follow any implied or express
    redundancy procedure.
	 	 
	9.7	Within
    the period of two years before Completion, the Company has not made, or started implementation of, any collective dismissals
    that have required or will require notification and/or consultation with any state authority, trade union, works or supervisory
    council, staff association and/or other body representing or in relation to any employees.
	 	 
	9.8	No
    individual has transferred to, or from, the Company by operation of the Transfer Regulations or otherwise in the two years
    before Completion and no individual is due to transfer to or from the Company by operation of the Transfer Regulations or
    otherwise on Completion or in the six months after Completion.

 

Disputes/Liabilities/Commitments

 

	9.9	The
    basis of the remuneration and benefits provided to the Employees and Workers is the same as that in force at the last Accounts
    Date. There is no outstanding offer or commitment (whether legally binding or not) to review, alter and/or improve any terms,
    conditions, remuneration, benefits or schemes in relation to any Employee or Worker, including in relation to any bonus or
    incentive scheme.
	 	 
	9.10	So
    far as the Sellers are aware, the Company does not owe any amount to any Employee or Worker, or former employee or former
    worker (or their dependants) other than in respect of remuneration, pension contributions or reimbursement of business expenses
    (all of which have accrued in the normal course of business within the current payment period), and no Employee or Worker,
    or former employee or former worker, owes any amount to, or has any loan with the Company.

 

    	44

     

    

 

	9.11	So
    far as the Sellers are aware, there are no current, pending or anticipated investigations, grievances, conciliation discussions,
    protected disclosures, or disciplinary procedures (including any grievance or disciplinary appeals), or litigation, relating
    to any Employee or Worker or former employee or former worker, and there are no circumstances likely to give rise to any such
    investigations, grievances, conciliation discussions, protected disclosures, disciplinary procedures, or litigation.

 

Compliance

 

	9.12	The
    Company has, in relation to each of its Employees and Workers, and its former employees and former workers, in any applicable
    jurisdiction, complied in all material respects with all obligations imposed on it by all contracts, statutes, directives,
    orders, regulations, collective agreements, awards, codes of conduct relevant to their terms and conditions of employment
    or engagement and to the relations between it and its Employees and Workers and former employees and former workers.

 

	10	Pensions

 

	10.1	Save
    for the Pension Schemes, there is not in operation as at the date of this Agreement, and there has not been in operation in
    the last six years prior to the date of this Agreement, and no proposal has been announced to enter into or establish, any
    agreement, arrangement, custom or practice (whether or not legally enforceable) for the payment by the Company of, or payment
    by the Company of a contribution towards, a pension, allowance, lump sum or other similar benefit on retirement, death, termination
    of employment (whether voluntary or not) or during periods of sickness or disablement (whether during service or after retirement),
    for the benefit of a Pensionable Employee or Pensionable Employee’s dependants.

 

	10.2	The
    Company has duly complied with all applicable legal and administrative requirements relating to the Pension Schemes.
	 	 
	10.3	No
    amount due in respect of the Pension Schemes from the Company is unpaid.
	 	 
	10.4	The
    Pension Schemes are Defined Contribution Scheme (and, in particular, not a Defined Benefit Scheme) and no assurance, promise
    or guarantee (oral or written) has been made or given to any individual of any particular level or amount of benefits to be
    provided for or in respect of him under the Pension Scheme on retirement, death or leaving employment.

 

	10.5	Material
    particulars of the Pension Schemes are set out in folder 8 of the Data Room.

 

	11	Trading
    arrangements

 

Contracts

 

	11.1	Other
    than in respect of the Key Contracts, the Company is not a party to any contract, arrangement or commitment which:

 

	 	(a)	so
    far as the Sellers are aware , is of an unusual or abnormal nature having regard to the usual practice of such Group Company;
    or
	 	 	 
	 	(b)	is
    not on arm’s length commercial terms in the ordinary and usual course of business; or
	 	 	 
	 	(c)	involves
    any agency, franchise, consortium, partnership, joint venture or profit sharing arrangement; or

 

    	45

     

    

 

	 	(d)	contains
    covenants limiting or excluding such Group Company’s right to do business and/or to compete in any area or in any field
    or with any Person; or
	 	 	 
	 	(e)	involves
    the repurchase from customers or distributors of products or any other inventory;
	 	 	 
	 	(f)	is
    of a long-term nature (that is to say, unlikely to have been fully performed, in accordance with its terms, more than six
    months after the date on which it was entered into); or
	 	 	 
	 	(g)	is
    dependent on any guarantee, indemnity or security provided by any other Person (other than another Group Company); or
	 	 	 
	 	(h)	contains
    any clawback or similar provisions pursuant to which a party may be entitled to the return of fees already paid by the other
    party under such contract, arrangement or commitment; or
	 	 	 
	 	(i)	concerns
    any indebtedness (including, without limitation, guarantees) greater than $250,000; or
	 	 	 
	 	(j)	is
    with a governmental entity; or
	 	 	 
	 	(k)	limits
    or purports to limit the ability of any Group Company to compete in any line of business or with any Person or in any geographic
    area or during any period of time; or
	 	 	 
	 	(l)	is
    incapable of termination in accordance with its terms by such Group Company on six months’ notice or less and involves
    or would involve a liability on the part of the Company more than £500,000.

 

Key
Contracts

 

	11.2	The
    Sellers have provided the Buyer with accurate copies of all Key Contracts together with a description of any instance where
    the terms of any Key Contract are varied, related or otherwise are not materially adhered to by the Company or (so far as
    the Sellers are aware) by the counter-party to such Key Contracts.
	 	 
	11.3	The
    Company is not in breach of any of the Key Contracts (nor, so far as the Sellers are aware, in material breach of any other
    contract) in any material respects nor is any other party to any Key Contract.
	 	 
	11.4	So
    far as the Sellers are aware, in each case, none of the Key Contracts is invalid, nor are there any grounds (and there are
    no facts or circumstances likely to provide grounds) for determination, rescission, avoidance or repudiation of any Key Contract.

 

Standard
terms

 

	11.5	The
    Sellers have provided the Buyer with copies of all standard terms of the Company upon which the Company does business with
    any customers (including the Key Customers), suppliers (including the Key Suppliers), distributors or any other party together
    with a description of any instance where those terms are varied, relaxed or otherwise are not adhered to by the Company or
    (so far as the Sellers are aware) by the counter-party to such standard terms.

 

Key
Suppliers

 

	11.6	No
    Key Supplier has during the last 12 months:

 

	 	(a)	ceased,
    or materially reduced or changed the terms of its trading with the Company; or

 

    	46

     

    

 

	 	(b)	indicated
    an intention to cease, or materially reduce or change the terms of its trading with the Company,

 

nor,
so far as the Sellers are aware, is likely to do any of the above within the next 12 months.

 

	11.7	There
    are no individual suppliers material to the Business other than the Key Suppliers and there are no agreements or arrangements,
    practices or customs which are binding on the Company engaged in by or between the Company and the Key Suppliers otherwise
    than as set out in the Disclosure Letter.

 

Key
Customers

 

	11.8	No
    Key Customer has during the last 12 months:

 

	 	(a)	ceased,
    or materially reduced, or changed the terms of its trading with the Company; or
	 	 	 
	 	(b)	indicated
    an intention to cease, or materially reduce or change the terms of its trading with the Company,

 

nor,
so far as the Sellers are aware, is likely to do any of the above within the next 12 months.

 

	11.9	There
    are no individual customers material to the Business other than the Key Customers and there are no other agreements or arrangements,
    practices or customs which are binding on the Company engaged in by or between the Company and the Key Customers otherwise
    than as set out in the Disclosure Letter.

 

Attorneys
and agents

 

	11.10	The
    Company has not delegated any powers under a power of attorney which remains in effect and no Person has authority (express,
    implied or ostensible) to enter into any contract or commitment or to do anything on behalf of the Company (other than any
    ostensible or implied authorities to directors or employees to enter into routine contracts in the normal course of their
    duties).

 

Intra-group
contracts

 

	11.11	Copies
    of or, where the terms are not reduced to writing, a description of the key terms of, all agreements or arrangements between
    any of the Group Companies are set out in folder 4.1 of the Data Room.

 

Outsourcing
arrangements

 

	11.12	There
    is no current activity or service (including but not limited to payroll, accounting or other administrative services) being
    carried on for the benefit of or provided to the Company by a third party which, in the three years preceding the date of
    this Agreement, was carried on by the Company.

 

	12	Licences
    to operate

 

	12.1	All
    material statutory, municipal, governmental, regulatory, court and other requirements applicable to the formation, continuance
    in existence, creation and issue of securities, management, property or operations of the Company have been obtained and complied
    with.

 

	12.2	All
    material licences, consents and other permissions and approvals required for or in connection with the carrying on of the
    Business (including nay Licenses-In that require payment of any royalty fee) have been obtained, and are in full force and
    effect and all reports, returns and information required by law or as a condition of any licence, consent, permit or approval
    to be made or given to any Person or authority in connection with the Business have been made or given to the appropriate
    Person or authority and there are no circumstances which indicate that any such licence, consent, permission or approval is
    likely to or may be revoked.

 

    	47

     

    

 

	13	Compliance

 

	13.1	So
    far as the Sellers are aware, the Company is not liable for any criminal, illegal, unlawful, ultra vires or unauthorised act
    or breach of covenant or statutory duty and there is no violation of, or default with respect to, any statute, regulation,
    order, decree or judgment of any court or central or local government agency of the United Kingdom or any other country.

 

	13.2	The
    Company has not received notification that any investigation or inquiry is being or has been conducted by any governmental
    or other body in respect of the affairs of the Company and the Sellers are not aware of any circumstances which would give
    rise to such investigation or inquiry.

 

	13.3	None
    of the Directors:

 

	 	(a)	have
    been convicted of any criminal offence or been subject to any criminal proceedings;
	 	 	 
	 	(b)	have
    been subject to any order made under the Company Directors Disqualification Act 1986;
	 	 	 
	 	(c)	have
    been censured by London Stock Exchange plc, the FSA, the FCA, the PRA, any other recognised investment exchange (whether privately
    or publicly) or by any governmental or quasi-government department, agency or body;
	 	 	 
	 	(d)	have
    been declared bankrupt or entered into a voluntary arrangement with his/her creditors;
	 	 	 
	 	(e)	have
    been subject to any proceedings brought in respect of a breach or alleged breach of any of the provisions of chapter 2 of
    Part 10 of the Companies Act 2006 (Duties of Directors).

 

Embargo
Countries

 

	13.4	Neither
    the Company nor any agent or representative of the Company:

 

	 	(a)	engages
    in trade with or provides services to or trains or advises or donates money to or in any other way assists or facilitates
    the activities of any Embargo Entity;
	 	 	 
	 	(b)	engages
    in any activity referred to in paragraph (a) in relation to any agent or representative for or any subsidiary of any Embargo
    Entity, or in relation to any Entity ultimately controlled by an Embargo Entity;
	 	 	 
	 	(c)	owns
    any property or has any legal or beneficial interest in any Embargo Country or Embargo Entity or any agent or representative
    for or any subsidiary of any Embargo Entity or any Entity ultimately controlled by an Embargo Entity.

 

Anti-corruption

 

	13.5	The
    Company has not at any time engaged in any activity, practice or conduct which would constitute an offence under the Bribery
    Act 2010, the Foreign Corrupt Practices Act 1977 or equivalent legislation in other jurisdictions in which the Company or
    a Subsidiary operates.

 

	13.6	So
    far as the Sellers are aware, no associated Person of the Company (as defined in section 8(1) Bribery Act 2010) has bribed
    another Person (within the meaning given in section 7(3) Bribery Act 2010) intending to obtain or retain business or an advantage
    in the conduct of business for the Company.

 

    	48

     

    

 

	13.7	The
    Company has in place procedures designed to prevent the Company and its associated Persons from engaging in the conduct referred
    to in paragraphs 13.5 and 13.6.

 

	14	Litigation

 

	14.1	The
    Company is not, and no Person for whose acts and defaults they may be vicariously liable is, engaged or otherwise involved
    in any action or proceeding (whether civil or criminal), arbitration or mediation (whether formal or informal), investigation
    or inquiry in any jurisdiction.

 

	14.2	Neither
    the Company nor so far as the Sellers are aware, any Person for whose acts and defaults the Company may be vicariously liable
    has received notice in writing or otherwise of:

 

	 	(a)	any
    actual, pending or threatened governmental (or quasi-governmental), regulatory (or quasi-regulatory) investigation or inquiry,
    whether formal or otherwise, which is connected with the Company by, any such governmental, regulatory or similar body or
    agency in any jurisdiction; or
	 	 	 
	 	(b)	any
    claim in damages connected with the Company (whether liquidated or unliquidated), or of an injunction or other order or an
    application for such an injunction or other order, either as a party or non-party to proceedings, arbitration, investigation,
    inquiry or other action, formal or otherwise, which is connected with the Company in any jurisdiction.

 

	14.3	So
    far as the Sellers are aware, there are no circumstances which are reasonably likely to lead to any such matter referred to
    in paragraphs 14.1 and 14.2.

 

	14.4	There
    is no judgment, award, order or decision outstanding or pending against the Company or its assets.

 

	14.5	So
    far as the Sellers are aware, the Company has not sold any products or supplied any services which were at the time they were
    sold or supplied or are, or will become, faulty or defective or which did not or do not comply with:

 

	 	(a)	any
    warranties or representations expressly or impliedly made by or on behalf of the Company in connection with such products
    or services; or
	 	 	 
	 	(b)	any
    laws, regulations, standards and requirements applicable to such products or services.

 

	14.6	No
    proceedings have been started, are pending or have been threatened against the Company:

 

	14.7	in
    which it is claimed that any product sold by the Company is defective, not appropriate for its intended use or has caused
    bodily injury or material damage to any person or property when applied or used as intended; or

 

	14.8	in
    respect of any services supplied by the Company.
	 	 
	14.9	There
    are no disputes between the Company and any of their respective customers, clients or any other third parties in connection
    with any products or services, sold or supplied by the Company.

 

	15	Insurance

 

	15.1	True
    and accurate copies of the Policies are set out in folder 13of the Data Room.
	 	 
	15.2	Each
    of the Policies is valid and enforceable and is not void or voidable.
	 	 
	15.3	The
    Company has not done anything or omitted to do anything which is likely to:

 

    	49

     

    

 

	 	(a)	make
    any of the Policies void or voidable;
	 	 	 
	 	(b)	entitle
    the insurers under any of the Policies to refuse indemnity in whole or in part in respect of any claims under the Policies;
    or
	 	 	 
	 	(c)	prejudice
    the ability of the Company to effect insurance on the same or better terms in the future.

 

	15.4	No
    claims have been made, no claim is outstanding and, so far as the Sellers are aware, no fact or circumstance exists which
    might give rise to a claim under any of the Policies, and no event, act or omission has occurred which requires notification
    under any of the Policies.
	 	 
	15.5	All
    premiums which are due under the Policies have been paid in full and on the due date.
	 	 
	15.6	The
    Disclosure Letter contains accurate details of all insurance claims made by the Company during the period of 24 months ending
    on the date of this Agreement.

 

	16	Assets

 

	16.1	The
    tangible assets (excluding any Intellectual Property for the avoidance of doubt) owned or held by the Company, together with
    assets held under any leasing, hire, hire-purchase, retention of title, conditional sale or credit sale agreement, comprise
    all assets necessary for the continuation of, and which are used by, the Business as carried on at the date of this Agreement
    and such assets are in satisfactory operating condition and repair (subject to usual wear and tear), and are adequate for
    the uses to which they are being put.
	 	 
	16.2	All
    the assets and property used or held by the Company for the purposes of carrying on the Business are its absolute property
    and in its possession and control and none is the subject of any Encumbrance (excepting any lien arising by operation of law
    in the ordinary course of trading) or, save as Disclosed in the Disclosure Letter, the subject of any leasing, hire, hire-purchase,
    retention of title, conditional sale or credit sale agreement.
	 	 
	16.3	The
    Sellers have provided the Buyer with a copy of the terms upon which the Company use those assets and property subject to leasing,
    hire, hire-purchase, conditional sale or credit sale agreement terms.
	 	 
	16.4	The
    Company has not provided any of its assets or property to any third party on lease, hire, hire-purchase, conditional sale
    or credit sale agreement terms.
	 	 
	16.5	As
    far as the Principal Shareholders are aware, the finished goods inventories of the Group Companies, when taken as a whole,
    are in saleable and merchantable condition and fit for the intended use by the Group Companies customers.

 

	17	Intellectual
    Property

 

Ownership
and Licensing

 

	17.1	The
    Company is the sole legal and beneficial owner, or lawful licensee, of the Business IP.
	 	 
	17.2	All
    Owned Business IP is valid, enforceable and subsisting and nothing has been done or omitted to be done which may cause any
    of it to cease to be so.
	 	 
	17.3	All
    Business IP created for the Company has been created by an employee of the Company acting within the course of his employment
    or a third party bound by an agreement vesting ownership in the Company resulting in ownership of that Business IP vesting
    in the Company and which includes a waiver (where such third party is an individual) of any moral rights regarding such Business
    IP, to the extent permitted by applicable law.
	 	 
	17.4	Material
    details of all material Owned Business IP are set out in folder 9in the Data Room.

 

    	50

     

    

 

	17.5	Accurate
    and not misleading copies of all Licences-Out and Licences-In (including any amendments and variations to those agreements)
    have been provided by the Sellers to the Buyer, together with a copy of all licences and agreements relating to Intellectual
    Property which the Company is in the course of negotiating.

 

Maintenance
of Business IP

 

	17.6	All
    renewal and extension fees, including all fines, penalties and interest in respect of all registered Owned Business IP have
    been paid in full on the date due.
	 	 
	17.7	The
    Company is in possession of and owns and controls all documents and materials:

 

	 	(a)	which
    relate to the right, title and interests of the Company to the Business IP; and
	 	 	 
	 	(b)	necessary
    for the prosecution and maintenance of all registrations and applications for registration of Owned Business IP and the Company’s
    rights in the Licensed Business IP.

 

Dealings
and adequacy of rights

 

	17.8	None
    of the Owned Business IP is subject to any Encumbrance.
	 	 
	17.9	Other
    than under a Licence-Out, the Company has not authorised or otherwise expressly or impliedly permitted any use whatsoever
    of the Business IP.
	 	 
	17.10	The
    Owned Business IP and Licensed Business IP together comprise all Intellectual Property material to and/or reasonably necessary
    to carry on the Business as conducted by the Company at the date of Completion and to carry out all existing obligations and
    commitments of the Business as at the date of Completion.

 

Infringements

 

	17.11	The
    activities, processes, methods, products, services, web sites, documents, materials and Intellectual Property used, dealt
    in or supplied by the Company on or before the date of Completion do not at the date of Completion, nor did they at the time,
    infringe or make unauthorised use of the rights of any Person.
	 	 
	17.12	No
    Person or competent authority has made any claim, challenge or opposition in relation to the Owned Business IP or Confidential
    Information.
	 	 
	17.13	So
    far as the Sellers are aware, there is not, and never has been an actual, suspected or threatened infringement or unauthorised
    use by a third party of any Owned Business IP or Confidential Information.

 

Confidential
Information

 

	17.14	So
    far as the Sellers are aware, all Confidential Information is kept confidential by the Company and the Company has not disclosed
    any of its Confidential Information other than:

 

	 	(a)	to
    its employees and professional advisers, and then only in circumstances of strict confidentiality; and
	 	 	 
	 	(b)	in
    the ordinary course of business and in the case of a material disclosure, subject to a binding confidentiality agreement.

 

	17.15	The
    Sellers are not aware of any breach of any obligations of confidentiality owed by any Person to the Company, including for
    this purpose by its employees, consultants, agents or professional advisers.

 

    	51

     

    

 

	17.16	The
    Company is entitled to use all Confidential Information in their possession and there are no restrictions on its use of such
    Confidential Information.

 

Claims

 

	17.17	No
    claims, disputes or proceedings in respect of Business IP have been settled by the Company in the three years immediately
    preceding Completion.
	 	 
	17.18	There
    are and have been no claims, disputes or proceedings (and none is pending, threatened or expected) in relation to the Owned
    Business IP or (so far as the Sellers are aware) the Licensed Business IP, and, so far as the Sellers are aware, there are
    no circumstances which might have an adverse effect on the Company’s rights in, and use of, the Business IP.

 

	18	ICT
    Infrastructure
	 	 
	18.1	Material
    details of the ICT Infrastructure are set out in the Data Room at folder 11.
	 	 
	18.2	The
    arrangements relating to the ICT Infrastructure (including its operation and maintenance and any amendments or modifications
    to it) will not of itself be adversely affected by the transaction contemplated under this Agreement and the ICT Infrastructure
    will continue to be available for use by the Company immediately following Completion and thereafter on substantially the
    same terms and conditions as prevailed immediately before Completion.
	 	 
	18.3	The
    Company is the sole legal and beneficial owners of the ICT Infrastructure and the ICT Infrastructure is used exclusively by
    the Company.
	 	 
	18.4	The
    ICT Infrastructure is:

 

	 	(a)	free
    from Encumbrances;
	 	 	 
	 	(b)	so
    far as the Sellers are aware, in working order and functions materially in accordance with all applicable specifications;
	 	 	 
	 	(c)	maintained
    and supported in accordance with good industry practice and is covered by maintenance and warranty provisions to remedy, or
    provide compensation for, any material defect;
	 	 	 
	 	(d)	protected
    by appropriate security and disaster recovery arrangements including taking and storing back-up copies (both on and off site)
    of the Software and any data in the ICT Infrastructure and following procedures for preventing the introduction of viruses
    to, and unauthorised access of, the ICT Infrastructure.

 

	18.5	As
    far as the Sellers are aware, the Company has not experienced in the three years preceding Completion any disruption in or
    to its operations or business as a result of:

 

	 	(a)	any
    substantially decreased performance or material defect in any part of the ICT Infrastructure whether caused by any viruses,
    bugs, worms, lack of capacity or otherwise; or
	 	 	 
	 	(b)	a
    material breach of security in relation to any part of the ICT Infrastructure.

 

	18.6	Software
    which is Owned Business IP is not the subject of any source code escrow arrangement and the source code in such Software has
    not been disclosed to, or otherwise become known by, any third party.
	 	 
	18.7	The
    Software which is Owned Business IP does not include or incorporate any Publicly Available Software and the Company has not
    used or exploited, and have adopted procedures to avoid the use or exploitation in the Business of, any Publicly Available
    Software.

 

    	52

     

    

 

	19	Data
    protection
	 	 
	19.1	In
    respect of all and any personal Data processed by the Group, the Company:

 

	 	(a)	has
    made all necessary registrations in accordance with the Data Protection Legislation and has listed all registrations in document
    10of the Data Room;
	 	 	 
	 	(b)	complies
    in all material respects with the Data Protection Legislation;
	 	 	 
	 	(c)	has
    complied with any subject access requests made pursuant to the Data Protection Legislation;
	 	 	 
	 	(d)	has
    not received any notice or communication of any kind pursuant to any part of the Data Protection Legislation; and
	 	 	 
	 	(e)	has
    not received any communication from any Person alleging breach of any Data Protection Legislation or complaining about the
    Company’s use of personal Data.

 

	19.2	So
    far as the Sellers are aware, there have not been any incidents of data security breaches with respect to personal Data stored
    or held by or (so far as the Sellers are aware) on behalf of any Group Company and no Person has had unauthorised or unlawful
    access of any such personal Data.
	 	 
	19.3	Where
    processing of personal Data is based on the consent of a data subject (as that term is defined in the DPA) (including marketing
    by electronic means), each data subject has freely and unambiguously given its specific and informed consent to all processing
    of his or her personal Data carried on by or on behalf of any Group Company.
	 	 
	19.4	No
    personal Data in respect of which any Group Company within the European Economic Area is a Controller has been transferred
    by that Group Company outside the European Economic Area, other than:

 

	 	(a)	to
    a recipient located within a country in respect of which the European Commission has made a positive decision as to whether
    such country ensures an adequate level of protection of personal data (known as a “white list” country);
    
	 	 	 
	 	(b)	to
    a recipient with whom a Group Company has entered into an agreement incorporating the model clauses approved by the European
    Commission under: (i) Decision 2001/497/EC; (ii) Decision 2004/915/EC; or (iii) Decision 2010/87/EU;
	 	 	 
	 	(c)	to
    a recipient located in the United States who
    has registered as a participant in the EU-US Privacy Shield; or
	 	 	 
	 	(d)	otherwise
    in compliance with the Data Protection Legislation.

 

	19.5	The
    Company has not supplied or provided access to personal Data processed by it to a third party for remuneration or other consideration.
	 	 
	20	Dealings
    over the internet
	 	 
	20.1	The
    appropriate standard terms and conditions of the Company from time to time are properly incorporated into any transaction
    conducted over the internet by the Company and govern access to and use of any Company Web Site.
	 	 
	20.2	So
    far as the Sellers are aware, the contents of any Company Web Site and all transactions conducted over the internet comply
    with all laws and regulations in any applicable jurisdiction.
	 	 
	20.3	The
    Data Room contains a correct, current, and complete list of all social media accounts used by the Company in the conduct of
    the Business. The Company has complied, in all material respects, with all terms of use, terms of service, and other Contracts
    and all associated policies and guidelines relating to its use of any social media platforms, sites, or services in the conduct
    of the Business (collectively, “Platform Agreements”).

 

    	53

     

    

 

	20.4	There
    are no actions settled, pending, or, so far as Sellers are aware, threatened alleging (A) any breach or other violation of
    any Platform Agreement by the Company; or (B) defamation, any violation of publicity rights of any Person, or any other violation
    by the Company in connection with its use of social media in the conduct of the Business.
	 	 
	21	The
    Properties

 

Details
of the Properties

 

	21.1	The
    information in respect of each Property set out in Schedule 7 is true and accurate in all material respects.
	 	 
	21.2	No
    Group Company owns or has any interest in any land or building other than the Properties, and no Group Company has entered
    into any legally binding agreement for the purchase of any such interest.
	 	 
	21.3	The
    Group has no historical or continuing liability whatsoever in respect of any freehold, leasehold or other interest in any
    property other than in relation to the Properties.
	 	 
	21.4	The
    Group has not had occasion to make any claim or complaint in relation to any neighbouring property or its use or occupation
    and there are no disputes, claims, actions, demands or complaints in respect of any Property which are ongoing nor are any
    disputes, claims, actions, demands or complaints anticipated and no notices materially affecting any Property have been given
    or received and not complied with.
	 	 
	21.5	Accurate
    and not misleading copies of all tenancies pursuant to which a Property is held or used are Disclosed in the Data Room (the
    “Leases”).

 

Statutory
obligations

 

	21.6	No
    notice of any breach has been received by the Group of any applicable statutory and by law requirements with respect to each
    Property, and in particular with the requirements as to fire safety and fire precautions under the Regulatory Reform (Fire
    Safety) Order 2005, asbestos under the Control of Asbestos Regulations 2006 and general matters under the Public Health Acts,
    the Offices, Shops and Railway Premises Act 1963, the Health and Safety at Work Act 1974 and the Factories Act 1961.

 

Leases

 

	21.7	The
    Company has paid the rent without complaint or objection from the landlord and there is no subsisting material breach, nor
    any material non-observance of any covenants, condition or agreement contained in the Leases on the part of either the landlord
    or the Group.
	 	 
	21.8	No
    Group Company has in the past been the tenant of or guarantor of any leasehold premises not listed in Schedule 5 in respect
    of which any obligations or liabilities could still accrue to the Group.
	 	 
	21.9	No
    alterations have been made to the Properties at the expense of any Group Company without all necessary consents and approvals.
	 	 
	21.10	No
    alterations or works have been carried out on the Properties by the Company during the term of the leases relating to such
    Properties.

 

    	54

     

    

 

	22	Environmental
	 	 
	22.1	The
    Group Companies have complied in all material respects with all Environmental Laws.
	 	 
	22.2	No
    Group Company has, in the last three years, received any communication in any form from any relevant authority from which
    it appears that it may be or is alleged to be in breach of Environmental Laws, or where failure to comply with such communication
    could constitute a breach of Environmental Laws or where compliance with such communication could be secured by further proceedings
    by such relevant authority. So far as the Sellers are aware, there are no circumstances which might give rise to such a communication
    being received and the Sellers are not aware of any intention on the part of any such authority to give such communication.
	 	 
	22.3	So
    far as the Sellers are aware, there are no facts or circumstances which may give rise to any actual or potential liability
    (whether civil or criminal) on the part of any Group Company or any of its officers in relation to Environmental Matters.
	 	 
	22.4	No
    Group Company has received any notice or intimation of any complaint or claim from any Person in respect of Environmental
    Matters.
	 	 
	22.5	No
    Group Company is, nor has any Group Company in the last three years, been engaged in any action, litigation, arbitration or
    dispute resolution proceedings or subject to any audit or investigation under Environmental Laws or otherwise in relation
    to Environmental Matters and the Sellers are not aware of any such matters pending or being threatened or of any circumstances
    or facts likely to give rise to any such matters.
	 	 
	22.6	No
    Group Company has given or received any warranties or indemnities in respect of, nor has any Group Company otherwise attempted
    to apportion, liabilities, duties or obligations relating to Environmental Matters or arising under Environmental Laws.
	 	 
	23	Health
    and Safety

 

The
Group Companies have complied in all material respects with all Health and Safety Laws and no Group Company has received any written
notice in the last two years of any alleged breach of Health and Safety Laws which has not been complied with.

 

	24	Bank
    accounts, borrowings and lending

 

Bank
accounts

 

	24.1	Full
    details of all bank accounts maintained by the Company are accurately set out in folder 3 of the Data Room and the total amount
    borrowed by the Company from its bankers does not exceed its agreed overdraft facilities.

 

Borrowings

 

	24.2	The
    total amount borrowed by the Company does not exceed any limitation on its borrowing powers contained in its Articles of Association,
    or in any debenture or other deed or document binding on it.
	 	 
	24.3	The
    Company does not have outstanding, nor has agreed to create or issue, any loan capital, nor have they factored any of their
    debts, or engaged in financing of a type which would not require to be shown or reflected in the Accounts, or borrowed any
    money which they have not repaid, except for borrowings not exceeding the amounts shown in the Accounts.

 

Loans

 

	24.4	Other
    than in the ordinary course of business, the Company has not lent any money which has not been repaid, and the Company does
    not own the benefit of any debts (whether or not due for payment), other than debts which have arisen in the ordinary course
    of business.

 

    	55

     

    

 

Default

 

	24.5	The
    Company has not, by reason of its default, become bound, and no Person has become entitled (or with the giving of notice and/or
    the issue of a certificate will become entitled) to require it, to repay prior to its stipulated due date any loan capital
    or other debenture, redeemable preference share capital or borrowed money and no notice has been received of such liability
    having arisen for any other reason.

 

Guarantees
and Indemnities

 

	24.6	The
    Company has no liability (whether actual or contingent) under any guarantee, indemnity or other agreement to secure or incur
    a financial or other obligation relating to the failure of another Person (other than the Company) to perform its obligations.
	 	 
	24.7	No
    part of the borrowings, or indebtedness in the nature of borrowings, of the Company is dependent on the guarantee or indemnity
    of, or security provided by, another Person (other than another of the Companies). No contract or arrangement to which the
    Company is party is dependent on the guarantee or indemnity of, or security provided by, another Person (other than another
    of the Companies).
	 	 
	25	Grants
    and allowances
	 	 
	25.1	Accurate
    and not misleading details of all investment grants received by the Company and all other grants or loans received from any
    governmental department or agency or any local or other authority by virtue of any statute are set out in the Disclosure Letter.
	 	 
	25.2	No
    act, transaction or omission has occurred which will or may cause, and the purchase by the Buyer of the Shares will not cause,
    the Company to be held liable to refund in whole or in part any investment grant or any other grant or loan referred to in
    paragraph 25.1, or for any such grant or loan for which application has been made not to be paid to the Company or to be reduced.
	 	 
	26	Insolvency
	 	 
	26.1	The
    Company:

 

	 	(a)	is
    not insolvent or unable to pay its debts within the meaning of the insolvency legislation applicable to the Company concerned;
    and
	 	 	 
	 	(b)	has
    not stopped paying its debts as they fall due.

 

	26.2	No
    step has been taken in any jurisdiction to initiate any process by or under which:

 

	 	(a)	the
    ability of the creditors of the Company to take any action to enforce their debts is suspended, restricted or prevented;
	 	 	 
	 	(b)	some
    or all of the creditors of the Company accept, by agreement or in pursuance of a court order, an amount less than the sums
    owing to them in satisfaction of those sums with a view to preventing the dissolution of the Company;
	 	 	 
	 	(c)	a
    Person is appointed to manage the affairs, business and assets of the Company on behalf of its creditors; or
	 	 	 
	 	(d)	the
    holder of a charge over all or any of the assets of the Company is appointed to control the business and/or all or any assets
    of the Company.

 

	26.3	No
    process has been instituted which could lead to the Company being dissolved and its assets being distributed among its creditors,
    shareholders or other contributors.

 

    	56

     

    

 

	27	Competition,
    anti-trust and cartels
	 	 
	27.1	The
    Company has not done anything and are not a party to any agreement, arrangement, concerted practice or course of conduct which
    contravenes or is likely to or may contravene, or which required or requires notification or which is, or is likely to be
    or has been the subject of any enquiry, complaint, investigation or proceeding under any of the provisions of the Enterprise
    Act 2002, Fair Trading Act 1973, the Treaty on the Functioning of the European Union, the Competition Act 1980, the Competition
    Act 1998, EU Regulation 4064/89 or EU Regulation 139/2004 or any other competition, anti-trust, consumer protection, anti-monopoly,
    anti-cartel, state aid control, merger or specific sectoral legislation or regulation in any country of the world in which
    or with which it does business. Nor is the Company a member or party to any agreement or arrangement which required registration
    under the Restrictive Trade Practices Acts 1976 and 1977.
	 	 
	27.2	So
    far as the Sellers are aware, no officer or employee of the Company is or has been a party to any agreement, arrangement or
    course of action which may constitute an offence under the Enterprise Act 2002 or may lead to disqualification under the competition
    provisions of the Company Directors Disqualification Act 1986.
	 	 
	28	Financial
    services

 

The
Company does not carry on nor has it carried on at any time any regulated activity in any country in relation to which it is or
was required to apply to be authorised or licenced by the relevant financial services competent authority under the local implementation
of the Markets in Financial Instruments Directive (Directive 2004/39/EC) or otherwise.

 

	29	Share
    Schemes
	 	 
	29.1	There
    are no options to acquire shares in any Group Company granted under Schedule 5 (Enterprise management incentives) to ITEPA
    2003 (“EMI Options”) and there are no agreements, schemes or promises to grant any such EMI Options, other
    than the Options.
	 	 
	29.2	At
    the date of grant of each Option purported to be granted as an EMI Option: (i) the relevant Group Company met the requirements
    of Part 3 of Schedule 5 to ITEPA 2003 and (ii) the relevant Option Seller met the requirements of Part 4 of that schedule.
	 	 
	29.3	The
    grant of the Options were notified to the relevant Tax Authority pursuant to, and in accordance with, the requirements of
    paragraph 44 of Schedule 5 to ITEPA 2003.
	 	 
	29.4	There
    have been no disqualifying events in respect of the Options under section 534 of ITEPA 2003 (“Disqualifying Events”)
    or material amendments to any of the terms of any of the Options and no Group Company is aware of any circumstances (other
    than Completion itself) which are likely to cause any such Disqualifying Event to occur.
	 	 
	29.5	Each
    Option was granted with an exercise price equal to or greater than the fair market value of the underlying Option Shares on
    the date of grant.
	 	 
	29.6	No
    employment related securities (as defined in sections 420 and 421B(8) of ITEPA 2003), including, without limitation, any shares
    acquired under section 205A of the Employment Rights Act 1996, have been issued or transferred (other than under any EMI Option):

 

	 	(a)	by
    any Group Company; or
	 	 	 
	 	(b)	under
    any arrangements established by any Group Company,

 

and
there are no agreements, schemes or promises to make any such issues or transfers.

 

	29.7	No
    securities options (as defined in section 420(8) of ITEPA 2003) (other than EMI Options) have been granted:

 

	 	(a)	by
    any Group Company; or

 

    	57

     

    

 

	 	(b)	under
    any arrangements established by any Group Company,

 

to
any current, former or proposed employees or directors of any Group Company (or to nominees or associates of such individuals)
and there are no agreements, schemes or promises to make any such grant.

 

	29.8	For
    any restricted securities (as defined in section 423 of ITEPA 2003) acquired by any current, former or proposed employees
    or directors of any Group Company (or any nominees or associates of such individuals):

 

	 	(a)	a
    joint election to disapply fully Chapter 2 of Part 7 of ITEPA 2003 has been made under section 431(1) of ITEPA 2003; and
	 	 	 
	 	(b)	all
    such joint elections have been properly made using forms approved by the relevant Tax Authority and within the applicable
    time limits.

 

	29.9	There
    are no employee benefit trusts, family benefit trusts, or similar arrangements established by any Group Company, under which
    any current or former employees or directors of any Group Company may benefit in any form.
	 	 
	30	Tax
	 	 
	30.1	All
    Taxation (whether of the UK or elsewhere) for which any Group Company has been liable during the last six years has, in all
    material respects been duly paid (insofar as such Taxation ought to have been paid) and no material penalties, fines, surcharges
    or interest have been incurred by any Group Company during the last six years.
	 	 
	30.2	All
    notices, returns (including any land transaction returns), reports, accounts, computations, statements, assessments, claims,
    disclaimers, elections and registrations and any other necessary information which have or should have been submitted by each
    Group Company to any Tax Authority for Tax purposes in the last six years have been made on a proper basis, were submitted
    within applicable time limits and were complete and accurate in all material respects. None of the above is, or, so far as
    the Sellers are aware, is likely to become the subject of any material dispute with any Tax Authority.
	 	 
	30.3	Each
    Group Company has, in all material respects, kept and maintained complete and accurate records, invoices and other information
    in relation to Tax, that meet all legal requirements and enable the Tax liabilities of the Group Company concerned to be calculated
    accurately in all material respects.
	 	 
	30.4	All
    Taxation and National Insurance Contributions deductible by the Company under the PAYE system, the Construction Industry Scheme
    or any other Taxation law have, so far as required to be deducted by the Company, been deducted from all payments made (or
    treated as made) by the Company. All amounts due to be paid by the Company to the relevant Tax Authority under the PAYE system
    on or before the date of this Agreement have been so paid.
	 	 
	30.5	No
    payments or loans have been made to, no assets have been made available or transferred to, and no assets have been ear-marked,
    however informally, for the benefit of, any employee or former employee (or anyone linked with such employee or former employee)
    of the Company by an employee benefit trust or another third party falling within the provisions of Part 7A of the Income
    Tax (Earnings and Pensions) Act 2003.
	 	 
	30.6	The
    Accounts make proper provision or reserve in accordance with generally accepted accounting principles for all Taxation for
    which any Group Company is accountable at the Accounts Date. Proper provision has been made and shown in the Accounts for
    deferred taxation in accordance with generally accepted accounting principles.
	 	 
	30.7	No
    Tax chargeable on any Group Company or subject to withholding or deduction by any Group Company during any accounting period
    ending on or within the last six years has to any extent depended on any unpublished understanding, concession, agreement,
    arrangement or dispensation with any Tax Authority.

 

    	58

     

    

 

	30.8	No
    Group Company has been party to, or otherwise been involved with, any transaction, scheme or arrangement designed wholly or
    mainly or containing steps or stages having no commercial purpose and designed wholly or mainly for the purpose of avoiding
    or deferring Taxation or reducing a liability to Taxation or amounts to be accounted for under PAYE.
	 	 
	30.9	So
    far as the Sellers are aware, no Group Company is, nor will any Group Company become, as a result of circumstances applying
    on or prior to Completion, liable to make to any person (including any Tax Authority) any payment in respect of any liability
    to Taxation which is primarily or directly chargeable against, or attributable to, any other person (other than a Group Company).
	 	 
	30.10	Each
    Group Company is and has throughout the past seven (7) years been resident for Tax purposes solely in the jurisdiction in
    which it was incorporated as stated in Schedule 2 and, so far as the Sellers are aware, no Group Company has, at any time
    in the past seven (7) years, been treated as resident in any other jurisdiction for the purposes of any double taxation arrangements
    or for any other Taxation purpose nor has or has had a permanent establishment in any other jurisdiction.
	 	 
	30.11	The
    Company does not hold, nor within the last seven (7) years has held, shares in a company, other than any other Group Company,
    which is not resident in the UK or a material interest in an offshore fund.
	 	 
	30.12	All
    transactions or arrangements made by any Group Company have been made on arm’s length terms and the processes by which
    prices and terms have been arrived at have, in each case, been fully documented. No notice, enquiry or adjustment has been,
    or is likely to be, made by any Tax Authority in connection with any such transactions or arrangements .
	 	 
	30.13	The
    Company is a taxable person for the purposes of VATA and is registered for VAT with quarterly prescribed accounting periods.
	 	 
	30.14	The
    Company has not, in the period of six (6) years ending with the date of Completion, been a member of a group of companies
    for the purposes of section 43 of VATA.
	 	 
	30.15	All
    supplies made by the Company are taxable supplies for VAT purposes. The Company will not be denied full credit for all input
    tax paid or suffered by it on or before Completion.
	 	 
	30.16	The
    Company does not own any assets which are capital assets subject to the capital goods scheme under Part XV of the VAT Regulations
    1995, nor has the Company ever exercised any option to tax under Part I of Schedule 10 to the VATA.
	 	 
	30.17	No
    Group Company has not at any time in the last 7 years made any loan or advance or payment or given any consideration (other
    than the payment of a dividend) to any shareholder, which has not been repaid in full.
	 	 
	30.18	The
    book value shown in, or adopted for the purposes of, the Accounts as the value of each of the tangible fixed assets of each
    Group Company does not exceed the amount which on a disposal of such asset at the date of this Agreement would be deductible
    as acquisition cost in computing the capital gain or deductible loss.
	 	 
	30.19	The
    Company has no capital losses available for carry-forward other than as disclosed in its corporation tax returns.
	 	 
	30.20	Other
    than as shown in its corporation tax returns, the Company has not within the last six (6) years claimed first-year tax credits
    within the meaning of Schedule A1 of the CAA 2001, business renovation allowances under Part 3A of CAA 2001, flat conversion
    allowances under Part 4A of CAA 2001, or owned at the Accounts Date any asset which, if disposed of at the date of this Agreement
    for consideration equal to its net book value as included in the Accounts would give rise to a balancing adjustment or clawback
    of allowances for the purposes of CAA 2001.

 

    	59

     

    

 

	30.21	No
    distribution or deemed distribution, within the meaning of section 1000 or sections 1022-1027 of CTA 2010 has been made in
    the six years prior to the Accounts Date (or will be deemed to have been made at any time during the six years prior to the
    Accounts Date) by the Company, except dividends shown in its statutory accounts, and the Company is not bound to make any
    such distribution.
	 	 
	30.22	The
    Company has not, within the period of seven (7) years preceding the date of this Agreement, been engaged in, nor been a party
    to, any of the transactions set out in Chapter 5 of Part 23 of CTA 2010 (demergers).
	 	 
	30.23	All
    financing costs, including interest, discount and premiums, payable by the Company prior to Completion in respect of its loan
    relationships within the meaning of section 302 of CTA 2009 are eligible to be brought into account by the Company as a debit
    for the purposes of Part 5 of CTA 2009 at the time, and to the extent that, such debits are recognised in the statutory accounts
    of the Company, other than to extent shown in the corporation tax returns of the Company.
	 	 
	30.24	The
    tax returns and computations of each Group Company included in the Data Room include relevant details of the amount of expenditure
    on each of the intangible fixed assets (including goodwill and intellectual property) of any Group Company.
	 	 
	30.25	The
    Company does not hold nor has held any right to which Part 8A of CTA 2010 applies or an exclusive licence in respect of such
    right within section 357BA of CTA 2010.
	 	 
	30.26	No
    asset owned by the Company, nor the Shares, is subject to any Inland Revenue charge as mentioned in section 237 and 238 of
    IHTA 1984 or is liable to be subject to any sale, mortgage or charge by virtue of section 212(1) of IHTA 1984.
	 	 
	30.27	Any
    document that may be necessary or desirable in proving the title of the Company to any asset which is owned by the Company
    at the date of this Agreement is duly stamped for stamp duty purposes. No such documents which are outside the UK would attract
    stamp duty if they were brought into the UK.
	 	 
	30.28	Neither
    entering into this Agreement nor Completion will result in the withdrawal of a stamp duty or stamp duty land tax relief granted
    on or before Completion which will affect the Company.
	 	 
	30.29	The
    Disclosure Letter sets out full and accurate details of any chargeable interest (as defined under section 48 of the Finance
    Act 2003) acquired or held by the Company before the date of this Agreement in respect of which the Sellers are aware, or
    ought reasonably to be aware, that an additional land transaction return will be required to be filed with a Tax Authority
    and/or a payment of stamp duty land tax made on or after the date of this Agreement.

 

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Schedule
5 

 

Limitations
on Liability

 

	1	Agreement
    to Reimburse for Losses: Subject at all times to the limitations set forth in this Schedule 5, the Buyer’s losses
    for any breach of Warranty (other than in the event of fraud or for breach of the Fundamental Warranties) shall be calculated
    on the usual contractual basis of damages for breach of contract, i.e. that damages for loss of bargain should be assessed
    by reference to the difference between the value of the shares “as warranted” (i.e. on the basis that the warranties
    were true) and the value of the shares “as is” (i.e. given the actual state of affairs).
	 	 
	2	Cap
    on liability
	 	 
	2.1	The
    aggregate liability of any Seller in respect of all and any Claims under this Agreement other than as a result of breach of
    Section 7 (Restrictive Covenants), a Fundamental Warranty or fraud, dishonesty or wilful concealment of such Seller or his
    or her agents or advisors at the request of the Sellers, shall not exceed:

 

	 	(a)	in
    the case of each Option Seller, the amount of 75% of the Cash Consideration received by that Option Seller less the Option
    Exercise Tax;
	 	 	 
	 	(b)	in
    the case of each of Kevin Batley and Sheila Batley an amount equal to 76.92% of the aggregate amount of Cash Consideration
    received by these Persons, provided that the aggregate liability of both such Persons taken together shall not exceed such
    aggregate amount; and
	 	 	 
	 	(c)	in
    the case of each of Nigel Batley and Annette Batley an amount equal to 76.92% of the aggregate amount of Cash Consideration
    received by these Persons, provided that the aggregate liability of both such Persons taken together shall not exceed such
    aggregate amount,

 

	2.2	Each
    Option Holder’s liability for a Claim shall not exceed 2% of the value of that Claim or Breach of Warranty Claim.
	 	 
	2.3	There
    shall be no limit or cap on liability in the event of a breach of a Fundamental Warranty or as a result of fraud, dishonesty
    or wilful concealment of such Seller or his or her agents or advisors,
	 	 
	3	Time
    limits for making Claims
	 	 
	3.1	No
    Claim may be made against the Sellers unless a Notice of Claim which is:

 

	 	(a)	a
    claim for breach of Warranty 8.3 or 8.4 is served on the Sellers on or before the date falling six months following Completion;
	 	 	 
	 	(b)	a
    Business Warranty Claim (other than a claim for breach of Warranty 8.3 or 8.4) is served on the relevant Sellers of the Business
    Warranty Claim on or before the second anniversary of Completion;
	 	 	 
	 	(c)	a
    Tax Warranty Claim is served on the relevant Sellers of the Tax Warranty Claim on or before the seventh anniversary of Completion;
	 	 	 
	 	(d)	for
    avoidance of doubt, there shall no time limit on a Claim for a breach of any Fundamental Warranty or as a result of fraud,
    dishonesty or wilful concealment of such Seller or his or her agents or advisors. The Sellers shall not plead the Limitation
    Act 1980 in respect of any claims made under the Tax Warranties or Tax Covenant.

 

	3.2	Any
    Claim notified in accordance with paragraph 3.1 shall (if not previously satisfied, settled or withdrawn) be deemed to have
    been irrevocably withdrawn 12 months after the date on which notice of the relevant Claim was given (and no new Claim may
    be made in respect of the same facts) unless on or before that date, legal proceedings have been issued and served on the
    Sellers in respect of the relevant Claim.

 

    	61

     

    

 

	4	Threshold
    and de minimis

 

	4.1	The
    Sellers shall not be liable in respect of any Warranty Claim unless the individual Warranty Claim or the aggregate liability
    for all Warranty Claims exceeds £400,000.00 (four hundred thousand pounds) in which case the Sellers shall be liable
    for the entire amount and not merely the excess.

 

	4.2	In
    calculating liability for Warranty Claims for the purposes of paragraph 4.1 above, any Warranty Claim which is less than £40,000
    shall be disregarded.

 

	4.3	For
    the purposes of the limits set out in this paragraph 4 a number of Warranty Claims arising out of the same or similar subject
    matter, facts, events or circumstances shall be aggregated and form a single Warranty Claim.

 

	4.4	There
    shall be no threshold or de minimis in the event of a breach of breach of Section 7 (Restrictive Covenants), breach of a Fundamental
    Warranty or as a result of fraud, dishonesty, or wilful concealment of such Seller or his or her agents or advisors at the
    request of the Seller.

 

	5	Contingent
    Claims

 

If
any Breach of Warranty Claim is based upon a liability which is contingent only, the Sellers shall not be liable to make payment
unless and until such contingent liability gives rise to an obligation to make a payment. This is without prejudice to the right
of the Buyer to give notice of the Breach of Warranty Claim and to issue and serve proceedings in respect of it whilst it remains
contingent. For the avoidance of doubt, the fact that the liability may not have become an actual liability by the relevant date
provided in paragraph 3 shall not exonerate the Sellers in respect of any Warranty Claim properly notified before that date.

 

	6	Right
    to remedy

 

The
Sellers shall not be liable for any Warranty Claim if the alleged breach which is the subject of the Warranty Claim is capable
of remedy and is remedied to the satisfaction of the Buyer by the Sellers within 30 days of the date on which the notice in paragraph
3 above is received by the Sellers without any further loss or detriment to any member of the Buyer’s Group.

 

	7	Provisions,
    changes in legislation

 

	7.1	The
    Sellers shall not be liable for any Warranty Claim (other than a Tax Warranty Claim, in respect of which the provisions of
    Part 3 of the Tax Covenant shall apply instead) to the extent that the subject of the Warranty Claim is provided for or reserved
    in the Accounts or Management Accounts or to the extent such matter was specifically referred to in the notes to the Accounts
    or Management Accounts.

 

	7.2	The
    Sellers shall not be liable for any Warranty Claim (other than a Tax Warranty Claim, in respect of which the provisions of
    Part 3 of the Tax Covenant shall apply instead) to the extent that the Warranty Claim arises:

 

	 	(a)	as
    a result of the passing of, or a change in, a law, rule, regulation or published practice of a government, governmental department,
    agency or regulatory body in any case announced after the date of Completion and having retrospective effect;

 

	 	(b)	as
    a result of any increase in rates of Taxation announced since the date of Completion; or

 

	 	(c)	as
    a result of any liability or other matter to the extent that it occurs or is increased as a result of any change in the accounting
    bases, policies, practices or methods applied in preparing any accounts or valuing any assets or liabilities of the Company
    or any of the Subsidiaries introduced or having effect after Completion (other than to the extent necessary to comply with
    the law or the Accounts Standards applying and in force on or prior to Completion).

 

    	62

     

    

 

	 	(d)	wholly
    or partly from an act or omission of the Buyer or any Group Company occurring after Completion other than an act or omission:

 

	 	(i)	required
    by law; or

 

	 	(ii)	carried
    out pursuant to an obligation of any Group Company entered into prior to Completion, as Disclosed; or

 

	 	(iii)	carried
    out in the ordinary course of business of the Buyer or any Group Company as carried on at Completion; or

 

	 	(iv)	carried
    out pursuant to the request or with the written consent or approval of the Sellers, in circumstances where the Sellers knew
    the consequences thereof.

 

	8	Recovery
    from another Person

 

Prior
recovery

 

	8.1	If
    the Buyer or any Group Company recovers (whether by payment, discount, credit, relief or otherwise) from a third party an
    amount in respect of the same loss which is the subject matter of a Business Warranty Claim, any actual recovery (less any
    reasonable costs incurred in obtaining such recovery and less any Taxation attributable to the recovery) shall to that extent
    reduce or satisfy, as the case may be, such Business Warranty Claim, the Buyer being under an obligation to use commercially
    reasonable efforts to make a recovery where there is a reasonable chance of the relevant Group Company will actually be able
    to recover from a third party.

 

Subsequent
recovery

 

	8.2	If
    the Sellers pay an amount in respect of a Business Warranty Claim and the Buyer or any Group Company subsequently recovers
    (whether by payment, discount, credit, relief or otherwise) from a third party an amount in respect of the same loss which
    is the subject matter of the Business Warranty Claim, the Buyer shall procure that the relevant Group Company shall pay to
    the Sellers an amount equal to the lesser of:

 

	 	(a)	the
    amount recovered from the third party less any reasonable costs and expenses incurred in obtaining such recovery and less
    any Taxation attributable to the recovery; and

 

	 	(b)	the
    amount previously paid by the Sellers to the Buyer.

 

	9	Third
    party claims

 

	9.1	The
    Buyer shall:

 

	 	(a)	promptly
    notify the Sellers’ Representative in writing if the Buyer becomes actually aware of any claim or potential claim from
    a third party which the Buyer is actually aware might result in the Buyer bringing a Business Warranty Claim against the Sellers
    (in this Schedule, a “Third Party Claim”);

 

	 	(b)	keep
    the Sellers’ Representative informed of the progress of any Third Party Claim and provide the Sellers’ Representative
    with such information and documents as they may reasonably request in respect of the Third Party Claim;

 

    	63

     

    

 

	 	(c)	give
    (and cause each member of the Buyer’s Group to give) the Sellers and their professional advisers access at reasonable
    times (and on reasonable prior notice) to its premises and personnel, and to any relevant assets, accounts, documents or records
    within its control, for the purposes of enabling the Sellers to assess the Third Party Claim and to exercise their rights
    under this paragraph 9; and

 

	 	(d)	take
    such steps or proceedings as the Sellers may reasonably request in order to avoid, dispute, resist, mitigate, compromise,
    defend or appeal against any relevant Third Party Claim; provided, that such steps or proceedings requested by Sellers shall
    not be to the material detriment of Buyer or the Group Companies or result in an increase in any such Third Party Claim; and

 

	 	(e)	take
    such steps or proceedings as the Sellers may reasonably require in order to enforce any third party recovery right (that is
    to say any right to which the Buyer or the Company or a Subsidiary is or becomes entitled (whether by way of payment, discount,
    credit, set off, counterclaim or otherwise) to recover from any third party (excluding the Buyer, the Company and the Subsidiaries)
    any sum in respect of any loss, damage or liability which is or may be the subject of a Business Warranty Claim.

 

	9.2	The
    Buyer shall act in accordance with any such reasonable requests of the Sellers given pursuant to clause 9.1 subject to the
    Buyer and relevant member of the Buyer’s Group being effectively indemnified and kept indemnified by the Sellers to
    the reasonable satisfaction of the Buyer against all Losses incurred in connection with the taking of such steps or proceedings
    and provided that the Buyer shall not be required to take or procure that the Company or any member of the Buyer’s Group
    shall take any steps or proceedings that may in the reasonable opinion of the Buyer cause any damage to any material trading
    relationship or goodwill of, the Buyer or the Company or any of the Subsidiaries.

 

	10	Offset
    Insurance

 

	9.1	The
    Buyer shall have the right to offset any amount which either the Sellers agree in writing is due and owing to the Buyer, or
    which a court of competent jurisdiction finally determines is due and owing from the Sellers to the Buyer and no right of
    appeal lies (Resolved Claim), against any amount otherwise payable to such Seller pursuant to this Agreement, or otherwise
    prior to seeking payment directly from such Seller, including without limitation, equitably reducing the number of shares
    of Series B Preferred Consideration Shares or Series C Preferred Consideration Shares held by such Seller based (a) on the
    dollar value of the Claim relative to the USD$10.00 per share stated value or liquidation price of shares of Series B Preferred
    Consideration Shares or Series C Preferred Consideration Shares held by such Seller or (b) if the Series B Preferred Consideration
    Shares or Series C Preferred Consideration Shares have been previously converted into shares of Class A Common Stock, the
    volume weighted average closing price of the Buyer’s Class A Common Stock as traded on Nasdaq for the twenty (20) trading
    days immediately prior to the date of the Resolved Claim.. 

 

	9.2	The
    Sellers shall not be liable in respect of a Business Warranty Claim or Tax Warranty Claim where the Buyer, the Company or
    any of the Subsidiaries is entitled to make a claim under a policy of insurance in respect of any matter or circumstance giving
    rise to the Business Warranty Claim, Tax Claim unless the Buyer first makes (or procures that the Company or the relevant
    Subsidiary makes) a claim against its insurers pursuant to the relevant policy; provided however neither Buyer nor the Company
    nor relevant Subsidiary shall be required to take any further action if such claim is denied, in whole or in part, by the
    insurer. The Sellers’ liability in respect of any such Business Warranty Claim, Tax Claim shall then be reduced by the
    amount recovered under such policy of insurance (less all reasonable costs, charges and expenses incurred by the Buyer or
    member of the Buyer’s Group in recovering that sum), or extinguished if the amount so recovered exceeds the amount of
    the Business Warranty Claim, Tax Claim. 

 

	11	No
    double recovery

 

The
Buyer shall not be entitled to recover from the Sellers more than once for the same damage suffered, and in particular the Sellers
shall not be liable for any Warranty Claim to the extent that payment has been made in respect of the liability giving rise to
such Warranty Claim under the Tax Covenant.

 

    	64

     

    

 

	12	Tax

 

To
the extent of any inconsistency between this Schedule 5 and the Tax Covenant at Schedule 8, the provisions of the Tax Covenant
shall apply to Tax Covenant Claims in priority to the provisions of this Schedule 5. The provisions of Part 3 of Schedule 8 shall
apply in respect of Tax Warranty Claims.

 

	13	Mitigation

 

Nothing
contained in this Agreement shall have the effect of relieving the Buyer from any common law duty to mitigate any loss or damage
suffered by it as a result of a breach of the Business Warranties.

 

	14	Assignees

 

Any
third party which is entitled under the terms of this Agreement to make any claim against the Sellers or any of them shall be
subject to the provisions of this Schedule as if it were the Buyer.

 

    	65

     

    

 

Schedule
6 

 

Part
1: Key Customers

 

Tierney
Brothers Inc

Speechi
- Wouarf

Information
& Data Networks Supplies Ltd

Charmex
Internacional S.A.

Aesthetix
Technologies LLC

Roche
Audio Visual Limited

UNIT.DK

Data
Projections, Inc.

Proactive
Learning Ltd

AV
Parts Master Ltd

EET
Europarts Oy

J.
Klausner Professional Multimedia Gmbh

Interactive
Concepts BVBA

CDEC
Limited

Kindermann
GmbH

The
Saville Group Ltd

AVM
Impact Ltd

AV
Syd AB

NIAVAC

Thomsun
Trading International Ltd

 

    	66

     

    

 

Part
2: Key Suppliers

 

Wah
Lee

Epson
(UK) Ltd

BenQ
UK Ltd

Europa
Worldwide Logistics Ltd P001*

Very
PC Limited

NEC
Display Solutions Europe GmbH

Natural
User Interface Technologies AB *GBP*

CONEN
Produkte GmbH & Co. KG

Europa
Worldwide Logistics Ltd SAHPREDFD*

Shiyuan
(HK) Limited

 

    	67

     

    

 

Schedule
7 

 

Leasehold
Property

 

	Lessee	 	Date
        of Lease

        
	 	Parties	 	Term	 	Short
    Description 
	Sahara
Presentation Systems Plc
	 	15
    July 2019	 	(1)
Bridges Business Space LLP and (2) Sahara Presentation Systems Plc.
	 	1
    June 2019 to 31 May 2020	 	Office
    10, Flexspace Business Centre, 1 Michaelson Square, Garbett Road, Livingtson, EH54 7DP
	Sahara
Presentation Systems Plc
	 	1
    February 2019	 	(1)
Europa Warehouse Ltd and (2) Sahara Presentation Systems Plc.
	 	1
    February 2019 to 31 January 2024.	 	Europa
    Warehouse Dartford
	Sahara
Presentation Systems Plc
	 	7
    March 2019	 	 (1)
    The Office Group and (2) Sahara Presentation Systems Plc.	 	1
    July 2019 to 30 June 2020	 	Innovation
Centre, One Aire Street, Leeds, LS1 4PR

	Sahara
Presentation Systems Plc
	 	29
    January 2018	 	(1)
Robinsons Cruisers Limited and (2) Sahara Presentation Systems Plc.
	 	29
    January 2018 to 28 January 2019	 	Offices
    at Shepley Bridge Marina, Mirfield
	Sahara
Presentation Systems Plc
	 	10
    September 2020	 	(1)Barts
    Close Office Limited and (2) Sahara Presentation Systems Plc.	 	1
    December 2020 to 30 November 2025	 	55
    Bartholomew Crescent London EC1
	Sahara
    Nordic AB 	 	1
    February 2016	 	(1)
    Stiftelsen Forum and (2) Sahara Nordic AB.	 	Rolling
    3 month contract from 1 February 2016	 	C/O
    Oscarshamns Business Centre, Södra Långgatan 15 – 17, 572 33 OSKARSHAMN, KALMAR
	Sahara
    Nordic AB	 	1
    June 2014	 	(1)
    QO Kontorshotell i Hammarby AB and (2) Sahara Nordic AB.	 	Rolling
    3 month contract from 1 June 2014	 	311,
    Hammarby Fabriksvag 23, Stockholm, Sweden
	Sahara
    Nordic AB	 	1
    September 2014	 	(1)Kopings
    Kommun and (2) Sahara Nordic AB.	 	Rolling
    3 month contract from 1 September 2014	 	Glasgatan
    20A, Lokal Index, Kontorskal, Sweden
	Sahara
    Nordic OY 	 	1
    November 2011	 	(1)
Asuntosaation Isannointi Oy and (2) Sahara Nordin Oy
	 	Rolling
    3 month contract from 1 November 2011	 	Laivalahden
    Puistotie 10, 00810 Helsinki
	Sahara
    Presentation Systems Gmbh	 	1
    June 2020	 	(1)Regus
    and (2) Sahara Presentation Systems GmbH	 	1
    June 2020 to 31 May 2021	 	3rd
    Floor Johannstr. 37 40476 Düsseldorf
	Sahara
    Presentation Systems inc	 	9
    March 2020	 	(1)Regus
    and (2) Sahara Presentation Systems inc	 	9
    March 2020 to 30 September 2020	 	Suite
    150W, 9600 Great Hills Trail Austin, Texas, 78759, USA
	Clevertouch
    B.V.	 	23
    October 2019	 	(1)Allround
    Investment B.V. and (2)	 	23
    October 2019 to 23 October 2021	 	Office
    Room 13, The Mixer, Landdrostlaan 51 te Apeldoorn
	Clevertouch
    B.V.	 	No
    written agreement	 	(1)
    Rhenus Logistics and (2) Clevertouch B.V.	 	No
    written agreement	 	Rhenus
    Logistics, PO Box 693, 5900 AR Venlo

 

    	68

     

    

 

Schedule
8 

 

Taxation

 

Part
1: Definitions and interpretations

 

	1	DEFINITIONS
    AND INTERPRETATION

 

	1.1	In
    this Agreement, unless the context otherwise requires, the following words have the following meanings:

 

“Accounts
Relief” means any Relief which:

 

	 	(a)	has
    been shown as an asset in the Accounts; or

 

	 	(b)	has
    been taken into account in computing (and so reducing or eliminating) any provision for deferred Taxation which appears or
    which but for the availability or presumed availability of the Relief would have appeared in the Accounts.

 

“Buyer’s
Tax Group” means the Buyer and any other company or companies which either are or become after Completion, or have within
the seven years ending on Completion, been treated as members of the same Tax Group as the Buyer for any Tax purpose.

 

“Buyer’s
Relief” means:

 

	 	(a)	an
    Accounts Relief; and/or

 

	 	(b)	any
    Relief which arises in respect of any period after the Accounts Date or any Relief which arises in respect of any Event effected
    on or after Accounts Date; and/or

 

	 	(c)	any
    Relief which arises at any time to the Buyer or a member of the Buyer’s Tax Group (other than a Group Company before
    Completion).

 

“Claim
for Taxation” means any notice, demand, assessment, letter or other document issued or action taken by or on behalf
of any Tax Authority indicating that any Person is or may be placed or sought to be placed under a Liability to Taxation.

 

“Deemed
Liability to Taxation” means a Liability to Taxation that falls within limbs (b) and (c) of that definition.

 

“Event”
means, without limitation, any act, event, transaction or omission whatsoever and includes the expiry of a period of time, any
Group Company becoming or ceasing to be associated with any other Person for any Tax purpose or ceasing to be, or becoming, resident
in any country for any Tax purpose, the death, winding up or dissolution of any Person, the earning, receipt or accrual for any
Tax purpose of any income, profit or gains, the incurring of any loss or expenditure, and the execution and completion of this
Agreement, and any reference to an Event occurring on or before a particular date shall include Events that, for Tax purposes,
are deemed to have, or are treated or regarded as having, occurred on or before that date.

 

“Group
Relief” means any Relief available between members of a Tax Group.

 

“Indirect
Tax” means VAT or any value added, turnover, sales, use, distribution or corresponding or similar Tax.

 

“Liability
to Taxation” means:

 

	 	(a)	any
    liability of a Group Company to make an actual payment or increased payment of, or in respect of, or on account of Taxation
    whether or not the same is primarily payable by any Group Company and whether or not the relevant Group Company has, or may
    have, any right of reimbursement against any other Person;

 

    	69

     

    

 

 

	 	(b)	the
    Loss, otherwise than by the use or setting off, of any Accounts Relief;

 

	 	(c)	the
    utilisation, including the setting off against any Liability to Taxation or against Profits, of any Buyer’s Relief in
    circumstances where, but for the utilisation, the relevant Group Company would have had a Liability to Taxation falling within
    paragraph (a) of this definition.

 

“Loss”
includes absence, failure to obtain, non-existence, non-availability, reduction, modification, loss, counteraction, nullification,
disallowance, withdrawal or clawback for whatever reason.

 

“PAYE”
means any system for the deduction and withholding of Tax or national insurance contributions or social security contributions
(or similar or corresponding obligations) or both from sums paid to employees in respect of their employment.

 

“Profits”
means income, profits and gains and references to “Profits earned, accrued or received” include Profits deemed to
have been earned, accrued or received for Taxation purposes.

 

“Relief”
means any relief, loss, allowance, exemption, deduction or credit in computing or against Profits or Taxation or any right to
repayment of Taxation and references to the “loss of any Accounts Relief” means the total or partial loss, non-availability,
reduction, counteraction, utilisation or disallowance, and “lose” and “lost” shall be construed accordingly.

 

“Taxation”
and “Tax” means all forms of tax and statutory, governmental, state, federal, provincial, local, government
or municipal charges, duties, imposts, contributions, levies, withholdings or liabilities wherever chargeable and whether of the
United Kingdom or any other jurisdiction (including, for the avoidance of doubt, National Insurance contributions in the United
Kingdom and corresponding obligations elsewhere) (but excluding the uniform business rate and council tax and their equivalent
in any other jurisdiction) and any penalty, fine, surcharge, interest, charges or costs relating to it (including interest and
penalties arising from the failure of the Company to make adequate instalment payments in any period ending on or before Completion)
and in each case whether payable directly or indirectly and in respect of any Group Company whether their liability for the same
is a primary or secondary liability.

 

“Tax
Authority” means any taxing or other authority, body or official competent to administer, determine, impose or collect
any Taxation.

 

“Tax
Counsel” means a practising barrister in England and Wales of at least 10 years’ call, experienced in United Kingdom
tax matters, or, in relation to any matter involving Taxation imposed in a jurisdiction other than the United Kingdom, an equivalently
qualified and experienced Person in such other jurisdiction.

 

“Tax
Group” means those companies treated for the purposes of determining the amount of or liability for or relief from any
Tax as being members of the same group of companies or fiscal unity.

 

“Tax
Statute” means any directive, statute, enactment, law or regulation wherever enacted or issued, coming into force or
entered into providing for or imposing any Tax, or providing for the reporting, collection, assessment or administration of any
Tax liability, and shall include orders, regulations, instruments, bye-laws or other subordinate legislation made under the relevant
statute or statutory provision and any directive, statute, enactment, law, order, regulation or provision that amends, extends,
consolidates or replaces the same or that has been amended, extended, consolidated or replaced by the same.

 

	1.2	References
    to a repayment of Tax shall include any repayment supplement or interest in respect of it.

 

    	70

     

    

 

	1.3	Any
    reference to something occurring in the ordinary course of business shall not include:

 

	 	(a)	anything
    that involves, or leads directly or indirectly to, any liability of any Group Company to Tax that is (or but for an election
    would have been) the primary liability of, or properly attributable to, or due from another Person (other than a member of
    the Buyer’s Tax Group);

 

	 	(b)	anything
    that relates to or involves the acquisition or disposal (or deemed acquisition or disposal) of an asset or the supply of services
    (including the lending of money, or the hiring or licensing of tangible or intangible property) in a transaction that is not
    entered into on arm’s length terms;

 

	 	(c)	anything
    that relates to or involves the making of a distribution or deemed distribution for Tax purposes, the creation, cancellation
    or reorganisation of share or loan capital, the creation of, or any Group Company becoming or ceasing to be, or being treated
    as ceasing to be, a member of, a group of companies, or any Group Company becoming or ceasing to be associated or connected
    with any other company for any Tax purposes;

 

	 	(d)	anything
    that relates to any scheme, transaction or arrangement that gives rise, or may give rise, to a Liability to Taxation under
    any anti-avoidance legislation, that is designed partly or wholly (or contains steps or stages designed partly or wholly)
    to avoid, reduce or defer a Liability to Taxation, or that gives rise to a duty to notify a Tax Authority under any legislation
    introduced to counter tax avoidance;

 

	 	(e)	anything
    that gives rise to a Liability to Taxation on deemed (as opposed to actual) Profits or to the extent that it gives rise to
    a Liability to Taxation on an amount of Profits greater than the difference between the sale proceeds of an asset and the
    amount attributable to that asset in the Accounts or, in the case of an asset acquired since the Accounts Date, the cost of
    that asset;

 

	 	(f)	anything
    that involves, or leads directly or indirectly to, a change of residence of any Group Company for Tax purposes; nor

 

	 	(g)	any
    liability arising as a result of the failure to properly deduct or account for Tax, or to comply with the provisions of any
    Tax legislation or subordinate legislation (including regulations) and any act, omission or transaction that gives rise to
    any fine, penalty, surcharge, interest or other imposition relating to any Tax.

 

	1.4	Any
    stamp duty (or equivalent charge in any other jurisdiction) charged on any document (or in the case of a document that is
    outside the United Kingdom, any stamp duty that would be charged on the document if it were brought into the United Kingdom)
    that is necessary to establish the title of the Company to any asset, and any interest, fine or penalty relating to the stamp
    duty(or equivalent charge in any other jurisdiction), shall be deemed to be a liability of the Company to make an actual payment
    of Tax because of an Event occurring on the last day on which it would have been necessary to pay the stamp duty (or equivalent
    charge in any other jurisdiction) to avoid any liability to interest arising on it.

 

	1.5	References
    to the due date for payment of any Tax shall mean the last day on which that Tax may, by law, be paid without incurring any
    penalty, fine, surcharge, interest, charges, costs or other similar imposition (after taking into account any postponement
    of the date that was obtained for the payment of that Tax).

 

    	71

     

    

 

Part
2

 

(Tax
Covenant)

 

	2	TAX
    COVENANT

 

	2.1	The
    Sellers severally covenant to pay to the Buyer an amount equal to:

 

	 	(a)	any
    Liability to Taxation arising as a result of any Event occurring on or before Completion; or

 

	 	(b)	any
    Deemed Liability to Taxation;

 

	 	(c)	any
    Liability to Taxation of the Company in respect of, or by reference to, any Profits earned, accrued or received on or before
    Completion; or

 

	 	(d)	any
    Liability to Taxation that arises from the grant, exercise, release, vesting, variation or cancellation at any time of a right
    acquired by any employee or director of any Group Company before Completion to acquire securities or an interest in securities;
    or

 

	 	(e)	any
    Liability to Taxation that arises due to any Event that occurs after Completion under a legally binding obligation (whether
    or not conditional) entered into by any Group Company on or before the Completion otherwise than in the ordinary course of
    business; or

 

	 	(f)	any
    Liability to Taxation arising as a result of or in connection with any liability to operate PAYE, account for employment Tax
    or to deduct or account for National Insurance or social security contributions (or similar or corresponding obligations)
    as a result of or in connection with the issue or transfer of securities or an interest in securities on or before Completion;
    or

 

	 	(g)	any
    Liability to Taxation being a liability of any Group Company to make a payment, or to make a repayment of the whole or any
    part of any payment, to any Person (other than a member of the Buyer’s Tax Group) in respect of any Group Relief or
    allowance under any arrangement or agreement entered into by any Group Company on or before Completion save to the extent
    that the payment or repayment is reflected in the Accounts;

 

	 	(h)	any
    Liability to Taxation arising as a result of or in connection with the loss, in whole or in part, of the right of any Group
    Company to receive any payment (other than from a member of the Buyer’s Tax Group) for any Group Relief or allowance
    under any arrangement or agreement entered into on or before Completion where the payment was taken into account in the Accounts;

 

	 	(i)	any
    Liability to Taxation which arises solely as a result of the relationship for Tax purposes before Completion of any Group
    Company with any Person other than a member of the Buyer’s Tax Group, whether arising before or after Completion;

 

	 	(j)	all
    third party costs and expenses reasonably and properly incurred by the Buyer or the relevant Group Company in connection with
    any Tax Claim in respect of which the Sellers may be liable under paragraph 2.1 or in successfully bringing any claim action
    under the provisions of this Schedule.

 

    	72

     

    

 

Date
for payment

 

	2.2	Where
    the Sellers become liable to make any payment under paragraph 2.1, the due date for the making of that payment (which shall
    be in cleared funds) shall be 5 Business Days following a written demand from the Buyer to the Sellers’ Representative
    or, if later:

 

	 	(a)	in
    a case that involves an actual payment of Taxation by any Group Company, or falls within paragraph 2.3(b)(iii) and involves
    a payment of Taxation that would not have arisen but for the loss, the date falling 5 Business Days before the last date on
    which the relevant Group Company is liable to pay (or would be so liable, on the assumption that the relevant Group Company
    would have been able to fully utilise the Relief in the accounting period during which the Accounts Relief was lost) to the
    appropriate Tax Authority the Taxation in question in order to avoid incurring a liability to interest or penalties;
	 	 	 
	 	(b)	in
    a case that falls within paragraph 2.3(b)(i), the date that the repayment would have been made by the relevant Tax Authority;
    and
	 	 	 
	 	(c)	in
    a case that falls within paragraph 2.3(b)(ii) or 2.3(c), the date falling 5 Business Days before the date on which the Taxation
    saved would otherwise have become payable to the relevant Tax Authority.

 

	 	Amount
    of Liability to Taxation 	 

 

	2.3	The
    amount that is to be treated as a Liability to Taxation shall be:

 

	 	(a)	in
    the case of a liability under (a) of the definition of Liability to Taxation, the amount of the payment or repayment;
	 	 	 
	 	(b)	in
    the case of a liability under (b) of the definition of Liability to Taxation,

 

	 	(i)	if
    the Accounts Relief is a right to repayment of Tax, the amount of the repayment that is lost,
	 	 	 
	 	(ii)	the
    amount of Taxation saved as a result of the Loss of the Accounts Relief, if the Accounts Relief utilised, including the setting
    off against any liability to Taxation or against Profits, or
	 	 	 
	 	(iii)	in
    any other case, the amount of Taxation that would have been saved but for the Loss of the Accounts Relief on the assumption
    that the Company would have been able to fully utilise the Relief in the accounting period during which the Accounts Relief
    was lost;

 

	 	(c)	in
    the case of a liability under (c) of the definition of Liability to Taxation, the amount of Taxation that has been saved in
    consequence of the setting off.

 

    	73

     

    

 

Part
3

 

(Limitations
and general)

 

	3	LIMITATIONS
    ON LIABILITY

 

	3.1	The
    liability of the Sellers under the Tax Covenant shall be reduced if and to the extent that the Liability to Taxation shall
    have been reflected in damages and recovered for breach of a Warranty or otherwise recovered in respect of a breach of or
    pursuant to any part of the Tax Covenant or Agreement (and vice versa).

 

	3.2	The
    Sellers shall not be liable to the Buyer for a Tax Claim in respect of any Liability to Taxation or other liability to the
    extent that:

 

	 	(a)	specific
    allowance, provision or reserve (other than a provision for deferred Tax) in respect of that Liability to Taxation or other
    liability was included in the Accounts or payment or discharge of it was taken into account therein; or
	 	 	 
	 	(b)	the
    Liability to Taxation or other liability arises or is increased as a result of:

 

	 	(i)	any
    increase in rates of Taxation; or
	 	 	 
	 	(ii)	any
    change in law; or
	 	 	 
	 	(iii)	in
    the published practice of any Tax Authority; or
	 	 	 
	 	(iv)	any
    change in accounting practice or principles or any change in the bases on which the accounts of any Group Company are prepared
    except in each case in order to comply with generally accepted accounting practice at the Accounts Date; or
	 	 	 
	 	(v)	any
    change in the date to which any Group Company makes up its accounts, made in any such case after Completion; or

 

	 	(c)	such
    Liability to Taxation or other liability would not have arisen but for a voluntary act or omission carried out or effected
    by the Buyer or any Group Company at any time after Completion, other than any act or omission:

 

	 	(i)	which
    the Buyer did not know and could not reasonably have known that the act or omission might give rise to the Liability to Taxation
    or other liability; or
	 	 	 
	 	(ii)	which
    was carried out or effected under a legally binding commitment created on or before Completion; or

 

	 	(d)	such
    Liability to Taxation or other liability is:

 

	 	(i)	upon
    Profits which were earned, accrued or received by any Group Company; or
	 	 	 
	 	(ii)	upon
    any Event, in each case since the Accounts Date in the ordinary course of the business of the relevant Group Company;

 

	 	(e)	there
    is available to the relevant Group Company at no cost to the Buyer or any Group Company to relieve or mitigate such Liability
    to Taxation or other liability any Relief which is not a Buyer’s Relief;

 

    	74

     

    

 

	 	(f)	such
    Liability to Taxation or other liability can be properly and fully discharged out of moneys deducted for the purpose from
    sums payable or paid by any Group Company to the extent that the moneys so deducted are not reflected in Accounts;

 

	 	(g)	it
    would not have arisen or would have been reduced or eliminated but for:

 

	 	(i)	a
    failure or omission on the part of the Buyer or any Group Company after the Accounts Date to make, adjust or revise, any claim,
    election, surrender or disclaimer or to give any notice or consent or to do any other thing, the making, adjustment, revision,
    giving or doing of which was:

 

	 	(A)	taken
    into account in computing the provision or reserve for Tax in the Accounts,
	 	 	 
	 	(B)	the
    Buyer or the relevant Group Company was or reasonably should have been aware was required in order to achieve the position
    reflected in the Accounts; and
	 	 	 
	 	(C)	was
    not required under applicable legislation to be done before the Accounts Date in order to be effective or to avoid the imposition
    of any penalty; or

 

	 	(ii)	any
    claim, election, surrender, disclaimer, notice, consent or other action made, adjusted, revised, given or done after the Accounts
    Date by any Group Company or the Buyer or any other Person connected with them where the making, adjustment, revision, giving
    or doing of such claim, election, surrender, disclaimer, notice, consent or other thing was not assumed or reflected in computing
    the provision or reserve for Tax in the Accounts; or.

 

	 	(h)	such
    Liability to Taxation or other liability is in respect of stamp duty or stamp duty reserve tax or similar tax in any jurisdiction
    payable on the transfer or agreement to transfer the Target Shares pursuant to this Agreement; or
	 	 	 
	 	(i)	the
    Profits in respect of which such Liability to Taxation or other liability arises were actually earned, accrued or received
    by a Group Company before the Accounts Date but were not reflected in the Accounts;
	 	 	 
	 	(j)	such
    Liability to Taxation or other liability has been satisfied, discharged or made good or a Group Company is compensated without
    cost or loss to any member of the Buyer’s Tax Group;
	 	 	 
	 	(k)	such
    Liability to Taxation would not have arisen but for a cessation, transfer or winding up or change in the nature or conduct,
    in each case after Completion, of any trade or business carried on by a Group Company at Completion;
	 	 	 
	 	(l)	such
    Liability to Taxation is a liability to interest or penalties and arises or is increased solely as a consequence of any failure
    by the Buyer or any Group Company to make payment to the relevant Tax Authority of an amount of Tax equal to the payment made
    by the Sellers under this Schedule in respect of such Tax not later than two Business Days following the date such payment
    is made by the Sellers;
	 	 	 
	 	(m)	such
    Liability to Taxation or other liability arises or is increased as a result of a Group Company after Completion or the Buyer
    failing to act in accordance with any of its obligations set out in this Schedule;
	 	 	 
	 	(n)	such
    Liability to Taxation arises by virtue of the rate of Tax applicable to the Profits of any Group Company increasing as a result
    of becoming a member of the Buyer’s Tax Group.

 

    	75

     

    

 

	4	REPAYMENT

 

	4.1	If
    the Sellers have paid the Buyer an amount in full in respect of any Tax Claim and the Buyer or any Group Company either is
    entitled to recover from any Person (not being a Group Company but including any Tax Authority) any sum in respect of the
    liability that has resulted in that payment or at some subsequent date (falling not later than the later of 7 years after
    Completion and four years after the payment by the Sellers) becomes entitled to make such a recovery, then the Buyer shall
    or shall procure that the relevant Group Company promptly notifies the Sellers’ Representative of their entitlement.
    If so required by the Sellers’ Representative and subject to first being indemnified to the Buyer’s reasonable
    satisfaction (which may include the giving of an indemnity by the Sellers’ jointly and severally) against any loss,
    cost, liability or expense (including any additional Liability to Taxation) the Buyer shall take (and shall procure that the
    relevant Group Company shall take) all commercially reasonable steps to enforce that recovery (keeping the Sellers’
    Representative fully informed of the progress of any action taken), provided that the Buyer shall not be required to engage
    in litigation (or procure that the relevant Group Company engages in litigation) beyond the Upper Tier Tax Tribunal unless
    it has been advised by Tax Counsel that such litigation is, on a balance of probabilities, likely to succeed.

 

	4.2	If
    the Buyer or the relevant Group Company subsequently makes recovery pursuant to paragraph 4.1 or otherwise receives from any
    Tax Authority or any Person (other than another Group Company) any amount referable to the subject matter of the relevant
    Tax Claim, the Buyer shall account to the Sellers for the lesser of:

 

	 	(a)	a
    sum equal to such amount (less any Taxation suffered on the receipt thereof); and

 

	 	(b)	a
    sum equal to the Tax Claim paid by the Sellers to the Buyer (less any Taxation suffered on the receipt thereof).

 

	5	OVER-PROVISION
    AND RELIEFS

 

	5.1	If
    on or before the seventh anniversary of Completion, the auditors for the time being of any Group Company confirm in writing
    (on instruction of the relevant Group Company but at the request and expense of the Sellers) that any provision for Taxation
    (excluding any provision for deferred taxation) in the Accounts has proved to be an over-provision, then the amount of such
    over-provision shall be dealt with in accordance with paragraph 5.3 below provided that clause 5.3 shall not apply to any
    overprovision to the extent that it arises:

 

	 	(a)	by
    reason of the availability for Buyer’s Relief; or
	 	 	 
	 	(b)	as
    a result of:

 

	 	(i)	any
    increase in rates of Taxation; or
	 	 	 
	 	(ii)	any
    change in law or the judicial interpretation of any law; or
	 	 	 
	 	(iii)	in
    the published practice of any Tax Authority; or
	 	 	 
	 	(iv)	any
    change in accounting practice or principles or any change in the bases on which the accounts of any Group Company are prepared
    except in either each case in order to comply with generally accepted accounting practice; or
	 	 	 
	 	(v)	any
    change in the date to which any Group Company makes up its accounts, made in any such case after Completion; or

 

	 	(c)	as
    a result of a voluntary act or omission carried out or effected by the Buyer or the relevant Group Company at any time after
    Completion, other than any act or omission which was carried out or effected under a legally binding commitment created on
    or before the Accounts Date.

 

    	76

     

    

 

	5.2	If
    on or before the seventh anniversary of the Completion Date, the auditors for the time being of the relevant Group Company
    shall confirm in writing (at the request and expense of the Sellers) that any Liability to Taxation or other liability which
    has resulted in a payment having been made or becoming due from the Sellers under the Tax Covenant or for breach of any Tax
    Warranty will give rise to a Relief for that Group Company (other than a Buyer’s Relief) which would not otherwise have
    arisen, then as and when such Relief reduces a liability to make an actual payment of Tax (other than a liability for which
    the Buyer would be entitled to bring a Tax Claim), the amount of that reduction shall be dealt with in accordance with paragraph
    5.3 below.
	 	 
	5.3	Where
    it is provided under paragraphs 5.1 or 5.2 that any amount (the “relevant amount”) is to be dealt with in accordance
    with this sub-paragraph:

 

	 	(a)	the
    relevant amount shall first be set-off against any payment then due from the Sellers under the Tax Covenant or for breach
    of any of the Tax Warranties;
	 	 	 
	 	(b)	to
    the extent that there is an excess, a refund shall be made to the Sellers of any previous payment made by the Sellers under
    the Tax Covenant or for breach of any of the Tax Warranties (to the extent not previously refunded under this paragraph 5.3
    and net of any Taxation suffered on the receipt thereof) up to the amount of such excess; and
	 	 	 
	 	(c)	to
    the extent that the excess referred to in paragraph 5.3(b) above is not exhausted under that paragraph, the remainder of the
    excess shall be carried forward and set off against any future payment or payments which become due from the Sellers under
    the Tax Covenant or for breach of any of the Tax Warranties.

 

	5.4	After
    the relevant Group Company’s auditors have produced any confirmation under paragraph 5.1 or 5.2, the Sellers’
    Representative or the Buyer may, at any time before the seventh anniversary of Completion, request the auditors for the time
    being of the relevant Group Company to review (at the expense of the party requesting the review) that confirmation in the
    light of all relevant circumstances, including any facts of which it was not aware, and which were not taken into account,
    at the time when such confirmation was given, and to certify whether in their opinion the confirmation remains correct or
    whether, in light of those circumstances, it should be amended.

 

	5.5	If
    the auditors make an amendment to the earlier certificate and the amount of the over-provision is revised, that revised amount
    shall be substituted for the previous amount and any adjusting payment that is required in order to leave the parties in the
    same financial position as they would have been in had the previous confirmation shown the revised amount shall be made by
    or to the Sellers (as the case may be) as soon as practicable.

 

	6	CLAIMS
    PROCEDURE

 

	6.1	On
    the Buyer or any Group Company becoming aware of a Claim for Taxation which may result in a Tax Claim or that such a Claim
    for Taxation may be made the Buyer shall:

 

	 	(a)	as
    soon as reasonably practicable give written notice of that actual or potential Claim for Taxation to the Sellers’ Representative
    or, as the case may be, shall procure that the relevant Group Company shall as soon as reasonably practicable gives written
    notice of that actual or potential Claim for Taxation to the Sellers’ Representative, along in each case with all information
    reasonably available to the Buyer and any Group Company which relate to the actual or potential Claim for Taxation in question;
	 	 	 
	 	(b)	subject
    always to the terms of this paragraph 6 and to the Sellers jointly and severally indemnifying the Buyer and the relevant Group
    Company to the Buyer’s reasonable satisfaction against all losses, costs, damages and expenses (including any additional
    Liability to Taxation), which may be properly incurred, procure that the relevant Group Company take such action and give
    such information and assistance in connection with the affairs of the relevant Group Company as the Sellers’ Representative
    may reasonably by written notice request to avoid, resist, dispute, appeal or compromise the Claim for Taxation; and

 

    	77

     

    

 

	 	(c)	subject
    as mentioned in paragraph (b) above, procure that the Sellers’ Representative is promptly provided with copies of any
    material correspondence with the Tax Authority and all other information (including without limitation correspondence with
    and advice received from professional advisers) in connection with the Claim for Taxation.

 

	6.2	The
    Buyer shall, or shall procure that each Group Company shall:

 

	 	(a)	ensure
    that no material correspondence or other document relating to the Claim for Taxation is sent or issued by the Buyer, any Group
    Company or their advisers before the Sellers’ Representative has been given a reasonable opportunity to comment on it,
    and take any reasonable comments of the Sellers’ Representative into account in finalising such correspondence or document;
    and
	 	 	 
	 	(b)	make
    no admission, settlement or compromise in respect of the Claim for Taxation without the Sellers’ Representative’s
    prior written consent, such consent not to be unreasonably withheld or delayed.

 

	6.3	The
    Buyer shall not be obliged to procure that the relevant Group Company takes any action under clause 6.2 above and shall be
    entitled to take, or procure that there is taken, such action as the Buyer in its sole discretion decides to avoid, resist,
    dispute, appeal or compromise the Claim for Taxation (including settling it on such terms as the Buyer in its sole discretion
    decides) if:

 

	 	(a)	the
    Sellers’ Representative, having been given written notice of the receipt of that Claim for Taxation in accordance with
    paragraph 6.1 above, the Buyer has not within 21 days (or, if there is a statutory time limit of not more than 30 days to
    notify or lodge an appeal, within 14 days) thereafter received instructions in writing from the Sellers’ Representative,
    in accordance with the preceding provisions of this paragraph 6, to make that appeal; or

 

	 	(b)	the
    Sellers shall fail to indemnify the relevant Group Company as mentioned in paragraph (b) of clause 6.1 above.

 

	6.4	The
    Buyer shall not be obliged to procure that the relevant Group Company take any action under paragraph 6.1 above which involves
    contesting before any court or tribunal beyond the Tax Chamber of the First-tier Tribunal unless the Sellers Representative
    promptly furnishes the Buyer with the written opinion of Tax Counsel to the effect that the appeal in question is, on the
    balance of probabilities, likely to succeed. Such Tax Counsel shall be instructed by the Sellers Representative and at the
    Sellers’ expense.
	 	 
	7	TAX
    RETURNS
	 	 
	7.1	The
    Sellers’ Representative or their duly authorised agent shall at the expense of the Group Company concerned up to an
    aggregate amount of £25,000 and as to any excess at the Sellers’ sole expense prepare the tax returns and computations
    of each Group Company for all periods ended on or before the Completion Date to the extent that they have not been prepared
    prior to the Completion Date (the “Pre-Accounts Date Returns”).
	 	 
	7.2	The
    Sellers’ Representative shall provide drafts of each Pre-Accounts Date Return in the form in which the Sellers’
    Representative propose that they should be submitted to a Tax Authority to the Buyer at least 28 days before submission of
    the Pre-Accounts Date Return in the form in which the Sellers’ Representative propose that they should be submitted
    to a Tax Authority to the Buyer at least 28 days before submission of the Pre-Accounts Date Return. The Sellers’ Representative
    shall consider in good faith and take into account in finalising each Pre-Accounts Date Return the Buyer’s reasonable
    comments as may be provided in writing by the Buyer or its advisers to the Sellers’ Representative within 14 days after
    the Sellers’ Representative have provided drafts to the Buyer as mentioned in this clause 7.2 and shall provide the
    Pre-Accounts Date Return (reflecting such comments) to the Buyer.

 

    	78

     

    

 

	7.3	Subject
    to the Sellers’ Representative complying with their obligations under paragraph 7.2 above, the Buyer shall procure that
    the relevant Group Company shall cause the Pre-Accounts Date Return mentioned in paragraphs 7.1 and 7.2 above to be authorised,
    signed (where signing is required) and submitted to the appropriate Tax Authority provided that the Buyer shall not be obliged
    to procure that the relevant Group Company takes any such action as is mentioned in this paragraph 7 in relation to any tax
    return that is not true and accurate in all material respects.
	 	 
	7.4	The
    Sellers’ Representative or their duly authorised agent shall at the Sellers’ sole expense prepare all documentation
    and deal with all matters (including correspondence) relating to the tax returns of each Group Company for all accounting
    periods ended on or prior to the Completion Date provided that the Sellers shall provide the Buyer with copies of any correspondence
    relating to such tax returns prior to their submission and copies of any correspondence from a Tax Authority and notes of
    meetings or substantive telephone calls with a Tax Authority. The Sellers’ Representative shall give the Buyer a reasonable
    opportunity to comment to the Sellers’ Representative on such correspondence prior to submission and shall take account
    of the Buyer’s reasonable comments.
	 	 
	7.5	The
    Buyer shall provide the Sellers’ Representative with a draft of any tax return relating to the period current at the
    Completion Date at least 28 days prior to the date for submission of that tax return. The Buyer shall incorporate the Sellers’
    Representative’s reasonable comments in relation to any part of the period ending on or prior to the Completion Date
    as may be provided in writing by the Sellers’ Representative to the Buyer or its advisers within 14 days after the Buyer
    has provided a draft to the Buyer as mentioned in this paragraph 7.5.
	 	 
	7.6	The
    Buyer shall upon reasonable written notice (having regard to the circumstances) being given by the Sellers’ Representative
    procure that the relevant Group Company shall afford such access to its books, accounts and records and Personnel as is necessary
    and reasonable to enable the Sellers or their duly authorised agent to prepare those tax returns and conduct matters relating
    thereto in accordance with the Sellers’ rights and obligations under this paragraph 7.
	 	 
	7.7	The
    Buyer shall procure that each Group Company shall at the written request of the Sellers’ Representative do all such
    things which may be reasonably necessary to ensure that full effect is given to any claim, election, surrender, disclaimer,
    notice or consent made to or by that Group Company and which is reflected or taken into account in the Accounts and expressly
    described in the Disclosure Letter, including for the avoidance of doubt signing and submitting any revised claim, election,
    surrender, disclaimer, notice or consent and progressing any such claim, election, surrender, disclaimer, notice or consent
    or revised claim, election, surrender, disclaimer, notice or consent with the relevant Tax Authority.
	 	 
	8	BUYER’S
    COVENANT
	 	 
	8.1	The
    Buyer covenants with the Sellers to pay to each Seller an amount equal to any liability or increased liability to Taxation
    of that Seller (or any Person associated or connected with that Seller for any Taxation purpose) which arises as a consequence
    of or by reference to any Group Company failing to pay any amount of Taxation for which it is liable after Completion.
	 	 
	8.2	The
    covenant contained in Paragraph 8.1 shall not apply to Taxation:

 

	 	(a)	to
    the extent the Buyer could make a claim against the Sellers pursuant to this Schedule in respect of that Taxation (save where
    the Buyer has received payment from the Sellers in respect of that Taxation pursuant to such a claim but the relevant Group
    Company has not paid the Taxation to the relevant Tax Authority or where a limitation in Paragraph 3.2 applies); or
	 	 	 
	 	(b)	which
    the relevant Seller has already recovered under any relevant statutory provision (and each Seller shall procure that no such
    recovery is sought by them to the extent payment is made hereunder).

 

	8.3	Subject
    as provided in this Schedule, the Buyer covenants to each Sellers to pay to each Seller an amount equal to all costs or expenses
    reasonably and properly incurred by each Seller in connection with or in consequence of any liability to Taxation or increased
    liability to Taxation for which the Buyer is liable pursuant to Paragraph 8.1 or in successfully taking any action under this
    Paragraph 8.

 

    	79

     

    

 

SIGNATURES

 

	EXECUTED
as a deed by BOXLIGHT CORPORATION acting by a director in the presence of:

         
	Signature

                                                                                 

	/s/
Michael Pope 

	 	Director

 

	Signature
    of witness	/s/
    Megan Pope	 
	 	 	 
	Name
    (in CAPITAL LETTERS)	MEGAN
    POPE	 
	 	 	 
	Address	945
    Sentry Ridge Crossing, Suwanee, GA 30024 USA	 
	 	 	 
	 	 	 
	 	 	 

 

	EXECUTED
                                         as a deed and delivered by NIGEL BATLEY in the presence of:
	Sign here

                                                                                 

	 	/s/
Nigel Batley

 

	Signature
    of witness	/s/
    Martin Batley	 
	 	 	 
	Name
    (in CAPITAL LETTERS)	MARTIN
    BATLEY	 
	 	 	 
	Address	5
    Ashley Road, Sevenoaks, Kent, TN13 3AN	 
	 	 	 
	 	 	 

 

	EXECUTED
as a deed and delivered by KEVIN BATLEY in the presence of:
	Sign here

                                                                                 

	 	/s/
Kevin Batley

 

	Signature
    of witness	/s/
    Martin Batley 	 
	 	 	 
	Name
    (in CAPITAL LETTERS)	MARTIN
    BATLEY	 
	 	 	 
	Address	5
    Ashley Road, Sevenoaks, Kent, TN13 3AN	 

 

    	 

     

    

 

	EXECUTED
                                         as a deed and delivered by Annette
                                         BATLEY in the presence of:
	Sign
    here
	 
	 	/s/
    Annette Batley

 

	Signature
    of witness	/s/
    Martin Batley	 
	 	 	 
	Name
    (in CAPITAL LETTERS)	MARTIN
    BATLEY	 
	 	 	 
	Address	5
    Ashley Road, Sevenoaks, Kent, TN13 3AN	 
	 	 	 
	 	 	 

 

	EXECUTED
                                         as a deed and delivered by Sheila
                                         BATLEY in the presence of:
	Sign here

                                                                                 

	 	/s/
    Sheila Batley

 

	Signature
    of witness	/s/
    Martin Batley	 
	 	 	 
	Name
    (in CAPITAL LETTERS)	MARTIN
    BATLEY	 
	 	 	 
	Address	5
    Ashley Road, Sevenoaks, Kent, TN13 3AN	 
	 	 	 
	 	 	 

 

	EXECUTED
as a deed and delivered by Shaun Marklew in the presence of:
	Sign here

                                                                                 

	 	/s/
    Shaun Marklew

 

	Signature
    of witness	/s/
    Sarah Marklew	 
	 	 	 
	Name
    (in CAPITAL LETTERS)	SARAH
    MARKLEW	 
	 	 	 
	Address	Caxton
    House, Hurtis Hill, Crowborough, East Sussex, TN6 3BL	 

 

    	2

     

    

 

	EXECUTED
as a deed and delivered by Simon Chidsey in the presence of:
	Sign
here

                                                                                                                                      

	 	/s/
    Simon Chidsey

 

	Signature
    of witness	/s/
    Pamela Chidsey	 
	 	 	 
	Name
    (in CAPITAL LETTERS)	PAMELA
    CHIDSEY	 
	 	 	 
	Address	6
    Parker Lane, Mirfield, West Yorkshire, WF14 9NY	 

 

    	3

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