Document:

Exhibit 10.2

 

MASTER LICENSE AND DISTRIBUTION AGREEMENT

 

This Master License
and Distribution Agreement (“Agreement”) is made and entered into on the 20th day of November 2018 (the “Effective
Date”) at Mumbai, by and between Smaaash Entertainment Private Limited, an Indian company, with an address at Trade View,
Level 2, Kamala Mills, Lower Parel, Mumbai 400013, India (“Licensor”), and I-AM Capital Acquisition Company, a company
incorporated in the United States of America, with an address at 1345 Avenue of the Americas, 11th floor, New York, 10105 (“Licensee”).

 

RECITALS

 

A.           WHEREAS, Licensor
operates entertainment centers throughout India as well as at the Mall of the Americas in Minneapolis Minnesota where Licensor,
through its virtual reality and sports simulation technology, provides specialized equipment and related products so that Licensor’s
customers may experience the opportunity to experience various sport and recreational activities through the use of such equipment
and products, the details of which are more fully set out in Exhibit A to this Agreement (the “Products”); and

 

B.           WHEREAS,
Licensee is [●] (add the
business of the Licensee); and

 

C.           WHEREAS, Licensor
desires to appoint Licensee, and Licensee desires to be so appointed, to act as Licensor’s exclusive licensee and distributor
of Products in the territories of North America and South America (“Territory”), upon the terms and subject to the
conditions hereinafter provided.

 

NOW, THEREFORE, the parties agree as follows:

 

		1.	Grant of License and Distribution Rights and Grant
Limitations

 

1.1          Grant of License
and Distribution Rights. Licensor hereby grants to Licensee the exclusive right to purchase Products directly from Licensor
and distribute Products in the Territory in the name of the Licensor and on its own account to customers located in the Territory
(“Distribution Right”). All the Products sold by Licensor to Licensee shall be further sold to the third party sub-licensees
of Licensee.

 

1.2          Additional Considerations

 

(a)          Pricing.
Licensee shall be entitled to sell the Products further to any third party franchisees of the Licensee at a minimum of 15% (fifteen
percent) margin over and above the price at which the Licensor sold the Products to Licensee. If requested by Licensor, Licensee
shall furnish to Licensor a list of prices for Products to Licensee’s customers prior to the date Licensee commences distributing
any Product to any third party. Although Licensee is free to establish its wholesale prices for Products in its discretion, Licensee’s
wholesale prices for Products shall be maintained at a level which would encourage the development of sales of Products while maintaining
the image of Products and the Marks (as hereinafter defined).

 

(b)          Operation
of Licensee’s Business. Licensee shall maintain good customer relations in accordance with prudent and reasonable business
practices. Licensee shall perform its obligations hereunder without using subcontractors, sub-distributors, independent sales representatives,
agents, Licensee’s affiliates or other non-employees (“Third Parties”) to perform the obligations of Licensee
under this Agreement unless they have been approved, in writing, in advance, by Licensor, such approval not to be unreasonably
withheld.

 

2.            Term
The term of this Agreement shall commence as of the Effective Date and shall continue until terminated as hereinafter provided
(the “Term”). Each calendar year during the Term is sometimes hereinafter referred to as a “Contract Year.”

 

3.            Purchase of
Products

 

3.1          Purchase
Price of Products; Risk of Loss. Unless otherwise agreed by the Parties in writing and subject to Section 1.2 (a),
Products shall be purchased by Licensee from Licensor at such prices and on such terms as may be agreed by the parties from
time to time. Title to and risk of loss of Products purchased by Licensee from Licensor shall pass at the delivery point (on
ex-works basis) as specified in the applicable purchase order. Upon sale of the Products, Licensor shall only be responsible
for any inherent manufacturing defects in the Products, provided that such manufacturing defect is notified to Licensor at
least within a period of 2 (two) months from the date of installation of the Products. Licensor shall also maintain an
inventory of the required spare parts for the Products.

 

    

     

    

 

3.2          Purchase Orders.

 

(a)          Unless otherwise
agreed by the Parties in writing, Licensee shall place with Licensor, Licensee’s orders for Products at regular intervals
during each Contract Year sufficiently in advance of Licensor’s order deadlines and scheduled delivery dates.

 

(b)          Licensee shall
place its orders for Products upon Licensor through purchase order forms (or purchase order forms acceptable to Licensor), the
terms of which shall be applicable thereto except that, if any terms thereof are inconsistent with the terms set forth in this
Agreement, the terms set forth herein shall prevail and control. Licensor shall issue its confirmation of such order if Licensor
deems such order acceptable, including in such confirmation the anticipated date of delivery and prices of the Products subject
to such order.

 

3.3          Payment Terms.
Unless otherwise agreed in writing by Licensor, all invoices from Licensor to Licensee are payable, by wire transfer in U.S. Dollars,
to such bank account designated by Licensor to Licensee in writing.

 

3.4          Maintenance.
Licensor shall be responsible for providing all maintenance services with respect to the Products during the first Contract Year,
free of any charges. From the second Contract year, the maintenance services shall be provided by Licensor to Licensee on the basis
of an annual maintenance contract entered between the parties for this purpose. In the event of any defects in the products including
any manufacturing defects brought by the customer / Licensee beyond the time period mentioned in Section 3.1, then any services
provided by Licensor shall be covered under the annual maintenance contract, or the customer or Licensee shall be required to purchase
the spare parts from Licensor.

 

4.            Grant of License
in the Trademarks

 

4.1          License.
Subject to the terms of this Agreement (including all obligations to first obtain Licensor’s written approval), Licensor
hereby grants to Licensee the right to use the Trademarks (the details of which are set out in Exhibit B to this Agreement), on
a royalty-free basis, for the purpose of promoting the sale of Products in the Territory. Licensee is in particular entitled to:

 

(a)          offer, market
and/or distribute Products under the Trademarks; and

 

(b)          use the Trademarks
on business stationery and/or in advertising in connection with the advertising, promotion and distribution of Products in the
Territory.

 

4.2          Exclusivity
of License. Except as provided in the next sentence, the license granted herein shall be exclusive. “Exclusivity”
shall mean that Licensor shall not grant any further licenses to third parties in the Trademarks for use in connection with sales
of Products in the Territory, and the Licensee shall not enter into any arrangement or agreement with any third parties for the
sale of any products (either directly or indirectly) identical or similar to the Products, in the Territory; provided, however,
that Licensor may continue to use the Trademarks in the Territory in connection with the operation of Licensor’s entertainment
centers and/or at other locations owned by Licensor or third parties.

 

4.3          Form of Use. Unless otherwise
provided herein or agreed by the parties in writing, Licensee shall use the Trademarks that are registered in the Territory
in their registered form.

 

5.            Compliance
with Law Licensee shall ensure that all Products will be offered for sale, sold, manufactured, labeled, packaged, distributed,
advertised, marketed, promoted, publicized and otherwise exploited, in accordance with all applicable laws and regulations in the
Territory, including without limitation, all customs requirements and country of origin regulations, those laws and regulations
relating to health and safety.

 

6.            Marketing
and Promotional Activities

 

6.1          Best Efforts.

 

(a)          Licensee
shall exercise its best efforts to effectively market, promote, and sell Products throughout the Territory. Licensee shall represent
Licensor at IAAPA and any other conferences as may be requested by Licensor.

 

(b)          Unless
otherwise agreed by Licensor in writing, throughout the Term, Licensee shall maintain an organizational structure and sales force
reasonably necessary to adequately support the advertising, marketing, sales and distribution of Products throughout the Territory.
Licensor shall ensure that the services of at least 2 (two) of its employees are provided to Licensee for coordinating and remedying
any maintenance claims with respect to the Products.

 

6.2          Promotional
Material and Products. Licensee shall submit to Licensor, for Licensor’s prior written approval, samples of all advertising
and promotional materials that Licensee desires to use to promote the Products, including without limitation, print and online
advertising designs, trade show display materials, press releases and interviews for publication in any media (“Promotional
Material”). Licensee shall modify any disapproved Promotional Material to satisfy Licensor’s reasonable objections
so that it is acceptable to Licensor. Licensor shall provide Licensee with the creative elements of any Promotional Materials that
Licensor creates or acquires for use in connection with the advertising and sale of Products outside the Territory.

 

    

     

    

 

7.            Intellectual
Property

 

7.1          Ownership.

 

(a)          Licensor
is the sole owner of any intellectual property rights relating to the Products existing as of the Effective Date, including, but
not limited to, the Trademarks and all the goodwill relating thereto (the “Licensor Property”). Licensee, by reason
of this Agreement, has not acquired any right, title, interest or claim of ownership in any of the Licensor Property in the Territory
or elsewhere, except to the extent provided under the license granted under Section 4.

 

(b)          Licensee
acknowledges that (i) Licensor is the sole and exclusive owner of all right, title and interest in any Licensor Property; (ii)
nothing contained in this Agreement shall give to Licensee any right, title or interest in any Licensor Property; and (iii) Licensee’s
use of the Licensor Property, and any associated goodwill, shall inure only to the benefit of Licensor and shall be deemed to be
solely the property of Licensor should this Agreement be terminated for any reason.

 

7.2          Registration
and Cooperation. Licensee shall not, directly or indirectly, seek or obtain any new registration for Licensor Property (including
without limitation, any colorable imitations, translations, or transliterations thereof), anywhere in the world without Licensor’s
prior written consent. If Licensee has obtained or obtains in the future, in any country, any right, title or interest in any Licensor
Property notwithstanding the previous sentence (including any colorable imitations, translations, or transliterations thereof),
Licensee will be deemed to have so acted as an agent and for the benefit of Licensor for the limited purpose of obtaining such
registrations and assigning them to Licensor. Licensee shall execute, for no additional consideration, any and all documents deemed
necessary by Licensor or its attorneys to be necessary to transfer such right, title or interest to Licensor.

 

7.3          No Challenges.
Licensee shall not do anything or suffer anything to be done which may adversely affect any rights of Licensor in and to any Licensor
Property, or any registrations thereof or which, directly or indirectly, may reduce or dilute the value or distinctiveness of such
Licensor Property, in particular the Trademarks, or disparage or detract from Licensor’s reputation. Licensee shall not challenge,
directly or indirectly, Licensor’s interest in, or the validity of, any Licensor Property, or any application for registration
or trademark registration thereof or any rights of Licensor therein. The provisions of this Section 7.3 shall survive the termination
of this Agreement.

 

8.            Third Party
Infringements; Attacks on Use of the Marks; Cooperation

 

8.1          Third Party Infringements.

 

(a)          Mutual
Information. Each of the parties shall inform the other without undue delay when such party becomes aware of any infringements
of any of the Licensor Property in the Territory.

 

(b)          Initiation
of Action. Any actions against infringers of any of the Licensor Property, whether or not such actions involve litigation (including
any actions taken to oppose a third party application to register an infringing trademark or a cancellation action against a third
party’s infringing trademark registration), shall be exclusively reserved to Licensor, unless otherwise agreed by Licensor
in writing. Notwithstanding the foregoing, Licensor shall be under no obligation to initiate any such action. If requested by Licensor,
Licensee shall support Licensor, at Licensor’s expense, in any such proceedings and, if requested by Licensor, Licensee shall
promptly provide Licensor with any relevant documentation in Licensee’s possession.

 

8.2          Attacks on the
Use of the Licensor Property. Each of the parties shall inform the other if it becomes aware of a claim by a third party that
the use of any of any of the Licensor Property infringes on the rights of such third party. If requested by Licensor, Licensee
shall support Licensor, at Licensor’s expense, in connection with Licensor’s defense against any such third party claims.
Unless otherwise agreed by Licensor in writing, Licensor shall take the lead in any defense against a third party action, whether
brought against Licensor and/or Licensee. The decision whether or not a defense is appropriate shall be in Licensor’s sole
discretion. Licensee shall not settle any third party claims against it regarding its use of any of the Licensor Property without
the prior written consent of Licensor.

 

    

     

    

 

8.3          Indemnity.
The Licensee shall indemnify and hold the Licensor, its affiliates and their respective agents and employees harmless from all
claims, actions, suits, damages, costs and expenses in relation to or arising out of the breach of any representations, warranties,
covenants and obligations of the Licensee as set out in this Agreement. The indemnification rights of the Licensor shall be without
prejudice to, and independent of any other rights and remedies that the Licensor may have at law or in equity, including the right
to seek specific performance, injunctive relief or restitution, none of which rights or remedies shall be affected or diminished
thereby. The provisions of this Section 8.3 shall survive the termination of this Agreement.

 

9.            Termination

 

9.1          Termination by Mutual Agreement.
This Agreement may be terminated at any time upon the mutual written agreement of the parties.

 

9.2          Termination by Licensor with
Notice. Licensor may terminate this Agreement upon thirty (30) days written notice to Licensee upon the occurrence of any of
the following:

 

(a)          Licensee fails
to make any payment required under or in connection with this Agreement; or

 

(b)          Licensee
fails to use its best efforts to market, promote and sell the Products within the Territory and such failure is not cured within
thirty (30) days of Licensor’s notification to Licensee of such failure.

 

9.3          Termination by Licensee with
Notice. Licensee may terminate this Agreement, for any reason or no reason, upon not less than one hundred twenty (120) days’
notice to Licensor.

 

9.4          Termination for Cause. This
Agreement may be terminated by either party for “Cause” without the need of providing a notice period prior to such
termination becoming effective. “Cause” shall exist if circumstances occur which, taking into consideration the substance
and purpose of this Agreement, would make it unreasonable for one or both of the parties to continue the contractual relationship
and the other party fails to cure the cause (assuming that such cause is susceptible to cure) within thirty (30) days after the
date of receipt of a corresponding written notice (“Remedy Notice”). If such cause by its nature is not curable, then
no such Remedy Notice is required. Without limiting the generality of the foregoing, a party may terminate this Agreement for “Cause”
if:

 

(a)          the other party
to this Agreement is in breach of one or more of its material obligations; or

 

(b)          the other party
to this Agreement becomes insolvent, generally cannot pay its obligations when due or otherwise suffers a substantial deterioration
of its financial situation, or if insolvency/bankruptcy proceedings are initiated against such party or such party initiates any
dissolution or liquidation of its business and/or assets.

 

9.5          Effects of Termination.

 

(a)          Upon the termination
of this Agreement any indebtedness of Licensee to Licensor shall become immediately due and payable. Within ten (10) days after
any such termination of this Agreement, Licensee shall furnish to Licensor a full and complete statement setting forth (i) the
inventory of Products then on hand, including Licensee’s wholesale price thereof, and (ii) a list of outstanding orders received,
accepted and approved by Licensee at the time of the termination of this Agreement, including the relevant details of each such
order. Licensee shall cease to accept new orders for Products as of the date of termination of this Agreement. Licensee shall consult
with Licensor regarding Licensee’s pending orders for Products and Licensor shall determine whether to permit Licensee to
continue distribution of Products to fill the pending orders, to direct Licensee to cancel the pending orders, or to assume or
have a third party assume the obligation to fill pending orders.

 

(b)          All benefits
which may accrue by reason of the activities of Licensee hereunder shall be deemed transferred automatically to Licensor, and all
licenses and other rights granted to Licensee hereunder shall immediately cease. Unless otherwise agreed by Licensor in writing,
Licensee shall immediately discontinue the advertising and marketing of Products.

 

(c)          Each of the
parties shall continue to maintain in confidence any and all confidential information received from the other party. At Licensor’s
election, Licensor may purchase from Licensee any materials used by Licensee for the distribution, sale, advertising, marketing,
promotion, publicizing or other exploitation of Products, including all Promotional Materials, Licensor Property, or any other
materials which contain any of the Trademarks.

 

(d)          Subject to the
provisions of subsections (a) and (e) hereof, upon the termination of this Agreement, Licensee shall have a period of one hundred
eighty (180) days to sell and ship to its customers, on a non-exclusive basis, current inventory of Products within the Territory
to fill pending orders (“Sell-Off Period”). All sales during the Sell-Off Period are expressly subject to all of the
terms and conditions contained in this Agreement, including without limitation, prohibitions against selling Products outside of
the Territory (or to parties who may sell Products outside the Territory). Any Products remaining in Licensee’s inventory
at the end of the Sell-Off Period shall be shipped to Licensor or its designee at Licensor’s expense. Licensor shall pay
to Licensee Licensee’s landed cost for any such Products then remaining in Licensee’s inventory as of the end of the
Sell-Off Period.

 

    

     

    

 

(e)           Notwithstanding
the provisions of subsection (d) above, Licensor shall have the right to purchase all or part of Licensee’s inventory of
Products then remaining upon the termination of this Agreement, at Licensee’s landed cost for any such Products then remaining
in Licensee’s inventory, in which case Licensee shall have no Sell-Off Period for such Products.

 

(f)           The termination
of this Agreement for any reason shall not affect obligations accrued prior to the effective date of such termination of this Agreement
or any obligations which, either expressly or from the context of this Agreement, are intended to survive the termination of this
Agreement.

 

10.          Notices
and Other Communications All reports, approvals, requests, demands, notices and other communications (collectively “Communications”)
required or permitted by this Agreement shall be in writing and signed by a duly authorized officer of or such other individual
designated in writing by a party. Communications will be duly given if delivered personally, if mailed (by registered mail, return
receipt requested) or if delivered by nationally-recognized courier or mail service which requires the addressee to acknowledge,
in writing, the receipt thereof, to the party concerned at the following addresses (or at any other address as a party may specify
by notice in writing to the other):

	 	 
	If to Licensor:	Smaaash Entertainment Private Limited
	 	Trade View, Level 2
	 	Kamala Mills
	 	Lower Parel, Mumbai 400013, India
	 	Attention: Mr. Vishwanath Kotian
	 	 
	If to Licensee:	1345 Avenue of the Americas, 11th
    floor
	 	New York, NY 101015, USA
	 	Attention: Mr. Suhel Kanuga

 

11.          Miscellaneous

 

11.1          Entire Agreement. This
Agreement contains the entire understanding and agreement between the parties with respect to its subject matter, supersedes all
prior oral or written understandings and agreements relating thereto and may not be modified, discharged or terminated, nor may
any of the provisions hereof be waived, orally.

 

11.2          Representations
and warranties. Each of the parties represents and warrants to the other party that, (i) the Agreement constitutes a valid,
legal and binding obligation of such party and is enforceable against such party in accordance with its terms, (ii) it has the
power and authority to execute the Agreement and perform all its terms, and (iii) the execution and performance of this Agreement
shall not violate any charter documents of such party, contravene any provisions of law as applicable to such party (including
any order, decree, injunction of any competent court) or conflict with the provisions of any material agreement or contract executed
by such party. The provisions of this Section 11.2 shall survive the termination of this Agreement.

 

11.3          Governing Law. (a) The
parties hereto have expressly agreed that this Agreement shall be governed by, and construed in accordance with, the laws of the
State of New York, applicable to contracts executed and fully to be performed therein, to the exclusion of any other applicable
body of governing law.

 

(b)            Except as hereafter
provided, the parties hereby consent to the jurisdiction of the New York State Supreme Court, County of New York or in the United
States District Court for the Southern District of New York to resolve any dispute arising under this Agreement.

 

(c)            In the event
of any litigation or other action arising out of this Agreement, the court shall award to the substantially prevailing party all
reasonable costs and expenses including reasonable attorney’s fees.

 

    

     

    

 

11.4           WAIVER OF
JURY. THE PARTIES HEREBY WAIVE ANY RIGHT TO TRIAL BY JURY IN ANY PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR
ANY OF THE TRANSACTIONS CONTEMPLATED UNDER THIS AGREEMENT, WHETHER NOW OR EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN
CONTRACT, TORT OR OTHERWISE. THE PARTIES AGREE THAT ANY OF THEM MAY FILE A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE
OF THE KNOWING, VOLUNTARY AND BARGAINED FOR AGREEMENT AMONG THE PARTIES IRREVOCABLY TO WAIVE THE TRIAL BY JURY COURT, AND THAT
ANY PROCEEDINGS WHATSOEVER BETWEEN THEM RELATING TO THIS AGREEMENT SHALL INSTEAD BE TRIED IN A COURT OF COMPETENT JURISDICTION
BY A JUDGE SITTING WITHOUT A JURY.

 

11.5           Force Majeure. The parties
will not be liable to each other for any failure or delay in performance, other than failure to make timely payments due under
this Agreement, if it is because of earthquake, flood, fire, acts of God, civil unrest, terrorism, acts of any governmental authority
or any other reason beyond the reasonable control of either or both of the parties (“Force Majeure”). However, either
party may terminate this Agreement by and upon notice to the other if the other is unable to perform any of its material obligations
for a period of thirty (30) days by reason of a Force Majeure.

 

11.6           No Joint Venture. Nothing
herein is intended to constitute the parties as partners or as joint ventures, or either as agent of the other, and neither party
may obligate or bind the other.

 

11.7           Headings,
Definitions and other particulars. Headings and titles of sections and/or paragraphs are for convenience only. The definitions
in this Agreement shall apply equally to both the singular and plural forms of the terms defined. Whenever the context may require,
any pronoun shall include the corresponding masculine, feminine and neuter forms. The use of “including” in this Agreement
shall be construed as illustrative.

 

11.8           Amendment.
This Agreement shall, from the Effective Date, bind the parties to the terms herein and cannot be amended without the consent of
the parties. Further, this Agreement cannot be terminated by any party except in accordance with Clause 9 of this Agreement.

 

11.9           Assignment.
The Licensor shall be entitled to assign, transfer, encumber or dispose of any of its rights and or obligations under this Agreement,
including to an affiliate, without the prior written consent of the Licensee. The Licensee shall not be entitled to assign, transfer,
encumber or dispose of any of its rights and or obligations under this Agreement, including to an affiliate, without the prior
written consent of the Licensor.

 

11.10          Expenses.
The Licensee shall bear all the costs and expenses in relation to the execution of this Agreement and the consummation of all the
transactions hereunder.

 

11.11          Counterparts.
This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original, but all of which shall
constitute one and the same instrument. The delivery of signed counterparts by facsimile transmission or electronic mail in “portable
document format” (“.pdf”) shall be as effective as signing and delivering the document in person.

 

    

     

    

 

IN WITNESS WHEREOF, the parties hereto have duly executed this
Agreement the day and year first above written.

	 	 	 
	 	SMAAASH ENTERTAINMENT PRIVATE LIMITED
	 	 	 
	 	By:	/s/
    Shripal Morakhia
	 	 	 
	 	Name:	Shripal Morakhia
	 	 	 
	 	Title:	 
	 	 	 
	 	I-AM CAPITAL ACQUISITION COMPANY
	 	 	 
	 	By:	/s/ F. Jacob Cherian
	 	 	 
	 	Name:	F. Jacob Cherian
	 	 	 
	 	Title:	Chief Executive Officer

 

(exhibits follow)

 

    

     

    

 

Exhibit A

 

Products

 

Products shall include the following:

● Finger Coaster

● Super Keeper

● Cricket Lanes

● Walk the Plank

● Human Claw

● Camel ride

● Arcade games

● Any other game as and when finalized and any
new games which may be launched.

 

    

     

    

 

Exhibit
B 

 

Trademarks

 

separately annexedExhibit 10.3

 

SETTLEMENT
AND RELEASE AGREEMENT

 

This
SETTLEMENT AND RELEASE AGREEMENT (this “Agreement”) is dated as of November 20, 2018, by and between
I-AM Capital Acquisition Company (“I-AM” or the “Company”) and Maxim Group LLC (“Maxim”).
I-AM and Maxim are each sometimes referred to herein individually as a “Party” and together as the “Parties.”

 

W
I T N E S S E T H

 

WHEREAS,
on or around August 16, 2017, the Company and Maxim executed an underwriting agreement pursuant to which Maxim acted as lead managing
underwriter in connection with respect to the initial public offering of common stock of the Company (the “Underwriting
Agreement”); and

 

WHEREAS,
pursuant to Section 1.3 of the Underwriting Agreement, the Company owes to Maxim $1,820,000 (USD) upon the consummation of a Business
Combination;

 

WHEREAS,
disputes have arisen regarding the obligations of the Company to pay compensation to Maxim pursuant to the Underwriting Agreement;

 

WHEREAS,
the Parties have agreed to settle all disputes by and between them; and

 

NOW
THEREFORE, in consideration of the mutual promises herein and other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the Parties hereto hereby agree as follows:

 

1.       Capitalized
Terms. Capitalized terms used but not defined herein shall have the respective meanings given to them in the Underwriting
Agreement.

 

2.       Payment.
The Company agrees to make a cash payment to Maxim of $20,000 (USD) directly from the Trust Account upon the consummation of the
Business Combination. The date of receipt of the cash payment shall be the “Effective Date.”

 

3.       Senior
Secured Note. The Company shall execute a senior secured note in favor of Maxim Partners LLC in the amount of $1,800,000 (USD)
in the form attached hereto as Exhibit A (the “Note”). The Note shall be executed by the Company as a necessary
condition of Maxim’s acceptance and execution of this Agreement.

 

4.       Removal
of Restrictive Legend. Within two (2) business days of the execution of this Agreement, the Company shall take all necessary
measures to effect the removal of the restrictive legend from the share certificates evidencing Maxim Partners LLC’s ownership
of 50,000 shares of Company common stock (the “Common Stock”) and Maxim’s ownership of 2,000 shares of Common
Stock.

 

5.       Current
Report. Within two (2) business days of the execution of this Agreement, the Company shall file with the Commission a Current
Report on Form 8-K reflecting the contents of this Agreement.

 

    

     

    

 

6.       Release
of Maxim. As of the Effective Date, the Company, for itself and any of its direct and indirect affiliates, parent corporations,
subsidiaries, subdivisions, successors, predecessors, members, shareholders and assigns (collectively the “Company Releasors”),
hereby (a) releases, acquits and forever discharges Maxim and each of such its direct and indirect affiliates, parent corporations,
subsidiaries, subdivisions, successors, predecessors, members, shareholders, and assigns, and their present and former officers,
directors, legal representatives, employees, agents and attorneys, and their heirs, executors, administrators, trustees, successors
and assigns (the parties so released, herein each a “Maxim Releasee” and collectively, the “Maxim
Releasees”) of and from any and all causes of actions, claims, suits, liens, losses, damages, judgments, demands, liabilities,
rights, obligations, costs, expenses, and attorneys’ fees of every nature, kind and description whatsoever, at law or in
equity, whether individual, class or derivative in nature, whether based on federal, state or foreign law or right of action,
mature or unmatured, accrued or not accrued, known or unknown, fixed or contingent, which the Company Releasors ever had, now
have or hereafter can, shall or may have against any Maxim Releasees by reason of any matter, cause or thing whatsoever arising
under, related to or otherwise associated with the Underwriting Agreement or Business Combination (collectively, the “Maxim
Released Claims”) and (b) covenants not to institute, maintain or prosecute any action, claim, suit, complaint, proceeding
or cause of action or any kind to enforce any of the Maxim Released Claims. In any litigation arising from or related to an alleged
breach of this Section, this Agreement may be pleaded as a defense, counterclaim or crossclaim, and shall be admissible into evidence
without any foundation testimony whatsoever. Each Company Releasor expressly covenants and agrees that the release granted by
it in this Section 6 shall be binding in all respects upon the Company Releasors and shall inure to the benefit of the successors
and assigns of the Maxim Releasees, and agrees that the Maxim Releasees shall have no further liabilities or obligations to Company
Releasors under or relating to the Underwriting Agreement or Business Combination. Excluded from the foregoing mutual general
releases are any claims for enforcement of this Agreement.

 

7.       Release
of the Company. As of the Effective Date, Maxim, for itself and any of its direct and indirect affiliates, parent corporations,
subsidiaries, subdivisions, successors, predecessors, members, shareholders and assigns (collectively a “Maxim Releasors”),
hereby (a) releases, acquits and forever discharges the Company and each of its direct and indirect affiliates, parent corporations,
subsidiaries, subdivisions, successors, predecessors, members, shareholders, and assigns, and their present and former officers,
directors, legal representatives, employees, agents and attorneys, and their heirs, executors, administrators, trustees, successors
and assigns (the parties so released, herein each a “Company Releasee” and collectively, the “Company
Releasees”) of and from any and all causes of actions, claims, suits, liens, losses, damages, judgments, demands, liabilities,
rights, obligations, costs, expenses, and attorneys’ fees of every nature, kind and description whatsoever, at law or in
equity, whether individual, class or derivative in nature, whether based on federal, state or foreign law or right of action,
mature or unmatured, accrued or not accrued, known or unknown, fixed or contingent, which the Releasing Parties ever had, now
have or hereafter can, shall or may have against any Released Parties by reason of any matter, cause or thing whatsoever arising
under, related to or otherwise associated with the payment obligations set forth in Section 3.32 of the Underwriting Agreement
(collectively, the “Company Released Claims”) and (b) covenants not to institute, maintain or prosecute any
action, claim, suit, complaint, proceeding or cause of action or any kind to enforce any of the Company Released Claims. In any
litigation arising from or related to an alleged breach of this Section, this Agreement may be pleaded as a defense, counterclaim
or crossclaim, and shall be admissible into evidence without any foundation testimony whatsoever. Each Maxim Releasor expressly
covenants and agrees that the release granted by it in this Section 7 shall be binding in all respects upon the Maxim Releasors
and shall inure to the benefit of the successors and assigns of the Company Releasees, and agrees that the Company Releasees shall
have no further liabilities or obligations to Maxim Releasors under Section 3.32 of the Underwriting Agreement. Excluded from
the foregoing mutual general releases are any claims for enforcement of this Agreement.

 

    

     

    

 

8.         Counterparts.
This Agreement may be executed in any number of counterparts and by different Parties hereto on separate counterparts, each of
which counterparts, when executed and delivered, shall be deemed an original and all of which counterparts, taken together, shall
constitute one and the same Agreement. A facsimile or PDF signature shall be deemed to be an original signature for all purposes.

 

9.         Further
Assurances. Each Party hereto agrees that, from time to time, such Party will promptly execute and deliver all such further
notices, instruments, consents and documents, and take all such further action, as may be reasonably necessary to effect the agreements
of the Parties hereto set forth herein.

 

10.       Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of each Party hereto and its successors and assigns.
The Parties acknowledge and agree that the each such Party’s respective Released Parties are intended third party beneficiaries
of this Agreement and that each of them may independently enforce the terms of this Agreement just as if they were parties.

 

11.       Interpretation;
Entire Agreement. The provisions of this Agreement shall survive the Effective Date. This Agreement sets forth the entire
agreement and understanding among the Parties and all prior or contemporaneous agreements, understandings, representations and
settlements, oral or written, are merged herein. This Agreement may not be altered or amended except by a written instrument signed
by all of the Parties. Any provision of this Agreement is found to be contrary to law or otherwise invalid, void or unenforceable,
it shall be deemed omitted but shall not affect the remaining terms of this Agreement, which shall remain in full force and effect.

 

12.       Governing
Law. This Agreement shall be governed by, and construed in accordance with, the internal laws of the State of New York without
regard to any law or principles that would make this choice of law provision invalid. Each of the parties hereto irrevocably submits
to the exclusive jurisdiction of the courts of the State of New York located in New York County and the United States District
Court for the Southern District of New York for the purpose of any suit, action, proceeding or judgment relating to or arising
out of this Agreement and the transactions contemplated hereby. Each of the parties hereto irrevocably consents to the jurisdiction
of any such court in any such suit, action or proceeding and to the laying of venue in such court. Each party hereto irrevocably
waives any objection to the laying of venue of any such suit, action or proceeding brought in such courts and irrevocably waives
any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.

 

    

     

    

 

13.       Authorization.
Each person whose signature is affixed hereto in a representative capacity represents and warrants that he or she is authorized
and empowered to execute this Agreement on behalf of, and to bind, the person or entity on whose behalf his or her signature is
affixed.

 

    

     

    

 

Intending
to be legally bound hereby, the parties executed the foregoing Settlement and Release Agreement this 20th day of November, 2018.

 

	 	I-AM Capital Acquisition Company
	 	 	 
	 	By:	/s/
    F. Jacob Cherian	 
	 	Name:	F. Jacob Cherian
	 	Title: 	Chief Executive Officer
	 	 	 
	 	Maxim Group LLC
	 	 	 
	 	By:	/s/ Clifford
    Teller	 
	 	Name:	Clifford Teller
	 	Title:	Executive Managing Director, Investment
    Banking

 

    

     

    

 

EXHIBIT
A

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