Document:

NextPlay Technologies, Inc. 8-K

Exhibit 10.1

 

 

THE EXCHANGE CONTEMPLATED HEREIN IS INTENDED TO
COMPORT WITH THE REQUIREMENTS OF SECTION 3(a)(9) OF THE SECURITIES ACT OF 1933, AS AMENDED.

 

EXCHANGE AGREEMENT

This Exchange Agreement
(this “Agreement”) is entered into as of August 16, 2021 (the “Effective Date”) by and between
Streeterville Capital, LLC, a Utah limited liability company (“Lender”), and NextPlay Technologies, Inc., a Nevada
corporation (f/k/a Monaker Group, Inc., a Nevada corporation) (“Borrower”). Capitalized terms used in this Agreement
without definition shall have the meanings given to them in the Transaction Documents (as defined below).

A.               
Borrower previously sold and issued to Lender that certain Secured Promissory Note dated November 23, 2020 in the original principal
amount of $5,520,000.00 (the “Original Note”) pursuant to that certain Note Purchase Agreement dated November 23,
2020 by and between Lender and Borrower (the “Purchase Agreement,” and together with the Original Note and all other
documents entered into in conjunction therewith, the “Transaction Documents”).

B.                
Subject to the terms of this Agreement, Borrower and Lender desire to partition a new Secured Promissory Note in the original principal
amount of $270,000.00 (the “Partitioned Amount”) from the Original Note and then cause the outstanding balance of
the Original Note to be reduced by an amount equal to the Partitioned Amount.

C.                
Borrower and Lender further desire to exchange (such exchange is referred to as the “Note Exchange”) the Partitioned
Amount for 135,000 shares of the Borrower’s Common Stock, par value $0.00001 (the “Common Stock”, and such 135,000
shares of Common Stock, the “Exchange Shares”), according to the terms and conditions of this Agreement.

D.               
The Note Exchange will consist of Lender surrendering the Partitioned Amount in exchange for the Exchange Shares, which will be issued
free of any restrictive securities legend.

E.                
Other than the surrender of the Partitioned Amount, no consideration of any kind whatsoever shall be given by Lender to Borrower in connection
with this Agreement.

F.                 
Lender and Borrower now desire to exchange the Partitioned Amount for the Exchange Shares on the terms and conditions set forth herein.

NOW, THEREFORE, for good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

1.                 
Recitals and Definitions. Each of the parties hereto acknowledges and agrees that the recitals set forth above in this Agreement
are true and accurate, are contractual in nature, and are hereby incorporated into and made a part of this Agreement.

2.                 
Partition. Effective as of the date hereof, Borrower and Lender agree that the Partitioned Amount is hereby partitioned from the
Original Note. Following such partition of the Original Note, Borrower and Lender agree that the Original Note shall remain in full force
and effect, provided that the outstanding balance of the Original Note shall be reduced by an amount equal to the Partitioned Amount.
For avoidance of doubt, the rights, duties, obligations, remedies of Borrower and Lender, and other terms and conditions of the Original
Note shall remain unchanged upon the entering into of this Agreement, except with respect to the reduction in the outstanding balance
by the amount of the Partitioned Amount.

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3.                 
Issuance of Shares. Pursuant to the terms and conditions of this Agreement, the Note Exchange shall occur with Borrower delivering
the Exchange Shares to Lender against Lender surrendering the Partitioned Note to Borrower on the Closing Date (as defined below). Upon
delivery of the Exchange Shares, the Partitioned Note shall be cancelled and all obligations of Borrower under the Partitioned Note shall
be deemed fulfilled. All Exchange Shares delivered hereunder shall be delivered via DWAC to Lender’s designated brokerage account.
Borrower agrees to provide all necessary cooperation or assistance that may be required to cause all Exchange
Shares delivered hereunder to become Free Trading (the first date on which all Exchange Shares become Free Trading, the “Free
Trading Date”). For purposes hereof, the term “Free Trading” means that (a) the Exchange Shares have been
cleared and approved for public resale by the compliance departments of Lender’s brokerage firm and the clearing firm servicing
such brokerage, and (b) such shares are held in the name of the clearing firm servicing Lender’s brokerage firm and have been deposited
into such clearing firm’s account for the benefit of Lender.

4.                 
Closing. The closing of the transaction contemplated hereby (the “Closing”) along with the delivery of the
Exchange Shares to Lender shall occur on the date that is mutually agreed to by Borrower and Lender by means of the exchange by express
courier and email of .pdf documents, but shall be deemed to have occurred at the offices of Hansen Black Anderson Ashcraft PLLC in Lehi,
Utah.

5.                 
Holding Period, Tacking and Legal Opinion. Borrower represents, warrants and agrees that for the purposes of Rule 144 (“Rule
144”) of the Securities Act of 1933, as amended (the “Securities Act”), the holding period of the Partitioned
Amonut and the Exchange Shares will include Lender’s holding period of the Original Note from November 23, 2020. Borrower agrees
not to take a position contrary to this Section 5 in any document, statement, setting, or situation. Borrower agrees to take all action
necessary to issue the Exchange Shares without restriction, and not containing any restrictive legend without the need for any action
by Lender; provided that the applicable holding period has been met. In furtherance thereof, prior to the Closing, counsel to Lender
may, in its sole discretion, provide an opinion that: (a) the Exchange Shares may be resold pursuant to Rule 144 without volume or manner-of-sale
restrictions; and (b) the transactions contemplated hereby and all other documents associated with this transaction comport with the
requirements of Section 3(a)(9) of the Securities Act. Borrower represents that it is not subject to Rule 144(i). The Exchange Shares
are being issued in substitution of and exchange for and not in satisfaction of the Partitioned Amount. The Exchange Shares shall not
constitute a novation or satisfaction and accord of the Partitioned Amount. Borrower acknowledges and understands that the representations
and agreements of Borrower in this Section 5 are a material inducement to Lender’s decision to consummate the transactions contemplated
herein.

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6.                  Borrower’s
Representations, Warranties and Agreements. In order to induce Lender to enter into this Agreement, Borrower, for itself, and
for its affiliates, successors and assigns, hereby acknowledges, represents, warrants and agrees as follows: (a) Borrower has full
power and authority to enter into this Agreement and to incur and perform all obligations and covenants contained herein, all of
which have been duly authorized by all proper and necessary action, (b) no consent, approval, filing or registration with or notice
to any governmental authority is required as a condition to the validity of this Agreement or the performance of any of the
obligations of Borrower hereunder, (c) no Event of Default has occurred under the Original Note and any Events of Default that may
have occurred thereunder have not been, and are not hereby, waived by Lender, (d) except as specifically set forth herein, nothing
herein shall in any manner release, lessen, modify or otherwise affect Borrower’s obligations under the Original Note, (e) the
issuance of the Exchange Shares is duly authorized by all necessary corporate action and the Exchange Shares are validly issued,
fully paid and non-assessable, free and clear of all taxes, liens, claims, pledges, mortgages, restrictions, obligations, security
interests and encumbrances of any kind, nature and description, (f) Borrower has not received any consideration in any form
whatsoever for entering into this Agreement, other than the surrender of the Partitioned Amount, and (g) Borrower has taken no
action which would give rise to any claim by any person for a brokerage commission, placement agent or finder’s fee or other
similar payment by Borrower related to this Agreement.

7.                 
Lender’s Representations, Warranties and Agreements. In order to induce Borrower to enter into this Agreement, Lender, for
itself, and for its affiliates, successors and assigns, hereby acknowledges, represents, warrants and agrees as follows: (a) Lender has
full power and authority to enter into this Agreement and to incur and perform all obligations and covenants contained herein, all of
which have been duly authorized by all proper and necessary action, (b) no consent, approval, filing or registration with or notice to
any governmental authority is required as a condition to the validity of this Agreement or the performance of any of the obligations
of Lender hereunder, (c) Lender has taken no action which would give rise to any claim by any person for a brokerage commission, placement
agent or finder’s fee or other similar payment by Borrower related to this Agreement, (d) Lender is not currently an affiliate
of the Borrower and has not been an affiliate of the Borrower for the prior three months, and (f) Lender, together with its affiliates,
does not, and will not following the receipt of the Exchange Shares, beneficially own more than 4.99% of the number of shares of Common
Stock outstanding on the Effective Date. For purposes of Section 7(f), beneficial ownership of Common Stock will be determined pursuant
to Section 13(d) of the Securities Exchange Act of 1934, as amended.

8.                 
Governing Law; Venue. This Agreement shall be construed and enforced in accordance with, and all questions concerning the construction,
validity, interpretation and performance of this Agreement shall be governed by, the internal laws of the State of Utah, without giving
effect to any choice of law or conflict of law provision or rule (whether of the State of Utah or any other jurisdictions) that would
cause the application of the laws of any jurisdictions other than the State of Utah. The provisions set forth in the Purchase Agreement
to determine the proper venue for any disputes are incorporated herein by this reference. The parties agree that the Arbitration Provisions
shall apply to any dispute that may arise between Borrower and Lender under this Agreement. BORROWER HEREBY IRREVOCABLY WAIVES ANY
RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR
ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

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9.                 
 Arbitration of Claims. This Agreement shall be subject to the Arbitration Provisions.

10.             
Counterparts. This Agreement may be executed in any number of counterparts with the same effect as if all signing parties had
signed the same document. All counterparts shall be construed together and constitute the same instrument. The exchange of copies of
this Agreement and of signature pages by facsimile transmission or other electronic transmission (including email) shall constitute effective
execution and delivery of this Agreement as to the parties and may be used in lieu of the original Agreement for all purposes. Signatures
of the parties transmitted by facsimile transmission or other electronic transmission (including email) shall be deemed to be their original
signatures for all purposes.

11.             
Attorneys’ Fees. In the event of any arbitration or action at law or in equity to enforce or interpret the terms of this
Agreement, the parties agree that the party who is awarded the most money shall be deemed the prevailing party for all purposes and shall
therefore be entitled to an additional award of the full amount of the attorneys’ fees and expenses  paid by such prevailing
party in connection with the arbitration, litigation and/or dispute without reduction or apportionment based upon the individual claims
or defenses  giving rise to the fees and expenses.  Nothing herein shall restrict or impair an arbitrator’s or a court’s
power to award fees and expenses for frivolous or bad faith pleading.

12.             
No Reliance. Borrower acknowledges and agrees that neither Lender nor any of its officers, directors, members, managers, equity
holders, representatives or agents has made any representations or warranties to Borrower or any of its agents, representatives, officers,
directors, or employees except as expressly set forth in this Agreement and the Transaction Documents and, in making its decision to
enter into the transactions contemplated by this Agreement, Borrower is not relying on any representation, warranty, covenant or promise
of Lender or its officers, directors, members, managers, equity holders, agents or representatives other than as set forth in this Agreement.

13.             
Severability. If any part of this Agreement is construed to be in violation of any law, such part shall be modified to achieve
the objective of the parties to the fullest extent permitted and the balance of this Agreement shall remain in full force and effect.

14.             
Entire Agreement. This Agreement, together with the Transaction Documents, and all other documents referred to herein, supersedes
all other prior oral or written agreements between Borrower, Lender, its affiliates and persons acting on its behalf with respect to
the matters discussed herein, and this Agreement and the instruments referenced herein contain the entire understanding of the parties
with respect to the matters covered herein and therein and, except as specifically set forth herein or therein, neither Lender nor Borrower
makes any representation, warranty, covenant or undertaking with respect to such matters.

15.             
Amendments. This Agreement may be amended, modified, or supplemented only by written agreement of the parties. No provision of
this Agreement may be waived except in writing signed by the party against whom such waiver is sought to be enforced.

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16.             
 Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors
and assigns. This Agreement or any of the severable rights and obligations inuring to the benefit of or to be
performed by Lender hereunder may be assigned by Lender to a third party, including its financing sources, in whole or in part. Borrower
may not assign this Agreement or any of its obligations herein without the prior written consent of Lender.

17.             
Continuing Enforceability; Conflict Between Documents. Except as otherwise modified by this Agreement, the Original Note and each
of the other Transaction Documents shall remain in full force and effect, enforceable in accordance with all of its original terms and
provisions. This Agreement shall not be effective or binding unless and until it is fully executed and delivered by Lender and Borrower.
If there is any conflict between the terms of this Agreement, on the one hand, and the Original Note or any other Transaction Document,
on the other hand, the terms of this Agreement shall prevail.

18.             
Time of Essence. Time is of the essence with respect to each and every provision of this Agreement.

19.             
Notices. Unless otherwise specifically provided for herein, all notices, demands or requests required or permitted under this
Agreement to be given to Borrower or Lender shall be given as set forth in the “Notices” section of the Purchase Agreement.

20.             
Further Assurances. Each party shall do and perform or cause to be done and performed, all such further acts and things, and shall
execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request in
order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

[Remainder of page intentionally left blank]

 

 

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IN WITNESS WHEREOF, the
undersigned have executed this Agreement as of the date first set forth above.

BORROWER:

 

NEXTPLAY TECHNOLOGIES, INC.

 

By: /s/ Bill Kerby       

Name: Bill Kerby       

Title: Co-CEO            

 

LENDER:

 

STREETERVILLE CAPITAL, LLC

 

 

By:   /s/ John Fife                    

       John M. Fife, President

 

 

 

 

[Signature Page to Exchange Agreement]Exhibit 10.7

 

AMENDMENT NO. 3

TO

LOAN AGREEMENT

 

This Amendment No. 3 to Loan Agreement (this “Amendment”)
is made as of September 3, 2021, by and between VISIONARY PRIVATE EQUITY GROUP I, LP, a Missouri limited partnership (the “Lender”),
and VICTORY OILFIELD TECH, INC. (formerly Victory Energy Corporation), a Nevada corporation (the “Borrower”).
Capitalized terms used, but not otherwise defined, herein have the meanings ascribed to them in the Loan Agreement (as defined below).

 

RECITALS

 

A. On April 10, 2018, Borrower and Lender entered
into a Loan Agreement (as amended by Amendment No. 1 and Amendment No. 2, each as defined below, the “Loan Agreement”),
pursuant to which the Borrower may request a loan (the “Loan”) from the Lender of up to $2,000,000 (the “Loan
Amount”). The Lender has indicated that upon the request of the Borrower it may, in its sole discretion, advance amounts to
the Borrower up to the Loan Amount.

 

B. On October 30, 2020, the Borrower and the Lender
entered into Amendment No. 1 to the Loan Agreement, pursuant to which the loan amount was increased to $3,000,000 (“Amendment
No. 1”).

 

C. On January 31, 2021, the Borrower and the Lender
entered into Amendment No. 2 to the Loan Agreement, pursuant to which the loan amount was increased to $3,500,000 (“Amendment
No. 2”).

 

D. The Loan is secured by a first priority security
interest in all of the assets of the Borrower.

 

E. As of December 31, 2020, the outstanding balance
on the Note (as defined below) was $3,081,676 of which $177,000 is Original Issue Discount. From January 1, 2021 to the date hereof, the
Lender has advanced an additional $278,100 under the Note (the “Advance”).

 

F. The parties desire to amend the Loan Agreement
as set forth herein, to increase the Loan Amount to $4,000,000 (the “New Loan Amount”), to cover the Advance and Borrower’s
working capital needs. The Lender has indicated that upon the request of the Borrower it may, in its sole discretion, advance amounts
to the Borrower up to the New Loan Amount.

 

     

     

    

 

AGREEMENTS

 

1. Agreement. Except as specifically modified
by this Amendment, the terms and conditions of the Loan Agreement and the Note, shall remain in full force and effect. In the event of
any inconsistency between the terms of this Amendment and the terms of the Loan Agreement and/or the Note, the terms of this Amendment
shall control.

 

2. Amendments. (a) Section
2.1 of the Loan Agreement is hereby deleted and replaced in its entirety as follows:

 

“2.1 Loan. On the terms and
subject to the conditions hereinafter set forth, the Lender may, in its sole discretion and upon the written request of the Borrower,
loan to the Borrower up to the sum of $4,000,000.”

 

(b) Section 2.2 of the Loan Agreement is hereby
amended such that the form of Note, as attached as Exhibit A thereto, is hereby amended and restated in its entirety as set forth in Exhibit
A hereto.

 

3. Effective Immediately. The terms
of this Amendment shall be effectively immediately upon execution of same.

 

4. Entire Agreement. This Amendment
and the Loan Agreement and the Note constitute the entire agreement and understanding between the parties with regard to the subject
matter hereof and supersede any prior written or oral agreements. Any modifications to this Amendment or the Loan Agreement or the Note
must be in writing and signed by the authorized representatives of the Parties.

 

5. Choice of Law and Jurisdiction.
The laws of the State of Texas shall apply to and control any interpretation, construction, performance or enforcement of this Amendment.

 

6. Counterparts and Facsimile or Electronic
Signatures. This Amendment may be executed in two or more counterparts, each of which shall be deemed an original and all of
which, taken together, shall constitute one agreement. A facsimile or electronic signature, including through technology such as DocuSign,
to this Amendment shall be deemed an original and binding upon the party against whom enforcement is sought.

 

[SIGNATURE PAGE FOLLOWS]

 

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement
as of the date first above written.

 

 

	 	LENDER:
	 	 
	 	VISIONARY PRIVATE EQUITY GROUP I, LP,
	 	BY: VISIONARY PE GP I, LLC,

its General Partner
	 	 	 
	 	By:	/s/ Ronald Zamber
	 	Name: 	Ronald Zamber
	 	Title:	Senior Managing Director

 

	 	Address: 	1520 South Fifth Street
	 	 	Suite 308
	 	 	St. Charles, MO 63303

 

	 	BORROWER:
	 	 
	 	VICTORY OILFIELD TECH, INC.
	 	 	 
	 	By:	/s/ Kevin DeLeon
	 	Name: 	Kevin DeLeon
	 	Title:	Chief Executive Officer

 

	 	Address:	3355 Bee Caves Road
	 	 	Suite 608
	 	 	Austin, TX 78746

 

     

     

    

 

EXHIBIT A

 

FORM OF AMENDED AND RESTATED NOTE 

 

(See Attached)

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