Document:

EX-4.4

 Exhibit 4.4 

DESCRIPTION OF THE COMPANY’S SECURITIES REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED 

Authorized Capitalization 
 The total amount of our
authorized capital stock consists of 2,750,000,000 shares of Class A common stock, par value $0.0001 per share, 10,000,000 shares of Class V common stock, par value $0.0001 per share, and 275,000,000 shares of preferred stock, par value
$0.0001 per share. 
 The following summary describes the material provisions of our capital stock. Because it is only a summary, it may not contain all the
information that is important to an investor in our securities. Defined terms used and not defined herein shall have the meaning ascribed to such terms in our Annual Report on Form 10-K. 

Common Stock 
 Class A Common Stock

 Voting rights. Each holder of Class A common stock is entitled to one (1) vote for each share of Class A common stock
held of record by such holder on all matters voted upon by our stockholders, provided, however, that, except as otherwise required in the Certificate of Incorporation, as provided by law or by the resolution(s) or any certificate of designation
providing for the issue of any preferred stock, the holders of Class A common stock will not be entitled to vote on any amendment to our Certificate of Incorporation that relates solely to the terms of one or more outstanding series of
preferred stock if the holders of such affected series are entitled, either separately or together with the holders of one or more other such series, to vote thereon pursuant to our Certificate of Incorporation (including any certificate of
designation relating to any series of preferred stock) or pursuant to the Delaware General Corporation Law (the “DGCL”). 
 Dividend
rights. Subject to the rights of holders of preferred stock, if any, holders of shares of Class A common stock and Class V common stock are entitled to receive ratably, on a per share basis, dividends and other distributions in
cash, stock or property as may be declared and paid from time to time by our Board out of any of our assets legally available therefor; provided that in the event a dividend is paid in the form of shares of Class A common stock or Class V
common stock (or rights to acquire such shares), then the holders of Class A common stock will receive shares of Class A common stock (or rights to acquire such shares, as the case may be) and the holders of Class V common stock will
receive shares of Class V common stock (or rights to acquire such shares, as the case may be), with the holders of shares of Class A common stock and Class V common stock receiving, on a per share basis, the same number of shares of
Class A common Stock or Class V common stock, as applicable. 
 Rights upon liquidation. Subject to the rights of holders of
preferred stock, if any, holders of shares of Class A common stock and Class V common stock are entitled to receive ratably the assets and funds available for distribution in the event of any liquidation, dissolution or winding up of the
Company, whether voluntary or involuntary, unless disparate or different treatment of the shares of each such class with respect to distributions upon any such liquidation, dissolution or winding up is approved in advance by holders of a majority of
the outstanding shares of Class A common stock and the holders of a majority of the outstanding shares of Class V common stock, each voting separately as a class. 

Other rights. No holder of shares of Class A common stock is entitled to preemptive or subscription rights contained in the Certificate of
Incorporation or in the Bylaws. There are no redemption or sinking fund provisions applicable to our Class A common stock. The rights, preferences and privileges of holders of our Class A common stock are subject to those of the holders of
any shares of preferred stock that we may issue in the future. 
 Class V Common Stock 

Issuance of Class V Common Stock. Shares of Class V common stock may be issued only to, and registered in
the name of, Andrew Dudum, our Chief Executive Officer (“CEO”) and any entities wholly-owned (directly or indirectly) by our CEO, or any trust for the benefit of our CEO, or of which our CEO is a trustee or has sole or shared voting power
such that our CEO has Voting Control (as defined in the Certificate of Incorporation) over the 

 
shares held therein; provided that, in each case, our CEO has sole dispositive power and the exclusive right to direct the voting of all of the shares of our Class V common stock held by
such entity and the transfer does not involve any payment of cash, securities, property or other consideration (other than an interest in such entity) to our CEO (collectively, “Permitted Class V Owners”). 

Voting rights. Each holder of Class V common stock is entitled to 175 votes for each share of Class V common stock held of record by
such holder on all matters voted upon by our stockholders, provided, however, that, except as otherwise required in the Certificate of Incorporation, as provided by law or by the resolution(s) or any certificate of designation providing for the
issue of any preferred stock, the holders of Class V common stock will not be entitled to vote on any amendment to our Certificate of Incorporation that relates solely to the terms of one or more outstanding series of our preferred stock if the
holders of such affected series are entitled, either separately or together with the holders of one or more other such series, to vote thereon pursuant to our Certificate of Incorporation (including any certificate of designation relating to any
series of our preferred stock) or pursuant to the DGCL. 
 Dividend rights. Subject to the rights of holders of preferred stock, if any,
holders of shares of Class A common stock and Class V common stock are entitled to receive ratably, on a per share basis, dividends and other distributions in cash, stock or property as may be declared and paid from time to time by our
Board out of any of our assets legally available therefor; provided that in the event a dividend is paid in the form of shares of our Class A common stock or Class V common stock (or rights to acquire such shares), then the holders of our
Class A common stock will receive shares of Class A common stock (or rights to acquire such shares, as the case may be) and the holders of our Class V common stock will receive shares of Class V common stock (or rights to acquire
such shares, as the case may be), with the holders of shares of Class A common stock and Class V common stock receiving, on a per share basis, the same number of shares of our Class A common stock or Class V common stock, as
applicable. 
 Rights upon liquidation. Subject to the rights of holders of preferred stock, if any, holders of shares of Class A common
stock and Class V common stock are entitled to receive ratably the assets and funds available for distribution in the event of any liquidation, dissolution or winding up, whether voluntary or involuntary, unless disparate or different treatment
of the shares of each such class with respect to distributions upon any such liquidation, dissolution or winding up is approved in advance by holders of a majority of the outstanding shares of Class A common stock and the holders of a majority
of the outstanding shares of Class V common stock, each voting separately as a class. 
 Transfers. Pursuant to the
Certificate of Incorporation, holders of Class V common stock are generally restricted from transferring such shares, other than to a Permitted Class V Owner or in connection with a divorce or domestic relations order or decree. 

Mandatory Conversion. Each share of Class V common stock will be (1) automatically converted into an equal number
of fully paid and nonassessable shares of Class A common stock upon any Transfer (as defined in the Certificate of Incorporation) of such shares of Class V common stock, except for a Permitted Transfer (as defined in the Certificate of
Incorporation) and (2) subject to conversion into an equal number of fully paid and nonassessable shares of Class A common stock at the determination of our Board one year after the date (the “Termination Anniversary Date”) that
both of the following conditions apply: (a) the earliest to occur of (i) our CEO’s employment as such being terminated for cause or due to death or permanent disability and (ii) our CEO resigns (other than for good reason) as
such and (b) either (i) our CEO no longer serves as a member of our Board or (ii) our CEO serves as a member of our Board, but his service to our Board is not his primary business occupation. In the event that our CEO is reinstated as such
or is reelected or reappointed to serve as a member of our Board prior to the Termination Anniversary Date (each, a “Reset Event”), then the shares of Class V common stock will not be converted pursuant to clause (2) unless and
until the one-year anniversary of the date that both of the foregoing conditions are subsequently met; provided that in the event of a subsequent Reset Event, the next Termination Anniversary Date will extend
until the one-year anniversary of the date that both of the foregoing conditions are subsequently met without a Reset Event occurring prior to such anniversary. 

Other rights. No holder of shares of Class V common stock is entitled to preemptive or subscription rights contained in the Certificate of
Incorporation or in the Bylaws. There are no redemption or sinking fund provisions applicable to our Class V common stock. The rights, preferences and privileges of holders of our Class V common stock are subject to those of the holders of
any shares of our preferred stock that we may issue in the future. 

 Preferred Stock 

Our Board has the authority to issue shares of preferred stock from time to time on terms it may determine, to divide shares of preferred stock into one or
more series and to fix the designations, preferences, privileges, and restrictions of preferred stock, including dividend rights, conversion rights, voting rights, terms of redemption, liquidation preference, sinking fund terms, and the number of
shares constituting any series or the designation of any series to the fullest extent permitted by the DGCL. The issuance of preferred stock could have the effect of decreasing the trading price of Class A common stock, restricting dividends on
our capital stock, diluting the voting power of our Class A common stock and/or Class V common stock, impairing the liquidation rights of our capital stock, or delaying or preventing a change in control. 

Election of Directors and Vacancies 
 Subject to
the rights of the holders of any series of preferred stock to elect additional directors under specified circumstances, the number of directors of our Board may be fixed solely and exclusively by resolution duly adopted from time to time by our
Board. Under the Bylaws, at all meetings of stockholders called for the election of directors, a majority of the votes properly cast is sufficient to elect such directors to our Board. 

Following the date on which shares of Class V common stock shall be converted into shares of Class A common stock in accordance with the
“sunset” provision set forth in the Certificate of Incorporation, the directors on our Board shall become divided, with respect to the time for which they severally hold office, into three classes designated as Class I, Class II
and Class III, respectively. 
 Except as the DGCL may otherwise require and subject to the rights, if any, of the holders of any series of preferred
stock, in the interim between annual meetings of stockholders or special meetings of stockholders called for the election of directors and/or the removal of one or more directors and the filling of any vacancy in that connection, newly created
directorships and any vacancies on our Board, including unfilled vacancies resulting from the removal of directors, may be filled only by the affirmative vote of a majority of the remaining directors then in office, although less than a quorum, or
by the sole remaining director. All directors will hold office until the expiration of their respective terms of office and until their successors will have been elected and qualified. A director elected or appointed to fill a vacancy resulting from
the death, resignation or removal of a director or a newly created directorship will serve for the remainder of the full term of the class of directors in which the new directorship was created or the vacancy occurred and until his or her successor
will have been elected and qualified. 
 Subject to the rights, if any, of any series of preferred stock, any director may be removed from office only with
cause and only by the affirmative vote of the holders of not less than two-thirds of our outstanding voting stock entitled to vote at an election of directors, voting together as a single class. 

Notwithstanding the foregoing, any director elected pursuant to the right, if any, of the holders of preferred stock to elect additional directors under
specified circumstances will serve for such term or terms and pursuant to such other provisions as specified in the relevant certificate of designations related to the preferred stock. 

Quorum 
 The holders of a majority of the voting power of
the capital stock issued and outstanding and entitled to vote at the meeting, present in person, present by means of remote communication in a manner, if any, authorized by our Board in its sole discretion, or represented by proxy, will constitute a
quorum at all meetings of the stockholders for the transaction of business except as otherwise required by law or provided by the Certificate of Incorporation or Bylaws; provided, however, that where a separate vote by a class or classes or series
of capital stock is required by law or the Certificate of Incorporation, the holders of a majority in voting power of the shares of such class or classes or series of our capital stock issued and outstanding and entitled to vote on such matter,
present in person, present by means of remote communication in a manner, if any, authorized by our Board in its sole discretion, or 

 
represented by proxy, shall constitute a quorum entitled to take action with respect to the vote on such matter. If, however, such quorum will not be present or represented at any meeting of the
stockholders, (i) the chairperson of the meeting, or (ii) the stockholders entitled to vote at the meeting, present in person or represented by proxy, will have power to adjourn the meeting from time to time, without notice other than
announcement at the meeting, until a quorum will be present or represented. At such adjourned meeting at which a quorum will be present or represented, any business may be transacted which might have been transacted at the meeting as originally
noticed. If the adjournment is for more than thirty (30) days, or if after the adjournment a new record date is fixed for the adjourned meeting, a notice of the adjourned meeting will be given to each stockholder entitled to vote at such
adjourned meeting as of the record date fixed for notice of such adjourned meeting. 
 Anti-takeover Effects of the Certificate of Incorporation and the
Bylaws 
 The Certificate of Incorporation and the Bylaws contain provisions that may delay, defer or discourage another party from acquiring control of
us. We expect that these provisions, which are summarized below, will discourage coercive takeover practices or inadequate takeover bids. These provisions are also designed to encourage persons seeking to acquire control of us to first negotiate
with the board of directors, which we believe may result in an improvement of the terms of any such acquisition in favor of our stockholders. However, they also give the board of directors the power to discourage acquisitions that some stockholders
may favor. 
 Authorized but Unissued Capital Stock 

Delaware law does not require stockholder approval for any issuance of authorized shares. However, the listing requirements of NYSE, which apply so long as our
Class A common stock (or warrants) remains listed on NYSE, require stockholder approval of certain issuances equal to or exceeding 20% of the then outstanding voting power or then outstanding number of shares of our Class A common stock.
Additional shares that may be issued in the future may be used for a variety of corporate purposes, including future public offerings, to raise additional capital or to facilitate acquisitions. 

One of the effects of the existence of unissued and unreserved common stock may be to enable our Board to issue shares to persons friendly to current
management, which issuance could render more difficult or discourage an attempt to obtain control of us by means of a merger, tender offer, proxy contest or otherwise and thereby protect the continuity of management and possibly deprive stockholders
of opportunities to sell their shares of Class A common stock at prices higher than prevailing market prices. 
 Dual Class Stock 

As described above in “—Common Stock—Class A Common Stock—Voting Rights” and “—Common
Stock—Class V Common Stock—Voting Rights,” our Certificate of Incorporation provides for a dual class common stock structure, which provides our CEO with the ability to control the outcome of matters requiring
stockholder approval, even though he owns significantly less than a majority of the shares of outstanding Class A and Class V common stock, including the election of directors and significant corporate transactions, such as a merger or
other sale of us or our assets. 
 Special Meeting, Action by Written Consent and Advance Notice Requirements for Stockholder Proposals 

Unless otherwise required by law, and subject to the rights, if any, of the holders of any series of preferred stock, special meetings of our stockholders, for
any purpose or purposes, may be called only by a majority of our Board, the Chairman of our Board or our CEO. Unless otherwise required by law, written notice of a special meeting of stockholders, stating the time, place and purpose or purposes
thereof, shall be given to each stockholder entitled to vote at such meeting, not less than ten (10) or more than sixty (60) days before the date fixed for the meeting. Business transacted at any special meeting of stockholders will be
limited to the purposes stated in the notice. 
 The Bylaws also provide that unless otherwise restricted by the Certificate of Incorporation or the Bylaws,
any action required or permitted to be taken at any meeting of our Board or of any committee thereof may be taken without a meeting, if all members of our Board or of such committee, as the case may be, consent thereto in writing or by electronic
transmission, and the writing or writings or electronic transmission or transmissions are filed with the minutes of proceedings of our Board or committee. 

 In addition, the Bylaws require advance notice procedures for stockholder proposals to be brought before an
annual meeting of the stockholders, including the nomination of directors. Stockholders at an annual meeting may only consider the proposals specified in the notice of meeting or brought before the meeting by or at the direction of the board of
directors, or by a stockholder of record on the record date for the meeting, who is entitled to vote at the meeting and who has delivered a timely written notice in proper form to our secretary, of the stockholder’s intention to bring such
business before the meeting. 
 These provisions could have the effect of delaying until the next stockholder meeting any stockholder actions, even if they
are favored by the holders of a majority of our outstanding voting securities. 
 Amendment to Certificate of Incorporation and Bylaws 

The DGCL provides generally that the affirmative vote of a majority of the outstanding stock entitled to vote on amendments to a corporation’s certificate
of incorporation or bylaws is required to approve such amendment, unless a corporation’s certificate of incorporation or bylaws, as the case may be, requires a greater percentage. The Certificate of Incorporation provides that the following
provisions therein may be amended, altered, repealed or rescinded only by the affirmative vote of the holders of at least 66-2/3% in voting power of all the then outstanding shares of our stock entitled to
vote thereon and the affirmative vote of at least 66-2/3% of the outstanding shares of each class entitled to vote thereon as a class: 
  

	 	•	 	 the provisions prohibiting stockholder actions without a meeting, from and after the time that our CEO or his
affiliates or permitted transferees beneficially own less than a majority of the voting power of all of the then-outstanding shares of our capital stock entitled to vote at an annual or special meeting duly noticed and called in accordance with the
Certificate of Incorporation; 

  

	 	•	 	 the provisions regarding calling special meetings of stockholders; 

 

	 	•	 	 the provisions regarding removal of directors; 

 

	 	•	 	 the provisions regarding the limited liability and indemnification of our directors; 

 

	 	•	 	 the provisions regarding the selection of exclusive forum; 

 

	 	•	 	 the provisions regarding the waiver of corporate opportunity doctrine; and 

 

	 	•	 	 the provisions regarding the election not to be governed by Section 203 of the DGCL. 

The Bylaws may be amended or repealed (A) by the affirmative vote of a majority of our Board or (B) without the approval of our Board, by the
affirmative vote of the holders of 66-2/3% of our outstanding voting stock entitled to vote on such amendment or repeal, voting as a single class, provided that if our Board recommends that stockholders
approve such amendment or repeal at such meeting of stockholders, then such amendment or repeal shall only require the affirmative vote of the majority in voting power of our stock entitled to vote on such amendment, alteration or repeal. 

Delaware Anti-Takeover Statute 
 Section 203 of the
DGCL provides that if a person acquires 15% or more of the voting stock of a Delaware corporation, such person becomes an “interested stockholder” and may not engage in certain “business combinations” with the corporation for a
period of three years from the time such person acquired 15% or more of the corporation’s voting stock, unless: 
  

	 	(1)	 the board of directors approves the acquisition of stock or the merger transaction before the time that the
person becomes an interested stockholder; 

  

	 	(2)	 the interested stockholder owns at least 85% of the outstanding voting stock of the corporation at the time the
merger transaction commences (excluding voting stock owned by directors who are also officers and certain employee stock plans); or 

  

	 	(3)	 the merger transaction is approved by the board of directors and at a meeting of stockholders, not by written
consent, by the affirmative vote of 2/3 of the outstanding voting stock which is not owned by the interested stockholder. A Delaware corporation may elect in its certificate of incorporation or bylaws not to be governed by this particular Delaware
law. 

 Under the Certificate of Incorporation, we opted out of Section 203 of the DGCL and therefore are not
subject to Section 203. However, the Certificate of Incorporation contains similar provisions providing that we may not engage in certain “business combinations” with any “interested stockholder” for a three-year period
following the time that the stockholder became an interested stockholder, unless: 
  

	 	•	 	 prior to such time, our board of directors approved either the business combination or the transaction which
resulted in the stockholder becoming an interested stockholder; 

  

	 	•	 	 upon consummation of the transaction that resulted in the stockholder becoming an interested stockholder, the
interested stockholder owned at least 85% of our voting stock outstanding at the time the transaction commenced, excluding certain shares; or 

  

	 	•	 	 at or subsequent to that time, the business combination is approved by our board of directors and by the
affirmative vote of holders of at least 66 2/3% of the outstanding voting stock that is not owned by the interested stockholder. 

Generally, a “business combination” includes a merger, asset or stock sale or other transaction resulting in a financial benefit to the interested
stockholder. Subject to certain exceptions, an “interested stockholder” is a person who, together with that person’s affiliates and associates, owns, or within the previous three years owned, 15% or more of our voting stock. 

Under certain circumstances, this provision will make it more difficult for a person who would be an “interested stockholder” to effect various
business combinations with a corporation for a three-year period. This provision may encourage companies interested in acquiring our company to negotiate in advance with our board of directors because the stockholder approval requirement would be
avoided if our board of directors approves either the business combination or the transaction which results in the stockholder becoming an interested stockholder. These provisions also may have the effect of preventing changes in our board of
directors and may make it more difficult to accomplish transactions which stockholders may otherwise deem to be in their best interests. 
 The Certificate
of Incorporation provides that any person whose ownership of shares in excess of the 15% limitation set forth therein is the result of any action taken solely by us (provided, that such person shall be an “interested stockholder” if such
thereafter such person acquires additional shares of voting stock, except as a result of further corporate actions not caused by such person) does not constitute an “interested stockholder” for purposes of this provision. 

Classified Board and Stockholder Action by Written Consent 

For so long as the shares of Class V common stock held by our CEO and his affiliates and permitted transferees continue to remain outstanding, the
Certificate of Incorporation provides that our Board will not be classified into three classes of directors. Following the date on which all shares of Class V common stock “sunset” and convert into shares of Class A common stock
on a one-for-one basis, our Board will be classified into three classes of directors, each of which will hold office for a three-year term. A third party may be
discouraged from making a tender offer or otherwise attempting to obtain control of us at a time when there is a classified board as it is more difficult and time consuming for stockholders to replace a majority of the directors on a classified
board of directors. 
 Under the Certificate of Incorporation, our stockholders are permitted to take action by written consent in lieu of a meeting for so
long as our CEO and his affiliates and permitted transferees beneficially own a majority of the voting power of the then-outstanding shares of our capital stock. After the ownership of our CEO and his affiliates and permitted transferees fall below
this threshold, stockholders will be required to take action at an annual or special meeting of our stockholders. Once in effect, this provision may have the effect of delaying or preventing hostile stockholder action designed to effect a change in
control. 

 Limitations on Liability and Indemnification of Officers and Directors 

The Certificate of Incorporation limits the liability of our directors to the fullest extent permitted by the DGCL, and the Bylaws provide that we will
indemnify them to the fullest extent permitted by such law. We have entered and expect to continue to enter into agreements to indemnify our directors, executive officers and other employees as determined by our Board. Under the terms of such
indemnification agreements, we are required to indemnify each of our directors, officers and other employees party to such an agreement, to the fullest extent permitted by the laws of the state of Delaware, if the basis of the indemnitee’s
involvement was by reason of the fact that the indemnitee is or was a director, officer, employee or agent of ours or any of our subsidiaries or was serving at our request in an official capacity for another entity. We must indemnify our officers
and directors against all reasonable fees, expenses, charges, judgments, fines, amounts paid in settlement and other costs of any type or nature whatsoever, including any and all expenses and obligations paid or incurred in connection with
investigating, defending, being a witness in, participating in (including on appeal), or preparing to defend, be a witness or participate in any completed, actual, pending or threatened action, suit, claim or proceeding, whether civil, criminal,
administrative or investigative, or establishing or enforcing a right to indemnification under the indemnification agreement. The indemnification agreements also require us, if so requested, to advance within 30 days (or 10 days in any action
brought by the indemnitee for indemnification under the indemnification agreement) of such request all reasonable fees, expenses, charges and other costs that such director, officer or other employee party to such an agreement incurred, provided
that such person will return any such advance if it is ultimately determined that such person is not entitled to indemnification by us. Any claims for indemnification by our directors, officers or other employees may reduce our available funds to
satisfy successful third-party claims against us and may reduce the amount of money available to us. 
 Exclusive Jurisdiction of Certain Actions

 The Certificate of Incorporation requires, to the fullest extent permitted by law, unless we consent in writing to the selection of an alternative
forum, that derivative actions brought in our name, actions against current or former directors, officers, employees and agents for breach of fiduciary duty, actions asserting a claim arising pursuant to any provision of the DGCL or the Certificate
of Incorporation or the Bylaws and actions asserting a claim against us governed by the internal affairs doctrine may be brought only in the Court of Chancery in the State of Delaware and any stockholder will be deemed to have consented to such
provision. Although we believe this provision benefits us by providing increased consistency in the application of Delaware law in the types of lawsuits to which it applies, the provision may have the effect of discouraging lawsuits against our
directors and officers. 
 In addition, the Certificate of Incorporation requires that, unless we consent in writing to the selection of an alternative
forum, the federal district courts of the United States shall be the sole and exclusive forum for resolving any action asserting a claim arising under the Securities Act. Notwithstanding the foregoing, the provisions of Article XII of the
Certificate of Incorporation will not apply to suits brought to enforce any liability or duty created by the Exchange Act, or any other claim for which the federal district courts of the United States of America shall be the sole and exclusive
forum. 
 Warrants 
 Public Warrants 

Each whole warrant entitles the registered holder to purchase one share of Class A common stock at a price of $11.50 per share, subject to adjustment as
discussed below. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of shares of Class A common stock. This means only a whole warrant may be exercised at a given time by a warrant holder. No
fractional warrants will be issued upon separation of the units, and only whole warrants will trade. The warrants will expire five years after the completion of the Business Combination, at 5:00 p.m., New York City time, or earlier upon redemption
or liquidation. 
 We will not be obligated to deliver any shares of Class A common stock pursuant to the exercise of a warrant and will have no
obligation to settle such warrant exercise if the registration statement under the Securities Act with respect to the Class A common stock underlying the warrants is no longer effective or if the prospectus relating thereto is not current. In
such event, the holder of such warrant will not be entitled to exercise such warrant and such warrant may have no value and expire worthless. In no event will we be required to net cash settle any warrant. In

 
the event that a registration statement is not effective for the exercised warrants, the purchaser of a unit containing such warrant will have paid the full purchase price for the unit solely for
the share of Class A common stock underlying such unit. 
 If our Class A common stock is at the time of any exercise of a warrant not listed on a
national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, we may, at our option, require holders of our public warrants who exercise their warrants to do
so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event we so elect, we will not be required to file or maintain in effect a registration statement, but we will use our best efforts to
register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. 
 Redemption of Warrants for Cash

 We may call the warrants for redemption: 
  

	 	•	 	 in whole and not in part; 

 

	 	•	 	 at a price of $0.01 per warrant; 

 

	 	•	 	 upon not less than 30 days’ prior written notice of redemption to each warrant holder; and

  

	 	•	 	 if, and only if, the reported closing price of the Class A common stock equals or exceeds $18.00 per share
(as adjusted for share splits, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending three business days before we send the
notice of redemption to the warrant holders. 

 If and when the warrants become redeemable by us, we may exercise our redemption right
even if we are unable to register or qualify the underlying securities for sale under all applicable state securities laws. 
 We have established the last
of the redemption criterion discussed above to prevent a redemption call unless there is at the time of the call a significant premium to the warrant exercise price. If the foregoing conditions are satisfied and we issue a notice of redemption of
the warrants, each warrant holder will be entitled to exercise his, her or its warrant prior to the scheduled redemption date. However, the price of the shares of Class A common stock may fall below the $18.00 redemption trigger price (as
adjusted for share splits, share capitalizations, reorganizations, recapitalizations and the like) as well as the $11.50 warrant exercise price after the redemption notice is issued. 

Redemption of Warrants for Class A common stock 

Commencing ninety days after the warrants became exercisable, we may redeem the outstanding warrants: 

 

	 	•	 	 in whole and not in part; 

 

	 	•	 	 at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption, provided that holders
will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares determined by reference to the table below, based on the redemption date and the “fair market value” of our shares of
Class A common stock, except as otherwise described below; 

  

	 	•	 	 if, and only if, the last reported sale price of the shares of Class A common stock equals or exceeds $10.00
per share (as adjusted per share splits, share dividends, reorganizations, reclassifications, recapitalizations and the like) on the trading day prior to the date on which we send the notice of redemption to the warrant holders;

  

	 	•	 	 if, and only if, the private placement warrants are also concurrently exchanged at the same price (equal to a
number of shares of Class A common stock) as the outstanding public warrants, as described above; and 

  

	 	•	 	 if, and only if, there is an effective registration statement covering the shares of Class A common stock
issuable upon exercise of the warrants (or such other security as the warrants may be exercisable for at the time of redemption) and a current prospectus relating thereto available throughout the 30-day period
after written notice of redemption is given, or an exemption from registration is available. 

 The numbers in the table below represent the number of shares of Class A common stock that a warrant
holder will receive upon exercise in connection with a redemption by us pursuant to this redemption feature, based on the “fair market value” of our Class A common stock on the corresponding redemption date (assuming holders elect to
exercise their warrants and such warrants are not redeemed for $0.10 per warrant), determined based on the average of the last reported sale price for the 10 trading days ending on the third trading day prior to the date on which the notice of
redemption is sent to the holders of warrants, and the number of months that the corresponding redemption date precedes the expiration date of the warrants, each as set forth in the table below. 

The share prices set forth in the column headings of the table below will be adjusted as of any date on which the number of shares of Class A common
stock issuable upon exercise of a warrant is adjusted as set forth in the first three paragraphs under the heading “ —Anti-dilution Adjustments” below. The adjusted share prices in the column headings will equal the share
prices immediately prior to such adjustment, multiplied by a fraction, the numerator of which is the number of shares deliverable upon exercise of a warrant immediately prior to such adjustment and the denominator of which is the number of shares
deliverable upon exercise of a warrant as so adjusted. The number of shares in the table below shall be adjusted in the same manner and at the same time as the number of shares issuable upon exercise of a warrant. 

 

																																					
	 Redemption Date
 (period
to expiration of warrants)
	  	Fair Market Value of Class A Common Stock	 
	  	$10.00	 	  	$11.00	 	  	$12.00	 	  	$13.00	 	  	$14.00	 	  	$15.00	 	  	$16.00	 	  	$17.00	 	  	$18.00	 
	 57 months
	  	 	0.257	 	  	 	0.277	 	  	 	0.294	 	  	 	0.310	 	  	 	0.324	 	  	 	0.337	 	  	 	0.348	 	  	 	0.358	 	  	 	0.365	 
	 54 months
	  	 	0.252	 	  	 	0.272	 	  	 	0.291	 	  	 	0.307	 	  	 	0.322	 	  	 	0.335	 	  	 	0.347	 	  	 	0.357	 	  	 	0.365	 
	 51 months
	  	 	0.246	 	  	 	0.268	 	  	 	0.287	 	  	 	0.304	 	  	 	0.320	 	  	 	0.333	 	  	 	0.346	 	  	 	0.357	 	  	 	0.365	 
	 48 months
	  	 	0.241	 	  	 	0.263	 	  	 	0.283	 	  	 	0.301	 	  	 	0.317	 	  	 	0.332	 	  	 	0.344	 	  	 	0.356	 	  	 	0.365	 
	 45 months
	  	 	0.235	 	  	 	0.258	 	  	 	0.279	 	  	 	0.298	 	  	 	0.315	 	  	 	0.330	 	  	 	0.343	 	  	 	0.356	 	  	 	0.365	 
	 42 months
	  	 	0.228	 	  	 	0.252	 	  	 	0.274	 	  	 	0.294	 	  	 	0.312	 	  	 	0.328	 	  	 	0.342	 	  	 	0.355	 	  	 	0.364	 
	 39 months
	  	 	0.221	 	  	 	0.246	 	  	 	0.269	 	  	 	0.290	 	  	 	0.309	 	  	 	0.325	 	  	 	0.340	 	  	 	0.354	 	  	 	0.364	 
	 36 months
	  	 	0.213	 	  	 	0.239	 	  	 	0.263	 	  	 	0.285	 	  	 	0.305	 	  	 	0.323	 	  	 	0.339	 	  	 	0.353	 	  	 	0.364	 
	 33 months
	  	 	0.205	 	  	 	0.232	 	  	 	0.257	 	  	 	0.280	 	  	 	0.301	 	  	 	0.320	 	  	 	0.337	 	  	 	0.352	 	  	 	0.364	 
	 30 months
	  	 	0.196	 	  	 	0.224	 	  	 	0.250	 	  	 	0.274	 	  	 	0.297	 	  	 	0.316	 	  	 	0.335	 	  	 	0.351	 	  	 	0.364	 
	 27 months
	  	 	0.185	 	  	 	0.214	 	  	 	0.242	 	  	 	0.268	 	  	 	0.291	 	  	 	0.313	 	  	 	0.332	 	  	 	0.350	 	  	 	0.364	 
	 24 months
	  	 	0.173	 	  	 	0.204	 	  	 	0.233	 	  	 	0.260	 	  	 	0.285	 	  	 	0.308	 	  	 	0.329	 	  	 	0.348	 	  	 	0.364	 
	 21 months
	  	 	0.161	 	  	 	0.193	 	  	 	0.223	 	  	 	0.252	 	  	 	0.279	 	  	 	0.304	 	  	 	0.326	 	  	 	0.347	 	  	 	0.364	 
	 18 months
	  	 	0.146	 	  	 	0.179	 	  	 	0.211	 	  	 	0.242	 	  	 	0.271	 	  	 	0.298	 	  	 	0.322	 	  	 	0.345	 	  	 	0.363	 
	 15 months
	  	 	0.130	 	  	 	0.164	 	  	 	0.197	 	  	 	0.230	 	  	 	0.262	 	  	 	0.291	 	  	 	0.317	 	  	 	0.342	 	  	 	0.363	 
	 12 months
	  	 	0.111	 	  	 	0.146	 	  	 	0.181	 	  	 	0.216	 	  	 	0.250	 	  	 	0.282	 	  	 	0.312	 	  	 	0.339	 	  	 	0.363	 
	 9 months
	  	 	0.090	 	  	 	0.125	 	  	 	0.162	 	  	 	0.199	 	  	 	0.237	 	  	 	0.272	 	  	 	0.305	 	  	 	0.336	 	  	 	0.362	 
	 6 months
	  	 	0.065	 	  	 	0.099	 	  	 	0.137	 	  	 	0.178	 	  	 	0.219	 	  	 	0.259	 	  	 	0.296	 	  	 	0.331	 	  	 	0.362	 
	 3 months
	  	 	0.034	 	  	 	0.065	 	  	 	0.104	 	  	 	0.150	 	  	 	0.197	 	  	 	0.243	 	  	 	0.286	 	  	 	0.326	 	  	 	0.361	 
	 0 months
	  	 	—  	 	  	 	—  	 	  	 	0.042	 	  	 	0.115	 	  	 	0.179	 	  	 	0.233	 	  	 	0.281	 	  	 	0.323	 	  	 	0.361	 

 The exact fair market value and redemption date may not be set forth in the table above, in which case, if the fair market
value is between two values in the table or the redemption date is between two redemption dates in the table, the number of shares of Class A common stock to be issued for each warrant exercised will be determined by a straight-line
interpolation between the number of shares set forth for the higher and lower fair market values and the earlier and later redemption dates, as applicable, based on a 365 or 366-day year, as applicable. For
example, if the last reported sale price of the shares of Class A common stock for the 10 trading days ending on the third trading date prior to the date on which the notice of redemption is sent to the holders of the warrants is $11.00 per
share, and at such time there are 57 months until the expiration of the warrants, holders may choose to, in connection with this redemption feature, exercise their warrants for 0.277 shares of Class A common stock for each whole warrant. For an
example where the exact fair market value and redemption date are not as set forth in the table above, if the last reported sale price of the shares of Class A common stock for the 10 trading days ending on the third trading day prior to the
date on which the notice of redemption is sent to the holders of the warrants is $13.50 per share, and at such time there are 38 months until the expiration of the warrants, holders may choose to, in connection with this redemption feature, exercise
their warrants for 0.298 shares of Class A common stock for each whole warrant. In no event will the warrants be exercisable in connection with this redemption feature for more than 0.365 shares of Class A common stock per warrant (subject
to adjustment). Finally, as reflected in the table above, if the warrants are out of the money and about to expire, they cannot be exercised on a cashless basis in connection with a redemption by us pursuant to this redemption feature, since they
will not be exercisable for any shares of Class A common stock. 

 This redemption feature differs from the typical warrant redemption features used in other blank check
offerings, which typically only provide for a redemption of warrants for cash (other than the private placement warrants) when the trading price for the shares of Class A common stock exceeds $18.00 per share for a specified period of time.
This redemption feature is structured to allow for all of the outstanding warrants to be redeemed when the shares of Class A common stock are trading at or above $10.00 per share, which may be at a time when the trading price of our shares of
Class A common stock is below the exercise price of the warrants. We have established this redemption feature to provide us with the flexibility to redeem the warrants without the warrants having to reach the $18.00 per share threshold set
forth above under “ —Redemption of Warrants for Cash.” Holders choosing to exercise their warrants in connection with a redemption pursuant to this feature will, in effect, receive a number of shares representing “fair
value” for their warrants based on a Black-Scholes option pricing model with a fixed volatility input. This redemption right provides us with an additional mechanism by which to redeem all of the outstanding warrants, and therefore have
certainty as to our capital structure as the warrants would no longer be outstanding and would have been exercised or redeemed. We will be required to pay the applicable redemption price to warrant holders if we choose to exercise this redemption
right and it will allow us to quickly proceed with a redemption of the warrants if we determine it is in our best interest to do so. As such, we would redeem the warrants in this manner when we believe it is in our best interest to update our
capital structure to remove the warrants and pay the redemption price to the warrant holders. 
 As stated above, we can redeem the warrants when the shares
of Class A common stock are trading at a price starting at $10.00, which is below the exercise price of $11.50, because it will provide certainty with respect to our capital structure and cash position while providing warrant holders with the
opportunity to exercise their warrants on a cashless basis for the applicable number of shares. If we choose to redeem the warrants when the shares of Class A common stock are trading at a price below the exercise price of the warrants, this
could result in the warrant holders receiving fewer shares of Class A common stock than they would have received if they had chosen to wait to exercise their warrants for shares of Class A common stock if and when such shares were trading
at a price higher than the exercise price of $11.50. 
 No fractional shares of Class A common stock will be issued upon exercise. If, upon exercise, a
holder would be entitled to receive a fractional interest in a share, we will round down to the nearest whole number of the number of shares of Class A common stock to be issued to the holder. If, at the time of redemption, the warrants are
exercisable for a security other than the shares of Class A common stock pursuant to the warrant agreement, the warrants may be exercised for such security. At such time as the warrants become exercisable for a security other than the shares of
Class A common stock, we will use commercially reasonable efforts to register under the Securities Act the security issuable upon the exercise of the warrants. 

Redemption Procedures and Cashless Exercise 
 If we
call the warrants for redemption as described above, our management will have the option to require any holder that wishes to exercise his, her or its warrant to do so on a “cashless basis.” In determining whether to require all holders to
exercise their warrants on a “cashless basis,” our management will consider, among other factors, our cash position, the number of warrants that are outstanding and the dilutive effect on our stockholders of issuing the maximum number of
shares of Class A common stock issuable upon the exercise of our warrants. If our management takes advantage of this option, all holders of warrants would pay the exercise price by surrendering their warrants for that number of shares equal to
the quotient obtained by dividing (x) the product of the number of shares of Class A common stock underlying the warrants, multiplied by the difference between the exercise price of the warrants and the “fair market value”
(defined below) by (y) the fair market value. The “fair market value” will mean the average reported closing price of the shares of Class A common stock for the 10 trading days ending on the third trading day prior to the date on
which the notice of redemption is sent to the holders of warrants. If our management takes advantage of this option, the notice of redemption will contain the information necessary to calculate the number of shares of Class A common stock to be
received upon exercise of the warrants, including the “fair market value” in such case. Requiring a cashless exercise in this manner will reduce the number of shares to be issued and thereby lessen the dilutive effect of a warrant
redemption. If we call our warrants for redemption and our management does not take advantage of this option, the holders of the private placement warrants and their 

 
permitted transferees would still be entitled to exercise their private placement warrants for cash or on a cashless basis using the same formula described above that other warrant holders would
have been required to use had all warrant holders been required to exercise their warrants on a cashless basis, as described in more detail below. 
 A
holder of a warrant may notify us in writing in the event it elects to be subject to a requirement that such holder will not have the right to exercise such warrant, to the extent that after giving effect to such exercise, such person (together with
such person’s affiliates), to the warrant agent’s actual knowledge, would beneficially own in excess of 4.9% or 9.8% (as specified by the holder) of the shares of Class A common stock issued and outstanding immediately after giving
effect to such exercise. 
 Anti-dilution Adjustments 

If the number of outstanding shares of Class A common stock is increased by a stock dividend payable in shares of Class A common stock, or by a stock
split involving our shares of Class A common stock or other similar event, then, on the effective date of such share dividend, stock split or similar event, the number of shares of Class A common stock issuable on exercise of each warrant
will be increased in proportion to such increase in the outstanding shares of common stock. A rights offering to holders of common stock entitling holders to purchase shares of Class A common stock at a price less than the fair market value
will be deemed a share dividend of a number of shares of Class A common stock equal to the product of (i) the number of shares of Class A common stock actually sold in such rights offering (or issuable under any other equity
securities sold in such rights offering that are convertible into or exercisable for shares of Class A common stock) and (ii) the quotient of (x) the price per share of Class A common stock paid in such rights offering and
(y) the historical fair market value. For these purposes, (i) if the rights offering is for securities convertible into or exercisable for Class A common stock, in determining the price payable for shares of Class A common stock,
there will be taken into account any consideration received for such rights, as well as any additional amount payable upon exercise or conversion and (ii) fair market value means the volume weighted average price of shares of Class A
common stock as reported during the ten (10) trading day period ending on the trading day prior to the first date on which the shares of Class A common stock trade on the applicable exchange or in the applicable market, regular way,
without the right to receive such rights. 
 In addition, if we, at any time while the warrants are outstanding and unexpired, pay a dividend or make a
distribution in cash, securities or other assets to the holders of shares of Class A common stock on account of such shares (or other securities into which the warrants are convertible), other than (a) as described above, (b) any cash
dividends or cash distributions which, when combined on a per share basis with all other cash dividends and cash distributions paid on the shares of Class A common stock during the 365-day period ending
on the date of declaration of such dividend or distribution does not exceed $0.50 (as adjusted to appropriately reflect any other adjustments and excluding cash dividends or cash distributions that resulted in an adjustment to the exercise price or
to the number of shares of Class A common stock issuable on exercise of each warrant) but only with respect to the amount of the aggregate cash dividends or cash distributions equal to or less than $0.50 per share, or (c) to satisfy the
redemption rights of the holders of shares of Class A common stock in connection with a stockholder vote to amend the Certificate of Incorporation or the Bylaws with respect to any provisions relating to the rights of holders of our
Class A common stock, then the warrant exercise price will be decreased, effective immediately after the effective date of such event, by the amount of cash and/or the fair market value of any securities or other assets paid on each share of
Class A common stock in respect of such event. 
 If the number of outstanding shares of Class A common stock is decreased by a consolidation,
combination, reverse share split or reclassification of shares of Class A common stock or other similar event, then, on the effective date of such consolidation, combination, reverse share split, reclassification or similar event, the number of
shares of Class A common stock issuable on exercise of each warrant will be decreased in proportion to such decrease in outstanding shares of Class A common stock. 

Whenever the number of shares of Class A common stock purchasable upon the exercise of the warrants is adjusted, as described above, the warrant exercise
price will be adjusted by multiplying the warrant exercise price immediately prior to such adjustment by a fraction (x) the numerator of which will be the number of shares of Class A common stock purchasable upon the exercise of the
warrants immediately prior to such adjustment and (y) the denominator of which will be the number of shares of Class A common stock so purchasable immediately thereafter. 

 In case of any reclassification or reorganization of the outstanding shares of Class A common stock
(other than those described above or that solely affects the par value of such shares of Class A common stock), or in the case of any merger or consolidation of us with or into another corporation (other than a consolidation or merger in which
we are the continuing corporation and that does not result in any reclassification or reorganization of our outstanding shares of Class A common stock), or in the case of any sale or conveyance to another corporation or entity of the assets or
other property of us as an entirety or substantially as an entirety in connection with which we are dissolved, the holders of the warrants will thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions
specified in the warrants and in lieu of the shares of Class A common stock immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares of Class A common stock or
other securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the holder of the warrants would have received if such
holder had exercised their warrants immediately prior to such event. If less than 70% of the consideration receivable by the holders of shares of Class A common stock in such a transaction is payable in the form of shares of Class A common
stock in the successor entity that is listed for trading on a national securities exchange or is quoted in an established over-the-counter market, or is to be so listed
for trading or quoted immediately following such event, and if the registered holder of the warrant properly exercises the warrant within thirty days following public disclosure of such transaction, the warrant exercise price will be reduced as
specified in the warrant agreement based on the Black-Scholes value (as defined in the warrant agreement) of the warrant. The purpose of such exercise price reduction is to provide additional value to holders of the warrants when an extraordinary
transaction occurs during the exercise period of the warrants pursuant to which the holders of the warrants otherwise do not receive the full potential value of the warrants. 

The warrants were issued in registered form under a warrant agreement between Continental Stock Transfer & Trust Company, as warrant agent, and us.
The warrant agreement provides that the terms of the warrants may be amended without the consent of any holder to cure any ambiguity or correct any defective provision, but requires the approval by the holders of at least 50% of the then outstanding
public warrants to make any change that adversely affects the interests of the registered holders. You should review a copy of the warrant agreement for a complete description of the terms and conditions applicable to the warrants. 

The warrants may be exercised upon surrender of the warrant certificate on or prior to the expiration date at the offices of the warrant agent, with the
exercise form on the reverse side of the warrant certificate completed and executed as indicated, accompanied by full payment of the exercise price (or on a cashless basis, if applicable), by certified or official bank check payable to us, for the
number of warrants being exercised. The warrant holders do not have the rights or privileges of holders of Class A common stock and any voting rights until they exercise their warrants and receive Class A common stock. After the issuance
of Class A common stock upon exercise of the warrants, each holder will be entitled to one vote for each share held of record on all matters to be voted on by common stock. 

No fractional shares will be issued upon exercise of the warrants. If, upon exercise of the warrants, a holder would be entitled to receive a fractional
interest in a share, we will, upon exercise, round down to the nearest whole number the number of shares of Class A common stock to be issued to the warrant holder. 

Private Placement Warrants 
 The private placement
warrants (including the shares of Class A common stock issuable upon exercise of the private placement warrants) are not redeemable by us, except as described above when the price per share of Class A common stock equals or exceeds $10.00,
so long as they are held by the sponsor or its permitted transferees. The sponsor, or its permitted transferees, has the option to exercise the private placement warrants on a cashless basis. Except as described below, the private placement warrants
have terms and provisions that are identical to those of the public warrants. If the private placement warrants are held by holders other than the sponsor or its permitted transferees, the private placement warrants will be redeemable by us and
exercisable by the holders on the same basis as the warrants included in the units being sold. 
 If holders of the private placement warrants elect to
exercise them on a cashless basis, they would pay the exercise price by surrendering his, her or its warrants for that number of shares of Class A common stock equal to the quotient obtained by dividing (x) the product of the number of
shares of Class A common stock underlying the 

 
warrants, multiplied by the difference between the exercise price of the warrants and the “fair market value” (defined below) by (y) the fair market value. The “fair market
value” will mean the average reported closing price of the shares of Class A common stock for the 10 trading days ending on the third trading day prior to the date on which the notice of warrant exercise is sent to the warrant agent. 

Transfer Agent and Warrant Agent 
 The transfer agent for
our Class A common stock and warrant agent for the Public Warrants and private placement warrants is Continental Stock Transfer & Trust Company. 

Listing of Common Stock and Warrants 
 Our Class A
common stock and the Public Warrants are listed on the NYSE under the symbols “HIMS” and “HIMS WS,” respectively.Monaker Group, Inc. 8-K

Exhibit 10.1

 

 

CONVERTIBLE
NOTE

 

THIS
NOTE AND THE SECURITIES ISSUABLE UPON THE CONVERSION HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “ACT”), OR UNDER THE SECURITIES LAWS OF ANY STATE. THESE SECURITIES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED,
PLEDGED OR HYPOTHECATED EXCEPT AS PERMITTED UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT OR AN EXEMPTION THEREFROM. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL REASONABLY SATISFACTORY
TO THE ISSUER THAT SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION OTHERWISE COMPLIES WITH THE ACT AND ANY APPLICABLE STATE
SECURITIES LAWS.

 

MONAKER
GROUP, INC.

CONVERTIBLE
PROMISSORY NOTE

 

 

$9,000,000.00

March
16, 2021

 

FOR
VALUE RECEIVED, MONAKER GROUP, INC., a Nevada corporation (the “Company”) promises to pay to HOTPLAY
ENTERPRISE LIMITED, or its registered assigns (“Investor”), in lawful money of
the United States of America the principal sum of Nine Million Dollars ($9,000,000.00),
or such lesser amount as shall equal the then outstanding principal amount hereof, together with simple interest from the date
of this Convertible Promissory Note (this “Note”) on the then outstanding principal balance at a rate equal
to ONE PERCENT (1%) per annum, computed on the basis of the actual number of days elapsed and a year of 365 days. All then outstanding
principal, together with any then unpaid and accrued interest and other amounts payable hereunder, shall be converted or forgiven
as set forth herein. This Note may be prepaid in whole or in part, at any time and from time to time, without premium or
penalty.

 

		1.	Definitions.
                                         As used in this Note, the following capitalized terms have the following meanings:

		(a)	“Charter”
                                         shall mean the Company’s articles of incorporation as may be amended or restated
                                         from time to time.

		(b)	“Common
                                         Stock” shall mean common stock of the Company.

		(c)	“Conversion
                                         Price” shall mean a conversion price equal to $2.00 per share of Common
                                         Stock.

		(d)	“Lien”
                                         shall mean, with respect to any property, any security interest, mortgage, pledge,
lien, claim, charge or other encumbrance.

 

    	1 

    	 

    

 

		(e)	“Obligations”
                                         shall mean and include all loans, advances, debts, liabilities and obligations, howsoever
                                         arising, owed by the Company to Investor of every kind and description, now existing
                                         or hereafter arising under or pursuant to
                                         the terms of this Note, including all interest, fees, charges, expenses, attorneys’
                                         fees and costs and accountants’ fees and costs chargeable to and payable by the
                                         Company hereunder and thereunder, in each case, whether direct or indirect, absolute
                                         or contingent, due or to become due, and whether or not arising after the commencement
                                         of a proceeding under Title 11 of the United
                                         States Code (11 U. S. C.
                                         Section 101 et seq.), as amended from time to time (including post-petition interest)
                                         and whether or not allowed or allowable
                                         as a claim in any such proceeding.

		(f)	“Person”
                                         shall mean and include an individual, a partnership, a corporation (including a business
                                         trust), a joint stock company, a limited liability company, an unincorporated association,
                                         a joint venture or other entity or a governmental authority.

		(g)	“Share
                                         Exchange Agreement” shall mean that certain Share Exchange Agreement entered
                                         into by and among the Company, the Investor and various stockholders of the Investor,
                                         as may be amended from time to time.

 

		2.	Payments.

		(a)	Interest.
                                         Accrued interest on this Note shall be converted or forgiven as set forth herein.

		(b)	Automatic
                                         Forgiveness in Certain Circumstances. In the event the Share Exchange Agreement is
                                         terminated pursuant to Section 10.1(a) of the
                                         Share Exchange Agreement; by Investor and Principal Stockholder (as such term
                                         is defined in the Share Exchange Agreement), pursuant to Section 10.1(b) of
                                         the Share Exchange Agreement; or by the Company pursuant to Sections 10.1(c),
                                         10.1(e)(solely in the event that the Company terminates the Share Exchange pursuant to
                                         Section 10.1(e) because Investor (x)
                                         is not able to obtain audited and interim financial statements in the form required by
                                         the Securities and Exchange Commission, or (y) does not supply all of the information
                                         required in order for the Company to file its initial Proxy Statement, by the date which
                                         falls 75 days after the date the Share Exchange Agreement was entered into), 10.1(g),
                                         or 10.1(i), then outstanding principal amount of this Note, plus all accrued and unpaid
                                         interest, shall be forgiven in full and the Company shall have no further obligation
                                         to the Investor hereunder.

 

		3.	Events
                                         of Default. The occurrence of any of the following shall constitute an “Event
                                         of Default” under this Note:

		(a)	Failure
                                         to Convert. The Company shall fail to convert when due any principal or
                                         interest hereunder into shares of Common Stock of the Company within five (5)
                                         business days after the date required hereunder;

		(b)	Voluntary
                                         Bankruptcy or Insolvency Proceedings. The Company shall (i) apply for or consent
                                         to the appointment of a receiver, trustee, liquidator or custodian of itself or of all
                                         or a substantial part of its property, (ii) make a general assignment for the benefit
                                         of its or any of its creditors, (iii) be dissolved or liquidated, (iv) commence a voluntary
                                         case or other proceeding seeking liquidation, reorganization or other relief with respect
                                         to itself or its debts under any bankruptcy, insolvency or other similar law now or
                                         hereafter in effect or consent to
                                         any such relief or to the appointment of or taking possession of its property by any
                                         official in an involuntary case or other
                                         proceeding commenced against it, or (v) take any action for the purpose of effecting
                                         any of the foregoing.

 

    	2 

    	 

    

 

		(c)	Involuntary
                                         Bankruptcy or Insolvency Proceedings. Proceedings for the appointment of a receiver,
                                         trustee, liquidator or custodian of the Company, or of all or a substantial part of the
                                         property thereof, or an involuntary case or other proceedings seeking liquidation, reorganization
                                         or other relief with respect to the Company, if any, or the debts thereof under any bankruptcy,
                                         insolvency or other similar law now or hereafter in effect shall be commenced and 0an
                                         0order for relief entered or such
                                         proceeding shall not be dismissed or discharged within 60 days of commencement.

 

		4.	Rights
                                         of Investor upon Default. Upon the occurrence of any Event of
                                         Default (other than an Event of Default described in Sections 3(b) or
                                         3(c)) and at any time thereafter during the continuance of such Event of Default,
                                         Investor may, by written notice to the Company, declare all outstanding Obligations payable
                                         by the Company hereunder to be immediately due and payable without presentment, demand,
                                         protest or any other notice of any kind, all of which are hereby expressly waived, anything
                                         contained herein to the contrary notwithstanding. Upon the occurrence of any Event of
                                         Default described in Sections 3(b) or 3(c),
                                         immediately and without notice, all outstanding Obligations payable by the Company hereunder
                                         shall automatically become immediately due and payable, without presentment, demand,
                                         protest or any other notice of any kind,
                                         all of which are hereby expressly waived, anything contained herein to the contrary notwithstanding.
                                         In addition to the foregoing remedies, upon the occurrence and during the continuance
                                         of any Event of Default, Investor may, with
                                         the written consent of the Investor, exercise any other right, power or remedy granted
                                         to it by this Note or otherwise permitted to it by law, either by suit in equity or by
                                         action at law, or both. Additionally, upon the occurrence of any Event of Default, the
                                         outstanding principal balance of this Note shall bear interest (“Default Interest”)
                                         while such default exists at the lesser of: (a) eighteen percent (18%) per annum and
                                         (b) the maximum legally permissible rate (the “Default Rate”).

 

		5.	Conversion.

		(a)	Automatic
                                         Conversion in Certain Circumstances. If
                                         the Share Exchange Agreement is terminated by Investor and/or Principal Stockholder (as
                                         applicable) pursuant to Sections 10.1(d), 10.1(e), 10.1(f), or 10.1(h) of the Share Exchange
                                         Agreement or by the Company pursuant to Sections 10.1(d), or 10.1(e)(except as otherwise
                                         provided in Section 2(b) above, in which case Section 2(b) above shall apply) of the
                                         Share Exchange Agreement, then the then outstanding principal amount of
                                         this Note together with all accrued and unpaid interest under this Note shall
                                         automatically convert into fully paid and nonassessable shares of Common Stock at a price
                                         per share equal to the Conversion Price. The Company shall cause to be
                                         delivered stock certificates to or as
                                         directed by Investor as set forth in this Section 5.

 

    	3 

    	 

    

 

		(b)	Conversion
                                         Procedure.

		(i)	Conversion
                                         Pursuant to Section 5(a). If this Note is to
                                         be automatically converted pursuant to Section 5(a), written notice shall 0be
                                         0delivered to Investor at the address last shown on the records of the Company
                                         for Investor or given by Investor to the Company for the purpose of notice, notifying
                                         Investor 0of 0the general terms of the conversion
                                         to be effected, specifying the Conversion Price, the principal amount of the Note to
                                         be converted, together with all accrued and unpaid interest and the date on which such
                                         conversion is expected to occur and calling upon Investor to surrender to the Company,
                                         in the manner and at the place designated, this Note. The Company shall, as soon as practicable
                                         thereafter, issue and deliver to Investor a certificate or certificates for the number
                                        of 0shares to which Investor shall be entitled
                                         upon such conversion, or shall otherwise issue such shares in book-entry form and provide
                                         Investor confirmation thereof.

		(ii)	Fractional
                                         Shares; Interest; Effect of Conversion.
                                         No fractional shares shall be issued upon conversion of this Note. In lieu 0of
                                         0the Company issuing any fractional shares to Investor upon the conversion of this
                                         Note, the Company shall round up any fractional share of
                                         0Common Stock which would otherwise be due to the Investor upon conversion hereof.
                                         Upon conversion of this Note in full and the payment of the amounts specified in this
                                         paragraph, the Company shall be forever released from all its Obligations and liabilities
                                         under this Note and this Note shall be deemed of no further force or effect, whether
                                         or not the original of this Note has been delivered to the Company for cancellation.

		(c)	Cap
                                         on Shares of Common Stock. Notwithstanding anything herein to the contrary, the maximum
                                         number of shares of Common Stock to be issued
                                         in connection with the conversion of this Note (and upon conversion or exercise of any
                                         other securities required to be aggregated with the conversion of this Note pursuant
                                         to the applicable rules and requirements of the NASDAQ Capital Market), or otherwise
                                         as provided herein, shall not (i) exceed 19.9% of the outstanding shares of Common Stock
                                         on the date of this Note, (ii) exceed 19.9% of
                                        the combined voting power of the then outstanding voting securities of the Company
                                        on the date of this Note, in each of subsections
                                         (i) and (ii) before the issuance of the Common Stock hereunder in connection with any
                                         conversion, or (iii) otherwise exceed such number of shares of Common Stock that would
                                         violate applicable listing rules of the
                                         NASDAQ Capital Market in the event the Company’s stockholders do not approve the
                                         issuance of the Common Stock issuable in connection with a conversion of this Note (and
                                         upon conversion or exercise of any other securities required to be aggregated with the
                                         conversion of this Note pursuant to the applicable rules and requirements of the NASDAQ
                                         Capital Market), or otherwise as provided
                                         herein.

 

		6.	Representations
                                         and Warranties of the Company. The Company represents and warrants to
the Investor that:

		(a)	Due
                                         Incorporation, Qualification, etc. The Company (i) is a corporation duly  organized,
validly existing and in good standing under the laws of the State of Nevada (ii)
has the power and authority to own, lease and operate its properties and carry on itsbusiness
as now conducted; and (iii) is duly qualified, licensed to do business and in good standing as a foreign corporation in each jurisdiction
where the failure to be so qualified or licensed could reasonably be expected to have a material adverse effect on the Company. 

 

    	4 

    	 

    

		(b)	Authority.
                                         The execution, delivery and performance by the Company of the Note and the consummation
                                         of the transactions contemplated thereby (i) are within the power of the Company and
                                         (ii) have been duly authorized by all necessary
                                         actions on the part of the Company.

		(c)	Enforceability.
                                         The Note has been, or will be, duly
                                         executed and delivered by the Company and constitutes, or will constitute, a legal, valid
                                         and binding obligation of the Company, enforceable
                                         against the Company in accordance with its terms, except as limited by bankruptcy, insolvency
                                         or other laws of general application relating to or affecting the enforcement of creditors’
                                         rights generally and general principles of equity.

		(d)	Non-Contravention.
                                         The execution and delivery by the Company of the Note and the performance and consummation
                                         of the transactions contemplated hereby do not and will not (i) violate the Charter or
                                         bylaws of the Company, or any material judgment, order, writ, decree, statute,
                                         rule or regulation applicable to the Company;
                                         or (ii) result in the creation or
                                         imposition of any Lien upon any property, asset or revenue of the Company or the
                                         suspension, revocation, impairment, forfeiture, or
                                         nonrenewal of any material permit, license, authorization or
                                       approval applicable to the Company, its business or operations, or any of its
                                         assets or properties.

		(e)	Approvals.
                                         No consent, approval, order or authorization
                                         of, or registration, declaration or filing
                                         with, any governmental authority or other
                                         Person (including, without limitation, the shareholders of any Person) is required in
                                         connection with the execution and delivery of the
                                         Notes by the Company and the performance and consummation of
                                         the transactions contemplated thereby, other than such as have been obtained and
                                         remain in full force and effect and other than such qualifications or filings under applicable
                                         securities laws as may be required in connection
                                         with the transactions contemplated by this Note.

 

		7.	Representations
                                         and Warranties of Investor. Investor represents and warrants to the Company
upon the acquisition of the Note as follows:

		(a)	Binding
                                         Obligation. Investor has full legal capacity, power and authority to execute and
                                         deliver this Note and to perform its obligations hereunder. This Note constitutes valid
                                         and binding obligations of Investor, enforceable in accordance with its terms, except
                                         as limited by bankruptcy, insolvency or other laws of general application relating to
                                         or affecting the enforcement of
                                         creditors’ rights generally and general principles of equity.

 

    	5 

    	 

    
		(b)	Securities
                                         Law Compliance. Investor has been advised that the Note and the underlying
                                         securities have not been registered under the Act and any applicable state securities
                                         laws and, therefore, cannot be resold unless it or they are registered under the Act
                                         and applicable state securities laws or unless an exemption from such registration requirements
                                         is available. Investor is aware that the Company is under no obligation to affect any
                                         such registration with respect to the Note or the underlying securities or to file
for or comply with any exemption from registration. Investor has not been formed solely for the purpose of making this investment
and is purchasing the Note for its own account for investment, not as a nominee or agent, and not with a view to, or for resale
in connection with, the distribution thereof, and Investor has no present intention of selling,
granting any participation in, or otherwise distributing the same. Investor has such knowledge and experience in financial and
business matters that Investor is capable of evaluating the merits and risks of such investment, is able to incur a complete loss
of such investment without impairing Investor’s financial condition and is able to bear the economic risk of such investment
for an indefinite period of time. Investor is an “accredited investor” as such term is defined in Rule 501 of Regulation
D under the Act and shall submit to the Company such further assurances of such status as may be reasonably requested by the Company.
The residency of Investor (or, in the case of a partnership or corporation, such entity’s principal place of business) is
correctly set forth beneath Investor’s name on the signature page hereto.

		(c)	Access
                                         to Information. Investor acknowledges that the Company has given Investor access
                                         to the corporate records and accounts of the Company and to all information in its possession
                                         relating to the Company, has made its officers and representatives available for interview
                                         by Investor, and has furnished Investor with all documents and other information required
                                         for Investor to make an informed decision
                                         with respect to the purchase of the Note.

		(d)	Tax
                                         Advisors. Investor has reviewed with its own tax advisors the U.S. federal, state
                                         and local and non-U.S. tax consequences of this investment and the transactions contemplated
                                         by this Note. With respect to such matters, Investor relies solely on any such advisors
                                         and not on any statements or representations of the Company or any of its agents, written
                                         or oral. Investor understands that it (and not the Company) shall be responsible for
                                         its own tax liability that may arise as a result of this investment and the transactions
                                         contemplated by this Note.

		(e)	Purchase
                                         Price. Investor shall have delivered to the Company the principal sum of One
Million Dollars ($1,000,000.00).

		(f)	No
                                         “Bad Actor” Disqualification Events. Neither (i) the Investor,
                                         (ii) any of its directors, executive officers, general partners or managing members,
                                         nor (iii) any beneficial owner of any of the Company’s voting equity securities
                                         (in accordance with Rule 506(d) of the Act)
                                         held by the Investor if such beneficial owner is deemed to own 20% or more of
                                        the Company’s outstanding voting securities (calculated on the basis of
                                         voting power) is subject to any disqualifications described in Rule 506(d)(1)(i) through (viii)
of the Act (“Disqualification Events”), except for Disqualification
Events covered by Rule 506(d)(2)(ii) or (iii) or (d)(3) under the Act and disclosed
reasonably in advance of the date hereof in writing in reasonable detail to the Company.

 

		8.	Miscellaneous.

		(a)	Waivers
                                         and Amendments. Any provision of this Note may be amended, waived or modified
only with the written consent of the Company and of the Investor.

		 	(b)	Governing
                                         Law. This Note and all actions arising out of or in connection herewith or therewith
shall be governed by and construed in accordance with the laws of the State of Florida without regard to the conflicts of law
provisions of the State of Florida or of any other state.

 

    	6 

    	 

    

 

		(c)	Survival.
                                         The representations, warranties, covenants and agreements made herein shall survive
the execution and delivery of this Note.

		(d)	Jurisdiction
                                         and Venue. Investor and the Company irrevocably consent to the exclusive jurisdiction
                                         of, and venue in, the state courts in Broward County in the State of Florida, in connection
                                         with any matter based upon or arising out of this
                                         Note or the matters contemplated herein
                                         or therein, and agree that process may be served upon them in any manner authorized by
                                         the laws of the State of Florida for such Persons.

		(e)	Waiver
                                         of Jury Trial; Judicial Reference. Investor hereby agrees and the Company hereby
                                         agrees to waive their respective rights to a jury trial of any claim or cause of action
                                         based upon or arising out of this Note.

		(f)	Successors
                                         and Assigns. Subject to the restrictions on transfer set forth herein, the rights
                                         and obligations of the Company and Investor
                                         under this Note shall be binding upon and benefit the successors, assigns, heirs, administrators
                                         and transferees of the parties.

		(g)	Transfer
                                         and Replacement of this Note. The Company
                                         will keep, at its principal executive office, books for the recordation of
                                         the Investors and recordation of transfer of this Note. Prior to presentation
                                         of this Note for transfer, the Company shall treat the Person in whose name this Note
                                         is recorded as the owner and holder of this Note for all purposes whatsoever, whether
                                         or not this Note shall be overdue, and the Company shall not be affected by notice to
                                         the contrary. Subject to any restrictions
                                         on or conditions to transfer set forth in this Note, the holder of
                                         this Note, at its option, may in person or
                                         by duly authorized attorney surrender the same for exchange at the Company’s
                                         chief executive office, and promptly thereafter and at the Company’s expense, except
                                         as provided below, receive in exchange therefor this Note in the principal requested
                                         by such holder, dated the date to which interest shall have been paid on this Note or,
                                         if no interest shall have yet been so paid,
                                         dated the date of this Note and recorded in the name of such Person or Persons as shall
                                         have been designated in writing by such holder or its attorney for the same principal
                                         amount as the then unpaid principal amount of this Note. Upon receipt by the Company
                                          of  evidence reasonably satisfactory to it
                                         of the ownership of and the loss, theft, destruction or mutilation of this Note and (a)
                                         in the case of loss, theft or destruction,  of  indemnity
                                         reasonably satisfactory to it;  or  (b) in
                                         the case of mutilation, upon surrender thereof, the Company, at its expense, will execute
                                         and deliver in lieu thereof a new Note executed in the same manner as this Note, in the
                                         same principal amount as the unpaid principal amount of this Note and dated the date
                                         to which interest shall have been paid on this Note or, if no interest shall have yet
                                         been so paid, dated the date of this Note.

		(h)	Transfer
                                         of this Note or Securities Issuable on Conversion Thereof. Subject to the proviso
                                         in the following sentence, neither this Note nor the securities issued upon conversion
                                         hereof may be transferred by Investor without the prior written consent of the Company.
                                         Investor shall have no further restrictions on transferability  of
                                          the underlying securities following the earlier of: (a) consummation of the Share
                                         Exchange Agreement and (b) the date that is six months from the date  of
                                          this Note, provided that  all
transfers of this note and/or any securities underlying this Note shall comply with applicable
law.

 

    	7 

    	 

    

		(i)	Assignment
                                         by the Company. The rights, interests or obligations of the Company hereunder may
                                         not be assigned, by operation of law or
                                         otherwise, in whole or in part, by the Company without the prior written consent of the
                                         Investor.

		(j)	Entire
                                         Agreement. This Note constitutes and contains the entire agreement among the Company
                                         and Investor and supersedes any and all prior agreements, negotiations, correspondence,
                                         understandings and communications among the parties, whether written or oral, respecting
                                         the subject matter hereof.

		(k)	Notices.
                                         All notices, requests, demands, consents, instructions or other communications required
                                         or permitted hereunder shall be in writing and faxed, mailed, emailed or delivered to
                                         each party as follows: (i) if to Investor, at Investor’s address, facsimile number
                                         or electronic mail address set forth beneath Investor’s name on the signature page
                                         hereto, or at such other address, facsimile number or electronic mail address as Investor
                                         shall have furnished the Company in writing, or (ii) if to the Company, at the Company’s
                                         address, facsimile number or electronic mail address set forth beneath the Company’s
                                         name on the signature page hereto, or at such other address, facsimile number or electronic
                                         mail address as the Company shall have furnished to Investor in writing. All such notices
                                         and communications will be deemed effectively given the earlier of (i) when received,
                                         (ii) when delivered personally, (iii) one business day after being deposited with an
                                         overnight courier service of recognized standing, (iv) four days after being deposited
                                         in the U.S. mail, first class with postage prepaid, (v) if sent via facsimile, upon confirmation
                                         of facsimile transfer or (vi) if sent via electronic mail, when directed to the relevant
                                         electronic mail address, if sent during normal business hours of the recipient, or if
                                         not sent during normal business hours of the recipient, then on the recipient’s
                                         next business day.

		(l)	Expenses.
                                         The Company and Investor shall be responsible for their own legal fees and other
                                         expenses incurred in connection with the negotiation, drafting and execution of this
                                         Note.

		(m)	Severability
                                         of this Note. If any provision of this Note shall be judicially determined to be
                                         invalid, illegal or unenforceable, the validity,
                                         legality and enforceability of the remaining
                                         provisions shall not in any way be affected or impaired thereby.

		(n)	Usury.
                                         If any interest is paid on this Note that is deemed to be in excess of the then legal
                                         maximum rate, then that portion of the interest
                                         payment representing an amount in excess of the then legal maximum rate shall be deemed
                                         a payment of principal and applied against the principal of this Note.

		(o)	Waivers.
                                         The Company hereby waives notice of default, presentment or demand for payment, protest
                                         or notice of nonpayment or dishonor and all other notices or demands relative to this
                                         instrument.

		(p)	Review
                                         and Knowledge. Each party herein expressly represents and warrants to all other parties
                                         hereto that (a) before executing this Note, said party has fully informed itself of the
                                         terms, contents, conditions and effects of this Note; (b) said party has relied solely
                                         and completely upon its own judgment in executing this Note; (c) said party has had
the opportunity to seek and has obtained the advice of its own legal, tax and business advisors before executing this Note; (d)
said party has acted voluntarily and of its own free will in executing this Note; and (e) this Note is the result of arm’s
length negotiations conducted by and among the parties and their respective counsel.

 

    	8 

    	 

    

 

		(q)	Counterparts.
                                         This Note and any signed agreement or instrument entered into in connection with
                                         this Note, may be executed in one or more counterparts, all of which shall constitute
                                         one and the same instrument. Any such counterpart, to the extent delivered by means of
                                         a facsimile machine or by .pdf, .tif, .gif, .jpeg or similar attachment to electronic
                                         mail (any such delivery, an “Electronic Delivery”) shall be treated
                                         in all manner and respects as an original executed counterpart and shall be considered
                                         to have the same binding legal effect as if it were the original signed version thereof
                                         delivered in person. No party shall raise the use of Electronic Delivery to deliver a
                                         signature or the fact that any signature or agreement or
                                         instrument was transmitted or communicated through the use of
                                         Electronic Delivery as a defense to the formation of a contract, and each such
                                         party forever waives any such defense, except to the extent such defense relates to lack
                                         of authenticity.

 

(Signature
Page Follows)

 

 

    	9 

    	 

    

 

The
parties have caused this Note to be duly executed and delivered as of the date first written above.

 

	 	

COMPANY:

	 	 
	 	 
	 	MONAKER GROUP, INC.

	 	 
	 	a
Nevada corporation
	 	 
	 	By:	/s/ Bill Kerby
	 	Name:	Bill Kerby
	 	Title:	CEO
	 	Address:	893 Executive Park Drive, #201
	 	 	Weston,
Florida 33331

 

    	10 

    	 

    

 

The
parties have caused this Note to be duly executed and delivered as of the date first written above.

 

	 	Investor:
	 	 
	 	

HOTPLAY
ENTERPRISE LIMITED

	 	 
	 	 
	 	 
	 	 	By:	/s/ Nithinan Boonyawattanapisut & Athid Nanthawaroon
	 	 	(Signature)

	 	 	 
	 	 	Name:	Nithinan Boonyawattanapisut & Athid Nanthawaroon
	 		(Print name of Investor)

	 	 	 
	 	 	Title:	Authorized Directors
	 	 	(If signing on behalf of an entity)

	 	 	 
	 	 	Address:	 

 

 

 

 

 

 

 

 

 

 
    	11

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