Document:

Exhibit
10.1

 

Exclusive
Distribution Agreement

 

This
Exclusive Distribution Agreement (this “Agreement”), dated as of 2020 (the “Effective Date”),
is entered into between Slinger Bag Americas Inc., a Delaware corporation located at 2709 N. Rolling Road, Unit 138, Windsor Mill,
MD 21244, with company registration number 0127-01-003630 and Dunlop International Europe Ltd., with its offices located at Thorncroft
Manor, Thorncroft Drive, Leatherhead, England, KT22 8JB, with company registration number 00776384,
a 100% owned subsidiary of Sumitomo Rubber
Industries, Ltd., with its offices located at 3-6-9 Wakinohama-cho, Chuo-ku, Kobe, Hyogo 651-0072, Japan (“Distributor”),
and together with SBA, the “Parties”, and each, a “Party”).

 

WHEREAS,
SBA is in the business of manufacturing and selling game improvement tennis equipment including portable
tennis ball launchers in a trolley bag;

 

WHEREAS,
Distributor is in the business of reselling Goods (as defined in Section 1);

 

WHEREAS,
SBA desires to appoint Distributor as its exclusive distributor to resell the Goods to customers located in the Territory (as
defined below), and Distributor desires to accept such appointment, subject to the terms and conditions of this Agreement.

 

NOW,
THEREFORE, in consideration of the mutual covenants, terms and conditions set out herein, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Parties hereto agree as follows:

 

1.
Appointment.

 

1.1
Exclusive Appointment. SBA appoints Distributor as its exclusive distributor of the goods
set forth in Schedule 1 (“Goods”) within the following European countries ((Germany – Austria) and France, Italy
and (Spain – Portugal) and (Belgium - Netherlands -Luxembourg)) for which SBA has applied for patent protection and received
trademark protection (Territory”) during the Term, and Distributor accepts such appointment. Distributor shall not
directly or indirectly market, advertise, promote, sell or distribute the Goods to any person located outside the Territory, including
selling or distributing the Goods to any person for ultimate delivery or resale to persons outside the Territory. Potential additional
developments related to racket sports industry will be offered to the appointed distributor when applicable.

 

1.2
No Right to Appoint Sub-distributors. Distributor shall not, without the prior written
consent of SBA, appoint any sub-distributor or other person or entity to sell or distribute the Goods.

 

1.3
Trade and Agent Related Structure. The Distributor has the right to use a commission-based
trade and agent related structure so long as pricing of the Goods is in line with and not less than any applicable price in SBA’s
European pricing structure through Dunlop direct cash collection. 

 

    	Slinger Bag Americas Inc Dunlop / Sumitomo
		 
	Distribution Agreement
	 	 
	September 2020
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2.
Promotion
and Marketing.

 

2.1
Distributor Obligations. Distributor shall:

 

(a)
market, advertise, promote and sell the Goods in the Territory in a manner that reflects favorably
at all times on the Goods and the good name, goodwill and reputation of SBA and consistent with good business practice, in each
case using its best efforts to maximize the sales volume of the Goods;

 

(b)
maintain a place or places of business in the Territory, including adequate office, storage, and
warehouse facilities and all other facilities as required for Distributor to perform its duties under this Agreement;

 

(c)
purchase and maintain at all times a representative quantity of each Good sufficient for and consistent
with the needs of customers in the Territory;

 

(d)
have sufficient knowledge of the industry and products competitive with each Good (including specifications,
features, and benefits) so as to be able to explain in detail to customers:

 

	 	(i)	the
    differences between the Good and competing products; and
	 	 	 
	 	(ii)	information
    on standard protocols and features of each Good;

 

(e)
submit all Goods-related promotional and marketing materials to SBA for approval prior to use.
SBA agree that any /all feedback must be provided within 7 working days otherwise Distributor will deem approval has been granted.
Distributor agrees to work with SBA to reach mutual agreement in regards to requests and agrees to observe all reasonable directions
and instructions given to it as a result by SBA in relation to the marketing, advertisement, and promotion of the Goods, including
SBA’s sales, marketing, and merchandising policies as they currently exist or as they may hereafter be changed by SBA;

 

(f)
establish and maintain (i) a Direct-To-Consumer website platform home page for the Territory based
on either Distributors own local market online platform or through using www.slingerbag.com, (ii) a sales and marketing organization
to the extent deemed reasonably necessary by SBA, to develop the market potential for the sale of the Goods, and (iii) facilities
and a distribution organization sufficient to make the Goods available for shipment by Distributor to each of its customers in
the Territory immediately on receipt of an order;

 

(g)
Distributor in relation to clause 1.2 will be allowed to use related weblinks of trade partners
and agent structure to support direct to consumer communication and create maximum exposure to marketing and sales campaigns

 

(h)
develop and execute a marketing plan sufficient to fulfill its obligations under this Agreement;

 

(i)
not make any materially misleading or untrue statements concerning SBA or the Goods, including
any product disparagement or “bait-and-switch” practices;

 

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	Distribution Agreement
	 	 
	September 2020
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(j)
promptly notify SBA of any complaint or adverse claim about any Good or its use of which Distributor
becomes aware;

 

(k)
submit to SBA complete and accurate annual reports regarding inventory, marketing and sales of
the Goods in a computer-readable format and containing the scope of information acceptable to SBA, maintain books, records and
accounts of all transactions and permit full examination thereof by SBA in accordance with Sections 15 and Section 16;

 

(l)
on request, provide SBA with a written survey of the current and 12-month estimate of demand for
the Goods in the Territory, especially in relation to similar or competing products;

 

(m)
only resell any software or accessories sold, bundled or packaged with any Good on those terms
and conditions as mutually agreed with SBA 

 

(n)
subject to clauses 2.1(p) and 11, support and enforce SBA’s limited two-year consumer warranty,
a copy of which is attached hereto as Schedule 5, that can be extended by a consumer to 3 years by registering its purchase at
www.slingerbag.com/warranty/; and 

 

(o)
translate, maintain, and maximize use of the local home page either through Distributors local
online platform or as provided via SBA and utilize this vehicle as the main revenue source for Distributor / SBA’s business.

 

(p)
SBA warranty policy to be enforced, provided that, for the sake of efficiency, it is agreed that
Distributor will judge validity of the claim it receives based upon and in accordance with the SBA warranty policy and that to
the extent that a replacement of the relevant Good is required under the warranty policy, SBA will compensate Distributor with
either new replacement product or a credit note process.

 

2.2
Domain Names. To the extent that Distributor acquires any domain names that relate to Slinger
Bag, any Slinger Bag Good, any entity in the Slinger Bag group or any derivative of Slinger or Slinger Bag (collectively, “Domain
Name”), Distributor hereby agrees to transfer at cost 100% of its right, title and interest in such Domain Name to SBA promptly
upon obtaining such Domain Name or at the written request of SBA. In this connection, Distributor will take any and all actions
to cause ownership of a Domain Name to be transferred to and registered in the name of SBA or an affiliate of SBA.

 

2.3
SBA Obligations. SBA shall:

 

(a)
provide any information and support that may be reasonably requested by Distributor regarding
the marketing, advertising, promotion, and sale of Goods;

 

(b)
allow Distributor to participate, at its own expense, in any marketing, advertising, promotion,
and sales programs or events that SBA may make generally available to its authorized distributors of Goods, provided that SBA
may alter or eliminate any program at any time;

 

    	Slinger Bag Americas Inc Dunlop / Sumitomo
		 
	Distribution Agreement
	 	 
	September 2020
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(c)
approve or reject, in its sole discretion, any promotional information or material submitted by
Distributor for SBA’s approval; and

 

(d)
provide promotional information and material as agreed in approved annual marketing plans, for
use by Distributor in accordance with this Agreement.

 

(e)
In addition, SBA will contribute for marketing and advertising the Products in the Territory,
for an amount equivalent to 3% of all purchases at the FOB purchase price of Product made by Distributor from SBA per contract
year to be paid by 6 months or, at the option of the Distributor, quarterly purchase overview to the Distributor. Upon written
notice to SBA, Distributor may also, at its election, offset the amount it is required to SBA hereunder by an amount equal to
the applicable Marketing Contribution.

 

3. Agreement
to Purchase and Sell Goods.

 

3.1
Terms of Sale; Orders. SBA shall make available and sell Goods to Distributor at the prices
under Section 3.2 and on the terms and conditions set out in this Agreement as attached in Schedule 2 

 

3.2
Price. The prices for Goods sold under this Agreement shall be as per SBA’s Distributor
Price List then currently in effect from time to time during the Term. The price list in effect as at the date hereof is set forth
in Schedule 2.

 

(a)
All prices are exclusive of all sales, use and excise taxes, and any other similar taxes, duties,
and charges of any kind imposed by any governmental authority on any amounts payable by Distributor under this Agreement.

 

(b)
Distributor is responsible for all charges, costs, and taxes; provided, that, Distributor is not
responsible for any taxes imposed on, or regarding, SBA’s income, revenues, gross receipts, personnel or real or personal
property or other assets.

 

(c)
Distributor shall pay interest on all late payments, calculated daily and compounded monthly,
at the lesser of the rate of 11⁄2% per month or the highest rate permissible under applicable law.

 

(d)
Distributor shall perform its obligations under this Agreement without setoff, deduction, recoupment,
or withholding of any kind for amounts owed or payable by SBA, whether relating to SBA’s or SBA’s affiliates’
breach, bankruptcy, or otherwise and whether under this Agreement, any purchase order, any other agreement between (i) Distributor
or any of its affiliates and (ii) SBA or any of its affiliates, or otherwise.

 

3.3
Payment Terms. Distributor shall pay all properly invoiced amounts due to SBA within a
maximum of 60 days from date of invoice. Distributor shall make all payments in US dollars by check, wire transfer, or automated
clearing house. 

 

3.4
Availability/Changes in Goods. SBA may, in its sole discretion, add or make changes to
Goods in, or remove Goods from, Schedule 1 on 90 days prior notice to Distributor, in each case, without obligation to modify
or change any Goods previously delivered or to supply new goods meeting earlier specifications.

 

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	Distribution Agreement
	 	 
	September 2020
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4. Orders
Procedure.

 

4.1
Purchase Orders. Distributor shall issue all purchase orders (“Purchase Order(s)”)
to SBA in written form via SBA’s web-based order system – “Solentris”. SBA will provide all necessary
training to facilitate this easy to operate process. By placing an order, Distributor makes an offer to purchase Goods under the
terms and conditions of this Agreement and the following commercial terms listed in the purchase order (“Purchase Order
Transaction Terms”), and on no other terms: (a) the listed Goods to be purchased, including make/model number; (b) the
quantities ordered; and (c) the requested delivery date. Except regarding the Purchase Order Transaction Terms, any variations
made to the terms and conditions of this Agreement by Distributor in any Purchase Order are void and have no effect. 

 

4.2
Acceptance and Rejection of Purchase Orders. SBA may, in its sole discretion, accept or
reject any Purchase Order. SBA will notify Distributor that PO’s placed by the online Solentris portal have been accepted
or rejected within 10 working days of the order being placed. No Purchase Order is binding on SBA unless accepted by SBA as provided
in this Agreement. SBA may, in agreement with Distributor, without liability or penalty, cancel any Purchase Order placed by Distributor
and accepted by SBA, in whole or in part: if SBA discontinues its sale of Goods or reduces or allocates its inventory of Goods
under Section 3.4; if SBA determines that Distributor is in violation of its payment obligations under or is in material breach
of this Agreement. 

 

5.
Minimum
Purchase Obligation. Distributor
shall target to purchase sufficient quantities (as attached in Schedule 4) of Goods to meet the minimum agreed targets throughout
the life of this Agreement and as specified in Schedule 1 (“Minimum Target Obligation”). SBA may monitor progress
towards the purchase obligation as deemed necessary in accordance with the audit procedures set out in Section 15. If Distributor
fails to achieve the Minimum Purchase Obligation, SBA may enter a
consultation period with Distributor to improve the situation, and if no improvement is evidenced within a period of one year
then SBA will have the right to either:

 

(a)
terminate this Agreement under Section 8.2(a); or

 

(b)
refuse to renew this Agreement under Section 8.1.

 

6.
Shipment
and Delivery.

 

6.1
Shipment and Delivery Requirements. Unless otherwise expressly agreed to by the Parties,
SBA shall deliver the Goods to the Delivery Point, using SBA’s standard methods for packaging and shipping the Goods. SBA
may, in agreement with Distributor, without liability or penalty, make partial shipments of Goods, each of which constitutes a
separate sale, and Distributor shall pay for the units shipped in accordance with the payment terms specified in Section 3.3 whether
such shipment is in whole or partial fulfillment of a Purchase Order. Any time quoted for delivery is an estimate only. All Prices
are based on Intercoms 2010 and are FCA at the DSV Logistics Centre in Ghent, Belgium FOB
SBA’s shipping point in Xiamen, China or, in respect of tennis balls only, Bangkok in Thailand.

 

    	Slinger Bag Americas Inc Dunlop / Sumitomo
		 
	Distribution Agreement
	 	 
	September 2020
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6.2
Title and Risk of Loss; Purchase Money Security Interest. Title and risk of loss passes
to Distributor upon delivery of the Goods at SBA’s shipping point. As collateral security for the payment of the purchase
price of the Goods, Distributor hereby pledges and grants to SBA, a lien on and security interest in and to all of the right,
title and interest of Distributor in, to, and under the Goods, wherever located, and whether now existing or hereafter arising
or acquired from time to time, and in all accessions thereto and replacements or modifications thereof, as well as all proceeds
(including insurance proceeds) of the foregoing. The security interest granted under this provision constitutes a purchase money
security interest under the Maryland Uniform Commercial Code. 

 

6.3
Acceptance of Goods. Distributor shall inspect Goods received under this Agreement. On
the seventh working day after delivery of the Goods, Distributor shall be deemed to have accepted the Goods unless it earlier
notifies SBA in writing and furnishes written evidence or other documentation as reasonably required by SBA that the Goods:

 

(a)
are damaged, defective, or otherwise do not conform to the make/model number listed in the applicable
purchase order; or 

 

(b)
were delivered to Distributor as a result of SBA’s error.

 

If
Distributor notifies SBA pursuant to this Section 6.3, then SBA shall determine, in its sole discretion, whether to replace the
Goods or refund the price for the Goods.

 

From
time to time Distributor will advise SBA of its intent to return damaged goods. Distributor shall ship at Distributor’s
expense and risk of loss, all goods to be returned, or replaced under this Section 6.3 to an SBA’s facility advised by SBA
at that time. If SBA exercises its option to replace the Goods, SBA shall, after receiving Distributor’s shipment of the
Goods under this provision, ship to Distributor, at either vendor’s or SBA’s expense and risk of loss, the replaced
Goods to Distributor’s warehouse. Distributor acknowledges and agrees that the remedies set out in this Section 6.3 are
its exclusive remedies, subject to Distributor’s rights under Section 11 regarding any Goods for which Distributor has accepted
delivery under this Section 6.3.

 

Except
as provided under this Section 6.3 and Section 12, all sales of Goods to Distributor under this Agreement are made on a one-way
basis and Distributor has no other right to return Goods purchased under this Agreement.

 

7.
Resale
Prices. The list of goods
in Schedule 1 sets out SBA’s suggested resale prices for the Goods. These are suggested prices, agreed with Distributor
and that SBA and Distributor believe accurately reflect the relative market for the Goods based on features, technology, and comparative
competitive products. 

 

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	Distribution Agreement
	 	 
	September 2020
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8.
Term;
Termination.

 

8.1
Term. The term of this Agreement commences on the Effective Date and terminates on 31/12/2025,
and shall thereafter renew for additional successive 5 year terms unless and until either Party provides notice of nonrenewal
at least 90 days before the end of the then-current term, or unless and until earlier terminated as provided under this Agreement
or applicable law (the “Term”). If either Party provides timely notice of its intent not to renew this Agreement,
then unless earlier terminated in accordance with its terms, this Agreement terminates on the expiration of the then-current Term.

 

8.2
Termination Rights. Either Party may terminate this Agreement (including all related purchase
orders pursuant to Section 8.3(a)), upon notice to the other Party:

 

(a)
except as otherwise specifically provided under this Section 8.2, if the other Party is in breach
of this Agreement and either the breach cannot be cured or, if the breach can be cured, it is not cured within 30 days following
the other Party’s receipt of notice of such breach;

 

(b)
if the other Party:

 

(i)
becomes insolvent or is generally unable to pay, or fails to pay, its debts as they become due;

 

(ii)
files or has filed against it, a petition for voluntary or involuntary bankruptcy or otherwise
becomes subject, voluntarily or involuntarily, to any proceeding under any domestic or foreign bankruptcy or insolvency law;

 

(iii)
seeks reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition
or other relief with respect to it or its debts;

 

(iv)
makes or seeks to make a general assignment for the benefit of its creditors; or

 

(v)
applies for or has a receiver, trustee, custodian or similar agent appointed by order of any court
of competent jurisdiction to take charge of or sell any material portion of its property or business.

 

Any
termination under this Section 8.2 is effective on receipt of notice of termination.

 

8.3
Effect of Expiration or Termination. Upon the expiration or earlier termination of this
Agreement:

 

(a)
All related purchase orders are automatically terminated; and

 

(b)
Each Party shall promptly return or destroy all documents and tangible materials (and any copies)
containing, reflecting, incorporating or based on the other Party’s Confidential Information.

 

8.4
Post-Term Resale. On the expiration or earlier termination of this Agreement, except for
termination by SBA under Section 8.2(a), Distributor may, in accordance with the applicable terms and conditions of this Agreement,
sell off its existing inventories of Goods for a period of 6 months following the last day of the Term (“Post-Term Resale
Period”).

 

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	Distribution Agreement
	 	 
	September 2020
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9.
Confidential
Information. From time
to time during the Term, either Party may disclose or make available to the other Party information about its business affairs,
products, confidential intellectual property, trade secrets, third-party confidential information, and other sensitive or proprietary
information (collectively, “Confidential Information”). Confidential Information shall not include information
that, at the time of disclosure is: (a) in the public domain; (b) known to the receiving party at the time of disclosure; or (c)
rightfully obtained by receiving party on a non-confidential basis from a third party. 

 

The
receiving party shall not disclose any such Confidential Information to any person or entity, except to the receiving party’s
employees who have a need to know the Confidential Information for the receiving party to perform its obligations hereunder. On
the expiration or termination of the Agreement, the receiving party shall promptly return to the disclosing party all copies,
whether in written, electronic or other form or media, of the disclosing party’s Confidential Information, or destroy all
such copies and certify in writing to the disclosing party that such Confidential Information has been destroyed.

 

10.
Compliance with Laws.
Distributor is in compliance with and shall comply with all applicable laws, regulations and ordinances. Distributor has and shall
maintain in effect all the licenses, permissions, authorizations, consents and permits that it needs to carry out its obligations
under this Agreement.

 

11.
Limited
Product Warranty and Disclaimer

 

11.1
Limited Product Warranty. SBA warrants that the Goods will meet the specifications set
forth in Schedule 3, are free from defects in material and workmanship under normal use and service with proper maintenance for
24 months or, if extended in accordance with the terms of the warranty, 36 months. The term for such warranties shall begin upon
receipt of the Good by Distributor’s customer. Distributor or its customer shall promptly notify SBA of any known warranty
claims and shall cooperate in the investigation of such claims. If any Good is proven to not conform with this warranty during
the applicable warranty period, SBA shall, at its exclusive option, replace the Good or refund the purchase price paid by Distributor
for each non-conforming Good.

 

SBA
shall have no obligation under the warranty set forth above if Distributor or its customer:

 

(a)
fails to notify SBA in writing during the warranty period of a non-conformity; or

 

(b)
uses, misuses, or neglects the Good in a manner inconsistent with the Good’s specifications
or use or maintenance directions, modifies the Good, or improperly installs, handles or maintains the Good.

 

Except
as explicitly authorized in this Agreement or in a separate written agreement with SBA, Distributor shall not service, repair,
modify, alter, replace, reverse engineer or otherwise change the Goods it sells to its customers. Distributor shall not provide
its own warranty regarding any Good.

 

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	Distribution Agreement
	 	 
	September 2020
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11.2
DISCLAIMER. EXCEPT FOR THE WARRANTIES SET OUT UNDER THIS SECTION 11, NEITHER SBA NOR ANY
PERSON ON SBA’S BEHALF HAS MADE OR MAKES FOR DISTRIBUTOR’S OR ITS CUSTOMERS’ BENEFIT ANY EXPRESS OR IMPLIED
REPRESENTATION OR WARRANTY WHATSOEVER, INCLUDING ANY WARRANTIES OF: (i) MERCHANTABILITY; (ii) FITNESS FOR A PARTICULAR PURPOSE;
(iii) TITLE; OR (iv) NON-INFRINGEMENT; WHETHER ARISING BY LAW, COURSE OF DEALING, COURSE OF PERFORMANCE, USAGE OF TRADE OR OTHERWISE,
ALL OF WHICH ARE EXPRESSLY DISCLAIMED. DISTRIBUTOR ACKNOWLEDGES THAT IT HAS NOT RELIED ON ANY REPRESENTATION OR WARRANTY MADE
BY SBA, OR ANY OTHER PERSON ON SBA’S BEHALF.

 

12.
Indemnification.
Subject to the terms and conditions of this Agreement, Distributor shall indemnify, hold harmless, and defend SBA and its parent,
officers, directors, partners, members, shareholders, employees, agents, affiliates, successors, and permitted assigns (collectively,
“Indemnified Party”) against any and all losses, damages, liabilities, deficiencies, claims, actions, judgments,
settlements, interest, awards, penalties, fines, costs, or expenses of whatever kind, including attorneys’ fees, fees and
the costs of enforcing any right to indemnification under this Agreement, and the cost of pursuing any insurance providers relating
to any claim of a third party or SBA arising out of or occurring in connection with: (a) Distributor’s acts or omissions
as Distributor of the Goods, including negligence, willful misconduct or breach of this Agreement; (b) Distributor’s advertising
or representations that warrant performance of Goods beyond that provided by SBA’s written warranty or based upon Distributor’s
business or trade practices; (c) any failure by Distributor or its personnel to comply with any applicable laws; or (d) allegations
that Distributor breached its agreement with a third party as a result of or in connection with entering into, performing under
or terminating this Agreement. 

 

13.
Limitation of Liability.
IN NO EVENT SHALL SBA OR ANY OF ITS REPRESENTATIVES BE LIABLE UNDER THIS AGREEMENT TO DISTRIBUTOR OR ANY THIRD PARTY FOR CONS/EQUENTIAL,
INDIRECT, INCIDENTAL, SPECIAL, EXEMPLARY, PUNITIVE OR ENHANCED DAMAGES, ARISING OUT OF, OR RELATING TO, AND/OR IN CONNECTION WITH
ANY BREACH OF THIS AGREEMENT, REGARDLESS OF (A) WHETHER SUCH DAMAGES WERE FORESEEABLE, (B) WHETHER OR NOT SBA WAS ADVISED OF THE
POSSIBILITY OF SUCH DAMAGES AND (C) THE LEGAL OR EQUITABLE THEORY (CONTRACT, TORT OR OTHERWISE) UPON WHICH THE CLAIM IS BASED.
IN NO EVENT SHALL SBA’S LIABILITY ARISING OUT OF OR RELATED TO THIS AGREEMENT, WHETHER ARISING OUT OF OR RELATED TO BREACH
OF CONTRACT, TORT (INCLUDING NEGLIGENCE), OR OTHERWISE, EXCEED THE TOTAL OF THE AMOUNTS PAID AND AMOUNTS ACCRUED BUT NOT YET PAID
TO SBA UNDER THIS AGREEMENT IN THE 12 MONTH PERIOD PRECEDING THE EVENT GIVING RISE TO THE CLAIM. THE FOREGOING LIMITATIONS APPLY
EVEN IF THE DISTRIBUTOR’S REMEDIES UNDER THIS AGREEMENT FAIL OF THEIR ESSENTIAL PURPOSE.

 

14.
Insurance.
For the Term and a period of 12 months after the expiration or termination of this Agreement, Distributor shall, at its own expense,
maintain and carry insurance in full force and effect that includes, but is not limited to, commercial general liability (including
product liability) with a minimum of US Dollars $2 million for each occurrence and US Dollars $6million in the aggregate with
financially sound and reputable insurers. Upon SBA’s request, Distributor shall provide SBA with a certificate of insurance
and policy endorsements for all insurance coverage required by this Section 14 and shall not do anything to invalidate such insurance.
The certificate of insurance shall name SBA as an additional insured. Distributor shall provide SBA with 60 days’ advance
written notice in the event of a cancellation or material change in SBA’s insurance policy. Except where prohibited by law,
Distributor shall require its insurer to waive all rights of subrogation against SBA’s insurers and SBA or the Indemnified
Parties. 

 

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	Distribution Agreement
	 	 
	September 2020
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15.
Audit
Rights. Upon a minimum
of 14 days’ notice, during the Term and within one year after the expiration or earlier termination of this Agreement or
the Post-term Resale Period, whichever is later, SBA may audit Distributor’s files relating to its sales, marketing, and
inventory of Goods regarding transactions that took place in the immediately preceding 12 months. SBA may conduct any audit under
this Section 15 at any time during regular business hours and no more frequently than semi-annually.

 

16.
SBA’s
Inspection Rights. During
the Term and the Post-term Resale Period Distributor shall, on 10 working days’ notice, make available for physical inspection
by SBA at any time during regular business hours: (a) any and all Goods in Distributor’s inventory; and (b) the Distributor’s
principal place of business, marketing offices, or the distribution center(s). Notwithstanding the foregoing, SBA cannot conduct
an inspection under this Section 16 more frequently than annually.

 

17.
Entire
Agreement. This Agreement,
including and together with any related exhibits, schedules, attachments and appendices, constitutes the sole and entire agreement
of the Parties with respect to the subject matter contained herein, and supersedes all prior and contemporaneous understandings,
agreements, representations and warranties, both written and oral, regarding such subject matter. In the event of conflict between
the terms of this Agreement and the terms of any purchase order or other document submitted by one Party to the other, this Agreement
shall control unless the Parties specifically otherwise agree in writing pursuant to Section 19.

 

18.
Survival.
Subject to the limitations and other provisions of this Agreement: (a) the , representations and warranties of the Parties contained
herein will survive the expiration or earlier termination of this Agreement for a period of 12 months after such expiration or
termination; and (b) Sections 8.3, 9, 11.2, 12, 13, 14, 27, and 28 of this Agreement, as well as any other provision that, in
order to give proper effect to its intent, should survive such expiration or termination, will survive the expiration or earlier
termination of this Agreement for the period specified therein, or if nothing is specified for a period of 12 months after such
expiration or termination. 

 

19.
Notices.
All notices, requests, consents, claims, demands, waivers and other communications under this Agreement must be in writing and
addressed to the other Party at its address set forth below (or to such other address that the receiving Party may designate from
time to time in accordance with this Section). Unless otherwise agreed herein, all notices must be delivered by personal delivery,
nationally recognized overnight courier, or certified or registered mail (in each case, return receipt requested, postage prepaid).
Except as otherwise provided in this Agreement, a notice is effective only (a) on receipt by the receiving Party, and (b) if the
Party giving the notice has complied with the requirements of this Section.

 

    	Slinger Bag Americas Inc Dunlop / Sumitomo
		 
	Distribution Agreement
	 	 
	September 2020
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	Notice
    to Distributor:	 
	 	Dunlop
    International Europe Ltd
	 	ESP
    131-133
	 	NL
    - 5633 AA Eindhoven
	 	The
    Netherlands
	 	 
	 	Attention:
	 	Title:
	 	Attention:
	 	Title:
	 	 
	Notice
    to SBA:	Slinger
    Bag Americas Inc
	 	 
	 	2709
    N Rolling Rd Unit 138,
	 	 
	 	Windsor
    Mill, 21244
	 	 
	 	Maryland
	 	 
	 	USA
	 	Attention:
    Chief Executive Officer

 

20.
Severability.
If any term or provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality,
or unenforceability shall not affect the enforceability of any other term or provision of this Agreement or invalidate or render
unenforceable such term or provision in any other jurisdiction. Upon a determination that any term or provision is invalid, illegal
or unenforceable, the court may modify this Agreement to effect the original intent of the Parties as closely as possible in order
that the transactions contemplated hereby be consummated as originally contemplated to the greatest extent possible.

 

21.
Amendments.
No amendment to this Agreement is effective unless it is in writing and signed by an authorized representative of each Party.

 

22.
Waiver.
No waiver by any Party of any of the provisions of this Agreement shall be effective unless explicitly set forth in writing and
signed by the party so waiving. Except as otherwise set forth in this Agreement, no failure to exercise, or delay in exercising,
any rights, remedy, power or privilege arising from this Agreement shall operate or be construed as a waiver thereof, nor shall
any single or partial exercise of any right, remedy, power, or privilege hereunder preclude any other or further exercise thereof
or the exercise of any other right, remedy, power, or privilege.

 

23.
Cumulative
Remedies. All rights and
remedies provided in this Agreement are cumulative and not exclusive, and the exercise by either Party of any right or remedy
does not preclude the exercise of any other rights or remedies that may now or subsequently be available at law, in equity, by
statute, in any other agreement between the Parties or otherwise. 

 

24.
Assignment.
Except as otherwise set forth in Section 1.2, neither Party may assign any of its rights or delegate any of its responsibilities
under this Agreement without the prior written consent of the other Party. The other Party shall not unreasonably withhold or
delay its consent. Any purported assignment or delegation in violation of Section 24 shall be null and void. 

 

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25.
Successors
and Assigns. This Agreement
is binding on and inures to the benefit of the Parties to this Agreement and their respective permitted successors and permitted
assigns. 

 

26.
No
Third-Party Beneficiaries.
Subject to the next paragraph, this Agreement benefits solely the Parties to this Agreement and their respective permitted successors
and permitted assigns and nothing in this Agreement, express or implied, confers on any other Person any legal or equitable right,
benefit, or remedy of any nature whatsoever under or by reason of this Agreement.

 

The
Parties hereby designate Indemnified Parties as third-party beneficiaries of Section 2 with the right to enforce Section 12 hereof.

 

27.
Choice
of Law. This Agreement,
including all exhibits, schedules, attachments, and appendices attached to this Agreement and thereto, and all matters arising
out of or relating to this Agreement, are governed by, and construed in accordance with, the laws of the State of Maryland, United
States of America, without regard to the conflict of law provisions thereof to the extent such principles or rules would require
or permit the application of the laws of any jurisdiction other than those of the State of Maryland

 

28.
Choice
of Forum. Each Party irrevocably
and unconditionally agrees that it will not commence any action, litigation or proceeding of any kind whatsoever against the other
Party in any way arising from or relating to this Agreement, including all exhibits, schedules, attachments, and appendices attached
to this Agreement, and all contemplated transactions, including contract, equity, tort, fraud, and statutory claims, in any forum
other than US District Court, District of Maryland or, if such court does not have subject matter jurisdiction, the courts of
the State of Maryland sitting in Baltimore, and any appellate court from any thereof. Each Party irrevocably and unconditionally
submits to the exclusive jurisdiction of such courts and agrees to bring any such action, litigation, or proceeding only in US
District Court , District of Maryland or, if such court does not have subject matter jurisdiction, the courts of the State of
Maryland sitting in Baltimore. Each Party agrees that a final judgment in any such action, litigation, or proceeding is conclusive
and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.

 

29.
Waiver
of Jury Trial. Each Party
acknowledges and agrees that any controversy that may arise under this Agreement, including exhibits, schedules, attachments,
and appendices attached to this Agreement, is likely to involve complicated and difficult issues and, therefore, each such Party
irrevocably and unconditionally waives any right it may have to a trial by jury in respect of any legal action arising out of
or relating to this Agreement, including any exhibits, schedules, attachments, or appendices attached to this Agreement, or the
transactions contemplated hereby.

 

30.
Counterparts.
This Agreement may be executed in counterparts, each of which is deemed an original, but all of which together are deemed to be
one and the same agreement. Notwithstanding anything to the contrary in Section 19, a signed copy of this Agreement delivered
by facsimile, email or other means of electronic transmission is deemed to have the same legal effect as delivery of an original
signed copy of this Agreement.

 

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31.
Force
Majeure. Any delay or
failure of either Party to perform its obligations under this Agreement will be excused to the extent that the delay or failure
was caused directly by an event beyond such Party’s reasonable control, without such Party’s fault or negligence and
that by its nature could not have been foreseen by such Party or, if it could have been foreseen, was unavoidable (which events
may include natural disasters, pandemics, covid-19, embargoes, explosions, riots, wars or acts of terrorism) (each, a “Force
Majeure Event”). A Party shall give the other Party prompt written notice of any event or circumstance that is reasonably
likely to result in a Force Majeure Event, and the anticipated duration of such Force Majeure Event. An affected Party shall use
all diligent efforts to end the Force Majeure Event, ensure that the effects of any Force Majeure Event are minimized and resume
full performance under this Agreement. Notwithstanding the above, no failure by Distributor to make payment of any amounts owed
under this Agreement is excused by reason of any Force Majeure Event.

 

32.
Relationship
of the Parties. The relationship
between the parties is that of independent contractors. Nothing contained in this Agreement shall be construed as creating any
agency, partnership, franchise, business opportunity, joint venture or other form of joint enterprise, employment or fiduciary
relationship between the parties, and neither party shall have authority to contract for or bind the other party in any manner
whatsoever.

 

[signature
page follows]

 

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IN
WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed as of the date first written above by their respective
officers thereunto duly authorized.

 

	 	Slinger Bag Americas Inc.
	 	 	 
	 	By	 
	 	 	Mike
    Ballardie
	 	 	Chief
    Executive Officer
	 	 	 
	 	Dunlop International Europe Ltd
	 	 	 
	 	By	 
	 	Name:	 
	 	Title:	Management
    Director Europe
	 	 	 
	 	Dunlop International Europe Ltd
	 	 	 
	 	By	 
	 	Name:	 
	 	Title:	Chief
    Operating Officer

 

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Schedule
1

 

GOODS,
TERRITORY AND PRICE LIST

 

	 	●	Products:
    Products bearing the Slinger® trademark including but not limited to tennis ball launcher devices, tennis ball launcher
    accessories, sports bags, tennis balls, tennis court accessories and other tennis related products marketed by Slinger®
	 	 	 
	 	●	Territory:
    Austria, Belgium, France, Germany, Italy, Luxembourg, Portugal, Spain and The Netherlands
	 	 	 
	 	●	Excluded
    Channels or Accounts:
	 	 	 
	 		3rd
    Party Re-sale Accounts: AMAZON, ALIBABA, E-BAY or any similar channel of distribution
    are expressly not allowed by Distributor or other distributors in order to ensure that the Slinger brand distribution strategy
    to NOT sell, distribute or market the Slinger brand through any 3rd party resellers of any type (whether specified
    in the above list or otherwise) and in any market is both maintained and adhered to at all times. For clarity, SBA itself
    has no intention of using such channels for distribution of Slinger products, but reserves the exclusive right to all such
    channels. In case SBA changes its position and uses these channels for distribution of Slinger products, then the Minimum
    Purchase Obligation will be reviewed and potentially corrected / compensated based on the impact realized from sales through
    such channels.
	 	 	 
	 	●	European
    Market Prices (as at date of execution) – see schedule 2
	 	 	 
	 	●	Minimum
    Purchase Obligation: A cumulative total target of 120,000 units of Slinger Tennis Ball Launchers as per Schedule 4
	 	 	 
	 	●	Shipping
    (INCOTERMS) Terms:
	 	 	 
	 	 	Slinger
    Equipment: FCA at the DSV Logistics Centre in Ghent, Belgium or FOB Xiamen, China
	 	 	 
	 	 	Slinger
    Tennis Balls: FOB Bangkok, Thailand. All prices are based in US$ (United States Dollars)
	 	 	 
	 	●	Payment
    Terms: Payment terms are set as being within a maximum of 60 days from the date of the invoice.
	 	 	 
	 	●	Payment
    Instructions: Distributor shall make all payments in US Dollars by wire transfer or automated clearing house, in accordance
    with the following banking / wire instructions:

 

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Schedule
2

 

THE
AGREED PRICING MATRIX FOR SLINGER® PRODUCTS FOR SALE IN THE EUROPEAN MARKET BY DISTRIBUTOR AS OF DATE OF EXECUTION
IS LISTED BELOW

 

 

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Schedule
3

 

CERTIFICATION
LISTING

 

The
following product certificates document the product certification and qualification for Slinger products to be distributed across
the Territory 

 

 

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Schedule
4

 

VOLUME
Phasing per year

 

 

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Schedule
4

 

VOLUME
TARGET per Country

 

 

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Schedule
5

 

SLINGER
BAG EU WARRANTY POLICY

 

Slinger®
Launcher, Oscillator, Telescopic Ball Collector Tube and Cell Phone Holder Limited Warranty

 

Slinger®
Bag Americas Inc. (“Slinger Bag”) extends the following limited warranty, which applies only to regular use of the
Slinger Launcher (as described in more detail below) for the purposes of practicing or teaching Tennis (the “Limited Warranty”).
Any other use of the Slinger Launcher shall void this Limited Warranty.

 

During
the applicable Limited Warranty periods described below, the covered components of the Slinger Launcher will be free of defects
or malfunctions during normal use. Certain exclusions apply, as further described in this Limited Warranty.

 

The
Limited Warranty applies for the following components of the Slinger Launcher only and for the time period indicated:

 

Slinger
Trolley Bag including all zippers – 24 Months.

 

Slinger
Bag warrants the Slinger Trolley Bag, including the trolley handle, trolley wheels, trolley bag material and all zippers (but
excluding zipper pullers) against defects in workmanship and materials for a period of 24 months from the date of original delivery.

 

Slinger
Launcher Components – 24 Months.

 

Slinger
Bag warrants the components and all original parts of the Slinger Launcher other than tennis balls, including its motors, feeder
tray, fly wheel, metal shute, firing mechanism, control panel, elevation knob, phone charger cable and Lithium Ion Battery against
defects in workmanship and materials for a period of 24 months from the date of original delivery.

 

Slinger
Oscillator Components – 24 Months.

 

Slinger
Bag warrants the Slinger Oscillator, including outer plastic casing, internal motor and external connector cable against defects
in workmanship and materials for a period of 24 months from the date of original delivery.

 

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Slinger
Telescopic Ball Collector Tube Components – 24 Months.

 

Slinger
Bag warrants the Slinger telescopic Ball Collector Tube, including all plastic casing and parts, against defects in workmanship
and materials for a period of 24 months from the date of original delivery.

 

Slinger
Cell phone Holder Components – 24 Months.

 

Slinger
Bag warrants the Slinger Cell Phone Holder, including outer plastic casing, and expandable phone holder clip against defects in
workmanship and materials for a period of 24 months from the date of original delivery.

 

Note:
Tennis balls, of any kind, are not included under any provisions of this Limited Warranty.

 

It
is important that you maintain your Slinger Launcher through regular inspections and maintenance, as described in the Slinger
Bag User Guide that came with your Slinger Launcher.

 

Note:
Please ensure that any inspection or maintenance is always carried out only when the motor is switched to the OFF position. 

 

Notwithstanding
anything to the contrary herein or for the avoidance of doubt, it is agreed that the Limited Warranty applies only against defects
discovered within the applicable Limited Warranty period and only so long as the Slinger Launcher remains in the possession of
the original purchaser.

 

Other
Exclusions and Limitations

 

Who
is covered?

 

	 	●	The
    original owner of the Slinger Launcher, Oscillator, Collector Tube and Cell Phone Holder. The Slinger Launcher, Oscillator,
    Collector Tube and Cell Phone Holder must remain in the possession of the original purchaser for the warranty to remain valid.
    This Limited Warranty is not transferable.

 

What
is covered?

 

	 	●	If
    a defect arises in the Slinger Launcher, Oscillator, Collector Tube or Cell Phone Holder or any warranted component within
    the applicable Limited Warranty period, the purchaser’s sole and exclusive remedy is for Slinger Bag to, at Slinger
    Bag’s discretion to the extent permitted by law, either replace or repair the defective or malfunctioning Slinger Launcher,
    Oscillator, Collector Tube or Cell Phone or component with the same or a comparable model.
	 	 	 
	 	●	Any
    replacement or repaired component shall be warranted for the remainder of the original Limited Warranty period or 30 days,
    whichever is longer, or for any additional period that is required by applicable law.

 

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What
is NOT covered?

 

	 	●	Normal
    wear and tear
	 	 	 
	 	●	Cosmetic
    damage (i.e., minor scratches, surface deformations or discoloration) including natural fading of colors 
	 	 	 
	 	●	Damage
    caused by exposure to inclement weather
	 	 	 
	 	●	Damage
    caused by rips, cuts and tears
	 	 	 
	 	●	Products
    treated with steaming devices or other heat treatments
	 	 	 
	 	●	Products
    with removed or defaced holograms or date codes
	 	 	 
	 	●	Products
    purchased from unauthorized dealers (including, without limitation, products purchased through (i) auction sites such as ebay
    or craigslist, (ii) unauthorized dealers selling via third party marketplaces such as amazon marketplace, or (iii) dealers
    selling altered, doctored or counterfeit products)
	 	 	 
	 	●	Counterfeit
    products
	 	 	 
	 	●	Products
    purchased “used”, “as-is”, “without warranty”;
	 	 	 
	 	●	Any
    other Slinger Bag products or services, non-Slinger Bag products, units that are, or that Slinger Bag reasonably believes
    to be, stolen, counterfeit, or purchased from an unauthorized distributor or reseller, units purchased outside of the user’s
    main market and units missing their serial number.
	 	 	 
	 	●	Damage
    or equipment failure due to normal wear and tear, improper or negligent use, maintenance, or attempted repair (other than
    that caused by a Slinger Bag authorized service technician), use of the Slinger Launcher, Oscillator, Collector Tube or Cell
    Phone with parts or accessories from third parties, or with parts or accessories not originally intended for or compatible
    with the Slinger Launcher, Oscillator, Collector Tube or Cell Phone or any use contrary to the instructions in the Slinger
    Bag User Guide.

 

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	 	●	Damage
    or equipment failure due to accident, abuse, improper or abnormal use, neglect, corrosion, discoloration of paint or plastic
    (or any other change in cosmetic appearance that does not affect performance), theft, vandalism, fire, flood, wind, lightning,
    freezing or other natural disasters or acts of God of any kind, electrical wiring, power reduction, power fluctuation or power
    failure from whatever cause, unusual atmospheric conditions, collision, introduction of foreign objects, or modifications
    that are unauthorized or not recommended by Slinger Bag.
	 	 	 
	 	●	Incidental
    or consequential damages. Slinger Bag is not responsible or liable for indirect, special, incidental or consequential damages,
    economic loss, loss of property or profits, loss of enjoyment or use, or other consequential damages of any nature whatsoever
    in connection with the purchase, use, repair or maintenance of equipment or parts. Slinger Bag does not provide monetary or
    other compensation for any such repairs or replacement parts costs, including but not limited to club membership fees, work
    time lost, cost of substitute equipment, diagnostic visits, maintenance visits or transportation.
	 	 	 
	 	●	Any
    attempt to repair Slinger Bag equipment creates a risk of injury and property damage. Slinger Bag is not responsible or liable
    for any damage or injury incurred during, or as a result of, any repair or attempted repair of equipment by anyone other than
    a Slinger Bag authorized service technician. All repairs attempted by you or your agents are undertaken AT YOUR OWN RISK and
    Slinger Bag will have no liability for any injury to persons or property arising from such attempted moves or repairs. 
	 	 	 
	 	●	Where
    permitted by law, replacement units, parts and electronic components reconditioned to as-new condition by Slinger Bag or its
    vendors may sometimes be supplied as warranty replacement and constitute fulfilment of warranty terms.

 

THIS
LIMITED WARRANTY IS THE EXCLUSIVE WARRANTY GIVEN BY SLINGER BAG AND SUPERSEDES ANY PRIOR, CONTRARY OR ADDITIONAL REPRESENTATIONS.
ALL OTHER WARRANTIES, EXPRESS OR IMPLIED, INCLUDING ANY STATUTORY WARRANTY OR CONDITION OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR
PURPOSE, ARE DISCLAIMED TO THE MAXIMUM EXTENT PERMITTED BY LAW. IN SUCH EVENT, SUCH WARRANTY IS LIMITED TO THE DURATION OF THE
WARRANTY PERIODS SET FORTH ABOVE. THIS EXCLUSION APPLIES EVEN IF THIS WARRANTY FAILS OF ITS ESSENTIAL PURPOSES AND REGARDLESS
OF WHETHER DAMAGES ARE SOUGHT FOR BREACH OF WARRANTY, BREACH OF CONTRACT, NEGLIGENCE, OR STRICT LIABILITY IN TORT OR UNDER ANY
OTHER LEGAL THEORY. SOME JURISDICTIONS DO NOT ALLOW THE EXCLUSION OR LIMITATION OF INCIDENTAL OR CONSEQUENTIAL DAMAGES, SO THE
ABOVE LIMITATION MAY NOT APPLY TO YOU. THIS LIMITED WARRANTY GIVES YOU SPECIFIC LEGAL RIGHTS, AND YOU MAY ALSO HAVE OTHER LEGAL
RIGHTS, WHICH VARY FROM STATE TO STATE.

 

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How
do I obtain an Extended Warranty Period of 3 (Three) years?

 

	 	●	To
    be eligible for an extended service under this Limited Warranty you must provide Slinger Bag with the serial number of your
    Slinger Launcher and proof of purchase indicating the date purchased by registering for your extended 3 (three) year warranty
    at www.slingerbag.com/warranty 
	 	 	 
	 	●	Any
    claims under this policy made must be made within the specified warranty period.

 

How
do I make a warranty claim?

 

Please
contact Slinger Warranty Support at www.slingerbag.com/support

 

How
long do I have to make a warranty claim?

 

Any
warranty claim must be made within 24 months of the date of the original delivery of the Slinger product in respect of which you
are making a claim.

 

What
if I have questions or concerns?

 

	 	●	You
    may direct any questions or concerns to www.slingerbag.com/support 

 

Attention:
Disputes in respect of Limited Warranty Claims

 

	 	●	Any
    disputes between you and Slinger Bag related to this Limited Warranty or the Slinger Launcher will be governed by the then-current
    dispute resolution procedures in Slinger Bag Terms of Service, available at www.slingerbag/termsofservice.

 

Third
Party Certifications

 

Any
mark, graphic or sticker applied to any Slinger Bag product indicating that such product is certified or compliant with the standard
of a particular third party governing body (i.e., RoHS or CB) shall only represent that the product was so certified at the time
of its manufacture and not at any later time. Slinger Bag is under no obligation to re-certify or re-gain compliance with any
standard of any third-party at any time.

 

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	24Document

Exhibit 10.1

IHS Markit Ltd.
Amended and Restated Non-Employee Director Equity Compensation Policy
1.Purpose of this Policy.
The Non-Employee Director Equity Compensation Policy (as amended and restated from time to time, this “Policy”) is established pursuant to Section 4.6 of the IHS Markit Ltd. 2014 Equity Incentive Award Plan (as amended from time to time, the “Plan”). Awards under this Policy shall be granted in accordance with the Plan, including Section 4.6 thereof, and shall constitute Non-Employee Director Awards. Unless defined in this Policy, capitalized terms shall have the same meanings ascribed to them in the Plan.
2.Effective Date; Eligibility.
(a)This Policy is effective as of December 1, 2019.
(b)Only Non-Employee Directors shall be eligible to participate in this Policy.
3.Awards and Cash Retainers.
(a)On the date of each annual general meeting of the Company’s shareholders (“Annual Meeting of Shareholders”), beginning with the 2020 Annual Meeting of Shareholders, each Non-Employee Director shall receive an Award consisting of Restricted Share Units (“RSUs”), the value of which is set by the Board, or the Nominating and Governance Committee of the Board (the “NGC”) or such other duly authorized committee of the Board, from time to time. The receipt of RSUs may be deferred until after termination of service in accordance with Section 4(a). On a date other than the Annual Meeting of Shareholders, the Board, the NGC or such other designated committee of the Board, may authorize the grant of an Award consisting of RSUs, the value of which is set by the Board, the NGC or such other designated committee of the Board.
(b)Each Non-Employee Director shall receive an annual cash retainer and applicable Committee Chair cash retainers, the value and timing of payment of which is set by the Board, or its designated committee, from time to time, (collectively “Cash Retainers”). Cash Retainers are payable in arrears on a quarterly calendar basis in equal installments, and Cash Retainers shall be prorated for any partial period of service, based upon the number of days of service as a Non-Employee Director during a given quarter. Cash Retainers may be converted into Deferred Share Units (“DSUs”) in accordance with Section 4(b).
(c)Subject to prior approval of the NGC, any Non-Employee Director may waive in writing any entitlement to any or all RSUs, DSUs and Cash Retainers under this Policy.
(d)Any Non-Employee Director who is elected to fill a vacancy or a newly created directorship in the interim shall receive, effective as of the date of such election, a prorated Award under Section 3(a) based upon the number of full months he or she shall serve as a Non-Employee Director between the month in which he or she is elected and the next Annual Meeting of Shareholders.
(e)All RSUs, DSUs and Cash Retainers under this Policy are subject to the terms and conditions set forth in Section 4.
(f)Each RSU or DSU grant under this Policy shall be evidenced by an Award Agreement in the form or forms of Award Agreement approved by the Board or the NGC. For the avoidance of doubt, the Board or the NGC will have the power and authority to adopt the form of Award Agreement for grants of RSUs and DSUs.
(g)For purposes of this Policy, Fair Market Value (“FMV”) means,  if the Common Shares are listed on any (i) established securities exchange (such as the New York Stock Exchange, the NASDAQ Global Market and the NASDAQ Global Select Market),(ii) national market system or 

    

(iii) automated quotation system on which the Common Shares are listed, quoted or traded, the FMV of a Common Share based on the 10-day average closing share price leading up to and including the grant date, as quoted on such exchange or system for such date. If the Common Shares are not listed on an established securities exchange, national market system or automated quotation system, but the Common Shares are regularly quoted by a recognized securities dealer, FMV shall mean Fair Market Value as defined in Section 2.28(b) of the Plan. If the Common Shares are neither listed on an established securities exchange, national market system or automated quotation system nor regularly quoted by a recognized securities dealer, FMV shall mean Fair Market Value as defined in Section 2.28(c) of the Plan. 

4.Terms and Conditions of Awards.
(a)RSUs.
i.Each RSU granted under Section 3(a) shall represent a Non-Employee Director’s right to receive one Share, with the FMV of each underlying Share to be calculated in accordance with the FMV as defined in this Policy, and which right shall be unvested and forfeitable until the earlier to occur of:
(1)the date of the first Annual Meeting of Shareholders occurring in the fiscal year immediately following the grant date and (ii) the first anniversary of the grant date (in either case, the “RSU Vesting Date”), unless the Board expressly determines otherwise. In the event of the Non- Employee Director’s death or Disability, the RSU Vesting Date will be 10 days following the Termination of Service due to death or Disability. If a Non-Employee Director terminates his or her service as such prior to the RSU Vesting Date for reasons other than death or Disability, then (1) his or her RSUs shall be forfeited without any payment therefor unless the Board, the NGC or such other designated committee of the Board, expressly determines otherwise, and
(2) for purposes of Section 3.1(b) of the Plan, the Shares underlying such RSUs shall again be available for issuance under the Plan.
ii.The Shares underlying such Non-Employee Director’s RSUs shall be delivered to him or her on the RSU Vesting Date, unless the Non-Employee Director elects to defer delivery of the Shares to 10 days after his or her Termination of Service (the “Deferred RSU Delivery Date”) by exercising such election as specified by the Company and in compliance with Section 409A of the Code and any other regulation that may govern deferred compensation. Following the RSU Vesting Date, any deferred RSUs held by the Non-Employee Director shall be counted toward the then current share ownership guidelines for the Non-Employee Directors adopted by the Board.
iii.RSUs shall carry no voting rights.
iv.In the event dividends are paid on shares during the period from the grant date through the RSU Delivery Date or the Deferred RSU Delivery Date, the Company shall credit the Non- Employee Director with Dividend Equivalents equal to the dividends the Non-Employee Director would have received if he or she had been the actual record owner of the underlying Shares on each dividend record date. If a dividend on the Shares is payable wholly or partially in Shares, the Dividend Equivalent representing that portion shall be in the form of additional RSUs, credited on a one-for-one basis. If a dividend on the Shares is payable wholly or partially in cash, the Dividend Equivalent representing that portion shall also be in the form of cash, and the Holder shall be treated as being credited with any cash dividends, without earnings, until the RSU Delivery Date or Deferred RSU Delivery Date, as applicable. If a dividend on Shares is payable wholly or partially in a form other than cash or Shares, the Board, the NGC or such other designated committee of the Board, may, in its discretion, provide for such Dividend Equivalents with respect to that portion as it deems appropriate under the circumstances. Dividend Equivalents shall be subject to the same terms and conditions as the RSUs originally awarded pursuant to this Policy and the Plan, and they shall vest (or, if applicable, be forfeited) as if they had been granted at the same time as the original RSU award.

2

    

v.RSUs, and the Shares underlying such RSUs, may not be sold, transferred, pledged, assigned or otherwise alienated or hypothecated by a Non-Employee Director until the RSU Vesting Date or the Deferred RSU Delivery Date, as applicable; provided, however, that they shall be transferrable without the prior approval of the NGC to (1) a member of such Non- Employee Director’s immediate family (as defined in Rule 16a-1) under the Exchange Act; (2) to a trust in which one or more permitted transferees described in clause (1) in the aggregate have more than fifty percent (50%) of the beneficial interest and (3) a charitable foundation in which one or more of the permitted transferees described in clause (1) and such Non- Employee Director in the aggregate control the management of assets; provided, further that subject to the specific prior approval of the NGC (which approval shall include, for the avoidance of doubt, approval of any transferee), they shall be transferrable to any third party.
(b)DSUs.
(i)A Non-Employee Director may elect to convert his or her Cash Retainers into DSUs, of which the underlying Shares shall have, on the grant date, a FMV equal to the annual amount of such Awards, with the FMV of each underlying Share to be calculated in accordance with FMV as defined in this Policy; provided that such election is made as specified by the Company and in compliance with Section 409A of the Code and any other regulations that may govern deferred compensation. Each DSU shall represent such Non-Employee Director’s right to receive one Share, which right shall be fully vested and non-forfeitable. The grant date of the DSUs will be the day the Cash Retainer would otherwise be payable.
(ii)The Shares underlying a Non-Employee Director’s DSUs shall be delivered to him or her based on his or her deferral election on (i) the tenth (10th) day following his or her Termination of Service as a Non-Employee Director for any reason, including for death or Disability, or (ii) three years following the year in which the original Cash Retainers were earned, with the delivery date in the case of clause (ii) being the date of the Annual Meeting of Shareholders (either such date, the “DSU Delivery Date”). For example, a director may choose to receive DSUs granted in 2020 on the day of the 2023 Annual Meeting of Shareholders.
(iii)DSUs shall carry no voting rights.
(iv)In the event dividends are paid on shares during the period from the grant date through the DSU Delivery Date, the Company shall credit the Non-Employee Director with Dividend Equivalents equal to the dividends the Non-Employee Director would have received if he or she had been the actual record owner of the underlying Shares on each dividend record date. If a dividend on the Shares is payable wholly or partially in Shares, the Dividend Equivalent representing that portion shall be in the form of additional DSUs, credited on a one-for-one basis. If a dividend on the Shares is payable wholly or partially in cash, the Dividend Equivalent representing that portion shall also be in the form of cash, and the Holder shall be treated as being credited with any cash dividends, without earnings, until the DSU Delivery Date. If a dividend on Shares is payable wholly or partially in a form other than cash or Shares, the Board, the NGC or such other designated committee of the Board, may, in its discretion, provide for such Dividend Equivalents with respect to that portion as it deems appropriate under the circumstances. Dividend Equivalents shall be subject to the same terms and conditions as the DSUs originally awarded pursuant to this Policy and the Plan.
(v)DSUs, and the Shares underlying such DSUs, may not be sold, transferred, pledged, assigned or otherwise alienated or hypothecated by a Non-Employee Director until the DSU Delivery Date; provided, however, that they shall be transferrable without the prior approval of the NGC to (1) a member of such Non-Employee Director’s immediate family (as defined in Rule 16a-1) under the Exchange Act; (2) to a trust in which one or more permitted transferees described in clause (1) in the aggregate have more than fifty percent (50%) of the beneficial interest and (3) a charitable foundation in which one or more of the permitted transferees described in clause (1) and such Non-Employee Director in the aggregate control the management of assets; provided, further that subject 

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to the specific prior approval of the NGC (which approval shall include, for the avoidance of doubt, approval of any transferee), they shall be transferrable to any third party.
(c)Change in Control/Acceleration of Vesting.
(i)The provisions of Section 13.2 of the Plan shall apply to RSUs and DSUs and any Dividend Equivalents in the event of a Change in Control or other corporate event.
(ii)The delivery date of any Shares underlying RSUs and DSUs shall accelerate only if such acceleration is permitted under applicable law and any applicable regulations thereunder. If the acceleration of such delivery date is not so permitted, then on the tenth (10th) day following his or her Termination of Service as a Non-Employee Director of the Company (or its successor) for any reason, including for death or Disability, for each Share underlying RSUs or DSUs, as applicable, a Non-Employee Director shall receive the same per share consideration received by the Company’s shareholders for each Share in the acquisition (at which time such RSUs and/or DSUs shall automatically be cancelled).

(d)Other Terms and Conditions.
(i)Awards granted under this Policy are subject to the terms and provisions of the Plan, which is incorporated by reference. In the event of a conflict between the provisions of the Plan, this Policy, and the Award Agreement, the provisions of the Plan, this Policy and the Award Agreement will prevail, in that order.

5.Expense Reimbursements.
Each Non-Employee Director will be entitled to reimbursement for all reasonable and documented expenses incurred in the performance of his or her duties as a Non-Employee Director pursuant to the terms of any applicable Company expense reimbursement policy that is in effect from time to time. The Company shall provide Non-Employee Directors with an additional cash payment to account for any taxes incurred under applicable law with respect to any expense reimbursement provided pursuant to this Section 

6.Miscellaneous.
(a)Taxes. Except as provided in Section 5, the Company is not responsible for the tax consequences under federal, foreign, provincial, state or local law with respect to any Awards or Cash Retainers granted to any Non-Employee Director under this Policy or the Plan, as applicable. All payments under this Policy and the Plan are subject to withholding and reporting requirements to the extent required by applicable law. To the extent required by applicable law in effect at the time a distribution is made from the Plan, the Company or its agents shall have the right to withhold or deduct from any distributions or payments any taxes required to be withheld by federal, foreign, provincial, state or local governments.
(b)No Right to Nomination. Nothing contained in this Policy shall confer upon any Non-Employee Director the right to be nominated for re-election to the Board.
(c)Duration of This Plan. Unless terminated earlier, this Policy shall be coterminous with the Plan. After the Plan is terminated, no Awards may be granted, but any Award previously granted shall remain outstanding in accordance with the terms and conditions of this Policy, the Plan, and such Award’s Award Agreement.

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