Document:

Leatt Corp: Exhibit 10.10 - Filed by newsfilecorp.com

    

    
        
            

        

        

    

    

    
        
            

        

        

        
             

        

    

    

    
        

        Page 3 of 3

        (3) SECURITY INTEREST AND POWER OF ATTORNEY: The Insured assigns and hereby gives a security interest to AFCO as collateral for the total amount payable in this Agreement and any other past, present or future extension(s) of credit: (a) any and all unearned premiums or dividends which may become payable for any reason under all insurance policies financed by AFCO, (b) loss payments which reduce the unearned premiums, subject to any mortgagee or loss payee interests and (c) any interest in any state guarantee fund relating to any financed policy. If any circumstances exist in which all premiums related to any policy could become fully earned in the event of any loss, AFCO shall be named a loss-payee with respect to such policy. AFCO at its option may enforce payment of this debt without recourse to the security given to AFCO. The Insured irrevocably appoints AFCO as its attorney in fact with full authority to (i) cancel all insurance financed by AFCO for the reason set forth in paragraph 12, whether pursuant to this or any other agreement, (ii) receive all sums hereby assigned to AFCO and (iii) execute and deliver on the Insured's behalf all documents, instruments of payment, forms and notices of any kind relating to the insurance in furtherance of this Agreement.

        (4) WARRANTY OF ACCURACY: The Insured (i) warrants that all listed insurance policies have been issued to it and are in full force and effect and that it has not and will not assign any interest in the policies except for the interest of mortgagees and loss payees and (ii) authorizes AFCO to insert or correct on this Agreement, if omitted or incorrect, the insurer's name, the policy numbers, and the due date of the first installment and to correct any obvious errors. In the event of any such change, correction or insertion, AFCO will give the Insured written notice thereof.

        (5) REPRESENTATION OF SOLVENCY: The Insured represents that it is not insolvent or the subject of any insolvency proceeding.

        (6) ADDITIONAL PREMIUMS: The money paid by AFCO is only for the premium as determined at the time the insurance policy is issued. AFCO's payment shall not be applied by the insurance company to pay for any additional premiums owed by the Insured resulting from any type of misclassification of the risk. The Insured shall pay to the insurer any additional premiums or any other sums that become due for any reason. If AFCO assigns the same account number to any additional extension or extensions of credit, (i) this Agreement and any other agreement(s) identified by such account number shall be deemed to comprise a single and indivisible loan transaction, (ii) any default with respect to any component of such transaction shall be deemed a default with respect to all components of such transaction and (iii) any unearned premiums relating to any component of such transaction may be collected and applied by AFCO to the totality of such transaction.

        (7) SPECIAL INSURANCE POLICIES: If the insurance policy is auditable or is a reporting form policy or is subject to retrospective rating, then the Insured promises to pay to the insurance company the earned premium computed in accordance with the policy provisions which is in excess of the amount of premium advanced by AFCO which the insurance company retains.

        (8) NAMED INSURED: If the insurance policy provides that the first named insured in the policy shall be responsible for payment of premiums and shall act on behalf of all other insureds regarding the policy, then the same shall apply to this Agreement and the Insured represents that it is authorized to sign on behalf of all insureds. If not, then all insureds' names must be shown on this Agreement unless a separate agreement appoints an insured to act for the others.

        (9) AGENT'S WARRANTIES: To induce AFCO to accept this Agreement, the person executing this Agreement, if not the Insured, warrants severally and as the duly authorized agent of the Insured, that he is the duly authorized agent of the Insured, appointed specifically to enter into this transaction on the Insured's behalf and that he can perform any act the Insured could or should perform with respect to this transaction.

        (10) AGREEMENT BECOMES A CONTRACT: This Agreement becomes a binding contract when AFCO mails the Insured its acceptance and is not a contract until such time. The insured agrees that (i) this Agreement may be transmitted by facsimile, E-mail or other electronic means to AFCO, (ii) any such transmitted Agreement shall be deemed a fully enforceable duplicate original document and (iii) such Agreement, when accepted by AFCO, shall constitute a valid and enforceable contract.

        (11) DEFAULT AND DISHONORED CHECK CHARGES: If the Insured is late in making a loan payment to AFCO by 10 or more days, the Insured will pay to AFCO a default charge of 5% of the delinquent installment, but will be at least $1. If a check is dishonored, the Insured will pay a dishonored check fee not to exceed $15.

        (12) CANCELLATION: AFCO may cancel all insurance policies financed by AFCO after giving 10 days notice of its intent to do so and the full balance due to AFCO shall be immediately payable, if the Insured does not pay any installment according to the terms of this or any other agreement with AFCO. Payment of unearned premiums shall not be deemed to be payment of installments to AFCO, in full or in part.

        (13) AGREED RATE OF CHARGE: The rate of charge for a loan not exceeding $2,499.99 computed from the earliest effective date of the insurance coverage shall not exceed:

        (a) 2% per month on the part of the unpaid principal balance not exceeding $1,000; 1% per month of any remainder of such unpaid balance in excess of $1,000; or

        (b) 1.6% per month of the unpaid principal balance.

        All other rates of charge shall be agreed upon by the parties to the contract. All contracts shall be subject to a minimum charge of $25.00.

        (14) MONEY RECEIVED AFTER NOTICE OF CANCELLATION: Any payments made to AFCO after mailing of AFCO's Notice of Cancellation may be credited to the Insured's account without affecting the acceleration of this Agreement and without any liability or obligation to request reinstatement of a canceled policy. Any money AFCO receives from an insurance company shall be credited to the amount due AFCO with any surplus paid over to whomever is entitled to the money. No refund of less than $1.00 shall be made. In the event that AFCO requests, on the Insured's behalf, reinstatement of the policy, such request does not guarantee that coverage will be reinstated.

        (15) COLLECTION EXPENSE - ATTORNEY FEES: The Insured agrees to pay AFCO's collection expenses. If AFCO obtains a court judgment against the Insured, the Insured agrees to pay to AFCO court costs and reasonable attorney's fees as allowed by the court in the judgment.

        (16) REFUND CREDITS: The Insured will receive a (i) refund credit of part of the finance charge if it voluntarily prepays the outstanding debt in full before the last installment due date according to Section 18629 of the Financial Code and (ii) refund credit of part of the finance charge if the maturity of the loan is accelerated for any reason according to Section 18642 of the Financial Code. The methods for computing these refund credits are stated below.

        (a) Voluntary Prepayment - (i) If prepayment in full is made during the first three months and 15 days after the earliest insurance policy effective date as shown on the front of the contract, AFCO will compute a finance charge by multiplying the agreed rate of charge as stated at the end of this Agreement by the unpaid principal balances for the number of days from the earliest policy effective date to the date of prepayment in full. AFCO will apply each payment made by the Insured, first to finance charge and then to principal. AFCO will then subtract this actual finance charge from the finance charge shown in Box D of the contract to obtain the refund credit. (ii) If prepayment in full is made more than three months and 15 days after the earliest insurance policy effective date, the refund credit shall be computed by the Rule of 78s method.

        (b) Acceleration of Maturity - If payment of the unpaid balance of the loan to AFCO is accelerated for any reason, AFCO shall make the same refund or credit as would be required if this loan contract was paid in full on the date of acceleration. Paragraph 16(a) states the method of computing the refund or credit. The unpaid balance remaining after subtracting the refund or credit shall be treated as the unpaid principal balance. The Insured agrees to pay AFCO interest on the unpaid principal balance, computed at the agreed rate of charge stated at the end of this Agreement, until AFCO is actually paid in full, notwithstanding any cancellation of coverage. If AFCO issues a Notice of Cancellation, AFCO may recalculate the total finance charge payable pursuant to this Agreement, and the Insured agrees to pay interest, on the Amount Financed set forth herein, from the first effective date of coverage, at the highest lawful rate of interest.

        (17) INSURANCE AGENT OR BROKER: The insurance agent or broker named in this Agreement (the "Agent") is the Insured's agent, not AFCO's and AFCO is not legally bound by anything the agent or broker represents to the Insured orally or in writing. AFCO has not participated in the choice, placement, acquisition or underwriting of any financed insurance. Any disclosures made by the Agent are made in its capacity as the Insured's agent and AFCO makes no representations with respect to the accuracy of any such disclosures. Notwithstanding any breakdown of the Amount Financed by policy that the Agent may disclose, AFCO's security interest includes the totality of all gross unearned premiums in addition to any other collateral set forth in paragraph (3) and AFCO discloses only a single aggregate Amount Financed in Block C.

        (18) NOT A CONDITION OF OBTAINING INSURANCE: This Agreement is not required as a condition for obtaining insurance coverage.

        (19) SUCCESSORS AND ASSIGNS: All legal rights given to AFCO shall benefit AFCO's successors and assigns. The Insured will not assign this Agreement and/or the policies without AFCO's written consent except for the interest of mortgagees and loss payees.

        (20) LIMITATION OF LIABILITY - CLAIMS AGAINST AFCO: The Insured hereby irrevocably waives and releases AFCO from any claims, lawsuits and causes of action which may be related to any prior loans and/or to any act or failure to act prior to the time that this Agreement becomes a binding contract, pursuant to paragraph 10. AFCO's liability for breach of any of the terms of this agreement or the wrongful exercise of any of its powers shall be limited to the amount of the principal balance outstanding, except in the event of willful misconduct. Any claims against AFCO shall be litigated exclusively in the Supreme Court of the State of New York, County of New York.

        (21) DISCLOSURE: The insurance company or companies and their agents, any intermediaries and the insurance agent or broker named in this Agreement and their successors are authorized and directed to provide AFCO with full and complete information regarding all financed insurance policy or policies, including, without limitation, the status and calculation of unearned premiums.

        (22) ENTIRE DOCUMENT - GOVERNING LAW - ENFORCEMENT VENUE: This document is the entire agreement between AFCO and the Insured and can only be changed in a writing signed by both parties except as stated in paragraph (4). The laws of the state of California will govern this Agreement unless otherwise stated. AFCO may, at its option, prosecute any action to enforce its rights hereunder in the Supreme Court of the State of New York, County of New York, and the Insured (i) waives any objection to such venue and (ii) will honor any order issued by or judgment entered in such Court.

        (23) WAIVER OF SOVEREIGN IMMUNITY: The Insured hereby certifies that it is empowered to enter into this Agreement without any restrictions and that the individual signing it has been fully empowered to do so. To the extent that the Insured either possesses or claims sovereign immunity for any reason, such sovereign immunity is expressly waived and the Insured agrees to be subject to the jurisdiction of the laws and courts set forth in the preceding paragraphs.

        CPFA-2 (6/05) c. AFCO Acceptance Corp. 2005

    

    

    
        
            

        

        
            Aon Premium Finance LLC

            Quotation

            Leatt Corporation

            Aon Risk Services Central, Inc.  Philadelphia

            Judy Heffron

            	
                        The loan will be funded and serviced by: AFCO

                    	
                         

                    
	 	 
	
                        Installment Plan Payment Terms

                    	
                        15% down and 10 payments

                    
	
	

	
                        Total Cash Price

                    	
                        $133,820.75

                    
	 	 
	
                        Down Payment - due at contract signing

                    	
                        $20,073.00

                    
	 	 
	
                        Amount Financed

                    	
                        $113,747.75

                    
	 	 
	
                        Total Finance Charges

                    	
                        $2,596.55

                    
	 	 
	
                        Total of Payments

                    	
                        $116,344.30

                    
	 	 
	
                        Monthly Payment Amount

                    	
                        $11,634.43

                    
	 	 
	
                        Total Number of Monthly Payments

                    	
                        10

                    
	 	 
	
                        Payments are made in consecutive months

                    	
                         

                    
	 	 
	
                        APR

                    	
                        4.950 %

                    
	 	 
	
                        First Payment Due

                    	
                        June 01, 2020

                    

            Payments begin 30 days after effective date of policies unless otherwise stated or requested

            Benefits of Premium Finance at a Glance

            Investment opportunity and smarter use of capital

            An installment facility allows capital to be used more effectively as the cash that would have been utilized to pay the premiums can be re-invested back into the business.

            Cash Flow

            Premium Finance eases cash flow as the premiums can be paid in structured monthly installments, thus easing the burden on immediate cash flow.

            Alternate source of capital

            Other sources of capital such as lines of credit or notes can be preserved. Existing cash assets do not have to be liquidated to pay insurance premiums

            Ease of Use

            This is a pre approved line of credit with no up front arrangement fees, interest rates are fixed for the period of the loan and documentation is straight forward

            Earnings Disclosure
Approximately 0.795% of the Amount Financed and 50% of any late fees collected will be paid to Aon Premium Finance, LLC, (APF) a member of the Aon Group of Companies, for its services in connection with this premium finance proposal. The signed PFA shall signify consent to the compensation paid to APF.Leatt Corp: Exhibit 10.15 - Filed by newsfilecorp.com

    

    
         

        
            DIRECTOR AGREEMENT

            THIS AGREEMENT (The “Agreement”) is made as of the 8th day of July, 2015 and is by and between Leatt Corporation, a Nevada corporation (hereinafter referred to as the “Company”), and Dr. Christopher Leatt (hereinafter referred to as the “Director”).

            BACKGROUND

            Each of the Board of Directors of the Company and the Director desires to memorialize the role of the Director and to have the Director perform the duties required of such position in accordance with the terms and conditions of this Agreement.

            AGREEMENT

            NOW THEREFORE, in consideration for the above recited promises and the mutual promises contained herein, the adequacy and sufficiency of which are hereby acknowledged, the Company and the Director hereby agree as follows:

            1. DUTIES. The Company requires that the Director be available to perform the duties of a director customarily related to this function as may be determined and assigned by the Board of Directors of the Company and as may be required by the Company’s constituent instruments, including its certificate or articles of incorporation, bylaws and its corporate governance and board committee charters, each as amended or modified from time to time, and by applicable law, including by the Nevada Revised Statutes (the “NRS”). The Director agrees to devote as much time as is necessary to perform completely the duties as the Director of the Company, including duties as a member of any committees as the Director may hereafter be appointed to by the Board of Directors. The Director will perform such duties described herein in accordance with the general fiduciary duty of directors arising under the NRS. Such duties include, but are not limited to assisting the Company with the development of business and new business strategies relating to the objectives of the Company, participation in the Company’s investor relations activities including road shows and shareholder communication activities, and participation in corporate strategy decisions of the Company, and testify and represent the Company in any lawsuits related to the Company.

            2. TERM. The term of this Agreement shall commence as of the date hereof and shall continue until the Director’s removal or resignation.

            3. COMPENSATION. For all services to be rendered by the Director in any capacity hereunder, the Company agrees to pay the Director a base fee of $5000 (five thousand United States Dollars) per month.

            4. EXPENSES. In addition to the compensation provided in paragraph 3 hereof, the Company will reimburse the Director for pre- approved reasonable business related expenses incurred in good faith in the performance of the Director’s duties for the Company. Such payments shall be made by the Company upon submission by the Director of a signed statement itemizing the expenses incurred. Such statement shall be accompanied by sufficient documentary matter to support the expenditures.

        

    

    

    
        

        
            5. CONFIDENTIALITY. The Company and the Director each acknowledge that, in order for the intents and purposes of this Agreement to be accomplished, the Director shall necessarily be obtaining access to certain confidential information concerning the Company and its affairs, including, but not limited to business methods, information systems, financial data and strategic plans which are unique assets of the Company (“Confidential Information”). The Director covenants not to, either directly or indirectly, in any manner, utilize or disclose to any person, firm, corporation, association or other entity any Confidential Information.

            6. NON- COMPETE. During the term of this Agreement and for a period of twelve (12) months following the Director’s removal or resignation from the Board of Directors of the Company or any of its subsidiaries or affiliates (the “Restricted Period”), the Director shall not, directly or indirectly, (i) in any manner whatsoever engage in any capacity with any business competitive with the Company’s current lines of business or any business then engaged in by the Company, any of its subsidiaries or any of its affiliates (the “Company's Business”) for the Director’s own benefit or for the benefit of any person or entity other than the Company or any subsidiary or affiliate; or (ii) have any interest as owner, sole proprietor, shareholder, partner, lender, director, officer, manager, employee, consultant, agent or otherwise in any business competitive with the Company's Business; provided, however, that the Director may hold, directly or indirectly, solely as an investment, not more than two percent (2%) of the outstanding securities of any person or entity which are listed on any national securities exchange or regularly traded in the over- the-counter market notwithstanding the fact that such person or entity is engaged in a business competitive with the Company's Business. In addition, during the Restricted Period, the Director shall not develop any property for use in the Company’s Business on behalf of any person or entity other than the Company, its subsidiaries and affiliates.

            7. TERMINATION. With or without cause, the Company and the Director may each terminate this Agreement at any time upon 6 (six) months written notice, and the Company shall be obligated to pay to the Director the compensation and expenses due up to the date of the termination. Nothing contained herein or omitted herefrom shall prevent the shareholder(s) of the Company from removing the Director with immediate effect at any time for any reason.

            8. INDEMNIFICATION. The Company shall indemnify, defend and hold harmless the Director, to the full extent allowed by the law of the State of Nevada and as provided by, or granted pursuant to, any charter provision, bylaw provision, vote of stockholders or disinterested directors or otherwise, to action in the Director’s official capacity; provided, however, that, in accordance with the NRS and federal securities laws, such indemnification shall not apply where the Director engages in actions or omissions which involve intentional misconduct, fraud or knowing violation of law.

            9. NOTICE. Any and all notices referred to herein shall be sufficient if furnished in writing at the addresses specified on the signature page hereto or, if to the Company, to the Company’s address as specified in filings made by the Company with the U.S. Securities and Exchange Commission.

        

    

    

    
         

        
            10. GOVERNING LAW. This Agreement shall be interpreted in accordance with, and the rights of the parties hereto shall be determined by, the laws of the State of Nevada without reference to that state’s conflicts of laws principles.

            11. ASSIGNMENT. The rights and benefits of the Company under this Agreement shall be transferable, and all the covenants and agreements hereunder shall inure to the benefit of, and be enforceable by or against, its successors and assigns. The duties and obligations of the Director under this Agreement are personal and therefore the Director may not assign any right or duty under this Agreement without the prior written consent of the Company.

            12. GENERAL.

            a. SEVERABILITY. If any provision of this Agreement shall be declared invalid or illegal, for any reason whatsoever, then, notwithstanding such invalidity or illegality, the remaining terms and provisions of the this Agreement shall remain in full force and effect in the same manner as if the invalid or illegal provision had not been contained herein.

            b. EFFECT OF WAIVER. The waiver by either party of the breach of any provision of this Agreement shall not operate as or be construed as a waiver of any subsequent breach thereof.

            c. ARTICLE HEADINGS. The article headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.

            d. COUNTERPARTS. This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one instrument. Facsimile execution and delivery of this Agreement is legal, valid and binding for all purposes.

            e. ENTIRE AGREEMENT. Except as provided elsewhere herein, this Agreement sets forth the entire agreement of the parties with respect to its subject matter and supersedes all prior agreements, promises, covenants, arrangements, communications, representations or warranties, whether oral or written, by any officer, employee or representative of any party to this Agreement with respect to such subject matter.

            [Remainder of Page Left Blank Intentionally]

        

    

    

    
         

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

            LEATT CORPORATION

            By: /s/ Sean Macdonald                                                                         

            Name: Sean Macdonald

            Title: Chief Executive Officer

            DR. CHRISTOPHER LEATT

            /s/ Christopher Leatt                                                                               

        

        

    

    

    
         

        
            

            

        

    

    

    
        
            

        

        

    

    

    
        

        
            AMENDMENT NO. 3

            DIRECTOR AGREEMENT

            This AMENDMENT NO. 3 TO DIRECTOR AGREEMENT, effective as of January 1, 2018 (this "Third Amendment"), is by and between Leatt Corporation, a Nevada corporation (the "Company") and Dr. Christopher Leatt in his capacity as chairman and director on the Company's board of directors (the ''Director"). Each of the parties hereto are referred to as a "Party" and collectively as the "Parties." Capitalized terms used, but not otherwise defined, herein have the meanings ascribed to such terms in the Original Agreement (as defined below).

            BACKGROUND

            The Parties entered into a Director Agreement, dated as of July 8, 2015, pursuant to which, as amended, the Director agreed to serve as chairman and director on the Company's board of directors (the "Original Agreement"). The Parties now desire to enter into this First Amendment to the Original Agreement as more specifically set forth herein.

            AGREEMENT

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

            1. Amendment to Section 3(Compensation): Section 3 of the Original Agreement is deleted in its entirety and in lieu thereof the following provision is inserted:

            COMPENSATION. For all services to be rendered by the Director in any capacity hereunder, the Company agrees to pay the Director a base fee of Five Thousand Two Hundred and Fifty United States Dollars ($5,250.00) per month.

            2. Agreement. In all other respects, the Original Agreement shall remain in full force and effect.

            3. Counterparts. This Amendment may be executed in two or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.

            [SIGNATURE PAGE TO FOLLOW]

        

        

    

    

    
        
            IN WITNESS WHEREOF, the Parties have executed this Third Amendment to the Original Agreement as of the date first above written.

            

            Amendment No. 3 to Director Agreement

        

        

    

    

    
         

        
            AMENDMENT NO. 4

            DIRECTOR AGREEMENT

            This AMENDMENT NO. 4 TO DIRECTOR AGREEMENT, effective as of January 1, 2019 (this "Fourth Amendment"), is by and between Leatt Corporation, a Nevada corporation (the "Company") and Dr. Christopher Leatt in his capacity as chairman and director on the Company's board of directors (the ''Director"). Each of the parties hereto are referred to as a "Party" and collectively as the "Parties." Capitalized terms used, but not otherwise defined, herein have the meanings ascribed to such terms in the Original Agreement (as defined below).

            BACKGROUND

            The Parties entered into a Director Agreement, dated as of July 8, 2015, pursuant to which, as amended, the Director agreed to serve as chairman and director on the Company's board of directors (the "Original Agreement"). The Parties now desire to enter into this Fourth Amendment to the Original Agreement as more specifically set forth herein.

            AGREEMENT

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

            1. Amendment to Section 3(Compensation): Section 3 of the Original Agreement is deleted in its entirety and in lieu thereof the following provision is inserted:

            COMPENSATION. For all services to be rendered by the Director in any capacity hereunder, the Company agrees to pay the Director a base fee of Five Thousand Five Hundred United States Dollars ($5,500.00) per month.

            2. Agreement. In all other respects, the Original Agreement shall remain in full force and effect.

            3. Counterparts. This Amendment may be executed in two or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.

            [SIGNATURE PAGE TO FOLLOW]

        

    

    

    
        
            

        

        

    

    

    
         

        AMENDMENT NO. 4 OF DIRECTOR AGREEMENT

        

        This AMENDMENT NO. 4 TO DIRECTOR AGREEMENT, effective as of January 1, 2021 (this “Fourth Amendment”), is by and between Leatt Corporation, a Nevada corporation (the “Company”) and Dr. Christopher Leatt in his capacity as chairman and director on the Company’s board of directors (the “Director”). Each of the parties hereto are referred to as a “Party” and collectively as the “Parties.” Capitalized terms used, but not otherwise defined, herein have the meanings ascribed to such terms in the Original Agreement (as defined below).

        BACKGROUND

        The Parties entered into a Director Agreement, dated as of July 8, 2015, pursuant to which, as amended, the Director agreed to serve as chairman and director on the Company’s board of directors (the “Original Agreement”). The Parties now desire to enter into this Fourth Amendment to the Original Agreement as more specifically set forth herein.

        AGREEMENT

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

        1. Amendment to Section 3(Compensation): Section 3 of the Original Agreement is deleted in its entirety and in lieu thereof the following provision is inserted:

        COMPENSATION. For all services to be rendered by the Director in any capacity hereunder, the Company agrees to pay the Director a base fee of Five Thousand Seven Hundred and Ninety-One United States Dollars and Fifty cents ($5,791.50) per month.

        2. Agreement. In all other respects, the Original Agreement shall remain in full force and effect.

        3. Counterparts. This Amendment may be executed in two or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.

        1

    

    

    
         

        IN WITNESS WHEREOF, the Parties have executed this Fourth Amendment to the Original Agreement as of the date first above written.

        	 	
                    Company:

                	LEATT CORPORATION
	 	 	 	 
	 	 	By: 	 
	 	 	 	Sean Macdonald
	 	 	 	
                    Chief Executive Officer

                
	 	 	 
	 	 	
                    Address:

                    Leatt Corporation

                    12 Kiepersol Drive, Atlas Gardens

                    Contermanskloof Road

                    Durbanville, Western Cape

                    7441, South Africa

                
	 	 	 
	 	Director:	 
	 	 	 
	 	 	By:	
	 	 	 	Christopher Leatt
	 	 	 
	 	 	
                    Address:

                    c/o Leatt Corporation

                    12 Kiepersol Drive, Atlas Gardens 
Contermanskloof Road 
Durbanville, Western Cape 
7441, South Africa

                

         

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