Document:

Exhibit 10.3

 

RIGHT TO SHARES LETTER AGREEMENT

 

This Right to Shares Letter
Agreement, dated as of April 14, 2021 (this “Agreement”) constitutes an agreement between Sysorex, Inc., a Nevada corporation
(the “Company”) and Inpixon, a Nevada corporation (“Inpixon”). Any capitalized terms not defined
herein shall have the meaning set forth for such term in the Settlement Agreement (defined below).

 

WHEREAS, the Company
and Inpixon entered into that certain Securities Settlement Agreement, dated as of the date of this Agreement (the “Settlement
Agreement”), pursuant to which the Company agreed to issue an aggregate of Shares of the Company’s Common Stock, in exchange
for the satisfaction of the Indebtedness, including 12,972,190 Shares representing the Closing Shares and an additional 3,000,000 Shares
(the “Rights Shares”) underlying the Rights described in this Agreement; and

 

WHEREAS, subject
to the terms and conditions set forth herein, from time to time, the Company shall be obligated to issue and Inpixon shall have the right
to the issuance of the Rights Shares, subject to adjustment hereunder (such right of Inpixon, the “Right”).

 

NOW, THEREFORE,
in consideration of the mutual covenants contained herein, and intending to be legally bound, the parties hereto agree as follows:

 

Section 1. Definitions.
Capitalized terms used and not otherwise defined herein shall have the meanings set forth in the Settlement Agreement, as amended, modified
or supplemented from time to time in accordance with its terms.

 

Section 2. Issuance
of Rights Shares.

 

Section 2.1 Issuance
of Right in Lieu of Share Issuance. In lieu of issuing the Rights Shares to Inpixon at the Closing, the Company hereby grants
the Right to Inpixon. The Company and Inpixon hereby agree that no additional consideration is payable in connection with the issuance
of the Rights Shares. Inpixon acknowledges and agrees that the Company has no obligation to repay the Indebtedness to Inpixon, or any
assignee or successor to Inpixon.

 

Section 2.2 Right
of Issuance of Shares. Subject to the terms hereof, the exercise of the Right may be made, in whole or in part, at any time or
times on or after the date hereof by delivery to the Company (or such other office or agency of the Company as it may designate by notice
in writing to the registered Purchaser at the address of Inpixon appearing on the books of the Company) of a duly executed facsimile copy
of the Notice of Issuance Form annexed hereto requesting the issuance of Rights Shares. Partial exercises of the Right resulting in issuances
of a portion of the total number of Rights Shares available hereunder shall have the effect of lowering the outstanding number of Rights
Shares purchasable hereunder in an amount equal to the applicable number of Rights Shares issued. Inpixon and the Company shall maintain
records showing the number of Rights Shares issued and the date of such issuances. The Company shall deliver any objection to any Notice
of Issuance Form within two (2) Business Days of receipt of such notice. Inpixon and any assignee, by assignment of this Agreement,
acknowledge and agree that, by reason of the provisions of this paragraph, following the issuance of a portion of the Rights Shares hereunder,
the number of Rights Shares available for issuance hereunder at any given time may be less than the amount stated in Section 2 hereof.

 

     

     

    

 

Section 2.3 Delivery
of Certificates. Certificates for the Rights Shares issued hereunder shall be transmitted by the Transfer Agent to Inpixon by
crediting the account of Inpixon’s prime broker with The Depository Trust Company through its Deposit or Withdrawal at Custodian
system (“DWAC”) if the Company is then a participant in such system and either (A) there is an effective registration
statement permitting the issuance of the Rights Shares to or resale of the Rights Shares by Inpixon or (B) the Rights Shares are eligible
for resale by Inpixon without volume or manner-of-sale limitations pursuant to Rule 144, and otherwise by book entry (which may include
direct registration (DRS), or physical delivery to the address specified by Inpixon in the Notice of Issuance by the date that is two
(2) Trading Days after the delivery to the Company of the Notice of Issuance (such date, the “Share Delivery Date”).
The Rights Shares shall be deemed to have been issued, and Inpixon or any other person so designated to be named therein shall be deemed
to have become a holder of record of such shares for all purposes, as of the date the Right has been exercised.

 

Section 2.4 Compensation
for Buy-In on Failure to Timely Deliver Certificates. In addition to any other rights available to Inpixon, if the Company fails
to cause the Transfer Agent to transmit to Inpixon a certificate or the certificates representing the Rights Shares pursuant to an exercise
on or before the Share Delivery Date, and if after such date and prior to the delivery of such certificate or certificates Inpixon is
required by its broker to purchase (in an open market transaction or otherwise) or Inpixon’s brokerage firm otherwise purchases,
shares of Common Stock to deliver in satisfaction of a sale by Inpixon of the Rights Shares which Inpixon anticipated receiving upon such
exercise (a “Buy-In”), then the Company shall (A) pay in cash to Inpixon the amount, if any, by which (x) Inpixon’s
total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained
by multiplying (1) the number of Rights Shares that the Company was required to deliver to Inpixon in connection with the exercise at
issue times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of Inpixon,
either reinstate the portion of the Right and equivalent number of Rights Shares for which such exercise was not honored (in which case
such exercise shall be deemed rescinded, and Inpixon shall promptly return to the Company the certificates issued to such Purchaser pursuant
to the rescinded Notice of Issuance) or deliver to Inpixon the number of shares of Common Stock that would have been issued had the Company
timely complied with its exercise and delivery obligations hereunder. For example, if Inpixon purchases Common Stock having a total purchase
price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate sale price giving
rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to pay
Inpixon $1,000. Inpixon shall provide the Company written notice indicating the amounts payable to Inpixon in respect of the Buy-In and,
upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit Inpixon’s right to pursue any other
remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive
relief with respect to the Company’s failure to timely deliver certificates representing shares of Common Stock upon exercise of
the Right as required pursuant to the terms hereof.

 

Section 2.5 Charges,
Taxes and Expenses. Issuance of certificates for Rights Shares shall be made without charge to Inpixon for any issue or transfer
tax or other incidental expense in respect of the issuance of such certificate, all of which taxes and expenses shall be paid by the Company,
and such certificates shall be issued in the name of Inpixon or in such name or names as may be directed by Inpixon; provided,
however, that in the event certificates for Rights Shares are to be issued in a name other than the name of Inpixon, Inpixon shall
deliver the Assignment Form attached hereto duly executed by Inpixon and the Company may require, as a condition thereto, the payment
of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company shall pay all Transfer Agent fees required for
the processing of any Notice of Issuance.

 

Section 2.6 Closing
of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise of the
Right, pursuant to the terms hereof.

 

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Section 2.7 Limitations.
Inpixon shall not have the right to exercise any portion of the Right, pursuant to Section 2 or otherwise, to the extent that after giving
effect to such issuance after exercise as set forth on the applicable Notice of Issuance, Inpixon (together with Inpixon’s affiliates,
and any other persons acting as a group together with Inpixon or any of Inpixon’s affiliates), would beneficially own in excess
of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the number of shares of Common Stock
beneficially owned by Inpixon and its affiliates shall include the number of shares of Common Stock issuable upon exercise of the Right
with respect to which such determination is being made, but shall exclude the number of shares of Common Stock which would be issuable
upon (i) exercise of the remaining, nonexercised portion of the Right beneficially owned by Inpixon or any of its Affiliates and (ii)
exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation,
any other Common Stock Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially
owned by Inpixon or any of its Affiliates. The Company shall not be liable for any instruction received by Inpixon. Except as set forth
in the preceding sentence, for purposes of this Section 2.7, beneficial ownership shall be calculated in accordance with Section 13(d)
of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by Inpixon that the Company is not representing
to Inpixon that such calculation is in compliance with Section 13(d) of the Exchange Act and Inpixon is solely responsible for any schedules
required to be filed in accordance therewith. To the extent that the limitation contained in this Section 2.7 applies, the determination
of whether the Right is exercisable (in relation to other securities owned by Inpixon together with any affiliates) and of which portion
of the Right is exercisable shall be in the sole discretion of Inpixon, and the submission of a Notice of Issuance shall be deemed to
be Inpixon’s determination of whether the Right is exercisable (in relation to other securities owned by Inpixon together with any
affiliates) and of which portion of the Right is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company
shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group status
as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated
thereunder. For purposes of this Section 2.7, in determining the number of outstanding shares of Common Stock, Inpixon may rely on the
number of outstanding shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual report filed with
the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company
or the Transfer Agent setting forth the number of shares of Common Stock outstanding. Upon the written or oral request of Inpixon, the
Company shall within two Trading Days confirm orally and in writing to Inpixon the number of shares of Common Stock then outstanding.
In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of
securities of the Company, including the Right, by Inpixon or its affiliates since the date as of which such number of outstanding shares
of Common Stock was reported. The “Beneficial Ownership Limitation” shall be up to 9.99% of the number of shares of
the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of the Right.
Inpixon, upon not less than 61 days’ prior notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions
of this Section 2.7, provided, however, in no event shall the Beneficial Ownership exceed 9.99%. Any such increase or decrease will not
be effective until the 61st day after such notice is delivered to the Company. The provisions of this paragraph shall be construed and
implemented in a manner otherwise than in strict conformity with the terms of this Section 2.7 to correct this paragraph (or any portion
hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or
supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply
to a successor assignee of this Agreement.

 

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Section 3. Certain
Adjustments.

 

Section 3.1. Stock
Dividends and Splits. If the Company, at any time while the Right exists: (i) pays a stock dividend or otherwise makes a distribution
or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares of Common Stock;
(ii) subdivides outstanding shares of Common Stock into a larger number of shares; (iii) combines (including by way of reverse stock split)
outstanding shares of Common Stock into a smaller number of shares; or (iv) issues by reclassification of shares of the Common Stock any
shares of capital stock of the Company, then in each case the number of Rights Shares issuable upon exercise of the Right shall be proportionately
adjusted. Any adjustment made pursuant to this Section 3.1 shall become effective immediately after the record date for the determination
of stockholders entitled to receive such dividend or distribution (provided that if the declaration of such dividend or distribution is
rescinded or otherwise cancelled, then such adjustment shall be reversed upon notice to Inpixon of the termination of such proposed declaration
or distribution as to any unexercised portion of the Right at the time of such rescission or cancellation) and shall become effective
immediately after the effective date in the case of a subdivision, combination or re-classification.

 

Section 3.2 Benefit
of Contractual Rights. All contractual rights granted to Inpixon under the Settlement Agreement are hereby granted to Inpixon
with respect to the Rights Shares, including, without limitation, the registration rights described in Section 4(d) of the Settlement
Agreement.

 

Section 3.3 Subsequent
Rights Offerings. If Section 3.1 above does not apply, if at any time the Company grants, issues or sells any Common Stock Equivalents
or rights to purchase stock, warrants, securities or other property pro rata to the record holders of any class of shares of Common Stock
(the “Purchase Rights”), then Inpixon will be entitled to acquire, upon the terms applicable to such Purchase Rights,
the aggregate Purchase Rights which Inpixon could have acquired if Inpixon had held the number of shares of Common Stock acquirable upon
complete exercise of the Right (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership
Limitation) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no
such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the grant, issue or sale
of such Purchase Rights (provided, however, to the extent that Inpixon’s right to participate in any such Purchase Right would result
in Inpixon exceeding the Beneficial Ownership Limitation, then Inpixon shall not be entitled to participate in such Purchase Right to
such extent (or beneficial ownership of such shares of Common Stock as a result of such Purchase Right to such extent) and such Purchase
Right to such extent shall be held in abeyance for Inpixon until such time, if ever, as its right thereto would not result in Inpixon
exceeding the Beneficial Ownership Limitation).

 

Section 3.4 Fundamental
Transaction. If, at any time while the Right remains outstanding: (i) the Company, directly or indirectly, in one or more related
transactions effects any merger or consolidation of the Company with or into another Person; (ii) the Company, directly or indirectly,
effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one
or a series of related transaction; (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company
or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange their shares for other
securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common Stock; (iv) the Company, directly
or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Stock
or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash
or property; or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share Settlement Agreement
or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with
another Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding shares of Common Stock
(not including any shares of Common Stock held by the other Person or other Persons making or party to, or associated or affiliated with
the other Persons making or party to, such stock or share Settlement Agreement or other business combination) (each a “Fundamental
Transaction”), then, upon any subsequent exercise of the Right, Inpixon shall have the right to receive, for each Reserved Share
that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of
Inpixon (without regard to any limitation in Section 2.7 on the exercise of the Right), the number of shares of Common Stock of the successor
or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate
Consideration”) receivable as a result of such Fundamental Transaction by a holder of one share of Common Stock. Upon the occurrence
of any such Fundamental Transaction, the successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor
Entity”) shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions
of this Agreement and the other Transaction Documents referring to the “Company” shall refer instead to the Successor Entity),
and may exercise every right and power of the Company and shall assume all of the obligations of the Company under this Agreement and
the other Transaction Documents with the same effect as if such Successor Entity had been named as the Company herein.

 

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Section 3.5 Notice
to Allow Exercise of Right. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Common
Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the Company shall
authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares of capital stock
of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection with any reclassification
of the Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer of all or substantially all of
the assets of the Company, or any compulsory share exchange whereby the Common Stock is converted into other securities, cash or property,
or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company,
then, in each case, the Company shall cause to be mailed to Inpixon at its address on the signature page to the Settlement Agreement,
at least twenty (20) calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date
on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not
to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption,
rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share
exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common Stock of record
shall be entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable upon such reclassification,
consolidation, merger, sale, transfer or share exchange; provided that the failure to mail such notice or any defect therein or in the
mailing thereof shall not affect the validity of the corporate action required to be specified in such notice. To the extent that any
notice provided hereunder constitutes, or contains, material, non-public information regarding the Company or any of its subsidiaries,
the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K. Inpixon shall remain entitled
to exercise the Right during the period commencing on the date of such notice to the effective date of the event triggering such notice
except as may otherwise be expressly set forth herein.

 

Section 4. Transfer
of Right. 

 

Section 4.1 Transferability.
Subject to compliance with any applicable securities laws of the United States or any state thereof and to the applicable provisions of
the Settlement Agreement, the Right and all rights hereunder (including, without limitation, any registration rights) are transferable,
in whole or in part, upon written assignment substantially in the form attached hereto duly executed by Inpixon or its agent or attorney
and funds sufficient to pay any transfer taxes payable upon the making of such transfer of this Agreement delivered to the principal office
of the Company or its designated agent. Upon such assignment and, if required, such payment, the Company shall enter into a new agreement
with the assignee or assignees, as applicable, and this Agreement shall promptly be cancelled. The Right, if properly assigned in accordance
herewith, may be exercised by a new holder for the issue of Rights Shares without having a new agreement executed.

 

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Section 4.2 Division
of Rights. The Rights may be divided or combined with other rights upon presentation hereof at the aforesaid office of the Company,
together with a written notice specifying the names and denominations in which such Rights are to be granted, signed by Inpixon or its
agent or attorney.

 

Section 5. Reserved.

 

Section 6. Effect
on Transaction Documents. This Agreement shall be deemed for all purposes as a Transaction Document (as defined in the Settlement
Agreement) and all representations and warranties made by the Company and Inpixon shall apply with respect to this Agreement.

 

Section 7. Miscellaneous.

 

Section 7.1 No Rights
as Stockholder Until Exercise. This Agreement does not entitle Inpixon to any voting rights, dividends or other rights as a stockholder
of the Company prior to the exercise hereof as set forth in Section 2.

 

Section 7.2 Saturdays,
Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or granted
herein shall not be a Business Day, then, such action may be taken or such right may be exercised on the next succeeding Business Day.

 

Section 7.3 Authorized
Shares. The Company covenants that, during the period the Right is outstanding, it will reserve from its authorized and unissued
Common Stock a sufficient number of shares to provide for the issuance of the Rights Shares upon the exercise of the Right. The Company
further covenants that its issuance of the Right shall constitute full authority to its officers who are charged with the duty of executing
stock certificates to execute and issue the necessary certificates for the Rights Shares upon the due exercise of the Right. The Company
will take all such reasonable action as may be necessary to assure that such Rights Shares may be issued as provided herein without violation
of any applicable law or regulation, or of any requirements of the trading market upon which the Common Stock may be listed or quoted.
The Company covenants that all Rights Shares which may be issued upon the exercise of the Right represented by this Agreement will, upon
exercise of the Right, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges created
by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue).
Except and to the extent as waived or consented to by Inpixon, the Company shall not by any action, including, without limitation, amending
its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale
of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Agreement,
but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary
or appropriate to protect the rights of Inpixon as set forth in this Agreement against impairment. Without limiting the generality of
the foregoing, the Company will (i) not increase the par value of any Rights Shares above the amount payable therefor upon such exercise
immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company
may validly and legally issue fully paid and nonassessable Rights Shares upon the exercise of the Right, and (iii) use commercially reasonable
efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may
be, necessary to enable the Company to perform its obligations under this Agreement.

 

    6 

     

    

 

Before taking any action
which would result in an adjustment in the number of Rights Shares for which the Right provides for, the Company shall obtain all such
authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction
thereof.

 

Section 7.4 Jurisdiction.
All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be determined in accordance
with the provisions of the Settlement Agreement.

 

Section 7.5 Nonwaiver
and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Purchaser shall operate
as a waiver of such right or otherwise prejudice Inpixon’s rights, powers or remedies. Without limiting any other provision of this
Agreement or the Settlement Agreement, if the Company willfully and knowingly fails to comply with any provision of this Agreement, which
results in any material damages to Inpixon, the Company shall pay to Inpixon such amounts as shall be sufficient to cover any costs and
expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings, incurred by Inpixon
in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

 

Section 7.6 Notices.
Any notice, request or other document required or permitted to be given or delivered to Inpixon by the Company shall be delivered in accordance
with the notice provisions of the Settlement Agreement.

 

Section 7.7 Execution.
This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement
and shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood that
both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or by e-mail delivery
of a “.pdf” format data file, such signature shall create a valid and binding obligation of the party executing (or on whose
behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature page were an original
thereof.

 

[SIGNATURE PAGE FOLLOWS]

 

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IN WITNESS WHEREOF, the
parties hereto have caused this Right to Shares Letter Agreement to be duly executed by their respective authorized signatories as of
the date first indicated above.

 

	SYSOREX, INC. 	 	Address for Notice:
	 	 	 	 
	 	 	 	13880 Dulles Corner Lane, Suite 175
	 	 	 	Herndon, VA 20171
	 	 	 	E-Mail: ZamanKhan@sysorexinc.com
	 	 	 	Attn: Zaman Khan
	By:	/s/ Zaman Khan	 	 
	Name:	Zaman Khan	 	
	Title:	Chief Executive Officer	 	 

 

	Inpixon	 	Address for Notice:
	 	 	 	 
	 	 	 	2479 E. Bayshore Road, Suite 195
	 	 	 	Palo Alto, CA 94303
	By:	/s/ Nadir Ali	 	Email:Nadir.Ali@Inpixon.com;
	Name:	Nadir Ali	 	Melanie.Figueroa@Inpixon.com
	Title:	Chief Executive Officer	 	Attn: Nadir Ali, Melanie
    Figueroa

 

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NOTICE OF ISSUANCE

 

To: SYSOREX, INC. 

 

(1) The undersigned hereby
elects in accordance with the terms and conditions of the Right to Shares Letter Agreement, dated as of April 14, 2021 (the “Letter
Agreement”), to exercise its Right to the issuance of ________ Rights Shares of Sysorex, Inc., a Nevada corporation (the “Company”)
pursuant to the terms of the Letter Agreement, and tenders all applicable transfer taxes, if any.

 

(2) Please issue a certificate
or certificates representing ___________ of the Shares, comprising said Rights Shares in the name of the undersigned registered holder
or in such other name as is specified below:

_______________________________

 

The Rights Shares shall be delivered to the following DWAC Account
Number or by book entry or physical delivery of a certificate to:

_______________________________

_______________________________

_______________________________

 

(4) Accredited Investor. The undersigned
is an “accredited investor” as defined in

Regulation D promulgated under the Securities Act of 1933,
as amended.

 

[SIGNATURE
OF HOLDER]

 

Name of Registered Holder: _________________________________________________________________________

 

Signature of Authorized Signatory of Registered Holder:
__________________________________________________

 

Name of Authorized Signatory: ______________________________________________________________________

 

Title of Authorized Signatory: _______________________________________________________________________

 

Date: __________________________________________________________________________________________

 

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ASSIGNMENT FORM

(To assign the foregoing Right, execute

this form and supply required information.

Do not use this form to exercise the Right.)

 

SYSOREX,
INC. 

 

FOR VALUE RECEIVED, the undersigned,
Inpixon hereby assigns in accordance with the terms and conditions of the Right to Shares Letter Agreement, dated as of April 14, 2021
(the “Letter Agreement”) [____] all of or [_______] shares of the Right (as defined in the Letter Agreement) and all
rights evidenced thereby to _______________________________________________ whose address is

 

_______________________________________________________________.

_______________________________________________________________

Dated: ______________, _______

 

Signature: ______________________________

Address: _______________________________

_______________________________

 

Signature Guaranteed: ____________________________________________________

 

 

NOTE: The signature to this Assignment Form
must correspond with the name as it appears on purchaser signature page the Letter Agreement, without alteration or enlargement or any
change whatsoever, and must be guaranteed by a bank or trust company. Officers of corporations and those acting in a fiduciary or other
representative capacity should file proper evidence of authority to assign the foregoing Right.

 

 

10Exhibit 10.4

 

SECURITIES SETTLEMENT AGREEMENT

 

This SECURITIES SETTLEMENT
AGREEMENT (the “Agreement”), dated as of April 14, 2021 (the “Effective Date”), is by and between
Sysorex, Inc., a Nevada corporation (the “Company”), and Systat Software, Inc., a Delaware corporation (“Systat”).

 

RECITALS:

 

WHEREAS, Systat is entitled
to the repayment of debt as set forth on Schedule 1 in the aggregate amount (together with accrued interest through March 31, 2021)
of Three Million Six Hundred Twenty-Three Thousand, Two Hundred Fifty Dollars and Seventeen/One Hundredths ($3,623,250.17) (the “Indebtedness”);
and

 

WHEREAS, the Company is a
party to that certain Agreement and Plan of Merger by and among the Company, TTM Acquisition Corp., a Nevada corporation and TTM Digital
Assets & Technologies, Inc., a Nevada corporation (“TTM”) dated as of April 8, 2021, pursuant to which the Company
will acquire all of the issued and outstanding capital stock of TTM (the “Transaction”) and

 

WHEREAS, in connection with
the Transaction, the Company and Systat desire to enter into this Agreement whereby the Company will issue to Systat an aggregate of Six
Million Three Hundred Sixty-Seven Thousand, Seven Hundred Fifty (6,367,750) shares (the “Shares”) of the Company’s
common stock, $0.00001 par value per share (“Common Stock”), determined by dividing the Indebtedness by a price per
share equal to $0.569 in full satisfaction and payment in full of the Indebtedness in accordance with the terms and conditions of this
Agreement.

 

AGREEMENT

 

NOW, THEREFORE, in consideration
of the recitals above incorporated herein by this reference and the mutual covenants contained herein and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and Systat hereby agree as follows:

 

1. ISSUANCE
OF SECURITIES IN FULL SATISFACTION OF INDEBTEDNESS.

 

(a) Issuance
of Common Stock. In connection and concurrent with the effective time of the closing of the Transaction (the “Transaction
Effective Time”), in full satisfaction and in lieu of cash payment of the Indebtedness due to Systat, on the Closing Date (as
defined below) the Company will issue the Shares on the Closing Date (the “Closing Shares”).

 

(b) Closing.
The sale and purchase of the Securities shall take place at a closing (the “Closing”) to be managed by the remote exchange
of documents. The date and time of the Closing shall be concurrent with the Transaction Effective Time, or at such other time or on such
other date as parties hereto may mutually agree in writing (the “Closing Date”).

 

     

     

    

 

(c) Closing
Deliveries.

 

(i) On
or prior to the Closing Date, the Company shall deliver or cause to be delivered to Systat:

 

(A) a
copy of the irrevocable instructions to the Company transfer agent (“Transfer Agent”) instructing the Transfer Agent
to deliver the Closing Shares, on an expedited basis, and in all cases on or before the close of business on the second (2nd)
Trading Day following the Closing Date, in book entry form, in the name of Systat; and

 

(B) the
Registration Rights Agreement, by and between the Company and Systat in the form attached hereto as Exhibit A (the “Registration
Rights Agreement”, together with this Agreement, the “Transaction Documents”), duly executed by the Company.

 

(ii) On
or prior to the Closing Date, Systat shall deliver or cause to be delivered to the Company, as applicable, the following:

 

(A) the
Registration Rights Agreement, duly executed by Systat; and

 

(B) evidence
of the cancellation of Indebtedness.

 

“Trading Day” refers to a day
on which the principal market or exchange on which the Company’s Common Stock is then listed
or quoted for trading, including, the NYSE MKT, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market,
the New York Stock Exchange, or the OTCQB Marketplace maintained by the OTC Market Group Inc. (or any successors to any of the foregoing).

 

2. SYSTAT’S REPRESENTATIONS
AND WARRANTIES.

 

Systat represents and warrants
to the Company with respect to only itself that, as of the date hereof and the Closing Date:

 

(a) Validity;
Enforcement. This Agreement has been duly and validly authorized, executed and delivered on behalf of Systat and shall constitute
the legal, valid and binding obligation of Systat enforceable against Systat in accordance with its terms, except as such enforceability
may be limited by general principles of equity or to applicable bankruptcy, insolvency, reorganization, moratorium, liquidation and other
similar laws relating to, or affecting generally, the enforcement of applicable creditors’ rights and remedies.

 

(b) No
Conflicts. The execution, delivery and performance by Systat of this Agreement and the consummation by Systat of the transactions
contemplated hereby will not (i) result in a violation of the organizational documents of Systat or (ii) conflict with, or constitute
a default (or an event which with notice or lapse of time or both would become a default) under, or give to others any rights of termination,
amendment, acceleration or cancellation of, any agreement, indenture or instrument to which Systat is a party, or (iii) result in a violation
of any law, rule, regulation, order, judgment or decree (including federal and state securities laws) applicable to Systat, except in
the case of clauses (ii) and (iii) above, for such conflicts, defaults, rights or violations which could not, individually or in the aggregate,
reasonably be expected to have a material adverse effect on the ability of Systat to perform its obligations hereunder.

 

    2

     

    

 

(c) Information
and Sophistication. During the course of this transaction, the Company has furnished the Systat with all information regarding the
Company and the Securities that the Systat has requested or desired to know, has afforded the Systat the opportunity to ask questions
of, and to receive answers from, duly authorized officers or other representatives of the Company concerning the terms and conditions
of this Agreement, the Securities contemplated hereunder, and the affairs of the Company and any additional information relating to this
Agreement or Securities and requested by Systat. In evaluating the suitability of an investment in the Company, the Systat hereby acknowledges
and represents that:

 

(i) Systat
has prior investment experience, including investment in securities that are not listed, are unregistered and are not traded on any stock
exchange or an automated quotation system; and

 

(iii) Systat,
either by reason of Systat’s own business or financial experience or that of the Systat’s professional advisors as discussed
in clause (i) above, as applicable, possesses sufficient knowledge and experience in financial and business matters so as to be capable
of assessing the merits and risks of an investment in the Securities; and

 

(iv) has
reviewed the SEC Reports (defined below).

 

(d) No
General Solicitation. The Securities were not offered or sold to Systat by means of, and Systat is not purchasing the Securities in
reliance on, any form of general solicitation or general advertising and in connection therewith, the Systat (i) did not receive or review
any advertisement, article, notice or other communication published in a newspaper, magazine or similar media or broadcast over television
or radio, either closed circuit or generally available; and (ii) did not attend any seminar meeting or industry investor conference any
of whose attendees were invited by general solicitation or general advertising, and is not otherwise relying on any communication that
the Systat has reason to know was presented at such a meeting or conference.

 

(e)  Registration
and Exemption. Systat hereby acknowledges that the Securities have not been reviewed by the SEC or any state regulatory authority,
and that the offer and issuance sale of the Securities is intended to be exempt from the registration requirements of Section 5 of the
Securities Act of 1933, ad amended (the “Securities Act”) based in part upon Systat’s representations and warranties
contained in this Agreement. Systat agrees it will not sell or otherwise transfer the Securities unless and until the Securities are either
registered under the Securities Act and any applicable state securities laws or the Company receives an opinion of counsel satisfactory
to the Company that an exemption from such registration is available. Systat acknowledges that no federal or state agency has made any
determination as to the fairness of the offering of the Securities, or any recommendation or endorsement of the Securities. Systat acknowledges
that at such time, if ever, as the Securities are registered under the Securities Act, sales of the Securities will remain subject to
state securities laws.

 

    3

     

    

 

(f) Legend. Systat
consents to the placement of a legend on any certificate or other document evidencing the Securities that such Securities have not been
registered under the Securities Act or any state securities or other “blue sky” laws, and setting forth or referring to the
restrictions on transferability and sale thereof contained in this Agreement. Systat is aware that the Company will make a notation in
its appropriate records with respect to the restrictions on the transferability of the Securities.

 

(g) Accredited Investor.
Systat is an “accredited investor” as that term is defined under Rule 501 of Regulation D under the Securities Act.

 

3. REPRESENTATIONS AND
WARRANTIES OF THE COMPANY.

 

The Company represents and
warrants to Systat that, as of the date hereof and the Closing Date:

 

(a) Organization
and Qualification. The Company and each of its subsidiaries is an entity duly incorporated or otherwise organized, validly existing
and in good standing under the laws of the jurisdiction of its incorporation or organization, with the requisite power and authority to
own and use its properties and assets and to carry on its business as currently conducted. Neither the Company nor any subsidiary is in
violation or default of any of the provisions of its respective certificate or articles of incorporation, bylaws or other organizational
or charter documents. Each of the Company and its subsidiaries is duly qualified to conduct business and is in good standing as a foreign
corporation or other entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification
necessary, except where the failure to be so qualified or in good standing, as the case may be, could not have or reasonably be expected
to result in: (i) a material adverse effect on the legality, validity or enforceability of any Transaction Document, (ii) a material adverse
effect on the results of operations, assets, business, prospects or condition (financial or otherwise) of the Company and the Subsidiaries,
taken as a whole, or (iii) a material adverse effect on the Company’s ability to perform in any material respect on a timely basis
its obligations under any Transaction Document (any of (i), (ii) or (iii), a “Material Adverse Effect”) and no proceeding
has been instituted in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority
or qualification.

 

(b) Authorization;
Enforcement; Validity. The Company has the requisite power and authority to enter into and perform its obligations under this Agreement
or any of the Transaction Documents and to issue the Securities in accordance with the terms hereof and thereof. The execution and delivery
of this Agreement by the Company, and the consummation by the Company of the transactions contemplated hereby (including, without limitation,
the issuance of the shares of Common Stock) have been duly authorized by the Company’s board of directors and no further filing,
consent or authorization is required by the Company, its subsidiaries, their respective boards of directors or their stockholders or other
governing body. This Agreement and each other Transaction Document has been duly executed and delivered by the Company, and constitutes
the legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as such enforceability
may be limited by general principles of equity or applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or similar
laws relating to, or affecting generally, the enforcement of applicable creditors’ rights and remedies and except as rights to indemnification
and to contribution may be limited by federal or state securities law.

 

    4

     

    

 

(c) Issuance
of Securities. The issuance of the Securities is duly authorized and the Securities, when issued, shall be validly issued, fully paid
and non-assessable and free from all preemptive or similar rights, mortgages, defects, claims, liens, pledges, charges, taxes, rights
of first refusal, encumbrances, security interests and other encumbrances (collectively “Liens”) with respect to the
issuance thereof.

 

(d) No
Conflicts. The execution, delivery and performance of this Agreement and the other Transaction Documents by the Company and the consummation
by the Company of the transactions contemplated hereby and thereby (including, without limitation, the issuance of the Securities) will
not (i) result in a violation of the Articles of Incorporation (as defined below), Bylaws (as defined below) or other organizational documents
of the Company or any of its subsidiaries, or any capital stock or other securities of the Company or any of its subsidiaries, (ii) conflict
with, or constitute a default (or an event which with notice or lapse of time or both would become a default) in any respect under, or
give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which
the Company or any of its subsidiaries is a party, or (iii) result in a violation of any law, rule, regulation, order, judgment or decree
(including, without limitation, foreign, federal and state securities laws and regulations applicable to the Company or any of its subsidiaries
or by which any property or asset of the Company or any of its subsidiaries is bound or affected.

 

(e) Filings,
Consents and Approvals. The Company is not required to obtain any consent, waiver, authorization or order of, give any notice to,
or make any filing or registration with, any court or other U.S. federal, state, local or other governmental authority or other Person
in connection with the execution, delivery and performance by the Company of the Transaction Documents, other than such filings as may
be required to be made under applicable federal and state securities laws.

 

(f) SEC
Reports; Financial Statements. The Company has filed all reports, schedules, forms, statements and other documents required to be
filed by the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, for the twelve
months preceding the date hereof (or such shorter period as the Company was required by law or regulation to file such material) (the
foregoing materials, including the exhibits thereto and documents incorporated by reference therein, being collectively referred to herein
as the “SEC Reports”) on a timely basis or has received a valid extension of such time of filing and has filed
any such SEC Reports prior to the expiration of any such extension. As of their respective dates, the SEC Reports complied in all material
respects with the requirements of the Securities Act and the Exchange Act, as applicable, and none of the SEC Reports, when filed, contained
any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make
the statements therein, in the light of the circumstances under which they were made, not misleading. The Company is not and has not been
subject to Rule 144(i). The financial statements of the Company included in the SEC Reports comply in all material respects with applicable
accounting requirements and the rules and regulations of the Commission with respect thereto as in effect at the time of filing. Such
financial statements have been prepared in accordance with United States generally accepted accounting principles applied on a consistent
basis during the periods involved (“GAAP”), except as may be otherwise specified in such financial statements or the notes
thereto and except that unaudited financial statements may not contain all footnotes required by GAAP, and fairly present in all material
respects the financial position of the Company as of and for the dates thereof and the results of operations and cash flows for the periods
then ended, subject, in the case of unaudited statements, to normal, immaterial, year-end audit adjustments.

 

    5

     

    

 

(g) Holding
Period and Tacking. The Company represents, warrants and agrees that for the purposes of Rule 144 (“Rule 144”)
of the Securities Act, the holding period of the Securities may be tacked on the holding period of the Indebtedness. The Company agrees
not to take a position contrary to this Section 3(f) in any document, statement, setting, or situation. The Company acknowledges and understands
that the representations and agreements of the Company in this Section 3(f) are a material inducement to Systat’s decision to consummate
the transactions contemplated herein.

 

(h) Private
Placement. Assuming the accuracy of the representations and warranties of Systat set forth in Section 3, no registration under the
Securities Act is required for the offer and sale of the Securities by the Company to Systat as contemplated by this Agreement.

 

4. COVENANTS.

 

(a) Register.
The Company shall maintain at its principal executive offices (or such other office or agency of the Company as it may designate by notice
to each holder of Securities), a register for the Securities in which the Company shall record (x) the name and address of the person
in whose name the shares of Common Stock have been issued (including the name and address of each transferee) and (y) the aggregate number
of shares of Common Stock held by such Person. The Company shall keep the register open and available at all times during business hours
for inspection of any Systat representative or its legal representatives.

 

(b) Legends.
The Securities to be issued under this Agreement are being issued in accordance with an exemption from registration pursuant to Section
4(a)(2) of the Securities Act, and certificates and any other instruments evidencing the Securities should bear the following restrictive
legend:

 

THESE SECURITIES HAVE NOT BEEN REGISTERED
WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT
TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL
OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. THESE SECURITIES
MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER INDEBTEDNESS SECURED BY SUCH SECURITIES.

 

    6

     

    

 

(c) Rule
144; Current Information. For so long as Systat owns the Securities, the Company will timely file on the applicable deadline all reports
required to be filed with the U.S. Securities and Exchange Commission (the “SEC”) pursuant to Sections 13 or 15(d)
of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and will take all reasonable action under
its control to ensure that adequate current public information with respect to the Company, as required in accordance with Rule 144 of
the Securities Act is publicly available, and will not terminate its status as an issuer required to file reports under the Exchange Act
even if the Exchange Act or the rules and regulations thereunder would permit such termination.

 

(d) Registration
Rights. Systat shall be entitled to the registration rights described in the Registration Rights Agreement and the Company agrees
to register the Securities in accordance with the terms and conditions of the Registration Rights Agreement.

 

5. MISCELLANEOUS.

 

(a) Governing
Law; Jurisdiction; Jury Trial. All questions concerning the construction, validity, enforcement and interpretation of this Agreement
shall be governed by the internal laws of the State of Nevada, without giving effect to any choice of law or conflict of law provision
or rule (whether of the State of Nevada or any other jurisdictions) that would cause the application of the laws of any jurisdictions
other than the State of Nevada. The Company hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting
in the State of Nevada, for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby,
and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject
to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such
suit, action or proceeding is improper. Each party hereby irrevocably waives personal service of process and consents to process being
served in any such suit, action or proceeding by mailing a copy thereof to such party at the address for such notices to it under this
Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein
shall be deemed to limit in any way any right to serve process in any manner permitted by law. Nothing contained herein shall be deemed
or operate to preclude Systat from bringing suit or taking other legal action against the Company in any other jurisdiction to collect
on the Company’s obligations to Systat or to enforce a judgment or other court ruling in favor of Systat. EACH PARTY HEREBY IRREVOCABLY
WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION
WITH OR ARISING OUT OF THIS AGREEMENT, OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

    7

     

    

 

(b) Counterparts.
This Agreement may be executed in two or more identical counterparts, all of which shall be considered one and the same agreement and
shall become effective when counterparts have been signed by each party and delivered to the other party. In the event that any signature
is delivered by facsimile transmission or by an e-mail which contains a portable document format (.pdf) file of an executed signature
page, such signature page shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed)
with the same force and effect as if such signature page were an original thereof.

 

(c) Headings;
Gender. The headings of this Agreement are for convenience of reference and shall not form part of, or affect the interpretation of,
this Agreement. Unless the context clearly indicates otherwise, each pronoun herein shall be deemed to include the masculine, feminine,
neuter, singular and plural forms thereof. The terms “including,” “includes,” “include” and words
of like import shall be construed broadly as if followed by the words “without limitation.” The terms “herein,”
“hereunder,” “hereof” and words of like import refer to this entire Agreement instead of just the provision in
which they are found.

 

(d) Severability.
If any provision of this Agreement is prohibited by law or otherwise determined to be invalid or unenforceable by a court of competent
jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended to apply to the broadest
extent that it would be valid and enforceable, and the invalidity or unenforceability of such provision shall not affect the validity
of the remaining provisions of this Agreement so long as this Agreement as so modified continues to express, without material change,
the original intentions of the parties as to the subject matter hereof and the prohibited nature, invalidity or unenforceability of the
provision(s) in question does not substantially impair the respective expectations or reciprocal obligations of the parties or the practical
realization of the benefits that would otherwise be conferred upon the parties. The parties will endeavor in good faith negotiations to
replace the prohibited, invalid or unenforceable provision(s) with a valid provision(s), the effect of which comes as close as possible
to that of the prohibited, invalid or unenforceable provision(s).

 

(e) Entire
Agreement; Amendments. This Agreement supersedes all other prior oral or written agreements between Systat and the Company and contains
the entire understanding of the parties solely with respect to the matters covered herein except as set forth in the other Transaction
Documents. For clarification purposes, the Recitals are part of this Agreement and the Transaction Documents remains in full force and
effect. No provision of this Agreement may be amended or waived other than by an instrument in writing signed by the Company and Systat.

 

    8

     

    

 

(f) Notices.
Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement must be in
writing and will be deemed to have been given and delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent
by facsimile (provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending party)
or electronic mail; or (iii) one (1) Business Day after deposit with an overnight courier service with next day delivery specified, in
each case, properly addressed to the party to receive the same. As used herein “Business Day” means any day other than
a Saturday, Sunday or other day on which commercial banks in New York, New York are authorized or required by law to remain closed. The
addresses, facsimile numbers and e-mail addresses for such communications shall be:

 

If to the Company:

 

Sysorex, Inc.

13880 Dulles Corner Lane, Suite 175

Herndon, VA 02171

Attn: Zaman Khan

 

If to Systat:

 

Systat Software, Inc.

c/o Cranes Software
International Ltd.

# 82 Presidency Building

3 & 4th
Floor St. Mark’s Road

Bengaluru, India
560001

E-mail: Mueed@cranessoftware.com

Attn: Mueed Khader

 

or to such other address, e-mail address and/or
facsimile number and/or to the attention of such other Person as the recipient party has specified by written notice given to each other
party five (5) days prior to the effectiveness of such change. Written confirmation of receipt (A) given by the recipient of such notice,
consent, waiver or other communication, (B) mechanically or electronically generated by the sender’s facsimile machine or e-mail
containing the time, date, recipient facsimile number, if applicable, and, with respect to each facsimile transmission, an image of the
first page of such transmission or (C) provided by an overnight courier service shall be rebuttable evidence of personal service, receipt
by facsimile or receipt from an overnight courier service in accordance with clause (i), (ii) or (iii) above, respectively.

 

(g) Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and assigns.

 

(h) No
Third-Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective permitted successors
and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other Person.

 

(i) Survival.
The representations, warranties, agreements and covenants contained herein shall survive the Closing.

 

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

 

(k) Construction.
The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rules
of strict construction will be applied against any party. No specific representation or warranty shall limit the generality or applicability
of a more general representation or warranty. Each and every reference to share prices, shares of Common Stock and any other numbers in
this Agreement that relate to the Common Stock shall be automatically adjusted for any stock splits, stock dividends, stock combinations,
recapitalizations or other similar transactions that occur with respect to the Common Stock after the date of this Agreement through the
Closing Date.

 

[SIGNATURE PAGE FOLLOWS]

 

    9

     

    

 

IN WITNESS WHEREOF, Systat
and the Company have caused their respective signature page to this Agreement to be duly executed as of the date first written above.

 

	 	SYSTAT
	 	 	 
	 	By: 	 
	 	Name:	 
	 	Title: 	 
	 	 	 
	 	COMPANY:
	 	 	 
	 	SYSOREX, INC.
	 	 	 
	 	By:	/s/ Zaman Khan
	 	Name:   	Zaman Khan
	 	Title: 	Chief Executive Officer

 

[Signature Page to Securities Settlement Agreement]

 

     

     

    

 

SCHEDULE 1

 

	 

    Indebtedness
	Outstanding
    Balance as of

    March
    31, 2021

    (principal
    plus interest)

	●     Secured
    Promissory Note, dated September 30, 2020, in the principal amount of $1,300,000, plus accrued interest.

    ●     Secured
    Promissory Note, dated December 31, 2020, in the principal amount of $1,000,000, plus accrued interest.

    ●     Secured
Promissory Note, dated March 19, 2021, in the principal amount of $1,000,000, plus accrued interest
	 

    $3,623,250.17

     

 

     

     

    

 

EXHIBIT A

 

FORM
OF Registration Rights Agreement

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