Document:

ex_248662.htm

 

Exhibit 10.11

 

 

FIRST AMENDMENT AMENDED AND RESTATED LOAN AGREEMENT

 

THIS FIRST AMENDMENT TO AMENDED AND RESTATED LOAN AGREEMENT (this "Amendment") is made and entered into as of April 1, 2021 (the "Effective Date"), by and between EDUCATIONAL DEVELOPMENT CORPORATION, a Delaware corporation ("Borrower"), and MIDFIRST BANK, a federally charted savings association ("Lender").

 

Background Recitals

 

A.    Borrower and Lender are parties to that certain Amended and Restated Loan Agreement dated as of February 15, 2021 (the "Loan Agreement"). Unless the context otherwise requires, capitalized terms used in this Amendment and not otherwise defined herein have the respective meanings assigned to them in the Loan Agreement.

 

B.    Borrower has requested that Lender agree to reduce the pricing and remove the prepayment premium for the Term Loan, and Lender has agreed to such requests, but only upon the terms and conditions set forth in this Amendment.

 

NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Parties agree as follows:

 

1.     PRICING AND PREPAYMENT OF TERM LOAN.

 

1.1.    Contract Rate. The definition of "Contract Rate" appearing in Exhibit A of the Loan Agreement is hereby amended in its entirety to read as follows:

 

"Contract Rate" means a per annum rate of interest equal to the lesser of (i) 3.12%, and (ii) the Maximum Rate.

 

1.2.    Prepayment of Term Loan. Section 2.1(c) of the Loan Agreement is amended in its entirety to read as follows:

 

(c)         Prepayment. Borrower may prepay the Term Loan, in whole or in part, without premium or penalty.

 

2.     CONDITIONS TO EFFECTIVENESS. This Amendment will be effective as of the Effective Date, but subject to satisfaction of each of the following conditions precedent:

 

2.1.    Execution of Amendment. This Amendment shall have been executed by the applicable parties and delivered to Lender.

 

2.2.    Legal Matters. All legal matters incident to this Amendment shall be satisfactory to Lender and its counsel.

 

3.     REPRESENTATIONS AND WARRANTIES.

 

3.1.    Reaffirmation. Borrower confirms that all representations and warranties made by it in the Loan Agreement and the other Loan Documents are, and as of the Effective Date will be, true and correct in all material respects, and all of such representations and warranties are hereby remade and restated as of the Effective Date and shall survive the execution and delivery of this Amendment.

 

3.2.    Additional Representations and Warranties.

 

3.2.1.    Power; Transactional Authority; Enforceability. Borrower has the requisite power and authority to execute, deliver and carry out the terms and provisions of this Amendment, and has taken all necessary action to authorize its execution, delivery and performance of this Amendment. Borrower

 

 

 

 

has duly executed and delivered this Amendment. This Amendment constitutes Borrower's legal, valid and binding obligations, enforceable in accordance with the terms of the Loan Documents, as amended by this Amendment, subject to (i) the effect of any Applicable Bankruptcy Law, or (ii) general principles of equity.

 

3.2.2.    No Violation; No Consent. Borrower's execution, delivery and performance of this Amendment, and compliance with the terms and provisions of the Loan Documents, as amended by this Amendment, will not (i) contravene any Applicable Law, (ii) conflict or be inconsistent with or result in any breach of any term, covenant, condition or provision of, or constitute a default under, or result in the creation or imposition of (or the obligation to create or impose) any lien upon any of the Property or Borrower's other assets pursuant to the terms of any indenture, mortgage, deed of trust, agreement or other instrument to which Borrower is a party or by which Borrower or any of the Property or Borrower's other assets is bound or may be subject, or (iii) violate any term of Borrower's certificate of incorporation or other documents and agreements governing Borrower's existence, management or operation. Borrower is not required to obtain the consent of any other party, including any Governmental Authority, in connection with the execution, delivery, performance, validity or enforceability of the Loan Documents, as amended by this Amendment.

 

3.2.3.    Financial Matters. Each Borrower Party financial statement previously delivered to Lender was prepared in accordance with GAAP and completely, correctly and fairly present the financial condition and the results of operations of each Borrower Party on the date and for the period covered by the financial statements. All other reports, statements and other data that any Borrower Party furnished to Lender in connection with the Loan are true and correct in all material respects and do not omit any fact or circumstance necessary to ensure that the statements are not misleading. Each Borrower Party (i) is solvent, (ii) is not bankrupt, and (iii) has no outstanding liens, suits, garnishments, bankruptcies or court actions which may render such Borrower Party insolvent or bankrupt. Since the date of the last financial statements each Borrower Party delivered to Lender, no event, act, condition or liability has occurred or exists, which has had, or may reasonably be expected to have, a material adverse effect upon (A) such Borrower Party's business, condition (financial or otherwise) or operations, or (B) such Borrower Party's ability to perform or satisfy, or Lender's ability to enforce, any of the Indebtedness.

 

3.2.4.    Litigation. There are no suits or proceedings (including condemnation) pending or (to Borrower's knowledge, after reasonable inquiry) threatened against or affecting any Borrower Party or the Property or involving the validity, enforceability or priority of any of the Loan Documents. Borrower has not received notice from any Governmental Authority alleging that any Borrower Party or the Property is violating any Applicable Law.

 

3.2.5.    No Default. No Event of Default currently exists or would exist after giving effect to the transactions contemplated by this Amendment.

 

4.     MISCELLANEOUS.

 

4.1.    Effect of Amendment. The terms of this Amendment shall be incorporated into and form a part of the Loan Agreement. Except as expressly amended, modified and supplemented by this Amendment, the Loan Agreement shall continue in full force and effect in accordance with its original stated terms, all of which are hereby reaffirmed in every respect as of the Effective Date. In the event of any irreconcilable inconsistency between the terms of this Amendment and the terms of the Loan Agreement, the terms of this Amendment shall control and govern, and the agreements shall be interpreted so as to carry out and give full effect to the intent of this Amendment. All references to the Loan Agreement appearing in any of the Loan Documents shall hereafter be deemed references to the Loan Agreement as amended, modified and supplemented by this Amendment.

 

4.2.    No Course of Dealing; Past Acceptance. This Amendment shall not establish a course of dealing or be construed or relied upon as evidence of any willingness on Lender's part to grant any future consent or amendment, should any be requested. Lender acknowledges that Lender and its agents in the past may have

 

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accepted, without exercising the remedies to which Lender was entitled, payments and performance by Borrower that constituted Events of Default under the Loan Documents. Borrower acknowledges that no such acceptance or grace granted by Lender or its agents in the past, or Lender's agreement to the modifications evidenced hereby, has in any manner diminished Lender's right in the future to insist that Borrower Parties strictly comply with the terms of the Loan Documents, as modified by the terms of this Amendment. Furthermore, Borrower specifically acknowledges that any future grace or forgiveness of any Events of Default shall not constitute a waiver or diminishment of any right of Lender with respect to any future Event of Default, whether or not similar to any Event of Default with respect to which Lender has in the past chosen, or may in the future choose, not to exercise all of the rights and remedies granted to it under the Loan Documents.

 

4.3.    Release. Borrower hereby releases, remises, acquits and forever discharges Lender and any co-lender or loan participant, together with their respective employees, agents, representatives, consultants, attorneys, fiduciaries, servants, officers, directors, partners, predecessors, successors and assigns, subsidiary corporations, parent corporations, and related corporate divisions (all of the foregoing the "Released Parties"), from any and all actions and causes of action, judgments, executions, suits, liens, debts, claims, counterclaims, defenses, demands, liabilities, obligations, damages and expenses of any and every character (collectively, "Claims"), known or unknown, direct or indirect, at law or in equity, of whatsoever kind or nature, whether heretofore or hereafter accruing, for or because of any matter or things done, omitted or suffered to be done by any of the Released Parties prior to and including the Effective Date, and in any way directly or indirectly arising out of or in any way connected to this Amendment or the other Loan Documents, or any of the transactions associated therewith, or the Property, including specifically but not limited to claims of usury, lack of consideration, fraudulent transfer and lender liability, that it now has or may hereafter have against any Released Party, and hereby agrees to indemnify and hold harmless Lender and each other Released Party for all Claims that any Person may bring against any such Released Party that arise under or in connection with the Loan Agreement based on facts existing on or before the Effective Date. THE FOREGOING RELEASE INCLUDES ACTIONS AND CAUSES OF ACTION, JUDGMENTS, EXECUTIONS, SUITS, DEBTS, CLAIMS, DEMANDS, LIABILITIES, OBLIGATIONS, DAMAGES AND EXPENSES ARISING AS A RESULT OF THE NEGLIGENCE OR STRICT LIABILITY OF ONE OR MORE OF THE RELEASED PARTIES.

 

4.4.    Ratification and Affirmation. Borrower hereby acknowledges the terms of this Amendment and ratifies and affirms its obligations under, and acknowledges, renews and extends its continued liability under, each Loan Document to which it is a party and agrees that each Loan Document to which it is a party remains in full force and effect.

 

4.5.    No Modification. This Amendment along with the Loan Documents supersedes and merges all prior and contemporaneous promises and agreements. No modification of this Amendment or any other Loan Document, or any waiver of rights under any of the foregoing, shall be effective unless made by supplemental agreement, in writing, executed by the Parties. The Parties further agree that the Loan Agreement, as amended by this Amendment, may not in any way be explained or supplemented by a prior, existing or future course of dealings between the Parties or by any prior, existing, or future performance between the Parties pursuant to this Amendment, the Loan Agreement or otherwise.

 

4.6.    Headings. The headings of the sections and subsections of this Amendment are for convenience of reference only and will not affect the scope or meaning of the sections of this Amendment.

 

4.7.    Applicable Law. This Amendment and the rights and obligations of Borrower and Lender are in all respects governed by, and construed and enforced in accordance with the Governing Law (without giving effect to its principles of conflicts of law), except for those terms of the Security Instruments pertaining to the creation, perfections, validity, priority or foreclosure of the liens or security interests on the Property located within the State, which terms will be governed by, and construed and enforced in accordance with the laws of the State (without giving effect to its principles of conflicts of law).

 

4.8.    Counterparts; Miscellaneous. This Amendment may be executed in any number of counterparts with the same effect as if all signers executed the same instrument. All counterparts of this Amendment must

 

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be construed together and will constitute one instrument. This Amendment is a Loan Document. Time is of the essence with respect to this Amendment. The Parties acknowledge and confirm that each of their respective attorneys has participated or has had the opportunity to participate jointly in the review and revision of this Amendment and that it has not been written solely by counsel for one party. The Parties therefore stipulate and agree that the rule of construction to the effect that any ambiguities are to or may be resolved against the drafting Party will not favor either Party against the other. The terms and provisions of this Amendment are binding upon and inure to the benefit of the Parties and their successors and assigns.

 

4.9.    Reimbursement of Expenses. Borrower agrees to pay or reimburse Lender for all reasonable out-of-pocket expenses, including Attorneys' Fees, incurred by Lender in connection with the negotiation, preparation, execution and delivery of this Amendment and the consummation of the transactions contemplated hereby.

 

[REMAINDER OF PAGE LEFT INTENTIONALLY BLANK]

 

 

 

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IN WITNESS WHEREOF, the parties have caused this Amendment to be duly executed effective as of the Effective Date.

 

 

	Borrower:  	
			EDUCATIONAL DEVELOPMENT CORPORATION,

			a Delaware corporation

			 

			 

			By:                                                         

			Name: Randall W. White

			Title:   Chairman, President and CEO

			

 

 

 

 

 

 

 

 

 

 

Borrower's Signature Page

to

First Amendment to Amended and Restated Loan Agreement

 

 

 

 

 

	Lender:     	
			MIDFIRST BANK, a federally chartered savings association

			 

			 

			By:                                                          

			Name: Marc Short

			Title:   Senior Vice President

			

                                                 

 

 

 

 

 

 

 

 

 

 

 

Lender's Signature Page

to

First Amendment to Amended and Restated Loan AgreementExhibit 10.1

 

EMPLOYMENT AGREEMENT

 

This employment agreement
(the “Agreement”) effective as of May 7, 2021 (the “Effective Date”), is entered into by and among Sysorex, Inc.,
a Nevada corporation (“Sysorex”), TTM Digital Assets & Technologies, Inc. (“TTM”) (collectively, the “Company”),
and Wayne Wasserberg, an individual, currently residing in Florida (“Employee”). Sysorex, TTM, and Wasserberg are individually
referred to herein as a “party” and collectively as the “parties.”

 

WITNESSETH:

 

WHEREAS, Sysorex desires
to employ Employee to serve as its Chief Executive Officer and as President, Treasurer, and Secretary of its wholly-owned subsidiary,
TTM, and Employee desires to be employed in such capacity pursuant to the terms and conditions hereinafter set forth;

 

WHEREAS, Employee was
appointed to such positions on April 14, 2021, subject to finalization and execution of this Agreement, and Employee shall be compensated
retroactively from such date; and

 

WHEREAS, Employee’s
salary set forth below in Section 5 covers all positions set forth in Section 1.

 

NOW, THEREFORE, in
consideration of the foregoing and the mutual promises and covenants herein contained, it is agreed as follows:

 

1. EMPLOYMENT:
DUTIES AND RESPONSIBILITIES.

 

Sysorex hereby employs Employee
as Chief Executive Officer of Sysorex, and TTM hereby employs Employee as President, Treasurer, and Secretary of TTM. Subject at all times
to the direction of the respective boards of directors of Sysorex or TTM, as applicable, Employee shall perform those duties and hold
those responsibilities that are usual and customary for holders of such roles to perform and hold. Employee shall primarily perform his
job duties in Florida unless the location is changed by mutual agreement of the parties.

 

2. FULL-TIME
EMPLOYMENT.

 

Employee hereby accepts employment
by the Company, upon the terms and conditions contained herein, and agrees that during the term of this Agreement Employee shall devote
substantially all of his business time, attention, and energies to the business of the Company. Employee, during the term of this Agreement,
will not be restricted from performing any services for any other business entity so long as such service does not negatively impact the
services provided by Employee to the Company, provided, however, that nothing herein contained shall be construed as: (a) preventing Employee
from investing his personal assets in any business or businesses which do not compete directly or indirectly with the Company, (b) preventing
Employee from purchasing securities in any corporation whose securities are regularly traded, if such purchases shall not result in his
owning beneficially, at any time, more than five percent (5%) of the equity securities of any corporation engaged in a business which
is competitive, directly or indirectly, to that of the Company, or (c) preventing Employee from engaging in any other activities, if he
receives the prior written approval of the board of directors of the Company (the “Board”) with respect to his engaging in
such activities.

 

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3. RECORDS.

 

In connection with his engagement
hereunder, Employee shall accurately maintain and preserve all notes and records generated by the Company which relate to the Company
and its businesses and shall make all such reports, written if required, as the Company may reasonably require.

 

4. TERM.

 

Employee’s employment
with the Company shall commence on the Effective Date and the initial term of Employee’s employment shall continue for two (2) years
unless terminated pursuant to Section 13 hereof.

 

5. SALARY AND
BONUS.

 

As full compensation for the
performance of his duties on behalf of the Company, Employee shall be compensated as follows:

 

(a) Base Salary. The
Company shall pay Employee a base salary at the rate of Four Hundred Thousand and 00/100 Dollars ($400,000) per annum, payable in accordance
with the Company’s payroll policies, as amended from time to time (“Base Salary”).

 

(b) Bonuses. Employee
shall be eligible for a sign-on bonus and inclusion in any Company bonus program including executive bonus pools, discretionary performance
bonuses (based on targets in Exhibit A or other performance objectives), or deferred compensation plans that the Company may establish
in its sole discretion, provided, however, that any bonuses shall be subject to Section 13(a) hereof and no bonus shall be paid
if Employee is no longer employed by the Company on the date of payment.

 

(c) Employee Stock Option
Plan. Employee shall be eligible for participation in any employee stock option plan that the Company may adopt in such form and in
such amount(s) as may be approved by the Board (See Exhibit B).

 

6. BUSINESS
EXPENSES.

 

The Company shall pay or reimburse
Employee for all reasonable business expenses incurred by Employee in the performance of his duties hereunder including, but not limited
to, lodging and travel expenses relating to the Company’s business, mobile phone and data usage, customer entertainment, and certain
pre-approved home office expenses not paid directly by the Company. Reimbursement for the foregoing expenses will be made in accordance
with the Company’s reimbursement policy, as applicable, and within a reasonable period following Employee’s presentation of
the details of, and proof of, such expenses.

 

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7. FRINGE BENEFITS.

 

(a) During the term of this
Agreement, the Company shall provide medical, dental, and vision insurance coverage to Employee, his spouse, and his children, to the
same extent, and on the same terms and conditions, it shall provide such coverage to other senior management employees of Sysorex.

 

(b) During the term of this
Agreement, Employee shall be permitted to participate in the Company’s 401K Plan, if any, to the same extent, and on the same terms
and conditions, as other senior management employees of the Company shall be permitted to participate.

 

(c) During the term of this
Agreement, the Company shall provide to Employee four (4) weeks paid vacation days per year. At the end of each year of employment, Employee
shall have the option to either, (i) cash out any unused vacation days with each vacation day constituting 1/5th of a week,
or (ii) accrue any unused vacation days to the subsequent year. Notwithstanding the foregoing, Employee may not accrue more than sixty
(60) vacation days in total during the term of this Agreement.

 

(d) During the term of this
Agreement, the Company shall provide paid sick days to Employee, to the same extent, and on the same terms and conditions, it shall provide
such paid time off to other senior management employees of the Company.

 

8. SUBSIDIARIES.

 

For the purposes of this Agreement, all references
to business products, services, and sales of the Company shall include those of Sysorex’s subsidiaries and/or affiliates including
TTM.

 

9. INVENTIONS.

 

(a) All systems, inventions, discoveries, apparatus,
techniques, methods, know-how, formulae or improvements made, developed or conceived by Employee during Employee’s employment by
the Company, whenever or wherever made, developed or conceived, and whether or not during business hours, which constitute an improvement,
on those heretofore, now or at any time during Employee’s employment, developed, manufactured, or used by the Company in connection
with the manufacture, process, or marketing of any product heretofore or now or hereafter developed or distributed by the Company, or
any services to be performed by the Company or of any product which shall or could reasonably be manufactured or developed or marketed
in the reasonable expansion of the Company’s business, shall be and continue to remain the Company’s exclusive property, without
any added compensation to Employee, and upon the conception of any and every such invention, process, discovery or improvement and without
waiting to perfect or complete it, Employee promises and agrees that Employee will immediately disclose it to the Company, as applicable,
and to no one else and thenceforth will treat it as the property and secret of the Company.

 

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(b) Employee will also execute any instruments
requested from time-to-time by the Company to vest in it complete title and ownership to such invention, discovery, or improvement and
will, at the request of the Company, do such acts and execute such instruments as the Company may require, but at the Company’s
expense to obtain patents, trademarks, or copyrights in the United States and foreign countries, for such invention, discovery or improvement
and for the purpose of vesting title thereto in the Company, all without any additional compensation of any kind to Employee. The Company
hereby notifies Employee that the provisions of this Section 9 do not apply to any inventions for which no equipment, supplies,
facilities, or trade secret information of the Company was used and which was developed entirely on Employee’s own time, unless
(x) such invention relates to the past, actual, or planned business or activities of the Company, including, without limitation, research
and development or (y) such invention results in any way from any work performed by Employee for the Company.

 

10. CONFIDENTIAL
INFORMATION AND TRADE SECRETS.

 

(a) All Confidential Information
(as defined below) shall be the sole property of the Company. Employee will not, during the period of his employment for any reason, disclose
to any person or entity or use or otherwise exploit for Employee’s own benefit or for the benefit of any other person or entity
any Confidential Information which is disclosed to Employee or which becomes known to Employee in the course of his employment with the
Company without the prior written consent of another officer of the Company except as may be necessary and appropriate, in Employee’s
reasonable judgment, in the ordinary course of performing his duties to the Company during the period of his employment with the Company
or as may be required by law, legal process, or lawful exercise of authority. For purposes of this Agreement, “Confidential Information”
shall mean any data or information belonging to the Company, other than Trade Secrets (defined below), that is of value to the Company
and is not generally known to competitors of the Company or to the public, and is maintained as confidential by the Company, including
but not limited to material non-public information about the Company’s clients, executives, key contractors, and other contractors
and information with respect to its products, designs, services, strategies, pricing, processes, procedures, research, development, inventions,
improvements, purchasing, accounting, engineering, and marketing (including any discussions or negotiations with any third parties). Notwithstanding
the foregoing, no information will be deemed to be Confidential Information unless such information is treated by the Company as confidential
and shall not include any data or information of the Company that has been voluntarily disclosed to the public by the Company (except
where such public disclosure has been made without the authorization of the Company), or that has been independently developed and disclosed
by others, or that otherwise enters the public domain through lawful means.

 

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(b) All Trade Secrets (as defined below) shall
be the sole property of the Company. Employee agrees that during his employment with the Company and forever after his termination, Employee
will keep in confidence and trust and will not use or disclose any Trade Secret or anything relating to any Trade Secret, or deliver any
Trade Secret, to any person or entity outside the Company without the prior written consent of the Board, as applicable. For purposes
of this Agreement, “Trade Secrets” shall mean any scientific, technical and non-technical data, information, formula, pattern,
compilation, program, device, method, technique, drawing, process, financial data, financial plan, product plan or list of actual or potential
customers or vendors and suppliers of the Company or any portion or part thereof, whether or not copyrightable or patentable, that is
of value to the Company and is not generally known to competitors of the Company or to the public, and whose confidentiality is maintained,
including unpatented and un-copyrighted information relating to the Company’s products, information concerning proposed new products
or services, market feasibility studies, proposed or existing marketing techniques or plans and customer consumption data, usage or load
data, and any other information that constitutes a trade secret as defined in the Nevada Uniform Trade Secrets Act that appears at Chapter
600A of the Nevada Revised Statutes, in each case to the extent that the Company, as the context requires, derives economic value, actual
or potential, from such information not being generally known to, and not being readily ascertainable by proper means by, other persons
or entities who can obtain economic value from its disclosure or use. This Section 10(b) is subject to the limited qualification
that in accordance with the Defend Trade Secrets Act of 2016, an individual shall not be held criminally or civilly liable under any Federal
or State trade secret law for the disclosure of a trade secret that is made either: (i) in confidence to a Federal, State, or local government
official, either directly or indirectly, or to an attorney, solely for the purpose of reporting or investigating a suspected violation
of law; or (ii) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.

 

(c) Notwithstanding anything else set forth herein,
nothing in this Agreement shall be construed to prohibit Employee from reporting, without first notifying the Company or otherwise, possible
violations of law or regulation to any governmental agency or entity.

 

11. NON-SOLICITATION
OF EMPLOYEES.

 

During the term of Employee’s
employment and for one (1) year thereafter, Employee will not cause or attempt to cause any employee of the Company to cease working for
the Company. However, this obligation shall not affect any responsibility Employee may have as an employee of the Company with respect
to the bona fide hiring and firing of the Company’s personnel.

 

12. NON-SOLICITATION OF CUSTOMERS
AND PROSPECTIVE CUSTOMERS.

 

Employee will not, during the period of his employment
for any reason, directly or indirectly, solicit the business of any customer of the Company for the purpose of, or with the intention
of, selling or providing to such customer any product or service in competition with any product or service sold or provided by the Company.
For a period of one (1) year after the termination of Employee’s employment, Employee will not, directly or indirectly, induce any
of the Company’s customers to cease doing business with the Company or to induce them to become the customer of any other person
or entity.

 

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13. TERMINATION.

 

Employee’s employment with the Company may
be terminated as follows:

 

(a) Termination
without Just Cause.

 

(i) The Company, in its sole
discretion, may terminate Employee’s employment hereunder for any reason without Just Cause (as defined below)) at any time, by
notifying Employee in writing of its decision.

 

(ii) If: (a) the Company terminates
Employee’s employment hereunder without Just Cause, or (b) within the twenty-four (24) month period following a Change of Control,
Employee resigns from employment with both Sysorex and TTM as a result of, and upon a material diminution of Employee’s duties,
responsibilities, authority, and position with both Sysorex and TTM, or a material reduction of Employee’s compensation and benefits
herein, or if Employee ceases to hold the position of Chief Executive Officer at Sysorex after a Change of Control, the Company shall:
(l) continue to pay to Employee his Base Salary) subject to customary payroll practices and withholdings, for one (1) month for every
two (2) months of employment after the Effective Date up to a maximum of twelve (12) months subject to and conditioned upon Employee signing
a full general release of any and all known and unknown claims against the Company and their related parties in a form acceptable to the
Company and its counsel and its sole and absolute discretion; (2) within forty-five (45) days of termination or resignation, pay to Employee
one hundred percent (100%) of the value of any accrued but unpaid bonus that Employee otherwise would have received pursuant to Section
5 hereof through the date of termination; (3) upon termination or resignation, pay to Employee the value of any accrued but unpaid
vacation time; and (4) upon termination or resignation, pay to Employee any unreimbursed business expenses and travel expenses that are
reimbursable under this Agreement that have been incurred by Employee, subject to the submission of any required documentation; (5) an
amount equal to the Company’s monthly COBRA premium in effect on the date of termination under the Company’s group health
plan for the type of coverage in effect under such plan for Employee (i.e., family coverage) for the number of months applicable
to Employee per subparagraph (1) above; and (6) to the extent required under the terms of any benefit plan or this Agreement, the vested
portion of any benefit under such plan. For purposes of this Agreement, “Change in Control” means a change in the majority
of the Board, in the aggregate, in any twelve (12) month period that was not otherwise approved by a majority of the Board or a transaction
or series of transactions, in the aggregate, in any twelve (12) month period that results in a fifty percent (50%) or greater change in
the stock ownership of the Company (excluding the aggregation of normal trading activity of the Company’s common stock in any public
market).

 

(b) Termination
with Just Cause.

 

(i) The Company may immediately
terminate Employee’s employment hereunder for Just Cause (defined below) at any time upon delivery of written notice to Employee.

 

(ii) For purposes of this Agreement,
the phrase “Just Cause” means: (A) Employee’s fraud, gross malfeasance, gross negligence, or willful misconduct; with
respect to the Company’s business affairs; (B) Employee’s refusal or repeated failure to follow the Company’s established
reasonable and lawful policies; (C) Employee’s material breach of this Agreement; or (D) Employee’s conviction of a felony
or crime involving moral turpitude. Termination of Employee for Just Cause based on clause (A), (B), or (C) of the preceding sentence
will take effect three (3) days after the Company gives written notice of its intent to terminate Employee’s employment and the
Company’s description of the alleged cause, unless (x) Employee, in the good-faith opinion of the Company, during such three (3)-day
period, remedies the events or circumstances constituting Just Cause, or (y) the Company determines in good faith that such events or
circumstances constituting Just Cause are not susceptible to remediation.

 

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(iii) If Employee’s employment
hereunder is terminated by the Company for Just Cause, the Company will be required to pay to Employee only that portion of his Base Salary,
accrued, but unused, vacation pay, and unreimbursed business expenses, that has been earned or have been incurred through the date of
termination and to the extent required under the terms of any benefit plan or this Agreement, and the vested portion of any benefit under
such plan.

 

(c) Disability
and Death.

 

Employee’s employment hereunder will be
terminated immediately upon (i) Employee’s Disability for a period exceeding three (3) months in any twelve (12) month period, or
(ii) Employee’s death. For purposes of this Agreement, “Disability” means Employee’s incapacity due to any physical
or mental illness or injury, as determined by a licensed health care provider, which renders Employee unable to perform the essential
functions of his position, even with reasonable accommodation(s). Employee warrants, represents, and agrees that holding open his position
for a period in excess of those provided in this paragraph would not be a reasonable accommodation and would impose an undue hardship
on the Company. If Employee’s employment is terminated due to such Disability or death, the Company will be required to pay to Employee
or Employee’s estate, as the case may be, unrelated to any amounts that Employee may receive pursuant to any short-term and long-term
disability plans or life insurance plans (as applicable), only his Base Salary and accrued but unpaid vacation pay earned through the
date of termination, unreimbursed business expenses and to the extent required under the terms of any benefit plan or this Agreement,
the vested portion of any benefit under such plan. Employee or Employee’s estate, as the case may be, will not by operation of this
provision forfeit any rights in which Employee is vested at the time of Employee’s Disability or death. Notwithstanding any other
provision of this Agreement, the Company shall comply with all requirements of the Americans with Disabilities Act of 1990.

 

14. INJUNCTION.

 

(a) Should Employee at any time reveal, or threaten
to reveal, any Confidential Information or Trade Secret of the Company, or in any way violate, or threaten to violate, Section 11 or
12 of this Agreement, the Company shall be entitled to seek an injunction restraining Employee from doing, or continuing to do so,
or performing any such acts; and Employee hereby consents to the issuance of such an injunction without any requirement that the Company
post a bond.

 

(b) In the event that a proceeding is brought
in equity to enforce the provisions of this Section 14, Employee shall not argue as a defense that there is an adequate remedy
at law, nor shall the Company be prevented from seeking any other remedies which may be available.

 

(c) The existence of any claim or cause of action
by the Company against Employee, or by Employee against the Company, whether predicated upon this Agreement or otherwise, shall not constitute
a defense to the enforcement by the Company of the foregoing restrictive covenants but shall be litigated separately.

 

    Page 7 of 11

     

    

 

15. ARBITRATION.

 

(a) In the event that there shall be a dispute
among the parties arising out of or relating to this Agreement, or the breach thereof (a “Dispute”), the parties agree that
such Dispute shall be resolved by final and binding arbitration before a single arbitrator in Reno, Nevada or Las Vegas, Nevada, administered
by the American Arbitration Association (the “AAA”), in accordance with AAA’s Employment Alternative Dispute Resolution
Rules then in effect. The arbitrator’s decision shall be final and binding upon the parties and may be entered and enforced in any
court of competent jurisdiction by either of the parties. The arbitrator shall have the power to grant temporary, preliminary, and permanent
relief, including without limitation, injunctive relief, and specific performance.

 

(b) The Company and Employee shall each pay half
of the direct costs and expenses of the arbitration, including arbitration and arbitrator fees. Except as otherwise provided by statute,
Employee and the Company are responsible for their respective attorneys’ fees incurred in connection with enforcing this Agreement.
Employee and the Company agree that, to the extent permitted by law, the arbitrator may, in his or her discretion, award reasonable attorneys’
fees to the prevailing party.

 

16. INDEMNIFICATION/INSURANCE.

 

(a) Corporate Acts.
In his capacity as Sysorex’s Chief Executive Officer and TTM’s President, Treasurer, and Secretary, Employee shall be indemnified
and held harmless by Sysorex and TTM to the fullest extent allowed by law, Sysorex’s and TTM’s charter and bylaws, from and
against any and all losses, claims, damages, liabilities, expenses (including legal fees and expenses), judgments, fines, settlements
and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative,
in which Employee may be involved, or threatened to be involved, as a party or otherwise by reason of Employee’s status, which relate
to or arise out of Sysorex and TTM, their assets, business or affairs, if in each of the foregoing cases, (1) Employee acted in good faith
and in a manner Employee believed to be in, or not opposed to, the best interests of Sysorex and TTM, and, with respect to any criminal
proceeding, had no reasonable cause to believe Employee’s conduct was unlawful, and (2) Employee’s conduct did not constitute
gross negligence or willful or wanton misconduct (and Sysorex and TTM shall also advance expenses as incurred to the fullest extent permitted
under applicable law, provided Employee provides an undertaking to repay advances if it is ultimately determined that Employee is not
entitled to indemnification). Sysorex and TTM shall advance all expenses incurred by Employee in connection with the investigation, defense,
settlement, or appeal of any civil or criminal action or proceeding referenced in this Section 16, including but not necessarily
limited to legal counsel, expert witnesses, or other litigation-related expenses. Employee shall be entitled to coverage under the Company’s
directors and officers liability insurance policy in effect at any time in the future to no lesser extent than any other officers or directors
of the Company. After Employee is no longer employed by the Company, the Company shall keep in effect the provisions of this Section
16, which provision shall not be amended except as required by applicable law or except to make changes permitted by law that would
enlarge the right of indemnification of Employee. Notwithstanding anything herein to the contrary, the provisions of this Section 16
shall survive the termination of this Agreement and the termination of the Term for any reason.

 

    Page 8 of 11

     

    

 

(b) Personal Guarantees.
The Company shall indemnify and hold harmless Employee for any liability incurred by him by reason of his execution of any personal guarantee
for the benefit of the Company (including, but not limited to, personal guarantees in connection with office or equipment leases, commercial
loans, or promissory notes).

 

(c) The indemnification provision
of this Section 16 shall be in addition to any other liability the Company otherwise may have to Employee to indemnify him for
his conduct in connection with his efforts on the Company’s behalf.

 

17. SECTION
409A COMPLIANCE.

 

(a) This Agreement is intended to comply with
the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and regulations promulgated
thereunder (“Section 409A”). To the extent that any provision in this Agreement is ambiguous as to its compliance with Section
409A, the provision shall be read in such a manner so that no payments due under this Agreement shall be subject to an “additional
tax” as defined in Section 409A(a)(l)(B) of the Code. For purposes of Section 409A, each payment made under this Agreement shall
be treated as a separate payment. In no event may Employee, directly or indirectly, designate the calendar year of payment. Notwithstanding
anything contained herein to the contrary, Employee shall not be considered to have terminated employment with The Company unless he would
be considered to have incurred a “separation of employment” from The Company as the term is defined in Treasury Regulation
§1.409A-1(h)(1)(i).

 

(b) Notwithstanding the foregoing, if necessary
to comply with the restriction in Section 409A(a)(2)(B) of the Code concerning payments to “specified employees,” any payment
on account of Employee's separation from service that would otherwise be due hereunder within six (6) months after such separation shall
nonetheless be delayed until the first (1st) business day of the seventh (7th) month following Employee’s
date of termination and the first such payment shall include the cumulative amount of any payments that would have been paid prior to
such date if not for such restriction, together with interest on such cumulative amount during the period of such restriction at a rate,
per annum, equal to the applicable federal short-term rate (compounded monthly) in effect under Section 1274(d) of the Code on the date
of termination. For purposes of Section 17 hereof, Employee shall be a “specified employee” for the 12-month period
beginning on the first (1st) day of the fourth (4th) month following each “Identification Date” if he
is a “key employee” (as defined in Section 416(i) of the Code without regard to Section 416(i)(5) thereof) of the Company
at any time during the 12-month period ending on the “Identification Date.” For purposes of the foregoing, the Identification
Date shall be December 31.

 

    Page 9 of 11

     

    

 

(c) All reimbursements provided under this Agreement
shall be made or provided in accordance with the requirements of Section 409A, including, where applicable, the requirement that: (i)
any reimbursement is for expenses incurred during Employee’s lifetime (or during a shorter period of time specified in this Agreement),
(ii) the amount of expenses eligible for reimbursement during a calendar year may not affect the expenses eligible for reimbursement in
any other calendar year, (iii) the reimbursement of an eligible expense will be made on or before the last day of the calendar year following
the year in which the expense is incurred, and (iv) the right to reimbursement is not subject to liquidation or exchange for another benefit.

 

18. MISCELLANEOUS.

 

(a) If any provision of this
Agreement shall be declared, by a court of competent jurisdiction or arbitrator, to be invalid, illegal, or incapable of being enforced
in whole or in part, the remaining conditions and provisions or portions thereof shall nevertheless remain in full force and effect and
enforceable to the extent they are valid, legal and enforceable, and no provision shall be deemed dependent upon any covenant or provision
so expressed herein.

 

(b) The parties hereto have
made no agreements, representations, or warranties relating to the subject matter of this Agreement which are not set forth herein. The
provisions of this Agreement may not be amended, supplemented, waived, or changed orally, but only in writing and signed by Employee and
a duly authorized officer of the Company.

 

(c) The rights, benefits,
duties, and obligations under this Agreement shall inure to, and be binding upon, the Company, its successors and assigns, and upon Employee
and his legal representatives, heirs, and legatees. This Agreement constitutes a personal service agreement, and the performance of Employee’s
obligations hereunder may not be transferred or assigned by Employee.

 

(d) The failure of either
party to insist upon the strict performance of any of the terms, conditions, and provisions of this Agreement shall not be construed as
a waiver or relinquishment of future compliance therewith, and said terms, conditions, and provisions shall remain in full force and effect.
No waiver of any term or condition of this Agreement, on the part of either party, shall be effective for any purpose whatsoever unless
such waiver is in writing and signed by such party.

 

(e) This Agreement may be
executed and delivered in counterpart signature pages executed and delivered via facsimile transmission or via e-mail with scan or e-mail
attachment, and any such counterpart executed and delivered via facsimile transmission or via e-mail with a scan or e-mail attachment
will be deemed an original for all intents and purposes. This Agreement shall be construed and enforced under and be governed in all respects
by the laws of the State of Nevada, without regard to the conflict of laws principles thereof, and, for the avoidance of doubt, shall
include both the statutory and common law of Nevada, except to the extent preempted by federal law.

 

(d) All written notices required
by this Agreement shall be deemed given when delivered personally, deemed given when delivered by registered or certified mail, return
receipt requested, or when delivered by e-mail (unless delivered after hours in which case notice shall be deemed given the next business
day) to the parties at their addresses provided in written communication between the parties or to such other address as a party may designate
from time to time.

 

    Page 10 of 11

     

    

 

IN WITNESS WHEREOF,
this Agreement is executed as of the Effective Date.

 

	SYSOREX, INC.:	 
	 	 	 
	By:	/s/ Nadir Ali	 
	Name:	Nadir Ali	 
	Title:  	Authorized signatory	 
	 	 	 
	TTM DIGITAL ASSETS & TECHNOLOGIES, INC.:	 
	 	 	 
	By:	/s/ Nadir Ali	 
	Name:	Nadir Ali	 
	Title:  	Authorized signatory	 
	 	 	 
	SYSOREX, INC.:	 
	 	 	 
	By:	/s/ Zaman Khan	 
	Name:	Zaman Khan	 
	Title:  	Authorized signatory	 
	 	 	 
	EMPLOYEE:	 
	 	 	 
	By:	/s/ Wayne Wasserberg	 
	Name:	Wayne Wasserberg	 

 

    Page 11 of 11

     

    

 

EXHIBIT A

 

[Bonus Performance Criteria]

 

		1.	Employee shall be paid a sign-on bonus of Fifty Thousand Dollars
($50,000) and an additional bonus of Fifty Thousand Dollars ($50,000) upon Employee’s successful completion of six (6) months of
employment with Sysorex.

 

[Additional Bonus Performance Criteria to be included
within two (2) months of the Effective Date, subject to approval of the Board]

 

     

     

    

 

EXHIBIT B

 

[Employee Stock Option Plan]

 

		1.	Once a current (or amended) employee stock option plan has been
adopted by the Board and the same has been filed on Form S-8 with the Securities and Exchange Commission, Employee shall receive an initial
stock grant of Two Hundred Thousand (200,000) shares Sysorex common stock.

 

[Otherwise, Employee’s stock option plan
eligibility and details to be included within two (2) months of the Effective Date, subject to approval of the Board.]

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