Document:

Exhibit
No. 10.11

 

ORBSAT
CORP

 

RESTRICTED
STOCK AGREEMENT

(Non-Assignable)

 

100,000
Shares of Restricted Stock of

Orbsat
Corp

 

THIS
CERTIFIES that on August 24, 2021 (the “Award Date”), Douglas Ellenoff (“Holder”) was issued a
restricted stock award of 100,000 shares of fully paid and non-assessable shares (“Restricted Shares”) of the Common
Stock (par value $0.0001 per share) of Orbsat Corp (the “Corporation”), a Nevada corporation, which Restricted Shares
shall be issued pursuant to the vesting schedule set forth in Paragraph 1(b) below (the “Vesting Schedule”). A reasonable
determination of the Compensation Committee (the “Committee”) of the Board of Directors of the Corporation (the “Board”)
as to any questions which may arise with respect to the interpretation of the provisions of this award shall be final.

 

TERMS
AND CONDITIONS. It is understood and agreed that the award evidenced by this agreement is subject to the following terms and conditions,
provided, however, that the event of any conflict, however, between the terms of this Restricted Stock Agreement and the Employment
Agreement (defined below) the terms of the Employment Agreement shall control:

 

1.
Award, Issuance and Vesting.

 

(a)
Award. The Restricted Shares awarded hereunder shall be issued in accordance with the Vesting Schedule and held by the Corporation’s
transfer agent in book entry form, and the Holder’s name shall be entered as the stockholder of record on the books of the Corporation.
The Holder shall have all the rights of a stockholder with respect to such Restricted Shares, including voting and dividend rights, upon
the issuance and vesting of such shares. The Holder shall have no rights of a stockholder with respect to any unvested Restricted Shares.
The Holder shall (i) sign and deliver to the Corporation a copy of this Restricted Stock Agreement and (ii) deliver to the Corporation
stock powers endorsed in blank if requested by the Corporation.

 

(b)
Issuance and Vesting of Restricted Shares. The restrictions and conditions in Paragraphs 7(b) and (c) of this Agreement shall
lapse upon the earlier of (i) the Vesting Date specified in the Vesting Schedule or (ii) the occurrence of such vesting events set forth
that certain Employment Agreement, dated August 24, 2021, by and between the Company and Holder (the “Employment Agreement”)
related to the termination of Holder’s employment. If a series of Vesting Dates is specified, then the restrictions and conditions
in Paragraphs 7(b) and (c) shall lapse only with respect to the number of Restricted Shares specified as vested on such date.

 

Vesting
Schedule

 

	Incremental Number of
 Shares Issued	 	 	Issuance Date	 	Vesting Date
	 	40,000	 	 	Within 5 business days of the execution of the Employment Agreement (as defined below).	 	Upon Issuance
	 	20,000	 	 	One year anniversary of Award Date	 	Upon Issuance*
	 	20,000	 	 	Second year anniversary of Award Date	 	Upon Issuance*
	 	20,000	 	 	Third year anniversary of Award Date	 	Upon Issuance*

 

*
Vesting conditioned on the Holder serving on the Board of Directors of the Company at any time during the prior year.

 

2.
Regulatory Compliance and Listing. The issuance or delivery of any stock certificates representing Restricted Shares may be postponed
by the Corporation for such period as may be required to comply with any applicable requirements under the federal securities laws, any
applicable listing requirements of any national securities exchange, any rules, regulations or other requirements under any other law,
or any rules or regulations applicable to the issuance or delivery of such Restricted Shares, and the Corporation shall not be obligated
to deliver any such Restricted Shares to the Holder if delivery thereof would constitute a violation of any provision of any law or of
any regulation of any governmental authority or any national securities exchange.

 

    	 

     

    

 

3.
Investment Representations and Related Matters. The Holder hereby represents that the Restricted Shares awarded pursuant to this
agreement are being acquired for investment purposes and not for resale or with a view towards distribution thereof. The Holder acknowledges
and agrees that any sale or distribution of Restricted Shares may be made only pursuant to either (a) a registration statement on an
appropriate form under the Securities Act of 1933, as amended (“Securities Act”), which registration statement has
become effective and is current with regard to the Restricted Shares being sold, or (b) a specific exemption from the registration requirements
of the Securities Act that is confirmed in a favorable written opinion of counsel, in form and substance satisfactory to counsel for
the Corporation, prior to any such sale or distribution. The Holder hereby consents to such action as the Corporation deems necessary
or appropriate from time-to-time to prevent a violation of, or to perfect an exemption from, the registration requirements of the Securities
Act or to implement the provisions of this agreement, including but not limited to placing restrictive legends on certificates evidencing
Restricted Shares and delivering stop transfer instructions to the Corporation’s stock transfer agent.

 

4.
No Right To Continued Employment. This agreement does not confer upon the Holder any right to continued employment by the Corporation
or any of its subsidiaries or affiliated companies, nor shall it interfere in any way with the right to the Corporation to terminate
employment at any time for any reason or no reason.

 

5.
Construction. This agreement will be construed by and administered under the supervision of the Committee, and all determinations
will be final and binding on the Holder.

 

6.
Dilution. Nothing in this agreement will restrict or limit in any way the right of the Committee to issue or sell stock of the
Corporation (or securities convertible into stock of the Corporation) on such terms and conditions as it deems to be in the best interests
of the Corporation, including, without limitation, stock and securities issued or sold in connection with mergers and acquisitions, stock
issued or sold in connection with any stock option or similar plan, and stock issued or contributed to any stock bonus or employee stock
ownership plan.

 

7.
Legends and Restrictions.

 

(a)
The Restricted Shares shall bear a legend in substantially the following form:

 

THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE
SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION
STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS, OR (B) AN OPINION OR
COUNSEL, IN A REASONABLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR APPLICABLE STATE SECURITIES LAWS, OR (II)
UNLESS SOLD PURSUANT TO RULE 144 UNDER SAID ACT.

 

(b)
Restricted Shares granted herein may not be sold, assigned, transferred, pledged or otherwise encumbered or disposed of by the Holder
prior to vesting.

 

(c)
The Holder’s right to the Restricted Stock Award is subject to termination and cancellation as set forth herein and in the Employment
Agreement.

 

8.
Tax Withholding. The Holder shall, not later than the date as of which the receipt of this award becomes a taxable event for Federal
income tax purposes, pay to the Corporation any Federal, state, and local taxes required by law to be withheld on account of such taxable
event. Except in the case where an election is made pursuant to Paragraph 9 below, the Corporation shall have the authority to cause
the required minimum tax withholding obligation to be satisfied, in whole or in part, by withholding from shares of Stock to be issued
or released by the transfer agent a number of shares of Stock with an aggregate fair market value that would satisfy the minimum withholding
amount due.

 

    	2

     

    

 

9.
Election Under Section 83(b). The Holder and the Corporation hereby agree that the Holder may, within 30 days following the date
of this Agreement, file with the Internal Revenue Service and the Corporation an election under Section 83(b) of the Internal Revenue
Code. In the event the Holder makes such an election, he or she agrees to provide a copy of the election to the Corporation. The Holder
acknowledges that he or she is responsible for obtaining the advice of his or her tax advisors with regard to the Section 83(b) election
and that he or she is relying solely on such advisors and not on any statements or representations of the Corporation or any of its agents
with regard to such election.

 

10.
Notices. Any notice hereunder to the Corporation shall be addressed to it at Orbsat Corp, 18851 N.E. 29th Ave, Suite
700, Aventura FL 33180, Attention: CEO, and any notice hereunder to the Holder shall be addressed to the Holder at the last known home
address shown in the records of the Corporation, subject to the right of any party hereto to designate another address at any time hereafter
in writing.

 

11.
Counterparts. This agreement may be executed in counterparts each of which taken together shall constitute one and the same instrument.

 

12.
Governing Law. This agreement shall be governed by, and construed and enforced in accordance with, the internal laws of the State
of Florida without reference to principles of conflicts of laws.

 

IN
WITNESS WHEREOF, the Corporation caused this agreement to be executed by a duly authorized officer.

 

	 	ORBSAT
    CORP
	 	 
	 	By:	/s/ Charles M. Fernandez
	 	Name:	Charles M. Fernandez
	 	Title:	Executive Chairman and Chief Executive Officer
	 	 	 
	 	Dated:	August 24, 2021

 

	ACCEPTED
    AND	 
	ACKNOWLEDGED:	 
	 	 
	/s/
    Douglas Ellenoff	 
	Douglas
    Ellenoff	 
	 	                            	
	Dated:	August 24, 2021	 

 

    	3Exhibit
No. 10.12

 

ORBSAT
CORP

STOCK
OPTION AGREEMENT

 

This
STOCK OPTION AGREEMENT (the “Option Agreement”), effective as of the August 24, 2021 (the “Grant Date”),
is between Orbsat Corp, a Nevada corporation (the “Company”), and Paul R. Thomson (the “Optionee”),
the Executive Vice President of the Company.

 

WHEREAS,
the Company desires to give the Optionee the opportunity to purchase 25,000 shares of common stock of the Company, par value $0.0001
per share (“Common Shares”).

 

NOW,
THEREFORE, in consideration of the mutual covenants hereinafter set forth and for other good and valuable consideration, the parties
hereto, intending to be legally bound hereby, agree as follows:

 

1.
Grant of Option. The Company hereby grants to the Optionee the right and option (the “Option”) to purchase
all or any part of an aggregate of 25,000 Common Shares. The Option is in all respects limited and conditioned as hereinafter
provided.

 

2.
Exercise Price. The exercise price of the Common Shares covered by this Option shall be $5.35 per share.

 

3.
Term. Unless earlier terminated pursuant to any provision of this Option Agreement, this Option shall expire five years from the
Grant Date (the “Expiration Date”). This Option shall not be exercisable on or after the Expiration Date.

 

4.
Vesting and Exercise of Option. The Option shall be fully vested on the Grant Date and will remain exercisable until it is exercised
or until it terminates and shall not be forfeited upon resignation or termination, other than as set forth in the Employment Agreement,
dated August 24, 2021, by and between Optionee and the Company.

 

5.
Method of Exercising Option. Subject to the terms and conditions of this Option Agreement, the Option may be exercised by written
notice to the Company at its principal office. The form of such notice is attached hereto and shall state the election to exercise the
Option and the number of whole shares with respect to which it is being exercised; shall be signed by the person or persons so exercising
the Option; and shall be accompanied by payment of the full exercise price of such shares. Only full shares will be issued.

 

The
exercise price shall be paid to the Company:

 

(a)
in cash, or by certified check, bank draft, or postal or express money order;

 

(b)
through the delivery of Common Shares previously acquired by the Optionee;

 

(c)
by delivering a properly executed notice of exercise of the Option to the Company and a broker, with irrevocable instructions to the
broker promptly to deliver to the Company the amount necessary to pay the exercise price of the Option;

 

(d)
in Common Shares newly acquired by the Optionee upon exercise of the Option; or

 

(e)
in any combination of (a), (b), (c) or (d) above.

 

In
the event the exercise price is paid, in whole or in part, with Common Shares, the portion of the exercise price so paid shall be equal
to the $5.35 of the Common Shares surrendered on the date of exercise.

 

Upon
receipt of notice of exercise and payment, the Company shall deliver a book entry confirmation representing the Common Shares with respect
to which the Option is so exercised. The Optionee shall obtain the rights of a shareholder upon receipt of such confirmation.

 

    	-1-

     

    

 

Common
Shares purchased upon exercise of the Option shall be registered in the name of the person so exercising the Option (or, if the Option
is exercised by the Optionee and if the Optionee so requests in the notice exercising the Option, shall be registered in the name of
the Optionee and the Optionee’s spouse, jointly, with right of survivorship), and shall be delivered as provided above to, or upon
the written order of, the person exercising the Option. In the event the Option is exercised by any person after the death or disability
of the Optionee, the notice shall be accompanied by appropriate proof of the right of such person to exercise the Option. All Common
Shares that are purchased upon exercise of the Option as provided herein shall be fully paid and non-assessable.

 

Upon
exercise of the Option, Optionee shall be responsible for all employment and income taxes then or thereafter due (whether Federal, State
or local), and if the Optionee does not remit to the Company sufficient cash (or, with the consent of the Board, Common Shares) to satisfy
all applicable withholding requirements, the Company shall be entitled to satisfy any withholding requirements for any such tax by disposing
of Common Shares at exercise, withholding cash from Optionee’s salary or other compensation or such other means as the Board considers
appropriate to the fullest extent permitted by applicable law.

 

6.
Non-Transferability of Option. This Option is not assignable or transferable, in whole or in part, by the Optionee other than
by will or by the laws of descent and distribution. During the lifetime of the Optionee, the Option shall be exercisable only by the
Optionee or, in the event of his or her disability, by his or her guardian or legal representative.

 

7.
Disability. If the Optionee becomes disabled prior to the Expiration Date, then this Option may be exercised by the Optionee or
by the Optionee’s legal representative.

 

8.
Death. If the Optionee dies prior to the Expiration Date, then this Option may be exercised by the Optionee’s estate, personal
representative or beneficiary who acquired the right to exercise this Option by bequest or inheritance or by reason of the Optionee’s
death, to the extent of the number of Common Shares with respect to which the Optionee could have exercised it on the date of his or
her death, at any time prior to the earlier of (i) the Expiration Date or (ii) one year after the date of the Optionee’s death.
Any part of the Option that was not exercisable immediately before the Optionee’s death shall terminate at that time.

 

10.
Securities Matters. (a) If, at any time, counsel to the Company shall determine that the listing, registration or qualification
of the Common Shares subject to the Option upon any securities exchange or under any state or federal law, or the consent or approval
of any governmental or regulatory body, or that the disclosure of non-public information or the satisfaction of any other condition is
necessary as a condition of, or in connection with, the issuance or purchase of Common Shares hereunder, such Option may not be exercised,
in whole or in part, unless such listing, registration, qualification, consent or approval, or satisfaction of such condition shall have
been effected or obtained on conditions acceptable to the Board of Directors. The Company shall be under no obligation to apply for or
to obtain such listing, registration or qualification, or to satisfy such condition. The Board shall inform the Optionee in writing of
any decision to defer or prohibit the exercise of an Option. During the period that the effectiveness of the exercise of an Option has
been deferred or prohibited, the Optionee may, by written notice, withdraw the Optionee’s decision to exercise and obtain a refund
of any amount paid with respect thereto.

 

(b)
The Company may require: (i) the Optionee (or any other person exercising the Option in the case of the Optionee’s death or disability)
as a condition of exercising the Option, to give written assurances, in substance and form satisfactory to the Company, to the effect
that such person is acquiring the Common Shares subject to the Option for his or her own account for investment and not with any present
intention of selling or otherwise distributing the same, and to make such other representations or covenants; and (ii) that any certificates
for Common Shares delivered in connection with the exercise of the Option bear such legends, in each case as the Company deems necessary
or appropriate, in order to comply with federal and applicable state securities laws, to comply with covenants or representations made
by the Company in connection with any public offering of its Common Shares or otherwise. The Optionee specifically understands and agrees
that the Common Shares, if and when issued upon exercise of the Option, may be “restricted securities,” as that term is defined
in Rule 144 under the Securities Act of 1933 and, accordingly, the Optionee may be required to hold the shares indefinitely unless they
are registered under such Securities Act of 1933, as amended, or an exemption from such registration is available.

 

(c)
The Optionee shall have no rights as a shareholder with respect to any Common Shares covered by the Option (including, without limitation,
any rights to receive dividends or non-cash distributions with respect to such shares) until the date of issue of a stock certificate
to the Optionee for such Common Shares. No adjustment shall be made for dividends or other rights for which the record date is prior
to the date such stock certificate is issued.

 

11.
Governing Law. The laws of the State of Nevada (without reference to the principles of conflict of laws) shall govern the operation
of, and the rights of the Optionee and the Options granted herein.

 

[SIGNATURE
PAGE FOLLOWS]

 

    	-2-

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Stock Option Agreement to be duly executed by its duly authorized officer, and the Optionee
has hereunto set his hand and seal, all as of the 24th day of August 2021.

 

ORBSAT
CORP

 

	By:
    	/s/
    Charles M. Fernandez	 
	Name:	Charles M. Fernandez	 
	Title:	Executive Chairman & Chief Executive Officer	 

 

	ACCEPTED
    AND ACKNOWLEDGED	 
	 	 
	/s/
    Paul R. Thomson	 
	Paul
    R. Thomson	 

 

    	-3-

     

    

 

ORBSAT
CORP.

Notice
of Exercise of Stock Option

 

I
hereby exercise the stock option granted to me pursuant to the Stock Option Agreement effective as of August 24, 2021, by Orbsat Corp
(the “Company”), with respect to the following number of shares of the Company’s common stock (“Shares”),
par value $0.0001 per Share, covered by said option:

 

Number
of Shares to be purchased:______________

 

Number
of Options to be exercised:______________

 

Number
Options used for cashless exercise: ______________

 

Purchase
price per Share: $5.35

 

Total
purchase price: Cashless Exercise, (see D, below).

 

	 	A.	Enclosed
    is cash or my certified check, bank draft, or postal or express money order in the amount of $_______ in full/partial [circle
    one] payment for such Shares;
	 	 	 
	 	 	and/or
	 	 	 
	 	B.	Enclosed
    is/are Share(s) with a total Fair Market Value of $_______ in full/partial [circle one] payment for such Shares;
	 	 	 
	 	 	and/or
	 	 	 
	 	C.	I
    have provided notice to [insert name of broker], a broker, who will render full/partial [circle one] payment
    for such Shares. [Optionee should attach to the notice of exercise provided to such broker a copy of this Notice of Exercise and
    irrevocable instructions to pay to the Company the full exercise price.]
	 	 	 
	 	 	and/or
	 	 	 
	 	D.	I
    elect to satisfy the payment for Shares purchased hereunder by having the Company withhold ____________ newly acquired Shares pursuant
    to the exercise of the Option and/or [circle one] I elect to satisfy related federal and/or [circle one]
    state tax obligations by having the Company withhold ____________ newly acquired Shares pursuant to the exercise of the Option.

 

Please
have the certificate or certificates representing the purchased Shares registered in the following name or names*:

 

and
sent to:_____________________

 

DATED:

 

__________________

Optionee’s
Signature

 

*Certificates
may be registered in the name of the Optionee alone or in the joint names (with right of survivorship) of the Optionee and his or her
spouse.

 

    	-4-

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