Document:

skx-ex104_442.htm

			
	
 
	
 
	
Exhibit 10.4 

 

(Confidential Portions Omitted)          [hw:] 18 -1

Cooperative Agreement on Close Management of Fixed Asset Loan Project

Party A: Skechers Taicang Trading and Logistics Co., Ltd.

Party B: Taicang Branch of China Construction Bank Corporation

The following agreement is hereby entered into by both parties through friendly negotiation for ensuring the performance of No._XTC-2018-1270-0045_ Loan Contract for Fixed Assets (hereinafter referred to as Loan Contract) and its warranty contract, perfecting agreement on rights and obligations between both parties, seeing to it that the loan granted by Party B and Party A’s equity fund for such project are all used for the construction of new distribution center of Skechers Taicang Trading and Logistics Co., Ltd.  project (hereinafter referred to as the development project), guaranteeing the scheduled completion of project, making sure that there are sufficient repayment sources for Party B’s loan, and promising the credit fund will be used for specialized purpose and under close operation:

I. Without permission of Party B, Party A may not repeat financing with other banks in the name of such construction project.

II. Party A promises that, prior to the date when it pays off loan for basic construction granted by Party B in full and the project completes, the project’s construction fund self-raised by Party A and loan for basic construction granted by Party B shall be only used for the construction on the project agreed hereunder, and that it will not illegally withdraw or embezzle abovementioned funds in any form.

III. Party A opens an account (No.[*]) and its sub-account (No. [*]) at Party B as the close deposit accounts designated for Party A’s fund pooling and use in construction project (hereinafter referred to as the designated deposit accounts) and makes a promise on the fund pooling and use within such accounts as follows:

(I) Party A promises that the following funds will enter the abovementioned designated deposit accounts and be placed under management:

1. Self-raised fund: including Party A’s equity fund, its shareholders’ loan, etc.;

2. Bank loan: basic construction loan granted by Party B;

3. Product sales revenue: including sales revenue, storage sorting fees, etc.

(II) Party A promises that all the utilization of the fund for such project will be supervised by Party B, including:

 

 

* Confidential Portions Omitted and Filed Separately with the Commission.

 

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1. Fund utilization related to project construction: including engineering construction fund, equipment fund, materials fund, varied taxes, etc.;

2. Utilization on the principal and interest repaying for Party B’s development loan.

(III) During the performance of the agreement, Party A shall accept Party B’s supervision over all the income and expenditure of the fund within designated deposit accounts, submit relevant materials required by Party B in a timely manner and guarantee the authenticity and legality of the materials provided by it. Particulars are as follows:

1. Party A shall provide Party B with monthly financial statement, quarterly financial statement and annual financial statement on schedule and assist Party B in verifying its daily financial statuses, including providing original vouchers, detailed lists, general ledger, etc. for accounting treatment.

2. Since the date when Party B grants the loan, Party B is entitled to request Party A to rectify relevant issues and refuse handling relevant fund payments for Party A provided that there is disordered management in construction, the price for the materials to be purchased is too high or the construction progress payment is out-of-step.

3. Party A shall send the originals of contracting contract and contract for supplying materials and devices signed between Party A and construction contractor, materials supplier as well as other payees to Party B for inspection and meanwhile, providing duplicates to Party B for preservation. The abovementioned contracts and materials shall serve as the major basis of Party A’s external payment.

4. In accordance with the abovementioned agreements reached by Party A and Party B, Party B is entitled to refuse handling other external payment services beyond the scope agreed hereunder for the designated deposit accounts hereunder.

5. Party A’s sales return fund can be used for the Company’s normal expenditure provided that there is no overdue principal and interest of the loan at each installment. Before paying off the principal and interest of loan in full for Party B, Party A may not consent to the requirements of shareholder(s) for dividend sharing or share withdrawal, or agree on its shareholder(s)’ requirements for returning shareholders’ loan or other requirements for investment withdrawal in any form.

IV. Promises of Party B

(I) Party B promises that: though Party A fails to fully pay off all principals and interests of basic construction loan for Party B, in case that the project is incomplete and Party A has preserved enough construction fund for the project in designated deposit accounts (specific sum shall be subject to the figure approved by both parties), the surplus fund within the accounts can be removed out of close management and used by Party A for other purposes; once Party A fully pays off all principals and interests of basic construction loan for Party B and the construction has been completed and delivered for use, all fund within such accounts shall be removed out of close management and used by Party A at its will;

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(II) Party B promises to grant the loan in full on schedule as agreed in Loan Contract, unless the granting is postponed for Party A’s sake;

(III) During the performance of the Loan Contract, Party B promises to provide fund settlement service as stipulated in relevant laws and regulations, and if required by Part A, propose reasonable suggestions on fund management for Party A’s project;

(IV) Party B promises that it will keep confidential on the commercial secrets related to its financial information, project materials and other commercial secrets provided by Party A, unless otherwise stipulated in laws, regulations and rules.

V. Where Party A violates the provisions listed hereunder, Party B is entitled to adopt one or more measures as follows:

(I) Request Party A to rectify its breaching acts within a time limit;

(II) Stop granting the remaining loan;

(III) Collect principal and interest of the loan in advance;

(IV) Require the loan guarantor to fulfill its guarantee liabilities, disposing of the guaranteed property according to laws;

(V) Where Party A seriously breaches the agreement by illegally withdrawing the fund and such act constitutes fraud to Party B, Party B may report to the public security authorities according to laws, investigating Party A’s criminal liabilities.

VI. Where Party B violates the provisions listed hereunder, Party A is entitled to adopt one or more measures as follows:

(I) Stop using the unused loan;

(II) Return the principal and interest of the loan in advance without undertaking corresponding losses caused to Party B;

VII. Other agreed items:

The Agreement shall take effective after the legal representative of Party A affixes its signature and official stamp and the person in charge or authorized agent of Party B affixes its signature and official stamp.

Unsettled matters hereunder shall be dealt with by Party A and Party B through negotiations.

VIII. This Agreement shall be in duplicate with each copy being distributed to Party A and Party B respectively.

[illegible stamps]

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Party A: (official stamp)

Legal representative (signature) 

[seal:] Chen Yude

[hw:] September 29, 2018

(With the stamp of Skechers Taicang Trading and Logistics Co., Ltd.)
	
 
	
Party B: (official stamp)

Person in charge (authorized agent) (signature)

[signature]

[hw:] September 29, 2018

(With the stamp of Taicang Branch of China Construction Bank Corporation)

	
 
	
 
	
 

[illegible stamp]

4Monaker Group, Inc. 8-K

     

    Exhibit
    10.1

     

    

    EMPLOYMENT

    AGREEMENT

     

    This
    Employment Agreement (this “Agreement”) is entered into this 31st day of October 2018, to be
    effective     as of the 1st day of  November 2018 (the “Effective Date”), by and
    between     Monaker Group,     Inc. (the “Company”), and William Kerby
    (“Executive”).     This Agreement     supersedes and replaces an employment agreement dated on or
    around October 15, 2006.

     

    WITNESSETH:

     

    WHEREAS,
    the Executive desires to serve as the Chief Executive Officer and Vice Chairman of the Board of the Company; and

     

    WHEREAS,
    the Company wishes to assure itself of the services of Executive as the Vice Chairman of the Board and Chief Executive Officer
    of the Company for the period provided in this Agreement, and Executive is willing to perform services for the Company for
    such period, upon the terms and conditions hereinafter provided.

     

    NOW,
    THEREFORE, in consideration of the mutual covenants herein contained, the parties hereto hereby agree as follows:

     

    1.
    Term.

     

    The
    term of employment under this Agreement shall commence and this Agreement shall be effective as of the Effective Date, and
    shall continue from month-to-month thereafter until terminated by either party with thirty (30) days’ prior written
    notice unless sooner terminated in accordance with the terms hereof (the “Term”). Should the Company
    notice the Executive of termination of the Agreement (other than as a result of death, Disability or Cause as specified in
    Section 5(a) or (b)), the Executive shall be entitled to the benefits as outlined herein in Section 5(c).

     

    2.
    Employment; Duties.

     

    During
    the Term, Executive shall be employed by Company, and the Executive shall serve as the Company’s Chief Executive Officer
    and Vice Chairman of the Board and shall have such duties, responsibilities and authority as shall be consistent with those
    positions. Executive shall use his best efforts to set the strategies and vision of the Company which becomes the direction
    that the Company will pursue by forming the necessary partnerships and hire the appropriate teams to execute the strategies
    and vision, with such strategies and vision subject, where applicable, to the consent of the Board of Directors. Executive
    shall also build the appropriate culture and assist the corporation in seeking funding for the projects that ensure achieving
    the strategies and vision. Executive shall use his best efforts to cause the Company to remain in compliance with all rules
    and regulations of the Securities and Exchange Commission (“SEC”) and reporting requirements for
    publicly-traded companies under the Exchange Act of 1934 (as amended, the “Exchange Act”). Executive
    shall at all times comply, and endeavor to cause the Company to comply, with the then-current good corporate governance standards
    and practices as prescribed by the SEC, any exchange on which the Company’s capital stock or other securities may be
    traded and any other applicable governmental entity, agency or organization.

     

    For
    $10 and other good and valuable consideration which Executive acknowledges the receipt and sufficiency of, Executive agrees
    to (a) devote substantially all of Executive’s business time, energy and efforts to the business of the Company, (b)
    to use Executive’s best efforts and abilities faithfully and diligently to promote the business interests of the Company
    and (c) to comply with the other terms and conditions of this Section 2. For so long as Executive is employed hereunder, and
    for a period of twelve (12) months thereafter (the “Non-Compete Period”), Executive (whether by
    himself, through his employers or employees or agents or otherwise, and whether on his own behalf or on behalf of any other
    Person) shall not, directly or indirectly, either as an employee, employer, consultant, agent, investor, principal, partner,
    stockholder (except as the holder of less than 1% of the issued and outstanding stock of a publicly held corporation), own,
    manage, operate, control, be employed by, act as an officer, director, agent or consultant for, or be in any other way connected
    with or provide services or products to or for, any Person in the business of manufacturing, selling, creating, renting, aggregating,
    trading, distributing, marketing, producing, undertaking, developing, supplying, or otherwise dealing with or in Restricted
    Services or Restricted Products in the Restricted Area (the “Post-Employment Non-Competition Requirement”).
    For purposes of this Section 2, the following terms shall have the following meanings:

     

    
    
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    (i)

    “Person”
    means any individual, corporation, partnership, joint venture, limited liability company, trust, unincorporated organization
    or governmental entity.

     

    (ii)

    “Restricted
    Area” means (A) any State (in the United States); or (B) country in which Restricted Products or Restricted
    Services were actively sold by the Company.

     

    (iii)

    “Restricted
    Products” means (A) offering Alternative Lodging Rental properties (Vacation Home Rentals) which are distributed
    on a Business to Business Basis; and (B) any specialty product the Company commercially sold during the six (6) months preceding
    the Termination Date of Executive’s employment hereunder.

     

    (iv)

    “Restricted
    Services” means services the Company commercially offered during the six (6) months preceding the Termination
    Date of Executive’s employment hereunder.

     

    3.
    Compensation; Benefits.

     

    (a)    
    

    Base
    Salary. During the Term, Executive shall receive an annual salary (“Base Salary”) of $400,000.00
    to be paid in cash payable in equal semi-monthly installments.  The  Compensation Committee (the “Committee”)
     may approve a higher Base Salary at any time without requiring an amendment to this Agreement. 

     

    (b)   
    

    Annual
    Bonus. Executive will be eligible for an annual bonus as described on Exhibit A hereof, in the event that the Executive
    meets the performance criteria and metrics set forth by the Committee from time-to-time, provided that such initial criteria
    and metrics must be determined by the Committee no later than 90 days after the parties have entered into this Agreement.

     

    (c)    
    

    Other
    Bonuses and Changes to Compensation. Executive will be eligible for additional annual bonuses as determined by the Committee
    of the Board of Directors from time-to-time. At least annually, and no later than the 31st day of August of each
    year, the Committee shall review the Base Salary, bonus, and other compensation of Executive based upon performance and other
    factors deemed appropriate by the Committee and make such modifications, supplemental bonus payments, or other incentive awards
    as it deems necessary and reasonable. 

     

    (d)   
    

    Stock
    Payment Option.  The Executive will have the option of receiving some or all of the Base Salary and/or any bonus payable
    under in cash or in shares of the Company’s common stock, with the stock portion being based on the higher of (a) the
    closing sales price per share on the trading day immediately preceding the determination by the Executive to accept shares
    in lieu of cash, if the shares (for example, if the Executive provides notice of his intent to exercise the Stock Option on
    April 10th, the closing sales price per share on April 9th (assuming it is a trading day) would be the
    price used for (a)); and (b) the lowest price at which such issuance will not require shareholder approval under the exchange
    where the Company’s common stock is then listed or Nasdaq ((a) or (b) as applicable, the “Share Price”
    and the “Stock Option”), provided that the Executive shall be required to provide the Company at
    least five business days prior written notice if he desires to exercise the Stock Option as to any payment of compensation
    due hereunder, unless such time period is waived by the Company. The issuance of the shares described above shall be, where
    applicable, subject to the approval of the exchange where the Company’s common stock is then listed or Nasdaq, and where
    applicable, shareholder approval, and in the sole discretion of the Board of Directors, may be issued under, or outside of,
    a shareholder approved stock plan.

     

     

     

    
    
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    (e)    
    

    Sign
    on Bonus Shares. In recognition of past services and accomplishments the Executive shall receive 25,000 shares of restricted
    common stock of the Company which will be earned in full and payable in full upon execution of this Agreement.

     

    (f)     
    

    Paid
    Time Off. Executive will be entitled to four (4) weeks annually of paid time off (“PTO”) during
    the Term, not including statutory holidays, which accrue and do not expire. Unused PTO days shall at the executives option
    either be i) rolled-over and accumulate for future use or ii) will be due and at the end of each calendar year or iii) payable
    immediately upon either termination at the salary rate in effect at termination. Other than the use of PTO days for illness
    or personal emergencies, PTO days must be pre-approved by an officer or director of the Company. Executive will be entitled
    to an additional week of PTO every two-year anniversary of the Effective Date, up to a maximum of eight (8).

     

    (g)   
    

    Reimbursement
    for Expenses. So long as this Agreement is in effect, the Company shall reimburse Executive for all reasonable, out-of-pocket
    business expenses incurred in the performance of his duties hereunder consistent with the Company’s policies and procedures,
    in effect from time to time, with respect to travel, entertainment, communications, technology/equipment, cell phone, continuing
    education requirements and other business expenses customarily reimbursed to senior Executives of the Company in connection
    with the performance of their duties on behalf of the Company.

     

    (h)   
    

    Other
    Benefits. In addition to the Base Salary, bonus and other compensation described in this Section 3, Executive shall be
    entitled to receive any fringe benefits (subsidized in full by Company) including, but not limited to, family coverage for
    health/medical/dental/vision, Executive life and disability insurance, as well as 401 (k) Savings and Retirement Plan which
    Company now, or in the future, pays or subsidizes for any of its professional/technical or management employees, or employees
    in the same class as Executive. In addition, as additional consideration payable to Executive, the Executive shall receive
    a car allowance of $1,500 per month during the Term.

     

    (i)     
    

    Other
    Remuneration. It is understood that the Executive has entered into numerous personal guarantees with the Airline Reporting
    Commission, sellers of travel, merchant providers, financial institutions, associations and service providers. The Company
    recognizes that these guarantees are being done exclusively for the benefit of the Company and that the Company is responsible
    for fully indemnifying the Executive and/or the Executive’s spouse for such guarantees. For as long as the Executive
    is employed by the Company and is willing to continue to support the Company he will receive a $2,000 per month guarantee
    fee for so long as this Agreement and the guarantees remain in place. In the event the Executive resigns for Good Reason,
    or his employment is terminated by the Company than the Company will immediately eliminate any and all guarantees failing
    which, for each month the guarantees remain in place, the monthly guarantee fee will rise to $10,000 per month after thirty
    (30) days, in the event the Company is unable to assume the guarantees in such thirty (30) day period, which fee shall terminate
    upon the Company assuming or terminating such guarantees of Executive.

     

    4.
    Termination.

     

    (a)
    

    Death.
    The Term and Executive’s employment hereunder shall terminate upon Executive’s death.

     

    (b)
    

    Disability.
    In the event Executive incurs a Disability for a period exceeding one hundred twenty (120) days out of one hundred eighty
    (180) days, the Company may, at its election, terminate the Term and Executive’s employment by giving Executive a notice
    of termination as provided in Section 4(e). The term “Disability” as used in this Agreement shall
    mean the inability of Executive to substantially perform his duties under this Agreement, as a result of a physical or mental
    illness or personal injury he has incurred, as determined by an independent physician selected with the approval of the Company
    and Executive or his personal representative.

     

    (c)
    

    Cause.
    The Company may terminate this Agreement and discharge Executive for Cause by giving Executive a notice of termination as
    provided in Section 4(e). “Cause” shall mean:

     

     

    
    
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    (i)
    

    Executive’s
    gross and willful misappropriation or theft of the Company’s or any of its subsidiary’s funds or property; or

     

    (ii)
    

    Executive’s
    conviction of, or plea of guilty or nolo contendere to, any felony or crime involving dishonesty or moral turpitude; or

     

    (iii)

    Executive
    materially breaches any obligation, duty, covenant or agreement under this Agreement, which breach is not cured or corrected
    within thirty (30) days of written notice thereof from the Company (except for breaches of Section 8 or Section 2 of this
    Agreement, which cannot be cured and for which the Company need not give any opportunity to cure); or

     

    (iv)

    Executive
    commits any act of fraud.

     

    (d)
    

    Good
    Reason. Executive may terminate his employment and the Term at any time for Good Reason by giving written notice as provided
    in Section 4(e), which shall set forth in reasonable detail the facts and circumstances constituting Good Reason. “Good
    Reason” shall mean the occurrence of any of the following during the Term:

     

    (i)
    

    without
    the consent of Executive, the Company materially reduces Executive’s title, duties or responsibilities under Section
    2 without the same being corrected within ten (10) days after being given written notice thereof;

     

    (ii)
    

    the
    Company fails to pay any regular semi-monthly installment of Base Salary to Executive and such failure to pay continues for
    a period of more than thirty (30) days;

     

    (iii)
    

    the
    Company breaches Section 9 without the same being corrected within thirty (30) days after being given written notice thereof;
    or

     

    (iv)

    the
    refusal to assume this Agreement by any successor or assign of the Company as provided in Section 9.

     

    (e)
    

    Notice
    of Termination. Any termination of this Agreement by the Company (other than for Cause under Section 4(c) or by Executive
    shall be communicated in writing to the other party at least thirty (30) days before the date on which such termination is
    proposed to take effect. Any termination of this Agreement by the Company for Cause under Section 4(c) shall be communicated
    in writing to the Executive and such termination shall be effective immediately upon such notice. With respect to any termination
    of this Agreement by the Company for Cause or by the Executive for Good Reason, such notice shall set forth in detail the
    facts and circumstances alleged to provide a basis for such termination.

     

    (f)
    

    Return
    of Property. Upon termination of Executive’s employment hereunder, or on demand by the Company during the Term of
    this Agreement, Executive will immediately deliver to the Company, and will not keep in his possession, recreate or deliver
    to anyone else; any and all Company property, as well as all devices and equipment belonging to the Company (including computers,
    handheld electronic devices, telephone equipment, and other electronic devices), Company credit cards, records, data, notes,
    notebooks, reports, files, proposals, lists, correspondence, specifications, drawings blueprints, sketches, materials, photographs,
    charts, all documents and property, and reproductions of any of the aforementioned items that were developed by Executive
    pursuant to his employment with the Company, obtained by Executive in connection with his employment with the Company, or
    otherwise belonging to the Company, its successors or assigns, including, without limitation, those records maintained pursuant
    to this Agreement.

     

    (g)
    

    Date
    of Termination. The date that this Agreement is terminated pursuant to its terms is defined as the “Termination
    Date”.

     

     

     

    
    
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    (h)
    

    Director
    Resignation. In the event Executive is terminated or resigns for any reason as an officer of the Company under this Agreement,
    Executive agrees to resign, effective the same date, from any office or directorship held with the Company or any of its subsidiaries
    or affiliate companies.

     

    5.
    Payments Upon Termination.

     

    (a)
    

    Death
    or Disability. If Executive’s employment shall be terminated by reason of death or Disability, the Company shall
    pay Executive’s estate or Executive the portion of the Base Salary which would have been payable to Executive through
    the date his employment is terminated; plus, any other amounts earned, accrued or owing as of the date of death or Disability
    of Executive but not yet paid to Executive under Section 3. In the event of the death or Disability of the Executive, then
    any payment due under this Section 5(a) shall be made to Executive’s estate, heirs, executors, administrators, or personal
    or legal representatives, as the case may be.

     

    (b)
    

    Cause
    and Voluntary Termination. If Executive’s employment shall be terminated for Cause or the Executive terminates his
    employment (other than for Good Reason, death or Disability), then without waiving any rights or remedies by reason thereof:

     

    (i)
    

    the
    Company shall pay Executive his Base Salary and all amounts actually earned, accrued or owing as of the date of termination
    but not yet paid to Executive under Section 3 through the date of termination; 

     

    (ii)

    except
    as otherwise provided in this subsection (b), the Company shall have no further obligations to Executive under this Agreement;
    and

     

    (iii)

    the
    Non-Compete Period shall apply.

     

    (c)

    Other
    Than Cause. If Executive’s employment is terminated (i) by the Company (other than as a result of death, Disability
    or Cause as specified in Section 5(a) or (b) above) or (ii) is terminated by Executive for Good Reason (collectively, (i)
    and (ii), “Other than Cause”), or if Executive’s employment is terminated Other than Cause within
    6 months before or 24 months following the occurrence of a Change of Control (as defined in Section 6 below)(provided that
    Executive shall only receive compensation one-time under this Section 5(c)), Executive shall be entitled to the following:

     

    (i)

    a
    lump sum payment in an amount equal to twelve (12) months of Base Salary at the then current rate. 

     

    (ii)

    all
    amounts earned, accrued or owing through the date his employment is terminated but not yet paid to Executive under the terms
    of this Agreement.

     

    (iii)

    continued
    participation in all employee benefit plans, programs or arrangements available to the Company executives in which Executive
    was participating on the date of termination (or at the option of the Company, reimbursement of COBRA insurance premiums for
    substantially similar coverage as the Company’s plans) until the earliest of:

     

    (a
    )

    twelve
    (12) months after the date of Executive’s termination of employment; 

    (b)

    the
    date this Agreement would have expired but for the occurrence of the date of termination; or

    (c)
    

    

the date,
or dates, the Executive receives coverage and benefits under the plans, programs and arrangements of a subsequent employer (such
coverages and benefits to be determined on a coverage-by-coverage, or benefit-by-benefit, basis); provided that if Executive is
precluded from continuing his participation in any employee benefit plan, program or arrangement as provided in this clause (iii),
the Company shall provide him with similar benefits provided under the plan, program or arrangement in which he is unable to participate
for the period specified in this clause (iii).

     

     

     

    
    
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    The
    payment of the lump sum amount under Section 5(c)(i) shall be made on or before the earlier of the date ending on the expiration
    of three months following the date determination of Executive’s employment or the death of the Executive (if applicable).
    To the extent any payment under Section 5(c)(i) is deferred compensation within the meaning of Section 409A of the Internal
    Revenue Code of 1986, as amended, and the Treasury Regulations promulgated thereunder, then such payment shall be made on
    or before the earlier of the date ending on the expiration of six months following the date of termination of Executive’s
    employment or the death of the Executive. In the event of the death or Disability of the Executive, then any payment due under
    this Section 5(c) shall be made to Executive’s estate, heirs, executors, administrators, or personal or legal representatives,
    as the case may be.

     

    Additionally,
    the Non-Compete Period shall not apply.

     

    (d)
    

    Required
    Release. In order to be eligible to receive the payments set forth in Section 5(c), the Executive agrees that he will
    be required to execute and deliver to the Company a written release in form and substance reasonably satisfactory to the Company,
    of any and all claims against the Company and all directors and officers of the Company with respect to all matters arising
    out of Executive’s employment hereunder, or the termination thereof (other than claims for entitlements under the terms
    of this Agreement or plans or programs of the Company in which Executive has accrued a benefit); and Executive must not breach
    any of his covenants and agreements which continue following the date of termination of this Agreement.

     

    6.
    Change of Control.

     

    

For purposes of this Agreement, a “Change
of Control” shall mean the consummation or occurrence of one or more of the following, without the consent or approval
of Executive:

     

    (a)
    

    the
    acquisition, or series of acquisitions or conversions of debt, warrants, options or preferred stock, by any individual, entity
    or group that, in the aggregate, amount to an equity position in the Company of (i) thirty percent (30%) or more of the then-outstanding
    common shares of the Company or (ii) 50% or more of the then-outstanding voting securities of the Company entitled to vote
    (the “Outstanding Company Voting Securities”). However, the following acquisitions shall not constitute
    a Change of Control: (A) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company
    or any corporation controlled by the Company, (B) any acquisition by Executive, by any group of persons consisting of relatives
    within the second degree of consanguinity or affinity of Executive or by any affiliate of Executive, or (C) any acquisition
    by an entity pursuant to a reorganization, merger or consolidation, unless such reorganization, merger or consolidation constitutes
    a Change of Control under clause (b) of this Section 6; 

     

    (b)
    

    the
    consummation of a reorganization, merger or consolidation, unless following such reorganization, merger or consolidation of
    fifty percent (50%) or more of the combined voting power of the then-outstanding voting securities of the entity resulting
    from such reorganization, merger or consolidation entitled to vote is then beneficially owned, directly or indirectly, by
    all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding
    Company Voting Securities immediately prior to such reorganization, merger or consolidation;

     

    (c)
    

    the
    (i) approval by the stockholders of the Company of a complete liquidation or dissolution of the Company or (ii) sale or other
    disposition (in one transaction or a series of related transactions) of all or substantially all of the assets of the Company,
    unless the successor entity existing immediately after such sale or disposition is then beneficially owned, directly or indirectly,
    by all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding
    Company Voting Securities immediately prior to such sale or disposition; or

     

    (d)
    

    the
    Committee adopts a resolution to the effect that, for purposes hereof, a Change of Control has occurred.

     

     

     

    

    
    
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    7.
    Indemnification.

     

    (a)
    

    The
    Company shall indemnify and hold Executive harmless to the maximum extent permitted by law against judgments, fines, amounts
    paid in settlement and reasonable expenses, including attorneys’ fees incurred by Executive, in connection with the
    defense of, or as a result of, any action or proceeding (or any appeal from any action or proceeding) in which Executive is
    made or is threatened to be made a party by reason of the fact that Executive is or was an officer or director of the Company,
    regardless of whether such action or proceeding is one brought by or in the right of the Company, to procure a judgment in
    its favor (or other than by or in the right of the Company).

     

    (b)
    

    Notwithstanding
    anything in the Company’s articles of incorporation, the by-laws or this Agreement to the contrary, if so requested
    by Executive, the Company shall advance any and all Expenses (as defined below) to Executive (“Expense Advance”),
    within fifteen days following the date of such request and the receipt of a written undertaking by or on behalf of Executive
    to repay such Expense Advance if a judgment or other final adjudication adverse to Executive (as to which all rights of appeal
    therefrom have been exhausted or lapsed) establishes that Executive, with respect to such Claim, is not eligible for indemnification.
    “Expenses” shall include attorneys’ fees and all other costs, charges and expenses paid or
    incurred in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing
    to defend, be a witness in or participate in any Claim relating to any indemnifiable event. A “Claim”
    shall include any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or
    investigative or other, including without limitation, an action by or in the right of any other corporation of any type or
    kind, domestic or foreign, or any partnership, joint venture, trust, employee benefit plan or other enterprise, whether predicated
    on foreign, federal, state or local law and whether formal or informal.

     

    8.
    Inventions and Restrictive Covenants; Confidentiality.

    (a)       

    Executive
    acknowledges that the law provides the Company with protection for its trade secrets and confidential information. Executive
    will not disclose, directly or indirectly, any of the Company's confidential business information or confidential technical
    information to anyone without prior written authorization from the Company's management. Executive will not use any of the
    Company's confidential business information or confidential technical information in any way, either during or after his employment
    with the Company, except as required in the course of the employment contemplated by this Agreement.

     

    (b)       

    Executive
    will strictly adhere to any obligations that may be owed to former employers insofar as Executive’s use or disclosure
    of their confidential information is concerned.

     

    (c)       

    Information
    will not be deemed part of the confidential information restricted by this Section 8 if Executive can show that: (i) the information
    was in Executive’s possession or within Executive’s knowledge before the Company disclosed it to Executive; (ii)
    the information was or became generally known to those who could take economic advantage of it through no action of Executive;
    (iii) Executive obtained the information from a party having the right to disclose it to Executive without violation of any
    obligation to the Company, or (iv) Executive is required to disclose the information pursuant to legal process (e.g., a subpoena),
    provided that Executive notifies the Company in writing immediately upon receiving or becoming aware of the legal process
    in question.

     

    (d)       

    All
    originals and all copies of any drawings, blueprints, manuals, reports, computer programs or data, notebooks, notes, photographs,
    and all other recorded, written, or printed matter relating to research, manufacturing operations, or business of the Company
    made or received by Executive during his employment are the property of the Company. Upon termination of his employment, Executive
    will immediately deliver to the Company all property of the Company which may still be in Executive's possession. Executive
    will not remove or assist in removing such property from the Company's premises under any circumstances, either during his
    employment or after termination thereof, except as authorized by the Company's management.

     

     

     

    

    
    
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    9.
    Binding Agreement; Successors and Assigns.

    This
    Agreement shall be binding upon and inure to the benefit of Executive and the Company and their respective heirs, legal representatives
    and permitted successors and assigns. If the Company shall at any time be merged or consolidated into or with any other entity,
    the provisions of this Agreement shall survive any such transaction and shall be binding on and inure to the benefit and responsibility
    of the entity resulting from such merger or consolidation (and this provision shall apply in the event of any subsequent merger
    or consolidation), and the Company upon the occasion of the above-described transaction, shall include in the appropriate
    agreements the obligation that the payments herein agreed to be paid to or for the benefit of Executive, his beneficiaries
    or estate, shall be paid.

10.
Dispute Resolution.

 

    (a)
    

    The
    parties shall be free to bring all differences of interpretation and disputes arising under or related to this Agreement to
    the attention of the other party at any time without prejudicing their harmonious relationship and operations hereunder and
    the offices and facilities of either party shall be available at all times for the prompt and effective adjustment of any
    and all such differences, either by mail, telephone, or personal meeting, under friendly and courteous circumstances. Notwithstanding
    the foregoing, any controversy, claim, or breach arising out of or relating to this Agreement which the parties are unable
    to resolve to their mutual satisfaction shall be resolved in accordance with subparagraph (b) below.

     

    (b)       

    As
    a condition precedent to invoking any other dispute resolution procedure including litigation, the parties shall attempt in
    good faith first to mediate such dispute and use their best efforts to reach agreement on the matters in dispute. Within five
    business days of the request of either party, the requesting party shall attempt to employ the services of a third person
    mutually acceptable to both parties to conduct such mediation within five business days of the mediator’s appointment.
    Unless otherwise agreed upon by the parties hereto, the parties shall share the cost of the mediator’s fees and expenses
    equally. If the parties are unable to agree on such third person, then the requesting party may submit the matter to the nearest
    office of the American Arbitration Association for mediation, only, in accordance with the commercial mediation rules then
    prevailing. If, on completion of such mediation, the parties are still unable to agree upon and settle the dispute, then either
    party may initiate litigation. This Agreement contains no arbitration clause. Binding arbitration may only be used upon the
    mutual agreement of the parties hereto. 

     

    (c)

    any
    award or sums due and owing to Executive under the terms of this Agreement shall be increased by an amount equal to the product
    of one month of Executive’s Base Salary in effect immediately prior to the termination of this Agreement, multiplied
    by (i) if such award or sums is payable under Section 5(c), then the number of thirty (30) day periods or part thereof that
    has elapsed after the date ending six months after the date of Executive’s termination or separation or (ii) otherwise,
    the number of thirty (30) day periods or part thereof that has elapsed after the date of Executive’s termination. 

     

    11.
    Survivorship.

     

    The
    respective rights and obligations of the parties hereunder shall survive any termination of this Agreement to the extent necessary
    to the intended preservation of such rights and obligations and to the extent that any performance is required following termination
    of this Agreement. Without limiting the foregoing, Section 2, 3 and 5 and Sections 7 through 25 shall expressly survive the
    termination of this Agreement.

     

    12.
    Nonassignability.

     

    Neither
    this Agreement nor any right or interest hereunder shall be assignable by Executive, his beneficiaries, dependents or legal
    representatives without the Company’s prior written consent; provided, however, that nothing in this Section 12 shall
    preclude (a) Executive from designating a beneficiary to receive any benefit payable hereunder upon his death, or (b) the
    executors, administrators or other legal representatives of Executive or his estate from assigning any rights hereunder to
    the person or persons entitled thereto.

     

    

     

    
    
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    13.
    Amendments to this Agreement.

    Except
    for increases in the Base Salary and other compensation made as provided in Section 3, this Agreement may not be modified
    or amended except by an instrument in writing signed by the Executive and the Company. No change in Base Salary or other compensation
    made as provided in Section 3 will operate as an amendment, cancellation or termination of this Agreement. 

    14.
    Waiver.

     

    No
term or condition of this Agreement shall be deemed to have been waived, nor shall there be any estoppels against the enforcement
of any provision of this Agreement, except by written instrument of the party charged with such waiver or estoppel. No such written
waiver shall be deemed a continuing waiver unless specifically stated therein, and each such waiver shall operate only as to the
specific term or condition waived and shall not constitute a waiver of such term or condition for the future or as to any act
other than that specifically waived. 

    15.
    Severability.

    If,
    for any reason, any provision of this Agreement is held invalid, illegal or unenforceable such invalidity, illegality or unenforceability
    shall not affect any other provision of this Agreement not held so invalid, illegal or unenforceable, and each such other
    provision shall, to the full extent consistent with law, continue in full force and effect. In addition, if any provision
    of this Agreement shall be held invalid, illegal or unenforceable in part, such invalidity, illegality or unenforceability
    shall in no way affect the rest of such provision not held so invalid, illegal or unenforceable and the rest of such provision,
    together with all other provisions of this Agreement, shall, to the full extent consistent with law, continue in full force
    and effect. If any provision or part thereof shall be held invalid, illegal or unenforceable, to the fullest extent permitted
    by law, a provision or part thereof shall be substituted therefore that is valid, legal and enforceable.

    16.
    Notices. 

    Any
    notice, request, or other communication required or permitted pursuant to this Agreement shall be in writing and shall be
    deemed duly given when received by the party to whom it shall be given or three days after being mailed by certified, registered,
    or express mail, postage prepaid, addressed as follows:

    

     

    If
    to Company:

    Compensation
    Committee

    Board
    of Directors

    Monaker
    Group, Inc.

    2893
    Executive Park Drive, Suite 201

    Weston,
    Florida 33331

    

     

    If
    to Executive:

    William
    Kerby

    [Address
    on file]

     

    or
    to such other address as either party may have furnished to the other in writing in accordance herewith, except that notices
    of change of address shall be effective only upon receipt.

     

    17.
    Interpretation; Stock Splits.

     

    This
    Agreement shall be construed as a whole, according to its fair meaning, and not in favor of or against any party. The headings
    of Sections are used for reference purposes only and should be ignored in the interpretation of the Agreement. All of the
    stock and warrant amounts and stock and warrant prices set forth herein shall be equitably adjusted for stock splits, stock
    dividends and recapitalizations undertaken by the Company.

     

     

     

    
    
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    18.
    Governing Law.

     

    This
    Agreement has been executed and delivered in the State of Florida, and its validity, interpretation, performance and enforcement
    shall be governed by the laws of Florida, without giving effect to any principles of conflicts of law. Further, the parties
    agree that any such claim or cause of action shall be brought in the State or Federal courts located in Broward County, Florida.

     

    19.
    Withholding.

    

    All
    amounts paid pursuant to this Agreement shall be subject to withholding for taxes (federal, state, local or otherwise) to
    the extent required by applicable law.  

    20.
    Counterparts.

     

    This
    Agreement may be executed in counterparts, each of which, when taken together, shall constitute one original Agreement.

     

    21.
    Legal Counsel.

     

    Executive
    acknowledges and warrants that Executive (A) has been advised that Executive’s interests may be different from the Company’s
    interests, (B) has been afforded a reasonable opportunity to review this Agreement, to understand its terms and to discuss
    it with an attorney and/or financial advisor of his choice and (C) knowingly and voluntarily entered into this Agreement.
    The Company and Executive shall each bear their own costs and expenses in connection with the negotiation and execution of
    this Agreement.

     

    22.
    Entire Agreement.

     

    This
    Agreement contains the entire understanding between the parties hereto and supersedes any prior employment agreement between
    the Company and Executive, except that this Agreement shall not affect or operate to reduce any benefit or compensation inuring
    to Executive of any kind elsewhere provided and not expressly provided for in this Agreement. 

    

     

    
    
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23.
Section 280G Safe Harbor Cap. 

    In
    the event it shall be determined that any payment or distribution or any part thereof of any type to or for the benefit of
    Executive whether pursuant to the Agreement or any other agreement between Executive and the Company, or any person or entity
    that acquires ownership or effective control of the Company or ownership of a substantial portion of the Company’s assets
    (within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended, and the regulations thereunder (the
    “Code”)) whether paid or payable or distributed or distributable pursuant to the terms of the Agreement
    or any other agreement, (the “Total Payments”), is or will be subject to the excise tax imposed
    by Section 4999 of the Code (the “Excise Tax”), then the Total Payments shall be reduced to the
    maximum amount that could be paid to Executive without giving rise to the Excise Tax (the “Safe Harbor Cap”),
    if the net after-tax payment to Executive after reducing Executive’s Total Payments to the Safe Harbor Cap is greater
    than the net after-tax (including the Excise Tax) payment to Executive without such reduction. The reduction of the amounts
    payable hereunder, if applicable, shall be made by reducing first the payment made pursuant to the Agreement and then to any
    other agreement that triggers such Excise Tax, unless an alternative method of reduction is elected by Executive. All mathematical
    determinations, and all determinations as to whether any of the Total Payments are “parachute payments”
    (within the meaning of Section 280G of the Code), that are required to be made under, including determinations as to whether
    the Total Payments to Executive shall be reduced to the Safe Harbor Cap and the assumptions to be utilized in arriving at
    such determinations, shall be made by a nationally recognized accounting firm selected by the Company (the “Accounting
    Firm”). If the Accounting Firm determines that the Total Payments to Executive shall be reduced to the Safe
    Harbor Cap (the “Cutback Payment”) and it is established pursuant to a final determination of a
    court or an Internal Revenue Service (the “IRS”) proceeding which has been finally and conclusively
    resolved, that the Cutback Payment is in excess of the limitations provided in this Section 23 (hereinafter referred to as
    an “Excess Payment”), such Excess Payment shall be deemed for all purposes to be an overpayment
    to Executive made on the date such Executive received the Excess Payment and Executive shall repay the Excess Payment to the
    Company on demand; provided, however, if Executive shall be required to pay an Excise Tax by reason of receiving such Excess
    Payment (regardless of the obligation to repay the Company), Executive shall not be required to repay the Excess Payment (if
    Executive has already repaid such amount, the Company shall refund the amount to the Executive), and the Company shall pay
    Executive an amount equal to the difference between the Total Payments and the Safe Harbor Cap (provided that such amount
    has previously been repaid by the Executive or not previously paid by the Company).

 

    24.
    Section 409A and 457A Compliance.  

    To
    the extent applicable, this Agreement is intended to meet the requirements of Section 409A and 457A of the Code, and shall
    be interpreted and construed consistent with that intent. For purposes of this Agreement, each payment under this Agreement
    shall be considered a “separate payment” and not as part of a series of payments for purposes of
    Section 409A.

 

    25.
    Clawback.  

    Notwithstanding
    any provision in this Agreement to the contrary, any portion of the payments and benefits provided under this Agreement, as
    well as any other payments and benefits which the Executive receives pursuant to a Company plan or other arrangement, shall
    be subject to a clawback to the extent necessary to comply with the requirements of the Dodd-Frank Wall Street Reform and
    Consumer Protection Act or any Securities and Exchange Commission rule.

     

     

    [Remainder
    of page left intentionally blank. Signature page follows.]

      

     

    
    
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    IN
    WITNESS WHEREOF, Company has caused its duly authorized director to execute and attest to this Agreement, and Executive
    has placed his signature hereon, effective as of the Effective Date.

     

    COMPANY:

    

     

    

    	By:	/s/ Simon Orange	 	 
	 	Simon Orange, Director	 
	 	Compensation Committee	 
	 	Board of Directors	 
	 	Monaker Group, Inc.	 
	 	 	 

    

    

     

    EXECUTIVE:

     

    

    	By:	/s/ William Kerby	 	 
	William Kerby	 
	 	 	 

    

      

     

     

     

    
    
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    Exhibit
    A

 

Short
Term Incentive Plan

 

		●	Bonus
                                         of up to 50% of base salary in cash or equivalent equity instruments at the employee’s
                                         option, and subject to Nasdaq rules and requirements, and the terms of the employment
                                         agreement.

 

 

Long
Term Incentive

 

		●	Bonus
                                         of up to 50% of base salary in cash or equivalent equity instruments at the employee’s
                                         option, and subject to Nasdaq rules and requirements, and the terms of the employment
                                         agreement.

 

 

Approval
of all bonuses are subject to approval of the Compensation Committee and the Board of Directors.

     

     

     

    

    
    
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