Document:

Exhibit
10.3

 

AMENDMENT
NO. 2

TO
STOCK PURCHASE AGREEMENT

 

This
AMENDMENT NO. 2 TO STOCK PURCHASE AGREEMENT (this “Amendment”) is made and entered into as of May 2, 2019,
by and between FC Global Realty Incorporated, a Nevada corporation (“Parent”) and Gadsden Growth Properties,
Inc., a Maryland corporation (“Gadsden”). FC Global and Gadsden are each, individually, referred to as a “Party”
and, collectively, as the “Parties.” Capitalized terms used, but not otherwise defined, herein have the meanings
ascribed to them in the Purchase Agreement (as defined below).

 

RECITALS

 

A.       On
March 13, 2019, the Parties entered into a Stock Purchase Agreement, pursuant to which Parent agreed to acquire all of the Class
A limited partnership interests of OPCO and all of the general partnership interests of OPCO in consideration for the issuance
to Gadsden of the Parent Securities.

 

B.       On
April 5, 2019, the Parties entered into Amendment No 1. to Stock Purchase Agreement to amend certain terms as stated therein (as
amended, the “Purchase Agreement”).

 

C.       Pursuant
to the Purchase Agreement, on April 5, 2019, Parent issued to Gadsden 430,306,645 shares of Parent Common Stock, 889,075 shares
of Parent Series A Stock, 11,696,944 shares of Parent Series B Stock and 2,498,682 shares of Parent Series C Stock. Parent also
agreed to issue 278,178,750 Holdback Shares to Gadsden on the Parent Charter Amendment Date.

 

D.       The
Parties desire to amend the Purchase Agreement to (i) decrease the number of shares of Parent Common Stock issued at Closing to
118,623,985 shares and decrease the number of Holdback Shares to 110,477,220 shares, as the result of an error in the original
calculation of shares of Parent Common Stock to be issued to Gadsden; (ii) provide for the issuance of the Holdback Shares on
the Closing Date, rather than the Parent Charter Amendment Date; and (iii) provide for the issuance of certain of the shares of
Parent Series B Stock and Parent Series C Stock to FHDC Group, LLC, a stockholder of Gadsden, in exchange for the equivalent number
of shares of Gadsden held by it.

 

E.       Section
7.4 of the Purchase Agreement provides that the Purchase Agreement may be amended by a written instrument executed by the Parties.
In accordance with Section 7.4, this Amendment amends the Purchase Agreement as hereinafter set forth.

 

AGREEMENT

 

In
consideration of the foregoing recitals and the respective covenants, agreements, representations and warranties contained herein
and in the Purchase Agreement, the Parties, intending to be legally bound, agree to amend and supplement the Agreement as follows:

 

1.            Amendment
to Section 1.1. Section 1.1 of the Purchase Agreement is hereby amended and restated in its entirety to read as follows:

 

     

     

    

 

(a)           Securities
Issued. Upon the terms and subject to the conditions of this Agreement, at the Closing on the Closing Date or such other date
as provided in this this Section 1.1(a), Parent shall issue the following securities (collectively, the “Parent Securities”):

 

(i)       to
Gadsden, 229,101,205 shares of the common stock, par value 0.01 per share (“Parent Common Stock”), of which
110,477,220 shares of Parent Common Stock (the “Holdback Shares”) will be held by Gadsden in a segregated account
(the “Gadsden Specified Account”), which shall be subject to release in accordance with Section 5.10, and 118,623,985
shares of Parent Common Stock will not be subject to such Gadsden Specified Account;

 

(ii)       to
Gadsden, 889,075 shares Parent Series A Stock;

 

(iii)      to
Gadsden, 6,264,993 shares of Parent Series B Stock;

 

(iv)      to
Gadsden, 498,682 shares of Series C Stock;

 

(v)       to
FHDC Group, LLC (“FHDC”), 5,432,000 shares of Parent Series B Stock, subject to the requirements of Section
1.1(c); and

 

(vi)      to
FHDC, 2,000,000 shares of Parent Series C Stock (together with the 5,432,000 shares of Parent Series B Stock referred to above,
the “FHDC Shares”), subject to the requirements of Section 1.1(c).

 

(b)          Status
of Securities. When issued, each of the Parent Securities shall be delivered to Gadsden and duly authorized, validly issued,
fully paid and nonassessable

 

(c)          Exchange
of FHDC Shares. The issuance of the FHDC Shares is subject to (i) FHDC’s entry into a cancellation and exchange agreement
with Parent and Gadsden (the “Exchange Agreement”), pursuant to which FHDC shall agree to cancel its equivalent
number of Gadsden Series B Preferred Shares and Gadsden Series C Preferred Shares (the “FHDC Gadsden Shares”)
in exchange for the FHDC Shares and (ii) the surrender of all certificates representing the FHDC Gadsden Shares to Gadsden for
cancellation.

 

2.            Cancellation
of Shares. In order to effect the foregoing amendments, Parent and Gadsden shall cooperate to, as soon as practicable, cancel
201,205,440 shares of Parent Common Stock issued to Gadsden and, upon execution of the Exchange Agreement and surrender of the
FHDC Gadsden Shares to Gadsden, cancel 5,432,000 shares of Parent Series B Stock and 2,000,000 shares of Parent Series C Stock
issued to Gadsden and issue such shares to FHDC.

 

3.            Effect
of Amendment. Except as amended by this Amendment, the Purchase Agreement shall remain in full force and effect. In addition,
if there are any inconsistencies between the Purchase Agreement and this Amendment, the terms of this Amendment shall prevail
and control for all purposes.

 

    2 

     

    

 

4.            Governing
Law. This Amendment shall be construed in accordance with and governed by the Laws of the State of Maryland without giving
effect to the principles of conflict of laws.

 

5.            Counterparts.
This Amendment may be executed in any number of counterparts, each of which shall be deemed an original regardless of the date
of its execution and delivery. All such counterparts together shall constitute one and the same instrument.

 

[Signatures
Follow]

 

    3 

     

    

 

IN
WITNESS WHEREOF, the parties have executed this Amendment as of the date first above written. 

 

	 	FC
    GLOBAL REALTY INCORPORATED	 
	 	 	 	 
	 	By:
    	/s/
    John Hartman	 
	 	Name:
    John Hartman	 
	 	Title:
    Chief Executive Officer	 
	 	 	 	 
	 	GADSDEN
    GROWTH PROPERTIES, INC.	 
	 	 	 	 
	 	By:
    	/s/
    John Hartman	 
	 	Name:
    John Hartman	 
	 	Title:
    Chief Executive OfficerExhibit 10.4 

 

CANCELLATION
AND EXCHANGE AGREEMENT

 

THIS
CANCELLATION AND EXCHANGE AGREEMENT (this “Agreement”), is entered into effective as of May 2, 2019, among
Gadsden Growth Properties, Inc., a Maryland corporation (“Gadsden”), FC Global Realty Incorporated, a Nevada
corporation (“FC Global”), and FHDC Group, LLC (the “Stockholder”).

 

RECITALS

 

A.           On
January 31, 2019, Gadsden issued to the Stockholder (i) 5,432,000 shares of its Series B Non-Voting Convertible Preferred Stock
(the “Series B Shares”) and (ii) 2,000,000 shares of its 10% Series C Cumulative
Convertible Preferred Stock (the “Series C Shares” and together with the Series B Shares, the “Gadsden
Shares”).

 

B.            On
March 13, 2019, FC Global entered into a Stock Purchase Agreement with Gadsden, pursuant to which Gadsden agreed to transfer and
assign to FC Global all of its general partnership interests and Class A limited partnership interests in Gadsden Growth Properties,
L.P. in exchange for shares of FC Global’s common stock, 7% Series A Cumulative Convertible Perpetual Preferred Stock, Series
B Non-Voting Convertible Preferred Stock (the “FC Global Series B Stock”) and 10% Series C Cumulative Convertible
Preferred Stock (the “FC Global Series C Stock”). The parties amended the Stock Purchase Agreement on April
5, 2019 and closing occurred on such date.

 

C.            On
May 2, 2019, the parties entered into Amendment No. 2 to Stock Purchase Agreement (as amended, the “Purchase Agreement”)
to, among other things, provide that 5,432,000 shares of FC Global Series B Stock and 2,000,000 shares of FC Global Series C Stock
(collectively, the “FC Global Shares”) shall be issued the Stockholder instead of Gadsden, subject to the Stockholder
entering into this Agreement.

 

D.            The
Stockholder has agreed to cancel the Gadsden Shares concurrently with and subject to FC Global issuing the FC Global Shares to
the Stockholder.

 

AGREEMENT

 

NOW
THEREFORE, in consideration of the mutual covenants and agreements contained herein and other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the undersigned do hereby agree as follows:

 

1.             Cancellation
of Gadsden Shares. The Stockholder hereby agrees to surrender the Gadsden Shares to Gadsden free and clear of all claims,
charges, liens, contracts, rights, options, security interests, mortgages, encumbrances and restrictions of every kind and nature,
in each case, to the extent incurred by the Stockholder or any of its assignees (collectively, “Claims”) for
cancellation concurrently with, and against delivery of, the issuance of the FC Global Shares pursuant to Section 2 hereof (it
being acknowledged that any rights of Gadsden to or with respect to any of the Gadsden Shares other than under this Agreement,
shall not be a “Claim”). After such cancellation and receipt of the FC Global Shares by the Stockholder or its assignees,
the Stockholder acknowledges and agrees that all such Gadsden Shares shall no longer be outstanding, and the Stockholder shall
have no further rights with respect to the Gadsden Shares or the equity ownership in Gadsden represented thereby. At the request
of Gadsden and without further consideration, the Stockholder will execute and deliver such other instruments of sale, transfer,
conveyance, assignment and confirmation as may be reasonably requested in order to effectively transfer, convey and assign the
Gadsden Shares to Gadsden for cancellation.

 

     

     

    

 

2.             Issuance
of FC Global Shares. On the date hereof, FC Global issue the FC Global Shares to the Stockholder. The Stockholder acknowledges
that the FC Global Shares constitute restricted shares and will contain a customary legend referring to transfer restrictions
under the Securities Act of 1933, as amended (the “Securities Act”). FC Global represents and warrants to the
Stockholder that, upon issuance of the FC Global Shares in accordance with this Agreement, the FC Global Shares will be duly issued,
fully paid and nonassessable.

 

3.            
Representations and Warranties of the Stockholder.
The Stockholder represents and warrants to Gadsden and FC Global as follows.

 

(a)             
The Stockholder is a limited liability company
that is validly existing and in good standing under the laws of its jurisdiction of organization. The Stockholder has the requisite
power and authority to execute and deliver this Agreement, to perform its obligations hereunder and to consummate the transactions
contemplated by this Agreement. The execution, delivery and performance by the Stockholder of this Agreement and the consummation
by the Stockholder of the transactions contemplated hereby have been duly authorized by all necessary action on the part of the
Stockholder and no other action is necessary on the part of the Stockholder to authorize this Agreement or to consummate the transactions
contemplated hereby. This Agreement has been duly executed and delivered by the Stockholder and, assuming the due authorization,
execution and delivery by Gadsden and FC Global, constitutes a legal, valid and binding obligation of the Stockholder, enforceable
against the Stockholder in accordance with its terms, except as limited by (i) bankruptcy, insolvency, reorganization, moratorium,
fraudulent conveyance or other similar laws relating to creditors’ rights generally and (ii) general principles of equity,
whether such enforceability is considered in a proceeding in equity or at law.

 

(b)            
The Stockholder owns the Gadsden Shares beneficially
and of record, free and clear of all Claims other than Claims in favor of Gadsden or any assignee of Gadsden under this Agreement
or otherwise. The Stockholder has never transferred or agreed to transfer the Gadsden Shares, other than pursuant to this Agreement.
There is no restriction affecting the ability of the Stockholder to transfer the legal and beneficial title and ownership of the
Gadsden Shares to Gadsden for cancellation other than restrictions, if any, in favor of Gadsden or any assignee of Gadsden.

 

(c)            
Neither the execution and the delivery of this
Agreement, nor the consummation of the transactions contemplated hereby, will conflict with, result in a breach of, constitute
a default under, result in the acceleration of, create in any party the right to accelerate, terminate, modify or cancel, or require
any notice under any agreement, contract, lease, license, instrument or other arrangement to which the Stockholder is a party
or by which it is bound or to which any of its assets is subject.

 

(d)            
The execution and delivery of this Agreement
by the Stockholder does not, and the performance of this Agreement by the Stockholder will not, require any consent, approval,
authorization or permit of, or filing with or notification to, any governmental entity.

 

(e)              The
Stockholder acknowledges that it is a sophisticated individual familiar with transactions similar to those contemplated by this
Agreement and is aware of FC Global’s business, affairs and financial condition and has received all the information that
it considers material, necessary or appropriate in determining whether to exchange the Gadsden Shares for the FC Global Shares
(the “Exchange”) and further acknowledges that such information is sufficient to allow the Stockholder to reach
an informed decision to complete the Exchange. The Stockholder hereby represents that it has had an opportunity to ask questions
and receive answers from FC Global and its employees regarding the business, properties, prospects and financial condition of
FC Global, including, without limitation, any strategic transaction, public securities offering, private financing transaction
(whether equity or debt), merger, consolidation, recapitalization, reclassification, reorganization, change of control transaction,
sale of assets or securities, liquidation or similar transaction which have been, are being or may be contemplated by FC Global.
The Stockholder acknowledges that neither Gadsden, FC Global, nor any of their respective affiliates is acting as a fiduciary
or financial or investment adviser to the Stockholder for purposes of the Exchange, and has not given the Stockholder any investment
advice, opinion or other information on whether the Exchange is prudent.

 

     

     

    

 

(f)              The
Stockholder is an “accredited investor” as such term is defined in Regulation D promulgated under the Securities Act.

 

(g)             At
no time was the Stockholder presented with or solicited by any publicly issued or circulated form of general advertising or solicitation
in connection with the Exchange.

 

(h)             The
Gadsden Shares have been authorized and outstanding for at least ninety (90) days prior to the date hereof.

 

(i)              Neither
the Stockholder nor any person that has been or will be paid (directly or indirectly) remuneration or a commission for their participation
in the Exchange, is subject to an event that would disqualify an issuer or other covered person under Rule 506(d)(1) of Regulation
D (17 CFR 230.506(d)(1)) or is subject to a statutory disqualification under section 3(a)(39) of the Securities Exchange Act of
1934, as amended (the “Exchange Act”).

 

(j)               The
transactions contemplated by this Agreement are not with respect to a security that constitutes the whole or part of an unsold
allotment to, or a subscription or participation by, a broker or dealer as an underwriter of the security or a redistribution.

 

(k)             
Neither the Stockholder, nor any person acting
on the Stockholder’s behalf, offered or sold the Gadsden Shares by any form of general solicitation or advertising.

 

(l)               The
Stockholder is acquiring the FC Global Shares for its own account for investment purposes only and not with a view to, or for
the resale in connection with, any “distribution” thereof for purposes of the Securities Act in violation of securities
laws. The Stockholder has no present intention of selling or otherwise disposing of all or any portion of the FC Global Shares.

 

(m)            The
Stockholder understands that the FC Global Shares are characterized as “restricted securities” under the federal securities
laws and that under such laws and applicable regulations such securities may be resold without registration under the Securities
Act, only in certain limited circumstances. It understands that the FC Global Shares must be held indefinitely unless subsequently
registered under the Securities Act or unless an exemption from registration is otherwise available. In this connection, the Stockholder
represents that it is familiar with Rule 144, as presently in effect, and understands the resale limitations imposed thereby
and by the Securities Act. In addition, it understands that the certificates evidencing the FC Global Shares, if any, will be
imprinted with a legend which prohibits the transfer of the FC Global Shares unless they are registered or such registration is
not required in an opinion of counsel reasonably acceptable to FC Global.

 

(n)             By
reason of its business or financial experience, the Stockholder is capable of evaluating the merits and risks of the Exchange,
has the ability to protect the Stockholder’s own interests in this transaction and is financially capable of bearing a total
loss of the FC Global Shares.

 

(o)            
The Stockholder acknowledges that FC Global is
a public reporting company subject to Section 13 of the Exchange Act and the Stockholder has reviewed the reports and other documents
filed by FC Global with the Securities and Exchange Commission.

 

     

     

    

 

(p)            
The Stockholder acknowledges that FC Global is
engaged in business, is not in the organizational stage or in bankruptcy or receivership, is not a blank check, blind pool, or
shell company that has no specific business plan or purpose or has indicated that its primary business plan is to engage in a
merger or combination of the business, with or an acquisition of, an unidentified person.

 

4.            
Representations and Warranties of FC Global.
FC Global represents and warrants to the Stockholder and Gadsden and as follows.

 

(a)            
FC Global is a corporation that is validly existing
and in good standing under the laws of its state of Nevada. FC Global has the requisite power and authority to execute and deliver
this Agreement, to perform its obligations hereunder and to consummate the transactions contemplated by this Agreement. The execution,
delivery and performance by FC Global of this Agreement and the consummation by FC Global of the transactions contemplated hereby
have been duly authorized by all necessary action on the part of FC Global and no other action is necessary on the part of FC
Global to authorize this Agreement or to consummate the transactions contemplated hereby. This Agreement has been duly executed
and delivered by FC Global and, assuming the due authorization, execution and delivery by the Stockholder and Gadsden, constitutes
a legal, valid and binding obligation of FC Global, enforceable against FC Global in accordance with its terms, except as limited
by (i) bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or other similar laws relating to creditors’
rights generally and (ii) general principles of equity, whether such enforceability is considered in a proceeding in equity or
at law.

 

(b)            
Neither the execution and the delivery of this
Agreement, nor the consummation of the transactions contemplated hereby, will conflict with, result in a breach of, constitute
a default under, result in the acceleration of, create in any party the right to accelerate, terminate, modify or cancel, or require
any notice under any agreement, contract, lease, license, instrument or other arrangement to which FC Global is a party or by
which it is bound or to which any of its assets is subject.

 

(c)            
The execution and delivery of this Agreement
by FC Global does not, and the performance of this Agreement by FC Global will not, require any consent, approval, authorization
or permit of, or filing with or notification to, any governmental entity.

 

(d)            
FC Global is a public reporting company subject
to Section 13 of the Exchange Act.

 

5.            
Representations and Warranties of Gadsden.
Gadsden represents and warrants to the Stockholder and FC Global and as follows.

 

(a)            
Gadsden is a corporation that is validly existing
and in good standing under the laws of its state of Maryland. Gadsden has the requisite power and authority to execute and deliver
this Agreement, to perform its obligations hereunder and to consummate the transactions contemplated by this Agreement. The execution,
delivery and performance by Gadsden of this Agreement and the consummation by Gadsden of the transactions contemplated hereby
have been duly authorized by all necessary action on the part of Gadsden and no other action is necessary on the part of Gadsden
to authorize this Agreement or to consummate the transactions contemplated hereby. This Agreement has been duly executed and delivered
by Gadsden and, assuming the due authorization, execution and delivery by the Stockholder and FC Global, constitutes a legal,
valid and binding obligation of Gadsden, enforceable against Gadsden in accordance with its terms, except as limited by (i) bankruptcy,
insolvency, reorganization, moratorium, fraudulent conveyance or other similar laws relating to creditors’ rights generally
and (ii) general principles of equity, whether such enforceability is considered in a proceeding in equity or at law.

 

     

     

    

 

(b)            
Neither the execution and the delivery of this
Agreement, nor the consummation of the transactions contemplated hereby, will conflict with, result in a breach of, constitute
a default under, result in the acceleration of, create in any party the right to accelerate, terminate, modify or cancel, or require
any notice under any agreement, contract, lease, license, instrument or other arrangement to which Gadsden is a party or by which
it is bound or to which any of its assets is subject.

 

(c)            
The execution and delivery of this Agreement
by Gadsden does not, and the performance of this Agreement by Gadsden will not, require any consent, approval, authorization or
permit of, or filing with or notification to, any governmental entity.

 

6.            
Miscellaneous.

 

(a)            
This Agreement contains the entire understanding
of the parties with respect to the subject matter hereof and supersede all prior agreements, understandings, discussions and representations,
oral or written, with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and
schedules.

 

(b)            
No provision of this Agreement may be waived
or amended except in a written instrument signed, in the case of an amendment, by Gadsden, FC Global and the Stockholder, in the
case of a waiver, by the party against whom enforcement of any such waiver is sought. No waiver of any default with respect to
any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver
of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission
of either party to exercise any right hereunder in any manner impair the exercise of any such right.(c)               
 

 

(d)            
The headings herein are for convenience only,
do not constitute a part of this Agreement and shall not be deemed to limit or affect any of the provisions hereof. The language
used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rules of
strict construction will be applied against any party. This Agreement shall be construed as if drafted jointly by the parties,
and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provisions
of this Agreement.(e)               
 

 

(f)             
This Agreement is intended for the benefit of
the parties hereto and their respective successors and permitted assigns and is not for the benefit of, nor may any provision
hereof be enforced by, any other person.

 

(g)            
This Agreement and the rights and obligations
of the parties hereunder shall be construed in accordance with and governed by the laws of the State of Maryland without regard
to the principles of the conflict of laws of Maryland.

 

(h)            
This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S.
federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed
to have been duly and validly delivered and be valid and effective for all purposes.

 

     

     

    

 

(i)             
If any provision of this Agreement is held to
be invalid or unenforceable in any respect, the validity and enforceability of the remaining terms and provisions of this Agreement
shall not in any way be affected or impaired thereby and the parties will attempt to agree upon a valid and enforceable provision
that is a reasonable substitute therefor, and upon so agreeing, shall incorporate such substitute provision in this Agreement.

 

[Signature
Page Follows]

 

     

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Cancellation and Exchange Agreement to be executed as of the date first
above written.

 

	 	GADSDEN GROWTH PROPERTIES, INC.
	 	 	 
	 	By:	/s/ John
    Hartman
	 	Name: John Hartman
	 	Title: Chief Executive Officer
	 	 	 
	 	FC GLOBAL REALTY INCORPORATED
	 	 	 
	 	By:	/s/ John
    Hartman
	 	Name: John Hartman
	 	Title: Chief Executive Officer
	 	 	 
	 	FHDC GROUP, LLC
	 	 	 
	 	By:	/s/ Jae
    Ryu
	 	Name:
	 	Title:

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