SEC Contract Filing

Filing Date: 2020-01-24

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>f8k012120ex10-1_mictinc.htm
<DESCRIPTION>FORM OF PRIMARY SECURITY AGREEMENT
<TEXT>
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITY AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">This SECURITY AGREEMENT,
dated as of [_____] (this &ldquo;<U>Agreement</U>&rdquo;), is entered by and among MICT, Inc., a Delaware corporation (the &ldquo;<U>Company</U>&rdquo;),
each Subsidiary of the Company party hereto from time to time (together with the Company, collectively, the &ldquo;<U>Debtor</U>&rdquo;
and each, a &ldquo;<U>Debtor</U>&rdquo;), the holders of the Company&rsquo;s 5% Secured Convertible Debentures due six months following
their issuance in the original aggregate principal amount of $[_____] (collectively, the &ldquo;<U>Debentures</U>&rdquo;) signatory
hereto (together with their endorsees, transferees, successors and assigns, collectively, the &ldquo;<U>Secured Parties</U>&rdquo;),
and [_____], a company incorporated under the laws of [_____], as Agent (as defined in Section 18 hereof) for the Secured Parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>W I T N E S S E T H:</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">WHEREAS, pursuant to
the Purchase Agreement (as defined in the Debentures), the Secured Parties have severally agreed to extend the loans to the Company
evidenced by the Debentures; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">WHEREAS, in order to
induce the Secured Parties to extend the loans evidenced by the Debentures, the Debtor has agreed to execute and deliver to the
Secured Parties this Agreement and to grant the Secured Parties, <U>pari passu</U> with each other Secured Party and through the
Agent, a security interest in substantially all personal property of the Debtor to secure the prompt payment, performance and discharge
in full of all of the Company&rsquo;s obligations under the Debentures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">NOW, THEREFORE, in
consideration of the agreements herein contained and for other good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the parties hereto hereby agree as follows:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">1. <B>Certain Definitions</B>.
As used in this Agreement, the following terms shall have the meanings set forth in this Section 1. Terms used but not otherwise
defined in this Agreement that are defined in Article 9 of the UCC (such as &ldquo;account&rdquo;, &ldquo;chattel paper&rdquo;,
&ldquo;commercial tort claim&rdquo;, &ldquo;deposit account&rdquo;, &ldquo;document&rdquo;, &ldquo;equipment&rdquo;, &ldquo;fixtures&rdquo;,
&ldquo;general intangibles&rdquo;, &ldquo;goods&rdquo;, &ldquo;instruments&rdquo;, &ldquo;inventory&rdquo;, &ldquo;investment property&rdquo;,
&ldquo;letter-of-credit rights&rdquo;, &ldquo;proceeds&rdquo; and &ldquo;supporting obligations&rdquo;) shall have the respective
meanings given such terms in Article 9 of the UCC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">(a) &ldquo;<U>Blocked
Account</U>&rdquo; shall have the meaning ascribed to such term in the Purchase Agreement (as defined in the Debentures).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">(b) &ldquo;<U>Collateral</U>&rdquo;
means all personal property of each Debtor, whether presently owned or existing or hereafter acquired or coming into existence,
wherever situated, and all additions and accessions thereto and all substitutions and replacements thereof, and all proceeds,
products and accounts thereof, including, without limitation, all proceeds from the sale or transfer of the Collateral and of
insurance covering the same and of any tort claims in connection therewith, and all dividends, interest, cash, notes, securities,
equity interest or other property at any time and from time to time acquired, receivable or otherwise distributed in respect of,
or in exchange for,