SEC Contract Filing

Filing Date: 2023-02-21

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>3
<FILENAME>ex_470904.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<p style="margin: 0pt; text-align: right; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt"><b>Exhibit 10.1</b></font></p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>AMENDED AND RESTATED </b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>SHARE EXCHANGE AGREEMENT</b></p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 5pt; text-indent: 32pt;">This <b>AMENDED AND RESTATED SHARE EXCHANGE AGREEMENT </b>(this &#8220;<b>Agreement</b>&#8221;) is entered into effective as of the 30th day of January 2023 by and among Vado Corp., a Nevada corporation (&#8220;<b>VADO</b>&#8221;), Socialcom, Inc, d/b/a AudienceX, a California corporation (&#8220;<b>AX</b>&#8221;), the shareholders of AX listed on <b><u>Schedule 1.01(a)</u></b> hereto<b> </b>who are executing this Agreement in their capacity as shareholders of AX as provided herein (the &#8220;<b>AX Shareholders</b>&#8221;), and Jason Wulfsohn in his capacity as a representative of the AX Shareholders for certain purposes described herein (the &#8220;<b>AX Shareholder Representative</b>&#8221;). Each of the parties to this Agreement is individually referred to herein as a &#8220;<b>Party</b>&#8221; and collectively as the &#8220;<b>Parties</b>.&#8221;</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 5pt; text-indent: 32pt;">This Agreement amends and restates in its entirety the original Share Exchange Agreement originally executed by the parties on January 30, 2023.&nbsp;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>RECITALS:</b></p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 5pt; text-indent: 32pt; text-align: justify;">A.&nbsp;&nbsp;&nbsp;&nbsp;The boards of directors of VADO and AX &nbsp;have determined that an acquisition of all or substantially all of the issued and outstanding shares of capital stock of AX by VADO through a share exchange upon the terms and subject to the conditions set forth in this Agreement (the &#8220;<b>Share Exchange</b>&#8221;) would be in the best interests of VADO and AX, and the boards of directors of VADO and AX have each approved the Share Exchange, pursuant to which all of the right, title and interest in and to all or substantially all of the issued and outstanding shares of capital stock (the &#8220;<b>AX Shares</b>&#8221;) of AX (collectively, the &#8220;<b>Ownership Interest</b>&#8221;) will be exchanged at the &#8220;Exchange Ratio&#8221; (as such term is defined herein) for a total of 169,434,641 shares of VADO Common Stock, or such other number as equals the &#8220;Stated Percentage&#8221; (as such term is defined herein) as of the Closing (the &#8220;<b>Exchange Shares</b>&#8221;).</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 5pt; text-indent: 32pt; text-align: justify;">B.&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall become effective in accordance with its terms when executed by each of VADO and AX and the AX Shareholders identified in <b><u>Schedule 1.01(a)</u></b> as &#8220;Initial AX Shareholders;&#8221; and it is a condition of the Parties to consummate the Share Exchange that AX Shareholders collectively owning not less than 19,363,959<b> </b>of the outstanding AX Shares join in this Agreement and participate in the Share Exchange.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 5pt; text-indent: 32pt; text-align: justify;">C.&nbsp;&nbsp;&nbsp;&nbsp;The Parties acknowledge and agree that it is a condition of the obligations of AX and the AX Shareholders to consummate the Share Exchange, that VADO, concurrently with the Closing, shall have received $750,000 of cash proceeds from the sale of VADO Series A Convertible Preferred Stock (the &#8220;VADO Series A Preferred Stock&#8221;) as part of the &#8220;Secondary Financing&#8221; substantially in accordance with the &#8220;Stock Purchase Agreement&#8221; (as such terms are defined herein) executed by the parties thereto and previously delivered to AX, and on such other terms and conditions as are satisfactory to VADO and A