SEC Contract Filing

Filing Date: 2021-04-14

Document Content:
<DOCUMENT>
<TYPE>EX-10.7
<SEQUENCE>8
<FILENAME>ea139487ex10-7_sysorex.htm
<DESCRIPTION>RIGHT TO SHARES LETTER AGREEMENT DATED APRIL 14, 2021, BY AND BETWEEN SYSOREX, INC. AND FIRST CHOICE INTERNATIONAL COMPANY, INC
<TEXT>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 10.7</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">RIGHT TO SHARES LETTER AGREEMENT</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Right
to Shares Letter Agreement, dated as of April 14, 2021 (this &ldquo;<U>Agreement</U>&rdquo;) constitutes an agreement between Sysorex,
Inc. (the &ldquo;<U>Company</U>&rdquo;) and First Choice International Company, Inc. (the &ldquo;<U>First Choice</U>&rdquo;). Any capitalized
terms not defined herein shall have the meaning set forth for such term in the Settlement Agreement (defined below).</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: justify; text-indent: 0.5in"><B>WHEREAS</B>,
the Company and First Choice entered into that certain Securities Settlement Agreement, dated as of the date of this Agreement (the &ldquo;<U>Settlement
Agreement</U>&rdquo;), pursuant to which the Company agreed to grant a right to an aggregate of 5,272,407<SUP>1</SUP> shares of Company
common stock (&ldquo;<U>Common Stock</U>&rdquo;) (the &ldquo;<U>Rights Shares</U>&rdquo;) underlying the Rights described in this Agreement;
and</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.95pt"><B>WHEREAS</B>,
subject to the terms and conditions set forth herein, from time-to-time, the Company shall be obligated to issue and First Choice shall
have the right to the issuance of the Rights Shares, subject to adjustment hereunder (such right of First Choice, the &ldquo;<U>Right</U>&rdquo;).</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: justify; text-indent: 0.5in"><B>NOW,
THEREFORE</B>, in consideration of the mutual covenants contained herein, and intending to be legally bound, the parties hereto agree
as follows:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section
1. <U>Definitions</U></B>. Capitalized terms used and not otherwise defined herein shall have the meanings set forth in the Settlement
Agreement, as amended, modified or supplemented from time-to- time in accordance with its terms.</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: justify; text-indent: 0.5in"><B>Section 2. <U>Issuance
of Reserved Shares</U>.</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: justify; text-indent: 0.5in"><B>Section
2.1 <U>Issuance of Right in Lieu of Share Issuance</U></B>. In lieu of issuing the Rights Shares to First Choice at the Closing, the Company
hereby grants the Right to First Choice. The Company and First Choice hereby agree that there is good and valuable consideration for the
Right and no additional consideration is payable in connection with the issuance of the Rights Shares. First Choice acknowledges and agrees
that the Company has no obligation to repay the Indebtedness to First Choice, or any assignee or successor to First Choice.</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: justify; text-indent: 0.5in"><B>Section 2.2 <U>Right of
Issuance of Shares</U></B>. Subject to the terms hereof, the exercise of the Right may be made, in whole or in part, at any time or times
on or after the date hereof by delivery to the Company (or such other office or agency of the Company as it may designate by notice in
writing to First Choice at the address of First Choice appearing on the books of the Company) of a duly executed facsimile or .PDF copy
of the Notice of Issuance Form annexed hereto requesting the issuance of Rights Shares. Partial exercises of the Right resulting in issuances
of a portion of the total number of Rights Shares available hereunder shall have the effect of lowering the outstanding number of Rights
Shares purchasable hereunder in an amount equal to the applicable number of Rights Shares issued. First Choice and the Company shall
maintain records showing the number of Rights Shares issued and the date of such issuances. The Company shall deliver any objection to
any Notice of Issuance Form within two <FONT STYLE="font-weight: normal">(2) Business Days of receipt of such notice. </FONT><B>First
Choice and any assignee, by assignment of this Agreement, acknowledge and agree that, by reason of the provisions of this paragraph,
following the issuance of a portion of the Rights Shares hereunder, the number of Rights Shares available for issuance hereunder at any
given time may be less than the amount stated in Section 2 hereof.</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: