Exhibit
10.2


 


Third
Bridge Note


 


THE
SECURITY REPRESENTED HEREBY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR ANY STATE SECURITIES LAWS AND NEITHER
SUCH SECURITY NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO
AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND SUCH LAWS
WHICH, IN THE OPINION OF COUNSEL FOR THE HOLDER, WHICH COUNSEL AND OPINION ARE REASONABLY SATISFACTORY TO COUNSEL FOR THIS COMPANY,
IS AVAILABLE.


 


THE
OBLIGATIONS EVIDENCED BY THIS NOTE ARE SUBORDINATE IN THE MANNER AND TO THE EXTENT SET FORTH HEREIN TO THE SENIOR OBLIGATIONS,
AND THE HOLDER OF THIS NOTE, BY ITS ACCEPTANCE HEREOF, IS BOUND BY THE PROVISONS HEREIN.


 


NTN
BUZZTIME, INC.


 


10%
PROMISSORY NOTE


 


	$200,000.00	January
12, 2021         


 


FOR
VALUE RECEIVED, NTN Buzztime, Inc., a Delaware corporation (the “Company”), promises to pay to the order of
Fertilemind Management, LLC, a Delaware limited liability company (“Fertilemind”), and its successors and permitted
assigns (the “Holder”), the principal sum of $200,000.00, in accordance with the terms hereof, and to pay interest
on the principal sum outstanding, at the rate of ten percent (10%) per annum, compounded annually. This Note is unsecured. The
Company hereby acknowledges receipt of such principal sum.


 


The
following is a statement of the rights of the Holder of this Note and the terms and conditions to which this Note is subject,
and to which the Holder, by acceptance of this Note, agrees:


 


 1. Principal Repayment.




 


(a)
This Note and any accrued interest hereunder will become due and payable in accordance with the terms hereof upon the earlier
of (i) the termination of the Asset Purchase Agreement, dated as of September 13, 2020, by and between the Company and eGames.com
Holdings LLC (“Purchaser”),
an affiliate of Fertilemind (as amended, the “Asset Purchase Agreement”),
pursuant to Section 9.1 thereof, (ii) the closing of a Business Combination, and (iii) April 30, 2021 (such earlier date, the
“Maturity Date”); provided, however, that upon the Closing (as defined in
the Asset Purchase Agreement), the outstanding principal amount of this Note and all accrued and unpaid interest thereon shall
be applied against the obligation of Purchaser to pay the Purchase Price (as defined in the Asset Purchase Agreement) on the Closing
Date (as defined in the Asset Purchase Agreement), and this Note shall be extinguished.


 


(b)
For the purposes of this Note, the following terms shall have the respective meanings provided in this Section ‎(b):


 




    	 



     


    

 


(i)
“Business Combination” shall mean the: (A) merger of the Company with any Person in which the stockholders
of the Company (if considered a group) immediately prior to such transaction do not continue to control, directly or indirectly,
more than fifty percent (50%) of the voting securities of the surviving Person in such transaction and have a right to at least
more than fifty percent (50%) of the aggregate economic rights of distributions or dividends to holders of securities of such
surviving Person and any Person that Controls such surviving Person; (B) the sale of all or substantially all of the assets of
the Company, including any sale by license, contract or similar arrangement, in one or a series of related transactions; (C) any
tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of common stock
of the Company are permitted to tender or exchange their shares for other securities, cash or property, or (D) the Company effects
any reclassification of its common stock or any compulsory share exchange pursuant to which the common stock of the Company is
effectively converted into or exchanged for other securities, cash or property.


 


(ii)
“Control” shall mean power and authority of a specified Person to control the business and affairs of any other
specified Person.


 


(iii)
“Person” shall mean an individual or corporation, partnership, trust, incorporated or unincorporated association,
joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity
of any kind.


 


2.
Interest. The Holder of this Note is entitled
to receive interest at an annual interest rate of ten percent (10%), compounded annually, of the outstanding principal amount
of this Note; provided, however, that during any Event of Default (as defined below) under this Note the interest rate shall increase
to fifteen percent (15%) per annum, compounded annually. Interest on the outstanding principal balance of this Note shall be computed
on the basis of the actual number of days elapsed and a 365-day year. Accrual of the interest on the outstanding principal amount
shall commence on the date hereof and shall continue until the earlier of (a) the date on which all of the obligations of this
Note have been paid in full and (b) the Closing. Subject to the proviso in Section 1(a), all accrued and unpaid interest on the
outstanding balance of this Note shall be paid on the Maturity Date.


 


3.
Affirmative and Negative Covenants of the Company.
The Company hereby covenants to the Holder as follows:


 


(a)
Event of Default. Within five (5) business days of any officer of the Company obtaining knowledge of any Event of Default
(as defined in Section 4 hereof), if such Event of Default is then continuing, the Company shall furnish to the Holder a written
notice setting forth the details thereof and the action which the Company is taking or proposes to take with respect thereto.


 


(b)
Performance. The Company will not, by any voluntary action, avoid or seek to avoid the observance or performance of any
of the terms to be observed or performed hereunder by the Company, but will at all times in good faith assist in the carrying
out of the provisions of this Note.


 


(c)
Use of Proceeds. The proceeds of the loan represented by this Note shall be used by the Company only for the payment of
operating expenses that are incurred by the Company in connection with its ordinary course of business, and expenses incurred
in connection with the transactions contemplated by the Asset Purchase Agreement and any Company Merger (as defined in the Asset
Purchase Agreement). 


 


4.
Events of Default. This Note shall become immediately
due and payable at the option of the Holder, upon any one or more of the following events or occurrences (“Events of Default”):


 


(a)
if any portion of this Note is not paid when due;


 




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(b)
if the Company defaults in the observance or performance of any other material term, agreement, covenant or condition of this
Note and the Company fails to remedy such default within fifteen (15) days after the date of such default, or, if such default
is of such a nature that it cannot with due diligence be cured within said fifteen (15) day period, if the Company fails, within
said fifteen (15) days, to commence all steps necessary to cure such default, and fails to complete such cure within thirty (30)
days after the end of such fifteen (15) day period;


 


(c)
if any final judgment for the payment of money is rendered against the Company and the Company does not discharge the same or
cause it to be discharged or vacated within ninety (90) days from the entry thereof, or does not appeal therefrom or from the
order, decree or process upon which or pursuant to which said judgment was granted, based or entered, and does not secure a stay
of execution pending such appeal within ninety (90) days after the entry thereof or if there is an acceleration of the obligations
by any of the holders of the existing indebtedness for borrowed money of the Company and the Company does not satisfy such obligations
or stay such acceleration within thirty (30) days;


 


(d)
if the Company makes an assignment for the benefit of creditors or if the Company generally does not pay its debts as they become
due; or


 


(e)
if a receiver, liquidator or trustee of the Company is appointed or if the Company is adjudicated a bankrupt or insolvent, or
if any petition for bankruptcy, reorganization or arrangement pursuant to federal bankruptcy law, or any similar federal or state
law, is filed by or against, consented to, or acquiesced in, by the Company or if any proceeding for the dissolution or liquidation
of the Company is instituted; however, if such appointment, adjudication, petition or proceeding is involuntary and is not consented
to by the Company, upon the same not being discharged, stayed or dismissed within sixty (60) days.


 


5.
Usury. In no event shall the amount of interest
paid or agreed to be paid hereunder exceed the highest lawful rate permissible under applicable law. Any excess amount of deemed
interest shall be null and void and shall not interfere with or affect the Company’s obligation to repay the principal of
and interest on this Note.


 


6.
Mutilated, Destroyed, Lost or Stolen Note. In
case this Note shall become mutilated or defaced, or be destroyed, lost or stolen, the Company shall execute and deliver a new
note of like principal amount in exchange and substitution for the mutilated or defaced Note, or in lieu of and in substitution
for the destroyed, lost or stolen Note. In the case of a mutilated or defaced Note, the Holder shall surrender such Note to the
Company. In the case of any destroyed, lost or stolen Note, the Holder shall furnish to the Company: (a) evidence to its satisfaction
of the destruction, loss or theft of such Note and (b) such security or indemnity as may be reasonably required by the Company
to hold the Company harmless.


 


7.
Waiver of Demand, Presentment, etc.


 


(a)
The Company hereby expressly waives demand and presentment for payment, notice of nonpayment, protest, notice of protest, notice
of dishonor, notice of acceleration or intent to accelerate, bringing of suit and diligence in taking any action to collect amounts
called for hereunder and shall be directly and primarily liable for the payment of all sums owing and to be owing hereunder, regardless
of and without any notice, diligence, act or omission as or with respect to the collection of any amount called for hereunder.


 


(b)
No delay or omission on the part of the Holder in exercising any right hereunder shall operate as a waiver of such right or of
any other right of Holder, nor shall any delay, omission or waiver on any one occasion be deemed a bar to or waiver of the same
or any other right on any future occasion.


 


8.
Payment.


 


(a)
Except as otherwise provided for herein, all payments with respect to this Note shall be made in lawful currency of the United
States of America by check or wire transfer of immediately available funds, at the option of the Holder, at the principal office
of the Holder or such other place or places or designated accounts as may be reasonably specified by the Holder of this Note in
a written notice to the Company at least three (3) business days prior to payment. Payment shall be credited first to the accrued
interest then due and payable and the remainder applied to principal. 


 




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(b)
This Note may be prepaid in full, but not in part, without payment of additional fee or penalty.


 


9.
Assignment. The obligations of the Company under
this Note shall be binding upon, its successors or assigns. Neither the Company nor the Holder may assign any rights, duties or
obligations hereunder unless the other party shall have given its prior written consent.


 


10.
Waiver and Amendment. Any provision of this Note, including, without limitation, the maturity date hereof, and the observance
of any term hereof, may be amended, waived or modified (either generally or in a particular instance and either retroactively
or prospectively) only with the written consent of the Company and the Holder.


 


11.
Notices. Any notice, request or other communication
required or permitted hereunder shall be given or made pursuant to and in accordance with Section 11.8 of the Asset Purchase Agreement.


 


12.
Governing Law; Jurisdiction; Waiver of Jury Trial.


 


(a)
THIS NOTE SHALL BE ENFORCED, GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS
MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAW. 


 


(b)
THE COMPANY HEREBY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE STATE OF NEW YORK OR UNITED STATES FEDERAL COURTS LOCATED IN NEW
YORK COUNTY, NEW YORK WITH RESPECT TO ANY DISPUTE ARISING UNDER THIS NOTE. THE COMPANY IRREVOCABLY WAIVES THE DEFENSE OF AN INCONVENIENT
FORUM TO THE MAINTENANCE OF SUCH SUIT OR PROCEEDING. THE COMPANY FURTHER AGREES THAT SERVICE OF PROCESS UPON IT MAILED BY FIRST
CLASS MAIL SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON THE COMPANY IN ANY SUCH SUIT OR PROCEEDING. NOTHING
HEREIN SHALL AFFECT THE HOLDER’S RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW. THE COMPANY AGREES THAT A
FINAL NON-APPEALABLE JUDGMENT IN ANY SUCH SUIT OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY
SUIT ON SUCH JUDGMENT OR IN ANY OTHER LAWFUL MANNER. 


 


(c)
THE COMPANY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY
DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS NOTE.


 


13.
Severability. If one or more provisions of this
Note are held to be unenforceable under applicable law, such provisions shall be excluded from this Note, and the balance of this
Note shall be interpreted as if such provisions were so excluded and shall be enforceable in accordance with its terms.


 


14.
Headings. Section headings in this Note are for convenience only, and shall not be used in the construction of this Note.


 


15.
Costs of Collection. The Company shall pay all
reasonable and documented attorney fees, and all other reasonable and documented fees and disbursements of the Holder that are
incurred to enforce the terms and conditions of this Note or to defend any action by Holder or any of its affiliates asserted
by or on behalf of the Company.


 


[Signature
Page to Follow]


 




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IN
WITNESS WHEREOF, the Company has caused this Note to be issued as of the date first above written.


 


	 	NTN
    BUZZTIME, INC.
	 	 	 
	 	By:	/s/
    Sandra Gurrola
	 	Name:	Sandra
    Gurrola
	 	Title:
    	Sr.
    Vice President of Finance


 


[Signature
Page to Bridge Note]