Exhibit 10.54


 


Restricted
Stock Award Agreement


 


This
Restricted Stock Award Agreement (this “Agreement”) is made and entered into as of September 4, 2020 (the “Grant
Date”) by and between Verb Technology Company, Inc., a Nevada corporation (the “Company”) and Dustin
Kenyon (the “Grantee”).


 


WHEREAS,
the Company desires to grant to the Grantee and the Grantee desires to accept an award of Restricted Stock (as that term is defined
below) provided for herein;


 


WHEREAS,
the Company has determined that it is in the best interest of the Company and its stockholders to grant the award of Restricted
Stock provided for herein;


 


NOW,
THEREFORE, in consideration of these presents and for such other good and valuable consideration, the receipt and adequacy
of which are hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows:


 


1.
Grant of Restricted Stock. The Company
hereby issues to the Grantee on the Grant Date a Restricted Stock Award consisting of, in the aggregate, 247,703 shares of Common
Stock of the Company (the “Restricted Stock”), on the terms and conditions and subject to the restrictions
set forth in this Agreement.


 


2.
Consideration. The grant of the Restricted
Stock is made in consideration of the services by the Grantee to the Company.


 


3.
Restricted Period; Vesting.


 


3.1
The Restricted Stock will vest in accordance with the following schedule or earlier upon the Executive’s involuntary termination
of employment by the Company without cause.


 


January
1, 2021: 247,703 shares of Restricted Stock vest.


 


The
period over which the Restricted Stock vests is referred to as the “Restricted Period”.


 


4.
Restrictions. Subject to any exceptions
set forth in this Agreement, during the Restricted Period, the Restricted Stock or the rights relating thereto may not be assigned,
alienated, pledged, attached, sold, or otherwise transferred or encumbered by the Grantee. Any attempt to assign, alienate, pledge,
attach, sell, or otherwise transfer or encumber the Restricted Stock or the rights relating thereto during the Restricted Period
shall be wholly ineffective and, if any such attempt is made, the Restricted Stock will be forfeited by the Grantee and all of
the Grantee’s rights to such shares shall immediately terminate without any payment or consideration by the Company.


 


5.
Rights as Stockholder; Dividends.


 


5.1
The Grantee shall be the record owner of the Restricted Stock until the shares of Common Stock are sold or otherwise disposed
of, and shall be entitled to all of the rights of a stockholder of the Company, including, without limitation, the right to vote
such shares and receive all dividends or other distributions paid with respect to such shares. Notwithstanding the foregoing,
any dividends or other distributions shall be subject to the same restrictions on transferability as the shares of Restricted
Stock with respect to which they were paid.


 




    	 	 	 



     


    

 


5.2
The Company may generate stock certificates or may evidence the Grantee’s interest by using a restricted book entry account
with the Company’s transfer agent. Physical possession or custody of any stock certificates that are generated shall be
retained by the Company until such time as the Restricted Stock vests.


 


5.3
If the Grantee forfeits any rights he or she has under this Agreement in accordance with Section 3, the Grantee shall, on the
date of such forfeiture, no longer have any rights as a stockholder with respect to the Restricted Stock and shall no longer be
entitled to vote or receive dividends on such shares.


 


6.
No Right to Continued Service. This Agreement
shall not confer upon the Grantee any right to be retained in any position, as an employee, consultant, or director of the Company.
Further, nothing in this Agreement shall be construed to limit the discretion of the Company to terminate the Grantee’s
Continuous Service at any time, with or without Cause.


 


7.
Adjustments. If any change is made to
the outstanding Common Stock or the capital structure of the Company, if required, the shares of Common Stock shall be adjusted
or terminated.


 


8.
Tax Liability and Withholding.


 


8.1
The Grantee shall be required to pay to the Company, and the Company shall have the right to deduct from any compensation paid
to the Grantee, the amount of any required withholding taxes in respect of the Restricted Stock and to take all such other action
as the Committee deems necessary to satisfy all obligations for the payment of such withholding taxes. The Committee may permit
the Grantee to satisfy any federal, state or local tax withholding obligation by any of the following means, or by a combination
of such means:


 


(a)
tendering a cash payment;


 


(b)
authorizing the Company to withhold shares of Common Stock from the shares of Common Stock otherwise issuable or deliverable to
the Grantee as a result of the vesting of the Restricted Stock; provided, however, that no shares of Common Stock
shall be withheld with a value exceeding the maximum amount of tax required to be withheld by law; or


 


(c)
delivering to the Company previously owned and unencumbered shares of Common Stock.


 


8.2
Notwithstanding any action the Company takes with respect to any or all income tax, social insurance, payroll tax, or other tax-related
withholding (“Tax-Related Items”), the ultimate liability for all Tax-Related Items is and remains the Grantee’s
responsibility and the Company (a) makes no representation or undertakings regarding the treatment of any Tax-Related Items in
connection with the grant or vesting of the Restricted Stock or the subsequent sale of any shares and (b) does not commit to structure
the Restricted Stock to reduce or eliminate the Grantee’s liability for Tax-Related Items.


 




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9.
Section 83(b) Election. The Grantee may
make an election under Code Section 83(b) (a “Section 83(b) Election”) with respect to the Restricted Stock.
Any such election must be made within thirty (30) days after the Grant Date. If the Grantee elects to make a Section 83(b) Election,
the Grantee shall provide the Company with a copy of an executed version and satisfactory evidence of the filing of the executed
Section 83(b) Election with the US Internal Revenue Service. The Grantee agrees to assume full responsibility for ensuring that
the Section 83(b) Election is actually and timely filed with the US Internal Revenue Service and for all tax consequences resulting
from the Section 83(b) Election.


 


10.
Compliance with Law. The issuance and
transfer of shares of Common Stock shall be subject to compliance by the Company and the Grantee with all applicable requirements
of federal and state securities laws and with all applicable requirements of any stock exchange on which the Company’s shares
of Common Stock may be listed. No shares of Common Stock shall be issued or transferred unless and until any then applicable requirements
of state and federal laws and regulatory agencies have been fully complied with to the satisfaction of the Company and its counsel.
The Grantee understands that the Company is under no obligation to register the shares of Common Stock with the Securities and
Exchange Commission, to qualify the shares with any state securities commission, or list the shares with any stock exchange to
effect such compliance.


 


11.
Legends. A legend may be placed on any
certificate(s) or other document(s) delivered to the Grantee indicating restrictions on transferability of the shares of Restricted
Stock pursuant to this Agreement or any other restrictions that the Committee may deem advisable under the rules, regulations,
and other requirements of the Securities and Exchange Commission, any applicable federal or state securities laws, or any stock
exchange on which the shares of Common Stock are then listed or quoted.


 


12.
Notices. Any notice required to be delivered
to the Company under this Agreement shall be in writing and addressed to the Secretary of the Company at the Company’s principal
corporate offices. Any notice required to be delivered to the Grantee under this Agreement shall be in writing and addressed to
the Grantee at the Grantee’s address as shown in the records of the Company. Either party may designate another address
in writing (or by such other method approved by the Company) from time to time.


 


13.
Governing Law. This Agreement will be
construed and interpreted in accordance with the laws of the State of Nevada without regard to conflict of law principles.


 


14.
Interpretation. Any dispute regarding
the interpretation of this Agreement shall be submitted by the Grantee or the Company to the Committee for review. The resolution
of such dispute by the Committee shall be final and binding on the Grantee and the Company.


 




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15.
Successors and Assigns. The Company may
assign any of its rights under this Agreement. This Agreement will be binding upon and inure to the benefit of the successors
and assigns of the Company. Subject to the restrictions on transfer set forth herein, this Agreement will be binding upon the
Grantee and the Grantee’s beneficiaries, executors, administrators and the person(s) to whom the Restricted Stock may be
transferred by will or the laws of descent or distribution.


 


16.
Severability. The invalidity or unenforceability
of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, and
each provision of this Agreement shall be severable and enforceable to the extent permitted by law.


 


17.
Amendment. The Committee has the right
to amend, alter, suspend, discontinue, or cancel the Restricted Stock, prospectively or retroactively; provided, that, no such
amendment shall adversely affect the Grantee’s material rights under this Agreement without the Grantee’s consent.


 


18.
No Impact on Other Benefits. The value
of the Grantee’s Restricted Stock is not part of his or her normal or expected compensation for purposes of calculating
any severance, retirement, welfare, insurance, or similar employee benefit.


 


19.
Counterparts. This Agreement may be executed
in counterparts, each of which shall be deemed an original, but all of which together will constitute one and the same instrument.
Counterpart signature pages to this Agreement transmitted by facsimile transmission, by electronic mail in portable document format
(.pdf), or by any other electronic means intended to preserve the original graphic and pictorial appearance of a document will
have the same effect as physical delivery of the paper document bearing an original signature.


 


20.
Acceptance. The Grantee hereby acknowledges
receipt of a copy of this Agreement. The Grantee has read and understands the terms and provisions thereof, accepts the Restricted
Stock subject to all of the terms and conditions of this Agreement.


 


21.
Section 409A Compliance. The Grantee acknowledges
that there may be adverse tax consequences upon the grant or vesting of the Restricted Stock or disposition of the underlying
shares and that the Grantee has been advised to consult a tax advisor prior to such grant, vesting, or disposition. It is intended
that Restricted Stock is either exempt from the requirements of Section 409A of the Code or will satisfy the requirements of Section
409A of the Code so that compensation deferred under this award (and applicable earnings) shall not be included in income under
Section 409A of the Code. If the Committee determines the Grantee to be one of the Company’s “specified employees”
under Section 409A of the Code at the time of such Participant’s Separation from Service in accordance with the identification
date specified in the 409A Guidance and the amount hereunder is “deferred compensation” subject to Section 409A, then
any distribution that otherwise would be made to such Participant with respect to this award as a result of such termination shall
not be made until the date that is six months after such Separation from Service or , if earlier, the date of the death of the
Participant. However, neither the Company nor the Committee shall have any obligation to take any action to prevent the assessment
of any excise tax or penalty on any person for any equity award under Section 409A of the Code. If this award is subject to Section
409A of the Code and the 409A Guidance, this Agreement will incorporate and satisfy the written documentation requirement of Section
409A of the Code and the 409A Guidance either directly or by reference to other documents. Notwithstanding the foregoing, the
Company shall not have any liability to the Grantee for taxes or penalties under Section 409A of the Code, and the Company shall
not have any obligation to indemnify the Grantee for any taxes or penalties under Section 409A of the Code.


 


[SIGNATURE
PAGE FOLLOWS]


 




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IN
WITNESS WHEREOF, this agreement has been executed as of the date first above shown.





 


	 	VERB
TECHNOLOGY COMPANY, INC.
	 	 
	 	By:	/s/
    Jeff Clayborne
	 	 	Jeff
    Clayborne
	 	 	Chief
    Financial Officer
	 	 	 
	 	 	/s/
    Dustin Kenyon
	 	 	Dustin
    Kenyon


 




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