Document:

EXHIBIT 10.6 

 

SPONSOR WARRANTS PURCHASE AGREEMENT

 

THIS SPONSOR WARRANTS PURCHASE AGREEMENT,
dated as of [●], 2021 (this “Agreement”), is entered into by and between Anzu Special Acquisition Corp
I, a Delaware corporation (the “Company”), and Anzu SPAC GP I LLC, a Delaware limited liability company (the
 “Purchaser”).

 

WHEREAS, the Company intends to consummate
an initial public offering of the Company’s units (the “Public Offering”), each unit consisting of one
share of the Company’s Class A common stock, par value $0.0001 per share (a “Share”), and one-[•] of
one redeemable warrant, each whole warrant exercisable for one Share at an exercise price of $11.50 per Share, as set forth in
the Company’s registration statement on Form S-1 related to the Public Offering (the “Registration Statement”);
and

 

WHEREAS, the Purchaser now wishes to purchase
an aggregate of [●] warrants (or [●] warrants if the underwriters’ over-allotment option is exercised in full)
(the “Warrants”), each Warrant entitling the holder thereof to purchase one Share at an exercise price of $11.50
per Share.

 

NOW THEREFORE, in consideration of the mutual
promises contained in this Agreement and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties to this Agreement hereby, intending legally to be bound, agree as follows:

 

AGREEMENT

 

Section 1.              Authorization,
Purchase and Sale; Terms of the Warrants.

 

A.            Authorization
of the Warrants. The Company has duly authorized the issuance and sale of the Warrants to the Purchaser.

 

B.             Purchase
and Sale of the Warrants.

 

(i)                 On
the date of the consummation of the Public Offering or on such earlier date as may be mutually agreed upon by the Purchaser
and the Company (the “Initial Closing Date”), the Company shall issue and sell to the Purchaser, and the
Purchaser shall purchase from the Company, [●] Warrants at a price of $1.00 per Warrant for an aggregate purchase price
of $[●] (the “Purchase Price”), which shall be paid by wire transfer of immediately available funds
to the Company at least one business day prior to the Initial Closing Date in accordance with the Company’s wiring
instructions. On the Initial Closing Date, following the payment by the Purchaser of the Purchase Price by wire transfer of
immediately available funds to the Company, the Company, at its option, shall deliver a certificate evidencing the Warrants
purchased on such date duly registered in the Purchaser’s name to the Purchaser, or effect such delivery in book-entry
form.

 

    1

     

    

 

(ii)             
On the date of the consummation of the closing of the over-allotment option in connection with the Public Offering or on
such earlier time and date as may be mutually agreed by the Purchaser and the Company (each such date, an “Over-allotment
Closing Date,” and, each Over-allotment Closing Date (if any) together with the Initial Closing Date, being sometimes
referred to herein as a “Closing Date,” or the “Closing Dates”), the Company shall issue
and sell to the Purchaser, and the Purchaser shall purchase from the Company, up to [●] Warrants at a price of $1.00 per
warrant for an aggregate purchase price of up to $[●] (if the over-allotment option in connection with the Public Offering
is exercised in full) (the “Over-allotment Purchase Price”), which shall be paid by wire transfer of immediately
available funds to the Company in accordance with the Company’s wiring instructions. On the Over-allotment Closing Date,
upon the payment by the Purchaser of the Over-allotment Purchase Price by wire transfer of immediately available funds to the Company,
the Company shall, at its option, deliver a certificate evidencing the Warrants purchased on such date duly registered in the Purchaser’s
name to the Purchaser, or effect such delivery in book-entry form.

 

C.            Terms of the Warrants.

 

(i)                
Each Warrant shall have its terms set forth in a Warrant Agreement to be entered into by the Company and a warrant agent,
in connection with the Public Offering (a “Warrant Agreement”).

 

(ii)             
At the time of the closing of the Public Offering, the Company and the Purchaser shall enter into a registration rights
agreement (the “Registration Rights Agreement”) pursuant to which the Company will grant certain registration
rights to the Purchaser relating to the Warrants and the Shares underlying the Warrants.

 

Section 2.               Representations
and Warranties of the Company. As a material inducement to the Purchaser to enter into this Agreement and purchase the Warrants,
the Company hereby represents and warrants to the Purchaser (which representations and warranties shall survive the Closing Dates)
that:

 

A.            Organization and Corporate Power. The Company is a corporation duly organized, validly existing and in good standing
under the laws of the State of Delaware and is qualified to do business in every jurisdiction in which the failure to so qualify
would reasonably be expected to have a material adverse effect on the financial condition, operating results or assets of the Company.
The Company possesses all requisite corporate power and authority necessary to carry out the transactions contemplated by this
Agreement and the Warrant Agreement.

 

    2

     

    

 

B.             Authorization;
No Breach.

 

(i)                
 The execution, delivery and performance of this Agreement and the Warrants have been duly authorized by the Company as
of the Initial Closing Date. This Agreement constitutes a valid and binding obligation of the Company, enforceable in accordance
with its terms. Upon issuance in accordance with, and payment pursuant to, the terms of the Warrant Agreement and this Agreement,
the Warrants will constitute valid and binding obligations of the Company, enforceable in accordance with their terms as of the
Closing Dates.

 

(ii)             
The execution and delivery by the Company of this Agreement and the Warrants, the issuance and sale of the Warrants, the
issuance of the Shares upon exercise of the Warrants and the fulfillment of, and compliance with, the respective terms hereof and
thereof by the Company, do not and will not as of the Closing Dates (a) conflict with or result in a breach of the terms, conditions
or provisions of, (b) constitute a default under, (c) result in the creation of any lien, security interest, charge or encumbrance
upon the Company’s capital stock or assets under, (d) result in a violation of, or (e) require any authorization, consent,
approval, exemption or other action by or notice or declaration to, or filing with, any court or administrative or governmental
body or agency pursuant to the certificate of incorporation of the Company or the bylaws of the Company (in effect on the date
hereof or as may be amended prior to completion of the contemplated Public Offering), or any material law, statute, rule or regulation
to which the Company is subject, or any agreement, order, judgment or decree to which the Company is subject, except for any filings
required after the date hereof under federal or state securities laws.

 

C.            Title to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof and the Warrant
Agreement, the Shares issuable upon exercise of the Warrants will be duly and validly issued, fully paid and nonassessable. Upon
issuance in accordance with, and payment pursuant to, the terms hereof and the Warrant Agreement, the Purchaser will have good
title to the Warrants and the Shares issuable upon exercise of such Warrants, free and clear of all liens, claims and encumbrances
of any kind, other than (i) transfer restrictions hereunder and under the other agreements contemplated hereby, (ii) transfer restrictions
under federal and state securities laws, and (iii) liens, claims or encumbrances imposed due to the actions of the Purchaser.

 

D.            Governmental Consents. No permit, consent, approval or authorization of, or declaration to or filing with, any governmental
authority is required in connection with the execution, delivery and performance by the Company of this Agreement or the consummation
by the Company of any other transactions contemplated hereby.

 

E.             Regulation D Qualification. Neither the Company nor, to its knowledge, any of its affiliates, officers, directors
or beneficial stockholders of 20% or more of its outstanding securities, has experienced a disqualifying event as enumerated pursuant
to Rule 506(d) of Regulation D under the Securities Act of 1933, as amended (the “Securities Act”).

 

    3

     

    

 

Section 3.               Representations
and Warranties of the Purchaser. As a material inducement to the Company to enter into this Agreement and issue and sell the
Warrants to the Purchaser, the Purchaser hereby represents and warrants to the Company (which representations and warranties shall
survive the Closing Dates) that:

 

A.            Organization
and Requisite Authority. The Purchaser possesses all requisite power and authority necessary to carry out the transactions
contemplated by this Agreement.

 

B.             Authorization; No Breach.

 

(i)                
This Agreement constitutes a valid and binding obligation of the Purchaser, enforceable in accordance with its terms, subject
to bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other laws of general applicability relating to
or affecting creditors’ rights and to general equitable principles (whether considered in a proceeding in equity or law).

 

(ii)             
The execution and delivery by the Purchaser of this Agreement and the fulfillment of and compliance with the terms hereof
by the Purchaser does not and shall not as of the Closing Dates conflict with or result in a breach by the Purchaser of the terms,
conditions or provisions of any agreement, instrument, order, judgment or decree to which the Purchaser is subject.

 

C.             Investment
Representations.

 

(i)                
The Purchaser is acquiring the Warrants and, upon exercise of the Warrants, the Shares issuable upon such exercise (collectively,
the “Securities”), for the Purchaser’s own account, for investment purposes only and not with a view towards,
or for resale in connection with, any public sale or distribution thereof.

 

(ii)             
The Purchaser is an “accredited investor” as such term is defined in Rule 501(a)(3) of Regulation D under the
Securities Act and the Purchaser has not experienced a disqualifying event as enumerated pursuant to Rule 506(d) of Regulation
D under the Securities Act.

 

(iii)           
The Purchaser understands that the Securities are being offered and will be sold to it in reliance on specific exemptions
from the registration requirements of the United States federal and state securities laws and that the Company is relying upon
the truth and accuracy of, and the Purchaser’s compliance with, the representations and warranties of the Purchaser set forth
herein in order to determine the availability of such exemptions and the eligibility of the Purchaser to acquire such Securities.

 

(iv)            
The Purchaser’s decision to enter into this Agreement was not the a result of any general solicitation or general
advertising within the meaning of Rule 502(c) under the Securities Act.

 

    4

     

    

 

(v)              
 The Purchaser has been furnished with all materials relating to the business, finances and operations of the Company and
materials relating to the offer and sale of the Securities which have been requested by the Purchaser. The Purchaser has been afforded
the opportunity to ask questions of the executive officers and directors of the Company. The Purchaser understands that its investment
in the Securities involves a high degree of risk and it has sought such accounting, legal and tax advice as it has considered necessary
to make an informed investment decision with respect to the acquisition of the Securities.

 

(vi)            The
Purchaser understands that no United States federal or state agency or any other government or governmental agency has passed
on or made any recommendation or endorsement of the Securities or the fairness or suitability of the investment in the Securities
by the Purchaser nor have such authorities passed upon or endorsed the merits of the offering of the Securities.

 

(vii)         
The Purchaser understands that: (a) the Securities have not been and are not being registered under the Securities Act or
any state securities laws, and may not be offered for sale, sold, assigned or transferred unless (1) subsequently registered thereunder
or (2) sold in reliance on an exemption therefrom; and (b) except as specifically set forth in the Registration Rights Agreement,
neither the Company nor any other person is under any obligation to register the Securities under the Securities Act or any state
securities laws or to comply with the terms and conditions of any exemption thereunder. In this regard, the Purchaser understands
that the Securities and Exchange Commission has taken the position that promoters or affiliates of a blank check company and their
transferees, both before and after an initial business combination, are deemed to be “underwriters” under the Securities
Act when reselling the securities of a blank check company. Based on that position, Rule 144 adopted pursuant to the Securities
Act would not be available for resale transactions of the Securities despite technical compliance with the requirements of such
Rule, and the Securities can be resold only through a registered offering or in reliance upon another exemption from the registration
requirements of the Securities Act.

 

(viii)        
The Purchaser has such knowledge and experience in financial and business matters, knowledge of the high degree of risk
associated with investments in the securities of companies in the development stage such as the Company, is capable of evaluating
the merits and risks of an investment in the Securities and is able to bear the economic risk of an investment in the Securities
in the amount contemplated hereunder for an indefinite period of time. The Purchaser has adequate means of providing for its current
financial needs and contingencies and will have no current or anticipated future needs for liquidity which would be jeopardized
by the investment in the Securities. The Purchaser can afford a complete loss of its investment in the Securities.

 

    5

     

    

 

Section 4.               Conditions of the Purchaser’s Obligations. The obligations of the Purchaser to purchase and pay for the Warrants
are subject to the fulfillment, on or before the Closing Dates, of each of the following conditions:

 

A.            Representations and Warranties. The representations and warranties of the Company contained in Section 2
shall be true and correct at and as of the Closing Dates as though then made.

 

B.             Performance.
The Company shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that
are required to be performed or complied with by it on or before the Closing Dates.

 

C.             No
Injunction. No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted,
entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory
organization having authority over the matters contemplated hereby, which prohibits the consummation of any of the transactions
contemplated by this Agreement or the Warrant Agreement.

 

D.            Warrant
Agreement. The Company shall have entered into a Warrant Agreement with a warrant agent on terms satisfactory to the Purchaser.

 

Section 5.               Conditions
of the Company’s Obligations. The obligations of the Company to the Purchaser under this Agreement are subject to the
fulfillment, on or before the Closing Dates, of each of the following conditions:

 

A.            Representations and Warranties. The representations and warranties of the Purchaser contained in Section 3
shall be true and correct at and as of the Closing Dates as though then made.

 

B.             Performance.
The Purchaser shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that
are required to be performed or complied with by the Purchaser on or before the Closing Dates.

 

C.             No Injunction. No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have
been enacted, entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory
organization having authority over the matters contemplated hereby, which prohibits the consummation of any of the transactions
contemplated by this Agreement or the Warrant Agreement.

 

D.            Warrant
Agreement. The Company shall have entered into a Warrant Agreement with a warrant agent on terms satisfactory to the Company.

 

Section 6.               Termination.
This Agreement may be terminated at any time after December 31, 2021 upon the election by either the Company or the Purchaser
upon written notice to the other party if the closing of the Public Offering does not occur prior to such date.

 

Section 7.               Survival
of Representations and Warranties. All of the representations and warranties contained herein shall survive the Closing Dates.

 

    6

     

    

 

Section 8.               Definitions.
Terms used but not otherwise defined in this Agreement shall have the meaning assigned to such terms in the Registration Statement.

 

Section 9.               Miscellaneous.

 

A.            Successors
and Assigns. Except as otherwise expressly provided herein, all covenants and agreements contained in this Agreement by or
on behalf of any of the parties hereto shall bind and inure to the benefit of the respective successors of the parties hereto
whether so expressed or not. Notwithstanding the foregoing or anything to the contrary herein, the parties may not assign this
Agreement, other than assignments by the Purchaser to affiliates thereof.

 

B.             Severability.
Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision shall
be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement.

 

C.             Counterparts.
This Agreement may be executed simultaneously in two or more counterparts, none of which need contain the signatures of more than
one party, but all such counterparts taken together shall constitute one and the same agreement.

 

D.            Descriptive
Headings; Interpretation. The descriptive headings of this Agreement are inserted for convenience only and do not constitute
a substantive part of this Agreement. The use of the word “including” in this Agreement shall be by way of example
rather than by limitation.

 

E.             Governing
Law. This Agreement and the rights and obligations of the parties hereunder shall be construed in accordance with and governed
by the laws of New York applicable to contracts wholly performed within the borders of such state, without giving effect to the
conflict of law principles thereof. The parties hereto irrevocably submit to the exclusive jurisdiction of any federal court sitting
in the Southern District of New York or any state court located in New York County, State of New York, over any suit, action or
proceeding arising out of or relating to this Agreement. To the fullest extent they may effectively do so under applicable law,
the parties hereto irrevocably waive and agree not to assert, by way of motion, as a defense or otherwise, any claim that they
are not subject to the jurisdiction of any such court, any objection that they may now or hereafter have to the laying of the
venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding
brought in any such court has been brought in an inconvenient forum.

 

F.             Amendments.
This Agreement may not be amended, modified or waived as to any particular provision, except by a written instrument executed
by all parties hereto.

 

[Signature page follows]

 

    7

     

    

 

IN WITNESS WHEREOF, the parties hereto
have executed this Agreement to be effective as of the date first set forth above.

 

	 	COMPANY:
	 	ANZU SPECIAL ACQUISITION CORP I
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	ANZU SPAC GP I LLC
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title: 

 

[Signature Page
to Sponsor Warrants Purchase Agreement]Exhibit 10.1 

February
11, 2021

 

Adam
Pliska

CEO
& President

WPT
Enterprises, Inc.

17877
Von Karman Avenue, Suite 300

Irvine,
California 92614

 

Re.
Revisions to Season 16 Distribution Fee; Season 18 Term, Distribution Fee, Clearance Threshold, and ClubWPT Fee; ClubWPT Marketing
Cycle; Negotiation Period 

 

Dear
Adam:

 

We
refer to the Program Production and Televising Agreement, dated as of July 25, 2008 (as amended from time to time, the “ClubWPT
Agreement”) and the Agreement, dated as of May 24, 2016 (as amended from time to time, the “Network Agreement”,
and together with the ClubWPT Agreement, the “Agreements”), between WPT Enterprises, Inc. (“WPTE”)
and Fox Sports Net, LLC (successor-in-interest to National Sports Programming) (“FSN”), pursuant to which FSN
will distribute episodes of the World Poker Tour television series and TBD programming. Any defined terms used but not defined
herein shall have the meaning set forth in the Agreements.

 

With
respect to the Agreements, WPTE and FSN hereby agree as follows:

 

		1.	Season
                                         16 Distribution Fee: In accordance with the Season 16 Distribution Fee ($1,030,000)
                                         detailed in Section 7 of the Network Agreement, WPTE has made payments to FSN in the
                                         amount of $772,500, resulting in a remaining balance of $257,500 (the “Season
                                         16 Remaining Balance”). In lieu of WPTE making a payment to FSN for the Season
                                         16 Remaining Balance, WPTE shall retain and reallocate the Season 16 Remaining Balance
                                         directly to the on- or off-line marketing and promotion of the ClubWPT.com platform and,
                                         upon reasonable request, WPTE shall provide FSN with supporting documentation evidencing
                                         such expenditures.

 

		2.	Season
                                         18 Revised Term: The first full paragraph of Section II, Subsection 1 of the Network
                                         Agreement is amended and restated to revise the Season 18 term as follows:

 

“Exhibit
A attached hereto, including the Standard Terms & Conditions (collectively, the ‘Series Agreement’), sets forth
the terms for the production and distribution of the Tour series (the ‘Tour Series’) and the TBD Programming (along
with the Tour Series, each a ‘Series’) during each of the following periods: February 1, 2017 through January 31,
2018 (‘Season 15’); February 1, 2018 through January 31, 2019 (‘Season 16’), February 1, 2019 through
January 31, 2020 (‘Season 17A’); February 1, 2020 through January 31, 2021 (‘Season 17B’) and February
1, 2021 through December 31, 2021 (‘Season 18’ and with each of Season 15, Season 16, Season 17A and Season 17B, each
a ‘Season’ and collectively, the ‘Seasons’).”

 

		3.	Season
                                         18 Revised Distribution Fee: The first full paragraph of Section 7 of Exhibit A of
                                         the Network Agreement is amended and restated to revise the Season 18 Distribution Fee
                                         as follows:

 

“Distribution
Fee: WPTE will pay FSN a distribution fee of $1,000,000 for Season 15 increasing by 3% over the prior Season’s distribution
fee in each of Season 16 (i.e., $1,030,000), Season 17A (i.e., $1,060,900) and Season 17B (i.e., $1,092,727). WPTE will pay FSN
a distribution fee of $1,031,716 during the eleven-month period of Season 18 (such payments, collectively, the “Distribution
Fee”). The Distribution Fee for each of Season 15, Season 16, Season 17A, Season 17B shall be paid in five escalating installments
equal to a percentage of the total payment for such period as follows: Ten Percent (10%) on May 15 of the applicable Season, Fifteen
Percent (15%) on August 15 of the applicable Season, Twenty-Five Percent (25%) on November 15 of the applicable Season, Twenty-Five
Percent (25%) on February 15 immediately following the applicable Season and Twenty-Five Percent (25%) on April 15 immediately
following the applicable Season. The Distribution Fee for Season 18 shall be paid in four installments as follows: $250,000 on
May 15, 2021, $250,000 on August 15, 2021, $250,000 on October 15, 2021 and $281,716 on December 15, 2021. All payments shall
be in accordance with the requirements of the STC.”

 

		4.	Season
                                         18 Revised Clearance Threshold: Section 6 of Exhibit A of the Network Agreement is
                                         amended and restated to revise the clearance threshold for Season 18 as follows:

 

“Fox
will use commercially reasonable efforts to clear each of the Main Tour Telecast and the FSN Tour Telecasts of each Tour Episode
in a minimum of 50 million homes during Season 15, Season 16, Season 17A, and Season 17B, and in a minimum of 45 million homes
during Season 18 (collectively, the ‘Clearance Threshold’) in accordance with the terms of the STC. In addition, Fox
will use commercially reasonable efforts to clear in the aggregate, in the Clearance Threshold in accordance with the terms of
the STC (i) the Additional FSN Telecasts of each Episode (i.e., cumulating the clearances for all three Additional Telecasts),
and (ii) the Required TBD Telecasts (i.e., cumulating the clearances for all three Required TBD Telecasts). As used in this Agreement,
‘commercially reasonable efforts’ shall not mean that Fox is relieved of its clearance or time placement obligations
to WPTE in order to take commercial advantage of the clearance and time slots anticipated for airing of the Episodes (e.g., deal
shopping).”

 

		5.	Season
                                         18 Revised ClubWPT Fee: Section 10(a)(iii) of the ClubWPT Agreement is amended and
                                         restated to revise the definition of the Fee for Season 18 as follows:

 

“For
Seasons 1-17B, ‘Fee’ means for a given month, Forty-Five percent (45%) of Net Revenue, if any. For Season 18, ‘Fee’
means for a given month, Thirty-Five percent (35%) of Net Revenue, and will apply retroactively to all Net Revenue earned as of
January 1, 2021, if any.”

 

		6.	ClubWPT
                                         Revised Marketing Cycle: Section 10(b) of the ClubWPT Agreement is amended and restated
                                         to revise the definition Marketing Cycle as follows:

 

    

     

    

 

“In
consideration of FSN’s obligations hereunder, WPTE will (i) provide FSN with the Monthly Report within thirty (30) days
of the end of the each month and (ii) pay FSN the Fee for each month as set forth in this Section. Notwithstanding the foregoing:

 

February
1, 2012 through February 28, 2013: If WPTE provides written notice to FSN no later than June 30, 2012 that WPTE has made a
binding, irrevocable commitment to spend Two Million Dollars ($2,000,000) on marketing for the Website (an ‘Additional Marketing
Commitment’), at least One Million Five Hundred Thousand Dollars ($1,500,000) of which is in the form of traditional media
buys, for the period between February 1, 2012 and February 28, 2013, FSN agrees (i) that the ‘Fee’ on Net Revenue
exceeding Four Million Dollars ($4,000,000) for the period between March 1, 2012 and February 28, 2013 (the ‘Season 10 Marketing
Period’) shall be calculated as Twenty percent (20%) of such Net Revenue, and (ii) that the ‘Fee’ on Net Revenue
exceeding Five Million Dollars ($5,000,000) for the period between March 1, 2013 and February 28, 2014 (the ‘Season 11 Marketing
Period’) shall be calculated as Twenty percent (20%) of such Net Revenue.

 

March
1, 2013 through February 28, 2014: If WPTE provides written notice to FSN no later than June 30, 2013 that WPTE has made a
binding, irrevocable commitment to spend an Additional Marketing Commitment for the Season 11 Marketing Period, at least One Million
Five Hundred Thousand Dollars ($1,500,000) of which is in the form of traditional media buys, FSN agrees (i) that the ‘Fee’
on Net Revenue exceeding Five Million Dollars ($5,000,000) for the Season 11 Marketing Period shall be calculated as Twenty percent
(20%) of such Net Revenue, and (ii) that the ‘Fee’ on Net Revenue exceeding Six Million Dollars ($6,000,000) for the
period between March 1, 2014 and February 28, 2015 shall be calculated as Twenty percent (20%) of such Net Revenue.

 

March
1, 2014 through December 31, 2021: For each of the seven 12-month periods from March 1 through February 28 beginning March
1, 2014 and ending February 28, 2021, and the ten-month period from March 1, 2021 and ending December 31, 2021 (each a ‘Marketing
Cycle’), if WPTE provides written notice to FSN no later than June 30 of the applicable Marketing Cycle that WPTE has made
a binding, irrevocable commitment to spend an Additional Marketing Commitment for such Marketing Cycle, at least One Million Five
Hundred Thousand Dollars ($1,500,000) of which is in the form of traditional media buys, FSN agrees (i) that the ‘Fee’
on Net Revenue exceeding Four Million Dollars ($4,000,000) for the applicable Marketing Cycle shall be calculated as Twenty percent
(20%) of such Net Revenue, and (ii) that the ‘Fee’ on Net Revenue exceeding Four Million Five Hundred Thousand Dollars
($4,500,000) for the 12-month period immediately following such Marketing Cycle shall be calculated as Twenty percent (20%) of
such Net Revenue.

 

If
WPTE provides notice to FSN that it will spend the Additional Marketing Commitment in a period described above and then fails
to meet the Additional Marketing Commitment by the end of such period, WPTE will pay FSN the difference between the Fee paid to
FSN for such period and the Fee that would have been due had WPTE not committed to the Additional Marketing Commitment. Such makeup
payment shall be due to FSN no later than thirty (30) days following the end of such period and such makeup payment shall be FSN’s
sole remedy for WPTE’s failure to spend the Additional Marketing Commitment.”

 

		7.	Revised
                                         Negotiation Period: Section 12 of Exhibit A of the Network Agreement is amended and
                                         restated to revise the negotiation period for future rights to the Series as follows:

 

“The
parties shall negotiate for future rights to the Series during the period from March 15, 2021 through and including May 15, 2021
(the ‘Negotiation Period’) in accordance with the requirements of the STC. Notwithstanding anything contained herein
to the contrary, Fox agrees and acknowledges that in the event the parties are unable to come to an agreement during the Negotiation
Period with regard to any future airings of Episodes beyond Season 18, WPTE will have no obligation to deliver any Episodes to
Fox in excess of the Episodes to be derived from the following Events that took place in 2020 (or, in the case of the final tables
for certain Events, will be finished in 2021): (i) the WPT Gardens Poker Championship; (ii) the WPT Borgata Winter Poker Open;
(iii) the WPT L.A. Poker Classic; and (iv) two (2) cash games sessions (each of which shall be considered an Event) filmed by
WPT in 2020.”

 

 

 

[Remainder
of this page intentionally blank.]

    

     

    

 

Except
as set forth herein, the Agreements will not otherwise be changed, altered or amended and remain in full force and effect. This
letter agreement, together with the Agreements, constitutes the entire understanding and agreement between the parties with respect
to the subject matter of the Agreements.

 

 

 

If
the above confirms your understanding, please signify your acceptance by signing below.

 

 

 

Sincerely,

 

FOX
SPORTS NET, LLC

  

	By:	/S/
    Steve Rosenberg	 
	Name:	Steve Rosenberg	 
	Title:	President	 

 

 

Agreed
and Accepted by:

WPT
ENTERPRISES, INC.

 

	By: 	/S/
                                         Adam Pliska

	 
	Name: 	Adam
        Pliska

	 
	Title: 	CEO

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